<PAGE> PAGE 1
000 B000000 09/30/97
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
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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
008 D04AA01 5808
010 A00AA01 ZURICH KEMPER DISTRIBUTORS, INC.
010 B00AA01 8-47765
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60606
<PAGE> PAGE 2
010 C04AA01 5808
011 A00AA01 ZURICH KEMPER DISTRIBUTORS, INC.
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
011 C04AA01 5808
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 62
019 C00AA00 KEMPERFNDS
020 A000001 DEAN WITTER REYNOLDS, INC.
020 B000001 94-1671384
020 C000001 213
020 A000002 GOLDMAN, SACHS & CO.
020 B000002 13-5108880
020 C000002 128
020 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000003 13-5674085
020 C000003 65
020 A000004 LIT CLEARING SERVICES, INC.
020 B000004 36-3890396
020 C000004 64
020 A000005 PAINEWEBBER INCORPORATED
<PAGE> PAGE 3
020 B000005 13-2638166
020 C000005 37
020 A000006 GELBER SECURITIES INC.
020 B000006 UNKNOWN
020 C000006 35
020 A000007 DEUTSCHE BANK GOVERNMENT SECURITIES, INC.
020 B000007 UNKNOWN
020 C000007 27
020 A000008 SALOMON BROTHERS INC.
020 B000008 13-3082694
020 C000008 14
020 C000009 0
020 C000010 0
021 000000 584
022 A000001 SALOMON BROTHERS INC.
022 B000001 13-3082694
022 C000001 2331820
022 D000001 1177903
022 A000002 CS FIRST BOSTON CORPORATION
022 B000002 13-5659485
022 C000002 2939185
022 D000002 546606
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000003 13-5674085
022 C000003 2767371
022 D000003 531391
022 A000004 GREENWICH CAPITAL MARKETS, INC.
022 B000004 UNKNOWN
022 C000004 1669685
022 D000004 1610857
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005 2207119
022 D000005 658780
022 A000006 LEHMAN BORTHERS INC.
022 B000006 13-2518466
022 C000006 2391611
022 D000006 461184
022 A000007 NOMURA SECURTIES INTERNATIONAL, INC.
022 B000007 13-2642206
022 C000007 1936900
022 D000007 60083
022 A000008 NIKKO SECURITIES CO. INTERNATIONAL, INC.
022 B000008 94-1302123
022 C000008 1933584
022 D000008 0
022 A000009 PAINEWEBBER INCORPORATED
022 B000009 13-2638166
022 C000009 985944
022 D000009 934577
022 A000010 CHASE SECURITIES, INC.
<PAGE> PAGE 4
022 B000010 13-3112953
022 C000010 840526
022 D000010 992485
023 C000000 22948994
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026 A000000 N
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050 00AA00 N
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054 B00AA00 Y
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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
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<PAGE> PAGE 5
077 B000000 Y
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077 D000000 N
077 E000000 N
077 F000000 N
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077 I000000 N
077 J000000 N
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025 B000301 13-5108880
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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
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070 J020300 Y
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070 K020300 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
042 F000500 0
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<PAGE> PAGE 12
062 Q000500 0.0
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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 1997 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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<S> <C>
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<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
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<RECEIVABLES> 11,706
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<SENIOR-EQUITY> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> (5,229)
<NET-INVESTMENT-INCOME> 9,624
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,181)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 300,184
<NUMBER-OF-SHARES-REDEEMED> (247,433)
<SHARES-REINVESTED> 1,966
<NET-CHANGE-IN-ASSETS> 132,039
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,059
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,229
<AVERAGE-NET-ASSETS> 264,758
<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> 1.16
<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 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-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 335,086
<INVESTMENTS-AT-VALUE> 335,086
<RECEIVABLES> 11,706
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 346,792
<PAYABLE-FOR-SECURITIES> 4,998
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,139
<TOTAL-LIABILITIES> 7,137
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 339,655
<SHARES-COMMON-STOCK> 216,980
<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> 339,655
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,853
<OTHER-INCOME> 0
<EXPENSES-NET> (5,229)
<NET-INVESTMENT-INCOME> 9,624
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,847)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 761,916
<NUMBER-OF-SHARES-REDEEMED> (713,660)
