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<PAGE> PAGE 4
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
070 E020500 N
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070 P020500 N
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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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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE JEROME L. DUFFY
TITLE TREASURER
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JUNE 30,
1997 ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
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</LEGEND>
<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
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<NAME> KEMPER RETIREMENT FUND 1
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JUNE 30,
1997 ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
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</LEGEND>
<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
<SERIES>
<NUMBER> 02
<NAME> KEMPER RETIREMENT FUND 2
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<PER-SHARE-NAV-BEGIN> 13.01
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> 1.29
<PER-SHARE-DIVIDEND> (.59)
<PER-SHARE-DISTRIBUTIONS> (1.50)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.77
<EXPENSE-RATIO> .92
<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 JUNE 30,
1997 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> 03
<NAME> KEMPER RETIREMENT FUND 3
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 108,442
<INVESTMENTS-AT-VALUE> 120,874
<RECEIVABLES> 1,651
<ASSETS-OTHER> 522
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,047
<PAYABLE-FOR-SECURITIES> 536
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 177
<TOTAL-LIABILITIES> 713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,970
<SHARES-COMMON-STOCK> 11,377
<SHARES-COMMON-PRIOR> 11,098
<ACCUMULATED-NII-CURRENT> 2,183
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,750
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,431
<NET-ASSETS> 122,334
<DIVIDEND-INCOME> 745
<INTEREST-INCOME> 4,781
<OTHER-INCOME> 0
<EXPENSES-NET> (1,155)
<NET-INVESTMENT-INCOME> 4,371
<REALIZED-GAINS-CURRENT> 11,164
<APPREC-INCREASE-CURRENT> 2,920
<NET-CHANGE-FROM-OPS> 18,455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,464)
<DISTRIBUTIONS-OF-GAINS> (14,623)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (1,658)
<SHARES-REINVESTED> 1,937
<NET-CHANGE-IN-ASSETS> 846
<ACCUMULATED-NII-PRIOR> 2,288
<ACCUMULATED-GAINS-PRIOR> 10,197
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 605
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,155
<AVERAGE-NET-ASSETS> 120,887
<PER-SHARE-NAV-BEGIN> 10.95
<PER-SHARE-NII> .42
<PER-SHARE-GAIN-APPREC> 1.22
<PER-SHARE-DIVIDEND> (.43)
<PER-SHARE-DISTRIBUTIONS> (1.41)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.75
<EXPENSE-RATIO> .95
<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 JUNE 30,
1997 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> 04
<NAME> KEMPER RETIREMENT FUND 4
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 121,082
<INVESTMENTS-AT-VALUE> 128,864
<RECEIVABLES> 2,493
<ASSETS-OTHER> 610
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,967
<PAYABLE-FOR-SECURITIES> 536
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 206
<TOTAL-LIABILITIES> 742
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,986
<SHARES-COMMON-STOCK> 12,279
<SHARES-COMMON-PRIOR> 12,976
<ACCUMULATED-NII-CURRENT> 2,238
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,220
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,781
<NET-ASSETS> 131,225
<DIVIDEND-INCOME> 753
<INTEREST-INCOME> 5,055
<OTHER-INCOME> 0
<EXPENSES-NET> (1,291)
<NET-INVESTMENT-INCOME> 4,517
<REALIZED-GAINS-CURRENT> 10,377
<APPREC-INCREASE-CURRENT> 4,714
<NET-CHANGE-FROM-OPS> 19,608
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,509)
<DISTRIBUTIONS-OF-GAINS> (14,118)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (2,563)
<SHARES-REINVESTED> 1,866
<NET-CHANGE-IN-ASSETS> (7,633)
<ACCUMULATED-NII-PRIOR> 2,239
<ACCUMULATED-GAINS-PRIOR> 9,952
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 674
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,291
<AVERAGE-NET-ASSETS> 134,805
<PER-SHARE-NAV-BEGIN> 10.70
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> (1.19)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.69
<EXPENSE-RATIO> .96
<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 JUNE 30,
1997 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> 05
<NAME> KEMPER RETIREMENT FUND 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 114,177
<INVESTMENTS-AT-VALUE> 129,178
<RECEIVABLES> 1,844
<ASSETS-OTHER> 434
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,456
<PAYABLE-FOR-SECURITIES> 524
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 257
<TOTAL-LIABILITIES> 781
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 106,033
<SHARES-COMMON-STOCK> 12,791
<SHARES-COMMON-PRIOR> 12,719
<ACCUMULATED-NII-CURRENT> 2,404
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,238
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,000
<NET-ASSETS> 130,675
<DIVIDEND-INCOME> 794
<INTEREST-INCOME> 5,096
<OTHER-INCOME> 0
<EXPENSES-NET> (1,246)
<NET-INVESTMENT-INCOME> 4,644
<REALIZED-GAINS-CURRENT> 11,793
<APPREC-INCREASE-CURRENT> 4,036
