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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 7, 2000, relating to the
financial statements and financial highlights which appears in the May 31, 2000
Annual Report to Shareholders of The Reserve Fund, 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
