KEMPER EQUITY FUNDS/VALUE STYLE
Kemper Contrarian Fund
Kemper-Dreman High Return Equity Fund
Kemper Small Cap Value Fund
Kemper Small Cap Relative Value Fund
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED MAY 6, 1998
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The following change to the "Net Asset Value" section of the Statement of
Additional Information will be effective prior to the close of the third
calendar quarter for 1998:
Net Asset Value
The section entitled "Contrarian and Small Cap Value Funds" is deleted
from the Statement of Additional Information.
The section title "High Return Equity Fund and Small Cap Relative Value
Fund" is deleted from the Statement of Additional Information. Thus,
this section is applicable to each fund.
August 17, 1998
[Inventory Code]
