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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 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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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 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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<PAGE> PAGE 20
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<PAGE> PAGE 21
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024 000500 N
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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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
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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
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
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070 Q020500 N
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070 R020500 N
<PAGE> PAGE 24
071 A000500 198246
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<PAGE> PAGE 25
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075 B000500 99964
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024 000600 N
028 A010600 3102
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<PAGE> PAGE 26
028 G040600 21889
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066 A000600 Y
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<PAGE> PAGE 27
066 F000600 N
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070 E020600 N
070 F010600 Y
070 F020600 N
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070 H020600 N
070 I010600 N
070 I020600 N
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070 L020600 Y
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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024 000700 N
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<PAGE> PAGE 30
048 B020700 0.000
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066 A000700 Y
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066 F000700 N
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067 000700 N
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<PAGE> PAGE 31
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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
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 64,246
<INVESTMENTS-AT-VALUE> 64,246
<RECEIVABLES> 130
<ASSETS-OTHER> 535
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,911
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 198
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,208
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (495)
<NET-ASSETS> 64,713
<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 2,177
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,177)
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<NUMBER-OF-SHARES-SOLD> 52,643
<NUMBER-OF-SHARES-REDEEMED> (74,008)
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<NET-CHANGE-IN-ASSETS> (19,109)
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> (207)
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .005
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 2
<NAME> TOTAL RETURN
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 521,105
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<RECEIVABLES> 55,143
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 644,156
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 376
<TOTAL-LIABILITIES> 9,170
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 562,647
<SHARES-COMMON-STOCK> 269,455
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 13,432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,669)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 66,576
<NET-ASSETS> 634,986
<DIVIDEND-INCOME> 3,254
<INTEREST-INCOME> 10,361
<OTHER-INCOME> 0
<EXPENSES-NET> (1,816)
<NET-INVESTMENT-INCOME> 11,799
<REALIZED-GAINS-CURRENT> 19,310
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<NET-CHANGE-FROM-OPS> 73,727
<EQUALIZATION> (892)
<DISTRIBUTIONS-OF-INCOME> (18,740)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,021
<NUMBER-OF-SHARES-REDEEMED> (38,768)
<SHARES-REINVESTED> 8,512
<NET-CHANGE-IN-ASSETS> 48,392
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,675)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,816)
<AVERAGE-NET-ASSETS> 608,630
<PER-SHARE-NAV-BEGIN> 2.112
<PER-SHARE-NII> .044
<PER-SHARE-GAIN-APPREC> .271
<PER-SHARE-DIVIDEND> (.070)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.357
<EXPENSE-RATIO> .006
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the June 30,
1995 semiannual report to shareholders and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 03
<NAME> HIGH YIELD PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 252,733
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<RECEIVABLES> 6,714
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<TOTAL-ASSETS> 256,928
<PAYABLE-FOR-SECURITIES> 4,031
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 269,868
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 9,526
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (23,410)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,247)
<NET-ASSETS> 252,737
<DIVIDEND-INCOME> 11
<INTEREST-INCOME> 13,790
<OTHER-INCOME> 0
<EXPENSES-NET> (771)
<NET-INVESTMENT-INCOME> 13,030
<REALIZED-GAINS-CURRENT> (3,281)
<APPREC-INCREASE-CURRENT> 12,891
<NET-CHANGE-FROM-OPS> 22,640
<EQUALIZATION> 381
<DISTRIBUTIONS-OF-INCOME> (22,165)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 48,951
<NUMBER-OF-SHARES-REDEEMED> (39,294)
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<NET-CHANGE-IN-ASSETS> 33,322
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (720)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (771)
<AVERAGE-NET-ASSETS> 239,329
<PER-SHARE-NAV-BEGIN> 1.185
<PER-SHARE-NII> .066
<PER-SHARE-GAIN-APPREC> .049
