<PAGE> PAGE 1
000 B000000 11/30/1999
000 C000000 0000825062
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 KEMPER VALUE SERIES, INC.
001 B000000 811-5385
001 C000000 3125377000
002 A000000 222 SOUTH RIVERSIDE PLAZA
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 5808
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010100 1
007 C020100 KEMPER CONTRARIAN FUND
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007 C010200 2
007 C020200 KEMPER-DREMAN HIGH RETURN EQUITY FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C020500 KEMPER SMALL CAP VALUE FUND
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007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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010 B00AA01 8-47765
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60606
010 C04AA01 5808
011 A00AA01 KEMPER DISTRIBUTORS, INC.
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
011 C04AA01 5808
<PAGE> PAGE 2
012 A00AA01 KEMPER SERVICE COMPANY
012 B00AA01 84-1713
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64141
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
014 A00AA02 KEMPER DISTRIBUTORS, INC.
014 B00AA02 8-47765
014 A00AA03 GRUNTAL & CO., INC.
014 B00AA03 8-31022
014 A00AA04 THE GMS GROUP, L.L.C. (A GRUNTAL AFFILIATE)
014 B00AA04 8-23936
014 A00AA05 ZURICH CAPITAL MARKETS
014 B00AA05 8-49827
014 A00AA06 BANK HANDLOWY
014 B00AA06 8-24613
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
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015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
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019 C00AA00 KEMPERFNDS
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020 B000001 13-5108880
020 C000001 1403
020 A000002 PAINE WEBBER INC.
020 B000002 13-2638166
020 C000002 1196
020 A000003 MORGAN STANLEY DISCOVER & CO.
020 B000003 13-2655998
020 C000003 576
020 A000004 SALOMON SMITH BARNEY HOLDINGS, INC.
020 B000004 22-1660266
020 C000004 570
020 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000005 13-2741729
020 C000005 383
020 A000006 A.G. EDWARDS & SONS
020 B000006 UNKNOWN
020 C000006 277
020 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000007 13-5674085
<PAGE> PAGE 3
020 C000007 261
020 A000008 BEAR STEARNS & CO., INC.
020 B000008 13-3299429
020 C000008 256
020 A000009 LEHMAN BROTHERS INC.
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020 C000009 226
020 A000010 WEEDEN & CO., L.P.
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021 000000 7157
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022 C000006 704439
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022 D000008 19556
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 A020100 Y
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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008 D020201 NY
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008 A000202 DREMAN VALUE MANAGEMENT, L.L.C.
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE PHILIP J. COLLORA
TITLE V.P. & SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary information extracted from the Kemper Contrarian
Fund Annual Report for the fiscal year ended November 30, 1999 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
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<REALIZED-GAINS-CURRENT> 33,787
<APPREC-INCREASE-CURRENT> (58,042)
<NET-CHANGE-FROM-OPS> (20,772)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,361)
<DISTRIBUTIONS-OF-GAINS> (11,045)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 121,635
<NUMBER-OF-SHARES-REDEEMED> (94,440)
<SHARES-REINVESTED> 13,208
<NET-CHANGE-IN-ASSETS> 36,643
<ACCUMULATED-NII-PRIOR> 664
<ACCUMULATED-GAINS-PRIOR> 20,741
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,257
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,488
<AVERAGE-NET-ASSETS> 173,702
<PER-SHARE-NAV-BEGIN> 22.90
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> (1.40)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.75
<EXPENSE-RATIO> 1.40
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary information extracted from the Kemper Contrarian
Fund Annual Report for the fiscal year ended November 30, 1999 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
<SERIES>
<NUMBER> 002
