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SIGNATURE CHRISTOPHER J. KELLEY
TITLE V.P. AND SECRETARY
<PAGE>
This report is signed on behalf of Waterhouse Investors Family of Funds, Inc.
City of Boston Commonwealth of Massachusetts June 25, 1999
Waterhouse Investors Family of Funds, Inc.:
By: /s/ Christopher J. Kelley
-------------------------
Christopher J. Kelley
Vice President and Secretary
Witness: /s/ Karen Jacoppo-Wood
----------------------
Karen Jacoppo-Wood
Vice President and Assistant Secretary
<PAGE>
WATERHOUSE INVESTORS FAMILY OF FUNDS, INC.
ARTICLES OF AMENDMENT
TO THE ARTICLES OF INCORPORATION
Waterhouse Investors Family of Funds, Inc., a Maryland corporation
having its principal Maryland office c/o The Corporation Trust Incorporated, 300
East Lombard Street, Baltimore, Maryland 21202 (hereinafter called the
"Corporation"), hereby certifies to the State Department of Assessments and
Taxation of Maryland that:
FIRST: Article V(1) of the Corporation's charter is hereby amended in
its entirety to read as follows:
The total number of shares which the Corporation has authority
to issue is one hundred billion (100,000,000,000) shares of
common stock (par value $0.0001 per share), amounting in
aggregate par value to ten million dollars ($10,000,000.00).
All of such shares of common stock are classified into five
separate series to be known as "Money Market Portfolio," "U.S.
Government Portfolio," "Municipal Portfolio," "Waterhouse Dow
30 Fund" and the "Waterhouse S&P Leaders Fund." Each such
series shall be divided as follows: the Money Market Portfolio
shall consist of fifty billion (50,000,000,000) shares; the
U.S. Government Portfolio shall consist of twenty billion
(20,000,000,000) shares; the Municipal Portfolio shall consist
of ten billion (10,000,000,000) shares, the Waterhouse Dow 30
Fund shall consist of ten billion (10,000,000,000) shares and
the Waterhouse S&P Leaders Fund shall consist of ten billion
(10,000,000,000) shares. All of the shares of each such series
are classified as a single class.
SECOND: The foregoing amendments have been effected in the manner and
by the vote required by the Corporation's charter and the laws of the State of
Maryland. The amendments were approved by a majority of the Board of Directors
of the Corporation without action of stockholders in accordance with Section
2-605(a)(4) of the Maryland General Corporation Law, and the Corporation is
registered as an open-end company under the Investment Company Act of 1940.
THIRD: Except as amended hereby, the Corporation's charter shall remain
in full force and effect.
<PAGE>
FOURTH: The authorized capital stock of the Corporation has not been
increased by these Articles of Amendment.
The Vice President and Secretary acknowledges these Articles of
Amendment to be the corporate act of the Corporation and states that to the best
of his knowledge, information and belief, the matters set forth in these
Articles of Amendment with respect to the authorization and approval of the
amendment of the Corporation's charter are true in all material respects, and
that this statement is made under the penalties of perjury.
IN WITNESS WHEREOF, WATERHOUSE INVESTORS FAMILY OF FUNDS, INC. has
caused these Articles of Amendment to be signed in its name and on its behalf by
its Vice President and Secretary, a duly authorized officer of the Corporation,
and attested by its Assistant Secretary, effective the 29th day of March, 1999.
WATERHOUSE INVESTORS FAMILY
OF FUNDS, INC.
/s/ Christopher J. Kelley
-------------------------------------
Christopher J. Kelley
Vice President and Secretary
ATTEST:
/s/ Karen Jacoppo-Wood
- ------------------------------
Karen Jacoppo-Wood
Assistant Secretary
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Family of Funds, Inc. Semi-Annual Report for the period
ended April 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
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<NAME> MONEY MARKET PORTFOLIO
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Family of Funds, Inc. Semi-Annual Report for the period
ended April 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> U.S. GOVERNMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,236,463,301
<NUMBER-OF-SHARES-REDEEMED> 1,132,176,287
<SHARES-REINVESTED> 12,991,125
<NET-CHANGE-IN-ASSETS> 117,289,710
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,701)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,058,037
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,877,369
<AVERAGE-NET-ASSETS> 609,665,161
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.021
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.021
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Family of Funds, Inc. Semi-Annual Report for the period
ended April 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> MUNICIPAL PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 428,661,203
<INVESTMENTS-AT-VALUE> 428,661,203
<RECEIVABLES> 2,349,143
<ASSETS-OTHER> 3,472
<OTHER-ITEMS-ASSETS> 92,112
<TOTAL-ASSETS> 431,105,930
<PAYABLE-FOR-SECURITIES> 2,278,743
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 376,197
<TOTAL-LIABILITIES> 2,654,940
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 428,455,674
<SHARES-COMMON-STOCK> 428,455,674
<SHARES-COMMON-PRIOR> 381,091,287
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,684)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 428,450,990
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,604,048
<OTHER-INCOME> 0
<EXPENSES-NET> 1,537,671
<NET-INVESTMENT-INCOME> 5,066,377
<REALIZED-GAINS-CURRENT> (3,843)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,062,534
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,066,377
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 822,178,250
<NUMBER-OF-SHARES-REDEEMED> 779,896,623
<SHARES-REINVESTED> 5,082,760
<NET-CHANGE-IN-ASSETS> 47,360,544
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (841)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 727,310
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,019,379
<AVERAGE-NET-ASSETS> 419,076,090
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.012
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.012
<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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Waterhouse Investors Family of Funds, Inc. Semi-Annual Report for the period
ended April 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> WATERHOUSE DOW 30 FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 101,145,619
<INVESTMENTS-AT-VALUE> 120,767,426
<RECEIVABLES> 1,119,610
<ASSETS-OTHER> 880
<OTHER-ITEMS-ASSETS> 783
<TOTAL-ASSETS> 121,888,699
<PAYABLE-FOR-SECURITIES> 2,116,146
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 189,984
<TOTAL-LIABILITIES> 2,306,130
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99,121,708
<SHARES-COMMON-STOCK> 11,084,254
<SHARES-COMMON-PRIOR> 7,242,140
<ACCUMULATED-NII-CURRENT> (661)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 839,715
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,621,807
<NET-ASSETS> 119,582,569
<DIVIDEND-INCOME> 699,918
<INTEREST-INCOME> 11,061
<OTHER-INCOME> 0
<EXPENSES-NET> 106,912
<NET-INVESTMENT-INCOME> 604,067
<REALIZED-GAINS-CURRENT> 907,873
<APPREC-INCREASE-CURRENT> 19,787,524
<NET-CHANGE-FROM-OPS> 21,299,464
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 603,989
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,857,192
<NUMBER-OF-SHARES-REDEEMED> 3,078,758
<SHARES-REINVESTED> 63,680
<NET-CHANGE-IN-ASSETS> 57,371,515
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (68,158)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 739
<GROSS-ADVISORY-FEES> 85,540
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 348,505
<AVERAGE-NET-ASSETS> 86,561,468
<PER-SHARE-NAV-BEGIN> 8.59
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> 0.07
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.79
<EXPENSE-RATIO> 0.25
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
