KEMPER ADJUSTABLE RATE U S GOVERNMENT FUND
NSAR-A, 1997-04-29
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<PAGE>      PAGE  1
000 A000000 02/28/97
000 C000000 0000814955
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 ADJUSTABLE RATE U.S. GOVERNMENT FUND
001 B000000 811-5195
001 C000000 3125377000
002 A000000 222 SOUTH RIVERSIDE PLAZA
002 B000000 CHICAGO
002 C000000 IL
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007 C011000 10
008 A000001 ZURICH KEMPER INVESTMENTS, INC.
008 B000001 A
008 C000001 801-6634
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60606
008 D040001 5808
010 A000001 KEMPER DISTRIBUTORS, INC.
010 B000001 8-47765
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010 C020001 IL
010 C030001 60606
010 C040001 5808
011 A000001 KEMPER DISTRIBUTORS, INC.
011 B000001 8-47765
011 C010001 CHICAGO
011 C020001 IL
011 C030001 60606
<PAGE>      PAGE  2
011 C040001 5808
012 A000001 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 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
015 A000002 STATE STREET BANK AND TRUST COMPANY
015 B000002 S
015 C010002 BOSTON
015 C020002 MA
015 C030002 02110
015 E010002 X
018  000000 Y
019 A000000 Y
019 B000000   57
019 C000000 KEMPERFNDS
020 A000001 DEUTSCHE BANK SECURITIES CORPORATION
020 B000001 13-2730828
020 C000001      1
020 A000002 LIT OF FIRST OPTIONS OF CHICAGO, INC.
020 B000002 36-3008922
020 C000002      1
020 A000003 GOLDMAN, SACHS & CO.
020 B000003 13-5108880
020 C000003      1
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000004 13-5674085
020 C000004      1
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
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<PAGE>      PAGE  3
022 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000001 13-2741729
022 C000001     55396
022 D000001         0
022 A000002 GOLDMAN, SACHS, & CO.
022 B000002 13-5108880
022 C000002     28085
022 D000002     19074
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003     20823
022 D000003     15003
022 A000004 PAINEWEBBER INCORPORATED
022 B000004 13-2638166
022 C000004     25757
022 D000004      8907
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-2518466
022 C000005      4000
022 D000005     22968
022 A000006 FREDDIE MAC SECURITY SALES & TREASURY
022 B000006 UNKNOWN
022 C000006     17447
022 D000006      8712
022 A000007 BEAR, STEARNS & CO. INC.
022 B000007 13-3299429
022 C000007      8564
022 D000007      6543
022 A000008 SANDLER O'NEILL & PARTNERS, L.P.
022 B000008 UNKNOWN
022 C000008      2966
022 D000008      8083
022 A000009 CS FIRST BOSTON CORP.
022 B000009 13-5659485
022 C000009      4216
022 D000009      6429
022 A000010 UBS SECURITIES INC.
022 B000010 13-2932996
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023 C000000     172506
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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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 SEMI 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> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1997
<PERIOD-START>                             SEP-01-1996
<PERIOD-END>                               FEB-28-1997
<INVESTMENTS-AT-COST>                          104,010
<INVESTMENTS-AT-VALUE>                         104,015
<RECEIVABLES>                                    2,320
<ASSETS-OTHER>                                      46
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 106,381
<PAYABLE-FOR-SECURITIES>                        12,738
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          365
<TOTAL-LIABILITIES>                             13,103
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       103,562
<SHARES-COMMON-STOCK>                           10,280
<SHARES-COMMON-PRIOR>                           10,578
<ACCUMULATED-NII-CURRENT>                          723
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (11,012)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             5
<NET-ASSETS>                                    93,278
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                3,118
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (604)
<NET-INVESTMENT-INCOME>                          2,514
<REALIZED-GAINS-CURRENT>                           612
<APPREC-INCREASE-CURRENT>                           99
<NET-CHANGE-FROM-OPS>                            3,225
<EQUALIZATION>                                    (15)
<DISTRIBUTIONS-OF-INCOME>                      (2,309)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          1,006
<NUMBER-OF-SHARES-REDEEMED>                    (1,496)
<SHARES-REINVESTED>                                192
<NET-CHANGE-IN-ASSETS>                         (1,199)
<ACCUMULATED-NII-PRIOR>                            718
<ACCUMULATED-GAINS-PRIOR>                     (11,624)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              257
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    604
<AVERAGE-NET-ASSETS>                            93,640
<PER-SHARE-NAV-BEGIN>                             8.22
<PER-SHARE-NII>                                    .22
<PER-SHARE-GAIN-APPREC>                            .07
<PER-SHARE-DIVIDEND>                             (.22)
<PER-SHARE-DISTRIBUTIONS>                            0
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<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 SEMI 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> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1997
<PERIOD-START>                             SEP-01-1996
<PERIOD-END>                               FEB-28-1997
<INVESTMENTS-AT-COST>                          104,010
<INVESTMENTS-AT-VALUE>                         104,015
<RECEIVABLES>                                    2,320
<ASSETS-OTHER>                                      46
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 106,381
<PAYABLE-FOR-SECURITIES>                        12,738
<SENIOR-LONG-TERM-DEBT>                              0
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<ACCUMULATED-NII-CURRENT>                          723
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (11,012)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             5
<NET-ASSETS>                                    93,278
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                3,118
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (604)
<NET-INVESTMENT-INCOME>                          2,514
<REALIZED-GAINS-CURRENT>                           612
<APPREC-INCREASE-CURRENT>                           99
<NET-CHANGE-FROM-OPS>                            3,225
<EQUALIZATION>                                    (15)
<DISTRIBUTIONS-OF-INCOME>                        (152)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            210
<NUMBER-OF-SHARES-REDEEMED>                      (180)
<SHARES-REINVESTED>                                 15
<NET-CHANGE-IN-ASSETS>                         (1,199)
<ACCUMULATED-NII-PRIOR>                            718
<ACCUMULATED-GAINS-PRIOR>                     (11,624)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<AVERAGE-NET-ASSETS>                            93,640
<PER-SHARE-NAV-BEGIN>                             8.23
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<PER-SHARE-DIVIDEND>                             (.19)
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<EXPENSE-RATIO>                                   1.89
<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 SEMI 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> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1997
<PERIOD-START>                             SEP-01-1996
<PERIOD-END>                               FEB-28-1997
<INVESTMENTS-AT-COST>                          104,010
<INVESTMENTS-AT-VALUE>                         104,015
<RECEIVABLES>                                    2,320
<ASSETS-OTHER>                                      46
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<PAYABLE-FOR-SECURITIES>                        12,738
<SENIOR-LONG-TERM-DEBT>                              0
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<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-PRIOR>                              144
<ACCUMULATED-NII-CURRENT>                          723
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (11,012)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             5
<NET-ASSETS>                                    93,278
<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (604)
<NET-INVESTMENT-INCOME>                          2,514
<REALIZED-GAINS-CURRENT>                           612
<APPREC-INCREASE-CURRENT>                           99
<NET-CHANGE-FROM-OPS>                            3,225
<EQUALIZATION>                                    (15)
<DISTRIBUTIONS-OF-INCOME>                         (33)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             68
<NUMBER-OF-SHARES-REDEEMED>                       (54)
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</TABLE>


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