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KEMPER WORLDWIDE
2004 FUND*
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 1, 1994
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KEMPER RETIREMENT FUND
SERIES V*
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 1, 1994
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Stephen B. Timbers, a Trustee of Kemper Target Equity Fund (the "Trust"),
has been elected President (31) of the Trust replacing Charles M. Kierscht. Mr.
Timbers (120 S. LaSalle St., Chicago, Illinois) is Chairman, Chief Executive
Officer, Chief Investment Officer and a Director of Kemper Financial Services,
Inc. ("KFS"); President, Chief Operating Officer and a Director of Kemper
Corporation; and a Director of Kemper Financial Companies, Inc., ("KFC") and
Kemper Securities, Inc. Mr. Timbers also serves as a Director of Gillett
Holdings, Inc. and LTV Corporation.
David B. Mathis has been elected a Trustee (28) of the Trust replacing
Charles M. Kierscht. Mr. Mathis (Kemper Center, Long Grove, Illinois) is
Chairman, Chief Executive Officer and a Director of Kemper Corporation; and a
Director of KFS and KFC. Mr. Mathis also serves as a Director of IMC Global Inc.
The number following each person's new title is the number of investment
companies managed by KFS for which he holds similar positions.
* Series of Kemper Target Equity Fund
March 15, 1995
KTEF-1M(LOGO)printed on recycled paper
