<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000825062
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 J000000 A
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001 B000000 811-5385
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002 B000000 CHICAGO
002 C000000 IL
002 D010000 60603
003 000000 N
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007 C010500 5
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008 A00AA01 DREMAN VALUE ADVISORS, INC.
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010 A00AA01 KEMPER DISTRIBUTORS, INC.
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<PAGE> PAGE 2
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60603
012 A00AA01 KEMPER SERVICE COMPANY
012 B00AA01 84-1713
012 C01AA01 KANSAS CITY
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012 C03AA01 64105
013 A00AA01 ERNST & YOUNG LLP
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013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 KEMPER DISTRIBUTORS, INC.
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014 A00AA02 GRUNTAL SECURITIES, INC.
014 B00AA02 8-23936
014 A00AA03 THE GMS GROUP, INC.
014 B00AA03 8-23936
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
SIGNATURE JEROME L. DUFFY
TITLE TREASURER
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<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
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<CIK> 0000825062
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<PAID-IN-CAPITAL-COMMON> 48,733
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<SHARES-COMMON-PRIOR> 371
<ACCUMULATED-NII-CURRENT> (13)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,356
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,337
<NET-ASSETS> 55,413
<DIVIDEND-INCOME> 435
<INTEREST-INCOME> 121
<OTHER-INCOME> 0
<EXPENSES-NET> (306)
<NET-INVESTMENT-INCOME> 250
<REALIZED-GAINS-CURRENT> 5,356
<APPREC-INCREASE-CURRENT> (5,374)
<NET-CHANGE-FROM-OPS> 232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (53)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 853
<NUMBER-OF-SHARES-REDEEMED> (61)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 29,931
<ACCUMULATED-NII-PRIOR> 11
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 152
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 357
<AVERAGE-NET-ASSETS> 40,753
<PER-SHARE-NAV-BEGIN> 16.20
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .23
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.42
<EXPENSE-RATIO> 2.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER-DREMAN FUND, INC.
<SERIES>
<NUMBER> 013
<NAME> KEMPER-DREMAN CONTRARIAN FUND - CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 53,259
<INVESTMENTS-AT-VALUE> 54,596
<RECEIVABLES> 846
<ASSETS-OTHER> 864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56,306
<PAYABLE-FOR-SECURITIES> 744
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 149
<TOTAL-LIABILITIES> 893
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,733
<SHARES-COMMON-STOCK> 78
<SHARES-COMMON-PRIOR> 10
<ACCUMULATED-NII-CURRENT> (13)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,356
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,337
<NET-ASSETS> 55,413
<DIVIDEND-INCOME> 435
<INTEREST-INCOME> 121
<OTHER-INCOME> 0
<EXPENSES-NET> (306)
<NET-INVESTMENT-INCOME> 250
<REALIZED-GAINS-CURRENT> 5,356
<APPREC-INCREASE-CURRENT> (5,374)
<NET-CHANGE-FROM-OPS> 232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97
<NUMBER-OF-SHARES-REDEEMED> (29)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 29,931
<ACCUMULATED-NII-PRIOR> 11
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 152
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 357
<AVERAGE-NET-ASSETS> 40,753
<PER-SHARE-NAV-BEGIN> 16.20
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.41
<EXPENSE-RATIO> 2.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER-DREMAN FUND, INC.
