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)
Ronald Robison
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: 11/30/07
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 - NOVEMBER 30, 2007 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
-------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS 93.1%
AEROSPACE 0.9%
$ 4,645 Hexcel Corp. ......................................... 6.750% 02/01/15 $ 4,575,325
----------------
BROADCASTING 0.9%
2,880 Lin Television Corp. ................................. 6.500 05/15/13 2,736,000
2,065 Univision Communications,
Inc. (a)(b) ....................................... 9.750 03/15/15 1,930,775
----------------
4,666,775
----------------
CABLE 4.4%
6,005 Cablevision Systems Corp.
Ser B (c) ......................................... 9.644 04/01/09 6,125,100
1,839 CCH I, LLC ........................................... 11.000 10/01/15 1,609,125
1,355 CCH II, LLC/CCH Capital Co. .......................... 10.250 09/15/10 1,344,838
5,320 Echostar DBS Corp. ................................... 6.375 10/01/11 5,413,100
550 Echostar DBS Corp. ................................... 6.625 10/01/14 558,250
1,505 Intelsat Bermuda, Ltd.
(Bermuda) (c) ..................................... 8.886 01/15/15 1,514,406
460 Intelsat Subsidiary Holding Co.,
Ltd. (Bermuda) .................................... 8.250 01/15/13 466,900
4,315 Intelsat Subsidiary Holding Co.,
Ltd. (Bermuda) .................................... 8.625 01/15/15 4,368,937
655 NTL Cable, PLC (United
Kingdom) .......................................... 8.750 04/15/14 655,000
360 NTL Cable, PLC (United
Kingdom) .......................................... 9.125 08/15/16 360,000
898 PanAmSat Corp. ....................................... 9.000 08/15/14 915,960
----------------
23,331,616
----------------
CHEMICALS 6.3%
4,915 Berry Plastics Holding Corp. ......................... 8.875 09/15/14 4,767,550
2,235 Berry Plastics Holding Corp. ......................... 10.250 03/01/16 1,989,150
2,828 Equistar Chemicals, LP ............................... 10.125 09/01/08 2,941,120
354 Equistar Chemicals, LP ............................... 10.625 05/01/11 371,700
1,715 Innophos Holdings, Inc. (b) .......................... 9.500 04/15/12 1,697,850
2,700 Innophos, Inc. ....................................... 8.875 08/15/14 2,700,000
2,585 Koppers Holdings, Inc. (d) ........................... 0/9.875 11/15/14 2,210,175
1,730 Koppers, Inc. ........................................ 9.875 10/15/13 1,825,150
2,775 Nalco Co. ............................................ 7.750 11/15/11 2,816,625
3,765 Nalco Co. ............................................ 8.875 11/15/13 3,934,425
EUR 1,390 Rockwood Specialties Group, Inc. ..................... 7.625 11/15/14 2,013,167
3,185 Terra Capital, Inc. .................................. 7.000 02/01/17 3,161,112
2,940 Westlake Chemical Corp. .............................. 6.625 01/15/16 2,815,050
----------------
33,243,074
----------------
CONSUMER PRODUCTS 1.1%
3,740 Jarden Corp. ......................................... 7.500 05/01/17 3,384,700
2,460 Oxford Industrials, Inc. ............................. 8.875 06/01/11 2,453,850
----------------
5,838,550
----------------
DIVERSIFIED MEDIA 3.7%
6,187 CanWest Media, Inc. (Canada) ......................... 8.000 09/15/12 5,769,236
3,587 Dex Media West/Finance Corp.,
LLC Ser B ......................................... 9.875 08/15/13 3,734,964
4,700 Idearc, Inc. ......................................... 8.000 11/15/16 4,418,000
2,250 Interpublic Group of Cos., Inc. ...................... 6.250 11/15/14 1,991,250
4,020 Valassis Communications, Inc. ........................ 8.250 03/01/15 3,437,100
----------------
19,350,550
----------------
ENERGY 7.9%
4,700 Chaparral Energy, Inc. ............................... 8.500 12/01/15 4,183,000
705 Chaparral Energy, Inc. (b) ........................... 8.875 02/01/17 630,975
2,325 Chesapeake Energy Corp. .............................. 6.375 06/15/15 2,243,625
3,400 Chesapeake Energy Corp. .............................. 7.500 09/15/13 3,493,500
960 Cimarex Energy Co. ................................... 7.125 05/01/17 945,600
2,220 Compagnie Generale de
Geophysique SA (France) ........................... 7.500 05/15/15 2,247,750
6,270 Hilcorp Energy/Finance Corp. (b) ..................... 7.750 11/01/15 6,097,575
3,460 Husky Oil, Ltd. (Canada) ............................. 8.900 08/15/28 3,511,706
4,785 Kinder Morgan Finance Co.
