nvq
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02851
Van Kampen High Yield Fund
 
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
 
(Address of principal executive offices)     (Zip code)
Edward C. Wood III
522 Fifth Avenue, New York, New York 10036
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-762-4000
Date of fiscal year end: 8/31
Date of reporting period: 5/31/09
 
 

 

 

Item 1. Schedule of Investments.
The Fund’s schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited)
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Corporate Bonds 95.4%
                        
       
Aerospace 2.1%
                        
$ 6,810    
Bombardier, Inc. (Canada) (a)
     6.300 %     05/01/14     $ 5,992,800  
  1,810    
Hexcel Corp.
     6.750       02/01/15       1,647,100  
  1,365    
L-3 Communications Corp.
     5.875       01/15/15       1,221,675  
       
 
                      
       
 
                     8,861,575  
       
 
                      
       
 
                        
       
Broadcasting 1.1%
                        
  5,480    
Univision Communications, Inc.
     7.850       07/15/11       4,877,200  
       
 
                      
       
 
                        
       
Cable 5.9%
                        
  3,975    
Anixter, Inc.
     10.000       03/15/14       3,955,125  
  4,830    
Charter Communications Operating LLC (a)(e)
     10.875       09/15/14       4,999,050  
  3,665    
CSC Holdings, Inc. (a)
     8.500       06/15/15       3,628,350  
  4,415    
CSC Holdings, Inc. (a)
     8.625       02/15/19       4,354,294  
  390    
DirecTV Holdings LLC
     6.375       06/15/15       356,850  
  3,680    
DirecTV Holdings LLC
     7.625       05/15/16       3,578,800  
  550    
Echostar DBS Corp.
     6.625       10/01/14       500,500  
  655    
NTL Cable PLC (United Kingdom)
     8.750       04/15/14       635,350  
  3,135    
NTL Cable PLC (United Kingdom)
     9.125       08/15/16       3,040,950  
       
 
                      
       
 
                     25,049,269  
       
 
                      
       
 
                        
       
Casinos & Gaming 0.7%
                        
  3,200    
Scientific Games Corp.
     6.250       12/15/12       2,960,000  
       
 
                      
       
 
                        
       
Chemicals 3.6%
                        
  650    
Airgas, Inc. (a)
     7.125       10/01/18       607,750  
  2,435    
Ashland, Inc. (a)
     9.125       06/01/17       2,477,612  
  3,280    
Berry Plastics Holding Corp.
     8.875       09/15/14       2,624,000  
  1,945    
Innophos Holdings, Inc. (a)
     9.500       04/15/12       1,624,075  
  2,445    
Innophos, Inc.
     8.875       08/15/14       2,206,612  
  1,730    
Koppers, Inc.
     9.875       10/15/13       1,688,913  

 

 

Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Chemicals (continued)
                        
$ 3,045    
Terra Capital, Inc.
     7.000 %     02/01/17     $ 2,862,300  
  1,570    
Westlake Chemical Corp.
     6.625       01/15/16       1,326,650  
       
 
                      
       
 
                     15,417,912  
       
 
                      
       
 
                        
       
Consumer Products 0.7%
                        
  1,070    
Hanson Ltd. (United Kingdom)
     7.875       09/27/10       952,580  
  2,340    
Oxford Industrials, Inc.
     8.875       06/01/11       2,094,300  
       
 
                      
       
 
                     3,046,880  
       
 
                      
       
 
                        
       
Diversified Media 1.0%
                        
  1,425    
AMC Entertainment, Inc. (a)(b)
     8.750       06/01/19       1,378,687  
  3,000    
Virgin Media Finance PLC (United Kingdom)
     9.500       08/15/16       2,867,220  
       
 
                      
       
 
                     4,245,907  
       
 
                      
       
 
                        
       
