<PAGE> PAGE 1
000 A000000 03/31/97
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
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 60606
010 A00AA01 ZURICH KEMPER DISTRIBUTORS, INC.
010 B00AA01 8-47765
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60606
011 A00AA01 ZURICH KEMPER DISTRIBUTORS, INC.
<PAGE> PAGE 2
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
012 A00AA01 ZURICH 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 ZURICH 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 57
019 C00AA00 KEMPERFNDS
020 A000001 DEAN WITTER REYNOLDS INC.
020 B000001 94-1671384
020 C000001 136
020 A000002 GOLDMAN, SACHS & CO.
020 B000002 13-5108880
020 C000002 53
020 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000003 13-5674085
020 C000003 51
020 A000004 LIT OF FIRST OPTIONS OF CHICAGO, INC.
020 B000004 36-3008922
020 C000004 25
020 A000005 PAINEWEBBER INCORPORATED
020 B000005 13-2638166
020 C000005 17
020 A000006 DEUTSCHE BANK SECURITIES CORPORATION
<PAGE> PAGE 3
020 B000006 13-2730828
020 C000006 9
020 A000007 SALOMON BROTHERS INC.
020 B000007 13-3082694
020 C000007 6
020 A000008 GELBER SECURITIES INC.
020 B000008 UNKNOWN
020 C000008 2
020 C000009 0
020 C000010 0
021 000000 299
022 A000001 SALOMON BROTHERS INC.
022 B000001 13-3082694
022 C000001 948844
022 D000001 501916
022 A000002 GREENWICH CAPITAL MARKETS, INC.
022 B000002 UNKNOWN
022 C000002 749661
022 D000002 668398
022 A000003 CHASE SECURITIES, INC.
022 B000003 13-3112953
022 C000003 567695
022 D000003 643441
022 A000004 GOLDMAN, SACHS & CO.
022 B000004 13-5108880
022 C000004 789975
022 D000004 178152
022 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000005 13-2741729
022 C000005 473814
022 D000005 328906
022 A000006 CS FIRST BOSTON CORP.
022 B000006 13-5659485
022 C000006 503092
022 D000006 280246
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007 528557
022 D000007 204506
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000008 13-5674085
022 C000008 554277
022 D000008 144313
022 A000009 BEAR, STEARNS & CO., INC.
022 B000009 13-3299429
022 C000009 263412
022 D000009 331615
022 A000010 PAINEWEBBER INCORPORATED
022 B000010 13-2638166
022 C000010 280831
022 D000010 217360
<PAGE> PAGE 4
023 C000000 6279149
023 D000000 3710070
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
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
061 00AA00 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 N
078 000000 N
024 000300 Y
025 A000301 BEAR STEARNS COMPANIES INC.
<PAGE> PAGE 5
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 5000
025 A000303 GOLDMAN, SACHS GROUP, L.P.
025 B000303 13-5108880
025 C000303 D
025 D000303 5000
025 A000304 LEHMAN BROTHERS HOLDINGS INC.
025 B000304 13-3216325
025 C000304 D
025 D000304 5000
025 A000305 MERRILL, LYNCH & CO., INC.
025 B000305 13-2973073
025 C000305 D
025 D000305 9997
025 A000306 SALOMON INC.
025 B000306 13-3082694
025 C000306 D
025 D000306 4983
025 D000307 0
025 D000308 0
028 A010300 132608
028 A020300 554
028 A030300 0
028 A040300 24846
028 B010300 27329
028 B020300 747
028 B030300 0
028 B040300 46033
028 C010300 25481
028 C020300 62
028 C030300 0
028 C040300 136848
028 D010300 26116
028 D020300 1184
028 D030300 0
028 D040300 27501
028 E010300 21571
028 E020300 492
028 E030300 0
028 E040300 25153
028 F010300 277485
028 F020300 526
028 F030300 0
028 F040300 47788
028 G010300 510589
028 G020300 3565
<PAGE> PAGE 6
028 G030300 0
028 G040300 308169
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
034 000300 Y
035 000300 345
036 A000300 N
036 B000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 100
043 000300 725
044 000300 4327
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 250000
048 A020300 0.400
048 B010300 750000
048 B020300 0.380
048 C010300 1500000
048 C020300 0.350
048 D010300 2500000
048 D020300 0.320
048 E010300 2500000
048 E020300 0.300
048 F010300 2500000
048 F020300 0.280
048 G010300 2500000
048 G020300 0.260
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 12500000
048 K020300 0.250
<PAGE> PAGE 7
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 1.2
062 D000300 7.4
062 E000300 0.0
062 F000300 4.8
062 G000300 4.9
062 H000300 0.0
062 I000300 81.8
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 19
063 B000300 0.0
064 A000300 Y
064 B000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
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
070 J010300 Y
070 J020300 Y
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 N
<PAGE> PAGE 8
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 6399
