<PAGE> PAGE 1
000 B000000 09/30/96
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 3125377000
002 A000000 222 SOUTH RIVERSIDE PLAZA
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 5808
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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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 60606
010 A00AA01 KEMPER DISTRIBUTORS, INC.
010 B00AA01 8-47765
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60606
011 A00AA01 KEMPER DISTRIBUTORS, INC.
<PAGE> PAGE 2
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
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
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 55
019 C00AA00 KEMPERFNDS
020 A000001 PAINEWEBBER INCORPORATED
020 B000001 13-2638166
020 C000001 194
020 A000002 DEAN WITTER REYNOLDS INC.
020 B000002 94-1671384
020 C000002 150
020 A000003 LIT OF FIRST OPTIONS OF CHICAGO, INC.
020 B000003 36-3008922
020 C000003 117
020 A000004 GOLDMAN, SACHS & CO.
020 B000004 13-5108880
020 C000004 55
020 A000005 SALOMON BROTHERS INC.
020 B000005 13-3082694
020 C000005 53
020 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
<PAGE> PAGE 3
020 B000006 13-5674085
020 C000006 16
020 A000007 DEUTSCHE BANK SECURITIES CORPORATION
020 B000007 13-2730828
020 C000007 4
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 589
022 A000001 THE NIKKO SECURITIES CO. INTERNATIONAL INC.
022 B000001 94-1302123
022 C000001 12470483
022 D000001 61020
022 A000002 SALOMON BROTHERS INC.
022 B000002 13-3082694
022 C000002 8743526
022 D000002 1452626
022 A000003 LEHMAN BROTHERS INC.
022 B000003 13-2518466
022 C000003 8516653
022 D000003 1545520
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000004 13-5674085
022 C000004 4037725
022 D000004 2224459
022 A000005 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
022 B000005 13-2741729
022 C000005 4926561
022 D000005 922233
022 A000006 GOLDMAN, SACHS & CO.
022 B000006 13-5108880
022 C000006 5398615
022 D000006 409007
022 A000007 BEAR, STEARNS & CO.
022 B000007 13-3299429
022 C000007 1841632
022 D000007 2376590
022 A000008 CS FIRST BOSTON CORP.
022 B000008 13-5659485
022 C000008 2778293
022 D000008 1250093
022 A000009 MORGAN STANLEY AND CO.
022 B000009 13-2655998
022 C000009 2994792
022 D000009 441648
022 A000010 GREENWICH CAPITAL MARKETS, INC.
022 B000010 UNKNOWN
022 C000010 1582132
022 D000010 1396461
023 C000000 59900557
023 D000000 15000206
<PAGE> PAGE 4
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054 D00AA00 N
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054 F00AA00 N
054 G00AA00 N
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<PAGE> PAGE 5
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025 A000303 GOLDMAN, SACHS & CO.
