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INVESTORS FUND SERIES
Money Market Portfolio
Total Return Portfolio
High Yield Portfolio
Growth Portfolio
Government Securities Portfolio
International Portfolio
Small Cap Growth Portfolio
Investment Grade Bond Portfolio
Value Portfolio
Small Cap Value Portfolio
Value+Growth Portfolio
Horizon 20+ Portfolio
Horizon 10+ Portfolio
Horizon 5 Portfolio
Blue Chip Portfolio
Global Income Portfolio
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1997
INVESTMENT MANAGERS
Thomas H. Forester is a portfolio co-manager of the Small Cap Value
Portfolio since May, 1997 and has lead responsibility for the management of the
Fund. Mr. Forester joined Dreman Value Advisors, Inc. ("DVA"), the investment
manager for the Small Cap Value Portfolio, in May 1997. Prior to joining DVA, he
served as a senior portfolio manager of an unaffiliated investment management
firm. He received his undergraduate degree at the University of Colorado and an
M.B.A. in finance from Northwestern University. He is a chartered financial
analyst.
Richard L. Vandenberg is the portfolio manager of Government Securities
Portfolio and has served as portfolio manager or co-manager since March, 1996.
Mr. Vandenberg joined Zurich Kemper Investments, Inc. ("ZKI"), the investment
manager of the Portfolio, in March, 1996 and is a Vice President of the Fund.
Prior to joining ZKI, he was a senior vice president and portfolio manager of an
unaffiliated 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.
Gordon K. Johns is the portfolio manager of the Global Income Portfolio and
has served as portfolio manager or co-manager since May, 1997. Mr. Johns joined
Zurich Investment Management Limited ("ZIML"), the sub-adviser for the
Portfolio, in September 1988 and is a Managing Director of ZIML. He received a
B.A. in law from Balliol College in Oxford, United Kingdom.
INVESTMENT TECHNIQUES
The third full paragraph on page 37 of the prospectus (see "Investment
Techniques -- Foreign Currency Transactions") is modified in its entirety as
follows:
The Portfolios will not speculate in foreign currency exchange. A Portfolio
will not enter into such forward contracts or maintain a net exposure in
such contracts where the Fund would be obligated to deliver an amount of
foreign currency in excess of the value of the Portfolio's securities or
other assets (a) denominated in that currency or (b), in the case of a
"cross-hedge" for the International and Global Income Portfolios,
denominated in a currency or currencies that the Fund's investment manager
believes will have price movements that closely correlate with that
currency. The Fund's custodian bank segregates cash or liquid securities to
the extent required by applicable regulation in connection with forward
foreign currency exchange contracts entered into for the purchase of a
foreign currency. The Portfolios do not intend to enter into forward
contracts for the purchase of foreign currency if they would have more than
15% of the value of their total assets committed to such contracts except
that there is no limit as to the percentage of assets that the Global
Income Portfolio intends to commit to such forward contracts. A Portfolio
generally does not enter into a forward contract with a term longer than
one year.
IFS-1A (6/97) (LOGO)printed on recycled paper