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 470
072 G000300 290
072 H000300 0
072 I000300 0
072 J000300 706
072 K000300 0
072 L000300 38
072 M000300 9
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 17
072 S000300 1
072 T000300 725
072 U000300 0
072 V000300 0
072 W000300 2
072 X000300 2258
072 Y000300 0
072 Z000300 4141
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 895
072DD020300 3246
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
<PAGE> PAGE 9
073 C000300 0.0000
074 A000300 0
074 B000300 30437
074 C000300 383364
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 643
074 M000300 0
074 N000300 414444
074 O000300 0
074 P000300 275
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 568
074 S000300 0
074 T000300 413601
074 U010300 61213
074 U020300 352388
074 V010300 1.00
074 V020300 1.00
074 W000300 0.9998
074 X000300 58197
074 Y000300 0
075 A000300 235086
075 B000300 0
076 000300 0.00
024 000500 N
028 A010500 3495
028 A020500 10224
028 A030500 0
028 A040500 57025
028 B010500 3319
028 B020500 9963
028 B030500 0
028 B040500 49993
028 C010500 4062
028 C020500 9667
028 C030500 0
028 C040500 51764
028 D010500 3840
028 D020500 9692
028 D030500 0
028 D040500 74471
<PAGE> PAGE 10
028 E010500 3256
028 E020500 9540
028 E030500 0
028 E040500 70375
028 F010500 4921
028 F020500 9189
028 F030500 0
028 F040500 57969
028 G010500 22893
028 G020500 58275
028 G030500 0
028 G040500 361597
028 H000500 6794
029 000500 Y
030 A000500 112
030 B000500 4.50
030 C000500 0.00
031 A000500 12
031 B000500 0
032 000500 99
033 000500 1
034 000500 Y
035 000500 829
036 A000500 N
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 100
043 000500 3699
044 000500 584
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 250000
048 A020500 0.550
048 B010500 750000
048 B020500 0.520
048 C010500 1500000
048 C020500 0.500
048 D010500 2500000
048 D020500 0.480
048 E010500 2500000
048 E020500 0.450
048 F010500 2500000
048 F020500 0.430
<PAGE> PAGE 11
048 G010500 2500000
048 G020500 0.410
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 12500000
048 K020500 0.400
055 A000500 Y
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 1.4
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 18.3
062 N000500 96.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 8.1
064 A000500 N
064 B000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 Y
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
<PAGE> PAGE 12
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 3201797
071 B000500 3540619
071 C000500 3094722
071 D000500 207
072 A000500 6
072 B000500 115992
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 7234
072 G000500 3420
072 H000500 0
072 I000500 0
072 J000500 3088
072 K000500 0
072 L000500 224
072 M000500 22
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 16
072 S000500 9
072 T000500 3699
072 U000500 0
072 V000500 0
072 W000500 56
072 X000500 17768
072 Y000500 0
072 Z000500 98224
<PAGE> PAGE 13
072AA000500 25839
072BB000500 24457
072CC010500 0
072CC020500 28856
072DD010500 68971
072DD020500 32083
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 37000
074 C000500 0
074 D000500 3029413
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 57225
074 K000500 0
074 L000500 30900
074 M000500 0
074 N000500 3154538
074 O000500 500236
074 P000500 2242
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 2658
074 S000500 0
074 T000500 2649402
074 U010500 258946
074 U020500 129302
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 192111
074 Y000500 527122
075 A000500 0
075 B000500 2843927
076 000500 0.00
024 000700 N
028 A010700 2273
028 A020700 795
028 A030700 0
028 A040700 6120
028 B010700 2309
028 B020700 747
<PAGE> PAGE 14
028 B030700 0
028 B040700 8089
028 C010700 5456
028 C020700 1481
028 C030700 0
028 C040700 5116
028 D010700 2265
028 D020700 59
028 D030700 0
028 D040700 9771
028 E010700 3586
028 E020700 723
028 E030700 0
028 E040700 7273
028 F010700 3078
028 F020700 710
028 F030700 0
028 F040700 6568
028 G010700 18967
028 G020700 4515
028 G030700 0
028 G040700 42937
028 H000700 5907
029 000700 Y
030 A000700 41
030 B000700 3.50
030 C000700 0.00
031 A000700 5
031 B000700 0
032 000700 36
033 000700 0
034 000700 Y
035 000700 183
036 A000700 N
036 B000700 0
042 A000700 0
042 B000700 0
042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 100
043 000700 598
044 000700 278
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.000
048 A010700 250000
048 A020700 0.550
<PAGE> PAGE 15
048 B010700 750000
048 B020700 0.520