025 B000303 13-5108880
025 C000303 D
025 D000303 5000
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 A020300 Y
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070 C020300 N
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070 D020300 N
070 E010300 N
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
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070 K020300 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
074 V020300 1.00
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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
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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 1996 ANNUAL REPORT TO SHAREHOLDERS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
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<NAME> KEMPER CASH RESERVES FUND - CLASS A
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<PERIOD-END> SEP-30-1996
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<RECEIVABLES> 1,836
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<SHARES-COMMON-STOCK> 35,807
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<DIVIDEND-INCOME> 0
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<REALIZED-GAINS-CURRENT> (2,833)
<APPREC-INCREASE-CURRENT> 2,833
<NET-CHANGE-FROM-OPS> 8,717
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,816)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 91,876
<NUMBER-OF-SHARES-REDEEMED> (91,408)
<SHARES-REINVESTED> 1,673
<NET-CHANGE-IN-ASSETS> 31,059
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 922
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,212
<AVERAGE-NET-ASSETS> 224,787
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.08
<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 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> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 206,656
<INVESTMENTS-AT-VALUE> 206,656
<RECEIVABLES> 1,836
<ASSETS-OTHER> 622
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 209,114
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,498
<TOTAL-LIABILITIES> 1,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207,616
<SHARES-COMMON-STOCK> 161,911
<SHARES-COMMON-PRIOR> 140,617
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 207,616
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,929
<OTHER-INCOME> 0
<EXPENSES-NET> (4,212)
<NET-INVESTMENT-INCOME> 8,717
<REALIZED-GAINS-CURRENT> (2,833)
<APPREC-INCREASE-CURRENT> 2,833
<NET-CHANGE-FROM-OPS> 8,717
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,663)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 578,233
<NUMBER-OF-SHARES-REDEEMED> (563,047)
<SHARES-REINVESTED> 6,108
<NET-CHANGE-IN-ASSETS> 31,059
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 922
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,212
<AVERAGE-NET-ASSETS> 224,787
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.99
<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 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> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 206,656
<INVESTMENTS-AT-VALUE> 206,656
<RECEIVABLES> 1,836
<ASSETS-OTHER> 622
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 209,114
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,498
<TOTAL-LIABILITIES> 1,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207,616
<SHARES-COMMON-STOCK> 9,898
<SHARES-COMMON-PRIOR> 2,274
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 207,616
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,929
<OTHER-INCOME> 0
<EXPENSES-NET> (4,212)
<NET-INVESTMENT-INCOME> 8,717
<REALIZED-GAINS-CURRENT> (2,833)
<APPREC-INCREASE-CURRENT> 2,833
<NET-CHANGE-FROM-OPS> 8,717
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (238)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 48,599
<NUMBER-OF-SHARES-REDEEMED> (41,180)
<SHARES-REINVESTED> 205
<NET-CHANGE-IN-ASSETS> 31,059
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 922
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,212
<AVERAGE-NET-ASSETS> 224,787
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.79
<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 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> KEMPR US MORTGAGE FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 3,401,310
<INVESTMENTS-AT-VALUE> 3,455,742
<RECEIVABLES> 36,966
<ASSETS-OTHER> 9,270
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,501,978
<PAYABLE-FOR-SECURITIES> 534,298
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,545
<TOTAL-LIABILITIES> 541,843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,778,358
<SHARES-COMMON-STOCK> 276,108
<SHARES-COMMON-PRIOR> 285,770
<ACCUMULATED-NII-CURRENT> 43,951
