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<PAGE> PAGE 12
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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SIGNATURE JEROME L. DUFFY
TITLE TREASURER
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
1995 SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
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<NUMBER> 01
<NAME> KEMPER RETIREMENT FUND SERIES I
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<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
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<NAME> KEMPER RETIREMENT FUND SERIES II
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<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
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<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
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<NAME> KEMPER RETIREMENT FUND SERIES IV
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,150
<NUMBER-OF-SHARES-REDEEMED> (1,175)
<SHARES-REINVESTED> 299
<NET-CHANGE-IN-ASSETS> 70,662
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (514)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,098)
<AVERAGE-NET-ASSETS> 121,271
<PER-SHARE-NAV-BEGIN> 8.15
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> 1.31
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.53
<EXPENSE-RATIO> .011
<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
1995 SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
<SERIES>
<NUMBER> 07
<NAME> KEMPER RETIREMENT FUND SERIES VI
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 6,297
<INVESTMENTS-AT-VALUE> 6,340
<RECEIVABLES> 828
<ASSETS-OTHER> 286
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,454
<PAYABLE-FOR-SECURITIES> 258
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4
<TOTAL-LIABILITIES> 265
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,140
<SHARES-COMMON-STOCK> 776
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 20
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 43
<NET-ASSETS> 7,189
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26
<OTHER-INCOME> 0
<EXPENSES-NET> 6
<NET-INVESTMENT-INCOME> 20
<REALIZED-GAINS-CURRENT> (14)
<APPREC-INCREASE-CURRENT> 43
<NET-CHANGE-FROM-OPS> 49
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 770
<NUMBER-OF-SHARES-REDEEMED> 5
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,089
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6)
<AVERAGE-NET-ASSETS> 5,072
<PER-SHARE-NAV-BEGIN> 9.0
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.26
<EXPENSE-RATIO> .011
<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 1995
ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
<SERIES>
<NUMBER> 06
<NAME> KEMPER WORLDWIDE 2004
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 28,050
<INVESTMENTS-AT-VALUE> 30,990
<RECEIVABLES> 639
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 93
<TOTAL-ASSETS> 31,722
<PAYABLE-FOR-SECURITIES> 960
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 63
<TOTAL-LIABILITIES> 1,023
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,207
<SHARES-COMMON-STOCK> 3,082
<SHARES-COMMON-PRIOR> 654
<ACCUMULATED-NII-CURRENT> 491
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (890)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,891
<NET-ASSETS> 30,699
<DIVIDEND-INCOME> 175
<INTEREST-INCOME> 910
<OTHER-INCOME> 0
<EXPENSES-NET> (276)
<NET-INVESTMENT-INCOME> 809
<REALIZED-GAINS-CURRENT> (916)
<APPREC-INCREASE-CURRENT> 2,964
<NET-CHANGE-FROM-OPS> 2,857
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (301)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,657
<NUMBER-OF-SHARES-REDEEMED> (261)
<SHARES-REINVESTED> 32
<NET-CHANGE-IN-ASSETS> 24,799
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (129)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (276)
<AVERAGE-NET-ASSETS> 21,218
<PER-SHARE-NAV-BEGIN> 9.02
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> .79
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> .013
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 June 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 June 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
August 11, 1995
Kemper Funds Exhibit A
June 30, 1995
Kemper Target Equity Fund
Kemper Retirement Fund Series I
Kemper Retirement Fund Series II
Kemper Retirement Fund Series III
Kemper Retirement Fund Series IV
Kemper Retirement Fund Series V
Kemper Retirement Fund Series VI
Kemper Worldwide 2004 Fund
Exhibit 77Q(c)
Kemper Target Equity Fund
Form N-SAR for the period ending 6/30/95
File No. 811-5896
KEMPER TARGET EQUITY FUND
WRITTEN INSTRUMENT ESTABLISHING AND DESIGNATING
KEMPER RETIREMENT FUND SERIES VI
The undersigned, being a majority of the trustees of Kemper
Target Equity Fund (the "Trust"), a business trust organized
pursuant to an amended and restated Agreement and Declaration of
Trust dated September 15, 1994, as amended (the "Declaration of
Trust"), pursuant to Section 1 of Article III of the Declaration
of Trust, do hereby establish and designate a seventh series of
Shares of the Trust to be known as "Kemper Retirement Fund Series
VI." The relative rights and preferences of such series shall be
as set forth in the Declaration of Trust.
IN WITNESS WHEREOF, the undersigned have this 7th day of
April, 1995 signed these presents.
/s/ Stephen B. Timbers
------------------------------
Stephen B. Timbers, Trustee
210 South Green Bay Road
Lake Forest, IL 60045
(Signatures continue)
/s/ Arthur R. Gottschalk
------------------------------
Arthur R. Gottschalk, Trustee
1070 Marblehead Drive
Naples, FL 33942-8718
/s/ Frederick T. Kelsey
------------------------------
Frederick T. Kelsey, Trustee
3133 Laughing Gull Court
Johns Island, SC 29455
/s/ David B. Mathis
------------------------------
David B. Mathis, Trustee
529 Buena Road
Lake Forest, IL 60045
/s/ John B. Tingleff
------------------------------
John B. Tingleff, Trustee
2015 South Lake Shore Drive
Harbor Springs, MI 49740
/s/ John G. Weithers
------------------------------
John G. Weithers, Trustee
311 Springlake
Hinsdale, IL 60521
LKW|W:\FUNDS\NSAR.EXH\KTEF.77Q|082495
