<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
U.S. Mortgage Fund Annual Report for the fiscal year ended 9/30/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000701638
<NAME> KEMPER PORTFOLIOS
<SERIES>
<NUMBER> 01
<NAME> KEMPER U.S. MORTGAGE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 1,541,262,822
<INVESTMENTS-AT-VALUE> 1,556,242,458
<RECEIVABLES> 138,461,025
<ASSETS-OTHER> 22,308
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,694,725,791
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222,988,088
<TOTAL-LIABILITIES> 222,988,088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,083,422,107
<SHARES-COMMON-STOCK> 209,192,265
<SHARES-COMMON-PRIOR> 246,052,405
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (626,207,245)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,522,841
<NET-ASSETS> 1,471,737,703
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 117,009,883
<OTHER-INCOME> 0
<EXPENSES-NET> 16,868,214
<NET-INVESTMENT-INCOME> 100,141,669
<REALIZED-GAINS-CURRENT> (40,385,538)
<APPREC-INCREASE-CURRENT> 27,869,005
<NET-CHANGE-FROM-OPS> 87,625,136
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (95,995,544)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 98,319,337
<NUMBER-OF-SHARES-REDEEMED> (401,420,248)
<SHARES-REINVESTED> 58,331,666
<NET-CHANGE-IN-ASSETS> (334,539,254)
<ACCUMULATED-NII-PRIOR> 6,207,000
<ACCUMULATED-GAINS-PRIOR> (607,901,880)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,259,280
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,004,626
<AVERAGE-NET-ASSETS> 1,504,822,724
<PER-SHARE-NAV-BEGIN> 6.75
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.71
<EXPENSE-RATIO> 1.01
</TABLE>