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (916,606)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,432
<NET-ASSETS> 2,960,135
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 258,044
<OTHER-INCOME> 0
<EXPENSES-NET> (41,718)
<NET-INVESTMENT-INCOME> 216,326
<REALIZED-GAINS-CURRENT> (32,718)
<APPREC-INCREASE-CURRENT> (55,809)
<NET-CHANGE-FROM-OPS> 127,799
<EQUALIZATION> (6,653)
<DISTRIBUTIONS-OF-INCOME> (146,766)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,382
<NUMBER-OF-SHARES-REDEEMED> (49,877)
<SHARES-REINVESTED> 11,834
<NET-CHANGE-IN-ASSETS> (532,917)
<ACCUMULATED-NII-PRIOR> 60,572
<ACCUMULATED-GAINS-PRIOR> (1,245,903)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,340
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 41,718
<AVERAGE-NET-ASSETS> 3,242,954
<PER-SHARE-NAV-BEGIN> 7.13
<PER-SHARE-NII> .49
<PER-SHARE-GAIN-APPREC> (.19)
<PER-SHARE-DIVIDEND> (.52)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.91
<EXPENSE-RATIO> .97
<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 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 US MORTGAGE FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 3,401,310
<INVESTMENTS-AT-VALUE> 3,455,742
<RECEIVABLES> 36,966
<ASSETS-OTHER> 9,270
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,501,978
<PAYABLE-FOR-SECURITIES> 534,298
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,545
<TOTAL-LIABILITIES> 541,843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,778,358
<SHARES-COMMON-STOCK> 152,175
<SHARES-COMMON-PRIOR> 204,285
<ACCUMULATED-NII-CURRENT> 43,951
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (916,606)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,432
<NET-ASSETS> 2,960,135
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 258,044
<OTHER-INCOME> 0
<EXPENSES-NET> (41,718)
<NET-INVESTMENT-INCOME> 216,326
<REALIZED-GAINS-CURRENT> (32,718)
<APPREC-INCREASE-CURRENT> (55,809)
<NET-CHANGE-FROM-OPS> 127,799
<EQUALIZATION> (6,653)
<DISTRIBUTIONS-OF-INCOME> (79,441)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,032
<NUMBER-OF-SHARES-REDEEMED> (64,098)
<SHARES-REINVESTED> 6,955
<NET-CHANGE-IN-ASSETS> (532,917)
<ACCUMULATED-NII-PRIOR> 60,572
<ACCUMULATED-GAINS-PRIOR> (1,245,903)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,340
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 41,718
<AVERAGE-NET-ASSETS> 3,242,954
<PER-SHARE-NAV-BEGIN> 7.12
<PER-SHARE-NII> .44
<PER-SHARE-GAIN-APPREC> (.19)
<PER-SHARE-DIVIDEND> (.46)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.91
<EXPENSE-RATIO> 1.80
<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 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 US MORTGAGE FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 3,401,310
<INVESTMENTS-AT-VALUE> 3,455,742
<RECEIVABLES> 36,966
<ASSETS-OTHER> 9,270
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,501,978
<PAYABLE-FOR-SECURITIES> 534,298
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,545
<TOTAL-LIABILITIES> 541,843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,778,358
<SHARES-COMMON-STOCK> 245
<SHARES-COMMON-PRIOR> 207
<ACCUMULATED-NII-CURRENT> 43,951
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (916,606)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,432
<NET-ASSETS> 2,960,135
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 258,044
<OTHER-INCOME> 0
<EXPENSES-NET> (41,718)
<NET-INVESTMENT-INCOME> 216,326
<REALIZED-GAINS-CURRENT> (32,718)
<APPREC-INCREASE-CURRENT> (55,809)
<NET-CHANGE-FROM-OPS> 127,799
<EQUALIZATION> (6,653)
<DISTRIBUTIONS-OF-INCOME> (107)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 108
<NUMBER-OF-SHARES-REDEEMED> (77)
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> (532,917)
<ACCUMULATED-NII-PRIOR> 60,572
<ACCUMULATED-GAINS-PRIOR> (1,245,903)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,340
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 41,718
<AVERAGE-NET-ASSETS> 3,242,954
<PER-SHARE-NAV-BEGIN> 7.12
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> (.19)
<PER-SHARE-DIVIDEND> (.46)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.90
<EXPENSE-RATIO> 1.72
<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 ANNUAL REPORT TO SHAREHOLDERS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 071
<NAME> KEMPER SHORT INTERMEDIATE GOVERNMENT FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 203,477
<INVESTMENTS-AT-VALUE> 199,183
<RECEIVABLES> 4,798
<ASSETS-OTHER> 885
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 204,866
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 845
<TOTAL-LIABILITIES> 845
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 223,538
<SHARES-COMMON-STOCK> 4,434
<SHARES-COMMON-PRIOR> 3,909
<ACCUMULATED-NII-CURRENT> 2,353
