<PAGE> PAGE 1
000 B000000 11/30/95
000 C000000 0000842905
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 MULTI-MARKET INCOME TRUST
001 B000000 811-5689
001 C000000 3127811121
002 A000000 120 S. LASALLE STREET
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 DISTRIBUTORS, INC.
014 B000001 8-47765
015 A000001 INVESTORS FIDUCIARY TRUST COMPANY
015 B000001 C
<PAGE> PAGE 2
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
015 A000002 STATE STREET BANK AND TRUST COMPANY
015 B000002 S
015 C010002 BOSTON
015 C020002 MA
015 C030002 02110
015 E010002 X
015 A000003 CHASE MANHATTAN BANK, N.A.
015 B000003 C
015 C010003 BROOKLYN
015 C020003 NY
015 C030003 11245
015 E040003 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 GOLDMAN SACHS & CO.
020 B000001 13-5108880
020 C000001 20
020 A000002 SMITH BARNEY SHEARSON
020 B000002 13-1912900
020 C000002 17
020 A000003 PAINE WEBBER INC.
020 B000003 13-2638166
020 C000003 14
020 A000004 LIT OF 1ST CHICAGO
020 B000004 UNKNOWN
020 C000004 3
020 A000005 SALOMON BROTHERS
020 B000005 13-3082694
020 C000005 2
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 56
022 A000001 GOLDMAN SACHS & CO.
022 B000001 13-5108880
022 C000001 428187
022 D000001 22047
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000002 13-5674085
022 C000002 205101
022 D000002 54552
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 107650
<PAGE> PAGE 3
022 D000003 43606
022 A000004 CS FIRST BOSTON
022 B000004 13-5659485
022 C000004 64294
022 D000004 58744
022 A000005 BEAR, STEARNS & CO., INC.
022 B000005 13-3299429
022 C000005 69542
022 D000005 43616
022 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
022 C000006 52529
022 D000006 56179
022 A000007 J.P. MORGAN SECURITIES INC.
022 B000007 13-3224016
022 C000007 85505
022 D000007 0
022 A000008 UBS SECURITIES INC.
022 B000008 13-2932996
022 C000008 41805
022 D000008 43466
022 A000009 J.P. MORGAN MILAN
022 B000009 UNKNOWN
022 C000009 0
022 D000009 76256
022 A000010 SALOMON BROTHERS INC.
022 B000010 13-3082694
022 C000010 18614
022 D000010 23539
023 C000000 1220737
023 D000000 564084
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
<PAGE> PAGE 4
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
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
<PAGE> PAGE 5
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
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
<PAGE> PAGE 6
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
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 12.9
062 M000000 20.7
062 N000000 8.6
062 O000000 0.0
062 P000000 35.1
062 Q000000 20.4
062 R000000 10.0
063 A000000 0
063 B000000 9.0
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 Y
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 Y
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
<PAGE> PAGE 7
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 528669
071 B000000 518936
071 C000000 191313
071 D000000 271
072 A000000 12
072 B000000 19617
072 C000000 1684
072 D000000 0
072 E000000 0
072 F000000 1784
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 223
072 K000000 0
072 L000000 33
072 M000000 18
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 35
072 S000000 10
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 33
072 X000000 2136
072 Y000000 0
072 Z000000 19165
072AA000000 9049
072BB000000 11768
072CC010000 14650
072CC020000 0
072DD010000 20133
072DD020000 0
072EE000000 0
073 A010000 1.0100
<PAGE> PAGE 8
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 724
074 B000000 0
074 C000000 27993
074 D000000 184381
074 E000000 149
074 F000000 21473
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1206
074 K000000 0
074 L000000 4023
074 M000000 0
074 N000000 239949
074 O000000 22527
074 P000000 153
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 86
074 S000000 0
074 T000000 217183
074 U010000 19933
074 U020000 0
074 V010000 10.90
074 V020000 0.00
074 W000000 0.0000
074 X000000 3768
074 Y000000 0
075 A000000 0
075 B000000 210288
076 000000 10.75
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
<PAGE> PAGE 9
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 60000
081 A000000 Y
081 B000000 85
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
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 SHARES OF BENEFICIAL INTEREST
087 A020000 48842B106
087 A030000 KMM
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> 0000842905
<NAME> KEMPER MULTI-MARKET INCOME TRUST
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 229,496
<INVESTMENTS-AT-VALUE> 233,996
<RECEIVABLES> 5,229
<ASSETS-OTHER> 724
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 239,949
<PAYABLE-FOR-SECURITIES> 22,527
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 239
<TOTAL-LIABILITIES> 22,766
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 217,558
<SHARES-COMMON-STOCK> 19,933
<SHARES-COMMON-PRIOR> 19,933
<ACCUMULATED-NII-CURRENT> 5,499
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,374)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,500
<NET-ASSETS> 217,183
<DIVIDEND-INCOME> 1,684
<INTEREST-INCOME> 19,617
<OTHER-INCOME> 0
<EXPENSES-NET> (2,136)
<NET-INVESTMENT-INCOME> 19,165
<REALIZED-GAINS-CURRENT> (2,719)
<APPREC-INCREASE-CURRENT> 14,650
<NET-CHANGE-FROM-OPS> 31,096
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,133)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,963
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,784)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,136)
<AVERAGE-NET-ASSETS> 210,288
<PER-SHARE-NAV-BEGIN> 10.35
<PER-SHARE-NII> .96
<PER-SHARE-GAIN-APPREC> .60
<PER-SHARE-DIVIDEND> (1.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.90
<EXPENSE-RATIO> .010
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
SUPPLEMENTARY 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 year ended as of the date listed in Exhibit A
attached hereto ("Report Date"), we considered their internal control
structure, including procedures for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing
our opinion on their financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable,
but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure 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 structure would not
necessarily disclose all matters in the internal control structure
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 the
specific internal control structure elements 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 structure, including procedures 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
January 12, 1996
Kemper Funds Exhibit A
November 30, 1995
Kemper Value+Growth Fund
Kemper High Income Trust
Kemper Intermediate Government Trust
Kemper Municipal Income Trust
Kemper Multi-Market Income Trust
Kemper Strategic Municipal Income Trust
Kemper Strategic Income Fund
Growth Fund of Spain
Exhibit 77C
Kemper Multi-Market Income Trust
Form N-SAR for the period ended 11/30/95
File No. 811-5689
A special meeting of Registrant's shareholders was held on
September 19, 1995. Votes regarding the items submitted to
shareholder vote are set forth below.
Item 1: Election of Members to the Boards
James E. Akins
Vote Number
---- -----------
FOR 15,001,856
WITHHELD 526,408
Fred B. Renwick
Vote Number
---- -----------
FOR 15,001,856
WITHHELD 526,408
Item 2: Selection of Independent Auditors
Vote Number
---- -----------
FOR 15,226,981
AGAINST 96,065
ABSTAIN 205,218
Item 3: New Investment Management Agreement
Vote Number
---- -----------
FOR 15,005,470
AGAINST 206,308
ABSTAIN 319,486
LKW|W:\FUNDS\NSAR.EXH\KMM.77C|011796