Energy 12.3%
                        
  3,555    
Atlas Energy Resources LLC (a)
     10.750       02/01/18       3,181,725  
  4,445    
Chaparral Energy, Inc.
     8.500       12/01/15       2,578,100  
  705    
Chaparral Energy, Inc.
     8.875       02/01/17       409,781  
  1,475    
Chesapeake Energy Corp.
     6.375       06/15/15       1,272,187  
  1,650    
Chesapeake Energy Corp.
     6.500       08/15/17       1,373,625  
  830    
Chesapeake Energy Corp.
     7.500       09/15/13       780,200  
  1,125    
Chesapeake Energy Corp.
     9.500       02/15/15       1,116,562  
  960    
Cimarex Energy Co.
     7.125       05/01/17       837,600  
  2,220    
Compagnie Generale de Geophysique SA (France)
     7.500       05/15/15       2,042,400  
  2,100    
Forest Oil Corp.
     7.250       06/15/19       1,816,500  
  2,200    
Forest Oil Corp.
     7.750       05/01/14       2,068,000  
  3,855    
Hilcorp Energy/Finance Corp. (a)
     7.750       11/01/15       3,334,575  
  1,925    
Key Energy Services, Inc.
     8.375       12/01/14       1,703,625  
  4,785    
Kinder Morgan Finance Co. (Canada)
     5.700       01/05/16       4,115,100  

 

 

Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Energy (continued)
                        
$ 5,040    
Massey Energy Co.
     6.875 %     12/15/13     $ 4,485,600  
  3,155    
Newfield Exploration Co.
     6.625       09/01/14       2,918,375  
  690    
Newfield Exploration Co.
     7.125       05/15/18       624,450  
  2,635    
OPTI Canada, Inc. (Canada)
     8.250       12/15/14       1,831,325  
  800    
Orion Power Holdings, Inc.
     12.000       05/01/10       830,000  
  3,090    
PetroHawk Energy Corp. (a)
     10.500       08/01/14       3,182,700  
  3,555    
Plains Exploration & Production Co.
     7.625       06/01/18       3,155,063  
  1,285    
Plains Exploration & Production Co.
     7.750       06/15/15       1,204,688  
  3,045    
Plains Exploration & Production Co.
     10.000       03/01/16       3,052,613  
  2,820    
SandRidge Energy, Inc. (Senior Unsecured Term Loan) (c)
     8.625       04/01/15       2,418,150  
  2,260    
Sonat, Inc.
     7.625       07/15/11       2,234,118  
       
 
                      
       
 
                     52,567,062  
       
 
                      
       
 
                        
       
Financial 3.8%
                        
  1,005    
Fresenius US Finance II, Inc. (a)
     9.000       07/15/15       1,045,200  
  3,642    
GMAC LLC (a)
     6.750       12/01/14       3,044,381  
  4,698    
GMAC LLC (a)
     6.875       09/15/11       4,206,838  
  418    
Homer City Funding LLC
     8.137       10/01/19       369,930  
  2,120    
JBS USA Finance, Inc. (a)
     11.625       05/01/14       2,045,800  
  2,180    
LPL Holdings, Inc. (a)
     10.750       12/15/15       1,932,025  
  4,360    
NSG Holdings, Inc. (a)
     7.750       12/15/25       3,531,600  

 

 

Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Financial (continued)
                        
$ 100    
Two-Rock Pass Through Trust (Bermuda) (a)(d)
     1.896 %     02/11/49     $ 325  
       
 
                      
       
 
                     16,176,099  
       
 
                      
       
Food & Drug 1.3%
                        
  1,275    
Axcan Intermediate Holdings, Inc.
     12.750       03/01/16       1,265,437  
  1,421    
SUPERVALU, Inc.
     7.500       05/15/12       1,428,105  
  1,305    
SUPERVALU, Inc.
     7.500       11/15/14       1,269,113  
  1,790    
SUPERVALU, Inc.
     8.000       05/01/16       1,763,150  
       
 
                      
       
 
                     5,725,805  
       
 
                      
       
 
                        
       
Food & Tobacco 3.2%
                        
  2,250    
Constellation Brands, Inc.
     7.250       05/15/17       2,109,375  
  2,830    
Michael Foods, Inc.
     8.000       11/15/13       2,730,950  
  2,975    
Pilgrim’s Pride Corp. (e)
     7.625       05/01/15       2,558,500  
  2,930    
Smithfield Foods, Inc.
     7.000       08/01/11       2,534,450  
  4,485    
Solo Cup Co.
     8.500       02/15/14       3,610,425  
       