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,576)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,294)
<NET-ASSETS> 204,021
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,433
<OTHER-INCOME> 0
<EXPENSES-NET> (4,133)
<NET-INVESTMENT-INCOME> 13,300
<REALIZED-GAINS-CURRENT> 814
<APPREC-INCREASE-CURRENT> (6,367)
<NET-CHANGE-FROM-OPS> 7,747
<EQUALIZATION> (350)
<DISTRIBUTIONS-OF-INCOME> (2,172)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,756
<NUMBER-OF-SHARES-REDEEMED> (1,446)
<SHARES-REINVESTED> 215
<NET-CHANGE-IN-ASSETS> (35,598)
<ACCUMULATED-NII-PRIOR> 2,480
<ACCUMULATED-GAINS-PRIOR> (18,384)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,230
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,133
<AVERAGE-NET-ASSETS> 223,420
<PER-SHARE-NAV-BEGIN> 8.08
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> (.20)
<PER-SHARE-DIVIDEND> (.53)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.89
<EXPENSE-RATIO> 1.15
<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 ANNUAL REPORT TO SHAREHOLDERS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 072
<NAME> KEMPER SHORT INTERMEDIATE GOVERNMENT FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 203,477
<INVESTMENTS-AT-VALUE> 199,183
<RECEIVABLES> 4,798
<ASSETS-OTHER> 885
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 204,866
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 845
<TOTAL-LIABILITIES> 845
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 223,538
<SHARES-COMMON-STOCK> 21,117
<SHARES-COMMON-PRIOR> 25,540
<ACCUMULATED-NII-CURRENT> 2,353
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,576)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,294)
<NET-ASSETS> 204,021
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,433
<OTHER-INCOME> 0
<EXPENSES-NET> (4,133)
<NET-INVESTMENT-INCOME> 13,300
<REALIZED-GAINS-CURRENT> 814
<APPREC-INCREASE-CURRENT> (6,367)
<NET-CHANGE-FROM-OPS> 7,747
<EQUALIZATION> (350)
<DISTRIBUTIONS-OF-INCOME> (10,718)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,851
<NUMBER-OF-SHARES-REDEEMED> (7,259)
<SHARES-REINVESTED> 985
<NET-CHANGE-IN-ASSETS> (35,598)
<ACCUMULATED-NII-PRIOR> 2,480
<ACCUMULATED-GAINS-PRIOR> (18,384)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,230
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,133
<AVERAGE-NET-ASSETS> 223,420
<PER-SHARE-NAV-BEGIN> 8.05
<PER-SHARE-NII> .46
<PER-SHARE-GAIN-APPREC> (.20)
<PER-SHARE-DIVIDEND> (.46)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.85
<EXPENSE-RATIO> 1.97
<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 ANNUAL REPORT TO SHAREHOLDERS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 073
<NAME> KEMPER SHORT INTERMEDIATE GOVERNMENT FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 203,477
<INVESTMENTS-AT-VALUE> 199,183
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<OTHER-ITEMS-LIABILITIES> 845
<TOTAL-LIABILITIES> 845
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 223,538
<SHARES-COMMON-STOCK> 409
<SHARES-COMMON-PRIOR> 300
<ACCUMULATED-NII-CURRENT> 2,353
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<ACCUMULATED-NET-GAINS> (17,576)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,294)
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<REALIZED-GAINS-CURRENT> 814
<APPREC-INCREASE-CURRENT> (6,367)
<NET-CHANGE-FROM-OPS> 7,747
<EQUALIZATION> (350)
<DISTRIBUTIONS-OF-INCOME> (193)
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<NUMBER-OF-SHARES-SOLD> 504
<NUMBER-OF-SHARES-REDEEMED> (416)
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<PER-SHARE-NAV-BEGIN> 8.06
<PER-SHARE-NII> .47
<PER-SHARE-GAIN-APPREC> (.20)
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</TABLE>
SUPPLEMENTARY REPORT OF INDEPENDENT AUDITORS
Board of Trustees
Kemper Funds
In planning and performing our audit of the financial statements of
each of the Kemper Funds listed in Exhibit A attached hereto (the
"Funds") for the year ended as of the date listed in Exhibit A
attached hereto ("Report Date"), we considered their internal control
structure, including procedures for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing
our opinion on their financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable,
but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of Report Date.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Chicago, Illinois
November , 1996
Kemper Funds Exhibit A
September 30, 1996
Tax-Exempt California Money Market Fund
Kemper Growth Fund
Kemper Small Capitalization Equity Fund
Kemper High Yield Fund
Kemper National Tax-Free Income Series:
Kemper Municipal Bond Fund
Kemper Intermediate Municipal Bond Fund
Kemper Portfolios:
Kemper Cash Reserve Fund
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
