NSAR-A

      PAGE  1
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000 C000000 0000814955
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
001 A000000 KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND
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001 C000000 3127811121
002 A000000 120 SOUTH LASALLE STREET
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60603
003  000000 N
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010 B000001 8-47765
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      PAGE  2
010 C020001 IL
010 C030001 60603
011 A000001 KEMPER DISTRIBUTORS, INC.
011 B000001 8-47765
011 C010001 CHICAGO
011 C020001 IL
011 C030001 60603
012 A000001 KEMPER SERVICE COMPANY
012 B000001 84-1713
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
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013 B020001 IL
013 B030001 60606
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014 B000001 8-15830
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014 B000002 8-837180
014 A000003 KEMPER DISTRIBUTORS, INC.
014 B000003 8-47765
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
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015 C020002 MO
015 C030002 64106
015 E010002 X
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015 B000003 S
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015 C020003 MA
015 C030003 02110
015 E010003 X
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019 B000000   42
019 C000000 KEMPERFNDS
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001     41
020 A000002 GOLDMAN, SACHS & CO.
020 B000002 13-5108880
020 C000002     32
020 A000003 PAINEWEBBER INCORPORATED
      PAGE  3
020 B000003 13-2638166
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022 C000008     39472
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      PAGE  4
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      PAGE  5
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      PAGE  6
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      PAGE  7
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      PAGE  8
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      PAGE  9
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SIGNATURE   JEROME L. DUFFY                              
TITLE       TREASURER           
 

EX-27.ALLCLASSES

 

<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 1995 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

<CIK> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND

   <NUMBER> 0
   <NAME> COMBINED FOR ALL CLASSES
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                          178,842
<INVESTMENTS-AT-VALUE>                         178,935
<RECEIVABLES>                                   15,329
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 194,264
<PAYABLE-FOR-SECURITIES>                        32,846
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        6,025
<TOTAL-LIABILITIES>                             38,871
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       165,957
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        1,233
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (11,890)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                            93
<NET-ASSETS>                                   155,393
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                5,933
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (944)
<NET-INVESTMENT-INCOME>                          4,989
<REALIZED-GAINS-CURRENT>                       (3,598)
<APPREC-INCREASE-CURRENT>                        1,412
<NET-CHANGE-FROM-OPS>                            2,803
<EQUALIZATION>                                   (369)
<DISTRIBUTIONS-OF-INCOME>                      (4,750)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                        (47,422)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            (485)
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  (944)
<AVERAGE-NET-ASSETS>                           177,694
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

 

EX-27.CLASSA

 

<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
INFROMATION EXTRACTED FROM THE FEBRUARY SEMI-ANNUAL REPORT TO SHAREHOLDERS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

<CIK> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND

   <NUMBER> 01
   <NAME> CLASS A
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                       0
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<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
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<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                              0
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
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<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          3,056
<NUMBER-OF-SHARES-REDEEMED>                    (9,155)
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<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                             8.33
<PER-SHARE-NII>                                    .23
<PER-SHARE-GAIN-APPREC>                          (.08)
<PER-SHARE-DIVIDEND>                             (.22)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
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<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

 

EX-27.CLASSB

 

<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 FUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE FEBRUARY SEMI-ANNUAL REPORT TO
SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.

<CIK> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND

   <NUMBER> 02
   <NAME> CLASS B
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                       0
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
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<DIVIDEND-INCOME>                                    0
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<NET-INVESTMENT-INCOME>                              0
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                                0
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            436
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<ACCUMULATED-GAINS-PRIOR>                            0
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<GROSS-ADVISORY-FEES>                                0
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<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                             8.32
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<EXPENSE-RATIO>                                   .018
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

 

EX-27.CLASSC

 

<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 FINANCIAL
INFORMATION EXTRACTED FROM THE FEBRUARY SEMI-ANNUAL REPORT TO SHAREHOLDERS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

<CIK> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND

   <NUMBER> 03
   <NAME> CLASS C
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1995
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<SENIOR-LONG-TERM-DEBT>                              0
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<TOTAL-LIABILITIES>                                  0
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<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                             8.33
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<PER-SHARE-DIVIDEND>                             (.19)
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