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SIGNATURE CHRISTOPHER J. KELLEY
TITLE SECRETARY
<PAGE>
ATTACHMENT 77D
Resolutions Adopted at the Regular Meeting of the Board of Directors of
Waterhouse Investors Cash Management Fund, Inc., Held On December 12, 1996
RESOLVED, that the following non-fundamental investment restrictions
applicable to each Portfolio be, and they hereby are, rescinded:
Each Portfolio does not currently intend:
...
(ii) to purchase the securities of any issuer (other than securities issued
or guaranteed by domestic or foreign governments or political subdivisions
thereof) if, as a result, more than 5% of its total assets would be
invested in the securities of business enterprises that, including
predecessors, have a record of less than three years of continuous
operations;
(iv) to purchase the securities of any issuer if those officers and
directors of the Fund and of the Investment Manager who individually own
more than 1/2 of 1% of the securities of such issuer together own more than
5% of such issuer's securities;
(v) to invest in oil, gas, or other mineral exploration or development
programs;
(vi) to invest in companies for the purpose of exercising control or
management;
and further
RESOLVED, that the appropriate officers of Waterhouse Investors Cash
Management Fund, Inc. (the "Company") be, and each of them hereby is, authorized
to revise the Company's Statement of Additional Information ("SAI"), as
contained in the next Post-Effective Amendment to the Company's Registration
Statement on Form N-1A, to reflect the removal of the foregoing investment
restrictions, currently found at page 5, clauses (ii), (iv), (v) and (vi) of the
SAI.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Cash Management Fund, Inc. Semiannual Report for the period
ended April 30, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000949881
<NAME> WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
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<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Cash Management Fund, Inc. Semiannual Report for the period
ended April 30, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000949881
<NAME> WATERHOUSE INVESTORS CASH MANAGEMENT FUND, INC.
<SERIES>
<NUMBER> 2
<NAME> U.S. GOVERNMENT PORTFOLIO
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<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Cash Management Fund, Inc. Semiannual Report for the period
ended April 30, 1997 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>
