<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
High Yield Fund II Annual Report for the fiscal year ended 09/30/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001068966
<NAME> KEMPER HIGH YIELD FUND II
<SERIES>
<NUMBER> 013
<NAME> KEMPER HIGH YIELD FUND II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 145,965,396
<INVESTMENTS-AT-VALUE> 125,943,323
<RECEIVABLES> 5,492,097
<ASSETS-OTHER> 93,350
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,528,770
<PAYABLE-FOR-SECURITIES> 1,622,364
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 126,671,338
<TOTAL-LIABILITIES> 3,235,068
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,946,646
<SHARES-COMMON-STOCK> 2,362,812
<SHARES-COMMON-PRIOR> 2,986,488
<ACCUMULATED-NII-CURRENT> (126,898)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,503,973)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (20,022,073)
<NET-ASSETS> 128,293,702
<DIVIDEND-INCOME> 283,476
<INTEREST-INCOME> 17,027,642
<OTHER-INCOME> 0
<EXPENSES-NET> 1,990,407
<NET-INVESTMENT-INCOME> 15,320,711
<REALIZED-GAINS-CURRENT> (6,273,449)
<APPREC-INCREASE-CURRENT> (10,721,698)
<NET-CHANGE-FROM-OPS> (1,674,436)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,362,537)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,111,005
<NUMBER-OF-SHARES-REDEEMED> (13,617,987)
<SHARES-REINVESTED> 1,368,809
<NET-CHANGE-IN-ASSETS> (25,716,776)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,230,523)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 955,843
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,461,973
<AVERAGE-NET-ASSETS> 23,630,902
<PER-SHARE-NAV-BEGIN> 8.77
<PER-SHARE-NII> 0.86
<PER-SHARE-GAIN-APPREC> (0.99)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.86)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.78
<EXPENSE-RATIO> 1.63
</TABLE>
