<PAGE> PAGE 1
000 B000000 07/31/96
000 C000000 0001001983
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007 C010500 5
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007 C010700 7
007 C010800 8
007 C010900 9
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008 D01AA01 CHICAGO
008 D02AA01 IL
008 D03AA01 60603
008 A00AA02 DREMAN VALUE ADVISORS, INC.
008 B00AA02 S
008 C00AA02 801-35060
008 D01AA02 JERSEY CITY
008 D02AA02 NJ
008 D03AA02 07302
010 A00AA01 KEMPER DISTRIBUTORS, INC.
<PAGE> PAGE 2
010 B00AA01 8-47765
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60603
011 A00AA01 KEMPER DISTRIBUTORS, INC.
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60603
012 A00AA01 KEMPER SERVICE COMPANY
012 B00AA01 84-1713
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013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 KEMPER DISTRIBUTORS, INC.
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014 A00AA02 GRUNTAL SECURITIES, INC.
014 B00AA02 8-31022
014 A00AA03 THE GMS GROUP, INC.
014 B00AA03 8-23936
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015 B00AA01 C
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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SIGNATURE JEROME L DUFFY
TITLE TREASURER
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<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE JANUARY 31, 1996 SEMI-ANNUAL REPORT TO
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<PERIOD-START> DEC-29-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 19,497
<INVESTMENTS-AT-VALUE> 18,936
<RECEIVABLES> 205
<ASSETS-OTHER> 67
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,208
<PAYABLE-FOR-SECURITIES> 918
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39
<TOTAL-LIABILITIES> 957
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,784
<SHARES-COMMON-STOCK> 831
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 134
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (106)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (561)
<NET-ASSETS> 18,251
<DIVIDEND-INCOME> 63
<INTEREST-INCOME> 88
<OTHER-INCOME> 0
<EXPENSES-NET> (92)
<NET-INVESTMENT-INCOME> 59
<REALIZED-GAINS-CURRENT> (102)
<APPREC-INCREASE-CURRENT> (561)
<NET-CHANGE-FROM-OPS> (604)
<EQUALIZATION> 71
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 854
<NUMBER-OF-SHARES-REDEEMED> (26)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,151
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 95
<AVERAGE-NET-ASSETS> 8,652
<PER-SHARE-NAV-BEGIN> 9.50
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.72
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUAILIFED IN ITS ENTIRETY BY REFERNECE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 012
<NAME> KEMPER HORIZON 20+ PORTFOLIO - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> DEC-29-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 19,497
<INVESTMENTS-AT-VALUE> 18,936
<RECEIVABLES> 205
<ASSETS-OTHER> 67
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,208
<PAYABLE-FOR-SECURITIES> 918
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39
<TOTAL-LIABILITIES> 957
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,784
<SHARES-COMMON-STOCK> 873
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 134
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (106)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (561)
<NET-ASSETS> 18,251
<DIVIDEND-INCOME> 63
<INTEREST-INCOME> 88
<OTHER-INCOME> 0
<EXPENSES-NET> (92)
<NET-INVESTMENT-INCOME> 59
<REALIZED-GAINS-CURRENT> (102)
<APPREC-INCREASE-CURRENT> (561)
<NET-CHANGE-FROM-OPS> (604)
<EQUALIZATION> 71
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 888
<NUMBER-OF-SHARES-REDEEMED> (18)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,151
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 95
<AVERAGE-NET-ASSETS> 8,652
<PER-SHARE-NAV-BEGIN> 9.50
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> .04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.65
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERNECE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 013
<NAME> KEMPER HORIZON 20+ PORTFOLIO - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> DEC-29-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 19,497
<INVESTMENTS-AT-VALUE> 18,936
<RECEIVABLES> 205
<ASSETS-OTHER> 67
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,208
<PAYABLE-FOR-SECURITIES> 918
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39
<TOTAL-LIABILITIES> 957
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,784
<SHARES-COMMON-STOCK> 82
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 134
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (106)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (561)
<NET-ASSETS> 18,251
<DIVIDEND-INCOME> 63
<INTEREST-INCOME> 88
<OTHER-INCOME> 0
<EXPENSES-NET> (92)
<NET-INVESTMENT-INCOME> 59
<REALIZED-GAINS-CURRENT> (102)
<APPREC-INCREASE-CURRENT> (561)
