<PAGE> PAGE 1
000 A000000 01/31/2000
000 C000000 0001001983
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 HORIZON FUND
001 B000000 811-7365
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
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 KEMPER HORIZON 20+ PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 KEMPER HORIZON 10+ PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 KEMPER HORIZON 5 PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 SCUDDER KEMPER INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-44899
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
008 D04AA01 0100
010 A00AA01 KEMPER DISTRIBUTORS, INC.
010 B00AA01 8-47765
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60606
<PAGE> PAGE 2
010 C04AA01 5808
011 A00AA01 KEMPER DISTRIBUTORS, INC.
011 B00AA01 8-47765
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60606
011 C04AA01 5808
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 CAPTIAL MARKETS
014 B00AA05 8-49827
014 A00AA06 BANK HANDLOWY
014 B00AA06 8-24613
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 STATE STREET BANK AND TRUST COMPANY
015 B00AA02 S
015 C01AA02 BOSTON
015 C02AA02 MA
015 C03AA02 02110
015 E04AA02 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 72
019 C00AA00 KEMPERFNDS
020 A000001 SALOMON SMITH BARNEY INC.
020 B000001 22-1660266
020 C000001 8
020 A000002 WHEAT FIRST SECURITIES, INC.
020 B000002 52-0902557
020 C000002 8
020 A000003 FLEMING INC.
<PAGE> PAGE 3
020 B000003 UNKNOWN
020 C000003 7
020 A000004 MONTGOMERY SECURITIES
020 B000004 94-1701676
020 C000004 7
020 A000005 DEUTSCHE BANK CAPITAL
020 B000005 UNKNOWN
020 C000005 7
020 A000006 MORGAN STANLEY, DEAN WITTER & CO.
020 B000006 13-2655998
020 C000006 6
020 A000007 DONALDSON, LUFKIN & JENRETTE FIXED INCOME
020 B000007 UNKNOWN
020 C000007 6
020 A000008 INSTINET CORP.
020 B000008 13-3443395
020 C000008 6
020 A000009 ESI
020 B000009 UNKNOWN
020 C000009 4
020 A000010 A.G. EDWARDS & SONS
020 B000010 43-0895447
020 C000010 3
021 000000 107
022 A000001 STATE STREET BANK
022 B000001 UNKNOWN
022 C000001 115407
022 D000001 500
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 40319
022 D000002 2011
022 A000003 MERRILL LYNCH & CO.
022 B000003 13-5674085
022 C000003 24049
022 D000003 7519
022 A000004 FIRST CHICAGO NBD CORP.
022 B000004 36-0899825
022 C000004 22495
022 D000004 997
022 A000005 CHASE MANHATTAN BANK
022 B000005 UNKNOWN
022 C000005 21996
022 D000005 0
022 A000006 C.S. FIRST BOSTON CORP.
022 B000006 13-5659485
022 C000006 10092
022 D000006 0
022 A000007 WARBURG - DILLON REED
022 B000007 UNKNOWN
022 C000007 0
<PAGE> PAGE 4
022 D000007 7097
022 A000008 CREDIT SUISSE BOSTON
022 B000008 UNKNOWN
022 C000008 2201
022 D000008 2464
022 A000009 COWEN & CO.
022 B000009 13-5616116
022 C000009 3997
022 D000009 383
022 A000010 BEAR, STEARNS & CO., INC.
022 B000010 13-3299429
022 C000010 473
022 D000010 3244
023 C000000 274558
023 D000000 49314
024 00AA00 Y
026 A000000 Y
026 B000000 Y
026 C000000 Y
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026 G020000 N
026 H000000 N
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037 00AA00 N
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039 00AA00 Y
040 00AA00 Y
041 00AA00 Y
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
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048 A01AA00 250000
048 A02AA00 0.580
048 B01AA00 1000000
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048 C01AA00 2500000
048 C02AA00 0.530
048 D01AA00 5000000
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048 E01AA00 7500000
048 E02AA00 0.480
048 F01AA00 10000000
048 F02AA00 0.460
048 G01AA00 12500000
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<PAGE> PAGE 5
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 12500000
048 K02AA00 0.420
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
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062 R00AA00 0.0
077 A000000 Y
077 B000000 N
<PAGE> PAGE 6
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 Y
078 000000 N
080 C00AA00 150000
081 A00AA00 Y
081 B00AA00 248
082 A00AA00 N
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083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
