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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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.
</LEGEND>
<CIK> 0000852067
<NAME> KEMPER GLOBAL INCOME FUND
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<NUMBER> 0
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<PERIOD-END> DEC-31-1994
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<NAME> KEMPER GLOBAL INCOME FUND
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PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
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<CIK> 0000852067
<NAME> KEMPER GLOBAL INCOME FUND
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PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
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</LEGEND>
<CIK> 0000852067
<NAME> KEMPER GLOBAL INCOME FUND
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</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
December 31, 1994, 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 December 31, 1994.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
ERNST & YOUNG LLP
Chicago, Illinois
February 3, 1995
Kemper Funds Exhibit A
December 31, 1994
Kemper Global Income Fund
Kemper Investors Fund
Exhibit 77I
Kemper Global Income Fund
Form N-SAR for the period ended 12/31/94
File No. 811-5829
In August of 1993, three shareholders of Kemper Short-Term Global
Income Fund ("KSGIF") filed an action in the U.S. District Court
for the Northern District of Illinois against KSGIF, Kemper
Investment Portfolios - Short-Term Global Income Portfolio
("KIP-STGP"), Kemper Financial Services, Inc., Kemper Financial
Companies, Inc., Kemper Investment Management Company Limited,
Kemper Corporation and the portfolio manager. The suit is a class
action brought on behalf of all persons who purchased shares of
KSGIF and KIP-STGP between October 29, 1990 and December 31, 1992.
The complaint alleges that sales literature and the registration
statements of KSGIF and KIP-STGP were misleading in violation of
the Securities Act of 1933, the Securities Exchange Act of 1934 and
common law. The defendants believe the suit is without merit. On
August 26, 1994, the Fund acquired the assets, and assumed the
liabilities, of KSGIF and KIP-STGP pursuant to an agreement and
plan of reorganization.
LKW|W:\FUNDS\NSAR.EXH\KGIF2.77I|022195
Exhibit 77M
Kemper Global Income Fund
Form N-SAR for the period ended 12/31/94
File No. 811-5829
On August 26, 1994, Registrant acquired the assets of Kemper Short-
Term Global Income Fund ("KSGIF") and Kemper Investment Portfolios
- - Short-Term Global Income Portfolio ("KIP-STGP") in a tax-free
exchange. The Board of Trustees and shareholders of KSGIF and KIP-
STGP approved the transaction. The Form N-14 filed by Registrant
on June 8, 1994 and amended on June 22, 1994 and July 8, 1994 is
hereby incorporated by reference.
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Exhibit 77Q(g)
Kemper Global Income Fund
Form N-SAR for the period ended 12/31/94
File No. 811-5829
The Agreement and Plan of Reorganization between Registrant and
Kemper Investment Portfolios - Short-Term Global Income Portfolio
and the Agreement and Plan of Reorganization between Registrant and
Kemper Short-Term Global Income Fund is incorporated by reference
to Exhibits 4(a) and 4(b) of the Form N-14 filed by Registrant on
June 8, 1994.
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