<PAGE> 1
Kemper Money Market Fund
Semiannual Report to Shareholders
For the Period Ended
January 31, 1995
(LOGO)
<PAGE> 2
DEAR SHAREHOLDERS:
We are pleased to provide you with the Kemper Money Market Fund semiannual
report for the six-month period ended January 31, 1995.
We are delighted to reaffirm your decision to invest in Kemper Money Market Fund
with our excellent investment results. Each of the three portfolios had
outstanding performance within its Lipper Analytical Services, Inc. category,
(one of the country's largest independent fund ranking organizations) for the
one, five, ten, and fifteen year time period as applicable.
-------------------------------------------------------
LIPPER RANKINGS* COMPARED TO SIMILAR FUNDS
---------------------------------------------------------
KEMPER MONEY MARKET FUND--
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years 15 Years
------ ------- -------- --------
<S> <C> <C> <C> <C>
MONEY MARKET PORTFOLIO #25 #18 #4 #1
Lipper Money Market
Category of 245 of 171 of 98 of 48
GOVERNMENT SECURITIES
PORTFOLIO #5 #3 #3 N/A
Lipper U.S. Government of 101 of 64 of 41
Money Market Category
TAX-EXEMPT PORTFOLIO #8 #8 N/A N/A
Lipper Tax-Exempt Money of 121 of 86
Market Category
</TABLE>
---------------------------------------------------------
----------------------
PORTFOLIO RESULTS
NET ANNUALIZED YIELDS**
FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 1995
<TABLE>
<S> <C>
KEMPER MONEY MARKET FUND--
MONEY MARKET PORTFOLIO 4.77%
SEEKS MAXIMUM CURRENT INCOME CONSISTENT
WITH STABILITY OF PRINCIPAL BY INVESTING
PRIMARILY IN HIGH-QUALITY, SHORT-TERM
CORPORATE AND BANK OBLIGATIONS.
KEMPER MONEY MARKET FUND--
GOVERNMENT SECURITIES PORTFOLIO 4.78%
SEEKS MAXIMUM CURRENT INCOME CONSISTENT
WITH STABILITY OF PRINCIPAL FROM A
PORTFOLIO OF U.S. TREASURY SECURITIES AND
OTHER OBLIGATIONS ISSUED OR GUARANTEED BY
THE U.S. GOVERNMENT, ITS AGENCIES OR
INSTRUMENTALITIES, AND REPURCHASE
AGREEMENTS OF SUCH OBLIGATIONS.
KEMPER MONEY MARKET FUND--
TAX-EXEMPT PORTFOLIO 3.18%
TAX-EQUIVALENT YIELD (BASED ON A
36% TAX BRACKET) 4.97%
SEEKS MAXIMUM CURRENT INCOME EXEMPT FROM
FEDERAL INCOME TAXES TO THE EXTENT
CONSISTENT WITH STABILITY OF PRINCIPAL
THROUGH INVESTMENTS IN SHORT-TERM,
HIGH-QUALITY MUNICIPAL SECURITIES.
</TABLE>
**Net annualized yield is the annualized sum of the daily dividend rates for the
six-month period ended January 31, 1995. Yields are historical and will
fluctuate. The tax equivalent yield for the Tax-Exempt Portfolio is based on a
36% marginal federal income tax rate. Income from the Tax-Exempt Portfolio may
be subject to state and local taxes and for some investors, a portion of
income may be subject to the alternative minimum tax. For additional
information, see the Prospectus and Statement of Additional Information and
the Financial Highlights.
------------
OVERVIEW
The momentum of the 1994 economic expansion produced some of the most positive
economic reports we've seen in years. Income, consumer spending, construction
spending and hiring all were at high levels as we closed the pages on 1994 and
progressed through the beginning of 1995.
It was a year ago that the Federal Reserve Board initiated its series of rate
hikes intended to cool down the economy. The high 6.3 percent increase in gross
domestic product (GDP) in the fourth quarter of 1993 provoked the Fed's first
rate increase in February of 1994. The government raised rates five additional
times in 1994, yet the economy continued to expand at relatively high rates. The
economy's ability to produce a fourth quarter 1994 GDP of 4.6% one year after
steadily rising rates virtually
assured that the Fed would raise rates again
in February - and it did.
While we believe that the higher interest rates are slowing economic growth, the
Federal Reserve will remain focused on the inflation outlook. As a consequence,
we expect the Fed to raise rates if inflation starts to rise, for example.
While other markets have been reacting negatively to the rising rate
environment, it has been positive for the short-term money markets. In fact,
during 1994 taxable money market funds, measured by IBC Donoghue, + returned
3.75% outpacing the stock market, measured by the Standard & Poor's 500 Stock
Index, ++ which only returned 1.20%. Your Fund can take advantage of the benefit
of rising short-term interest rates since it invests only in short-term
investments.
Looking ahead, we anticipate rates will remain in an up trend even with the
economy beginning to show signs of slowing. While other markets may remain
volatile, money markets should allow the opportunity for higher yields and
continue to be an excellent place to invest your money. We remain committed to
providing you both stability of principal, especially during periods of
uncertainty, and high money market yields.
Your Fund's management thanks you for your vote of confidence through your
investment and continues its dedication to outstanding performance. We encourage
you to contact us with your questions and comments
and look forward to serving your investment needs
in the years to come.
Sincerely,
FRANK J. RACHWALSKI
Vice President and Portfolio Manager
February 24, 1995
Frank Rachwalski is Senior Vice President of Kemper Financial Services, Inc. and
Portfolio Manager of Kemper Money Market Fund. Mr. Rachwalski holds a B.B.A. and
an M.B.A. degree from Loyola University.
An investment in the Fund is neither insured nor guaranteed by the U.S.
Government. There can be no assurance that each Portfolio will be able to
maintain a stable net asset value of $1.00 per share.
*Lipper Analytical Services, Inc. rankings include the reinvestment of
dividends. These returns are historical and do not represent future returns,
which will fluctuate.
