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1999
SEMIANNUAL REPORT
October 31, 1999
(Unaudited)
NATIONAL
INVESTORS CASH
MANAGEMENT
FUND, INC.
----------
Three money market portfolios to choose from:
Money Market o U.S. Government o Municipal
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
BOARD OF DIRECTORS AND EXECUTIVE OFFICERS
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DIRECTORS EXECUTIVE OFFICERS
RICHARD W. DALRYMPLE JAMES F. RITTINGER GEORGE A. RIO*
President of Partner President, Treasurer
Teamwork Mgmt., Inc. Satterlee Stephens and Chief Financial Officer
Burke & Burke LLP
CAROLYN B. LEWIS THEODORE ROSEN CHRISTOPHER J. KELLEY*
President of Chairman Vice President and Secretary
The CBL Group U.S. Energy Systems, Inc.
Managing Director of
ANTHONY J. PACE Burnham Securities, Inc.
President/CEO of
A. J. Pace & Co. Inc.
<FN>
*Affiliated person of the Distributor
</FN>
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
Dear Shareholder:
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I am pleased to provide you with the National Investors Cash Management Fund,
Inc. (the "Fund") semiannual report for the six months ended October 31, 1999.
During the period, each of the Money Market, U.S. Government and Municipal
Portfolios attempted to provide maximum current income from high quality money
market securities while maintaining a conservative investment portfolio to
ensure safety of principal. By October 31, 1999, assets in the three Portfolios
totaled $1.7 billion.
PORTFOLIO RESULTS*
For the six months ended October 31, 1999, the three money market Portfolios had
the following annualized returns.**
o The Money Market Portfolio had an annualized return of 4.53% and an
annualized yield of 4.50%.
o The U.S. Government Portfolio had an annualized return of 4.51% and an
annualized yield of 4.48%.
o The Municipal Portfolio had an annualized return of 2.63%, a taxable
equivalent return of 4.11%(1), an annualized yield of 2.62% and an
annualized taxable equivalent yield of 4.09%(1).
Money market rates have increased approximately 1/2 of 1% over the past six
months. The Federal Reserve Bank (the "Fed") has cautiously monitored the
financial markets and the economy for signs of inflationary growth and has
increased the targeted Federal Funds Rate twice for the fiscal year ended
October 31, 1999 and subsequently during November 1999, 1/4 of 1% each time.
These moves can be considered anticipatory by the Fed to head off a potentially
heated up economy six months to one year in the future. The bond market and
interest rates in general appear to be signaling that we are at the upper range
for interest rates, and expectations are for interest rates to trend lower over
the next six months.
The Fed has stated that the financial markets have prepared for Y2K and does not
anticipate any significant computer related disruptions. The Fed has announced
that it stands ready to provide all the liquidity necessary for the financial
markets to service any extraordinary withdrawal demands.
We have structured each Portfolio to provide adequate liquidity for increased
redemptions. Since all the Portfolios are invested in high quality short-term
securities, we do not anticipate any market disruption at year-end and recommend
that our shareholders remain calm through all the media hype of Y2K issues. We
will maintain a market neutral position through year-end and reassess our
position at the beginning of next year.
We look forward to continuing to meet your expanding investment needs in the
years to come.
Sincerely,
/s/ Frank J. Petrilli
- ---------------------
Frank J. Petrilli
Chairman
National Investors Service Corp.
December 8, 1999
*An investment in a money market portfolio is not insured nor guaranteed by the
Federal Deposit Insurance Corporation or any government agency. Although the
Portfolios seek to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in the Portfolios.
**Past performance is not a guarantee of future results. These returns are based
on a constant investment throughout the period, include reinvestment of
dividends and reflect a net return to the shareholder after all expenses,
inclusive of fee waivers. For the six months ended October 31, 1999, the
Investment Manager and its affiliates waived a portion of their fees for the
Money Market, U. S. Government and Municipal Portfolios. Without these fee
waivers in effect, the annualized returns and annualized yields would have been
4.33% and 4.30% for the Money Market Portfolio, 4.31% and 4.28% for the U.S.
Government Portfolio and 2.29% and 2.28% for the Municipal Portfolio. The
annualized taxable equivalent return and annualized yield for the Municipal
Portfolio would have been 3.58% and 3.56%, respectively. The yield more closely
reflects the current earnings of a Portfolio than the total return. Yield will
fluctuate.
(1) Taxable equivalent return and yield at 36% marginal federal income tax rate.
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TABLE OF CONTENTS
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Statements of Assets and Liabilities...........................................6
Statements of Operations.......................................................7
Statements of Changes in Net Assets............................................8
Financial Highlights...........................................................9
Notes to Financial Statements.................................................10
Money Market Portfolio
Schedule of Investments....................................................13
U.S. Government Portfolio
Schedule of Investments....................................................16
Municipal Portfolio
Schedule of Investments....................................................18
Notes to Schedules of Investments.............................................21
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 1999
(Unaudited)
MONEY U.S.
MARKET GOVERNMENT MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
ASSETS
Investments in securities, at value (including
repurchase agreements of $27,944,000,
$21,075,000, and $0, respectively) (Note 2) $ 884,029,550 $ 754,697,061 $ 43,493,429
Cash 85,126 688 24,712
Interest receivable 6,275,492 5,324,929 317,532
------------------ ------------------ -----------------
Total Assets 890,390,168 760,022,678 43,835,673
LIABILITIES
Dividends payable to shareholders 357,181 294,894 9,992
Payable to Investment Manager and its
affiliates (Note 3) 660,062 564,000 3,463
Accrued expenses and other liabilities 96,260 101,975 11,015
------------------ ------------------ -----------------
Total Liabilities 1,113,503 960,869 24,470
------------------ ------------------ -----------------
NET ASSETS $ 889,276,665 $ 759,061,809 $ 43,811,203
================== =================== ==================
Net assets consist of:
Paid-in capital $ 889,278,340 $ 759,063,582 $ 43,811,612
Accumulated net realized losses from security
transactions (1,675) (1,773) (409)
------------------ ------------------ -----------------
Net assets, at value $ 889,276,665 $ 759,061,809 $ 43,811,203
================== ================== =================
Shares outstanding ($.0001 par value common
stock, 60 billion, 20 billion, and 20 billion
shares authorized, respectively) 889,278,340 759,063,582 43,811,612
================== ================== =================
Net asset value, redemption price and offering
price per share (Note 2) $ 1.00 $ 1.00 $ 1.00
================== ================== =================
PLEASE SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
STATEMENTS OF OPERATIONS
For the Six Months Ended October 31, 1999 (Unaudited)
MONEY U.S.
