<PAGE> PAGE 1
000 A000000 01/31/2000
000 C000000 0000310030
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 CASH EQUIVALENT FUND
001 B000000 811-2899
001 C000000 3125377000
002 A000000 222 SOUTH RIVERSIDE PLAZA
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 5808
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
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
<PAGE> PAGE 2
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
008 A00AA01 SCUDDER KEMPER INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-44899
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
008 D04AA01 0100
010 A00AA01 KEMPER DISTRIBUTORS, INC.
010 B00AA01 8-47765
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60606
010 C04AA01 5808
011 A00AA01 KEMPER DISTRIBUTORS, INC.
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
011 C04AA01 5808
012 A00AA01 KEMPER SERVICE COMPANY
012 B00AA01 84-1713
012 C01AA01 KANSAS CITY
012 C02AA01 MO
<PAGE> PAGE 3
012 C03AA01 64141
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
014 A00AA02 KEMPER DISTRIBUTORS, INC.
014 B00AA02 8-47765
014 A00AA03 GRUNTAL & CO., INC.
014 B00AA03 8-31022
014 A00AA04 THE GMS GROUP, L.L.C. (A GRUNTAL AFFILIATE)
014 B00AA04 8-23936
014 A00AA05 ZURICH CAPITAL MARKETS
014 B00AA05 8-49827
014 A00AA06 BANK HANDLOWY
014 B00AA06 8-24613
015 A00AA01 STATE STREET BANK AND TRUST
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
015 A00AA02 STATE STREET BANK AND TRUST COMPANY
015 B00AA02 C
015 C01AA02 BOSTON
015 C02AA02 MA
015 C03AA02 02110
015 E01AA02 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 71
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 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 1339826
022 D000001 30112
022 A000002 MERRILL LYNCH & CO.
022 B000002 13-5674085
022 C000002 1165962
<PAGE> PAGE 4
022 D000002 141894
022 A000003 LEHMAN BROTHERS SECURITIES
022 B000003 13-2518466
022 C000003 1115785
022 D000003 70200
022 A000004 STATE STREET BANK
022 B000004 UNKNOWN
022 C000004 726741
022 D000004 6600
022 A000005 CHASE SECURITIES, INC.
022 B000005 13-3112953
022 C000005 551195
022 D000005 0
022 A000006 MORGAN STANLEY, DEAN WITTER & CO.
022 B000006 13-2655998
022 C000006 468550
022 D000006 39096
022 A000007 BEAR, STEARNS & CO., INC.
022 B000007 13-3299429
022 C000007 489000
022 D000007 0
022 A000008 SOLOMON BROTHERS
022 B000008 22-1660266
022 C000008 437630
022 D000008 24802
022 A000009 CREDIT SUISSE FIRST BOSTON
022 B000009 13-5659485
022 C000009 382630
022 D000009 16760
022 A000010 BANK OF AMERICA
022 B000010 UNKNOWN
022 C000010 200877
022 D000010 0
023 C000000 7786111
023 D000000 560426
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
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
<PAGE> PAGE 5
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
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
<PAGE> PAGE 6
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 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 Y
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 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 Y
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
<PAGE> PAGE 7
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 Y
025 A000101 GOLDMAN, SACHS GROUP, L.P
025 B000101 13-5108880
025 C000101 D
025 D000101 10000
025 A000102 CS FIRST BOSTON, INC.
025 B000102 13-5659485
025 C000102 D
025 D000102 15000
025 A000103 DELETE
025 D000103 0
025 A000104 DELETE
025 D000104 0
025 A000105 DELETE
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 457293
028 A020100 3855
028 A030100 0
028 A040100 452839
028 B010100 410432
028 B020100 3834
028 B030100 0
028 B040100 435842
028 C010100 434620
028 C020100 3860
028 C030100 0
028 C040100 501295
028 D010100 304326
028 D020100 3930
028 D030100 0
028 D040100 536941
028 E010100 374077
028 E020100 0
028 E030100 0
028 E040100 358001
028 F010100 371236
028 F020100 6907
028 F030100 0
028 F040100 341080
028 G010100 2351984
028 G020100 22386
028 G030100 0
028 G040100 2625998
<PAGE> PAGE 8
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 1746
044 000100 1745
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 29.9
062 G000100 0.0
062 H000100 0.0
062 I000100 70.1
062 J000100 0.0
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 23
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
<PAGE> PAGE 9
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 N
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 25881
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 902
072 G000100 0
072 H000100 0
072 I000100 836
072 J000100 9
072 K000100 0
072 L000100 200
072 M000100 16
072 N000100 55
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 22
072 S000100 2
072 T000100 1746
072 U000100 0
072 V000100 0
072 W000100 34
072 X000100 3822
072 Y000100 5
072 Z000100 22065
072AA000100 0
072BB000100 0
072CC010100 0
<PAGE> PAGE 10
072CC020100 0
072DD010100 22065
072DD020100 0
072EE000100 0
073 A010100 0.0200
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 971
074 B000100 0
074 C000100 785528
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 16074
074 M000100 0
074 N000100 802573
074 O000100 0
074 P000100 132
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 15753
074 S000100 0
074 T000100 786688
074 U010100 786688
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0000
074 X000100 115123
074 Y000100 0
075 A000100 912741
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 224695
<PAGE> PAGE 11
028 A020200 1727
028 A030200 0
028 A040200 227617
028 B010200 222830
028 B020200 1665
028 B030200 0
028 B040200 219460
028 C010200 227405
028 C020200 1688
028 C030200 0
028 C040200 232480
028 D010200 183555
028 D020200 1816
028 D030200 0
028 D040200 171987
028 E010200 300180
028 E020200 0
028 E030200 0
028 E040200 317518
028 F010200 229042
028 F020200 3982
028 F030200 0
028 F040200 244147
028 G010200 1387707
028 G020200 10878
028 G030200 0
028 G040200 1413209
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 100
043 000200 886
044 000200 898
062 A000200 Y
062 B000200 0.0
062 C000200 60.7
062 D000200 39.3
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
<PAGE> PAGE 12
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 18
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
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 N
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 12837
<PAGE> PAGE 13
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 460
072 G000200 0
072 H000200 0
072 I000200 428
072 J000200 11
072 K000200 0
