<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000810573
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 KEMPER INVESTORS FUND
001 B000000 811-5002
001 C000000 3127811121
002 A000000 120 SOUTH LASALLE STREET
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60603
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 7
007 C010100 1
007 C020100 MONEY MARKET PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 TOTAL RETURN PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 HIGH YIELD PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 EQUITY PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 GOVERNMENT SECURITIES PORTFOLIO
007 C030500 N
007 C010600 6
007 C020600 INTERNATIONAL PORTFOLIO
007 C030600 N
007 C010700 7
007 C020700 SMALL CAPITALIZATION EQUITY PORTFOLIO
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 KEMPER FINANCIAL SERVICES, INC.
008 B00AA01 A
008 C00AA01 801-6634
008 D01AA01 CHICAGO
008 D02AA01 IL
<PAGE> PAGE 2
008 D03AA01 60603
010 A00AA01 KEMPER DISTRIBUTORS, INC.
010 B00AA01 8-47765
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60603
011 A00AA01 KEMPER DISTRIBUTORS, INC.
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60603
012 A00AA01 KEMPER SERVICE COMPANY
012 B00AA01 84-1713
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 KEMPER DISTRIBUTORS, INC.
014 B00AA01 8-47765
014 A00AA02 DELETE
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
015 A00AA02 THE CHASE MANHATTAN BANK, N.A.
015 B00AA02 C
015 C01AA02 BROOKLYN
015 C02AA02 NY
015 C03AA02 11245
015 E04AA02 X
015 A00AA03 STATE STREET BANK AND TRUST
015 B00AA03 S
015 C01AA03 BOSTON
015 C02AA03 MA
015 C03AA03 02110
015 E01AA03 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 7
019 C00AA00 KINVESTRFD
020 A000001 SALOMON BROTHERS
020 B000001 13-3082694
020 C000001 319
020 A000002 SMITH NEW COURT
020 B000002 13-3169769
020 C000002 130
<PAGE> PAGE 3
020 A000003 BRIDGE TRADING COMPANY
020 B000003 43-1450530
020 C000003 115
020 A000004 ALEX BROWN & SONS INC.
020 B000004 52-0256630
020 C000004 105
020 A000005 KLEINWORT BENSON GRIEVESON
020 B000005 36-2880742
020 C000005 91
020 A000006 MCGRAW HILL SECURITIES
020 C000006 90
020 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000007 13-5674085
020 C000007 82
020 A000008 PAINEWEBBER INC.
020 B000008 13-2638166
020 C000008 81
020 A000009 TIEDMANN INTERNATIONAL RESEARCH, INC.
020 B000009 13-3506065
020 C000009 81
020 A000010 SMITH BARNEY SHEARSON INC.
020 B000010 13-1912900
020 C000010 77
021 000000 2609
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 2052141
022 D000001 159499
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000002 13-5674085
022 C000002 1509101
022 D000002 369948
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 525322
022 D000003 205867
022 A000004 FIRST NATIONAL BANK OF CHICAGO
022 B000004 36-0899825
022 C000004 210543
022 D000004 136715
022 A000005 CS FIRST BOSTON, INC.
022 B000005 13-5659485
022 C000005 157970
022 D000005 88141
022 A000006 BEAR STEARNS & CO. INC.
022 B000006 13-3299429
022 C000006 127396
022 D000006 58349
022 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000007 13-2741729
022 C000007 109237
<PAGE> PAGE 4
022 D000007 73040
022 A000008 UBS SECURITIES INC.
022 B000008 13-2932996
022 C000008 75732
022 D000008 83921
022 A000009 J.P. MORGAN SECURITIES INC.
022 B000009 13-3224016
022 C000009 65893
022 D000009 74312
022 A000010 SALOMON BROTHERS INC.
022 B000010 13-3082694
022 C000010 74144
022 D000010 59996
023 C000000 5444673
023 D000000 1702702
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
<PAGE> PAGE 5
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 500
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 60000
081 A00AA00 Y
<PAGE> PAGE 6
081 B00AA00 79
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 Y
025 A000101 GOLDMAN, SACHS & CO.
025 B000101 13-5108880
025 C000101 D
025 D000101 2000
025 A000102 BEAR STEARNS COMPANIES INC.
025 B000102 13-3299429
025 C000102 D
025 D000102 2000
025 A000103 CS FIRST BOSTON, INC.
025 B000103 13-5659485
025 C000103 D
025 D000103 2000
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 6745
028 A020100 316
028 A030100 0
028 A040100 12124
028 B010100 23894
028 B020100 294
028 B030100 0
028 B040100 13121
028 C010100 2484
028 C020100 357
028 C030100 0
028 C040100 24137
<PAGE> PAGE 7
028 D010100 9601
028 D020100 284
028 D030100 0
028 D040100 10912
028 E010100 24266
028 E020100 334
028 E030100 0
028 E040100 18987
028 F010100 3326
028 F020100 350
028 F030100 0
028 F040100 15713
028 G010100 70316
028 G020100 1935
028 G030100 0
028 G040100 94994
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.500
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 5.7
062 G000100 9.8
062 H000100 0.0
<PAGE> PAGE 8
062 I000100 85.7
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 40
063 B000100 0.0
064 A000100 Y
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
<PAGE> PAGE 9
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 4532
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 373
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 17
072 K000100 0
072 L000100 11
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 5
072 S000100 3
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 409
072 Y000100 0
072 Z000100 4123
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 4123
072DD020100 0
072EE000100 0
073 A010100 0.0552
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 61803
074 D000100 0
074 E000100 0
074 F000100 0
<PAGE> PAGE 10
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 440
074 M000100 0
074 N000100 62243
074 O000100 0
074 P000100 29
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1136
074 S000100 0
074 T000100 61078