025 A000101 BEAR STEARNS & CO., INC.
025 B000101 13-3299429
025 C000101 E
025 D000101 591
025 A000102 CHASE MANHATTAN CORP.
025 B000102 UNKNOWN
025 C000102 E
025 D000102 668
025 A000103 DELETE
025 D000103 0
<PAGE> PAGE 7
025 D000104 0
025 D000105 0
025 D000106 0
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030 B000100 5.75
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034 000100 Y
035 000100 129
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042 A000100 0
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<PAGE> PAGE 8
042 F000100 0
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043 000100 255
044 000100 518
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
<PAGE> PAGE 9
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 20476
071 B000100 37900
071 C000100 127207
071 D000100 32
072 A000100 6
072 B000100 884
072 C000100 406
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072 F000100 378
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072 L000100 33
072 M000100 7
072 N000100 16
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072 Q000100 0
072 R000100 15
072 S000100 4
072 T000100 255
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072 V000100 0
072 W000100 31
072 X000100 1312
072 Y000100 4
072 Z000100 -18
072AA000100 5046
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072DD020100 137
072EE000100 10492
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073 C000100 0.0000
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<PAGE> PAGE 10
074 F000100 92155
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074 K000100 0
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074 M000100 28
074 N000100 118043
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074 P000100 62
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074 S000100 0
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074 U020100 4980
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074 X000100 27979
074 Y000100 0
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075 B000100 129096
076 000100 0.00
025 A000201 BEAR STEARNS CO., INC.
025 B000201 13-3299429
025 C000201 E
025 D000201 473
025 A000202 CHASE MANHATTAN CORP.
025 B000202 UNKNOWN
025 C000202 E
025 D000202 716
025 A000203 DELETE
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 2175
028 A020200 0
028 A030200 0
028 A040200 3577
028 B010200 3277
028 B020200 0
028 B030200 0
028 B040200 2543
<PAGE> PAGE 11
028 C010200 2255
028 C020200 0
028 C030200 0
028 C040200 4076
028 D010200 2250
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028 D040200 5231
028 E010200 2290
028 E020200 12849
028 E030200 0
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028 F010200 2358
028 F020200 1
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028 G010200 14605
028 G020200 12850
028 G030200 0
028 G040200 27296
028 H000200 6191
029 000200 Y
030 A000200 27
030 B000200 5.75
030 C000200 0.00
031 A000200 4
031 B000200 0
032 000200 20
033 000200 3
034 000200 Y
035 000200 72
036 A000200 N
036 B000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 100
043 000200 239
044 000200 412
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
<PAGE> PAGE 12
066 E000200 Y
066 F000200 N
066 G000200 N
067 000200 Y
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
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070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 28411
071 B000200 36821
071 C000200 123420
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072 B000200 1890
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<PAGE> PAGE 13
072 E000200 0
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073 A010200 0.0000
073 A020200 0.0000
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074 C000200 1400
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<PAGE> PAGE 14
074 R020200 0
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025 A000301 BEAR STEARNS CO., INC.
