<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Retirement Fund - Series VII Annual Report for the fiscal year ended 7/31/2000
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000854905
<NAME> KEMPER TARGET EQUITY FUND
<SERIES>
<NUMBER> 008
<NAME> KEMPER RETIREMENT FUND - SERIES VII
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-01-1999
<PERIOD-END> JUL-31-2000
<INVESTMENTS-AT-COST> 44,315
<INVESTMENTS-AT-VALUE> 46,834
<RECEIVABLES> 99
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,956
<PAYABLE-FOR-SECURITIES> 184
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157
<TOTAL-LIABILITIES> 341
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,736
<SHARES-COMMON-STOCK> 4,018
<SHARES-COMMON-PRIOR> 4,347
<ACCUMULATED-NII-CURRENT> 873
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,487
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,519
<NET-ASSETS> 46,615
<DIVIDEND-INCOME> 151
<INTEREST-INCOME> 1,841
<OTHER-INCOME> 0
<EXPENSES-NET> 529
<NET-INVESTMENT-INCOME> 1,462
<REALIZED-GAINS-CURRENT> 1,492
<APPREC-INCREASE-CURRENT> 1,193
<NET-CHANGE-FROM-OPS> 4,146
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,324
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 552
<NUMBER-OF-SHARES-REDEEMED> 999
<SHARES-REINVESTED> 118
<NET-CHANGE-IN-ASSETS> (977)
<ACCUMULATED-NII-PRIOR> 739
<ACCUMULATED-GAINS-PRIOR> (9)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 246
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 533
<AVERAGE-NET-ASSETS> 48,881
<PER-SHARE-NAV-BEGIN> 10.95
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> .61
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.60
<EXPENSE-RATIO> 1.08
</TABLE>
