UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

_______________________________

Investment Company Act file number 811-03196

Cash Reserve Fund, Inc.

(Exact name of registrant as specified in charter)

One South Street

Baltimore, MD 21202

(Address of principal executive offices) (Zip code)

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 454-7190

Date of fiscal year end: 12/31

Date of reporting period: 09/30/07

ITEM 1. SCHEDULE OF INVESTMENTS

Investment Portfolio

as of September 30, 2007 (Unaudited)

Cash Management Portfolio

		Principal Amount ($)		Value ($)

	Certificates of Deposit and Bank Notes 10.2%
Bank of America NA, 4.8%, 10/19/2007			400,000,000	400,000,000
Bank of Tokyo-Mitsubishi-UFJ, Ltd., 5.3%, 2/21/2008			290,000,000	290,000,000
Barclays Bank PLC:
	5.22%, 12/27/2007		515,000,000	515,000,000
	5.31%, 11/1/2007		75,000,000	74,999,556
	5.33%, 10/9/2007		200,000,000	200,000,000
	5.5%, 3/12/2008		335,700,000	335,700,000
Canadian Imperial Bank of Commerce, 5.842%, 3/17/2008			120,000,000	120,003,894
Citibank NA, 5.3%, 2/20/2008			143,000,000	143,000,000
Credit Agricole SA, 5.31%, 11/13/2007			52,500,000	52,499,390
Credit Industrial et Commercial:
	5.21%, 12/21/2007		42,250,000	42,250,938

	5.31%, 1/2/2008	181,000,000		181,004,611
	5.35%, 11/13/2007	140,000,000		140,001,466
Credit Suisse, 5.307%, 11/2/2007		26,000,000		25,999,944
Norinchukin Bank:
	5.33%, 10/25/2007	100,000,000		100,000,000
	5.34%, 10/10/2007	300,000,000		299,999,630
	5.345%, 11/26/2007	45,000,000		45,000,000
Societe Generale:
	5.305%, 1/24/2008	150,000,000		150,002,333
	5.35%, 1/18/2008	65,800,000		65,800,000
	5.35%, 1/22/2008	65,000,000		65,000,000
UBS AG:
	5.39%, 3/18/2008	78,100,000		78,100,000
	5.48%, 3/7/2008	320,000,000		320,000,000
Wells Fargo & Co., 5.3%, 10/1/2007		50,000,000		50,000,000

Total Certificates of Deposit and Bank Notes (Cost $3,694,361,762)			3,694,361,762
	Commercial Paper 43.8%**
AIG Funding, Inc., 5.05%, 10/9/2007		5,000,000		4,994,389
AstraZeneca PLC, 5.22%, 12/12/2007		140,000,000		138,538,400
Atlantic Asset Securitization LLC:
	5.3%, 10/2/2007	88,270,000		88,257,005
	5.3%, 10/17/2007	100,000,000		99,764,444
	5.3%, 10/25/2007	301,142,000		300,077,965
Atlantis One Funding Corp.:
	5.3%, 10/2/2007	750,000,000		749,889,583
	5.35%, 10/1/2007	118,000,000		118,000,000
Bank of America Corp., 5.185%, 1/22/2008		198,000,000		194,777,523
Bank of Nova Scotia, 4.9%, 10/15/2007		8,000,000		7,984,756
Beta Finance, Inc.:
	5.23%, 11/30/2007	185,000,000		183,387,417
	5.235%, 11/26/2007	50,000,000		49,592,833
BNP Paribas, 5.19%, 1/7/2008		8,000,000		7,886,973
CAFCO LLC:
	5.3%, 10/1/2007	45,760,000		45,760,000
	5.75%, 11/26/2007	178,000,000		176,407,889
	5.8%, 11/16/2007	30,000,000		29,777,667
Caisse Nationale des Caisses D'Epargne et Prevoyance, 5.168%, 11/13/2007		75,000,000		74,537,033
Cancara Asset Securitization LLC:
	5.17%, 1/11/2008	200,000,000		197,070,333
	5.2%, 12/14/2007	48,750,000		48,228,917
	5.215%, 1/14/2008	119,800,000		117,977,792
	5.255%, 10/26/2007	200,000,000		199,270,139
	6.1%, 12/14/2007	232,000,000		229,090,978
	6.17%, 12/14/2007	140,000,000		138,224,411
CC (USA), Inc., 5.255%, 10/30/2007		70,000,000		69,703,676
Cedar Springs Capital Co., LLC:
	5.27%, 10/22/2007	25,558,000		25,479,430
	5.275%, 10/17/2007	14,000,000		13,967,178
	5.4%, 10/19/2007	91,500,000		91,252,950
	6.5%, 10/12/2007	41,226,000		41,144,121
Chariot Funding LLC:
	5.15%, 10/9/2007	40,000,000		39,954,222
	5.25%, 10/25/2007	39,593,000		39,454,425
	5.35%, 10/4/2007	172,719,000		172,641,996