025 B000301 13-3299429
025 C000301 E
025 D000301 130
025 A000302 CHASE MANHATTAN CORP.
025 B000302 UNKNOWN
025 C000302 E
025 D000302 145
025 A000303 DELETE
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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 COLLORA
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted form the Kemper
Horizon 20+ Semiannual Report for the fiscal year ended 7/31/2000 and is
qualified in its entirety by references to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 1
<NAME> KEMPER HORIZON 20+
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 113,618
<INVESTMENTS-AT-VALUE> 115,650
<RECEIVABLES> 2,357
<ASSETS-OTHER> 36
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,043
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,295
<TOTAL-LIABILITIES> 3,295
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 108,361
<SHARES-COMMON-STOCK> 4,317
<SHARES-COMMON-PRIOR> 4,518
<ACCUMULATED-NII-CURRENT> (127)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,488
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,027
<NET-ASSETS> 114,748
<DIVIDEND-INCOME> 406
<INTEREST-INCOME> 884
<OTHER-INCOME> 0
<EXPENSES-NET> 1,308
<NET-INVESTMENT-INCOME> (18)
<REALIZED-GAINS-CURRENT> 5,046
<APPREC-INCREASE-CURRENT> (7,912)
<NET-CHANGE-FROM-OPS> (2,884)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (563)
<DISTRIBUTIONS-OF-GAINS> (4,929)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,663
<NUMBER-OF-SHARES-REDEEMED> (20,877)
<SHARES-REINVESTED> 5,465
<NET-CHANGE-IN-ASSETS> (22,223)
<ACCUMULATED-NII-PRIOR> 591
<ACCUMULATED-GAINS-PRIOR> 9,933
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 378
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,312
<AVERAGE-NET-ASSETS> 60,639
<PER-SHARE-NAV-BEGIN> 14.01
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.30)
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> (1.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.47
<EXPENSE-RATIO> 1.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the Kemper
Horizon 20+ Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety byt reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 002
<NAME> KEMPER HORIZON 20+
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 113,618
<INVESTMENTS-AT-VALUE> 115,650
<RECEIVABLES> 2,357
<ASSETS-OTHER> 36
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,043
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,295
<TOTAL-LIABILITIES> 3,295
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 108,361
<SHARES-COMMON-STOCK> 4,021
<SHARES-COMMON-PRIOR> 4,314
<ACCUMULATED-NII-CURRENT> (127)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,488
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,027
<NET-ASSETS> 114,748
<DIVIDEND-INCOME> 406
<INTEREST-INCOME> 884
<OTHER-INCOME> 0
<EXPENSES-NET> 1,308
<NET-INVESTMENT-INCOME> (18)
<REALIZED-GAINS-CURRENT> 5,046
<APPREC-INCREASE-CURRENT> (7,912)
<NET-CHANGE-FROM-OPS> (2,884)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (119)
<DISTRIBUTIONS-OF-GAINS> (4,488)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,678
<NUMBER-OF-SHARES-REDEEMED> (14,281)
<SHARES-REINVESTED> 4,530
<NET-CHANGE-IN-ASSETS> (22,223)
<ACCUMULATED-NII-PRIOR> 591
<ACCUMULATED-GAINS-PRIOR> 9,933
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 378
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,312
<AVERAGE-NET-ASSETS> 55,191
<PER-SHARE-NAV-BEGIN> 13.72
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> (0.28)
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (1.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.24
<EXPENSE-RATIO> 2.37
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Horizon 20+ Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 003
<NAME> KEMPER HORIZON 20+
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 113,618
<INVESTMENTS-AT-VALUE> 115,650
<RECEIVABLES> 2,357
<ASSETS-OTHER> 36
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,043
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,295
<TOTAL-LIABILITIES> 3,295
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 108,361
<SHARES-COMMON-STOCK> 916
<SHARES-COMMON-PRIOR> 961
<ACCUMULATED-NII-CURRENT> (127)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,488
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,027
<NET-ASSETS> 114,748
<DIVIDEND-INCOME> 406
<INTEREST-INCOME> 884
<OTHER-INCOME> 0
<EXPENSES-NET> 1,308
<NET-INVESTMENT-INCOME> (18)
<REALIZED-GAINS-CURRENT> 5,046
<APPREC-INCREASE-CURRENT> (7,912)
<NET-CHANGE-FROM-OPS> (2,844)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,002)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,658
