<PAGE>
1997
SEMIANNUAL REPORT
April 30, 1997
(Unaudited)
Waterhouse
Investors Cash
Management
Fund, Inc.
----------------------
Three portfolios to choose from:
Money Market o U.S. Government o Municipal
[WATERHOUSE LOGO]
<PAGE>
Table of Contents
Letter to Shareholders............................................. 3
Statements of Assets and Liabilities............................... 4
Statements of Operations........................................... 5
Statements of Changes in Net Assets................................ 6
Financial Highlights............................................... 7
Notes to Financial Statements...................................... 8
Money Market Portfolio
Schedule of Investments......................................... 11
U.S. Government Portfolio
Schedule of Investments......................................... 15
Municipal Portfolio
Schedule of Investments......................................... 17
Notes to
Schedules of Investments........................................ 23
Board of Directors and
Executive Officers.............................................. 24
Service Providers.................................................. 24
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2
<PAGE>
Dear Shareholder:
I am pleased to provide you with the Waterhouse Investors Cash Management Fund
semiannual report for the six months ended April 30, 1997.
During the period, each of the Fund's portfolios - Money Market, U.S. Government
and Municipal - performed well and achieved its objective. The Fund has
attempted to provide maximum current income from high quality money market
securities while maintaining conservative portfolios to ensure safety of
principal. During the period, Fund assets increased to a total of $2.1 billion.
Portfolio Results*
For the six months ended April 30, 1997, the Fund's three Portfolios had the
following annualized returns.**
o The Money Market Portfolio had an annualized return of 4.71%.
o The U.S. Government Portfolio had an annualized return of 4.65%.
o The Municipal Portfolio had an annualized return of 2.89% and a tax
equivalent return of 4.52%.(1)
Since our last report to shareholders, the U.S. economy has been very strong. In
April, the unemployment rate fell to 4.9%, the lowest in 24 years. Gross
domestic product rose from 3.8% in the fourth quarter of 1996 to 5.6% in the
first quarter of 1997. In May, the Federal Reserve Bank increased the Fed Funds
rate from 5.25% to 5.50%. We expect the Federal Reserve to maintain a watchful
eye over the economy, as they look for signs of an uptick in inflation. In light
of the current economic situation, the average maturities of the portfolios are
being maintained to react quickly to changes in short-term interest rates.
Thank you for investing in the Fund and for your confidence in Waterhouse. We
look forward to continuing to meet your expanding investment needs in the years
to come.
Sincerely,
Lawrence M. Waterhouse, Jr.
Chairman and Chief Executive Officer
Waterhouse Investor Services, Inc.
* The Waterhouse Investors Cash Management Fund is neither FDIC-insured nor
guaranteed by the U.S. Government and is not a deposit or obligation of, or
guaranteed by, any bank. There can be no assurance that a Portfolio will be able
to maintain a stable net asset value of $1 per share.
** 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 April 30,
1997, the Investment Manager and certain of its affiliates waived a portion of
their fee for the Money Market, U.S. Government and Municipal Portfolios.
Without these fee waivers in effect, the annualized returns would have been
4.66%, 4.58% and 2.79%, respectively. The annualized tax equivalent return for
the Municipal Portfolio would have been 4.36%.
(1) Taxable equivalent yield at 36% marginal federal income tax rate.
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3
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Money Market U.S. Government Municipal
Portfolio Portfolio Portfolio
ASSETS
<S> <C> <C> <C>
Investments in securities, at value (including
repurchase agreements of $6,949,000,
$63,572,000, and $0, respectively) (Note 2) $ 1,491,500,011 $ 387,047,848 $ 238,721,399
Cash 739 418 282,390
Deferred organization costs (Note 1) 288,033 74,066 49,377
Interest receivable 11,055,827 2,652,700 1,972,238
Other assets 30,826 7,927 5,284
--------------- --------------- ---------------
TOTAL ASSETS 1,502,875,436 389,782,959 241,030,688
LIABILITIES
Dividends payable to shareholders 197,399 49,045 20,450
Payable for securities purchased 1,500,180 12,500,000 100,541
Payable to Investment Manager and
its affiliates (Note 3) 938,271 231,048 132,970
Accrued expenses and other liabilities 368,341 123,598 87,958
--------------- --------------- ---------------
TOTAL LIABILITIES 3,004,191 12,903,691 341,919
--------------- --------------- ---------------
NET ASSETS $ 1,499,871,245 $ 376,879,268 $ 240,688,769
=============== =============== ===============
Net assets consist of:
Paid-in capital $ 1,499,875,145 $ 376,878,573 $ 240,688,851
Accumulated net realized gains (losses)
from security transactions (3,900) 695 (82)
--------------- --------------- ---------------
Net assets, at value $ 1,499,871,245 $ 376,879,268 $ 240,688,769
=============== =============== ===============
Shares outstanding ($.0001 par value common stock,
60 billion, 20 billion, and 20 billion
shares authorized, respectively) 1,499,875,145 376,878,573 240,688,851
=============== =============== ===============
Net asset value, redemption price and offering
price per share (Note 2) $ 1.00 $ 1.00 $ 1.00
=============== =============== ===============
</TABLE>
Please see accompanying notes to financial statements.
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4
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
STATEMENTS OF OPERATIONS
For the six months ended April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Money Market U.S. Government Municipal
Portfolio Portfolio Portfolio
INVESTMENT INCOME
<S> <C> <C> <C>
Interest income $ 40,057,418 $ 10,405,990 $ 4,349,040
------------ ------------ ------------
EXPENSES
Investment management fees (Note 3) 2,522,179 672,088 420,490
Administration fees (Note 3) 727,246 192,025 120,107
Transfer agent fees (Note 3) 1,454,492 384,050 240,214
Shareholder servicing fees (Note 3) 1,454,492 326,442 132,120
Shareholder reports and mailing 194,996 52,787 35,030
Registration fees 58,090 16,849 9,376
Professional fees 19,720 9,271 6,181
Custody fees 51,636 5,657 16,466
Directors' fees 5,289 5,289 5,289
Other expenses 16,197 29,332 34,812
------------ ------------ ------------
TOTAL EXPENSES 6,504,337 1,693,790 1,020,085
Fees waived / expenses reimbursed by the
Investment Manager and certain of its
affiliates (Note 3) (395,696) (135,848) (120,222)
------------ ------------ ------------
NET EXPENSES 6,108,641 1,557,942 899,863
------------ ------------ ------------
NET INVESTMENT INCOME 33,948,777 8,848,048 3,449,177
------------ ------------ ------------
NET REALIZED GAINS (LOSSES) FROM
SECURITY TRANSACTIONS (3,105) 906 689
------------ ------------ ------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 33,945,672 $ 8,848,954 $ 3,449,866
============= ============= =============
</TABLE>
Please see accompanying notes to financial statements.
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5
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Money Market U.S. Government Municipal
Portfolio Portfolio Portfolio
Six Months Period Six Months Period Six Months Period
Ended Ended Ended Ended Ended Ended
April 30, 1997 October 31, April 30, 1997 October 31, April 30, 1997 October 31,
(Unaudited) 1996* (Unaudited) 1996* (Unaudited) 1996*
OPERATIONS
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 33,948,777 $ 44,429,799 $ 8,848,048 $ 11,802,638 $ 3,449,177 $ 4,935,546
Net realized gain (loss)
from security
transactions (3,105) (795) 906 (211) 689 (771)
------------- ------------- ------------- --------------- ------------- -------------
Net increase in net assets
from operations 33,945,672 44,429,004 8,848,954 11,802,427 3,449,866 4,934,775
------------- ------------- ------------- --------------- ------------- -------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM
NET INVESTMENT
INCOME (33,948,777) (44,429,799) (8,848,048) (11,802,638) (3,449,177) (4,935,546)
CAPITAL SHARE
TRANSACTIONS
($1.00 per share)
Proceeds from shares sold 2,321,017,362 4,317,083,085 556,079,626 1,126,273,406 331,333,293 711,316,179
Shares issued in
reinvestment
of dividends 36,496,980 41,684,198 9,544,367 11,057,275 3,717,737 4,646,535
Payments for shares
redeemed (2,200,250,078) (3,016,216,402) (559,792,401) (766,303,700) (320,616,344) (489,728,549)
------------- ------------- ------------- --------------- ------------- -------------
Net increase in net assets from
capital share transactions 157,264,264 1,342,550,881 5,831,592 371,026,981 14,434,686 226,234,165
TOTAL INCREASE IN NET ASSETS 157,261,159 1,342,550,086 5,832,498 371,026,770 14,435,375 226,233,394
NET ASSETS
Beginning of period 1,342,610,086 60,000 371,046,770 20,000 226,253,394 20,000
------------- ------------- ------------- --------------- ------------- -------------
End of period $ 1,499,871,245 $ 1,342,610,086 $ 376,879,268 $ 371,046,770 $ 240,688,769 $ 226,253,394
=============== =============== ============= =============== ============= =============
</TABLE>
* Each Portfolio commenced operations on December 20, 1995.
