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
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(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: 5/31/05
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 INVESTMENTS MAY 31, 2005 (Unaudited)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
CORPORATE BONDS 92.8%
AEROSPACE 0.8%
$ 6,625 K&F Acquisition, Inc., 144A - Private Placement (a) 7.750 % 11/15/14 $ 6,658,125
---------------
BROADCASTING 0.2%
1,185 Salem Communications Corp. 7.750 12/15/10 1,232,400
---------------
CABLE 5.8%
4,950 Cablecom Luxembourg SCA, 144A-Private Placement (Euro)
(Luxembourg) (a) 9.375 04/15/14 6,692,729
1,425 Cablevision Systems Corp., 144A - Private Placement
(Variable Rate Coupon) (a) 7.890 04/01/09 1,503,375
1,145 Charter Communications Holdings LLC 10.750 10/01/09 893,100
3,525 Charter Communications Holdings LLC 9.625 11/15/09 2,652,562
3,375 Charter Communications Holdings LLC 11.750 01/15/10 2,649,375
2,745 Echostar DBS Corp. 6.375 10/01/11 2,786,175
460 Intelsat Bermuda Ltd., 144A - Private Placement
(Bermuda) (a) 8.250 01/15/13 470,350
4,445 Intelsat Bermuda Ltd., 144A - Private Placement
(Bermuda) (a) 8.625 01/15/15 4,583,906
3,350 Intelsat Bermuda Ltd., 144A - Private Placement
(Variable Rate Coupon) (Bermuda) (a) 7.805 01/15/12 3,417,000
5,670 Kabel Deutschland GmbH, 144A - Private Placement
(Germany) (a) 10.625 07/01/14 6,081,075
923 PanAmSat Corp. 9.000 08/15/14 1,008,377
7,410 PanAmSat Holding Corp. (b) 0/10.375 11/01/14 5,112,900
2,360 Renaissance Media Group 10.000 04/15/08 2,374,750
4,178 Satelites Mexicanos SA, Ser B (Mexico) (c) 10.125 11/01/04 2,235,230
3,855 Telenet Group Holding NV, 144A - Private Placement
(Belgium) (a) (b) 0/11.500 06/15/14 2,891,250
---------------
45,352,154
---------------
CHEMICALS 7.6%
2,935 Cognis Deutschland GmbH & Co., 144A - Private Placement
(Euro) (Variable Rate Coupon) (Germany) (a) 6.895 11/15/13 3,683,896
5,090 Equistar Chemicals LP 10.125 09/01/08 5,548,100
620 Equistar Chemicals LP 10.625 05/01/11 686,650
2,230 Huntsman Advanced Materials LLC, 144A - Private Placement
(a) 11.000 07/15/10 2,553,350
952 Huntsman International, LLC 10.125 07/01/09 992,460
4,000 Huntsman International, LLC (Euro) 10.125 07/01/09 5,143,697
4,190 Innophos, Inc.,144A - Private Placement (a) 8.875 08/15/14 4,106,200
1,595 Innophos, Inc.,144A - Private Placement (Variable Rate
Coupon) (a) 11.268 02/15/15 1,435,064
1,280 ISP Chemco, Inc., Ser B 10.250 07/01/11 1,385,600
6,410 ISP Holdings, Inc., Ser B 10.625 12/15/09 6,874,725
1,530 Koppers, Inc. 9.875 10/15/13 1,637,100
2,700 Millennium America, Inc. 7.000 11/15/06 2,767,500
1,985 Millennium America, Inc. 9.250 06/15/08 2,148,762
1,690 Nalco Co. 7.750 11/15/11 1,774,500
5,995 Nalco Co. 8.875 11/15/13 6,294,750
1,925 Rhodia SA (Euro) (France) 8.000 06/01/10 2,309,588
4,945 Rhodia SA (France) 8.875 06/01/11 4,771,925
3,200 Rockwood Specialties Group, Inc. 10.625 05/15/11 3,440,000
1,390 Rockwood Specialties Group, Inc., 144A - Private
Placement (Euro) (a) 7.625 11/15/14 1,689,083
---------------
59,242,950
---------------
CONSUMER PRODUCTS 3.7%
2,810 Amscan Holdings, Inc. 8.750 05/01/14 2,627,350
1,865 Del Laboratories, Inc., 144A - Private Placement (a) 8.000 02/01/12 1,594,575
