UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2012

Check here if Amendment [  ]; Amendment Number:
This Amendment (Check only one.): [  ] is a restatement.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    KEMPER CORPORATION
Address: One East Wacker Drive, 9th Floor
         Chicago, IL  60601

13F File Number:  028-02715

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:      Richard Roeske
Title:     Vice President
Phone:     312-661-4600

Signature, Place, and Date of Signing:

 /s/ Richard Roeske     Chicago, IL     May 07, 2012

KEMPER CORPORATION FORMERLY REPORTED UNDER THE NAME UNITRIN INC.

Report Type (Check only one.):

[ X]         13F HOLDINGS REPORT.

[  ]         13F NOTICE.

[  ]         13F COMBINATION REPORT.



                              FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:         1

Form 13F Information Table Entry Total:    44

Form 13F Information Table Value Total:    $213,359 (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.

No.  13F File Number               Name

01   028-00121                     TRINITY UNIVERSAL INSURANCE COMPANY



                                    
                                                     FORM 13F INFORMATION TABLE
                                                             VALUE  SHARES/ SH/ PUT/ INVSTMT  OTHER            VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASS   CUSIP     (x$1000)  PRN AMT PRN CALL DSCRETN MANAGERS         SOLE   SHARED     NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ABBOTT LABS                    COM              002824100     3677    60000 SH       OTHER   01                  0    60000        0
ABITIBIBOWATER INC             COM NEW          003687209       49     3404 SH       DEFINED                  3404        0        0
AIR PRODS & CHEMS INC          COM              009158106     1102    12000 SH       OTHER   01                  0    12000        0
ALTRIA GROUP INC               COM              02209S103     3704   120000 SH       OTHER   01                  0   120000        0
AUTOMATIC DATA PROCESSING IN   COM              053015103     1932    35000 SH       OTHER   01                  0    35000        0
BANK OF AMERICA CORPORATION    7.25%CNV PFD L   060505682      245      250 SH       DEFINED 01                250        0        0
BARCLAYS BANK PLC              ADS7.75%PFD S4   06739H511     2016    80000 SH       DEFINED                 80000        0        0
BARCLAYS BANK PLC              ADS7.75%PFD S4   06739H511    18144   720000 SH       DEFINED                720000        0        0
BLACKROCK INC                  COM              09247X101     1229     6000 SH       OTHER   01                  0     6000        0
CATERPILLAR INC DEL            COM              149123101     3835    36000 SH       OTHER   01                  0    36000        0
CHEVRON CORP NEW               COM              166764100     6969    65000 SH       OTHER   01                  0    65000        0
CIT GROUP INC                  COM NEW          125581801       38      927 SH       DEFINED                   927        0        0
CIT GROUP INC                  COM NEW          125581801      252     6099 SH       DEFINED                  6099        0        0
COCA COLA CO                   COM              191216100     7401   100000 SH       OTHER   01                  0   100000        0
CONOCOPHILLIPS                 COM              20825C104     4181    55000 SH       OTHER   01                  0    55000        0
DISNEY WALT CO                 COM DISNEY       254687106      219     5000 SH       OTHER   01                  0     5000        0
ENTERPRISE PRODS PARTNERS L    COM              293792107     3785    75000 SH       OTHER   01                  0    75000        0
EXXON MOBIL CORP               COM              30231G102     9540   110000 SH       OTHER   01                  0   110000        0
FIFTH STREET FINANCE CORP      COM              31678A103     7190   736689 SH       DEFINED 01             736689        0        0
FREEPORT-MCMORAN COPPER & GO   COM              35671D857     2282    60000 SH       OTHER   01                  0    60000        0
INTEL CORP                     COM              458140100     2109    75000 SH       OTHER   01                  0    75000        0
INTERNATIONAL BUSINESS MACHS   COM              459200101     4799    23000 SH       OTHER   01                  0    23000        0
ISHARES TR                     IBOXX INV CPBD   464287242    62440   540000 SH       DEFINED                540000        0        0
ISHARES TR                     IBOXX INV CPBD   464287242     5203    45000 SH       DEFINED                 45000        0        0
JOHNSON & JOHNSON              COM              478160104     4287    65000 SH       OTHER   01                  0    65000        0
JPMORGAN CHASE & CO            COM              46625H100     2943    64000 SH       OTHER   01                  0    64000        0
KRAFT FOODS INC                CL A             50075N104     3231    85000 SH       OTHER   01                  0    85000        0
LAUDER ESTEE COS INC           CL A             518439104      526     8500 SH       OTHER   01                  0     8500        0
MCDONALDS CORP                 COM              580135101     5199    53000 SH       OTHER   01                  0    53000        0
MERCK & CO INC NEW             COM              58933Y105     2688    70000 SH       OTHER   01                  0    70000        0
NRG ENERGY INC                 COM NEW          629377508        2      118 SH       DEFINED                   118        0        0
OCCIDENTAL PETE CORP DEL       COM              674599105     3095    32500 SH       OTHER   01                  0    32500        0
PEPSICO INC                    COM              713448108     2986    45000 SH       OTHER   01                  0    45000        0
PHILIP MORRIS INTL INC         COM              718172109    10633   120000 SH       OTHER   01                  0   120000        0
PLAINS ALL AMERN PIPELINE L    UNIT LTD PARTN   726503105     5099    65000 SH       OTHER   01                  0    65000        0
PRAXAIR INC                    COM              74005P104     2064    18000 SH       OTHER   01                  0    18000        0
PROCTER & GAMBLE CO            COM              742718109     4059    60400 SH       OTHER   01                  0    60400        0
TARGET CORP                    COM              87612E106     2447    42000 SH       OTHER   01                  0    42000        0
TEXAS INSTRS INC               COM              882508104     1681    50000 SH       OTHER   01                  0    50000        0
TIME WARNER CABLE INC          COM              88732J207     1019    12500 SH       OTHER   01                  0    12500        0
UNITED TECHNOLOGIES CORP       COM              913017109      572     6900 SH       OTHER   01                  0     6900        0
WAL MART STORES INC            COM              931142103     2632    43000 SH       OTHER   01                  0    43000        0
WALGREEN CO                    COM              931422109     2177    65000 SH       OTHER   01                  0    65000        0
WILLIAMS PARTNERS L P          COM UNIT L P     96950F104     3678    65000 SH       OTHER   01                  0    65000        0