Supplement to each currently effective Statement of Additional Information
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<S> <C>
Kemper Aggressive Growth Fund Kemper Ohio Tax-Free Income Fund
Kemper Asian Growth Fund Kemper Research Fund
Kemper Blue Chip Fund Kemper S&P 500 Index Fund
Kemper California Tax-Free Income Fund Kemper Short-Term U.S. Government Fund
Kemper Cash Reserves Fund Kemper Small Cap Value Fund
Kemper Classic Growth Fund Kemper Small Cap Value+Growth Fund
Kemper Contrarian Fund Kemper Small Capitalization Equity Fund
Kemper Emerging Markets Growth Fund Kemper Strategic Income Fund
Kemper Florida Tax-Free Income Fund Kemper Target 2011 Fund
Kemper Global Blue Chip Fund Kemper Technology Fund
Kemper Global Income Fund Kemper Total Return Fund
Kemper Global Discovery Fund Kemper U.S. Government Securities Fund
Kemper Growth Fund Kemper U.S. Growth and Income Fund
Kemper High Yield Fund Kemper U.S. Mortgage Fund
Kemper High Yield Fund II Kemper Value Plus Growth Fund
Kemper High Yield Opportunity Fund Kemper Value Fund
Kemper Horizon 20+ Portfolio Kemper-Dreman Financial Services Fund
Kemper Horizon 10+ Portfolio Kemper-Dreman High Return Equity Fund
Kemper Horizon 5 Portfolio Tax-Exempt California Money Market Fund
Kemper Income and Capital Preservation Fund Tax-Exempt New York Money Market Portfolio
Kemper Intermediate Municipal Bond Fund Investors Florida Municipal Cash Fund
Kemper International Fund Investors Michigan Municipal Cash Fund
Kemper International Research Fund Investors New Jersey Municipal Cash Fund
Kemper Large Company Growth Fund Investors Pennsylvania Municipal Cash Fund
Kemper Latin America Fund Cash Equivalent Fund
Kemper Municipal Bond Fund Cash Account Trust
Kemper New Europe Fund, Inc. Investors Cash Trust
Kemper New York Tax-Free Income Fund
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The following information supplements the disclosure in the "Investment Manager
and Underwriter" section of each Fund's Statement of Additional Information:
On October 17, 2000, the dual holding company structure of Zurich Financial
Services Group, comprised of Allied Zurich p.l.c. in the United Kingdom and
Zurich Allied A.G. in Switzerland, was unified into a single Swiss holding
company, Zurich Financial Services.
October 30, 2000
