<PAGE> 1
KEMPER GLOBAL INCOME FUND
KEMPER INTERNATIONAL FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1995
CLASS I SHARES
----------------
Kemper Global Income Fund (the "Global Fund") and Kemper International
Fund (the "International Fund") (collectively, the "Funds") currently offer
four classes of shares to provide investors with different purchasing options.
These are Class A, Class B and Class C shares, which are described in the
prospectus, and Class I shares, which are described in the prospectus as
supplemented hereby.
Class I shares are available for purchase exclusively by the following
investors: (a) tax-exempt retirement plans of Kemper Financial Services, Inc.
("KFS") and its affiliates; and (b) the following investment advisory clients
of KFS and its investment advisory affiliates (including Kemper Asset
Management Company ("KAMCO")) that invest at least $1 million in a Fund: (1)
unaffiliated benefit plans (other than individual retirement accounts and
self-directed retirement plans); (2) unaffiliated banks and insurance companies
purchasing for their own accounts; and (3) endowment funds of unaffiliated
non-profit organizations. Class I shares currently are available for purchase
only from Kemper Distributors, Inc. or Kemper Clearing Corp., affiliates of KFS
and KAMCO. Share certificates are not available for Class I shares.
The primary distinctions among the classes of each Fund's shares lie in
their initial and contingent deferred sales charge schedules and in their
ongoing expenses, including asset-based sales charges in the form of Rule 12b-1
distribution fees. Class I shares are offered at net asset value without an
initial sales charge and are not subject to a contingent deferred sales charge
or a Rule 12b-1 distribution fee. Also, there is no administrative services
fee charged to Class I shares. As a result of the relatively lower expenses
for Class I shares, the level of income dividends per share (as a percentage of
net asset value) and, therefore, the overall investment return, will be higher
for Class I shares than for Class A, Class B and Class C shares.
The following information supplements the indicated sections of the
prospectus.
SUMMARY OF EXPENSES
<TABLE>
<CAPTION>
SHAREHOLDER TRANSACTION EXPENSES (APPLICABLE TO BOTH FUNDS) CLASS I
<S> <C>
Maximum Sales Charge on Purchases
(as a percentage of offering price) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
Maximum Sales Charge on Reinvested Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
Redemption Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
Exchange Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
Deferred Sales Charge (as a percentage of redemption proceeds) . . . . . . . . . . . . . . . . . . . . . None
</TABLE>
<TABLE>
<CAPTION>
ANNUAL FUND OPERATING EXPENSES GLOBAL INTERNATIONAL
(as a percentage of average net assets) FUND FUND
-------- --------
<S> <C> <C>
Management Fees (restated) . . . . . . . . . . . . . . . . . . . . . . . . . .75% .75%
12b-1 Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None
Other Expenses (estimated) . . . . . . . . . . . . . . . . . . . . . . . . . .25% .26%
-------- --------
Total Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% 1.01%
======== ========
</TABLE>
<TABLE>
<CAPTION>
EXAMPLE FUND 1 YEAR 3 YEARS 5 YEARS 10 YEARS
------------------------- ------ ------- ------- --------
<S> <C> <C> <C> <C> <C>
You would pay the following Global Fund . . . . . . . $10 $32 $55 $122
expenses on a $1,000 investment, International Fund. . . . $10 $32 $56 $124
assuming (1) 5% annual return and
(2) redemption at the end of each
time period:
</TABLE>
The purpose of the preceding table is to assist investors in understanding
the various costs and expenses that an investor in Class I shares of a Fund
will bear directly or indirectly.
As discussed in the prospectus under "Investment Manager and Underwriter,"
effective May 31, 1994, the investment management fee for each Fund changed.
"Management Fees" have been restated based upon the new management fee.
"Other Expenses" for Class I shares, which were not available for purchase
prior to May 31, 1994, have been estimated for the current fiscal year.
The Example assumes a 5% annual rate of return pursuant to requirements of
the Securities and Exchange Commission. This hypothetical rate of return is
not intended to be representative of past or future performance of either Fund.
The Example should not be considered to be a representation of past or future
expenses. Actual expenses may be greater or lesser than those shown.
SPECIAL FEATURES
Shareholders of a Fund's Class I shares may exchange their shares for (i)
shares of Kemper Money Market Fund - Money Market Portfolio if the shareholders
of Class I shares have purchased shares because they are participants in
tax-exempt retirement plans of KFS and its affiliates and (ii) Class I shares
of any other "Kemper Mutual Fund" listed under "Special Features - Class A
Shares - Combined Purchases" in the prospectus. Conversely, shareholders of
Kemper Money Market Fund - Money Market Portfolio who have purchased shares
because they are participants in tax-exempt retirement plans of KFS and its
affiliates may exchange their shares for Class I shares of "Kemper Mutual
Funds" to the extent that they are available through their plan. Exchanges
will be made at the shares relative net asset values. Exchanges are subject to
the limitations set forth in the prospectus under "Special Features - Exchange
Privilege - General."
July 10, 1995
KGIF-1I (7/95) (LOGO)printed on recycled paper
