KEMPER EQUITY FUNDS/ VALUE STYLE KEMPER EQUITY FUNDS/ VALUE STYLE
Kemper Contrarian Fund Kemper Contrarian Fund
Kemper-Dreman High Return Equity Fund Kemper-Dreman High Return Equity Fund
Kemper Small Cap Value Fund Kemper Small Cap Value Fund
SUPPLEMENT TO PROSPECTUS SUPPLEMENT TO PROSPECTUS
DATED MAY 6, 1998 DATED APRIL 1, 1998
------------------ ------------------
KEMPER INCOME FUNDS KEMPER EQUITY FUNDS/ GROWTH STYLE
Kemper Adjustable Rate U.S. Kemper Aggressive Growth Fund
Government Fund Kemper Blue Chip Fund
Kemper Diversified Income Fund Kemper Growth Fund
Kemper U.S. Government Securities Fund Kemper Quantitative Equity Fund
Kemper High Yield Fund Kemper Small Capitalization Equity Fund
Kemper High Yield Opportunity Fund Kemper Technology Fund
Kemper Income and Capital Kemper Total Return Fund
Preservation Fund Kemper Value+Growth Fund
Kemper U.S. Mortgage Fund SUPPLEMENT TO PROSPECTUS
Kemper Short-Intermediate DATED FEBRUARY 1, 1998
Government Fund ------------------
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 30, 1997
------------------
KEMPER TAX-FREE INCOME FUNDS KEMPER GLOBAL AND INTERNATIONAL FUNDS
Kemper Municipal Bond Fund Kemper Asian Growth Fund
Kemper Intermediate Municipal Bond Fund Kemper Europe Fund
SUPPLEMENT TO PROSPECTUS Kemper Global Income Fund
DATED NOVEMBER 26, 1997 Kemper International Fund
------------------ SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1998
------------------
KEMPER MONEY FUNDS KEMPER ASSET ALLOCATION FUNDS
Kemper Cash Reserves Fund Kemper Horizon 20+ Portfolio
SUPPLEMENT TO PROSPECTUS Kemper Horizon 10+ Portfolio
DATED DECEMBER 30, 1997 Kemper Horizon 5 Portfolio
------------------ SUPPLEMENT TO PROSPECTUS
DATED NOVEMBER 21, 1997
------------------
CLASS I SHARES
The following supplements the currently effective Prospectus of each of the
above-listed Funds:
Class I shares are available for purchase exclusively by the following
categories of institutional investors: (1) tax-exempt retirement plans (Profit
Sharing, 401(k), Money Purchase Pension and Defined Benefit Plans) of Scudder
Kemper Investments, Inc. ("Scudder Kemper") and its affiliates and rollover
accounts from those plans; (2) the following investment advisory clients of
Scudder Kemper and its investment advisory affiliates
<PAGE>
that invest at least $1 million in a Fund: unaffiliated benefit plans, such as
qualified retirement plans (other than individual retirement accounts and
self-directed retirement plans); unaffiliated banks and insurance companies
purchasing for their own accounts; and endowment funds of unaffiliated
non-profit organizations; (3) investment-only accounts for large qualified
plans, with at least $50 million in total plan assets or at least 1000
participants; (4) trust and fiduciary accounts of trust companies and bank trust
departments providing fee based advisory services that invest at least $1
million in a Fund on behalf of each trust; and (5) policy holders under
Zurich-American Insurance Group's collateral investment program investing at
least $200,000 in a Fund. Class I shares currently are available for purchase
only from Kemper Distributors, Inc. ("KDI"), principal underwriter for the
Funds, and, in the case of category 4 above, selected dealers authorized by KDI.
Share certificates are not available for Class I shares.
October 16, 1998
