CASH EQUIVALENT FUND, 485BPOS, EX-99.J, 2000-12-01

CASH EQUIVALENT FUND
485BPOS, EX-99.J, 2000-12-01

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                                                                     Exhibit (j)

                         CONSENT OF INDEPENDENT AUDITORS


We  consent  to  the  reference  to  our  firm  under  the  captions  "Financial
Highlights" and "Independent  Auditors and Reports to  Shareholders"  and to the
use of our report dated September 7, 2000, in the  Registration  Statement (Form
N-1A) of Cash Equivalent Fund and its  incorporation by reference in the related
Prospectus and Statement of Additional Information filed with the Securities and
Exchange Commission in this Post-Effective  Amendment No. 29 to the Registration
Statement  under  the  Securities  Act of 1933  (File No.  2-63522)  and in this
Amendment No. 29 to the Registration  Statement under the Investment Company Act
of 1940 (File No. 811-2899).


                                                   /s/ERNST & YOUNG LLP

                                                   ERNST & YOUNG LLP
Chicago, Illinois
November 30, 2000