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KEMPER HIGH YIELD MUTUAL FUNDS REACH MILESTONES

 CHICAGO, March 10 /PRNewswire/ -- Kemper Financial Services, Inc. (KFS) today announced that the Kemper High Yield Fund and Kemper Investment Portfolios (KIP) -- High Yield Portfolio have surpassed $2 billion and $1 billion in assets, respectively.
 Kemper attributes the increase in assets for both funds in part to the excellent performance that high yield mutual funds have realized over the past few years. "The improving economic environment, coupled with falling interest rates, contributed to the attractiveness of high yield bonds in 1992," said Mike McNamara, co-portfolio manager for both funds. "In addition, the average high yield bond mutual fund outperformed the stock market and the average of all other bond mutual fund Morningstar categories in 1992, for the second consecutive year."(A)
 McNamara believes the outlook for high yield bonds continues to be favorable. "Although we cannot predict future market conditions with certainty, we currently expect that high yield bonds have the potential, through modest price appreciation and the compounding of coupons, to continue to outperform most, if not all, domestic assets classes in 1993," he said. "The new issue high yield market supply has been moderate recently, and those deals that have entered the market have been hugely oversubscribed, indicating a strong demand for high yield bonds."
 Looking forward, McNamara anticipates steady, sustained economic growth to fuel an already positive yield market. "We believe that in the next few years, the environment for high yield bonds should remain favorable as corporations continue to refinance at lower rates and as a steadily improving economy generates rising operating cash flows for the companies."
 The Kemper High Yield Fund, which was introduced in 1978, outperformed over two-thirds of current high yield funds tracked by Lipper Analytical Services for the 3-, 5-, 10-, and 15-year periods ended 1/31/93(B). As of March 5, 1993, Morningstar, Inc. gave the Fund a four star rating.(C)
 The primary difference between Kemper High Yield Fund and KIP-High Yield Portfolio is the load structure. Kemper High Yield Fund, which has a maximum sales charge of 4.5 percent, is part of Kemper's family of mutual funds that have a front-end sales charge. KIP--High Yield Portfolio is part of the Kemper Investment Portfolios family of mutual funds, a spread-load family with a contingent deferred sales charge (CDSC) and a Rule 12b-1 fee. The CDSC for shares purchased on or after 3/1/93 is 4,3,3,2,2,1,0 percent respectively for shares redeemed years one through seven after the initial investment date.
 Kemper Financial Services, Inc. is one of the nation's largest money managers. Together with its affiliates, KFS currently manages more than $69 billion in assets. It is part of the investment services segment of Kemper Corp., a nonoperating holding company with major subsidiaries in investment services, life insurance, reinsurance, property casualty insurance and risk management.
 High Yield funds invest in lower rated and unrated securities which present greater risk of loss to principal and income than higher rated securities. Returns presented are historical and may not represent future results. Returns and net asset value of high yield funds fluctuate and shares are redeemable at current net asset value, which may be more or less than original cost.
 NOTES:
 (A) Based on total return with all dividends reinvested. Source Morningstar, Inc. Stock market is represented by the Standard & Poor's 500 Stock Index, an unmanaged index generally considered representative of the domestic stock market.
 (B) Lipper Analytical Services, Inc. calculations are based upon changes in net asset value with dividends reinvested. Lipper calculations do not include sales charges and, if they had, results may have been less favorable. The Kemper High Yield Fund was ranked 62 of 73, 16 of 68, 20 of 61, 3 of 27 and 2 of 15 of all high yield funds for the 1-, 3-, 5-, 10- and 15-year periods. Ratings are not absolute or necessarily predictive of future performance.
 (C) Morningstar, Inc. ratings range from five stars (highest) to one star (lowest) and represent its assessment of the historical risk level and total return of a fund relative to its class as a weighed average for the 3, 5, and 10 year periods. Ratings are not absolute or necessarily predictive of future performance.
 -0- 3/10/93
 /CONTACT: Margaret Rozen, 312-499-1801, or Steve Radis, 312-499-8393, both for Kemper Financial Services/


CO: Kemper Financial Services, Inc. ST: Illinois IN: FIN SU:

SH -- NY018 -- 4849 03/10/93 10:04 EST
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Date:Mar 10, 1993
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