<PAGE> PAGE 1
000 A000000 05/31/95
000 C000000 0000919708
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 KEMPER STRATEGIC INCOME FUND
001 B000000 811-8382
001 C000000 3127811121
002 A000000 120 SOUTH LASALLE
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60603
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 KEMPER FINANCIAL SERVICES, INC.
008 B000001 A
008 C000001 801-6634
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60603
012 A000001 KEMPER SERVICE COMPANY
012 B000001 84-1713
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60606
014 A000001 KEMPER SECURITIES, INC.
014 B000001 8-37180
014 A000002 KEMPER DISTRIBUTORS, INC.
014 B000002 8-47765
<PAGE> PAGE 2
015 A000001 INVESTORS FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
015 A000002 THE CHASE MANHATTAN BANK, N.A.
015 B000002 C
015 C010002 BROOKLYN
015 C020002 NY
015 C030002 11245
015 E040002 X
015 A000003 STATE STREET BANK AND TRUST COMPANY
015 B000003 S
015 C010003 BOSTON
015 C020003 MA
015 C030003 02110
015 E010003 X
018 000000 Y
019 A000000 N
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 22087
022 D000001 1302
022 A000002 J.P. MORGAN SECURITIES INC.
022 B000002 13-3224016
022 C000002 10277
022 D000002 11399
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORP
022 B000003 13-5674085
022 C000003 1218
022 D000003 777
022 A000004 SALOMON BROTHERS INC.
022 B000004 13-3082694
022 C000004 1235
022 D000004 658
022 A000005 MORGAN STANLEY & CO. INCORPORATED
022 B000005 13-2655998
022 C000005 819
<PAGE> PAGE 3
022 D000005 597
022 A000006 THE CHASE MANHATTAN BANK, N.A.
022 B000006 13-2633612
022 C000006 892
022 D000006 392
022 A000007 BEAR STEARNS COMPANIES, INC.
022 B000007 13-3299429
022 C000007 1260
022 D000007 0
022 A000008 CITICORP FINANCIAL SERVICES, INC.
022 B000008 13-3187336
022 C000008 675
022 D000008 545
022 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP
022 B000009 13-2741729
022 C000009 737
022 D000009 461
022 A000010 BT BROKERAGE CORPORATION
022 B000010 22-2608045
022 C000010 570
022 D000010 382
023 C000000 41964
023 D000000 17566
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
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 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
<PAGE> PAGE 4
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.850
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
<PAGE> PAGE 5
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
<PAGE> PAGE 6
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 49.9
062 O000000 0.0
062 P000000 47.4
062 Q000000 46.9
062 R000000 0.4
063 A000000 0
063 B000000 7.3
064 A000000 Y
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 Y
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
<PAGE> PAGE 7
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 22335
071 B000000 19451
071 C000000 78865
071 D000000 49
072 A000000 6
072 B000000 3563
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 173
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 32
072 K000000 0
072 L000000 0
072 M000000 5
072 N000000 0
072 O000000 0
072 P000000 621
072 Q000000 0
072 R000000 14
072 S000000 0
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 9
072 X000000 854
072 Y000000 0
072 Z000000 2709
072AA000000 163
072BB000000 3462
072CC010000 0
072CC020000 5914
072DD010000 2927
072DD020000 0
072EE000000 0
073 A010000 0.8700
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 487
074 B000000 0
074 C000000 0
074 D000000 65065
074 E000000 105
<PAGE> PAGE 8
074 F000000 46
074 G000000 0
074 H000000 0
074 I000000 504
074 J000000 792
074 K000000 0
074 L000000 1014
074 M000000 37
074 N000000 68050
074 O000000 1109
074 P000000 31
074 Q000000 0
074 R010000 21787
074 R020000 0
074 R030000 0
074 R040000 14
074 S000000 0
074 T000000 45109
074 U010000 3391
074 U020000 0
074 V010000 13.30
074 V020000 0.00
074 W000000 0.0000
074 X000000 336
074 Y000000 22490
075 A000000 0
075 B000000 40584
076 000000 13.25
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 60000
081 A000000 Y
081 B000000 65
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
<PAGE> PAGE 9
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 SHARES OF BENEFICIAL INTEREST
087 A020000 488426107
087 A030000 KST
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE JEROME L. DUFFY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
SEMI-ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000919708
<NAME> KEMPER STRATEGIC INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 63,958
<INVESTMENTS-AT-VALUE> 65,216
<RECEIVABLES> 1,806
<ASSETS-OTHER> 1,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68,050
<PAYABLE-FOR-SECURITIES> 1,109
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,832
<TOTAL-LIABILITIES> 22,941
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,365
<SHARES-COMMON-STOCK> 3,391
<SHARES-COMMON-PRIOR> 3,365
<ACCUMULATED-NII-CURRENT> 569
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,587)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,762
<NET-ASSETS> 45,109
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,563
<OTHER-INCOME> 0
<EXPENSES-NET> (854)
<NET-INVESTMENT-INCOME> 2,709
<REALIZED-GAINS-CURRENT> (3,299)
<APPREC-INCREASE-CURRENT> 5,914
<NET-CHANGE-FROM-OPS> 5,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,927)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 322
<NET-CHANGE-IN-ASSETS> 2,719
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (173)
<INTEREST-EXPENSE> (621)
<GROSS-EXPENSE> (854)
<AVERAGE-NET-ASSETS> 40,584
<PER-SHARE-NAV-BEGIN> 12.60
<PER-SHARE-NII> .80
<PER-SHARE-GAIN-APPREC> .77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.87)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.30
<EXPENSE-RATIO> .042
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
