<PAGE> PAGE 1
000 B000000 07/31/97
000 C000000 0001001983
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 KEMPER HORIZON FUND
001 B000000 811-7365
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 KEMPER HORIZON 20+ PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 KEMPER HORIZON 10+ PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 KEMPER HORIZON 5 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 ZURICH KEMPER INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-6634
008 D01AA01 CHICAGO
008 D02AA01 IL
008 D03AA01 60606
008 D04AA01 5808
008 A00AA02 ZURICH KEMPER VALUE ADVISORS, INC.
008 B00AA02 S
008 C00AA02 801-35060
008 D01AA02 JERSEY CITY
008 D02AA02 NJ
<PAGE> PAGE 2
008 D03AA02 07302
008 A00AA03 ZURICH INVESTMENT MANAGEMENT LIMITED
008 B00AA03 S
008 C00AA03 801-45306
008 D01AA03 LONDON
008 D05AA03 UK
008 D06AA03 EC4M7RQ
010 A00AA01 ZURICH KEMPER DISTRIBUTORS, INC.
010 B00AA01 8-47765
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60606
010 C04AA01 5808
011 A00AA01 ZURICH KEMPER DISTRIBUTORS, INC.
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
011 C04AA01 5808
012 A00AA01 ZURICH 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 ZURICH KEMPER DISTRIBUTORS, INC.
014 B00AA01 8-47765
014 A00AA02 GRUNTAL SECURITIES, INC.
014 B00AA02 8-31022
014 A00AA03 THE GMS GROUP, INC.
014 B00AA03 8-23936
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
015 A00AA02 CHASE MANHATTAN BANK
015 B00AA02 C
015 C01AA02 BROOKLYN
015 C02AA02 NY
015 C03AA02 11245
015 E04AA02 X
015 A00AA03 STATE STREET BANK AND TRUST COMPANY
015 B00AA03 S
015 C01AA03 BOSTON
015 C02AA03 MA
015 C03AA03 02110
<PAGE> PAGE 3
015 E01AA03 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 62
019 C00AA00 KEMPERFNDS
020 A000001 TIR SECURITIES TIEDEMANN
020 B000001 UNKNOWN
020 C000001 32
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000002 13-5674085
020 C000002 22
020 A000003 MORGAN STANLEY & CO. INCORPORATED
020 B000003 13-2655998
020 C000003 17
020 A000004 SALOMON BROTHERS INC.
020 B000004 13-3082694
020 C000004 17
020 A000005 SMITH BARNEY INC.
020 B000005 13-1912900
020 C000005 17
020 A000006 ALEX. BROWN & SONS INCORPORATED
020 B000006 52-0256630
020 C000006 14
020 A000007 DUNLEVY & CO., INC.
020 B000007 13-2919975
020 C000007 11
020 A000008 STANDARD & POOR'S SECURITIES, INC.
020 B000008 13-2671951
020 C000008 10
020 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000009 13-2741729
020 C000009 8
020 A000010 FOX-PITT, KELTON INCORPORATED
020 B000010 06-1058201
020 C000010 7
021 000000 277
022 A000001 FIRST CHICAGO NBD CORP.
022 B000001 36-0899825
022 C000001 33297
022 D000001 19704
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000002 13-5674085
022 C000002 28857
022 D000002 14611
022 A000003 BEAR, STEARNS & CO. INC.
022 B000003 13-3299429
022 C000003 14420
022 D000003 15962
022 A000004 UBS SECURITIES, INC.
022 B000004 13-2932996
022 C000004 14049
<PAGE> PAGE 4
022 D000004 9793
022 A000005 CS FIRST BOSTON CORPORATION
022 B000005 13-5659485
022 C000005 16513
022 D000005 7188
022 A000006 LEHMAN BROTHERS INC.
022 B000006 13-2518466
022 C000006 13312
022 D000006 9756
022 A000007 PAINEWEBBER INCORPORATED
022 B000007 13-2638166
022 C000007 14538
022 D000007 487
022 A000008 SALOMON BROTHERS INC.
022 B000008 13-3082694
022 C000008 7579
022 D000008 4021
022 A000009 TROSTER SINGER
022 B000009 13-5515160
022 C000009 5510
022 D000009 2738
022 A000010 GOLDMAN, SACHS & CO.
022 B000010 13-5108880
022 C000010 6164
022 D000010 1900
023 C000000 176621
023 D000000 103810
024 00AA00 Y
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<PAGE> PAGE 5
048 C01AA00 2500000
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050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
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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 N
058 A00AA00 N
059 00AA00 Y
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060 B00AA00 Y
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<PAGE> PAGE 6
062 I00AA00 0.0
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077 J000000 N
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077 N000000 N
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
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082 A00AA00 Y
082 B00AA00 100
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
025 A000101 BEAR STEARNS COMPANIES
025 B000101 13-3299429
025 C000101 E
025 D000101 204
025 A000102 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
025 B000102 13-5674085
025 C000102 E
025 D000102 141