<NAME> KEMPER CONTRARIAN FUND - CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 325,757
<INVESTMENTS-AT-VALUE> 301,640
<RECEIVABLES> 1,967
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5
<TOTAL-ASSETS> 303,612
<PAYABLE-FOR-SECURITIES> 231
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,025
<TOTAL-LIABILITIES> 3,256
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 296,886
<SHARES-COMMON-STOCK> 5,548
<SHARES-COMMON-PRIOR> 4,372
<ACCUMULATED-NII-CURRENT> 1,104
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,483
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (24,117)
<NET-ASSETS> 300,356
<DIVIDEND-INCOME> 7,097
<INTEREST-INCOME> 1,859
<OTHER-INCOME> 0
<EXPENSES-NET> 5,473
<NET-INVESTMENT-INCOME> 3,483
<REALIZED-GAINS-CURRENT> 33,787
<APPREC-INCREASE-CURRENT> (58,042)
<NET-CHANGE-FROM-OPS> (20,772)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (610)
<DISTRIBUTIONS-OF-GAINS> (8,696)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 61,362
<NUMBER-OF-SHARES-REDEEMED> (36,790)
<SHARES-REINVESTED> 8,073
<NET-CHANGE-IN-ASSETS> 36,643
<ACCUMULATED-NII-PRIOR> 664
<ACCUMULATED-GAINS-PRIOR> 20,741
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,257
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,488
<AVERAGE-NET-ASSETS> 115,869
<PER-SHARE-NAV-BEGIN> 22.82
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> (1.38)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.90)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.68
<EXPENSE-RATIO> 2.29
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary information extracted from the Kemper Contrarian
Fund Annual Report for the fiscal year ended November 30, 1999 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
<SERIES>
<NUMBER> 003
<NAME> KEMPER CONTRARIAN FUND - CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 325,757
<INVESTMENTS-AT-VALUE> 301,640
<RECEIVABLES> 1,967
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5
<TOTAL-ASSETS> 303,612
<PAYABLE-FOR-SECURITIES> 231
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,025
<TOTAL-LIABILITIES> 3,256
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 296,886
<SHARES-COMMON-STOCK> 908
<SHARES-COMMON-PRIOR> 538
<ACCUMULATED-NII-CURRENT> 1,104
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,483
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (24,117)
<NET-ASSETS> 300,356
<DIVIDEND-INCOME> 7,097
<INTEREST-INCOME> 1,859
<OTHER-INCOME> 0
<EXPENSES-NET> 5,473
<NET-INVESTMENT-INCOME> 3,483
<REALIZED-GAINS-CURRENT> 33,787
<APPREC-INCREASE-CURRENT> (58,042)
<NET-CHANGE-FROM-OPS> (20,772)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (66)
<DISTRIBUTIONS-OF-GAINS> (1,068)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,208
<NUMBER-OF-SHARES-REDEEMED> (6,852)
<SHARES-REINVESTED> 857
<NET-CHANGE-IN-ASSETS> 36,643
<ACCUMULATED-NII-PRIOR> 664
<ACCUMULATED-GAINS-PRIOR> 20,741
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,257
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,488
<AVERAGE-NET-ASSETS> 16,483
<PER-SHARE-NAV-BEGIN> 22.82
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> (1.39)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.87)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.68
<EXPENSE-RATIO> 2.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Kemper-Dremen High Return Equity Fund Annual Report for the fiscal year ended
November 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
<SERIES>
<NUMBER> 004
<NAME> KEMPER-DREMAN HIGH RETURN EQUITY FUND CLASS-A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 4,765,358
<INVESTMENTS-AT-VALUE> 4,372,634
<RECEIVABLES> 9,953
<ASSETS-OTHER> 121
<OTHER-ITEMS-ASSETS> 96
<TOTAL-ASSETS> 4,382,804
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,075
<TOTAL-LIABILITIES> 39,075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,440,964
<SHARES-COMMON-STOCK> 67,105
<SHARES-COMMON-PRIOR> 67,808
<ACCUMULATED-NII-CURRENT> 10,725
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 273,628
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (381,588)
<NET-ASSETS> 4,343,729
<DIVIDEND-INCOME> 126,584
<INTEREST-INCOME> 47,945
<OTHER-INCOME> 0
<EXPENSES-NET> 86,138
<NET-INVESTMENT-INCOME> 88,391
<REALIZED-GAINS-CURRENT> 344,764
<APPREC-INCREASE-CURRENT> (915,897)
<NET-CHANGE-FROM-OPS> (482,742)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (51,925)
