<PAGE> PAGE 1
000 B000000 11/30/1999
000 C000000 0000946751
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 H000000 N
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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
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002 D020000 5808
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007 C010900 9
007 C011000 10
008 A000001 SCUDDER KEMPER INVESTMENTS, INC.
008 B000001 A
008 C000001 801-44899
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10154
008 D040001 0100
010 A000001 KEMPER DISTRIBUTORS, INC.
010 B000001 8-47765
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010 C020001 IL
010 C030001 60606
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011 B000001 8-47765
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011 C020001 IL
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<PAGE> PAGE 2
011 C040001 5808
012 A000001 KEMPER SERVICE COMPANY
012 B000001 84-1713
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
013 A000001 ERNST & YOUNG LLP
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014 A000001 SCUDDER INVESTOR SERVICES, INC.
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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
015 A000001 STATE STREET BANK AND TRUST COMPANY
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015 C020001 MA
015 C030001 02110
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015 C030002 11245
015 E040002 X
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020 B000001 UNKNOWN
020 C000001 20
020 A000002 A.G. EDWARDS & SONS, INC.
020 B000002 UNKNOWN
020 C000002 19
020 A000003 OTA LIMITED PARTNERS
020 B000003 UNKNOWN
020 C000003 13
020 A000004 FOX PITT KELTON
020 B000004 UNKNOWN
020 C000004 8
020 A000005 LEHMAN BROTHERS SECURITIES
<PAGE> PAGE 3
020 B000005 UNKNOWN
020 C000005 8
020 A000006 BRIDGE
020 B000006 UNKNOWN
020 C000006 7
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020 B000007 UNKNOWN
020 C000007 7
020 A000008 MCDONALD & CO.
020 B000008 UNKNOWN
020 C000008 7
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020 B000009 UNKNOWN
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020 B000010 UNKNOWN
020 C000010 6
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022 C000001 78695
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022 C000002 50917
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022 C000004 13149
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022 C000006 11765
022 D000006 1995
022 A000007 FIRST CHICAGO CAPITAL MARKETS
022 B000007 UNKNOWN
022 C000007 9983
022 D000007 0
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022 B000008 13-3299429
022 C000008 5345
022 D000008 3314
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<PAGE> PAGE 4
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022 C000009 5689
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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SIGNATURE PHILIP J. COLLORA
TITLE V.P. AND SECRETARY
<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 1999 ANNUAL 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> 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> 147,141
<INVESTMENTS-AT-VALUE> 173,677
<RECEIVABLES> 3,191
<ASSETS-OTHER> 1
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<OTHER-ITEMS-LIABILITIES> 1,203
<TOTAL-LIABILITIES> 3,476
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125,425
<SHARES-COMMON-STOCK> 4,899
<SHARES-COMMON-PRIOR> 4,849
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 89,662
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<NET-INVESTMENT-INCOME> (858)
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<NET-CHANGE-IN-ASSETS> 28,602
<ACCUMULATED-NII-PRIOR> (213)
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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 1999 ANNUAL REPORT TO
SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
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</LEGEND>
<CIK> 0000946751
<NAME> KEMPER VALUE PLUS GROWTH FUND
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> NOV-30-1999
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<INVESTMENTS-AT-VALUE> 173,677
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<ASSETS-OTHER> 1
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<DISTRIBUTIONS-OTHER> 0
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<SHARES-REINVESTED> 905
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<ACCUMULATED-NII-PRIOR> (213)
<ACCUMULATED-GAINS-PRIOR> 2,115
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,084
<AVERAGE-NET-ASSETS> 70,505
<PER-SHARE-NAV-BEGIN> 15.40
<PER-SHARE-NII> .10
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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 1999 ANNUAL 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
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<S> <C>
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<RECEIVABLES> 3,191
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<TOTAL-LIABILITIES> 3,476
<SENIOR-EQUITY> 0
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<NET-INVESTMENT-INCOME> (858)
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<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (2,915)
<SHARES-REINVESTED> 91
<NET-CHANGE-IN-ASSETS> 28,602
<ACCUMULATED-NII-PRIOR> (213)
<ACCUMULATED-GAINS-PRIOR> 2,115
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 3,084
<AVERAGE-NET-ASSETS> 7,892
<PER-SHARE-NAV-BEGIN> 15.40
<PER-SHARE-NII> (.11)
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<PER-SHARE-DIVIDEND> .00
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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
