<PAGE> PAGE 1
000 B000000 09/30/95
000 C000000 0000701638
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 PORTFOLIOS
001 B000000 811-3440
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 3
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 KEMPER CASH RESERVES FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C020500 KEMPER U.S. MORTGAGE FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C020700 KEMPER SHORT-INTERMEDIATE GOVERNMENT FUND
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
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
<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
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
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
015 A00AA02 STATE STREET BANK AND TRUST COMPANY
015 B00AA02 S
015 C01AA02 BOSTON
015 C02AA02 MA
015 C03AA02 02110
015 E01AA02 X
015 A00AA03 CHASE MANHATTAN BANK, N.A.
015 B00AA03 C
015 C01AA03 BROOKLYN
015 C02AA03 NY
015 C03AA03 11245
015 E04AA03 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 49
019 C00AA00 KEMPERFNDS
020 A000001 LIT OF 1ST CHICAGO, INC.
020 B000001 UNKNOWN
020 C000001 22
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000002 13-5674085
020 C000002 12
020 A000003 DEAN WITTER DISCOVER REYNOLDS, INC.
020 B000003 94-1671384
020 C000003 5
020 A000004 PAINE WEBBER INCORPORATED
020 B000004 13-2638166
020 C000004 5
020 A000005 GOLDMAN, SACHS & CO.
020 B000005 13-5108880
020 C000005 4
<PAGE> PAGE 3
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 48
022 A000001 THE NIKKO SECURITIES CO. INTERNATIONAL INC.
022 B000001 94-1302123
022 C000001 6521653
022 D000001 0
022 A000002 SALOMON BROTHERS INC.
022 B000002 13-3082694
022 C000002 1550922
022 D000002 196316
022 A000003 LEHMAN BROTHERS INC.
022 B000003 13-2518466
022 C000003 1345812
022 D000003 228909
022 A000004 GOLDMAN, SACHS & CO.
022 B000004 13-5108880
022 C000004 1308689
022 D000004 139856
022 A000005 MERRILL LYNCH, PIERCE, FENNER, & SMITH INC.
022 B000005 13-5674085
022 C000005 719926
022 D000005 343786
022 A000006 BEAR, STEARNS & CO.
022 B000006 13-3299429
022 C000006 547495
022 D000006 343786
022 A000007 FIRST BOSTON CORP.
022 B000007 13-5659485
022 C000007 213488
022 D000007 175700
022 A000008 UBS SECURITIES INC.
022 B000008 13-2932996
022 C000008 193212
022 D000008 155338
022 A000009 PAINEWEBBER INCORPORATED
022 B000009 13-2638166
022 C000009 162365
022 D000009 178103
022 A000010 MORGAN STANLEY & CO. INCORPORATED
022 B000010 13-2655998
022 C000010 106836
022 D000010 98709
023 C000000 13229259
023 D000000 2007545
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026 B000000 Y
026 C000000 Y
<PAGE> PAGE 4
026 D000000 Y
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037 00AA00 N
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039 00AA00 N
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041 00AA00 Y
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050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
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054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
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054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
