N-Q

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)

345 Park Avenue

New York, NY 10154

(Address of principal executive offices)  (Zip code)

Paul Schubert

60 Wall Street

New York, NY 10005

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 250-3220

Date of fiscal year end:  12/31

Date of reporting period:  3/31/2015

ITEM 1. SCHEDULE OF INVESTMENTS

Investment Portfolio    as ofMarch 31, 2015  (Unaudited)

Cash Reserve Fund – Prime Series

Cash Reserve Fund – Prime Series (the “Fund”) is a feeder fund that invests substantially all of its assets in a “master portfolio”, the Cash Management Portfolio (the “Portfolio”) and owns a pro rata interest in the Portfolio’s net assets.  At March 31, 2015 the Fund owned approximately 4% of the Portfolio’s outstanding interests. The Portfolio’s Schedule of Investments is set forth below.

		Principal Amount ($)			Value ($)
	Certificates of Deposit and Bank Notes 15.6%
Agricultural Bank of China Ltd.:
	0.14%, 4/2/2015		50,000,000		50,000,000
	0.21%, 4/2/2015		5,000,000		4,999,997
Banco del Estado de Chile:
	0.22%, 4/3/2015		90,000,000		90,000,000
	0.22%, 6/12/2015		30,000,000		30,000,000
	0.31%, 9/2/2015		30,000,000		30,000,000
Bank of Montreal:
	0.23%, 5/13/2015		150,000,000		150,000,000
	0.25%, 7/15/2015		61,100,000		61,100,000
Bank of Nova Scotia, 0.26%, 8/3/2015			80,000,000		80,000,000
China Construction Bank Corp.:
	0.3%, 5/1/2015		40,000,000		40,000,000
	0.31%, 4/13/2015		65,000,000		65,000,000
Commonwealth Bank of Australia, 1.25%, 9/18/2015			22,140,000		22,230,021
DZ Bank AG:
	0.27%, 5/7/2015		100,000,000		100,000,499
	0.28%, 9/2/2015		97,000,000		97,000,000
	0.33%, 9/18/2015		105,000,000		105,000,000
Fortis Bank SA, 0.08%, 4/1/2015			400,000,000		400,000,000
Industrial & Commercial Bank of China Ltd.:
	0.3%, 4/6/2015		58,000,000		58,000,000
	0.3%, 4/10/2015		49,000,000		49,000,000
Microsoft Corp., 1.625%, 9/25/2015			22,813,000		22,964,404
Mitsubishi UFJ Trust & Banking Corp., 0.25%, 4/9/2015			150,000,000		150,000,000
National Australia Bank Ltd.:
	1.6%, 8/7/2015		1,000,000		1,004,310
	144A, 2.75%, 9/28/2015		57,200,000		57,824,600
Nordea Bank Finland PLC:
	0.22%, 4/2/2015		200,000,000		200,000,000
	0.235%, 5/21/2015		35,000,000		35,000,000
Norinchukin Bank, 0.24%, 6/12/2015			173,000,000		173,000,000
Oversea-Chinese Banking Corp., Ltd., 0.28%, 8/3/2015			49,000,000		48,999,158
Rabobank Nederland NV:
	0.27%, 7/3/2015		63,500,000		63,500,000
	0.3%, 9/17/2015		117,500,000		117,500,000
Royal Bank of Canada, 0.8%, 10/30/2015			8,923,000		8,945,611
Skandinaviska Enskilda Banken AB, 0.22%, 5/22/2015			50,000,000		50,001,444
Standard Chartered Bank, 0.27%, 6/4/2015			61,500,000		61,500,000
Toronto-Dominion Bank:
	0.24%, 4/16/2015		260,000,000		260,009,722
	0.26%, 8/11/2015		75,000,000		75,000,000
	0.295%, 7/13/2015		91,400,000		91,400,000
	0.436% *, 5/1/2015		143,635,000		143,660,610
Wal-Mart Stores, Inc., 5.319%, 6/1/2015			34,000,000		34,291,291
Total Certificates of Deposit and Bank Notes (Cost $3,026,931,667)				3,026,931,667
	Commercial Paper 44.0%
Issued at Discount ** 32.8%
Agricultural Bank of China Ltd.:
	0.14%, 4/2/2015		100,000,000		99,999,611
	0.31%, 5/19/2015		25,000,000		24,989,667
Albion Capital Corp. SA, 0.185%, 4/21/2015			85,913,000		85,904,170
Apple, Inc.:
	0.1%, 6/8/2015		100,000,000		99,981,111
	0.22%, 6/17/2015		15,000,000		14,992,942
ASB Finance Ltd., 0.27%, 7/21/2015			16,550,000		16,536,222
Bank Nederlandse Gemeenten:
	0.21%, 6/30/2015		2,982,000		2,980,434
	0.245%, 6/2/2015		30,000,000		29,987,342
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.015%, 4/2/2015			40,000,000		39,999,883
Bedford Row Funding Corp.:
	144A, 0.23%, 4/22/2015		40,000,000		39,994,633
	144A, 0.3%, 6/9/2015		50,000,000		49,971,250
	144A, 0.32%, 4/1/2015		35,000,000		35,000,000
	144A, 0.32%, 7/23/2015		33,000,000		32,966,853
Caisse Centrale Desjardins, 0.19%, 5/20/2015			17,250,000		17,245,539
Caisse des Depots et Consignations:
	144A, 0.275%, 9/10/2015		50,000,000		49,938,125
	144A, 0.285%, 9/22/2015		20,500,000		20,471,761
Catholic Health Initiatives, 0.22%, 5/5/2015			11,620,000		11,617,586
CNPC Finance HK Ltd.:
	144A, 0.42%, 4/2/2015		35,500,000		35,499,586
	144A, 0.43%, 5/4/2015		30,000,000		29,988,175
	144A, 0.43%, 5/11/2015		31,500,000		31,484,950
	144A, 0.43%, 5/18/2015		50,000,000		49,971,931
Coca-Cola Co.:
	0.31%, 9/16/2015		82,000,000		81,881,373
	0.33%, 9/10/2015		6,500,000		6,490,348
	0.34%, 11/5/2015		10,000,000		9,979,411
Collateralized Commercial Paper Co., LLC, 0.24%, 7/8/2015			35,000,000		34,977,133
Collateralized Commercial Paper II Co., LLC:
	144A, 0.23%, 6/8/2015		60,000,000		59,973,933
	144A, 0.24%, 6/9/2015		55,500,000		55,474,470
	144A, 0.24%, 7/20/2015		110,000,000		109,919,333
	144A, 0.27%, 5/6/2015		116,800,000		116,769,340
	144A, 0.27%, 5/4/2015		71,500,000		71,482,304
Credit Suisse, 0.2%, 5/11/2015			100,000,000		99,977,778
DBS Bank Ltd.:
	144A, 0.2%, 5/5/2015		11,101,000		11,098,903
	144A, 0.25%, 7/7/2015		54,800,000		54,763,086
Dexia Credit Local:
	0.24%, 5/5/2015		26,770,000		26,763,932
	0.265%, 4/8/2015		35,000,000		34,998,197
	0.3%, 5/29/2015		50,927,000		50,902,385
	0.305%, 8/6/2015		100,000,000		99,892,403
	0.31%, 5/29/2015		68,500,000		68,465,788
Erste Abwicklungsanstalt:
	144A, 0.17%, 5/8/2015		46,603,000		46,594,857
	144A, 0.175%, 5/6/2015		100,000,000		99,982,986
	144A, 0.2%, 4/8/2015		38,175,000		38,173,515
	144A, 0.26%, 8/11/2015		73,500,000		73,429,930
	144A, 0.265%, 7/6/2015		100,000,000		99,929,333
	144A, 0.27%, 7/31/2015		100,000,000		99,909,250
	144A, 0.27%, 9/2/2015		100,000,000		99,884,500
Gotham Funding Corp., 144A, 0.17%, 4/9/2015			66,627,000		66,624,483
Hannover Funding Co., LLC:
	0.16%, 4/16/2015		40,000,000		39,997,333
	0.19%, 4/6/2015		28,100,000		28,099,259
	0.2%, 5/27/2015		34,000,000		33,989,422
Illinois Tool Works, Inc.:
	0.09%, 4/8/2015		12,436,000		12,435,782
	0.09%, 4/9/2015		1,209,000		1,208,976
Johnson & Johnson:
	144A, 0.075%, 4/6/2015		300,000,000		299,996,875
	144A, 0.08%, 4/9/2015		75,000,000		74,998,667
	144A, 0.08%, 4/14/2015		10,000,000		9,999,711
Kells Funding LLC:
	144A, 0.19%, 5/4/2015		33,500,000		33,494,165
	144A, 0.21%, 4/21/2015		98,819,000		98,807,471
	144A, 0.21%, 4/22/2015		50,000,000		49,993,875
	144A, 0.22%, 7/24/2015		100,000,000		99,930,333
	144A, 0.22%, 7/27/2015		100,000,000		99,928,500
	144A, 0.23%, 5/7/2015		51,000,000		50,988,270
	144A, 0.25%, 6/5/2015		100,000,000		99,954,861
KFW:
	144A, 0.15%, 5/21/2015		1,000,000		999,792
	144A, 0.175%, 6/19/2015		7,323,000		7,320,188
Kimberly-Clark Corp.:
	0.1%, 4/8/2015		1,000,000		999,981
	0.11%, 4/9/2015		27,000,000		26,999,340
Macquarie Bank Ltd.:
	144A, 0.18%, 4/9/2015		1,800,000		1,799,928
	144A, 0.26%, 4/17/2015		50,000,000		49,994,222
Manhattan Asset Funding Co., LLC:
	144A, 0.18%, 4/7/2015		33,364,000		33,362,999
	144A, 0.2%, 4/7/2015		4,165,000		4,164,861
MetLife Short Term Funding LLC:
	144A, 0.15%, 4/28/2015		17,000,000		16,998,088
	144A, 0.16%, 5/11/2015		63,270,000		63,258,752
	144A, 0.23%, 7/15/2015		78,000,000		77,947,675
	144A, 0.24%, 9/14/2015		30,500,000		30,466,247
Microsoft Corp., 0.08%, 4/1/2015			85,000,000		85,000,000
Nederlandse Waterschapsbank NV:
	0.28%, 7/9/2015		90,000,000		89,930,700
	0.295%, 9/14/2015		74,000,000		73,899,340
New York Life Capital Corp.:
	144A, 0.1%, 4/24/2015		7,715,000		7,714,507
	144A, 0.12%, 5/4/2015		4,038,000		4,037,556
Nordea Bank AB:
	0.185%, 5/4/2015		16,487,000		16,484,204
	0.225%, 4/1/2015		25,500,000		25,500,000
	0.275%, 8/25/2015		100,000,000		99,888,472
NRW.Bank, 0.28%, 8/7/2015			900,000		899,104
Old Line Funding LLC:
	144A, 0.25%, 5/26/2015		950,000		949,637
	144A, 0.25%, 5/29/2015		50,000,000		49,979,856
	144A, 0.25%, 6/2/2015		50,000,000		49,978,499
	144A, 0.3%, 9/25/2015		50,000,000		49,926,250
Pepsico, Inc.:
	0.09%, 4/21/2015		50,000,000		49,997,500
	0.09%, 5/12/2015		50,000,000		49,994,875
	0.1%, 5/15/2015		5,000,000		4,999,389
	0.11%, 5/12/2015		30,000,000		29,996,242
Proctor & Gamble Co., 0.12%, 4/14/2015			100,000,000		99,995,667
PSP Capital, Inc.:
	0.19%, 4/17/2015		13,998,000		13,996,818
	0.325%, 10/13/2015		20,000,000		19,965,333
QUALCOMM, Inc., 0.12%, 6/9/2015			84,522,000		84,502,560
Regency Markets No. 1 LLC:
	144A, 0.15%, 4/17/2015		18,402,000		18,400,773
	144A, 0.15%, 4/20/2015		50,000,000		49,996,042
Sinopec Century Bright Capital Investment Ltd.:
	0.38%, 4/2/2015		50,000,000		49,999,444
	0.4%, 4/13/2015		58,000,000		57,992,267
	0.41%, 5/15/2015		45,000,000		44,977,450
	0.42%, 4/8/2015		20,000,000		19,998,367
Standard Chartered Bank:
	0.26%, 4/6/2015		132,500,000		132,495,215
	0.27%, 7/6/2015		138,000,000		137,900,640
	0.32%, 6/8/2015		112,000,000		111,932,302
Sumitomo Mitsui Banking Corp.:
	0.24%, 6/3/2015		50,000,000		49,979,000
	0.24%, 6/4/2015		100,000,000		99,957,333
Svenska Handelsbanken AB:
	0.2%, 7/22/2015		37,500,000		37,476,667
	0.25%, 8/4/2015		24,000,000		23,979,167
Thunder Bay Funding LLC:
	144A, 0.27%, 6/10/2015		100,000,000		99,947,500
	144A, 0.28%, 6/15/2015		50,000,000		49,970,829
Toronto-Dominion Holdings (U.S.A.), Inc.:
	0.18%, 7/20/2015		19,982,000		19,971,010
	0.28%, 6/5/2015		56,500,000		56,471,436
Toyota Motor Credit Corp., 0.18%, 6/12/2015			100,000,000		99,964,000