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<PAGE> PAGE 7
025 D000105 0
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<PAGE> PAGE 8
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066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
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069 000100 N
070 A010100 Y
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070 E020100 Y
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<PAGE> PAGE 9
070 Q010100 N
070 Q020100 N
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070 R020100 N
071 A000100 81287
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074 A000100 553
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<PAGE> PAGE 10
074 G000100 0
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025 A000201 BEAR STEARNS COMPANIES
025 B000201 13-3299429
025 C000201 E
025 D000201 159
025 A000202 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
025 B000202 13-5674085
025 C000202 E
025 D000202 113
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028 B040200 443
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<PAGE> PAGE 11
028 C030200 0
028 C040200 814
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<PAGE> PAGE 12
070 A020200 Y
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071 A000200 84451
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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025 A000301 BEAR STEARNS COMPANIES
025 B000301 13-3299429
025 C000301 E
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025 A000302 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
025 B000302 13-5674085
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE JEROME L DUFFY
TITLE TREASURER
<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 1997 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> 011
<NAME> KEMPER HORIZON 20+ PORTFOLIO - CLASS A
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<S> <C>
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<EXPENSE-RATIO> 1.69
<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 1997 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> 012
<NAME> KEMPER HORIZON 20+ PORTFOLIO - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 53,114
<INVESTMENTS-AT-VALUE> 62,320
<RECEIVABLES> 2,247
<ASSETS-OTHER> 553
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,120
<PAYABLE-FOR-SECURITIES> 2,212
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 235
<TOTAL-LIABILITIES> 2,447
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,281
<SHARES-COMMON-STOCK> 2,515
<SHARES-COMMON-PRIOR> 873
<ACCUMULATED-NII-CURRENT> 356
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,830
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,206
<NET-ASSETS> 62,673
<DIVIDEND-INCOME> 442
<INTEREST-INCOME> 634
<OTHER-INCOME> 0
<EXPENSES-NET> (822)
<NET-INVESTMENT-INCOME> 254
<REALIZED-GAINS-CURRENT> 1,937
<APPREC-INCREASE-CURRENT> 9,767
<NET-CHANGE-FROM-OPS> 11,958
<EQUALIZATION> 174
<DISTRIBUTIONS-OF-INCOME> (207)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,837
<NUMBER-OF-SHARES-REDEEMED> (201)
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> 44,422
<ACCUMULATED-NII-PRIOR> 134
<ACCUMULATED-GAINS-PRIOR> (106)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 822
<AVERAGE-NET-ASSETS> 38,743
<PER-SHARE-NAV-BEGIN> 9.65
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 3.15
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.79
<EXPENSE-RATIO> 2.47
<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 1997 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> 013
<NAME> KEMPER HORIZON 20+ PORTFOLIO - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 53,114
<INVESTMENTS-AT-VALUE> 62,320
<RECEIVABLES> 2,247
<ASSETS-OTHER> 553
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,120
<PAYABLE-FOR-SECURITIES> 2,212
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 235
<TOTAL-LIABILITIES> 2,447
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,281
<SHARES-COMMON-STOCK> 308
<SHARES-COMMON-PRIOR> 82
<ACCUMULATED-NII-CURRENT> 356
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,830
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,206
<NET-ASSETS> 62,673
<DIVIDEND-INCOME> 442
<INTEREST-INCOME> 634
<OTHER-INCOME> 0
<EXPENSES-NET> (822)
<NET-INVESTMENT-INCOME> 254
<REALIZED-GAINS-CURRENT> 1,937
<APPREC-INCREASE-CURRENT> 9,767
<NET-CHANGE-FROM-OPS> 11,958
<EQUALIZATION> 174
<DISTRIBUTIONS-OF-INCOME> (207)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 301
