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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 10
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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> 0001024112
<NAME> KEMPER AGGRESSIVE GROWTH FUND
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<MULTIPLIER> 1000
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> SEP-30-1997
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</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> 0001024112
<NAME> KEMPER AGGRESSIVE GROWTH FUND
<SERIES>
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<NAME> CLASS B
<MULTIPLIER> 1000
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</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> 0001024112
<NAME> KEMPER AGGRESSIVE GROWTH FUND
<SERIES>
<NUMBER> 003
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<MULTIPLIER> 1000
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (53)
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</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
November 18, 1997
Kemper Funds Exhibit A
September 30, 1997
Kemper Portfolios:
Kemper Cash Reserves Fund
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
Kemper Growth Fund
Kemper Small Capitalization Equity Fund
Kemper Aggressive Growth Fund
Kemper High Yield Fund
Kemper National Tax-Free Income Series:
Kemper Municipal Bond Fund
Kemper Intermediate Municipal Bond Fund
Tax-Exempt California Money Market Fund
Exhibit 770
Kemper Aggressive Growth Fund
Form N-SAR for the period ended 9/30/97
File No. 811-07855
Offering Date: 5/8/97
Description of Security: American Disposal Services Inc.
Total Amount of Underwriting: 4,000,000 Shares
Name of Fund: Kemper Aggressive Growth Fund
Amount Purchased: 13,000 Shares
Affiliate That Participated in Underwriting: Gruntal and Co.
Amount Purchased 4% Limit (1): 0.3%
Amount Purchased 3% Limit (2): 2.9%
Purchased From: Oppenheimer & Co., Inc.
Underwriting syndicates members: Oppenheimer & Co., Inc.,
Credit Suisse First Boston Corp., Alex. Brown & Sons Inc.,
Deutsche Morgan Grenfell Inc., A.G. Edwards & Sons, Inc.,
Goldman, Sachs & Co., Lehman Brothers Inc., Merrill Lynch,
Pierce, Fenner & Smith Inc., Smith Barney Inc., Robert W.
Baird & Co., Inc., Crowell, Weedon & Co., Fahnestock & Co.
Inc., First Analysis Securities Corp., GS2 Securities, Inc.
C.L. King & Assoc., Inc., McDonald & Company Securities,
Inc., Morgan Keegan & Co., Inc., Pacific Growth Equities
Inc., Parker/Hunter Inc., Rauscher Pierce Refsnes Inc.,
Raymond James & Associates, Inc., Sanders Morris Mundy Inc.,
Van Kasper & Co.
Offering Date: 7/2/97
Description of Security: Centennial Healthcare Corp.
Total Amount of Underwriting: 4,000,000 Shares
Name of Fund: Kemper Aggressive Growth Fund
Amount Purchased: 1,600 Shares
Affiliate That Participated in Underwriting: Gruntal and Co.
Amount Purchased 4% Limit (1): 0.5%
Amount Purchased 3% Limit (2): 0.3%
Purchased from: Alex. Brown & Sons Inc.
Underwriting syndicates members: Alex. Brown & Sons Inc.,
Donaldson, Lufkin & Jenrette Securities Corp., Morgan
Stanley & Co., Inc., Equitable Securities Corp., ABN AMRO
Chicago Corp., Bear, Stearns & Co., Inc., Credit Suisse
First Boston Corp., Merrill Lynch, Pierce, Fenner & Smith
Inc., Oppenheimer & Co., Inc., Prudential Securities Inc.,
Robertson, Stephens & Co., LLC, Salomon Brothers Inc., J.C.
Bradford & Co., Gerard Klauer Mattison & Co., Inc., J.J.B.
Hilliard, W.L. Lyons, Inc., Interstate/Johnson Lane Corp.,
Janney Montgomery Scott Inc., McDonald & Company Securities,
Inc., Needham & Co., Inc., Raymond James & Associates, Inc.,
The Robinson-Humphrey Co., Inc., Sands Brothers & Co., Ltd.,
Stephens Inc.
Offering Date: 4/16/97
Description of Security: DeCrane Aircraft Holdings Inc.
Total Amount of Underwriting: 2,797,423 Shares
Name of Fund: Kemper Aggressive Growth Fund
Amount Purchased: 4,200 Shares
Affiliate That Participated in Underwriting: Gruntal and Co.
