<PAGE> PAGE 1
000 A000000 05/31/97
000 C000000 0001018865
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 ASIAN GROWTH FUND
001 B000000 811-7731
001 C000000 3125377000
002 A000000 222 SOUTH RIVERSIDE PLAZA
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 5808
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 ZURICH KEMPER INVESTMENTS, INC.
008 B000001 A
008 C000001 801-6634
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60606
008 D040001 5808
008 A000002 ZURICH INVESTMENT MANAGEMENT LIMITED
008 B000002 S
008 C000002 801-45306
008 D010002 LONDON
008 D050002 UK
008 D060002 EC4M 7RQ
010 A000001 ZURICH KEMPER DISTRIBUTORS, INC.
010 B000001 8-47765
010 C010001 CHICAGO
010 C020001 IL
010 C030001 60606
<PAGE> PAGE 2
010 C040001 5808
011 A000001 ZURICH KEMPER DISTRIBUTORS, INC.
011 B000001 8-47765
011 C010001 CHICAGO
011 C020001 IL
011 C030001 60606
011 C040001 5808
012 A000001 ZURICH 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 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
015 A000002 THE CHASE MANHATTAN BANK
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 Y
019 B000000 62
019 C000000 KEMPERFNDS
020 A000001 BARCLAYS DE ZOETE WEDD SECURITIES INC.
020 B000001 13-3551367
020 C000001 10
020 A000002 S.G. WARBURG & CO. INC.
020 B000002 13-3340045
020 C000002 9
020 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
<PAGE> PAGE 3
020 B000003 13-5674085
020 C000003 8
020 A000004 KIM ENG SECURITIES USA, INC.
020 B000004 13-3589747
020 C000004 6
020 A000005 BARING SECURITIES INC.
020 B000005 04-2455153
020 C000005 4
020 A000006 HG ASIA
020 B000006 UNKNOWN
020 C000006 3
020 A000007 WHEELOCK
020 B000007 UNKNOWN
020 C000007 2
020 A000008 KLEINWORT BENSON GRIEVESON
020 B000008 36-2880742
020 C000008 2
020 A000009 TIR SECS TIEDEMANN
020 B000009 UNKNOWN
020 C000009 2
020 A000010 NATWEST MARKETS
020 B000010 UNKNOWN
020 C000010 2
021 000000 50
022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000001 13-5674085
022 C000001 2018
022 D000001 1179
022 A000002 FIRST CHICAGO NBD CORPORATION
022 B000002 36-6784329
022 C000002 1492
022 D000002 699
022 A000003 MORGAN STANLEY & CO. INCORPORATED
022 B000003 13-2655998
022 C000003 65
022 D000003 0
022 A000004 MORGAN GRENFELL SECURITIES
022 B000004 UNKNOWN
022 C000004 40
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
<PAGE> PAGE 4
022 D000010 0
023 C000000 3614
023 D000000 1877
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 Y
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 Y
028 A010000 490
028 A020000 0
028 A030000 0
028 A040000 67
028 B010000 1524
028 B020000 0
028 B030000 0
028 B040000 130
028 C010000 924
028 C020000 0
028 C030000 0
028 C040000 212
028 D010000 951
028 D020000 0
028 D030000 0
028 D040000 102
028 E010000 767
028 E020000 0
028 E030000 0
028 E040000 391
028 F010000 618
028 F020000 0
028 F030000 0
028 F040000 363
028 G010000 5274
028 G020000 0
028 G030000 0
028 G040000 1265
028 H000000 2711
<PAGE> PAGE 5
029 000000 Y
030 A000000 48
030 B000000 5.75
030 C000000 0.00
031 A000000 6
031 B000000 0
032 000000 42
033 000000 0
034 000000 Y
035 000000 2
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 100
043 000000 8
044 000000 109
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 250000
048 A020000 0.850
048 B010000 750000
048 B020000 0.820
048 C010000 1500000
048 C020000 0.800
048 D010000 2500000
048 D020000 0.780
048 E010000 2500000
048 E020000 0.750
048 F010000 2500000
048 F020000 0.740
048 G010000 2500000
048 G020000 0.730
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
<PAGE> PAGE 6
048 K010000 12500000
048 K020000 0.720
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 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 1000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
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 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
<PAGE> PAGE 7
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 5297
071 B000000 1527
<PAGE> PAGE 8
071 C000000 3785
071 D000000 81
072 A000000 6
072 B000000 12
072 C000000 49
072 D000000 0
072 E000000 0
072 F000000 17
072 G000000 5
072 H000000 0
072 I000000 0
072 J000000 13
072 K000000 0
072 L000000 0
072 M000000 0
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 2
072 S000000 1
072 T000000 8
072 U000000 0
072 V000000 0
072 W000000 0
072 X000000 46
072 Y000000 5
