NSAR-B

      PAGE  1
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000 C000000 0000055185
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010 B000001 8-47765
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011 B000001 8-47765
011 C010001 CHICAGO
011 C020001 IL
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012 B000001 84-1713
012 C010001 KANSAS CITY
      PAGE  2
012 C020001 MO
012 C030001 64105
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60606
014 A000001 KEMPER DISTRIBUTORS, INC.
014 B000001 8-47765
014 A000002 GRUNTAL SECURITIES, INC.
014 B000002 8-31022
014 A000003 THE GMS GROUP, INC.
014 B000003 8-23936
015 A000001 INVESTORS FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
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020 A000001 SALOMON BROTHERS INC.
020 B000001 13-3082694
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022 B000001 13-5108880
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022 B000002 13-2518466
022 C000002    146742
022 D000002    105789
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000003 13-5674085
022 C000003    124960
022 D000003     44007
022 A000004 SALOMON BROTHERS INC.
022 B000004 13-3082694
022 C000004     77926
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      PAGE  3
022 A000005 MORGAN STANLEY & CO. INCORPORATED
022 B000005 13-2655998
022 C000005     46626
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022 A000006 UBS SECURITIES
022 B000006 13-2932996
022 C000006     19920
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022 A000007 CS FIRST BOSTON CORPORATION
022 B000007 13-5659485
022 C000007     35511
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022 A000008 BEAR STEARNS & COMPANY
022 B000008 13-3299429
022 C000008     25669
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      PAGE  4
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      PAGE  5
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      PAGE  6
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      PAGE  7
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      PAGE  8
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      PAGE  9
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SIGNATURE   JEROME L. DUFFY                              
TITLE       TREASURER           
 

EX-27.KICPFA

 

<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 1996 ANNUAL REPORT TO
SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.

<CIK> 0000055185
<NAME> KEMPER INCOME AND CAPITAL PRESERVATION FUND

   <NUMBER> 001
   <NAME> CLASS A
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                  12-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-START>                             NOV-01-1995
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                          560,464
<INVESTMENTS-AT-VALUE>                         567,222
<RECEIVABLES>                                   13,799
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 581,021
<PAYABLE-FOR-SECURITIES>                           142
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        7,881
<TOTAL-LIABILITIES>                              8,023
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       573,772
<SHARES-COMMON-STOCK>                           57,196
<SHARES-COMMON-PRIOR>                           62,158
<ACCUMULATED-NII-CURRENT>                       10,556
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (18,088)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         6,758
<NET-ASSETS>                                   572,998
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               47,097
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 (6,453)
<NET-INVESTMENT-INCOME>                         40,644
<REALIZED-GAINS-CURRENT>                         2,967
<APPREC-INCREASE-CURRENT>                     (12,747)
<NET-CHANGE-FROM-OPS>                           30,864
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (35,219)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          8,847
<NUMBER-OF-SHARES-REDEEMED>                   (16,494)
<SHARES-REINVESTED>                              2,685
<NET-CHANGE-IN-ASSETS>                        (76,429)
<ACCUMULATED-NII-PRIOR>                         11,619
<ACCUMULATED-GAINS-PRIOR>                     (21,045)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            3,194
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  6,453
<AVERAGE-NET-ASSETS>                           601,004
<PER-SHARE-NAV-BEGIN>                             8.62
<PER-SHARE-NII>                                   0.58
<PER-SHARE-GAIN-APPREC>                         (0.15)
<PER-SHARE-DIVIDEND>                            (0.59)
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               8.46
<EXPENSE-RATIO>                                   0.96
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


 

EX-27.KICPFB

 

<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 1996 ANNUAL REPORT TO
SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.

