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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE JEROME L. DUFFY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL INFORMATION.
</LEGEND>
<CIK> 0000811911
<NAME> TAX-EXEMPT CALIFORNIA MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 104,135
<INVESTMENTS-AT-VALUE> 104,135
<RECEIVABLES> 486
<ASSETS-OTHER> 1,013
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105,634
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 342
<TOTAL-LIABILITIES> 342
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 105,292
<SHARES-COMMON-PRIOR> 101,148
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
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<REALIZED-GAINS-CURRENT> 0
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<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,115)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<SHARES-REINVESTED> 3,065
<NET-CHANGE-IN-ASSETS> 4,144
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> (736)
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<PER-SHARE-NII> .03
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</TABLE>
SUPPLEMENTARY 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 year ended September 30, 1995, we considered their
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on their financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable,
but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure 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 structure would not
necessarily disclose all matters in the internal control structure
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 the
specific internal control structure elements 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 structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of September 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Chicago, Illinois
November 14, 1995
Kemper Funds Exhibit A
September 30, 1995
Tax-Exempt California Money Market Fund
Kemper Growth Fund
Kemper Small Capitalization Equity Fund
Kemper High Yield Fund
Kemper Portfolios:
Kemper Cash Reserve Fund
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
Exhibit 77C
Tax-Exempt California Money Market Fund
Form N-SAR for the period ended 9/30/95
File No. 811-5076
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 84,643,620
WITHHELD 1,088,802
Lewis A. Burnham
Vote Number
---- -----------
FOR 84,643,620
WITHHELD 1,088,802
Donald L. Dunaway
Vote Number
---- -----------
FOR 84,643,620
WITHHELD 1,088,802
Robert B. Hoffman
Vote Number
---- -----------
FOR 84,643,620
WITHHELD 1,088,802
Donald R. Jones
Vote Number
---- -----------
FOR 84,643,620
WITHHELD 1,088,802
David B. Mathis
Vote Number
---- -----------
FOR 84,643,620
WITHHELD 1,088,802
Exhibit 77C
Tax-Exempt California Money Market Fund
Form N-SAR for the period ended 9/30/95
File No. 811-5076
Page 2
Shirley D. Peterson
Vote Number
---- -----------
FOR 84,643,620
WITHHELD 1,088,802
William P. Sommers
Vote Number
---- -----------
FOR 84,643,620
WITHHELD 1,088,802
Stephen B. Timbers
Vote Number
---- -----------
FOR 84,643,620
WITHHELD 1,088,802
Item 2: Selection of Independent Auditors
Vote Number
---- -----------
FOR 85,169,220
AGAINST 66,891
ABSTAIN 496,310
Exhibit 77C
Tax-Exempt California Money Market Fund
Form N-SAR for the period ended 9/30/95
File No. 811-5076
Page 3
Item 3: New Investment Management Agreement
Vote Number
---- ----------
FOR 84,607,980
AGAINST 304,528
ABSTAIN 819,913
Item 4: New Rule 12B-1 Distribution Plan
Vote Number
---- ----------
FOR 84,642,174
AGAINST 412,159
ABSTAIN 678,088
MRB|W:\FUNDS\NSAR.EXH\TECMF995.77C|112095
