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KEMPER INVESTORS FUND
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1996
INVESTMENT MANAGERS
As reflected in the prospectus (see "Investment Managers"), Zurich Kemper
Investments, Inc. ("ZKI") is the investment manager for each Portfolio except
the Value Portfolio and the Small Cap Value Portfolio. Dreman Value Advisors,
Inc. ("DVA") is the investment manager for the Value Portfolio and the Small Cap
Value Portfolio. The following supplements information in the prospectus:
William M. Knapp has been a portfolio co-manager of the Value + Growth
Portfolio since January 1997. Mr. Knapp joined ZKI in 1992 and is a first vice
president at ZKI. Prior to joining ZKI he served as an officer with an
unaffiliated investment management company. He received a B.S. in economics from
Drake University and an M.S. and Ph.D. in industrial organization and finance
from the University of Wisconsin-Madison.
Kurt R. Stalzer has been a portfolio co-manager of the Small Cap Growth
Portfolio since he joined ZKI in January 1997 and is a senior vice president at
ZKI. Prior to joining ZKI, Mr. Stalzer was a senior portfolio manager for an
unaffiliated investment management company. Mr. Stalzer received a B.B.A. in
finance and accounting from the University of Michigan.
David H. Burshtan has been a portfolio co-manager of the Small Cap Growth
Portfolio since January 1997. He joined ZKI in 1995 and is a Vice President at
ZKI. Immediately prior to joining ZKI, Mr. Burshtan was employed as a senior
international securities analyst, and prior thereto as a senior portfolio
manager for an unaffiliated investment management company. Mr. Burshtan received
a B.A. in economics from Brown University and an M.B.A. in finance from the
University of Chicago.
Maureen P. Lentz has been a portfolio co-manager of the Total Return
Portfolio since January 1997. Ms. Lentz joined ZKI in November 1994 and is a
Vice President at ZKI. Prior to joining ZKI, she was a vice president of an
unaffiliated investment management firm. Ms. Lentz received a B.S. in economics
from John Carrol University and an M.B.A. in finance and marketing from Case
Western Reserve University in Cleveland, Ohio.
Thomas Sassi has been the portfolio manager of the Value Portfolio since
January 1997. Mr. Sassi joined DVA in August 1996 and is a Managing Director at
DVA and Director of Research. Prior to joining DVA, he was a consultant with a
consulting firm. Mr. Sassi received a B.B.A. in management and economics and an
M.B.A. in Finance from Hofstra University in New York City, New York.
February 20, 1997
KINF-1C