<DISTRIBUTIONS-OF-GAINS> (107,300)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,096,149
<NUMBER-OF-SHARES-REDEEMED> (1,298,881)
<SHARES-REINVESTED> 149,555
<NET-CHANGE-IN-ASSETS> (844,892)
<ACCUMULATED-NII-PRIOR> 7,764
<ACCUMULATED-GAINS-PRIOR> 288,463
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 86,286
<AVERAGE-NET-ASSETS> 2,522,699
<PER-SHARE-NAV-BEGIN> 35.69
<PER-SHARE-NII> 0.71
<PER-SHARE-GAIN-APPREC> (3.69)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.45
<EXPENSE-RATIO> 1.20
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Kemper-Dremen High Return Equity Fund Annual Report for the fiscal year ended
November 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
<SERIES>
<NUMBER> 005
<NAME> KEMPER-DREMAN HIGH RETURN EQUITY FUND CLASS-B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 4,765,358
<INVESTMENTS-AT-VALUE> 4,372,634
<RECEIVABLES> 9,953
<ASSETS-OTHER> 121
<OTHER-ITEMS-ASSETS> 96
<TOTAL-ASSETS> 4,382,804
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,075
<TOTAL-LIABILITIES> 39,075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,440,964
<SHARES-COMMON-STOCK> 61,509
<SHARES-COMMON-PRIOR> 64,079
<ACCUMULATED-NII-CURRENT> 10,725
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 273,628
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (381,588)
<NET-ASSETS> 4,343,729
<DIVIDEND-INCOME> 126,584
<INTEREST-INCOME> 47,945
<OTHER-INCOME> 0
<EXPENSES-NET> 86,138
<NET-INVESTMENT-INCOME> 88,391
<REALIZED-GAINS-CURRENT> 344,764
<APPREC-INCREASE-CURRENT> (915,897)
<NET-CHANGE-FROM-OPS> (482,742)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26,884)
<DISTRIBUTIONS-OF-GAINS> (100,703)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 530,959
<NUMBER-OF-SHARES-REDEEMED> (661,432)
<SHARES-REINVESTED> 114,610
<NET-CHANGE-IN-ASSETS> (844,892)
<ACCUMULATED-NII-PRIOR> 7,764
<ACCUMULATED-GAINS-PRIOR> 288,463
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 86,286
<AVERAGE-NET-ASSETS> 2,265,249
<PER-SHARE-NAV-BEGIN> 35.51
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> (3.66)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.96)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.31
<EXPENSE-RATIO> 2.03
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Kemper-Dremen High Return Equity Fund Annual Report for the fiscal year ended
November 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
<SERIES>
<NUMBER> 006
<NAME> KEMPER-DREMAN HIGH RETURN EQUITY FUND CLASS-C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 4,765,358
<INVESTMENTS-AT-VALUE> 4,372,634
<RECEIVABLES> 9,953
<ASSETS-OTHER> 121
<OTHER-ITEMS-ASSETS> 96
<TOTAL-ASSETS> 4,382,804
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,075
<TOTAL-LIABILITIES> 39,075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,440,964
<SHARES-COMMON-STOCK> 13,644
<SHARES-COMMON-PRIOR> 12,989
<ACCUMULATED-NII-CURRENT> 10,725
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 273,628
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (381,588)
<NET-ASSETS> 4,343,729
<DIVIDEND-INCOME> 126,584
<INTEREST-INCOME> 47,945
<OTHER-INCOME> 0
<EXPENSES-NET> 86,138
<NET-INVESTMENT-INCOME> 88,391
<REALIZED-GAINS-CURRENT> 344,764
<APPREC-INCREASE-CURRENT> (915,897)
<NET-CHANGE-FROM-OPS> (482,742)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,945)
<DISTRIBUTIONS-OF-GAINS> (20,538)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 205,292
<NUMBER-OF-SHARES-REDEEMED> (198,289)
<SHARES-REINVESTED> 21,100
<NET-CHANGE-IN-ASSETS> (844,892)
<ACCUMULATED-NII-PRIOR> 7,764
<ACCUMULATED-GAINS-PRIOR> 288,463
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 86,286
<AVERAGE-NET-ASSETS> 494,843
<PER-SHARE-NAV-BEGIN> 35.54
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> (3.66)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.97)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.34
<EXPENSE-RATIO> 2.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Kemper-Dremen High Return Equity Fund Annual Report for the fiscal year ended
November 30, 1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
<SERIES>
<NUMBER> 007
<NAME> KEMPER-DREMAN HIGH RETURN EQUITY FUND CLASS-I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 4,765,358
<INVESTMENTS-AT-VALUE> 4,372,634
<RECEIVABLES> 9,953
<ASSETS-OTHER> 121
<OTHER-ITEMS-ASSETS> 96