(Canada) .......................................... 5.700 01/05/16 4,302,041
5,555 Massey Energy Co. .................................... 6.875 12/15/13 5,277,250
2,635 OPTI Canada, Inc. (Canada) (b) ...................... 8.250 12/15/14 2,608,650
3,450 Pacific Energy Partners .............................. 7.125 06/15/14 3,600,934
2,820 SandRidge Energy, Inc. (Senior
Unsecured Term Loan) (b) .......................... 8.625 04/01/15 2,827,050
----------------
41,969,656
----------------
FINANCIAL 1.1%
840 Capmark Financial Group, Inc. (b) .................... 5.875 05/10/12 651,732
350 Capmark Financial Group, Inc. (b) .................... 6.300 05/10/17 241,606
2,752 UCAR Finance, Inc. ................................... 10.250 02/15/12 2,848,320
2,200 Washington Mutual Preferred
Funding (b)(e) .................................... 9.750 10/29/49 1,762,581
----------------
5,504,239
----------------
FOOD & DRUG 2.0%
2,392 Delhaize America, Inc. ............................... 9.000 04/15/31 2,853,838
3,176 Kroger Co. (b) ....................................... 8.500 07/15/17 3,531,842
4,280 Rite Aid Corp. ....................................... 8.125 05/01/10 4,301,400
----------------
10,687,080
----------------
FOOD & TOBACCO 3.8%
2,320 Constellation Brands, Inc. (b) ...................... 7.250 05/15/17 2,169,200
3,000 Michael Foods, Inc. .................................. 8.000 11/15/13 2,985,000
5,520 Pilgrim's Pride Corp. ................................ 7.625 05/01/15 5,437,200
3,055 Reynolds American, Inc. .............................. 6.500 07/15/10 3,187,456
4,565 Smithfield Foods, Inc. ............................... 7.000 08/01/11 4,542,175
450 Smithfield Foods, Inc. Ser B ......................... 7.750 05/15/13 447,750
1,080 Smithfield Foods, Inc. Ser B ......................... 8.000 10/15/09 1,101,600
----------------
19,870,381
----------------
FOREST PRODUCTS 5.0%
1,490 Crown Americas ....................................... 7.625 11/15/13 1,527,250
EUR 1,975 Crown European Holdings SA
(France) .......................................... 6.250 09/01/11 2,831,541
3,610 Georgia-Pacific Corp. (b) ............................ 7.125 01/15/17 3,474,625
1,345 Graham Packaging Co., Inc. ........................... 8.500 10/15/12 1,260,937
3,965 Graham Packaging Co., Inc. ........................... 9.875 10/15/14 3,657,713
4,870 Graphic Packaging International, Inc. ................ 9.500 08/15/13 4,845,650
114 Owens-Brockway Glass
Containers, Inc. .................................. 8.875 02/15/09 114,570
2,100 Owens-Illinois, Inc. ................................. 7.350 05/15/08 2,121,000
5,540 Owens-Illinois, Inc. ................................. 7.500 05/15/10 5,595,400
1,085 P.H. Glatfelter ...................................... 7.125 05/01/16 1,068,725
----------------
26,497,411
----------------
GAMING & LEISURE 7.1%
993 Caesars Entertainment ................................ 8.875 09/15/08 1,015,342
5,000 Host Marriott, LP .................................... 6.375 03/15/15 4,912,500
4,000 Host Marriott, LP Ser J .............................. 7.125 11/01/13 4,030,000
6,935 Isle of Capri Casinos, Inc. .......................... 7.000 03/01/14 5,964,100
5,440 Las Vegas Sands Corp. ................................ 6.375 02/15/15 5,168,000
9,470 MGM Mirage, Inc. ..................................... 6.000 10/01/09 9,422,650
3,005 Station Casinos, Inc. ................................ 6.000 04/01/12 2,742,063
3,795 Station Casinos, Inc. ................................ 6.875 03/01/16 3,040,744
1,085 Station Casinos, Inc. ................................ 7.750 08/15/16 1,025,325
----------------
37,320,724
----------------
HEALTH CARE 10.0%
