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SIGNATURE CHRISTOPHER J. KELLEY
TITLE SECRETARY
<PAGE>
Attachment
77.B. Accountants Report on Internal Control
[LETTERHEAD OF ERNST & YOUNG LLP]
Board of Directors
Waterhouse Investors Cash Management Fund, Inc.
In planning and performing our audit of the financial statements of Waterhouse
Investors Cash Management Fund, Inc. for the period ended October 31, 1996, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Waterhouse Investors Cash Management Fund, Inc. is responsible
for establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control structure
are to provide management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or disposition and
that transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
December 5, 1996
<PAGE>
Attachment
77.C. Matters submitted to a vote of security holders
Please find incorporated by reference Waterhouse Investors Cash Management Fund,
Inc. (File No. 811-9086) Proxy dated July 12, 1996. This document was filed via
EDGAR, Form Type DEFSMA, received and accepted by the Securities and Exchange
Commission (the "Commission") on July 18, 1996 and filed with the Commission on
July 19, 1996. The EDGAR accession number is 0000889812-96-000911.
<PAGE>
EXHIBIT
77 Q.1. Exhibits
Please find incorporated by reference amended Investment Advisory Agreement as
part of Waterhouse Investors Cash Management Fund, Inc. (File No. 811-9086)
Proxy dated July 12, 1996, Exhibit A, Page A-1 through the back cover. The
document was filed via EDGAR, Form Type DEFSMA, received and accepted by the
Securities and Exchange Commission (the "Commission") on July 18, 1996 and filed
with the Commission on July 19, 1996. The EDGAR accession number is
0000889812-96-000911.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Cash Management Fund, Inc. Annual Report for the period
ended October 31, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000949881
<NAME> WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
<SERIES>
<NUMBER> 01
<NAME> MONEY MARKET PORTFOLIO
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Cash Management Fund, Inc. Annual Report for the period
ended October 31, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000949881
<NAME> WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
<SERIES>
<NUMBER> 02
<NAME> U.S. GOVERNMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 11-MOS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Cash Management Fund, Inc. Annual Report for the period
ended October 31, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000949881
<NAME> WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
<SERIES>
<NUMBER> 03
<NAME> MUNICIPAL PORTFOLIO
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</TABLE>