<NET-CHANGE-FROM-OPS> 20,473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,663)
<DISTRIBUTIONS-OF-GAINS> (14,346)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (1,929)
<SHARES-REINVESTED> 2,001
<NET-CHANGE-IN-ASSETS> 928
<ACCUMULATED-NII-PRIOR> 2,428
<ACCUMULATED-GAINS-PRIOR> 9,786
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 648
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,246
<AVERAGE-NET-ASSETS> 129,432
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> 1.22
<PER-SHARE-DIVIDEND> (.39)
<PER-SHARE-DISTRIBUTIONS> (1.20)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.22
<EXPENSE-RATIO> .96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM THE JUNE 30, 1997
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> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 29,331
<INVESTMENTS-AT-VALUE> 34,058
<RECEIVABLES> 279
<ASSETS-OTHER> 610
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,947
<PAYABLE-FOR-SECURITIES> 45
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 136
<TOTAL-LIABILITIES> 181
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,412
<SHARES-COMMON-STOCK> 3,122
<SHARES-COMMON-PRIOR> 3,567
<ACCUMULATED-NII-CURRENT> 737
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 895
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,722
<NET-ASSETS> 34,766
<DIVIDEND-INCOME> 198
<INTEREST-INCOME> 1,531
<OTHER-INCOME> 0
<EXPENSES-NET> (426)
<NET-INVESTMENT-INCOME> 1,303
<REALIZED-GAINS-CURRENT> 1,096
<APPREC-INCREASE-CURRENT> 1,324
<NET-CHANGE-FROM-OPS> 3,723
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,451)
<DISTRIBUTIONS-OF-GAINS> (528)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (637)
<SHARES-REINVESTED> 192
<NET-CHANGE-IN-ASSETS> (3,052)
<ACCUMULATED-NII-PRIOR> 827
<ACCUMULATED-GAINS-PRIOR> 385
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 215
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 426
<AVERAGE-NET-ASSETS> 35,917
<PER-SHARE-NAV-BEGIN> 10.60
<PER-SHARE-NII> .42
<PER-SHARE-GAIN-APPREC> .71
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> (.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> 1.19
<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 JUNE 30,
1997 ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINACIAL STATEMENTS.
</LEGEND>
<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
<SERIES>
<NUMBER> 07
<NAME> KEMPER RETIREMENT FUND 6
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 65,552
<INVESTMENTS-AT-VALUE> 69,001
<RECEIVABLES> 654
<ASSETS-OTHER> 176
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,831
<PAYABLE-FOR-SECURITIES> 271
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 168
<TOTAL-LIABILITIES> 439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,920
<SHARES-COMMON-STOCK> 6,390
<SHARES-COMMON-PRIOR> 5,054
<ACCUMULATED-NII-CURRENT> 1,172
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,851
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,449
<NET-ASSETS> 69,392
<DIVIDEND-INCOME> 353
<INTEREST-INCOME> 2,330
<OTHER-INCOME> 0
<EXPENSES-NET> (613)
<NET-INVESTMENT-INCOME> 2,070
<REALIZED-GAINS-CURRENT> 3,804
<APPREC-INCREASE-CURRENT> 3,566
<NET-CHANGE-FROM-OPS> 9,440
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,591)
<DISTRIBUTIONS-OF-GAINS> (1,589)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,919
<NUMBER-OF-SHARES-REDEEMED> (894)
<SHARES-REINVESTED> 311
<NET-CHANGE-IN-ASSETS> 19,703
<ACCUMULATED-NII-PRIOR> 696
<ACCUMULATED-GAINS-PRIOR> 633
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 302
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 613
<AVERAGE-NET-ASSETS> 60,216
<PER-SHARE-NAV-BEGIN> 9.83
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> 1.26
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> (.28)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.86
<EXPENSE-RATIO> 1.02
<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 JUNE 30,
1997 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> 08
<NAME> KEMPER RETIREMENT FUND 7
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,911
<INVESTMENTS-AT-VALUE> 1,935
<RECEIVABLES> 113
<ASSETS-OTHER> 49
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,097
<PAYABLE-FOR-SECURITIES> 52
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2
<TOTAL-LIABILITIES> 54
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,016
<SHARES-COMMON-STOCK> 221
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24
<NET-ASSETS> 2,043
<DIVIDEND-INCOME> 1
<INTEREST-INCOME> 6
<OTHER-INCOME> 0
<EXPENSES-NET> (2)
<NET-INVESTMENT-INCOME> 5
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 24
<NET-CHANGE-FROM-OPS> 27
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 212
<NUMBER-OF-SHARES-REDEEMED> (2)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,943
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2
<AVERAGE-NET-ASSETS> 990
<PER-SHARE-NAV-BEGIN> 9.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.23
<EXPENSE-RATIO> 1.17
<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 period ended as of the date listed in Exhibit A
attached hereto ("Report Date"), 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 Report Date.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Chicago, Illinois
August 20, 1997
Kemper Funds Exhibit A
June 30, 1997
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 Retirement Fund Series VII
Kemper WorldWide 2004