United Overseas Bank Ltd.:
	0.27%, 9/14/2015		76,540,000		76,444,708
	0.32%, 8/7/2015		60,000,000		59,931,733
USAA Capital Corp., 0.08%, 4/2/2015			48,104,000		48,103,893
Victory Receivables Corp.:
	144A, 0.17%, 4/21/2015		25,398,000		25,395,601
	144A, 0.18%, 4/28/2015		50,000,000		49,993,250
Walt Disney Co.:
	0.09%, 5/1/2015		35,000,000		34,997,375
	0.09%, 5/18/2015		45,500,000		45,494,654
Westpac Banking Corp., 0.23%, 5/27/2015			17,000,000		16,993,918
Westpac Securities NZ Ltd., 0.205%, 6/5/2015			50,000,000		49,981,493
Working Capital Management Co.:
	144A, 0.17%, 4/22/2015		4,852,000		4,851,519
	144A, 0.19%, 4/28/2015		50,000,000		49,992,875
	144A, 0.19%, 4/29/2015		40,000,000		39,994,089
					6,357,217,374
Issued at Par 11.2%
ASB Finance Ltd., 144A, 0.265% *, 6/16/2015			100,000,000		100,000,000
Australia & New Zealand Banking Group Ltd.:
	144A, 0.258% *, 4/30/2015		40,000,000		39,999,838
	144A, 0.353% *, 8/18/2015		120,700,000		120,700,000
Bank Nederlandse Gemeenten, 144A, 0.274% *, 2/25/2016			100,000,000		100,000,000
Bank of Montreal, 0.275% *, 10/9/2015			210,000,000		210,000,000
Bedford Row Funding Corp.:
	144A, 0.252%, 7/2/2015		45,000,000		45,000,000
	144A, 0.253% *, 6/26/2015		50,000,000		50,000,000
BNZ International Funding Ltd., 144A, 0.265% *, 6/10/2015			20,000,000		20,000,000
Canadian Imperial Bank of Commerce, 0.256% *, 5/8/2015			50,000,000		50,000,000
Fairway Finance LLC, 144A, 0.245% *, 9/8/2015			75,000,000		75,000,000
General Electric Capital Corp.:
	0.247% *, 8/11/2015		150,000,000		150,000,000
	0.483% *, 1/14/2016		20,500,000		20,531,382
HSBC Bank PLC, 144A, 0.304% *, 12/23/2015			190,000,000		190,000,000
National Australia Bank Ltd., 144A, 0.275% *, 10/8/2015			180,000,000		180,000,000
Nederlandse Waterschapsbank NV, 144A, 0.245% *, 7/9/2015			5,000,000		5,000,000
Old Line Funding LLC, 144A, 0.273% *, 10/23/2015			100,000,000		100,000,000
Royal Bank of Canada:
	0.263% *, 9/3/2015		136,500,000		136,494,488
	0.285% *, 12/10/2015		50,000,000		50,000,000
Wells Fargo Bank NA:
	0.3% *, 9/9/2015		75,000,000		75,000,000
	0.3% *, 12/10/2015		110,000,000		110,000,000
Westpac Banking Corp.:
	144A, 0.276% *, 10/13/2015		138,000,000		138,000,000
	144A, 0.283% *, 3/18/2016		200,000,000		200,000,000
					2,165,725,708
Total Commercial Paper (Cost $8,522,943,082)				8,522,943,082
	Government & Agency Obligations 6.4%
Other Government Related 0.0%
International Bank for Reconstruction & Development, 0.2% *, 6/17/2015			5,000,000		5,000,307
					5,000,307
U.S. Government Sponsored Agencies 5.0%
Federal Farm Credit Bank:
	0.1% **, 5/13/2015		12,500,000		12,498,542
	0.153% *, 3/3/2016		35,000,000		35,000,000
	0.3%, 8/17/2015		9,500,000		9,503,837
Federal Home Loan Bank:
	0.085% **, 8/3/2015		25,000,000		24,992,681
	0.125%, 9/2/2015		10,000,000		9,996,516
	0.14%, 8/5/2015		31,200,000		31,194,313
	0.16% **, 11/9/2015		35,000,000		34,965,467
	0.16% **, 11/16/2015		25,000,000		24,974,555
	0.19%, 9/1/2015		55,000,000		54,996,981
	0.19%, 9/3/2015		27,500,000		27,497,932
	0.2%, 9/17/2015		64,125,000		64,119,656
	0.21%, 10/13/2015		40,000,000		39,994,000
	0.236% **, 1/29/2016		104,000,000		103,794,300
	0.25%, 10/2/2015		64,600,000		64,600,000
	0.301% **, 3/8/2016		25,000,000		24,928,749
Federal Home Loan Mortgage Corp.:
	0.064% **, 4/6/2015		36,667,000		36,666,674
	0.08% **, 7/27/2015		50,000,000		49,987,000
	0.095% **, 4/16/2015		35,800,000		35,798,583
	0.095% **, 4/21/2015		25,000,000		24,998,680
	0.1% **, 5/20/2015		20,000,000		19,997,278
	0.12% **, 6/1/2015		26,500,000		26,494,612
	0.251% **, 12/7/2015		32,223,000		32,167,058
Federal National Mortgage Association:
	0.09% **, 7/2/2015		38,000,000		37,991,260
	0.095% **, 4/16/2015		12,500,000		12,499,505
	0.1% **, 5/21/2015		20,000,000		19,997,222
	0.11% **, 5/18/2015		50,000,000		49,992,819
	0.16% **, 8/3/2015		20,000,000		19,988,978
	0.19% **, 12/14/2015		33,500,000		33,454,561
					963,091,759
U.S. Treasury Obligations 1.4%
U.S. Treasury Bill, 0.23% **, 3/3/2016			200,000,000		199,567,517
U.S. Treasury Floating Rate Note, 0.105% *, 7/31/2016			65,610,000		65,610,000
					265,177,517
Total Government & Agency Obligations (Cost $1,233,269,583)				1,233,269,583
	Short-Term Notes * 7.6%
Banco del Estado de Chile, 0.255%, 5/14/2015			58,000,000		58,000,000
Bank of Nova Scotia, 0.555%, 12/31/2015			111,000,000		111,193,057
Canadian Imperial Bank of Commerce, 0.36%, 8/18/2015			176,750,000		176,750,000
Commonwealth Bank of Australia, 144A, 0.262%, 7/10/2015			180,000,000		180,000,000
JPMorgan Chase Bank NA, 0.377%, 4/22/2016			164,250,000		164,250,000