+IBC Donoghue's taxable money market returns include reinvestment of ordinary
income payouts, as well as capital gains and losses for the given period of
time, for all taxable money market funds tracked by the publication, as of
12/31/94.
++The Standard & Poor's 500 Stock Index is an unmanaged index generally
representative of the U.S. stock market.
<PAGE> 3
MONEY MARKET PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
<TABLE>
<CAPTION>
CORPORATE OBLIGATIONS Value
<S> <C>
BANKING--4.1%
------------------------------------------------------------
(a)Chemical Banking Corporation
6.44%, 4/14/95 $ 25,008
------------------------------------------------------------
(a)Keycorp
6.00%, 2/22/95 14,996
------------------------------------------------------------
Nordbanken North America, Inc.
5.77%, 2/06/95 49,960
------------------------------------------------------------
Skandinaviska Enskilda Banken Funding Inc.
6.15%, 3/01/95 49,764
------------------------------------------------------------
(a)Wells Fargo & Company
6.83% - 6.93%, 2/10/95 - 2/13/95 20,002
------------------------------------------------------------
159,730
CAPITAL AND MORTGAGE LENDING--2.5%
------------------------------------------------------------
Countrywide Funding Corporation
6.01%, 2/10/95 24,962
------------------------------------------------------------
(b)GMAC Mortgage Corporation of Pennsylvania
6.33%, 2/28/95 74,646
------------------------------------------------------------
99,608
CAPTIVE BUSINESS FINANCE--9.3%
------------------------------------------------------------
American Honda Finance Corporation
5.72% - 6.14%, 2/07/95 - 2/10/95 59,919
------------------------------------------------------------
CSW Credit, Inc.
5.76%, 2/02/95 9,998
------------------------------------------------------------
Chrysler Financial Corporation
5.68%, 2/01/95 75,000
------------------------------------------------------------
Enterprise Capital Funding Corporation
6.32%, 3/06/95 49,715
------------------------------------------------------------
Freedom Asset Funding Corporation
6.09%, 3/09/95 49,698
------------------------------------------------------------
Greyhound Financial Corporation
(a) 6.06%, 2/15/95 50,000
6.50% - 6.83%, 4/04/95 - 5/19/95 29,782
------------------------------------------------------------
Hanson Finance (UK) PLC
5.73% - 6.14%, 2/02/95 - 3/02/95 39,876
------------------------------------------------------------
363,988
CONSUMER FINANCING--2.5%
------------------------------------------------------------
American General Finance Corporation
6.04% - 6.14%, 2/03/95 - 3/02/95 49,870
------------------------------------------------------------
Sears Roebuck Acceptance Corp.
5.99%, 2/07/95 49,950
------------------------------------------------------------
99,820
CONSUMER PRODUCTS AND SERVICES--9.6%
------------------------------------------------------------
American Home Foods
6.11%, 3/07/95 9,943
------------------------------------------------------------
American Home Products Corporation
6.11%, 3/08/95 74,563
------------------------------------------------------------
Coca-Cola Enterprises Inc.
5.73% - 6.35%, 2/08/95 - 3/09/95 74,761
------------------------------------------------------------
Cox Enterprises, Inc.
5.77% - 5.87%, 2/09/95 - 2/16/95 44,914
------------------------------------------------------------
Dayton Hudson Corporation
5.82%, 2/16/95 24,940
------------------------------------------------------------
PepsiCo, Inc.
4.12%, 2/03/95 39,999
(a) 5.61%, 2/15/95 49,969
------------------------------------------------------------
Sherwood Medical Co.
6.11%, 3/07/95 39,773
------------------------------------------------------------
Whirlpool Corporation
6.04%, 2/17/95 19,946
------------------------------------------------------------
378,808
<CAPTION>
Value
<S> <C>
CORPORATE FINANCING--7.9%
------------------------------------------------------------
Beta Finance Corporation
5.31%, 2/28/95 $ 14,942
------------------------------------------------------------
CXC Incorporated
6.06%, 2/02/95 24,996
------------------------------------------------------------
ITT Financial Corporation
5.78%, 2/08/95 24,972
------------------------------------------------------------
Ranger Funding Corporation
5.93%, 2/21/95 19,934
------------------------------------------------------------
(a)Sanwa Business Credit Corporation
5.88% - 5.90%, 2/06/95 - 2/08/95 124,975
------------------------------------------------------------
U.S. West Financial Services Inc.
6.35%, 3/09/95 24,844
------------------------------------------------------------
Windmill Funding Corporation
6.15% - 6.16%, 2/06/95 - 2/13/95 74,877
------------------------------------------------------------
309,540
ENERGY AND UTILITIES--2.5%
------------------------------------------------------------
Brazos River Authority, Texas
6.35%, 4/20/95 50,000
------------------------------------------------------------
NNW Utility Funding I, Inc.
5.85%, 2/01/95 25,000
------------------------------------------------------------
New Hampshire Industrial Development Authority
6.35%, 4/20/95 25,000
------------------------------------------------------------
100,000
FINANCIAL SERVICES--14.7%
------------------------------------------------------------
(a)Bear Stearns Companies Inc.
5.98% - 5.99%, 2/08/95 - 2/21/95 105,000
------------------------------------------------------------
(a)CS First Boston, Inc.
5.89%, 2/08/95 100,000
------------------------------------------------------------
Dean Witter, Discover & Co.
5.72%, 2/10/95 24,964
------------------------------------------------------------
(a)Goldman, Sachs & Co.
6.02% - 6.19%, 2/07/95 - 2/27/95 125,000
------------------------------------------------------------
(a)(b)Lehman Brothers Holdings Inc.
5.89%, 2/15/95 80,000
------------------------------------------------------------
(a)Morgan Stanley Group Inc.
