KEMPER VALUE PLUS GROWTH FUND
NSAR-A, 1997-07-29
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<PAGE>      PAGE  1
000 A000000 05/31/97
000 C000000 0000946751
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 KEMPER VALUE PLUS GROWTH FUND
001 B000000 811-7331
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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004  000000 N
005  000000 N
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007 C010800  8
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008 A000001 ZURICH KEMPER INVESTMENTS, INC.
008 B000001 A
008 C000001 801-6634
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60606
008 D040001 5808
008 A000002 DREMAN VALUE ADVISORS, INC.
008 B000002 S
008 C000002 801-47879
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10017
008 A000003 ZURICH INVESTMENT MANAGEMENT LIMITED
008 B000003 S
008 C000003 801-45306
008 D010003 LONDON
008 D050003 UK
<PAGE>      PAGE  2
008 D060003 EC4M7RQ
010 A000001 ZURICH KEMPER DISTIBUTORS, INC.
010 B000001 8-47765
010 C010001 CHICAGO
010 C020001 IL
010 C030001 60606
010 C040001 5808
011 A000001 ZURICH KEMPER DISTIBUTORS, INC.
011 B000001 8-47765
011 C010001 CHICAGO
011 C020001 IL
011 C030001 60606
011 C040001 5808
012 A000001 ZURICH KEMPER SERVICE COMPANY
012 B000001 84-1713
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60606
014 A000001 ZURICH 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
015 A000002 THE CHASE MANHATTAN BANK
015 B000002 C
015 C010002 BROOKLYN
015 C020002 NY
015 C030002 11245
015 E040002 X
015 A000003 STATE STREET BANK AND TRUST COMPANY
015 B000003 S
015 C010003 BOSTON
015 C020003 MA
015 C030003 02110
015 E010003 X
018  000000 Y
019 A000000 Y
019 B000000   62
019 C000000 KEMPERFNDS
020 A000001 SMITH BARNEY INC.
<PAGE>      PAGE  3
020 B000001 13-1912900
020 C000001      7
020 A000002 SALOMON BROTHERS, INC.
020 B000002 13-3082694
020 C000002      5
020 A000003 FOX-PITT, KELTON, INC.
020 B000003 06-1058201
020 C000003      4
020 A000004 ALEX. BROWN & SONS INCORPORATED
020 B000004 52-0256630
020 C000004      3
020 A000005 BERNSTEIN (SANFORD C.) & CO., INC.
020 B000005 13-2625874
020 C000005      3
020 A000006 BEAR, STEARNS & CO. INC.
020 B000006 13-3299429
020 C000006      3
020 A000007 FIDELITY
020 B000007 UNKNOWN
020 C000007      3
020 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000008 13-2741729
020 C000008      3
020 A000009 BRIDGE TRADING COMPANY
020 B000009 43-1450530
020 C000009      3
020 A000010 UBS SECURITIES, INC.
020 B000010 13-2932996
020 C000010      3
021  000000       70
022 A000001 MERRILL LYNCH, PIERCE,FENNER & SMITH INC.
022 B000001 13-5674085
022 C000001      6529
022 D000001      5490
022 A000002 FIRST CHICAGO NBD CORPORATION
022 B000002 36-0899825
022 C000002      8009
022 D000002      2698
022 A000003 TROSTER SINGER
022 B000003 13-5515160
022 C000003      1989
022 D000003       668
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004      1512
022 D000004       608
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-2518466
022 C000005      2092
022 D000005         0
022 A000006 MORGAN STANLEY & CO. INCORPORATED
<PAGE>      PAGE  4
022 B000006 13-2655998
022 C000006       918
022 D000006       220
022 A000007 HERZOG, HEINE, GEDULD, INC.
022 B000007 13-1955436
022 C000007      1057
022 D000007         0
022 A000008 CS FIRST BOSTON CORPORATION
022 B000008 13-5659485
022 C000008      1014
022 D000008         0
022 A000009 SALOMON BROTHERS INC.
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022 C000009       485
022 D000009       256
022 A000010 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
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025 B000001 13-3299429
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025 D000001     422
025 A000002 MERRILL LYNCH & CO.
025 B000002 13-5674085
025 C000002 E
025 D000002     392
025 A000003 FIRST CHICAGO NBD CORP.
025 B000003 36-0899825
025 C000003 E
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<PAGE>      PAGE  5
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<PAGE>      PAGE  10
SIGNATURE   JEROME L. DUFFY                              
TITLE       TREASURER           
 


