<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
CEF-Government Securities Portfolio Annual Report for the fiscal year ended
07/31/2000 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000310030
<NAME> CASH EQUIVALENT FUND
<SERIES>
<NUMBER> 002
<NAME> CEF-GOVERNMENT SECURITIES PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-01-1999
<PERIOD-END> JUL-31-2000
<INVESTMENTS-AT-COST> 444,388
<INVESTMENTS-AT-VALUE> 444,388
<RECEIVABLES> 17,636
<ASSETS-OTHER> 3,059
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 465,083
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,809
<TOTAL-LIABILITIES> 19,809
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 445,274
<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> 445,274
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,728
<OTHER-INCOME> 0
<EXPENSES-NET> 3,807
<NET-INVESTMENT-INCOME> 22,921
<REALIZED-GAINS-CURRENT> (14)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 22,907
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22,907)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,416,144
<NUMBER-OF-SHARES-REDEEMED> (2,448,083)
<SHARES-REINVESTED> 22,683
<NET-CHANGE-IN-ASSETS> (9,256)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,818
<AVERAGE-NET-ASSETS> 455,385
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.84
</TABLE>
