KEMPER VALUE PLUS GROWTH FUND, 497, 1996-09-26

KEMPER VALUE PLUS GROWTH FUND
497, 1996-09-26

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                            KEMPER VALUE+GROWTH FUND
                            SUPPLEMENT TO PROSPECTUS
                             DATED FEBRUARY 1, 1996
 
                           -------------------------
 
INVESTMENT MANAGER
 
     Daniel J. Bukowski is the portfolio manager of the Fund and has served as
portfolio manager or co-manager since inception of the Fund in October, 1995. As
reflected in the prospectus, Zurich Kemper Investments, Inc. ("ZKI") serves as
investment manager for the Fund and Dreman Value Advisors, Inc. ("DVA") serves
as sub-advisor. ZKI is responsible for management of the growth portion of the
Fund while DVA is responsible for management of the value portion of the Fund.
See the "Investment Manager and Underwriter" section in the prospectus for more
information on Mr. Bukowski and management of the Fund.
 
September 30, 1996
KEF-1H  9/96
KDI609161(LOGO)Kprinted on recycled paper