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<PAGE> PAGE 2
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TITLE TREASURER
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<NAME> KEMPER CONTRARIAN FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 119,888
<INVESTMENTS-AT-VALUE> 137,316
<RECEIVABLES> 945
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 138,261
<PAYABLE-FOR-SECURITIES> 130
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 289
<TOTAL-LIABILITIES> 419
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,992
<SHARES-COMMON-STOCK> 2,734
<SHARES-COMMON-PRIOR> 1,688
<ACCUMULATED-NII-CURRENT> 191
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,231
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,428
<NET-ASSETS> 137,842
<DIVIDEND-INCOME> 1,095
<INTEREST-INCOME> 426
<OTHER-INCOME> 0
<EXPENSES-NET> (928)
<NET-INVESTMENT-INCOME> 593
<REALIZED-GAINS-CURRENT> 6,479
<APPREC-INCREASE-CURRENT> 9,288
<NET-CHANGE-FROM-OPS> 16,360
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (60)
<DISTRIBUTIONS-OF-GAINS> (207)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,201
<NUMBER-OF-SHARES-REDEEMED> (169)
<SHARES-REINVESTED> 14
<NET-CHANGE-IN-ASSETS> 60,250
<ACCUMULATED-NII-PRIOR> 85
<ACCUMULATED-GAINS-PRIOR> 285
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 389
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 928
<AVERAGE-NET-ASSETS> 103,350
<PER-SHARE-NAV-BEGIN> 16.92
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 2.74
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.60
<EXPENSE-RATIO> 2.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE FUND, INC.
<SERIES>
<NUMBER> 013
<NAME> KEMPER CONTRARIAN FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 119,888
<INVESTMENTS-AT-VALUE> 137,316
<RECEIVABLES> 945
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 138,261
<PAYABLE-FOR-SECURITIES> 130
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 289
<TOTAL-LIABILITIES> 419
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,992
<SHARES-COMMON-STOCK> 225
<SHARES-COMMON-PRIOR> 123
<ACCUMULATED-NII-CURRENT> 191
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,231
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,428
<NET-ASSETS> 137,842
<DIVIDEND-INCOME> 1,095
<INTEREST-INCOME> 426
<OTHER-INCOME> 0
<EXPENSES-NET> (928)
<NET-INVESTMENT-INCOME> 593
<REALIZED-GAINS-CURRENT> 6,479
<APPREC-INCREASE-CURRENT> 9,288
<NET-CHANGE-FROM-OPS> 16,360
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3)
<DISTRIBUTIONS-OF-GAINS> (17)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 127
<NUMBER-OF-SHARES-REDEEMED> (26)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 60,250
<ACCUMULATED-NII-PRIOR> 85
<ACCUMULATED-GAINS-PRIOR> 285
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 389
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 928
<AVERAGE-NET-ASSETS> 103,350
<PER-SHARE-NAV-BEGIN> 16.90
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 2.74
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.56
<EXPENSE-RATIO> 2.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE FUND, INC.
<SERIES>
<NUMBER> 021
<NAME> KEMPER-DREMAN HIGH RETURN EQUITY FUND - CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,753,905
<INVESTMENTS-AT-VALUE> 1,939,827
<RECEIVABLES> 20,152
<ASSETS-OTHER> 5,816
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,965,795
<PAYABLE-FOR-SECURITIES> 20,460
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,039
<TOTAL-LIABILITIES> 24,499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,672,341
<SHARES-COMMON-STOCK> 30,756
<SHARES-COMMON-PRIOR> 14,549
<ACCUMULATED-NII-CURRENT> 7,567
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75,466
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 185,922
<NET-ASSETS> 1,941,296
<DIVIDEND-INCOME> 11,253
<INTEREST-INCOME> 14,089
<OTHER-INCOME> 0
<EXPENSES-NET> (11,108)
<NET-INVESTMENT-INCOME> 14,234
<REALIZED-GAINS-CURRENT> 76,150
<APPREC-INCREASE-CURRENT> 104,135
<NET-CHANGE-FROM-OPS> 194,519
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,181)
<DISTRIBUTIONS-OF-GAINS> (1,754)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,247
<NUMBER-OF-SHARES-REDEEMED> (2,257)
<SHARES-REINVESTED> 217
<NET-CHANGE-IN-ASSETS> 1,203,462
<ACCUMULATED-NII-PRIOR> 373
<ACCUMULATED-GAINS-PRIOR> 2,964
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,715
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,108
<AVERAGE-NET-ASSETS> 1,292,398
<PER-SHARE-NAV-BEGIN> 26.52
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> 4.02
<PER-SHARE-DIVIDEND> (.20)
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.57
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE FUND, INC.
