<PAGE> PAGE 1
000 A000000 01/31/95
000 C000000 0000310030
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 CASH EQUIVALENT FUND
001 B000000 811-2899
001 C000000 3127811121
002 A000000 120 SOUTH LASALLE STREET
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60603
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 MONEY MARKET PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 GOVERNMENT SECURITIES PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 TAX EXEMPT PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 KEMPER FINANCIAL SERVICES, INC.
008 B00AA01 A
008 C00AA01 801-6634
008 D01AA01 CHICAGO
008 D02AA01 IL
008 D03AA01 60603
010 A00AA01 KEMPER FINANCIAL SERVICES, INC.
010 B00AA01 801-6634
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60603
011 A00AA01 KEMPER FINANCIAL SERVICES, INC.
011 B00AA01 8-15830
<PAGE> PAGE 2
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60603
012 A00AA01 KEMPER SERVICE COMPANY
012 B00AA01 84-1713
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 KEMPER FINANCIAL SERVICES, INC.
014 B00AA01 8-15830
014 A00AA02 KEMPER SECURITIES, INC.
014 B00AA02 8-37180
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
015 A00AA02 UNITED MISSOURI BANK, N.A.
015 B00AA02 S
015 C01AA02 KANSAS CITY
015 C02AA02 MO
015 C03AA02 64106
015 E01AA02 X
015 A00AA03 STATE STREET BANK AND TRUST COMPANY
015 B00AA03 S
015 C01AA03 BOSTON
015 C02AA03 MA
015 C03AA03 02110
015 E01AA03 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 41
019 C00AA00 KEMPERFNDS
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 BEAR, STEARNS & CO. INC.
