1
 
                          KEMPER TAX-FREE INCOME FUNDS
                            SUPPLEMENT TO PROSPECTUS
                            DATED NOVEMBER 10, 1995
 
                     Kemper National Tax Free Income Series
                     comprised of the following two series:
                           Kemper Municipal Bond Fund
                    Kemper Intermediate Municipal Bond Fund
                      Kemper State Tax-Free Income Series
                    comprised of the following eight series:
                     Kemper California Tax-Free Income Fund
                      Kemper Florida Tax-Free Income Fund
                      Kemper New York Tax-Free Income Fund
                        Kemper Ohio Tax-Free Income Fund
                       Kemper Texas Tax-Free Income Fund
                    Kemper Pennsylvania Tax-Free Income Fund
                      Kemper Michigan Tax-Free Income Fund
                     Kemper New Jersey Tax-Free Income Fund
                           -------------------------
 
                           KEMPER GLOBAL INCOME FUND
                           KEMPER INTERNATIONAL FUND
                            SUPPLEMENT TO PROSPECTUS
                              DATED MARCH 1, 1996
                           -------------------------
 
                              KEMPER EQUITY FUNDS
                            SUPPLEMENT TO PROSPECTUS
                             DATED FEBRUARY 1, 1996
 
                             Kemper Blue Chip Fund
                               Kemper Growth Fund
                        Kemper Quantitative Equity Fund
                    Kemper Small Capitalization Equity Fund
                             Kemper Technology Fund
                            Kemper Total Return Fund
                            Kemper Value+Growth Fund
                           -------------------------
 
                           KEMPER FIXED INCOME FUNDS
                            SUPPLEMENT TO PROSPECTUS
                             DATED DECEMBER 1, 1995
 
                  Kemper Adjustable Rate U.S. Government Fund
                         Kemper Diversified Income Fund
                     Kemper U.S. Government Securities Fund
                             Kemper High Yield Fund
                  Kemper Income and Capital Preservation Fund
              Kemper Portfolios comprised of the following series:
                           Kemper Cash Reserves Fund
                           Kemper U.S. Mortgage Fund
                   Kemper Short-Intermediate Government Fund
                           -------------------------
 
INVESTMENT MANAGER
     Kemper Financial Services, Inc., the investment manager for the Fund, has
changed its name to Zurich Kemper Investments, Inc. ("ZKI"). ZKI is an indirect
subsidiary of Zurich Insurance Company, an internationally recognized company
providing services in life and non-life insurance, reinsurance and asset
management. See "Investment Manager and Underwriter" in the prospectus.
     With respect to the Fixed Income Government Funds, Richard L. Vandenberg
has been a portfolio co-manager since March, 1996. Mr. Vandenberg joined ZKI in
March, 1996 and is a Vice President of these Funds. Immediately prior to joining
ZKI, he was a senior vice president and portfolio manager of an investment
management firm. He received a B.B.A. and M.B.A., both in Finance, Investments
and Banking, from the University of Wisconsin, Madison, Wisconsin.
     With respect to the Kemper Technology Fund, Frank D. Korth is the portfolio
manager and has served as co-manager since January, 1994.
 
ADMINISTRATIVE SERVICES
     As reflected under "Administrative Services" in the prospectus, Kemper
Distributors, Inc. ("KDI"), the principal underwriter and administrator for the
Fund, is paid an administrative service fee by the Fund of up to .25% of average
daily net assets of Class A, B and C shares of the Fund. KDI then pays financial
services firms a service fee at an annual rate of up to .25% of net assets of
each such class of those accounts in the Fund that the firms maintain and
service. In addition, KDI may, from time to time, from its own resources pay
certain firms additional amounts for ongoing administrative services and
assistance provided to their customers and clients who are shareholders of the
Fund.
 
PURCHASE OF SHARES
     As reflected under "Purchase of Shares--Initial Sales Charge
Alternative--Class A Shares" in the prospectus, Class A shares of the Fund may
be purchased at net asset value to the extent that the amount
invested represents the net proceeds from a redemption of shares of a mutual
fund for which ZKI or an affiliate does not serve as investment manager
("non-Kemper fund") provided that certain conditions specified
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therein are satisfied including the condition that the investor has previously
paid either an initial sales charge in connection with the purchase of the
non-Kemper fund shares redeemed or a contingent deferred sales charge in
connection with the redemption of the non-Kemper fund shares. Effective
immediately, Kemper Distributors, Inc. ("KDI"), the Fund's principal
underwriter, may in its discretion compensate firms for sales of Class A shares
under this privilege at a commission rate of .50% of the amount of Class A
shares of the Fund purchased.
 
CLASS C SHARES
     As described more fully below, the "Summary of Expenses--Shareholder
Transaction Expenses" table in the prospectus applicable to Class C shares
purchased on or after April 1, 1996 is restated as follows:
 


                                                                                   CLASS C
                                                                                -------------
                                                                             
Maximum Sales Charge on Purchases (as a percentage of offering price)........       None
Maximum Sales Charge on Reinvested Dividends.................................       None
Redemption Fees..............................................................       None
Exchange Fee.................................................................       None
Deferred Sales Charge (as a percentage of redemption proceeds)...............   1% during the
                                                                                 first year

 
     Effective for Class C shares purchased on or after April 1, 1996, KDI
advances to financial services firms for the sales of Class C shares the first
year distribution fee at a rate of .75% of the purchase price of such shares and
the first year service fee at a rate of up to .25% of the purchase price of such
shares. Distribution and service fees for periods after the first year will be
paid by KDI as currently provided. See "Investment Manager and Underwriter" in
the prospectus.
     In addition, effective for Class C shares purchased on or after April 1,
1996, a contingent deferred sales charge of 1% may be imposed upon the
redemption of Class C shares within one year of purchase. The charge will not be
imposed upon redemption of reinvested dividends or share appreciation. The
charge is applied to the value of the shares redeemed excluding amounts not
subject to the charge. The contingent deferred sales charge will be waived: (a)
in the event of the total disability (as evidenced by a determination by the
federal Social Security Administration) of the shareholder (including a
registered joint owner) occurring after the purchase of the shares being
redeemed, (b) in the event of the death of the shareholder (including a
registered joint owner), (c) for redemptions made pursuant to a systematic
withdrawal plan (limited to 10% of the net asset value of the account; see
"Special Features--Systematic Withdrawal Plan"), (d) for redemptions made
pursuant to any IRA systematic withdrawal based on the shareholder's life
expectancy including, but not limited to, substantially equal periodic payments
described in Internal Revenue Code Section 72(t)(2)(A)(iv) prior to age 59 1/2,
(e) for redemptions to satisfy required minimum distributions after age 70 1/2
from an IRA account (with the maximum amount subject to this waiver being based
only upon the shareholder's Kemper IRA accounts) and (f) for any
participant-directed redemption of shares held by employer sponsored employee
benefit plans maintained on the subaccount record keeping system made available
by the Shareholder Service Agent.
     Investments are tracked on a monthly basis for purposes of the contingent
deferred sales charge. The period of ownership for this purpose begins the first
day of the month in which the order for the purchase of shares is received. A
redemption will be made first from Class C shares representing reinvested
dividends and then from the earliest purchase of Class C shares. KDI receives
any contingent deferred sales charge directly.
     Class C shares may be exchanged without any contingent deferred sales
charge being imposed at the time of exchange. For determining whether there is a
contingent deferred sales charge that may be imposed upon redemption of the
Class C shares received by exchange, they retain the cost and purchase date of
the shares that were originally purchased and exchanged.
 
March 15, 1996
KMF-1B  3/96                                     (LOGO)printed on recycled paper