<PAGE> 1
[ZURICH KEMPER LOGO]
Kemper
ADVANTAGE III
VARIABLE ANNUITY
1999 ANNUAL REPORT
Includes Semi-Annual Reports for:
<TABLE>
<CAPTION>
<S> <C>
- - Kemper Variable Series - Scudder Variable Life Investment Fund
- - Janus Aspen Series - The Dreyfus Socially Responsible Growth Fund, Inc.
- - Lexington Natural Resources Trust - J.P. Morgan Series Trust II
- - Lexington Emerging Markets Fund - The Alger American Fund
- - Fidelity Variable Insurance Products Fund - American Century Variable Portfolios, Inc.
- - Fidelity Variable Insurance Products Fund II
</TABLE>
<PAGE> 2
[ZURICH KEMPER LOGO]
KEMPER ADVANTAGE III
A Flexible Payment Fixed and Variable Annuity from
Kemper Investors Life Insurance Company
1 Kemper Drive, Long Grove, IL 60049
Issued by Kemper Investors Life Insurance Co.
Securities distributed by Investors Brokerage Services, Inc.
ADV3-AN00 (2/00)
