<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Value+Growth Fund Semiannual Report for the six months ended 5/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000946751
<NAME> KEMPER VALUE+GROWTH FUND
<SERIES>
<NUMBER> 003
<NAME> KEMPER VALUE+GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-2000
<PERIOD-START> DEC-01-1999
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 148,191
<INVESTMENTS-AT-VALUE> 166,605
<RECEIVABLES> 333
<ASSETS-OTHER> 255
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,193
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 653
<TOTAL-LIABILITIES> 653
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 137,400
<SHARES-COMMON-STOCK> 688
<SHARES-COMMON-PRIOR> 531
<ACCUMULATED-NII-CURRENT> (382)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,109
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,414
<NET-ASSETS> 166,541
<DIVIDEND-INCOME> 1,135
<INTEREST-INCOME> 95
<OTHER-INCOME> 0
<EXPENSES-NET> 1,612
<NET-INVESTMENT-INCOME> (382)
<REALIZED-GAINS-CURRENT> 11,488
<APPREC-INCREASE-CURRENT> (8,121)
<NET-CHANGE-FROM-OPS> 2,984
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,289
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,227
<NUMBER-OF-SHARES-REDEEMED> (2,743)
<SHARES-REINVESTED> 1,191
<NET-CHANGE-IN-ASSETS> (6,853)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 21,432
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,627
<AVERAGE-NET-ASSETS> 174,138
<PER-SHARE-NAV-BEGIN> 17.68
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 0.44
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.24)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.81
<EXPENSE-RATIO> 2.23
</TABLE>
