<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Contrarian Fund Semi-annual Report for the period ended 05/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000825062
<NAME> KEMPER VALUE SERIES
<SERIES>
<NUMBER> 002
<NAME> KEMPER CONTRARIAN FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-2000
<PERIOD-START> DEC-1-1999
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 238,773
<INVESTMENTS-AT-VALUE> 216,141
<RECEIVABLES> 1,762
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 217,903
<PAYABLE-FOR-SECURITIES> 3,731
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 985
<TOTAL-LIABILITIES> 4,716
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254,375
<SHARES-COMMON-STOCK> 4,381
<SHARES-COMMON-PRIOR> 5,548
<ACCUMULATED-NII-CURRENT> 571
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19,126)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (22,632)
<NET-ASSETS> 213,187
<DIVIDEND-INCOME> 3,597
<INTEREST-INCOME> 318
<OTHER-INCOME> 0
<EXPENSES-NET> 2,198
<NET-INVESTMENT-INCOME> 1,716
<REALIZED-GAINS-CURRENT> (19,166)
<APPREC-INCREASE-CURRENT> 1,485
<NET-CHANGE-FROM-OPS> (15,965)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (623)
<DISTRIBUTIONS-OF-GAINS> (9,612)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,701
<NUMBER-OF-SHARES-REDEEMED> (40,625)
<SHARES-REINVESTED> 9,526
<NET-CHANGE-IN-ASSETS> (87,169)
<ACCUMULATED-NII-PRIOR> 1,104
<ACCUMULATED-GAINS-PRIOR> 26,483
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 870
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,198
<AVERAGE-NET-ASSETS> 81,901
<PER-SHARE-NAV-BEGIN> 19.68
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> (.79)
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> 1.80
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.04
<EXPENSE-RATIO> 2.47
</TABLE>