 
                      
       
 
                     13,543,700  
       
 
                      
       
 
                        
       
Forest Products 5.0%
                        
  1,065    
Crown Americas LLC
     7.625       11/15/13       1,043,700  
  5,080    
Georgia-Pacific Corp. (a)
     7.125       01/15/17       4,800,600  
  2,260    
Georgia-Pacific LLC (a)
     8.250       05/01/16       2,237,400  
  2,760    
Graham Packaging Co., Inc.
     9.875       10/15/14       2,470,200  
  3,255    
Graphic Packaging International, Inc.
     9.500       08/15/13       3,059,700  
  2,000    
Owens-Brockway Glass Container, Inc. (a)
     7.375       05/15/16       1,945,000  
  2,015    
Owens-Brockway Glass Container, Inc.
     8.250       05/15/13       2,025,075  
  1,085    
P.H. Glatfelter Co.
     7.125       05/01/16       998,200  
  3,035    
Verso Paper, Inc. (a)(b)
     11.500       07/01/14       2,791,229  
       
 
                      
       
 
                     21,371,104  
       
 
                      

 

 

Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Gaming & Leisure 5.8%
                        
$ 3,100    
Ameristar Casinos, Inc. (a)
     9.250 %     06/01/14     $ 3,146,500  
  5,754    
CCM Merger Corp. (Senior Secured Term Loan)
     8.500       07/13/12       4,408,652  
  4,000    
Harrahs Escrow Corp. (a)(b)
     11.250       06/01/17       3,900,000  
  2,685    
Host Marriott LP, Ser J
     7.125       11/01/13       2,510,475  
  3,040    
Las Vegas Sands Corp.
     6.375       02/15/15       2,264,800  
  5,000    
MGM Mirage, Inc. (a)
     11.125       11/15/17       5,262,500  
  2,875    
MGM Mirage, Inc. (a)
     13.000       11/15/13       3,155,312  
       
 
                      
       
 
                     24,648,239  
       
 
                      
       
 
                        
       
Health Care 11.5%
                        
  3,285    
Apria Healthcare Group, Inc. (a)
     11.250       11/01/14       3,211,087  
  6,330    
Biomet, Inc.
     11.625       10/15/17       6,266,700  
  2,155    
Community Health Systems, Inc.
     8.875       07/15/15       2,141,531  
  7,055    
Fresenius Medical Care Capital Trust IV
     7.875       06/15/11       7,072,638  
  2,545    
HCA, Inc.
     5.750       03/15/14       1,985,100  
  3,480    
HCA, Inc.
     6.250       02/15/13       2,958,000  
  1,171    
HCA, Inc.
     9.125       11/15/14       1,153,435  
  1,600    
HCA, Inc. (a)
     9.875       02/15/17       1,608,000  
  2,960    
Healthsouth Corp.
     10.750       06/15/16       3,034,000  
  680    
Invacare Corp.
     9.750       02/15/15       697,000  
  4,015    
Omnicare, Inc.
     6.750       12/15/13       3,663,688  
  750    
Omnicare, Inc.
     6.875       12/15/15       678,750  
  3,551    
Select Medical Corp.
     7.625       02/01/15       2,823,045  
  5,985    
Select Medical Corp. (d)
     7.654       09/15/15       4,069,800  
  3,065    
Sun Healthcare Group, Inc.
     9.125       04/15/15       3,038,181  
  2,205    
Tenet Healthcare Corp.
     7.375       02/01/13       2,133,338  
  2,699    
Warner Chilcott Corp.
     8.750       02/01/15       2,712,495  
       
 
                      
       
 
                     49,246,788  
       
 
                      

 

 

Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Housing 1.4%
                        
$ 1,435    
Interface, Inc.
     10.375 %     02/01/10     $ 1,506,893  
  3,365    
Interface, Inc., Ser B
     9.500       02/01/14       2,582,638  
  5,130    
Nortek, Inc.
     8.500       09/01/14       1,385,100  
  445    
Pulte Homes, Inc.
     6.375       05/15/33       280,350  
       
