-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HfRwKJywpqtuRnwdcdzyvOmmqKBcw9YbQjg5ADwAveuuXe/2kWM5/sfPcrlhAC+s LU2NxrCGKyKS0ooO+cvZQg== 0000950137-98-000052.txt : 19980109 0000950137-98-000052.hdr.sgml : 19980109 ACCESSION NUMBER: 0000950137-98-000052 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980108 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER AGGRESSIVE GROWTH FUND CENTRAL INDEX KEY: 0001024112 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 333-13681 FILM NUMBER: 98503099 BUSINESS ADDRESS: STREET 1: 120 SOUTH LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3124991569 MAIL ADDRESS: STREET 1: 120 S LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60603 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER FLEXIBLE GROWTH FUND DATE OF NAME CHANGE: 19961002 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER INCOME & CAPITAL PRESERVATION FUND INC CENTRAL INDEX KEY: 0000055185 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 362797860 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-45481 FILM NUMBER: 98503100 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER INCOME SECURITIES INC DATE OF NAME CHANGE: 19740214 FORMER COMPANY: FORMER CONFORMED NAME: SUPERVISED INVESTORS CONVERTIBLE FUND IN DATE OF NAME CHANGE: 19721106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER NATIONAL TAX FREE INCOME SERIES CENTRAL INDEX KEY: 0000055190 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 362896696 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-47008 FILM NUMBER: 98503101 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19860529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER GROWTH FUND CENTRAL INDEX KEY: 0000095601 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 366139662 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-24392 FILM NUMBER: 98503102 BUSINESS ADDRESS: STREET 1: 222 S RIVERSIDE PLZ CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER GROWTH FUND INC DATE OF NAME CHANGE: 19870120 FORMER COMPANY: FORMER CONFORMED NAME: SUPERVSED INVESTORS GROWTH FUND INC DATE OF NAME CHANGE: 19780831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER TOTAL RETURN FUND CENTRAL INDEX KEY: 0000095603 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 366103490 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-21789 FILM NUMBER: 98503103 BUSINESS ADDRESS: STREET 1: 120 S LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3127811121 MAIL ADDRESS: STREET 1: 120 S. LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER TOTAL RETURN FUND INC DATE OF NAME CHANGE: 19871206 FORMER COMPANY: FORMER CONFORMED NAME: SUPERVISED INVESTORS INCOME FUND INC DATE OF NAME CHANGE: 19780817 FORMER COMPANY: FORMER CONFORMED NAME: BALANCED INCOME FUND INC DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER SMALL CAPITALIZATION EQUITY FUND CENTRAL INDEX KEY: 0000095605 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 362668415 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-29804 FILM NUMBER: 98503104 BUSINESS ADDRESS: STREET 1: 120 S LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3127811121 MAIL ADDRESS: STREET 1: 120 S. LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER SUMMIT FUND DATE OF NAME CHANGE: 19920205 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER SUMMIT FUND INC DATE OF NAME CHANGE: 19851203 FORMER COMPANY: FORMER CONFORMED NAME: SUPERVISED INVESTORS SUMMIT FUND INC DATE OF NAME CHANGE: 19770604 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER TECHNOLOGY FUND CENTRAL INDEX KEY: 0000096790 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 366051878 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-10668 FILM NUMBER: 98503105 BUSINESS ADDRESS: STREET 1: 120 S LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3127811121 MAIL ADDRESS: STREET 1: 120 S. LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 FORMER COMPANY: FORMER CONFORMED NAME: TECHNOLOGY FUND INC DATE OF NAME CHANGE: 19870120 FORMER COMPANY: FORMER CONFORMED NAME: TELEVISION ELECTRONICS FUND INC DATE OF NAME CHANGE: 19680207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER U S GOVERNMENT SECURITIES FUND CENTRAL INDEX KEY: 0000202163 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 163060398 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-57937 FILM NUMBER: 98503106 BUSINESS ADDRESS: STREET 1: 120 S LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3127811121 MAIL ADDRESS: STREET 1: 120 S. LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER FUND FOR GOVERNMENT GUARANTEED SECURITIES INC DATE OF NAME CHANGE: 19820421 FORMER COMPANY: FORMER CONFORMED