<PAGE> PAGE 1
000 B000000 11/30/1999
000 C000000 0001052427
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 KEMPER EQUITY TRUST
001 B000000 811-08599
001 C000000 3125377000
002 A000000 222 SOUTH RIVERSIDE PLAZA
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 5808
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 KEMPER DREMAN FINANCIAL SERVICES FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 SCUDDER KEMPER INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-44899
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
008 D04AA01 0100
008 A00AA02 DREMAN VALUE MANAGEMENT, L.L.C.
008 B00AA02 S
008 C00AA02 801-54255
008 D01AA02 RED BANK
008 D02AA02 NJ
008 D03AA02 07701
010 A00AA01 DRAPER DISTRIBUTORS, INC.
010 B00AA01 8-47765
010 C01AA01 CHICAGO
<PAGE> PAGE 2
010 C02AA01 IL
010 C03AA01 60606
010 C04AA01 5808
011 A00AA01 KEMPER DISTRIBUTORS, INC.
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
011 C04AA01 5808
012 A00AA01 KEMPER SERVICE COMPANY
012 B00AA01 84-1713
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64141
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
014 A00AA02 KEMPER DISTRIBUTORS, INC.
014 B00AA02 8-47765
014 A00AA03 GRUNTAL & CO., INC.
014 B00AA03 8-31022
014 A00AA04 THE GMS GROUP, L.L.C. (A GRUNTAL AFFILIATE)
014 B00AA04 8-23936
014 A00AA05 ZURICH CAPITAL MARKETS
014 B00AA05 8-49827
014 A00AA06 BANK HANDLOWY
014 B00AA06 8-24613
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 72
019 C00AA00 KEMPERFNDS
020 A000001 PAINEWEBBER GROUP
020 B000001 13-2638166
020 C000001 38
020 A000002 GOLDMAN, SACHS & CO.
020 B000002 13-5108880
020 C000002 29
020 A000003 PERSHING & CO
020 B000003 13-3769702
020 C000003 6
020 A000004 KEEFE BRUYETTE
020 B000004 UNKNOWN
<PAGE> PAGE 3
020 C000004 5
020 A000005 DONALDSON CO.
020 B000005 58-1574040
020 C000005 4
020 A000006 DONALDSON, LUFKIN & JENRETTE, INC.
020 B000006 13-2741729
020 C000006 3
020 A000007 MAYFIELD SECURITIES
020 B000007 UNKNOWN
020 C000007 3
020 A000008 MORGAN STANLEY DISCOVER & CO.
020 B000008 13-2655998
020 C000008 2
020 A000009 FAHNSTOCK & CO.P
020 B000009 UNKNOWN
020 C000009 2
020 A000010 RYAN BECK
020 B000010 UNKNOWN
020 C000010 2
021 000000 103
022 A000001 STATE STREET CORP.
022 B000001 04-1867445
022 C000001 980443
022 D000001 1
022 A000002 CHASE MANHATTAN BANK
022 B000002 13-3112953
022 C000002 3219
022 D000002 0
022 A000003 HERZOG, HEINE, GEDULD, INC.
022 B000003 13-1955436
022 C000003 0
022 D000003 2267
022 A000004 GOLDMAN, SACHS& CO.
022 B000004 13-5108880
022 C000004 988
022 D000004 57
022 A000005 KEEFE, BRUYETTE & WOODS INC.
022 B000005 13-1964616
022 C000005 203
022 D000005 552
022 A000006 PAINE WEBBER, INC.
022 B000006 13-2638166
022 C000006 54
022 D000006 368
022 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000007 13-2741729
022 C000007 109
022 D000007 207
022 A000008 SALOMON, SMITH BARNEY HOLDINGS INC.
022 B000008 22-1660266
022 C000008 21
<PAGE> PAGE 4
022 D000008 65
022 A000009 BEAR, STEARNS & CO.
022 B000009 13-3299429
022 C000009 36
022 D000009 0
022 A000010 MORGAN STANLEY DISCOVER & CO.
022 B000010 13-2655998
022 C000010 19
022 D000010 0
023 C000000 986071
023 D000000 3809
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
037 00AA00 N
038 00AA00 0
039 00AA00 Y
040 00AA00 Y
041 00AA00 Y
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 250000
048 A02AA00 0.750
048 B01AA00 750000
048 B02AA00 0.720
048 C01AA00 1500000
048 C02AA00 0.700
048 D01AA00 2500000
048 D02AA00 0.680
048 E01AA00 2500000
048 E02AA00 0.650
048 F01AA00 2500000
048 F02AA00 0.640
048 G01AA00 2500000
048 G02AA00 0.630
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 12500000
<PAGE> PAGE 5
048 K02AA00 0.620
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 N
061 00AA00 1000
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
<PAGE> PAGE 6
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 NATIONAL UNION & CHUBB
080 C00AA00 150000
081 A00AA00 Y
081 B00AA00 209
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 Y
025 A000101 BEAR STEARNS COMPANIES, INC.
025 B000101 13-3299429
025 C000101 E
025 D000101 1056
025 A000102 GOLDMAN SACHS GROUP, INC.
025 B000102 13-5108880
025 C000102 E
025 D000102 1101
