-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IUp04+R7whwDTaFoLqfAVOmeGGEw5SKNRAofYaPbRqhKjndJeAzIpYe3rWZ5FI02 myzgmomdVvebCjIfFlHqKQ== 0000088053-99-000484.txt : 19990430 0000088053-99-000484.hdr.sgml : 19990430 ACCESSION NUMBER: 0000088053-99-000484 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990228 FILED AS OF DATE: 19990429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER FUNDS TRUST CENTRAL INDEX KEY: 0001072010 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-09057 FILM NUMBER: 99605089 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 2123266200 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 N-30D 1 SEMIANNUAL REPORT - KEMPER RESEARCH FUND Kemper Research Fund Semiannual Report to Shareholders February 28, 1999 Kemper Research Fund Portfolio of Investments at February 28, 1999 (unaudited)
- --------------------------------------------------------------------------------------------------------------------------- Common stocks Number of shares Value ($) - --------------------------------------------------------------------------------------------------------------------------- Basic industries-3.1% Allegheny Teledyne Inc. 590 12,169 Ecolab, Inc. 630 25,121 E.I. du Pont de Nemours & Co. 345 17,703 Southdown, Inc. 345 16,280 Weyerhaeuser Co. 365 20,349 -------------------------------------------------------------------------------------- 91,622 - --------------------------------------------------------------------------------------------------------------------------- Capital goods-7.8% Corning Inc. 370 19,795 Emerson Electric Co. 735 42,216 Lockheed Martin Corp. 470 17,713 Parker-Hannifin Corp. 1,230 45,664 Rockwell International Corp. 520 23,108 Textron, Inc. 180 14,040 Thomas & Betts Corp. 545 22,720 United Technologies Corp. 375 46,453 -------------------------------------------------------------------------------------- 231,709 - --------------------------------------------------------------------------------------------------------------------------- Communications-8.5% Bell Atlantic Corp. 860 49,396 BellSouth Corp. 385 17,806 Frontier Corp. 605 21,742 GTE Corp. 210 13,624 (a) MCI WorldCom, Inc. 985 81,263 (a) Millicom International Cellular S.A. 255 6,821 (a) Orange plc 140 10,028 SBC Communicatons, Inc. 750 39,656 Telecom Italia S.p.A. 110 11,605 -------------------------------------------------------------------------------------- 251,941 - --------------------------------------------------------------------------------------------------------------------------- Consumer cyclicals-9.3% Black & Decker Corp. 160 7,800 Dayton Hudson Corp. 500 31,281 Dollar General Corp. 890 26,644 Federal-Mogul Corp. 155 7,624 Ford Motor Co. 585 34,698 Gap Inc. 115 7,439 Home Depot, Inc. 435 25,964 IMS Health Inc. 360 12,780 Leggett & Platt 355 7,433 May Department Stores 270 15,998 (a) Metzler Group, Inc. 330 14,025 (a) Mirage Resorts, Inc. 665 12,968 Tribune Co. 270 17,904 Wal-Mart Stores Inc. 625 53,984 -------------------------------------------------------------------------------------- 276,542 - --------------------------------------------------------------------------------------------------------------------------- Number of shares Value ($) - --------------------------------------------------------------------------------------------------------------------------- Consumer staples-14.7% Albertson's Inc. 365 20,805 Anheuser-Busch Companies, Inc. 130 9,969 Cardinal Health, Inc. 365 26,348 (a) Chancellor Media Corp. 220 9,625 Coca-Cola Co., Inc. 750 47,953 Colgate-Palmolive Co. 160 13,580 ConAgra, Inc. 980 29,522 Gillette Co. 325 17,428 H.J. Heinz Co. 665 36,201 PepsiCo Inc. 430 16,179 Philip Morris Companies, Inc. 395 15,454 Procter & Gamble Co. 455 40,723 Rite Aid Corp. 605 25,032 (a) Tele-Comm Liberty Media Group "A" 1,010 54,414 (a) Tele-Communications TCI Ventures Group "A" 2,130 58,974 Unilever NV 220 15,936 -------------------------------------------------------------------------------------- 438,143 - --------------------------------------------------------------------------------------------------------------------------- Energy-4.8% Atlantic Richfield Co. 360 19,665 BP Amoco Plc 205 17,425 Exxon Corp. 445 29,620 Halliburton Co. 185 5,226 Mobil Corp. 280 23,293 Royal Dutch Petroleum Co. 795 34,881 Texaco Inc. 310 14,434 -------------------------------------------------------------------------------------- 144,544 - --------------------------------------------------------------------------------------------------------------------------- Finance-15.4% AFLAC, Inc. 460 20,297 Allstate Corp. 725 27,187 American Express Co. 275 29,837 American International Group, Inc. 390 44,436 Associates First Capital Corp. 400 16,250 Bank One Corp. 590 31,712 BankAmerica Corp. 905 59,108 BankBoston Corp. 460 18,601 Chase Manhattan Corp. 395 31,452 Citigroup Inc. 410 24,087 Federal National Mortgage Association 545 38,150 First Union Corp. 665 35,453 Household International, Inc. 710 28,844 North Fork Bancorporation, Inc. 680 14,960 XL Capital Ltd. " A" 630 38,587 -------------------------------------------------------------------------------------- 458,961 - --------------------------------------------------------------------------------------------------------------------------- Health care-11.0% Abbott Laboratories 365 16,950 Allergan, Inc. 290 23,635 American Home Products Corp. 500 29,750 (a) Amgen Inc. 135 16,858 Baxter International Inc. 310 21,816 Bristol-Myers Squibb Co. 120 15,112 Eli Lilly & Co. 350 