 
                      
       
 
                     5,754,981  
       
 
                      
       
 
                        
       
Information Technology 3.5%
                        
  3,230    
First Data Corp. (a)
     11.250       03/31/16       1,760,350  
  2,165    
Flextronics International Ltd. (Singapore)
     6.500       05/15/13       2,056,750  
  525    
Iron Mountain, Inc.
     6.625       01/01/16       488,250  
  2,050    
Iron Mountain, Inc.
     7.750       01/15/15       1,988,500  
  2,885    
Iron Mountain, Inc.
     8.625       04/01/13       2,899,425  
  3,540    
Sungard Data Systems, Inc.
     9.125       08/15/13       3,424,950  
  785    
Sungard Data Systems, Inc. (a)
     10.625       05/15/15       763,412  
  2,275    
Vangent, Inc.
     9.625       02/15/15       1,746,063  
       
 
                      
       
 
                     15,127,700  
       
 
                      
       
 
                        
       
Manufacturing 1.7%
                        
  1,295    
Baldor Electric Co.
     8.625       02/15/17       1,184,925  
  3,463    
JohnsonDiversey, Inc., Ser B
     9.625       05/15/12       3,393,740  
  3,055    
RBS Global, Inc. & Rexnord Corp.
     9.500       08/01/14       2,566,200  
       
 
                      
       
 
                     7,144,865  
       
 
                      
       
 
                        
       
Metals 3.3%
                        
  2,620    
ArcelorMittal (Luxembourg)
     6.125       06/01/18       2,229,463  
  2,215    
ArcelorMittal (Luxembourg)
     9.850       06/01/19       2,278,382  
  1,340    
Foundation PA Coal Co.
     7.250       08/01/14       1,319,900  
  4,565    
Novelis, Inc. (Canada)
     7.250       02/15/15       3,024,313  
  5,000    
Teck Resources Ltd. (Canada) (a)
     10.750       05/15/19       5,151,585  
       
 
                      
       
 
                     14,003,643  
       
 
                      

 

 

Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Pipelines 0.1%
                        
$ 375    
El Paso Corp.
     12.000 %     12/12/13     $ 414,375  
       
 
                      
       
 
                        
       
Retail 3.0%
                        
  8,025    
Bon-Ton Department Stores, Inc.
     10.250       03/15/14       3,892,125  
  3,350    
Brown Shoe Co., Inc.
     8.750       05/01/12       2,872,625  
  3,615    
Phillips-Van Heusen Corp.
     7.250       02/15/11       3,596,925  
  3,730    
Rite Aid Corp.
     8.625       03/01/15       2,536,400  
       
 
                      
       
 
                     12,898,075  
       
 
                      
       
 
                        
       
Services 1.9%
                        
  370    
Aramark Services, Inc.
     8.500       02/01/15       354,738  
  3,595    
Expedia, Inc. (a)
     8.500       07/01/16       3,433,225  
  2,485    
Ticketmaster Entertainment, Inc. (a)
     10.750       07/28/16       2,000,425  
  2,425    
United Rentals North America, Inc.
     6.500       02/15/12       2,279,500  
       
 
                      
       
 
                     8,067,888  
       
 
                      
       
 
                        
       
Telecommunications 7.4%
                        
  960    
Crown Castle International Corp.
     9.000       01/15/15       974,400  
  3,265    
DISH DBS Corp.
     7.000       10/01/13       3,101,750  
(EUR) 4,000    
Exodus Communications, Inc. (e)(f)
     11.375       07/15/08       0  
  5,495    
Frontier Communications Corp.
     9.000       08/15/31       4,663,881  
  8,670    
Intelsat Corp. (a)
     9.250       06/15/16       8,366,550  
  605    
Qwest Capital Funding, Inc.
     7.000       08/03/09       606,512  
  4,640    
Qwest Capital Funding, Inc.
     7.250       02/15/11       4,524,000  
  4,080    
Sprint Capital Corp.
     6.900       05/01/19       3,325,200  

 

 

Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Telecommunications (continued)
                        
