<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Small Capitalization Equity Fund Semiannual Report for the six months ended
3/31/00 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000095605
<NAME> KEMPER SMALL CAPITALIZATION EQUITY FUND
<SERIES>
<NUMBER> 004
<NAME> KEMPER SMALL CAPITALIZATION EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 768,047
<INVESTMENTS-AT-VALUE> 1,096,660
<RECEIVABLES> 130,374
<ASSETS-OTHER> 157
<OTHER-ITEMS-ASSETS> 135
<TOTAL-ASSETS> 1,227,326
<PAYABLE-FOR-SECURITIES> 4,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61,593
<TOTAL-LIABILITIES> 65,593
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 570,895
<SHARES-COMMON-STOCK> 2,129
<SHARES-COMMON-PRIOR> 1,839
<ACCUMULATED-NII-CURRENT> (5,529)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 267,754
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 328,614
<NET-ASSETS> 1,161,733
<DIVIDEND-INCOME> 506
<INTEREST-INCOME> 1,046
<OTHER-INCOME> 0
<EXPENSES-NET> 7,081
<NET-INVESTMENT-INCOME> (5,529)
<REALIZED-GAINS-CURRENT> 279,470
<APPREC-INCREASE-CURRENT> 143,572
<NET-CHANGE-FROM-OPS> 417,513
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (613)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,478
<NUMBER-OF-SHARES-REDEEMED> (6,169)
<SHARES-REINVESTED> 613
<NET-CHANGE-IN-ASSETS> 439,808
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 29,055
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,346
<INTEREST-EXPENSE> 42
<GROSS-EXPENSE> 7,090
<AVERAGE-NET-ASSETS> 15,982
<PER-SHARE-NAV-BEGIN> 6.27
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 3.72
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.36)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.61
<EXPENSE-RATIO> 0.88
</TABLE>
