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KEMPER EUROPE FUND
SUPPLEMENT TO PROSPECTUS
DATED APRIL 19, 1996
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PURCHASE OF SHARES
As described under "Purchase of Shares -- Initial Sales Charge
Alternative -- Class A Shares" in the prospectus, Class A shares of the Fund may
be purchased at net asset value by: (a) any purchaser provided that the amount
invested in the Fund and certain other Kemper Mutual Funds totals at least
$1,000,000, or (b) certain participant-directed employee benefit plans with at
least 200 eligible employees (the "Large Order NAV Purchase Privilege").
Redemption within one year of shares purchased under the Large Order NAV
Purchase Privilege may be subject to a contingent deferred sales charge of 1%.
Effective for shares purchased on or after June 17, 1996 under this privilege,
in addition to the aforementioned 1% contingent deferred sales charge, a
contingent deferred sales charge of .50% may be imposed upon redemption of such
shares during the second year following the date of purchase. See "Redemption or
Repurchase of Shares -- Contingent Deferred Sales Charge -- Large Order NAV
Purchase Privilege" in the prospectus for information on the calculation of the
charge and waivers of the charge. In addition to the waivers set forth in the
aforementioned section of the prospectus, the contingent deferred sales charge
will be waived in connection with redemptions of shares purchased under the
Large Order NAV Purchase Privilege by investors whose dealer of record at the
time of investment notifies Kemper Distributors, Inc. ("KDI"), the Fund's
principal underwriter, that the dealer waives the concession for such purchase
described in the following paragraph.
In addition, as reflected under "Purchase of Shares -- Initial Sales Charge
Alternative -- Class A Shares" in the prospectus, KDI may in its discretion
compensate investment dealers or other financial services firms up to certain
amounts in connection with the sale of Class A shares of the Fund at net asset
value in accordance with the Large Order NAV Purchase Privilege. Effective for
shares purchased on or after June 17, 1996 under this privilege, KDI may in its
discretion compensate such firms up to the following amounts: 1.00% of the net
asset value of shares sold on amounts up to $5 million, .50% on the next $45
million and .25% on amounts over $50 million. The commission schedule will be
reset on a calendar year basis for sales of shares pursuant to the Large Order
NAV Purchase Privilege to employer sponsored employee benefit plans using the
subaccount recordkeeping system made available through Kemper Service Company.
For purposes of determining the appropriate commission percentage to be applied
to a particular sale under the foregoing schedule, KDI will consider the amount
invested by a purchaser in the Fund and other Kemper Mutual Funds listed under
"Special Features -- Class A Shares -- Combined Purchases" in the prospectus,
including purchases pursuant to the "Combined Purchases," "Letter of Intent" and
"Cumulative Discount" features described under "Special Features."
Class A shares of the Fund may be purchased in any amount by certain
professionals who assist in the promotion of Kemper Funds pursuant to personal
services contracts with KDI, for themselves or members of their families. KDI in
its discretion may compensate financial services firms for sales of Class A
shares under this privilege at a commission rate of .50% of the amount of Class
A shares purchased.
June 17, 1996
KMF-1CC 6/96 [LOGO] printed on recycled paper