MARKET GOVERNMENT MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
INVESTMENT INCOME
Interest income $ 21,249,841 $ 18,161,253 $ 767,312
------------------ ------------------ -----------------
EXPENSES
Investment management fees (Note 3) 1,417,172 1,214,577 79,979
Shareholder servicing fees (Note 3) 1,012,266 867,555 57,128
Transfer agent fees (Note 3) 809,813 694,044 45,703
Administration fees (Note 3) 404,906 347,022 22,851
Registration fees 96,278 61,256 23,102
Custody fees (Note 2) 58,636 47,880 4,714
Professional fees 21,622 17,151 4,974
Shareholder reports and mailing 15,555 14,933 293
Directors' fees 7,500 7,500 7,500
Other expenses 7,579 36,629 1,239
------------------ ------------------ -----------------
TOTAL EXPENSES 3,851,327 3,308,547 247,483
Fees waived/expenses reimbursed by the
Investment Manager and its affiliates (Note 3) (809,667) (698,455) (78,383)
------------------ ------------------ -----------------
NET EXPENSES 3,041,660 2,610,092 169,100
------------------ ------------------ -----------------
NET INVESTMENT INCOME 18,208,181 15,551,161 598,212
------------------ ------------------ -----------------
NET REALIZED LOSSES FROM SECURITY
TRANSACTIONS (3,806) (1,773) (409)
------------------ ------------------ -----------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 18,204,375 $ 15,549,388 $ 597,803
================== ================== =================
PLEASE SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
MONEY U.S.
MARKET GOVERNMENT MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
SIX MONTHS PERIOD SIX MONTHS PERIOD SIX MONTHS PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED
OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30,
1999 1999* 1999 1999* 1999 1999*
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 18,208,181 $ 5,183,187 $ 15,551,161 $ 4,583,848 $ 598,212 $ 163,200
Net realized gains (losses)
from security transactions (3,806) 2,131 (1,773) -- (409) --
--------------- --------------- --------------- --------------- ------------- -------------
Net increase in net assets
from operations 18,204,375 5,185,318 15,549,388 4,583,848 597,803 163,200
--------------- --------------- --------------- --------------- ------------- -------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment income (18,208,181) (5,183,187) (15,551,161) (4,583,848) (598,212) (163,200)
--------------- --------------- --------------- --------------- ------------- -------------
CAPITAL SHARE
TRANSACTIONS
($1.00 PER SHARE):
Proceeds from shares sold 2,402,142,863 1,459,671,640 1,525,489,523 1,260,234,991 84,465,775 69,144,309
Shares issued in reinvestment
of dividends 17,935,444 5,098,742 15,328,679 4,511,436 591,488 159,932
Payments for shares redeemed (2,251,759,321) (743,861,028) (1,421,766,658) (624,759,389) (81,910,661) (28,664,231)
--------------- --------------- --------------- --------------- ------------- -------------
Net increase in net assets from
capital share transactions 168,318,986 720,909,354 119,051,544 639,987,038 3,146,602 40,640,010
--------------- --------------- --------------- --------------- ------------- -------------
TOTAL INCREASE IN NET ASSETS 168,315,180 720,911,485 119,049,771 639,987,038 3,146,193 40,640,010
NET ASSETS:
Beginning of period 720,961,485 50,000 640,012,038 25,000 40,665,010 25,000
--------------- --------------- --------------- --------------- ------------- -------------
End of period $ 889,276,665 $ 720,961,485 $ 759,061,809 $ 640,012,038 $ 43,811,203 $ 40,665,010
=============== =============== =============== =============== ============= =============
<FN>
* The Fund commenced operations on May 20, 1998.
</FN>
PLEASE SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of common stock outstanding, total investment return, ratios to
average net assets and other supplemental data for the periods indicated. This information has been derived from each Portfolio's
financial statements.
MONEY U.S.
MARKET GOVERNMENT MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
SIX MONTHS PERIOD SIX MONTHS PERIOD SIX MONTHS PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED
OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30,
1999 1999* 1999 1999* 1999 1999*
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Net investment income 0.015 0.049 0.015 0.014 0.009 0.010
------------ --------------- -------------- ------------- ------------ ------------
Distributions from net
investment income (0.015) (0.049) (0.015) (0.014) (0.009) (0.010)
------------ --------------- -------------- ------------- ------------ ------------
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
============ =============== ============== ============= ============ ============
RATIOS
Ratio of expenses to average
net assets 0.75%(A) 0.75%(A) 0.75%(A) 0.75%(A) 0.74%(A) 0.74%(A)
Ratio of net investment income to
average net assets 4.50%(A) 4.26%(A) 4.48%(A) 4.10%(A) 2.62%(A) 2.31%(A)
Decrease reflected in above net
expense ratio due to waivers/
reimbursements by the
Investment Manager and
its affiliates (Note 3) 0.20%(A) 0.38%(A) 0.20%(A) 0.37%(A) 0.34%(A) 0.86%(A)
SUPPLEMENTAL DATA
Total investment return (B) 4.53%(A) 5.23%(A) 4.51%(A) 1.47%(A) 2.63%(A) 1.07%(A)
Net assets, end of period $889,276,665 $ 720,961,485 $ 759,061,809 $ 640,012,038 $ 43,811,203 $40,665,010
=========== ============= ============= ============= ============ ===========
Average net assets $803,308,369 $ 128,275,220 $ 688,469,562 $ 117,827,697 $ 45,334,503 $ 7,448,507
=========== ============ ============ ============ =========== ===========
<FN>
* The Fund commenced operations on May 20, 1998.
(A) Annualized.
(B) Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of the period
reported and includes reinvestment of dividends.
</FN>
PLEASE SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED OCTOBER 31, 1999 (UNAUDITED)
NOTE 1 -- ORGANIZATION
National Investors Cash Management Fund, Inc. (the "Fund") was organized as a
Maryland corporation on August 19, 1996. The Fund is registered as an open-end,
diversified management investment company with the Securities and Exchange
Commission under the Investment Company Act of 1940, as amended (the "Act").
Shares of the Fund are registered under the Securities Act of 1933, as amended.
These financial statements relate to the three money market portfolios of the
Fund (each a "Portfolio" and collectively the "Portfolios"), each of which is a
diversified investment portfolio. The investment objective of each of the Money
Market Portfolio (formerly Jack White Money Market Portfolio), the U.S.
Government Portfolio (formerly Jack White U.S. Government Portfolio) and the
Municipal Portfolio (formerly Jack White Municipal Portfolio) is to seek maximum
current income to the extent consistent with liquidity and preservation of
capital. The Money Market Portfolio has the flexibility to invest broadly in
U.S. dollar-denominated securities of domestic and foreign issuers. The U.S.
