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 New York 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 31, 2000