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<PAGE> PAGE 5
077 J000000 N
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024 000300 Y
025 A000301 BEAR STEARNS COMPANIES INC.
025 B000301 13-3299429
025 C000301 D
025 D000301 5000
025 A000302 CS FIRST BOSTON, INC.
025 B000302 13-5659485
025 C000302 D
025 D000302 4500
025 A000303 GOLDMAN, SACHS & CO.
025 B000303 13-5108880
025 C000303 D
025 D000303 5000
025 A000304 LEHMAN BROTHERS HOLDINGS INC.
025 B000304 13-3216325
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<PAGE> PAGE 6
025 D000304 3000
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<PAGE> PAGE 7
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<PAGE> PAGE 8
063 B000300 0.0
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070 D020300 N
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070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 N
070 K020300 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
036 A000500 N
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE JEROME L. DUFFY
TITLE TREASURER
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
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<NAME> KEMPER CASH RESERVES FUND - COMBINED
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-END> SEP-30-1995
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,833)
<NET-ASSETS> 176,557
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,964
<OTHER-INCOME> 0
<EXPENSES-NET> (533)
<NET-INVESTMENT-INCOME> 1,431
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<NET-CHANGE-FROM-OPS> 1,431
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,431)
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (36,474)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (130)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (533)
<AVERAGE-NET-ASSETS> 194,844
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 31
<NAME> KEMPER CASH RESERVES FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 33,666
<SHARES-COMMON-PRIOR> 35,460
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 33,666
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,096
<NUMBER-OF-SHARES-REDEEMED> (4,166)
<SHARES-REINVESTED> 276
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .009
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 32
<NAME> KEMPER CASH RESERVES FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 140,617
<SHARES-COMMON-PRIOR> 172,493
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 140,617
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,163
<NUMBER-OF-SHARES-REDEEMED> (65,048)
<SHARES-REINVESTED> 1,009
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .018
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 33
<NAME> KEMPER CASH RESERVES FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2,274
<SHARES-COMMON-PRIOR> 5,078
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,274
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,970
<NUMBER-OF-SHARES-REDEEMED> (4,803)
<SHARES-REINVESTED> 29
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .018
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 50
<NAME> KEMPER U.S. MORTGAGE FUND - COMBINED
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 4,243,917
<INVESTMENTS-AT-VALUE> 4,354,158
<RECEIVABLES> 42,273
<ASSETS-OTHER> 211
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,396,642
<PAYABLE-FOR-SECURITIES> 895,700
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,890
<TOTAL-LIABILITIES> 903,590
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,568,142
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 60,572
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,245,903)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 110,241
<NET-ASSETS> 3,493,052
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 45,658
<OTHER-INCOME> 0
<EXPENSES-NET> 7,623
<NET-INVESTMENT-INCOME> 38,035
<REALIZED-GAINS-CURRENT> (4,479)
<APPREC-INCREASE-CURRENT> 40,878
<NET-CHANGE-FROM-OPS> 74,434
<EQUALIZATION> (1,220)
<DISTRIBUTIONS-OF-INCOME> (40,438)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (35,277)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,931)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (7,623)
<AVERAGE-NET-ASSETS> 3,510,992
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 51
<NAME> KEMPER U.S. MORTGAGE FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 285,770
<SHARES-COMMON-PRIOR> 285,355
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,037,209
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,503
<NUMBER-OF-SHARES-REDEEMED> (8,038)
<SHARES-REINVESTED> 1,950
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 7.06
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.13
<EXPENSE-RATIO> .009
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 52
<NAME> KEMPER U.S. MORTGAGE FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 204,285
<SHARES-COMMON-PRIOR> 214,537
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,454,369
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 925
<NUMBER-OF-SHARES-REDEEMED> (12,529)
<SHARES-REINVESTED> 1,352
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 7.05
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.12
<EXPENSE-RATIO> .018
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 53
<NAME> KEMPER U.S. MORTGAGE FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 207
<SHARES-COMMON-PRIOR> 166
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,474
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 42
<NUMBER-OF-SHARES-REDEEMED> (2)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 7.05
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.12
<EXPENSE-RATIO> .017
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 70
<NAME> KEMPER SHORT-INTERMEDIATE GOVERNMENT FUND - COMBINED
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 233,296
<INVESTMENTS-AT-VALUE> 235,369
<RECEIVABLES> 5,276
<ASSETS-OTHER> 27
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240,672
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,053
<TOTAL-LIABILITIES> 1,053
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 253,450
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,480
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18,384)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,073
<NET-ASSETS> 239,619
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,093
<OTHER-INCOME> 0
<EXPENSES-NET> (758)
<NET-INVESTMENT-INCOME> 2,335
<REALIZED-GAINS-CURRENT> (369)
<APPREC-INCREASE-CURRENT> 281
<NET-CHANGE-FROM-OPS> 2,247
<EQUALIZATION> (63)
<DISTRIBUTIONS-OF-INCOME> (2,444)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (6,629)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (224)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (758)
<AVERAGE-NET-ASSETS> 243,229
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 71
<NAME> KEMPER SHORT-INTERMEDIATE GOVERNMENT FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 3,909