NAME: INCOME TRUST FOR U S GOVERNMENT GUARANTEED SECURITIES DATE OF NAME CHANGE: 19791010 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER DIVERSIFIED INCOME FUND CENTRAL INDEX KEY: 0000216314 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 362921989 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-58921 FILM NUMBER: 98503107 BUSINESS ADDRESS: STREET 1: 222 RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER OPTION INCOME FUND DATE OF NAME CHANGE: 19890622 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER OPTION INCOME FUND INC DATE OF NAME CHANGE: 19870120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER HIGH YIELD SERIES CENTRAL INDEX KEY: 0000225528 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 362955386 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-60330 FILM NUMBER: 98503108 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER HIGH YIELD FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER HIGH YIELD FUND INC DATE OF NAME CHANGE: 19871117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER INTERNATIONAL FUND CENTRAL INDEX KEY: 0000350562 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 363124258 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-70639 FILM NUMBER: 98503109 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19870127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER PORTFOLIOS CENTRAL INDEX KEY: 0000701638 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 363534358 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-76806 FILM NUMBER: 98503110 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER INVESTMENT PORTFOLIOS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: INVESTMENT PORTFOLIOS INC DATE OF NAME CHANGE: 19911001 FORMER COMPANY: FORMER CONFORMED NAME: CASH ACCOUNT FUND INC DATE OF NAME CHANGE: 19831020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER STATE TAX FREE INCOME SERIES CENTRAL INDEX KEY: 0000714287 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 363221104 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 002-81549 FILM NUMBER: 98503111 BUSINESS ADDRESS: STREET 1: 222 S RIVERSIDE PLZ CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3127811121 MAIL ADDRESS: STREET 1: 120 S. LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER CALIFORNIA TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19900815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER ADJUSTABLE RATE U S GOVERNMENT FUND CENTRAL INDEX KEY: 0000814955 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 363528556 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 033-14832 FILM NUMBER: 98503112 BUSINESS ADDRESS: STREET 1: 222 S RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER GOVERNMENT INCOME TRUST DATE OF NAME CHANGE: 19870811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER BLUE CHIP FUND CENTRAL INDEX KEY: 0000823342 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 363542349 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 033-17777 FILM NUMBER: 98503113 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER GLOBAL INCOME FUND CENTRAL INDEX KEY: 0000852067 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 363657086 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 033-29371 FILM NUMBER: 98503114 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER VALUE PLUS GROWTH FUND CENTRAL INDEX KEY: 0000946751 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 033-61433 FILM NUMBER: 98503115 BUSINESS ADDRESS: STREET 1: 120 SOUTH LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3127811121 MAIL ADDRESS: STREET 1: 120 SOUTH LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER QUANTITATIVE EQUITY FUND CENTRAL INDEX KEY: 0000949461 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 033-63645 FILM NUMBER: 98503116 BUSINESS ADDRESS: STREET 1: 120 SOUTH LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3127811121 MAIL ADDRESS: STREET 1: 120 SOUTH LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMPER ASIAN GROWTH FUND CENTRAL INDEX KEY: 0001018865 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 333-09069 FILM NUMBER: 98503117 BUSINESS ADDRESS: STREET 1: 120 SOUTH LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3124991569 497 1 497 1 KEMPER EQUITY FUNDS/GROWTH STYLE Kemper Aggressive Growth Fund 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 Plus Growth Fund SUPPLEMENT TO PROSPECTUS DATED DECEMBER 31, 1996 ------------------------- KEMPER GLOBAL INCOME FUND KEMPER INTERNATIONAL FUND SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 1997 ------------------------- KEMPER INCOME FUNDS Kemper Adjustable Rate