Rabobank Nederland NV:
	0.302%, 4/10/2015		59,500,000		59,500,000
	0.306%, 7/6/2015		136,500,000		136,500,000
	0.312%, 6/1/2015		70,000,000		70,000,000
Svenska Handelsbanken AB, 144A, 0.376%, 10/2/2015			168,000,000		168,000,000
Wells Fargo Bank NA, 0.288%, 6/16/2015			125,000,000		125,000,000
Westpac Banking Corp.:
	0.255%, 5/11/2015		110,000,000		110,000,000
	0.262%, 5/4/2015		125,000,000		125,000,000
Total Short-Term Notes (Cost $1,484,193,057)				1,484,193,057
	Time Deposits 14.0%
Australia & New Zealand Banking Group Ltd.:
	0.05%, 4/1/2015		200,000,000		200,000,000
	0.09%, 4/1/2015		360,000,000		360,000,000
Bank of Scotland PLC, 0.06%, 4/1/2015			200,000,000		200,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.04%, 4/1/2015			600,000,000		600,000,000
Canadian Imperial Bank of Commerce, 0.02%, 4/1/2015			222,000,000		222,000,000
Credit Agricole Corporate & Investment Bank, 0.04%, 4/1/2015			20,846,449		20,846,449
Fortis Bank SA, 0.03%, 4/1/2015			205,000,000		205,000,000
Standard Chartered Bank:
	0.03%, 4/1/2015		225,000,000		225,000,000
	0.05%, 4/1/2015		81,000,000		81,000,000
Svenska Handelsbanken AB, 0.05%, 4/2/2015			600,000,000		600,000,000
Total Time Deposits (Cost $2,713,846,449)				2,713,846,449
	Municipal Bonds and Notes 2.1%
Chicago, IL:
	144A, TECP, 0.1%, 11/30/2015, LOC: Wells Fargo Bank NA		11,500,000		11,499,636
	144A, TECP, 0.15%, 4/2/2015, LOC: Wells Fargo Bank NA		18,530,000		18,529,923
Johnson City, TN, Health & Educational Facilities Board, Hospital Revenue, Mountain States Health Alliance, Series B, 0.11% ***, 8/15/2043, LOC: U.S. Bank NA			11,075,000		11,075,000
Kentucky, State Housing Corp. Revenue, Series O, 0.11% ***, 1/1/2036, SPA: State Street Bank & Trust Co.			15,520,000		15,520,000
Michigan, Finance Authority, School Loan:
	Series B, 0.12% ***, 9/1/2050, LOC: PNC Bank NA		25,000,000		25,000,000
	Series C, 0.13% ***, 9/1/2050, LOC: Bank of Montreal		21,000,000		21,000,000
Michigan, RIB Floater Trust, Series 2014-6UE, 144A, 0.19% ***, 6/1/2015, LOC: Barclays Bank PLC			70,075,000		70,075,000
Michigan, State Finance Authority Revenue, School Loan Revolving Fund, Series A, 144A, 0.1% ***, 9/1/2053, LOC: JPMorgan Chase Bank NA			25,000,000		25,000,000
Minnesota, State Office of Higher Education Revenue, Supplementary Student, Series A, 0.11% ***, 12/1/2043, LOC: U.S. Bank NA			11,500,000		11,500,000
New Hampshire, State Health & Education Facilities Authority Revenue, Higher Education Loan Corp., Series A, 0.13% ***, 12/1/2032, LOC: Royal Bank of Canada			16,199,000		16,199,000
New Jersey, State Housing & Mortgage Finance Agency, Multi-Family Housing Revenue, Series C, 0.13% ***, 11/1/2039, LOC: Bank of America NA			9,750,000		9,750,000
New York, State Housing Finance Agency Revenue, 605 West 42nd Street, Series B, 144A, 0.14% ***, 5/1/2048, LOC: Bank of China			50,460,000		50,460,000
New York, State Housing Finance Agency Revenue, 88 Leonard Street, Series A, 144A, 0.1% ***, 11/1/2037, LOC: Landesbank Hessen-Thuringen			11,750,000		11,750,000
New York, State Housing Finance Agency Revenue, BAM South Housing, Series B, 144A, 0.09% ***, 11/1/2048, LOC: JPMorgan Chase Bank NA			12,500,000		12,500,000
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series TR-T30001-I, 144A, 0.16% ***, 6/15/2044, LIQ: Citibank NA			8,000,000		8,000,000
Ohio, University Hospitals Health System, Inc., Hospital Revenue, Series C, 0.13% ***, 1/15/2050, LOC: Barclays Bank PLC			25,000,000		25,000,000
Vermont Economic Development Authority, TECP, 0.2%, 5/7/2015, LOC: JPMorgan Chase Bank NA			75,000,000		75,000,000
Total Municipal Bonds and Notes (Cost $417,858,559)				417,858,559
	Closed-End Investment Company 0.2%
Nuveen Select Quality Municipal Fund, Inc., Series 1-2525, 144A, AMT, 0.11% ***, 5/1/2041, LIQ: Barclays Bank PLC (Cost $40,000,000)			40,000,000		40,000,000
	Repurchase Agreements 6.7%
BNP Paribas, 0.18%, dated 1/21/2015, to be repurchased at $200,104,000 on 5/5/2015 (a) (b)			200,000,000		200,000,000
JPMorgan Securities, Inc., 0.407%, dated 2/13/2015, to be repurchased at $152,736,259 on 6/30/2015 (a) (c)			152,500,000		152,500,000
JPMorgan Securities, Inc., 0.456%, dated 7/3/2014, to be repurchased at $359,640,109 on 6/30/2015 (a) (d)			358,000,000		358,000,000
Wells Fargo Securities LLC, 0.15%, dated 3/31/2015, to be repurchased at $448,001,867 on 4/1/2015 (a) (e)			448,000,000		448,000,000
Wells Fargo Securities LLC, 0.4%, dated 2/2/2015, to be repurchased at $134,131,022 on 5/1/2015 (a) (f)			134,000,000		134,000,000
Total Repurchase Agreements (Cost $1,292,500,000)				1,292,500,000