074 U010100 61078
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9998
074 X000100 3
074 Y000100 0
075 A000100 72905
075 B000100 0
076 000100 0.00
024 000200 N
028 A010200 5185
028 A020200 0
028 A030200 0
028 A040200 10980
028 B010200 7870
028 B020200 0
028 B030200 0
028 B040200 11414
028 C010200 4393
028 C020200 0
028 C030200 0
028 C040200 9618
028 D010200 5364
028 D020200 0
028 D030200 0
028 D040200 14599
028 E010200 5407
028 E020200 0
028 E030200 0
028 E040200 10297
028 F010200 5703
028 F020200 0
028 F030200 0
<PAGE> PAGE 11
028 F040200 10562
028 G010200 33922
028 G020200 0
028 G030200 0
028 G040200 67470
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.550
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
<PAGE> PAGE 12
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 Y
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 708034
071 B000200 729186
071 C000200 598804
071 D000200 118
072 A000200 12
<PAGE> PAGE 13
072 B000200 19994
072 C000200 5918
072 D000200 0
072 E000200 0
072 F000200 3461
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 140
072 K000200 0
072 L000200 87
072 M000200 18
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 45
072 S000200 8
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 25
072 X000200 3784
072 Y000200 0
072 Z000200 22128
072AA000200 77439
072BB000200 30320
072CC010200 74735
072CC020200 0
072DD010200 18740
072DD020200 0
072EE000200 0
073 A010200 0.0700
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 843
074 B000200 0
074 C000200 27959
074 D000200 244734
074 E000200 0
074 F000200 380803
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 3020
074 K000200 0
074 L000200 5388
074 M000200 0
074 N000200 662747
074 O000200 1379
<PAGE> PAGE 14
074 P000200 302
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1172
074 S000200 0
074 T000200 659894
074 U010200 255878
074 U020200 0
074 V010200 2.58
074 V020200 0.00
074 W000200 0.0000
074 X000200 3
074 Y000200 0
075 A000200 0
075 B000200 628258
076 000200 0.00
024 000300 N
028 A010300 3836
028 A020300 0
028 A030300 0
028 A040300 8609
028 B010300 3917
028 B020300 0
028 B030300 0
028 B040300 14855
028 C010300 2135
028 C020300 0
028 C030300 0
028 C040300 4801
028 D010300 3511
028 D020300 0
028 D030300 0
028 D040300 5176
028 E010300 14241
028 E020300 0
028 E030300 0
028 E040300 5025
028 F010300 4016
028 F020300 0
028 F030300 0
028 F040300 4779
028 G010300 31656
028 G020300 0
028 G030300 0
028 G040300 43245
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
<PAGE> PAGE 15
048 000300 0.600
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 10.9
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 86.2
062 Q000300 0.0
062 R000300 2.1
063 A000300 0
063 B000300 8.1
064 A000300 N
064 B000300 Y
065 000300 Y
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
<PAGE> PAGE 16
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 Y
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 221866
071 B000300 204992
071 C000300 227033
071 D000300 90
072 A000300 12
072 B000300 26569
072 C000300 57
072 D000300 0
072 E000300 0
072 F000300 1463
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 47
072 K000300 0
<PAGE> PAGE 17
072 L000300 32
072 M000300 18
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 17
072 S000300 4
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 8
072 X000300 1589
072 Y000300 0
072 Z000300 25037
072AA000300 5267
072BB000300 7294
072CC010300 15859
072CC020300 0
072DD010300 22165
072DD020300 0
072EE000300 0
073 A010300 0.1200
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 516
074 B000300 0
074 C000300 27921
074 D000300 221951
074 E000300 625
074 F000300 4722
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 511
074 K000300 0
074 L000300 5308
074 M000300 0
074 N000300 261554
074 O000300 3417
074 P000300 128
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 632
074 S000300 0
074 T000300 257377
074 U010300 204457
074 U020300 0
<PAGE> PAGE 18
074 V010300 1.26
074 V020300 0.00
074 W000300 0.0000
074 X000300 3
074 Y000300 0
075 A000300 0
075 B000300 243644
076 000300 0.00
024 000400 N
028 A010400 7006
028 A020400 0
028 A030400 0
028 A040400 6173
028 B010400 6072
028 B020400 0
028 B030400 0
028 B040400 16401
028 C010400 17679
028 C020400 0
028 C030400 0
028 C040400 4466
028 D010400 6810
028 D020400 0
028 D030400 0
028 D040400 8461
028 E010400 11634
028 E020400 0
028 E030400 0
028 E040400 16383
028 F010400 16758
028 F020400 0
028 F030400 0
028 F040400 6466
028 G010400 65959
028 G020400 0
028 G030400 0
028 G040400 58350
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.600
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
<PAGE> PAGE 19
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 B000400 Y
066 C000400 N
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
<PAGE> PAGE 20
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 N
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
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
071 A000400 279276
071 B000400 329551
071 C000400 317230
071 D000400 88
072 A000400 12
072 B000400 2255
072 C000400 4109
072 D000400 0
072 E000400 0
072 F000400 2132
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 45
072 K000400 0
072 L000400 42
072 M000400 18
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 24
072 S000400 4
072 T000400 0
<PAGE> PAGE 21
072 U000400 0
072 V000400 0
072 W000400 12
072 X000400 2277
072 Y000400 0
072 Z000400 4087
072AA000400 70251
072BB000400 129103
072CC010400 36452
072CC020400 0
072DD010400 1120
072DD020400 0
072EE000400 24649
073 A010400 0.0100
073 A020400 0.0000
073 B000400 0.2200
073 C000400 0.0000
074 A000400 689
074 B000400 0
074 C000400 94474
074 D000400 0
074 E000400 0
074 F000400 340061