Government Portfolio offers an added measure of safety by investing exclusively
in obligations issued or guaranteed by the U.S. government, its agencies or
instrumentalities. The Municipal Portfolio offers investors federally tax-exempt
income by investing primarily in municipal securities.
NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Fund's significant accounting policies:
Computation of Net Asset Value -- It is each Portfolio's policy to maintain a
continuous net asset value of $1.00 per share. Each Portfolio has adopted
certain investment, portfolio valuation and dividend and distribution policies
to enable it to do so. There is no assurance, however, that each Portfolio will
be able to maintain a stable net asset value of $1.00 per share.
Securities Valuation -- Each Portfolio's securities are valued using the
amortized cost method, which approximates market value. The amortized cost
method involves initially valuing a security at its original cost and thereafter
assuming a constant amortization to maturity of any discount or premium. At
October 31, 1999, the cost of investments of each Portfolio for Federal income
tax purposes was substantially the same as the cost for financial reporting
purposes.
Repurchase Agreements -- The Fund may enter into repurchase agreements with
financial institutions deemed to be creditworthy by the Fund's Investment
Manager, subject to the seller's agreement to repurchase and the Fund's
agreement to resell such securities at a mutually agreed upon price. Securities
purchased subject to repurchase agreements are deposited with the Fund's
custodian and, pursuant to the terms of the repurchase agreement, must have an
aggregate market value greater than or equal to the repurchase price plus
accrued interest at all times. If the value of the underlying securities falls
below the value of the repurchase price plus accrued interest, the Fund will
require the seller to deposit additional collateral by the next business day. If
the request for additional collateral is not met, or the seller defaults on its
repurchase obligation, the Fund maintains the right to sell the underlying
securities at market value and may claim any resulting loss against the seller.
Investment Income -- Interest income is accrued as earned. Discounts and
premiums on securities purchased are amortized in accordance with income tax
regulations which approximate generally accepted accounting principles. Under
the terms of the custody agreement each Portfolio receives net earnings credits
based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
Distributions to Shareholders -- Dividends arising from net investment income
are declared daily and paid monthly. With respect to each Portfolio, net
realized short-term capital gains, if any, may be distributed during the year
and net realized long-term capital gains, if any, are distributed at least once
each year. Income distributions and capital gain distributions are determined in
accordance with income tax regulations.
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED OCTOBER 31, 1999 (UNAUDITED)
(CONTINUED)
Securities Transactions -- Securities transactions are accounted for on the
trade date. Realized gain and loss from securities transactions are recorded on
a specific identification basis.
Expenses -- Expenses directly attributable to each Portfolio are charged to that
Portfolio's operations. Expenses which are applicable to all Portfolios are
allocated on a pro rata basis.
Use of Estimates -- The Fund's financial statements are prepared in accordance
with generally accepted accounting principles, which may require the use of
management estimates and assumptions. Actual results could differ from these
estimates.
Federal Income Taxes -- It is each Portfolio's policy to comply with the special
provisions of the Internal Revenue Code available to regulated investment
companies. As provided therein, in any fiscal year in which a Portfolio so
qualifies, and distributes at least 90% of its taxable net income, the Portfolio
(not the shareholders) will be relieved of federal income tax on the income
distributed. Accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also each Portfolio's intention to declare as
dividends in each calendar year at least 98% of its net investment income
(earned during the calendar year) and 98% of its net realized capital gains
(earned during the twelve months ended October 31) plus undistributed amounts
from prior years.
NOTE 3 -- INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES OF
THE INVESTMENT MANAGER
Under the terms of an Investment Management Agreement with TD Waterhouse Asset
Management, Inc. (the "Investment Manager"), a majority-owned subsidiary of The
Toronto-Dominion Bank, for the investment management services furnished to each
Portfolio, such Portfolio pays the Investment Manager an annual investment
management fee, on a graduated basis, equal to .35 of 1% of the first $1 billion
of average daily net assets of each such Portfolio, .34 of 1% of the next $1
billion, and .33 of 1% of average daily net assets of each such Portfolio over
$2 billion. The Investment Manager agreed to waive a portion of its fee payable
by the Municipal Portfolio through January 31, 2000, so that the actual fee
payable annually by such Portfolio during such period will be equal to .25 of 1%
of its average daily net assets. For the six months ended October 31, 1999, the
Investment Manager voluntarily waived $28,892 of its investment management fee
for the Municipal Portfolio.
TD Waterhouse Investor Services, Inc. ("TD Waterhouse"), an affiliate of the
Investment Manager, has been retained under an Administration Agreement to
perform certain administrative services for the Fund. For the administrative
services rendered to the Fund, each Portfolio pays TD Waterhouse a monthly fee
at an annual rate of .10 of 1% of each Portfolio's average daily net assets. For
the six months ended October 31, 1999, TD Waterhouse voluntarily waived
administration fees of $3,802 for the Municipal Portfolio.
TD Waterhouse has been retained under a Shareholder Services Agreement to
perform certain shareholder services necessary for the operation of the Fund.
The shareholder service plan adopted by the Fund provides that each Portfolio
pays TD Waterhouse a monthly fee at an annual rate of .25 of 1% of average daily
net assets. TD Waterhouse has agreed to limit the annual fee payable through
January 31, 2000 under the Shareholder Servicing Plan so as not to exceed .20 of
1% of average daily net assets in the case of the Money Market Portfolio, .17 of
1% of average daily net assets in the case of the U.S. Government Portfolio, and
.11 of 1% of average daily net assets in the case of the Municipal Portfolio.
For the six months ended October 31, 1999, TD Waterhouse voluntarily waived
$698,455, $38,085 and $809,667 of its shareholder services fees for the Money
Market Portfolio, the U.S. Government Portfolio and the Municipal Portfolio,
respectively.
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED OCTOBER 31, 1999 (UNAUDITED)
(CONTINUED)
The Fund has entered into a Transfer Agency and Dividend Disbursing Agency
Agreement with National Investor Services Corp. (the "Transfer Agent"), an
affiliate of the Investment Manager, to perform transfer and dividend disbursing
agency related services. For such services, each Portfolio pays the Transfer
Agent a monthly fee at an annual rate of .20 of 1% of average daily net assets.
For the six months ended October 31, 1999, the Transfer Agent voluntarily waived
$7,604 of its transfer agent fees for the Municipal Portfolio.
The Investment Manager or its affiliates intend to waive fees and/or reimburse
expenses so that each Portfolio's annual expense ratio will not exceed .75% for
the Money Market Portfolio, .75% for the U.S. Government Portfolio and .74% for
the Municipal Portfolio through January 31, 2000.