<NUMBER-OF-SHARES-REDEEMED> (4,282)
<SHARES-REINVESTED> 982
<NET-CHANGE-IN-ASSETS> (22,223)
<ACCUMULATED-NII-PRIOR> 591
<ACCUMULATED-GAINS-PRIOR> 9,933
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 378
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,312
<AVERAGE-NET-ASSETS> 12,182
<PER-SHARE-NAV-BEGIN> 13.70
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> (0.30)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.22
<EXPENSE-RATIO> 2.59
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Horizon 20+ Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 004
<NAME> KEMPER HORIZON 20+
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 113,618
<INVESTMENTS-AT-VALUE> 115,650
<RECEIVABLES> 2,357
<ASSETS-OTHER> 36
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,043
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,295
<TOTAL-LIABILITIES> 3,295
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 108,361
<SHARES-COMMON-STOCK> 916
<SHARES-COMMON-PRIOR> 961
<ACCUMULATED-NII-CURRENT> (127)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,488
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,027
<NET-ASSETS> 114,748
<DIVIDEND-INCOME> 406
<INTEREST-INCOME> 884
<OTHER-INCOME> 0
<EXPENSES-NET> 1,308
<NET-INVESTMENT-INCOME> (18)
<REALIZED-GAINS-CURRENT> 5,046
<APPREC-INCREASE-CURRENT> (7,912)
<NET-CHANGE-FROM-OPS> (2,844)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,002)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,658
<NUMBER-OF-SHARES-REDEEMED> (4,282)
<SHARES-REINVESTED> 982
<NET-CHANGE-IN-ASSETS> (22,223)
<ACCUMULATED-NII-PRIOR> 591
<ACCUMULATED-GAINS-PRIOR> 9,933
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 378
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,312
<AVERAGE-NET-ASSETS> 12,182
<PER-SHARE-NAV-BEGIN> 13.70
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> (0.30)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.22
<EXPENSE-RATIO> 0.85
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Horizon 10+ Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 005
<NAME> KEMPER HORIZON 10+
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 126,265
<INVESTMENTS-AT-VALUE> 124,372
<RECEIVABLES> 1,021
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,402
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,516
<TOTAL-LIABILITIES> 1,516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,171
<SHARES-COMMON-STOCK> 5,723
<SHARES-COMMON-PRIOR> 5,672
<ACCUMULATED-NII-CURRENT> 240
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,368
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,892)
<NET-ASSETS> 123,886
<DIVIDEND-INCOME> 339
<INTEREST-INCOME> 1,890
<OTHER-INCOME> 0
<EXPENSES-NET> 1,185
<NET-INVESTMENT-INCOME> 1,044
<REALIZED-GAINS-CURRENT> 4,760
<APPREC-INCREASE-CURRENT> (7,107)
<NET-CHANGE-FROM-OPS> (1,304)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (916)
<DISTRIBUTIONS-OF-GAINS> (6,100)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,762
<NUMBER-OF-SHARES-REDEEMED> (14,764)
<SHARES-REINVESTED> 6,930
<NET-CHANGE-IN-ASSETS> (14,224)
<ACCUMULATED-NII-PRIOR> 651
<ACCUMULATED-GAINS-PRIOR> 11,234
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 391
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,188
<AVERAGE-NET-ASSETS> 70,523
<PER-SHARE-NAV-BEGIN> 12.79
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> (1.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.40
<EXPENSE-RATIO> 1.34
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Horizon 10+ Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 006
<NAME> KEMPER HORIZON 10+
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 126,265
<INVESTMENTS-AT-VALUE> 124,372
<RECEIVABLES> 1,021
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,402
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,516
<TOTAL-LIABILITIES> 1,516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,171
<SHARES-COMMON-STOCK> 4,038
<SHARES-COMMON-PRIOR> 4,020
<ACCUMULATED-NII-CURRENT> 240
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,368
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,892)
<NET-ASSETS> 123,886
<DIVIDEND-INCOME> 339
<INTEREST-INCOME> 1,890
<OTHER-INCOME> 0
<EXPENSES-NET> 1,185
<NET-INVESTMENT-INCOME> 1,044
<REALIZED-GAINS-CURRENT> 4,760
<APPREC-INCREASE-CURRENT> (7,107)
<NET-CHANGE-FROM-OPS> (1,304)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (428)
<DISTRIBUTIONS-OF-GAINS> (4,316)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,594
<NUMBER-OF-SHARES-REDEEMED> (8,966)
<SHARES-REINVESTED> 4,630
<NET-CHANGE-IN-ASSETS> (14,244)
<ACCUMULATED-NII-PRIOR> 651
<ACCUMULATED-GAINS-PRIOR> 11,234