U.S. Government Fund Kemper Diversified Income Fund Kemper U.S. Government Securities Fund Kemper High Yield Series comprised of the following two series: Kemper High Yield Fund Kemper High Yield Opportunity Fund Kemper Income and Capital Preservation Fund Kemper Portfolios including the following series: Kemper U.S. Mortgage Fund Kemper Short-Intermediate Government Fund SUPPLEMENT TO PROSPECTUS DATED DECEMBER 30, 1997 ------------------------- KEMPER CASH RESERVES FUND (A SERIES OF KEMPER PORTFOLIOS) SUPPLEMENT TO PROSPECTUS DATED DECEMBER 30, 1997 ------------------------- KEMPER ASIAN GROWTH FUND SUPPLEMENT TO PROSPECTUS DATED APRIL 1, 1997 ------------------------- KEMPER TAX-FREE INCOME FUNDS 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 Michigan Tax-Free Income Fund Kemper New Jersey Tax-Free Income Fund Kemper New York Tax-Free Income Fund Kemper Ohio Tax-Free Income Fund Kemper Pennsylvania Tax-Free Income Fund Kemper Texas Tax-Free Income Fund SUPPLEMENT TO PROSPECTUS DATED NOVEMBER 26, 1997 INVESTMENT MANAGER AND UNDERWRITER Pursuant to the terms of an agreement, Zurich Insurance Company ("Zurich"), the parent of the Funds' investment adviser, Zurich Kemper Investments, Inc. ("ZKI") and Scudder, Stevens & Clark, Inc. ("Scudder") have formed a new global investment organization by combining Scudder's business with that of ZKI, and Scudder has changed its name to Scudder Kemper Investments, Inc. ("Scudder Kemper"). As a result of the transaction, Zurich owns approximately 70% of Scudder Kemper, with the balance owned by Scudder Kemper's officers and employees. Scudder Kemper, 280 Park Avenue, 40th floor, New York, New York 10017, now manages in excess of $200 billion. Because the transaction between Scudder and Zurich resulted in the assignment of each Fund's investment management agreement between ZKI and each respective Fund, each of those agreements was deemed to be automatically terminated upon consummation of the transaction. In anticipation of the transaction, however, new investment management agreements between each Fund and Scudder Kemper were approved 2 by each respective Fund's Board of Trustees. A special meeting of shareholders (the "Special Meeting") of each Fund was held in December, 1997, at which time the shareholders also approved the new investment management agreements. The new investment management agreements (each an "Investment Management Agreement" and, collectively, the "Investment Management Agreements") are all effective as of December 31, 1997 and will be in effect for an initial term ending on the same date as would the corresponding previous investment management agreement. Each Fund's Investment Management Agreement is substantially similar to the corresponding investment management agreement terminated by the transaction, except that Scudder Kemper is the new investment adviser to each Fund, the management fee (except with respect to Kemper Small Capitalization Equity Fund and Kemper Aggressive Growth Fund) is calculated monthly at 1/12 of the applicable annual rate based upon the average daily net assets for such month, and, for each Fund except Kemper Municipal Bond Fund, Kemper U.S. Government Securities Fund and Kemper California Tax-Free Income Fund, the expense limitation has been deleted because there are no longer any state expense limitations in effect. In addition, for Funds investing in foreign securities, except for Kemper International Fund, Kemper Global Income Fund, and Kemper Asian Growth Fund, each Fund's respective sub-advisory agreement with Zurich Investment Management Limited ("ZIML") has been terminated and Scudder Kemper has assumed the duties previously performed by ZIML under each such Fund's respective sub-advisory agreement. For Kemper Value Plus Growth Fund, the Fund's sub-advisory agreement with Zurich Kemper Value Advisors, Inc. ("ZKVA") has been terminated and Scudder Kemper has assumed the duties previously performed by ZKVA under the Fund's sub-advisory agreement. In addition, under a separate agreement between each Fund and Scudder Fund Accounting Corporation ("SFAC"), a subsidiary of Scudder Kemper, SFAC, rather than each Fund's investment manager, will compute the net asset value for each Fund. SFAC does not charge the Funds for this service; however, subject to Board approval, at some time in the future, SFAC may seek payment for its services under this agreement. CAPITAL STRUCTURE Pending shareholder approval, except for Kemper Technology Fund, Kemper U.S. Government Securities Fund, Kemper High Yield Opportunity Fund, Kemper Municipal Bond Fund, Kemper California Tax-Free Income Fund, Kemper Florida