6,460 Levi Strauss & Co., 144A - Private Placement (Variable
Rate Coupon) (a) 7.730 04/01/12 6,023,950
2,360 Oxford Industrials, Inc. 8.875 06/01/11 2,454,400
5,585 Rayovac Corp. 8.500 10/01/13 5,850,287
1,385 Rayovac Corp., 144A - Private Placement (a) 7.375 02/01/15 1,357,300
4,380 Safilo Capital International SA, 144A - Private Placement
(Euro) (Luxembourg) (a) 9.625 05/15/13 5,713,196
5,800 Sleepmaster LLC, Ser B (c) (d) (e) 11.000 05/15/09 1,276,000
1,667 Tempur Pedic, Inc. 10.250 08/15/10 1,858,705
---------------
28,755,763
---------------
DIVERSIFIED MEDIA 6.3%
5,807 Advanstar Communications, Inc. (Variable Rate Coupon) 10.768 08/15/08 6,154,969
1,185 Advanstar Communications, Inc. 10.750 08/15/10 1,273,875
2,920 AMC Entertainment, Inc., 144A - Private Placement
(Variable Rate Coupon) (a) 7.518 08/15/10 3,066,000
6,367 Canwest Media, Inc., 144A - Private Placement (Canada)
(a) 8.000 09/15/12 6,653,356
2,347 Dex Media East/Finance Corp., LLC 12.125 11/15/12 2,822,267
3,692 Dex Media West/Finance Corp., LLC, Ser B 9.875 08/15/13 4,236,570
595 Houghton Mifflin Co. 8.250 02/01/11 621,775
5,235 Houghton Mifflin Co. 9.875 02/01/13 5,496,750
1,650 Houghton Mifflin Co. (b) 0/11.500 10/15/13 1,138,500
1,315 Interpublic Group of Cos., Inc. 5.400 11/15/09 1,262,349
2,530 Interpublic Group of Cos., Inc. 6.250 11/15/14 2,326,973
1,160 Muzak LLC 10.000 02/15/09 933,800
4,205 Nebraska Book Co., Inc. 8.625 03/15/12 3,847,575
6,420 Primedia, Inc. 8.875 05/15/11 6,773,100
3,070 Vertis, Inc., 144A - Private Placement (a) 13.500 12/07/09 2,348,550
---------------
48,956,409
---------------
ENERGY 8.5%
5,285 CHC Helicopter Corp. (Canada) 7.375 05/01/14 5,126,450
3,100 CHC Helicopter Corp., 144A - Private Placement (Canada)
(a) 7.375 05/01/14 3,007,000
4,165 Chesapeake Energy Corp. 7.500 09/15/13 4,519,025
1,255 Chesapeake Energy Corp., 144A - Private Placement (a) 6.625 01/15/16 1,303,631
3,855 CITGO Petroleum Corp. 6.000 10/15/11 3,797,175
1,695 Compagnie Generale de Geophysique SA, 144A - Private
Placement (France) (a) 7.500 05/15/15 1,703,475
7,650 El Paso Production Holding Co. 7.750 06/01/13 7,975,125
3,625 Hanover Compressor Co. 8.625 12/15/10 3,751,875
920 Hanover Compressor Co. 9.000 06/01/14 956,800
245 Hanover Equipment Trust, Ser A 8.500 09/01/08 254,800
3,042 Hanover Equipment Trust, Ser B 8.750 09/01/11 3,171,285
5,765 Hilcorp Energy/Finance Corp., 144A - Private Placement
(a) 10.500 09/01/10 6,370,325
3,570 Husky Oil Ltd. (Variable Rate Coupon) (Canada) 8.900 08/15/28 3,949,416
1,918 Magnum Hunter Resources, Inc. 9.600 03/15/12 2,119,390
3,550 Pacific Energy Partners 7.125 06/15/14 3,709,750
2,630 Plains E & P Co. 7.125 06/15/14 2,820,675
3,327 Port Arthur Finance Corp., Ser A 12.500 01/15/09 3,776,395
2,984 Tesoro Petroleum Corp. 9.625 04/01/12 3,282,400
4,547 Vintage Petroleum, Inc. 7.875 05/15/11 4,819,820
---------------
66,414,812
---------------
FINANCIAL 1.1%
1,350 General Motors Acceptance Corp. 6.875 08/28/12 1,164,375
6,765 Refco Finance Holdings LLC 9.000 08/01/12 7,103,250
---------------
8,267,625
---------------
FOOD & DRUG 2.4%
1,490 Jean Coutu Group (PJC), Inc. (Canada) 7.625 08/01/12 1,527,250