2,885 Community Health Systems, Inc. ....................... 8.875 07/15/15 2,928,275
3,745 DaVita, Inc. ......................................... 6.625 03/15/13 3,651,375
4,345 Fisher Scientific International, Inc. ................ 6.125 07/01/15 4,342,484
4,050 FMC Finance III SA
(Luxembourg) (b) .................................. 6.875 07/15/17 3,989,250
9,830 Fresenius Medical Care Capital
Trust IV .......................................... 7.875 06/15/11 10,198,625
2,545 HCA, Inc. ............................................ 5.750 03/15/14 2,093,262
3,810 HCA, Inc. ............................................ 6.250 02/15/13 3,333,750
4,795 HCA, Inc. ............................................ 6.500 02/15/16 4,015,812
940 HCA, Inc. ............................................ 8.750 09/01/10 945,875
545 HCA, Inc. ............................................ 9.125 11/15/14 558,625
680 Invacare Corp. ....................................... 9.750 02/15/15 680,000
2,655 National Mentor Holdings, Inc. ....................... 11.250 07/01/14 2,807,663
3,885 Omnicare, Inc. ....................................... 6.750 12/15/13 3,593,625
750 Omnicare, Inc. ....................................... 6.875 12/15/15 693,750
2,215 Sun Healthcare Group, Inc. ........................... 9.125 04/15/15 2,231,613
2,720 Tenet Healthcare Corp. ............................... 7.375 02/01/13 2,407,200
1,710 Tenet Healthcare Corp. ............................... 9.875 07/01/14 1,620,225
2,699 Warner Chilcott Corp. ................................ 8.750 02/01/15 2,793,465
----------------
52,884,874
----------------
HOUSING 2.2%
968 Goodman Global Holdings, Inc.
Ser B (c) ......................................... 8.360 06/15/12 969,210
3,365 Interface, Inc. Ser B ................................ 9.500 02/01/14 3,516,425
1,435 Interface, Inc. ...................................... 10.375 02/01/10 1,510,337
5,130 Nortek, Inc. ......................................... 8.500 09/01/14 4,180,950
445 Pulte Homes, Inc. .................................... 6.375 05/15/33 343,433
1,550 Realogy Corp. (b) .................................... 10.500 04/15/14 1,170,250
----------------
11,690,605
----------------
INFORMATION TECHNOLOGY 3.2%
1,505 First Data Corp. (b) ................................. 9.875 09/24/15 1,401,531
4,700 Freescale Semiconductor, Inc. ........................ 8.875 12/15/14 4,318,125
525 Iron Mountain, Inc. .................................. 6.625 01/01/16 498,094
2,050 Iron Mountain, Inc. .................................. 7.750 01/15/15 2,070,500
3,070 Iron Mountain, Inc. .................................. 8.625 04/01/13 3,112,213
3,540 Sungard Data Systems, Inc. ........................... 9.125 08/15/13 3,619,650
2,275 Vangent, Inc. ........................................ 9.625 02/15/15 1,979,250
----------------
16,999,363
----------------
MANUFACTURING 2.7%
1,295 Baldor Electric Co. .................................. 8.625 02/15/17 1,333,850
EUR 1,959 JohnsonDiversey, Inc. ................................ 9.625 05/15/12 2,894,580
3,463 JohnsonDiversey, Inc. Ser B .......................... 9.625 05/15/12 3,549,575
3,235 Propex Fabrics, Inc. ................................. 10.000 12/01/12 1,536,625
4,660 RBS Global & Rexnord Corp. ........................... 9.500 08/01/14 4,636,700
----------------
13,951,330
----------------
METALS 2.5%
1,340 Foundation PA Coal Co. ............................... 7.250 08/01/14 1,296,450
2,640 Freeport McMoRan Cooper &
Gold, Inc. ........................................ 8.375 04/01/17 2,857,800
5,690 Novelis, Inc. (Canada) ............................... 7.250 02/15/15 5,334,375
EUR 2,445 SGL Carbon Luxembourg SA
(Luxembourg) (b) .................................. 8.500 02/01/12 3,764,703