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 4422
028 A020100 469
028 A030100 0
<PAGE> PAGE 7
028 A040100 6441
028 B010100 3938
028 B020100 0
028 B030100 0
028 B040100 9565
028 C010100 6294
028 C020100 0
028 C030100 0
028 C040100 11451
028 D010100 9069
028 D020100 0
028 D030100 0
028 D040100 13876
028 E010100 12745
028 E020100 0
028 E030100 0
028 E040100 10665
028 F010100 10385
028 F020100 0
028 F030100 0
028 F040100 15411
028 G010100 46853
028 G020100 469
028 G030100 0
028 G040100 67409
028 H000100 18324
029 000100 Y
030 A000100 465
030 B000100 5.75
030 C000100 0.00
031 A000100 38
031 B000100 0
032 000100 427
033 000100 0
034 000100 Y
035 000100 492
036 A000100 N
036 B000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 100
043 000100 873
044 000100 1689
055 A000100 N
055 B000100 N
056 000100 Y
<PAGE> PAGE 8
057 000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
<PAGE> PAGE 9
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 28596
071 B000100 58193
071 C000100 207420
071 D000100 14
072 A000100 12
072 B000100 193
072 C000100 5269
072 D000100 0
072 E000100 0
072 F000100 1589
072 G000100 0
072 H000100 0
072 I000100 598
072 J000100 105
072 K000100 0
072 L000100 122
072 M000100 17
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 11
072 S000100 27
072 T000100 873
072 U000100 2
072 V000100 0
072 W000100 599
072 X000100 3943
072 Y000100 148
072 Z000100 1667
072AA000100 0
072BB000100 221
072CC010100 2249
072CC020100 0
072DD010100 792
072DD020100 46
072EE000100 457
073 A010100 0.0800
073 A020100 0.0100
073 B000100 0.0200
073 C000100 0.0000
074 A000100 159
074 B000100 1191
074 C000100 0
074 D000100 0
<PAGE> PAGE 10
074 E000100 0
074 F000100 187095
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 387
074 K000100 0
074 L000100 633
074 M000100 8
074 N000100 189473
074 O000100 0
074 P000100 233
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1588
074 S000100 0
074 T000100 187652
074 U010100 8440
074 U020100 10906
074 V010100 9.74
074 V020100 9.65
074 W000100 0.0000
074 X000100 20906
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075 B000100 95465
076 000100 0.00
SIGNATURE PHILIP J. COLLORA
TITLE V.P. AND SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary information extracted from the Kemper-Dreman
Financial Services Fund Annual Report for the fiscal year ended 11/30/99 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001052427
<NAME> KEMPER-DREMAN FINANCIAL SERVICES FUND
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 191,531
<INVESTMENTS-AT-VALUE> 188,286
<RECEIVABLES> 1,020
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 167
<TOTAL-ASSETS> 189,473
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,821
<TOTAL-LIABILITIES> 1,821
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,806
<SHARES-COMMON-STOCK> 8,440
<SHARES-COMMON-PRIOR> 11,211
<ACCUMULATED-NII-CURRENT> 1,014
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (923)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,245)
<NET-ASSETS> 82,203
<DIVIDEND-INCOME> 5,269
<INTEREST-INCOME> 193
<OTHER-INCOME> 0
<EXPENSES-NET> 3,795
<NET-INVESTMENT-INCOME> 1,667
<REALIZED-GAINS-CURRENT> (221)
<APPREC-INCREASE-CURRENT> 2,249
<NET-CHANGE-FROM-OPS> 3,695
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 792
<DISTRIBUTIONS-OF-GAINS> 216
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66,142
<NUMBER-OF-SHARES-REDEEMED> 94,510
<SHARES-REINVESTED> 932
<NET-CHANGE-IN-ASSETS> (36,509)
<ACCUMULATED-NII-PRIOR> 182
<ACCUMULATED-GAINS-PRIOR> (244)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,589
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,943
<AVERAGE-NET-ASSETS> 95,465
<PER-SHARE-NAV-BEGIN> 9.65
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.10
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.74
<EXPENSE-RATIO> 1.31
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary information extracted from the Kemper-Dreman
Financial Services Fund Annual Report for the fiscal year ended 11/30/99 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001052427
<NAME> KEMPER-DREMAN FINANCIAL SERVICES FUND
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 191,531
<INVESTMENTS-AT-VALUE> 188,286
<RECEIVABLES> 1,020
