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<PAGE> PAGE 11
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 29
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<PAGE> PAGE 32
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<PAGE> PAGE 36
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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008 B001001 A
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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008 A001101 ZURICH KEMPER INVESTMENTS, INC.
008 B001101 A
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<PAGE> PAGE 49
025 A001102 FIRST CHICAGO NBD CORPORATION
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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008 A001201 ZURICH KEMPER INVESTMENTS, INC.
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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008 A001301 ZURICH KEMPER INVESTMENTS, INC.
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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066 D001300 N
066 E001300 Y
066 F001300 N
066 G001300 N
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068 B001300 N
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070 A021300 Y
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070 F021300 N
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070 I021300 N
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070 K011300 N
070 K021300 N
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070 L021300 Y
070 M011300 Y
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070 O021300 N
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070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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070 Q021400 N
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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SIGNATURE JEROME L. DUFFY
TITLE TREASURER
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1997
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<NAME> INVESTORS FUND SERIES
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</LEGEND>
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<NAME> INVESTORS FUND SERIES
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<NAME> KEMPER TOTAL RETURN PORTFOLIO
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<AVERAGE-NET-ASSETS> 706,648
<PER-SHARE-NAV-BEGIN> 2.815
<PER-SHARE-NII> .044
<PER-SHARE-GAIN-APPREC> .243
<PER-SHARE-DIVIDEND> (.090)
<PER-SHARE-DISTRIBUTIONS> (.370)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.642
<EXPENSE-RATIO> .60
<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 1997
SEMIANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 03
<NAME> KEMPER HIGH YIELD PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 314,566
<INVESTMENTS-AT-VALUE> 325,090
<RECEIVABLES> 7,775
<ASSETS-OTHER> 4,447
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 337,312
<PAYABLE-FOR-SECURITIES> 3,940
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 207
<TOTAL-LIABILITIES> 4,147
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 337,903
<SHARES-COMMON-STOCK> 272,347
<SHARES-COMMON-PRIOR> 225,904
<ACCUMULATED-NII-CURRENT> 6,069
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21,331)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,524
<NET-ASSETS> 333,165
<DIVIDEND-INCOME> 40
<INTEREST-INCOME> 15,135
<OTHER-INCOME> 0
<EXPENSES-NET> (998)
<NET-INVESTMENT-INCOME> 14,177
<REALIZED-GAINS-CURRENT> 129
<APPREC-INCREASE-CURRENT> 1,711
<NET-CHANGE-FROM-OPS> 16,017
<EQUALIZATION> (980)
<DISTRIBUTIONS-OF-INCOME> (25,931)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 80,056
<NUMBER-OF-SHARES-REDEEMED> (55,841)
<SHARES-REINVESTED> 22,228
<NET-CHANGE-IN-ASSETS> 43,850
<ACCUMULATED-NII-PRIOR> 18,803
<ACCUMULATED-GAINS-PRIOR> (21,460)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 903
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 998
<AVERAGE-NET-ASSETS> 300,259
<PER-SHARE-NAV-BEGIN> 1.281
<PER-SHARE-NII> .059
<PER-SHARE-GAIN-APPREC> .003
<PER-SHARE-DIVIDEND> (.120)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.223
<EXPENSE-RATIO> .66
<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 1997
SEMIANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 04
<NAME> KEMPER GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 456,821
<INVESTMENTS-AT-VALUE> 518,111
<RECEIVABLES> 3,366
<ASSETS-OTHER> 932
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 522,409
<PAYABLE-FOR-SECURITIES> 4,969
