Kemper Income Funds
Kemper High Yield Fund
Kemper High Yield Opportunity Fund
Kemper High Yield Fund II
Kemper U.S. Mortgage Fund
Kemper Income and Capital Preservation Fund
Kemper Short-Term U.S. Government Fund
Kemper Strategic Income Fund
Kemper U.S. Government Securities Fund
SUPPLEMENT TO PROSPECTUS
DATED JANUARY 1, 2000
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The following table replaces the Average Annual Total Returns table for Kemper
High Yield Fund on page 5 of the prospectus:
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Average Annual Total Returns (as of 12/311998)
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Since Since
Since Since 5/31/94 Since 1/26/78
12/31/97 12/31/93 Life of 12/31/88 Life of
1 Year 5 Years Class B/C 10 Years Class A
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Class A -3.31% 7.17% -- 9.66% 11.23%
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Class B -2.36 -- 8.16% -- --
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Class C 0.45 -- 8.58 -- --
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Index 9.23 11.54 14.00 12.33 N/A*
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Index: Salomon Brothers Long-Term High Yield Bond Index, which measures the
total return of high yield bonds with a par value of $50 million or higher and a
remaining maturity of ten years or longer.
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* The Index was not in existence on the Class A Shares' inception date.
The table includes the effect of maximum sales loads.
The following replace the Ticker Symbols for Kemper U.S. Government Securities
Fund on page 32 of the prospectus:
Class A) KUSAX B) KUSBX C) KUSCX
February 14, 2000
