<TABLE>
<S> <C>
KEMPER VARIABLE SERIES
Kemper Aggressive Growth Portfolio KVS Index 500 Portfolio
Kemper Blue Chip Portfolio Kemper International Portfolio
Kemper Contrarian Value Portfolio Kemper Investment Grade Bond Portfolio
KVS Focused Large Cap Growth Portfolio Kemper New Europe Portfolio
Kemper Global Blue Chip Portfolio Kemper Money Market Portfolio
Kemper Government Securities Portfolio Kemper Small Cap Growth Portfolio
Kemper Growth Portfolio Kemper Small Cap Value Portfolio
KVS Growth and Income Portfolio Kemper Strategic Income Portfolio
KVS Growth Opportunities Portfolio Kemper Technology Growth Portfolio
Kemper High Yield Portfolio Kemper Total Return Portfolio
Kemper Horizon 5 Portfolio Kemper Value+Growth Portfolio
Kemper Horizon 10+ Portfolio KVS Dreman Financial Services Portfolio
Kemper Horizon 20+ Portfolio KVS Dreman High Return Equity Portfolio
</TABLE>
Supplement to Statement of Additional Information dated May 1, 2000
The following information supplements the disclosure in the "Investment Manager
and Distributor" section of the Portfolios' Statement of Additional Information:
On October 17, 2000, the dual holding company structure of Zurich Financial
Services Group, comprised of Allied Zurich p.l.c. in the United Kingdom and
Zurich Allied A.G. in Switzerland, was unified into a single Swiss holding
company, Zurich Financial Services.
October 30, 2000
