Kemper New Europe Fund, Inc.
Supplement to Statement of Additional Information
Dated March 1, 2000
Kemper Aggressive Growth Fund
Kemper Blue Chip Fund
Kemper Growth Fund
Kemper Small Capitalization Equity Fund
Kemper Technology Fund
Kemper Total Return Fund
Kemper Value + Growth Fund
Supplement to Statement of Additional Information
Dated February 1, 2000
Kemper-Dreman Financial Services Fund
Kemper Contrarian Fund
Kemper-Dreman High Return Equity Fund
Kemper Small Cap Value Fund
Kemper U.S. Growth and Income Fund
Kemper Small Cap Relative Value Fund
Supplement to Statement of Additional Information
Dated February 1, 2000
Kemper Target 2010 Fund
Supplement to Statement of Additional Information
Dated November 15, 1999
Kemper Horizon 20+ Portfolio
Kemper Horizon 10+ Portfolio
Kemper Horizon 5 Portfolio
Supplement to Statement of Additional Information
Dated December 1, 1999
Kemper Large Company Growth Fund
Kemper Research Fund
Kemper Small Cap Value + Growth Fund
Supplement to Statement of Additional Information
Dated January 1, 2000
Kemper Emerging Markets Growth Fund
Kemper Latin America Fund
Kemper Global Blue Chip Fund
Supplement to Statement of Additional Information
Dated March 1, 2000
Kemper International Growth and Income Fund
Kemper Emerging Markets Income Fund
Supplement to Statement of Additional Information
Dated March 1, 2000
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The above-listed Funds' non-fundamental investment restrictions have been
amended by a vote of the Board of Trustees/Directors for each Fund. The
following amended and restated non-fundamental policies restate in their
entirety the non-fundamental restrictions for each Fund in the section entitled
"Investment Restrictions" in each of the currently effective Statements of
Additional Information. In addition, any reference to these policies elsewhere
in the Statement of Additional Information is hereby amended.
As a matter of non-fundamental policy, each Fund will not:
o For Kemper New Europe Fund, Inc., Kemper-Dreman Financial Services Fund,
Kemper Contrarian Fund, Kemper-Dreman High Return Equity Fund, Kemper Small
Cap Value Fund, Kemper Small Cap Relative Value Fund, Kemper Target 2010
Fund, Kemper Horizon 20+ Portfolio, Kemper Horizon 10+ Portfolio, Kemper
Horizon 5 Portfolio, Kemper Large Company Growth Fund, Kemper Research
Fund, Kemper Small Cap Value + Growth Fund, Kemper Emerging Markets Growth
Fund, Kemper Latin America Fund, Kemper Global Blue Chip Fund, and Kemper
Emerging Markets Income Fund:
lend portfolio securities in an amount greater than 5% of its total
assets.
o For Kemper Aggressive Growth Fund, Kemper Blue Chip Fund, Kemper Growth
Fund, Kemper Small Capitalization Equity Fund, Kemper Technology Fund,
Kemper Total Return Fund, Kemper Value + Growth Fund, and Kemper
International Growth and Income Fund:
lend portfolio securities in an amount greater than one third of its
total assets.
o For Kemper U.S. Growth and Income Fund:
lend portfolio securities in an amount greater than 30% of its total
assets.
o For all funds except Kemper Contrarian Fund, Kemper-Dreman High Return
Equity Fund, Kemper Small Cap Value Fund, Kemper Emerging Markets Income
Fund, Kemper Aggressive Growth Fund, Kemper Blue Chip Fund and Kemper Small
Cap Relative Value Fund:
borrow money in an amount greater than 5% of its total assets, except
(i) for temporary or emergency purposes; and (ii) by engaging in
reverse repurchase agreements, dollar rolls, or other investments or
transactions described in the Fund's registration statement which may
be deemed to be borrowings.
o For Kemper Contrarian Fund, Kemper-Dreman High Return Equity Fund, and
Kemper Small Cap Value Fund:
borrow money in an amount greater than 10% of its total assets, except
(i) for temporary or emergency purposes; and (ii) by engaging in
reverse repurchase agreements, dollar rolls, or other investments or
transactions described in the Fund's registration statement which may
be deemed to be borrowings.
o For Kemper Emerging Markets Income Fund:
borrow money in an amount greater than 20% of its total assets, except
(i) for temporary or emergency purposes; and (ii) by engaging in
reverse repurchase agreements, dollar rolls, or other investments or
transactions described in the Fund's registration statement which may
be deemed to be borrowings.
<PAGE>
o For Kemper Aggressive Growth Fund, Kemper Blue Chip Fund, Kemper Small Cap
Relative Value Fund:
borrow money in an amount greater than one third of its total assets,
except (i) for temporary or emergency purposes; and (ii) by engaging
in reverse repurchase agreements, dollar rolls, or other investments
or transactions described in the Fund's registration statement which
may be deemed to be borrowings.
o For all funds except Kemper Emerging Markets Income Fund,
enter into either of reverse repurchase agreements or dollar rolls in
an amount greater than 5% of its total assets.
o Purchase securities on margin or make short sales, except (i) short sales
against the box, (ii) in connection with arbitrage transactions, (iii) for
margin deposits in connection with futures contracts, options or other
permitted investments, (iv) that transactions in futures contracts and
options shall not be deemed to constitute selling securities short, and (v)
that the Fund may obtain such short-term credits as may be necessary for
the clearance of securities transactions.
o Purchase options, unless the aggregate premiums paid on all such options
held by the Fund at any time do not exceed 20% of its total assets; or sell
put options, if as a result, the aggregate value of the obligations
underlying such put options would exceed 50% of its total assets.
o Enter into futures contracts or purchase options thereon unless immediately
after the purchase, the value of the aggregate initial margin with respect
to such futures contracts entered into on behalf of the Fund and the
premiums paid for such options on futures contracts does not exceed 5% of
the fair market value of the Fund's total assets; provided that in the case
of an option that is in-the-money at the time of purchase, the in-the-money
amount may be excluded in computing the 5% limit.
o Purchase warrants if as a result, such securities, taken at the lower of
cost or market value, would represent more than 5% of the value of the
Fund's total assets (for this purpose, warrants acquired in units or
attached to securities will be deemed to have no value).
o Invest more than 15% of net assets in illiquid securities.
Date
