INVESTORS TRUST /WA/
NSAR-A, 1997-06-26
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<PAGE>      PAGE  1
000 A000000 04/30/97
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 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  5
007 C010100  1
007 C020100 ADJUSTABLE RATE FUND
007 C030100 N
007 C010200  2
007 C020200 GOVERNMENT FUND
007 C030200 N
007 C010300  3
007 C020300 TAX FREE FUND
007 C030300 N
007 C010400  4
007 C020400 VALUE FUND
007 C030400 N
007 C010500  5
007 C020500 GROWTH FUND
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
011 A00AA01 GNA DISTRIBUTORS, INC.
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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 SERCICES, INC.
014 B00AA06 8-45710
014 A00AA07 MITCHELL HUTCHINS ASSET MANAGEMENT, INC.
014 B00AA07 8-21901
014 A00AA11 GE INVESTMENT SERVICES, INC.
014 B00AA11 8-45710
014 A00AA12 MITCHELL HUTCHINS ASSET MANAGEMENT, INC.
014 B00AA12 8-21901
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
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020 A000004 OPPENHEIMER & COMPANY
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020 A000005 MORGAN STANLEY & CO. INC.
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<PAGE>      PAGE  3
020 A000006 HOENIG & COMPANY
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020 A000007 LEWCO SECS AGENT FOR WERT.
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020 C000008      1
020 A000009 LEGG MASON WOOD WALKER INC.
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020 C000009      1
020 A000010 SALOMON BROTHERS INC.
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022 A000001 SANWA BANK
022 B000001 13-3046258
022 C000001    256126
022 D000001    126027
022 A000002 LEHMAN BROTHERS INC.
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022 C000002    135148
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022 A000003 AUBREY G LANSTON &CO.INC.
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022 C000003    270299
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022 A000004 SALOMON BROTHERS INC.
022 B000004 13-3082694
022 C000004    116456
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022 A000005 NIKMBS NIKKO SECS INTL.
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022 A000006 MERRILL LYNCH PIERCE FENNER
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022 D000007     11270
022 A000008 GREENWICH SECURITIES
022 B000008 13-3172275
022 C000008     39868
022 D000008     35999
022 A000009 STATE STREET
022 B000009 04-1867445
022 C000009     37799
<PAGE>      PAGE  4
022 D000009     15738
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022 B000010 22-2347336
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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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<PAGE>      PAGE  10
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008 A000201 GNA CAPITAL MANAGEMENT INC.
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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034  000200 Y
035  000200   1306
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
070 M010200 N
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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008 D030401 98101
008 D040401 2336
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<PAGE>      PAGE  20
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039  000400 N
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<PAGE>      PAGE  21
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051  000400 N
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062 P000400   0.0
062 Q000400   0.0
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066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
070 A010400 Y
<PAGE>      PAGE  22
070 A020400 Y
070 B010400 Y
070 B020400 N
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070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
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070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
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070 R020400 N
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<PAGE>      PAGE  23
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<PAGE>      PAGE  24
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008 A000501 GNA CAPITAL MANAGEMENT, INC.
008 B000501 A
008 C000501 801-29116
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008 D020501 WA
008 D030501 98101
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008 D020502 NY
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028 A010500       516
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<PAGE>      PAGE  25
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041  000500 Y
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<PAGE>      PAGE  26
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066 A000500 Y
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070 A010500 Y
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<PAGE>      PAGE  27
070 G010500 Y
070 G020500 N
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070 K020500 Y
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<PAGE>      PAGE  28
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SIGNATURE   EUNICE TSANG                                 
TITLE       ACCOUNTING MANAGER  
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 011
   <NAME> ADJUSTABLE RATE FUND
       
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</TABLE>

<TABLE> <S> <C>


<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 012
   <NAME> ADJUSTABLE RATE FUND
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 021
   <NAME>GOVERNMENT FUND
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 022
   <NAME> GOVERNMENT FUND   
       
