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SIGNATURE CHRISTOPHER J. KELLEY
TITLE V.P. AND SECRETARY
<PAGE>
[LETTERHEAD OF ERNST & YOUNG LLP]
To the Shareholders and Board of Directors of
Waterhouse Investors Family of Funds, Inc.
In planning and performing our audit of the financial statements of Waterhouse
Investors Family of Funds, Inc. (comprising, respectively, the Money Market
Portfolio, the U.S. Government Portfolio and the Municipal Portfolio of
Waterhouse Investors Cash Management Funds) for the year ended October 31, 1997,
we considered its internal control structure, including control activities 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 Family of Funds, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 would not necessarily disclose all
matters in the internal control 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 one or
more of the internal control components 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 and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of the board of
directors and management of Waterhouse Investors Family of Funds, Inc. and the
Securities and Exchange Commission.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
New York, New York
December 1, 1997
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Family of Funds, Inc. (formerly known as Waterhouse
Investors Cash Management Fund, Inc.) Annual Report for the period ended October
31, 1997 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000949881
<NAME> WATERHOUSE INVESTORS FAMILY OF FUNDS, 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 Family of Funds, Inc. (formerly known as Waterhouse
Investors Cash Management Fund, Inc.) Annual Report for the period ended October
31, 1997 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000949881
<NAME> WATERHOUSE INVESTORS FAMILY OF FUNDS, INC.
<SERIES>
<NUMBER> 02
<NAME> U.S. GOVERNMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Family of Funds, Inc. (formerly known as Waterhouse
Investors Cash Management Fund, Inc.) Annual Report for the period ended October
31, 1997 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000949881
<NAME> WATERHOUSE INVESTORS FAMILY OF FUNDS, INC.
<SERIES>
<NUMBER> 03
<NAME> MUNICIPAL PORTFOLIO
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<S> <C>
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<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