33,141 Medtronic Inc. 361 25,496 Pfizer, Inc. 390 51,456 Schering-Plough Corp. 555 31,045 SmithKline Beecham PLC (ADR) 220 15,648 Warner-Lambert Co. 675 46,617 -------------------------------------------------------------------------------------- 327,524 - --------------------------------------------------------------------------------------------------------------------------- Number of shares Value ($) - --------------------------------------------------------------------------------------------------------------------------- Technology-18.9% (a) Altera Corp. 265 12,886 America Online Inc. 400 35,575 (a) Check Point Software Technologies Ltd. 300 11,512 (a) Cisco Systems, Inc. 450 44,016 Compaq Computer Corp. 540 19,035 Computer Associates International, Inc. 305 12,810 (a) Dell Computer Corp. 280 22,435 (a) EMC Corp. 220 22,522 Hewlett-Packard Co. 230 15,281 Intel Corp. 480 57,570 International Business Machines Corp. 185 31,450 (a) Keane, Inc. 385 11,911 Lucent Technologies Inc. 205 20,820 (a) Microsoft Corp. 405 60,801 Motorola Inc. 390 27,398 (a) Network Appliance, Inc. 735 30,870 Nokia AB Oy "A" (ADR) 270 36,619 (a) Oracle Systems Corp. 505 28,217 (a) Sterling Commerce, Inc. 470 12,220 (a) Sun Microsystems, Inc. 365 35,519 Xerox Corp. 250 13,797 -------------------------------------------------------------------------------------- 563,264 - --------------------------------------------------------------------------------------------------------------------------- Transportation-1.0% Canadian National Railway Co. 325 15,687 (a) US Airways Group, Inc. 175 8,291 (a) Wisconsin Central Transportation Co. 585 8,044 -------------------------------------------------------------------------------------- 32,022 - --------------------------------------------------------------------------------------------------------------------------- Utilities-2.8% CINergy Corp. 610 17,804 (a) Niagara Mohawk Power Corp. 890 13,016 (a) Northeast Utilities 925 13,817 PacifiCorp 420 7,534 Unicom Corp. 360 12,803 Williams Cos., Inc. 480 17,760 -------------------------------------------------------------------------------------- 82,734 - --------------------------------------------------------------------------------------------------------------------------- Miscellaneous-2.7% Standard & Poor's 500 Depository Receipt 640 79,200 -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- TOTAL INVESTMENT PORTFOLIO - 100% (Cost: $2,986,851) 2,978,206 --------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- Notes to Portfolio of Investments - -------------------------------------------------------------------------------- (a) Non-income producing security. Based on the cost of investments of $2,986,851 for federal income tax purposes at February 28, 1999, the gross unrealized appreciation was $127,493, the gross unrealized depreciation was $136,138 and the net unrealized depreciation on investments was $8,645. See accompanying Notes to Financial Statements. Statement of Assets and Liabilities February 28, 1999 (unaudited)
- ---------------------------------------------------------------------------------------------------------- Assets - ---------------------------------------------------------------------------------------------------------- Investments, at value (Cost: $2,986,851) $2,978,206 - ---------------------------------------------------------------------------------------------------------- Cash 11,294 - ---------------------------------------------------------------------------------------------------------- Receivable for: Investments sold 10,558 - ---------------------------------------------------------------------------------------------------------- Dividends 3,771 - ---------------------------------------------------------------------------------------------------------- Total assets 3,003,829 - ---------------------------------------------------------------------------------------------------------- Liabilities and net assets - ---------------------------------------------------------------------------------------------------------- Payable for: Investments purchased 12,385 - ---------------------------------------------------------------------------------------------------------- Management fee 1,612 - ----------------------------------------------------------------------------------------------------------- Distribution services fee 1,151 - ---------------------------------------------------------------------------------------------------------- Custodian, accounting and transfer agent fees and related expenses 2,351 - ---------------------------------------------------------------------------------------------------------- Other 608 - ---------------------------------------------------------------------------------------------------------- Total liabilities 18,107 - ---------------------------------------------------------------------------------------------------------- Net assets $2,985,722 - ---------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------- Analysis of net assets - ---------------------------------------------------------------------------------------------------------- Paid-in capital $3,000,180 - ---------------------------------------------------------------------------------------------------------- Accumulated net realized loss on investments (3,642) - ---------------------------------------------------------------------------------------------------------- Net unrealized depreciation on investments (8,645) - ---------------------------------------------------------------------------------------------------------- Accumulated net investment loss (2,171) - ---------------------------------------------------------------------------------------------------------- Net assets applicable to shares outstanding $2,985,722 - ---------------------------------------------------------------------------------------------------------- The pricing of shares - ---------------------------------------------------------------------------------------------------------- Class A Shares Net asset value and redemption price per share ($996,200 / 105,269 shares outstanding) $9.46 - ---------------------------------------------------------------------------------------------------------- Maximum offering price per share (net asset value, plus 6.10% of net asset value or 5.75% of offering price) $10.04 - ---------------------------------------------------------------------------------------------------------- Class B Shares Net asset value and redemption price (subject to contingent deferred sales charge) per share ($994,761 / 105,269 shares outstanding) $9.45 - ---------------------------------------------------------------------------------------------------------- Class C Shares Net asset value and redemption price (subject to contingent deferred sales charge) per share ($994,761/ 105,269 shares outstanding) $9.45 - ----------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements. Statement of Operations For the period from December 31, 1998 (commencement of operations) to February 28, 1999 (unaudited)
- ------------------------------------------------------------------------------------------------------ Investment income - ------------------------------------------------------------------------------------------------------ Dividends $ 6,126 - ------------------------------------------------------------------------------------------------------ Interest 1,211 - ------------------------------------------------------------------------------------------------------ Total investment income 7,337 - ------------------------------------------------------------------------------------------------------ Expenses: - ------------------------------------------------------------------------------------------------------ Management fee 3,170 - ------------------------------------------------------------------------------------------------------ Distribution services fee 2,264 - ------------------------------------------------------------------------------------------------------ Administrative services fee 1,132 - ------------------------------------------------------------------------------------------------------ Custodian, accounting and transfer agent fees and related expenses 2,494 - ------------------------------------------------------------------------------------------------------ Professional fees 1,783 - ------------------------------------------------------------------------------------------------------ Other 76 - ------------------------------------------------------------------------------------------------------ Total expenses before expense waiver 10,919 - ------------------------------------------------------------------------------------------------------ Less expenses waived and absorbed by investment manager (1,411) - ------------------------------------------------------------------------------------------------------ Total expenses after expense waiver 9,508 - ------------------------------------------------------------------------------------------------------ Net investment loss (2,171) - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ Net realized and unrealized loss on investments - ------------------------------------------------------------------------------------------------------ Net realized loss on sales of investments (3,642) - ------------------------------------------------------------------------------------------------------ Change in net unrealized depreciation on investments (8,645) - ------------------------------------------------------------------------------------------------------ Net loss on investments (12,287) - ------------------------------------------------------------------------------------------------------ Net decrease in net assets resulting from operations $(14,458) - ------------------------------------------------------------------------------------------------------ Statement of Changes in Net Assets For the period from December 31, 1998 (commencement of operations) to February 28, 1999 (unaudited) - ------------------------------------------------------------------------------------------------------ Operations and capital share activity - ------------------------------------------------------------------------------------------------------ Net investment loss $ (2,171) - ------------------------------------------------------------------------------------------------------ Net realized loss (3,642) - ------------------------------------------------------------------------------------------------------ Change in net unrealized depreciation (8,645) - ------------------------------------------------------------------------------------------------------ Net decrease in net assets resulting from operations (14,458) - ------------------------------------------------------------------------------------------------------ Net increase from capital share transactions 2,966,847 - ------------------------------------------------------------------------------------------------------ Total increase in net assets 2,952,389 - ------------------------------------------------------------------------------------------------------ Net assets - ------------------------------------------------------------------------------------------------------ Beginning of period 33,333 - ------------------------------------------------------------------------------------------------------ End of period $2,985,722 - ------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements. Notes to financial statements 1. Description of the fund Kemper Research Fund (the fund) is a series of Kemper Funds Trust (the trust), an open-end management investment company organized as a business trust under the laws of Massachusetts. The fund commenced operations on December 31, 1998. The fund currently offers three classes of shares. Class A shares are sold to investors subject to an initial sales charge. Class B shares are sold without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are sold without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares do not convert into another class. Differences in class expenses will result in the payment of different per share income dividends by class. All shares of the fund have equal rights with respect to voting, dividends and assets, subject to class specific preferences. 2. Significant accounting polices Security valuation. Investments are stated at value. Portfolio securities which are traded on U.S. or foreign stock exchanges are valued at the most recent sale price reported on the exchange on which the security is traded most extensively. If no sale occurred, the security is then valued at the calculated mean between the most recent bid and asked quotations. If there are no such bid and asked quotations, the most recent bid quotation is used. Securities quoted on the Nasdaq Stock Market (Nasdaq), for which there have been sales, are valued at the most recent sale price reported. If there are no such sales, the value is the most recent bid quotation. Securities which are not quoted on Nasdaq but are traded in another over-the-counter market are valued at the most recent sale price on such market. If no sale occurred, the security is then valued at the calculated mean between the most recent bid and asked quotations. If there are no such bid and asked quotations, the most recent bid quotation shall be used. All other securities are valued at their fair market value as determined in good faith by the Valuation Committee of the Board of Trustees. Investment transactions and investment income. Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date, and interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are reported on an identified cost basis. Fund share valuation. Fund shares are sold and redeemed on a continuous basis at net asset value (plus an initial sales charge on most sales of Class A shares). Proceeds payable on redemption of Class B and Class C shares will be reduced by the amount of any applicable contingent deferred sales charge. On each day the New York Stock Exchange is open for trading, the net asset value per share is determined as of the close of the Exchange. The net asset value per share is determined separately for each class by dividing the fund's net assets attributable to that class by the number of shares of the class outstanding. Federal income taxes. The fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders. Accordingly, the fund paid no federal income taxes and no federal income tax provision was required. Dividends to shareholders. The fund declares and pays dividends of net investment income and net realized capital gains annually, which are recorded on the ex-dividend date. Dividends are determined in accordance with income tax principles which may treat certain transactions differently from generally accepted accounting principles. 3. Transactions with affiliates Management agreement. The fund has a management agreement with Scudder Kemper Investments, Inc. (Scudder Kemper) and pays a monthly investment management fee of 1/12 of the annual rate of .70% of the first $250 million of average daily net assets declining to .63% of average daily net assets in excess of $2.5 billion. The fund incurred a management fee of $3,170 for the period ended February 28, 1999. Scudder Kemper has agreed to temporarily absorb certain operating expenses of the fund. Under this arrangement, Scudder Kemper waived and absorbed expenses of $1,411 for the period ended February 28, 1999. Underwriting and distribution services agreement. The fund has an underwriting and distribution services agreement with Kemper Distributors, Inc. (KDI). For services under the distribution services agreement, the fund pays KDI a fee of .75% of average daily net assets of Class B and Class C shares pursuant to separate Rule 12b-1 plans for the Class B and Class C shares. Pursuant to the agreement, KDI enters into related selling group agreements with various firms at various rates for sales of Class B and Class C shares. In addition, KDI receives any contingent deferred sales charges from redemptions of Class B and Class C shares. Distribution fees received by KDI for the period ended February 28, 1999 are $2,264. Administrative services agreement. The fund has an administrative services agreement with KDI. For providing information and administrative services to shareholders, the fund pays KDI a fee at an annual rate of up to .25% of average