Each Director who is not an "interested person" as defined in the Act, who
serves on the Board of Directors/Trustees of one or more funds in the "Fund
Complex" (which includes the Fund, TD Waterhouse Family of Funds, Inc. and
TD Waterhouse Trust), receives:
1. a base annual retainer of $12,000, payable quarterly.
2. a supplemental annual retainer of $5,000, if serving on the Board of
Directors/Trustees of more than one fund in the Fund Complex (with
TD Waterhouse Family of Funds, Inc. and TD Waterhouse Trust treated as one
fund for this purpose), and
3. a meeting fee of $2,000 for each meeting attended.
Compensation is allocated between the companies and among the respective
portfolios.
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
MONEY MARKET PORTFOLIO o SCHEDULE OF INVESTMENTS
October 31, 1999 (Unaudited)
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
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CORPORATE OBLIGATIONS
ASSET-BACKED OBLIGATIONS--16.9%
<S> <C> <C> <C>
$ 10,000,000 ANRC Auto Owner Trust Ser. 1999-A, Cl. A-1, 6.17%, due 10/16/00 (Insured: MBIA) 6.17 $ 10,000,000
5,500,000 Bavaria TRR Corp., due 1/28/00 (LOC: Bayerische Hypo -und Vereinsbank, S.A.) (Note E) 5.99 5,421,484
26,500,000 Citibank Capital Markets Assets LLC, due 2/18/00 (Counterparty: Citibank, N.A.) 5.95 26,034,630
25,000,000 Corporate Asset Funding Co., Inc., VRN, due 1/25/00 (Note A, E) 5.93 24,657,639
7,445,436 IKON Receivables, LLC, 5.11%, due 6/15/00 (Insured: AMBAC) (Note E) 5.11 7,445,436
10,000,000 IKON Receivables, LLC, Ser 99-2, Cl. A-1, 6.14%, due 10/16/00 (Insured: AMBAC) (Note E) 6.14 10,000,000
7,000,000 Liberty Lighthouse U.S. Capital Co. LLC, 5.46%, VRN, due 11/12/99 (Note A, E) 5.57 6,994,056
35,000,000 Liberty Lighthouse U.S. Capital Co. LLC, 6.18%, VRN, due 4/10/00 (Note A, E) 6.18 35,000,000
10,000,000 Park Avenue Receivables Corp., 5.46%, VRN, due 11/13/99 (LIQ: 10% Chase Manhattan Bank)
(Note A, E) 5.46 10,000,000
15,000,000 RACERS Series 1999-16, 5.42%, VRN, due 11/2/99 (GTY: National Westminster Bank PLC)
(Note A, E) 5.42 15,000,000
--------------
150,553,245
--------------
BROKER/DEALER OBLIGATIONS--15.2%
5,000,000 Bear Stearns Cos., Inc., 5.52%, VRN, due 11/10/99 (Note A) 5.43 5,001,578
5,000,000 Bear Stearns Cos., Inc., 5.51%, VRN, due 11/12/99 (Note A) 5.43 5,002,303
5,000,000 Bear Stearns Cos., Inc., 5.58%, VRN, due 11/23/99 (Note A) 5.62 4,998,055
5,000,000 Bear Stearns Cos., Inc., 5.58%, VRN, due 11/29/99 (Note A) 5.58 5,000,000
25,000,000 Bear Stearns Cos., Inc., 5.51%, VRN, due 12/16/99 (Note A) 5.51 25,000,000
30,000,000 Goldman Sachs Group, L.P., 6.33%, VRN, due 1/7/00 (Note A, E) 6.14 30,010,313
5,000,000 Goldman Sachs Group, L.P., 6.27%, VRN, due 1/13/00 (Note A, E) 6.21 5,000,633
1,000,000 Merrill Lynch & Co., Inc., 5.68%, VRN, due 11/22/99 (Note A) 5.51 1,000,521
19,000,000 Merrill Lynch & Co., Inc., 5.59%, VRN, due 12/10/99 (Note A) 5.47 19,007,963
10,000,000 Merrill Lynch & Co., Inc., 6.26%, VRN, due 1/18/00 (Note A) 6.15 10,004,880
25,000,000 Morgan Stanley, Dean Witter, Discover & Co., 5.59%, VRN, due 12/2/99 (Note A) 5.47 25,009,804
--------------
135,036,050
--------------
FINANCE & INSURANCE OBLIGATIONS--12.8%
5,000,000 American General Finance Corp., 7.125%, due 12/1/99 5.02 5,007,981
1,000,000 Associates Corp. of N.A., 7.47%, due 3/27/00 5.16 1,008,908
2,850,000 Associates Corp. of N.A., 7.125%, due 5/15/00 5.15 2,878,892
9,530,000 Ford Motor Credit, 8.625%, due 1/24/00 5.42 9,592,023
10,000,000 General Motors Acceptance Corp., VRN, 5.37%, due 11/2/99 (Note A) 5.40 9,999,012
19,000,000 GMAC Australia Finance, 5.53%, VRN, due 11/15/99 (Note A) 5.43 19,003,957
5,000,000 GMAC Australia Finance, 5.55%, VRN, due 11/19/99 (Note A) 5.45 5,002,873
2,000,000 International Lease Finance Corp., 5.75%, due 12/15/99 5.04 2,001,471
11,160,000 Norwest Financial, Inc., 6.05%, due 11/19/99 5.35 11,164,790
25,000,000 Sigma Finance Inc., due 2/10/00 (Note E) 5.95 24,593,194
3,000,000 Sigma Finance Inc., 5.19%, due 2/25/00 (Note E) 6.05 2,990,101
5,839,000 Toyota Motor Credit Corp., 5.75%, due 12/20/99 (KWA: Toyota Motor Corp.) 5.11 5,842,444
15,000,000 Xerox Credit Corp., 5.32%, due 3/31/00 5.35 14,998,382
--------------
114,084,028
--------------
INDUSTRIAL & OTHER OBLIGATIONS--1.7%
5,000,000 PepsiCo, Inc., 6.80%, due 5/15/00 5.40 5,035,412
10,000,000 Southern California Edison Co., VRN, 5.51%, due 11/26/99 (Note A) 5.51 10,000,000
--------------
15,035,412
--------------
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13
<PAGE>
- ------------------------------------------------------------------------------------------------------------------------------------
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
