KEMPER VARIABLE SERIES /MA/, 497, 2001-01-10

KEMPER VARIABLE SERIES /MA/
497, 2001-01-10

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Kemper Variable Series


o   Kemper Growth Portfolio

Supplement To Prospectus Dated May 1, 2000

The following information replaces disclosure in the first paragraph of the
portfolio's Main Strategy section of the prospectus:

The portfolio normally invests at least 65% of total assets in common stocks of
large U.S. companies (those with market values of $10 billion or more).


January 16, 2001