CONSENT OF INDEPENDENT AUDITORS


We  consent  to the  references  to  our  firm  under  the  captions  "Financial
Highlights"  in  the  Prospectus  and  "Independent   Auditors  and  Reports  to
Shareholders"   in  the   Statement  of  Additional   Information   and  to  the
incorporation  by reference of our reports on  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 4, 2001 in
Post-Effective  Amendment  No.  18  to  the  Registration  Statement  under  the
Securities  Act of 1933 (File No.  33-34819) and in this Amendment No. 19 to the
Registration  Statement  under  the  Investment  Company  Act of 1940  (File No.
811-6108) of Investors Municipal Cash Fund.

                                                          /s/ERNST & YOUNG LLP

                                                          ERNST & YOUNG LLP

Chicago, Illinois
July 26, 2001