INVESTORS FUND SERIES
497, 1998-06-08
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<PAGE>   1
 
                             INVESTORS FUND SERIES
                           SUPPLEMENT TO STATEMENT OF
                             ADDITIONAL INFORMATION
                               DATED MAY 1, 1998
                           -------------------------
 
The following change will be effective prior to the close of the third calendar
quarter for 1998.
 
NET ASSET VALUE
 
The section titled "Each Portfolio other than the Money Market, High Return
Equity, Financial Services, Global Blue Chip, and International Growth and
Income Portfolios" is revised as follows: "Each Portfolio other than the Money
Market, Total Return, Horizon 20+, Horizon 10+, Horizon 5, Blue Chip, High
Return Equity, Financial Services, Global Blue Chip and International Growth and
Income Portfolios."
 
The section titled "High Return Equity, Financial Services, Global Blue Chip and
International Growth and Income Portfolios" is revised as follows: "Total
Return, Horizon 20+, Horizon 10+, Horizon 5, Blue Chip, High Return Equity,
Financial Services, Global Blue Chip and International Growth and Income
Portfolios."
 
June 5, 1998
IFS-13B                                          (LOGO)PRINTED ON RECYCLED PAPER


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