	5.37%, 10/5/2007	100,000,000	99,940,333
	5.75%, 11/19/2007	59,500,000	59,034,330
Charta LLC:
	5.9%, 12/6/2007	180,000,000	178,053,000
	6.0%, 12/5/2007	300,000,000	296,750,000
Ciesco LLC:
	5.43%, 2/14/2008	217,500,000	213,038,350
	5.45%, 2/14/2008	222,500,000	217,918,972
	5.75%, 11/20/2007	40,000,000	39,680,556
Citibank Credit Card Issuance Trust, Series 01-A3:
	5.24%, 10/25/2007	145,500,000	144,991,720
	6.15%, 12/14/2007	190,000,000	187,598,083
CRC Funding LLC:
	5.8%, 11/19/2007	222,500,000	220,743,486
	6.1%, 11/26/2007	200,000,000	198,102,222
Danske Corp., 5.165%, 11/9/2007		100,000,000	99,440,458
Depfa Bank PLC, 5.73%, 10/10/2007		55,300,000	55,220,783
DNB NOR Bank ASA, 5.45%, 12/14/2007		121,000,000	119,644,464
Dresdner US Finance, Inc., 5.16%, 10/1/2007		25,000,000	25,000,000
Falcon Asset Securitization Corp.:
	5.3%, 10/9/2007	2,510,000	2,507,044
	5.75%, 11/16/2007	150,000,000	148,897,917
	5.75%, 11/19/2007	68,000,000	67,467,806
Florida, Sunshine State Government Financing Revenue, 3.62%, 10/1/2007		50,000,000	50,000,000
Five Finance, Inc.:
	5.235%, 11/23/2007	50,000,000	49,614,646
	5.26%, 10/9/2007	110,000,000	109,871,422
General Electric Capital Corp.:
	5.15%, 1/23/2008	250,000,000	245,922,917
	5.15%, 1/24/2008	400,000,000	393,419,444
Giro Balanced Funding Corp.:
	5.27%, 10/29/2007	20,522,000	20,437,883
	5.275%, 10/23/2007	29,000,000	28,906,515
	5.285%, 10/5/2007	30,300,000	30,282,207
	5.725%, 10/25/2007	35,000,000	34,866,417
	6.05%, 10/30/2007	128,000,000	127,376,178
Grampian Funding Ltd.:
	5.175%, 10/10/2007	80,000,000	79,896,500
	5.18%, 1/2/2008	100,000,000	98,661,833
	5.75%, 11/26/2007	215,000,000	213,076,944
	5.75%, 12/18/2007	35,000,000	34,563,958
HSBC USA, Inc., 5.19%, 12/27/2007		47,600,000	47,002,977
ING (US) Funding LLC:
	4.97%, 10/18/2007	1,377,000	1,373,768
	5.0%, 10/25/2007	5,000,000	4,983,333
Irish Life & Permanent PLC, 5.25%, 10/25/2007		49,100,000	48,928,150
JPMorgan Chase & Co., 4.7%, 10/1/2007		734,000	734,000
K2 (USA) LLC, 5.26%, 10/25/2007		80,000,000	79,719,467
KBC Financial Products International Ltd.:
	5.15%, 10/1/2007	49,930,000	49,930,000
	5.22%, 12/17/2007	36,750,000	36,339,686
	5.53%, 12/12/2007	21,931,000	21,688,443
KFW International Finance, Inc., 5.185%, 10/9/2007		6,000,000	5,993,087
Lake Constance Funding LLC:
	5.245%, 11/13/2007	40,000,000	39,749,406
	5.26%, 10/10/2007	60,000,000	59,921,100