<SHARES-REINVESTED> 6,813
<NET-CHANGE-IN-ASSETS> 132,039
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,059
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,229
<AVERAGE-NET-ASSETS> 264,758
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 2.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1997 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-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 335,086
<INVESTMENTS-AT-VALUE> 335,086
<RECEIVABLES> 11,706
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 346,792
<PAYABLE-FOR-SECURITIES> 4,998
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,139
<TOTAL-LIABILITIES> 7,137
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 339,655
<SHARES-COMMON-STOCK> 32,151
<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> 339,655
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,853
<OTHER-INCOME> 0
<EXPENSES-NET> (5,229)
<NET-INVESTMENT-INCOME> 9,624
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (596)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 162,655
<NUMBER-OF-SHARES-REDEEMED> (141,021)
<SHARES-REINVESTED> 619
<NET-CHANGE-IN-ASSETS> 132,039
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,059
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,229
<AVERAGE-NET-ASSETS> 264,758
<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> 1.84
<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 1997 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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 2,842,456
<INVESTMENTS-AT-VALUE> 2,945,821
<RECEIVABLES> 82,386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,028,207
<PAYABLE-FOR-SECURITIES> 523,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,466
<TOTAL-LIABILITIES> 530,382
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,258,101
<SHARES-COMMON-STOCK> 252,946
<SHARES-COMMON-PRIOR> 276,108
<ACCUMULATED-NII-CURRENT> 32,468
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (896,109)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 103,365
<NET-ASSETS> 2,497,825
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 222,143
<OTHER-INCOME> 0
<EXPENSES-NET> (33,780)
<NET-INVESTMENT-INCOME> 188,363
<REALIZED-GAINS-CURRENT> (5,898)
<APPREC-INCREASE-CURRENT> 48,933
<NET-CHANGE-FROM-OPS> 231,398
<EQUALIZATION> (7,042)
<DISTRIBUTIONS-OF-INCOME> (134,729)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,215
<NUMBER-OF-SHARES-REDEEMED> (59,510)
<SHARES-REINVESTED> 11,133
<NET-CHANGE-IN-ASSETS> (462,310)
<ACCUMULATED-NII-PRIOR> 43,951
<ACCUMULATED-GAINS-PRIOR> (916,606)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,793
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33,780
<AVERAGE-NET-ASSETS> 2,714,285
<PER-SHARE-NAV-BEGIN> 6.91
<PER-SHARE-NII> .52
<PER-SHARE-GAIN-APPREC> .10
<PER-SHARE-DIVIDEND> (.52)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.01
<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 1997 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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 2,842,456
<INVESTMENTS-AT-VALUE> 2,945,821
<RECEIVABLES> 82,386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,028,207
<PAYABLE-FOR-SECURITIES> 523,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,466
<TOTAL-LIABILITIES> 530,382
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,258,101
<SHARES-COMMON-STOCK> 103,130
<SHARES-COMMON-PRIOR> 152,175
<ACCUMULATED-NII-CURRENT> 32,468
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (896,109)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 103,365
<NET-ASSETS> 2,497,825
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 222,143
<OTHER-INCOME> 0
<EXPENSES-NET> (33,780)
<NET-INVESTMENT-INCOME> 188,363
<REALIZED-GAINS-CURRENT> (5,898)
<APPREC-INCREASE-CURRENT> 48,933
<NET-CHANGE-FROM-OPS> 231,398
<EQUALIZATION> (7,042)
<DISTRIBUTIONS-OF-INCOME> (57,940)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,168
<NUMBER-OF-SHARES-REDEEMED> (57,323)
<SHARES-REINVESTED> 5,110
<NET-CHANGE-IN-ASSETS> (462,310)
<ACCUMULATED-NII-PRIOR> 43,951
<ACCUMULATED-GAINS-PRIOR> (916,606)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,793
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33,780
<AVERAGE-NET-ASSETS> 2,714,285
<PER-SHARE-NAV-BEGIN> 6.91
<PER-SHARE-NII> .45
<PER-SHARE-GAIN-APPREC> .10
<PER-SHARE-DIVIDEND> (.46)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.00
<EXPENSE-RATIO> 1.83
<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 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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 2,842,456
<INVESTMENTS-AT-VALUE> 2,945,821
<RECEIVABLES> 82,386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,028,207
<PAYABLE-FOR-SECURITIES> 523,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,466
<TOTAL-LIABILITIES> 530,382
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,258,101
<SHARES-COMMON-STOCK> 392
<SHARES-COMMON-PRIOR> 245
<ACCUMULATED-NII-CURRENT> 32,468
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (896,109)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 103,365
