<PAGE> PAGE 1
000 B000000 11/30/1999
000 C000000 0000830160
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000 I000000 6.1
000 J000000 A
001 A000000 KEMPER HIGH INCOME TRUST
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001 C000000 3125377000
002 A000000 222 SOUTH RIVERSIDE PLAZA
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 5808
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008 B000001 A
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008 D010001 NEW YORK
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012 B000001 84-1713
012 C010001 KANSAS CITY
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012 C030001 64141
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013 B030001 60606
014 A000001 SCUDDER INVESTOR SERVICES, INC.
014 B000001 8-298
<PAGE> PAGE 2
014 A000002 KEMPER DISTRIBUTORS, INC.
014 B000002 8-47765
014 A000003 GRUNTAL & CO., INC.
014 B000003 8-31022
014 A000004 THE GMS GROUP, L.L.C. (A GRUNTAL AFFILIATE)
014 B000004 8-23936
014 A000005 ZURICH CAPITAL MARKETS
014 B000005 8-49827
014 A000006 BANK HANDLOWY
014 B000006 8-24613
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022 B000002 04-1867445
022 C000002 38387
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022 A000003 CS FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003 19131
022 D000003 6313
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022 B000004 UNKNOWN
022 C000004 18799
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022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 16294
022 D000005 8087
<PAGE> PAGE 3
022 A000006 PRUDENTIAL SECURITIES
022 B000006 UNKNOWN
022 C000006 13992
022 D000006 12308
022 A000007 DONALDSON, LUFKIN, & JENRETTE SECURITIES INC.
022 B000007 UNKNOWN
022 C000007 8099
022 D000007 5099
022 A000008 CHASE SECURITIES, INC.
022 B000008 13-3112953
022 C000008 7323
022 D000008 6054
022 A000009 BEAR, STEARNS & CO., INC.
022 B000009 13-3299429
022 C000009 7210
022 D000009 3375
022 A000010 DEUTSCHE BANK CAPITAL
022 B000010 13-5674085
022 C000010 6380
022 D000010 2566
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE PHILIP J. COLLORA
TITLE V.P. & SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1999
ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000830160
<NAME> KEMPER HIGH INCOME TRUST
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-1-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 314,275
<INVESTMENTS-AT-VALUE> 285,949
<RECEIVABLES> 6,945
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 292,903
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,573
<TOTAL-LIABILITIES> 55,573
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 292,449
<SHARES-COMMON-STOCK> 30,079
<SHARES-COMMON-PRIOR> 23,919
<ACCUMULATED-NII-CURRENT> 2,264
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (29,057)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (28,326)
<NET-ASSETS> 237,330
<DIVIDEND-INCOME> 294
<INTEREST-INCOME> 31,344
<OTHER-INCOME> 0
<EXPENSES-NET> 5,416
<NET-INVESTMENT-INCOME> 26,222
<REALIZED-GAINS-CURRENT> (3,982)
<APPREC-INCREASE-CURRENT> (22,749)
<NET-CHANGE-FROM-OPS> (509)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,466)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47,017
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 2,393
<NET-CHANGE-IN-ASSETS> 23,435
<ACCUMULATED-NII-PRIOR> 1,521
<ACCUMULATED-GAINS-PRIOR> (39,816)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,993
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<GROSS-EXPENSE> 5,430
<AVERAGE-NET-ASSETS> 233,927
<PER-SHARE-NAV-BEGIN> 8.94
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<PER-SHARE-DISTRIBUTIONS> 0
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</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