<TABLE> <S> <C>

<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 1997 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000946751
<NAME> KEMPER VALUE PLUS GROWTH FUND
<SERIES>
   <NUMBER> 001
   <NAME> CLASS A
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1997
<PERIOD-START>                             DEC-01-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                           54,111
<INVESTMENTS-AT-VALUE>                          62,573
<RECEIVABLES>                                      189
<ASSETS-OTHER>                                     237
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  62,999
<PAYABLE-FOR-SECURITIES>                           533
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          163
<TOTAL-LIABILITIES>                                696
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        53,535
<SHARES-COMMON-STOCK>                            2,489
<SHARES-COMMON-PRIOR>                            1,578
<ACCUMULATED-NII-CURRENT>                          113
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            193
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         8,462
<NET-ASSETS>                                    62,303
<DIVIDEND-INCOME>                                  409
<INTEREST-INCOME>                                   63
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (485)
<NET-INVESTMENT-INCOME>                           (13)
<REALIZED-GAINS-CURRENT>                           258
<APPREC-INCREASE-CURRENT>                        4,237
<NET-CHANGE-FROM-OPS>                            4,482
<EQUALIZATION>                                      46
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       (1,316)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          1,028
<NUMBER-OF-SHARES-REDEEMED>                      (226)
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<NET-CHANGE-IN-ASSETS>                          23,211
<ACCUMULATED-NII-PRIOR>                             80
<ACCUMULATED-GAINS-PRIOR>                        2,488
<OVERDISTRIB-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NII>                                    .02
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<PER-SHARE-DIVIDEND>                                 0
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<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<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 1997 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000946751
<NAME> KEMPER VALUE PLUS GROWTH FUND
<SERIES>
   <NUMBER> 002
   <NAME> CLASS B
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1997
<PERIOD-START>                             DEC-01-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                           54,111
<INVESTMENTS-AT-VALUE>                          62,573
<RECEIVABLES>                                      189
<ASSETS-OTHER>                                     237
<OTHER-ITEMS-ASSETS>                                 0
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<EXPENSES-NET>                                   (485)
<NET-INVESTMENT-INCOME>                           (13)
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<NET-CHANGE-FROM-OPS>                            4,482
<EQUALIZATION>                                      46
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       (1,171)
<DISTRIBUTIONS-OTHER>                                0
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<NUMBER-OF-SHARES-REDEEMED>                      (183)
<SHARES-REINVESTED>                                 95
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<ACCUMULATED-NII-PRIOR>                             80
<ACCUMULATED-GAINS-PRIOR>                        2,488
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<PER-SHARE-NAV-BEGIN>                            12.83
<PER-SHARE-NII>                                  (.03)
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</TABLE>

<TABLE> <S> <C>

<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 1997 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000946751
<NAME> KEMPER VALUE PLUS GROWTH FUND
<SERIES>
   <NUMBER> 003
   <NAME> CLASS C
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1997
<PERIOD-START>                             DEC-01-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                           54,111
<INVESTMENTS-AT-VALUE>                          62,573
<RECEIVABLES>                                      189
<ASSETS-OTHER>                                     237
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<TOTAL-ASSETS>                                  62,999
<PAYABLE-FOR-SECURITIES>                           533
<SENIOR-LONG-TERM-DEBT>                              0
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<SENIOR-EQUITY>                                      0
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<NET-ASSETS>                                    62,303
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<INTEREST-INCOME>                                   63
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (485)
<NET-INVESTMENT-INCOME>                           (13)
<REALIZED-GAINS-CURRENT>                           258
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<NET-CHANGE-FROM-OPS>                            4,482
<EQUALIZATION>                                      46
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                          (66)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             91
<NUMBER-OF-SHARES-REDEEMED>                       (53)
<SHARES-REINVESTED>                                  6
<NET-CHANGE-IN-ASSETS>                          23,211
<ACCUMULATED-NII-PRIOR>                             80
<ACCUMULATED-GAINS-PRIOR>                        2,488
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<PER-SHARE-NAV-BEGIN>                            12.84
<PER-SHARE-NII>                                  (.02)
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</TABLE>


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