		% of Net Assets		Value ($)
Total Investment Portfolio (Cost $18,731,542,397) †	96.6		18,731,542,397
Other Assets and Liabilities, Net	3.4		656,912,590
Net Assets	100.0		19,388,454,987

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 securities’ yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of March 31, 2015.
**	Annualized yield at time of purchase; not a coupon rate.
***	Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand and are shown at their current rates as of March 31, 2015.
†	The cost for federal income tax purposes was $18,731,542,397.
(a)	Open maturity repurchase agreement whose interest rate resets periodically and is shown at the current rate as of  March 31, 2015. The dated date is the original day the repurchase agreement was entered into, the maturity date represents the next repurchase date.  Upon notice, both the Fund and counterparty have the right to terminate the repurchase agreement at any time.

(b) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	1,270,690	AbbVie, Inc.		1.2	11/6/2015		1,278,661
	2,574,145	Actavis Funding SCS		3.45	3/15/2022		2,621,589
	10,000,000	Amazon.com, Inc.		3.8	12/5/2024		10,609,644
	142,416	AmerisourceBergen Corp.		3.5	11/15/2021		151,921
	3,136,873	Banco BTG Pactual SA		4.875	7/8/2016		3,225,457
	701,934	Bank of America Corp.		4.25	10/22/2026		732,707
	1,548,168	BBVA Banco Continental SA		3.25	4/8/2018		1,621,115
	3,558,659	Berkshire Hathaway Energy Co.		8.48	9/15/2028		5,442,040
	171,000	Berkshire Hathaway Finance Corp.		2.0	8/15/2018		175,514
	24,146	BlackRock, Inc.		4.25	5/24/2021		27,349
	1,615,510	BNP Paribas SA		2.375	9/14/2017		1,647,144
	13,233,583	Canadian Imperial Bank of Commerce		2.75	1/27/2016		13,536,750
	36,873	Carmax Auto Owner Trust		1.73	2/18/2020		37,164
	49,663,983	Cent CLO Ltd.		1.583	10/29/2025		49,389,122
	5,000,000	Cielo SA		3.75	11/16/2022		4,750,813
	4,655,840	Citigroup, Inc.		2.4-3.875	2/18/2020-10/25/2023		4,964,211
	1,899,046	CME Group, Inc.		3.0	3/15/2025		1,914,150
	20,000,000	Denali Capital CLO X Ltd.		1.406	4/28/2025		19,729,576
	732,975	EQT Corp.		4.875	11/15/2021		782,866
	185,000	Ford Motor Co.		7.7	5/15/2097		254,889
	2,341,424	Ford Motor Credit Co., LLC		2.75	5/15/2015		2,371,438
	10,252,000	The Goldman Sachs Group, Inc.		0.657	7/22/2015		10,267,364
	6,735,712	Intesa Sanpaolo SpA		3.125-3.625	8/12/2015-1/15/2016		6,854,468
	3,515,407	Landmark VIII CLO Ltd.		0.635	10/19/2020		3,466,399
	166,416	Massachusetts Institute of Technology		4.678	7/1/2114		199,653
	174,989	MDC-GMTN BV		3.25	4/28/2022		183,676
	5,241,565	Mexichem SAB de CV		4.875	9/19/2022		5,485,953
	1	National Oilwell Varco, Inc.		3.95	12/1/2042		1
	111,593	NextEra Energy Capital Holdings, Inc.		7.875	12/15/2015		119,641
	124,179	Oracle Corp.		4.5	7/8/2044		139,102
	33,742,425	OZLM VII Ltd.		1.677	7/17/2026		33,653,559
	4,725,083	Petroleos Mexicanos		5.5-6.625	1/21/2021-6/15/2035		5,262,338
	2,524,898	Saranac CLO I Ltd.		1.736	10/26/2024		2,518,176
	8,230,100	State Grid Overseas Investment 2014 Ltd.		2.75-4.125	5/7/2019-5/7/2024		8,463,271
	65,019	Swedbank Hypotek AB		1.375	3/28/2018		65,020
	1,624,809	Telefonica Emisiones SAU		5.134	4/27/2020		1,866,210
	1	Temasek Financial I Ltd.		4.3	10/25/2019		1
	1,000	Teva Pharmaceutical Finance Co. BV		3.65	11/10/2021		1,065
	2,598,431	Verizon Communications, Inc.		2.021-5.15	9/14/2018-9/15/2023		2,841,472
	701,000	Volkswagen Group of America Finance LLC		1.6	11/20/2017		710,528
Total Collateral Value							207,362,017