	6.25%, 10/11/2007	35,000,000	34,939,236
Liberty Street Funding:
	5.32%, 10/22/2007	75,000,000	74,767,250
	5.35%, 10/2/2007	84,557,000	84,544,434
	5.4%, 10/25/2007	141,700,000	141,189,880
	5.45%, 2/21/2008	50,000,000	48,917,569
	5.75%, 3/13/2008	75,000,000	73,035,417
	5.95%, 12/14/2007	75,000,000	74,082,708
	6.0%, 11/16/2007	103,000,000	102,210,333
	6.25%, 12/14/2007	51,000,000	50,344,792
Links Finance LLC, 5.26%, 10/25/2007		50,000,000	49,824,667
Mane Funding Corp.:
	5.25%, 10/25/2007	200,000,000	199,300,000
	5.3%, 10/25/2007	300,000,000	298,940,000
MetLife, Inc., 4.88%, 11/1/2007		25,249,000	25,142,898
Monument Gardens Funding LLC:
	5.2%, 1/31/2008	113,200,000	111,205,164
	5.3%, 10/4/2007	75,000,000	74,966,875
	5.6%, 2/25/2008	138,500,000	135,332,967
	6.15%, 11/26/2007	138,500,000	137,175,017
Natixis Commercial Paper Corp.:
	5.16%, 10/1/2007	10,166,000	10,166,000
	5.25%, 10/25/2007	120,500,000	120,078,250
Nieuw Amsterdam Receivables Corp.:
	5.35%, 10/1/2007	269,000,000	269,000,000
	5.45%, 10/1/2007	100,000,000	100,000,000
North Sea Funding LLC:
	5.26%, 10/9/2007	228,465,000	228,197,950
	5.27%, 10/19/2007	101,971,000	101,702,306
	5.36%, 10/25/2007	32,831,000	32,713,684
	5.38%, 10/9/2007	140,000,000	139,832,622
	5.4%, 10/29/2007	35,500,000	35,350,900
Northern Rock PLC, 5.245%, 10/25/2007		65,252,000	65,023,836
Old Line Funding LLC:
	5.8%, 11/14/2007	184,278,000	182,971,674
	5.9%, 11/14/2007	26,073,000	25,884,985
	5.9%, 11/16/2007	50,000,000	49,623,056
	5.9%, 11/20/2007	31,336,000	31,079,219
	6.0%, 11/16/2007	116,150,000	115,259,517
	6.05%, 11/16/2007	27,114,000	26,904,394
	6.15%, 12/13/2007	102,057,000	100,784,264
Park Avenue Receivables Co., LLC, 5.75%, 11/19/2007		128,000,000	126,998,222
Perry Global Funding LLC:
	Series A, 5.17%, 10/25/2007	63,693,000	63,473,471
	Series A, 5.23%, 12/21/2007	22,981,000	22,710,571
Procter & Gamble International Funding SCA:
	4.78%, 12/21/2007	100,000,000	98,924,500
	5.24%, 10/18/2007	15,000,000	14,962,883
Prudential PLC, 5.265%, 10/5/2007		56,000,000	55,967,240
Ranger Funding Co., LLC:
	5.75%, 11/23/2007	95,482,000	94,673,718
	5.8%, 11/19/2007	40,428,000	40,108,843
Scaldis Capital LLC:
	5.18%, 1/3/2008	114,400,000	112,852,676
	5.3%, 10/25/2007	100,000,000	99,646,667
	5.315%, 10/29/2007	200,000,000	199,173,222
	5.7%, 12/10/2007	20,375,000	20,149,177

