<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Small Cap Value Fund Semi-annual report for the period ended 05/31/00 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES
<SERIES>
<NUMBER> 004
<NAME> KEMPER SMALL CAP VALUE FUND
<MULTIPLIER> 1,000
<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> 433,095
<INVESTMENTS-AT-VALUE> 413,066
<RECEIVABLES> 3,758
<ASSETS-OTHER> 1,578
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 418,402
<PAYABLE-FOR-SECURITIES> 6,143
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 936
<TOTAL-LIABILITIES> 7,080
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 512,082
<SHARES-COMMON-STOCK> 11,609
<SHARES-COMMON-PRIOR> 16,724
<ACCUMULATED-NII-CURRENT> (2,481)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (78,250)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (20,029)
<NET-ASSETS> 411,322
<DIVIDEND-INCOME> 2,594
<INTEREST-INCOME> 164
<OTHER-INCOME> 0
<EXPENSES-NET> 5,239
<NET-INVESTMENT-INCOME> (2,481)
<REALIZED-GAINS-CURRENT> 12,149
<APPREC-INCREASE-CURRENT> (30,239)
<NET-CHANGE-FROM-OPS> (20,571)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 269,077
<NUMBER-OF-SHARES-REDEEMED> (360,974)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (210,483)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (90,399)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,898
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,260
<AVERAGE-NET-ASSETS> 247,146
<PER-SHARE-NAV-BEGIN> 17.75
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> (.83)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.87
<EXPENSE-RATIO> 1.63
</TABLE>
