<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
High Yield Fund II Semiannual Report for the six months ended 3/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001068966
<NAME> KEMPER HIGH YIELD FUND II
<SERIES>
<NUMBER> 003
<NAME> KEMPER HIGH YIELD FUND II
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 158,378
<INVESTMENTS-AT-VALUE> 143,660
<RECEIVABLES> 5,113
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 148,773
<PAYABLE-FOR-SECURITIES> 280
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,575
<TOTAL-LIABILITIES> 2,854
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163,807
<SHARES-COMMON-STOCK> 2,849
<SHARES-COMMON-PRIOR> 2,986
<ACCUMULATED-NII-CURRENT> 460
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,631)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14,718)
<NET-ASSETS> 145,919
<DIVIDEND-INCOME> 283
<INTEREST-INCOME> 8,847
<OTHER-INCOME> 0
<EXPENSES-NET> 805
<NET-INVESTMENT-INCOME> 8,325
<REALIZED-GAINS-CURRENT> (2,401)
<APPREC-INCREASE-CURRENT> (5,418)
<NET-CHANGE-FROM-OPS> 507
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,260)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,342
<NUMBER-OF-SHARES-REDEEMED> (7,256)
<SHARES-REINVESTED> 778
<NET-CHANGE-IN-ASSETS> (8,092)
<ACCUMULATED-NII-PRIOR> (1)
<ACCUMULATED-GAINS-PRIOR> (1,231)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 507
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,308
<AVERAGE-NET-ASSETS> 26,061
<PER-SHARE-NAV-BEGIN> 8.77
<PER-SHARE-NII> 0.45
<PER-SHARE-GAIN-APPREC> (0.44)
<PER-SHARE-DIVIDEND> (0.43)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.35
<EXPENSE-RATIO> 1.31
</TABLE>
