<PAGE> PAGE 1
000 B000000 08/31/97
000 C000000 0000814955
000 D000000 N
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000 F000000 Y
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000 H000000 N
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001 A000000 KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND
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001 C000000 3125377000
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002 B000000 CHICAGO
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002 D020000 5808
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"008 A000001 ZURICH KEMPER INVESTMENTS, INC."
008 B000001 A
008 C000001 801-6634
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008 D020001 IL
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<PAGE> PAGE 2
011 C040001 5808
012 A000001 ZURICH KEMPER SERVICE COMPANY
012 B000001 84-1713
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60606
"014 A000001 ZURICH KEMPER DISTRIBUTORS, INC."
014 B000001 8-47765
"014 A000002 GRUNTAL SECURITIES, INC."
014 B000002 8-31022
"014 A000003 THE GMS GROUP, INC."
014 B000003 8-23936
015 A000001 INVESTORS FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
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015 B000002 S
015 C010002 BOSTON
015 C020002 MA
015 C030002 02110
015 E010002 X
018 000000 Y
019 A000000 Y
019 B000000 62
019 C000000 KEMPERFNDS
020 A000001 DEUTSCHE BANK SECURITIES CORPORATION
020 B000001 13-2730828
020 C000001 3
"020 A000002 GOLDMAN, SACHS & CO."
020 B000002 13-5108880
020 C000002 2
"020 A000003 LIT CLEARING SERVICES, INC."
020 B000003 36-3890396
020 C000003 2
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020 C000004 1
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<PAGE> PAGE 3
022 A000001 LEHMAN BROTHERS INC.
022 B000001 13-2518466
022 C000001 65381
022 D000001 75177
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022 B000002 13-5674085
022 C000002 62558
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022 B000003 13-5108880
022 C000003 56238
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022 C000004 99696
022 D000004 0
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022 C000005 55723
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022 B000008 13-1912900
022 C000008 15302
022 D000008 15367
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022 B000009 UNKNOWN
022 C000009 9386
022 D000009 15723
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022 B000010 13-3299429
022 C000010 8564
022 D000010 8700
023 C000000 443602
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<PAGE> PAGE 4
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SIGNATURE JEROME L. DUFFY
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND
<SERIES>
<NUMBER> 001
<NAME> CLASS A
"<MULTIPLIER> 1,000"
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
"<INVESTMENTS-AT-COST> 93,749"
"<INVESTMENTS-AT-VALUE> 93,996"
"<RECEIVABLES> 5,935"
<ASSETS-OTHER> 863
<OTHER-ITEMS-ASSETS> 0
"<TOTAL-ASSETS> 100,794"
"<PAYABLE-FOR-SECURITIES> 18,311"
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 516
"<TOTAL-LIABILITIES> 18,827"
<SENIOR-EQUITY> 0
"<PAID-IN-CAPITAL-COMMON> 91,703"
"<SHARES-COMMON-STOCK> 8,849"
"<SHARES-COMMON-PRIOR> 10,578"
<ACCUMULATED-NII-CURRENT> 657
<OVERDISTRIBUTION-NII> 0
"<ACCUMULATED-NET-GAINS> (10,640)"
<OVERDISTRIBUTION-GAINS> 0
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"<NET-ASSETS> 81,967"
<DIVIDEND-INCOME> 0
"<INTEREST-INCOME> 6,048"
<OTHER-INCOME> 0
"<EXPENSES-NET> (1,173)"
"<NET-INVESTMENT-INCOME> 4,875"
<REALIZED-GAINS-CURRENT> 522
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"<NET-CHANGE-FROM-OPS> 5,738"
<EQUALIZATION> (127)
"<DISTRIBUTIONS-OF-INCOME> (4,433)"
<DISTRIBUTIONS-OF-GAINS> 0
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"<NUMBER-OF-SHARES-SOLD> 1,100"
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<SHARES-REINVESTED> 369
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<PER-SHARE-NAV-BEGIN> 8.22
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND
<SERIES>
<NUMBER> 002
<NAME> CLASS B
"<MULTIPLIER> 1,000"
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
"<INVESTMENTS-AT-COST> 93,749"
"<INVESTMENTS-AT-VALUE> 93,996"
"<RECEIVABLES> 5,935"
<ASSETS-OTHER> 863
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"<TOTAL-ASSETS> 100,794"
"<PAYABLE-FOR-SECURITIES> 18,311"
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<SHARES-COMMON-STOCK> 890
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"<ACCUMULATED-NET-GAINS> (10,640)"
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<DIVIDEND-INCOME> 0
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"<NET-CHANGE-FROM-OPS> 5,738"
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<DISTRIBUTIONS-OF-INCOME> (318)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 626
<NUMBER-OF-SHARES-REDEEMED> (534)
<SHARES-REINVESTED> 33
"<NET-CHANGE-IN-ASSETS> (12,510)"
<ACCUMULATED-NII-PRIOR> 718
"<ACCUMULATED-GAINS-PRIOR> (11,624)"
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
"<GROSS-EXPENSE> 1,173"
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<PER-SHARE-NAV-BEGIN> 8.23
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> .09
<PER-SHARE-DIVIDEND> (.39)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND
<SERIES>
<NUMBER> 003
<NAME> CLASS C
"<MULTIPLIER> 1,000"
<S> <C>
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<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
"<INVESTMENTS-AT-COST> 93,749"
"<INVESTMENTS-AT-VALUE> 93,996"
"<RECEIVABLES> 5,935"
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<OTHER-ITEMS-ASSETS> 0
"<TOTAL-ASSETS> 100,794"
"<PAYABLE-FOR-SECURITIES> 18,311"
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 516
"<TOTAL-LIABILITIES> 18,827"
<SENIOR-EQUITY> 0
"<PAID-IN-CAPITAL-COMMON> 91,703"
<SHARES-COMMON-STOCK> 127
<SHARES-COMMON-PRIOR> 144
<ACCUMULATED-NII-CURRENT> 657
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"<EXPENSES-NET> (1,173)"
"<NET-INVESTMENT-INCOME> 4,875"
<REALIZED-GAINS-CURRENT> 522
<APPREC-INCREASE-CURRENT> 341
"<NET-CHANGE-FROM-OPS> 5,738"
<EQUALIZATION> (127)
<DISTRIBUTIONS-OF-INCOME> (59)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 82
<NUMBER-OF-SHARES-REDEEMED> (106)
<SHARES-REINVESTED> 7
"<NET-CHANGE-IN-ASSETS> (12,510)"
<ACCUMULATED-NII-PRIOR> 718
"<ACCUMULATED-GAINS-PRIOR> (11,624)"
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 493
<INTEREST-EXPENSE> 0
"<GROSS-EXPENSE> 1,173"
"<AVERAGE-NET-ASSETS> 89,760"
<PER-SHARE-NAV-BEGIN> 8.24
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> .09
<PER-SHARE-DIVIDEND> (.39)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.33
<EXPENSE-RATIO> 1.88
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
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"
16-Oct-97
Kemper Funds Exhibit A
31-Aug-97
Kemper State Tax-Free Income Series-
California Tax-Free Income Fund
New York Tax-Free Income Fund
Florida Tax-Free Income Fund
Texas Tax-Free Income Fund
Ohio Tax-Free Income Fund
Michigan Tax-Free Income Fund
New Jersey Tax-Free Income Fund
Pennsylvania Tax-Free Income Fund
Kemper Adjustable Rate US Government Fund