<SHARES-COMMON-PRIOR> 3,655
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 31,602
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 472
<NUMBER-OF-SHARES-REDEEMED> (251)
<SHARES-REINVESTED> 33
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 8.09
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.08
<EXPENSE-RATIO> .011
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 72
<NAME> KEMPER SHORT-INTERMEDIATE GOVERNMENT FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 25,540
<SHARES-COMMON-PRIOR> 26,594
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 205,601
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 353
<NUMBER-OF-SHARES-REDEEMED> (1,598)
<SHARES-REINVESTED> 191
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 8.06
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.05
<EXPENSE-RATIO> .019
<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 1995 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORRFOLIOS
<SERIES>
<NUMBER> 73
<NAME> KEMPER SHORT-INTERMEDIATE GOVERNMENT FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 300
<SHARES-COMMON-PRIOR> 300
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,416
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25
<NUMBER-OF-SHARES-REDEEMED> (28)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 8.06
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.06
<EXPENSE-RATIO> .017
<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 September 30, 1995, 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 September 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Chicago, Illinois
November 14, 1995
Kemper Funds Exhibit A
September 30, 1995
Tax-Exempt California Money Market Fund
Kemper Growth Fund
Kemper Small Capitalization Equity Fund
Kemper High Yield Fund
Kemper Portfolios:
Kemper Cash Reserve Fund
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
Report of Independent Auditors
The Board of Trustees
Kemper Funds
We have examined the accompanying description of Kemper Financial
Services, Inc. ("KFS") policies and procedures applicable to the
multiple distribution system for calculating the net asset value,
dividends and distributions of, and for allocating income and
expenses to, various classes of shares of each of the Kemper
Funds listed in Exhibit A attached hereto (the "Funds"). Our
examination included procedures to obtain reasonable assurance
about whether (1) the accompanying description presents fairly,
in all material respects, the aspects of KFS policies and
procedures that may be relevant to the Funds' internal control
structure, (2) the control structure policies and procedures
included in the description were suitably designed to achieve the
control objectives specified in the description, if those
policies and procedures were complied with satisfactorily, and
(3) such policies and procedures had been placed in operation as
of September 30, 1995. The control objectives were specified by
KFS. Our examination was performed in accordance with standards
established by the American Institute of Certified Public
Accountants and included those procedures we considered necessary
in the circumstances to obtain a reasonable basis for rendering
our opinion.
In our opinion, the accompanying description of the
aforementioned portions of the internal control structure
presents fairly, in all material respects, the relevant aspects
of KFS's policies and procedures that had been placed in
operation as of September 30, 1995. Also, in our opinion, the
policies and procedures, as described, are suitably designed to
provide reasonable assurance that the specified control
objectives would be achieved if the described policies and
procedures were complied with satisfactorily.
In addition to the procedures we considered necessary to render
our opinion as expressed in the previous paragraph, we applied
tests to specific policies and procedures, listed in Section III.
The nature, timing, extent, and results of the tests are listed
in Section IV. This information has been provided to the Funds
and to their auditors to be taken into consideration, along with
information about the internal control structure at the Funds,
when making assessments of control risks for the Funds. In our
opinion, the policies and procedures that were tested, were
operating with sufficient effectiveness to provide reasonable,
but not absolute, assurance that the control objectives specified
in Section II were achieved as of September 30, 1995.
The relative effectiveness and significance of specific policies
and procedures at KFS and their effect on assessments of control
risk at the Funds are dependent on their interaction with the
policies, procedures, and other factors present at the Funds.
The description and tests of operating effectiveness of the
policies and procedures at KFS are as of September 30, 1995. Any
projection of such information to the future is subject to the
risk that, because of change, the description may no longer
portray the system in existence. The potential effectiveness of
specified policies and procedures at KFS is subject to inherent
limitations and, accordingly, errors or irregularities may occur
and not be detected. Furthermore, the projection of any
conclusions, based on our findings, to future periods is subject
to the risk that changes may alter the validity of such
conclusions.
This report is intended for use by the management of KFS, the
Funds and their auditors, and the Securities and Exchange
Commission.
ERNST & YOUNG
LLP
Chicago, Illinois
November 14, 1995
SECTION I
Description of the System
Kemper Financial Services, Inc. ("KFS") implemented plans which
allow each of the Kemper Funds listed in Exhibit A attached
hereto (the "Funds") to issue multiple classes of shares.
Under the multiple distribution system, the Funds provide
investors with the option of purchasing shares in any or all of
the following four ways: (i) with a front-end sales load and a
service fee (the "Front-End Load Option" or "Class A shares");
(ii) without a front-end sales load, but subject to a contingent
deferred sales charge as well as to a distribution fee pursuant
to a Rule 12b-1 Plan and to a service fee (the "Deferred Option"
or "Class B shares"); (iii) without a front-end sales load or
contingent deferred sales charge but subject to a Rule 12b-1 Plan
providing for a distribution fee and to a service fee (the Level
Load Option" or "Class C shares"); and (iv) without a front-end
sales load, contingent deferred sales charge, distribution fee or
service fee ("Institutional Option" or "Class I shares"). In
addition, the Funds may from time to time create one or more
additional classes of shares, the terms of which may differ from
the Class A, B, C and I shares. Class B shares are converted to
Class A shares six years after issuance. Class C and I shares
have no conversion feature.