6.23% - 6.25%, 2/07/95 - 2/15/95 50,007
------------------------------------------------------------
(a)Salomon Inc
6.33%, 2/01/95 90,000
------------------------------------------------------------
574,971
INFORMATION SERVICES--3.2%
------------------------------------------------------------
Electronic Data Systems Corporation
6.00% - 6.03%, 2/06/95 - 2/24/95 59,853
------------------------------------------------------------
GTE Corporation
6.03%, 2/16/95 39,900
------------------------------------------------------------
Nynex Corporation
6.30%, 5/02/95 24,612
------------------------------------------------------------
124,365
MANUFACTURING AND INDUSTRIAL PRODUCTS--1.0%
------------------------------------------------------------
Cooper Industries, Inc.
5.90%, 2/01/95 25,000
------------------------------------------------------------
DIC Americas Inc.
5.78%, 2/08/95 14,983
------------------------------------------------------------
39,983
(b)(c)MUNICIPAL OBLIGATION--2.5%
------------------------------------------------------------
(a)Orange County, California
5.98%, 7/10/95 (maturity),
$100,000,000 (cost and par) 84,000
Letter of Credit from The Bank of New York 16,000
------------------------------------------------------------
100,000
</TABLE>
2
<PAGE> 4
MONEY MARKET PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
<TABLE>
<CAPTION>
Value
<S> <C>
RECEIVABLES FINANCING--3.6%
------------------------------------------------------------
ESC Securitization, Inc.
6.04%, 2/02/95 $ 24,996
------------------------------------------------------------
Falcon Asset Securitization Corporation
6.16%, 2/14/95 24,945
------------------------------------------------------------
Jet Funding Corporation
6.04%, 2/28/95 24,888
------------------------------------------------------------
Preferred Receivables Funding Corporation
6.04%, 2/03/95 14,995
------------------------------------------------------------
Working Capital Management Co. L.P.
6.00%, 2/24/95 49,809
------------------------------------------------------------
139,633
OTHER--.3%
------------------------------------------------------------
Australian Wheat Board
5.21%, 3/31/95 9,992
------------------------------------------------------------
TOTAL CORPORATE OBLIGATIONS--63.7%
(average maturity: 24 days) 2,500,438
------------------------------------------------------------
BANK OBLIGATIONS
Issued by U.S. Banks--9.1%
------------------------------------------------------------
(a)Bank of Boston Corporation
5.08%, 2/03/95 60,000
------------------------------------------------------------
First Chicago Corporation
3.78%, 2/01/95 50,000
(a) 6.06%, 2/07/95 24,983
------------------------------------------------------------
Morgan Guaranty Trust Company of New York
6.30%, 3/07/95 25,000
------------------------------------------------------------
(a)Old Kent Bank & Trust Co.
6.00%, 3/01/95 25,000
------------------------------------------------------------
PNC Bank Corporation
6.10%, 4/20/95 24,977
------------------------------------------------------------
Republic National Bank of New York
4.80%, 3/08/95 39,981
------------------------------------------------------------
(a)Shawmut Bank Connecticut, N.A.
6.38%, 2/07/95 95,000
------------------------------------------------------------
<CAPTION>
Value
<S> <C>
------------------------------------------------------------
Wachovia Corporation
6.81%, 8/07/95 $ 14,810
------------------------------------------------------------
359,751
CANADIAN TIME DEPOSIT--1.3%
------------------------------------------------------------
(b)Bank of Nova Scotia
5.75%, 2/09/95 50,000
------------------------------------------------------------
TOTAL BANK OBLIGATIONS--10.4%
(average maturity: 22 days) 409,751
------------------------------------------------------------
REPURCHASE AGREEMENTS
First Boston Corporation
------------------------------------------------------------
Dated 1/18/95 - 1/26/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association
Securities
5.70% - 5.85%, 2/08/95 - 2/17/95 325,000
------------------------------------------------------------
Goldman, Sachs & Co.
------------------------------------------------------------
Dated 1/19/95 - 1/24/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association
Securities
5.70% - 5.80%, 2/06/95 - 2/15/95 425,000
------------------------------------------------------------
Lehman Government Securities, Inc.
------------------------------------------------------------
Dated 1/13/95 - 1/27/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association
Securities
5.52% - 5.88%, 2/02/95 - 2/21/95 250,000
------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--25.5%
(average maturity: 11 days) 1,000,000
------------------------------------------------------------
TOTAL INVESTMENTS--99.6%
(average maturity: 21 days) 3,910,189
------------------------------------------------------------
CASH AND OTHER ASSETS,
LESS LIABILITIES--.4% 16,269
------------------------------------------------------------
NET ASSETS--100% $3,926,458
------------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
3
<PAGE> 5
GOVERNMENT SECURITIES PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
<TABLE>
<CAPTION>
SHORT-TERM NOTES
(Issued or guaranteed by U.S. Government
agencies or instrumentalities) Value
<S> <C>
------------------------------------------------------------
(a)
Agency for International Development
(Government of Israel)
6.56%, 2/07/95 $ 7,919
------------------------------------------------------------
(a)
Export-Import Bank of the United States
(Abergavenny Limited)
6.25%, 2/15/95 9,091
(Compass Rose Leasing II Limited)
6.25%, 4/17/95 13,775
(KA Leasing, LTD.)
