<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Kemper
High Yield Fund Semiannual Report for the six months ended 03/31/2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000225528
<NAME> KEMPER HIGH YIELD SERIES
<SERIES>
<NUMBER> 001
<NAME> KEMPER HIGH YIELD FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 4,156,123
<INVESTMENTS-AT-VALUE> 3,579,702
<RECEIVABLES> 162,616
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,742,319
<PAYABLE-FOR-SECURITIES> 9,408
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,787
<TOTAL-LIABILITIES> 56,195
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,548,078
<SHARES-COMMON-STOCK> 377,265
<SHARES-COMMON-PRIOR> 407,621
<ACCUMULATED-NII-CURRENT> 8,224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (293,757)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (576,421)
<NET-ASSETS> 3,686,124
<DIVIDEND-INCOME> 6,191
<INTEREST-INCOME> 247,288
<OTHER-INCOME> 0
<EXPENSES-NET> 26,102
<NET-INVESTMENT-INCOME> 227,377
<REALIZED-GAINS-CURRENT> (99,841)
<APPREC-INCREASE-CURRENT> (104,154)
<NET-CHANGE-FROM-OPS> 23,382
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (161,705)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 610,235
<NUMBER-OF-SHARES-REDEEMED> (914,246)
<SHARES-REINVESTED> 92,086
<NET-CHANGE-IN-ASSETS> (595,271)
<ACCUMULATED-NII-PRIOR> 7,390
<ACCUMULATED-GAINS-PRIOR> (193,917)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,184
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26,248
<AVERAGE-NET-ASSETS> 2,947,664
<PER-SHARE-NAV-BEGIN> 7.23
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> (0.37)
<PER-SHARE-DIVIDEND> (0.39)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.87
<EXPENSE-RATIO> 0.99
</TABLE>
