KEMPER VARIABLE SERIES
KEMPER-DREMAN FINANCIAL SERVICES PORTFOLIO
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1999
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The Board of Trustees of Kemper Variable Series has approved, subject to
shareholder approval, a change in the Kemper-Dreman Financial Services
Portfolio's sub-classification under the Investment Company Act of 1940, as
amended (the "1940 Act"), from a "diversified" company to a "non-diversified"
company. If the shareholders approve the proposed change, the Portfolio would no
longer be required to comply with the diversification requirements of the 1940
Act, thus allowing it to invest a greater percentage of its assets in a smaller
number of issuers. Accordingly, the Portfolio's investment returns are more
likely to be impacted by changes in the market value and returns of any one
portfolio holding. A special meeting of shareholders called for the purpose of
voting on this change is currently scheduled for July 29, 1999.
July 6, 1999
