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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
1997 ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000863420
<NAME> TAX-EXEMPT NEW YORK MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 61,446
<INVESTMENTS-AT-VALUE> 61,446
<RECEIVABLES> 203
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61,649
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,074
<TOTAL-LIABILITIES> 1,074
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,575
<SHARES-COMMON-STOCK> 60,575
<SHARES-COMMON-PRIOR> 18,527
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 60,575
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,237
<OTHER-INCOME> 0
<EXPENSES-NET> (160)
<NET-INVESTMENT-INCOME> 1,077
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,077
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,077)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 239,603
<NUMBER-OF-SHARES-REDEEMED> (198,589)
<SHARES-REINVESTED> 1,034
<NET-CHANGE-IN-ASSETS> 42,048
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 351
<AVERAGE-NET-ASSETS> 36,353
<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> .44
<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
May 16, 1997
Kemper Funds Exhibit A
March 31, 1997
Investors Cash Trust Fund -
Government Securities Portfolio
Treasury Portfolio
Tax-Exempt New York Money MarketFund