Tax-Free Income Fund, Kemper Michigan Tax-Free Income Fund, Kemper New Jersey Tax-Free Income Fund, Kemper New York Tax-Free Income Fund, Kemper Ohio Tax-Free Income Fund, and Kemper Pennsylvania Tax-Free Income Fund, which have obtained shareholder approval, rather than invest in securities directly, each of the Funds may in the future seek to achieve its investment objective by pooling its assets with assets of other mutual funds for investment in another investment company having the same investment objective and substantially the same investment policies and restrictions as such Fund. The purpose of such an arrangement is to achieve greater operational efficiencies and to reduce costs. It is expected that any such investment company will be managed by Scudder Kemper in substantially the same manner as the corresponding Fund. Shareholders of each Fund will be given at least 30 days' prior notice of any such investment, although they will not be entitled to vote on the action. Such investment would be made only if the Trustees determine it to be in the best interests of the respective Fund and its shareholders. 3 SUMMARY OF EXPENSES The "Example" in the prospectus for Class B Shares and Class C Shares of certain of the Funds is amended in part as follows: CLASS B SHARES
EXAMPLE(1) FUND 1 YEAR 3 YEARS 5 YEARS 10 YEARS ---------- ---- ------ ------- ------- -------- You would pay the following Aggressive Growth $64 $103 $145 $224 expenses on a $1,000 Blue Chip 61 95 132 201 investment, assuming Growth 61 94 130 189 (1) 5% annual return and Quantitative Equity 63 101 141 222 (2) redemption at the end of Small Capitalization Equity 62 97 135 196 each time period: Technology 59 89 121 170 Total Return 60 92 127 185 Value Plus Growth 65 106 150 237 Global Income 62 97 135 215 International 66 109 155 245 Asian Growth 67 113 162 259 Municipal Bond 56 79 104 139 Intermediate Municipal Bond 58 85 115 167 California Tax-Free Income 56 81 108 150 Florida Tax-Free Income 57 82 110 153 Michigan Tax-Free Income 58 85 115 167 New Jersey Tax-Free Income 58 85 115 167 New York Tax-Free Income 57 83 111 155 Ohio Tax-Free Income 52 84 112 160 Pennsylvania Tax-Free Income 58 84 114 166 Texas Tax-Free Income 58 84 114 163 You would pay the following Aggressive Growth $43 $ 73 $125 $224 expenses on the same Blue Chip 21 65 112 201 investment, assuming no Growth 21 64 110 189 redemption: Quantitative Equity 23 71 121 222 Small Capitalization Equity 22 67 115 196 Technology 19 59 101 170 Total Return 20 62 107 185 Value Plus Growth 25 76 130 237 Global Income 22 67 115 215 International 26 79 135 245 Asian Growth 27 83 142 259 Municipal Bond 16 49 84 139 Intermediate Municipal Bond 18 55 95 167 California Tax-Free Income 16 51 88 150 Florida Tax-Free Income 17 52 90 153 Michigan Tax-Free Income 18 55 95 168 New Jersey Tax-Free Income 18 55 95 168 New York Tax-Free Income 17 53 91 155 Ohio Tax-Free Income 17 54 92 160 Pennsylvania Tax-Free Income 18 54 94 166 Texas Tax-Free Income 18 54 94 163
(1) Assumes conversion to Class A shares six years after purchase. The contingent deferred sales charge was applied as follows: 1 year (4%), 3 years (3%), 5 years (2%) and 10 years (0%). See "Redemption or Repurchase of Shares -- Contingent Deferred Sales Charge -- Class B Shares" in the prospectus for more information regarding the calculation of the contingent deferred sales charge. 4 CLASS C SHARES
EXAMPLE(2) FUND 1 YEAR 3 YEARS 5 YEARS 10 YEARS ---------- ---- ------ ------- ------- -------- You would pay the following Aggressive Growth $33 $72 $123 $264 expenses on a $1,000 Blue Chip 31 64 110 238 investment, assuming (1) 5% Growth 30 61 105 227 annual return and Quantitative Equity 33 70 119 256 (2) redemption at the end of Small Capitalization Equity 32 67 115 248 each time period: Technology 28 57 99 214 Total Return 29 59 102 221 Value Plus Growth 34 73 126 269 Global Income 31 65 111 239 International 35 78 133 284 Asian Growth 37 82 140 297 Municipal Bond 26 48 83 182 Intermediate Municipal Bond 28 54 94 204 California Tax-Free Income 26 50 87 190 Florida Tax-Free Income 27 52 89 194 Michigan Tax-Free Income 28 54 94 204 New Jersey Tax-Free Income 28 54 94 204 New York Tax-Free Income 27 52 90 195 Ohio Tax-Free Income 27 53 91 199 Pennsylvania Tax-Free Income 27 54 93 202 Texas Tax-Free Income 27 54 93 202 You would pay the following Aggressive Growth $23 $72 $123 $264 expenses on the same Blue Chip 21 64 110 238 investment, assuming no Growth 20 61 105 227 redemption: Quantitative Equity 23 70 119 256 Small Capitalization Equity 22 67 115 248 Technology 18 57 99 214 Total Return 19 59 102 221 Value Plus Growth 24 73 126 269 Global Income 21 65 111 239 International 25 78 133 284 Asian Growth 27 82 140 297 Municipal Bond 16 48 83 182 Intermediate Municipal Bond 18 54 94 204 California Tax-Free Income 16 50 87 190 Florida Tax-Free Income 17 52 89 194 Michigan Tax-Free Income 18 54 94 204 New Jersey Tax-Free Income 18 54 94 204 New York Tax-Free Income 17 52 90 195 Ohio Tax-Free Income 17 53 91 199 Pennsylvania Tax-Free Income 17 54 93 202 Texas Tax-Free Income 17 54 93 202
