<PAGE> PAGE 1
000 B000000 07/31/98
000 C000000 0000055189
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 ZURICH MONEY FUNDS
001 B000000 811-2527
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 ZURICH MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 ZURICH GOVERNMENT MONEY FUND
007 C030200 N
007 C010300 3
007 C020300 ZURICH TAX-FREE MONEY FUND
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 SCUDDER KEMPER INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-44899
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
011 A00AA01 KEMPER DISTRIBUTORS, INC.
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
011 C04AA01 5808
<PAGE> PAGE 2
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 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 INVESTORS FIDUCIARY TRUST COMPANY
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 S
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 3374222
<PAGE> PAGE 3
022 D000001 329302
022 A000002 LEHMAN BROTHERS INC.
022 B000002 13-2518466
022 C000002 1361760
022 D000002 325070
022 A000003 CHASE SECURITIES, INC.
022 B000003 13-3112953
022 C000003 957440
022 D000003 54998
022 A000004 CS FIRST BOSTON CORPORATION
022 B000004 13-5659485
022 C000004 807920
022 D000004 107882
022 A000005 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000005 13-2642206
022 C000005 688913
022 D000005 143000
022 A000006 BEAR, STEARNS & CO. INC.
022 B000006 13-3299429
022 C000006 426460
022 D000006 404216
022 A000007 SALOMON BROTHERS INC.
022 B000007 13-3082694
022 C000007 589990
022 D000007 101752
022 A000008 MORGAN STANLEY DEAN WITTER DISCOVER & CO.
022 B000008 13-2655998
022 C000008 578564
022 D000008 74985
022 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000009 13-5674085
022 C000009 400223
022 D000009 222143
022 A000010 FIRST CHICAGO NBD CORPORATION
022 B000010 36-0899825
022 C000010 288347
022 D000010 45215
023 C000000 10948847
023 D000000 1961009
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
<PAGE> PAGE 4
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 Y
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 215000
048 A02AA00 0.500
048 B01AA00 335000
048 B02AA00 0.375
048 C01AA00 250000
048 C02AA00 0.300
048 D01AA00 0
048 D02AA00 0.000
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 800000
048 K02AA00 0.250
049 00AA00 N
050 00AA00 N
<PAGE> PAGE 5
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
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
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 Y
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 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 60000
