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<PAGE> PAGE 11
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SIGNATURE EDWARD J. VEILLEUX
TITLE EXEC. VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> ALEX BROWN CASH RESERVE PRIME SERIES - FLAG B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000353447
<NAME> ALEX BROWN CASH RESERVE PRIME SERIES - INSTITUTIONAL
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000353447
<NAME> ALEX BROWN CASH RESERVE PRIME SERIES - QUALITY
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000353447
<NAME> ALEX BROWN CASH RESERVE TREASURY SERIES - RETAIL
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000353447
<NAME> ALEX BROWN CASH RESERVE TREASURY SERIES - INSTL
<S> <C>
<PERIOD-TYPE> YEAR
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000353447
<NAME> ALEX BROWN CASH RESERVE TAX FREE SERIES
<S> <C>
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<EXPENSE-RATIO> .62
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
Alex. Brown Cash Reserve Fund, Inc.
In planning and performing our audit of the financial statements and
financial highlights of Alex. Brown Cash Reserve Fund, Inc. (consisting of the
Prime, Treasury and Tax-Free Series) for the year ended March 31, 1997, we
considered the internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing an opinion on the financial statements and financial highlights and
to comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of Alex. Brown Cash Reserve Fund, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements and
financial highlights being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of March 31, 1997.
This report is intended solely for the information and use of management
and the Board of Directors of Alex. Brown Cash Reserve Fund, Inc. and the
Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
Philadelphia, Pennsylvania
May 2, 1997
