<PAGE> PAGE 1
000 A000000 04/30/97
000 C000000 0000832513
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001 A000000 PRINCOR TAX-EXEMPT CASH MANAGEMENT FUND, INC.
001 B000000 811-05548
001 C000000 5152475476
002 A000000 THE PRINCIPAL FINANCIAL GROUP
002 B000000 DES MOINES
002 C000000 IA
002 D010000 50392
002 D020000 0200
003 000000 N
004 000000 N
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022 A000001 MERRILL LYNCH MONEY MARKET SECURITIES
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022 C000001 47000
022 D000001 47550
022 A000002 PROVIDENT
022 B000002 13-2518466
022 C000002 31950
022 D000002 32750
022 A000003 GOLDMAN SACHS MONEY MARKET
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022 C000003 7700
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022 B000005 31-1017233
022 C000005 8057
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022 A000006 LEHMAN BROTHERS
022 B000006 13-2501865
022 C000006 7500
022 D000006 0
022 A000007 NORWEST INVESTMENT SERVICES INC.
022 B000007 41-1508325
022 C000007 3000
<PAGE> PAGE 2
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022 A000008 PAINE WEBBER INC.
022 B000008 13-2638166
022 C000008 300
022 D000008 3200
022 A000009 SMITH, BARNEY, HARRIS, UPHAM & CO.
022 B000009 13-1912900
022 C000009 1005
022 D000009 1400
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SIGNATURE ARTHUR S. FILEAN
TITLE V.P. & SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 91,217,347
<INVESTMENTS-AT-VALUE> 91,217,347
<RECEIVABLES> 777,717
<ASSETS-OTHER> 4,482
<OTHER-ITEMS-ASSETS> 164,935
<TOTAL-ASSETS> 92,164,481
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,848
<TOTAL-LIABILITIES> 78,848
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,085,633
<SHARES-COMMON-STOCK> 92,058,285
<SHARES-COMMON-PRIOR> 98,481,773
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 92,085,633
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,800,397
<OTHER-INCOME> 0
<EXPENSES-NET> (366,085)
<NET-INVESTMENT-INCOME> 1,434,312
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,434,034)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 178,170,562
<NUMBER-OF-SHARES-REDEEMED> (186,005,828)
<SHARES-REINVESTED> 1,411,778
<NET-CHANGE-IN-ASSETS> (6,423,209)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 254,202
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 392,114
<AVERAGE-NET-ASSETS> 102,933,200
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .014
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.014)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Without the Manager's voluntary waiver of a portion of certain expenses for
this period, this fund would have had per share net investment income of $.014
and a ratio of expenses to average net assets of .76%. The amount waived was
$21,317.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 91,217,347
<INVESTMENTS-AT-VALUE> 91,217,347
<RECEIVABLES> 777,717
<ASSETS-OTHER> 4,482
<OTHER-ITEMS-ASSETS> 164,935
<TOTAL-ASSETS> 92,164,481
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,848
<TOTAL-LIABILITIES> 78,848
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,085,633
<SHARES-COMMON-STOCK> 27,348
<SHARES-COMMON-PRIOR> 27,069
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 92,085,633
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,800,397
<OTHER-INCOME> 0
<EXPENSES-NET> (366,085)
<NET-INVESTMENT-INCOME> 1,434,312
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (278)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 279
<NET-CHANGE-IN-ASSETS> (6,423,209)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 254,202
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 392,114
<AVERAGE-NET-ASSETS> 102,933,200
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .010
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Without the Manager's voluntary waiver of a portion of certain expenses for
this period, this fund would have had per share net investment income of $(.109)
and a ratio of expenses to average net assets of 25.55%. The amount waived was
$3,249.
</FN>
</TABLE>
