<PAGE> PAGE 1
000 A000000 03/31/96
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 ZURICH KEMPER INVESTMENTS, 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
014 A00AA02 GRUNTAL SECURITIES, INC.
014 B00AA02 8-31022
014 A00AA03 THE GMS GROUP, INC.
014 B00AA03 8-23936
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
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019 A00AA00 Y
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019 C00AA00 KEMPERFNDS
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020 B000001 UNKNOWN
020 C000001 68
020 A000002 PAINE WEBBER INCORPORATED
020 B000002 13-2638166
020 C000002 56
020 A000003 DEAN WITTER DISCOVER REYNOLDS, INC.
020 B000003 94-1671384
020 C000003 28
020 A000004 MERRILL LYNCH
020 B000004 13-5674085
020 C000004 14
020 A000005 GOLDMAN, SACHS & CO.
020 B000005 13-5108880
020 C000005 5
020 A000006 SALOMON BROTHERS INC.
020 B000006 13-3082694
<PAGE> PAGE 3
020 C000006 2
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 173
022 A000001 THE NIKKO SECURITIES CO. INTERNATIONAL INC.
022 B000001 94-1302123
022 C000001 10178200
022 D000001 35005
022 A000002 SALOMON BROTHERS INC.
022 B000002 13-3082694
022 C000002 5635438
022 D000002 383732
022 A000003 LEHMAN BROTHERS INC.
022 B000003 13-2518466
022 C000003 5184934
022 D000003 585511
022 A000004 GOLDMAN, SACHS & CO.
022 B000004 13-5108880
022 C000004 2575741
022 D000004 300390
022 A000005 BEAR, STEARNS & CO.
022 B000005 13-3299429
022 C000005 1180411
022 D000005 1650740
022 A000006 MERRILL LYNCH PIERCE FENNER
022 B000006 13-5674085
022 C000006 2034101
022 D000006 770612
022 A000007 FIRST BOSTON CORP.
022 B000007 13-5659485
022 C000007 1462365
022 D000007 934946
022 A000008 MORGAN STANLEY & CO.
022 B000008 13-2655998
022 C000008 1821067
022 D000008 219086
022 A000009 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
022 B000009 13-2741729
022 C000009 1296285
022 D000009 462434
022 A000010 UBS SECURITIES INCORPORATED
022 B000010 13-2932996
022 C000010 813738
022 D000010 898213
023 C000000 34403191
023 D000000 7469668
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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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070 E020300 N
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070 F020300 N
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070 H010300 N
070 H020300 N
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070 I020300 N
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<PAGE> PAGE 8
070 M020300 N
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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
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<PAGE> PAGE 18
076 000700 0.00
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 1996 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 031
<NAME> KEMPER CASH RESERVES FUND - CLASS A
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<S> <C>
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (938)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.02
<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> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 032
<NAME> KEMPER CASH RESERVES FUND - CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 347,051
<INVESTMENTS-AT-VALUE> 347,051
<RECEIVABLES> 712
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 348,943
<PAYABLE-FOR-SECURITIES> 30
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,002
<TOTAL-LIABILITIES> 1,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 350,744
<SHARES-COMMON-STOCK> 283,989
<SHARES-COMMON-PRIOR> 140,617
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,833)
<NET-ASSETS> 347,911
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,227
<OTHER-INCOME> 0
<EXPENSES-NET> (1,887)
<NET-INVESTMENT-INCOME> 4,340
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,312)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 316,064
<NUMBER-OF-SHARES-REDEEMED> (175,753)
<SHARES-REINVESTED> 3,061
<NET-CHANGE-IN-ASSETS> 171,354
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 433
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,887
<AVERAGE-NET-ASSETS> 225,951
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.87
<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> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 033
<NAME> KEMPER CASH RESERVES FUND - CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 347,051
<INVESTMENTS-AT-VALUE> 347,051
<RECEIVABLES> 712
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 348,943
<PAYABLE-FOR-SECURITIES> 30
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,002
<TOTAL-LIABILITIES> 1,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 350,744
<SHARES-COMMON-STOCK> 10,987