----------------
13,253,328
----------------
RETAIL 2.2%
3,350 Brown Shoe Co., Inc. ................................. 8.750 05/01/12 3,433,750
4,305 Phillips-Van Heusen Corp. ............................ 7.250 02/15/11 4,326,525
2,345 SUPERVALU, Inc. ...................................... 7.500 05/15/12 2,472,064
1,305 SUPERVALU, Inc. ...................................... 7.500 11/15/14 1,353,937
----------------
11,586,276
----------------
SERVICES 1.8%
4,795 Allied Waste North America, Inc. ..................... 6.375 04/15/11 4,759,037
1,850 Allied Waste North America, Inc. ..................... 7.875 04/15/13 1,910,125
1,750 Aramark Services Inc. ................................ 5.000 06/01/12 1,522,500
250 Aramark Services, Inc. (c) ........................... 8.411 02/01/15 243,750
790 Aramark Services, Inc. ............................... 8.500 02/01/15 796,913
----------------
9,232,325
----------------
TELECOMMUNICATIONS 3.2%
3,986 Axtel SA (Mexico) .................................... 11.000 12/15/13 4,354,705
1,535 Citizens Communications Co. .......................... 6.250 01/15/13 1,490,869
6,030 Exodus Communications,
Inc. (f)(g)(h) .................................... 11.250 07/01/08 0
EUR 4,000 Exodus Communications, Inc.
(f)(g)(h) ......................................... 11.375 07/15/08 0
770 Exodus Communications,
Inc. (f)(g)(h) .................................... 11.625 07/15/10 0
8,250 GST Network Funding,
Inc. (f)(g)(h) .................................... 10.500 05/01/08 825
1,320 Nordic Telephone Co. Holdings
(Denmark) (b) ..................................... 8.875 05/01/16 1,346,400
4,000 Park N View, Inc. Ser B (f)(g)(h) .................... 13.000 05/15/08 0
2,179 Qwest Communications
International, Inc. (c) ........................... 8.369 02/15/09 2,189,895
990 Qwest Corp. .......................................... 5.625 11/15/08 990,000
EUR 1,100 TDC A S (Denmark) .................................... 6.500 04/19/12 1,622,120
3,340 Wind Acquisition Finance SA
(Luxembourg) (b) .................................. 10.750 12/01/15 3,623,900
1,410 Windstream Corp. ..................................... 8.125 08/01/13 1,457,587
----------------
17,076,301
----------------
TRANSPORTATION 10.6%
4,345 ArvinMeritor, Inc. ................................... 8.750 03/01/12 4,127,750
1,610 Asbury Automotive Group, Inc. ........................ 7.625 03/15/17 1,465,100
6,870 CHC Helicopter Corp. (Canada) ........................ 7.375 05/01/14 6,560,850
3,675 Ford Motor Credit Co. ................................ 5.800 01/12/09 3,497,766
6,080 Ford Motor Credit Co. ................................ 7.000 10/01/13 5,316,273
4,195 Ford Motor Credit Co. ................................ 7.250 10/25/11 3,790,132
4,450 General Motors Acceptance Corp. ...................... 4.375 12/10/07 4,446,186
7,420 General Motors Acceptance Corp. ...................... 6.875 09/15/11 6,488,033
2,425 General Motors Corp. ................................. 7.125 07/15/13 2,115,812
2,195 General Motors Corp. ................................. 8.375 07/15/33 1,832,825
2,955 Penske Automotive Group, Inc. ........................ 7.750 12/15/16 2,822,025
5,720 Petro Stopping Center, LP ............................ 9.000 02/15/12 5,963,100
7,270 Sonic Automotive, Inc. Ser B ......................... 8.625 08/15/13 7,224,563
----------------
55,650,415
----------------
UTILITY 9.3%
925 AES Corp. ............................................ 7.750 03/01/14 913,438
528 AES Corp. ............................................ 8.875 02/15/11 550,440
740 AES Corp. ............................................ 9.375 09/15/10 774,225
7,500 Colorado Interstate Gas Co. .......................... 6.800 11/15/15 7,975,958