(c) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	728	Access Group, Inc.		0.862	2/22/2044		673
	510,000	Capital One Multi-Asset Execution Trust		0.825	5/15/2028		495,789
	10,306,021	Countrywide Asset-Backed Certificates		1.074	10/25/2047		9,167,405
	1,463,261	Countrywide Home Equity Loan Trust		0.305	11/15/2036		1,280,622
	6,928,755	CWHEQ Revolving Home Equity Loan Trust		0.322-0.362	7/15/2035-7/15/2036		6,281,616
	2,000,000	Dryden Leveraged Loan CDO		0.976	4/12/2020		1,955,728
	7,100,777	GMACM Home Equity Notes Variable Funding Trust		0.924	2/25/2031		6,968,350
	7,137,592	Home Equity Mortgage Loan Asset-Backed Trust		0.334	7/25/2037		6,310,769
	8,046,917	Mastr Asset Backed Securities Trust		0.474	5/25/2037		7,208,441
	5,307,060	MERIT Securities Corp.		7.847	12/28/2033		5,809,393
	14,057,648	Nomura Asset Acceptance Corp. Alternative Loan Trust		6.138	3/25/2047		14,091,900
	416,705	Northstar Education Finance, Inc.		0.812	11/28/2035		410,307
	33,902,458	Option One Mortgage Loan Trust		5.52-6.102	3/25/2037		31,272,433
	4,870,000	Santander Drive Auto Receivables Trust		2.73	10/15/2019		4,911,310
	53,107,187	SLM Private Credit Student Loan Trust		0.571-0.741	9/15/2033-6/15/2039		48,957,207
	950,000	World Financial Network Credit Card Master Trust		3.34	4/17/2023		984,535
	12,675,325	Wrightwood Capital Real Estate CDO Ltd.		0.582	11/21/2040		12,494,027
Total Collateral Value							158,600,505