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 1036
074 K000400 0
074 L000400 625
074 M000400 0
074 N000400 436885
074 O000400 21364
074 P000400 201
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 787
074 S000400 0
074 T000400 414533
074 U010400 127086
074 U020400 0
074 V010400 3.26
074 V020400 0.00
074 W000400 0.0000
074 X000400 3
074 Y000400 0
075 A000400 0
075 B000400 355567
076 000400 0.00
024 000500 N
<PAGE> PAGE 22
028 A010500 824
028 A020500 0
028 A030500 0
028 A040500 2885
028 B010500 951
028 B020500 0
028 B030500 0
028 B040500 2383
028 C010500 12310
028 C020500 0
028 C030500 0
028 C040500 2065
028 D010500 1396
028 D020500 0
028 D030500 0
028 D040500 2927
028 E010500 1110
028 E020500 0
028 E030500 0
028 E040500 12249
028 F010500 1227
028 F020500 0
028 F030500 0
028 F040500 1452
028 G010500 17818
028 G020500 0
028 G030500 0
028 G040500 23961
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.650
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
<PAGE> PAGE 23
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 11.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 17.2
062 N000500 77.5
062 O000500 0.0
062 P000500 6.7
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 11.7
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
<PAGE> PAGE 24
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
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 277054
071 B000500 277682
071 C000500 100649
071 D000500 275
072 A000500 12
072 B000500 7565
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 538
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 58
072 K000500 0
072 L000500 15
072 M000500 18
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 7
072 S000500 1
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 5
072 X000500 642
072 Y000500 0
072 Z000500 6923
072AA000500 4294
072BB000500 7202
072CC010500 7318
072CC020500 0
072DD010500 6202
<PAGE> PAGE 25
072DD020500 0
072EE000500 0
073 A010500 0.0800
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 1
074 B000500 10485
074 C000500 0
074 D000500 96521
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 3090
074 K000500 0
074 L000500 917
074 M000500 0
074 N000500 111014
074 O000500 15661
074 P000500 43
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 125
074 S000500 0
074 T000500 95185
074 U010500 74992
074 U020500 0
074 V010500 1.27
074 V020500 0.00
074 W000500 0.0000
074 X000500 3
074 Y000500 26412
075 A000500 0
075 B000500 98555
076 000500 0.00
024 000600 N
028 A010600 2704
028 A020600 0
028 A030600 0
028 A040600 2949
028 B010600 2270
028 B020600 0
028 B030600 0
028 B040600 2582
028 C010600 2076
028 C020600 0
028 C030600 0
<PAGE> PAGE 26
028 C040600 4889
028 D010600 2637
028 D020600 0
028 D030600 0
028 D040600 4385
028 E010600 3737
028 E020600 0
028 E030600 0
028 E040600 2202
028 F010600 2617
028 F020600 0
028 F030600 0
028 F040600 2174
028 G010600 16041
028 G020600 0
028 G030600 0
028 G040600 19181
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.750
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
<PAGE> PAGE 27
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
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
068 B000600 Y
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 N
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
<PAGE> PAGE 28
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 144408
071 B000600 142318
071 C000600 113240
071 D000600 126
072 A000600 12
072 B000600 708
072 C000600 2208
072 D000600 0
072 E000600 0
072 F000600 946
072 G000600 0
072 H000600 0
072 I000600 0
072 J000600 157
072 K000600 0
072 L000600 14
072 M000600 18
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 9
072 S000600 1
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 13
072 X000600 1158
072 Y000600 0
072 Z000600 1758
072AA000600 22528
072BB000600 23932
072CC010600 12308
072CC020600 0
072DD010600 970
072DD020600 0
072EE000600 1941
073 A010600 0.0100
073 A020600 0.0000
073 B000600 0.0200
073 C000600 0.0000
074 A000600 441
074 B000600 0
074 C000600 11690
<PAGE> PAGE 29
074 D000600 0
074 E000600 0
074 F000600 122318
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 59
074 K000600 0
074 L000600 311
074 M000600 0
074 N000600 134819
074 O000600 0
074 P000600 83
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 255
074 S000600 0
074 T000600 134481
074 U010600 98119
074 U020600 0
074 V010600 1.37
074 V020600 0.00
074 W000600 0.0000
074 X000600 3
074 Y000600 0
075 A000600 0
075 B000600 126099
076 000600 0.00
024 000700 N
028 A010700 3501
028 A020700 0
028 A030700 0
028 A040700 477
028 B010700 3797
028 B020700 0
028 B030700 0
028 B040700 646
028 C010700 2552
028 C020700 0
028 C030700 0
028 C040700 790
028 D010700 2720
028 D020700 0
028 D030700 0
028 D040700 1334
028 E010700 2301
028 E020700 0
028 E030700 0
028 E040700 1143
<PAGE> PAGE 30
028 F010700 2111
028 F020700 0
028 F030700 0
028 F040700 1081
028 G010700 16982
028 G020700 0
028 G030700 0
028 G040700 5471
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.650
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
<PAGE> PAGE 31
062 Q000700 0.0
062 R000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 31479
071 B000700 15637
<PAGE> PAGE 32
071 C000700 19283
071 D000700 81
072 A000700 12
072 B000700 249
072 C000700 50
072 D000700 0
072 E000700 0
072 F000700 151
072 G000700 0
072 H000700 0
072 I000700 0
072 J000700 28
072 K000700 0
072 L000700 1
072 M000700 14
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 5
072 S000700 3
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 0
072 X000700 202
072 Y000700 0
072 Z000700 97
072AA000700 2250
072BB000700 1064
072CC010700 4361
072CC020700 0
072DD010700 76
072DD020700 0
072EE000700 0
073 A010700 0.0050