$ 3,340    
Wind Acquisition Finance SA (Luxembourg) (a)
     10.750 %     12/01/15     $ 3,523,700  
  1,410    
Windstream Corp.
     8.125       08/01/13       1,394,138  
  1,760    
XM Satellite Radio Holdings, Inc. (a)
     13.000       08/01/13       1,276,000  
       
 
                      
       
 
                     31,756,131  
       
 
                      
       
 
                        
       
Transportation 1.8%
                        
  2,585    
ArvinMeritor, Inc.
     8.750       03/01/12       1,253,725  
  7,105    
Ford Motor Credit Co.
     7.250       10/25/11       6,134,585  
  2,720    
General Motors Corp. (e)
     8.375       07/15/33       258,400  
       
 
                      
       
 
                     7,646,710  
       
 
                      
       
 
                        
       
Utility 10.3%
                        
  925    
AES Corp.
     7.750       03/01/14       885,687  
  3,750    
AES Corp.
     8.000       06/01/20       3,318,750  
  2,498    
AES Corp. (a)
     8.750       05/15/13       2,554,205  
  5,175    
Calpine Corp. (Senior Secured Term Loan)
     5.685       03/29/14       4,482,844  
  2,750    
Edison Mission Energy
     7.000       05/15/17       2,007,500  
  2,295    
Edison Mission Energy
     7.750       06/15/16       1,790,100  
  1,157    
El Paso Corp.
     6.875       06/15/14       1,101,537  
  1,300    
El Paso Corp.
     7.000       06/15/17       1,224,133  
  4,070    
Intergen NV (Netherlands) (a)
     9.000       06/30/17       3,907,200  
  1,355    
IPALCO Enterprises, Inc.
     8.625       11/14/11       1,368,550  
  274    
Midwest Generation LLC, Ser A
     8.300       07/02/09       272,454  
  1,649    
Midwest Generation LLC, Ser B
     8.560       01/02/16       1,599,269  
  6,430    
Mirant Americas Generation LLC
     8.500       10/01/21       5,369,050  
  500    
NRG Energy, Inc.
     7.375       02/01/16       471,875  
  3,000    
NRG Energy, Inc.
     7.375       01/15/17       2,827,500  
  6,132    
Ormat Funding Corp.
     8.250       12/30/20       4,721,710  
  2,945    
RRI Energy, Inc.
     7.875       06/15/17       2,488,525  
  2,350    
Texas Competitive Electric Holdings Co., LLC, Ser A
     10.250       11/01/15       1,404,125  
  3,305    
Texas Competitive Electric Holdings Co., LLC, Ser B
     10.250       11/01/15       1,974,738  
       
 
                      
       
 
                     43,769,752  
       
 
                      
       
 
                        
       
Wireless Communications 3.0%
                        
  3,090    
American Tower Corp.
     7.125       10/15/12       3,128,625  
  3,085    
American Tower Corp.
     7.500       05/01/12       3,158,269  

 

 

Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Wireless Communications (continued)
                        
$ 5,080    
Nextel Communications, Inc., Ser E
     6.875 %     10/31/13     $ 4,254,500  
  3,600    
Sirius XM Radio, Inc.
     9.625       08/01/13       2,349,000  
       
 
                      
       
 
                     12,890,394  
       
 
                      
       
Total Corporate Bonds 95.4%
                     407,212,054  
       
 
                      
         
Description    
Equities 0.2%
        
DecisionOne Corp. (19,895 Common Shares) (f)(g)
     0  
HF Holdings, Inc. (36,820 Common Stock Warrants, expiring 09/27/09) (f)(g)
     0  
Hosiery Corp. of America, Inc., Class A (1,000 Common Shares) (f)(g)
     0  
Jazztel PLC (5,000 Common Stock Warrants, expiring 07/15/10) (United Kingdom) (a)(f)
     0  
OpTel, Inc. (3,275 Common Shares) (a)(f)(g)
     0  
Preferred Blocker, Inc. (2,046 Preferred Shares) (a)
     860,215  
Ventelo, Inc. (73,021 Common Shares) (United Kingdom) (a)(f)
     0  
VS Holdings, Inc. (946,962 Common Shares) (f)(g)
     0  
 
        
 
