KEMPER VALUE SERIES, INC.
Kemper Contrarian Fund
Kemper-Dreman High Return Equity Fund
Kemper Small Cap Value Fund
KEMPER SECURITIES TRUST
Kemper Small Cap Relative Value Fund
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 1, 1999
The following disclosure replaces the relevant disclosure in the "Custodian,
Transfer Agent, and Shareholder Service Agent" section of the Funds' Statement
of Additional Information.
CUSTODIAN, TRANSFER AGENT AND SHAREHOLDER SERVICE AGENT. State Street Bank and
Trust Company ("State Street"), 225 Franklin Street, Boston, Massachusetts
02110, as custodian, has custody of all securities and cash of each Fund. State
Street attends to the collection of principal and income, and payment for and
collection of proceeds of securities bought and sold by each Fund. Investors
Fiduciary Trust Company ("IFTC"), 801 Pennsylvania Avenue, Kansas City, Missouri
64105, is the transfer agent and dividend-paying agent for the Contrarian, High
Return Equity and Small Cap Value Funds.
Pursuant to a services agreement with IFTC, Kemper Service Company ("KSvC"), an
affiliate of Scudder Kemper, serves as "Shareholder Service Agent" of the
Contrarian, High Return Equity and Small Cap Value Funds and, as such, performs
all of IFTC's duties as transfer agent and dividend paying agent. Pursuant to an
agency agreement with the Small Cap Relative Value Fund, KSvC serves as the
serves as the transfer agent and dividend paying agent, as well as the
Shareholder Service Agent for that Fund.
For the Contrarian, High Return Equity and Small Cap Value Funds, IFTC receives
as transfer agent, and pays to KSvC as follows: prior to January 1, 1999, annual
account fees at a maximum rate of $6 per account plus account set up,
transaction, and maintenance charges, annual fees associated with the contingent
deferred sales charge (Class B shares only) and out-of-pocket expense
reimbursement and effective January 1, 1999, annual account fees of $10.00
($18.00 for retirement accounts) plus set up charges, annual fees associated
with the contingent deferred sales charges (Class B Shares only), an asset-based
fee of 0.08% and out-of-pocket reimbursement. For the Small Cap Relative Value
Fund, KSvC receives as transfer agent as follows: prior to January 1, 1999,
annual account fees at a maximum rate of $6 per account plus account set up,
transaction, maintenance charges and out-of-pocket expense reimbursement and
effective January 1, 1999, annual account fees of $10.00 ($18.00 for retirement
accounts) plus set up charges, annual fees associated with the contingent
deferred sales charges (Class B Shares only), an asset-based fee of 0.08% and
out-of-pocket reimbursement.
July 1, 1999