<SERIES>
<NUMBER> 021
<NAME> KEMPER-DREMAN HIGH RETURN FUND - CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 249,855
<INVESTMENTS-AT-VALUE> 282,520
<RECEIVABLES> 4,682
<ASSETS-OTHER> 669
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 287,871
<PAYABLE-FOR-SECURITIES> 226
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 804
<TOTAL-LIABILITIES> 1,030
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 249,746
<SHARES-COMMON-STOCK> 7,074
<SHARES-COMMON-PRIOR> 3,543
<ACCUMULATED-NII-CURRENT> 432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,998
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,665
<NET-ASSETS> 286,841
<DIVIDEND-INCOME> 1,780
<INTEREST-INCOME> 1,067
<OTHER-INCOME> 0
<EXPENSES-NET> (1,342)
<NET-INVESTMENT-INCOME> 1,505
<REALIZED-GAINS-CURRENT> 4,071
<APPREC-INCREASE-CURRENT> 12,712
<NET-CHANGE-FROM-OPS> 18,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (874)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,119
<NUMBER-OF-SHARES-REDEEMED> (623)
<SHARES-REINVESTED> 35
<NET-CHANGE-IN-ASSETS> 188,645
<ACCUMULATED-NII-PRIOR> 94
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,388
<AVERAGE-NET-ASSETS> 185,970
<PER-SHARE-NAV-BEGIN> 21.49
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 2.16
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.67
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER-DREMAN FUND, INC.
<SERIES>
<NUMBER> 022
<NAME> KEMPER-DREMAN HIGH RETURN FUND - CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 249,855
<INVESTMENTS-AT-VALUE> 282,520
<RECEIVABLES> 4,682
<ASSETS-OTHER> 669
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 287,871
<PAYABLE-FOR-SECURITIES> 226
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 804
<TOTAL-LIABILITIES> 1,030
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 249,746
<SHARES-COMMON-STOCK> 4,199
<SHARES-COMMON-PRIOR> 777
<ACCUMULATED-NII-CURRENT> 432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,998
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,665
<NET-ASSETS> 286,841
<DIVIDEND-INCOME> 1,780
<INTEREST-INCOME> 1,067
<OTHER-INCOME> 0
<EXPENSES-NET> (1,342)
<NET-INVESTMENT-INCOME> 1,505
<REALIZED-GAINS-CURRENT> 4,071
<APPREC-INCREASE-CURRENT> 12,712
<NET-CHANGE-FROM-OPS> 18,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (189)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,598
<NUMBER-OF-SHARES-REDEEMED> (184)
<SHARES-REINVESTED> 8
<NET-CHANGE-IN-ASSETS> 188,645
<ACCUMULATED-NII-PRIOR> 94
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,388
<AVERAGE-NET-ASSETS> 185,970
<PER-SHARE-NAV-BEGIN> 21.47
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 2.16
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.64
<EXPENSE-RATIO> 2.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER-DREMAN FUND, INC.
<SERIES>
<NUMBER> 023
<NAME> KEMPER-DREMAN HIGH RETURN FUND - CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 249,855
<INVESTMENTS-AT-VALUE> 282,520
<RECEIVABLES> 4,682
<ASSETS-OTHER> 669
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 287,871
<PAYABLE-FOR-SECURITIES> 226
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 804
<TOTAL-LIABILITIES> 1,030
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 249,746
<SHARES-COMMON-STOCK> 484
<SHARES-COMMON-PRIOR> 91
<ACCUMULATED-NII-CURRENT> 432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,998
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,665
<NET-ASSETS> 286,841
<DIVIDEND-INCOME> 1,780
<INTEREST-INCOME> 1,067
<OTHER-INCOME> 0
<EXPENSES-NET> (1,342)
<NET-INVESTMENT-INCOME> 1,505
<REALIZED-GAINS-CURRENT> 4,071
<APPREC-INCREASE-CURRENT> 12,712
<NET-CHANGE-FROM-OPS> 18,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (24)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 423
<NUMBER-OF-SHARES-REDEEMED> (32)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 188,645
<ACCUMULATED-NII-PRIOR> 94
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,388
<AVERAGE-NET-ASSETS> 185,970
<PER-SHARE-NAV-BEGIN> 21.48
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 2.15
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.65
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 SEMI-AMMUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER-DREMAN FUND, INC.
