<PAGE> 1
KEMPER TAX-FREE INCOME FUNDS
SUPPLEMENT TO PROSPECTUS
DATED NOVEMBER 10, 1995
Kemper National Tax Free Income Series
comprised of the following two series:
Kemper Municipal Bond Fund
Kemper Intermediate Municipal Bond Fund
Kemper State Tax-Free Income Series
comprised of the following eight series:
Kemper California Tax-Free Income Fund
Kemper Florida Tax-Free Income Fund
Kemper New York Tax-Free Income Fund
Kemper Ohio Tax-Free Income Fund
Kemper Texas Tax-Free Income Fund
Kemper Pennsylvania Tax-Free Income Fund
Kemper Michigan Tax-Free Income Fund
Kemper New Jersey Tax-Free Income Fund
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KEMPER GLOBAL INCOME FUNDS
KEMPER INTERNATIONAL FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1996
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KEMPER EQUITY FUNDS
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 1, 1996
Kemper Blue Chip Fund
Kemper Growth Fund
Kemper Quantitative Equity Fund
Kemper Small Capitalization Equity Fund
Kemper Technology Fund
Kemper Total Return Fund
Kemper Value+Growth Fund
-------------------------
KEMPER FIXED INCOME FUND
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 1, 1995
Kemper Adjustable Rate U.S. Government Fund
Kemper Diversified Income Fund
Kemper U.S. Government Securities Fund
Kemper High Yield Fund
Kemper Income and Capital Preservation Fund
Kemper Portfolios comprised of the following series:
Kemper Cash Reserves Fund
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
-------------------------
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therein are satisfied including the condition that the investor has previously
paid either an initial sales charge in connection with the purchase of the
non-Kemper fund shares redeemed or a contingent deferred sales charge in
connection with the redemption of the non-Kemper fund shares. Effective
immediately, Kemper Distributors, Inc. ("KDI"), the Fund's principal
underwriter, may in its discretion compensate firms for sales of Class A shares
under this privilege at a commission rate of .50% of the amount of Class A
shares of the Fund purchased.
CLASS C SHARES
As described more fully below, the "Summary of Expenses--Shareholder
Transaction Expenses" table in the prospectus applicable to Class C shares
purchased on or after April 1, 1996 is restated as follows:
<TABLE>
<CAPTION>
CLASS C
-------------
<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)............... 1% during the
first year
</TABLE>
Effective for Class C shares purchased on or after April 1, 1996, KDI
advances to financial services firms for the sales of Class C shares the first
year distribution fee at a rate of .75% of the purchase price of such shares and
the first year service fee at a rate of up to .25% of the purchase price of such
shares. Distribution and service fees for periods after the first year will be
paid by KDI as currently provided. See "Investment Manager and Underwriter" in
the prospectus.
In addition, effective for Class C shares purchased on or after April 1,
1996, a contingent deferred sales charge of 1% may be imposed upon the
redemption of Class C shares within one year of purchase. The charge will not be
imposed upon redemption of reinvested dividends or share appreciation. The
charge is applied to the value of the shares redeemed excluding amounts not
subject to the charge. The contingent deferred sales charge will be waived: (a)
in the event of the total disability (as evidenced by a determination by the
federal Social Security Administration) of the shareholder (including a
registered joint owner) occurring after the purchase of the shares being
redeemed, (b) in the event of the death of the shareholder (including a
registered joint owner), (c) for redemptions made pursuant to a systematic
withdrawal plan (limited to 10% of the net asset value of the account; see
"Special Features--Systematic Withdrawal Plan"), (d) for redemptions made
pursuant to any IRA systematic withdrawal based on the shareholder's life
expectancy including, but not limited to, substantially equal periodic payments
described in Internal Revenue Code Section 72(t)(2)(A)(iv) prior to age 59 1/2,
(e) for redemptions to satisfy required minimum distributions after age 70 1/2
from an IRA account (with the maximum amount subject to this waiver being based
only upon the shareholder's Kemper IRA accounts) and (f) for any
participant-directed redemption of shares held by employer sponsored employee
benefit plans maintained on the subaccount record keeping system made available
by the Shareholder Service Agent.
Investments are tracked on a monthly basis for purposes of the contingent
deferred sales charge. The period of ownership for this purpose begins the first
day of the month in which the order for the purchase of shares is received. A
redemption will be made first from Class C shares representing reinvested
dividends and then from the earliest purchase of Class C shares. KDI receives
any contingent deferred sales charge directly.
Class C shares may be exchanged without any contingent deferred sales
charge being imposed at the time of exchange. For determining whether there is a
contingent deferred sales charge that may be imposed upon redemption of the
Class C shares received by exchange, they retain the cost and purchase date of
the shares that were originally purchased and exchanged.
March 15, 1996
KMF-1B 3/96 (LOGO)printed on recycled paper
