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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 31, 2000, relating to the
financial statements and financial highlights which appears in the May 31, 2000
Annual Report to Shareholders of Reserve Private Equity Series (comprising
Reserve Blue Chip Growth Fund, Reserve Informed Investors Growth Fund, Reserve
International Equity Fund, Reserve Large-Cap Growth Fund, Reserve Small-Cap
Growth Fund and Reserve Strategic Growth Fund), which are also incorporated by
reference into the Registration Statement. We also consent to the references to
us under the headings "Financial Highlights" and "Investment Management,
Distribution and Custodian Agreements - Custodian and Independent Accountant" in
such Registration Statement.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
September 22, 2000
