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<PAGE> PAGE 7
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 21
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055 A000500 Y
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070 I010500 Y
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070 N010500 Y
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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028 A010600 1931
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<PAGE> PAGE 24
028 H000600 4443
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055 A000600 Y
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<PAGE> PAGE 25
070 K010600 N
070 K020600 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
070 C010700 Y
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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SIGNATURE JEROME L. DUFFY
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1996
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> 01
<NAME> KEMPER RETIREMENT FUND SERIES I
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1996
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> 02
<NAME> KEMPER RETIREMENT FUND SERIES II
<MULTIPLIER> 1000
<S> <C>
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<NUMBER-OF-SHARES-REDEEMED> (828)
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<PER-SHARE-NII> .30
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
1996 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> 3
<NAME> KEMPER RETIREMENT FUND III
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> DEC-31-1995
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<ACCUMULATED-NII-CURRENT> (57)
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<INTEREST-INCOME> 2,527
<OTHER-INCOME> 0
<EXPENSES-NET> (622)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,806)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (721)
<SHARES-REINVESTED> 1,052
<NET-CHANGE-IN-ASSETS> 2,295
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (313)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (622)
<AVERAGE-NET-ASSETS> 125,379
<PER-SHARE-NAV-BEGIN> 10.75
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> .68
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> (.57)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.64
<EXPENSE-RATIO> .010
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
1996 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> 4
<NAME> KEMPER RETIREMENT FUND SERIES IV
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> DEC-31-1995
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,106
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 14,256
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<ACCUMULATED-NII-CURRENT> (273)
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<ACCUMULATED-NET-GAINS> 2,633
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,038
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<OTHER-INCOME> 0
<EXPENSES-NET> (726)
<NET-INVESTMENT-INCOME> 2,576
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<DISTRIBUTIONS-OF-INCOME> (5,653)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (1,388)
<SHARES-REINVESTED> 538
<NET-CHANGE-IN-ASSETS> (1,627)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (375)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (726)
<AVERAGE-NET-ASSETS> 150,230
<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> .69
<PER-SHARE-DIVIDEND> (.41)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> .010
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1996
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
<SERIES>
<NUMBER> 5
<NAME> KEMPER RETIREMENT FUND SERIES V
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 117,336
<INVESTMENTS-AT-VALUE> 136,648
<RECEIVABLES> 1,180
<ASSETS-OTHER> 66
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137,894
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157
<TOTAL-LIABILITIES> 157
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116,072
<SHARES-COMMON-STOCK> 13,660
<SHARES-COMMON-PRIOR> 14,163
<ACCUMULATED-NII-CURRENT> (43)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,396
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,312
<NET-ASSETS> 137,737
<DIVIDEND-INCOME> 385
<INTEREST-INCOME> 2,696
<OTHER-INCOME> 0
<EXPENSES-NET> (659)
<NET-INVESTMENT-INCOME> 2,422
<REALIZED-GAINS-CURRENT> 6,598
<APPREC-INCREASE-CURRENT> 3,558
<NET-CHANGE-FROM-OPS> 12,578
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,780)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (974)
<SHARES-REINVESTED> 471
<NET-CHANGE-IN-ASSETS> 2,800
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (339)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (659)
<AVERAGE-NET-ASSETS> 135,764
<PER-SHARE-NAV-BEGIN> 9.53
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> .72