<TOTAL-ASSETS> 4,382,804
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,075
<TOTAL-LIABILITIES> 39,075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,440,964
<SHARES-COMMON-STOCK> 711
<SHARES-COMMON-PRIOR> 874
<ACCUMULATED-NII-CURRENT> 10,725
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 273,628
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (381,588)
<NET-ASSETS> 4,343,729
<DIVIDEND-INCOME> 126,584
<INTEREST-INCOME> 47,945
<OTHER-INCOME> 0
<EXPENSES-NET> 86,138
<NET-INVESTMENT-INCOME> 88,391
<REALIZED-GAINS-CURRENT> 344,764
<APPREC-INCREASE-CURRENT> (915,897)
<NET-CHANGE-FROM-OPS> (482,742)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (674)
<DISTRIBUTIONS-OF-GAINS> (1,304)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,059
<NUMBER-OF-SHARES-REDEEMED> (25,977)
<SHARES-REINVESTED> 1,978
<NET-CHANGE-IN-ASSETS> (844,892)
<ACCUMULATED-NII-PRIOR> 7,764
<ACCUMULATED-GAINS-PRIOR> 288,463
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 86,286
<AVERAGE-NET-ASSETS> 26,570
<PER-SHARE-NAV-BEGIN> 35.71
<PER-SHARE-NII> 0.84
<PER-SHARE-GAIN-APPREC> (3.70)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.45
<EXPENSE-RATIO> 0.82
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary finacial information extracted from the Kemper
Small Cap Value Fund Annual Report for the fiscal year ended November 30, 1999
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
<SERIES>
<NUMBER> 008
<NAME> KEMPER SMALL CAP VALUE FUND - CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 617,006
<INVESTMENTS-AT-VALUE> 627,215
<RECEIVABLES> 2,713
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 629,932
<PAYABLE-FOR-SECURITIES> 382
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,745
<TOTAL-LIABILITIES> 8,127
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 701,995
<SHARES-COMMON-STOCK> 16,724
<SHARES-COMMON-PRIOR> 27,510
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (90,399)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,209
<NET-ASSETS> 621,805
<DIVIDEND-INCOME> 12,795
<INTEREST-INCOME> 974
<OTHER-INCOME> 0
<EXPENSES-NET> 15,278
<NET-INVESTMENT-INCOME> (1,509)
<REALIZED-GAINS-CURRENT> (72,561)
<APPREC-INCREASE-CURRENT> 71,233
<NET-CHANGE-FROM-OPS> (2,837)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 562,253
<NUMBER-OF-SHARES-REDEEMED> (773,760)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (358,606)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (19,969)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,893
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,289
<AVERAGE-NET-ASSETS> 394,088
<PER-SHARE-NAV-BEGIN> 17.80
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.75
<EXPENSE-RATIO> 1.52
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary finacial information extracted from the Kemper
Small Cap Value Fund Annual Report for the fiscal year ended November 30, 1999
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
<SERIES>
<NUMBER> 009
<NAME> KEMPER SMALL CAP VALUE FUND - CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 617,006
<INVESTMENTS-AT-VALUE> 627,215
<RECEIVABLES> 2,713
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 629,932
<PAYABLE-FOR-SECURITIES> 382
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,745
<TOTAL-LIABILITIES> 8,127
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 701,995
<SHARES-COMMON-STOCK> 15,272
<SHARES-COMMON-PRIOR> 22,505
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (90,399)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,209
<NET-ASSETS> 621,805
<DIVIDEND-INCOME> 12,795
<INTEREST-INCOME> 974
<OTHER-INCOME> 0
<EXPENSES-NET> 15,278
<NET-INVESTMENT-INCOME> (1,509)
<REALIZED-GAINS-CURRENT> (72,561)
<APPREC-INCREASE-CURRENT> 71,233
<NET-CHANGE-FROM-OPS> (2,837)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 68,167
<NUMBER-OF-SHARES-REDEEMED> (175,703)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (358,606)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (19,969)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,893
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,289
<AVERAGE-NET-ASSETS> 323,263
<PER-SHARE-NAV-BEGIN> 17.33
<PER-SHARE-NII> (.11)
<PER-SHARE-GAIN-APPREC> (0.07)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.15
<EXPENSE-RATIO> 2.36