<SHARES-COMMON-PRIOR> 2,274
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,833)
<NET-ASSETS> 347,911
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,227
<OTHER-INCOME> 0
<EXPENSES-NET> (1,887)
<NET-INVESTMENT-INCOME> 4,340
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (90)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,532
<NUMBER-OF-SHARES-REDEEMED> (11,887)
<SHARES-REINVESTED> 68
<NET-CHANGE-IN-ASSETS> 171,354
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 433
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,887
<AVERAGE-NET-ASSETS> 225,951
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.73
<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> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 051
<NAME> KEMPER U.S. MORTGAGE FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 3,700,633
<INVESTMENTS-AT-VALUE> 3,771,932
<RECEIVABLES> 123,552
<ASSETS-OTHER> 47,951
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,943,435
<PAYABLE-FOR-SECURITIES> 695,415
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,854
<TOTAL-LIABILITIES> 701,269
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,366,608
<SHARES-COMMON-STOCK> 284,867
<SHARES-COMMON-PRIOR> 285,772
<ACCUMULATED-NII-CURRENT> 48,109
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,243,850)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,299
<NET-ASSETS> 3,242,166
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 130,041
<OTHER-INCOME> 0
<EXPENSES-NET> (22,489)
<NET-INVESTMENT-INCOME> 107,552
<REALIZED-GAINS-CURRENT> 2,053
<APPREC-INCREASE-CURRENT> (38,942)
<NET-CHANGE-FROM-OPS> 70,663
<EQUALIZATION> (3,293)
<DISTRIBUTIONS-OF-INCOME> (74,285)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,895
<NUMBER-OF-SHARES-REDEEMED> (23,635)
<SHARES-REINVESTED> 5,835
<NET-CHANGE-IN-ASSETS> (250,886)
<ACCUMULATED-NII-PRIOR> 60,572
<ACCUMULATED-GAINS-PRIOR> (1,245,903)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,658
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,489
<AVERAGE-NET-ASSETS> 3,413,827
<PER-SHARE-NAV-BEGIN> 7.13
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.02
<EXPENSE-RATIO> .96
<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> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 052
<NAME> KEMPER U.S. MORTGAGE FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 3,700,633
<INVESTMENTS-AT-VALUE> 3,771,932
<RECEIVABLES> 123,552
<ASSETS-OTHER> 47,951
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,943,435
<PAYABLE-FOR-SECURITIES> 695,415
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,854
<TOTAL-LIABILITIES> 701,269
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,366,608
<SHARES-COMMON-STOCK> 176,678
<SHARES-COMMON-PRIOR> 204,284
<ACCUMULATED-NII-CURRENT> 48,109
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,243,850)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,299
<NET-ASSETS> 3,242,166
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 130,041
<OTHER-INCOME> 0
<EXPENSES-NET> (22,489)
<NET-INVESTMENT-INCOME> 107,552
<REALIZED-GAINS-CURRENT> 2,053
<APPREC-INCREASE-CURRENT> (38,942)
<NET-CHANGE-FROM-OPS> 70,663
<EQUALIZATION> (3,293)
<DISTRIBUTIONS-OF-INCOME> (42,384)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,829
<NUMBER-OF-SHARES-REDEEMED> (34,088)
<SHARES-REINVESTED> 3,653
<NET-CHANGE-IN-ASSETS> (250,886)
<ACCUMULATED-NII-PRIOR> 60,572
<ACCUMULATED-GAINS-PRIOR> (1,245,903)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,658
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,489
<AVERAGE-NET-ASSETS> 3,413,827
<PER-SHARE-NAV-BEGIN> 7.12
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.02
<EXPENSE-RATIO> 1.84
<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> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 053
<NAME> KEMPER U.S. MORTGAGE FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 3,700,633
<INVESTMENTS-AT-VALUE> 3,771,932
<RECEIVABLES> 123,552
<ASSETS-OTHER> 47,951
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,943,435
<PAYABLE-FOR-SECURITIES> 695,415
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,854
<TOTAL-LIABILITIES> 701,269
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,366,608
<SHARES-COMMON-STOCK> 250
<SHARES-COMMON-PRIOR> 206
<ACCUMULATED-NII-CURRENT> 48,109
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,243,850)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,299
<NET-ASSETS> 3,242,166
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 130,041
<OTHER-INCOME> 0
<EXPENSES-NET> (22,489)
<NET-INVESTMENT-INCOME> 107,552
<REALIZED-GAINS-CURRENT> 2,053
<APPREC-INCREASE-CURRENT> (38,942)
<NET-CHANGE-FROM-OPS> 70,663
<EQUALIZATION> (3,293)