(2) The contingent deferred sales charge was applied as follows: 1 year (1%), 3 years (0%), 5 years (0%) and 10 years (0%). See "Redemption or Repurchase of Shares -- Contingent Deferred Sales Charge -- Shares" in the prospectus. December 31, 1997 KMF-1Q (LOGO)PRINTED ON RECYCLED PAPER 5 KEMPER EQUITY FUNDS/GROWTH STYLE KEMPER INCOME FUNDS Kemper Aggressive Growth Fund ("KAGGF") Kemper Adjustable Rate U.S. Government Fund ("KARGF") Kemper Blue Chip Fund ("KBCF") Kemper Diversified Income Fund ("KDIF") Kemper Growth Fund ("KGF") Kemper U.S. Government Securities Fund ("KGSF") Kemper Quantitative Equity Fund ("KQEF") Kemper High Yield Series ("KHYS") Kemper Small Capitalization Equity Fund ("KSCF") comprised of the following two series: Kemper Technology Fund ("KTEC") Kemper High Yield Fund ("KHYF") Kemper Total Return Fund ("KTRF") Kemper High Yield Opportunity Fund ("KHYOF") Kemper Value+Growth Fund ("KVGF") Kemper Income and Capital Preservation Fund ("KICPF") SUPPLEMENT TO STATEMENT OF Kemper Portfolios ("KP") including the following ADDITIONAL INFORMATION series: DATED DECEMBER 31, 1996 Kemper U.S. Mortgage Fund ("KUSMF") Kemper Short-Intermediate Government Fund ("KSIGF") ------------------------- SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 30, 1997 KEMPER GLOBAL INCOME FUND ("KGIF") ------------------------- KEMPER INTERNATIONAL FUND ("KIF") KEMPER CASH RESERVES FUND ("KCRF") SUPPLEMENT TO STATEMENT OF (A SERIES OF KEMPER PORTFOLIOS) ADDITIONAL INFORMATION SUPPLEMENT TO STATEMENT OF DATED MARCH 1, 1997 ADDITIONAL INFORMATION ------------------------- DATED DECEMBER 30, 1997 ------------------------- KEMPER ASIAN GROWTH FUND ("KAGF") SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 1, 1997 -------------------------
KEMPER TAX-FREE INCOME FUNDS Kemper National Tax-Free Income Series ("KNTIS") comprised of the following two series: Kemper Municipal Bond Fund ("KMBF") Kemper Intermediate Municipal Bond Fund ("KIMBF") Kemper State Tax-Free Income Series ("KSTIS") comprised of the following eight series: Kemper California Tax-Free Income Fund ("KCATF") Kemper Florida Tax-Free Income Fund ("KFLTF") Kemper Michigan Tax-Free Income Fund ("KMITF") Kemper New Jersey Tax-Free Income Fund ("KNJTF") Kemper New York Tax-Free Income Fund ("KNYTF") Kemper Ohio Tax-Free Income Fund ("KOHTF") Kemper Pennsylvania Tax-Free Income Fund ("KPATF") Kemper Texas Tax-Free Income Fund ("KTXTF") SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED NOVEMBER 26, 1997 INVESTMENT RESTRICTIONS--MASTER/FEEDER FUND STRUCTURE Certain Series, Portfolios or Funds have amended their fundamental policies to permit a master/feeder fund structure. Following is a list of each Series', Portfolio's or Fund's fundamental policies that were so 6 amended. Where necessary, the number identifying each Fund's policies that were amended is indicated in brackets following each Series', Portfolio's or Fund's name, as applicable. As a matter of fundamental policy, each Series, Portfolio or Fund will not: KTEC[(1)], KGSF[(2)], KMBF[(3)]: Purchase securities of any issuer (other than obligations of, or guaranteed by, the United States Government, its agencies or instrumentalities) if, as a result, more than 5% of the Fund's total assets would be invested in securities of that issuer, except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KSTIS (EXCEPT KCATF AND KTXTF): (11) Purchase securities of any issuer (other than obligations of, or guaranteed by, the United States Government, its agencies or instrumentalities) if, as a result, more than 5% of the total value of the Fund's assets would be invested in securities of that issuer, except that, with respect to 50% of the Fund's total assets, the Fund may invest up to 25% of its total assets in securities of any one issuer, and except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KCATF: (3) Purchase securities of any issuer (other than obligations of, or guaranteed by, the United States Government, its agencies or instrumentalities) if, as a result, more than 5% of the total value of the Fund's assets would be invested in securities of that issuer, except that, with respect to 50% of the Fund's