We consent to the reference to our firm under the captions "Financial
Highlights" in the Prospectus and "Auditors" in the Statement of Additional
Information and to the incorporation by reference of our reports dated June 7,
2000, in this Registration Statement (Form N-1A No. 33-39029) of Liquid
Institutional Reserves (comprising, the Money Market Fund, Government Securities
Fund and Treasury Securities Fund).
/s/ ERNST & YOUNG LLP
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Ernst & Young LLP
New York, New York
August 25, 2000