<SERIES>
<NUMBER> 024
<NAME> KEMPER-DREMAN HIGH RETURN FUND - CLASS I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 249,855
<INVESTMENTS-AT-VALUE> 282,520
<RECEIVABLES> 4,682
<ASSETS-OTHER> 669
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 287,871
<PAYABLE-FOR-SECURITIES> 226
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 804
<TOTAL-LIABILITIES> 1,030
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 249,746
<SHARES-COMMON-STOCK> 366
<SHARES-COMMON-PRIOR> 159
<ACCUMULATED-NII-CURRENT> 432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,998
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,665
<NET-ASSETS> 286,841
<DIVIDEND-INCOME> 1,780
<INTEREST-INCOME> 1,067
<OTHER-INCOME> 0
<EXPENSES-NET> (1,342)
<NET-INVESTMENT-INCOME> 1,505
<REALIZED-GAINS-CURRENT> 4,071
<APPREC-INCREASE-CURRENT> 12,712
<NET-CHANGE-FROM-OPS> 18,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (80)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 369
<NUMBER-OF-SHARES-REDEEMED> (166)
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 188,645
<ACCUMULATED-NII-PRIOR> 94
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,388
<AVERAGE-NET-ASSETS> 185,970
<PER-SHARE-NAV-BEGIN> 21.51
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> 2.18
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.68
<EXPENSE-RATIO> .52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER-DREMAN FUND, INC.
<SERIES>
<NUMBER> 051
<NAME> KEMPER-DREMAN SMALL CAP VALUE FUND - CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 124,092
<INVESTMENTS-AT-VALUE> 128,639
<RECEIVABLES> 2,135
<ASSETS-OTHER> 962
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,736
<PAYABLE-FOR-SECURITIES> 1,141
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 275
<TOTAL-LIABILITIES> 1,416
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120,968
<SHARES-COMMON-STOCK> 4,060
<SHARES-COMMON-PRIOR> 1,427
<ACCUMULATED-NII-CURRENT> 517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,288
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,547
<NET-ASSETS> 130,320
<DIVIDEND-INCOME> 838
<INTEREST-INCOME> 211
<OTHER-INCOME> 0
<EXPENSES-NET> (532)
<NET-INVESTMENT-INCOME> 517
<REALIZED-GAINS-CURRENT> 4,420
<APPREC-INCREASE-CURRENT> 3,017
<NET-CHANGE-FROM-OPS> 7,954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (241)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,404
<NUMBER-OF-SHARES-REDEEMED> (781)
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> 98,714
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 307
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 622
<AVERAGE-NET-ASSETS> 74,035
<PER-SHARE-NAV-BEGIN> 14.50
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 2.74
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.27
<EXPENSE-RATIO> 1.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER-DREMAN FUND, INC.
<SERIES>
<NUMBER> 052
<NAME> KEMPER-DREMAN SMALL CAP VALUE FUND - CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 124,092
<INVESTMENTS-AT-VALUE> 128,639
<RECEIVABLES> 2,135
<ASSETS-OTHER> 962
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,736
<PAYABLE-FOR-SECURITIES> 1,141
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 275
<TOTAL-LIABILITIES> 1,416
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120,968
<SHARES-COMMON-STOCK> 2,659
<SHARES-COMMON-PRIOR> 557
<ACCUMULATED-NII-CURRENT> 517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,288
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,547
<NET-ASSETS> 130,320
<DIVIDEND-INCOME> 838
<INTEREST-INCOME> 211
<OTHER-INCOME> 0
<EXPENSES-NET> (532)
<NET-INVESTMENT-INCOME> 517
<REALIZED-GAINS-CURRENT> 4,420
<APPREC-INCREASE-CURRENT> 3,017
