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 on the Investors Municipal Cash Fund - Tax-Exempt New York
Money Market Fund, - Investors Florida Municipal Cash Fund, - Investors New
Jersey Municipal Cash Fund, - Investors Pennsylvania Municipal Cash Fund and -
Investors Michigan Municipal Cash Fund, dated May 12, 2000, in the Registration
Statement (Form N-1A) and its incorporation by reference in the related
Prospectus and Statement of Additional Information of Investors Municipal Cash
Fund, filed with the Securities and Exchange Commission in this Post-Effective
Amendment No. 17 to the Registration Statement under the Securities Act of 1933
(Registration No. 33-34819) and this Amendment No. 18 to the Registration
Statement under the Investment Company Act of 1940 (Registration No. 811-6108).
/s/ERNST & YOUNG LLP
ERNST & YOUNG LLP
Chicago, Illinois
July 31, 2000