(d) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	35,442,161	Aberdeen Loan Funding Ltd.		0.905	11/1/2018		35,239,503
	28,341,095	Access Group, Inc.		0.516-0.656	4/25/2029-7/25/2034		28,241,338
	1,000,000	Adams Mill CLO Ltd.		1.683	7/15/2026		993,556
	65,000	AmeriCredit Automobile Receivables Trust		2.38	6/10/2019		65,905
	2,717,265	ARI Fleet Lease Trust		0.482	1/15/2021		2,803,523
	11,313,000	Asset Backed Securities Corp. Home Equity Loan Trust		1.119	5/25/2035		10,629,766
	514,601	BankAmerica Manufactured Housing Contract Trust		6.8	1/10/2028		519,801
	617,449	Bear Stearns Structured Products Trust		1.174	3/25/2037		604,445
	20,119,684	Black Diamond CLO Luxembourg SA		0.503	4/29/2019		19,782,798
	1,640,000	BlueMountain CLO Ltd.		3.005	4/30/2026		1,599,258
	16,872,917	CAL Funding II Ltd.		3.47	10/25/2027		16,967,910
	1	Carlyle High Yield Partners X Ltd.		0.49	4/19/2022		1
	13,759	Chase Funding Trust		0.754	11/25/2034		12,664
	535,000	Chase Issuance Trust		0.59	8/15/2017		535,392
	1,108,453	Citigroup Mortgage Loan Trust, Inc.		0.819	8/25/2035		1,097,478
	5,000,000	Clydesdale CLO Ltd.		0.637	12/19/2018		4,850,883
	7,625,000	College Loan Corp Trust I		5.448	1/25/2047		195,359
	3,160,822	Conseco Finance Home Equity Loan Trust		8.0	6/15/2032		3,392,464
	11,586,454	Conseco Financial Corp.		7.25-8.1	1/15/2026-9/15/2026		12,131,665
	7,060,000	DT Auto Owner Trust		7.0	3/15/2019		5,759,200
	3,026,865	GCO Education Loan Funding Trust		0.392	5/25/2025		2,990,714
	13,620,417	Global SC Finance II SRL		2.98	4/17/2028		13,660,557
	59,498	Home Loan Trust		6.01	2/25/2036		59,997
	8,000,000	Hyundai Auto Receivables Trust		1.35	6/17/2019		8,039,388
	29,500,000	Invitation Homes Trust		2.273-2.68	6/17/2031-12/17/2031		29,674,677
	365,444,893	JPMorgan Chase Commercial Mortgage Securities Trust		0.195-7.693	12/5/2027-12/12/2044		8,695,557
	41,096,289	Keycorp Student Loan Trust		0.496-0.566	7/25/2029-10/27/2042		39,001,888
	6,649,195	LA Arena Funding LLC		7.656	12/15/2026		7,533,139
	343,224	Morgan Stanley ABS Capital I, Inc. Trust		0.794	12/25/2034		338,691
	6,108,000	Morgan Stanley Capital I Trust		5.569	12/15/2044		6,553,456
	5,626,000	Nelnet Student Loan Trust		0.376	4/25/2031		5,520,319
	10,405,812	NewStar Commercial Loan Trust		0.502	9/30/2022		10,245,415
	10,624,148	Northstar Education Finance, Inc.		0.472-1.007	5/28/2026-10/30/2045		10,786,975
	1,726,288	N-Star REL CDO IV Ltd.		0.626	7/27/2040		1,720,723
	465,082	Sierra Timeshare 2011-3 Receivables Funding LLC		3.37	7/20/2028		476,112
	2,000,000	Silver Bay Realty 2014-1 Trust		2.223	9/17/2031		2,005,910
	8,673,937	SLM Private Credit Student Loan Trust		0.661-1.021	9/15/2020-6/15/2032		8,319,620
	9,294,042	SLM Student Loan Trust		0.356-0.471	3/15/2019-10/27/2025		9,268,436
	42,738,313	Stone Tower CLO VI Ltd.		0.494	4/17/2021		42,449,782
	660,234	SVO VOI Mortgage Corp.		5.81	12/20/2028		663,804
	5,791,666	TAL Advantage V LLC		2.83-3.51	2/22/2038-2/22/2039		5,824,266
	125,318,253	WFRBS Commercial Mortgage Trust		1.568	6/15/2045		10,714,409
	1,250,000	WhiteHorse VIII Ltd.		1.755	5/1/2026		1,248,171
Total Collateral Value							371,214,915