6.25%, 2/15/95 8,699
(Kuwait Investment Authority)
6.65%, 2/15/95 21,400
------------------------------------------------------------
Federal Farm Credit Banks
5.50% - 6.31%, 2/09/95 - 3/22/95 9,711
(a) 5.81%, 8/25/95 1,045
------------------------------------------------------------
Federal Home Loan Bank
(a)
5.75%, 2/01/95 1,792
5.12%, 2/16/95 4,990
------------------------------------------------------------
Federal Home Loan Bank
(Downey Savings & Loan)
5.81% - 6.40%, 3/10/95 - 3/13/95 17,884
(Fidelity Federal Bank)
6.34% - 6.35%, 3/21/95 - 3/27/95 15,661
(Western Financial Savings Bank)
5.78%, 2/15/95 9,978
------------------------------------------------------------
Federal Home Loan Mortgage Corporation
(a)
5.64%, 2/15/95 12,488
6.19%, 3/02/95 33,833
------------------------------------------------------------
Federal National Mortgage Association
(a)
5.87% - 6.79%, 2/01/95 - 6/05/95 37,487
5.94% - 5.97%, 2/01/95 - 2/10/95 46,967
------------------------------------------------------------
(a)
Overseas Private Investment Corporation
(International Paper Company)
6.20%, 4/17/95 6,000
------------------------------------------------------------
Student Loan Marketing Association
(a)
5.48% - 6.15%, 2/07/95 - 6/30/95 11,957
5.76%, 4/07/95 7,919
------------------------------------------------------------
(a)
Student Loan Marketing Association
(Nebraska Higher Education Loan Program, Inc.)
6.21%, 2/07/95 5,001
------------------------------------------------------------
TOTAL SHORT-TERM NOTES--48.1%
(average maturity: 26 days) 283,597
------------------------------------------------------------
<CAPTION>
Value
<S> <C>
------------------------------------------------------------
REPURCHASE AGREEMENTS
Bear Stearns Companies Inc.
------------------------------------------------------------
Dated 1/31/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association Securities
6.00%, 2/07/95 $ 87,000
------------------------------------------------------------
First Boston Corporation
------------------------------------------------------------
Dated 1/18/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association Securities
5.80%, 2/17/95 29,000
------------------------------------------------------------
Goldman, Sachs and Co.
------------------------------------------------------------
Dated 1/23/95 - 1/31/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association Securities
5.80% - 5.95%, 2/07/95 - 2/27/95 66,000
------------------------------------------------------------
(b)
Merrill Lynch Government Securities Inc.
------------------------------------------------------------
Dated 12/28/94, collateralized by
Federal Home Loan Bank Securities
6.00%, 3/01/95 22,000
------------------------------------------------------------
Morgan Stanley and Co. Incorporated
------------------------------------------------------------
Dated 1/24/95 - 1/25/95, collateralized by
Federal Home Loan Bank and
Federal Home Loan Mortgage Corporation
Securities
5.45% - 5.65%, 2/01/95 - 2/07/95 28,000
------------------------------------------------------------
Prudential Securities Incorporated
------------------------------------------------------------
Dated 1/18/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association Securities
5.65%, 2/03/95 - 8/04/95 24,000
------------------------------------------------------------
Salomon Brothers
------------------------------------------------------------
Dated 1/26/95 - 1/27/95, collateralized by
Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association Securities
5.50% - 5.65%, 2/02/95 - 2/03/95 47,000
------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS--51.4%
(average maturity: 9 days) 303,000
------------------------------------------------------------
TOTAL INVESTMENTS--99.5%
(average maturity: 17 days) 586,597
------------------------------------------------------------
CASH AND OTHER ASSETS,
LESS LIABILITIES--.5% 2,876
------------------------------------------------------------
NET ASSETS--100% $589,473
------------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
4
<PAGE> 6
TAX-EXEMPT PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
<TABLE>
<CAPTION>
(A)VARIABLE RATE
DEMAND SECURITIES Value
<S> <C>
ALABAMA
------------------------------------------------------------
Birmingham
Medical Clinic Revenue Bonds
3.85% $ 6,775
Special Care Facilities Financing Authority
3.85% 5,940
ARIZONA
------------------------------------------------------------
Apache County
Industrial Development Authority
3.65% 10,000
CALIFORNIA
------------------------------------------------------------
Costa Mesa
Performing Arts Center
4.75% 5,675
------------------------------------------------------------
Educational Facilities Authority
3.75 6,600
------------------------------------------------------------
Fremont
Public Financing Authority
3.70% 1,000
------------------------------------------------------------
Los Angeles
Harbor Improvement Corporation
3.60% 8,000
Regional Airports Improvement Corporation
4.65% 8,900
------------------------------------------------------------
Palm Springs
Community Redevelopment Agency
3.55% 1,700
DISTRICT OF COLUMBIA
------------------------------------------------------------
General Obligation
4.55% 11,700
FLORIDA
------------------------------------------------------------
Dade County
Aviation Facilities Revenue
3.85% 8,400
Industrial Development Authority
3.50% 4,700
------------------------------------------------------------
Housing Finance Agency
3.75% 13,750
------------------------------------------------------------
Naples
Hospital Revenue
3.75% 8,000
GEORGIA
------------------------------------------------------------
Fulton County
Development Authority
3.90% 10,145
------------------------------------------------------------
Wayne County
Solid Waste Management Authority
4.05% 3,000
ILLINOIS
------------------------------------------------------------
Chicago
O'Hare International Airport
4.55% 12,400
------------------------------------------------------------
Development Finance Authority
3.50% 10,750
------------------------------------------------------------
Educational Facilities Authority
3.60% 17,900
------------------------------------------------------------
Mundelein
Industrial Development Revenue
3.80% 6,500
------------------------------------------------------------
<CAPTION>
Value
<S> <C>
INDIANA
------------------------------------------------------------
Health Facility Financing Authority
3.85% $ 7,235
------------------------------------------------------------
Rockport
Pollution Control Revenue
4.20% 13,745
------------------------------------------------------------
South Bend
Redevelopment Authority
3.65% 10,000
IOWA
------------------------------------------------------------
Louisa County
Pollution Control Revenue
3.90% 6,300
KENTUCKY
------------------------------------------------------------
Development Finance Authority
3.50% 8,160
