KEMPER ASIAN GROWTH FUND
NSAR-B, 1998-01-29
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<PAGE>      PAGE  1
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<PAGE>      PAGE  2
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012 A000001 KEMPER SERVICE COMPANY
012 B000001 84-1713
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
013 A000001 ERNST & YOUNG LLP
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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.
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015 A000001 INVESTORS FIDUCIARY TRUST COMPANY
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020 A000001 S.G. WARBURG & CO. INC.
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020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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020 C000002     25
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020 C000003     24
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020 A000005 KLEINWORT BENSON GRIEVESON
<PAGE>      PAGE  3
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SIGNATURE   PHILIP J. COLLORA                            
TITLE       SECRETARY           
 


<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 ANNUAL 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> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          NOV-30-1997
<PERIOD-START>                             DEC-01-1996
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<INVESTMENTS-AT-VALUE>                           6,268
<RECEIVABLES>                                       46
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</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 ANNUAL 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> 1,000
       
<S>                             <C>
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</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 ANNUAL 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> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
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<PERIOD-START>                             DEC-01-1996
<PERIOD-END>                               NOV-30-1997
<INVESTMENTS-AT-COST>                            7,695
<INVESTMENTS-AT-VALUE>                           6,268
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<NET-INVESTMENT-INCOME>                             26
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<DISTRIBUTIONS-OF-GAINS>                             0
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</TABLE>

                   REPORT OF INDEPENDENT AUDITORS


Board of Trustees
Kemper Funds


In  planning and performing our audit of the financial statements  of
each  of  the  Kemper Funds listed in Exhibit A attached hereto  (the
Funds)  for  the period ended as of the date listed  in  Exhibit  A
"attached   hereto  (""Report  Date""),  we  considered  their  internal"
"control, including control activities for safeguarding securities, in"
order  to  determine  our  auditing procedures  for  the  purpose  of
expressing our opinion on the financial statements and to comply with
"the  requirements  of  Form N-SAR, not to provide  assurance  on  the"
internal control.

The  management  of  the Funds is responsible  for  establishing  and
"maintaining   internal  control.  In fulfilling this  responsibility,"
estimates  and  judgments by management are required  to  assess  the
"expected benefits and related costs of controls.  Generally, controls"
that  are  relevant to an audit pertain to the entity's objective  of
preparing financial statements for external purposes that are  fairly
presented   in   conformity   with  generally   accepted   accounting
principles.   Those  controls  include  the  safeguarding  of  assets
"against unauthorized acquisition, use or disposition."

"Because  of  inherent  limitations in  internal  control,  errors  or"
"irregularities  may occur and not be detected.  Also,  projection  of"
any  evaluation of internal control to future periods is  subject  to
the  risk  that  it  may  become inadequate  because  of  changes  in
conditions or that the effectiveness of the design and operation  may
deteriorate.

Our  consideration  of  the internal control  would  not  necessarily
disclose  all matters in the internal control that might be  material
weaknesses  under standards established by the American Institute  of
Certified  Public Accountants. A material weakness is a condition  in
which  the design or operation of one or more of the internal control
components  does not reduce to a relatively low level the  risk  that
errors  or  irregularities  in amounts  that  would  be  material  in
relation to the financial statements being audited may occur and  not
be  detected within a timely period by employees in the normal course
"of  performing their assigned functions. However, we noted no matters"
"involving the internal control and its operation, including  controls"
"for   safeguarding  securities,  that  we  consider  to  be  material"
weaknesses as defined above as of Report Date.

This  report  is  intended  solely for the  information  and  use  of
management and the Securities and Exchange Commission.


                                        ERNST & YOUNG LLP


"Chicago, Illinois"
20-Jan-98


Kemper Funds                                      Exhibit A

30-Nov-97

Kemper High Income Trust
Kemper Municipal Income Trust
Kemper Multi-Market Income Trust
Kemper Strategic Municipal Income Trust
Kemper Strategic Income Fund
"Kemper Growth Fund of Spain, Inc."
Kemper Value + Growth Fund
Kemper Quantitative Equity Fund
Kemper Europe Fund
Kemper Asian Growth Fund
Kemper Contrarian Fund
Kemper Dreman High Return Equity Fund
Kemper Small Cap Value Fund



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