(e) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	339,794,290	Federal Home Loan Mortgage Corp.		3.5	2/1/2045		357,000,001
	1,890,758	Federal National Mortgage Association		2.818-3.276	5/1/2036-10/1/2044		1,983,235
	19,984,977	Government National Mortgage Association		2.5-7.0	5/15/2027-3/20/2044		21,290,153
	16,507,400	U.S. Treasury Inflation Indexed Bond		2.0	1/15/2016		20,013,169
	55,483,200	U.S. Treasury Notes		0.75-2.125	3/31/2018-1/31/2021		56,673,479
Total Collateral Value							456,960,037

(f) Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	279,086,320	FHLMC Multifamily Structured Pass Through Certificates		0.559-1.179	4/25/2020-10/25/2024		12,513,999
	17,331,000	FREMF Mortgage Trust		5.194-5.239	9/25/2043-9/25/2045		19,477,127
	7,114,528	Highwoods Realty LP		3.2	6/15/2021		7,299,806
	11,053,000	Hiland Partners LP		7.25	10/1/2020		12,310,279
	11,901,000	JPMorgan Chase & Co.		3.625	5/13/2024		12,508,973
	11,386,000	KeyBank NA		5.45	3/3/2016		11,881,999
	10,366,000	Kinder Morgan, Inc.		7.25	6/1/2018		11,998,403
	11,920,000	Plains All American Pipeline LP		4.7	6/15/2044		12,317,744
	2,009,966	Reinsurance Group of America, Inc.		5.0	6/1/2021		2,276,199
	11,848,000	Shell International Finance BV		1.9	8/10/2018		12,061,758
	12,144,000	Total Capital SA		2.125	8/10/2018		12,425,989
	11,763,000	Toyota Motor Credit Corp.		2.125	7/18/2019		11,978,722
Total Collateral Value							139,050,998

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.

LIQ: Liquidity Facility

LOC: Letter of Credit

SPA: Standby Bond Purchase Agreement

TECP: Tax Exempt Commercial Paper

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Securities held by the fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of March 31, 2015 in valuing the Fund's investments.

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities(g)	$	—	$	17,399,042,397	$	—	$	17,399,042,397
Closed-End Investment Company				40,000,000				40,000,000
Repurchase Agreements	$	—		1,292,500,000	$	—		1,292,500,000
Total	$	—	$	18,731,542,397	$	—	$	18,731,542,397

There have been no transfers between fair value measurement levels during the period ended March 31, 2015.
(g)	See Investment Portfolio for additional detailed categorizations.

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 fiscal quarter 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/Brian E. Binder Brian E. Binder President
Date:	May 22, 2015

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.

By:	/s/Brian E. Binder Brian E. Binder President
Date:	May 22, 2015
By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer
Date:	May 22, 2015

EX-99.CERT

CERTIFICATIONS

I, Brian E. Binder, certify that:

1. I have reviewed this report on Form N-Q of Prime Series, a series of Cash Reserve Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:	/s/ Brian E. Binder Brian E. Binder President
Date:	May 22, 2015

CERTIFICATIONS

I, Paul Schubert, certify that:

1. I have reviewed this report on Form N-Q of Prime Series, a series of Cash Reserve Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:	/s/ Paul Schubert Paul Schubert Chief Financial Officer and Treasurer
Date:	May 22, 2015