	5.75%, 11/19/2007	69,538,000		68,993,769
	6.0%, 11/15/2007	56,100,000		55,679,250
	6.35%, 10/11/2007	150,000,000		149,735,417
Sheffield Receivables Corp.:
	5.2%, 10/17/2007	75,000,000		74,826,667
	5.25%, 10/5/2007	348,000,000		347,797,000
	5.25%, 10/9/2007	67,394,000		67,315,374
	5.35%, 10/9/2007	150,000,000		149,821,667
	6.1%, 12/13/2007	31,000,000		30,616,547
Siemens Capital Co., LLC, 4.8%, 11/29/2007		155,000,000		153,780,667
Simba Funding Corp.:
	5.25%, 10/25/2007	350,000,000		348,775,000
	5.3%, 10/25/2007	150,000,000		149,470,000
Societe Generale North America, Inc.:
	5.17%, 11/5/2007	25,000,000		24,874,340
	5.17%, 11/9/2007	252,000,000		250,588,590
	5.25%, 10/5/2007	150,000,000		149,912,500
	5.57%, 12/4/2007	233,750,000		231,435,356
Swedbank AB:
	5.19%, 10/11/2007	64,000,000		63,907,733
	5.245%, 10/25/2007	100,149,000		99,798,812
	5.62%, 12/12/2007	61,000,000		60,314,360
Swedbank Mortgage AB, 5.255%, 10/25/2007		50,000,000		49,824,833
Teachers Insurance & Annuity Association of America, 5.28%, 11/21/2007		100,000,000		99,252,000
Thunder Bay Funding LLC, 6.1%, 12/14/2007		100,000,000		98,746,111
Tulip Funding Corp., 5.27%, 10/29/2007		59,973,000		59,727,177
UBS Finance (DE) LLC, 5.19%, 10/5/2007		80,800,000		80,753,405
Westpac Banking Corp.:
	5.23%, 11/20/2007	162,000,000		160,823,250
	5.25%, 10/15/2007	29,505,000		29,444,761
Westpac Capital Corp., 5.165%, 11/9/2007		80,000,000		79,552,367
Windmill Funding Corp., 6.08%, 10/25/2007		209,140,000		208,292,286
Yorktown Capital LLC:
	5.3%, 10/1/2007	100,000,000		100,000,000
	5.77%, 11/16/2007	83,680,000		83,063,046
	6.1%, 10/5/2007	105,000,000		104,928,833

Total Commercial Paper (Cost $15,912,568,421)			15,912,568,421
	Interest-Bearing Commercial Paper 0.9%
CHI Catholic Health Initiatives:
5.34%, 10/4/2007		55,500,000		55,500,000
5.35%, 11/6/2007		90,500,000		90,500,000
5.56%, 11/8/2007		27,000,000		27,000,000
5.75%, 11/8/2007		140,950,000		140,950,000

Total Interest-Bearing Commercial Paper (Cost $313,950,000)				313,950,000
	Master Notes 2.4%
Citigroup Global Markets, Inc., 5.35% *, 10/1/2007 (a)		665,000,000		665,000,000
The Bear Stearns Companies, Inc., 5.38% *, 10/1/2007 (a)		200,000,000		200,000,000

Total Master Notes (Cost $865,000,000)			865,000,000
	*Guaranteed Investment Contracts 0.4%**
Genworth Life Insurance Co.:
	5.42%, 1/25/2008	75,000,000		75,000,000
	5.758%, 3/3/2008	20,000,000		20,000,000

MetLife Insurance Co. of Connecticut, 5.42%, 3/31/2008		30,000,000		30,000,000

Total Guaranteed Investment Contracts (Cost $125,000,000)			125,000,000
	Government and Agency Obligations 4.1%
US Government Sponsored Agencies 1.2%
Federal Home Loan Bank:
	4.0% **, 10/1/2007	4,755,000		4,755,000
	4.86% **, 3/5/2008	135,000,000		132,156,900
	4.95% **, 1/31/2008	119,607,000		117,600,592
	5.544% *, 9/17/2008	100,000,000		99,957,507
Federal National Mortgage Association:
	4.64% **, 5/30/2008	74,102,000		71,790,676
	5.04% **, 1/23/2008	100,000,000		98,404,000

				524,664,676
US Treasury Obligations 2.6%
US Treasury Bills:
	4.14% **, 3/6/2008	198,000,000		194,425,110
	4.28% **, 2/28/2008	40,000,000		39,286,667
	4.31% **, 3/6/2008	200,000,000		196,240,722
US Treasury Notes:
	2.625%, 5/15/2008	327,270,000		323,703,710
	3.75%, 5/15/2008	199,000,000		198,160,112

				951,816,321

Total Government and Agency Obligations (Cost $1,476,480,997)			1,476,480,997
	Asset Backed 0.8%
Arkle Master Issuer PLC, "1A", Series 2006-1A, 5.73% *, 11/19/2007		120,000,000		120,000,000
Holmes Master Issuer PLC, "1A1", Series 2007-1, 5.73% *, 3/15/2008		75,000,000		75,000,000
Steers Mercury III Trust, 144A, 5.149% *, 5/27/2048		95,695,625		95,695,625

Total Asset Backed (Cost $290,695,625)			290,695,625
	Promissory Notes 0.7%
The Goldman Sachs Group, Inc.:
	5.04% *, 1/18/2008	100,000,000		100,000,000
	5.05% *, 10/19/2007	170,000,000		170,000,000

