KEMPER CONTRARIAN FUND
KEMPER SMALL CAP VALUE FUND
KEMPER VALUE FUND
SUPPLEMENT TO THE STATEMENT OF
ADDITIONAL INFORMATION DATED
FEBRUARY 1, 2000
--------------------------
KEMPER CONTRARIAN FUND AND KEMPER SMALL CAP VALUE FUND
Performance figures for Class B and C shares of Kemper Contrarian Fund and
Kemper Small Cap Value Fund for the period September 11, 1995 to November 30,
1999 reflect the actual performance of these classes of shares. Returns for
Class B and C shares for the period March 18, 1988 (Kemper Contrarian Fund) and
May 22, 1992 (Kemper Small Cap Value Fund) to September 11, 1995 are derived
from the historical performance of Class A shares, adjusted to reflect the
operating expenses applicable to Class B and C shares, which may be higher or
lower than those of Class A shares. The performance figures are also adjusted to
reflect the maximum sales charge of 5.75% for Class A shares and the maximum
current contingent deferred sales charge of 4% for Class B shares and 1% for
Class C shares.
The returns in the chart below assume reinvestment of distributions at net asset
value and represent both actual past performance figures and adjusted
performance figures of the Class A shares of Kemper Contrarian Fund and Kemper
Small Cap Value Fund, and Class S shares of Value Fund as described above; they
do not guarantee future results. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than their original cost.
KEMPER CONTRARIAN FUND -- AS OF NOVEMBER 30, 1999*
AVERAGE ANNUAL Class Class Class
TOTAL RETURNS A Shares B Shares C Shares
------------- -------- -------- --------
Life of Class (+) 12.78% 14.49% 14.69%
Ten Years 12.35% 11.97% 11.85%
Five Years 17.28% 17.38% 17.50%
Three Years 10.08% 10.67% 11.10%
One Year -10.53% -8.49% -6.01%
(+) Since March 18, 1988 for Class A shares. Since September 11, 1995 for Class
B and Class C shares.
SMALL CAP VALUE FUND -- NOVEMBER 30, 1999*
AVERAGE ANNUAL Class Class Class
TOTAL RETURNS A Shares B Shares C Shares
------------- -------- -------- --------
Life of Class (+) 10.79% 10.63% 10.71%
Five Years 11.79% 11.94% 12.28%
One Year -6.03% -1.04% -0.86%
(+) Since May 22, 1992 for Class A shares. Since September 11, 1995 for Class B
and Class C shares.
* Because Class B and C shares were not introduced until September 11, 1995, the
total return for Class B and C shares for the periods prior to their
introduction is based upon the performance of Class A shares from the
commencement of investment operations, March 18, 1988 (Kemper Contrarian Fund)
and May 22, 1992 (Kemper Small Cap Value Fund) through September 11, 1995.
Actual performance of Class B and C shares is shown beginning September 11,
1995.
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KEMPER VALUE FUND
Performance figures for Class A, B and C shares of Kemper Value Fund for the
period April 16, 1998 to November 30, 1999 reflect the actual performance of
these classes of shares. Returns for Class A, B and C shares for the period
December 31, 1992 to April 16, 1998 are derived from the historical performance
of Class S shares, adjusted to reflect the operating expenses applicable to
Class A, B and C shares, which may be higher or lower than those of Class S
shares. The performance figures are also adjusted to reflect the maximum sales
charge of 5.75% for Class A shares and the maximum current contingent deferred
sales charge of 4% for Class B shares and 1% for Class C shares.
KEMPER Value FUND-- AS OF NOVEMBER 30, 1999
AVERAGE ANNUAL Class Class Class
TOTAL RETURNS A Shares B Shares C Shares
------------- -------- -------- --------
Life of Class (+)** 14.56% 14.59% 14.71%
Five Years** 17.11% 17.26% 17.62%
One Year 6.55% 9.02% 12.06%
(+) Since December 31, 1992 for Class A shares. Since April 16, 1998 for Class B
and Class C shares.
** Because Class A, B and C shares were not introduced until April 16, 1998, the
total return for Class A, B and C shares for the period prior to their
introduction is based upon the performance of Class S shares from the
commencement of investment operations, December 31, 1992 through April 16, 1998.
Actual performance of Class A, B and C shares is shown beginning April 16, 1998.
September 29, 2000
