KEMPER ASIAN GROWTH FUND
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 1, 2000
The following disclosure supplements the disclosure in the section entitled
"Investment Manager and Underwriter" in the currently effective Statement of
Additional Information:
Sub-Advisor. Scudder Investments Singapore Limited ("SISL"), 30 Cecil Street,
Prudential Tower #24-01/02, Singapore, an affiliate of Scudder Kemper
Investments, Inc., is the sub-advisor for the Fund. SISL serves as sub-advisor
pursuant to the terms of a Sub-Advisory Agreement between it and the Advisor.
SISL has served as sub-advisor to the Fund since September 2000.
Under the terms of the Sub-Advisory Agreement, SISL manages the investment and
reinvestment of the Fund's portfolios and will provide such investment advice,
research and assistance as the Advisor may, from time to time, reasonably
request.
The Advisor pays SISL for its services a sub-advisory fee, payable monthly, at
the annual rate of 0.2975% of the Fund's average daily net assets.
The Sub-Advisory Agreement provides that SISL will not be liable for any error
of judgment or mistake of law or for any loss suffered by the Fund in connection
with matters to which the Sub-Advisory Agreement relates, except a loss
resulting from willful misconduct, bad faith or gross negligence on the part of
SISL in the performance of its duties or from reckless disregard by SISL of its
obligations and duties under the Sub-Advisory Agreement.
The Sub-Advisory Agreement remains in effect until September 30, 2000 unless
sooner terminated or not annually approved as described below. Notwithstanding
the foregoing, the Sub-Advisory Agreement shall continue in effect through
September 30, 2000, and year to year thereafter, but only as long as such
continuance is specifically approved at least annually (a) by a majority of the
Trustees of the Trust who are not parties to such agreement or interested
persons of any such party except in their capacity as Trustees of the Trust, and
(b) by the shareholders or the Board of Trustees of the Trust. The Sub-Advisory
Agreement may be terminated at any time upon 60 days' notice by the Advisor or
by the Board of Trustees of the Trust or by majority vote of the outstanding
shares of the Fund, and will terminate automatically upon assignment or upon
termination of the Fund's investment management agreement.
September 21, 2000
