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SIGNATURE JOHN R. ELDER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000850615
<NAME> CASH RESERVES PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 4,396,287,498
<INVESTMENTS-AT-VALUE> 4,396,287,498
<RECEIVABLES> 46,416,814
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 889
<TOTAL-ASSETS> 4,442,705,201
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</TABLE>
October 9, 1996
To the Trustees of
Cash Reserves Portfolio
In planning and performing our audit of the financial
statements of Cash Reserves Portfolio (the "Portfolio"), for
the year ended August 31, 1996, we considered its internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on
the internal control structure.
The management of the Portfolio 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 appropriately
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 of the financial statements 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 August 31, 1996.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
Price Waterhouse
Chartered Accountants
