KEMPER EQUITY FUNDS/VALUE STYLE
Kemper Small Cap Relative Value Fund
Kemper U.S. Growth and Income Fund
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 1, 1999
---------------------------
Effective January 1, 2000, the following disclosure replaces the (i) Annual fund
operating expenses table and (ii) expense example table in the "Fee and expense
information" section for the indicated fund:
Kemper Small Cap Relative Value Fund
Class A Class B Class C
------- ------- -------
Management Fee 0.75% 0.75% 0.75%
Distribution (12b-1) Fees None 0.75% 0.75%
Other Expenses* 12.12% 15.95% 11.44%
Total Annual Fund Operating 12.87% 17.45% 12.94%
Expenses
- -----------
* Includes cost of shareholder servicing, custody, accounting services and
similar expenses, which vary with fund size and other factors. "Other
Expenses" are restated to reflect changes in certain administrative and blue
sky fees.
Example
Fees and expenses if you sold your shares after:
Class A Class B Class C
------- ------- -------
1 Year $1,809 $2,168 $1,411
3 Years $4,126 $5,217 $3,760
Fees and expenses if you did not sell your shares:
Class A Class B Class C
------- ------- -------
1 Year $1,809 $1,768 $1,311
3 Years $4,126 $4,917 $3,760
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Kemper U.S. Growth and Income Fund
Class A Class B Class C
------- ------- -------
Management Fee 0.60% 0.60% 0.60%
Distribution (12b-1) Fees None 0.75% 0.75%
Other Expenses* 2.43% 2.56% 2.30%
Total Annual Fund Operating 3.03% 3.91% 3.65%
Expenses
- -----------
* Includes cost of shareholder servicing, custody, accounting services and
similar expenses, which vary with fund size and other factors. "Other
Expenses" are restated to reflect changes in certain administrative and blue
sky fees.
Example
Fees and expenses if you sold your shares after:
Class A Class B Class C
------- ------- -------
1 Year $863 $793 $467
3 Years $1,457 $1,492 $1,117
5 Years $2,075 $2,209 $1,888
10 Years $3,728 $3,769 $3,906
Fees and expenses if you did not sell your shares:
Class A Class B Class C
------- ------- -------
1 Year $863 $393 $367
3 Years $1,457 $1,192 $1,117
5 Years $2,075 $2,009 $1,888
10 Years $3,728 $3,769 $3,906
January 5, 2000