<DISTRIBUTIONS-OF-INCOME> (53)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 54
<NUMBER-OF-SHARES-REDEEMED> (14)
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> (250,886)
<ACCUMULATED-NII-PRIOR> 60,572
<ACCUMULATED-GAINS-PRIOR> (1,245,903)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,658
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,489
<AVERAGE-NET-ASSETS> 3,413,827
<PER-SHARE-NAV-BEGIN> 7.12
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.01
<EXPENSE-RATIO> 1.71
<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> 0000701638
<NAME> KEMPER SHORT INTERMEDIATE GOVERNMENT FUND
<SERIES>
<NUMBER> 011
<NAME> KEMPER SHORT INTERMEDIATE GOVERNMENT FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 223,230
<INVESTMENTS-AT-VALUE> 220,600
<RECEIVABLES> 5,040
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 225,640
<PAYABLE-FOR-SECURITIES> 85
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,307
<TOTAL-LIABILITIES> 1,392
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 240,266
<SHARES-COMMON-STOCK> 4,047
<SHARES-COMMON-PRIOR> 3,909
<ACCUMULATED-NII-CURRENT> 2,249
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,637)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,630)
<NET-ASSETS> 224,248
<DIVIDEND-INCOME> 8,911
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (2,156)
<NET-INVESTMENT-INCOME> 6,755
<REALIZED-GAINS-CURRENT> 2,747
<APPREC-INCREASE-CURRENT> (4,703)
<NET-CHANGE-FROM-OPS> 4,799
<EQUALIZATION> (157)
<DISTRIBUTIONS-OF-INCOME> 1,071
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 760
<NUMBER-OF-SHARES-REDEEMED> (727)
<SHARES-REINVESTED> 105
<NET-CHANGE-IN-ASSETS> (15,371)
<ACCUMULATED-NII-PRIOR> 2,480
<ACCUMULATED-GAINS-PRIOR> (18,384)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 646
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,156
<AVERAGE-NET-ASSETS> 234,611
<PER-SHARE-NAV-BEGIN> 8.08
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.01
<EXPENSE-RATIO> 1.12
<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> 0000701638
<NAME> KEMPER SHORT INTERMEDIATE GOVERNMENT FUND
<SERIES>
<NUMBER> 012
<NAME> KEMPER SHORT INTERMEDIATE GOVERNMENT FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 223,230
<INVESTMENTS-AT-VALUE> 220,600
<RECEIVABLES> 5,040
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 225,640
<PAYABLE-FOR-SECURITIES> 85
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,307
<TOTAL-LIABILITIES> 1,392
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 240,266
<SHARES-COMMON-STOCK> 23,545
<SHARES-COMMON-PRIOR> 25,540
<ACCUMULATED-NII-CURRENT> 2,249
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,637)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,630)
<NET-ASSETS> 224,248
<DIVIDEND-INCOME> 8,911
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (2,156)
<NET-INVESTMENT-INCOME> 6,755
<REALIZED-GAINS-CURRENT> 2,747
<APPREC-INCREASE-CURRENT> (4,703)
<NET-CHANGE-FROM-OPS> 4,799
<EQUALIZATION> (157)
<DISTRIBUTIONS-OF-INCOME> (5,662)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,058
<NUMBER-OF-SHARES-REDEEMED> (3,568)
<SHARES-REINVESTED> 515
<NET-CHANGE-IN-ASSETS> (15,371)
<ACCUMULATED-NII-PRIOR> 2,480
<ACCUMULATED-GAINS-PRIOR> (18,384)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 646
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,156
<AVERAGE-NET-ASSETS> 234,611
<PER-SHARE-NAV-BEGIN> 8.05
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.97
<EXPENSE-RATIO> 1.95
<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> 0000701638
<NAME> KEMPER SHORT INTERMEDIATE GOVERNMENT FUND
<SERIES>
<NUMBER> 013
<NAME> KEMPER SHORT INTERMEDIATE GOVERNMENT FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 223,230
<INVESTMENTS-AT-VALUE> 220,600
<RECEIVABLES> 5,040
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 225,640
<PAYABLE-FOR-SECURITIES> 85
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,307
<TOTAL-LIABILITIES> 1,392
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 240,266
<SHARES-COMMON-STOCK> 511
<SHARES-COMMON-PRIOR> 300
<ACCUMULATED-NII-CURRENT> 2,249
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,637)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 224,248
<DIVIDEND-INCOME> 8,911
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<NET-INVESTMENT-INCOME> 6,755
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<NET-CHANGE-FROM-OPS> 4,799
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<DISTRIBUTIONS-OF-INCOME> (96)
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<NUMBER-OF-SHARES-SOLD> 365
<NUMBER-OF-SHARES-REDEEMED> (164)
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</TABLE>
Exhibit 77Q1(e)
Kemper Portfolios
Form N-SAR for the period ended 03/31/96
File No. 811-3440
INVESTMENT MANAGEMENT AGREEMENT
