KEMPER EQUITY FUNDS/GROWTH STYLE                KEMPER INCOME FUNDS 
Kemper Quantitative Equity Fund      Kemper Adjustable Rate U.S. Government Fund
 Kemper Aggressive Growth Fund        Kemper Short-Intermediate Government Fund
 SUPPLEMENT TO PROSPECTUS DATED            SUPPLEMENT TO PROSPECTUS DATED       
      FEBRUARY 1, 1998                            DECEMBER 30, 1997        
      ------------------                          ------------------  
                                

KEMPER GLOBAL AND INTERNATIONAL FUNDS      KEMPER EQUITY FUNDS/VALUE STYLE 
      Kemper Asian Growth Fund               Kemper Small Cap Value Fund    
     Kemper Global Income Fund                 SUPPLEMENT TO PROSPECTUS       
    SUPPLEMENT TO PROSPECTUS DATED                 DATED MAY 6, 1998    
           MARCH 1, 1998                          ------------------        
       -------------------                  


The following supplements the currently effective Prospectus of Kemper
Quantitative Equity Fund:

The Board of Trustees has approved an agreement and plan of reorganization that
calls for Kemper Blue Chip Fund to acquire the assets and liabilities of Kemper
Quantitative Equity Fund (the "Quantitative Fund"), subject to approval by
shareholders of the Quantitative Fund. Shares of the Kemper Blue Chip Fund will
then be distributed to shareholders of the Quantitative Fund, and the
Quantitative Fund will be dissolved. A Special Meeting of shareholders to vote
on this plan, and other matters, is currently scheduled for December 16, 1998,
and the closing is expected as soon as practical thereafter.

The following supplements the currently effective Prospectus of Kemper 
Short-Intermediate Government Fund and Kemper Adjustable Rate U.S. Government 
Fund:

The Board of Trustees has approved an agreement and plan of reorganization that
calls for Kemper Adjustable Rate U.S. Government Fund ("Adjustable Rate Fund")
to acquire the assets and liabilities of Kemper Short-Intermediate Government
Fund ("Short-Intermediate Fund"), subject to approval by shareholders of the
Short-Intermediate Fund. Shares of the Adjustable Rate Fund will then be
distributed to shareholders of Short-Intermediate Fund, and Short-Intermediate
Fund will be dissolved.

The Board of Trustees of the Adjustable Rate Fund has approved a change in the
investment objective and a change in a fundamental policy, subject to
shareholder approval. The proposed new objective is to seek high current income
and preservation of capital. The change in fundamental policy would eliminate
the requirement that the Fund invest primarily in adjustable rate government
securities. The Fund will continue to invest primarily in government securities.

The Board of Adjustable Rate Fund has also approved a change in the Fund's name
to "Kemper Short-Term U.S. Government Fund" subject to approval of the policy
change referred to above. A Special Meeting of 




shareholders to vote on these and other matters is currently scheduled for
December 16, 1998, and the closing of the reorganization is expected as soon as
practical thereafter.

The following supplements information in the section entitled "Investment
Manager and Underwriter" for the currently effective Prospectus of Kemper Asian
Growth Fund:

Theresa Gusman is lead portfolio manager for the Fund. Ms. Gusman joined Scudder
Kemper in 1995 and is a Vice President. Prior to joining Scudder Kemper, she was
an equity research analyst from 1985. Ms. Gusman received a B.A. in Economics
from the State University of New York.

The following supplements information in the section entitled "Investment
Manager and Underwriter" for the currently effective Prospectus of Kemper
Aggressive Growth Fund:

Kurt R. Stalzer is lead portfolio manager for the Fund.

The following supplements information in the section entitled "Investment
Manager and Underwriter" for the currently effective Prospectus of Kemper Small
Cap Value Fund:

Thomas H. Forester and Steven T. Stokes are co-lead portfolio managers for the
Fund.

The following supplements information in the section entitled "Investment
Manager and Underwriter" for the currently effective Prospectus of Kemper Global
Income Fund:

Terence C. Prideaux and Pankaj Shah are co-lead portfolio managers for the
Funds. Mr. Prideaux joined Scudder Investments (U.K.) Limited in 1989 and is
currently a director-fixed income of Scudder Investments (U.K.) Limited. He
received a B.A. in Law from Balliol College, Oxford, U.K. Mr. Shah joined
Scudder Investments (U.K.) Limited in 1997 and is currently a director-fixed
income of Scudder Investments (U.K.) Limited. From November 1991 to October
1997, Mr. Shah was a portfolio manager at an unaffiliated investment management
firm. Mr. Shah received a B.S. degree and a M.B.A. in finance from City
University Business School in London, England.


October 16, 1998