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KEMPER-DREMAN FUND, INC.
SUPPLEMENT TO PROSPECTUS
DATED APRIL 25, 1997
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KEMPER EUROPE FUND
SUPPLEMENT TO PROSPECTUS
DATED APRIL 1, 1997
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KEMPER HORIZON FUND
SUPPLEMENT TO PROSPECTUS
DATED SEPTEMBER 10, 1996
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KEMPER RETIREMENT FUND--SERIES VII
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1997
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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.
With respect to Kemper Horizon Fund:
William M. Knapp has been a portfolio co-manager of Kemper Horizon Fund
since April 1997. Mr. Knapp joined Zurich Kemper Investments, Inc. in 1992 and
is a first vice president at Zurich Kemper Investments, Inc. ("ZKI"). Prior to
joining ZKI he served as an officer with an unaffiliated investment management
company. He received a B.S. in economics from Drake University and an M.S. and
Ph.D. in industrial organization and finance from the University of
Wisconsin-Madison.
Daniel J. Bukowski has been a portfolio co-manager of Kemper Horizon Fund
since April 1997. Mr. Bukowski joined ZKI in 1989 and is a senior vice president
and director of quantitative research of ZKI. He received a B.A. in statistics
and an M.B.A. in finance from the University of Chicago.
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 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.
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With respect to the Kemper-Dreman Fund, Inc., Kemper Europe Fund and Kemper
Horizon Fund:
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-1G (5/97) (LOGO) printed on recycled paper
