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KEMPER EQUITY FUNDS
Kemper Aggressive Growth Fund
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
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 31, 1996
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KEMPER GLOBAL INCOME FUND
KEMPER INTERNATIONAL FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1997
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KEMPER FIXED INCOME FUNDS
Kemper Adjustable Rate U.S. Government Fund
Kemper Cash Reserves Fund
Kemper Diversified Income Fund
Kemper U.S. Government Securities Fund
Kemper High Yield Fund
Kemper Income and Capital Preservation Fund
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 20, 1996
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KEMPER ASIAN GROWTH FUND
SUPPLEMENT TO PROSPECTUS
DATED APRIL 1, 1997
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KEMPER TAX-FREE INCOME FUNDS
Kemper Municipal Bond Fund
Kemper Intermediate Municipal Bond Fund
Kemper California Tax-Free Income Fund
Kemper Florida Tax-Free Income Fund
Kemper Michigan Tax-Free Income Fund
Kemper New Jersey Tax-Free Income Fund
Kemper New York Tax-Free Income Fund
Kemper Ohio Tax-Free Income Fund
Kemper Pennsylvania Tax-Free Income Fund
Kemper Texas Tax-Free Income Fund
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 20, 1996
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INVESTMENT MANAGER AND UNDERWRITER
As reflected under "Investment Manager and Underwriter -- Administrative
Services" in the Prospectus, Zurich Kemper Distributors, Inc. ("ZKDI")
(formerly, Kemper Distributors, Inc.) provides information and administrative
services for Fund shareholders pursuant to an administrative services agreement.
ZKDI may enter into related arrangements with various broker-dealer firms and
other service or administrative firms that provide services and facilities for
their customers or clients who are investors in the Fund.
Kemper Service Company, the Shareholder Service Agent for the Funds, is now
named Zurich Kemper Service Company.
PURCHASE OF SHARES
Class A shares of a Fund may be purchased at net asset value by persons who
purchase such shares through bank trust departments that process such trades
through an automated, integrated mutual fund clearing program provided by a
third party clearing firm.
As reflected under "Purchase of Shares -- Initial Sales Charge Alternative
- -- Class A Shares" in the Prospectus, ZKDI 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 a Fund at net asset value in
accordance with
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the Large Order NAV Purchase Privilege. The commission schedule set forth in the
Prospectus will be reset on a calendar year basis for any sales of shares
pursuant to the Large Order NAV Purchase Privilege.
REDEMPTION OR REPURCHASE OF SHARES
Because of the high cost of maintaining small accounts, effective January
1998, the Fund may assess a quarterly fee of $9 on any account with a balance
below $1,000 for the quarter. The fee will not apply to accounts enrolled in an
automatic investment program, Individual Retirement Accounts or employer
sponsored employee benefit plans using the subaccount record keeping system made
available through the Shareholder Service Agent.
The CDSC waiver provisions under the section "Contingent Deferred Sales
Charge -- Class C Shares" are expanded to include a waiver under the following
circumstances: redemption of shares by an employer sponsored employee benefit
plan that (i) offers funds in addition to Kemper Funds (i.e., "multi-manager"),
and (ii) whose dealer of record has waived the advance of the first year
administrative service and distribution fees applicable to such shares and
agrees to receive such fees quarterly.
Date: May 8, 1997
KMF-1H (5/97) (LOGO)printed on recycled paper
