KEMPER INVESTORS FUND, 497, 1996-08-20

KEMPER INVESTORS FUND
497, 1996-08-20

Previous: CENTURY PACIFIC HOUSING FUND I, 10-Q, 1996-08-20

Next: TAX FREE FUND OF COLORADO, NSAR-A, 1996-08-20



<PAGE>   1
 
                             KEMPER INVESTORS FUND
                            SUPPLEMENT TO PROSPECTUS
                               DATED MAY 1, 1996
                           -------------------------
 
INVESTMENT MANAGERS
 
     Steven T. Stokes and Christian C. Bertelsen have been the portfolio
co-managers of the Small Cap Value Portfolio since July, 1996. Mr. Stokes joined
Dreman Value Advisors, Inc. ("DVA"), the investment manager for the Small Cap
Value Portfolio, in April, 1996 and is currently a Managing Director of DVA.
Prior thereto, he served as a portfolio manager of an unaffiliated investment
management firm. Mr. Stokes received a B.S. degree in Finance from State
University of New York at New Paltz. Mr. Stokes is a Chartered Financial
Analyst. Mr. Bertelsen joined DVA in March, 1996 as Chief Investment Officer.
Prior to joining DVA, he served from April, 1993 as a senior vice president and
a portfolio manager of an unaffiliated investment management firm. Prior
thereto, he was a senior vice president of another unaffiliated investment
management firm. Mr. Bertelsen received a B.A. degree from Boston University,
Boston, Massachusetts.
August 9, 1996
KINF-02 8/96                            (RECYCLE LOGO) printed on recycled paper











                                      1