048 C010700 1500000
048 C020700 0.500
048 D010700 2500000
048 D020700 0.480
048 E010700 2500000
048 E020700 0.450
048 F010700 2500000
048 F020700 0.430
048 G010700 2500000
048 G020700 0.410
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 12500000
048 K020700 0.400
055 A000700 Y
055 B000700 N
056 000700 Y
057 000700 N
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 97.6
062 N000700 0.2
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 2.1
064 A000700 N
064 B000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 Y
<PAGE> PAGE 16
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 Y
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 Y
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 44790
071 B000700 63483
071 C000700 180630
071 D000700 50
072 A000700 6
072 B000700 7655
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 534
072 G000700 234
072 H000700 0
072 I000700 0
072 J000700 371
072 K000700 0
072 L000700 25
072 M000700 9
072 N000700 0
072 O000700 0
072 P000700 0
<PAGE> PAGE 17
072 Q000700 0
072 R000700 9
072 S000700 1
072 T000700 598
072 U000700 0
072 V000700 0
072 W000700 4
072 X000700 1785
072 Y000700 0
072 Z000700 5870
072AA000700 100
072BB000700 977
072CC010700 0
072CC020700 1619
072DD010700 1200
072DD020700 4842
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 331
074 B000700 0
074 C000700 0
074 D000700 177932
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 105
074 K000700 0
074 L000700 3907
074 M000700 0
074 N000700 182275
074 O000700 0
074 P000700 213
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 164
074 S000700 0
074 T000700 181898
074 U010700 4516
074 U020700 18964
074 V010700 0.00
074 V020700 0.00
074 W000700 0.0000
074 X000700 22300
074 Y000700 460
<PAGE> PAGE 18
075 A000700 0
075 B000700 194013
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 1997 SEMIANNUAL 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
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 413,801
<INVESTMENTS-AT-VALUE> 413,801
<RECEIVABLES> 643
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 414,444
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 843
<TOTAL-LIABILITIES> 843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,601
<SHARES-COMMON-STOCK> 61,213
<SHARES-COMMON-PRIOR> 35,807
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 413,601
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,399
<OTHER-INCOME> 0
<EXPENSES-NET> (2,258)
<NET-INVESTMENT-INCOME> 4,141
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,141
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (895)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 89,530
<NUMBER-OF-SHARES-REDEEMED> (64,878)
<SHARES-REINVESTED> 754
<NET-CHANGE-IN-ASSETS> 205,985
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 470
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,141
<AVERAGE-NET-ASSETS> 235,086
<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> 1.15
<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 1997 SEMIANNUAL 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 413,801
<INVESTMENTS-AT-VALUE> 413,801
<RECEIVABLES> 643
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 414,444
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 843
<TOTAL-LIABILITIES> 843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,601
<SHARES-COMMON-STOCK> 325,606
<SHARES-COMMON-PRIOR> 161,911
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 413,601
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,399
<OTHER-INCOME> 0
<EXPENSES-NET> (2,258)
<NET-INVESTMENT-INCOME> 4,141
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,141
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,073)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 387,889
<NUMBER-OF-SHARES-REDEEMED> (226,868)
<SHARES-REINVESTED> 2,674
<NET-CHANGE-IN-ASSETS> 205,985
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 470
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,141
<AVERAGE-NET-ASSETS> 235,086
<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> 2.11
<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 1997 SEMIANNUAL 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 413,801
<INVESTMENTS-AT-VALUE> 413,801
<RECEIVABLES> 643
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 414,444
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 843
<TOTAL-LIABILITIES> 843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,601
<SHARES-COMMON-STOCK> 26,782
<SHARES-COMMON-PRIOR> 9,898
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 413,601