AGREEMENT made this 4th day of January, 1996, by and between
KEMPER PORTFOLIOS, a Massachusetts business trust (the "Fund"),
and KEMPER FINANCIAL SERVICES, 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 beneficial interest ("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 wants to retain the Adviser under this
Agreement to render investment advisory and management services
to three portfolios of the Fund known as Kemper Cash Reserves
Fund, Kemper U.S. Mortgage Fund and Kemper Short-Intermediate
Government Fund (the "Initial Portfolios"), together with any
other Fund portfolios that hereafter become subject to this
Agreement pursuant to Section 2 hereof, being herein referred to
collectively as the "Portfolios" and individually referred to as
a "Portfolio"; and
WHEREAS, the Adviser is willing to render investment
advisory and management services to the Initial Portfolios;
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 Trustees of the Fund
for the period and upon the terms herein set forth. The
investment of funds shall be subject to all applicable
restrictions of the Agreement and Declaration of Trust 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 trustees 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 following annual rates to the applicable average
daily net assets of the Portfolio:
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
-----------------------------------------
Applicable Average
Daily Net Assets
(Thousands) Annual Rate
------------------ -----------
$0 - $ 250,000 .55 of 1%
$ 250,000 - $ 1,000,000 .52 of 1%
$ 1,000,000 - $ 2,500,000 .50 of 1%
$ 2,500,000 - $ 5,000,000 .48 of 1%
$ 5,000,000 - $ 7,500,000 .45 of 1%
$ 7,500,000 - $10,000,000 .43 of 1%
$10,000,000 - $12,500,000 .41 of 1%
Over $12,500,000 .40 of 1%
2
Kemper Cash Reserves Fund
-------------------------
Applicable Average
Daily Net Assets
(Thousands) Annual Rate
------------------ -----------
$0 - $ 250,000 .40 of 1%
$ 250,000 - $ 1,000,000 .38 of 1%
$ 1,000,000 - $ 2,500,000 .35 of 1%
$ 2,500,000 - $ 5,000,000 .32 of 1%
$ 5,000,000 - $ 7,500,000 .30 of 1%
$ 7,500,000 - $10,000,000 .28 of 1%
$10,000,000 - $12,500,000 .26 of 1%
Over $12,500,000 .25 of 1%
The fee as computed above 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
trustees (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 shareholders, 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 trust
documents or otherwise. The Fund shall not pay or incur any
obligation for any expenses for which the Fund intends to seek
3
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
trustees, 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, 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 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 trustees 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 trustees, 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 trustee, officer or agent.
4
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 December 1, 1996 for Kemper Cash Reserves Fund and
until March 1, 1996 for Kemper U.S. Mortgage Fund and Kemper
Short-Intermediate Government Fund, 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
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 Trustees 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 Trustees 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.
5
9. 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.
10. 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.
11. All parties hereto are expressly put on notice of the Fund's
Agreement and Declaration of Trust and all amendments thereto,
all of which are on file with the Secretary of The Commonwealth
of Massachusetts, and the limitation of shareholder and trustee
liability contained therein. 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 trustees,
officers, or shareholders of the Fund individually but are
binding upon only the assets and property of the Fund. With
respect to any claim by the Adviser 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.
12. This Agreement shall be construed in accordance with
applicable federal law and (except as to Section 11 hereof which
shall be construed in accordance with the laws of The
Commonwealth of Massachusetts) the laws of the State of Illinois.
6
13. 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 PORTFOLIOS
By: /s/ John E. Peters
-----------------------------
Title: Vice President
ATTEST:
/s/ Philip J. Collora
---------------------------
Title: Secretary
KEMPER FINANCIAL SERVICES, INC.
By: /s/ Patrick Dudasik
-----------------------------
Title: Senior Vice President
ATTEST:
/s/ David F. Dierenfeldt
---------------------------
Title: Assistant Secretary
MRB|W:\FUNDS\NSAR.EXH\KP-396.77Q|041196
7