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 306
<TOTAL-LIABILITIES> 5,275
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 432,333
<SHARES-COMMON-STOCK> 189,100
<SHARES-COMMON-PRIOR> 144,606
<ACCUMULATED-NII-CURRENT> 5,022
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,521
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61,258
<NET-ASSETS> 517,134
<DIVIDEND-INCOME> 2,187
<INTEREST-INCOME> 345
<OTHER-INCOME> 0
<EXPENSES-NET> (1,585)
<NET-INVESTMENT-INCOME> 947
<REALIZED-GAINS-CURRENT> 19,970
<APPREC-INCREASE-CURRENT> 28,292
<NET-CHANGE-FROM-OPS> 49,209
<EQUALIZATION> 1,076
<DISTRIBUTIONS-OF-INCOME> (2,753)
<DISTRIBUTIONS-OF-GAINS> (111,508)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,037
<NUMBER-OF-SHARES-REDEEMED> (12,531)
<SHARES-REINVESTED> 49,988
<NET-CHANGE-IN-ASSETS> 29,651
<ACCUMULATED-NII-PRIOR> 5,752
<ACCUMULATED-GAINS-PRIOR> 110,059
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,452
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,585
<AVERAGE-NET-ASSETS> 485,709
<PER-SHARE-NAV-BEGIN> 3.371
<PER-SHARE-NII> .006
<PER-SHARE-GAIN-APPREC> .188
<PER-SHARE-DIVIDEND> (.020)
<PER-SHARE-DISTRIBUTIONS> (.810)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.735
<EXPENSE-RATIO> .65
<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 1997
SEMIANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 05
<NAME> KEMPER GOVERNMENT SECURITIES PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 92,947
<INVESTMENTS-AT-VALUE> 93,945
<RECEIVABLES> 772
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94,717
<PAYABLE-FOR-SECURITIES> 12,087
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 230
<TOTAL-LIABILITIES> 12,317
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75,209
<SHARES-COMMON-STOCK> 71,819
<SHARES-COMMON-PRIOR> 69,839
<ACCUMULATED-NII-CURRENT> 11,292
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,099)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 998
<NET-ASSETS> 82,400
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,274
<OTHER-INCOME> 0
<EXPENSES-NET> (283)
<NET-INVESTMENT-INCOME> 2,991
<REALIZED-GAINS-CURRENT> (91)
<APPREC-INCREASE-CURRENT> (24)
<NET-CHANGE-FROM-OPS> 2,876
<EQUALIZATION> (7)
<DISTRIBUTIONS-OF-INCOME> (6,694)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,929
<NUMBER-OF-SHARES-REDEEMED> (12,947)
<SHARES-REINVESTED> 5,998
<NET-CHANGE-IN-ASSETS> (1,914)
<ACCUMULATED-NII-PRIOR> 15,002
<ACCUMULATED-GAINS-PRIOR> (5,008)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 229
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 283
<AVERAGE-NET-ASSETS> 83,529
<PER-SHARE-NAV-BEGIN> 1.207
<PER-SHARE-NII> .042
<PER-SHARE-GAIN-APPREC> (.002)
<PER-SHARE-DIVIDEND> (.100)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.147
<EXPENSE-RATIO> .68
<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 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 06
<NAME> KEMPER INTERNATIONAL PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 156,038
<INVESTMENTS-AT-VALUE> 203,282
<RECEIVABLES> 6,954
<ASSETS-OTHER> 187
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 210,423
<PAYABLE-FOR-SECURITIES> 8,300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 236
<TOTAL-LIABILITIES> 8,536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,583
<SHARES-COMMON-STOCK> 121,820
<SHARES-COMMON-PRIOR> 104,504
<ACCUMULATED-NII-CURRENT> 1,663
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,630
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,011
<NET-ASSETS> 201,887
<DIVIDEND-INCOME> 1,775
<INTEREST-INCOME> 196
<OTHER-INCOME> 0
<EXPENSES-NET> (840)
<NET-INVESTMENT-INCOME> 974
<REALIZED-GAINS-CURRENT> 3,347
<APPREC-INCREASE-CURRENT> 17,117
<NET-CHANGE-FROM-OPS> 21,438
<EQUALIZATION> 85
<DISTRIBUTIONS-OF-INCOME> (2,135)
<DISTRIBUTIONS-OF-GAINS> (7,472)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,722
<NUMBER-OF-SHARES-REDEEMED> (7,853)
<SHARES-REINVESTED> 6,447
<NET-CHANGE-IN-ASSETS> 38,412
<ACCUMULATED-NII-PRIOR> 2,739
<ACCUMULATED-GAINS-PRIOR> 6,755
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 654
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 840
<AVERAGE-NET-ASSETS> 174,919
<PER-SHARE-NAV-BEGIN> 1.564
<PER-SHARE-NII> .009
<PER-SHARE-GAIN-APPREC> .174
<PER-SHARE-DIVIDEND> (.020)
<PER-SHARE-DISTRIBUTIONS> (.070)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.657
<EXPENSE-RATIO> .96
<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 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 07
<NAME> KEMPER SMALL CAP GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 76,219