Please see accompanying notes to financial statements.
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6
<PAGE>
WATERHOUSE 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 each period indicated. This information has been
derived from each Portfolio's financial statements.
<TABLE>
<CAPTION>
Money Market U.S. Government Municipal
Portfolio Portfolio Portfolio
Six Months Period Six Months Period Six Months Period
Ended Ended Ended Ended Ended Ended
April 30, 1997 October 31, April 30, 1997 October 31, April 30, 1997 October 31,
(Unaudited) 1996* (Unaudited) 1996* (Unaudited) 1996*
<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 0.023 0.041 0.023 0.041 0.014 0.026
-------------- ------------- ------------ ------------ ------------ -----------
Distributions from net
investment income (0.023) (0.041) (0.023) (0.041) (0.014) (0.026)
-------------- ------------- ------------ ------------ ------------ -----------
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
============== ============== ============ ============ ============ ============
Ratios
Ratio of net expenses to average
net assets** 0.84%(A) 0.79%(A) 0.81%(A) 0.73%(A) 0.75%(A) 0.62%(A)
Ratio of net investment income
to average net assets** 4.66%(A) 4.64%(A) 4.60%(A) 4.64%(A) 2.87%(A) 2.90%(A)
Decrease reflected in above net
expense ratio due to waivers/
reimbursements by the
Investment Manager and
its affiliates (Note 3) 0.05%(A) 0.13%(A) 0.07%(A) 0.18%(A) 0.10%(A) 0.23%(A)
Supplemental Data
Total investment return (B) 4.71%(A) 4.82%(A) 4.65%(A) 4.82%(A) 2.89%(A) 3.05%(A)
Net assets, end of period $1,499,871,245 $1,342,610,086 $376,879,268 $371,046,770 $240,688,769 $226,253,394
============== ============== ============ ============ ============ ============
</TABLE>
* The Portfolio commenced operations on December 20, 1995.
** The average net assets for the periods ended April 30, 1997 and October
31, 1996, were $1,467,950,305 and $1,104,558,438
for the Money Market Portfolio; $387,616,272 and $293,708,330 for the
U.S. Government Portfolio; and $242,436,016 and $196,592,413 for the
Municipal Portfolio.
(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.
Please see accompanying notes to financial statements.
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7
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS - APRIL 30, 1997 (UNAUDITED)
Note 1 - Organization
Waterhouse Investors Cash Management Fund, Inc. (the "Fund") was organized as a
Maryland corporation on August 16, 1995. 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") and
the Securities Act of 1933. The investment objective of the Money Market
Portfolio, the U.S. Government Portfolio and the 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 and invests 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. The Fund had no
operations until December 20, 1995 (when operations commenced for all
Portfolios) other than matters relating to its organization and the sale and
issuance of 60,000 shares of the Money Market Portfolio and 20,000 shares each
of the U.S. Government Portfolio and the Municipal Portfolio ("Initial Shares")
to FDI Distribution Services, Inc.
Waterhouse Securities, Inc. ("Waterhouse Securities") absorbed all
organizational expenses other than securities registration fees. The securities
registration fees have been deferred and will be amortized from the date
operations commenced, December 20, 1995, over a period that a benefit is
expected to be realized, not to exceed five years. If any of the Initial Shares
are redeemed during the amortization period by any holder thereof, the
redemption proceeds will be reduced by any unamortized organizational costs of
that Portfolio in the same proportion as the number of Initial Shares being
redeemed bears to the number of Initial Shares outstanding of that Portfolio at
the time of redemption.
Note 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Fund's significant accounting policies:
Computation of Net Asset Value - It is the Fund's policy to maintain a
continuous net asset value of $1.00 per share for each Portfolio. The Fund 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.
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.
- --------------------------------------------------------------------------------
8
<PAGE>
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.
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
(but 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 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 Waterhouse Asset
Management, Inc. (the "Investment Manager"), an indirect wholly owned subsidiary
of The Toronto-Dominion Bank, for the investment management services furnished
to each Portfolio, such Portfolio pays the Investment Manager a monthly
investment management fee at an annual rate, 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 has agreed
to waive a portion of its fee payable by the Municipal Portfolio through October
15, 1998, 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 April 30, 1997, the Investment Manager voluntarily waived $120,222
of its investment management fee for the Municipal Portfolio.
The Investment Manager has also 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 the Investment Manager a
monthly fee at an annual rate of .10 of 1% of each Portfolio's average net
assets. Effective June 11, 1997, the Fund retained Waterhouse Securities to
provide certain administrative services formerly provided by the Investment
Manager on substantially identical terms.
Waterhouse Securities, an affiliate of the Investment Manager, has been retained
under a Shareholder Services Agreement to perform shareholder servicing
necessary for the operation of the Fund. The shareholder service plan adopted by
the Fund provides that each Portfolio pay Waterhouse Securities a monthly fee at
an annual rate of up to .25 of 1% of average daily net assets. The Fund's Board
has determined to limit the annual fee payable through October 15, 1998 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 (the "Current Servicing
Rates"). For the six months ended April 30, 1997, Waterhouse Securities
voluntarily waived from the Current Servicing Rates $395,696 and $135,848 of its
shareholder servicing fee for the Money Market Portfolio and the U.S. Government
Portfolio, respectively.
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9
<PAGE>
The Fund has entered into a Transfer Agency and Dividend Disbursing Agency
Agreement with Waterhouse National Bank (the "Bank"), an affiliate of the
Investment Manager, to perform transfer and dividend disbursing agency-related
services. For such services each Portfolio pays the Bank a monthly fee at an
annual rate of .20 of 1% of average daily net assets.
Each Director who is not an "affiliated person" as defined in the Act receives
from the Fund $3,000 per quarter and $2,000 for each meeting attended.
