KEMPER PORTFOLIOS
Kemper Cash Reserves Fund
SUPPLEMENT TO THE STATEMENT OF
ADDITIONAL INFORMATION DATED
FEBRUARY 1, 2000
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Performance figures for Class A and C shares for the periods January 10, 1992
and May 31, 1994, respectively, to October 31, 1999 reflect the actual
performance of these classes of shares. Returns for Class A and C shares for the
periods February 6, 1984 to January 10, 1992 and May 31, 1994, respectively, are
derived from the historical performance of Class B shares, adjusted to reflect
the operating expenses applicable to Class A and C shares, which may be higher
or lower than those of Class B shares. The performance figures are also adjusted
to reflect the maximum sales charge of 5.75% for Class A shares and the maximum
current contingent deferred sales charge of 4% for Class B shares and 1% for
Class C shares.
The returns in the chart below assume reinvestment of distributions at net asset
value and represent both actual past performance figures and adjusted
performance figures of the Class B shares of the Fund as described above; they
do not guarantee future results. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than their original cost.
Average Annual Total Return for the periods ended October 31, 1999*
One Year Five Years Ten Years Life of Class**
Class A 4.12% 4.62% 4.52% 3.96%
Class B 0.08% 3.45% 3.54% 4.44%
Class C 3.44% 3.88% 3.78% 3.81%
* Because Class A and C shares were not introduced until January 10, 1992 and
May 31, 1994, respectively, the total return for Class A and C shares for the
period prior to their introduction is based upon the performance of Class B
shares from the commencement of investment operations, February 6, 1984 through
January 10, 1992 and May 31, 1994, respectively. Actual performance of Class A
and C shares is shown beginning January 10, 1992 and May 31, 1994, respectively.
** Since January 10, 1992, February 6, 1984 and May 31, 1994 for Class A, B and
C shares, respectively.
September 29, 2000