Total Promissory Notes (Cost $270,000,000)			270,000,000
	*Short Term Notes 30.4%**
ABN AMRO Bank NV, 144A, 5.41%, 4/18/2008		61,500,000		61,527,893
AIG-FP Matched Funding Corp., 5.742%, 12/17/2007		31,500,000		31,500,295
Alliance & Leicester PLC, 5.83%, 8/7/2008		100,000,000		100,000,000
Allied Irish Banks PLC, 5.128%, 8/18/2008		118,400,000		118,400,000
American Express Bank FSB:
	5.78%, 2/8/2008	125,000,000		125,000,000
	5.79%, 11/8/2007	64,000,000		63,999,347
American Express Centurion Bank:
	5.088%, 2/28/2008	100,000,000		100,000,000
	5.722%, 4/17/2008	150,000,000		149,991,844
	5.767%, 11/6/2007	175,000,000		175,000,000
	5.79%, 10/10/2007	200,000,000		200,000,000
	5.832%, 11/16/2007	75,000,000		75,009,743
American Honda Finance Corp.:
	5.197%, 3/20/2008	25,000,000		25,000,000
	5.33%, 10/30/2007	105,000,000		105,000,000
	144A, 5.33%, 5/9/2008	50,000,000		50,000,000
	5.38%, 4/10/2008	105,000,000		105,028,503
	144A, 5.44%, 7/11/2008	8,000,000		8,006,610

	144A, 5.58%, 5/12/2008	22,730,000	22,744,909
Australia & New Zealand Banking Group Ltd., 5.156%, 8/22/2008		60,000,000	60,000,000
Banco Bilbao Vizcaya Argentaria SA, 5.38%, 4/17/2008		175,050,000	175,089,591
Banco Espanol de Credito SA, 144A, 5.35%, 8/11/2008		297,000,000	297,000,000
Bank of America NA:
	5.3%, 11/8/2007	15,000,000	14,999,991
	5.315%, 5/16/2008	35,000,000	35,000,000
Bank of Ireland, 5.492%, 8/18/2008		75,000,000	75,000,000
BellSouth Corp., 5.682%, 11/15/2007		23,000,000	23,003,844
Berkshire Hathaway Finance Corp.:
	144A, 5.41%, 1/11/2008	50,000,000	50,013,331
	144A, 5.59%, 5/16/2008	38,530,000	38,555,693
Beta Finance, Inc., 144A, 4.9%, 6/11/2008		70,000,000	69,997,659
BMW (UK) Capital PLC, 5.772%, 8/14/2008		55,000,000	55,000,000
BNP Paribas:
	5.118%, 8/25/2008	109,000,000	109,000,000
	5.3%, 10/3/2007	125,000,000	124,999,765
Caisse Nationale des Caisses d'Epargne et Prevoyance, 144A, 5.35%, 9/9/2008		197,000,000	197,000,000
Caja de Ahorros y Monte de Piedad de Madrid, 5.36%, 8/12/2008		225,000,000	225,000,000
Calyon:
	144A, 5.18%, 10/21/2008	246,000,000	246,000,000
	5.3%, 10/3/2007	175,500,000	175,499,849
	5.66%, 10/3/2007	225,000,000	224,999,573
Canadian Imperial Bank of Commerce:
	4.89%, 10/26/2007	143,250,000	143,247,973
	4.91%, 6/9/2008	112,750,000	112,750,000
	5.4%, 7/18/2008	16,500,000	16,474,430
CC (USA), Inc., 144A, 4.9%, 6/11/2008		65,000,000	64,997,826
Commonwealth Bank of Australia, 5.156%, 8/23/2008		80,000,000	80,000,000
Credit Agricole SA, 5.35%, 7/22/2011		200,000,000	200,000,000
Danske Bank AS, 5.106%, 8/19/2008		268,000,000	267,984,199
DNB NOR Bank ASA, 5.131%, 5/23/2008		120,000,000	120,000,000
Five Finance, Inc., 144A, 4.9%, 6/11/2008		75,000,000	74,997,491
Fortis Bank SA/NV, 5.702%, 10/15/2007		167,000,000	166,998,379
General Electric Capital Corp.:
	5.156%, 8/19/2011	135,000,000	135,000,000
	5.41%, 1/15/2008	49,486,000	49,498,543
	5.42%, 4/15/2008	50,000,000	50,026,321
	5.661%, 3/4/2008	154,485,000	154,532,203
	5.696%, 1/15/2008	80,100,000	80,084,370
HSBC Finance Corp.:
	5.186%, 5/23/2008	140,000,000	140,000,000
	5.807%, 8/6/2008	125,000,000	125,000,000
HSH Nordbank AG:
	5.106%, 3/25/2008	40,000,000	39,996,217
	5.158%, 8/20/2008	205,000,000	205,000,000
Intesa Bank Ireland PLC, 5.141%, 8/22/2008		155,000,000	155,000,000
K2 (USA) LLC:
	5.32%, 1/31/2008	30,000,000	29,999,049
	144A, 5.32%, 4/28/2008	65,000,000	64,996,291
Links Finance LLC:
	5.32%, 4/28/2008	20,000,000	19,998,885
	144A, 5.475%, 2/25/2008	14,000,000	13,999,700
	144A, 5.823%, 1/11/2008	90,000,000	90,006,081
Lloyds TSB Bank PLC, 144A, 5.767%, 10/3/2008		100,000,000	100,000,000
M&I Marshall & Ilsley Bank, 5.572%, 8/14/2008		56,000,000	56,000,000
Merrill Lynch & Co., Inc.:

	5.276%, 8/22/2008	90,000,000		90,000,000
	5.337%, 8/22/2008	34,000,000		34,000,000
	5.753%, 8/15/2008	25,000,000		25,000,000
	5.892%, 8/14/2008	125,000,000		125,000,000
Metropolitan Life Global Funding I, 144A, 5.84%, 11/9/2007		30,000,000		30,001,394
Mitsubishi UFJ Trust & Banking Corp., 5.742%, 2/19/2008		23,000,000		23,000,000
Morgan Stanley, 5.01%, 12/14/2007		40,000,000		40,000,000
National Australia Bank Ltd., 5.722%, 4/14/2008		125,000,000		125,000,000
Natixis SA:
	4.9%, 3/31/2008	343,500,000		343,466,496
	144A, 5.35%, 6/6/2008	200,000,000		200,000,000
Nordea Bank AB, 5.81%, 4/8/2011		85,000,000		85,000,000
Northern Rock PLC:
	144A, 5.33%, 10/22/2007	190,000,000		190,000,000
	5.785%, 8/4/2008	65,000,000		65,000,000
Parkland (USA) LLC, 5.327%, 10/31/2007		20,000,000		19,999,671
Pyxis Master Trust, Series 2007-6, 144A, 5.6%, 9/6/2014		99,000,000		99,000,000
Rabobank Nederland NV, 144A, 5.517%, 11/15/2011		195,000,000		195,000,000
Royal Bank of Canada:
	5.665%, 4/4/2008	350,000,000		349,949,523
	5.767%, 8/5/2008	100,000,000		100,000,000
Royal Bank of Scotland PLC:
	144A, 5.237%, 12/21/2007	100,000,000		100,009,046
	5.665%, 4/3/2008	200,000,000		199,970,076
Skandinaviska Enskilda Banken:
	5.67%, 10/3/2007	215,000,000		214,999,650
	5.82%, 8/8/2008	80,000,000		80,000,000
Societe Generale, 5.086%, 3/25/2008		70,500,000		70,491,620
Svenska Handelsbanken AB, 5.119%, 8/20/2008		200,000,000		200,000,000
Tango Finance Corp.:
	144A, 5.32%, 4/24/2008	156,500,000		156,491,192
	144A, 5.69%, 10/3/2007	25,000,000		24,999,986
The Goldman Sachs Group, Inc.:
	5.41%, 12/28/2007	100,000,000		100,024,900
	5.485%, 10/5/2007	110,000,000		110,001,853
Toyota Motor Credit Corp.:
	4.97%, 2/11/2008	100,000,000		100,000,000
	4.97%, 4/11/2008	200,000,000		200,000,000
	4.972%, 6/30/2008	280,000,000		280,000,000
UniCredito Italiano Bank (Ireland) PLC:
	144A, 5.35%, 8/8/2008	220,000,000		219,987,348
	5.772%, 8/14/2008	260,000,000		260,000,000
	5.84%, 8/8/2008	50,000,000		50,000,000
Wachovia Bank NA, 5.119%, 11/30/2007		56,500,000		56,502,254

