<PAGE> 1
KEMPER EQUITY FUNDS/GROWTH STYLE
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 Plus Growth Fund
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 1, 1998
-------------------------
KEMPER INCOME FUNDS
Kemper Adjustable Rate U.S. Government Fund
Kemper Diversified Income Fund
Kemper U.S. Government Securities Fund
Kemper High Yield Series
comprised of the following two series:
Kemper High Yield Fund
Kemper High Yield Opportunity Fund
Kemper Income and Capital Preservation Fund
Kemper Portfolios including the following two series:
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 30, 1997
-------------------------
KEMPER CASH RESERVES FUND
(A SERIES OF KEMPER PORTFOLIOS)
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 30, 1997
-------------------------
KEMPER GLOBAL AND INTERNATIONAL FUNDS
Kemper Asian Growth Fund
Kemper Europe Fund
Kemper Global Income Fund
Kemper International Fund
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1998
-------------------------
KEMPER TAX-FREE INCOME FUNDS
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 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 NOVEMBER 26, 1997
-------------------------
KEMPER ASSET ALLOCATION FUNDS
Kemper Horizon 20+ Portfolio
Kemper Horizon 10+ Portfolio
Kemper Horizon 5 Portfolio
SUPPLEMENT TO PROSPECTUS
DATED NOVEMBER 21, 1997
-------------------------
KEMPER EQUITY FUNDS/VALUE STYLE
Kemper Value Series, Inc.
comprised of the following three series:
Kemper Contrarian Fund
Kemper-Dreman High Return Equity Fund
Kemper Small Cap Value Fund
SUPPLEMENT TO PROSPECTUS
DATED APRIL 1, 1998
-------------------------
KEMPER TARGET EQUITY FUND
Kemper Retirement Fund Series VII
SUPPLEMENT TO PROSPECTUS
DATED NOVEMBER 1, 1997
-------------------------
KEMPER EQUITY FUNDS/VALUE STYLE
Kemper U.S. Growth and Income Fund
SUPPLEMENT TO PROSPECTUS
DATED JANUARY 30, 1998
-------------------------
KEMPER EQUITY FUNDS/VALUE STYLE
Kemper-Dreman Financial Services Fund
SUPPLEMENT TO PROSPECTUS
DATED MARCH 9, 1998
-------------------------
KEMPER GLOBAL
AND INTERNATIONAL FUNDS
Kemper Global Blue Chip Fund
Kemper International Growth and Income Fund
Kemper Emerging Markets Income Fund
Kemper Emerging Markets Growth Fund
Kemper Latin America Fund
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 31, 1997
AS REVISED JANUARY 14, 1998
-------------------------
KEMPER EQUITY FUNDS/GROWTH STYLE
Kemper Classic Growth Fund
SUPPLEMENT TO PROSPECTUS
DATED APRIL 16, 1998
-------------------------
KEMPER GLOBAL AND
INTERNATIONAL FUNDS
Kemper Global Discovery Fund
SUPPLEMENT TO PROSPECTUS
DATED APRIL 16, 1998
-------------------------
<PAGE> 2
The following disclosure supplements information in each applicable Fund's
prospectus.
PURCHASE OF SHARES
Effective June 30, 1998, the net asset value transfer privilege is eliminated.
The net asset value transfer privilege provides for the purchase of Class A
shares at net asset value to the extent the amount invested represents the net
proceeds from a redemption of shares of a mutual fund that Scudder Kemper
Investments, Inc. or an affiliate does not serve as investment manager provided
that: (a) 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, and (b) the purchase of Fund shares is made within 90
days after the date of such redemption.
REDEMPTION OR REPURCHASE OF SHARES -- CONTINGENT DEFERRED SALES CHARGE -- CLASS
C SHARES
The waiver of the contingent deferred sales charge for Class C shares has been
expanded to include the following exception.
Redemption of shares purchased through a dealer-sponsored asset allocation
program maintained on an omnibus record-keeping system provided the dealer
of record had waived the advance of the first year administrative services
and distribution fees applicable to such shares and has agreed to receive
such fees quarterly.