022 B000001 13-3299429
<PAGE> PAGE 3
022 C000001 5408364
022 D000001 5228862
022 A000002 KIDDER, PEABODY & CO. INCORPORATED
022 B000002 13-5650440
022 C000002 5037933
022 D000002 0
022 A000003 PRUDENTIAL SECURITIES INCORPORATED
022 B000003 22-2347336
022 C000003 4649000
022 D000003 16000
022 A000004 GOLDMAN, SACHS & CO.
022 B000004 13-5108880
022 C000004 4175204
022 D000004 155201
022 A000005 THE FIRST BOSTON CORPORATION
022 B000005 13-5659485
022 C000005 2539203
022 D000005 161800
022 A000006 THE NIKKO SECURITIES CO. INTERNATIONAL, INC.
022 B000006 94-1302123
022 C000006 2610899
022 D000006 50000
022 A000007 LEHMAN BROTHERS
022 B000007 13-2518466
022 C000007 2561435
022 D000007 27694
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORP
022 B000008 13-5674085
022 C000008 2026695
022 D000008 555448
022 A000009 SALOMON BROTHERS INC.
022 B000009 13-3082694
022 C000009 2038930
022 D000009 0
022 A000010 MORGAN STANLEY & CO. INCORPORATED
022 B000010 13-2655998
022 C000010 1389728
022 D000010 16700
023 C000000 36414662
023 D000000 6542788
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
<PAGE> PAGE 4
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 500000
048 A02AA00 0.220
048 B01AA00 500000
048 B02AA00 0.200
048 C01AA00 1000000
048 C02AA00 0.175
048 D01AA00 1000000
048 D02AA00 0.160
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 3000000
048 K02AA00 0.150
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
<PAGE> PAGE 5
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 Y
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 60000
081 A00AA00 Y
081 B00AA00 62
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
<PAGE> PAGE 6
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 Y
025 A000101 BEAR STEARNS COMPANIES INC.
025 B000101 13-3299429
025 C000101 D
025 D000101 85000
025 A000102 CS FIRST BOSTON, INC.
025 B000102 13-5659485
025 C000102 D
025 D000102 85000
025 A000103 GOLDMAN, SACHS & CO.
025 B000103 13-5108880
025 C000103 D
025 D000103 100000
025 A000104 LEHMAN BROTHERS HOLINGS INC.
025 B000104 13-3216325
025 C000104 D
025 D000104 65000
025 A000105 MORGAN STANLEY GROUP INC.
025 B000105 13-2655998
025 C000105 D
025 D000105 50007
025 A000106 SALOMON INC.
025 B000106 13-3082694
025 C000106 D
025 D000106 95000
025 D000107 0
025 D000108 0
028 A010100 822516
028 A020100 10764
028 A030100 0
028 A040100 791585
028 B010100 920469
028 B020100 11098
028 B030100 0
028 B040100 936448
028 C010100 861813
028 C020100 12285
028 C030100 0
<PAGE> PAGE 7
028 C040100 849485
028 D010100 953030
028 D020100 11830
028 D030100 0
028 D040100 874648
028 E010100 865437
028 E020100 0
028 E030100 0
028 E040100 983981
028 F010100 1077372
028 F020100 28446
028 F030100 0
028 F040100 1025885
028 G010100 5500637
028 G020100 74423
028 G030100 0
028 G040100 5462032
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 100
043 000100 6574
044 000100 7069
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 29.3
062 E000100 0.0
062 F000100 8.9
062 G000100 0.0
062 H000100 0.0
062 I000100 60.8
062 J000100 1.4
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 19
<PAGE> PAGE 8
063 B000100 0.0
064 A000100 Y
064 B000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 92040
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 2923
072 G000100 0
072 H000100 0
<PAGE> PAGE 9
072 I000100 0
072 J000100 5410
072 K000100 0
072 L000100 146
072 M000100 20
072 N000100 36
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 27
072 S000100 13
072 T000100 6574
072 U000100 0
072 V000100 0
072 W000100 104
072 X000100 15253
072 Y000100 0
072 Z000100 76787
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 13212
072DD010100 76787
072DD020100 0
072EE000100 0
073 A010100 0.0222
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 11337
074 B000100 1025000
074 C000100 2487703
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 11601
074 M000100 0
074 N000100 3535641
074 O000100 24613
074 P000100 2682
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 8073
074 S000100 0
<PAGE> PAGE 10
074 T000100 3500273
074 U010100 3500273
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9999
074 X000100 502816
074 Y000100 0
075 A000100 3460163
075 B000100 0
076 000100 0.00
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 378522
028 A020200 4716
028 A030200 0
028 A040200 372790
028 B010200 375359
028 B020200 4967
028 B030200 0
028 B040200 432626
028 C010200 374395
028 C020200 5329
028 C030200 0
028 C040200 367982
028 D010200 393893
028 D020200 5088
028 D030200 0
028 D040200 391672
028 E010200 506100
028 E020200 0
028 E030200 0
028 E040200 468798
028 F010200 613512
028 F020200 12889
028 F030200 0
028 F040200 536384
028 G010200 2641781
028 G020200 32989
028 G030200 0
028 G040200 2570252
028 H000200 0
042 A000200 0
042 B000200 0
<PAGE> PAGE 11
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 100
043 000200 2938
044 000200 3189
055 A000200 Y
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 38.1
062 D000200 61.2
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 15
063 B000200 0.0
064 A000200 Y
064 B000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
<PAGE> PAGE 12
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 40522
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 1306
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 1884
072 K000200 0
072 L000200 95
072 M000200 12
072 N000200 33
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 13
072 S000200 9
072 T000200 2938
072 U000200 0
072 V000200 0
072 W000200 21
072 X000200 6311
072 Y000200 0
072 Z000200 34211
072AA000200 0
072BB000200 0
<PAGE> PAGE 13
072CC010200 0
072CC020200 0
072DD010200 34211
072DD020200 0
072EE000200 0
073 A010200 0.0221
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 11241
074 B000200 1005000
074 C000200 626682
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 4475
074 M000200 0
074 N000200 1647398
074 O000200 0
074 P000200 1158
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 3711
074 S000200 0
074 T000200 1642529
074 U010200 1642529
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.9999
074 X000200 165061
074 Y000200 0
075 A000200 1546418
075 B000200 0
076 000200 0.00
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
<PAGE> PAGE 14
028 A010300 272331
028 A020300 2254
028 A030300 0
028 A040300 264828
028 B010300 241994
028 B020300 2441
028 B030300 0
028 B040300 299524
028 C010300 260738
028 C020300 2665
028 C030300 0
028 C040300 267500
028 D010300 274264
028 D020300 2452
028 D030300 0
028 D040300 273108
028 E010300 333676
028 E020300 0
028 E030300 0
028 E040300 409363
028 F010300 393999
028 F020300 5849
028 F030300 0
028 F040300 364954
028 G010300 1777002
