KEMPER EUROPE FUND
NSAR-B, 1998-01-29
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<PAGE>      PAGE  1
000 B000000 11/30/97
000 C000000 0001005218
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 EUROPE FUND
001 B000000 811-7479
001 C000000 3125377000
002 A000000 222 SOUTH RIVERSIDE PLAZA
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 5808
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008 B000001 A
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008 D020001 IL
008 D030001 60606
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011 B000001 8-47765
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011 C030001 60606
<PAGE>      PAGE  2
011 C040001 5808
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
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
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015 B000003 S
015 C010003 BOSTON
015 C020003 MA
015 C030003 02110
015 E010003 X
018  000000 Y
019 A000000 Y
019 B000000   63
019 C000000 KEMPERFNDS
020 A000001 TIEDMANN INTERNATIONAL RESEARCH, INC.
020 B000001 13-3506065
020 C000001     22
020 A000002 KLEINWORT BENSON GRIEVESON
020 B000002 36-2880742
020 C000002     12
020 A000003 DEUTSCHE BANK-MORGAN GRENFELL & CO.
020 B000003 UNKNOWN
020 C000003     11
020 A000004 SALOMON BROTHERS, INC.
020 B000004 13-308264
020 C000004      9
020 A000005 KEMPEN & CO.
<PAGE>      PAGE  3
020 B000005 UNKNOWN
020 C000005      6
020 A000006 INSTINCT, CORP.
020 B000006 13-3443395
020 C000006      4
020 A000007 BANK JULIUS BAER
020 B000007 UNKNOWN
020 C000007      3
020 A000008 MORGAN STANLEY DEAN WITTER DISCOVER
020 B000008 13-2655998
020 C000008      3
020 A000009 J.P. MORGAN SECURITIES INC.
020 B000009 13-3224016
020 C000009      3
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020 B000010 13-2518466
020 C000010      2
021  000000       90
022 A000001 FIRST CHICAGO NBD CORPORATION
022 B000001 36-0899825
022 C000001     17164
022 D000001     12360
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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022 B000007 UNKNOWN
022 C000007       210
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022 A000008 ABN AMRO SECURITIES
022 B000008 13-3227945
022 C000008       206
022 D000008         0
022 A000009 PARIBAS CORPORATON
<PAGE>      PAGE  4
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022 A000010 GOLDMAN, SACHS & CO.
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<PAGE>      PAGE  10
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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> 0001005218
<NAME> KEMPER EUROPE 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
<PERIOD-END>                               NOV-30-1997
<INVESTMENTS-AT-COST>                           23,009
<INVESTMENTS-AT-VALUE>                          23,809
<RECEIVABLES>                                      366
<ASSETS-OTHER>                                     776
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<NET-INVESTMENT-INCOME>                           (12)
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATIN 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> 0001005218
<NAME> KEMPER EUROPE FUND
<SERIES>
   <NUMBER> 002
   <NAME> CLASS B
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          NOV-30-1997
<PERIOD-START>                             DEC-01-1996
<PERIOD-END>                               NOV-30-1997
<INVESTMENTS-AT-COST>                           23,009
<INVESTMENTS-AT-VALUE>                          23,809
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<ACCUMULATED-NII-PRIOR>                              0
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<PER-SHARE-NII>                                  (.05)
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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> 0001005218
<NAME> KEMPER EUROPE FUND
<SERIES>
   <NUMBER> 003
   <NAME> CLASS C
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          NOV-30-1997
<PERIOD-START>                             DEC-01-1996
<PERIOD-END>                               NOV-30-1997
<INVESTMENTS-AT-COST>                           23,009
<INVESTMENTS-AT-VALUE>                          23,809
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<NET-INVESTMENT-INCOME>                           (12)
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NII>                                  (.05)
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<AVG-DEBT-OUTSTANDING>                               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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