072 L000200 23
072 M000200 10
072 N000200 25
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 10
072 S000200 2
072 T000200 886
072 U000200 0
072 V000200 0
072 W000200 97
072 X000200 1952
072 Y000200 5
072 Z000200 10889
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 10889
072DD020200 0
072EE000200 0
073 A010200 0.0200
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 2901
074 B000200 173000
074 C000200 267299
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 8757
074 M000200 0
074 N000200 451957
074 O000200 0
074 P000200 42
<PAGE> PAGE 14
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 12010
074 S000200 0
074 T000200 439905
074 U010200 439905
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 1.0000
074 X000200 58340
074 Y000200 0
075 A000200 463427
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
028 A010300 86257
028 A020300 888
028 A030300 0
028 A040300 94022
028 B010300 104772
028 B020300 838
028 B030300 0
028 B040300 93707
028 C010300 94392
028 C020300 936
028 C030300 0
028 C040300 119922
028 D010300 87650
028 D020300 876
028 D030300 0
028 D040300 201447
028 E010300 89880
028 E020300 0
028 E030300 0
028 E040300 82581
028 F010300 101103
028 F020300 1437
028 F030300 0
028 F040300 105322
028 G010300 564054
<PAGE> PAGE 15
028 G020300 4975
028 G030300 0
028 G040300 697001
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 556
044 000300 505
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 100.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
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 30
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
<PAGE> PAGE 16
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 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 5964
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 368
072 G000300 0
072 H000300 0
072 I000300 81
072 J000300 8
072 K000300 0
072 L000300 47
072 M000300 7
072 N000300 31
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 8
072 S000300 3
072 T000300 556
072 U000300 0
072 V000300 0
072 W000300 2
072 X000300 1111
072 Y000300 1
072 Z000300 4854
<PAGE> PAGE 17
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 4854
072DD020300 0
072EE000300 0
073 A010300 0.0200
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 253792
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 5668
074 M000300 178
074 N000300 259638
074 O000300 0
074 P000300 220
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 5261
074 S000300 0
074 T000300 254157
074 U010300 254157
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 1.0000
074 X000300 9402
074 Y000300 0
075 A000300 332411
075 B000300 0
076 000300 0.00
SIGNATURE PHILIP J. COLLORA
TITLE V.P. AND SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINACIAL INFORMATION EXTRACTED FROM THE 2000
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> 01
<NAME> MONEY MARKET PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-01-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 785,528
<INVESTMENTS-AT-VALUE> 785,528
<RECEIVABLES> 16,074
<ASSETS-OTHER> 971
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 802,573
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,885
<TOTAL-LIABILITIES> 15,885
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 786,688
<SHARES-COMMON-PRIOR> 1,038,316
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 786,688
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,881
<OTHER-INCOME> 0
<EXPENSES-NET> 3,817
<NET-INVESTMENT-INCOME> 22,065
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 22,065
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22,065
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,351,984
<NUMBER-OF-SHARES-REDEEMED> 2,625,998
<SHARES-REINVESTED> 22,386
<NET-CHANGE-IN-ASSETS> (251,628)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 902
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,822
<AVERAGE-NET-ASSETS> 912,741
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .83
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINACIAL INFORMATION EXTRACTED FROM THE 2000
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> 02
<NAME> GOVERNMENT SECURITIES PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-01-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 440,299
<INVESTMENTS-AT-VALUE> 440,299
<RECEIVABLES> 8,756
<ASSETS-OTHER> 2,901
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 451,957
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,052
<TOTAL-LIABILITIES> 12,052
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 439,905
<SHARES-COMMON-STOCK> 439,905
<SHARES-COMMON-PRIOR> 454,530
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 439,905
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,837
<OTHER-INCOME> 0
<EXPENSES-NET> 1,947
<NET-INVESTMENT-INCOME> 10,889
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,889
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,387,706
<NUMBER-OF-SHARES-REDEEMED> (1,413,209)
<SHARES-REINVESTED> 10,877
<NET-CHANGE-IN-ASSETS> (14,625)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 460
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,952
<AVERAGE-NET-ASSETS> 463,427
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .83
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINACIAL INFORMATION EXTRACTED FROM THE 2000
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> 03
<NAME> TAX-EXEMPT PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-01-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 253,792
<INVESTMENTS-AT-VALUE> 253,792
<RECEIVABLES> 5,668
<ASSETS-OTHER> 178
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 259,638
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,480
<TOTAL-LIABILITIES> 5,480
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254,157
<SHARES-COMMON-STOCK> 254,157
<SHARES-COMMON-PRIOR> 454,530
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 254,157
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,964
<OTHER-INCOME> 0
<EXPENSES-NET> 1,110
<NET-INVESTMENT-INCOME> 4,854
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,854
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,854
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 564,054
<NUMBER-OF-SHARES-REDEEMED> 697,001
<SHARES-REINVESTED> 4,975
<NET-CHANGE-IN-ASSETS> (127,972)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 368
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,111
<AVERAGE-NET-ASSETS> 332,411
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .66
</TABLE>
