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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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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 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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070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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071 B000400 295293
071 C000400 279510
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072 B000400 981
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<PAGE> PAGE 21
072 V000400 0
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074 C000400 32477
074 D000400 6130
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074 O000400 7668
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074 R030400 0
074 R040400 1222
074 S000400 0
074 T000400 321708
074 U010400 120721
074 U020400 0
074 V010400 2.67
074 V020400 0.00
074 W000400 0.0000
074 X000400 3
074 Y000400 0
075 A000400 0
075 B000400 295151
076 000400 0.00
024 000500 N
028 A010500 831
<PAGE> PAGE 22
028 A020500 0
028 A030500 0
028 A040500 2686
028 B010500 904
028 B020500 0
028 B030500 0
028 B040500 2622
028 C010500 870
028 C020500 0
028 C030500 0
028 C040500 2879
028 D010500 1037
028 D020500 0
028 D030500 0
028 D040500 2340
028 E010500 1291
028 E020500 0
028 E030500 0
028 E040500 3012
028 F010500 746
028 F020500 0
028 F030500 0
028 F040500 2113
028 G010500 5679
028 G020500 0
028 G030500 0
028 G040500 15652
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.650
048 A010500 0
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048 B010500 0
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048 C010500 0
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048 D010500 0
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<PAGE> PAGE 23
048 J020500 0.000
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048 K020500 0.000
062 A000500 Y
062 B000500 0.0
062 C000500 37.5
062 D000500 0.0
062 E000500 0.0
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062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
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062 O000500 0.0
062 P000500 1.4
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 9.4
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
<PAGE> PAGE 24
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 548705
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071 C000500 90526
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072 B000500 6698
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<PAGE> PAGE 25
072EE000500 2656
073 A010500 0.0600
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074 A000500 518
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074 C000500 35893
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074 X000500 3
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075 A000500 0
075 B000500 106635
076 000500 0.00
024 000600 N
028 A010600 4514
028 A020600 0
028 A030600 0
028 A040600 2768
028 B010600 14991
028 B020600 0
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028 C020600 0
028 C030600 0
028 C040600 2317
<PAGE> PAGE 26
028 D010600 8211
028 D020600 0
028 D030600 0
028 D040600 1640
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028 E030600 0
028 E040600 14028
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028 F030600 0
028 F040600 2190
028 G010600 40627
028 G020600 0
028 G030600 0
028 G040600 24471
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.750
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048 I020600 0.000
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<PAGE> PAGE 27
062 I000600 0.0
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066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 Y
067 000600 N
068 A000600 N
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069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
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070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 N
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
<PAGE> PAGE 28
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 147076
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<PAGE> PAGE 29
074 E000600 0
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024 000700 N
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<PAGE> PAGE 30
028 F020700 0
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<PAGE> PAGE 31
062 R000700 0.0
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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SIGNATURE JEROME L. DUFFY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 83,638
<INVESTMENTS-AT-VALUE> 83,638
<RECEIVABLES> 755
<ASSETS-OTHER> 49
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 621
<TOTAL-LIABILITIES> 621
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,821
<SHARES-COMMON-STOCK> 83,821
<SHARES-COMMON-PRIOR> 68,177
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 83,821
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,596
<OTHER-INCOME> 0
<EXPENSES-NET> (547)
<NET-INVESTMENT-INCOME> 4,049
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,049)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218,865