MONEY MARKET PORTFOLIO o SCHEDULE OF INVESTMENTS
October 31, 1999 (Unaudited)
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
LOAN PARTICIPATIONS--4.5%
$ 40,000,000 Four Times Square Partners, L.P., 5.58%, due 12/2/99 (GTY: Prudential Ins. Co. of America;
Other support: Chase Manhattan Bank) (Note B) 5.58 $ 40,000,000
--------------
TOTAL CORPORATE OBLIGATIONS--51.1% 454,708,735
--------------
BANK OBLIGATIONS
BANK NOTES--15.7%
25,000,000 American Express Centurion Bank, 5.36%, VRN, due 11/3/99 (Note A) 5.36 25,000,000
5,000,000 Branch Banking & Trust Co., 5.46%, VRN, due 11/2/99 (Note A) 5.73 4,996,864
35,000,000 Branch Banking & Trust Co., 5.48%, VRN, due 11/2/99 (Note A) 5.53 34,993,949
3,000,000 Credit Suisse First Boston, 6.54%, VRN, due 3/3/00 (Note A) 5.93 3,006,083
2,000,000 FCC National Bank, 6.10%, due 12/6/99 5.05 2,001,804
15,000,000 Fleet National Bank, 5.47%, VRN, due 11/2/99 (Note A) 5.52 14,996,875
20,000,000 Fleet National Bank, 5.47%, VRN, due 11/2/99 (Note A) 5.53 19,995,833
9,000,000 J.P. Morgan & Co. Inc., 5.30%, due 3/13/00 5.72 8,986,449
1,000,000 Mellon Financial Co., 7.62%, due 11/15/99 (GTY: Mellon Bank Corp.) 5.50 1,000,713
5,000,000 U.S. Bancorp, 5.47%, VRN, due 11/29/99 (Note A) 5.38 5,002,156
20,000,000 Wells Fargo & Co., 5.38%, VRN, due 12/29/99 (Note A) 5.46 19,993,440
--------------
139,974,166
--------------
DOMESTIC BANK SUPPORTED OBLIGATIONS--0.3%
2,500,000 CEGW, Inc. Tax. Notes Ser. 1999 VRDN 5.50%, due 11/1/99 (LOC: Credit Suisse First
Boston) (Note C) 5.42 2,500,000
--------------
FOREIGN BANK SUPPORTED OBLIGATIONS--19.2%
10,000,000 Banco del Istmo, due 1/14/00 (LOC: Barclays Bank PLC) 6.02 9,878,722
5,000,000 Banco Itau S.A., due 3/13/00 (LOC: Barclays Bank PLC) 5.99 4,892,492
10,000,000 BOS International Australia, Ltd. VRDN 5.31%, due 12/1/99 (GTY: Bank of Scotland) 5.36 9,998,420
(Note C)
10,000,000 Comision Federal de Electricidad, Series A, due 3/27/00 (LOC: WestDeutsche Landesbank) 6.00 9,762,350
10,000,000 COSCO (Cayman) Funding Co., due 11/18/99 (LOC: Rabobank Nederland) (Note E) 5.48 9,974,358
15,000,000 COSCO (Cayman) Funding Co., due 11/18/99 (LOC: Rabobank Nederland) (Note E) 5.47 14,961,537
5,141,000 CSN Overseas, Ser. B, due 1/18/00 (LOC: Banco Santander) 6.01 5,071,533
7,585,000 CSN Overseas, Ser. A, due 1/18/00 (LOC: Barclays Bank PLC) 6.02 7,488,039
15,000,000 CSN Overseas, Ser. A, due 3/2/00 (LOC: Barclays Bank PLC) 5.97 14,704,658
10,000,000 ED&F Man Finance, Inc., due 12/8/99 (LOC: Rabobank Nederland) 5.48 9,944,500
25,000,000 Formosa Plastics Corp., USA, Series B, due 3/24/00 (LOC: Bank of America, N.A.) 5.98 24,420,000
5,000,000 Garanti Funding Corp., Ser. I, due 6/6/00 (LOC: Bayerische Hypo -und Vereinsbank, S.A.) 6.07 4,823,481
13,370,000 Holy Cross Health Systems Corp., Ser. 1996, due 2/9/00 (LOC: KBC Bank NV, Northern
Trust Co.) 5.93 13,156,080
2,910,000 St. Francis Place LP Tax. MFH VRDN (St. Francis Place) Ser. 98, 5.49%, due 11/4/99
(LOC: Credit Suisse First Boston) (Note C) 5.42 2,910,000
10,000,000 Transportadora de Gas del Sur, S.A., due 3/28/00 (LOC: Dresdner Bank AG) 6.16 9,753,333
20,000,000 Unibanco-Uniao de Bancos Brasileiros, Ser. A, due 7/13/00 (LOC: WestDeutsche Landesbank) 6.09 19,184,000
--------------
170,923,503
--------------
YANKEE BANK CERTIFICATES OF DEPOSIT--7.9%
10,000,000 Bayerische Hypo -und Vereinsbank AG VRN 5.33%, due 11/26/99 (Note A) 5.38 9,997,620
10,000,000 Commerzbank AG, 5.17%, due 4/24/00 5.22 9,997,693
15,000,000 Deutsche Bank AG, 5.36%, due 5/22/00 5.42 14,995,993
15,000,000 Societe Generale VRN 5.33%, due 11/3/99 (Note A) 5.38 14,997,488
20,000,000 Societe Generale VRN 5.02%, due 1/14/00 (Note A) 5.27 19,986,257
--------------
69,975,051
--------------
TOTAL BANK OBLIGATIONS--43.1% 383,372,720
--------------
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14
<PAGE>
- ------------------------------------------------------------------------------------------------------------------------------------
NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
MONEY MARKET PORTFOLIO o SCHEDULE OF INVESTMENTS
October 31, 1999 (Unaudited)
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAXABLE MUNICIPAL OBLIGATIONS
$ 3,400,000 Delaware Cty. Auth. (PA) College Rev. Bonds (Eastern College) Ser. 1999A VRDN, 5.50%,
due 11/3/99 (LOC: Allied Irish Banks PLC) (Note C) 5.42 $ 3,400,000
9,600,000 Dutchess Cty. (NY) Resource Recovery Agency Rev. Bonds, Taxable, Ser. 1998-A,
due 11/15/99 (SBPA: Landesbank Hessen Thuringen, Credit Support: MBIA) 5.00 9,602,855
5,000,000 Texas State Taxable GO Veterans Land Board, Ser. B, 5.85%, due 12/1/99 5.36 5,001,240
-----------------
TOTAL TAXABLE MUNICIPAL OBLIGATIONS--2.0% 18,004,095
-----------------
REPURCHASE AGREEMENT--3.2%
27,944,000 ABN AMRO, Inc.