3,150 Dynegy Holdings, Inc. ................................ 7.750 06/01/19 2,850,750
3,380 InterGen NV (Netherlands) (b) ........................ 9.000 06/30/17 3,565,900
2,585 IPALCO Enterprises, Inc. ............................. 8.375 11/14/08 2,636,700
1,355 IPALCO Enterprises, Inc. ............................. 8.625 11/14/11 1,429,525
2,945 Nevada Power Co. Ser A ............................... 8.250 06/01/11 3,266,629
3,000 NRG Energy, Inc. ..................................... 7.375 01/15/17 2,940,000
5,261 Ormat Funding Corp. .................................. 8.250 12/30/20 5,300,187
1,646 PSEG Energy Holdings ................................. 8.625 02/15/08 1,660,845
2,945 Reliant Energy, Inc. ................................. 7.875 06/15/17 2,867,694
190 Sierra Pacific Power Co. Ser H ....................... 6.250 04/15/12 198,893
2,165 Texas Competitive Electric
Holdings Co. LLC (b)(i) ........................... 10.250 11/01/15 2,157,747
2,660 Texas Competitive Electric
Holdings Co. LLC (b) .............................. 10.250 11/01/15 2,573,550
6,210 Williams Cos., Inc. .................................. 7.875 09/01/21 7,048,350
----------------
48,710,831
----------------
WIRELESS COMMUNICATIONS 1.2%
3,090 American Tower Corp. ................................. 7.125 10/15/12 3,151,800
3,085 American Tower Corp. ................................. 7.500 05/01/12 3,169,838
----------------
6,321,638
----------------
TOTAL CORPORATE BONDS ............................................................. 490,212,667
----------------
COLLATERALIZED MORTGAGE OBLIGATIONS 2.6%
1,639 American Home Mortgage
Assets (c) ........................................ 5.089 06/25/47 1,454,123
1,569 American Home Mortgage
Assets (c) ........................................ 5.093 10/25/46 1,405,792
1,784 Countrywide Alternative Loan
Trust (c) ......................................... 5.020 03/20/47 1,603,467
1,668 Countrywide Alternative Loan
Trust (c) ......................................... 5.309 10/25/46 834,000
1,119 Countrywide Alternative Loan
Trust (c) ......................................... 5.597 11/20/35 991,406
1,300 Countrywide Alternative Loan
Trust (c) ......................................... 5.609 01/25/36 845,000
1,000 Greenpoint Mortgage Funding
Trust (c) ......................................... 5.199 09/25/46 858,636
1,375 Harborview Mortgage Loan
Trust (c) ......................................... 5.318 08/21/36 728,750
1,772 Harborview Mortgage Loan
Trust (c) ......................................... 5.386 01/19/36 1,560,171
2,061 Luminent Mortgage Trust (c) .......................... 5.149 07/25/36 1,674,241
920 Residential Accredit Loans, Inc. (c) ................. 5.539 01/25/46 804,054
1,075 Structured Asset Mortgage
Investments, Inc. (c) ............................. 5.159 08/25/36 935,507
----------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS ......................................... 13,695,147
----------------
FOREIGN GOVERNMENT OBLIGATIONS 0.4%
MXN 24,425 Mexican Fixed Rate Bond
(Mexico) .......................................... 9.500 12/18/14 2,431,863
----------------
FOREIGN CONVERTIBLE CORPORATE OBLIGATIONS 0.3%
1,493 Nortel Networks Corp. (Canada) ....................... 4.250 09/01/08 1,476,204
----------------
DESCRIPTION VALUE
-------------------------------------------------------------------------------------------------------------------
EQUITIES 0.1%
DecisionOne Corp. (19,895 Common Shares) (h)(j) .............................................. 0
Federal Home Loan Mortgage Corp. (22,825 Preferred Shares) (j) ............................... 582,037
HF Holdings, Inc. (36,820 Common Stock Warrants, expiring
