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SIGNATURE JOHN E. PELLETIER
TITLE PRESIDENT
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This schedule contains summary financial information extracted from the
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000949881
<NAME> WATERHOUSE INVESTORS
CASH MANAGEMENT FUND, INC.
<SERIES>
<NUMBER> 3
<NAME> MUNICIPAL PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> DEC-20-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 214104223
<INVESTMENTS-AT-VALUE> 214104223
<RECEIVABLES> 1561846
<ASSETS-OTHER> 54626
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 215720695
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 410165
<TOTAL-LIABILITIES> 410165
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 215310378
<SHARES-COMMON-STOCK> 215310378
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 152
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 215310530
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2061060
<OTHER-INCOME> 0
<EXPENSES-NET> 300837
<NET-INVESTMENT-INCOME> 1760223
<REALIZED-GAINS-CURRENT> 152
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1760375
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1760223
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 409639603
<NUMBER-OF-SHARES-REDEEMED> 195840859
<SHARES-REINVESTED> 1491634
<NET-CHANGE-IN-ASSETS> 215290530
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 152651
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 461,785
<AVERAGE-NET-ASSETS> 168007247
<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> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