~dated 10/29/99, due 11/1/99, in the amount of $27,956,389
~fully collateralized by $30,502,812 FNMA mortgage backed bond, 6.5%,
due 5/1/29, value $28,502,881 5.32 27,944,000
-----------------
TOTAL INVESTMENTS--99.4% 884,029,550
OTHER ASSETS AND LIABILITIES, NET--0.6% 5,247,115
-----------------
NET ASSETS--100.0% $ 889,276,665
=================
PLEASE SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS AND FINANCIAL STATEMENTS.
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15
<PAGE>
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
U.S. GOVERNMENT PORTFOLIO o SCHEDULE OF INVESTMENTS
October 31, 1999 (Unaudited)
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
FEDERAL FARM CREDIT BANK--5.2%
$ 30,000,000 Notes, 5.16%, due 11/3/99 (Note A) 5.20 $ 29,994,118
9,500,000 Notes, 5.22%, due 12/1/99 5.32 9,498,733
--------------
39,492,851
--------------
FEDERAL HOME LOAN BANK--32.8%
75,000,000 Notes, 5.35%, due 11/4/99 (Note A) 5.41 74,983,048
26,500,000 Notes, 5.58%, due 11/4/99 (Note A) 5.58 26,499,775
25,000,000 Notes, 8.35%, due 11/10/99 5.17 25,018,156
30,000,000 Notes, 5.21%, due 11/12/99 (Note A) 5.30 29,986,553
10,000,000 Notes, 5.94%, due 11/12/99 4.95 10,002,623
5,000,000 Notes, 4.89%, due 2/4/00 5.65 4,988,533
1,000,000 Notes, 7.58%, due 2/10/00 5.35 1,005,671
20,000,000 Notes, 5.15%, due 3/8/00 5.20 19,995,314
20,000,000 Notes, 5.16%, due 3/8/00 5.23 19,995,174
5,000,000 Notes, 7.01%, due 4/20/00 5.44 5,034,442
10,000,000 Notes, 5.05%, due 4/26/00 5.03 9,999,903
3,000,000 Notes, 5.01%, due 4/28/00 5.82 2,987,173
1,000,000 Notes, 5.15%, due 5/17/00 5.75 995,886
1,860,000 Notes, 5.12%, due 5/19/00 5.74 1,853,261
10,000,000 Notes, 5.53%, due 7/12/00 5.86 9,974,273
5,720,000 Notes, 5.56%, due 7/14/00 5.84 5,707,207
--------------
249,026,992
--------------
FEDERAL HOME LOAN MORTGAGE CORP.--7.9%
15,000,000 Discount Notes, due 1/20/00 5.62 14,817,000
10,000,000 Discount Notes, due 1/27/00 5.66 9,866,116
10,000,000 Discount Notes, due 3/16/00 5.70 9,791,251
25,000,000 Discount Notes, due 3/16/00 5.68 24,478,127
7,360 Mortgage Pool G50332, 7.00%, due 11/1/99 4.90 7,360
1,100,000 Notes, 6.54%, due 5/19/00 5.74 1,104,265
--------------
60,064,119
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--37.5%
15,000,000 Discount Notes, due 12/13/99 5.17 14,911,800
15,000,000 Mortgage-backed Discount Notes, due 11/1/99 5.23 15,000,000
15,000,000 Mortgage-backed Discount Notes, due 11/2/99 5.19 14,997,867
20,000,000 Mortgage-backed Discount Notes, due 12/1/99 4.97 19,911,000
20,000,000 Mortgage-backed Discount Notes, due 12/1/99 5.41 19,920,000
25,000,000 Mortgage-backed Discount Notes, due 2/1/00 5.67 24,644,778
15,000,000 Mortgage-backed Discount Notes, due 5/1/00 5.85 14,573,817
35,000,000 Notes, 5.43%, due 11/4/99 (Note A) 5.46 34,990,447
15,000,000 Notes, 5.16%, due 11/10/99 (Note A) 5.22 14,995,303
10,000,000 Notes, 5.81%, due 11/12/99 4.96 10,002,207
25,000,000 Notes, 5.22%, due 11/15/99 (Note A) 5.28 24,994,744
7,000,000 Notes, 7.68%, due 11/22/99 5.15 7,009,417
25,000,000 Notes, 5.22%, due 11/24/99 (Note A) 5.29 24,993,164
10,000,000 Notes, 5.31%, due 12/23/99 (Note A) 5.37 9,997,460
1,150,000 Notes, 9.05%, due 4/10/00 5.70 1,165,997
5,500,000 Notes, 5.65%, due 6/12/00 5.48 5,504,806
7,500,000 Notes, 5.46%, due 6/21/00 5.45 7,500,000
20,000,000 Notes, 5.62%, due 8/9/00 5.79 19,974,882
--------------
285,087,689
--------------
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16
<PAGE>
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
U.S. GOVERNMENT PORTFOLIO o SCHEDULE OF INVESTMENTS
October 31, 1999 (Unaudited)
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN MARKETING ASSOCIATION--13.2%
$ 20,000,000 Notes, 5.82%, due 11/2/99 (Note A) 5.79 $ 19,990,308
25,000,000 Notes, 5.82%, due 11/2/99 (Note A) 5.83 24,977,807
25,000,000 Notes, 5.84%, due 11/2/99 (Note A) 5.81 24,990,260
30,000,000 Notes, 5.84%, due 11/2/99 (Note A) 5.79 29,992,035
--------------
99,950,410
--------------
REPURCHASE AGREEMENT--2.8%
21,075,000 ABN AMRO Inc.
~dated 10/29/99, due 11/1/99, in the amount of $21,084,343
~fully collateralized by $23,091,756 FNMA mortgage backed bond, 6.0%,
due 10/1/29, value $21,496,501 5.32 21,075,000
--------------
TOTAL INVESTMENTS--99.4% 754,697,061
OTHER ASSETS AND LIABILITIES, NET--0.6% 4,364,748
--------------
NET ASSETS--100.0% $ 759,061,809
==============
PLEASE SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS AND FINANCIAL STATEMENTS.
- ------------------------------------------------------------------------------------------------------------------------------------
17
<PAGE>
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
MUNICIPAL PORTFOLIO o SCHEDULE OF INVESTMENTS
October 31, 1999 (Unaudited)
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS:
CALIFORNIA--2.30%
$ 1,000,000 California School Cash Reserve Prog. Auth., Ser. A, 4.00%, due 7/3/00 3.10 $ 1,005,841
--------------
DISTRICT OF COLUMBIA--5.03%
200,000 District of Columbia GO Bonds, 7.10%, due 6/1/00 (Insured: FSA) 3.55 204,020
2,000,000 District of Columbia Water & Sewer Rev. Bonds (Eagle Trust Certs.)
