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KEMPER EQUITY FUNDS
SUPPLEMENT TO PROSPECTUS
DECEMBER 31, 1996
INVESTMENT MANAGER AND UNDERWRITER
As reflected in the prospectus (see "Investment Manager and Underwriter"),
Zurich Kemper Investments, Inc. ("ZKI") serves as investment manager for the
Kemper Equity Funds. The following supplements information in the prospectus:
Kurt R. Stalzer has been the portfolio manager of Kemper Small
Capitalization Equity Fund since he joined ZKI in January 1997 and the portfolio
manager of the Kemper Aggressive Growth Fund since February 1997. He is a senior
vice president at ZKI. Prior to joining ZKI, Mr. Stalzer was a senior portfolio
manager for an unaffiliated investment management company. Mr. Stalzer received
a B.B.A. in finance and accounting from the University of Michigan.
Steven H. Reynolds has been the portfolio manager of the Kemper Growth Fund
since February 1997. He joined ZKI in September 1995 and is currently executive
vice president and chief investment officer-equities for ZKI. Immediately prior
to joining ZKI, he was a senior vice president and equity portfolio manager of
an investment advisory firm; and prior thereto, he was a senior vice president,
managing director and head of active equities at a national bank. Mr. Reynolds
received a B.A. degree from Johns Hopkins University, Baltimore, Maryland and an
M.B.A. in finance from the University of Virginia, Charlottesville, Virginia.
February 20, 1997
KEF-1B
