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SIGNATURE JOHN R. ELDER
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000850615
<NAME> CASH RESERVES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 1 Year
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<PERIOD-END> Aug-31-1998
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<INVESTMENTS-AT-VALUE> 8,784,208,333
<RECEIVABLES> 97,556,173
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</TABLE>
To the Shareholders and Board of Trustees of
Cash Reserves Portfolio
6-Oct-98
In planning and performing our audit of the financial statements of Cash
Reserves Portfolio (the "Portfolio") for the year ended August 31, 1998,
we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Portfolio is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of controls. Generally, controls that are relevant to an
audit pertain to the Portfolio's objective of preparing financial
statements for external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all
matters in internal control 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 one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to 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 internal
control and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of August
31, 1998.
This report is intended solely for the information and use of management
and the Board of Trustees of the Portfolio and the Securities and Exchange
Commission.
Chartered Accountants
