KEMPER SMALL CAPITALIZATION EQUITY FUND
497, 1999-10-20
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                        KEMPER EQUITY FUNDS/GROWTH STYLE
                     Kemper Small Capitalization Equity Fund

                            SUPPLEMENT TO PROSPECTUS
                             DATED FEBRUARY 1, 1999
                          ----------------------------

The following text replaces information in the "Portfolio Management" section of
the prospectus:

Jesus A. Cabrera is the Lead Portfolio  Manager for Kemper Small  Capitalization
Equity Fund. Mr.  Cabrera joined Scudder Kemper in 1999 as a portfolio  manager.
He began his investment  career in 1989.  Prior to joining Scudder Kemper he was
Head of the Small Cap  Growth  Group at an  unaffiliated  investment  management
company.

October 20, 1999


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