INVESTORS TRUST /WA/
NSAR-B, 1997-12-29
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<PAGE>      PAGE  1
000 B000000 10/31/97
000 C000000 808245
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 INVESTORS TRUST
001 B000000 811-4945
001 C000000 2066251755
002 A000000 5600 TWO UNION SQUARE
002 B000000 SEATTLE
002 C000000 WA
002 D010000 98101
002 D020000 2336
003  000000 N
004  000000 Y
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  5
007 C010100  1
007 C020100 ADJUSTABLE RATE FUND
007 C030100 Y
007 C010200  2
007 C020200 GOVERNMENT FUND
007 C030200 Y
007 C010300  3
007 C020300 TAX FREE FUND
007 C030300 Y
007 C010400  4
007 C020400 VALUE FUND
007 C030400 Y
007 C010500  5
007 C020500 GROWTH FUND
007 C030500 Y
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
011 A00AA01 GNA DISTRIBUTORS, INC.
011 B00AA01 8-46211
011 C01AA01 SEATTLE
011 C02AA01 WA
011 C03AA01 98101
011 C04AA01 2336
012 A00AA01 NATIONAL FINANCIAL DATA SERVICES
012 B00AA01 84-1078
<PAGE>      PAGE  2
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64196
012 C04AA01 6070
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 GNA SECURITIES , INC.
014 B00AA01 8-22614
014 A00AA02 GNA DISTRIBUTORS, INC.
014 B00AA02 8-46211
014 A00AA03 GECC CAPITAL MARKETS GROUP, INC.
014 B00AA03 8-29149
014 A00AA04 FORTH FINANCIAL SECURITIES, CORP.
014 B00AA04 8-30557
014 A00AA05 PAINE WEBBER, INC.
014 B00AA05 8-16267
014 A00AA06 GE INVESTMENT SERVICES, INC.
014 B00AA06 8-45710
014 A00AA07 MITCHELL HUTCHINS ASSET MANAGEMENT, INC.
014 B00AA07 8-21901
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02103
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    9
019 C00AA00 INVTRSTGNA
020 A000001 MESIROW CAPITAL INC.
020 B000001 36-3194849
020 C000001      8
020 A000002 HOENIG & COMPANY
020 B000002 13-2656060
020 C000002      8
020 A000003 OPPENHEIMER & COMPANY
020 B000003 13-2798343
020 C000003      8
020 A000004 PRUDENTIAL SECURITIES INC.
020 B000004 22-2347336
020 C000004      7
020 A000005 GOLDMAN SACHS
020 B000005 13-5108880
020 C000005      7
020 A000006 SMITH BARNEY INC.
020 B000006 13-1912900
020 C000006      7
020 A000007 MORGAN STANLEY & CO. INC.
<PAGE>      PAGE  3
020 B000007 13-2655998
020 C000007      4
020 A000008 ROBERT W. BAIRD & CO., INC.
020 B000008 39-6037917
020 C000008      3
020 A000009 THOMASON INSTITUTIONAL
020 B000009 13-3566424
020 C000009      2
020 A000010 LEWCO SECS AGENT FOR WERT
020 B000010 22-3039058
020 C000010      2
021  000000       66
022 A000001 AUBREY G. LANSTON & CO. INC.
022 B000001 13-5552129
022 C000001    966304
022 D000001     11504
022 A000002 SANWA BANK
022 B000002 13-3046258
022 C000002    791784
022 D000002    126027
022 A000003 NIKKO SECURITIES
022 B000003 94-1302123
022 C000003    643610
022 D000003     50930
022 A000004 SALOMON BROTHERS INC.
022 B000004 13-3082694
022 C000004    373843
022 D000004     99955
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-2518466
022 C000005    178682
022 D000005    260926
022 A000006 MERRILL LYNCH PIERCE FENNER
022 B000006 13-5674085
022 C000006     98013
022 D000006    100995
022 A000007 PRUDENTIAL SECURITIES INC.
022 B000007 22-2347336
022 C000007    125097
022 D000007      3000
022 A000008 GREENWICH SECURITIES
022 B000008 13-3172275
022 C000008     48652
022 D000008     54302
022 A000009 STATE STREET
022 B000009 04-1867445
022 C000009     72369
022 D000009     29273
022 A000010 NOMURA SECURITIES INTL.
022 B000010 13-2642206
022 C000010     43495
<PAGE>      PAGE  4
022 D000010     33684
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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008 A000201 GNA CAPITAL MANAGEMENT INC.
<PAGE>      PAGE  10
008 B000201 A
008 C000201 801-29116
008 D010201 SEATTLE
008 D020201 WA
008 D030201 98101
008 D040201 2336
008 A000202 BLACKROCK FINANCIAL MANAGEMENT, INC.
008 B000202 S
008 C000202 801-48433
008 D010202 NEW YORK
008 D020202 NY
008 D030202 10154
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  16
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<PAGE>      PAGE  18
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<PAGE>      PAGE  21
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<PAGE>      PAGE  22
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<PAGE>      PAGE  23
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<PAGE>      PAGE  24
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008 A000501 GNA CAPITAL MANAGEMENT, INC.
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<PAGE>      PAGE  25
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<PAGE>      PAGE  26
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<PAGE>      PAGE  27
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<PAGE>      PAGE  28
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SIGNATURE   EUNICE TSANG                                 
TITLE       ACCOUNTING MANAGER  
 


