Exhibit (j)

            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the reference to our firm under the caption "Financial Highlights"
for the Money Market Portfolio, Government & Agency Securities Portfolio
(formerly, Government Securities Portfolio), and Tax-Exempt Portfolio
(comprising Cash Equivalent Fund) in the Cash Equivalent Fund Prospectus and
"Independent Registered Public Accounting Firm" and "Financial Statements" in
the Cash Equivalent Fund Statement of Additional Information, and to the
incorporation by reference in Post-Effective Amendment Number 34 to the
Registration Statement (Form N-1A, No. 2-63522) of our report dated September
22, 2004, on the financial statements and financial highlights of Money Market
Portfolio, Government & Agency Securities Portfolio (formerly, Government
Securities Portfolio), and Tax-Exempt Portfolio, included in the Fund Annual
Report dated July 31, 2004.



/s/Ernst & Young LLP

Boston, Massachusetts
November 24, 2004