total assets, the Fund may invest up to 25% of its total assets in securities of any one issuer, and except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KHYOF: (1) With respect to 75% of the Fund's total assets, purchase securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, (a) more than 5% of the Fund's total assets would be invested in securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer, except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KTEC: (2) Purchase more than 10% of any class of securities of any issuer, except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. All debt securities and all preferred stocks are each considered as one class. KSTIS (EXCEPT KCATF AND KTXTF): (2) Purchase securities (other than securities of the United States Government, its agencies or instrumentalities, or of a state or its political subdivisions) if as a result of such purchase 25% or more of its total assets would be invested in any industry, except that all or substantially all of the assets of the Fund may be 7 invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KTEC: (7) Invest 25% of more of its total assets in any one industry, except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. Water, communications, electric and gas utilities shall each be considered a separate industry. KHYOF: (7) Concentrate more than 25% of the value of its assets in any one industry, except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. Water, communications, electric and gas utilities shall each be considered a separate industry. KMBF: (2) With respect to temporary investments, purchase securities (other than securities of the United States Government, its agencies or instrumentalities) if as a result of such purchase more than 25% of the Fund's total assets would be invested in any industry, except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KCATF: (2) Purchase securities (other than securities of the United States Government, its agencies or instrumentalities, or the State of California or its political subdivisions) if as a result of such purchase more than 25% of the Fund's total assets would be invested in any one industry, except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KGSF: (1) Purchase any securities other than obligations issued or guaranteed by the United States Government or its agencies, some of which may be subject to repurchase agreements, except that the Fund may engage in options and financial futures transactions, and except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KTEC[(9)], KHYOF[(9)], KMBF[(10)], KSTIS (EXCEPT KTXTF)[(7)], KCATF [(10)]: Underwrite securities issued by others except to the extent the Fund may be deemed to be an underwriter, under the federal securities laws, in connection with the disposition of portfolio securities, and except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KGSF: (7) Act as an underwriter of securities, except to the extent the Fund may be deemed to be an underwriter in connection with the disposition of portfolio securities, and except that all or substantially all of the assets 8 of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KCATF: (1) Purchase securities or make investments other than in accordance with its investment objective and policies, except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. KMBF, KSTIS (EXCEPT KCATF AND KTXTF): (1) Make investments other than in accordance with its investment objective and policies, except that all or substantially all of the assets of the Fund may be invested in another registered investment company having the same investment objective and substantially similar investment policies as the Fund. In addition, with respect to Kemper Equity Funds/Growth Style, the following non-fundamental investment restrictions are deleted: INVESTMENT RESTRICTIONS--DELETIONS (with respect to all Kemper Equity Funds/Growth Style except KAGGF and KSCF) Each Fund may not: Purchase or retain the securities of any issuer if any of the officers, trustees or directors of the Fund or its investment adviser owns beneficially more than 1/2 of 1% of the securities of such issuer and together own more than 5% of the securities of such issuer. (with respect to all Kemper Equity Funds/Growth Style except KAGGF) Each Fund may not: (i) Invest in interests in oil, gas, or other mineral exploration or development programs, although it may invest in the securities of issuers which invest in or sponsor such programs. (ii) Invest in oil, gas and other mineral leases. (with respect to all Kemper Equity Funds/Growth Style except KAGGF and KBCF) Each Fund may not: (i) Invest more than 5% of the Fund's total assets in securities of issuers which with their predecessors have a record of less than three years continuous operation and equity securities of issuers which are not readily marketable. (ii) Invest in warrants if more than 5% of the Fund's net assets would be invested in warrants. Included within that amount, but not to exceed 2% of the Fund's net assets, may be warrants not listed on the New York or American Stock Exchanges. Warrants acquired in units or attached to securities may be deemed to be without value for such purposes. (iii) Invest more than 5% of its total assets in restricted securities, excluding restricted securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933 that have been determined to be liquid pursuant to procedures adopted by the Board of Trustees, provided that the total amounts of Fund assets invested in restricted securities and securities of issuers which with their predecessors have a record of less than three years continuous operation will not exceed 15% of total assets. (iv) Purchase or sell real property (including limited partnership interests but excluding readily marketable interests in real estate investment trusts and readily marketable securities of companies which invest in real estate). 9 (with respect to all Kemper Equity Funds/Growth Style except KAGGF and KTRF) Each Fund may not: Invest more than 10% of its total assets in securities of real estate investment trusts. (The Quantitative Fund currently does not intend to invest more than 5% of its net assets in securities of real estate investment trusts). (with respect to KBCF) The Fund may not: Invest more than 5% of the Fund's total assets in securities of issuers (other than obligations of, or guarantees by, the U.S. Government, its agencies or instrumentalities) which with their predecessors have a record of less than three years continuous operation and equity securities of issuers which are not readily marketable. (with respect to KSCF) The Fund may not: Purchase or retain the securities of any issuer if any of the officers or trustees of the Fund or its investment adviser owns beneficially more than 1/2 of 1% of the securities of such issuer and together own more than 5% of the securities of such issuer. (with respect to KTRF) The Fund may not: Invest more than 10% of its total assets in securities of real estate investment funds. With respect to KGIF and KIF, the following non-fundamental investment restrictions are deleted: (with respect to KGIF and KIF) Each Fund may not: (i) Purchase or retain the securities of any issuer if any of the officers, trustees or directors of the Fund or its investment adviser owns beneficially more than 1/2 of 1% of the securities of such issuer and together own more than 5% of the securities of such issuer. (ii) Invest in oil, gas and other mineral leases. (iii) Invest in warrants if more than 5% of the Fund's net assets would be invested in warrants. Included within that amount, but not to exceed 2% of the Fund's net assets, may be warrants not listed on the New York or American Stock Exchanges. Warrants acquired in units or attached to securities may be deemed to be without value for such purposes. (iv) Invest more than 5% of its total assets in restricted securities, excluding restricted securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933 that have been determined to be liquid pursuant to procedures adopted by the Board of Trustees, provided that the total amount of Fund assets invested in restricted securities and securities of issuers which with their predecessors have a record of less than three years continuous operation will not exceed 15% of total assets. (v) Invest more than 10% of its total assets in securities of real estate investment trusts. (with respect to KIF only) The Fund may not: (i) Invest in interests in oil, gas, or other mineral exploration or development programs, although it may invest in the securities of issuers which invest in or sponsor such programs. (ii) Invest more than 5% of the Fund's total assets in securities of issuers which with their predecessors have a record of less than three years continuous operation and equity securities of issuers which are not readily marketable. (iii) Purchase or sell real property (including limited partnership interests but excluding readily marketable interests in real estate investment trusts and readily marketable securities of companies which invest in real estate). 