<NET-CHANGE-FROM-OPS> 7,954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (148)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,663
<NUMBER-OF-SHARES-REDEEMED> (568)
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 98,714
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 307
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 622
<AVERAGE-NET-ASSETS> 74,035
<PER-SHARE-NAV-BEGIN> 14.48
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 2.71
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.18
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER-DREMAN FUND, INC. C
<SERIES>
<NUMBER> 053
<NAME> KEMPER-DREMAN SMALL CAP VALUE FUND - CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 124,092
<INVESTMENTS-AT-VALUE> 128,639
<RECEIVABLES> 2,135
<ASSETS-OTHER> 962
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,736
<PAYABLE-FOR-SECURITIES> 1,141
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 275
<TOTAL-LIABILITIES> 1,416
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120,968
<SHARES-COMMON-STOCK> 392
<SHARES-COMMON-PRIOR> 68
<ACCUMULATED-NII-CURRENT> 517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,288
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,547
<NET-ASSETS> 130,320
<DIVIDEND-INCOME> 838
<INTEREST-INCOME> 211
<OTHER-INCOME> 0
<EXPENSES-NET> (532)
<NET-INVESTMENT-INCOME> 517
<REALIZED-GAINS-CURRENT> 4,420
<APPREC-INCREASE-CURRENT> 3,017
<NET-CHANGE-FROM-OPS> 7,954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (22)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 349
<NUMBER-OF-SHARES-REDEEMED> (26)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 98,714
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 307
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 622
<AVERAGE-NET-ASSETS> 74,035
<PER-SHARE-NAV-BEGIN> 14.48
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 2.71
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.19
<EXPENSE-RATIO> 2.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1996 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER-DREMAN FUND, INC.
<SERIES>
<NUMBER> 054
<NAME> KEMPER-DREMAN SMALL CAP VALUE FUND - CLASS I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 124,092
<INVESTMENTS-AT-VALUE> 128,639
<RECEIVABLES> 2,135
<ASSETS-OTHER> 962
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,736
<PAYABLE-FOR-SECURITIES> 1,141
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 275
<TOTAL-LIABILITIES> 1,416
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120,968
<SHARES-COMMON-STOCK> 449
<SHARES-COMMON-PRIOR> 128
<ACCUMULATED-NII-CURRENT> 517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,288
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,547
<NET-ASSETS> 130,320
<DIVIDEND-INCOME> 838
<INTEREST-INCOME> 211
<OTHER-INCOME> 0
<EXPENSES-NET> (532)
<NET-INVESTMENT-INCOME> 517
<REALIZED-GAINS-CURRENT> 4,420
<APPREC-INCREASE-CURRENT> 3,017
<NET-CHANGE-FROM-OPS> 7,954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (28)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 728
<NUMBER-OF-SHARES-REDEEMED> (409)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 98,714
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 307
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 622
<AVERAGE-NET-ASSETS> 74,035
<PER-SHARE-NAV-BEGIN> 14.52
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 2.75
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.36
<EXPENSE-RATIO> .72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit 77Q1(e)
Kemper Dreman Fund
Form N-SAR for the period ended 06/30/96
File No. 811-5385
INVESTMENT MANAGEMENT AGREEMENT
AGREEMENT made this 4th day of January, 1996, by and between
KEMPER-DREMAN FUND, INC., a Maryland corporation (the "Fund"),
and DREMAN VALUE ADVISORS, INC., a Delaware corporation (the
"Adviser").