Total Short Term Notes (Cost $11,031,851,407)			11,031,851,407
	Time Deposits 4.8%
ABN AMRO Bank NV, 5.6%, 10/1/2007		500,000,000		500,000,000
Bank of Tokyo-Mitsubishi-UFJ Ltd., 5.22%, 10/1/2007		42,694,122		42,694,122
Credit Suisse, 4.5%, 10/1/2007		262,505,000		262,505,000
Danske Bank AS, 5.438%, 10/1/2007		500,000,000		500,000,000
Dresdner Bank AG, 4.5%, 10/1/2007		250,000,000		250,000,000
UBS AG, 4.0%, 10/1/2007		200,000,000		200,000,000

Total Time Deposits (Cost $1,755,199,122)			1,755,199,122

Municipal Bonds and Notes 0.4%

California, State Department of Water Resources, Power Supply Revenue, Series C-4, 3.73%***, 5/1/2022, JPMorgan Chase Bank (b)

14,800,000

California, Housing Finance Agency Revenue, Multi-Family Housing, Series C, AMT, 4.07%***, 2/1/2033

21,400,000

Connecticut, State Health & Educational Facilities Authority Revenue, Yale University, Series T-2, 3.75% ***, 7/1/2029

25,000,000

Illinois, State General Obligation, Series B, 3.86% ***, 10/1/2033

16,250,000

Michigan, University of Michigan, Hospital Revenues, Series B, 3.85% ***, 12/1/2037

11,500,000

Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Series B, 5.15% ***, 1/1/2035, LaSalle Bank NA (b)

10,930,000

New Hampshire, Health & Education Facilities Authority Revenue, Dartmouth College, 3.83% ***, 6/1/2032

11,800,000

New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series A-1, 3.8% ***, 11/15/2022

10,030,000

Total Municipal Bonds and Notes (Cost $121,710,000)

121,710,000

Repurchase Agreements 0.8%

JPMorgan Securities, Inc., 4.05%, dated 9/28/2007, to be repurchased at $354,084 on 10/1/2007 (c)

353,965

JPMorgan Securities, Inc., 5.1%, dated 9/28/2007, to be repurchased at $3,374,526 on 10/1/2007 (d)

3,373,092

The Bear Stearns & Co., Inc., 5.15%, dated 9/28/2007, to be repurchased at $199,454,979 on 10/1/2007 (e)

199,369,416

The Goldman Sachs & Co., 5.05%, dated 9/28/2007 to be repurchased at $100,042,083 on 10/1/2007 (f)

100,000,000

Total Repurchase Agreements (Cost $303,096,473)

303,096,473

% of
Net Assets

Value ($)

Total Investment Portfolio (Cost $36,159,913,807)

99.7

36,159,913,807

Other Assets and Liabilities, Net

0.3

113,806,099

Net Assets

100.0

36,273,719,906

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of September 30, 2007.

Annualized yield at time of purchase; not a coupon rate.

***

Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of September 30, 2007.

(a)

Reset date; not a maturity date.

(b)

Security incorporates a letter of credit from a major bank.

(c)

Collateralized by $620,000 United States Treasury STRIPS, 11/15/2018 with a value of $362,514.

(d)

Collateralized by $4,813,384 Federal National Mortgage Association STRIPS, with various maturities of 4/1/2033-12/1/2033 with a value of $3,475,246.

(e)

Collateralized by:

Principal

Collateral

Amount ($)

Security

Rate (%)

Maturity Date

Value ($)

67,464,180

Federal Home Loan Mortgage Corp.

5.743-7.214

11/1/2028-5/1/2037

68,494,227

134,659,831

Federal National Mortgage Association

4.793-7.169

2/1/2013-7/1/2037

134,865,842

Total Collateral Value

203,360,069

(f)

Collateralized by:

Principal

Collateral

	Amount ($)	Security	Rate (%)	Maturity Date	Value ($)
	88,850,790	Federal Home Loan Mortgage Corp.	5.0-6.5	1/15/2029-1/15/2036	85,429,079
	16,246,548	Federal National Mortgage Association	3.9-4.589	2/25/2032-7/25/2036	16,570,922
	Total Collateral Value				102,000,001
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
AMT: Subject to alternative minimum tax.
STRIPS: Separate Trading of Registered Interest and Principal Securities.

ITEM 2.	CONTROLS AND PROCEDURES

	(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last half-year (the registrant’s second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 3.	EXHIBITS

	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:

Prime Series, a series of Cash Reserve Fund, Inc.

By:	/s/Michael G. Clark

Michael G. Clark

President

Date:

November 16, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.