10 (with respect to KGIF only) The Fund may not: (i) Invest in interests in oil or gas exploration or development programs, although it may invest in the securities of issuers which invest in or sponsor such programs. (ii) Invest more than 5% of the Fund's total assets in securities of issuers (other than obligations of, or guaranteed by, the U.S. Government, its agencies or instrumentalities) which with their predecessors have a record of less than three years continuous operation and equity securities of issuers which are not readily marketable. With respect to Kemper Income Funds and KCRF, the following non-fundamental investment restrictions are deleted: (with respect to KARGF, KDIF, KHYF, KICPF, KSIGF) Each Fund may not: Purchase or retain the securities of any issuer if any of the officers, trustees or directors of the Fund, or its investment adviser owns beneficially more than 1/2 of 1% of the securities of such issuer and together own more than 5% of the securities of such issuer. (with respect to KARGF, KDIF, KICPF, KHYF, KSIGF) Each Fund may not: Invest in interests in oil, gas, or other mineral exploration or development programs, although it may invest in the securities of issuers which invest in or sponsor such programs. (with respect to KCRF, KUSMF, KSIGF) Each Fund may not: Invest in oil, gas or other mineral exploration or development programs. (with respect to KARGF, KDIF, KHYF, and KICPF) Each Fund may not: Invest in oil, gas and other mineral leases. (with respect to KARGF and KSIGF) Each Fund may not: Invest more than 5% of the Fund's total assets in securities of issuers (other than obligations of, or guaranteed by, the U.S. Government, its agencies or instrumentalities including collateralized obligations thereof) which with their predecessors have a record of less than three years continuous operations. (with respect to KDIF, KICPF and KHYF) Each Fund may not: Invest more than 5% of the Fund's total assets in securities of issuers which with their predecessors have a record of less than three years continuous operation and equity securities of issuers which are not readily marketable. (with respect to KARGF, KCRF, KUSMF, KSIGF, KDIF, KHYF, KICPF) Each Fund may not: Invest in warrants if more than 5% of the Fund's net assets would be invested in warrants. Included within that amount, but not to exceed 2% of the Fund's net assets, may be warrants not listed on the New York or American Stock Exchanges. Warrants acquired in units or attached to securities may be deemed to be without value for such purposes. (with respect to KARGF and KSIGF) Each Fund may not: Invest more than 5% of its total assets in restricted securities, excluding restricted securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933 that have been determined to be liquid pursuant to procedures adopted by the Board of Trustees, provided that the total amount of Fund assets invested in restricted securities and securities of issuers which with their predecessor have a record of less than three years continuous operation will not exceed 15% of total assets. 11 (with respect to KARGF, KDIF, KHYF and KICPF) Each Fund may not: Purchase or sell real property (including limited partnership interests but excluding readily marketable interests in real estate investment trusts and readily marketable securities of companies which invest in real estate). (with respect to KCRF, KUSMF, KSIGF) Each Fund may not: Invest in limited partnership interests in real estate. (with respect to KARGF, KHYF and KSIGF) Each Fund may not: Invest more than 10% of its total assets in securities of real estate investment trusts. (with respect to KDIF and KICPF) Each Fund may not: Invest more than 10% of its total assets in securities of real estate investment trusts. OFFICERS AND TRUSTEES Mr. Morax and Mr. Timbers are no longer trustees of the Funds for which they served as trustees. The following are new trustees: DANIEL PIERCE (03/18/34), Trustee*, (63), 345 Park Avenue, New York, Managing Director, Scudder Kemper. New York; Director, Fiduciary Trust Company; Director, Fiduciary Company Incorporated. EDMOND D. VILLANI (03/04/47), Trustee*, (50), 345 Park Avenue, New York, New York; Chief Executive Officer, Scudder Kemper. PORTFOLIO TRANSACTIONS To the maximum extent feasible, it is expected that Scudder Kemper will place orders for portfolio transactions through Scudder Investor Services, Inc., Two International Place, Boston, Massachusetts 02110 ("SIS"), a corporation registered as a broker-dealer and a subsidiary of Scudder. SIS will place orders on behalf of the Funds with issuers, underwriters or other brokers and dealers. SIS will not receive any commission, fee or other remuneration from the Funds for this service. December 31, 1997 KMF-IQQ -----END PRIVACY-ENHANCED MESSAGE-----