081 A00AA00 Y
<PAGE> PAGE 6
081 B00AA00 109
082 A00AA00 Y
082 B00AA00 50
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
024 000100 Y
025 A000101 BEAR STEARNS COMPANIES, INC.
025 B000101 13-3299429
025 C000101 D
025 D000101 55000
025 A000102 CS FIRST BOSTON, INC.
025 B000102 13-5659485
025 C000102 D
025 D000102 54994
025 A000103 GOLDMAN SACHS GROUP, L.P.
025 B000103 13-5108880
025 C000103 D
025 D000103 55000
025 A000104 LEHMAN BROTHERS HOLDINGS, INC.
025 B000104 13-2518466
025 C000104 D
025 D000104 58000
025 A000105 MERRILL LYNCH & CO., INC.
025 B000105 13-5674085
025 C000105 D
025 D000105 25000
025 A000106 MORGAN STANLEY, DEAN WITTER & CO.
025 B000106 13-2655998
025 C000106 D
025 D000106 51010
025 A000107 SALOMON SMITH BARNEY HOLDINGS, INC.
025 B000107 13-3082694
025 C000107 D
025 D000107 84936
025 D000108 0
028 A010100 548168
028 A020100 20267
028 A030100 0
028 A040100 512692
028 B010100 656928
028 B020100 17256
028 B030100 0
028 B040100 613243
028 C010100 741326
028 C020100 18499
028 C030100 0
028 C040100 762837
<PAGE> PAGE 7
028 D010100 613824
028 D020100 17162
028 D030100 0
028 D040100 608557
028 E010100 692686
028 E020100 21057
028 E030100 0
028 E040100 727796
028 F010100 803827
028 F020100 17803
028 F030100 0
028 F040100 794060
028 G010100 4056759
028 G020100 112044
028 G030100 0
028 G040100 4019185
028 H000100 0
055 A000100 Y
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 2.2
062 D000100 2.2
062 E000100 0.0
062 F000100 16.0
062 G000100 1.5
062 H000100 0.0
062 I000100 76.5
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 30
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
<PAGE> PAGE 8
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 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 12
072 B000100 256988
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 12086
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 8646
072 K000100 0
072 L000100 431
072 M000100 50
072 N000100 91
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 73
072 S000100 25
<PAGE> PAGE 9
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 51
072 X000100 21453
072 Y000100 0
072 Z000100 235535
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 235535
072DD020100 0
072EE000100 0
073 A010100 0.0525
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 25326
074 B000100 100000
074 C000100 4365212
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 68744
074 M000100 0
074 N000100 4559282
074 O000100 0
074 P000100 1042
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 19613
074 S000100 0
074 T000100 4538627
074 U010100 4538627
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9998
074 X000100 233775
074 Y000100 0
075 A000100 4495868
075 B000100 0
076 000100 0.00
<PAGE> PAGE 10
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 48076
028 A020200 3099
028 A030200 0
028 A040200 57047
028 B010200 55131
028 B020200 2606
028 B030200 0
028 B040200 49088
028 C010200 57230
028 C020200 2795
028 C030200 0
028 C040200 71684
028 D010200 46074
028 D020200 2580
028 D030200 0
028 D040200 48404
028 E010200 53054
028 E020200 3128
028 E030200 0
028 E040200 58628
028 F010200 63328
028 F020200 2674
028 F030200 0
028 F040200 48054
028 G010200 322893
028 G020200 16882
028 G030200 0
028 G040200 332905
028 H000200 0
055 A000200 Y
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 40.8
062 D000200 58.1
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
<PAGE> PAGE 11
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 33
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
<PAGE> PAGE 12
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 37988
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 1815
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 871
072 K000200 0
072 L000200 69
072 M000200 8
072 N000200 80
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 12
072 S000200 4
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 16
072 X000200 2875
072 Y000200 0
072 Z000200 35113
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 35113
072DD020200 0
072EE000200 0
073 A010200 0.0521
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 4127
074 B000200 399000
074 C000200 280650
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 5588
<PAGE> PAGE 13
074 M000200 0
074 N000200 689365
074 O000200 0
074 P000200 156
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 2338
074 S000200 0
074 T000200 686871
074 U010200 686871
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.9994
074 X000200 27658
074 Y000200 0
075 A000200 675103
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 74760
028 A020300 2317
028 A030300 0
028 A040300 46183
028 B010300 63505
028 B020300 1978
028 B030300 0
028 B040300 54707
028 C010300 80488
028 C020300 2303
028 C030300 0
028 C040300 139566
028 D010300 70000
028 D020300 2125
028 D030300 0
028 D040300 59721
028 E010300 63661
028 E020300 2456
028 E030300 0
028 E040300 90548
028 F010300 104647
<PAGE> PAGE 14
028 F020300 2006
028 F030300 0
028 F040300 68174
028 G010300 457061
028 G020300 13185
028 G030300 0
028 G040300 458899
028 H000300 0
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 99.9
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 29
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
<PAGE> PAGE 15
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 12
072 B000300 30083
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 2156
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 520
072 K000300 0
072 L000300 65
072 M000300 11
072 N000300 80
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 14
072 S000300 5
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 18
072 X000300 2869
072 Y000300 0
072 Z000300 27214
072AA000300 0
072BB000300 0
<PAGE> PAGE 16
072CC010300 0
072CC020300 0
072DD010300 27214
072DD020300 0
072EE000300 0
073 A010300 0.0312