<CIK> 0000055185
<NAME> KEMPER INCOME AND CAPITAL PRESERVATION FUND

   <NUMBER> 002
   <NAME> CLASS B
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                  12-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-START>                             NOV-01-1995
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                          560,464
<INVESTMENTS-AT-VALUE>                         567,222
<RECEIVABLES>                                   13,799
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 581,021
<PAYABLE-FOR-SECURITIES>                           142
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        7,881
<TOTAL-LIABILITIES>                              8,023
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       573,772
<SHARES-COMMON-STOCK>                            9,064
<SHARES-COMMON-PRIOR>                           11,336
<ACCUMULATED-NII-CURRENT>                       10,556
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (18,088)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         6,758
<NET-ASSETS>                                   572,998
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               47,097
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 (6,453)
<NET-INVESTMENT-INCOME>                         40,644
<REALIZED-GAINS-CURRENT>                         2,967
<APPREC-INCREASE-CURRENT>                     (12,747)
<NET-CHANGE-FROM-OPS>                           30,864
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (4,557)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          6,081
<NUMBER-OF-SHARES-REDEEMED>                    (8,794)
<SHARES-REINVESTED>                                441
<NET-CHANGE-IN-ASSETS>                        (76,429)
<ACCUMULATED-NII-PRIOR>                         11,619
<ACCUMULATED-GAINS-PRIOR>                     (21,045)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            3,194
<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                           601,004
<PER-SHARE-NAV-BEGIN>                             8.59
<PER-SHARE-NII>                                   0.50
<PER-SHARE-GAIN-APPREC>                         (0.15)
<PER-SHARE-DIVIDEND>                            (0.51)
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               8.43
<EXPENSE-RATIO>                                   1.93
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


 

EX-27.KICPFC

 

<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 1996 ANNUAL REPORT TO
SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.

<CIK> 0000055185
<NAME> KEMPER INCOME AND CAPITAL PRESERVATION FUND

   <NUMBER> 003
   <NAME> CLASS C
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                  12-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-START>                             NOV-01-1995
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                          560,464
<INVESTMENTS-AT-VALUE>                         567,222
<RECEIVABLES>                                   13,799
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 581,021
<PAYABLE-FOR-SECURITIES>                           142
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        7,881
<TOTAL-LIABILITIES>                              8,023
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       573,772
<SHARES-COMMON-STOCK>                              664
<SHARES-COMMON-PRIOR>                              564
<ACCUMULATED-NII-CURRENT>                       10,556
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (18,088)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         6,758
<NET-ASSETS>                                   572,998
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               47,097
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 (6,453)
<NET-INVESTMENT-INCOME>                         40,644
<REALIZED-GAINS-CURRENT>                         2,967
<APPREC-INCREASE-CURRENT>                     (12,747)
<NET-CHANGE-FROM-OPS>                           30,864
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (244)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            596
<NUMBER-OF-SHARES-REDEEMED>                      (521)
<SHARES-REINVESTED>                                 25
<NET-CHANGE-IN-ASSETS>                        (76,429)
<ACCUMULATED-NII-PRIOR>                         11,619
<ACCUMULATED-GAINS-PRIOR>                     (21,045)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            3,194
<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                           601,004
<PER-SHARE-NAV-BEGIN>                             8.61
<PER-SHARE-NII>                                   0.50
<PER-SHARE-GAIN-APPREC>                         (0.15)
<PER-SHARE-DIVIDEND>                            (0.51)
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               8.45
<EXPENSE-RATIO>                                   1.90
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


 

EX-27.KICPFI

 

<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 1996 ANNUAL REPORT TO
SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.

<CIK> 0000055185
<NAME> KEMPER INCOME AND CAPITAL PRESERVATION FUND

   <NUMBER> 004
   <NAME> CLASS I
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                  12-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-START>                             NOV-01-1995
<PERIOD-END>                               OCT-31-1996
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<INVESTMENTS-AT-VALUE>                         567,222
<RECEIVABLES>                                   13,799
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<TOTAL-LIABILITIES>                              8,023
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       573,772
<SHARES-COMMON-STOCK>                              821
<SHARES-COMMON-PRIOR>                            1,318
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<DIVIDEND-INCOME>                                    0
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (661)
<DISTRIBUTIONS-OF-GAINS>                             0
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<NUMBER-OF-SHARES-SOLD>                            205
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EX-99.ICLETTER

           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
December 20, 1996





Kemper Funds                                      Exhibit A

November 30, 1996



Kemper Value+Growth Fund
Kemper Quantitative Equity Fund