7,895 Jean Coutu Group (PJC), Inc. (Canada) 8.500 08/01/14 7,717,362
1,700 Jitney-Jungle Stores America, Inc. (c) (d) (e) 12.000 03/01/06 0
4,118 Kroger Co., 144A - Private Placement (a) 8.500 07/15/17 4,710,100
1,600 Rite Aid Corp. 7.125 01/15/07 1,600,000
3,220 Rite Aid Corp. 8.125 05/01/10 3,195,850
---------------
18,750,562
---------------
FOOD & TOBACCO 2.8%
3,215 Michael Foods, Inc. 8.000 11/15/13 3,303,412
7,450 Pilgrim's Pride Corp. 9.625 09/15/11 8,195,000
1,845 Pilgrim's Pride Corp. 9.250 11/15/13 2,052,562
1,115 Smithfield Foods, Inc. 8.000 10/15/09 1,209,775
6,285 Smithfield Foods, Inc. 7.000 08/01/11 6,614,962
450 Smithfield Foods, Inc., Ser B 7.750 05/15/13 492,750
---------------
21,868,461
---------------
FOREST PRODUCTS 5.9%
1,510 Abitibi-Consolidated, Inc. (Canada) 7.750 06/15/11 1,483,575
3,805 Abitibi-Consolidated, Inc. (Canada) 6.000 06/20/13 3,343,644
2,030 Crown European Holdings SA (Euro) (France) 6.250 09/01/11 2,579,201
6,925 Georgia-Pacific Corp. 8.875 02/01/10 7,894,500
2,175 Graham Packaging Co., Inc., 144A - Private
Placement (a) 8.500 10/15/12 2,196,750
4,075 Graham Packaging Co., Inc., 144A - Private
Placement (a) 9.875 10/15/14 4,064,812
4,750 Graphic Packaging International, Inc. 9.500 08/15/13 4,655,000
3,335 JSG Funding PLC (Euro) (Ireland) 10.125 10/01/12 4,226,999
130 Owens-Brockway Glass Containers, Inc. 8.875 02/15/09 138,775
2,160 Owens-Illinois, Inc. 7.350 05/15/08 2,268,000
5,700 Owens-Illinois, Inc. 7.500 05/15/10 6,042,000
2,475 Pliant Corp. 13.000 06/01/10 1,992,375
1,885 Pliant Corp. 13.000 06/01/10 1,517,425
400 Tembec Industries, Inc. (Canada) 8.500 02/01/11 308,000
5,070 Tembec Industries, Inc. (Canada) 7.750 03/15/12 3,789,825
---------------
46,500,881
---------------
GAMING & LEISURE 3.5%
993 Ceasars Entertainment 8.875 09/15/08 1,099,748
475 Ceasars Entertainment 7.000 04/15/13 521,313
434 HMH Properties, Inc., Ser B 7.875 08/01/08 443,765
5,520 Host Marriott LP, 144A - Private Placement (a) 6.375 03/15/15 5,423,400
6,145 Isle of Capri Casinos, Inc. 7.000 03/01/14 6,068,188
10,820 MGM Mirage, Inc. 6.000 10/01/09 10,860,575
1,840 Starwood Hotels & Resorts Worldwide, Inc. 7.875 05/01/12 2,067,700
1,000 Station Casinos, Inc. 6.500 02/01/14 1,017,500
---------------
27,502,189
---------------
HEALTHCARE 5.2%
5,600 AmerisourceBergen Corp. 7.250 11/15/12 6,146,000
3,305 Community Health Systems, Inc. 6.500 12/15/12 3,305,000
2,235 DaVita, Inc., 144A - Private Placement (a) 6.625 03/15/13 2,268,525
1,135 DaVita, Inc., 144A - Private Placement (a) 7.250 03/15/15 1,146,350
475 Fisher Scientific International, Inc. 8.000 09/01/13 517,750
2,830 Fisher Scientific International, Inc. 6.750 08/15/14 2,950,275
7,000 Fresenius Medical Care Capital Trust IV 7.875 06/15/11 7,560,000
4,095 Medcath Holdings Corp. 9.875 07/15/12 4,627,350
875 National Nephrology Associates, Inc., 144A -
Private Placement (a) 9.000 11/01/11 980,000
855 Tenet Healthcare Corp. 7.375 02/01/13 842,175
2,280 Tenet Healthcare Corp. 9.875 07/01/14 2,462,400
2,030 VWR International, Inc. 6.875 04/15/12 1,974,175
2,510 VWR International, Inc. 8.000 04/15/14 2,371,950
4,085 Warner Chilcott Corp., 144A - Private Placement (a) 8.750 02/01/15 3,962,450
---------------
41,114,400
---------------