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary finacial information extracted from the Kemper
Small Cap Value Fund Annual Report for the fiscal year ended November 30, 1999
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
<SERIES>
<NUMBER> 010
<NAME> KEMPER SMALL CAP VALUE FUND - CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 617,006
<INVESTMENTS-AT-VALUE> 627,215
<RECEIVABLES> 2,713
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 629,932
<PAYABLE-FOR-SECURITIES> 382
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,745
<TOTAL-LIABILITIES> 8,127
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 701,995
<SHARES-COMMON-STOCK> 3,332
<SHARES-COMMON-PRIOR> 5,261
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (90,399)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,209
<NET-ASSETS> 621,805
<DIVIDEND-INCOME> 12,795
<INTEREST-INCOME> 974
<OTHER-INCOME> 0
<EXPENSES-NET> 15,278
<NET-INVESTMENT-INCOME> (1,509)
<REALIZED-GAINS-CURRENT> (72,561)
<APPREC-INCREASE-CURRENT> 71,233
<NET-CHANGE-FROM-OPS> (2,837)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,354
<NUMBER-OF-SHARES-REDEEMED> (53,369)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (358,606)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (19,969)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,893
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,289
<AVERAGE-NET-ASSETS> 71,946
<PER-SHARE-NAV-BEGIN> 17.39
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> (0.06)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.24
<EXPENSE-RATIO> 2.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary finacial information extracted from the Kemper
Small Cap Value Fund Annual Report for the fiscal year ended November 30, 1999
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES, INC.
<SERIES>
<NUMBER> 011
<NAME> KEMPER SMALL CAP VALUE FUND - CLASS I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 617,006
<INVESTMENTS-AT-VALUE> 627,215
<RECEIVABLES> 2,713
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 629,932
<PAYABLE-FOR-SECURITIES> 382
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,745
<TOTAL-LIABILITIES> 8,127
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 701,995
<SHARES-COMMON-STOCK> 306
<SHARES-COMMON-PRIOR> 505
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (90,399)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,209
<NET-ASSETS> 621,805
<DIVIDEND-INCOME> 12,795
<INTEREST-INCOME> 974
<OTHER-INCOME> 0
<EXPENSES-NET> 15,278
<NET-INVESTMENT-INCOME> (1,509)
<REALIZED-GAINS-CURRENT> (72,561)
<APPREC-INCREASE-CURRENT> 71,233
<NET-CHANGE-FROM-OPS> (2,837)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,404
<NUMBER-OF-SHARES-REDEEMED> (10,115)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (358,606)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (19,969)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,893
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,289
<AVERAGE-NET-ASSETS> 7,160
<PER-SHARE-NAV-BEGIN> 18.13
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.19
<EXPENSE-RATIO> 0.92
</TABLE>
REPORT OF INDEPENDENT AUDITORS
Board of Trustees
Kemper Funds
In planning and performing our audits of the financial statements of each of the
Kemper Funds listed in Exhibit A attached hereto (the "Funds") for the period
ended as of the date listed in Exhibit A attached hereto ("Report Date"), we
considered their internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the specific internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control and
its operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above at Report Date.
This report is intended solely for the information and use of the board of
trustees and management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
/s/Ernst & Young LLP
January 21, 2000
Chicago, Illinois
<PAGE>
Exhibit A
---------
Kemper Funds
- ------------
November 30, 1999
- -----------------
Kemper High Income Trust
Kemper Municipal Income Trust
Kemper Multi-Market Income Trust
Kemper Strategic Municipal Income Trust
Kemper Strategic Income Trust
Kemper Value Plus Growth Fund
Kemper Asian Growth Fund
Kemper Equity Trust:
Kemper Dreman Financial Services Fund
Kemper Value Series, Inc.:
Kemper Contrarian Fund
Kemper Dreman High Return Equity Fund
Kemper Small Cap Value Fund
