CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
We consent to the reference to our firm under the captions "Financial
Highlights" in the Prospectus and "Financial Statements" in the Statement of
Additional Information and to the incorporation by reference in this
Post-Effective Amendment Number 38 to the Registration Statement (Form N-1A)
(No. 2-62218) of Legg Mason Cash Reserve Trust of our report dated September 22,
2000 included in its 2000 Annual Report to shareholders.
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
November 16, 2000