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 391
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,188
<AVERAGE-NET-ASSETS> 49,546
<PER-SHARE-NAV-BEGIN> 12.78
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (1.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.39
<EXPENSE-RATIO> 2.20
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Horizon 10+ Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 007
<NAME> KEMPER HORIZON 10+
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 126,265
<INVESTMENTS-AT-VALUE> 124,372
<RECEIVABLES> 1,021
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,402
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,516
<TOTAL-LIABILITIES> 1,516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,171
<SHARES-COMMON-STOCK> 1,104
<SHARES-COMMON-PRIOR> 1,102
<ACCUMULATED-NII-CURRENT> 240
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,368
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,892)
<NET-ASSETS> 123,886
<DIVIDEND-INCOME> 339
<INTEREST-INCOME> 1,890
<OTHER-INCOME> 0
<EXPENSES-NET> 1,185
<NET-INVESTMENT-INCOME> 1,044
<REALIZED-GAINS-CURRENT> 4,760
<APPREC-INCREASE-CURRENT> (7,107)
<NET-CHANGE-FROM-OPS> (1,304)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (108)
<DISTRIBUTIONS-OF-GAINS> (1,196)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,947
<NUMBER-OF-SHARES-REDEEMED> (3,251)
<SHARES-REINVESTED> 1,271
<NET-CHANGE-IN-ASSETS> (14,224)
<ACCUMULATED-NII-PRIOR> 651
<ACCUMULATED-GAINS-PRIOR> 11,234
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 391
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,118
<AVERAGE-NET-ASSETS> 13,539
<PER-SHARE-NAV-BEGIN> 12.73
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> (1.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.35
<EXPENSE-RATIO> 2.33
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Horizon 10+ Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 008
<NAME> KEMPER HORIZON 10+
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 126,265
<INVESTMENTS-AT-VALUE> 124,372
<RECEIVABLES> 1,021
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,402
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,516
<TOTAL-LIABILITIES> 1,516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,171
<SHARES-COMMON-STOCK> 15
<SHARES-COMMON-PRIOR> 14
<ACCUMULATED-NII-CURRENT> 240
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,368
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,892)
<NET-ASSETS> 123,886
<DIVIDEND-INCOME> 339
<INTEREST-INCOME> 1,890
<OTHER-INCOME> 0
<EXPENSES-NET> 1,185
<NET-INVESTMENT-INCOME> 1,044
<REALIZED-GAINS-CURRENT> 4,760
<APPREC-INCREASE-CURRENT> (7,107)
<NET-CHANGE-FROM-OPS> (1,304)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2)
<DISTRIBUTIONS-OF-GAINS> (14)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12
<NUMBER-OF-SHARES-REDEEMED> (21)
<SHARES-REINVESTED> (17)
<NET-CHANGE-IN-ASSETS> (14,224)
<ACCUMULATED-NII-PRIOR> 651
<ACCUMULATED-GAINS-PRIOR> 11,234
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 391
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,188
<AVERAGE-NET-ASSETS> 170
<PER-SHARE-NAV-BEGIN> 12.76
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (1.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.36
<EXPENSE-RATIO> 1.07
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Horizon 5 Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 009
<NAME> KEMPER HORIZON 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 69,290
<INVESTMENTS-AT-VALUE> 68,276
<RECEIVABLES> 1,081
<ASSETS-OTHER> 235
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,592
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 792
<TOTAL-LIABILITIES> 792
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,405
<SHARES-COMMON-STOCK> 3,918
<SHARES-COMMON-PRIOR> 2,627
<ACCUMULATED-NII-CURRENT> 18
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,392
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,014)
<NET-ASSETS> 68,800
<DIVIDEND-INCOME> 131
<INTEREST-INCOME> 1,501
<OTHER-INCOME> 0
<EXPENSES-NET> 661
<NET-INVESTMENT-INCOME> 972
<REALIZED-GAINS-CURRENT> 1,540
<APPREC-INCREASE-CURRENT> (2,874)
<NET-CHANGE-FROM-OPS> (362)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (786)
<DISTRIBUTIONS-OF-GAINS> (1,631)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,292
<NUMBER-OF-SHARES-REDEEMED> (13,206)
<SHARES-REINVESTED> 2,391
<NET-CHANGE-IN-ASSETS> 8,846
<ACCUMULATED-NII-PRIOR> 223
<ACCUMULATED-GAINS-PRIOR> 2,517
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 218
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 663
<AVERAGE-NET-ASSETS> 45,065
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (0.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.67
