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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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SIGNATURE JEROME L. DUFFY
TITLE TREASURER
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<NUMBER-OF-SHARES-REDEEMED> (354,891)
<SHARES-REINVESTED> 16,792
<NET-CHANGE-IN-ASSETS> 47,516
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (858)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,475)
<AVERAGE-NET-ASSETS> 635,667
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .005
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JANUARY
31, 1996 SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000055189
<NAME> KEMPER MONEY MARKET FUND
<SERIES>
<NUMBER> 03
<NAME> TAX EXEMPT PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 768,035
<INVESTMENTS-AT-VALUE> 768,035
<RECEIVABLES> 4,536
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 772,571
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,609
<TOTAL-LIABILITIES> 7,609
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 764,962
<SHARES-COMMON-STOCK> 764,962
<SHARES-COMMON-PRIOR> 760,143
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 764,962
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,161
<OTHER-INCOME> 0
<EXPENSES-NET> (1,525)
<NET-INVESTMENT-INCOME> 13,636
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,636
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,636)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 385,495
<NUMBER-OF-SHARES-REDEEMED> (393,943)
<SHARES-REINVESTED> 13,267
<NET-CHANGE-IN-ASSETS> 4,819
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,025)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,525)
<AVERAGE-NET-ASSETS> 759,720
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit 77C
Kemper Money Funds
Form N-SAR for the period ended 01/31/96
File No. 811-2527
Page 1
A special meeting of Registrant's shareholders was held on
September 19, 1995. Votes regarding the items submitted to
shareholder vote are set forth below.
Item 1: Election of the Board of Trustees
David W. Belin
Vote Number
---- -----------
FOR 2,865,652,492
WITHHELD 118,469,649
Lewis A. Burnham
Vote Number
---- -----------
FOR 2,867,144,553
WITHHELD 116,977,588
Donald L. Dunaway
Vote Number
---- -----------
FOR 2,866,547,729
WITHHELD 117,574,412
Robert B. Hoffman
Vote Number
---- -----------
FOR 2,867,144,553
WITHHELD 116,977,588
Donald R. Jones
Vote Number
---- -----------
FOR 2,867,442,965
WITHHELD 116,679,176
David B. Mathis
Vote Number
---- -----------
FOR 2,865,590,904
WITHHELD 118,171,237
Exhibit 77C
Kemper Money Funds
Form N-SAR for the period ended 01/31/96
File No. 811-2527
Page 2
Shirley D. Peterson
Vote Number
---- -----------
FOR 2,862,071,545
WITHHELD 122,050,596
William P. Sommers
Vote Number
---- -----------
FOR 2,865,950,904
WITHHELD 118,171,237
Stephen B. Timbers
Vote Number
---- -----------
FOR 2,867,144,553
WITHHELD 116,977,588
Item 2: Selection of Independent Auditors
Vote Number
---- -----------
FOR 2,802,197,121
AGAINST 79,950,696
ABSTAIN 101,974,324
Item 3: New Investment Management Agreement
Kemper Money Market Fund
Vote Number
---- -----------
FOR 2,007,911,043
AGAINST 76,085,149
ABSTAIN 116,315,570
Exhibit 77C
Kemper Money Funds
Form N-SAR for the period ended 01/31/96
File No. 811-2527
Page 3
Kemper Government Money Fund
Vote Number
---- -----------
FOR 311,428,415
AGAINST 13,115,621
ABSTAIN 18,161,236
Kemper Tax-Free Fund
Vote Number
---- -----------
FOR 392,464,012
AGAINST 23,180,601
ABSTAIN 25,460,494
MRB|W:\FUNDS\NSAR.EXH\KMF196.77C|031896
Exhibit 77Q1(e)
Kemper Money Funds
Form N-SAR for the period ended 01/31/96
File No. 811-2527
INVESTMENT MANAGEMENT AGREEMENT
AGREEMENT made this 4th day of January, 1996 by and between
KEMPER MONEY MARKET FUND, a Massachusetts business trust (the
"Fund"), and KEMPER FINANCIAL SERVICES, INC., a Delaware
corporation (the "Adviser").