<PER-SHARE-DIVIDEND> (.120)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.180
<EXPENSE-RATIO> .006
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the June 30,
1995 semiannual report to shareholders and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 4
<NAME> EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 281,233
<INVESTMENTS-AT-VALUE> 351,676
<RECEIVABLES> 10,605
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 362,429
<PAYABLE-FOR-SECURITIES> 3,739
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 212
<TOTAL-LIABILITIES> 3,951
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 280,409
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,808
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,818
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,443
<NET-ASSETS> 358,478
<DIVIDEND-INCOME> 2,233
<INTEREST-INCOME> 613
<OTHER-INCOME> 0
<EXPENSES-NET> (1,030)
<NET-INVESTMENT-INCOME> 1,816
<REALIZED-GAINS-CURRENT> 4,670
<APPREC-INCREASE-CURRENT> 44,459
<NET-CHANGE-FROM-OPS> 50,945
<EQUALIZATION> (101)
<DISTRIBUTIONS-OF-INCOME> (908)
<DISTRIBUTIONS-OF-GAINS> (26,649)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,110
<NUMBER-OF-SHARES-REDEEMED> (24,641)
<SHARES-REINVESTED> 9,679
<NET-CHANGE-IN-ASSETS> 36,770
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (979)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,030)
<AVERAGE-NET-ASSETS> 326,632
<PER-SHARE-NAV-BEGIN> 2.665
<PER-SHARE-NII> .015
<PER-SHARE-GAIN-APPREC> .421
<PER-SHARE-DIVIDEND> (.230)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.871
<EXPENSE-RATIO> .006
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the June 30,
1995 semiannual report to shareholders and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 5
<NAME> GOVERNMENT SECURITIES PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 103,642
<INVESTMENTS-AT-VALUE> 106,168
<RECEIVABLES> 896
<ASSETS-OTHER> 367
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 107,431
<PAYABLE-FOR-SECURITIES> 12,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60
<TOTAL-LIABILITIES> 12,236
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,602
<SHARES-COMMON-STOCK> 79,883
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 14,302
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,235)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,526
<NET-ASSETS> 95,195
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,996
<OTHER-INCOME> 0
<EXPENSES-NET> (302)
<NET-INVESTMENT-INCOME> 3,694
<REALIZED-GAINS-CURRENT> 2,144
<APPREC-INCREASE-CURRENT> 5,178
<NET-CHANGE-FROM-OPS> 11,016
<EQUALIZATION> (1,259)
<DISTRIBUTIONS-OF-INCOME> (6,202)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24,100
<NUMBER-OF-SHARES-REDEEMED> (33,556)
<SHARES-REINVESTED> 5,447
<NET-CHANGE-IN-ASSETS> (587)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (272)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (302)
<AVERAGE-NET-ASSETS> 99,964
<PER-SHARE-NAV-BEGIN> 1,142
<PER-SHARE-NII> .044
<PER-SHARE-GAIN-APPREC> .086
<PER-SHARE-DIVIDEND> (.080)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.192
<EXPENSE-RATIO> .006
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 06
<NAME> INTERNATIONAL PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 112,281
<INVESTMENTS-AT-VALUE> 124,731
<RECEIVABLES> 2,662
<ASSETS-OTHER> 4,473
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,866
<PAYABLE-FOR-SECURITIES> 4,808
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 171
<TOTAL-LIABILITIES> 4,979
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,276
<SHARES-COMMON-STOCK> 100,465
<SHARES-COMMON-PRIOR> 98,620
<ACCUMULATED-NII-CURRENT> 1,636
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,081)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,056
<NET-ASSETS> 126,887
<DIVIDEND-INCOME> 1,368
<INTEREST-INCOME> 327
<OTHER-INCOME> 0
<EXPENSES-NET> (519)
<NET-INVESTMENT-INCOME> 1,176
<REALIZED-GAINS-CURRENT> (5,056)
<APPREC-INCREASE-CURRENT> 8,616
<NET-CHANGE-FROM-OPS> 4,736
<EQUALIZATION> 21
<DISTRIBUTIONS-OF-INCOME> (970)
<DISTRIBUTIONS-OF-GAINS> (1,941)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,475
<NUMBER-OF-SHARES-REDEEMED> (17,969)
<SHARES-REINVESTED> 3,339
<NET-CHANGE-IN-ASSETS> 4,177
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (451)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (519)
<AVERAGE-NET-ASSETS> 120,854
<PER-SHARE-NAV-BEGIN> 1.244
<PER-SHARE-NII> .012
<PER-SHARE-GAIN-APPREC> .037
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.263
<EXPENSE-RATIO> .008
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> KEMPER INVESTORS FUND
<SERIES>
<NUMBER> 07
<NAME> SMALL CAPITALIZATION EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 17,939
<INVESTMENTS-AT-VALUE> 20,481
<RECEIVABLES> 356
<ASSETS-OTHER> 220
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,057
<PAYABLE-FOR-SECURITIES> 336
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21
<TOTAL-LIABILITIES> 357
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,987
<SHARES-COMMON-STOCK> 17,337
<SHARES-COMMON-PRIOR> 12,419
<ACCUMULATED-NII-CURRENT> 106
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,542
<NET-ASSETS> 20,700
<DIVIDEND-INCOME> 23
<INTEREST-INCOME> 93
<OTHER-INCOME> 0
<EXPENSES-NET> (67)
<NET-INVESTMENT-INCOME> 49
<REALIZED-GAINS-CURRENT> 193
<APPREC-INCREASE-CURRENT> 2,240
<NET-CHANGE-FROM-OPS> 2,482
<EQUALIZATION> 36
<DISTRIBUTIONS-OF-INCOME> (76)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,229
<NUMBER-OF-SHARES-REDEEMED> (4,381)
<SHARES-REINVESTED> 70
<NET-CHANGE-IN-ASSETS> 7,791
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (54)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (67)
<AVERAGE-NET-ASSETS> 16,414
<PER-SHARE-NAV-BEGIN> 1.039
<PER-SHARE-NII> .003
<PER-SHARE-GAIN-APPREC> .157
<PER-SHARE-DIVIDEND> (.005)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.194
<EXPENSE-RATIO> .008
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