<INVESTMENTS-AT-VALUE> 89,617
<RECEIVABLES> 3,166
<ASSETS-OTHER> 1,091
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,874
<PAYABLE-FOR-SECURITIES> 2,692
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73
<TOTAL-LIABILITIES> 2,765
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,476
<SHARES-COMMON-STOCK> 54,075
<SHARES-COMMON-PRIOR> 41,235
<ACCUMULATED-NII-CURRENT> 147
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,088
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,398
<NET-ASSETS> 91,109
<DIVIDEND-INCOME> 145
<INTEREST-INCOME> 236
<OTHER-INCOME> 0
<EXPENSES-NET> (289)
<NET-INVESTMENT-INCOME> 92
<REALIZED-GAINS-CURRENT> 6,177
<APPREC-INCREASE-CURRENT> 5,149
<NET-CHANGE-FROM-OPS> 11,418
<EQUALIZATION> 56
<DISTRIBUTIONS-OF-INCOME> (445)
<DISTRIBUTIONS-OF-GAINS> (8,459)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,569
<NUMBER-OF-SHARES-REDEEMED> (3,086)
<SHARES-REINVESTED> 6,357
<NET-CHANGE-IN-ASSETS> 21,972
<ACCUMULATED-NII-PRIOR> 444
<ACCUMULATED-GAINS-PRIOR> 8,370
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 249
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 289
<AVERAGE-NET-ASSETS> 76,982
<PER-SHARE-NAV-BEGIN> 1.677
<PER-SHARE-NII> .002
<PER-SHARE-GAIN-APPREC> .206
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> (.190)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.685
<EXPENSE-RATIO> .74
<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 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 08
<NAME> KEMPER INVESTMENT GRADE BOND PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 7,278
<INVESTMENTS-AT-VALUE> 7,292
<RECEIVABLES> 499
<ASSETS-OTHER> 145
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,936
<PAYABLE-FOR-SECURITIES> 362
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7
<TOTAL-LIABILITIES> 369
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,163
<SHARES-COMMON-STOCK> 7,168
<SHARES-COMMON-PRIOR> 1,929
<ACCUMULATED-NII-CURRENT> 377
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14
<NET-ASSETS> 7,567
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 147
<OTHER-INCOME> 0
<EXPENSES-NET> (17)
<NET-INVESTMENT-INCOME> 130
<REALIZED-GAINS-CURRENT> 11
<APPREC-INCREASE-CURRENT> 13
<NET-CHANGE-FROM-OPS> 154
<EQUALIZATION> 229
<DISTRIBUTIONS-OF-INCOME> (41)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,589
<NUMBER-OF-SHARES-REDEEMED> (390)
<SHARES-REINVESTED> 40
<NET-CHANGE-IN-ASSETS> 5,569
<ACCUMULATED-NII-PRIOR> 59
<ACCUMULATED-GAINS-PRIOR> 2
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17
<AVERAGE-NET-ASSETS> 4,188
<PER-SHARE-NAV-BEGIN> 1.036
<PER-SHARE-NII> .032
<PER-SHARE-GAIN-APPREC> (.002)
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.056
<EXPENSE-RATIO> .79
<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 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 09
<NAME> KEMPER VALUE PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 73,141
<INVESTMENTS-AT-VALUE> 78,955
<RECEIVABLES> 148
<ASSETS-OTHER> 2,019
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,122
<PAYABLE-FOR-SECURITIES> 1,103
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71
<TOTAL-LIABILITIES> 1,174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,049
<SHARES-COMMON-STOCK> 59,542
<SHARES-COMMON-PRIOR> 18,154
<ACCUMULATED-NII-CURRENT> 1,203
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,882
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,814
<NET-ASSETS> 79,948
<DIVIDEND-INCOME> 535
<INTEREST-INCOME> 239
<OTHER-INCOME> 0
<EXPENSES-NET> (198)
<NET-INVESTMENT-INCOME> 576
<REALIZED-GAINS-CURRENT> 1,701
<APPREC-INCREASE-CURRENT> 4,417
<NET-CHANGE-FROM-OPS> 6,694
<EQUALIZATION> 746
<DISTRIBUTIONS-OF-INCOME> (389)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43,088
<NUMBER-OF-SHARES-REDEEMED> (2,024)
<SHARES-REINVESTED> 324
<NET-CHANGE-IN-ASSETS> 58,643
<ACCUMULATED-NII-PRIOR> 270
<ACCUMULATED-GAINS-PRIOR> 181
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 169
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 198
<AVERAGE-NET-ASSETS> 45,376
<PER-SHARE-NAV-BEGIN> 1.174
<PER-SHARE-NII> .015
<PER-SHARE-GAIN-APPREC> .164
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.343
<EXPENSE-RATIO> .88
<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 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 10
<NAME> KEMPER SMALL CAP VALUE PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 33,148
<INVESTMENTS-AT-VALUE> 37,649
<RECEIVABLES> 491
<ASSETS-OTHER> 755
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,895