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 167
<TOTAL-ASSETS> 189,473
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,821
<TOTAL-LIABILITIES> 1,821
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,806
<SHARES-COMMON-STOCK> 9,297
<SHARES-COMMON-PRIOR> 10,389
<ACCUMULATED-NII-CURRENT> 1,014
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (923)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,245)
<NET-ASSETS> 89,859
<DIVIDEND-INCOME> 5,269
<INTEREST-INCOME> 193
<OTHER-INCOME> 0
<EXPENSES-NET> 3,795
<NET-INVESTMENT-INCOME> 1,667
<REALIZED-GAINS-CURRENT> (221)
<APPREC-INCREASE-CURRENT> 2,249
<NET-CHANGE-FROM-OPS> 3,695
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 38
<DISTRIBUTIONS-OF-GAINS> 207
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,245
<NUMBER-OF-SHARES-REDEEMED> 35,990
<SHARES-REINVESTED> 214
<NET-CHANGE-IN-ASSETS> (36,509)
<ACCUMULATED-NII-PRIOR> 182
<ACCUMULATED-GAINS-PRIOR> (244)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,589
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,943
<AVERAGE-NET-ASSETS> 99,274
<PER-SHARE-NAV-BEGIN> 9.59
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.05
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.65
<EXPENSE-RATIO> 2.20
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary information extracted from the Kemper-Dreman
Financial Services Fund Annual Report for the fiscal year ended 11/30/99 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001052427
<NAME> KEMPER-DREMAN FINANCIAL SERVICES FUND
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 191,531
<INVESTMENTS-AT-VALUE> 188,286
<RECEIVABLES> 1,020
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 167
<TOTAL-ASSETS> 189,473
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,821
<TOTAL-LIABILITIES> 1,821
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,806
<SHARES-COMMON-STOCK> 1,609
<SHARES-COMMON-PRIOR> 1,699
<ACCUMULATED-NII-CURRENT> 1,014
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (923)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,245)
<NET-ASSETS> 15,590
<DIVIDEND-INCOME> 5,269
<INTEREST-INCOME> 193
<OTHER-INCOME> 0
<EXPENSES-NET> 3,795
<NET-INVESTMENT-INCOME> 1,667
<REALIZED-GAINS-CURRENT> (221)
<APPREC-INCREASE-CURRENT> 2,249
<NET-CHANGE-FROM-OPS> 3,695
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 792
<DISTRIBUTIONS-OF-GAINS> 216
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,944
<NUMBER-OF-SHARES-REDEEMED> 7,921
<SHARES-REINVESTED> 35
<NET-CHANGE-IN-ASSETS> (36,509)
<ACCUMULATED-NII-PRIOR> 182
<ACCUMULATED-GAINS-PRIOR> (244)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,589
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,943
<AVERAGE-NET-ASSETS> 16,992
<PER-SHARE-NAV-BEGIN> 9.61
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.69
<EXPENSE-RATIO> 2.14
</TABLE>
REPORT OF INDEPENDENT AUDITORS
Board of Trustees
Kemper Funds
In planning and performing our audits 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, and not to provide assurance on 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 fraud 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 internal control would not necessarily disclose all matters
in 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 specific internal control components does not reduce to a relatively low
level the risk that errors or fraud 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 internal control and
its operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above at Report Date.
This report is intended solely for the information and use of the board of
trustees and management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
/s/Ernst & Young LLP
January 21, 2000
Chicago, Illinois
<PAGE>
Exhibit A
---------
Kemper Funds
- ------------
November 30, 1999
- -----------------
Kemper High Income Trust
Kemper Municipal Income Trust
Kemper Multi-Market Income Trust
Kemper Strategic Municipal Income Trust
Kemper Strategic Income Trust
Kemper Value Plus Growth Fund
Kemper Asian Growth Fund
Kemper Equity Trust:
Kemper Dreman Financial Services Fund
Kemper Value Series, Inc.:
Kemper Contrarian Fund
Kemper Dreman High Return Equity Fund
Kemper Small Cap Value Fund