VRDN, 3.54% (LIQ: Citibank) (Note C) 3.54 2,000,000
--------------
2,204,020
--------------
FLORIDA--2.28%
1,000,000 Sunshine St. Governmental Fin. Comm. Rev. Notes, Ser. B, 3.50%, due 12/6/99
(SBPA: Canadian Imperial Bank of Commerce) 3.50 1,000,000
--------------
ILLINOIS--7.42%
250,000 Berwyn Rev. Bonds (MacNeal Memorial Hosp. Association Proj.) 4.50%,
due 6/1/00 (Insured: AMBAC) 3.50 251,414
800,000 Illinois Dev. Fin. Auth. (Kindlon Partners Proj.) VRDN, 3.59%
(LOC: LaSalle National Bank) (Note C) 3.59 800,000
1,000,000 Illinois Dev. Fin. Auth. (Illinois Power Co. Proj.) VRDN, 3.60%
(LOC: First National Bank Chicago) (Note C) 3.60 1,000,000
1,000,000 Illinois Health Care Auth. Rev. Bonds (Southern IL Health Care) Ser 1998B VRDN, 3.55%
(SBPA: First National Bank Chicago) (Note C) 3.55 1,000,000
200,000 Will Cty. SD #122, Ser. B, 4.75%, due 11/1/99 (Insured: AMBAC) 3.20 200,000
--------------
3,251,414
--------------
INDIANA--2.28%
1,000,000 Indiana Bond Bank Rev. Bonds, 3.10%, due 2/1/00 (Insured: AMBAC) 3.10 1,000,000
--------------
KENTUCKY--7.08%
400,000 Mayfield Multi-City Lease Rev. Bonds (Kentucky League of Cities Pooled Lease Fin. Prog.)
Ser. 1996 VRDN, 3.65% (LOC: PNC Bank) (Note C) 3.65 400,000
2,000,000 Pendleton Cty. (Kentucky Assoc. of Counties Lease Trust Prog.) Ser. 1989, 3.55%,
due 12/7/99 (LOC: Commonwealth Bank of Australia) 3.55 2,000,000
700,000 Pulaski Cty. Solid Waste Rev. Bonds (National Rural - Eastern KY Power) Ser. B,
3.55%, put 2/15/00 3.55 700,000
--------------
3,100,000
--------------
LOUISIANA--6.39%
2,000,000 Jefferson Parish IDR Rev. Bonds (George J. Ackel Sr. Proj.) VRDN, 3.60%
(LOC: Regions Bank) (Note C) 3.60 2,000,000
800,000 Placquemines Parish Env. Rev. Bonds (BP Exploration & Oil Proj.) Ser. 1995 VRDN,
3.60% (Note C) 3.60 800,000
--------------
2,800,000
--------------
MASSACHUSETTS--3.68%
250,000 Carver GO Bonds, 4.15%, due 8/15/00 (Insured: FSA) 4.00 250,278
460,000 Massachusetts IDA Rev. Bonds (Hazen Paper Co.) VRDN, 3.65% (LOC: Bank of Boston) (Note C) 3.65 460,000
400,000 Massachusetts IDA Rev. Bonds (October Co. Inc. Proj.) VRDN, 3.65% (LOC: Bank of Boston)
(Note C) 3.65 400,000
500,000 Worchester GO BAN, 4.40%, due 8/30/00 3.85 502,201
--------------
1,612,479
--------------
MINNESOTA--0.41%
180,000 Minnesota HFA Rev. Bonds, 4.50%, due 2/1/00 (Insured:AMBAC) 3.30 180,526
--------------
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18
<PAGE>
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
MUNICIPAL PORTFOLIO o SCHEDULE OF INVESTMENTS
October 31, 1999 (Unaudited)
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI--4.60%
$ 1,600,000 Missouri Env. Imp. & Energy Res. Auth. (Assoc. Elec. Coop.) Ser. 93M VRDN, 3.60%
(GTY: CFC National Rural) (Note C) 3.60 $ 1,600,000
400,000 Phelps Cty. Hosp. Rev. Bonds (Phelps Cty. Regional Med. Center) 8.30%, due 3/1/00,
prerefunded @ 102 (Note D) 3.20 414,501
--------------
2,014,501
--------------
NEVADA--1.83%
600,000 Clark Cty. IDR Bonds (Nevada Cogeneration Assoc. #2) VRDN, 3.60% (LOC: ABN-AMRO Bank)
(Note C) 3.60 600,000
200,000 Henderson Cty. GO Bonds, Ser.A, 4.80%, due 5/1/00 (Insured: FGIC) 3.50 201,259
--------------
801,259
--------------
NEW YORK--1.58%
265,000 New York State Med. Care Rev. Bonds (St. Lukes Hosp.)
Ser. B, 7.40%, due 2/15/00, prerefunded @ 102 (Note D) 4.00 272,763
415,000 North Hempstead GO Bonds, Ser. A, 5.50%, due 2/15/00 (Insured: FGIC) 3.20 417,686
--------------
690,449
--------------
NORTH DAKOTA--0.86%
375,000 North Dakota Bldg. Auth. Rev. Bonds, Ser. A, 5.00%, due 12/1/99 (Insured: FSA) 3.35 375,495
--------------
OHIO--3.31%
1,450,000 Ohio Hsg. Rev. Bonds, Ser. CMC2, VRDN, 3.60% (LIQ: Chase Manhattan Bank) (Note C) 3.60 1,450,000
--------------
PENNSYLVANIA--6.08%
1,950,000 Pennsylvania EDA Rev. Bonds (Anro Inc. Proj.) VRDN, 3.65%,
(LOC: First Union National Bank) (Note C) 3.65 1,950,000
500,000 Venango IDA (Scrubgrass Proj.) Ser. 1990A, 3.85%, due 2/11/00
(LOC: National Westminster Bank) 3.85 500,000
215,000 Williamsport Sanitation Auth. Sewer Rev. Bonds, 4.05%, due 12/1/99 (Insured: FGIC) 3.80 215,037
--------------
2,665,037
--------------
SOUTH CAROLINA--0.46%
200,000 Anderson Cty. Hosp. Fac. Rev. Bonds (Anderson Area Med. Ctr. Inc.), 4.40%,
due 2/1/00 (Insured: MBIA) 3.20 200,585
--------------
SOUTH DAKOTA--4.56%
2,000,000 South Dakota HDA (Homeownership Mortgage Bds.) Ser. 1998I, 3.20%, due 12/2/99 3.60 1,997,700
--------------
TENNESSEE--7.17%
400,000 McKenzie Cty. IDB Rev. Bonds (Noma Outdoor Products Inc. Proj.) VRDN, 3.60%
(LOC: Wachovia Bank) (Note C) 3.60 400,000
1,400,000 Metropolitan Government Davidson Cty. (ABN-AMRO Munitops) Ser. 1999-1, 3.35%,
put 5/3/00 (LIQ: ABN-AMRO) 3.35 1,400,000
1,100,000 Montgomery Cty. Pub. Bldg. Auth. Rev. Bonds (Montgomery Cty. Loan) VRDN, 3.60%
(LOC: Nationsbank) (Note C) 3.60 1,100,000
240,000 Morgan Cty. GO Bonds, 4.25%, due 9/1/00 (Insured: AMBAC) 3.60 241,257
--------------
3,141,257
--------------
TEXAS--14.62%
200,000 Austin Util. Sys. Rev. Bonds, Ser. A, 9.50%, due 5/15/00, prerefunded @ 100 (Note D) 3.35 206,423
350,000 Austin Util. Sys. Rev. Bonds, Ser. A, 10.00%, due 5/15/00, prerefunded @ 100 (Note D) 3.65 361,605
500,000 Cypress-Fairbanks ISD Rev. Bonds, 6.30%, due 2/15/00 3.20 504,365
250,000 Garland Utility Systems Rev. Bonds, 5.70%, due 3/1/00 (Insured: AMBAC) 3.30 251,933
400,000 Gulf Coast Waste Disposal Auth. Solid Waste Rev. Bonds (Amoco Oil Proj.)
