Supplement to each currently effective Statement of Additional Information
                                                           

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



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