<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial information extracted from the Kemper Small
Capitalization Equity Fund Annual Report for the fiscal year ended 09/30/2000
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000095605
<NAME> KEMPER SMALL CAPITALIZATION EQUITY FUND
<SERIES>
<NUMBER> 040
<NAME> KEMPER SMALL CAPITALIZATION EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 780,168,202
<INVESTMENTS-AT-VALUE> 1,073,751,507
<RECEIVABLES> 6,982,900
<ASSETS-OTHER> 6,142
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,080,740,549
<PAYABLE-FOR-SECURITIES> 21,974,017
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,409,960
<TOTAL-LIABILITIES> 32,383,977
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 619,049,843
<SHARES-COMMON-STOCK> 2,084,072
<SHARES-COMMON-PRIOR> 1,838,912
<ACCUMULATED-NII-CURRENT> 353,296
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 135,368,737
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 293,583,305
<NET-ASSETS> 1,048,356,572
<DIVIDEND-INCOME> 1,131,084
<INTEREST-INCOME> 1,776,882
<OTHER-INCOME> 0
<EXPENSES-NET> 14,556,760
<NET-INVESTMENT-INCOME> (11,648,794)
<REALIZED-GAINS-CURRENT> 277,369,129
<APPREC-INCREASE-CURRENT> 108,543,223
<NET-CHANGE-FROM-OPS> 374,263,558
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (612,508)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,934,128
<NUMBER-OF-SHARES-REDEEMED> (16,143,149)
<SHARES-REINVESTED> 612,506
<NET-CHANGE-IN-ASSETS> 326,430,874
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 29,054,634
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,708,338
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,643,244
<AVERAGE-NET-ASSETS> 16,632,143
<PER-SHARE-NAV-BEGIN> 6.27
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 3.52
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.36)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.38
<EXPENSE-RATIO> 0.96
</TABLE>
