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KEMPER INTERNATIONAL BOND FUND
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1996
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INVESTMENT MANAGER
Zurich Investment Management Limited ("ZIML"), 1 Fleet Place, London, U.K.
EC4M 7RQ, an affiliate of Zurich Kemper Investments, Inc. ("ZKI"), the Fund's
investment manager, is a sub-adviser for the Fund. ZIML has served as
sub-adviser for mutual funds since December, 1996 and investment adviser for
certain institutional accounts since August, 1988. Under the terms of the
Sub-Advisory Agreement between ZIML and ZKI, ZIML renders investment advisory
and management services with regard to such portion of the Fund's portfolio as
may be allocated to ZIML by ZKI from time to time for management, including
services related to foreign securities, foreign currency transactions and
related investments. ZKI pays ZIML for its services a sub-advisory fee, payable
monthly at the annual rate of .30% of the portion of the average daily net
assets of the Fund allocated by ZKI to ZIML for management. ZIML is an indirect
subsidiary of Zurich Insurance Company.
December 27, 1996
KIBF-1A (LOGO)printed on recycled paper
