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INVESTORS FUND SERIES
Kemper Money Market Portfolio
Kemper Total Return Portfolio
Kemper High Yield Portfolio
Kemper Growth Portfolio
Kemper Government Securities Portfolio
Kemper International Portfolio
Kemper Small Cap Growth Portfolio
Kemper Investment Grade Bond Portfolio
Kemper Value Portfolio
Kemper Small Cap Value Portfolio
Kemper Value+Growth Portfolio
Kemper Horizon 20+ Portfolio
Kemper Horizon 10+ Portfolio
Kemper Horizon 5 Portfolio
Kemper Blue Chip Portfolio
Kemper Global Income Portfolio
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1997
INVESTMENT MANAGEMENT
With respect to the Kemper Small Cap Value Portfolio, Thomas H. Forester
and Steven T. Stokes have been the portfolio co-managers of the Kemper Small Cap
Value Portfolio since July, 1997. Mr. Forester has lead responsibility for the
management of the Portfolio. He joined Dreman Value Advisors, Inc. ("DVA"), the
investment manager for the Kemper Small Cap Value Portfolio, in May 1997. Prior
to joining DVA, he served as a senior portfolio manager of an unaffiliated
investment management firm from 1995 to 1997. For the three years prior to 1995,
he was a portfolio manager of another 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. Mr. Stokes
joined DVA in April, 1996 and is currently a managing director of DVA. Prior to
joining DVA, he served as a portfolio manager and financial analyst of an
unaffiliated investment management firm from 1986 to 1996. Mr. Stokes received a
B.S. degree in Finance from State University of New York at New Paltz. He is a
chartered financial analyst.
CAPITAL STRUCTURE AND GENERAL INFORMATION
The Fund added the "Kemper" brand name to the name of each Portfolio, as
shown above.
August 1, 1997
IFS-1C (8/97) (LOGO)printed on recycled paper