<NET-ASSETS> 2,497,825
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 222,143
<OTHER-INCOME> 0
<EXPENSES-NET> (33,780)
<NET-INVESTMENT-INCOME> 188,363
<REALIZED-GAINS-CURRENT> (5,898)
<APPREC-INCREASE-CURRENT> 48,933
<NET-CHANGE-FROM-OPS> 231,398
<EQUALIZATION> (7,042)
<DISTRIBUTIONS-OF-INCOME> (138)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 207
<NUMBER-OF-SHARES-REDEEMED> (69)
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> (462,310)
<ACCUMULATED-NII-PRIOR> 43,951
<ACCUMULATED-GAINS-PRIOR> (916,606)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,793
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33,780
<AVERAGE-NET-ASSETS> 2,714,285
<PER-SHARE-NAV-BEGIN> 6.90
<PER-SHARE-NII> .46
<PER-SHARE-GAIN-APPREC> .10
<PER-SHARE-DIVIDEND> (.46)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.00
<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 1997 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-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 184,781
<INVESTMENTS-AT-VALUE> 184,107
<RECEIVABLES> 2,602
<ASSETS-OTHER> 998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 187,707
<PAYABLE-FOR-SECURITIES> 15,591
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 716
<TOTAL-LIABILITIES> 16,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,304
<SHARES-COMMON-STOCK> 5,940
<SHARES-COMMON-PRIOR> 4,434
<ACCUMULATED-NII-CURRENT> 1,608
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,838)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (674)
<NET-ASSETS> 171,400
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,391
<OTHER-INCOME> 0
<EXPENSES-NET> (3,403)
<NET-INVESTMENT-INCOME> 10,988
<REALIZED-GAINS-CURRENT> (5,257)
<APPREC-INCREASE-CURRENT> 3,620
<NET-CHANGE-FROM-OPS> 9,351
<EQUALIZATION> (370)
<DISTRIBUTIONS-OF-INCOME> (2,539)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,240
<NUMBER-OF-SHARES-REDEEMED> (2,989)
<SHARES-REINVESTED> 255
<NET-CHANGE-IN-ASSETS> (32,621)
<ACCUMULATED-NII-PRIOR> 2,353
<ACCUMULATED-GAINS-PRIOR> (17,576)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,014
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,403
<AVERAGE-NET-ASSETS> 184,867
<PER-SHARE-NAV-BEGIN> 7.89
<PER-SHARE-NII> .51
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> (.53)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.80
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1997 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-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 184,781
<INVESTMENTS-AT-VALUE> 184,107
<RECEIVABLES> 2,602
<ASSETS-OTHER> 998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 187,707
<PAYABLE-FOR-SECURITIES> 15,591
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 716
<TOTAL-LIABILITIES> 16,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,304
<SHARES-COMMON-STOCK> 15,390
<SHARES-COMMON-PRIOR> 21,117
<ACCUMULATED-NII-CURRENT> 1,608
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,838)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (674)
<NET-ASSETS> 171,400
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,391
<OTHER-INCOME> 0
<EXPENSES-NET> (3,403)
<NET-INVESTMENT-INCOME> 10,988
<REALIZED-GAINS-CURRENT> (5,257)
<APPREC-INCREASE-CURRENT> 3,620
<NET-CHANGE-FROM-OPS> 9,351
<EQUALIZATION> (370)
<DISTRIBUTIONS-OF-INCOME> (8,549)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,120
<NUMBER-OF-SHARES-REDEEMED> (8,662)
<SHARES-REINVESTED> 815
<NET-CHANGE-IN-ASSETS> (32,621)
<ACCUMULATED-NII-PRIOR> 2,353
<ACCUMULATED-GAINS-PRIOR> (17,576)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,014
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,403
<AVERAGE-NET-ASSETS> 184,867
<PER-SHARE-NAV-BEGIN> 7.85
<PER-SHARE-NII> .46
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> (.47)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.77
<EXPENSE-RATIO> 2.02
<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 1997 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
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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 period ended as of the date listed in Exhibit A
attached hereto ("Report Date"), we considered their internal
control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on the
internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of
any evaluation of internal control 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 would not necessarily
disclose all matters in the internal control 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 one or more of the internal control
components 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 and its operation, including controls
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 18, 1997
Kemper Funds Exhibit A
September 30, 1997
Kemper Portfolios:
Kemper Cash Reserves Fund
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
Kemper Growth Fund
Kemper Small Capitalization Equity Fund
Kemper Aggressive Growth Fund
Kemper High Yield Fund
Kemper National Tax-Free Income Series:
Kemper Municipal Bond Fund
Kemper Intermediate Municipal Bond Fund
Tax-Exempt California Money Market Fund