<PER-SHARE-DIVIDEND> (.36)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.08
<EXPENSE-RATIO> .010
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1996
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
<SERIES>
<NUMBER> 6
<NAME> KEMPER WORLDWIDE 2004
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 31,431
<INVESTMENTS-AT-VALUE> 36,280
<RECEIVABLES> 642
<ASSETS-OTHER> 71
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,993
<PAYABLE-FOR-SECURITIES> 746
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68
<TOTAL-LIABILITIES> 814
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,869
<SHARES-COMMON-STOCK> 3,440
<SHARES-COMMON-PRIOR> 3,082
<ACCUMULATED-NII-CURRENT> (120)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (426)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,856
<NET-ASSETS> 36,179
<DIVIDEND-INCOME> 106
<INTEREST-INCOME> 685
<OTHER-INCOME> 9
<EXPENSES-NET> (236)
<NET-INVESTMENT-INCOME> 546
<REALIZED-GAINS-CURRENT> 464
<APPREC-INCREASE-CURRENT> 1,965
<NET-CHANGE-FROM-OPS> 2,975
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,157)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 566
<NUMBER-OF-SHARES-REDEEMED> (316)
<SHARES-REINVESTED> 108
<NET-CHANGE-IN-ASSETS> 2,975
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (100)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (236)
<AVERAGE-NET-ASSETS> 33,618
<PER-SHARE-NAV-BEGIN> 9.96
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .76
<PER-SHARE-DIVIDEND> (.35)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> .014
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
1996 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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 30,141
<INVESTMENTS-AT-VALUE> 31,504
<RECEIVABLES> 281
<ASSETS-OTHER> 162
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,962
<PAYABLE-FOR-SECURITIES> 770
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35
<TOTAL-LIABILITIES> 805
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,771
<SHARES-COMMON-STOCK> 3,144
<SHARES-COMMON-PRIOR> 776
<ACCUMULATED-NII-CURRENT> 21
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,363
<NET-ASSETS> 31,157
<DIVIDEND-INCOME> 25
<INTEREST-INCOME> 474
<OTHER-INCOME> 0
<EXPENSES-NET> (115)
<NET-INVESTMENT-INCOME> 384
<REALIZED-GAINS-CURRENT> 340
<APPREC-INCREASE-CURRENT> 1,320
<NET-CHANGE-FROM-OPS> 2,044
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (383)
<DISTRIBUTIONS-OF-GAINS> (324)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,369
<NUMBER-OF-SHARES-REDEEMED> (72)
<SHARES-REINVESTED> 71
<NET-CHANGE-IN-ASSETS> 23,968
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (48)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (115)
<AVERAGE-NET-ASSETS> 19,301
<PER-SHARE-NAV-BEGIN> 9.26
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> .78
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> .012
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit 77C
Kemper Target Equity Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5896
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
James E. Akins
Vote Number
---- -----------
FOR 37,666,268
WITHHELD 2,382,927
Arthur R. Gottschalk
Vote Number
---- -----------
FOR 37,676,278
WITHHELD 2,374,917
Frederick T. Kelsey
Vote Number
---- -----------
FOR 37,662,263
WITHHELD 2,386,932
David B. Mathis
Vote Number
---- -----------
FOR 37,770,396
WITHHELD 2,278,799
Fred B. Renwick
Vote Number
---- -----------
FOR 37,690,297
WITHHELD 2,358,898
Stephen B. Timbers
Vote Number
---- -----------
FOR 37,718,332
WITHHELD 2,330,863
Exhibit 77C
Kemper Target Equity Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5896
Page 2
John B. Tingleff
Vote Number
---- -----------
FOR 37,762,386
WITHHELD 2,286,809
John G. Weithers
Vote Number
---- -----------
FOR 38,014,696
WITHHELD 2,034,499
Item 2: Selection of Independent Auditors
Vote Number
---- -----------
FOR 37,794,664
AGAINST 521,615
ABSTAIN 1,732,910
Item 3: New Investment Management Agreement
Kemper Retirement Fund Series I
Vote Number
---- -----------
FOR 5,413,119
AGAINST 154,775
ABSTAIN 372,349
Kemper Retirement Fund Series II
Vote Number
---- -----------
FOR 7,356,465
AGAINST 138,655
ABSTAIN 434,460
Exhibit 77C
Kemper Target Equity Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5896
Page 3
Kemper Retirement Fund Series III
Vote Number
---- -----------
FOR 6,137,650
AGAINST 142,586
ABSTAIN 479,511
Kemper Retirement Fund Series IV
Vote Number
---- -----------
FOR 1,611,806
AGAINST 154,220
ABSTAIN 508,185
Kemper Retirement Fund Series V
Vote Number
---- -----------
FOR 7,932,851
AGAINST 119,202
ABSTAIN 371,142
Kemper Retirement Fund Series VI
Vote Number
---- -----------
FOR 396,954
AGAINST 763
ABSTAIN 18,873
Kemper Worldwide 2004 Fund
Vote Number
---- -----------
FOR 1,611,806
AGAINST 29,360
ABSTAIN 69,352
LKW|W:\FUNDS\NSAR.EXH\KTEFD95.77C|020796