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</TABLE>

<TABLE> <S> <C>

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<TABLE> <S> <C>

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<PER-SHARE-NAV-BEGIN>                            8.490
<PER-SHARE-NII>                                  0.460
<PER-SHARE-GAIN-APPREC>                        (8.490)
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<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
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<EXPENSE-RATIO>                                  1.630
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 051
   <NAME> GROWTH FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
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<NET-ASSETS>                                         0 
<DIVIDEND-INCOME>                               202197
<INTEREST-INCOME>                                81674
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<EXPENSES-NET>                                  664317
<NET-INVESTMENT-INCOME>                       (380446)
<REALIZED-GAINS-CURRENT>                       2323058
<APPREC-INCREASE-CURRENT>                      9457116
<NET-CHANGE-FROM-OPS>                         11399728
<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                             0
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<NUMBER-OF-SHARES-SOLD>                          45102
<NUMBER-OF-SHARES-REDEEMED>                   (669976)
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<NET-CHANGE-IN-ASSETS>                       (3863303)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (444919)
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<PER-SHARE-NAV-BEGIN>                           13.160
<PER-SHARE-NII>                                (0.070)
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<PER-SHARE-DIVIDEND>                             0.000
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<RETURNS-OF-CAPITAL>                             0.000
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<EXPENSE-RATIO>                                   1.31
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 052
   <NAME> GROWTH FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               OCT-31-1997
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RECEIVABLES>                                         0
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DIVIDEND-INCOME>                                202197
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<NET-INVESTMENT-INCOME>                       (380446)
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<APPREC-INCREASE-CURRENT>                      9457116
<NET-CHANGE-FROM-OPS>                         11399728
<EQUALIZATION>                                       0
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<NUMBER-OF-SHARES-SOLD>                         293678
<NUMBER-OF-SHARES-REDEEMED>                  (2440061)
<SHARES-REINVESTED>                                 32
<NET-CHANGE-IN-ASSETS>                      (24953537)
<ACCUMULATED-NII-PRIOR>                              0
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<PER-SHARE-NII>                                (0.070)
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EXPENSE-RATIO>                                    2.06
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 031
   <NAME> TAX-FREE FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
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<PERIOD-END>                               OCT-31-1997
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<ACCUMULATED-NET-GAINS>                              0
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<ACCUM-APPREC-OR-DEPREC>                             0
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<INTEREST-INCOME>                              1226846
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<NET-INVESTMENT-INCOME>                        1131440
<REALIZED-GAINS-CURRENT>                       (55544)
<APPREC-INCREASE-CURRENT>                       518153
<NET-CHANGE-FROM-OPS>                          1594049
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (758420)
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<NUMBER-OF-SHARES-SOLD>                           7818
<NUMBER-OF-SHARES-REDEEMED>                  (1425795)
<SHARES-REINVESTED>                               2372
<NET-CHANGE-IN-ASSETS>                      (17229329)
<ACCUMULATED-NII-PRIOR>                          98471
<ACCUMULATED-GAINS-PRIOR>                     (176173)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NAV-BEGIN>                           11.420
<PER-SHARE-NII>                                  0.520
<PER-SHARE-GAIN-APPREC>                       (11.400)
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<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                              0.000
<EXPENSE-RATIO>                                   0.34
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 032
   <NAME> TAX-FREE FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               OCT-31-1997
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<NET-INVESTMENT-INCOME>                        1131440
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<NET-CHANGE-FROM-OPS>                          1594049
<EQUALIZATION>                                       0
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<ACCUMULATED-NII-PRIOR>                          98471
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<PER-SHARE-NAV-BEGIN>                           11.440
<PER-SHARE-NII>                                  0.500
<PER-SHARE-GAIN-APPREC>                       (11.410)
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<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
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<EXPENSE-RATIO>                                   0.55
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 041
   <NAME> VALUE FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               OCT-31-1997
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RECEIVABLES>                                         0
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NET-ASSETS>                                          0
<DIVIDEND-INCOME>                               843606
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<REALIZED-GAINS-CURRENT>                       4188910
<APPREC-INCREASE-CURRENT>                     10273704
<NET-CHANGE-FROM-OPS>                         14468487
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (21441)
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<NUMBER-OF-SHARES-SOLD>                          69109
<NUMBER-OF-SHARES-REDEEMED>                   (654692)
<SHARES-REINVESTED>                              46980
<NET-CHANGE-IN-ASSETS>                         6962576
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      3192378
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NII>                                  0.070
<PER-SHARE-GAIN-APPREC>                        (9.990)
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<PER-SHARE-DISTRIBUTIONS>                      (0.870)
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                              0.000 
<EXPENSE-RATIO>                                   1.30
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 042
   <NAME> VALUE FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               OCT-31-1997
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<REALIZED-GAINS-CURRENT>                       4188910
<APPREC-INCREASE-CURRENT>                     10273704
<NET-CHANGE-FROM-OPS>                         14468487
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<NUMBER-OF-SHARES-REDEEMED>                  (4245739)
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<PER-SHARE-NII>                                (0.010)
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<EXPENSE-RATIO>                                   2.05
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</TABLE>


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