------------------------------------------------------------
Fulton
Industrial Building Revenue
3.90% 6,000
------------------------------------------------------------
Higher Education Student Loan Corporation
3.85% 5,000
------------------------------------------------------------
Todd County
Industrial Development Revenue
3.80% 2,900
LOUISIANA
------------------------------------------------------------
Caddo Parish
Industrial Development Board
4.40% 2,800
------------------------------------------------------------
Iberville
Pollution Control Revenue
3.85% 3,200
MARYLAND
------------------------------------------------------------
Baltimore
Port Facilities Revenue
3.90% 6,000
------------------------------------------------------------
Baltimore County
Multi-Family Housing Revenue
3.80% 3,900
------------------------------------------------------------
Department of Housing and Community Development
Multi-Family Development Revenue
3.75% 5,510
------------------------------------------------------------
Montgomery County
Housing Revenue
3.90% 7,800
MICHIGAN
------------------------------------------------------------
Dearborn
Economic Development Corporation
3.70% 6,400
------------------------------------------------------------
Strategic Fund
3.92% 9,600
MINNESOTA
------------------------------------------------------------
Minneapolis
Community Development Agency
3.85% 4,455
------------------------------------------------------------
Saint Paul
Housing and Redevelopment Authority
3.75% 2,500
NEVADA
------------------------------------------------------------
Clark County
Industrial Development Revenue
3.93% 4,000
------------------------------------------------------------
</TABLE>
5
<PAGE> 7
TAX-EXEMPT PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
<TABLE>
<CAPTION>
Value
<S> <C>
NEW HAMPSHIRE
------------------------------------------------------------
Housing Finance Authority
3.85% $ 6,000
NEW YORK
------------------------------------------------------------
New York City
Revenue Anticipation Notes
4.10% 5,000
OHIO
------------------------------------------------------------
Water Development Authority
Pollution Control Revenue
3.65% 2,500
PENNSYLVANIA
------------------------------------------------------------
Berks County
Redevelopment Authority
3.80% 8,000
------------------------------------------------------------
Delaware Valley
Regional Finance Authority
3.70% 27,615
------------------------------------------------------------
Philadelphia
Redevelopment Authority
3.70% 4,000
------------------------------------------------------------
Quakertown Hospital Authority
3.50% 5,000
TENNESSEE
------------------------------------------------------------
Clarksville
Public Building Authority
3.70% 5,000
------------------------------------------------------------
Maury County
Water Facility Revenue
3.91% 4,300
------------------------------------------------------------
Nashville and Davidson County
Multi-Family Housing Revenue
3.70% 4,000
TEXAS
------------------------------------------------------------
Calhoun County
Industrial Development Authority
3.60% 12,000
------------------------------------------------------------
Gulf Coast
Industrial Development Authority
3.75% 1,800
------------------------------------------------------------
Trinity River Authority
3.80% 9,200
VIRGINIA
------------------------------------------------------------
Louisa County
Industrial Development Authority
3.70% 5,000
------------------------------------------------------------
TOTAL VARIABLE RATE
DEMAND SECURITIES--50.6%
(average maturity: 6 days) 376,755
------------------------------------------------------------
OTHER SECURITIES
ALABAMA
------------------------------------------------------------
Mobile
Port City Medical Clinic Board
3.65%, 2/13/95 6,475
------------------------------------------------------------
<CAPTION>
Value
<S> <C>
CALIFORNIA
------------------------------------------------------------
Housing Finance Agency
4.30%, 5/01/95 $ 5,825
------------------------------------------------------------
Revenue Anticipation Notes
4.19%, 6/28/95 10,032
COLORADO
------------------------------------------------------------
Arapahoe County
Capital Improvement Revenue
3.90%, 2/28/95 20,000
------------------------------------------------------------
Denver City and County
Airport System Revenue
3.90% - 5.00%, 2/15/95 - 3/16/95 32,470
DISTRICT OF COLUMBIA
------------------------------------------------------------
Student Loan Revenue
4.05%, 7/01/95 2,500
FLORIDA
------------------------------------------------------------
First Municipal Loan Council
3.75% - 4.50%, 2/10/95 - 3/15/95 23,150
------------------------------------------------------------
Hillsborough County
Aviation Authority
4.15%, 2/14/95 10,000
------------------------------------------------------------
Pinellas County
Educational Facilities Authority
4.50%, 4/27/95 5,000
------------------------------------------------------------
Sunshine State Government Financing Commission
3.85%, 3/10/95 12,500
GEORGIA
------------------------------------------------------------
Municipal Electric Authority
3.85% - 4.50%, 2/08/95 - 3/15/95 20,135
------------------------------------------------------------
Municipal Gas Authority
4.15% - 4.30%, 4/26/95 - 4/27/95 18,900
ILLINOIS
------------------------------------------------------------
Chicago
General Obligation
4.00%, 3/28/95 2,500
------------------------------------------------------------
Decatur
Water Revenue
4.20%, 2/13/95 6,500
------------------------------------------------------------
Development Finance Authority
4.50%, 6/01/95 2,000
IOWA
------------------------------------------------------------
Municipalities Workers' Compensation Association
3.95%, 7/01/95 2,500
KENTUCKY
------------------------------------------------------------
Danville
Multi-City Lease Revenue
4.05%, 3/10/95 11,000
------------------------------------------------------------
Pendleton County
Multi-County Lease Revenue
4.10% - 4.50%, 2/14/95 - 3/14/95 6,600
------------------------------------------------------------
</TABLE>
6
<PAGE> 8
TAX-EXEMPT PORTFOLIO
Investments at January 31, 1995
(Value in thousands)
<TABLE>
<CAPTION>
Value
<S> <C>
MARYLAND
------------------------------------------------------------
Anne Arundel County
Port Facilities Revenue
3.75%, 2/10/95 $ 9,000
MASSACHUSETTS
------------------------------------------------------------
Bay Transportation Authority
3.15%, 3/01/95 6,603
MINNESOTA
------------------------------------------------------------
Bass Brook
Pollution Control Revenue Refunding
3.70% - 3.80%, 2/10/95 - 3/10/95 8,500
------------------------------------------------------------
Cloquet
Industrial Development Revenue Refunding
3.85%, 3/10/95 2,450
------------------------------------------------------------
Long Prairie
Industrial Development Revenue Refunding
3.85%, 3/10/95 1,090
------------------------------------------------------------