HOUSING 5.8%
12,315 Associated Materials, Inc. (b) 0/11.250 03/01/14 7,327,425
6,000 Goodman Global Holdings, Inc., 144A -
Private Placement (a) 7.875 12/15/12 5,430,000
1,390 Goodman Global Holdings, Inc., 144A - Private
Placement (Variable Rate Coupon) (a) 5.530 06/15/12 1,334,400
1,180 Interface, Inc. 7.300 04/01/08 1,162,300
1,475 Interface, Inc. 10.375 02/01/10 1,585,625
4,590 Interface, Inc., Ser B 9.500 02/01/14 4,612,950
6,085 Nortek, Inc. 8.500 09/01/14 5,476,500
6,135 NTK Holdings, Inc., 144A - Private Placement (a) (b) 0/10.750 03/01/14 2,791,425
4,000 Ply Gem Industries, Inc. 9.000 02/15/12 3,180,000
4,470 RMCC Acquisition Co., 144A - Private Placement (a) 9.500 11/01/12 4,224,150
1,596 Technical Olympic USA, Inc. 9.000 07/01/10 1,651,860
2,735 Technical Olympic USA, Inc. 9.000 07/01/10 2,830,725
3,047 Technical Olympic USA, Inc. 10.375 07/01/12 3,245,055
860 Technical Olympic USA, Inc. 7.500 01/15/15 791,200
---------------
45,643,615
---------------
INFORMATION TECHNOLOGY 2.4%
4,300 Iron Mountain, Inc. 8.625 04/01/13 4,407,500
2,365 Iron Mountain, Inc. 7.750 01/15/15 2,341,350
525 Iron Mountain, Inc. 6.625 01/01/16 477,750
3,025 Nortel Networks Ltd. (Canada) 6.125 02/15/06 3,055,250
2,670 Sanmina-SCI Corp., 144A - Private Placement (a) 6.750 03/01/13 2,536,500
5,765 Xerox Corp. 7.125 06/15/10 6,168,550
---------------
18,986,900
---------------
MANUFACTURING 3.8%
1,470 Flowserve Corp. 12.250 08/15/10 1,583,925
3,855 Hexcel Corp., 144A - Private Placement (a) 6.750 02/01/15 3,826,088
2,014 JohnsonDiversey, Inc. (Euro) 9.625 05/15/12 2,391,586
4,588 JohnsonDiversey, Inc., Ser B 9.625 05/15/12 4,633,880
55 Manitowoc Co., Inc. (Euro) 10.375 05/15/11 74,956
2,574 Manitowoc Co., Inc. 10.500 08/01/12 2,895,750
5,000 NMHG Holdings Co. 10.000 05/15/09 5,325,000
3,360 Propex Fabrics, Inc. 10.000 12/01/12 3,175,200
7,582 Trimas Corp. 9.875 06/15/12 6,179,330
---------------
30,085,715
---------------
METALS 3.7%
6,679 Doe Run Resources Corp. (Acquired 9/15/00 to
10/15/04, Cost $6,280,647) (f) (g) 8.500 11/01/08 5,843,799
1,380 Foundation PA Coal Co. 7.250 08/01/14 1,428,300
2,250 General Cable Corp. 9.500 11/15/10 2,407,500
6,800 Novelis, Inc. - 144A - Private Placement (Canada)
(a) 7.250 02/15/15 6,698,000
2,515 Sgl Carbon Luxembourg SA, 144A - Private Placement
(Euro) (Luxembourg) (a) 8.500 02/01/12 3,303,733
4,238 UCAR Finance, Inc. 10.250 02/15/12 4,407,520
4,277 United States Steel Corp. 9.750 05/15/10 4,694,008
---------------
28,782,860
---------------
RETAIL 1.7%
3,200 Brown Shoe Co., Inc., 144A - Private Placement (a) 8.750 05/01/12 3,280,000
4,870 General Nutrition Center, Inc. 8.500 12/01/10 3,737,725
5,885 Petro Stopping Center/Financial 9.000 02/15/12 5,943,850
---------------
12,961,575
---------------
SERVICES 3.2%
6,120 Allied Waste North America, Inc. 6.375 04/15/11 5,875,200
1,850 Allied Waste North America, Inc. 7.875 04/15/13 1,887,000
3,775 Allied Waste North America, Inc., 144A -
Private Placement (a) 7.250 03/15/15 3,661,750
1,437 Allied Waste North America, Inc., Ser B 9.250 09/01/12 1,551,960
4,950 Buhrmann US, Inc. 8.250 07/01/14 4,851,000
1,635 Buhrmann US, Inc., 144A - Private Placement (a) 7.875 03/01/15 1,561,425
4,245 MSW Energy Holdings LLC, Ser B 7.375 09/01/10 4,287,450
