<PAGE> PAGE 1
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<PAGE> PAGE 5
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SIGNATURE CHRISTOPHER J. KELLEY
TITLE V.P. AND SECRETARY
<PAGE>
This report is signed on behalf of TD Waterhouse Family of Funds, Inc.
City of Boston Commonwealth of Massachusetts December 28, 1999
TD Waterhouse 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>
[Letterhead of Ernst & Young LLP]
Report of Independent Auditors
To the Shareholders and Board of Directors of
TD Waterhouse Family of Funds, Inc.
In planning and performing our audit of the financial statements of TD
Waterhouse Family of Funds, Inc. (comprising, respectively, the Money Market
Portfolio, the U.S. Government Portfolio, the Municipal Portfolio and the TD
Waterhouse Dow 30 Fund) for the year ended October 31, 1999, we considered its
internal control, 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 provided assurance on internal control.
The management of TD Waterhouse 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, error or fraud 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 internal control would not necessarily disclose all matters
in 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 misstatements caused by error or fraud 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
October 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of TD Waterhouse Family of Funds, Inc., and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
/s/ Ernst & Young LLP
---------------------
ERNST & YOUNG LLP
December 2, 1999
<PAGE>
MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
Please find incorporated by reference TD Waterhouse Family of Funds, Inc.
(formerly known as Waterhouse Investors Family of Funds, Inc.) (File No.
811-09086) Proxy dated September 17, 1999. This document was filed via EDGAR,
Form Type DEFM14A, received and accepted by the Securities and Exchange
Commission (the "Commission") on September 22, 1999 and filed with the
Commission on September 22, 1999. The EDGAR accession number is
0000889812-99-002760.
<PAGE>
TD WATERHOUSE FAMILY OF FUNDS, INC.
ARTICLES OF AMENDMENT
TO THE ARTICLES OF INCORPORATION
TD Waterhouse 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," "California
Municipal Money Market Portfolio," and "New York Municipal
Money Market Portfolio." 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 California Municipal Money Market
Portfolio shall consist of ten billion (10,000,000,000)
shares, and the New York Municipal Money Market Portfolio
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.
<PAGE>
THIRD: Except as amended hereby, the Corporation's charter shall remain
in full force and effect.
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, TD WATERHOUSE 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 8th day of November, 1999.
TD WATERHOUSE 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
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the TD
Waterhouse Family of Funds, Inc. (formerly known as Waterhouse Investors Family
of Funds, Inc.) Annual Report for the period ended October 31, 1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000949881
<NAME> TD WATERHOUSE FAMILY OF FUNDS, INC.
<SERIES>
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<NAME> MONEY MARKET PORTFOLIO
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 4,618,165,431
<INVESTMENTS-AT-VALUE> 4,618,165,431
<RECEIVABLES> 33,334,378
<ASSETS-OTHER> 5,698
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.71
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the TD
Waterhouse Family of Funds, Inc. (formerly known as Waterhouse Investors Family
of Funds, Inc.) Annual Report for the period ended October 31, 1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000949881
<NAME> TD WATERHOUSE FAMILY OF FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> U.S. GOVERNMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 875,713,921
<INVESTMENTS-AT-VALUE> 875,713,921
<RECEIVABLES> 6,051,047
<ASSETS-OTHER> 61
<OTHER-ITEMS-ASSETS> 368
<TOTAL-ASSETS> 881,765,397
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,045,144
<TOTAL-LIABILITIES> 1,045,144
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 880,721,411
<SHARES-COMMON-STOCK> 880,721,411
<SHARES-COMMON-PRIOR> 537,407,469
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,158)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 880,720,253
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 34,975,696
<OTHER-INCOME> 0
<EXPENSES-NET> 5,096,048
<NET-INVESTMENT-INCOME> 29,879,648
<REALIZED-GAINS-CURRENT> 2,543
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 29,882,191
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 29,879,648
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,840,728,249
<NUMBER-OF-SHARES-REDEEMED> 2,527,075,190
<SHARES-REINVESTED> 29,660,883
<NET-CHANGE-IN-ASSETS> 343,316,485
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,701)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,374,984
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,418,282
<AVERAGE-NET-ASSETS> 678,643,185
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.044
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.044
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the TD
Waterhouse Family of Funds, Inc. (formerly known as Waterhouse Investors Family
of Funds, Inc.) Annual Report for the period ended October 31, 1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000949881
<NAME> TD WATERHOUSE FAMILY OF FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> MUNICIPAL PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 485,220,975
<INVESTMENTS-AT-VALUE> 485,220,975
<RECEIVABLES> 3,054,368
<ASSETS-OTHER> 46
<OTHER-ITEMS-ASSETS> 6,613
<TOTAL-ASSETS> 488,282,002
<PAYABLE-FOR-SECURITIES> 606,740
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 538,568
<TOTAL-LIABILITIES> 1,145,308
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 487,141,187
<SHARES-COMMON-STOCK> 487,141,187
<SHARES-COMMON-PRIOR> 381,091,287
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,493)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 487,136,694
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,501,986
<OTHER-INCOME> 0
<EXPENSES-NET> 3,255,780
<NET-INVESTMENT-INCOME> 11,246,206
<REALIZED-GAINS-CURRENT> (3,652)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,242,554
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,246,206
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,668,809,031
<NUMBER-OF-SHARES-REDEEMED> 1,573,943,722
<SHARES-REINVESTED> 11,184,591
<NET-CHANGE-IN-ASSETS> 106,046,248
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (841)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,538,867
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,165,019
<AVERAGE-NET-ASSETS> 439,705,095
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.026
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.026
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.74
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the TD
Waterhouse Family of Funds, Inc. (formerly known as Waterhouse Investors Family
of Funds, Inc.) Annual Report for the period ended October 31, 1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000949881
<NAME> TD WATERHOUSE FAMILY OF FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> TD WATERHOUSE DOW 30 FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 158,658,654
<INVESTMENTS-AT-VALUE> 175,803,253
<RECEIVABLES> 24,986,415
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 31,042
<TOTAL-ASSETS> 200,820,710
<PAYABLE-FOR-SECURITIES> 24,905,817
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 603,448
<TOTAL-LIABILITIES> 25,509,265
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,692,173
<SHARES-COMMON-STOCK> 16,340,850
<SHARES-COMMON-PRIOR> 7,242,140
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,474,673
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,144,599
<NET-ASSETS> 175,311,445
<DIVIDEND-INCOME> 1,889,583
<INTEREST-INCOME> 28,304
<OTHER-INCOME> 0
<EXPENSES-NET> 295,431
<NET-INVESTMENT-INCOME> 1,622,456
<REALIZED-GAINS-CURRENT> 2,545,555
<APPREC-INCREASE-CURRENT> 17,310,316
<NET-CHANGE-FROM-OPS> 21,478,327
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,625,180
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,233,177
<NUMBER-OF-SHARES-REDEEMED> 6,294,226
<SHARES-REINVESTED> 159,759
<NET-CHANGE-IN-ASSETS> 113,100,391
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (68,158)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 739
<GROSS-ADVISORY-FEES> 236,182
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 810,755
<AVERAGE-NET-ASSETS> 118,399,466
<PER-SHARE-NAV-BEGIN> 8.59
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 2.14
<PER-SHARE-DIVIDEND> 0.14
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.73
<EXPENSE-RATIO> 0.25
</TABLE>