WHEREAS, the Fund is an open-end management investment
company registered under the Investment Company Act of 1940, the
shares of stock ("Shares") of which are registered under the
Securities Act of 1933;
WHEREAS, the Fund is authorized to issue Shares in separate
series or portfolios with each representing the interests in a
separate portfolio of securities and other assets;
WHEREAS, the Fund currently offers Shares in three
portfolios (the "Initial Portfolios"), called the Kemper-Dreman
Contrarian Fund, the Kemper-Dreman High Return Fund and the
Kemper-Dreman Small Cap Value Fund, together with any other Fund
portfolios which may be established later and served by the
Adviser hereunder, being herein referred to collectively as the
"Portfolios" and individually referred to as a "Portfolio"; and
WHEREAS, the Fund desires at this time to retain the Adviser
to render investment advisory and management services to the
Initial Portfolios, and the Adviser is willing to render such
services;
NOW THEREFORE, in consideration of the mutual covenants
hereinafter contained, it is hereby agreed by and between the
parties hereto as follows:
1. The Fund hereby employs the Adviser to act as the investment
adviser for the Initial Portfolios and other Portfolios hereunder
and to manage the investment and reinvestment of the assets of
each such Portfolio in accordance with the applicable investment
objectives and policies and limitations, and to administer the
affairs of each such Portfolio to the extent requested by and
subject to the supervision of the Board of Directors of the Fund
for the period and upon the terms herein set forth, and to place
orders for the purchase or sale of portfolio securities for the
Fund's account with brokers or dealers selected by it; and, in
connection therewith, the Adviser is authorized as the agent of
the Fund to give instructions to the Custodian of the Fund as to
the deliveries of securities and payments of cash for the account
of the Fund. In connection with the selection of such brokers or
dealers and the placing of such orders, the Adviser is directed
to seek for the Fund best execution of orders. Subject to such
policies as the Board of Directors of the Fund determines, the
Adviser shall not be deemed to have acted unlawfully or to have
breached any duty, created by this Agreement or otherwise, solely
by reason of its having caused the Fund to pay a broker or dealer
an amount of commission for effecting a securities transaction in
excess of the amount of commission another broker or dealer would
have charged for effecting that transaction, if the Adviser
determined in good faith that such amount of commission was
reasonable in relation to the value of the brokerage and research
services provided by such broker or dealer viewed in terms of
either that particular transaction or the Adviser's overall
responsibilities with respect to the clients of the Adviser as to
which the Adviser exercises investment discretion. The Fund
recognizes that all research services and research that the
Adviser receives or generates are available for all clients, and
that the Fund and other clients may benefit thereby. The
investment of funds shall be subject to all applicable
restrictions of the Articles of Incorporation and By-Laws of the
Fund as may from time to time be in force.
The Adviser accepts such employment and agrees during such
period to render such services, to furnish office facilities and
equipment and clerical, bookkeeping and administrative services
for the Fund, to permit any of its officers or employees to serve
without compensation as directors or officers of the Fund if
elected to such positions and to assume the obligations herein
set forth for the compensation herein provided. The Adviser
shall for all purposes herein provided be deemed to be an
independent contractor and, unless otherwise expressly provided
or authorized, shall have no authority to act for or represent
the Fund in any way or otherwise be deemed an agent of the Fund.
It is understood and agreed that the Adviser, by separate
agreements with the Fund, may also serve the Fund in other
capacities.
2. In the event that the Fund establishes one or more
portfolios other than the Initial Portfolios with respect to
which it desires to retain the Adviser to render investment
advisory and management services hereunder, it shall notify the
Adviser in writing. If the Adviser is willing to render such
services, it shall notify the Fund in writing whereupon such
portfolio or portfolios shall become a Portfolio or Portfolios
hereunder.
3. For the services and facilities described in Section 1, the
Fund will pay to the Adviser at the end of each calendar month,
an investment management fee for each Portfolio computed by
applying the annual rates set forth in Appendix A to the
applicable average daily net assets of the Portfolio.
2
The fee as computed in Appendix A shall be computed
separately for, and charged as an expense of, each Portfolio
based upon the average daily net assets of such Portfolio. For
the month and year in which this Agreement becomes effective or
terminates, there shall be an appropriate proration on the basis
of the number of days that the Agreement is in effect during the
month and year, respectively.
4. The services of the Adviser to the Fund under this Agreement
are not to be deemed exclusive, and the Adviser shall be free to
render similar services or other services to others so long as
its services hereunder are not impaired thereby.