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,399
<OTHER-INCOME> 0
<EXPENSES-NET> (2,258)
<NET-INVESTMENT-INCOME> 4,141
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,141
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (173)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,134
<NUMBER-OF-SHARES-REDEEMED> (20,387)
<SHARES-REINVESTED> 137
<NET-CHANGE-IN-ASSETS> 205,985
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 470
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,141
<AVERAGE-NET-ASSETS> 235,086
<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> 1.81
<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 1997 SEMIANNUAL 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 US MORTGAGE FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 3,040,837
<INVESTMENTS-AT-VALUE> 3,066,413
<RECEIVABLES> 88,125
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,154,538
<PAYABLE-FOR-SECURITIES> 500,236
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,900
<TOTAL-LIABILITIES> 505,136
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,501,926
<SHARES-COMMON-STOCK> 258,946
<SHARES-COMMON-PRIOR> 276,108
<ACCUMULATED-NII-CURRENT> 37,124
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (915,224)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,576
<NET-ASSETS> 2,649,402
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 115,992
<OTHER-INCOME> 0
<EXPENSES-NET> (17,768)
<NET-INVESTMENT-INCOME> 98,224
<REALIZED-GAINS-CURRENT> 1,382
<APPREC-INCREASE-CURRENT> (28,856)
<NET-CHANGE-FROM-OPS> 70,750
<EQUALIZATION> (3,997)
<DISTRIBUTIONS-OF-INCOME> (68,971)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,245
<NUMBER-OF-SHARES-REDEEMED> (32,090)
<SHARES-REINVESTED> 5,683
<NET-CHANGE-IN-ASSETS> (310,733)
<ACCUMULATED-NII-PRIOR> 43,951
<ACCUMULATED-GAINS-PRIOR> (916,606)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,768
<AVERAGE-NET-ASSETS> 2,843,927
<PER-SHARE-NAV-BEGIN> 6.91
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> (.08)
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.83
<EXPENSE-RATIO> .94
<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 1997 SEMIANNUAL 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 3,040,837
<INVESTMENTS-AT-VALUE> 3,066,413
<RECEIVABLES> 88,125
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,154,538
<PAYABLE-FOR-SECURITIES> 500,236
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,900
<TOTAL-LIABILITIES> 505,136
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,501,926
<SHARES-COMMON-STOCK> 129,028
<SHARES-COMMON-PRIOR> 152,175
<ACCUMULATED-NII-CURRENT> 37,124
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (915,224)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,576
<NET-ASSETS> 2,649,402
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 115,992
<OTHER-INCOME> 0
<EXPENSES-NET> (17,768)
<NET-INVESTMENT-INCOME> 98,224
<REALIZED-GAINS-CURRENT> 1,382
<APPREC-INCREASE-CURRENT> (28,856)
<NET-CHANGE-FROM-OPS> 70,750
<EQUALIZATION> (3,997)
<DISTRIBUTIONS-OF-INCOME> (32,026)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,597
<NUMBER-OF-SHARES-REDEEMED> (27,581)
<SHARES-REINVESTED> 2,837
<NET-CHANGE-IN-ASSETS> (310,733)
<ACCUMULATED-NII-PRIOR> 43,951
<ACCUMULATED-GAINS-PRIOR> (916,606)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,768
<AVERAGE-NET-ASSETS> 2,843,927
<PER-SHARE-NAV-BEGIN> 6.91
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> (.08)
<PER-SHARE-DIVIDEND> .23
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.82
<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 1997 SEMIANNUAL 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 3,040,837
<INVESTMENTS-AT-VALUE> 3,066,413
<RECEIVABLES> 88,125
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,154,538
<PAYABLE-FOR-SECURITIES> 500,236
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,900
<TOTAL-LIABILITIES> 505,136
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,501,926
<SHARES-COMMON-STOCK> 274
<SHARES-COMMON-PRIOR> 245
<ACCUMULATED-NII-CURRENT> 37,124
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (915,224)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,576
<NET-ASSETS> 2,649,402
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 115,992
<OTHER-INCOME> 0
<EXPENSES-NET> (17,768)
<NET-INVESTMENT-INCOME> 98,224
<REALIZED-GAINS-CURRENT> 1,382
<APPREC-INCREASE-CURRENT> (28,856)
<NET-CHANGE-FROM-OPS> 70,750
<EQUALIZATION> (3,997)
<DISTRIBUTIONS-OF-INCOME> (57)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69