985 MSW Energy Holdings/Finance 8.500 09/01/10 1,024,400
---------------
24,700,185
---------------
TELECOMMUNICATIONS 2.4%
6,625 Axtel SA (Mexico) 11.000 12/15/13 7,121,875
6,030 Exodus Communications, Inc. (c) (d) (e) 11.250 07/01/08 0
770 Exodus Communications, Inc. (c) (d) (e) 11.625 07/15/10 0
4,000 Exodus Communications, Inc. (Euro) (c) (d) (e) 11.375 07/15/08 0
8,250 GST Network Funding, Inc. (c) (d) (e) 10.500 05/01/08 825
4,000 Park N View, Inc., Ser B (c) (d) (e) 13.000 05/15/08 0
5,520 Primus Telecommunications Holdings 8.000 01/15/14 2,925,600
4,530 Qwest Communications International, Inc., 144A -
Private Placement (Variable Rate Coupon) (a) 7.268 02/15/09 4,496,025
1,020 Qwest Corp. 5.625 11/15/08 999,600
3,095 Qwest Services Corp., 144A - Private Placement (a) 13.500 12/15/07 3,408,369
---------------
18,952,294
---------------
TRANSPORTATION 3.4%
5,990 Amsted Industries, Inc., 144A - Private
Placement (a) 10.250 10/15/11 6,439,250
1,340 Autonation, Inc. 9.000 08/01/08 1,463,950
6,225 Laidlaw International, Inc. 10.750 06/15/11 7,073,156
5,950 Sonic Automotive, Inc., Ser B 8.625 08/15/13 5,868,188
5,626 TRW Automotive, Inc. 9.375 02/15/13 6,104,210
---------------
26,948,754
---------------
UTILITY 8.2%
760 AES Corp. 9.375 09/15/10 858,800
543 AES Corp. 8.875 02/15/11 602,730
950 AES Corp. 7.750 03/01/14 1,011,750
3,130 AES Corp., 144A - Private Placement (a) 9.000 05/15/15 3,521,250
2,660 Allegheny Energy, Inc. 7.750 08/01/05 2,675,960
1,200 CMS Energy Corp. 7.500 01/15/09 1,251,000
4,130 CMS Energy Corp. 8.500 04/15/11 4,512,025
1,795 Dynegy Holdings, Inc. 6.875 04/01/11 1,714,225
3,940 Dynegy Holdings, Inc., 144A - Private Placement (a) 9.875 07/15/10 4,304,450
1,395 IPALCO Enterprises, Inc. 8.625 11/14/11 1,569,375
4,775 Monongahela Power Co. 5.000 10/01/06 4,834,162
3,985 Nevada Power Co. 9.000 08/15/13 4,493,088
2,945 Nevada Power Co., Ser A 8.250 06/01/11 3,305,763
1,025 Northwest Pipeline Corp. 8.125 03/01/10 1,119,813
5,884 Ormat Funding Corp. 8.250 12/30/20 5,942,961
625 PSEG Energy Holdings 7.750 04/16/07 646,875
2,965 PSEG Energy Holdings 8.625 02/15/08 3,142,900
7,525 Reliant Energy, Inc. 6.750 12/15/14 7,205,188
2,010 Southern Natural Gas Co. 8.875 03/15/10 2,199,364
875 TNP Enterprises, Inc., Ser B 10.250 04/01/10 923,125
7,280 Williams Cos., Inc. 7.875 09/01/21 8,117,200
---------------
63,952,004
---------------
WIRELESS COMMUNICATIONS 4.4%
3,175 American Tower Corp. 7.500 05/01/12 3,333,750
3,180 American Tower Corp. 7.125 10/15/12 3,311,175
5,190 Metropcs, Inc. 10.750 10/01/11 6,216,167
2,045 Rogers Wireless, Inc. (Canada) 8.000 12/15/12 2,185,594
2,945 Rogers Wireless, Inc. (Canada) 7.500 03/15/15 3,158,513
3,975 Rural Cellular Corp. (Variable Rate Coupon) 7.510 03/15/10 4,044,563
6,700 SBA Communications Corp. (b) 0/9.750 12/15/11 5,896,000
1,820 SBA Communications Corp., 144A - Private Placement (a) 8.500 12/01/12 1,938,300
4,155 UbiquiTel Operating Co. 9.875 03/01/11 4,508,175
---------------
34,592,237
-------------------
TOTAL CORPORATE BONDS 92.8% 726,222,870
-------------------
FOREIGN CONVERTIBLE CORPORATE OBLIGATION 0.5%
3,980 Nortel Networks Corp. (Canada) 4.250 09/01/08 3,656,625
-------------------
