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KEMPER INVESTORS FUND
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1995
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The following supplements the "Investment Manager" section of the
prospectus.
INVESTMENT MANAGER
Kemper Financial Services, Inc., the investment manager for the Fund, has
changed its name to Zurich Kemper Investments, Inc. ("ZKI"). ZKI is an indirect
subsidiary of Zurich Insurance Company, an internationally recognized company
providing services in life and non-life insurance, reinsurance and asset
management. See "Investment Manager" in the prospectus.
With respect to the Equity Portfolio, Steven H. Reynolds and the ZKI Equity
Investment Committee have managed the portfolio since September, 1995. Mr.
Reynolds joined ZKI in September, 1995 as an executive vice president and Chief
Investment Officer -- Equities. Immediately prior to joining ZKI, he was a
senior vice president and equity portfolio manager of an investment manager; and
prior thereto, he was a senior vice president, managing director and head of
active equities at a national bank. Mr. Reynolds received a bachelor's degree
from Johns Hopkins University, Baltimore, Maryland and an M.B.A. in finance from
the University of Virginia, Charlottesville, Virginia. Additional information
regarding the ZKI Equity Investment Committee can be found in the "Investment
Manager" section of the prospectus.
Gary A. Langbaum has been the portfolio manager of the Total Return
Portfolio since February, 1995 and the portfolio manager of the Small
Capitalization Equity Portfolio since January, 1996. He is assisted by
investment personnel who specialize in certain areas. Mr. Langbaum joined ZKI in
1988 and is an executive vice president of ZKI. He received a B.A. in Finance
from the University of Maryland, College Park, Maryland.
J. Patrick Beimford, Jr. is a co-portfolio manager of the Government
Securities Portfolio and has served as portfolio manager or co-portfolio manager
since October, 1995. Mr. Beimford joined ZKI in April, 1976 and is currently an
executive vice president and Chief Investment Officer-Fixed Income Investments
of ZKI and a Vice President of the Fund. He received a B.S.I.M. in Business from
Purdue University, West Lafayette, Indiana, and an M.B.A. in Finance from the
University of Chicago, Chicago, Illinois. Mr. Beimford is a Chartered Financial
Analyst. Richard L. Vandenberg has been a co-portfolio manager of the Government
Securities Portfolio since March, 1996. Mr. Vandenberg joined ZKI in March, 1996
and is a Vice President of the Fund. Immediately prior to joining ZKI, he was a
senior vice president and portfolio manager of an investment management firm. He
received a B.B.A. and M.B.A., both in Finance, Investments and Banking, from the
University of Wisconsin, Madison, Wisconsin.
March 15, 1996
KINF-1A 3/96 (LOGO)printed on recycled paper