WHEREAS, the Fund is an open-end, diversified management
investment company registered under the Investment Company Act of
1940, the shares of beneficial interest ("Shares") of which are
registered under the Securities Act of 1933; and
WHEREAS, the Fund is authorized to issue Shares in separate
series with each such series representing the interests in a
separate portfolio of securities and other assets; and
WHEREAS, the Fund wants to retain the Adviser under this
Agreement to render investment advisory and management services
to the portfolios of the Fund known as the Money Market
Portfolio, Government Securities Portfolio and Tax-Exempt
Portfolio (the "Initial Portfolios"), together with any other
Fund portfolios which may be established later and served by the
Adviser hereunder, being herein referred to collectively as the
"Portfolios" and individually referred to as a "Portfolio"; and
WHEREAS, the Adviser is willing to render such investment
advisory and management services for the Initial Portfolios;
NOW THEREFORE, in consideration of the mutual covenants
hereinafter contained, it is hereby agreed by and between the
parties hereto as follows:
1. The Fund hereby employs the Adviser to act as the investment
adviser for the Initial Portfolios or other Portfolios hereunder
and to manage the investment and reinvestment of the assets of
such Portfolios in accordance with applicable investment
objectives and policies and limitations, and to administer their
affairs to the extent requested by and subject to the supervision
of the Board of Trustees of the Fund for the period and upon the
terms herein set forth. The investment of funds shall be subject
to all applicable restrictions of the Agreement and Declaration
of Trust and By-laws of the Fund as may from time to time be in
force.
The Adviser accepts such employment and agrees during such period
to render such services, to furnish office facilities and
equipment, to provide clerical, bookkeeping and administrative
Exhibit 77Q1(e)
Kemper Money Funds
Form N-SAR for the period ended 01/31/96
File No. 811-2527
Page 2
services for the Fund, to provide shareholder and information
services, to permit any of its officers or employees to serve
without compensation as trustees or officers of the Fund if
elected to such positions and to assume the obligations herein
set forth for the compensation herein provided. The Adviser
shall for all purposes herein provided be deemed to be an
independent contractor, and, unless otherwise expressly provided
or authorized, shall have no authority to act for or represent
the Fund in any way or otherwise be deemed an agent of the Fund.
It is understood and agreed that the Adviser, by separate
agreement with the Fund, may also act as underwriter for the
Fund.
2. In the event that the Fund establishes one or more
portfolios other than the Initial Portfolios with respect to
which it desires to retain the Adviser to render investment
advisory and management services hereunder, it shall notify the
Adviser in writing. If the Adviser is willing to render such
services it shall notify the Fund in writing whereupon such
portfolio or portfolios shall become a Portfolio or Portfolios
hereunder.
3. For the services and facilities described in Section 1, the
Fund will pay to the Adviser at the end of each calendar month,
an investment management fee computed by applying the following
annual rate to the combined average daily net assets of the
Portfolios:
Annual Rate Average Daily Net Assets
----------- ------------------------
.50 of 1% on the first $215 million
.375 of 1% on the next $335 million
.30 of 1% on the next $250 million
.25 of 1% on average net assets
over $800 million
The fee as computed above shall be allocated to each Portfolio
based upon the relative average daily net assets of each
Portfolio managed by the Adviser.