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 1153
074 B000700 0
074 C000700 4989
074 D000700 0
074 E000700 0
074 F000700 30245
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 39
074 K000700 0
074 L000700 71
<PAGE> PAGE 33
074 M000700 0
074 N000700 36497
074 O000700 1038
074 P000700 18
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 68
074 S000700 0
074 T000700 35373
074 U010700 26283
074 U020700 0
074 V010700 1.35
074 V020700 0.00
074 W000700 0.0000
074 X000700 3
074 Y000700 0
075 A000700 0
075 B000700 23256
076 000700 0.00
SIGNATURE JEROME L. DUFFY
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
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> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 61,803
<INVESTMENTS-AT-VALUE> 61,803
<RECEIVABLES> 440
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,243
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,165
<TOTAL-LIABILITIES> 1,165
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,928
<SHARES-COMMON-STOCK> 61,078
<SHARES-COMMON-PRIOR> 83,821
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (850)
<NET-ASSETS> 61,078
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,532
<OTHER-INCOME> 0
<EXPENSES-NET> (409)
<NET-INVESTMENT-INCOME> 4,123
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (355)
<NET-CHANGE-FROM-OPS> 3,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,123)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 122,960
<NUMBER-OF-SHARES-REDEEMED> (149,894)
<SHARES-REINVESTED> 4,191
<NET-CHANGE-IN-ASSETS> (22,743)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (373)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (409)
<AVERAGE-NET-ASSETS> 72,905
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .006
<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
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
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> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 566,602
<INVESTMENTS-AT-VALUE> 653,496
<RECEIVABLES> 8,408
<ASSETS-OTHER> 843
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 662,747
<PAYABLE-FOR-SECURITIES> 1,379
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,474
<TOTAL-LIABILITIES> 2,853
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 530,034
<SHARES-COMMON-STOCK> 255,878
<SHARES-COMMON-PRIOR> 277,690
<ACCUMULATED-NII-CURRENT> 23,521
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,445
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86,894
<NET-ASSETS> 659,894
<DIVIDEND-INCOME> 5,918
<INTEREST-INCOME> 19,994
<OTHER-INCOME> 0
<EXPENSES-NET> (3,784)
<NET-INVESTMENT-INCOME> 22,128
<REALIZED-GAINS-CURRENT> 47,119
<APPREC-INCREASE-CURRENT> 74,735
<NET-CHANGE-FROM-OPS> 143,982
<EQUALIZATION> (1,827)
<DISTRIBUTIONS-OF-INCOME> (18,740)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 35,774
<NUMBER-OF-SHARES-REDEEMED> (66,098)
<SHARES-REINVESTED> 8,512
<NET-CHANGE-IN-ASSETS> 73,300
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,461)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,784)
<AVERAGE-NET-ASSETS> 628,258
<PER-SHARE-NAV-BEGIN> 2.112
<PER-SHARE-NII> .084
<PER-SHARE-GAIN-APPREC> .453
<PER-SHARE-DIVIDEND> (.070)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.579
<EXPENSE-RATIO> .006
<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
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
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> 3
<NAME> HIGH YIELD PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 255,498
<INVESTMENTS-AT-VALUE> 255,219
<RECEIVABLES> 5,819
<ASSETS-OTHER> 516
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 261,554
<PAYABLE-FOR-SECURITIES> 3,417
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 760
<TOTAL-LIABILITIES> 4,177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,624
<SHARES-COMMON-STOCK> 204,457
<SHARES-COMMON-PRIOR> 185,205
<ACCUMULATED-NII-CURRENT> 21,194
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,162)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (279)
<NET-ASSETS> 257,377
<DIVIDEND-INCOME> 57
<INTEREST-INCOME> 26,569
<OTHER-INCOME> 0
<EXPENSES-NET> (1,589)
<NET-INVESTMENT-INCOME> 25,037
<REALIZED-GAINS-CURRENT> (2,027)
<APPREC-INCREASE-CURRENT> 15,859
<NET-CHANGE-FROM-OPS> 38,869
<EQUALIZATION> 36
<DISTRIBUTIONS-OF-INCOME> (22,165)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 74,793
<NUMBER-OF-SHARES-REDEEMED> (74,907)
<SHARES-REINVESTED> 19,366
<NET-CHANGE-IN-ASSETS> 37,962
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,463)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,589)
<AVERAGE-NET-ASSETS> 243,644
<PER-SHARE-NAV-BEGIN> 1.185
<PER-SHARE-NII> .125
<PER-SHARE-GAIN-APPREC> .069
<PER-SHARE-DIVIDEND> (.120)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.259
<EXPENSE-RATIO> .007
<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
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
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> 4
<NAME> EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 372,099
<INVESTMENTS-AT-VALUE> 434,535
<RECEIVABLES> 1,661
<ASSETS-OTHER> 689
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 436,885
<PAYABLE-FOR-SECURITIES> 21,364
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 988
<TOTAL-LIABILITIES> 22,352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 287,880
<SHARES-COMMON-STOCK> 127,086
<SHARES-COMMON-PRIOR> 120,721
<ACCUMULATED-NII-CURRENT> 6,191
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 58,026
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 62,436
<NET-ASSETS> 414,533
<DIVIDEND-INCOME> 4,109
<INTEREST-INCOME> 2,255
<OTHER-INCOME> 0
<EXPENSES-NET> (2,277)
<NET-INVESTMENT-INCOME> 4,087
