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KEMPER TAX-FREE INCOME FUNDS
SUPPLEMENT TO PROSPECTUS
DATED MARCH 15, 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 EQUITY FUNDS
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 1, 1995
Kemper Blue Chip Fund
Kemper Growth Fund
Kemper Small Capitalization Equity Fund
Kemper Technology Fund
Kemper Total Return Fund
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KEMPER GLOBAL INCOME FUND
KEMPER INTERNATIONAL FUND
SUPPLEMENT TO PROSPECTUS
DATED MARCH 1, 1995
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Kemper Corporation, the parent of Kemper Financial Services, Inc. ("KFS,"
the investment manager for the Fund), has entered into an agreement in principle
with an investor group led by Zurich Insurance Company ("Zurich") pursuant to
which Kemper Corporation would be acquired by the investor group in a merger
transaction. As part of the transaction, Zurich or an affiliate would purchase
KFS.
A definitive agreement is expected in early May, 1995, subject to the
completion of the investor group's due diligence. Consummation of the
transaction is subject to a number of contingencies, including approval by the
board and stockholders of Kemper Corporation and the Zurich board and regulatory
approvals. Because the transaction would constitute an assignment of the Funds'
investment management agreements with KFS and, where applicable, Rule 12b-1
agreements under the Investment Company Act of 1940, and therefore a termination
of such agreements, it is anticipated that KFS would seek approval of new
agreements from the Funds' boards and shareholders prior to consummation of the
transaction. The transaction is expected to close early in the fourth quarter of
1995.
After consummation of the transaction, it is anticipated that the KFS
management team and the Kemper Fund portfolio managers would remain in place and
that the Kemper Funds would be operated in the same manner as they are
currently.
Separately, with respect to Kemper Total Return Fund, Gary Langbaum has
been the portfolio manager since February, 1995. Mr. Langbaum is assisted by
investment personnel who specialize in certain areas.
April 19, 1995
KMF-1Z 4/95 (LOGO)printed on recycled paper