Amount Purchased 4% Limit (1): 1.8%
Amount Purchased 3% Limit (2): 0.8%
Purchased From: Schroder Wertheim & Co. Inc.
Underwriting syndicates members: Schroder Wertheim & Co.
Inc., Dillon, Read & Co., Inc., Bear, Stearns & Co., Inc.,
Alex Brown & Sons Inc., BT Securities Corp., Donaldson,
Lufkin & Jenrette Securities Corp., A.G. Edwards & Sons,
Inc., Goldman, Sachs & Co., Lazard Freres & Co. LLC, Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Inc.,
Oppenheimer & Co., Inc., Prudential Securities Inc., Smith
Barney Inc., Arnhold & S. Bleichroeder,
Inc., Cowen & Co., Gabelli & Co., Inc., Janney Montgomery
Scott Inc., C.L. King & Associates, Inc., The Ohio Co.,
Ragen Mackenzie Inc., The Robinson-Humphrey Co., Inc.,
Sanders Morris Mundy Inc., Scott & Stringfellow, Inc.,
Wheat, First Securities, Inc.
Offering Date: 8/6/97
Description of Security: OCWEN Financial Corp.
Total Amount of Underwriting: 3,000,000 Shares
Name of Fund: Kemper Aggressive Growth Fund
Amount Purchased: 700 Shares
Affiliate That Participated in Underwriting: Gruntal and Co.
Amount Purchased 4% Limit (1): 2.8%
Amount Purchased 3% Limit (2): 0.4%
Purchased from: Lehman Brothers Inc.
Underwriting syndicates members: Lehman Brothers Inc.,
Friedman, Billings, Ramsey & Co., Inc., Morgan Stanley &
Co., Inc., Bear Stearns & Co., Inc., Credit Suisse First
Boston Corp., Dillon, Read & Co., Inc., Donaldson, Lufkin &
Jenrette Securities Corp., A.G. Edwards & Sons, Inc., EVEREN
Securities Inc., Merrill Lynch & Co., Montgomery Securities,
Oppenheimer & Co., Inc., Prudential Securities, Inc.,
Salomon Brothers, Inc., J.C. Bradford & Co., Allen C. Ewing
& Co., Piper Jaffray, Inc., Raymond James & Associates Inc.,
Robinson-Humphrey Co., Inc., Sandler, O'Neill & Partners,
L.P., Southeast Research Partners, Inc.
Offering Date: 06/24/97
Description of Security: Waterlink, Inc.
Total Amount of Underwriting: 4,500,000 Shares
Name of Fund: Kemper Aggressive Growth Fund
Amount Purchased: 3,200 Shares
Affiliate That Participated in Underwriting: Gruntal and Co.
Amount Purchased 4% Limit (1): 0.9%
Amount Purchased 3% Limit (2): 0.5%
Purchased from: Smith Barney Inc.
Underwriting syndicates members: Smith Barney Inc.,
Oppenheimer & Co., Inc., Sanders Morris Mundy Inc., Robert
W. Baird & Co. Inc., Bear, Stearns & Co, Inc., Alex. Brown &
Sons Inc., Cleary Gull Reiland & McDevitt Inc., Credit
Suisse First Boston Corp., Dain Bosworth Inc., Deutsche
Morgan Grenfell Inc., Donaldson, Lufkin & Jenrette
Securities Corp., EVEREN Securities, Inc., First Analysis
Securities Corp., First of Michigan Corp., Goldman, Sachs &
Co., Hoefer & Arnett, Inc., Edward D. Jones & Co., L.P.,
McDonald & Company Securities, Inc., Merrill Lynch, Pierce,
Fenner & Smith Inc., NatWest Securities Ltd., The Ohio Co.,
PaineWebber Inc., Parker/Hunter Inc., Ragen MacKenzie Inc.,
Rauscher Pierce Refsnes, Inc., Raymond James & Associates,
Inc., The Robinson-Humphrey Co., Inc., Salomon Brothers Inc.
(1) The amount purchased may not be greater than 4% of
the total prinicipal amount of an issue. Percentage
applies to all Funds purchasing shares.
(2) The amount purchased may not greater than 3% of the
Funds total assets.
