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SEMIANNUAL REPORT TO
SHAREHOLDERS FOR THE SIX MONTHS
ENDED JUNE 30, 1999
LONG-TERM INVESTING IN A SHORT-TERM WORLD(SM)
SEMIANNUAL REPORT
For Contract Holders of Kemper Destinations(SM)
- - Kemper Variable Series
- - Scudder Variable Life Investment Fund Portfolios
- - Janus Aspen Series Portfolios
- - Warburg Pincus Trust Portfolios
[KEMPER ANNUITIES LOGO]
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This report must be preceded or accompanied by
the current prospectus.
INVESTMENT MANAGERS:
Scudder Kemper Investments, Inc.
222 South Riverside Plaza
Chicago, IL 60606
(Tel) 800-778-1482
Janus Capital Corporation
P.O. Box 173375
Denver, CO 80217-3375
(Tel) 800-525-3713
Warburg Pincus Asset Management
P.O. Box 4906
Grand Central Station
New York, NY 10163
(Tel) 800-369-2728
[SS PI_LOGO][CFN][RS PI_LOGO]
Printed on recycled paper.
DEST-3 (8/31/99) 1087490
Printed in the U.S.A. KEMPER ANNUITIES LOGO