The net asset value of all outstanding shares of each class is
computed based on the net assets and shares outstanding
attributable to each class. All expenses incurred by each Fund
are allocated to each class based on the relative percentage of
adjusted net assets except for the expenses of the distribution
plan which are allocated to Class B and C shares, administrative
service fees which are allocated to Class A, B and C shares, and
class specific expenses which will be borne exclusively by that
class. Due to the specific allocation of expenses that are borne
solely by certain classes, the net income attributable to, and
the dividends paid by, each class may vary.
SECTION II
Specific Control Objectives
Following are the specific control objectives of each Fund's
system of internal accounting control relating to the allocation
of income, expenses, gains and losses and the calculation of NAV
and dividends/distributions for the four classes of shares:
1. Direct expenses charged to each class of shares are
correctly recorded in the Fund accounting records and
allocated to the correct class of shares.
2. Income, other operating expenses and realized and unrealized
gains and losses are allocated properly to each class of
shares based upon the relative net assets of each class of
shares at the beginning of the day after adjusting for the
prior day's Fund share activity.
3. Dividend rates and daily per share NAV's for each class of
shares reflect the proper allocation of income, expenses and
realized and unrealized gains and losses, including the
proper amount of any direct expenses charged to each class
of shares.
SECTION III
Procedures to Achieve Specific Control Objectives
The following additional procedures will be performed for each
Fund to meet the specific control objectives:
1. Preparation of the Multi-Class Pricing-NAV Worksheet
("Worksheet") daily.
2. A determination of the dividends by class is made by
dividing daily net investment income allocated to each class
by the number of shares of that class eligible to receive
dividends (record shares).
The periodic distribution rate for realized gains will be
determined by taking total net realized gains for each class
and dividing by total record date shares.
3. Upon completion of the Worksheet and the calculation of the
dividend rate, and prior to furnishing the computed NAV and
dividend rate to the Shareholder Service Agent, the
Worksheet and calculation will be reviewed for accuracy by
an accounting supervisor ("Final Reviewer"). The Final
Reviewer will initial the Worksheet as evidence of the
review.
4. If the Final Reviewer notes any unusual fluctuation in the
NAV or daily dividend rates between the classes of shares of
a Fund, he or she will research the matter and document the
reasons for, and the reasonableness of, the fluctuation.
5. On a monthly basis, a reconciliation of all account balances
for each class of shares to the general ledger will be
performed. The reconciliation will be reviewed and
initialed by the reviewer.
SECTION IV
Tests of Effectiveness of Control Structure Policies and
Procedures
Our tests of the effectiveness of control structure policies and
procedures were designed to determine whether:
1. The description of the KFS' policies and procedures included
in Section I of this report presents fairly, in all material
respects, those aspects of the KFS' control structure that
may be relevant to a user organization's internal control
structure,
2. the control structure policies and procedures described in
Section III of this report were suitably designed to achieve
the control objectives defined in Section II of this report,
if those policies and procedures were complied with
satisfactorily,
3. the control structure policies and procedures described in
Section III of this report had been placed in operation as
of the date specified, and
4. the control structure policies and procedures were operating
with sufficient effectiveness to provide reasonable, but not
absolute, assurance that the control objectives in Section
II were achieved as of the date listed in Exhibit A attached
hereto ("Report Date").
Our tests of the effectiveness of control structure policies and
procedures included the following procedures, to the extent we
considered necessary: (a) a review of the KFS' organizational
structure, including the segregation of functional
responsibilities, policy statements, and personnel policies, (b)
discussions with management, accounting, administrative and other
personnel who are assigned responsibilities for developing,
ensuring adherence to and applying control structure policies and
procedures, and (c) observations of personnel in the performance
of their assigned duties.
Our tests of the effectiveness of control structure policies and
procedures included such other tests as we considered necessary
in the circumstances to evaluate whether those policies and
procedures, and the extent of compliance with them, are
sufficient to provide reasonable, but not absolute, assurance
that the specified control objectives were achieved as of
September 30, 1995. Our tests of the operational effectiveness
of control structure policies and procedures were designed to
cover the calculation as of September 30, 1995 for each of the
procedures listed in Section III which satisfy the control
objectives listed in Section II of this report. In selecting
particular tests of the operational effectiveness of control
structure policies and procedures, we considered (a) the nature
of the items being tested, (b) the kinds and competence of
available evidential matter, (c) the nature of the audit
objectives to be achieved, (d) the assessed level of control
risk, and (e) the expected efficiency and effectiveness of the
tests.