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10
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
MONEY MARKET PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE OBLIGATIONS:
ASSET-BACKED COMMERCIAL PAPER -- 5.0%
$ 15,000,000 Corporate Asset Funding Company, Inc., due 5/12/97 5.53 $ 14,974,792
10,000,000 Eureka Securitization, Inc., due 5/13/97 5.64 9,981,333
10,000,000 Eureka Securitization, Inc., due 6/25/97 5.70 9,914,139
5,000,000 Eureka Securitization, Inc., due 7/9/97 5.73 4,945,758
20,000,000 Preferred Receivables Funding Corp., due 7/8/97 5.70 19,787,689
15,000,000 Preferred Receivables Funding Corp., due 8/6/97 5.53 14,782,558
-----------
74,386,269
-----------
BROKER/DEALER OBLIGATIONS -- 10.6%
5,000,000 Bear Stearns Companies, Inc., Variable Rate Notes, 5.71%, due 5/6/97 (Note A) 5.70 5,000,225
20,000,000 Bear Stearns Companies, Inc., Variable Rate Notes, 5.90%, due 5/6/97 (Note A) 5.88 20,001,183
15,000,000 BT Securities, due 5/19/97 5.39 14,960,175
10,000,000 BT Securities, due 8/13/97 5.52 9,846,889
30,000,000 Goldman Sachs Group LP, Variable Rate Note, 5.688%, due 5/6/97 (Notes A, B) 5.69 30,000,000
5,000,000 Merrill Lynch & Co., Inc., Variable Rate Notes, 5.83%, due 5/6/97 (Note A) 5.83 5,000,000
40,000,000 Merrill Lynch & Co., Inc., Variable Rate Notes, 5.84%, due 5/6/97 (Note A) 5.84 40,000,000
15,000,000 Merrill Lynch & Co., Inc., due 5/21/97 5.46 14,955,417
20,000,000 Morgan Stanley Group, Inc., due 5/20/97 5.54 19,941,839
-----------
159,705,728
-----------
FINANCE & INSURANCE CO. OBLIGATIONS -- 10.5%
10,000,000 Advanta Corp., Variable Rate Notes, 6.092%, due 7/23/97
(Insured: MBIA) (Note A) 5.82 10,019,456
30,000,000 CIT Group Holdings, Inc., Variable Rate Notes, 5.61%, due 5/6/97 (Note A) 5.66 29,999,306
5,000,000 Ford Motor Credit Corp., Variable Rate Notes, 5.66%, due 5/5/97 (Note A) 5.66 5,000,016
2,000,000 Ford Motor Credit Corp., Variable Rate Notes, 5.93%, due 5/6/97 (Note A) 5.86 2,000,058
34,800,000 General Electric Capital Co., Variable Rate Notes, 5.78%, due 5/6/97 (Note A) 5.81 34,798,991
20,000,000 General Motors Acceptance Corp., Variable Rate Notes, 5.70%,
due 5/1/97 (Note A) 5.67 20,000,000
15,000,000 General Motors Acceptance Corp., due 7/7/97 5.54 14,849,529
35,000,000 Household International, Inc., due 5/7/97 5.42 34,968,792
6,000,000 Toyota Motor Credit Corp., Variable Rate Notes, 5.75%, due 5/6/97 (Note A) 5.83 5,999,430
-----------
157,635,578
-----------
INDUSTRIAL & OTHER COMMERCIAL PAPER -- 0.3%
4,750,000 Rubbermaid, Inc., due 6/18/97 5.38 4,716,497
-----------
TOTAL CORPORATE OBLIIGATIONS--26.4% 396,444,072
-----------
</TABLE>
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11
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
MONEY MARKET PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BANK OBLIGATIONS:
BANKERS' ACCEPTANCES -- 0.2%
$ 3,500,000 LaSalle National Bank, Chicago, due 5/28/97 5.59 $ 3,485,431
-----------
BANK NOTES -- 7.1%
12,000,000 American Express Centurion Bank, Variable Rate Notes,
5.738%, due 5/24/97 (Note A) 5.61 12,009,884
15,000,000 Bankers Trust Co. New York, Variable Rate Notes, 5.66%, due 5/6/97 (Note A) 5.88 15,000,000
29,000,000 BankBoston, N.A., 5.41%, due 5/7/97 5.41 29,000,000
5,000,000 Comerica Bank, N.A., Variable Rate Notes, 5.66%, due 5/6/97 (Note A) 5.62 5,000,000
16,000,000 Comerica Bank, N.A., Variable Rate Notes, 5.66%, due 5/6/97 (Note A) 5.62 16,000,283
15,000,000 Comerica Bank, N.A., Variable Rate Notes, 5.66%, due 5/6/97 (Note A) 5.64 15,000,243
5,000,000 First Bank, N.A., Variable Rate Notes, 5.608%, due 5/21/97 (Note A) 5.63 4,999,040
10,000,000 Mellon Bank, N.A., 6.25%, due 12/16/97 5.55 10,043,457
-----------
107,052,907
-----------
BANK SUPPORTED COMMERCIAL PAPER -- 16.5%
9,250,000 Adult Community Total Svcs., Inc. Ser. 1996 VRDN, 5.80%
(LOC: LaSalle National Bank) (Note C) 5.80 9,250,000
15,000,000 Banco De Colombia, due 5/7/97 (LOC: Barclays Bank) 5.46 14,986,550
15,000,000 Banco Nacional de Mexico, due 6/23/97 (LOC: Barclays Bank) 5.63 14,876,775
3,495,000 Benedictine Long-Term Care, due 7/14/97 (LOC: LaSalle National Bank) 5.88 3,453,404
10,000,000 Cosco (Cayman) Co., Ltd., due 5/23/97 (LOC: Credit Suisse First Boston) 5.45 9,967,000
14,000,000 Dean Health Systems, Inc., due 6/24/97 (LOC: Rabobank Nederland) 5.70 13,881,350
25,000,000 Demir Funding Corporation I, due 6/16/97 (LOC: Bayerische Vereinsbank AG) 5.63 24,821,750
5,000,000 Demir Funding Corporation I, due 7/16/97 (LOC: Bayerische Vereinsbank AG) 5.73 4,940,361
10,000,000 Galicia Funding, due 5/30/97 (LOC: Bayerische Vereinsbank AG) 5.42 9,956,903
20,000,000 Galicia Funding, due 6/2/97 (LOC: Bayerische Vereinsbank AG) 5.42 19,904,889
26,550,000 Metrocrest Hospital Auth., due 5/2/97 (LOC: Bank of New York) 5.45 26,546,017
10,000,000 NuFunding Inc. VRDN, 5.7875% (LOC: LaSalle National Bank) (Note C) 5.79 10,000,000
15,000,000 PEMEX Capital, Inc., due 6/20/97 (LOC: Credit Suisse First Boston) 5.45 14,888,333
10,000,000 PEMEX Capital, Inc., due 7/7/97 (LOC: Credit Suisse First Boston) 5.45 9,900,803
5,000,000 Petroleos Brasileros S.A., due 7/2/97 (LOC: Barclays Bank) 5.70 4,951,606
20,000,000 Transportadora de Gas del Sur S.A., due 7/22/97 (LOC: Dresdner Bank AG) 5.73 19,742,611
20,000,000 Transportadora de Gas del Sur S.A., due 7/23/97 (LOC: Dresdner Bank AG) 5.73 19,739,472
15,000,000 Unibanco-Uniao de Bancos Brasileros, S.A., due 6/17/97
(LOC: Westdeutsche Landesbank GZ) 5.64 14,890,529
-----------
246,698,353
-----------
BANK TIME DEPOSITS -- 7.7%
20,000,000 American Express Centurion Bank, 5.58%, due 5/12/97 5.58 20,000,000
40,000,000 Bank of Nova Scotia, 5.50%, due 5/30/97 5.50 40,000,000
20,000,000 Bank of Nova Scotia, 5.625%, due 9/8/97 5.25 20,000,000
5,290,000 Bank of Scotland, 5.656%, due 10/31/97 5.56 5,290,000
30,000,000 Norwest Bank Minnesota, N.A., 5.63%, due 5/1/97 5.63 30,000,000
-----------
115,290,000
-----------
EURODOLLAR BANK CERTIFICATES OF DEPOSIT -- 2.7%
20,000,000 ABN AMRO Bank N.V., 5.54%, due 8/29/97 5.57 19,997,775
20,000,000 Banque Nationale de Paris, 5.56%, due 7/14/97 5.55 20,000,400
-----------
39,998,175
-----------
</TABLE>
