Consent of Independent Auditors

         We  consent to the  incorporation  by  reference  in the  Statement  of
Additional  Information,  constituting a part of this registration  statement on
Form N-14 (the "Registration Statement"),  of our report dated November 25, 1998
relating to the October 31, 1998 financial  statements and financial  highlights
of Principal Cash Management Fund, Inc. and Principal Tax-Exempt Cash Management
Fund,  Inc.  (the  "Funds"),  appearing in the October 31, 1998 Annual Report to
Shareholders  of the Funds,  which is also  incorporated  by reference  into the
Registration  Statement,  and to the  reference  to our firm  under the  caption
"Financial  Statements,"  and the reference to us as experts under such caption
in the Statement of Additional Information.


Des Moines, Iowa
January 27, 1999


                                                       /s/Ernst & Young LLP
                                                       Ernst & Young LLP