Exhibit (j)

               CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

We  consent  to the  references  to  our  firm  under  the  captions  "Financial
Highlights'" for the Investors Florida Municipal Cash Fund,  Investors  Michigan
Municipal  Cash Fund,  Investors  New  Jersey  Municipal  Cash  Fund,  Investors
Pennsylvania  Municipal  Cash Fund and  Tax-Exempt  New York Money  Market  Fund
(collectively,  the "Funds"), each a series of Investors Municipal Cash Fund, in
the Investors  Municipal  Cash Fund  Prospectus  and  "Independent  Auditors and
Reports to Shareholders" and "Financial  Statements" in the Investors  Municipal
Cash Fund  Statement  of  Additional  Information  and to the  incorporation  by
reference in  Post-Effective  Amendment Number 20 to the Registration  Statement
(Form N-1A,  No.  33-34819) of our report dated May 20, 2003 with respect to the
financial  statements  and  financial  highlights  of the Funds  included in the
Investors Municipal Cash Fund Annual Report dated March 31, 2003.



/s/Ernst & Young LLP

Boston, Massachusetts
July 25, 2003