<SERIES>
<NUMBER> 022
<NAME> KEMPER-DREMAN HIGH RETURN EQUITY FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,753,905
<INVESTMENTS-AT-VALUE> 1,939,827
<RECEIVABLES> 20,152
<ASSETS-OTHER> 5,816
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,965,795
<PAYABLE-FOR-SECURITIES> 20,460
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,039
<TOTAL-LIABILITIES> 24,499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,672,341
<SHARES-COMMON-STOCK> 27,501
<SHARES-COMMON-PRIOR> 11,172
<ACCUMULATED-NII-CURRENT> 7,567
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75,466
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 185,922
<NET-ASSETS> 1,941,296
<DIVIDEND-INCOME> 11,253
<INTEREST-INCOME> 14,089
<OTHER-INCOME> 0
<EXPENSES-NET> (11,108)
<NET-INVESTMENT-INCOME> 14,234
<REALIZED-GAINS-CURRENT> 76,150
<APPREC-INCREASE-CURRENT> 104,135
<NET-CHANGE-FROM-OPS> 194,519
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,438)
<DISTRIBUTIONS-OF-GAINS> (1,588)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,726
<NUMBER-OF-SHARES-REDEEMED> (1,493)
<SHARES-REINVESTED> 96
<NET-CHANGE-IN-ASSETS> 1,203,462
<ACCUMULATED-NII-PRIOR> 373
<ACCUMULATED-GAINS-PRIOR> 2,964
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,715
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,108
<AVERAGE-NET-ASSETS> 1,292,398
<PER-SHARE-NAV-BEGIN> 26.44
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 3.97
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.47
<EXPENSE-RATIO> 2.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE FUND, INC.
<SERIES>
<NUMBER> 023
<NAME> KEMPER-DREMAN HIGH RETURN EQUITY FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,753,905
<INVESTMENTS-AT-VALUE> 1,939,827
<RECEIVABLES> 20,152
<ASSETS-OTHER> 5,816
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,965,795
<PAYABLE-FOR-SECURITIES> 20,460
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,039
<TOTAL-LIABILITIES> 24,499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,672,341
<SHARES-COMMON-STOCK> 4,520
<SHARES-COMMON-PRIOR> 1,682
<ACCUMULATED-NII-CURRENT> 7,567
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75,466
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 185,922
<NET-ASSETS> 1,941,296
<DIVIDEND-INCOME> 11,253
<INTEREST-INCOME> 14,089
<OTHER-INCOME> 0
<EXPENSES-NET> (11,108)
<NET-INVESTMENT-INCOME> 14,234
<REALIZED-GAINS-CURRENT> 76,150
<APPREC-INCREASE-CURRENT> 104,135
<NET-CHANGE-FROM-OPS> 194,519
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (227)
<DISTRIBUTIONS-OF-GAINS> (259)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,097
<NUMBER-OF-SHARES-REDEEMED> (271)
<SHARES-REINVESTED> 12
<NET-CHANGE-IN-ASSETS> 1,203,462
<ACCUMULATED-NII-PRIOR> 373
<ACCUMULATED-GAINS-PRIOR> 2,964
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,715
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,108
<AVERAGE-NET-ASSETS> 1,292,398
<PER-SHARE-NAV-BEGIN> 26.45
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 3.98
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.49
<EXPENSE-RATIO> 2.17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE FUND, INC.
<SERIES>
<NUMBER> 024
<NAME> KEMPER-DREMAN HIGH RETURN EQUITY FUND - CLASS I
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,753,905
<INVESTMENTS-AT-VALUE> 1,939,827
<RECEIVABLES> 20,152
<ASSETS-OTHER> 5,816
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,965,795
<PAYABLE-FOR-SECURITIES> 20,460
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,039
<TOTAL-LIABILITIES> 24,499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,672,341
<SHARES-COMMON-STOCK> 830
<SHARES-COMMON-PRIOR> 454
<ACCUMULATED-NII-CURRENT> 7,567
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75,466
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 185,922
<NET-ASSETS> 1,941,296
<DIVIDEND-INCOME> 11,253
<INTEREST-INCOME> 14,089
<OTHER-INCOME> 0
<EXPENSES-NET> (11,108)
<NET-INVESTMENT-INCOME> 14,234
<REALIZED-GAINS-CURRENT> 76,150
<APPREC-INCREASE-CURRENT> 104,135
<NET-CHANGE-FROM-OPS> 194,519
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (194)
<DISTRIBUTIONS-OF-GAINS> (47)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 616
<NUMBER-OF-SHARES-REDEEMED> (248)
<SHARES-REINVESTED> 8
<NET-CHANGE-IN-ASSETS> 1,203,462
<ACCUMULATED-NII-PRIOR> 373
<ACCUMULATED-GAINS-PRIOR> 2,964
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,715
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,108
<AVERAGE-NET-ASSETS> 1,292,398
<PER-SHARE-NAV-BEGIN> 26.49
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> 4.00
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.55
<EXPENSE-RATIO> .83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE FUND, INC.