- -------------------------------------------------------------------------------
12
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
MONEY MARKET PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C>
YANKEE BANK CERTIFICATES OF DEPOSIT -- 18.7%
$ 36,000,000 Bank of Montreal, 5.63%, due 6/2/97 5.60 $ 36,000,896
20,000,000 Bankers Trust Co. New York, Variable Rate Notes, 5.90%, due 5/6/97 (Note A) 5.88 20,000,360
20,000,000 Banque Nationale de Paris, 5.63%, due 6/9/97 5.63 20,000,215
10,000,000 Barclays Bank PLC, 5.845%, due 1/21/98 5.77 10,000,000
30,000,000 Canadian Imperial Bank of Commerce, 5.58%, due 5/7/97 5.58 30,000,000
15,000,000 Landesbank Hessen-Thueringen GZ, 6.05%, due 6/13/97 5.69 15,005,126
20,000,000 National Westminster Bank PLC, 5.49%, due 6/17/97 5.46 20,000,723
10,000,000 Rabobank Nederland, 6.05%, due 3/27/98 6.16 9,990,504
30,000,000 Royal Bank of Canada, 5.45%, due 6/2/97 5.46 29,999,673
25,000,000 Societe Generale, 5.64%, due 6/16/97 5.63 25,000,316
5,000,000 Societe Generale, 5.84%, due 10/6/97 5.60 5,004,235
10,000,000 Societe Generale, 5.81%, due 2/3/98 5.67 10,008,844
30,000,000 Svenska Handelsbanken AB, 5.55%, due 5/28/97 5.55 30,000,217
20,000,000 Westpac Banking Corp., 5.69%, due 7/2/97 5.67 20,000,649
------------
281,011,758
------------
TOTAL BANK OBLIGATIONS--52.9% 793,536,624
------------
MUNICIPAL OBLIGATIONS:
TAXABLE OBLIGATIONS -- 11.9%
2,285,000 Berks Co. Ind. Dev. Auth. VRDN, 5.80% (LOC: CoreStates Bank) (Note C) 5.80 2,285,000
18,821,000 California PCR Fin. Auth. Env. Imp. Rev. Bonds (Shell Oil Co. Proj.) Ser. 1996,
5.44%, due 6/4/97 5.44 18,821,000
4,300,000 City of New York, G.O. Taxable Adj. Ser. 1993 E, 5.73%, due 7/22/97
(Insured: FGIC) 5.73 4,300,000
20,000,000 City of Portland, OR, Pension Reserve Ltd. Tax Rev. Bonds, Ser. 1996, 5.49%,
due 6/10/97 (LOC: Union Bank of Switzerland) 5.49 20,000,000
21,000,000 City of Whiting, IN, Ind. Sewage and Solid Waste Disp. Rev. Bonds
(Amoco Oil Co. Proj) Taxable Ser. 1995, 5.64%, due 6/17/97 5.64 21,000,000
8,000,000 City of Worcester, MA, Bond Anticipation Notes, 5.75%, due 8/28/97 5.65 8,002,502
1,500,000 City of Worcester, MA, Bond Anticipation Notes, 5.89%, due 8/28/97 5.89 1,500,180
6,660,000 Denver City & County, CO, (Commons Open Space & Rec. Area Proj.) COP
Taxable Ser. 1996 VRDN, 5.75% (LOC: Canadian Imperial Bank of Commerce)
(Note C) 5.75 6,660,000
26,000,000 Illinois Dev. Fin. Auth. Ser. 1996 VRDN, 5.75% (LOC: Northern Trust Company)
(Note C) 5.75 26,000,000
6,340,000 Illinois Health Fac. Auth. Ser. 1996F VRDN, 5.80% (LOC: LaSalle National Bank)
(Note C) 5.80 6,340,000
10,400,000 New York City, NY, G.O. Fiscal 1996 SubSer. A-2, 5.60%, due 6/16/97
(LOC: Societe Generale) 5.60 10,400,000
13,500,000 State of Ohio, Taxable Dev. Asst., Ser. 1996; Optional Put 5/1/97, 5.688%
(Insured: AMBAC; LIQ: Citibank) 5.69 13,500,000
20,000,000 State of Ohio, Taxable Dev. Asst., Ser. CR16T; Optional Put 5/1/97, 5.688%
(Insured: AMBAC; LIQ: Citibank) 5.69 20,000,000
20,000,000 West Baton Rouge, LA, Ind. Dist. #3 (Dow Chemical Co. Proj.) 5.65%,
due 6/17/97 5.65 20,000,000
------------
TOTAL MUNICIPAL OBLIGATIONS -- 11.9% 178,808,682
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS:
FEDERAL NATIONAL MORTGAGE ASSOC. -- 4.4%
27,000,000 Variable Rate Notes, 5.68%, due 5/6/97 (Note A) 5.92 26,855,772
40,000,000 Variable Rate Notes, 5.78%, due 5/6/97 (Note A) 5.86 39,996,519
------------
66,852,291
------------
</TABLE>
- --------------------------------------------------------------------------------
13
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
MONEY MARKET PORTFOLIO O SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN MARKETING ASSOC. -- 3.3%
<S> <C> <C> <C>
$ 20,000,000 Variable Rate Notes, 5.55%, due 5/6/97 (Note A) 5.69 $ 19,959,996
23,000,000 Variable Rate Notes, 5.56%, due 5/6/97 (Note A) 5.70 22,947,099
6,000,000 Variable Rate Notes, 5.71%, due 5/6/97 (Note A) 5.66 6,002,247
--------------
48,909,342
--------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS-- 7.7% 115,761,633
--------------
REPURCHASE AGREEMENTS -- 0.5%
6,949,000 Smith Barney Securities Inc., 5.52 6,949,000
--------------
-dated 4/30/97, due 5/1/97, in the amount of
$6,950,066, fully collateralized by $7,068,000 U.S.
Government Securities, value $7,088,413
TOTAL INVESTMENTS-- 99.4% 1,491,500,011
OTHER ASSETS AND LIABILITIES, NET -- 0.6% 8,371,234
--------------
NET ASSETS-- 100.0% $1,499,871,245
==============
</TABLE>
Please see accompanying notes to the schedules of investments and financial
statements.
- --------------------------------------------------------------------------------
14
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
U.S. GOVERNMENT PORTFOLIO O SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
FEDERAL FARM CREDIT BANK -- 20.9%
<S> <C> <C> <C>
$ 8,975,000 Discount Notes, due 7/21/97 5.40 $ 8,868,781
6,100,000 Discount Notes, due 10/16/97 5.52 5,949,411
12,500,000 Notes, 5.55%, due 8/1/97 5.50 12,500,000
1,715,000 Notes, 5.60%, due 11/3/97 5.49 1,715,884
3,170,000 Notes, 5.40%, due 12/2/97 5.55 3,166,951
6,000,000 Variable Rate Notes, 5.61%, due 5/1/97 (Note A) 5.59 6,001,200
10,000,000 Variable Rate Notes, 5.63%, due 5/1/97 (Note A) 5.66 9,999,515
3,250,000 Variable Rate Notes, 5.66%, due 5/1/97 (Note A) 5.72 3,248,566
7,500,000 Variable Rate Notes, 5.66%, due 5/1/97 (Note A) 5.71 7,497,157
15,000,000 Variable Rate Notes, 5.73%, due 5/1/97 (Note A) 5.70 15,002,248
5,000,000 Variable Rate Notes, 5.70%, due 5/6/97 (Note A) 5.75 4,997,500
-------------
78,947,213
-------------
FEDERAL HOME LOAN BANK -- 8.6%
5,000,000 Discount Notes, due 5/12/97 5.30 4,992,086
5,000,000 Discount Notes, due 8/14/97 5.66 4,919,208
5,000,000 Discount Notes, due 9/25/97 5.46 4,892,609
5,000,000 Discount Notes, due 12/4/97 5.55 4,839,058
5,360,000 Notes, 6.375%, due 5/12/97 5.55 5,361,097
4,000,000 Notes, 5.65%, callable 6/26/97
and 9/26/97, due 12/26/97 5.81 3,990,664
3,300,000 Notes, 5.595%, due 1/22/98 5.62 3,299,608
-------------
32,294,330
-------------
FEDERAL HOME LOAN MORTGAGE CORP. -- 16.5%
15,000,000 Discount Notes, due 5/16/97 5.23 14,967,687
