Supplement to each currently effective Statement of Additional Information
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Kemper Aggressive Growth Fund Kemper Latin America Fund
Kemper Asian Growth Fund Kemper Municipal Bond Fund
Kemper Blue Chip Fund Kemper New Europe Fund, Inc.
Kemper California Tax-Free Income Fund Kemper New York Tax-Free Income Fund
Classic Growth Fund Kemper Ohio Tax-Free Income Fund
Kemper Contrarian Fund Kemper Research 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
Global Discovery Fund Kemper Small Cap Value+Growth Fund
Kemper Global Income Fund Kemper Small Capitalization Equity Fund
Kemper Growth Fund Kemper Strategic Income Fund
Kemper High Yield Fund Kemper Target 2011 Fund
Kemper High Yield Fund II Kemper Technology Fund
Kemper High Yield Opportunity Fund Kemper Total Return Fund
Kemper Horizon 20+ Portfolio Kemper U.S. Government Securities Fund
Kemper Horizon 10+ Portfolio Kemper U.S. Growth and Income Fund
Kemper Horizon 5 Portfolio Kemper U.S. Mortgage Fund
Kemper Income and Capital Preservation Fund Value Fund
Kemper Intermediate Municipal Bond Fund Kemper Value+Growth Fund
Kemper International Fund Kemper-Dreman Financial Services Fund
Kemper International Research Fund Kemper-Dreman High Return Equity Fund
Kemper Large Company Growth Fund
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The following information supplements the disclosure in the "Investment Policies
and Techniques" section of each Statement of Additional Information for each
Fund:
Investment of Uninvested Cash Balances. Each Fund may have cash balances that
have not been invested in portfolio securities ("Uninvested Cash"). Uninvested
Cash may result from a variety of sources, including dividends or interest
received from portfolio securities, unsettled securities transactions, reserves
held for investment strategy purposes, scheduled maturity of investments,
liquidation of investment securities to meet anticipated redemptions and
dividend payments, and new cash received from investors. Uninvested Cash may be
invested directly in money market instruments or other short-term debt
obligations. Pursuant to an Exemptive Order issued by the SEC, each Fund may use
Uninvested Cash to purchase shares of affiliated funds including money market
funds, short-term bond funds and Scudder Cash Management Investment Trust, or
one or more future entities for which Scudder Kemper Investments acts as trustee
or investment advisor that operate as cash management investment vehicles and
that are excluded from the definition of investment company pursuant to section
3(c)(1) or 3(c)(7) of the Investment Company Act of 1940 (collectively, the
"Central Funds") in excess of the limitations of Section 12(d)(1) of the
Investment Company Act. Investment by each Fund in shares of the Central Funds
will be in accordance with the Fund's investment policies and restrictions as
set forth in its registration statement.
Certain of the Central Funds comply with rule 2a-7 under the Act. The other
Central Funds are or will be short-term bond funds that invest in fixed-income
securities and maintain a dollar weighted average maturity of three years or
less. Each of the Central Funds will be managed specifically to maintain a
highly liquid portfolio, and access to them will enhance each Fund's ability to
manage Uninvested Cash.
Each Fund will invest Uninvested Cash in Central Funds only to the extent that
each Fund's aggregate investment in the Central Funds does not exceed 25% of its
total assets in shares of the Central Funds. Purchase and sales of shares of
Central Funds are made at net asset value.
December 1, 2000