University of Minnesota
4.30%, 3/13/95 7,000
MISSOURI
------------------------------------------------------------
Health Facilities Revenue
4.30%, 4/26/95 7,100
MONTANA
------------------------------------------------------------
Forsyth
Pollution Control Revenue Refunding
3.95%, 3/10/95 7,800
NEBRASKA
------------------------------------------------------------
Public Power District
4.30%, 4/18/95 3,500
NEW HAMPSHIRE
------------------------------------------------------------
Business Finance Authority
4.20%, 2/09/95 9,000
NEW YORK
------------------------------------------------------------
Mortgage Agency
4.05%, 4/01/95 8,930
------------------------------------------------------------
Nassau County
Tax Anticipation Notes
5.10%, 9/28/95 7,815
------------------------------------------------------------
New York City
General Obligation
4.90%, 8/01/95 7,003
------------------------------------------------------------
<CAPTION>
Value
<S> <C>
NORTH CAROLINA
------------------------------------------------------------
Eastern Municipal Power Agency
3.85% - 3.90%, 2/13/95 - 2/15/95 $ 15,078
OKLAHOMA
------------------------------------------------------------
Water Resources Board
3.85%, 3/01/95 4,000
PENNSYLVANIA
------------------------------------------------------------
Philadelphia
General Obligation
3.95%, 2/16/95 8,000
Tax and Revenue Anticipation Notes
3.90%, 6/15/95 4,012
TEXAS
------------------------------------------------------------
Harris County
Health Facilities Development Corporation
4.00%, 2/16/95 6,300
------------------------------------------------------------
Lone Star
Airport Improvement Authority
4.25%, 2/13/95 15,000
------------------------------------------------------------
Port Development Corporation
3.95% - 4.20%, 2/16/95 - 4/12/95 10,700
------------------------------------------------------------
San Antonio
Electric and Gas Systems
4.10% - 4.30%, 4/25/95 - 4/27/95 22,000
VIRGINIA
------------------------------------------------------------
Chesterfield
Industrial Development Authority
4.35%, 2/15/95 7,000
------------------------------------------------------------
Prince William County
Industrial Development Authority
4.50%, 3/15/95 3,700
------------------------------------------------------------
TOTAL OTHER
SECURITIES--50.9%
(average maturity: 48 days) 379,668
------------------------------------------------------------
TOTAL INVESTMENTS--101.5%
(average maturity: 27 days) 756,423
------------------------------------------------------------
LIABILITIES, LESS
OTHER ASSETS--(1.5%) (11,333)
------------------------------------------------------------
NET ASSETS--100% $745,090
------------------------------------------------------------
</TABLE>
See accompanying Notes to Portfolios of Investments.
7
<PAGE> 9
NOTES TO PORTFOLIOS OF INVESTMENTS
Interest rates represent annualized yield to date of maturity, except for
variable rate securities described in Note (a). For each security, cost (for
financial reporting and federal income tax purposes) and carrying value are the
same. Likewise, carrying value approximates principal amount.
(a) Variable rate securities. The rates shown are the current rates at January
31, 1995. The dates shown represent the demand date or next interest rate change
date. Securities in the Tax-Exempt Portfolio shown without a date are payable
within 5 business days and are backed by credit support agreements from banks or
insurance institutions.
(b) Illiquid securities. At January 31, 1995, the aggregate value of illiquid
securities was $304,646,000 in the Money Market Portfolio and $22,000,000 in the
Government Securities Portfolio, which represented 7.8% and 3.7%, respectively,
of net assets.
(c) See Note (3) of the Notes to Financial Statements.
See accompanying Notes to Financial Statements.
8
<PAGE> 10
STATEMENT OF ASSETS AND LIABILITIES
January 31, 1995
(in thousands)
<TABLE>
<CAPTION>
MONEY GOVERNMENT
MARKET SECURITIES TAX-EXEMPT
ASSETS PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
----------------------------------------------------------------------------------------------------
Investments, at amortized cost:
Short-term securities $2,910,189 283,597 756,423
----------------------------------------------------------------------------------------------------
Repurchase agreements 1,000,000 303,000 --
----------------------------------------------------------------------------------------------------
Cash 8,617 1,990 --
----------------------------------------------------------------------------------------------------
Receivable for:
Interest 14,108 1,789 4,139
----------------------------------------------------------------------------------------------------
Securities sold -- -- 950
----------------------------------------------------------------------------------------------------
Total assets 3,932,914 590,376 761,512
----------------------------------------------------------------------------------------------------
LIABILITIES AND NET ASSETS
----------------------------------------------------------------------------------------------------
Cash overdraft -- -- 5,786
----------------------------------------------------------------------------------------------------
Payable for:
Dividends 3,988 536 460
----------------------------------------------------------------------------------------------------
Securities purchased -- -- 9,750
----------------------------------------------------------------------------------------------------
Management fee 891 132 170
----------------------------------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 1,026 115 133
----------------------------------------------------------------------------------------------------
Other 551 120 123
----------------------------------------------------------------------------------------------------
Total liabilities 6,456 903 16,422
----------------------------------------------------------------------------------------------------
Net assets applicable to shares outstanding $3,926,458 589,473 745,090
----------------------------------------------------------
ANALYSIS OF NET ASSETS
----------------------------------------------------------------------------------------------------
Excess of amounts received from issuance of shares over
amounts paid on redemptions of shares on account of
capital $3,942,973 589,473 745,090
----------------------------------------------------------------------------------------------------
Unrealized depreciation of investments (16,515) -- --
----------------------------------------------------------
Net assets applicable to shares outstanding $3,926,458 589,473 745,090
----------------------------------------------------------
THE PRICING OF SHARES
----------------------------------------------------------------------------------------------------
Shares outstanding, no par value (unlimited shares
authorized) 3,926,458 589,473 745,090
