KEMPER EQUITY FUNDS/VALUE STYLE
KEMPER-DREMAN FINANCIAL SERVICES FUND
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 1, 1999
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The Board of Trustees of Kemper Equity Trust has approved, subject to
shareholder approval, a change in the Kemper-Dreman Financial Services Fund's
sub-classification under the Investment Company Act of 1940, as amended (the
"1940 Act"), from a "diversified" company to a "non-diversified" company. If the
shareholders approve the proposed change, the Fund would no longer be required
to comply with the diversification requirements of the 1940 Act, thus allowing
it to invest a greater percentage of its assets in a smaller number of issuers.
Accordingly, the Fund's investment returns are more likely to be impacted by
changes in the market value and returns of any one portfolio holding. A special
meeting of shareholders called for the purpose of voting on this change is
currently scheduled for July 29, 1999.
July 2, 1999