If expenses borne by the Portfolios which the Adviser manages in
any fiscal year (including the Adviser's fee, but excluding
interest, taxes, fees incurred in acquiring and disposing of
portfolio securities and, to the extent permitted, extraordinary
expenses), exceed 1.5% of average daily net assets of the
Portfolios up to $30 million and 1% of average daily net assets
Exhibit 77Q1(e)
Kemper Money Funds
Form N-SAR for the period ended 01/31/96
File No. 811-2527
Page 3
of the Portfolios over $30 million, the Adviser will reduce its
fee or reimburse the Fund for any excess. The expense limitation
guarantee shall be allocated to each Portfolio upon a fee
reduction or reimbursement based upon the relative average daily
net assets of each Portfolio. If for any month the expenses of
the Portfolios properly chargeable to the income account shall
exceed 1/12 of the percentage of daily net assets allowable as
expenses, the payment to the Adviser for that month shall be
reduced, and, if necessary, the Adviser shall make a refund
payment to the Fund so that the total net expense will not exceed
such percentage. As of the end of the Fund's fiscal year,
however, the foregoing computations and payments shall be
readjusted so that the aggregate compensation payable to the
Adviser for the year is equal to the percentage set forth herein
of the average daily net assets as determined as described herein
throughout the fiscal year, diminished to the extent necessary so
that the total of said expense item shall not exceed the expense
limitation. The aggregate of repayments, if any, by the Adviser
to the Fund for the year shall be the amount necessary to limit
the said net expense to said percentage.
The net asset value of each Portfolio shall be calculated in
accordance with the provisions of the Fund's prospectus or at
such other time or times as the trustees may determine in
accordance with the provisions of the Investment Company Act of
1940. On each day when net asset value is not calculated, the
net asset value of a Share of a Portfolio shall be deemed to be
the net asset value of such a Share as of the close of business
on the last day on which such calculation was made for the
purpose of the foregoing computations.
For the month and year in which this Agreement becomes effective
or terminates, there shall be an appropriate proration on the
basis of the number of days that the Agreement is in effect
during the month and year, respectively. The services of the
Adviser to the Fund under this Agreement are not to be deemed
exclusive, and the Adviser shall be free to render similar
services or other services to others so long as its services
hereunder are not impaired thereby.
4. In addition to the fee of the Adviser, the Fund shall assume
and pay any expenses for services rendered by a custodian for the
safekeeping of the Fund's securities or other property, for
keeping its books of account, for any other charges of the
custodian and for calculating the net asset value of the Fund as
provided in the Prospectus of the Fund. The Adviser shall not be
required to pay and the Fund shall assume and pay the charges and
Exhibit 77Q1(e)
Kemper Money Funds
Form N-SAR for the period ended 01/31/96
File No. 811-2527
Page 4
expenses of its operations, including compensation of the
trustees (other than those affiliated with the Adviser), charges
and expenses of independent auditors, of legal counsel, of any
transfer or dividenddisbursing agent or any registrar of the
Fund, costs of acquiring and disposing of portfolio securities,
interest, if any, on obligations incurred by the Fund, costs of
share certificates and of reports, membership dues in the
Investment Company Institute or any similar organization, costs
of reports and notices to shareholders, other like miscellaneous
expenses and all taxes and fees payable to federal, state or
other governmental agencies on account of the registration of
securities issued by the Fund, filing of corporate documents or
otherwise. The Fund shall not pay or incur any obligation for
any management or administrative expenses for which the Fund
intends to seek reimbursement from the Adviser as herein provided
without first obtaining the written approval of the Adviser. The
Adviser shall arrange, if desired by the Fund, for officers or
employees of the Adviser to serve, without compensation from the
Fund, as trustees, officers or agents of the Fund if duly elected
or appointed to such positions and subject to their individual
consent and to any limitations imposed by law.
5. Subject to applicable statutes and regulations, it is
understood that trustees, officers, or agents of the Fund are or
may be interested in the Adviser as officers, directors, agents,
shareholders or otherwise, and that the officers, directors,
shareholders and agents of the Adviser may be interested in the
Fund otherwise than as a trustee, officer or agent.
6. The Adviser shall not be liable for any error of judgment or
of law, or for any loss suffered by the Fund in connection with
the matters to which this Agreement relates, except loss
resulting from willful misfeasance bad faith or gross negligence
on the part of the Adviser in the performance of its obligations
and duties, or by reason of its reckless disregard of its
obligations and duties under this Agreement.