<REALIZED-GAINS-CURRENT> 58,852
<APPREC-INCREASE-CURRENT> 36,452
<NET-CHANGE-FROM-OPS> 99,391
<EQUALIZATION> 249
<DISTRIBUTIONS-OF-INCOME> (1,120)
<DISTRIBUTIONS-OF-GAINS> (24,649)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40,308
<NUMBER-OF-SHARES-REDEEMED> (43,622)
<SHARES-REINVESTED> 9,679
<NET-CHANGE-IN-ASSETS> 92,825
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,132)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,277)
<AVERAGE-NET-ASSETS> 355,567
<PER-SHARE-NAV-BEGIN> 2.665
<PER-SHARE-NII> .034
<PER-SHARE-GAIN-APPREC> .793
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> (.220)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 3.262
<EXPENSE-RATIO> .006
<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
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
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> 5
<NAME> GOVERNMENT SECURITIES PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 102,340
<INVESTMENTS-AT-VALUE> 107,006
<REIVABLES> 4,007
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 111,014
<PAYABLE-FOR-SECURITIES> 15,661
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 168
<TOTAL-LIABILITIES> 15,829
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,510
<SHARES-COMMON-STOCK> 74,992
<SHARES-COMMON-PRIOR> 83,892
<ACCUMULATED-NII-CURRENT> 16,486
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,477)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,666
<NET-ASSETS> 95,185
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,565
<OTHER-INCOME> 0
<EXPENSES-NET> (642)
<NET-INVESTMENT-INCOME> 6,923
<REALIZED-GAINS-CURRENT> 2,908
<APPREC-INCREASE-CURRENT> 7,318
<NET-CHANGE-FROM-OPS> 17,149
<EQUALIZATION> (2,310)
<DISTRIBUTIONS-OF-INCOME> (6,202)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,793
<NUMBER-OF-SHARES-REDEEMED> (53,140)
<SHARES-REINVESTED> 5,447
<NET-CHANGE-IN-ASSETS> (597)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (538)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (642)
<AVERAGE-NET-ASSETS> 98,555
<PER-SHARE-NAV-BEGIN> 1.142
<PER-SHARE-NII> .084
<PER-SHARE-GAIN-APPREC> .123
<PER-SHARE-DIVIDEND> (.080)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.269
<EXPENSE-RATIO> .007
<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
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
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> 6
<NAME> INTERNATIONAL PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 118,260
<INVESTMENTS-AT-VALUE> 134,008
<RECEIVABLES> 370
<ASSETS-OTHER> 441
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134,819
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 338
<TOTAL-LIABILITIES> 338
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115,194
<SHARES-COMMON-STOCK> 98,119
<SHARES-COMMON-PRIOR> 98,620
<ACCUMULATED-NII-CURRENT> 2,592
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 887
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,808
<NET-ASSETS> 134,481
<DIVIDEND-INCOME> 2,208
<INTEREST-INCOME> 708
<OTHER-INCOME> 0
<EXPENSES-NET> (1,158)
<NET-INVESTMENT-INCOME> 1,758
<REALIZED-GAINS-CURRENT> 1,344
<APPREC-INCREASE-CURRENT> 12,368
<NET-CHANGE-FROM-OPS> 15,470
<EQUALIZATION> (37)
<DISTRIBUTIONS-OF-INCOME> (970)
<DISTRIBUTIONS-OF-GAINS> (1,941)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,450
<NUMBER-OF-SHARES-REDEEMED> (32,312)
<SHARES-REINVESTED> 2,361
<NET-CHANGE-IN-ASSETS> 11,771
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (946)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,158)
<AVERAGE-NET-ASSETS> 126,099
<PER-SHARE-NAV-BEGIN> 1.244
<PER-SHARE-NII> .018
<PER-SHARE-GAIN-APPREC> .139
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> (.020)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.371
<EXPENSE-RATIO> .009
<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
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
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> 7
<NAME> SMALL CAPITALIZATION EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 30,571
<INVESTMENTS-AT-VALUE> 35,234
<RECEIVABLES> 110
<ASSETS-OTHER> 1,153
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,497
<PAYABLE-FOR-SECURITIES> 1,038
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86
<TOTAL-LIABILITIES> 1,124
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,437
<SHARES-COMMON-STOCK> 26,283
<SHARES-COMMON-PRIOR> 12,419
<ACCUMULATED-NII-CURRENT> 224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,049
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,663
<NET-ASSETS> 35,373
<DIVIDEND-INCOME> 50
<INTEREST-INCOME> 249
<OTHER-INCOME> 0
<EXPENSES-NET> (202)
<NET-INVESTMENT-INCOME> 97
<REALIZED-GAINS-CURRENT> 1,186
<APPREC-INCREASE-CURRENT> 4,361
<NET-CHANGE-FROM-OPS> 5,644
<EQUALIZATION> 97
<DISTRIBUTIONS-OF-INCOME> (76)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,379
<NUMBER-OF-SHARES-REDEEMED> (8,586)
<SHARES-REINVESTED> 71
<NET-CHANGE-IN-ASSETS> 22,464
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (151)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (202)
<AVERAGE-NET-ASSETS> 23,256
<PER-SHARE-NAV-BEGIN> 1.039
<PER-SHARE-NII> .005
<PER-SHARE-GAIN-APPREC> .307
<PER-SHARE-DIVIDEND> (.005)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.346
<EXPENSE-RATIO> .009
<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 as of the date listed in Exhibit A
attached hereto ("Report Date"), 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 Report Date.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Chicago, Illinois
February 16, 1996
Kemper Funds Exhibit A
December 31, 1995
Kemper Global Income Fund
Kemper International Bond Fund
Kemper-Dreman Contrarian Fund
Kemper-Dreman High Return Fund
Kemper-Dreman Small Cap Value Fund