----------------------------------------------------------------------------------------------------
Net asset value and redemption price per share $1.00 1.00 1.00
----------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
9
<PAGE> 11
STATEMENT OF OPERATIONS
Six months ended January 31, 1995
(in thousands)
<TABLE>
<CAPTION>
MONEY GOVERNMENT
MARKET SECURITIES TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------------------------
<S> <C> <C> <C>
INTEREST INCOME $ 110,120 16,387 14,013
-------------------------------------------------------------
EXPENSES:
Management fee 5,579 839 1,046
-------------------------------------------------------------------------
Custodian and transfer agent fees and related expenses 4,639 482 404
-------------------------------------------------------------------------
Reports to shareholders 276 43 42
-------------------------------------------------------------------------
Registration costs 45 36 28
-------------------------------------------------------------------------
Professional fees 54 9 10
-------------------------------------------------------------------------
Trustees' fees and other 299 43 63
-------------------------------------------------------------------------
Total expenses 10,892 1,452 1,593
-------------------------------------------------------------------------
Net investment income 99,228 14,935 12,420
-------------------------------------------------------------------------
Net change in balance of unrealized depreciation of
investments (16,515) -- --
-------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 82,713 14,935 12,420
-------------------------------------------------------------------------
</TABLE>
10
<PAGE> 12
STATEMENT OF CHANGES IN NET ASSETS
Six months ended January 31, 1995 and year ended July 31, 1994
(in thousands)
<TABLE>
<CAPTION>
MONEY MARKET GOVERNMENT SECURITIES TAX-EXEMPT
PORTFOLIO PORTFOLIO PORTFOLIO
--------------------------------------------------------------------------
1995 1994 1995 1994 1995 1994
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 99,228 133,554 14,935 21,561 12,420 17,957
-----------------------------------------------------------------------------------------------------------
Net change in unrealized
depreciation (16,515 ) -- -- -- -- --
-----------------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations 82,713 133,554 14,935 21,561 12,420 17,957
-----------------------------------------------------------------------------------------------------------
Dividends to shareholders from
net investment income (99,228 ) (133,554) (14,935) (21,561) (12,420) (17,957)
-----------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
(DOLLAR AMOUNTS AND NUMBER
OF SHARES ARE THE SAME):
Shares sold 2,605,408 5,726,409 458,073 975,931 377,853 853,432
-----------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of dividends 93,983 128,319 13,787 19,778 11,927 17,299
-----------------------------------------------------------------------------------------------------------
2,699,391 5,854,728 471,860 995,709 389,780 870,731
Less shares redeemed 2,921,722 6,205,869 589,755 982,644 436,821 837,230
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from
capital share transactions (222,331 ) (351,141) (117,895) 13,065 (47,041) 33,501
-----------------------------------------------------------------------------------------------------------
Capital contribution from
investment manager 16,515 -- -- -- -- --
-----------------------------------------------------------------------------------------------------------
Total increase (decrease) in
net assets (222,331 ) (351,141) (117,895) 13,065 (47,041) 33,501
-----------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 4,148,789 4,499,930 707,368 694,303 792,131 758,630
-----------------------------------------------------------------------------------------------------------
End of period $3,926,458 4,148,789 589,473 707,368 745,090 792,131
-----------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
11
<PAGE> 13
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE FUND
The Fund currently offers three series of shares (Portfolios)--the Money Market
Portfolio, the Government Securities Portfolio and the Tax-Exempt Portfolio. The
Money Market Portfolio invests primarily in short-term high quality obligations
of major banks and corporations. The Government Securities Portfolio invests
exclusively in obligations issued or guaranteed by the U.S. Government, its
agencies or instrumentalities and repurchase agreements thereon. The Tax-Exempt
Portfolio invests in short-term high quality municipal securities.
2. SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATION
Investments are stated at amortized cost, which approximates market value. In
the event that a deviation of 1/2 of 1% or more exists between a Portfolio's
$1.00 per share net asset value, calculated at amortized cost, and the net asset
value calculated by reference to market-based values, or if there is any other
deviation that the Board of Trustees believes would result in a material
dilution to shareholders or purchasers, the Board of Trustees will promptly
consider what action should be initiated.
INVESTMENT TRANSACTIONS AND INTEREST INCOME
Investment transactions are accounted for on the trade date (date the order to
buy or sell is executed). Interest income is recorded on the accrual basis and
includes amortization of premium and discount on investments.
REPURCHASE AGREEMENTS
Repurchase agreements are fully collateralized by U.S. Treasury and Government
agency securities. All collateral is held through the Fund's custodian bank and
is monitored daily by the Fund so that its market value exceeds the carrying
value of the repurchase agreement.
EXPENSES
Expenses arising in connection with a Portfolio are allocated to that Portfolio.
Other Fund expenses are allocated among the Portfolios in proportion to their
relative net assets.
FUND SHARE VALUATION AND DIVIDENDS TO SHAREHOLDERS
Fund shares are sold and redeemed on a continuous basis at net asset value. On
each day that the New York Stock Exchange is open for trading, each Portfolio
determines its net asset value per share (NAV) by dividing the total value of
the Portfolio's investments and other assets, less liabilities, by the number of
Portfolio shares outstanding. The NAV is determined at 11:00 a.m., 1:00 p.m. and
3:00 p.m. Chicago time for the Money Market and Government Securities Portfolios
and at 11:00 a.m. and 3:00 p.m. Chicago time for the Tax-Exempt Portfolio. Each
Portfolio declares a daily dividend, equal to its net investment income for that
day, payable monthly. Net investment income consists of all interest income plus
(minus) all realized gains (losses) on portfolio securities, minus all expenses
of the Portfolio.
FEDERAL INCOME TAXES
Each Portfolio has complied with the special provisions of the Internal Revenue
Code available to investment companies during the six months ended January 31,
1995.