daily net assets of each class. KDI in turn has various agreements with financial services firms that provide these services and pays these firms based on assets of fund accounts the firms service. The fund incurred no administrative services fees for the period ended February 28, 1999, after an expense absorption by Scudder Kemper. Shareholder services agreement. Pursuant to a services agreement with the fund's transfer agent, Kemper Service Company (KSvC) is the shareholder service agent of the fund. Under the agreement, KSvC earned shareholder services fees of $624 for the period ended February 28, 1999, all of which is unpaid. Fund accounting agent. Scudder Fund Accounting Corporation (SFAC) is responsible for determining the daily net asset value per share and maintaining the portfolio and general accounting records of the fund. The fund incurred accounting fees of $1,721 after a partial fee waiver by Scudder Kemper for the period ended February 28, 1999, all of which is unpaid. Officers and trustees. Certain officers or trustees of the fund are also officers or directors of Scudder Kemper. During the period ended February 28, 1999, the fund made no payments to its officers or trustees. 4. Investment transactions For the period ended February 28, 1999, investment transactions (excluding short-term instruments) are as follows: Purchases $3,317,201 Proceeds from sales 326,708 5. Capital share transactions The following table summarizes the activity in capital shares of the fund: December 31, 1998 to February 28, 1999 -------------------- Shares Amount - -------------------------------------------------------------------------------- Shares sold - -------------------------------------------------------------------------------- Class A 104,100 $ 988,949 - -------------------------------------------------------------------------------- Class B 104,100 988,949 - -------------------------------------------------------------------------------- Class C 104,100 988,949 - -------------------------------------------------------------------------------- Net increase from capital share transactions $2,966,847 - -------------------------------------------------------------------------------- Financial Highlights For the period from December 31, 1998 (commencement of operations) to February 28, 1999 (unaudited)
Class A Class B Class C - ----------------------------------------------------------------------------- ------------- --------------- Per share operating performance - ----------------------------------------------------------------------------- ------------- --------------- Net asset value, beginning of period $9.50 9.50 9.50 - ----------------------------------------------------------------------------- ------------- --------------- Income from investment operations: Net investment loss - (.01) (.01) - ----------------------------------------------------------------------------- ------------- --------------- Net realized and unrealized loss (.04) (.04) (.04) - ----------------------------------------------------------------------------- ------------- --------------- Total from investment operations (.04) (.05) (.05) - ----------------------------------------------------------------------------- ------------- --------------- Net asset value, end of period $9.46 9.45 9.45 - ----------------------------------------------------------------------------- ------------- --------------- Total return (not annualized) (.42)% (.53) (.53) - ----------------------------------------------------------------------------- ------------- --------------- - ----------------------------------------------------------------------------- ------------- --------------- Ratios to average net assets (annualized) - ----------------------------------------------------------------------------- ------------- --------------- Expenses 1.48% 2.42 2.42 - ----------------------------------------------------------------------------------------------- --------------- Net investment income (loss) .14% (.80) (.80) - ----------------------------------------------------------------------------------------------- --------------- - ----------------------------------------------------------------------------- ------------- --------------- Other ratios to average net assets (annualized) - ----------------------------------------------------------------------------- ------------- --------------- Expenses 1.79% 2.73 2.73 - ----------------------------------------------------------------------------- ------------- --------------- Net investment loss (.17)% (1.11) (1.11) - ----------------------------------------------------------------------------- ------------- --------------- - ------------------------------------------------------------------------------------------------------------------ Supplemental data for all classes - ------------------------------------------------------------------------------------------------------------------ Net assets at end of period $2,985,722 - ------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate (annualized) 97% - ------------------------------------------------------------------------------------------------------------------
Note: Total return does not reflect the effect of any sales charges. Scudder Kemper Investments, Inc. has agreed to temporarily waive and absorb certain operating expenses of the fund. The other ratios to average net assets are computed without this expense waiver or absorption. -----END PRIVACY-ENHANCED MESSAGE-----