Kemper Investors Fund:
Kemper Total Return Portfolio
Kemper High Yield Portfolio
Kemper Equity Portfolio
Kemper Government Securities Portfolio
Kemper Money Market Portfolio
Kemper International Portfolio
Kemper Small Capitalization Equity Portfolio
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 1
KILICO is a stock life insurance company organized under the laws
of the State of Illinois and is the only shareholder of the Fund.
KILICO is the issuer of the Kemper Select variable life insurance
policies, Kemper Advantage III variable annuity contracts and
Kemper Passport variable annuity contracts that are funded by
shares of the Fund. The KILICO Variable Annuity Separate Account
and the KILICO Variable Separate Account ("Separate Accounts")
hold the Fund's shares as assets underlying the annuity contracts
and policies through Subaccounts of the Separate Accounts.
International Portfolio and Small Capitalization Equity Portfolio
are not currently available for investment through the Kemper
Variable Separate Account.
Item 1: Election of Board of Trustees
Mutual Fund
Total Return For Withhold
Akins 877,274 26,759
Gottschalk 877,997 26,036
Kelsey 877,906 26,127
Mathis 877,997 26,036
Renwick 877,454 26,579
Timbers 877,274 26,759
Tingleff 876,912 27,121
Weithers 877,726 26,307
Mutual Fund
Income & Cap For Withhold
Akins 98,124 2,951
Gottschalk 98,184 2,891
Kelsey 98,215 2,860
Mathis 98,265 2,810
Renwick 98,164 2,911
Timbers 98,134 2,941
Tingleff 98,103 2,972
Weithers 98,215 2,860
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 2
Mutual Fund
High Yield For Withhold
Akins 298,549 6,810
Gottschalk 298,855 6,504
Kelsey 298,641 6,718
Mathis 298,794 6,565
Renwick 298,855 6,504
Timbers 298,122 7,237
Tingleff 298,488 6,871
Weithers 298,672 6,687
Mutual Fund
U.S. Government For Withhold
Akins 405,265 10,690
Gottschalk 405,307 10,648
Kelsey 405,515 10,440
Mathis 405,639 10,316
Renwick 405,556 10,399
Timbers 405,015 10,940
Tingleff 404,766 11,189
Weithers 405,307 10,648
Mutual Fund
Growth For Withhold
Akins 514,273 13,186
Gottschalk 514,589 12,870
Kelsey 514,536 12,923
Mathis 514,589 12,870
Renwick 514,536 12,923
Timbers 513,851 13,608
Tingleff 513,745 13,714
Weithers 514,378 13,081
Mutual Fund
Money Market For Withhold
Akins 985,939 25,073
Gottschalk 987,152 23,860
Kelsey 986,444 24,568
Mathis 986,849 24,163
Renwick 986,950 24,062
Timbers 985,433 25,579
Tingleff 985,332 25,680
Weithers 986,546 24,466
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 3
Mutual Fund
Diversified Income For Withhold
Akins 15,325 430
Gottschalk 15,330 425
Kelsey 15,328 427
Mathis 15,330 425
Renwick 15,326 429
Timbers 15,331 424
Tingleff 15,326 429
Weithers 15,328 427
Mutual Fund w/Vote
Total Return For Withhold
Akins 1,368,742 41,751
Gottschalk 1,369,871 40,622
Kelsey 1,369,730 40,763
Mathis 1,369,871 40,622
Renwick 1,369,025 41,468
Timbers 1,368,742 41,751
Tingleff 1,368,178 42,315
Weithers 1,369,448 41,045
Mutual Fund w/Vote
Income & Cap For Withhold
Akins 168,657 5,073
Gottschalk 168,762 4,969
Kelsey 168,814 4,917
Mathis 168,901 4,830
Renwick 168,727 5,003
Timbers 168,675 5,056
Tingleff 168,623 5,108
Weithers 168,814 4,917
Mutual Fund w/Vote
High Yield For Withhold
Akins 407,996 9,306
Gottschalk 408,413 8,889
Kelsey 408,121 9,181
Mathis 408,329 8,972
Renwick 408,413 8,889
Timbers 407,411 9,890
Tingleff 407,912 9,389
Weithers 408,162 9,139
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 4
Mutual Fund w/Vote
U.S. Government For Withhold
Akins 525,484 13,861
Gottschalk 525,538 13,807
Kelsey 525,808 13,538
Mathis 525,969 13,376
Renwick 525,862 13,484
Timbers 525,160 14,185
Tingleff 524,837 14,508
Weithers 525,538 13,807
Mutual Fund w/Vote
Growth For Withhold
Akins 818,302 20,982
Gottschalk 818,806 20,479
Kelsey 818,722 20,562
Mathis 818,806 20,479
Renwick 818,722 20,562
Timbers 817,631 21,654
Tingleff 817,463 21,821
Weithers 818,470 20,814
Advantage III
Equity For Withhold
Akins 24,270,477 617,215
Gottschalk 24,300,342 587,350
Kelsey 24,282,921 604,771
Mathis 24,292,876 594,816
Renwick 24,295,365 592,327
Timbers 24,258,033 629,659
Tingleff 24,255,545 632,147
Weithers 24,285,410 602,282
Advantage III
Government Securities For Withhold
Akins 16,252,184 456,137
Gottschalk 16,257,196 451,125
Kelsey 16,255,526 452,795
Mathis 16,257,196 451,125
Renwick 16,253,855 454,466
Timbers 16,258,867 449,454
Tingleff 16,253,855 454,466
Weithers 16,255,526 452,795
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 5
Advantage III
High Yield For Withhold
Akins 16,286,012 496,770
Gottschalk 16,299,438 483,344
Kelsey 16,297,760 485,022
Mathis 16,299,438 483,344
Renwick 16,289,368 493,414
Timbers 16,286,012 496,770
Tingleff 16,279,299 503,483
Weithers 16,294,403 488,379
Advantage III
Money Market For Withhold
Akins 8,805,551 264,856
Gottschalk 8,810,993 259,414
Kelsey 8,813,714 256,693
Mathis 8,818,250 252,157
Renwick 8,809,179 261,228
Timbers 8,806,458 263,949
Tingleff 8,803,737 266,670
Weithers 8,813,714 256,693
Advantage III
International For Withhold
Akins 28,109,824 641,147
Gottschalk 28,138,575 612,396
Kelsey 28,118,450 632,521
Mathis 28,132,825 618,146
Renwick 28,138,575 612,396
Timbers 28,069,573 681,398
Tingleff 28,104,074 646,897
Weithers 28,121,325 629,646
Advantage III
Small Cap For Withhold
Akins 4,570,853 120,570
Gottschalk 4,571,323 120,100
Kelsey 4,573,668 117,755
Mathis 4,575,076 116,347
Renwick 4,574,137 117,286
Timbers 4,568,039 123,384
Tingleff 4,565,224 126,199
Weithers 4,571,323 120,100
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 6
Advantage III
Total Return For Withhold
Akins 44,185,944 1,132,973
Gottschalk 44,213,135 1,105,782
Kelsey 44,208,604 1,110,313
Mathis 44,213,135 1,105,782
Renwick 44,208,604 1,110,313