072 Z000000 20
072AA000000 261
072BB000000 505
072CC010000 198
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 104
074 B000000 0
074 C000000 498
074 D000000 0
074 E000000 0
074 F000000 5308
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 36
<PAGE> PAGE 9
074 M000000 0
074 N000000 5946
074 O000000 0
074 P000000 10
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 4
074 S000000 0
074 T000000 5932
074 U010000 279
074 U020000 315
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 2296
074 Y000000 0
075 A000000 0
075 B000000 4127
076 000000 0.00
077 A000000 N
078 000000 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
086 E020000 0
086 F010000 0
086 F020000 0
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 SEMIANNUAL REPORT TO
SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001018865
<NAME> KEMPER ASIAN GROWTH FUND
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 5,550
<INVESTMENTS-AT-VALUE> 5,806
<RECEIVABLES> 36
<ASSETS-OTHER> 104
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,946
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14
<TOTAL-LIABILITIES> 14
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,904
<SHARES-COMMON-STOCK> 279
<SHARES-COMMON-PRIOR> 82
<ACCUMULATED-NII-CURRENT> 16
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (244)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 256
<NET-ASSETS> 5,932
<DIVIDEND-INCOME> 49
<INTEREST-INCOME> 12
<OTHER-INCOME> 0
<EXPENSES-NET> (41)
<NET-INVESTMENT-INCOME> 20
<REALIZED-GAINS-CURRENT> (244)
<APPREC-INCREASE-CURRENT> 198
<NET-CHANGE-FROM-OPS> (26)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 258
<NUMBER-OF-SHARES-REDEEMED> (63)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,983
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46
<AVERAGE-NET-ASSETS> 4,127
<PER-SHARE-NAV-BEGIN> 10.04
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> 1.77
<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 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001018865
<NAME> KEMPER ASIAN GROWTH FUND
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 5,550
<INVESTMENTS-AT-VALUE> 5,806
<RECEIVABLES> 36
<ASSETS-OTHER> 104
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,946
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14
<TOTAL-LIABILITIES> 14
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,904
<SHARES-COMMON-STOCK> 285
<SHARES-COMMON-PRIOR> 94
<ACCUMULATED-NII-CURRENT> 16
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (244)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 256
<NET-ASSETS> 5,932
<DIVIDEND-INCOME> 49
<INTEREST-INCOME> 12
<OTHER-INCOME> 0
<EXPENSES-NET> (41)
<NET-INVESTMENT-INCOME> 20
<REALIZED-GAINS-CURRENT> (244)
<APPREC-INCREASE-CURRENT> 198
<NET-CHANGE-FROM-OPS> (26)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 259
<NUMBER-OF-SHARES-REDEEMED> (66)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,983
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46
<AVERAGE-NET-ASSETS> 4,127
<PER-SHARE-NAV-BEGIN> 10.03
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> 2.67
<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 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001018865
<NAME> KEMPER ASIAN GROWTH FUND
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 5,550
<INVESTMENTS-AT-VALUE> 5,806
<RECEIVABLES> 36
<ASSETS-OTHER> 104
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,946
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14
<TOTAL-LIABILITIES> 14
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,904
<SHARES-COMMON-STOCK> 30
<SHARES-COMMON-PRIOR> 18
<ACCUMULATED-NII-CURRENT> 16
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (244)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 256
<NET-ASSETS> 5,932
<DIVIDEND-INCOME> 49
<INTEREST-INCOME> 12
<OTHER-INCOME> 0
<EXPENSES-NET> (41)
<NET-INVESTMENT-INCOME> 20
<REALIZED-GAINS-CURRENT> (244)
<APPREC-INCREASE-CURRENT> 198
<NET-CHANGE-FROM-OPS> (26)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14
<NUMBER-OF-SHARES-REDEEMED> (2)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,983
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46
<AVERAGE-NET-ASSETS> 4,127
<PER-SHARE-NAV-BEGIN> 10.03
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> 2.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