<SERIES>
<NUMBER> 051
<NAME> KEMPER SMALL CAP VALUE FUND - CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 723,643
<INVESTMENTS-AT-VALUE> 817,320
<RECEIVABLES> 14,141
<ASSETS-OTHER> 6,006
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 837,467
<PAYABLE-FOR-SECURITIES> 17,571
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,666
<TOTAL-LIABILITIES> 19,237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 716,271
<SHARES-COMMON-STOCK> 23,920
<SHARES-COMMON-PRIOR> 7,922
<ACCUMULATED-NII-CURRENT> 851
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,431
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 93,677
<NET-ASSETS> 818,230
<DIVIDEND-INCOME> 3,464
<INTEREST-INCOME> 1,787
<OTHER-INCOME> 0
<EXPENSES-NET> (4,469)
<NET-INVESTMENT-INCOME> 782
<REALIZED-GAINS-CURRENT> 9,126
<APPREC-INCREASE-CURRENT> 71,855
<NET-CHANGE-FROM-OPS> 81,763
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,881
<NUMBER-OF-SHARES-REDEEMED> (1,883)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 545,008
<ACCUMULATED-NII-PRIOR> 69
<ACCUMULATED-GAINS-PRIOR> (1,695)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,831
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,469
<AVERAGE-NET-ASSETS> 500,744
<PER-SHARE-NAV-BEGIN> 18.28
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 2.21
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.56
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE FUND, INC.
<SERIES>
<NUMBER> 052
<NAME> KEMPER SMALL CAP VALUE FUND - CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 723,643
<INVESTMENTS-AT-VALUE> 817,320
<RECEIVABLES> 14,141
<ASSETS-OTHER> 6,006
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 837,467
<PAYABLE-FOR-SECURITIES> 17,571
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,666
<TOTAL-LIABILITIES> 19,237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 716,271
<SHARES-COMMON-STOCK> 12,566
<SHARES-COMMON-PRIOR> 5,477
<ACCUMULATED-NII-CURRENT> 851
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,431
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 93,677
<NET-ASSETS> 818,230
<DIVIDEND-INCOME> 3,464
<INTEREST-INCOME> 1,787
<OTHER-INCOME> 0
<EXPENSES-NET> (4,469)
<NET-INVESTMENT-INCOME> 782
<REALIZED-GAINS-CURRENT> 9,126
<APPREC-INCREASE-CURRENT> 71,855
<NET-CHANGE-FROM-OPS> 81,763
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,969
<NUMBER-OF-SHARES-REDEEMED> (880)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 545,008
<ACCUMULATED-NII-PRIOR> 69
<ACCUMULATED-GAINS-PRIOR> (1,695)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,831
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,469
<AVERAGE-NET-ASSETS> 500,744
<PER-SHARE-NAV-BEGIN> 18.14
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 2.19
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.30
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE FUND, INC.
<SERIES>
<NUMBER> 053
<NAME> KEMPER SMALL CAP VALUE FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 723,643
<INVESTMENTS-AT-VALUE> 817,320
<RECEIVABLES> 14,141
<ASSETS-OTHER> 6,006
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 837,467
<PAYABLE-FOR-SECURITIES> 17,571
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,666
<TOTAL-LIABILITIES> 19,237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 716,271
<SHARES-COMMON-STOCK> 2,879
<SHARES-COMMON-PRIOR> 1,104
<ACCUMULATED-NII-CURRENT> 851
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,431
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 93,677
<NET-ASSETS> 818,230
<DIVIDEND-INCOME> 3,464
<INTEREST-INCOME> 1,787
<OTHER-INCOME> 0
<EXPENSES-NET> (4,469)
<NET-INVESTMENT-INCOME> 782
<REALIZED-GAINS-CURRENT> 9,126
<APPREC-INCREASE-CURRENT> 71,855
<NET-CHANGE-FROM-OPS> 81,763
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,947
<NUMBER-OF-SHARES-REDEEMED> (172)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 545,008
<ACCUMULATED-NII-PRIOR> 69
<ACCUMULATED-GAINS-PRIOR> (1,695)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,831
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,469
<AVERAGE-NET-ASSETS> 500,744
<PER-SHARE-NAV-BEGIN> 18.17
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.34
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 SEMIANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE FUND, INC.
<SERIES>
<NUMBER> 054
<NAME> KEMPER SMALL CAP VALUE FUND - CLASS I
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 723,643
<INVESTMENTS-AT-VALUE> 817,320
<RECEIVABLES> 14,141
<ASSETS-OTHER> 6,006
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 837,467
<PAYABLE-FOR-SECURITIES> 17,571
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,666
<TOTAL-LIABILITIES> 19,237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 716,271
<SHARES-COMMON-STOCK> 623
<SHARES-COMMON-PRIOR> 489
<ACCUMULATED-NII-CURRENT> 851
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,431
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 93,677
<NET-ASSETS> 818,230
<DIVIDEND-INCOME> 3,464
<INTEREST-INCOME> 1,787
<OTHER-INCOME> 0
<EXPENSES-NET> (4,469)
<NET-INVESTMENT-INCOME> 782
<REALIZED-GAINS-CURRENT> 9,126
<APPREC-INCREASE-CURRENT> 71,855
<NET-CHANGE-FROM-OPS> 81,763
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 417
<NUMBER-OF-SHARES-REDEEMED> (283)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 545,008
<ACCUMULATED-NII-PRIOR> 69
<ACCUMULATED-GAINS-PRIOR> (1,695)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,831
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,469
<AVERAGE-NET-ASSETS> 500,744
<PER-SHARE-NAV-BEGIN> 18.40
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 2.25
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.76
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
