Supplement to the currently effective Prospectus of each of the listed funds:
<TABLE>
<S> <C>
Kemper Asian Growth Fund Kemper Income and Capital Preservation Fund
Classic Growth Fund (Classes A, B and C only) Kemper Intermediate Municipal Bond Fund
Kemper Global Blue Chip Fund Kemper International Fund
Kemper Global Income Fund Kemper Municipal Bond Fund
Kemper High Yield Opportunity Fund Kemper Ohio Tax-Free Income Fund
Kemper High Yield Fund II Kemper Short-Term U.S. Government 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 Value Fund (Classes A, B and C only)
</TABLE>
The applicable Board of each of the above-mentioned funds (identified in the
table below under the heading "Acquired Fund") recently approved an Agreement
and Plan of Reorganization (the "Plan") between each Fund and the corresponding
Acquiring Fund identified in the chart below. The proposed transaction is part
of Scudder Kemper's initiative to restructure and streamline the management and
operations of the funds it manages.
The Plan applicable to each Fund provides for the transfer of substantially all
of the assets and the assumption of all of the liabilities of the Fund solely in
exchange for voting shares of the corresponding Acquiring Fund. Following the
exchange, the Fund will distribute shares of the corresponding Acquiring Fund to
the Fund's shareholders as part of the Fund's cessation of operations as
provided for in the Plan. (Each transaction contemplated by a Plan is referred
to as a "Reorganization.")
Each Reorganization can be consummated only if, among other things, it is
approved by a majority vote of shareholders of the applicable Fund. A Special
Meeting (the "Meeting") of the shareholders of each Fund will be held on or
about May 15, 2001 or May 24, 2001 and shareholders will be given the
opportunity to vote on the Plan and any other matters affecting the Fund at that
time. In connection with each Meeting, the applicable Fund will deliver to its
shareholders: (i) a Proxy Statement/Prospectus describing in detail the
Reorganization and the Board's considerations in recommending that shareholders
approve the Reorganization, and (ii) a Prospectus for the Acquiring Fund.
If the Plan for a Fund is approved at the applicable Meeting and certain
conditions required by the Plan are satisfied, the Reorganization is expected to
become effective at 9:00 a.m. Eastern standard time on or about the appropriate
Proposed Reorganization Date identified in the chart below. If shareholder
approval of a Plan is delayed due to failure to obtain a quorum or otherwise,
the Reorganization will become effective as soon as practicable after the
receipt of shareholder approval.
In the event the shareholders of a Fund fail to approve the Plan for that Fund,
the Fund will continue to operate and the Fund's Board may resubmit the Plan for
shareholder approval or consider other proposals.
<TABLE>
<CAPTION>
Acquired Fund Acquiring Fund Proposed Reorganization Date
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Kemper Asian Growth Fund Scudder Pacific Opportunities Fund May 28, 2001
------------------------------------------------------------------------------------------------------------------------------------
Classic Growth Fund Scudder Capital Growth Fund June 25, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper Global Blue Chip Fund Scudder Global Fund June 18, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper Global Income Fund Scudder Global Bond Fund June 18, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper High Yield Opportunity Fund Scudder High Yield Bond Fund (to be renamed June 25, 2001
Scudder High Yield Opportunity Fund)
------------------------------------------------------------------------------------------------------------------------------------
Kemper High Yield Fund II Kemper High Yield Fund May 28, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper Horizon 20+ Portfolio Kemper Total Return Fund June 11, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper Horizon 10+ Portfolio Kemper Total Return Fund June 11, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper Horizon 5 Portfolio Kemper Total Return Fund June 11, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper Income and Capital Preservation Fund Scudder Income Fund June 25, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper Intermediate Municipal Bond Fund Scudder Medium Term Tax Free Fund June 11, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper International Fund Scudder International Fund June 18, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper Municipal Bond Fund Scudder Managed Municipal Bonds June 11, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper Ohio Tax-Free Income Fund Scudder Managed Municipal Bonds June 11, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper Short-Term U.S. Government Fund Scudder Short Term Bond Fund June 25, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper U.S. Growth and Income Fund Scudder Growth and Income Fund June 11, 2001
------------------------------------------------------------------------------------------------------------------------------------
Kemper U.S. Mortgage Fund Kemper U.S. Government Securities Fund May 28, 2001
------------------------------------------------------------------------------------------------------------------------------------
Value Fund Scudder Large Company Value Fund June 25, 2001
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
November 30, 2000