<NET-CHANGE-FROM-OPS> (604)
<EQUALIZATION> 71
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 86
<NUMBER-OF-SHARES-REDEEMED> (7)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,151
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 95
<AVERAGE-NET-ASSETS> 8,652
<PER-SHARE-NAV-BEGIN> 9.50
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> .04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.67
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 014
<NAME> KEMPER HORIZON 20+ PORTFOLIO - CLASS I
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> APR-08-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 19,497
<INVESTMENTS-AT-VALUE> 18,936
<RECEIVABLES> 205
<ASSETS-OTHER> 67
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,208
<PAYABLE-FOR-SECURITIES> 918
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39
<TOTAL-LIABILITIES> 957
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,784
<SHARES-COMMON-STOCK> 98
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 134
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (106)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (561)
<NET-ASSETS> 18,251
<DIVIDEND-INCOME> 63
<INTEREST-INCOME> 88
<OTHER-INCOME> 0
<EXPENSES-NET> (92)
<NET-INVESTMENT-INCOME> 59
<REALIZED-GAINS-CURRENT> (102)
<APPREC-INCREASE-CURRENT> (561)
<NET-CHANGE-FROM-OPS> (604)
<EQUALIZATION> 71
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 103
<NUMBER-OF-SHARES-REDEEMED> (5)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,151
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 95
<AVERAGE-NET-ASSETS> 8,652
<PER-SHARE-NAV-BEGIN> 10.03
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> (.37)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.73
<EXPENSE-RATIO> .73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE JANUARY 31,1996 SEMI-ANNUAL REPORT TO
SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 20
<NAME> KEMPER HORIZON 10+ COMBINED
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 1,301,000
<INVESTMENTS-AT-VALUE> 1,342,000
<RECEIVABLES> 164,000
<ASSETS-OTHER> 193,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,699,000
<PAYABLE-FOR-SECURITIES> 336,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,000
<TOTAL-LIABILITIES> 337,000
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,321,000
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,000)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,000
<NET-ASSETS> 1,362,000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,000
<OTHER-INCOME> 0
<EXPENSES-NET> (2,000)
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 41,000
<NET-CHANGE-FROM-OPS> 39,000
<EQUALIZATION> 2,000
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,262,000
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,000)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,000)
<AVERAGE-NET-ASSETS> 681,179
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 021
<NAME> KEMPER HORIZON 10+ PORTFOLIO - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> DEC-29-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 19,347
<INVESTMENTS-AT-VALUE> 18,958
<RECEIVABLES> 550
<ASSETS-OTHER> 164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,672
<PAYABLE-FOR-SECURITIES> 733
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27
<TOTAL-LIABILITIES> 760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,258
<SHARES-COMMON-STOCK> 973
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 135
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (92)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (389)
<NET-ASSETS> 18,912
<DIVIDEND-INCOME> 47
<INTEREST-INCOME> 152
<OTHER-INCOME> 0
<EXPENSES-NET> (95)
<NET-INVESTMENT-INCOME> 104
<REALIZED-GAINS-CURRENT> (88)
<APPREC-INCREASE-CURRENT> (389)
<NET-CHANGE-FROM-OPS> (373)
<EQUALIZATION> 97
<DISTRIBUTIONS-OF-INCOME> (48)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 986
<NUMBER-OF-SHARES-REDEEMED> (21)
<SHARES-REINVESTED> 5
<NET-CHANGE-IN-ASSETS> 18,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 97
<AVERAGE-NET-ASSETS> 8,744
<PER-SHARE-NAV-BEGIN> 9.50
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 022
<NAME> KEMPER HORIZON 10+ PORTFOLIO - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> DEC-29-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 19,347
<INVESTMENTS-AT-VALUE> 18,958
<RECEIVABLES> 550
<ASSETS-OTHER> 164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,672
<PAYABLE-FOR-SECURITIES> 733
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27
<TOTAL-LIABILITIES> 760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,258
<SHARES-COMMON-STOCK> 898
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 135
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (92)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (389)
<NET-ASSETS> 18,912
<DIVIDEND-INCOME> 47
<INTEREST-INCOME> 152
<OTHER-INCOME> 0
<EXPENSES-NET> (95)