5. In addition to the fee of the Adviser, the Fund shall assume
and pay any expenses for services rendered by a custodian for the
safekeeping of the Fund's securities or other property, for
keeping its books of account, for any other charges of the
custodian, and for calculating the net asset value of the Fund as
provided in the prospectus of the Fund. The Adviser shall not be
required to pay and the Fund shall assume and pay the charges and
expenses of its operations, including compensation of the
directors (other than those affiliated with the Adviser), charges
and expenses of independent auditors, of legal counsel, of any
transfer or dividend disbursing agent, and of any registrar of
the Fund, costs of acquiring and disposing of portfolio
securities, interest, if any, on obligations incurred by the
Fund, costs of share certificates and of reports, membership dues
in the Investment Company Institute or any similar organization,
costs of reports and notices to stockholders, other like
miscellaneous expenses and all taxes and fees payable to federal,
state or other governmental agencies on account of the
registration of securities issued by the Fund, filing of
corporate documents or otherwise. The Fund shall not pay or
incur any obligation for any expenses for which the Fund intends
to seek reimbursement from the Adviser as herein provided without
first obtaining the written approval of the Adviser. The Adviser
shall arrange, if desired by the Fund, for officers or employees
of the Adviser to serve, without compensation from the Fund, as
directors, officers or agents of the Fund if duly elected or
appointed to such positions and subject to their individual
consent and to any limitations imposed by law.
If expenses borne by the Fund for those Portfolios which the
Adviser manages in any fiscal year (including the Adviser's fee,
but excluding interest, taxes, fees incurred in acquiring and
disposing of portfolio securities, distribution services fees,
extraordinary expenses and any other expenses excludable under
state securities law limitations) exceed any applicable
limitation arising under state securities laws applicable to a
Portfolio, the Adviser will reduce its fee or reimburse the Fund
for any excess to the extent required by such state securities
laws. If for any month the expenses of the Fund properly
3
chargeable to the income account shall exceed 1/12 of the
percentage of average net assets allowable as expenses, the
payment to the Adviser for that month shall be reduced and if
necessary the Adviser shall make a refund payment to the Fund so
that the total net expense will not exceed such percentage. As
of the end of the Fund's fiscal year, however, the foregoing
computations and payments shall be readjusted so that the
aggregate compensation payable to the Adviser for the year is
equal to the percentage calculated in accordance with Section 3
hereof of the average net asset value as determined as described
herein throughout the fiscal year, diminished to the extent
necessary so that the total of the aforementioned expense items
of the Fund shall not exceed the expense limitation. The
aggregate of repayments, if any, by the Adviser to the Fund for
the year shall be the amount necessary to limit the said net
expense to said percentage in accordance with the foregoing.
The net asset value for each Portfolio shall be calculated
in accordance with the provisions of the Fund's prospectus or as
the directors may determine in accordance with the provisions of
the Investment Company Act of 1940. On each day when net asset
value is not calculated, the net asset value of a Portfolio shall
be deemed to be the net asset value of such Portfolio as of the
close of business on the last day on which such calculation was
made for the purpose of the foregoing computations.
6. Subject to applicable statutes and regulations, it is
understood that directors, officers or agents of the Fund are or
may be interested in the Adviser as officers, directors, agents,
shareholders or otherwise, and that the officers, directors,
shareholders and agents of the Adviser may be interested in the
Fund otherwise than as a director, officer or agent.
7. The Adviser shall not be liable for any error of judgment or
of law or for any loss suffered by the Fund in connection with
the matters to which this Agreement relates, except loss
resulting from willful misfeasance, bad faith or gross negligence
on the part of the Adviser in the performance of its obligations
and duties or by reason of its reckless disregard of its
obligations and duties under this Agreement.
8. This Agreement shall become effective with respect to the
Initial Portfolios on the date hereof and shall remain in full
force until April 1, 1996, unless sooner terminated as
hereinafter provided. This Agreement shall continue in force
from year to year thereafter with respect to each Portfolio, but
only as long as such continuance is specifically approved for
each Portfolio at least annually in the manner required by the
Investment Company Act of 1940 and the rules and regulations
thereunder; provided, however, that if the continuation of this
Agreement is not approved for a Portfolio, the Adviser may
continue to serve in such capacity for such Portfolio in the
4
manner and to the extent permitted by the Investment Company Act
of 1940 and the rules and regulations thereunder.