<NUMBER-OF-SHARES-REDEEMED> (76)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 44,422
<ACCUMULATED-NII-PRIOR> 134
<ACCUMULATED-GAINS-PRIOR> (106)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 822
<AVERAGE-NET-ASSETS> 38,743
<PER-SHARE-NAV-BEGIN> 9.67
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 3.13
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.80
<EXPENSE-RATIO> 2.48
<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 1997 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> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 53,114
<INVESTMENTS-AT-VALUE> 62,320
<RECEIVABLES> 2,247
<ASSETS-OTHER> 553
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,120
<PAYABLE-FOR-SECURITIES> 2,212
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 235
<TOTAL-LIABILITIES> 2,447
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,281
<SHARES-COMMON-STOCK> 67
<SHARES-COMMON-PRIOR> 98
<ACCUMULATED-NII-CURRENT> 356
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,830
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,206
<NET-ASSETS> 62,673
<DIVIDEND-INCOME> 442
<INTEREST-INCOME> 634
<OTHER-INCOME> 0
<EXPENSES-NET> (822)
<NET-INVESTMENT-INCOME> 254
<REALIZED-GAINS-CURRENT> 1,937
<APPREC-INCREASE-CURRENT> 9,767
<NET-CHANGE-FROM-OPS> 11,958
<EQUALIZATION> 174
<DISTRIBUTIONS-OF-INCOME> (207)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38
<NUMBER-OF-SHARES-REDEEMED> (70)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 44,422
<ACCUMULATED-NII-PRIOR> 134
<ACCUMULATED-GAINS-PRIOR> (106)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 822
<AVERAGE-NET-ASSETS> 38,743
<PER-SHARE-NAV-BEGIN> 9.73
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 3.17
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.96
<EXPENSE-RATIO> 1.04
<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 1997 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> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 55,510
<INVESTMENTS-AT-VALUE> 63,042
<RECEIVABLES> 2,120
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,238
<PAYABLE-FOR-SECURITIES> 1,669
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169
<TOTAL-LIABILITIES> 1,838
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,781
<SHARES-COMMON-STOCK> 2,288
<SHARES-COMMON-PRIOR> 973
<ACCUMULATED-NII-CURRENT> 606
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,481
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,532
<NET-ASSETS> 63,400
<DIVIDEND-INCOME> 353
<INTEREST-INCOME> 1,212
<OTHER-INCOME> 0
<EXPENSES-NET> (807)
<NET-INVESTMENT-INCOME> 758
<REALIZED-GAINS-CURRENT> 1,574
<APPREC-INCREASE-CURRENT> 7,921
<NET-CHANGE-FROM-OPS> 10,253
<EQUALIZATION> 293
<DISTRIBUTIONS-OF-INCOME> (581)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,750
<NUMBER-OF-SHARES-REDEEMED> (466)
<SHARES-REINVESTED> 31
<NET-CHANGE-IN-ASSETS> 44,488
<ACCUMULATED-NII-PRIOR> 135
<ACCUMULATED-GAINS-PRIOR> (92)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 807
<AVERAGE-NET-ASSETS> 40,216
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> 2.36
<PER-SHARE-DIVIDEND> (.20)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.01
<EXPENSE-RATIO> 1.51
<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 1997 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> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 55,510
<INVESTMENTS-AT-VALUE> 63,042
<RECEIVABLES> 2,120
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,238
<PAYABLE-FOR-SECURITIES> 1,669
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169
<TOTAL-LIABILITIES> 1,838
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,781
<SHARES-COMMON-STOCK> 2,466
<SHARES-COMMON-PRIOR> 898
<ACCUMULATED-NII-CURRENT> 606
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,481
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,532
<NET-ASSETS> 63,400
<DIVIDEND-INCOME> 353
<INTEREST-INCOME> 1,212
<OTHER-INCOME> 0
<EXPENSES-NET> (807)
<NET-INVESTMENT-INCOME> 758
<REALIZED-GAINS-CURRENT> 1,574
<APPREC-INCREASE-CURRENT> 7,921
<NET-CHANGE-FROM-OPS> 10,253
<EQUALIZATION> 293
<DISTRIBUTIONS-OF-INCOME> (581)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,820
<NUMBER-OF-SHARES-REDEEMED> (269)
<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 44,488
<ACCUMULATED-NII-PRIOR> 135
<ACCUMULATED-GAINS-PRIOR> (92)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 807
<AVERAGE-NET-ASSETS> 40,216
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> 2.35
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.00
<EXPENSE-RATIO> 2.36