<PAYABLE-FOR-SECURITIES> 723
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34
<TOTAL-LIABILITIES> 757
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,353
<SHARES-COMMON-STOCK> 33,153
<SHARES-COMMON-PRIOR> 13,064
<ACCUMULATED-NII-CURRENT> 233
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 51
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,501
<NET-ASSETS> 38,138
<DIVIDEND-INCOME> 110
<INTEREST-INCOME> 105
<OTHER-INCOME> 0
<EXPENSES-NET> (108)
<NET-INVESTMENT-INCOME> 107
<REALIZED-GAINS-CURRENT> 205
<APPREC-INCREASE-CURRENT> 3,757
<NET-CHANGE-FROM-OPS> 4,069
<EQUALIZATION> 190
<DISTRIBUTIONS-OF-INCOME> (236)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,017
<NUMBER-OF-SHARES-REDEEMED> (1,167)
<SHARES-REINVESTED> 239
<NET-CHANGE-IN-ASSETS> 24,831
<ACCUMULATED-NII-PRIOR> 172
<ACCUMULATED-GAINS-PRIOR> (154)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 108
<AVERAGE-NET-ASSETS> 23,303
<PER-SHARE-NAV-BEGIN> 1.019
<PER-SHARE-NII> .004
<PER-SHARE-GAIN-APPREC> .137
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.150
<EXPENSE-RATIO> .92
<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 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 11
<NAME> KEMPER VALUE+GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 26,493
<INVESTMENTS-AT-VALUE> 29,682
<RECEIVABLES> 150
<ASSETS-OTHER> 51
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,883
<PAYABLE-FOR-SECURITIES> 782
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26
<TOTAL-LIABILITIES> 808
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,756
<SHARES-COMMON-STOCK> 22,551
<SHARES-COMMON-PRIOR> 8,896
<ACCUMULATED-NII-CURRENT> 62
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 68
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,189
<NET-ASSETS> 29,075
<DIVIDEND-INCOME> 147
<INTEREST-INCOME> 28
<OTHER-INCOME> 0
<EXPENSES-NET> (89)
<NET-INVESTMENT-INCOME> 86
<REALIZED-GAINS-CURRENT> 7
<APPREC-INCREASE-CURRENT> 2,551
<NET-CHANGE-FROM-OPS> 2,644
<EQUALIZATION> 72
<DISTRIBUTIONS-OF-INCOME> (165)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,693
<NUMBER-OF-SHARES-REDEEMED> (1,199)
<SHARES-REINVESTED> 161
<NET-CHANGE-IN-ASSETS> 18,879
<ACCUMULATED-NII-PRIOR> 69
<ACCUMULATED-GAINS-PRIOR> 61
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 89
<AVERAGE-NET-ASSETS> 18,623
<PER-SHARE-NAV-BEGIN> 1.146
<PER-SHARE-NII> .005
<PER-SHARE-GAIN-APPREC> .148
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.289
<EXPENSE-RATIO> .94
<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 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 12
<NAME> KEMPER HORIZON 20+ PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 7,660
<INVESTMENTS-AT-VALUE> 8,533
<RECEIVABLES> 124
<ASSETS-OTHER> 256
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,913
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5
<TOTAL-LIABILITIES> 107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,784
<SHARES-COMMON-STOCK> 6,946
<SHARES-COMMON-PRIOR> 3,258
<ACCUMULATED-NII-CURRENT> 84
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 873
<NET-ASSETS> 8,806
<DIVIDEND-INCOME> 38
<INTEREST-INCOME> 45
<OTHER-INCOME> 0
<EXPENSES-NET> (27)
<NET-INVESTMENT-INCOME> 56
<REALIZED-GAINS-CURRENT> 54
<APPREC-INCREASE-CURRENT> 627
<NET-CHANGE-FROM-OPS> 737
<EQUALIZATION> 46
<DISTRIBUTIONS-OF-INCOME> (57)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,861
<NUMBER-OF-SHARES-REDEEMED> (224)
<SHARES-REINVESTED> 51
<NET-CHANGE-IN-ASSETS> 5,047
<ACCUMULATED-NII-PRIOR> 39
<ACCUMULATED-GAINS-PRIOR> 11
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27
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<PER-SHARE-NAV-BEGIN> 1.154
<PER-SHARE-NII> .002
<PER-SHARE-GAIN-APPREC> .122
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.268
<EXPENSE-RATIO> .86
<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 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 13
<NAME> KEMPER HORIZON 10+ PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 10,239
<INVESTMENTS-AT-VALUE> 11,185
<RECEIVABLES> 124
<ASSETS-OTHER> 58
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,367
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8
<TOTAL-LIABILITIES> 109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,027
<SHARES-COMMON-STOCK> 9,349
<SHARES-COMMON-PRIOR> 5,142
<ACCUMULATED-NII-CURRENT> 226
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 59
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 946
<NET-ASSETS> 11,258
<DIVIDEND-INCOME> 39
<INTEREST-INCOME> 111
