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                        KEMPER EQUITY FUNDS/GROWTH STYLE
                         Kemper Aggressive Growth Fund
                             Kemper Blue Chip Fund
                            Kemper Total Return Fund
                            SUPPLEMENT TO PROSPECTUS
                             DATED FEBRUARY 1, 1998
                           -------------------------
 
                           KEMPER TARGET EQUITY FUND
                       Kemper Retirement Fund Series VII
                            SUPPLEMENT TO PROSPECTUS
                             DATED NOVEMBER 1, 1997
                           -------------------------
                         KEMPER ASSET ALLOCATION FUNDS
                          Kemper Horizon 20+ Portfolio
                          Kemper Horizon 10+ Portfolio
                           Kemper Horizon 5 Portfolio
                            SUPPLEMENT TO PROSPECTUS
                            DATED NOVEMBER 21, 1997
                           -------------------------
 
                     KEMPER GLOBAL AND INTERNATIONAL FUNDS
                            Kemper Asian Growth Fund
                               Kemper Europe Fund
                           Kemper Global Income Fund
                           Kemper International Fund
                            SUPPLEMENT TO PROSPECTUS
                              DATED MARCH 1, 1998
                           -------------------------
 
NET ASSET VALUE
 
     The following disclosure replaces the "Net Asset Value" section for the
Kemper Aggressive Growth Fund, Kemper Blue Chip Fund, Kemper Total Return Fund,
Kemper Horizon Fund, Kemper Target Equity Fund -- Kemper Retirement Fund Series
VII and, pending Board of Trustees approval, Kemper Asian Growth Fund. This
change is effective June 1998 for the Kemper Blue Chip Fund and the Kemper
Target Equity Fund -- Kemper Retirement Fund Series VII and is anticipated to be
effective July 1998 for the Kemper Asian Growth Fund and August 1998 for the
Kemper Aggressive Growth Fund, Kemper Total Return Fund and Kemper Horizon Fund.
 
     The net asset value per share of a Fund is the value of one share and is
determined separately for each class by dividing the value of a Fund's net
assets attributable to the class by the number of shares of that class
outstanding. The per share net asset value of each of Class B and Class C shares
of the Fund will generally be lower than that of the Class A shares of a Fund
because of the higher expenses borne by the Class B and Class C shares. The net
asset value of shares of a Fund is computed as of the close of regular trading
on the New York Stock Exchange (the "Exchange") on each day the Exchange is open
for trading. The Exchange is scheduled to be closed on the following holidays:
New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday,
Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas. Portfolio
securities for which market quotations are readily available are generally
valued at market value. All other securities may be valued at fair value as
determined in good faith by or under the direction of the Board. With respect to
Funds with securities listed primarily on foreign exchanges, such securities may
trade on days when the Fund's net asset value is not computed; and therefore,
the net asset value of a Fund may be significantly affected on days when the
investor has no access to the Fund.
   2
 
     An exchange-traded equity security is valued at its most recent sale price.
Lacking any sales, the security is valued at the calculated mean between the
most recent bid quotations and the most recent asked quotation (the "Calculated
Mean"). Lacking a Calculated Mean, the security is valued at the most recent bid
quotation. An equity security which is traded on The Nasdaq Market ("Nasdaq") is
valued at its most recent sale price. Lacking any sales, the security is valued
at the most recent bid quotation. The value of an equity security not quoted on
Nasdaq, but traded in another over-the-counter market, is its most recent sale
price. Lacking any sales, the security is valued at the Calculated Mean. Lacking
a Calculated Mean, the security is valued at the most recent bid quotation.
 
     Debt securities are valued at prices supplied by a Fund's pricing agent(s)
which reflect broker/dealer supplied valuations and electronic data processing
techniques. Money market instruments purchased with an original maturity of
sixty days or less, maturing at par, shall be valued at amortized cost, which
the Board believes approximates market value. If it is not possible to value a
particular debt security pursuant to these valuation methods, the value of such
security is the most recent bid quotation supplied by a bona fide marketmaker.
If it is not possible to value a particular debt security pursuant to the above
methods, the investment manager may calculate the price of that debt security,
subject to limitations established by the Board.
 