<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 1997 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> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 55,510
<INVESTMENTS-AT-VALUE> 63,042
<RECEIVABLES> 2,120
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,238
<PAYABLE-FOR-SECURITIES> 1,669
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169
<TOTAL-LIABILITIES> 1,838
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,781
<SHARES-COMMON-STOCK> 494
<SHARES-COMMON-PRIOR> 89
<ACCUMULATED-NII-CURRENT> 606
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,481
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,532
<NET-ASSETS> 63,400
<DIVIDEND-INCOME> 353
<INTEREST-INCOME> 1,212
<OTHER-INCOME> 0
<EXPENSES-NET> (807)
<NET-INVESTMENT-INCOME> 758
<REALIZED-GAINS-CURRENT> 1,574
<APPREC-INCREASE-CURRENT> 7,921
<NET-CHANGE-FROM-OPS> 10,253
<EQUALIZATION> 293
<DISTRIBUTIONS-OF-INCOME> (581)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 484
<NUMBER-OF-SHARES-REDEEMED> (82)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 44,488
<ACCUMULATED-NII-PRIOR> 135
<ACCUMULATED-GAINS-PRIOR> (92)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 807
<AVERAGE-NET-ASSETS> 40,216
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 2.34
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> 2.61
<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 1997 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> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 55,510
<INVESTMENTS-AT-VALUE> 63,042
<RECEIVABLES> 2,120
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,238
<PAYABLE-FOR-SECURITIES> 1,669
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169
<TOTAL-LIABILITIES> 1,838
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,781
<SHARES-COMMON-STOCK> 33
<SHARES-COMMON-PRIOR> 11
<ACCUMULATED-NII-CURRENT> 606
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,481
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,532
<NET-ASSETS> 63,400
<DIVIDEND-INCOME> 353
<INTEREST-INCOME> 1,212
<OTHER-INCOME> 0
<EXPENSES-NET> (807)
<NET-INVESTMENT-INCOME> 758
<REALIZED-GAINS-CURRENT> 1,574
<APPREC-INCREASE-CURRENT> 7,921
<NET-CHANGE-FROM-OPS> 10,253
<EQUALIZATION> 293
<DISTRIBUTIONS-OF-INCOME> (581)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46
<NUMBER-OF-SHARES-REDEEMED> (25)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 44,488
<ACCUMULATED-NII-PRIOR> 135
<ACCUMULATED-GAINS-PRIOR> (92)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 807
<AVERAGE-NET-ASSETS> 40,216
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 2.40
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.97
<EXPENSE-RATIO> 1.06
<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 SUMMARY
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1997 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> 031
<NAME> KEMPER HORIZON 5 PORTFOLIO - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 28,551
<INVESTMENTS-AT-VALUE> 31,036
<RECEIVABLES> 1,162
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,198
<PAYABLE-FOR-SECURITIES> 589
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 909
<TOTAL-LIABILITIES> 1,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,285
<SHARES-COMMON-STOCK> 1,070
<SHARES-COMMON-PRIOR> 461
<ACCUMULATED-NII-CURRENT> 311
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 619
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,485
<NET-ASSETS> 30,700
<DIVIDEND-INCOME> 126
<INTEREST-INCOME> 953
<OTHER-INCOME> 0
<EXPENSES-NET> (428)
<NET-INVESTMENT-INCOME> 651
<REALIZED-GAINS-CURRENT> 664
<APPREC-INCREASE-CURRENT> 2,641
<NET-CHANGE-FROM-OPS> 3,956
<EQUALIZATION> 148
<DISTRIBUTIONS-OF-INCOME> (565)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 860
<NUMBER-OF-SHARES-REDEEMED> (274)
<SHARES-REINVESTED> 23
<NET-CHANGE-IN-ASSETS> 19,869
<ACCUMULATED-NII-PRIOR> 76
<ACCUMULATED-GAINS-PRIOR> (44)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 428
<AVERAGE-NET-ASSETS> 22,207
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> 1.45
<PER-SHARE-DIVIDEND> (.30)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.06
<EXPENSE-RATIO> 1.51
<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 SUMMARY
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1997 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> 032
<NAME> KEMPER HORIZON 5 PORTFOLIO - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 28,551
<INVESTMENTS-AT-VALUE> 31,036
<RECEIVABLES> 1,162
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,198
<PAYABLE-FOR-SECURITIES> 589
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 909