<NET-INVESTMENT-INCOME> 104
<REALIZED-GAINS-CURRENT> (88)
<APPREC-INCREASE-CURRENT> (389)
<NET-CHANGE-FROM-OPS> (373)
<EQUALIZATION> 97
<DISTRIBUTIONS-OF-INCOME> (19)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 920
<NUMBER-OF-SHARES-REDEEMED> (27)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 18,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 97
<AVERAGE-NET-ASSETS> 8,744
<PER-SHARE-NAV-BEGIN> 9.50
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 023
<NAME> KEMPER HORIZON 10+ PORTFOLIO - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> DEC-29-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 19,347
<INVESTMENTS-AT-VALUE> 18,958
<RECEIVABLES> 550
<ASSETS-OTHER> 164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,672
<PAYABLE-FOR-SECURITIES> 733
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27
<TOTAL-LIABILITIES> 760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,258
<SHARES-COMMON-STOCK> 89
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 135
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (92)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (389)
<NET-ASSETS> 18,912
<DIVIDEND-INCOME> 47
<INTEREST-INCOME> 152
<OTHER-INCOME> 0
<EXPENSES-NET> (95)
<NET-INVESTMENT-INCOME> 104
<REALIZED-GAINS-CURRENT> (88)
<APPREC-INCREASE-CURRENT> (389)
<NET-CHANGE-FROM-OPS> (373)
<EQUALIZATION> 97
<DISTRIBUTIONS-OF-INCOME> (3)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 89
<NUMBER-OF-SHARES-REDEEMED> (4)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 18,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 97
<AVERAGE-NET-ASSETS> 8,744
<PER-SHARE-NAV-BEGIN> 9.50
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 024
<NAME> KEMPER HORIZON 10+ PORTFOLIO - CLASS I
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> APR-08-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 19,347
<INVESTMENTS-AT-VALUE> 18,958
<RECEIVABLES> 550
<ASSETS-OTHER> 164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,672
<PAYABLE-FOR-SECURITIES> 733
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27
<TOTAL-LIABILITIES> 760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,258
<SHARES-COMMON-STOCK> 11
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 135
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (92)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (389)
<NET-ASSETS> 18,912
<DIVIDEND-INCOME> 47
<INTEREST-INCOME> 152
<OTHER-INCOME> 0
<EXPENSES-NET> (95)
<NET-INVESTMENT-INCOME> 104
<REALIZED-GAINS-CURRENT> (88)
<APPREC-INCREASE-CURRENT> (389)
<NET-CHANGE-FROM-OPS> (373)
<EQUALIZATION> 97
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12
<NUMBER-OF-SHARES-REDEEMED> (1)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 97
<AVERAGE-NET-ASSETS> 8,744
<PER-SHARE-NAV-BEGIN> 9.83
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> (.26)
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> .73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE JANUARY, 31, 1996 SEMI-ANNUAL REPORT TO
SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 30
<NAME> KEMPER HORIZON 5 COMBINED
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 632,000
<INVESTMENTS-AT-VALUE> 648,000
<RECEIVABLES> 86,000
<ASSETS-OTHER> 70,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 804,000
<PAYABLE-FOR-SECURITIES> 67,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,000
<TOTAL-LIABILITIES> 68,000
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 719,000
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,000
<NET-ASSETS> 736,000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,000
<OTHER-INCOME> 0
<EXPENSES-NET> (1,000)
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 16,000
<NET-CHANGE-FROM-OPS> 16,000
<EQUALIZATION> 1,000
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 636,000
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,000)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,000)
<AVERAGE-NET-ASSETS> 368,229
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERNECE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 031
<NAME> KEMPER HORIZON 5 PORTFOLIO - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> DEC-29-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 10,665
<INVESTMENTS-AT-VALUE> 10,509
<RECEIVABLES> 396
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,905
<PAYABLE-FOR-SECURITIES> 36
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38
<TOTAL-LIABILITIES> 74
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,955
<SHARES-COMMON-STOCK> 461
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 76
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (156)
<NET-ASSETS> 10,831
<DIVIDEND-INCOME> 18
<INTEREST-INCOME> 120
<OTHER-INCOME> 0
<EXPENSES-NET> (56)
<NET-INVESTMENT-INCOME> 82
<REALIZED-GAINS-CURRENT> (42)
<APPREC-INCREASE-CURRENT> (156)
<NET-CHANGE-FROM-OPS> (116)
<EQUALIZATION> 46
<DISTRIBUTIONS-OF-INCOME> (28)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 509
