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Kemper Aggressive Growth Fund Kemper International Fund
Kemper Asian Growth Fund Kemper International Research Fund
Kemper Blue Chip Fund Kemper Latin America Fund
Kemper California Tax-Free Income Fund Kemper Municipal Bond Fund
Kemper Cash Reserves Fund Kemper New Europe Fund, Inc.
Kemper Classic Growth Fund Kemper New York Tax-Free Income Fund
Kemper Contrarian Fund Kemper Ohio Tax-Free Income Fund
Kemper Emerging Markets Growth Fund Kemper S&P 500 Index Fund
Kemper Florida Tax-Free Income Fund Kemper Short-Term U.S. Government Fund
Kemper Global Blue Chip Fund Kemper Small Cap Value Fund
Kemper Global Income Fund Kemper Small Capitalization Equity Fund
Kemper Global Discovery Fund Kemper Strategic Income Fund
Kemper Growth Fund Kemper Target 2011 Fund
Kemper High Yield Fund Kemper Technology Fund
Kemper High Yield Fund II Kemper Total Return Fund
Kemper High Yield Opportunity Fund Kemper U.S. Government Securities Fund
Kemper Horizon 20+ Portfolio Kemper U.S. Growth and Income Fund
Kemper Horizon 10+ Portfolio Kemper U.S. Mortgage Fund
Kemper Horizon 5 Portfolio Kemper Value Plus Growth Fund
Kemper Income and Capital Preservation Fund Kemper Value Fund
Kemper Intermediate Municipal Bond Fund Kemper-Dreman Financial Services Fund
Kemper-Dreman High Return Equity Fund
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Supplement to each Fund's currently effective
Statement of Additional Information
The following text supplements the section entitled "Purchase of Shares" or
"Purchase, Repurchase and Redemption of Shares" in each Fund's Statement of
Additional Information:
From October 1, 2000 through December 31, 2000 ("Special Offering Period"), for
the above-listed Funds, Kemper Distributors, Inc. ("KDI"), the principal
underwriter, intends to reallow to PaineWebber the full applicable sales charge
with respect to Class A shares purchased for accounts during the Special
Offering Period (not including Class A shares acquired at net asset value).
November 8, 2000