<NUMBER-OF-SHARES-REDEEMED> (207,144)
<SHARES-REINVESTED> 3,923
<NET-CHANGE-IN-ASSETS> 15,644
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (512)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (547)
<AVERAGE-NET-ASSETS> 102,525
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .039
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.039)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .005
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 2
<NAME> TOTAL RETURN PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 573,416
<INVESTMENTS-AT-VALUE> 585,575
<RECEIVABLES> 10,195
<ASSETS-OTHER> 1,823
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<PAYABLE-FOR-SECURITIES> 9,306
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,693
<TOTAL-LIABILITIES> 10,999
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 580,149
<SHARES-COMMON-STOCK> 277,690
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 21,265
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (26,979)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,159
<NET-ASSETS> 586,594
<DIVIDEND-INCOME> 6,307
<INTEREST-INCOME> 16,837
<OTHER-INCOME> 0
<EXPENSES-NET> (3,792)
<NET-INVESTMENT-INCOME> 19,352
<REALIZED-GAINS-CURRENT> (26,384)
<APPREC-INCREASE-CURRENT> (55,621)
<NET-CHANGE-FROM-OPS> (82,005)
<EQUALIZATION> 721
<DISTRIBUTIONS-OF-INCOME> (15,302)
<DISTRIBUTIONS-OF-GAINS> (43,357)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 55,759
<NUMBER-OF-SHARES-REDEEMED> (54,564)
<SHARES-REINVESTED> 27,538
<NET-CHANGE-IN-ASSETS> (7,093)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,403)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,792)
<AVERAGE-NET-ASSETS> 619,418
<PER-SHARE-NAV-BEGIN> 2.586
<PER-SHARE-NII> .069
<PER-SHARE-GAIN-APPREC> (.313)
<PER-SHARE-DIVIDEND> (.060)
<PER-SHARE-DISTRIBUTIONS> (.170)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.112
<EXPENSE-RATIO> .006
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND-HIGH YIELD
<SERIES>
<NUMBER> 3
<NAME> HIGH YIELD
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 240,184
<INVESTMENTS-AT-VALUE> 224,046
<RECEIVABLES> 5,563
<ASSETS-OTHER> 541
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 10,224
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<OTHER-ITEMS-LIABILITIES> 511
<TOTAL-LIABILITIES> 10,735
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237,402
<SHARES-COMMON-STOCK> 0
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<ACCUMULATED-NII-CURRENT> 18,280
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (20,130)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16,138)
<NET-ASSETS> 219,415
<DIVIDEND-INCOME> 26
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<OTHER-INCOME> 0
<EXPENSES-NET> (1,448)
<NET-INVESTMENT-INCOME> 21,022
<REALIZED-GAINS-CURRENT> (6,998)
<APPREC-INCREASE-CURRENT> (19,015)
<NET-CHANGE-FROM-OPS> (4,991)
<EQUALIZATION> (1,390)
<DISTRIBUTIONS-OF-INCOME> (19,251)
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (14,549)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,329)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,448)
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.338
<PER-SHARE-NII> .116
<PER-SHARE-GAIN-APPREC> (.149)
<PER-SHARE-DIVIDEND> (.120)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.185
<EXPENSE-RATIO> .006
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND-EQUITY
<SERIES>
<NUMBER> 4
<NAME> EQUITY
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 301,705
<INVESTMENTS-AT-VALUE> 327,689
<RECEIVABLES> 3,091
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 330,780
<PAYABLE-FOR-SECURITIES> 7,668
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,404
<TOTAL-LIABILITIES> 9,072
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 268,926
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,001
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,797
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,984
<NET-ASSETS> 321,708
<DIVIDEND-INCOME> 3,015
<INTEREST-INCOME> 981
<OTHER-INCOME> 0
<EXPENSES-NET> (1,955)
<NET-INVESTMENT-INCOME> 2,041
<REALIZED-GAINS-CURRENT> 23,805
<APPREC-INCREASE-CURRENT> (37,642)
<NET-CHANGE-FROM-OPS> (11,796)
<EQUALIZATION> 432
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (14,929)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 63,325
<NUMBER-OF-SHARES-REDEEMED> 45,216
<SHARES-REINVESTED> 5,689
<NET-CHANGE-IN-ASSETS> 37,247
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,768)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,955)
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 2.935
<PER-SHARE-NII> .018
<PER-SHARE-GAIN-APPREC> (.138)
<PER-SHARE-DIVIDEND> (.150)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.665
<EXPENSE-RATIO> .006
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 5
<NAME> GOVERNMENT SECURITIES PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 125,741
<INVESTMENTS-AT-VALUE> 123,089
<RECEIVABLES> 1,608
<ASSETS-OTHER> 518
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,215
<PAYABLE-FOR-SECURITIES> 29,224
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 209
<TOTAL-LIABILITIES> 29,433