5,000,000 Discount Notes, due 5/23/97 5.32 4,983,958
15,000,000 Discount Notes, due 5/28/97 5.34 14,940,713
10,000,000 Discount Notes, due 6/6/97 5.39 9,946,900
5,000,000 Discount Notes, due 6/11/97 5.60 4,968,510
5,000,000 Discount Notes, due 6/12/97 5.34 4,969,550
7,500,000 Discount Notes, due 6/30/97 5.55 7,431,500
-------------
62,208,818
-------------
FEDERAL NATIONAL MORTGAGE ASSOC. -- 18.6%
5,000,000 Discount Notes, due 7/28/97 5.41 4,935,589
7,500,000 Discount Notes, due 10/16/97 5.76 7,304,000
10,000,000 Notes, 5.35%, due 8/14/97 5.27 10,001,114
5,000,000 Notes, 5.65%, due 10/20/97 5.48 5,003,722
8,000,000 Variable Rate Notes, 5.68%, due 5/6/97 (Note A) 5.91 7,961,992
10,000,000 Variable Rate Notes, 5.68%, due 5/6/97 (Note A) 5.92 9,946,582
10,000,000 Variable Rate Notes, 5.78%, due 5/6/97 (Note A) 5.86 9,999,130
10,000,000 Variable Rate Notes, 5.34%, due 6/2/97 (Note A) 5.36 9,998,735
5,000,000 Variable Rate Notes, 5.52%, due 6/20/97 (Note A) 5.81 4,999,324
-------------
70,150,188
-------------
</TABLE>
- --------------------------------------------------------------------------------
15
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
U.S. GOVERNMENT PORTFOLIO o SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OVERSEAS PRIVATE INVESTMENT CORP. -- 1.1%
$ 4,000,000 Variable Rate Notes, 5.48%, due 5/6/97 (Note A) 5.48 $ 4,000,000
-----------
STUDENT LOAN MARKETING ASSOC. -- 20.1%
10,000,000 Notes, 5.885%, due 6/24/97 5.61 10,001,692
25,500,000 Variable Rate Notes, 5.55%, due 5/6/97 (Note A) 5.69 25,448,995
10,000,000 Variable Rate Notes, 5.56%, due 5/6/97 (Note A) 5.695 9,977,000
10,000,000 Variable Rate Notes, 5.56%, due 5/6/97 (Note A) 5.56 10,000,000
10,000,000 Variable Rate Notes, 5.565%, due 5/6/97 (Note A) 5.60 9,997,092
2,750,000 Variable Rate Notes, 5.71%, due 5/6/97 (Note A) 5.655 2,750,930
7,700,000 Variable Rate Notes, 5.74%, due 5/6/97 (Note A) 5.76 7,699,590
------------
75,875,299
------------
REPURCHASE AGREEMENTS -- 16.9%
35,000,000 Morgan Stanley & Co. Inc., 35,000,000
-dated 4/25/97, due 5/9/97, in the amount of $7,515,954
-dated 4/17/97, due 5/19/97, in the amount of $12,560,889
-dated 4/23/97, due 5/23/97, in the amount of $15,068,500
all fully collateralized by $52,295,000 U.S. Government Securities, value $36,008,339
28,572,000 Smith Barney Securities Inc., 28,572,000
-dated 4/30/97, due 5/1/97 in the amount of $18,574,848
-dated 4/30/97, due 5/7/97 in the amount of $10,010,694
both fully collateralized by $30,684,484 U.S. Government Securities, value $29,143,441
------------
63,572,000
------------
TOTAL INVESTMENTS -- 102.7% 387,047,848
OTHER ASSETS AND LIABILITIES, NET -- (2.7%) (10,168,580)
-----------
NET ASSETS -- 100.0% $ 376,879,268
==============
</TABLE>
Please see accompanying notes to the schedules of investments and financial
statements.
- --------------------------------------------------------------------------------
16
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
MUNICIPAL PORTFOLIO O SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL OBLIGATIONS:
ALASKA -- 3.8%
$ 100,000 Anchorage Elec. Util. Rev. Bonds, 4.70%, due, 12/1/97 (Insured: MBIA) 3.75 $ 100,537
250,000 Anchorage Elec. Util. Rev. Bonds, Ser. B, 4.75%, due 2/1/98
(Insured: MBIA) 3.75 251,819
2,600,000 Valdez Marine Term. (ARCO Transp. Alaska, Inc. Proj.) Ser. 1994A, 3.60%,
due 5/9/97 3.60 2,600,000
6,200,000 Valdez Marine Term. (ARCO Transp. Alaska, Inc. Proj.) Ser. 1994A, 3.50%,
due 6/12/97 3.50 6,200,000
------------
9,152,356
------------
ARIZONA -- 2.1%
5,000,000 Salt River Agricultural Improvement and Power Dist., 3.50%, due 5/28/97 3.55 5,000,000
------------
ARKANSAS -- 1.7%
4,100,000 Pulaski Cty. (Chenel Park Apts. Proj.) VRDN, 4.70%
(LOC: PNC Bank) (Note C) 4.70 4,100,000
------------
CALIFORNIA -- 1.7%
300,000 California Alternative Energy Source Fin. Auth., Ser. 1986 VRDN,
3.85% (LOC: Banque Nationale de Paris) (Note C) 3.85 300,000
3,800,000 California School Cash Reserve Notes, Ser. A, 4.75%, due 7/2/97 3.85 3,805,437
------------
4,105,437
------------
COLORADO -- 3.5%
1,500,000 Adams Cty. Ind. Dev. Rev. (City View Park Partners) Ser. 1985 VRDN, 4.05%
(LOC: Barclays Bank) (Note C) 4.05 1,500,000
6,800,000 Pueblo Cty. Ind. Dev. Rev. (Kaiser Aero Space & Elec. Proj.) VRDN, 4.65%
(LOC: ABN-AMRO Bank) (Note C) 4.05 6,800,000
175,000 Westminster Special Purpose Sales & Use Tax Rev. Bonds (Post Project)
Ser. B, 3.65%, due 12/1/97 (Insured: FGIC) 3.65 175,000
------------
8,475,000
------------
DISTRICT OF COLUMBIA -- 0.1%
250,000 Washington D.C. G.O. Bonds, 7.00%, due 6/1/97 (Insured: AMBAC) 4.10 250,600
------------
FLORIDA -- 10.4%
305,000 Dade Cty. Seaport Rev., 6.625%, due 10/1/97, Prerefunded @ 100 (Note D) 4.25 307,936
450,000 Dade Cty. Spec. Obl. Ser. B, 3.80%, due 10/1/97 (Insured: AMBAC) 3.70 450,173
100,000 Florida Board of Educ. G.O., Ser. C, 5.75%, due 5/1/97
(Escrow to Maturity) (Note D) 4.22 100,000
150,000 Florida Board of Educ. G.O., Ser. B, 7.75%, due 6/1/97, Prerefunded @102
(Note D) 3.60 153,514
145,000 Florida HFA, Single Fam. Mort., Ser. A, 5.40%, due 1/1/98 (GNMA/FNMA Coll.) 4.50 145,837
1,000,000 Florida Municipal Power Agency, CP Notes, Ser. A, 3.50%, due 6/9/97
(LOC: First Union Bank) 3.50 1,000,000
485,000 Homestead Spec. Ins. Assessment Rev. Bonds, 4.40%, due 9/1/97 (Insured: MBIA) 3.65 486,179
1,500,000 Indian River Cty. Hosp. Dist., Ser. 1990, 3.70%, due 6/24/97 (LOC: Kredietbank) 3.70 1,500,000
1,000,000 Jacksonville Elec. Auth. (Electric Sys.) Ser. D-3, 3.45%, due 5/14/97
(LIQ: Credit Suisse) 3.45 1,000,000
7,250,000 Jacksonville Elec. Auth. (Electric Sys.) Ser. D-3, 3.50%, due 6/11/97
(LIQ: Credit Suisse) 3.50 7,250,000
4,000,000 Jacksonville CP Notes, 3.55%, due 6/10/97 (LINE: Morgan Guaranty,
Credit Suisse, Bayerische Landesbank, SunBank) 3.55 4,000,000
100,000 Lee Cty. Capital Improvement Rev. Bonds, Ser. B, 4.10%, due 6/1/97
(Insured: AMBAC) 3.70 100,031
6,000,000 Lee Cty. Hosp. Board of Dir. (Lee Memorial Hosp. Proj.) Ser. 1995A, 3.70%,
due 6/23/97 (LINE: SunBank) 3.70 6,000,000
175,000 Northern Palm Beach Cty. (Water Control Unit #11), 4.00%, due 8/1/97
(Insured: MBIA) 4.00 174,878