<OTHER-INCOME> 0
<EXPENSES-NET> (34)
<NET-INVESTMENT-INCOME> 116
<REALIZED-GAINS-CURRENT> 53
<APPREC-INCREASE-CURRENT> 627
<NET-CHANGE-FROM-OPS> 796
<EQUALIZATION> 92
<DISTRIBUTIONS-OF-INCOME> (76)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,508
<NUMBER-OF-SHARES-REDEEMED> (371)
<SHARES-REINVESTED> 70
<NET-CHANGE-IN-ASSETS> 5,531
<ACCUMULATED-NII-PRIOR> 94
<ACCUMULATED-GAINS-PRIOR> 6
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34
<AVERAGE-NET-ASSETS> 8,166
<PER-SHARE-NAV-BEGIN> 1.114
<PER-SHARE-NII> .016
<PER-SHARE-GAIN-APPREC> .084
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.204
<EXPENSE-RATIO> .81
<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 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 14
<NAME> KEMPER HORIZON 5 PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 6,484
<INVESTMENTS-AT-VALUE> 6,831
<RECEIVABLES> 79
<ASSETS-OTHER> 57
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,967
<PAYABLE-FOR-SECURITIES> 96
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5
<TOTAL-LIABILITIES> 101
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,300
<SHARES-COMMON-STOCK> 5,937
<SHARES-COMMON-PRIOR> 2,313
<ACCUMULATED-NII-CURRENT> 205
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 347
<NET-ASSETS> 6,866
<DIVIDEND-INCOME> 14
<INTEREST-INCOME> 89
<OTHER-INCOME> 0
<EXPENSES-NET> (20)
<NET-INVESTMENT-INCOME> 83
<REALIZED-GAINS-CURRENT> 12
<APPREC-INCREASE-CURRENT> 253
<NET-CHANGE-FROM-OPS> 348
<EQUALIZATION> 111
<DISTRIBUTIONS-OF-INCOME> (43)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,934
<NUMBER-OF-SHARES-REDEEMED> (350)
<SHARES-REINVESTED> 40
<NET-CHANGE-IN-ASSETS> 4,332
<ACCUMULATED-NII-PRIOR> 54
<ACCUMULATED-GAINS-PRIOR> 2
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20
<AVERAGE-NET-ASSETS> 4,365
<PER-SHARE-NAV-BEGIN> 1.096
<PER-SHARE-NII> .021
<PER-SHARE-GAIN-APPREC> .049
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.156
<EXPENSE-RATIO> .91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTIANS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 15
<NAME> KEMPER BLUE CHIP PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,005
<INVESTMENTS-AT-VALUE> 1,023
<RECEIVABLES> 5
<ASSETS-OTHER> 202
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,230
<PAYABLE-FOR-SECURITIES> 73
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1
<TOTAL-LIABILITIES> 74
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,134
<SHARES-COMMON-STOCK> 1,123
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18
<NET-ASSETS> 1,156
<DIVIDEND-INCOME> 1
<INTEREST-INCOME> 2
<OTHER-INCOME> 0
<EXPENSES-NET> (1)
<NET-INVESTMENT-INCOME> 2
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 18
<NET-CHANGE-FROM-OPS> 18
<EQUALIZATION> 4
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,034
<NUMBER-OF-SHARES-REDEEMED> (11)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,056
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1
<AVERAGE-NET-ASSETS> 548
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .005
<PER-SHARE-GAIN-APPREC> .024
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.029
<EXPENSE-RATIO> 1.21
<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 1997
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810573
<NAME> INVESTORS FUND SERIES
<SERIES>
<NUMBER> 16
<NAME> KEMPER GLOBAL INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,422
<INVESTMENTS-AT-VALUE> 1,420
<RECEIVABLES> 23
<ASSETS-OTHER> 68
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,511
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1
<TOTAL-LIABILITIES> 1
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,501
<SHARES-COMMON-STOCK> 1,501
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2)
<NET-ASSETS> 1,510
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8
<OTHER-INCOME> 0
<EXPENSES-NET> (2)
<NET-INVESTMENT-INCOME> 6
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (2)
<NET-CHANGE-FROM-OPS> 4
<EQUALIZATION> 5
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,426
<NUMBER-OF-SHARES-REDEEMED> (25)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,410
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2
<AVERAGE-NET-ASSETS> 742
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .007
<PER-SHARE-GAIN-APPREC> (.001)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.006
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit 770
Investors Fund Series
Form N-SAR for the period ended 6/30/97
File No. 811-5002
Offering Date: 4/16/97
Description of Security: DeCrane Aircraft Holdings Inc.