3. TRANSACTIONS WITH AFFILIATES
MANAGEMENT AGREEMENT
The Fund has a management agreement with Kemper Financial Services, Inc. (KFS).
For management services and facilities furnished, the Fund pays a fee on a
graduated annual basis ranging from .50% of the first $215 million of average
daily net assets to .25% of average daily net assets in excess of $800 million.
During the six months ended January 31, 1995, the Fund incurred management fees
of $7,464,000.
Kemper Assets Holdings, Inc. (KAHI), a subsidiary of Kemper Corporation, the
parent company of Kemper Financial Services, Inc., arranged for the issuance of
a $103,536,000 irrevocable letter of credit from The Bank of New York for the
benefit of the Fund. The letter of credit supports the payment of principal and
interest on the Orange County, California obligation held in the Money Market
Portfolio. The Fund and KAHI are parties to an agreement related to the letter
of credit which provides, among other things, that, in connection with a payment
of principal or interest under the letter of credit, the Fund will transfer to
KAHI any proceeds received under the Orange County obligation.
CUSTODIAN AND TRANSFER AGENT AGREEMENTS
The Fund has a custodian agreement and a transfer agent agreement with Investors
Fiduciary Trust Company (IFTC), which was 50% owned by KFS until January 31,
1995 when KFS completed the sale of IFTC to a third party. For the six months
ended January 31, 1995, the Fund incurred custodian and transfer agent fees of
$4,077,000 (excluding related expenses). Pursuant to a services agreement with
IFTC, Kemper Service Company (KSvC), an affiliate of KFS, is the Shareholder
Service Agent of the Fund. For the six months ended January 31, 1995, IFTC
remitted shareholder service fees of $3,853,000 to KSvC.
OFFICERS AND TRUSTEES
Certain officers or trustees of the Fund are also officers or directors of KFS.
During the six months ended January 31, 1995, the Fund made no payments to its
officers and incurred trustees' fees of $36,000 to independent trustees.
12
<PAGE> 14
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Six months
ended
January 31, Year ended July 31,
MONEY MARKET PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00 1.00 1.00 1.00
-------------------------------------------------------------------------------------------------------------
Net investment income and dividends declared .02 .03 .03 .04 .07
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%): 2.43 3.20 2.96 4.45 7.19
-------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (%):
Expenses .52 .52 .52 .49 .46
-------------------------------------------------------------------------------------------------------------
Net investment income 4.75 3.14 2.92 4.42 6.94
-------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $3,926,458 4,148,789 4,499,930 5,664,194 7,553,950
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six months
ended
January 31, Year ended July 31,
GOVERNMENT SECURITIES PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00 1.00 1.00 1.00
-------------------------------------------------------------------------------------------------------------
Net investment income and dividends declared .02 .03 .03 .04 .07
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%): 2.43 3.20 2.97 4.50 6.95
-------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (%):
Expenses .46 .47 .45 .43 .43
-------------------------------------------------------------------------------------------------------------
Net investment income 4.76 3.15 2.94 4.44 6.65
-------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $ 589,473 707,368 694,303 926,328 1,126,417
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six months
ended
January 31, Year ended July 31,
TAX-EXEMPT PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $1.00 1.00 1.00 1.00 1.00
-------------------------------------------------------------------------------------------------------------
Net investment income and dividends declared .02 .02 .02 .04 .05
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 1.00 1.00 1.00 1.00
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%): 1.61 2.33 2.39 3.57 5.07
-------------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS (%):
Expenses .41 .41 .39 .39 .38
-------------------------------------------------------------------------------------------------------------
Net investment income 3.17 2.30 2.36 3.49 4.92
-------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DATA:
Net assets at end of period (in thousands) $ 745,090 792,131 758,630 796,272 788,253
</TABLE>
--------------------------------------------------------------------------------
NOTE:
Ratios have been determined on an annualized basis. Total return is not
annualized. The Money Market Portfolio's total return for the six months ended
January 31, 1995 includes the effect of a capital contribution from the
investment manager. Without the capital contribution, the total return would
have been 2.03%.
13
<PAGE> 15
IJKLM(LOGO)
KEMPER FINANCIAL SERVICES, INC.
120 South LaSalle Street
Chicago, IL 60603
KEMPER MONEY MARKET FUND
<TABLE>
<CAPTION>
<S> <C>
Trustees Officers
STEPHEN B. TIMBERS J. PATRICK BEIMFORD, JR.
President and Trustee Vice President
DAVID W. BELIN FRANK J. RACHWALSKI, JR.
Trustee Vice President
LEWIS A. BURNHAM JOHN E. PETERS
Trustee Vice President
DONALD L. DUNAWAY CHARLES F. CUSTER
Trustee Vice President and
Assistant Secretary
ROBERT B. HOFFMAN
Trustee PHILIP J. COLLORA
Vice President
and Secretary
DONALD R. JONES
Trustee JEROME L. DUFFY
Treasurer
WILLIAM P. SOMMERS
Trustee ELIZABETH C. WERTH
Assistant Secretary
-----------------------------------------------------------
Legal Counsel Custodian and Transfer Agent
VEDDER, PRICE, KAUFMAN INVESTORS FIDUCIARY
& KAMMHOLZ TRUST COMPANY
222 North LaSalle Street 127 West 10th Street
Chicago, IL 60601 Kansas City, MO 64105
Shareholder Service Agent
KEMPER SERVICE COMPANY
P.O. Box 419557
Kansas City, MO 64141
1-800-621-1048
Investment Manager
KEMPER FINANCIAL SERVICES, INC.
Principal Underwriter
KEMPER DISTRIBUTORS, INC.
120 South LaSalle Street
Chicago, IL 60603
</TABLE>
(LOGO)
Printed on recycled paper.
This report is not to be distributed unless preceded 236700
KMMF-3 (3/95) Printed in the U.S.A.
or accompanied by a Kemper Money Market Fund prospectus.