</TABLE>
- --------------------------------------------------------------------------------
17
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
MUNICIPAL PORTFOLIO O SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 1,200,000 Sarasota County Pub. Hosp. (Sarasota Mem. Hosp.) Ser. B, 3.40%, due 6/9/97
(LOC: SunBank) 3.40 $ 1,200,000
1,100,000 Sarasota County Pub. Hosp. (Sarasota Mem. Hosp.) Ser. B, 3.50%, due 6/9/97
(LOC: SunBank) 3.50 1,100,000
------------
24,968,548
------------
GEORGIA -- 2.3%
2,000,000 Burke Cty. Dev. Auth. PCR (Oglethorpe Power Corp.- Vogtle Proj.) Ser. A,
3.60%, due 12/1/97 (Insured: AMBAC) 3.60 2,000,000
3,500,000 Municipal Elec. Auth. Project # 1, Ser. 1985B, 3.65%, due 5/16/97
(LOC: Credit Suisse, Bayerische Landesbank, Morgan Guaranty) 3.65 3,500,000
------------
5,500,000
------------
HAWAII -- 0.2%
500,000 Honolulu City & Cty. Improvement Ser. B, 4.20%, due 10/1/97 3.62 501,175
------------
ILLINOIS -- 8.2%
2,500,000 Arcola IDR (Herff Jones, Inc. Proj.) VRDN, 4.75% (LOC: Wachovia Bank)
(Note C) 4.75 2,500,000
2,900,000 Chicago (Muni. Sec. Trust Receipts) Ser. A2 VRDN, 4.65%
(Insured: AMBAC; LIQ: Credit Suisse) (Note C) 4.65 2,900,000
7,000,000 Chicago O'Hare Intl. Airport (Northwest Airlines) Ser. A VRDN, 4.80%
(LOC: Bank of Tokyo-Mitsubishi) (Note C) 4.80 7,000,000
900,000 DuPage Water Commission, 6.80%, due 5/1/97, Prerefunded @ 102 (Note D) 3.60 918,000
375,000 Illinois Dev. Fin. Auth. (D.E. Akin Seed Proj.) VRDN, 4.95% (LOC: Banc One)
(Note C) 4.95 375,000
1,850,000 Illinois Dev. Fin. Auth. (Emtech Machining & Grinding Inc., Proj.) VRDN, 4.70%
(LOC: LaSalle National Bank) (Note C) 4.70 1,850,000
1,800,000 North Aurora IDR (Oberweiss Dairy, Inc. Proj.) VRDN, 4.70%
(LOC: LaSalle National Bank) (Note C) 4.70 1,800,000
2,470,000 Oak Lawn IDR (Lavergne Partners Proj.) VRDN, 4.75%
(LOC: LaSalle National Bank) (Note C) 4.75 2,470,000
------------
19,813,000
------------
INDIANA -- 1.2%
3,000,000 Newton Cty. IDR (Intec Group, Inc. Proj.) VRDN, 4.70%
(LOC: LaSalle National Bank) (Note C) 4.70 3,000,000
------------
IOWA -- 3.5%
4,750,000 Dubuque (Jeld-Wen, Inc. Proj.) Ser. 1988 VRDN, 4.55%
(LOC: ABN-AMRO Bank) (Note C) 4.55 4,750,000
2,955,000 Iowa Finance Auth. Hsg. Health Care Rev. Bonds
(Wesley Retirement Services Inc., Proj.) Ser. 1997 VRDN, 4.70%
(LOC: Norwest Bank) 4.70 2,955,000
500,000 Iowa Student Loan Ser. C, 6.30%, due 12/1/97 (Insured: AMBAC) 4.05 506,393
100,000 North Central Iowa Community Sch. Dist., 4.50%, due 5/1/98 (Insured: AMBAC) 4.00 100,478
------------
8,311,871
------------
KANSAS -- 1.1%
1,000,000 Burlington PCR (Kansas City Power & Light) Ser. 1985B, 3.35%, due 5/7/97
(LOC: Societe Generale) 3.35 1,000,000
1,600,000 Burlington PCR (Kansas City Power & Light) Ser. 1985B, 3.40%, due 5/7/97
(LOC: Societe Generale) 3.40 1,600,000
------------
2,600,000
------------
KENTUCKY -- 6.9%
4,280,000 Danville Multi-City Lease Rev. Bonds, 3.50%, due 5/8/97 (LOC: PNC Bank) 3.50 4,280,000
1,200,000 Mayfield (Kentucky League of Cities Pooled Lease Fin. Prog.) Ser. 1996 VRDN,
4.15% (LOC: PNC Bank) (Note C) 4.15 1,200,000
5,000,000 Pendleton Cty. (Kentucky Assoc. of Counties Lease Trust Prog.) Ser. 1989,
3.40%, due 5/7/97 (LOC: Commonwealth Bank of Australia) 3.40 5,000,000
3,800,000 Pendleton Cty. (Kentucky Assoc. of Counties Lease Trust Prog.) Ser. 1989,
3.60%, due 6/19/97 (LOC: Commonwealth Bank of Australia) 3.60 3,800,000
</TABLE>
- --------------------------------------------------------------------------------
18
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
MUNICIPAL PORTFOLIO O SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 2,300,000 Pulaski Cty. Solid Waste Disp. (National Rural CFC, Eastern Kentucky) Ser. B,
3.70%, Mandatory Put 8/15/97 3.70 $ 2,300,000
-----------
16,580,000
LOUISIANA -- 0.3%
75,000 Louisiana G.O., 8.00%, due 5/1/97, Prerefunded @ 102 (Insured: MBIA)
(Note D) 4.10 76,500
100,000 Louisiana Gas & Fuels Tax Rev. Bonds, Ser. A, 6.80%, due 11/15/97,
(Insured: FGIC) 4.00 101,474
500,000 New Orleans International Airport Rev. Bonds, Ser. A, 8.875%, due 8/1/97,
Prerefunded @ 102 (Note D) 3.60 516,381
-----------
694,355
MARYLAND -- 2.2%
2,100,000 Anne Arundel Cty. (Baltimore Gas & Electric Proj.) Ser. 1988, 3.50%, due 6/4/97
(SBPA: Bank of New York, Chemical) 3.50 2,100,000
200,000 Baltimore Public Improvement, Ser. B, 7.00%, due 10/15/97 (Insured: FGIC) 3.70 202,938
3,000,000 Maryland Community Dev. Auth. Ser. 1996, 4.00%, Mandatory Put 9/1/97 4.00 3,000,000
-----------
5,302,938
MICHIGAN -- 0.4%
75,000 Lakewood Public Schools, 5.20%, due 5/1/97 (Insured: MBIA) 4.05 75,000
1,000,000 Michigan Strategic Fund PCR (Dow Chemical Proj.) Ser. 1988, 3.50%,
due 5/13/97 3.50 1,000,000
-----------
1,075,000
MINNESOTA --1.5%
205,000 Dakota Cty. Hsg. & Redev. Auth. (Ind. Sch. Dist. #196 Proj.) 3.90%,
due 2/1/98 (Insured: MBIA) 3.90 205,000
150,000 Minnesota G.O., 7.00%, due 8/1/97 3.65 151,229
3,200,000 Southern Minnesota Municipal Power Agency (Power Supply System)
Ser. B, 3.50%, due 5/19/97 (LIQ: Credit Suisse) 3.50 3,200,000
-----------
3,556,229
MISSISSIPPI -- 0.9%
1,600,000 Clairborne Cty. PCR (South Mississippi Elec. Power Assoc. - National Rural CFC )
Ser. 1985 G-2, 3.70%, due 6/24/97 3.70 1,600,000
645,000 Dept. of Corrections COP (Wilkinson Cty. Correctional Fac.) Ser. A, 4.00%,
due 2/1/98 (Insured: MBIA) 4.00 645,000
-----------
2,245,000
MISSOURI -- 2.1%
5,100,000 Missouri Env. Imp. & Energy Res. Auth. PCR (Union Elec. Proj.) Ser. 1985A,
3.65%, due 6/9/97 (LOC: Union Bank of Switzerland) 3.65 5,100,000
NEVADA -- 0.1%
350,000 Las Vegas Water Dist. Ref. & Improv., 5.20%, due 9/1/97 (Insured: MBIA) 3.63 351,803
NEW HAMPSHIRE -- 0.1%
285,000 New Hampshire Higher Ed. & Health (Dartmouth College), 6.75%, due 6/1/97,
Prerefunded @ 102 (Note D) 3.70 291,390
NEW JERSEY -- 9.0%
1,748,000 Camden Bond Anticipation Notes, Ser. A, 4.625%, due 9/12/97 4.00 1,751,891
175,000 Camden Cty. G.O., Ser. A, 5.00%, due 2/1/98 (Insured: FGIC) 3.80 176,529
10,000,000 Casino Reinvestment Dev. Auth. Bond Anticipation Notes, 4.50%, due 6/3/97 3.85 10,005,767
