KEMPER HORIZON FUND, 497, 1999-05-06

KEMPER HORIZON FUND
497, 1999-05-06

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                          KEMPER ASSET ALLOCATION FUNDS
                          Kemper Horizon 20+ Portfolio
                          Kemper Horizon 10+ Portfolio
                           Kemper Horizon 5 Portfolio

                            SUPPLEMENT TO PROSPECTUS
                             DATED NOVEMBER 30, 1998

                              --------------------

The following disclosure supplements the relevant language in the "Investment
Manager and Underwriter" section of the prospectus:

Robert D.  Tymoczko is the Lead  Portfolio  Manager  for the Kemper  Horizon 20+
Portfolio,  Kemper  Horizon 10+  Portfolio and Kemper  Horizon 5 Portfolio.  Mr.
Tymoczko joined Scudder Kemper in 1997 as a quantitative research analyst and is
a Vice  President.  He began his  investment  career in 1996.  Prior to  joining
Scudder Kemper he worked as an economic consultant  specializing in quantitative
research and econometric consulting.





April 21, 1999


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