09/27/09) (h)(j) .......................................................................... 0
Hosiery Corp. of America, Inc., Class A (1,000 Common Shares) (b)(h)(j) ...................... 0
Jazztel, PLC (5,000 Common Stock Warrants, expiring 07/15/10) (EUR)
(United Kingdom) (b)(j) ................................................................... 0
OpTel, Inc. (3,275 Common Shares) (b)(h)(j) .................................................. 0
Park N View, Inc. (4,000 Common Stock Warrants, expiring
05/15/18) (b)(h)(j) ....................................................................... 0
Reunion Industries, Inc. (107,947 Common Stock Warrants, expiring
12/02/08) (h)(j) .......................................................................... 0
Ventelo, Inc. (73,021 Common Shares) (EUR) (United Kingdom) (b)(h)(j) ........................ 0
Viatel Holding Bermuda, Ltd. (7,852 Common Shares) (Bermuda) (j) ............................. 236
VS Holdings, Inc. (946,962 Common Shares) (h)(j) ............................................. 0
XO Holdings, Inc. (3,469 Common Shares) (j) .................................................. 6,869
XO Holdings, Inc. Ser A (6,941 Common Stock Warrants, expiring
01/16/10) (j) ............................................................................. 1,527
XO Holdings, Inc. Ser B (5,205 Common Stock Warrants, expiring
01/16/10) (j) ............................................................................. 677
XO Holdings, Inc. Ser C (5,205 Common Stock Warrants, expiring
01/16/10) (j) ............................................................................. 416
----------------
TOTAL EQUITIES ............................................................................... 591,762
----------------
TOTAL LONG-TERM INVESTMENTS 96.5%
(Cost $561,436,992) ........................................................................ 508,407,643
----------------
SHORT-TERM INVESTMENTS 2.3%
REPURCHASE AGREEMENTS 1.8%
Banc of America Securities ($2,792,620 par collateralized by U.S. Government
obligations in a pooled cash account, interest rate of 4.62%, dated 11/30/07,
to be sold on 12/03/07 at $2,793,695) ..................................................... 2,792,620
Citigroup Global Markets, Inc. ($2,482,328 par collateralized by U.S. Government
obligations in a pooled cash account, interest rate of 4.54%, dated 11/30/07,
to be sold on 12/03/07 at $2,483,268) ..................................................... 2,482,328
State Street Bank & Trust Co. ($4,231,052 par collateralized by U.S. Government
obligations in a pooled cash account, interest rate of 4.23%, dated 11/30/07,
to be sold on 12/03/07 at $4,232,543) ..................................................... 4,231,052
----------------
TOTAL REPURCHASE AGREEMENTS .................................................................. 9,506,000
----------------
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS 0.5%
United States Treasury Bill ($2,350,000 par, yielding 4.793%, 01/10/08
maturity) (k) ............................................................................. 2,337,935
----------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,843,935) ......................................................................... 11,843,935
----------------
TOTAL INVESTMENTS 98.8%
(Cost $573,280,927) ........................................................................ 520,251,578
OTHER ASSETS IN EXCESS OF LIABILITIES 1.2% ................................................. 6,382,536
----------------
NET ASSETS 100.0% .......................................................................... $ 526,634,114
================
Percentages are calculated as a percentage of net assets.