Timbers 44,149,689 1,169,228
Tingleff 44,140,625 1,178,292
Weithers 44,195,008 1,123,909
Advantage III w/vote
Equity For Withhold
Akins 40,699,433 1,035,014
Gottschalk 40,749,515 984,933
Kelsey 40,720,301 1,014,147
Mathis 40,736,994 997,453
Renwick 40,741,168 993,280
Timbers 40,678,566 1,055,882
Tingleff 40,674,393 1,060,055
Weithers 40,724,474 1,009,974
Advantage III w/vote
Government Securities For Withhold
Akins 26,435,693 741,950
Gottschalk 26,443,847 733,796
Kelsey 26,441,129 736,514
Mathis 26,443,847 733,796
Renwick 26,438,411 739,232
Timbers 26,446,564 731,079
Tingleff 26,438,411 739,232
Weithers 26,441,129 736,514
Advantage III w/vote
High Yield For Withhold
Akins 26,244,854 800,544
Gottschalk 26,266,490 778,907
Kelsey 26,263,786 781,612
Mathis 26,266,490 778,907
Renwick 26,250,263 795,135
Timbers 26,244,854 800,544
Tingleff 26,234,036 811,362
Weithers 26,258,377 787,021
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 7
Advantage III w/vote
Money Market For Withhold
Akins 14,334,088 431,145
Gottschalk 14,342,947 422,286
Kelsey 14,347,377 417,856
Mathis 14,354,759 410,473
Renwick 14,339,994 425,239
Timbers 14,335,564 429,668
Tingleff 14,331,135 434,098
Weithers 14,347,377 417,856
Advantage III w/vote
International For Withhold
Akins 45,996,159 1,049,109
Gottschalk 46,043,204 1,002,064
Kelsey 46,010,272 1,034,996
Mathis 46,033,795 1,011,473
Renwick 46,043,204 1,002,064
Timbers 45,930,295 1,114,973
Tingleff 45,986,750 1,058,519
Weithers 46,014,977 1,030,291
Advantage III w/vote
Small Cap For Withhold
Akins 7,553,017 199,233
Gottschalk 7,553,803 198,458
Kelsey 7,557,679 194,582
Mathis 7,560,005 192,256
Renwick 7,558,454 193,807
Timbers 7,548,376 203,884
Tingleff 7,543,725 208,536
Weithers 7,553,803 198,458
Advantage III w/vote
Total Return For Withhold
Akins 73,457,127 1,883,516
Gottschalk 73,502,331 1,838,312
Kelsey 73,494,797 1,845,846
Mathis 73,502,331 1,838,312
Renwick 73,494,797 1,845,846
Timbers 73,396,854 1,943,789
Tingleff 73,381,786 1,958,857
Weithers 73,472,195 1,868,448
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 8
Passport
Equity For Withhold
Akins 23,474,081 596,962
Gottschalk 23,502,966 568,077
Kelsey 23,486,117 584,926
Mathis 23,495,745 575,298
Renwick 23,498,152 572,891
Timbers 23,462,046 608,997
Tingleff 23,459,639 611,404
Weithers 23,488,524 582,519
Passport
Government Securities For Withhold
Akins 9,897,276 277,779
Gottschalk 9,900,329 274,726
Kelsey 9,899,311 275,744
Mathis 9,900,329 274,726
Renwick 9,898,294 276,761
Timbers 9,901,346 273,709
Tingleff 9,898,294 276,761
Weithers 9,899,311 275,744
Passport
High Yield For Withhold
Akins 16,800,234 512,456
Gottschalk 16,814,085 498,605
Kelsey 16,812,353 500,337
Mathis 16,814,085 498,605
Renwick 16,803,697 508,993
Timbers 16,800,234 512,456
Tingleff 16,793,309 519,381
Weithers 16,808,891 503,799
Passport
Money Market For Withhold
Akins 3,337,710 100,393
Gottschalk 3,339,773 98,330
Kelsey 3,340,805 97,298
Mathis 3,342,524 95,579
Renwick 3,339,086 99,017
Timbers 3,338,054 100,049
Tingleff 3,337,023 101,080
Weithers 3,340,805 97,298
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 9
Passport
International For Withhold
Akins 9,980,407 227,639
Gottschalk 9,990,615 217,431
Kelsey 9,983,469 224,577
Mathis 9,988,573 219,473
Renwick 9,990,615 217,431
Timbers 9,966,115 241,931
Tingleff 9,978,365 229,681
Weithers 9,984,490 223,556
Passport
Small Cap For Withhold
Akins 1,562,194 41,207
Gottschalk 1,562,354 41,047
Kelsey 1,563,156 40,245
Mathis 1,563,637 39,764
Renwick 1,563,316 40,085
Timbers 1,561,232 42,169
Tingleff 1,560,270 43,131
Weithers 1,562,354 41,047
Passport
Total Return For Withhold
Akins 30,763,963 788,820
Gottschalk 30,782,895 769,888
Kelsey 30,779,740 773,043
Mathis 30,782,895 769,888
Renwick 30,779,740 773,043
Timbers 30,738,721 814,062
Tingleff 30,732,411 820,372
Weithers 30,770,274 782,509
Passport w/vote
Equity For Withhold
Akins 36,221,264 921,131
Gottschalk 36,265,835 876,561
Kelsey 36,239,835 902,560
Mathis 36,254,692 887,703
Renwick 36,258,407 883,989
Timbers 36,202,693 939,703
Tingleff 36,198,979 943,417
Weithers 36,243,550 898,846
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 10
Passport w/vote
Government Securities For Withhold
Akins 15,132,822 424,721
Gottschalk 15,137,489 420,054
Kelsey 15,135,933 421,609
Mathis 15,137,489 420,054
Renwick 15,134,378 423,165
Timbers 15,139,045 418,498
Tingleff 15,134,378 423,165
Weithers 15,135,933 421,609
Passport w/vote
High Yield For Withhold
Akins 25,842,059 788,257
Gottschalk 25,863,363 766,953
Kelsey 25,860,700 769,616
Mathis 25,863,363 766,953
Renwick 25,847,385 782,931
Timbers 25,842,059 788,257
Tingleff 25,831,407 798,909
Weithers 25,855,374 774,942
Passport w/vote
Money Market For Withhold
Akins 5,532,684 166,414
Gottschalk 5,536,103 162,994
Kelsey 5,537,813 161,284
Mathis 5,540,662 158,435
Renwick 5,534,963 164,134
Timbers 5,533,253 165,844
Tingleff 5,531,544 167,553
Weithers 5,537,813 161,284
Passport w/vote
International For Withhold
Akins 12,190,981 278,060
Gottschalk 12,203,450 265,591
Kelsey 12,194,721 274,319
Mathis 12,200,956 268,084
Renwick 12,203,450 265,591
Timbers 12,173,524 295,516
Tingleff 12,188,487 280,553
Weithers 12,195,968 273,072
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 11
Passport w/vote
Small Cap For Withhold
Akins 2,462,239 64,949
Gottschalk 2,462,492 64,696
Kelsey 2,463,755 63,432
Mathis 2,464,514 62,674
Renwick 2,464,008 63,180
Timbers 2,460,723 66,465
Tingleff 2,459,206 67,981
Weithers 2,462,492 64,696
Passport w/vote
Total Return For Withhold
Akins 47,123,031 1,208,283
Gottschalk 47,152,030 1,179,284
Kelsey 47,147,197 1,184,117
Mathis 47,152,030 1,179,284
Renwick 47,147,197 1,184,117
Timbers 47,084,366 1,246,948
Tingleff 47,074,700 1,256,614