5,000,000 East Orange Water & Sewer G.O. Bond Anticipation Notes, 4.75%, due 8/28/97 4.25 5,007,808
4,782,000 Paterson G.O. Bond Anticipation Notes, 4.25%, due 5/22/97 3.90 4,782,916
-----------
21,724,911
NEW MEXICO -- 0.1%
250,000 New Mexico Ed. Asst. Fund, Ser. IIA, 4.20%, due 12/1/97 3.75 250,628
-----------
</TABLE>
- --------------------------------------------------------------------------------
19
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
MUNICIPAL PORTFOLIO O SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NEW YORK -- 4.2%
$ 300,000 New York City G.O., 7.75%, due 8/15/97, Prerefunded @100.75 (Note D) 3.85 $ 305,531
4,500,000 New York City Municipal Water Fin. Auth. CP Notes, 3.80%, due 7/31/97
(LOC: Canadian Imperial Bank of Commerce) 3.80 4,500,000
440,000 New York City Municipal Water Fin. Auth., Ser. A, 9.00%, due 6/15/97,
Prerefunded @102 (Note D) 3.70 451,611
500,000 New York City Municipal Water Fin. Auth., Ser. B, 7.80%, due 6/15/97,
Prerefunded @102 (Note D) 3.55 512,497
225,000 New York City Municipal Water Fin. Auth., Ser. C, 6.50%, due 6/15/97,
Prerefunded @101.5 (Note D) 3.60 229,134
225,000 New York Med. Care Fac. (Hosp. & Nursing Home), 4.75%, due 8/15/97
(Insured: FHA) 3.95 225,497
165,000 New York Med. Care Fac. (Ins. Mort. Hosp.) Ser. A, 8.00%, due 8/15/97,
Prerefunded @102 (Note D) 3.85 170,199
150,000 New York State Dorm. Auth. Rev. Bonds (Spec. Obl.) Ser. A, 6.55%, due 5/1/98
(Escrowed to Maturity) (Note D) 4.05 153,633
250,000 New York State Thruway Auth. (Highway & Bridge Fund) Ser. A, 5.00%,
due 4/1/98 (Insured: AMBAC) 4.05 252,111
150,000 Ontario Cty. G.O., 4.00%, due 8/15/97 (Insured: FGIC) 3.70 150,122
3,000,000 Port Authority of New York/New Jersey, Ser. SS, 4.90%, due 9/1/97 4.90 3,000,000
110,000 Rochester G.O., Ser. A, 4.70%, due 8/15/97 (Insured: FGIC) 3.85 110,263
-----------
10,060,598
-----------
NORTH CAROLINA -- 0.7%
610,000 North Carolina Med. Care (Carolina Medicorp Proj.) Ser. A, 7.875%,
due 5/1/97, Prerefunded @ 102 (Note D) 3.60 622,200
1,000,000 North Carolina Muni. Power Agy. (Catawba Proj. #1), 3.45%, due 5/12/97
(LOC: Union Bank of Switzerland, Morgan Guaranty) 3.45 1,000,000
-----------
1,622,200
-----------
OHIO -- 0.1%
300,000 Ohio Highway G.O., 5.00%, due 5/15/97 3.80 300,134
-----------
OKLAHOMA -- 0.3%
600,000 Oklahoma Ind. Auth. Rev. Bonds (St. Anthony's Hosp.) Ser. A, 7.00%,
due 10/1/97 (Insured: MBIA) 4.75 604,470
-----------
OREGON -- 0.8%
2,000,000 Oregon G.O. Vet. Welfare Bonds, Ser. 76C, 4.05%, Mandatory Put 2/2/98 4.05 2,000,000
-----------
PENNSYLVANIA -- 5.8%
320,000 Allentown G.O., 3.50%, due 5/15/97 (Insured: FGIC) 3.50 320,000
1,000,000 Beaver Cty. IDA (Duquesne Light Co. Proj.) Ser.1993A, 3.50% due 5/12/97
(LOC: Union Bank of Switzerland) 3.50 1,000,000
1,000,000 Beaver Cty. IDA (Duquesne Light Co. Proj.) Ser.1990C, 3.50% due 5/28/97
(LOC: Barclays Bank) 3.50 1,000,000
2,300,000 Beaver Cty. IDA (Duquesne Light Co. Proj.) Ser.1993A, 3.65% due 6/6/97
(LOC: Union Bank of Switzerland) 3.65 2,300,000
3,000,000 Carbon Cty. IDA Res. Rec. Rev. (Panther Creek Proj.) Ser. 1990A, 3.35%,
due 5/5/97 (LOC: National Westminster Bank) 3.35 3,000,000
2,000,000 Carbon Cty. IDA Res. Rec. Rev. (Panther Creek Proj.) Ser. 1991A, 3.65%,
due 6/13/97 (LOC: National Westminster Bank) 3.65 2,000,000
1,000,000 Delaware Cty. PA, PCR Ser. 1988A, 3.50%, due 5/9/97
(Insured: FGIC; LIQ: FGIC) 3.50 1,000,000
225,000 Luzerne Cty. G.O., 3.75%, due 12/15/97 (Insured: FGIC) 3.75 225,000
255,000 Norristown G.O., 5.45%, due 12/15/97 (Insured: FGIC) 4.00 257,234
140,000 Pennsylvania G.O. Ser. A, 6.50%, due 6/1/97 4.10 140,278
190,000 Pottsgrove Sch. Dist., Ser. A, 4.00%, due 10/15/97 (Insured: AMBAC) 3.80 190,165
2,500,000 Venango IDA (Scrubgrass Proj.) Ser. 1990A, 3.50%, due 6/4/97
(LOC: National Westminster Bank) 3.50 2,500,000
-----------
13,932,677
-----------
</TABLE>
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20
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
MUNICIPAL PORTFOLIO O SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SOUTH CAROLINA -- 5.3%
$ 6,700,000 South Carolina Jobs EDA (Zeuna Starker USA, Inc. Proj.) VRDN, 4.70%
(LOC: Bayerische Landesbank) (Note C) 4.70 $ 6,700,000
4,000,000 South Carolina Public Service Auth., 3.40%, due 6/5/97 (RCA: Nationsbank) 3.40 4,000,000
2,000,000 South Carolina Public Service Auth., 3.50%, due 6/17/97 (RCA: Nationsbank) 3.50 2,000,000
50,000 South Carolina Public Service Auth., Ser. B, 5.00%, due 1/1/98 (Insured: FGIC) 4.50 50,159
-----------
12,750,159
-----------
TENNESSEE -- 1.2%
2,650,000 Franklin Cty. IDB (Franklin Ind. Inc. Proj.) VRDN, 4.75%
(LOC: Nationsbank) (Note C) 4.75 2,650,000
225,000 Memphis Cap. Outlay Notes, 5.00%, due 8/1/97 3.60 225,791
-----------
2,875,791
-----------
TEXAS -- 7.9%
2,500,000 Austin Comb. Util. Sys. (Travis & Williamson Ctys.) Ser. A, 3.45%, due 6/16/97
(LOC: Morgan Guaranty) 3.45 2,500,000
2,000,000 Austin Comb. Util. Sys. (Travis & Williamson Ctys.) Ser. A, 3.50%, due 6/16/97
(LOC: Morgan Guaranty) 3.50 2,000,000
1,470,000 Brazos River Auth. PCR (Texas Util. Elec. Co. Proj.) Ser. 1994A, 3.50%,
due 5/6/97 (LOC: Canadian Imperial Bank of Commerce) 3.50 1,470,000
1,600,000 Brazos River Auth. PCR (Texas Util. Elec. Co. Proj.) Ser. 1994A, 3.55%,
due 5/8/97 (LOC: Canadian Imperial Bank of Commerce) 3.55 1,600,000
800,000 Brazos River Harbor Navig. Dist. (Dow Chemical Co. Proj.) Ser. 1992, 3.50%,
due 5/13/97 3.50 800,000
3,000,000 Brazos River Harbor Navig. Dist. (Dow Chemical Co. Proj.) Ser. 1992, 3.35%,
due 5/15/97 3.35 3,000,000
1,000,000 Houston Airport, CP Notes Ser. A, 3.55%, due 6/5/97
(LOC: Canadian Imperial Bank of Commerce, Commerzbank) 3.55 1,000,000
3,395,000 Texas Dept. of Hsg. & Comm. Affairs SFM Rev. Ref. CP Notes, 3.65%,
due 6/26/97 (Insured: FGIC; LIQ: FGIC) 3.65 3,395,000
300,000 University of Houston, Ser. B, 7.00%, due 2/15/98 (Insured: MBIA) 3.85 307,262
2,465,000 University of Texas, Board of Regents, Ser. A, 3.55% due 5/29/97 3.55 2,465,000
500,000 West Side Calhoun Cty. (BP Chemicals) VRDN, 4.15% (Note C) 4.15 500,000
-----------
19,037,262
-----------
UTAH -- 2.0%