<NUMBER-OF-SHARES-REDEEMED> (54)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 10,731
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57
<AVERAGE-NET-ASSETS> 5,062
<PER-SHARE-NAV-BEGIN> 9.50
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERNECE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 032
<NAME> KEMPER HORIZON 5 PORTFOLIO - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> DEC-29-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 10,665
<INVESTMENTS-AT-VALUE> 10,509
<RECEIVABLES> 396
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,905
<PAYABLE-FOR-SECURITIES> 36
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38
<TOTAL-LIABILITIES> 74
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,955
<SHARES-COMMON-STOCK> 596
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 76
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (156)
<NET-ASSETS> 10,831
<DIVIDEND-INCOME> 18
<INTEREST-INCOME> 120
<OTHER-INCOME> 0
<EXPENSES-NET> (56)
<NET-INVESTMENT-INCOME> 82
<REALIZED-GAINS-CURRENT> (42)
<APPREC-INCREASE-CURRENT> (156)
<NET-CHANGE-FROM-OPS> (116)
<EQUALIZATION> 46
<DISTRIBUTIONS-OF-INCOME> (23)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 611
<NUMBER-OF-SHARES-REDEEMED> (20)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 10,731
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57
<AVERAGE-NET-ASSETS> 5,062
<PER-SHARE-NAV-BEGIN> 9.50
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERNECE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 033
<NAME> KEMPER HORIZON 5 PORTFOLIO - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> DEC-29-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 10,665
<INVESTMENTS-AT-VALUE> 10,509
<RECEIVABLES> 396
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,905
<PAYABLE-FOR-SECURITIES> 36
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38
<TOTAL-LIABILITIES> 74
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,955
<SHARES-COMMON-STOCK> 64
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 76
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (156)
<NET-ASSETS> 10,831
<DIVIDEND-INCOME> 18
<INTEREST-INCOME> 120
<OTHER-INCOME> 0
<EXPENSES-NET> (56)
<NET-INVESTMENT-INCOME> 82
<REALIZED-GAINS-CURRENT> (42)
<APPREC-INCREASE-CURRENT> (156)
<NET-CHANGE-FROM-OPS> (116)
<EQUALIZATION> 46
<DISTRIBUTIONS-OF-INCOME> (3)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64
<NUMBER-OF-SHARES-REDEEMED> (4)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 10,731
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57
<AVERAGE-NET-ASSETS> 5,062
<PER-SHARE-NAV-BEGIN> 9.50
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> 9.57
<RETURNS-OF-CAPITAL> 2.23
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 034
<NAME> KEMPER HORIZON 5 PORTFOLIO - CLASS I
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> APR-08-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 10,665
<INVESTMENTS-AT-VALUE> 10,509
<RECEIVABLES> 396
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,905
<PAYABLE-FOR-SECURITIES> 36
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38
<TOTAL-LIABILITIES> 74
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,955
<SHARES-COMMON-STOCK> 11
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 76
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (156)
<NET-ASSETS> 10,831
<DIVIDEND-INCOME> 18
<INTEREST-INCOME> 120
<OTHER-INCOME> 0
<EXPENSES-NET> (56)
<NET-INVESTMENT-INCOME> 82
<REALIZED-GAINS-CURRENT> (42)
<APPREC-INCREASE-CURRENT> (156)
<NET-CHANGE-FROM-OPS> (116)
<EQUALIZATION> 46
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 10,731
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57
<AVERAGE-NET-ASSETS> 5,062
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.58
<EXPENSE-RATIO> .73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
SUPPLEMENTARY 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 year ended as of the date listed in Exhibit A
attached hereto ("Report Date"), we considered their internal control
structure, including procedures for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing
our opinion on their financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable,
but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure 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 structure would not
necessarily disclose all matters in the internal control structure
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 the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities 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 structure, including procedures 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
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Chicago, Illinois
August 29, 1996
Kemper Funds Exhibit A
July 31, 1996
Kemper Horizon Fund
Kemper Horizon 20+ Portfolio
Kemper Horizon 10+ Portfolio
Kemper Horizon 5 Portfolio