Total Amount of Underwriting: 2,797,423 Shares
Name of Fund: Investors Fund Series-Kemper Small Cap Growth
Portfolio
Amount Purchased: 45,800 Shares
Affiliate That Participated in Underwriting: Gruntal and Co.
Amount Purchased 4% Limit (1): 1.8%
Amount Purchased 3% Limit (2): 0.7%
Purchased From: Wertheim Schroder & Co. Inc.
Underwriting syndicates members: Wertheim Schroder Co. Inc.,
Dillon, Read &
Co., Inc., Bear, Stearns & Co., Inc., Alex Brown & Sons
Inc., BT Securities
Corp., Donaldson, Lufkin & Jenrette Securities Corp., A.G.
Edwards & Sons,
Inc., Goldman, Sachs & Co., Lazard Freres & Co. LLC, Lehman
Brothers Inc.,
Merrill Lynch, Pierce, Fenner & Smith Inc., Oppenheimer &
Co., Inc.,
Prudential Securities Inc., Smith Barney Inc., Arnhold & S.
Bleichroeder,
Inc., Cowen & Co., Gabelli & Co., Inc., Janney Montgomery
Scott Inc., C.L.
King & Assoc., Inc., The Ohio Co., Ragen Mackenzie Inc., The
Robinson-Humphrey
Co., Inc., Sanders Morris Mundy Inc., Scott & Stringfellow,
Inc., Wheat, First
Securities, Inc.
Offering Date: 06/24/97
Description of Security: Waterlink, Inc.
Total Amount of Underwriting: 4,500,000 Shares
Name of Fund: Investors Fund Series-Kemper Small Cap Growth
Portfolio
Amount Purchased: 36,800 Shares
Affiliate That Participated in Underwriting: Gruntal and Co.
Amount Purchased 4% Limit (1): 0.9%
Amount Purchased 3% Limit (2): 0.4%
Purchased from: Smith Barney Inc.
Underwriting syndicates members: Smith Barney Inc.,
Oppenheimer & Co., Inc.,
Sanders Morris Mundy Inc., Robert W. Baird & Co. Inc., Bear,
Stearns & Co.
Inc., Alex. Brown & Sons Inc., Cleary Gull Reiland &
McDevitt Inc., Credit
Suisse First Boston Corp., Dain Bosworth Inc., Deutsche
Morgan Grenfell Inc.,
Donaldson, Lufkin & Jenrette Securities Corp., EVEREN
Securities, Inc., First
Analysis Securities Corp., First of Michigan Corp., Goldman,
Sachs & Co.,
Hoefer & Arnett, Inc., Edward D. Jones & Co., LP, McDonald &
Company
Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith
Inc., NatWest
Securities Ltd., The Ohio Co., PaineWebber Inc.,
Parker/Hunter Inc., Ragen
MacKenzie Inc., Rauscher Pierce Refsnes, Inc., Raymond James
& Associates,
Inc., The Robinson-Humphrey Co., Inc., Salomon Brothers Inc.
(1) The amount purchased may not be greater than 4% of the
total
principal amount of an issue. Percentage applies to all
Funds
purchasing shares.
(2) The amount purchased may not be greater than 3% of the
Funds total
assets.