Ser. 1993 VRDN, 3.60% (Note C) 3.60 400,000
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19
<PAGE>
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
MUNICIPAL PORTFOLIO o SCHEDULE OF INVESTMENTS
October 31, 1999 (Unaudited)
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,500,000 Gulf Coast Waste Disposal Auth. Solid Waste Rev. Bonds (Amoco Oil Proj.)
Ser. 1994 VRDN, 3.60% (Note C) 3.60 $ 1,500,000
250,000 Irving ISD GO Bonds, 4.70%, due 2/15/00 3.20 251,055
1,000,000 San Marcos IDC Rev. Bonds (TB Woods Inc.Proj.) VRDN, 3.70% (LOC: PNC Bank) (Note C) 3.70 1,000,000
925,000 Texas Dept. of Hsg. & Comm. Affairs, Ser. B, 3.35%, due 12/8/99 (LIQ: FGIC) 3.35 925,000
1,000,000 Texas TRAN, 4.50%, due 8/31/00 3.69 1,006,422
--------------
6,406,803
--------------
VARIOUS STATES--3.33%
1,458,890 Pitney Bowes Credit Corp. Leasetops Muni Trust, VRDN Ser. 1998-2, 3.88%,
(LIQ: Pitney Bowes Credit Corp.) (Note C) 3.88 1,458,890
--------------
VIRGINIA--6.85%
1,100,000 Isle of Wight IDA Rev. Bonds (Smithfield Ham & Produce Co.) VRDN, 3.70%
(LOC: Nationsbank) (Note C) 3.70 1,100,000
400,000 King George Cty. IDA Rev. Bonds (Birchwood Power Proj.) Ser. 1997 VRDN, 3.60%
(LOC: Credit Suisse) (Note C) 3.60 400,000
1,500,000 Virginia HDA Trust Ser. A2, VRDN, 3.70% (LIQ: Commerzbank) (Note C) 3.70 1,500,000
--------------
3,000,000
--------------
WASHINGTON--4.37%
200,000 King & Snohomish Ctys. GO Bonds (SD # 417), Ser. B, 5.70%, due 12/1/99 (Insured: FGIC) 3.20 200,400
1,465,000 Washington Hsg. Rev. Bonds (Nikkei Concerns Proj.) VRDN, 3.50% (LOC: U.S. Bank) (Note C) 3.50 1,465,000
250,000 Washington Motor Vehicle Fuel Tax GO Bonds, 4.75%, due 9/1/00 3.90 251,713
--------------
1,917,113
--------------
WEST VIRGINIA--2.28%
1,000,000 West Virginia Public Energy Auth. (Morgantown Energy Assoc. Proj.) Ser. 1989A,
3.55%, due 11/5/99 (LOC: Union Bank of Switzerland) 3.55 1,000,000
--------------
WISCONSIN--0.50%
220,000 Colby SD GO Bonds, 3.75%, due 6/1/00 (Insured: FSA) 3.70 220,060
--------------
TOTAL MUNICIPAL OBLIGATIONS--99.27% 43,493,429
OTHER ASSETS AND LIABILITIES, NET--0.73% 317,774
--------------
NET ASSETS--100.00% $ 43,811,203
==============
PLEASE SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS AND FINANCIAL STATEMENTS.
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20
</TABLE>
<PAGE>
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NATIONAL INVESTORS CASH MANAGEMENT FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS
October 31, 1999 (Unaudited)
(A) Variable rate securities. The rates shown are the current rates on October
31, 1999. Dates shown represent the next interest reset date.
(B) This obligation was acquired for investment, not with intent to distribute
or sell. It is restricted as to public resale. This obligation was acquired
at a cost of par. On October 31, 1999, the value of this security, valued
at amortized cost, is $40,000,000 representing 4.5% of net assets of the
Money Market Portfolio.
(C) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market rates.
(D) Bonds which are prerefunded or escrowed to maturity are collateralized by
U.S. Government securities which are held in escrow and are used to pay
principal and interest on the municipal issue and to retire the bonds in
full at the earliest refunding date.
(E) Security exempt from registration under the Securities Act of 1933. These
securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. At October 31, 1999, these securities
amounted to $202,945,436 or 22.82% of net assets of the Money Market
Portfolio.
DESCRIPTION OF ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation
BAN Bond Anticipation Note
EDA Economic Development Authority
FGIC Financial Guaranty Insurance Company
FNMA Federal National Mortgage Association
FSA Financial Security Assurance Inc.
GO General Obligation
GTY Guarantee
HDA Housing Development Authority
HFA Housing Finance Authority
IDA Industrial Development Authority
IDB Industrial Development Board
IDC Industrial Development Corporation
IDR Industrial Development Revenue Bond
ISD Independent School District
KWA Keep Well Agreement
LIQ Liquidity Agreement
LOC Letter of Credit
MBIA Municipal Bond Investors Assurance Insurance Corporation
MFH Multi-Family Housing
SBPA Standby Bond Purchase Agreement
SD School District
TRAN Tax Revenue Anticipation Note
VRDN Variable Rate Demand Note
VRN Variable Rate Notes
This Report has been prepared for shareholders and may be distributed to others
only if preceded or accompanied by a current prospectus.
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