1
 
                                                 
         KEMPER EQUITY FUNDS/GROWTH STYLE                      KEMPER TAX-FREE INCOME FUNDS
          Kemper Quantitative Equity Fund                 Kemper Intermediate Municipal Bond Fund
              Kemper Technology Fund                   (a series of Kemper National Tax-Free Income
           Kemper Value Plus Growth Fund                                  Series)
             SUPPLEMENT TO PROSPECTUS                      Kemper Michigan Tax-Free Income Fund
              DATED FEBRUARY 1, 1998                      Kemper New Jersey Tax-Free Income Fund
             -------------------------                   Kemper Pennsylvania Tax-Free Income Fund
                                                      (series of Kemper State Tax-Free Income Series)
                KEMPER INCOME FUNDS                              SUPPLEMENT TO PROSPECTUS
    Kemper Adjustable Rate U.S. Government Fund                   DATED NOVEMBER 26, 1997
          Kemper Diversified Income Fund                         -------------------------
     Kemper Short-Intermediate Government Fund                      KEMPER HORIZON FUND
          (a series of Kemper Portfolios)                      Kemper Horizon 20+ Portfolio
             SUPPLEMENT TO PROSPECTUS                          Kemper Horizon 10+ Portfolio
              DATED DECEMBER 30, 1997                           Kemper Horizon 5 Portfolio
             -------------------------                           SUPPLEMENT TO PROSPECTUS
                                                                  DATED NOVEMBER 21, 1997
                KEMPER EUROPE FUND                               -------------------------
             SUPPLEMENT TO PROSPECTUS
                DATED MARCH 1, 1998
             -------------------------


 
INVESTMENT MANAGER AND UNDERWRITER
 
As reflected in the prospectus of each fund, Scudder Kemper Investments, Inc.
("Scudder Kemper") serves as investment manager for the Kemper Funds. The
following supplements information in the applicable fund prospectus:
 
Marc J. Slendebroek has been the lead portfolio manager of the Kemper Europe
Fund since March 1998. Mr. Slendebroek joined Zurich Investment Management
Limited, sub-advisor for that Fund, in September 1994 and is an Associate
Director. Prior to joining Zurich Investment Management Limited, Mr. Slendebroek
was a Manager of Dutch research at Kleinwort Benson Securities from 1992 to
1994. Mr. Slendebroek received a Masters Degree in Civil Law from the University
of Leiden, in the Netherlands.
 
William M. Knapp and Philip S. Fortuna have been co-lead portfolio managers for
the Kemper Horizon Fund (since January 1997 and March 1998, respectively),
Kemper Value Plus Growth Fund (since December 1996 and March 1998, respectively)
and Kemper Quantitative Equity Fund (since March 1998). Mr. Knapp joined Scudder
Kemper in 1992 and is a Senior Vice President. Prior to joining Scudder Kemper,
he served as an officer with an unaffiliated investment management firm from
September 1988. Mr. Knapp received a B.S. in Economics from Drake University and
an M.S. and Ph.D. in Industrial Organization and Finance from the University of
Wisconsin -- Madison. Mr. Fortuna joined Scudder Kemper in 1986 and is a
Managing Director. Mr. Fortuna received a B.S. in Economics from Carnegie Mellon
University and an M.B.A. from the University of Chicago.
 
Tracy McCormick Chester has been the lead portfolio manager of the Kemper
Technology Fund since March 1998. Ms. Chester joined Scudder Kemper in September
1994 and is a Senior Vice President. Prior to joining Scudder Kemper, from
August 1992 to September 1994, she was a Senior Vice President and portfolio
manager of an investment management company; and prior thereto, she managed
private accounts. Ms. Chester received a B.A. and an M.B.A. in Finance from
Michigan State University.
 
Richard L. Vandenberg has been the lead portfolio manager of the Kemper
Adjustable Rate U.S. Government Fund and the Kemper Short-Term Intermediate
Government Fund since March 1998. Prior thereto, he had been a co-lead portfolio
manager of the funds since March 1996. Mr. Vandenberg joined Scudder Kemper in
March 1996 and is a Senior Vice President. Prior to joining Scudder Kemper, 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.
   2
 
Joseph P. Beimford has been the lead portfolio manager of the Kemper Diversified
Income Fund since March 1998. Prior thereto, Mr. Beimford had been a co-lead
portfolio manager of the fund. Mr. Beimford joined Scudder Kemper in April 1976
and is currently a Senior Vice President of Scudder Kemper. He received a
B.S.I.M. in Business from Purdue University and an M.B.A. in Finance from the
University of Chicago. Mr. Beimford is a Chartered Financial Analyst.
 
M. Ashton Patton has been the lead portfolio manager of the Kemper Intermediate
Municipal Bond Fund since March 1998. Ms. Patton joined Scudder Kemper in 1990
and is a Senior Vice President. Ms. Patton received a B.A. from Duke University
and is a Chartered Financial Analyst.
 
Eleanor R. Brennan has been the lead portfolio manager of the Kemper Michigan
Tax-Free Income Fund and Kemper New Jersey Tax-Free Income Fund since March
1998. Ms. Brennan joined Scudder Kemper in March 1995 and is a Vice President.
Prior to joining Scudder Kemper, Ms. Brennan was an assistant portfolio manager
for an unaffiliated investment management firm from 1993 to 1995. She received a
B.A. in Economics from Ursinus College and an M.S. in Finance from Drexel
University. Ms. Brennan is a Chartered Financial Analyst.
 
Philip G. Condon has been the lead portfolio manager of the Kemper Pennsylvania
Tax-Free Income Fund since March 1998. Mr. Condon joined Scudder Kemper in 1983
and is a Managing Director. He received a B.A. and M.B.A., with a concentration
in Finance, from the University of Massachusetts, Amherst.
 
March 23, 1998                                   (LOGO)PRINTED ON RECYCLED PAPER
KMF-1R
KDI 803092