     An exchange-traded options contract on securities, currencies, futures and
other financial instruments is valued at its most recent sale price on such
exchange. Lacking any sales, the options contract is valued at the Calculated
Mean. Lacking any Calculated Mean, the options contract is valued at the most
recent bid quotation in the case of a purchased options contract, or the most
recent asked quotation in the case of a written options contract. An options
contract on securities, currencies and other financial instruments traded
over-the-counter is valued at the most recent bid quotation in the case of a
purchased options contract and at the most recent asked quotation in the case of
a written options contract. Futures contracts are valued at the most recent
settlement price. Foreign currency exchange forward contracts are valued at the
value of the underlying currency at the prevailing exchange rate.
 
     If a security is traded on more than one exchange, or upon one or more
exchanges and in the over-the-counter market, quotations are taken from the
market in which the security is traded most extensively.
 
     If, in the opinion of the Valuation Committee of the Board of Trustees, the
value of a portfolio asset as determined in accordance with these procedures
does not represent the fair market value of the portfolio asset, the value of
the portfolio asset is taken to be an amount which, in the opinion of the
Valuation Committee, represents fair market value on the basis of all available
information. The value of other portfolio holdings owned by a Fund is determined
in a manner which, in the discretion of the Valuation Committee most fairly
reflects fair market value of the property on the valuation date.
   3
 
     Following the valuations of securities or other portfolio assets in terms
of the currency in which the market quotation used is expressed ("Local
Currency"), the value of these portfolio assets in terms of U.S. dollars is
calculated by converting the Local Currency into U.S. dollars at the prevailing
currency exchange rate on the valuation date.
 
INVESTMENT MANAGER AND UNDERWRITER
 
     Zurich Investment Management Limited ("ZIML") has been serving as
sub-adviser for the Kemper Asian Growth Fund, Kemper Europe Fund, Kemper Global
Income Fund and Kemper International Fund pursuant to sub-advisory agreements
with Scudder Kemper Investments, Inc. ("Scudder Kemper"), the Funds' investment
manager. ZIML, which was previously a wholly owned subsidiary of Zurich
Insurance Company, is now a wholly owned subsidiary of Scudder Kemper and is now
known as Scudder Investments (U.K.) Limited ("Sub-Adviser"). As a result of this
ownership change, for Kemper Europe Fund, Kemper Global Income Fund and Kemper
International Fund, new sub-advisory agreements have been entered into between
Scudder Kemper and Sub-Adviser on the same terms as the previous agreements,
which terminated automatically. The sub-advisory agreement for Kemper Asian
Growth Fund also terminated automatically upon this ownership change but a new
agreement has not been implemented for that Fund, which will be managed solely
by Scudder Kemper.
 
     Stephen P. Dexter and Marc J. Slendebroek have been the co-lead portfolio
managers for the Kemper International Fund since June 1998. Mr. Dexter joined
Scudder Kemper in 1986 and is a Senior Vice President. He received a B.A. in
Economics and an M.B.A. in Finance from the University of Wisconsin. Mr.
Slendebroek joined Sub-Adviser in September 1994 and is an Associate Director.
Prior to joining Sub-Adviser, Mr. Slendebroek was a Manager of Dutch research at
Kleinwort Benson Securities from 1992 to 1994. He received a Masters Degree in
Civil Law from the University of Leiden, in the Netherlands.
 
     Elizabeth J. Allan and Theresa Gusman have been the co-lead portfolio
managers for the Kemper Asian Growth Fund since June 1998. Ms. Allan joined
Scudder Kemper in 1987 and is a Senior Vice President. She received a B.A. in
East Asian Studies from Colby College, two M.A.s (the first from Indiana
University in East Asian Studies and the second from Princeton University in
Sociology) and an M.B.A. in Finance and International Business from New York
University. Ms. Gusman joined Scudder Kemper in 1995 and is a Vice President.
Prior to joining Scudder Kemper, she was an equity research analyst from 1983.
Ms. Gusman received a B.A. in Economics from the State University of New York.
 
June 22, 1998
KMF-1U
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