Tests of effectiveness of control structure policies and
procedures included:
Tests of source documentation to ensure validity of
information.
Tests of input and supervisory control procedures in place
to ensure accuracy, completeness, validity and integrity of
processing.
Tests of recalculation of output to verify accuracy.
Tests of output control procedures and resultant documents
and reports relative to specific calculations to ensure
accurate and timely updates of accounting records were
achieved.
Testing procedures were designed and performed to enable us to
conclude that the control objectives listed in Section II of this
report were achieved as of
Report Date.
Kemper Funds Exhibit A
September 30, 1995
Kemper Growth Fund
Kemper Small Capitalization Equity Fund
Kemper High Yield Fund
Kemper Portfolios:
Kemper Cash Reserve Fund
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
Exhibit 77C
Kemper Portfolios
Form N-SAR for the period ended 9/30/95
File No. 811-3440
Page 1
A special meeting of Registrant's shareholders was held on
September 19, 1995. Votes regarding the items submitted to
shareholder vote are set forth below.
Item 1: Election of the Board of Trustees
David W. Belin
Vote Number
---- -----------
FOR 424,455,432
WITHHELD 12,676,836
Lewis A. Burnham
Vote Number
---- -----------
FOR 424,717,712
WITHHELD 12,414,556
Donald L. Dunaway
Vote Number
---- -----------
FOR 424,630,285
WITHHELD 12,501,983
Robert B. Hoffman
Vote Number
---- -----------
FOR 424,761,425
WITHHELD 12,370,843
Donald R. Jones
Vote Number
---- -----------
FOR 424,586,572
WITHHELD 12,545,696
David B. Mathis
Vote Number
---- -----------
FOR 424,368,006
WITHHELD 12,764,262
Exhibit 77C
Kemper Portfolios
Form N-SAR for the period ended 9/30/95
File No. 811-3440
Page 2
Shirley D. Peterson
Vote Number
---- -----------
FOR 424,193,153
WITHHELD 12,939,115
William P. Sommers
Vote Number
---- -----------
FOR 424,499,145
WITHHELD 12,633,123
Stephen B. Timbers
Vote Number
---- -----------
FOR 424,673,998
WITHHELD 12,458,270
Item 2: Selection of Independent Auditors
Vote Number
---- -----------
FOR 412,345,882
AGAINST 6,901,993
ABSTAIN 18,462,629
Exhibit 77C
Kemper Portfolios
Form N-SAR for the period ended 9/30/95
File No. 811-3440
Page 3
Item 3A: New Investment Management Agreement
Kemper Cash Reserves Fund
Vote Number
---- ----------
FOR 105,975,148
AGAINST 4,090,252
ABSTAIN 6,441,805
Kemper Short-Intermediate Government Fund
Vote Number
---- ----------
FOR 16,631,860
AGAINST 395,479
ABSTAIN 807,587
Kemper U.S. Mortgage Fund
Vote Number
---- -----------
FOR 279,209,878
AGAINST 7,593,627
ABSTAIN 16,573,867
Exhibit 77C
Kemper Portfolios
Form N-SAR for the period ended 9/30/95
File No. 811-3440
Page 4
Item 4B: New Rule 12B-1 Distribution Plan (For Class B
Shareholders Only)
Kemper Cash Reserves Fund
Vote Number
---- -----------
FOR 84,102,966
AGAINST 4,542,164
ABSTAIN 5,217,040
Kemper Short-Intermediate Government Fund
Vote Number
---- -----------
FOR 13,978,529
AGAINST 506,014
ABSTAIN 837,704
Kemper U.S. Mortgage Fund
Vote Number
---- -----------
FOR 121,616,939
AGAINST 3,668,824
ABSTAIN 7,822,932
Exhibit 77C
Kemper Portfolios
Form N-SAR for the period ended 9/30/95
File No. 811-3440
Page 5
Item 4C: New Rule 12B-1 Distribution Plan (For Class C
Shareholders Only)
Kemper Cash Reserves Fund
Vote Number
---- -----------
FOR 1,185,359
AGAINST 60,843
ABSTAIN 44,981
Kemper Short-Intermediate Government Fund
Vote Number
---- -----------
FOR 161,475
AGAINST 540
ABSTAIN 709
Kemper U.S. Mortgage Fund
Vote Number
---- -----------
FOR 128,783
AGAINST 320
ABSTAIN 28
LKW|W:\FUNDS\NSAR.EXH\KP995.77C|112995