April 30, 1998
KMF-1S
KDI 804082
2
<PAGE> 3
KEMPER EQUITY FUNDS/GROWTH STYLE
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 Plus Growth Fund
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED FEBRUARY 1, 1998
-------------------------
KEMPER INCOME FUNDS
Kemper Adjustable Rate U.S. Government Fund
Kemper Diversified Income Fund
Kemper U.S. Government Securities Fund
Kemper High Yield Series
comprised of the following two series:
Kemper High Yield Fund
Kemper High Yield Opportunity Fund
Kemper Income and Capital Preservation Fund
Kemper Portfolios including the following two series:
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED DECEMBER 30, 1997
-------------------------
KEMPER CASH RESERVES FUNDS
(A SERIES OF KEMPER PORTFOLIOS)
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED DECEMBER 30, 1997
-------------------------
KEMPER GLOBAL AND INTERNATIONAL FUNDS
Kemper Asian Growth Fund
Kemper Europe Fund
Kemper Global Income Fund
Kemper International Fund
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED MARCH 1, 1998
-------------------------
KEMPER EQUITY FUNDS/VALUE STYLE
Kemper-Dreman Financial Services Fund
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED MARCH 9, 1998
-------------------------
KEMPER EQUITY FUNDS/VALUE STYLE
Kemper U.S. Growth and Income Fund
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED JANUARY 30, 1998
-------------------------
KEMPER TAX-FREE INCOME FUNDS
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 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 STATEMENT OF
ADDITIONAL INFORMATION
DATED NOVEMBER 26, 1997
-------------------------
KEMPER ASSET ALLOCATION FUNDS
Kemper Horizon 20+ Portfolio
Kemper Horizon 10+ Portfolio
Kemper Horizon 5 Portfolio
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED NOVEMBER 21, 1997
-------------------------
KEMPER EQUITY FUNDS/VALUE STYLE
Kemper Value Series, Inc.
comprised of the following three series:
Kemper Contrarian Fund
Kemper-Dreman High Return Equity Fund
Kemper Small Cap Value Fund
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED APRIL 1, 1998
-------------------------
KEMPER TARGET EQUITY FUND
Kemper Retirement Fund Series VII
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED NOVEMBER 1, 1997
-------------------------
<PAGE> 4
KEMPER GLOBAL AND INTERNATIONAL FUNDS
Kemper Global Blue Chip Fund
Kemper International Growth and Income Fund
Kemper Emerging Markets Income Fund
Kemper Emerging Markets Growth Fund
Kemper Latin America Fund
SUPPLEMENT TO STATEMENT OF
ADDITIONAL INFORMATION
DATED DECEMBER 31, 1997
AS REVISED JANUARY 14, 1998
The following disclosure supplements information in each Fund's Statement of
Additional Information.
PURCHASE AND REDEMPTION OF SHARES
The Fund has authorized certain members of the National Association of
Securities Dealers, Inc. ("NASD"), other than Kemper Distributors, Inc. ("KDI"),
to accept purchase and redemption orders for the Fund's shares. Those brokers
may also designate other parties to accept purchase and redemption orders on the
Fund's behalf. Orders for purchase or redemption will be deemed to have been
received by the Fund when such brokers or their authorized designees accept the
orders. Subject to the terms of the contract between the Fund and the broker,
ordinarily orders will be priced at the Fund's net asset value next computed
after acceptance by such brokers or their authorized designees. Further, if
purchases or redemptions of the Fund's shares are arranged and settlement is
made at an investor's election through any other authorized NASD member, that
member may, at its discretion, charge a fee for that service. The Board of
Trustees or Directors as the case may be ("Board") of the Fund and KDI each has
the right to limit the amount of purchases by, and to refuse to sell to, any
person. The Board and KDI may suspend or terminate the offering of shares of the
Fund at any time for any reason.
April 30, 1998
KMF-1SS
2