<NUMBER-OF-SHARES-REDEEMED> (43)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> (310,733)
<ACCUMULATED-NII-PRIOR> 43,951
<ACCUMULATED-GAINS-PRIOR> (916,606)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,768
<AVERAGE-NET-ASSETS> 2,843,927
<PER-SHARE-NAV-BEGIN> 6.90
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> (.08)
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.82
<EXPENSE-RATIO> 1.70
<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 1997 SEMIANNUAL 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 183,845
<INVESTMENTS-AT-VALUE> 177,932
<RECEIVABLES> 4,012
<ASSETS-OTHER> 331
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 182,275
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 377
<TOTAL-LIABILITIES> 377
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204,318
<SHARES-COMMON-STOCK> 4,516
<SHARES-COMMON-PRIOR> 4,434
<ACCUMULATED-NII-CURRENT> 1,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18,453)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,913)
<NET-ASSETS> 181,898
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,655
<OTHER-INCOME> 0
<EXPENSES-NET> (1,785)
<NET-INVESTMENT-INCOME> 5,870
<REALIZED-GAINS-CURRENT> (877)
<APPREC-INCREASE-CURRENT> (1,619)
<NET-CHANGE-FROM-OPS> 3,374
<EQUALIZATION> (235)
<DISTRIBUTIONS-OF-INCOME> (1,200)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,734
<NUMBER-OF-SHARES-REDEEMED> (1,773)
<SHARES-REINVESTED> 121
<NET-CHANGE-IN-ASSETS> (22,123)
<ACCUMULATED-NII-PRIOR> 2,353
<ACCUMULATED-GAINS-PRIOR> (17,576)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 534
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,785
<AVERAGE-NET-ASSETS> 194,013
<PER-SHARE-NAV-BEGIN> 7.89
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.77
<EXPENSE-RATIO> 1.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1997 SEMIANNUAL 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 183,845
<INVESTMENTS-AT-VALUE> 177,932
<RECEIVABLES> 4,012
<ASSETS-OTHER> 331
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 182,275
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 377
<TOTAL-LIABILITIES> 377
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204,318
<SHARES-COMMON-STOCK> 18,335
<SHARES-COMMON-PRIOR> 21,117
<ACCUMULATED-NII-CURRENT> 1,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18,453)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,913)
<NET-ASSETS> 181,898
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,655
<OTHER-INCOME> 0
<EXPENSES-NET> (1,785)
<NET-INVESTMENT-INCOME> 5,870
<REALIZED-GAINS-CURRENT> (877)
<APPREC-INCREASE-CURRENT> (1,619)
<NET-CHANGE-FROM-OPS> 3,374
<EQUALIZATION> (235)
<DISTRIBUTIONS-OF-INCOME> (4,721)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 977
<NUMBER-OF-SHARES-REDEEMED> (4,209)
<SHARES-REINVESTED> 450
<NET-CHANGE-IN-ASSETS> (22,123)
<ACCUMULATED-NII-PRIOR> 2,353
<ACCUMULATED-GAINS-PRIOR> (17,576)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 534
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,785
<AVERAGE-NET-ASSETS> 194,013
<PER-SHARE-NAV-BEGIN> 7.85
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.74
<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 1997 SEMIANNUAL 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 183,845
<INVESTMENTS-AT-VALUE> 177,932
<RECEIVABLES> 4,012
<ASSETS-OTHER> 331
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 182,275
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 377
<TOTAL-LIABILITIES> 377
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204,318
<SHARES-COMMON-STOCK> 629
<SHARES-COMMON-PRIOR> 409
<ACCUMULATED-NII-CURRENT> 1,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18,453)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,913)
<NET-ASSETS> 181,898
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,655
<OTHER-INCOME> 0
<EXPENSES-NET> (1,785)
<NET-INVESTMENT-INCOME> 5,870
<REALIZED-GAINS-CURRENT> (877)
<APPREC-INCREASE-CURRENT> (1,619)
<NET-CHANGE-FROM-OPS> 3,374
<EQUALIZATION> (235)
<DISTRIBUTIONS-OF-INCOME> (121)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 308
<NUMBER-OF-SHARES-REDEEMED> (102)
<SHARES-REINVESTED> 14
<NET-CHANGE-IN-ASSETS> (22,123)
<ACCUMULATED-NII-PRIOR> 2,353
<ACCUMULATED-GAINS-PRIOR> (17,576)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 534
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,785
<AVERAGE-NET-ASSETS> 194,013
<PER-SHARE-NAV-BEGIN> 7.86
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.75
<EXPENSE-RATIO> 1.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