DESCRIPTION VALUE
EQUITIES 1.2%
DecisionOne Corp. (10,890 Common Stock Warrants
Class A) (e) (h) $ 0
DecisionOne Corp. (18,765 Common Stock Warrants
Class B) (e) (h)
DecisionOne Corp. (11,130 Common Stock Warrants
Class C) (e) (h) 0
DecisionOne Corp. (19,895 Common Shares) (e) (h) 0
Doe Run Resources Corp. (29 Common Stock
Warrants) (e) (h) 0
HCI Direct, Inc. (106,250 Common Shares Class 1) (e) 1,593,750
HF Holdings, Inc. (36,820 Common Stock Warrants)
(e) (h) 0
Hosiery Corp. of America, Inc., 144A - Private
Placement (1,000 Common Shares Class A) (a) (e) 0
Jazztel, PLC, 144A - Private Placement (5,000
Common Stock Warrants) (Euro) (United Kingdom) (a)
(e) (h) 0
OpTel, Inc., 144A- Private Placement (3,275 Common
Shares) (a) (e) (h) 0
Park N View, Inc., 144A - Private Placement (4,000
Common Stock Warrants) (a) (d) (e) (h) 0
Paxon Communications Corp. (148 Preferred Shares)
(f) (h) 968,676
Reunion Industries, Inc. (107,947 Common Stock
Warrants) (e) (h) 0
TNP Enterprises, Inc. (6,114 Preferred Shares, Ser D)
(f) (h) 7,107,525
Ventelo, Inc., 144A - Private Placement (73,021
Common Shares) (Euro) (United Kingdom) (a) (e) (h) 0
Viatel Holding Bermuda Ltd. (7,852 Common Shares)
(United Kingdom) (h) 2,238
VS Holdings, Inc. (946,962 Common Shares) (e) (h) 0
-------------------
TOTAL EQUITIES 9,672,189
-------------------
TOTAL LONG-TERM INVESTMENTS 94.5%
(Cost $775,693,878) 739,551,684
REPURCHASE AGREEMENT 4.0%
State Street Bank & Trust Co. ($31,163,000 par
collateralized by U.S. Government obligations in a
pooled cash account, interest rate of 2.96%, dated
05/31/05, to be sold on 06/01/05 at $31,165,562)
(Cost $31,163,000) 31,163,000
-------------------
TOTAL INVESTMENTS 98.5%
(Cost $806,856,878) 770,714,684
OTHER ASSETS IN EXCESS OF LIABILITIES 1.5% 11,988,299
-------------------
NET ASSETS 100.0% $782,702,983
===================
Percentages are calculated as a percentage of net assets.
(a)
144A securities are those which are exempt from
registration under Rule 144A of the Securities Act of
1933, as amended. These securities may only be
resold in transactions exempt from registration which
are normally those transactions with qualified
institutional buyers.
(b) Security is a "step-up" bond where the coupon
increases or steps up at a predetermined date.
(c) Non-income producing as security is in default.
(d) This borrower has filed for protection in federal
bankruptcy court.
(e) Market value is determined in accordance with
procedures established in good faith by the Board of
Trustees.
(f) Payment-in-kind security.
(g) These securities are restricted and may be resold only
in transactions exempt from registration which are
normally those transactions with qualified institutional
buyers. Restricted securities comprise 0.7% of net assets.
(h) Non-income producing security as this stock currently
does not declare dividends.
(Euro) - Eurodollar
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: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: July 20, 2005
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: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: July 20, 2005
By: /s/ James W. Garrett
----------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: July 20, 2005