        
Total Equities 0.2%
     860,215  
 
        
 
        
Total Long-Term Investments 95.6%
        
(Cost $449,845,673)
     408,072,269  
 
        
 
        
Repurchase Agreements 4.2%
        
JPMorgan Chase & Co. ($17,192,598 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.18%, dated 05/29/09, to be sold on 06/01/09 at $17,192,855)
     17,192,598  
State Street Bank & Trust Co. ($830,402 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.01%, dated 05/29/09, to be sold on 06/01/09 at $830,403)
     830,402  
 
        
 
        
Total Repurchase Agreements 4.2%
        
(Cost $18,023,000)
     18,023,000  
 
        
 
        
Total Investments 99.8%
        
(Cost $467,868,673)
     426,095,269  
 
        
Foreign Currency 0.0%
        
(Cost $72)
     73  

 

 

Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited) continued
         
Description   Value  
Other Assets in Excess of Liabilities 0.2%
   $ 764,269  
 
      
 
        
Net Assets 100.0%
   $ 426,859,611  
 
      
 
Percentages are calculated as a percentage of net assets.
 
(a)   144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
 
(b)   Security purchased on a when-issued or delayed delivery basis.
 
(c)   Payment-in-kind security.
 
(d)   Floating Rate Coupon
 
(e)   Non-income producing as security is in default.
 
(f)   Market value is determined in accordance with procedures established in good faith by the Board of Directors.
 
(g)   Security has been deemed illiquid.
Currency Abbreviations:
EUR — Euro
The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 157, Fair Value Measurements (FAS 157), effective September 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. FAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below.
Level 1 –   quoted prices in active markets for identical investments
 
Level 2 –   other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
Level 3 –   significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2009 in valuing the Fund’s investments carried at value:

 

 

Van Kampen High Yield Fund
Portfolio of Investment ■ May 31, 2009 (Unaudited) continued
         
    Assets  
    Investments in  
Valuation Inputs   Securities  
Level 1 – Quoted Prices
   $ 0  
Level 2 – Other Significant Observable Inputs
     426,095,269  
Level 3 – Significant Unobservable Inputs
     0  
 
      
Total
   $ 426,095,269  
 
      
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
         
    Investments in  
    Securities  
Balance as of 8/31/08
   $ 120,873  
Accrued Discounts/Premiums
     3,797,024  
Realized Gain/Loss
     (16,909,986 )
Change in Unrealized Appreciation/Depreciation
     13,106,491  
Net Purchases/Sales
     (114,402 )
Net Transfers in and/or out of Level 3
     -0-  
 
      
Balance as of 5/31/09
   $ -0-  
Net Change in Unrealized Appreciation/Depreciation from Investments still held as of 5/31/09
   $ -0-  
Fixed income investments and preferred stocks are stated at value using market quotations or indications of value obtained from an independent pricing service. Investments in securities listed on a securities exchange are valued at their last sale price or the latest bid price (in the case of a foreign securities exchange) as of the close of such securities exchange. Equity securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Unlisted securities and listed securities for which the last sales price is not available are valued at the mean of the last reported bid and asked prices. For those securities where quotations or prices are not readily available, valuations are determined in accordance with procedures established in good faith by the Board of Trustees. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. Forward foreign currency contracts are valued using quoted foreign exchange rates. Swaps are valued using market quotations obtained from brokers. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

 

 

Item 2. Controls and Procedures.
(a) The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.
(b) There were no changes in the Fund’s internal control over financial reporting that occurred during the registrant’s fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.
Item 3. Exhibits.
(a) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.cert.
(b) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.cert.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen High Yield Fund
         
By:
Name:
  /s/ Edward C. Wood III
 
Edward C. Wood III 		   
Title:
  Principal Executive Officer    
Date:
  July 21, 2009    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By:
Name:
  /s/ Edward C. Wood III
 
Edward C. Wood III 		   
Title:
  Principal Executive Officer    
Date:
  July 21, 2009    
 
        
By:
Name:
  /s/ Stuart N. Schuldt
 
Stuart N. Schuldt 		   
Title:
  Principal Financial Officer    
Date:
  July 21, 2009