7. This Agreement shall become effective on the date hereof and
shall remain in full force until December 1, 1996, unless sooner
terminated as hereinafter provided. This Agreement shall
continue in force from year to year thereafter, but only as long
as such continuance is specifically approved at least annually
for each Portfolio in the manner required by the Investment
Company Act of 1940; provided, however, that if the continuation
of this Agreement is not approved for a Portfolio, the Adviser
may continue to serve in such capacity for such Portfolio in the
manner and to the extent permitted by the Investment Company Act
Exhibit 77Q1(e)
Kemper Money Funds
Form N-SAR for the period ended 01/31/96
File No. 811-2527
Page 5
of 1940 and the rules and regulations thereunder. This Agreement
shall automatically terminate in the event of its assignment, and
may be terminated at any time without the payment of any penalty
with respect to any or all Portfolios by the Fund or by the
Adviser on sixty (60) days written notice to the other party.
The Fund may effect termination with respect to any Portfolio by
action of the Board of Trustees or by vote of a majority of the
outstanding shares of such Portfolio, accompanied by appropriate
notice.
This Agreement may be terminated with respect to any Portfolio at
any time without the payment of any penalty by the Board of
Trustees or by vote of a majority of the outstanding Shares of
such Portfolio in the event that it shall have been established
by a court of competent jurisdiction that the Adviser or any
officer or director of the Adviser has taken any action which
results in a breach of the covenants of the Adviser set forth
herein.
Termination of this Agreement shall not affect the right of the
Adviser to receive payments on any unpaid balance of the
compensation described in Section 3 earned prior to such
termination.
8. If any provision of this Agreement shall be held or made
invalid by a court decision, statute, rule or otherwise, the
remainder shall not be thereby affected.
9. Any notice under this Agreement shall be in writing,
addressed and delivered or mailed, postage prepaid, to the other
party at such address as such other party may designate for the
receipt of such notice.
10. All parties hereto are expressly put on notice of the Kemper
Money Market Fund Agreement and Declaration of Trust and all
amendments thereto, all of which are on file with the Secretary
of The Commonwealth of Massachusetts, and the limitation of
shareholder and trustee liability contained therein. This
Agreement has been executed by and on behalf of the Fund by its
representatives as such representatives and not individually, and
the obligations of the Fund hereunder are not binding upon any of
the Trustees, officers or shareholders of the Fund individually
but are binding upon only the assets and property of the Fund.
With respect to any claim by Adviser for recovery of that portion
of the investment management fee (or any other liability of the
Fund arising hereunder) allocated to a particular Portfolio,
Exhibit 77Q1(e)
Kemper Money Funds
Form N-SAR for the period ended 01/31/96
File No. 811-2527
Page 6
whether in accordance with the express terms hereof or otherwise,
the Adviser shall have recourse solely against the assets of that
Portfolio to satisfy such claim and shall have no recourse
against the assets of any other Portfolio for such purpose.
11. This Agreement shall be construed in accordance with
applicable federal law and (except as to Section 10 hereof which
shall be construed in accordance with the laws of the
Commonwealth of Massachusetts) the laws of the State of Illinois.
12. This Agreement is the entire contract between the parties
relating to the subject matter hereof and supersedes all prior
agreements between the parties relating to the subject matter
hereof.
IN WITNESS WHEREOF, the Fund and the Adviser have caused this
Agreement to be executed as of the day and year first above
written.
KEMPER MONEY MARKET FUND
By: /s/ John E. Peters
----------------------------
Title: Vice President
ATTEST:
/s/ Philip J. Collora
------------------------------
Title: Secretary
KEMPER FINANCIAL SERVICES, INC.
By: /s/ Patrick Dudasik
----------------------------
Title: Senior Vice President
ATTEST:
/s/ David F. Dierenfeldt
------------------------------
Title: Assistant Secretary
MRB|W:\FUNDS\NSAR.EXH\KMF.77Q|031896
