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CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in this Registration
Statement on Form N-1A of our report dated July 15, 2000, relating to the
financial statements and financial highlights which appears in the May 31, 2000
Annual Report to Shareholders of the Reserve Tax-Exempt Trust, which is also
incorporated by reference into the Registration Statement. We also consent to
the references to us under the headings "Financial Highlights" and "Custodian,
Independent Accountant and Counsel" in such Registration Statement.
PricewaterhouseCoopers LLP
New York, NY
July 28, 2000