028 G020300 15661
028 G030300 0
028 G040300 1879277
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 100
043 000300 1827
044 000300 1903
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 101.8
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
<PAGE> PAGE 15
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 31
063 B000300 0.0
064 A000300 Y
064 B000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
<PAGE> PAGE 16
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 19892
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 1144
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 707
072 K000300 0
072 L000300 55
072 M000300 7
072 N000300 32
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 9
072 S000300 5
072 T000300 1827
072 U000300 0
072 V000300 0
072 W000300 35
072 X000300 3821
072 Y000300 0
072 Z000300 16071
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 16071
072DD020300 0
072EE000300 0
073 A010300 0.0146
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 1069162
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 1395
074 K000300 0
<PAGE> PAGE 17
074 L000300 5708
074 M000300 0
074 N000300 1076265
074 O000300 10000
074 P000300 612
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 15366
074 S000300 0
074 T000300 1050287
074 U010300 1050287
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 0.9999
074 X000300 52143
074 Y000300 0
075 A000300 1107115
075 B000300 0
076 000300 0.00
SIGNATURE JEROME L. DUFFY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JANUARY
1995 SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000310030
<NAME> CASH EQUIVALENT FUND
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JAN-31-1995
<INVESTMENTS-AT-COST> 3,512,703
<INVESTMENTS-AT-VALUE> 3,512,703
<RECEIVABLES> 11,601
<ASSETS-OTHER> 11,337
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,535,641
<PAYABLE-FOR-SECURITIES> 24,613
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,755
<TOTAL-LIABILITIES> 35,368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,513,485
<SHARES-COMMON-STOCK> 3,500,273
<SHARES-COMMON-PRIOR> 3,387,245
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (13,212)
<NET-ASSETS> 3,500,273
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 92,040
<OTHER-INCOME> 0
<EXPENSES-NET> (15,253)
<NET-INVESTMENT-INCOME> 76,787
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (13,212)
<NET-CHANGE-FROM-OPS> 63,575
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (76,787)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,500,637
<NUMBER-OF-SHARES-REDEEMED> (5,462,032)
<SHARES-REINVESTED> 74,423
<NET-CHANGE-IN-ASSETS> 113,028
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,923)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (15,253)
<AVERAGE-NET-ASSETS> 3,460,163
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .009
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM THE JANUARY 1995
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000310030
<NAME> CASH EQUIVALENT FUND
<SERIES>
<NUMBER> 2
<NAME> GOVERNMENT SECURITIES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JAN-31-1995
<INVESTMENTS-AT-COST> 1,631,682
<INVESTMENTS-AT-VALUE> 1,631,682
<RECEIVABLES> 4,475
<ASSETS-OTHER> 11,241
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,647,398
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,869
<TOTAL-LIABILITIES> 4,869
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,642,529
<SHARES-COMMON-STOCK> 1,642,529
<SHARES-COMMON-PRIOR> 1,538,011
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,642,529
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 40,522
<OTHER-INCOME> 0
<EXPENSES-NET> (6,311)
<NET-INVESTMENT-INCOME> 34,211
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 34,211
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,211)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,641,781
<NUMBER-OF-SHARES-REDEEMED> (2,570,252)
<SHARES-REINVESTED> 32,989
<NET-CHANGE-IN-ASSETS> 104,518
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,306)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6,311)
<AVERAGE-NET-ASSETS> 1,546,418
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .008
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
JANUARY 1995 SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000310030
<NAME> CASH EQUIVALENT FUND
<SERIES>
<NUMBER> 3
<NAME> TAX-EXEMPT PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JAN-31-1995
<INVESTMENTS-AT-COST> 1,069,162
<INVESTMENTS-AT-VALUE> 1,069,162
<RECEIVABLES> 7,103
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,076,265
<PAYABLE-FOR-SECURITIES> 10,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,978
<TOTAL-LIABILITIES> 25,978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,050,287
<SHARES-COMMON-STOCK> 1,050,287
<SHARES-COMMON-PRIOR> 1,136,901
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,050,287
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,892
<OTHER-INCOME> 0
<EXPENSES-NET> (3,821)
<NET-INVESTMENT-INCOME> 16,071
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 16,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,071)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,777,002
<NUMBER-OF-SHARES-REDEEMED> (1,879,277)
<SHARES-REINVESTED> 15,661
<NET-CHANGE-IN-ASSETS> (86,614)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,144)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,821)
<AVERAGE-NET-ASSETS> 1,107,115
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .007
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit 77N
Cash Equivalent Fund
Form N-SAR for the period ended 1/31/95
File No. 811-2899
On December 9, 1994, Registrant reported to the Director of the
Division of Investment Management that an event of default may have
occurred with respect to portfolio securities of the Money Market
Portfolio of Registrant issued by Orange County, California
involving more than 1/2 of 1% of the Portfolio's total assets.
Kemper Assets Holdings, Inc. (KAHI), a subsidiary of Kemper
Corporation, the parent company of Kemper Financial Services, Inc.,
Registrant's investment manager, arranged for the issuance of an
irrevocable letter of credit from the Bank of New York for the
benefit of Registrant. The letter of credit supports the payment
of principal and interest on the Orange County obligation.
Registrant and KAHI are parties to an agreement related to the
letter of credit which provides, among other things, that, in
connection with a payment of principal or interest under the letter
of credit, Registrant will transfer to KAHI any proceeds received
under the Orange County obligation.
MAM|W:\FUNDS\NSAR.EXH\CEF.77N|032395