100,000 Davis Cty. Hsg. Auth. (Fox Creek Proj.), 7.50%, due 6/1/97 (FNMA Coll.) 5.00 100,197
4,400,000 Intermountain Power Agency Supply Rev. & Ref. Bonds, 3.40%, due 5/20/97
(LOC: Swiss Bank) 3.40 4,400,000
200,000 St. George G.O., 7.50%, due 8/1/97 (Insured: FGIC) 3.80 201,834
-----------
4,702,031
-----------
VIRGINIA -- 1.9%
2,500,000 Louisa IDA (Virginia Elec. Power Co.), 3.75%, due 5/20/97 3.75 2,500,000
2,000,000 Louisa IDA (Virginia Elec. Power Co.), 3.75%, due 5/27/97 3.75 2,000,000
-----------
4,500,000
-----------
WASHINGTON -- 3.5%
215,000 Auburn Utility Sys. Rev. Bonds, 6.00%, due 11/1/97 (Insured: MBIA) 3.60 217,519
8,000,000 Pierce Cty. Tax Anticipation Notes, 3.75%, due 12/30/97 3.70 8,002,574
150,000 Washington G.O., Ser. A & AT6, 5.10%, due 2/1/98 3.98 151,217
-----------
8,371,310
-----------
WEST VIRGINIA -- 1.9%
4,500,000 West Virginia Public Energy Auth. (Morgantown Energy Assoc. Proj.)
Ser. 1989A, 3.65%, due 6/20/97 (LOC: Swiss Bank) 3.65 4,500,000
-----------
</TABLE>
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21
<PAGE>
- --------------------------------------------------------------------------------
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
MUNICIPAL PORTFOLIO O SCHEDULE OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL ANNUALIZED
AMOUNT YIELD (%) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
WISCONSIN-- 0.2%
$ 100,000 Wisconsin G.O., 7.00%, due 5/1/97, Prerefunded @ 101 (Note D) 4.00 $ 101,000
200,000 Wisconsin G.O., Ser. A, 6.40%, due 5/1/98, Prerefunded @ 101 (Note D) 4.10 206,376
200,000 Wisconsin G.O., Ser. C, 6.80%, due 5/1/98, Prerefunded @ 101 (Note D) 4.10 207,150
---------------
514,526
---------------
TOTAL MUNICIPAL OBLIGATIONS-- 99.2% 238,721,399
OTHER ASSETS AND LIABILITIES, NET-- 0.8% 1,967,370
---------------
NET ASSETS-- 100.0% $ 240,688,769
---------------
---------------
</TABLE>
Please see accompanying notes to the schedules of investments and financial
statements.
- --------------------------------------------------------------------------------
22
<PAGE>
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
NOTES TO SCHEDULES OF INVESTMENTS
April 30, 1997 (Unaudited)
(A) Variable rate securities. The rates shown are the current rates
on April 30, 1997. Dates shown represent the next interest reset
date.
(B) This note was acquired for investment, not with intent to distribute
or sell. The security is restricted as to public resale. The
security was acquired on December 6, 1996 at cost of par value. At
April 30, 1997, the aggregate value of this security is
$30,000,000, representing approximately 2% of net assets and is
valued at amortized cost.
(C) Securities payable on demand. The interest rate, which is subject
to change, is based upon bank prime rates or an index of market
interest rates.
(D) Bonds which are prerefunded 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.
-----------------------------------------------------
DESCRIPTION OF ABBREVIATIONS
AMBAC American Municipal Bond
Assurance Corporation
CFC Cooperative Finance Corporation
COP Certificate of Participation
CP Commercial Paper
EDA Economic Development Authority
FGIC Financial Guaranty Insurance Company
FHA Federal Housing Administration
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
G.O. General Obligation
HFA Housing Finance Authority
IDA Industrial Development Authority
IDB Industrial Development Bond
IDR Industrial Development Revenue Bond
LINE Line of Credit
LIQ Liquidity Agreement
LOC Letter of Credit
MBIA Municipal Bond Investors Assurance
Insurance Corporation
PCR Pollution Control Revenue Bond
RCA Revolving Credit Agreement
SBPA Standby Bond Purchase Agreement
SFM Single Family Mortgage
VRDN Variable Rate Demand Note
-----------------------------------------------------
- --------------------------------------------------------------------------------
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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23
<PAGE>
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- --------------------------------------------------------------------------------
WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
BOARD OF DIRECTORS AND EXECUTIVE OFFICERS
<TABLE>
<CAPTION>
<S> <C> <C>
DIRECTORS
George F. Staudter Lawrence J. Toal Christopher J. Kelley*
Chairman Director Vice President and Secretary
Richard W. Dalrymple
Director
EXECUTIVE OFFICERS
Theodore Rosen John E. Pelletier* Richard W. Ingram*
Director President Vice President, Treasurer
and Chief Financial Officer
*Affiliated person of the Distributor
WATERHOUSE ASSET MANAGEMENT, INC.
BOARD OF DIRECTORS AND EXECUTIVE OFFICERS
Directors
Lawrence M. Waterhouse, Jr. Richard H. Neiman David A. Hartman
Chairman and Executive Vice President Senior Vice President
Chief Executive Officer General Counsel and Secretary Chief Investment Officer
Waterhouse Investor Services, Inc. Waterhouse Investor Services, Inc.
Frank J. Petrilli Senior Officers Michele R. Teichner
President and M. Bernard Siegel Senior Vice President
Chief Operating Officer Senior Vice President Operations & Compliance
Waterhouse Investor Services, Inc. Chief Financial Officer & Treasurer
SERVICE PROVIDERS
INVESTMENT MANAGER AND TRANSFER AGENT INDEPENDENT AUDITORS
ADMINISTRATOR Waterhouse National Bank Ernst & Young LLP
Waterhouse Asset Management, Inc. One North Lexington Avenue 787 Seventh Avenue
50 Main Street White Plains, NY 10601 New York, NY 10019
White Plains, NY 10606
CUSTODIAN
SHAREHOLDER SERVICING The Bank of New York LEGAL COUNSEL
Waterhouse Securities, Inc. 90 Washington Street Shereff, Friedman, Hoffman, and
100 Wall Street New York, NY 10286 Goodman LLP
New York, NY 10005 919 Third Avenue
Customer Service Department DISTRIBUTOR New York, NY 10022
(800) 934-4410 Funds Distributor, Inc.
60 State Street
Boston, MA 02109
</TABLE>
WATERHOUSE SECURITIES, INC.
---------------------------
Member New York Stock Exchange o SIPC
National Headquarters
100 Wall Street o New York, New York 10005
CUSTOMER SERVICE o (800) 934-4410
- --------------------------------------------------------------------------------
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24