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<ACCUMULATED-GAINS-PRIOR>                  (200317153)
<OVERDISTRIB-NII-PRIOR>                      (1280667)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          2227655
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                6153127
<AVERAGE-NET-ASSETS>                         708100103
<PER-SHARE-NAV-BEGIN>                            8.490
<PER-SHARE-NII>                                  0.250
<PER-SHARE-GAIN-APPREC>                        (0.130)
<PER-SHARE-DIVIDEND>                           (0.260)
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                              8.350
<EXPENSE-RATIO>                                   1.78
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 051
   <NAME> GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         26820084
<INVESTMENTS-AT-VALUE>                        36699601
<RECEIVABLES>                                    21657
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       130024
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<PAID-IN-CAPITAL-COMMON>                      26859134
<SHARES-COMMON-STOCK>                           626643
<SHARES-COMMON-PRIOR>                           624874
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                        (190177)
<ACCUMULATED-NET-GAINS>                          68076
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       9879517
<NET-ASSETS>                                  36616550
<DIVIDEND-INCOME>                               159673
<INTEREST-INCOME>                                 2167
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  352017
<NET-INVESTMENT-INCOME>                       (190177)
<REALIZED-GAINS-CURRENT>                        512995
<APPREC-INCREASE-CURRENT>                      1217901
<NET-CHANGE-FROM-OPS>                          1540719
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          33561
<NUMBER-OF-SHARES-REDEEMED>                    (31792)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                          778541
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (444919)
<OVERDISTRIB-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 375662
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<PER-SHARE-NAV-BEGIN>                           13.160
<PER-SHARE-NII>                                (0.030)
<PER-SHARE-GAIN-APPREC>                          0.640
<PER-SHARE-DIVIDEND>                             0.000
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                             13.770
<EXPENSE-RATIO>                                   1.35
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 052
   <NAME> GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS

<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         26820084
<INVESTMENTS-AT-VALUE>                        36699601
<RECEIVABLES>                                    21657
<ASSETS-OTHER>                                   25316
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<SHARES-COMMON-STOCK>                          2085680
<SHARES-COMMON-PRIOR>                          2146351
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                        (190177)
<ACCUMULATED-NET-GAINS>                          68076
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       9879517
<NET-ASSETS>                                  36616550
<DIVIDEND-INCOME>                               159673
<INTEREST-INCOME>                                 2167
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<EXPENSES-NET>                                  352017
<NET-INVESTMENT-INCOME>                       (190177)
<REALIZED-GAINS-CURRENT>                        512995
<APPREC-INCREASE-CURRENT>                      1217901
<NET-CHANGE-FROM-OPS>                          1540719
<EQUALIZATION>                                       0
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<NUMBER-OF-SHARES-SOLD>                         197566
<NUMBER-OF-SHARES-REDEEMED>                   (258269)
<SHARES-REINVESTED>                                 32
<NET-CHANGE-IN-ASSETS>                          778541
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (444919)
<OVERDISTRIB-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 375662
<AVERAGE-NET-ASSETS>                          36880847
<PER-SHARE-NAV-BEGIN>                           12.870
<PER-SHARE-NII>                                (0.080)
<PER-SHARE-GAIN-APPREC>                          0.630
<PER-SHARE-DIVIDEND>                             0.000
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                             13.420
<EXPENSE-RATIO>                                   2.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 031
   <NAME> TAX FREE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         24410933
<INVESTMENTS-AT-VALUE>                        24649220
<RECEIVABLES>                                   508946
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<PAYABLE-FOR-SECURITIES>                         38700
<SENIOR-LONG-TERM-DEBT>                              0
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<PAID-IN-CAPITAL-COMMON>                      24963695
<SHARES-COMMON-STOCK>                          1411919
<SHARES-COMMON-PRIOR>                          1415605
<ACCUMULATED-NII-CURRENT>                       167433
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (231717)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        238287
<NET-ASSETS>                                  25137698
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               683602
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                         683602
<REALIZED-GAINS-CURRENT>                       (55544)
<APPREC-INCREASE-CURRENT>                      (53814)
<NET-CHANGE-FROM-OPS>                           574244
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (392336)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           3199
<NUMBER-OF-SHARES-REDEEMED>                     (8220)
<SHARES-REINVESTED>                               1335
<NET-CHANGE-IN-ASSETS>                        (215386)
<ACCUMULATED-NII-PRIOR>                          98471
<ACCUMULATED-GAINS-PRIOR>                     (176173)
<OVERDISTRIB-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NAV-BEGIN>                           11.420
<PER-SHARE-NII>                                  0.310
<PER-SHARE-GAIN-APPREC>                        (0.050)
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<PER-SHARE-DISTRIBUTIONS>                        0.000
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<PER-SHARE-NAV-END>                             11.400
<EXPENSE-RATIO>                                   0.00
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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
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         24410933
<INVESTMENTS-AT-VALUE>                        24649220
<RECEIVABLES>                                   508946
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<PAYABLE-FOR-SECURITIES>                         38700
<SENIOR-LONG-TERM-DEBT>                              0
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<PAID-IN-CAPITAL-COMMON>                      24963695
<SHARES-COMMON-STOCK>                           791433
<SHARES-COMMON-PRIOR>                           803108
<ACCUMULATED-NII-CURRENT>                       167433
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (231717)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        238287
<NET-ASSETS>                                  25137698
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               683602
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                         683602
<REALIZED-GAINS-CURRENT>                       (55544)
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<NET-CHANGE-FROM-OPS>                           574244
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<DISTRIBUTIONS-OF-INCOME>                     (222304)
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<NUMBER-OF-SHARES-SOLD>                          58631
<NUMBER-OF-SHARES-REDEEMED>                    (84026)
<SHARES-REINVESTED>                              13720
<NET-CHANGE-IN-ASSETS>                        (215386)
<ACCUMULATED-NII-PRIOR>                          98471
<ACCUMULATED-GAINS-PRIOR>                     (176173)
<OVERDISTRIB-NII-PRIOR>                              0
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<EXPENSE-RATIO>                                   0.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST 
<SERIES>
   <NUMBER> 041
   <NAME> VALUE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         38788492
<INVESTMENTS-AT-VALUE>                        47939941
<RECEIVABLES>                                  1146573
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<TOTAL-ASSETS>                                49113237
<PAYABLE-FOR-SECURITIES>                       1007670
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       141437
<TOTAL-LIABILITIES>                            1149107
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      37025914
<SHARES-COMMON-STOCK>                           607753
<SHARES-COMMON-PRIOR>                           538603
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                         (27903)
<ACCUMULATED-NET-GAINS>                        1814670
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       9151449
<NET-ASSETS>                                  47964130
<DIVIDEND-INCOME>                               427204
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  431436
<NET-INVESTMENT-INCOME>                         (4232)
<REALIZED-GAINS-CURRENT>                       1826916
<APPREC-INCREASE-CURRENT>                      4106332
<NET-CHANGE-FROM-OPS>                          5929016
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (21440)
<DISTRIBUTIONS-OF-GAINS>                      (475283)
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<NUMBER-OF-SHARES-SOLD>                          43639
<NUMBER-OF-SHARES-REDEEMED>                    (21469)
<SHARES-REINVESTED>                              46980
<NET-CHANGE-IN-ASSETS>                         8813087
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      3192378
<OVERDISTRIB-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NAV-BEGIN>                           10.830
<PER-SHARE-NII>                                  0.040
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<PER-SHARE-DISTRIBUTIONS>                      (0.870)
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<PER-SHARE-NAV-END>                             11.490
<EXPENSE-RATIO>                                   1.35
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000808245
<NAME> INVESTORS TRUST
<SERIES>
   <NUMBER> 042
   <NAME> VALUE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                         38788492
<INVESTMENTS-AT-VALUE>                        47939941
<RECEIVABLES>                                  1146573
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<PAYABLE-FOR-SECURITIES>                       1007670
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<TOTAL-LIABILITIES>                            1149107
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      37025914
<SHARES-COMMON-STOCK>                          3583038
<SHARES-COMMON-PRIOR>                          3088365
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                         (27903)
<ACCUMULATED-NET-GAINS>                        1814670
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       9151449
<NET-ASSETS>                                  47964130
<DIVIDEND-INCOME>                               427204
<INTEREST-INCOME>                                    0
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<EXPENSES-NET>                                  431436
<NET-INVESTMENT-INCOME>                         (4232)
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<APPREC-INCREASE-CURRENT>                      4106332
<NET-CHANGE-FROM-OPS>                          5929016
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       (2231)
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<NUMBER-OF-SHARES-SOLD>                         551320
<NUMBER-OF-SHARES-REDEEMED>                   (304651)
<SHARES-REINVESTED>                             248004
<NET-CHANGE-IN-ASSETS>                         8813087
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      3192378
<OVERDISTRIB-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NAV-BEGIN>                           10.790
<PER-SHARE-NII>                                (0.010)
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<PER-SHARE-DISTRIBUTIONS>                      (0.870)
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<PER-SHARE-NAV-END>                             11.440
<EXPENSE-RATIO>                                   2.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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