Weithers 47,132,698 1,198,617
Select
Equity For Withhold
Akins 330,676 8,409
Gottschalk 331,083 8,002
Kelsey 330,845 8,240
Mathis 330,981 8,140
Renwick 331,015 8,070
Timbers 330,506 8,579
Tingleff 330,472 8,613
Weithers 330,879 8,206
Select
Government Securities For Withhold
Akins 2,012,214 56,475
Gottschalk 2,012,834 55,855
Kelsey 2,012,628 56,061
Mathis 2,012,834 55,855
Renwick 2,012,421 56,268
Timbers 2,013,041 55,648
Tingleff 2,012,421 56,268
Weithers 2,012,628 56,061
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 12
Select
Money Market For Withhold
Akins 279,244 8,399
Gottschalk 279,416 8,227
Kelsey 279,503 8,140
Mathis 279,647 7,996
Renwick 279,359 8,284
Timbers 279,273 8,370
Tingleff 279,186 8,457
Weithers 279,503 8,140
Select
Total Return For Withhold
Akins 737,270 22,176
Gottschalk 737,726 21,720
Kelsey 737,954 21,492
Mathis 738,333 21,113
Renwick 737,574 21,872
Timbers 737,346 22,100
Tingleff 737,118 22,328
Weithers 737,954 21,492
Select
High Yield For Withhold
Akins 827,334 25,236
Gottschalk 828,016 24,554
Kelsey 827,931 24,639
Mathis 828,016 24,554
Renwick 827,504 25,066
Timbers 827,334 25,236
Tingleff 826,993 25,577
Weithers 827,760 24,810
Select w/Vote
Equity For Withhold
Akins 515,757 13,605
Gottschalk 515,810 13,552
Kelsey 516,075 13,287
Mathis 516,234 13,128
Renwick 516,128 13,234
Timbers 515,440 13,922
Tingleff 515,122 14,420
Weithers 515,810 13,552
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 13
Select w/Vote
Government Securities For Withhold
Akins 2,224,693 57,043
Gottschalk 2,226,062 55,674
Kelsey 2,225,834 55,903
Mathis 2,226,062 55,674
Renwick 2,225,834 55,903
Timbers 2,222,867 58,869
Tingleff 2,222,411 59,325
Weithers 2,225,149 56,587
Select w/Vote
Money Market For Withhold
Akins 457,888 11,644
Gottschalk 458,451 11,081
Kelsey 458,123 11,410
Mathis 458,311 11,222
Renwick 458,358 11,175
Timbers 457,653 11,879
Tingleff 457,606 11,926
Weithers 458,170 11,363
Select w/Vote
Total Return For Withhold
Akins 1,079,334 30,293
Gottschalk 1,079,667 29,960
Kelsey 1,079,556 30,071
Mathis 1,079,667 29,960
Renwick 1,079,445 30,182
Timbers 1,079,778 29,849
Tingleff 1,079,445 30,182
Weithers 1,079,556 30,071
Select w/Vote
High Yield For Withhold
Akins 1,071,831 32,694
Gottschalk 1,072,714 31,810
Kelsey 1,072,604 31,921
Mathis 1,072,714 31,810
Renwick 1,072,052 32,473
Timbers 1,071,831 32,694
Tingleff 1,071,389 33,136
Weithers 1,072,383 32,142
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 14
Item 2: Selection of Independent Auditors
Mutual Fund Against Abstain
Total Return 14,610 6,086
Income & Cap 2,505 0
High Yield 2,231 0
U.S. Government 0 0
Growth 11,043 13,784
Money Market 8,772 3,271
Diversified Income 0 1,506
Mutual Funds w/Vote Against Abstain
Total Return 22,795 9,496
Income & Cap 4,306 0
High Yield 3,049 0
U.S. Government 0 0
Growth 17,571 21,933
Advantage III
Equity 316,075 794,825
Government Securities 94,191 690,746
High Yield 282,302 400,024
Money Market 152,532 210,106
International 421,360 668,639
Small Cap 61,102 138,059
Total Return 737,153 1,140,752
Advantage III w/vote
Equity 530,030 1,332,851
Government Securities 153,210 1,123,563
High Yield 454,929 644,637
Money Market 248,299 342,020
International 689,472 1,094,095
Small Cap 100,967 228,133
Total Return 1,225,483 1,896,448
Passport
Equity 171,670 950,683
Government Securities 10,895 275,578
High Yield 59,637 260,145
Money Market 12,922 210,887
International 93,627 301,059
Small Cap 1,961 98,368
Total Return 323,464 1,151,876
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 15
Passport w/vote
Equity 264,892 1,466,935
Government Securities 16,658 421,356
High Yield 91,733 400,154
Money Market 21,420 349,572
International 102,125 439,744
Small Cap 3,091 155,042
Total Return 495,469 1,764,398
Select
Equity 0 0
Government Securities 0 0
Money Market 15,037 0
Total Return 61,129 5,996
High Yield 1,916 0
Select w/Vote
Equity 0 0
Government Securities 0 0
Money Market 25,546 0
Total Return 89,316 8,761
High Yield 2,482 0
Item 3: New Investment Management Agreement
Mutual Fund Against Abstain
Total Return 18,316 15,144
Income & Cap 2,505 0
High Yield 0 0
U.S. Government 0 6,632
Growth 6,472 14,444
Money Market 13,627 114,239
Diversified Income 0 1,506
Mutual Fund w//Vote
Total Return 28,577 23,628
Income & Cap 4,306 0
High Yield 0 0
U.S. Government 0 8,599
Growth 10,298 22,983
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 16
Advantage III
Equity 731,978 1,185,353
Government Securities 339,781 1,152,581
High Yield 358,205 983,191
Money Market 271,417 324,478
International 796,170 1,001,384
Small Cap 94,700 188,216
Total Return 1,052,295 1,698,013
Advantage III w/vote
Equity 1,227,462 1,987,732
Government Securities 552,685 1,874,781
High Yield 577,246 1,584,409
Money Market 441,825 528,200
International 1,302,774 1,638,567
Small Cap 156,485 311,014
Total Return 1,749,393 2,822,869
Passport
Equity 326,723 1,000,801
Government Securities 30,774 220,043
High Yield 95,298 361,524
Money Market 4,708 74,939
International 169,020 494,566
Small Cap 52,159 94,753
Total Return 682,793 1,501,350
Passport w/vote
Equity 504,144 1,544,269
Government Securities 47,053 336,443
High Yield 146,587 556,095
Money Market 7,804 124,221
International 172,116 543,848
Small Cap 82,210 149,344
Total Return 1,045,876 2,299,709
Select
Equity 3,183 9,628
Government Securities 36,769 1,358
Money Market 49,980 0
Total Return 34,532 5,997
High Yield 135 42,868
Exhibit 77C
Kemper Investors Fund
Form N-SAR for the period ended 12/31/95
File No. 811-5002
Page 17
Select w/Vote
Equity 4,969 15,031
Government Securities 40,556 1,498
Money Market 81,585 0
Total Return 50,455 8,763
High Yield 175 55,537
LKW|W:\FUNDS\NSAR.EXH\KINFD95.77C|022696