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 814798
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 6052
074 M000300 0
074 N000300 820850
074 O000300 0
074 P000300 158
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 4798
074 S000300 0
074 T000300 815894
074 U010300 815894
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 1.0000
074 X000300 16082
074 Y000300 0
075 A000300 801744
075 B000300 0
076 000300 0.00
SIGNATURE PHILIP J. COLLORA
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1998
ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000055189
<NAME> ZURICH MONEY FUNDS
<SERIES>
<NUMBER> 01
<NAME> ZURICH MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 4,465,212
<INVESTMENTS-AT-VALUE> 4,465,212
<RECEIVABLES> 68,744
<ASSETS-OTHER> 25,326
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,559,282
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,655
<TOTAL-LIABILITIES> 20,655
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,538,627
<SHARES-COMMON-STOCK> 4,538,627
<SHARES-COMMON-PRIOR> 4,361,935
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 4,538,627
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 256,988
<OTHER-INCOME> 0
<EXPENSES-NET> (21,453)
<NET-INVESTMENT-INCOME> 235,535
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 235,535
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (235,535)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,670,002
<NUMBER-OF-SHARES-REDEEMED> (7,720,315)
<SHARES-REINVESTED> 227,005
<NET-CHANGE-IN-ASSETS> 176,692
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,086
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,453
<AVERAGE-NET-ASSETS> 4,495,868
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .48
<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 1998
ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000055189
<NAME> ZURICH MONEY FUNDS
<SERIES>
<NUMBER> 02
<NAME> ZURICH GOVERNMENT MONEY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 679,650
<INVESTMENTS-AT-VALUE> 679,650
<RECEIVABLES> 5,588
<ASSETS-OTHER> 4,127
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 689,365
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,494
<TOTAL-LIABILITIES> 2,494
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 686,871
<SHARES-COMMON-STOCK> 686,871
<SHARES-COMMON-PRIOR> 671,139
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 686,871
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37,988
<OTHER-INCOME> 0
<EXPENSES-NET> (2,875)
<NET-INVESTMENT-INCOME> 35,113
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 35,113
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (35,113)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 646,450
<NUMBER-OF-SHARES-REDEEMED> (664,709)
<SHARES-REINVESTED> 33,991
<NET-CHANGE-IN-ASSETS> 15,732
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,815
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,875
<AVERAGE-NET-ASSETS> 675,103
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .43
<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 1998
ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000055189
<NAME> ZURICH MONEY FUNDS
<SERIES>
<NUMBER> 03
<NAME> ZURICH TAX-FREE MONEY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 814,798
<INVESTMENTS-AT-VALUE> 814,798
<RECEIVABLES> 6,052
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 820,850
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,956
<TOTAL-LIABILITIES> 4,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 815,894
<SHARES-COMMON-STOCK> 815,894
<SHARES-COMMON-PRIOR> 771,315
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 815,894
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 30,083
<OTHER-INCOME> 0
<EXPENSES-NET> (2,869)
<NET-INVESTMENT-INCOME> 27,214
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 27,214
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (27,214)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 851,664
<NUMBER-OF-SHARES-REDEEMED> (833,520)
<SHARES-REINVESTED> 26,435
<NET-CHANGE-IN-ASSETS> 44,579
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,156
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,869
<AVERAGE-NET-ASSETS> 801,744
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT AUDITORS
Board of Trustees
Kemper Funds
In planning and performing our audit of the financial statements of
each of the Kemper Funds listed in Exhibit A attached hereto (the
"Funds") for the period ended as of the date listed in Exhibit A
attached hereto ("Report Date"), we considered their internal
control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on the
internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of specific internal
control components does not reduce to a relatively low level the risk
that errors or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control and its operation, including controls
for safeguarding securities, that we consider to be material
weaknesses as defined above as of Report Date.
This report is intended solely for the information and use of the
board of trustees and management and the Securities and Exchange
Commission.
ERNST & YOUNG LLP
Chicago, Illinois
September 17, 1998
Kemper Funds Exhibit A
July 31, 1998
Kemper Horizon Funds-
Kemper Horizon 20+ Portfolio
Kemper Horizon 10+ Portfolio
Kemper Horizon 5 Portfolio
Kemper Target Equity Funds-
Kemper Retirement Fund Series I
Kemper Retirement Fund Series II
Kemper Retirement Fund Series III
Kemper Retirement Fund Series IV
Kemper Retirement Fund Series V
Kemper Retirement Fund Series VI
Kemper Retirement Fund Series VII
Kemper WorldWide 2004
Cash Equivalent Fund-
Money Market Portfolio
Government Securities Portfolio
Tax Exempt Portfolio
Zurich Money Funds-
Zurich Money Market Funds
Zurich Government Money Fund
Zurich Tax-Free Money Fund
Zurich Yieldwise Money Fund