<TOTAL-LIABILITIES> 1,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,285
<SHARES-COMMON-STOCK> 1,413
<SHARES-COMMON-PRIOR> 596
<ACCUMULATED-NII-CURRENT> 311
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 619
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,485
<NET-ASSETS> 30,700
<DIVIDEND-INCOME> 126
<INTEREST-INCOME> 953
<OTHER-INCOME> 0
<EXPENSES-NET> (428)
<NET-INVESTMENT-INCOME> 651
<REALIZED-GAINS-CURRENT> 664
<APPREC-INCREASE-CURRENT> 2,641
<NET-CHANGE-FROM-OPS> 3,956
<EQUALIZATION> 148
<DISTRIBUTIONS-OF-INCOME> (565)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,343
<NUMBER-OF-SHARES-REDEEMED> (552)
<SHARES-REINVESTED> 26
<NET-CHANGE-IN-ASSETS> 19,869
<ACCUMULATED-NII-PRIOR> 76
<ACCUMULATED-GAINS-PRIOR> (44)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 428
<AVERAGE-NET-ASSETS> 22,207
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> 1.44
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.06
<EXPENSE-RATIO> 2.15
<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 SUMMARY
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1997 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> 033
<NAME> KEMPER HORIZON 5 PORTFOLIO - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 28,551
<INVESTMENTS-AT-VALUE> 31,036
<RECEIVABLES> 1,162
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,198
<PAYABLE-FOR-SECURITIES> 589
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 909
<TOTAL-LIABILITIES> 1,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,285
<SHARES-COMMON-STOCK> 281
<SHARES-COMMON-PRIOR> 64
<ACCUMULATED-NII-CURRENT> 311
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 619
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,485
<NET-ASSETS> 30,700
<DIVIDEND-INCOME> 126
<INTEREST-INCOME> 953
<OTHER-INCOME> 0
<EXPENSES-NET> (428)
<NET-INVESTMENT-INCOME> 651
<REALIZED-GAINS-CURRENT> 664
<APPREC-INCREASE-CURRENT> 2,641
<NET-CHANGE-FROM-OPS> 3,956
<EQUALIZATION> 148
<DISTRIBUTIONS-OF-INCOME> (565)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 286
<NUMBER-OF-SHARES-REDEEMED> (73)
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 19,869
<ACCUMULATED-NII-PRIOR> 76
<ACCUMULATED-GAINS-PRIOR> (44)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 428
<AVERAGE-NET-ASSETS> 22,207
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> 1.43
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.07
<EXPENSE-RATIO> 2.16
<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 SUMMARY
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1997 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> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 28,551
<INVESTMENTS-AT-VALUE> 31,036
<RECEIVABLES> 1,162
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,198
<PAYABLE-FOR-SECURITIES> 589
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 909
<TOTAL-LIABILITIES> 1,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,285
<SHARES-COMMON-STOCK> 12
<SHARES-COMMON-PRIOR> 11
<ACCUMULATED-NII-CURRENT> 311
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 619
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,485
<NET-ASSETS> 30,700
<DIVIDEND-INCOME> 126
<INTEREST-INCOME> 953
<OTHER-INCOME> 0
<EXPENSES-NET> (428)
<NET-INVESTMENT-INCOME> 651
<REALIZED-GAINS-CURRENT> 664
<APPREC-INCREASE-CURRENT> 2,641
<NET-CHANGE-FROM-OPS> 3,956
<EQUALIZATION> 148
<DISTRIBUTIONS-OF-INCOME> (565)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2
<NUMBER-OF-SHARES-REDEEMED> (2)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 19,869
<ACCUMULATED-NII-PRIOR> 76
<ACCUMULATED-GAINS-PRIOR> (44)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 428
<AVERAGE-NET-ASSETS> 22,207
<PER-SHARE-NAV-BEGIN> 9.58
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> (.33)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.06
<EXPENSE-RATIO> 1.20
<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
irregularities 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 the 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 the internal control
components 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 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
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Chicago, Illinois
September 17, 1997
Kemper Funds Exhibit A
July 31, 1997
Zurich Money Funds-
Zurich Money Market Fund
Zurich Government Money Fund
Zurich Tax-Free Money Fund
Zurich YieldWise Money Fund
Kemper Horizon Funds-
Kemper Horizon 20+ Portfolio
Kemper Horizon 10+ Portfolio
Kemper Horizon 5+ Portfolio