This Agreement shall automatically terminate in the event of
its assignment and may be terminated at any time without the
payment of any penalty by the Fund or by the Adviser on sixty
(60) days written notice to the other party. The Fund may effect
termination with respect to any Portfolio by action of the Board
of Directors or by vote of a majority of the outstanding voting
securities of such Portfolio.
This Agreement may be terminated with respect to any
Portfolio at any time without the payment of any penalty by the
Board of Directors or by vote of a majority of the outstanding
voting securities of such Portfolio in the event that it shall
have been established by a court of competent jurisdiction that
the Adviser or any officer or director of the Adviser has taken
any action which results in a breach of the covenants of the
Adviser set forth herein.
The terms "assignment" and "vote of a majority of the
outstanding voting securities" shall have the meanings set forth
in the Investment Company Act of 1940 and the rules and
regulations thereunder.
Termination of this Agreement shall not affect the right of
the Adviser to receive payments on any unpaid balance of the
compensation described in Section 3 earned prior to such
termination.
9. The parties agree that the Adviser has a proprietary
interest in the names "Kemper" and "Dreman", and the Fund agrees
to promptly take any and all necessary action to remove the names
"Kemper" and "Dreman" from its corporate name and from the name
of its Portfolios upon receipt of written request therefor from
the Adviser.
10. If any provision of this Agreement shall be held or made
invalid by a court decision, statute, rule or otherwise, the
remainder shall not be thereby affected.
11. Any notice under this Agreement shall be in writing,
addressed and delivered or mailed, postage prepaid, to the other
party at such address as such other party may designate for the
receipt of such notice.
12. This Agreement has been executed by and on behalf of the
Fund by its representatives as such representatives and not
individually, and the obligations of the Fund hereunder are not
binding upon any of the directors, officers, or stockholders of
the Fund individually but are binding upon only the assets and
property of the Fund. With respect to any claim by the Adviser
5
for recovery of that portion of the investment management fee (or
any other liability of the Fund arising hereunder) allocated to a
particular Portfolio, whether in accordance with the express
terms hereof or otherwise, the Adviser shall have recourse solely
against the assets of that Portfolio to satisfy such claim and
shall have no recourse against the assets of any other Portfolio
for such purpose.
13. This Agreement shall be construed in accordance with
applicable federal law and the laws of the State of Illinois.
14. This Agreement is the entire contract between the parties
relating to the subject matter hereof and supersedes all prior
agreements between the parties relating to the subject matter
hereof.
IN WITNESS WHEREOF, the Fund and the Adviser have caused
this Agreement to be executed as of the day and year first above
written.
KEMPER-DREMAN FUND, INC.
By: /s/ John E. Peters
----------------------------
Title: Vice President
ATTEST:
/s/ Philip J. Collora
------------------------------
Title: Secretary
DREMAN VALUE ADVISORS, INC.
By: /s/ Patrick Dudasik
----------------------------
Title: Executive Vice President
ATTEST:
/s/ David F. Dierenfeldt
------------------------------
Title: Secretary
6
APPENDIX A
INVESTMENT MANAGEMENT FEE
Contrarian, High Return and Small Cap Value Portfolios:
Applicable Average
Daily Net Assets
(Thousands) Annual Rate
------------------ -----------
$0 - $ 250,000 .75 of 1%
$ 250,000 - $ 1,000,000 .72 of 1%
$ 1,000,000 - $ 2,500,000 .70 of 1%
$ 2,500,000 - $ 5,000,000 .68 of 1%
$ 5,000,000 - $ 7,500,000 .65 of 1%
$ 7,500,000 - $10,000,000 .64 of 1%
$10,000,000 - $12,500,000 .63 of 1%
Over $12,500,000 .62 of 1%
LKW|W:\FUNDS\NSAR.EXH\KDF\KDF696.77Q|071996
A-1
