<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Kemper-Dreman High Return Equity 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> 011
<NAME> KEMPER-DREMAN HIGH RETURN EQUITY 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> 3,270,621
<INVESTMENTS-AT-VALUE> 2,884,099
<RECEIVABLES> 13,560
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,897,659
<PAYABLE-FOR-SECURITIES> 10,037
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,161
<TOTAL-LIABILITIES> 14,198
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,443,634
<SHARES-COMMON-STOCK> 692
<SHARES-COMMON-PRIOR> 711
<ACCUMULATED-NII-CURRENT> 308
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (173,960)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (386,522)
<NET-ASSETS> 2,883,460
<DIVIDEND-INCOME> 58,814
<INTEREST-INCOME> 5,195
<OTHER-INCOME> 0
<EXPENSES-NET> 27,005
<NET-INVESTMENT-INCOME> 33,005
<REALIZED-GAINS-CURRENT> (147,665)
<APPREC-INCREASE-CURRENT> (4,934)
<NET-CHANGE-FROM-OPS> (119,595)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (298)
<DISTRIBUTIONS-OF-GAINS> (1,475)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,934
<NUMBER-OF-SHARES-REDEEMED> (11,129)
<SHARES-REINVESTED> 1,769
<NET-CHANGE-IN-ASSETS> (1,460,269)
<ACCUMULATED-NII-PRIOR> 10,725
<ACCUMULATED-GAINS-PRIOR> 273,628
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,117
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,005
<AVERAGE-NET-ASSETS> 17,845
<PER-SHARE-NAV-BEGIN> 30.45
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> (.31)
<PER-SHARE-DIVIDEND> (.46)
<PER-SHARE-DISTRIBUTIONS> (2.25)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 27.81
<EXPENSE-RATIO> .86
</TABLE>