<EXPENSE-RATIO> 1.48
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Horizon 5 Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 010
<NAME> KEMPER HORIZON 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 69,290
<INVESTMENTS-AT-VALUE> 68,276
<RECEIVABLES> 1,081
<ASSETS-OTHER> 235
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,592
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 792
<TOTAL-LIABILITIES> 792
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,405
<SHARES-COMMON-STOCK> 2,051
<SHARES-COMMON-PRIOR> 2,162
<ACCUMULATED-NII-CURRENT> 18
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,392
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,014)
<NET-ASSETS> 68,800
<DIVIDEND-INCOME> 131
<INTEREST-INCOME> 1,501
<OTHER-INCOME> 0
<EXPENSES-NET> 661
<NET-INVESTMENT-INCOME> 972
<REALIZED-GAINS-CURRENT> 1,540
<APPREC-INCREASE-CURRENT> (2,874)
<NET-CHANGE-FROM-OPS> (362)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (320)
<DISTRIBUTIONS-OF-GAINS> (839)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,996
<NUMBER-OF-SHARES-REDEEMED> (4,142)
<SHARES-REINVESTED> 1,107
<NET-CHANGE-IN-ASSETS> 8,846
<ACCUMULATED-NII-PRIOR> 223
<ACCUMULATED-GAINS-PRIOR> 2,517
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 218
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 663
<AVERAGE-NET-ASSETS> 23,775
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> (0.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.67
<EXPENSE-RATIO> 2.19
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Horizon 5 Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 011
<NAME> KEMPER HORIZON 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 69,290
<INVESTMENTS-AT-VALUE> 68,276
<RECEIVABLES> 1,081
<ASSETS-OTHER> 235
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,592
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 792
<TOTAL-LIABILITIES> 792
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,405
<SHARES-COMMON-STOCK> 461
<SHARES-COMMON-PRIOR> 497
<ACCUMULATED-NII-CURRENT> 18
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,392
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,014)
<NET-ASSETS> 68,800
<DIVIDEND-INCOME> 131
<INTEREST-INCOME> 1,501
<OTHER-INCOME> 0
<EXPENSES-NET> 661
<NET-INVESTMENT-INCOME> 972
<REALIZED-GAINS-CURRENT> 1,540
<APPREC-INCREASE-CURRENT> (2,874)
<NET-CHANGE-FROM-OPS> (362)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (69)
<DISTRIBUTIONS-OF-GAINS> (189)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 646
<NUMBER-OF-SHARES-REDEEMED> (1,229)
<SHARES-REINVESTED> 254
<NET-CHANGE-IN-ASSETS> 8,846
<ACCUMULATED-NII-PRIOR> 223
<ACCUMULATED-GAINS-PRIOR> 2,517
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 218
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 663
<AVERAGE-NET-ASSETS> 5,422
<PER-SHARE-NAV-BEGIN> 11.30
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> (0.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.66
<EXPENSE-RATIO> 2.32
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
Horizon 5 Semiannual Report for the fiscal year ended 07/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001001983
<NAME> KEMPER HORIZON FUND
<SERIES>
<NUMBER> 012
<NAME> KEMPER HORIZON 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-1-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 69,290
<INVESTMENTS-AT-VALUE> 68,276
<RECEIVABLES> 1,081
<ASSETS-OTHER> 235
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,592
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 792
<TOTAL-LIABILITIES> 792
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,405
<SHARES-COMMON-STOCK> 16
<SHARES-COMMON-PRIOR> 15
<ACCUMULATED-NII-CURRENT> 18
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,392
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,014)
<NET-ASSETS> 68,800
<DIVIDEND-INCOME> 131
<INTEREST-INCOME> 1,501
<OTHER-INCOME> 0
<EXPENSES-NET> 661
<NET-INVESTMENT-INCOME> 972
<REALIZED-GAINS-CURRENT> 1,540
<APPREC-INCREASE-CURRENT> (2,874)
<NET-CHANGE-FROM-OPS> (362)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3)
<DISTRIBUTIONS-OF-GAINS> (6)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10
<NUMBER-OF-SHARES-REDEEMED> (6)
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> 8,846
<ACCUMULATED-NII-PRIOR> 223
<ACCUMULATED-GAINS-PRIOR> 2,517
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 218
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 663
<AVERAGE-NET-ASSETS> 165
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> (0.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.67
<EXPENSE-RATIO> 1.18
</TABLE>