(a) Payment-in-kind security.
(b) 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.
(c) Floating Rate Coupon
(d) Security is a "step-up" bond where the coupon increases or steps up at a predetermined date.
(e) Variable Rate Coupon
(f) Non-income producing as security is in default.
(g) This borrower has filed for protection in federal bankruptcy court.
(h) Market value is determined in accordance with procedures established in good faith by the Board of Directors.
(i) Security purchased on a when-issued or delayed delivery basis.
(j) Non-income producing security as this stock currently does not declare income dividends.
(k) All or a portion of this security has been physically segregated in connection with open futures or swap
contracts.
Currency Abbreviations:
EUR - Euro
MXN - Mexican peso
SWAP AGREEMENTS OUTSTANDING AS OF NOVEMBER 30, 2007:
CREDIT DEFAULT SWAPS
PAY/
RECEIVE NOTIONAL
BUY/SELL FIXED EXPIRATION AMOUNT UPFRONT
COUNTERPARTY REFERENCE ENTITY PROTECTION RATE DATE (000) PAYMENTS VALUE
Goldman Sachs Qwest Capital
International Funding, Inc. Sell 3.250% 12/20/12 $ 840 $ 0 $ (2,372)
Lehman Brothers
Special Dow Jones CDX
Financing, Inc. NA HY 9 Sell 3.750 12/20/12 16,900 (1,087,938) (975,271)
----------- -----------
TOTAL CREDIT DEFAULT SWAPS .................................................................. $(1,087,938) $ (977,643)
=========== ===========
INTEREST RATE SWAPS
PAY/
RECEIVE NOTIONAL
FLOATING FLOATING FIXED EXPIRATION AMOUNT UPFRONT
COUNTERPARTY RATE INDEX RATE RATE DATE (000) PAYMENTS VALUE
Deutsche Bank
AG New York USD-LIBOR BBA Pay 5.031% 10/25/17 $ 82,200 $ 0 $ 2,756,683
JP Morgan Chase
Bank, N.A.,
New York USD-LIBOR BBA Pay 5.361 08/24/17 13,500 0 995,694
JP Morgan Chase
Bank, N.A.,
New York USD-LIBOR BBA Pay 5.428 08/20/17 37,000 0 2,929,541
----------- -----------
TOTAL INTEREST RATE SWAPS ................................................................... $ 0 $ 6,681,918
----------- -----------
TOTAL SWAP AGREEMENTS ....................................................................... $(1,087,938) $ 5,704,275
=========== ===========
FUTURES CONTRACTS OUTSTANDING AS OF NOVEMBER 30, 2007:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
LONG CONTRACTS:
U.S. Treasury Notes 5 -Year Futures, March 2008
(Current Notional Value of $110,109 per contract) ............ 127 $ 75,538
U.S. Treasury Notes 2-Year Futures, March 2008 (Current
Notional Value of $210,109 per contract) ..................... 251 8,889
SHORT CONTRACTS:
U.S. Treasury Notes 10-Year Futures, March 2008 (Current
Notional Value of $113,203 per contract) ..................... 418 (269,228)
U.S. Treasury Bond Futures, March 2008 (Current Notional
Value of $117,188 per contract) .............................. 568 (480,915)
--------- ---------
TOTAL FUTURES CONTRACTS ......................................... 1,364 $(665,716)
========= =========
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AS OF NOVEMBER 30, 2007:
UNREALIZED
APPRECIATION/
IN EXCHANGE FOR CURRENT VALUE DEPRECIATION
SHORT CONTRACTS:
Euro Currency 9,083,000 expiring 01/31/08 ...... US$ $13,302,151 $(186,390)
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: January 17, 2008
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: January 17, 2008
By: /s/ Stuart N. Schuldt
-----------=---------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: January 17, 2008