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KEMPER GROWTH FUND SURPASSES BILLION-DOLLAR MARK

 KEMPER GROWTH FUND SURPASSES BILLION-DOLLAR MARK
 CHICAGO, March 23 /PRNewswire/ -- Kemper Financial Services, Inc.


(KFS), announced that its Kemper Growth Fund surpassed $1 billion in assets. The announcement was made by John E. Peters, KFS senior executive vice president.
 Peters attributed the sharp increase in Kemper Growth Fund assets in part to the excellent performance that the fund realized in 1991. "Last year, the fund's absolute performance increased more than 66 percent," Peters said. "The fund was ranked number one in its Lipper peer group of growth funds with assets of $500-750 million for the one year calendar year ending Dec. 31, 1991."
 "We believe the rapid growth of the fund also mirrored a national trend in the mutual fund industry," Peters continued. "The positive environment for equities has prompted many investors to seek out growth stocks. According to the Investment Company Institute, sales for growth funds have led all equity fund categories in recent months. Since December 1991, Kemper Growth Fund has risen over $16 million in assets, from $985 million at year-end in terms of assets," said Peters.
 According to Kemper Growth Fund's Co-Portfolio Managers Stephen Lewis and Michael Arends, solid fundamental analysis by the KFS research department and good stock selection contributed to the fund's excellent performance in 1991. "Kemper's forecast is for a very slow recovery with a flat to declining rate of inflation in 1992. This forecast is more favorable for the earnings of growth stocks than for the earnings recovery of basic cyclical industries," Lewis said.
 "Though the anticipation of an economic upturn has caused cyclical stock values to rise during the first two months of this year, historically, for cyclicals to outperform growth stocks on a year-over- year basis, we have to experience rising inflation," Lewis said. "And though cyclicals may lead the market for a while, there is still no evidence of a strong recovery. We view any near-term declines in growth stock prices as buying opportunities."
 "Given the strength of growth stocks in 1991, some profit-taking in the stocks is not surprising," explained Arends. "In the long run, the pull back is healthy and will help the growth stock cycle expand its duration. Assuming long term interest rates remain relatively stable, growth stocks can potentially continue to perform well in 1992 and beyond," Arends said.
 "Kemper Growth Fund is heavily weighted in some of the best performing sectors, such as health care cost containment companies, interest rate sensitive stocks, small technology stocks and specialty retailers," Arends added. "Going forward, we intend to deploy assets in a variety of established growth, emerging growth and some selected growth cyclical plays." Lewis and Arends also believe that the market will broaden into all sectors of growth stocks in 1992.
 Kemper Financial Services, Inc. is one of three financial services units of Kemper Corp. KFS currently has approximately $66 billion in assets under management. Kemper Corp. is a non-operating holding company with major subsidiaries in property casualty insurance, life insurance, reinsurance, investment services and risk management.
 For a prospectus containing more complete information, including management fees and expenses, please call Kemper Financial Services, Inc. at 1-800-621-1048. Please read the prospectus carefully before you invest or send money. Morningstar, Inc. ratings range from five stars (highest) to one star (lowest) and represent its assessment of the historical risk level and total return of a fund relative to its class as a weighted average 3, 5 and 10 year periods. Ratings are not absolute or necessarily predictive of future performance.
 As of Dec. 31, 1991, average annual total returns for Kemper Growth Fund were: 1 year: 57.26 percent; 5 year: 20.13 percent; and 10 year: 18.36 percent. Average annual total return and total return measure net investment income and capital gain or loss from portfolio investments, assuming reinvestment of dividends and adjustment for the maximum sales charge. Average annual total return reflects annualized change while total return reflects aggregate change. During the periods noted, securities prices fluctuated. Shares are redeemable at current net asset value, which may be worth more or less than original cost.
 -0- 3/23/92
 /CONTACT: Martin Gawne, 312-499-1905 or Margaret Rozen, 312-499-1801, both of Kemper Financial Serivces/ CO: Kemper Financial Services Inc. ST: Illinois IN: FIN SU:


AH -- NY041 -- 0550 03/23/92 11:48 EST
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Date:Mar 23, 1992
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