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 87,744
<SHARES-COMMON-STOCK> 83,892
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18,069
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,379)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,652)
<NET-ASSETS> 95,782
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,698
<OTHER-INCOME> 0
<EXPENSES-NET> (672)
<NET-INVESTMENT-INCOME> 6,026
<REALIZED-GAINS-CURRENT> (6,812)
<APPREC-INCREASE-CURRENT> (2,415)
<NET-CHANGE-FROM-OPS> (3,201)
<EQUALIZATION> (2,672)
<DISTRIBUTIONS-OF-INCOME> (5,312)
<DISTRIBUTIONS-OF-GAINS> (2,656)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,182
<NUMBER-OF-SHARES-REDEEMED> (39,111)
<SHARES-REINVESTED> 7,968
<NET-CHANGE-IN-ASSETS> (14,961)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (583)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (672)
<AVERAGE-NET-ASSETS> 106,635
<PER-SHARE-NAV-BEGIN> 1.267
<PER-SHARE-NII> .067
<PER-SHARE-GAIN-APPREC> (.102)
<PER-SHARE-DIVIDEND> (.090)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.142
<EXPENSE-RATIO> .006
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 6
<NAME> INTERNATIONAL PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 114,525
<INVESTMENTS-AT-VALUE> 117,985
<RECEIVABLES> 4,586
<ASSETS-OTHER> 990
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,561
<PAYABLE-FOR-SECURITIES> 313
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 538
<TOTAL-LIABILITIES> 851
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115,945
<SHARES-COMMON-STOCK> 98,620
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,716
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,609
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,440
<NET-ASSETS> 122,710
<DIVIDEND-INCOME> 1,374
<INTEREST-INCOME> 500
<OTHER-INCOME> 0
<EXPENSES-NET> (1,046)
<NET-INVESTMENT-INCOME> 828
<REALIZED-GAINS-CURRENT> 1,853
<APPREC-INCREASE-CURRENT> (7,631)
<NET-CHANGE-FROM-OPS> (4,950)
<EQUALIZATION> 422
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,170)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 100,726
<NUMBER-OF-SHARES-REDEEMED> (61,946)
<SHARES-REINVESTED> 1,170
<NET-CHANGE-IN-ASSETS> 39,950
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (842)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,046)
<AVERAGE-NET-ASSETS> 112,157
<PER-SHARE-NAV-BEGIN> 1.306
<PER-SHARE-NII> .009
<PER-SHARE-GAIN-APPREC> (.056)
<PER-SHARE-DIVIDEND> (.015)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.244
<EXPENSE-RATIO> .009
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 7
<NAME> SMALL CAPITALIZATION EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 12,741
<INVESTMENTS-AT-VALUE> 13,043
<RECEIVABLES> 77
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,120
<PAYABLE-FOR-SECURITIES> 122
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 89
<TOTAL-LIABILITIES> 211
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,638
<SHARES-COMMON-STOCK> 12,419
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 97
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (128)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 302
<NET-ASSETS> 12,909
<DIVIDEND-INCOME> 7
<INTEREST-INCOME> 81
<OTHER-INCOME> 0
<EXPENSES-NET> (51)
<NET-INVESTMENT-INCOME> 37
<REALIZED-GAINS-CURRENT> (128)
<APPREC-INCREASE-CURRENT> 302
<NET-CHANGE-FROM-OPS> 174
<EQUALIZATION> 60
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,090
<NUMBER-OF-SHARES-REDEEMED> (3,671)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,809
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (26)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (51)
<AVERAGE-NET-ASSETS> 6,930
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .008
<PER-SHARE-GAIN-APPREC> .031
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.039
<EXPENSE-RATIO> .013
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
SUPPLEMENTARY REPORT OF INDEPENDENT AUDITORS
Board of Trustees
Kemper Funds
In planning and performing our audit of the financial statements of
each of the Kemper Funds listed in Exhibit A attached hereto (the
"Funds") for the year ended December 31, 1994, we considered their
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on their financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable,
but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Chicago, Illinois
February 3, 1995
Kemper Funds Exhibit A
December 31, 1994
Kemper Global Income Fund
Kemper Investors Fund
Exhibit 77N
Kemper Investors Fund
Form N-SAR for the period ended 12/31/94
File No. 811-5002
On December 9, 1994, Registrant reported to the Director of the
Division of Investment Management that an event of default may have
occurred with respect to portfolio securities of the Money Market
Portfolio of Registrant involving more than 1/2 of 1% of the
Portfolio's total assets. Kemper Corporation, the investment
manager's parent company has committed to take such action as may
be necessary to permit the Portfolio to maintain a $1.00 net asset
value per share using amortized cost procedures and Registrant has
entered into various agreements with Kemper Corporation to that
end.
MAM|W:\FUNDS\NSAR.EXH\KINF.77N|022795
