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INVESTORS FUND SERIES
Kemper Value Portfolio
Kemper Horizon 5 Portfolio
Kemper Horizon 10+ Portfolio
Kemper Horizon 20+ Portfolio
Kemper Small Cap Growth Portfolio
Kemper Total Return Portfolio
Kemper Value+Growth Portfolio
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1997
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INVESTMENT MANAGERS
As reflected in the prospectus, Scudder Kemper Investments, Inc. ("Scudder
Kemper") serves as investment manager for the fund. The following supplements
information in the prospectus:
Thomas F. Sassi is the lead portfolio manager for the Kemper Value Portfolio and
has been a portfolio manager of this series since August 1996. Mr. Sassi joined
Scudder Kemper in August 1996 and is a Managing Director. Prior to joining
Scudder Kemper, he was a consultant with a consulting firm from 1993 to 1996.
Mr. Sassi received a B.B.A. in Management and Economics and an M.B.A. in Finance
from Hofstra University.
William M. Knapp and Philip G. Fortuna have been co-lead portfolio managers for
the Kemper Horizon Portfolios (since April 1997 and March 1998, respectively)
and Kemper Value+Growth Portfolio (since January 1997 and March 1998,
respectively). Mr. Knapp joined Scudder Kemper in 1992 and is a Senior Vice
President. Prior to joining Scudder Kemper, he served as an officer with an
unaffiliated investment management firm from September 1988. Mr. Knapp 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. Mr.
Fortuna joined Scudder Kemper in 1986 and is a Managing Director. Mr. Fortuna
received a B.S. in Economics from Carnegie Mellon University and a M.B.A. from
the University of Chicago.
David H. Burshtan has been the lead portfolio manager of the Kemper Small Cap
Growth Portfolio since March 1998. Mr. Burshtan joined Scudder Kemper in 1995
and is a Vice President. From 1993 to 1995, 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 the lead portfolio manager for the Kemper Total Return
Portfolio since March 1998. Ms. Lentz joined Scudder Kemper in November 1994 and
is a Senior Vice President. Prior to joining Scudder Kemper, she served as a
securities analyst with a firm from October 1986. Ms. Lentz received a B.S. in
Economics from John Carroll University and an M.B.A. from Case Western Reserve
University -- Wetherhead School of Management.
March 23, 1998
IFS-1G (LOGO)PRINTED ON RECYCLED PAPER
