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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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SIGNATURE PHILIP J. COLLORA
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. 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> 0000946751
<NAME> KEMPER VALUE PLUS GROWTH FUND
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 84,135
<INVESTMENTS-AT-VALUE> 96,414
<RECEIVABLES> 841
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<ACCUMULATED-NII-CURRENT> 8
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. 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> 0000946751
<NAME> KEMPER VALUE PLUS GROWTH FUND
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
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<DISTRIBUTIONS-OTHER> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. 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> 0000946751
<NAME> KEMPER VALUE PLUS GROWTH FUND
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
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<INVESTMENTS-AT-VALUE> 96,414
<RECEIVABLES> 841
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<TOTAL-LIABILITIES> 443
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82,020
<SHARES-COMMON-STOCK> 194
<SHARES-COMMON-PRIOR> 81
<ACCUMULATED-NII-CURRENT> 8
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<REALIZED-GAINS-CURRENT> 3,499
<APPREC-INCREASE-CURRENT> 8,054
<NET-CHANGE-FROM-OPS> 11,511
<EQUALIZATION> (30)
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (66)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 179
<NUMBER-OF-SHARES-REDEEMED> (72)
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> 58,649
<ACCUMULATED-NII-PRIOR> 80
<ACCUMULATED-GAINS-PRIOR> 2,488
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 1,239
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<PER-SHARE-NAV-BEGIN> 12.84
<PER-SHARE-NII> (.05)
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</TABLE>
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, including control activities for safeguarding securities, in"
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with
"the requirements of Form N-SAR, not to provide assurance on the"
internal control.
The management of the Funds is responsible for establishing and
"maintaining internal control. In fulfilling this responsibility,"
estimates and judgments by management are required to assess the
"expected benefits and related costs of controls. Generally, controls"
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
"against unauthorized acquisition, use or disposition."
"Because of inherent limitations in internal control, errors or"
"irregularities may occur and not be detected. Also, projection of"
any evaluation of internal control 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 would not necessarily
disclose all matters in the internal control 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 one or more of the internal control
components 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 and its operation, including controls"
"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"
20-Jan-98
Kemper Funds Exhibit A
30-Nov-97
Kemper High Income Trust
Kemper Municipal Income Trust
Kemper Multi-Market Income Trust
Kemper Strategic Municipal Income Trust
Kemper Strategic Income Fund
"Kemper Growth Fund of Spain, Inc."
Kemper Value + Growth Fund
Kemper Quantitative Equity Fund
Kemper Europe Fund
Kemper Asian Growth Fund
Kemper Contrarian Fund
Kemper Dreman High Return Equity Fund
Kemper Small Cap Value Fund
