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<CAPTION>
<S> <C>
Kemper New Europe Fund, Inc. Kemper Target 2010 Fund
Supplement to Statement of Additional Information Supplement to Statement of Additional Information
Dated September 3, 1999 Dated November 15, 1999
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Kemper Aggressive Growth Fund Kemper Global Discovery Fund
Kemper Blue Chip Fund Supplement to Statement of Additional Information
Kemper Growth Fund Dated March 1, 1999
Kemper Small Capitalization Equity Fund ______________
Kemper Technology Fund Kemper Contrarian Fund
Kemper Total Return Fund Kemper-Dreman High Return Equity Fund
Kemper Value + Growth Fund Kemper Small Cap Value Fund
Supplement to Statement of Additional Information Kemper Small Cap Relative Value Fund
Dated February 1, 1999, as revised May 14, 1999 Supplement to Statement of Additional Information
______________ Dated February 1, 1999
Kemper U.S. Growth and Income Fund ______________
Supplement to Statement of Additional Information Kemper Asian Growth Fund
Dated February 1, 1999 Kemper Europe Fund
______________ Kemper Global Income Fund
Kemper Classic Growth Fund Kemper International Fund
Supplement to Statement of Additional Information Supplement to Statement of Additional Information
Dated January 1, 1999 Dated March 1, 1999
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Kemper-Dreman Financial Services Fund Kemper Global Blue Chip Fund
Supplement to Statement of Additional Information Kemper International Growth And Income Fund
Dated February 1, 1999 Kemper Emerging Markets Income Fund
______________ Kemper Emerging Markets Growth Fund
Growth Fund Of Spain Kemper Latin America Fund
Supplement to Statement of Additional Information Supplement to Statement of Additional Information
Dated March 1, 1999 Dated March 1, 1999
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Kemper Horizon 20+ Portfolio Kemper High Yield Fund
Kemper Horizon 10+ Portfolio Kemper High Yield Fund II
Kemper Horizon 5 Portfolio Kemper High Yield Opportunity Fund
Supplement to Statement of Additional Information Kemper Income and Capital Preservation Fund
Dated December 1, 1999 Kemper Short-Term U.S. Government Fund
______________ Kemper Strategic Income Fund
Kemper Value Fund Kemper U.S. Government Securities Fund
Supplement to Statement of Additional Information Kemper U.S. Mortgage Fund
Dated February 1, 1999 Supplement to Statement of Additional Information
Dated January 1, 2000
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The following text supplements the section entitled "Purchase of Shares" in each
of the currently effective Statements of Additional Information:
From January 1, 2000 to April 30, 2000 ("Special Offering Period"), Kemper
Distributors, Inc. ("KDI"), the principal underwriter, intends to reallow to
certain firms the full applicable sales charge with respect to Class A shares
purchased for self-directed Individual Retirement Accounts ("IRA accounts")
during the Special Offering Period (not including Class A shares acquired at net
asset value). IRA accounts include Traditional, Roth and Education IRAs, Savings
Incentive Match Plan for Employees of Small Employers ("SIMPLE") IRA accounts
and Simplified Employee Pension Plan ("SEP") IRA accounts. Firms entitled to the
full reallowance during the Special Offering Period are those firms which allow
KDI to participate in a special promotion of self-directed IRA accounts, with
other fund complexes, sponsored by the firms during the Special Offering Period.
January 1, 2000
