INVESTORS FUND SERIES, 497, 1999-10-20

INVESTORS FUND SERIES
497, 1999-10-20

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                             KEMPER VARIABLE SERIES
                        Kemper Small Cap Growth Portfolio

                            SUPPLEMENT TO PROSPECTUS
                                DATED MAY 1, 1999
                             -----------------------

The  following  text  replaces  information  for the  Kemper  Small  Cap  Growth
Portfolio in the "Portfolio Management" section of the prospectus:

Jesus A.  Cabrera is the Lead  Portfolio  Manager  for  Kemper  Small Cap Growth
Portfolio.  Mr. Cabrera joined Scudder Kemper in 1999 as a portfolio manager. He
began his investment career in 1989. Prior to joining Scudder Kemper he was Head
of the Small Cap Growth Group at an unaffiliated investment management company.

October 20, 1999