Supplement to the currently effective Prospectus of each of the listed funds:
Kemper Emerging Markets
Growth Fund
Kemper Latin America Fund
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On November 29, 2000, the Board of each Fund approved the cessation of
operations of that Fund effective on or about February 23, 2001 (the "Closing
Date"). Accordingly, the Board of each Fund has voted to redeem involuntarily
the shares of any Fund shareholder outstanding at that time. Shareholders will
receive the net asset value per share for all shares they own on that date. The
redemption of shares may be a taxable event for shareholders with the exception
of those participating in a qualified defined contribution, defined benefit or
other qualified retirement vehicle.
In conjunction with approving the cessation of operations of each Fund, the
Board of each Fund further approved closing each Fund to new investments
effective as of the close of business on November 29, 2000. Qualified defined
contribution retirement plans (i.e., 401(k) plans, profit sharing plans and
money purchase pension plans), 403(b) plans and 457 plans that invest through
existing accounts held at a financial intermediary may continue to make
additional purchases in existing accounts of a Fund through the Closing Date.
In addition, during the interim period prior to the Closing Date, the portfolio
manager of Kemper Emerging Markets Growth Fund will be Terrence Gray. Mr. Gray,
who joined the Fund in 2000, began his investment career and joined the Advisor
in 1993.
November 30, 2000
