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)
522 Fifth Avenue, New York, New York 10036
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(Address of principal executive offices) (Zip code)
Jerry W. Miller
522 Fifth Avenue, New York, New York 10036
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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: 5/31/08
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, 2008 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
--------------------------------------------------------------------------------------------------------
CORPORATE BONDS 94.0%
BROADCASTING 0.8%
$ 2,880 LIN Television Corp. .................... 6.500% 05/15/13 $ 2,746,800
2,065 Univision Communications,
Inc. (a)(b) .......................... 9.750 03/15/15 1,569,400
-------------
4,316,200
-------------
CABLE 4.4%
6,005 Cablevision Systems Corp., Ser
B (c) ................................ 7.132 04/01/09 6,065,050
1,839 CCH I LLC ............................... 11.000 10/01/15 1,572,345
1,355 CCH II LLC .............................. 10.250 09/15/10 1,355,000
1,220 CSC Holdings, Inc. (b)(d)................ 8.500 06/15/15 1,226,100
390 DirecTV Holdings LLC .................... 6.375 06/15/15 371,963
3,555 DirecTV Holdings LLC (b)................. 7.625 05/15/16 3,559,444
5,320 Echostar DBS Corp. ...................... 6.375 10/01/11 5,266,800
550 Echostar DBS Corp. ...................... 6.625 10/01/14 519,750
655 NTL Cable, PLC (United
Kingdom) ............................ 8.750 04/15/14 646,812
360 NTL Cable, PLC (United
Kingdom) ............................ 9.125 08/15/16 354,600
898 PanAmSat Corp. .......................... 9.000 08/15/14 910,348
-------------
21,848,212
-------------
CHEMICALS 4.8%
4,295 Berry Plastics Holding Corp. ............ 8.875 09/15/14 3,951,400
2,235 Berry Plastics Holding Corp. ............ 10.250 03/01/16 1,799,175
1,715 Innophos Holdings, Inc. (b).............. 9.500 04/15/12 1,663,550
2,700 Innophos, Inc. .......................... 8.875 08/15/14 2,767,500
2,585 Koppers Holdings, Inc. (e)............... 0/9.875 11/15/14 2,391,125
1,730 Koppers, Inc. ........................... 9.875 10/15/13 1,842,450
1,795 Nalco Co. ............................... 7.750 11/15/11 1,839,875
EUR 1,390 Rockwood Specialties Group, Inc.......... 7.625 11/15/14 2,097,617
3,185 Terra Capital, Inc. ..................... 7.000 02/01/17 3,181,019
2,940 Westlake Chemical Corp. ................. 6.625 01/15/16 2,543,100
-------------
24,076,811
-------------
CONSUMER PRODUCTS 1.1%
3,740 Jarden Corp. ............................ 7.500 05/01/17 3,356,650
2,460 Oxford Industries, Inc. .................. 8.875 06/01/11 2,398,500
-------------
5,755,150
-------------
DIVERSIFIED MEDIA 4.2%
5,612 CanWest Media, Inc. (Canada) ............. 8.000 09/15/12 5,176,930
3,587 Dex Media West/Finance Corp.,
LLC, Ser B ........................... 9.875 08/15/13 3,465,939
9,115 Idearc, Inc. ............................. 8.000 11/15/16 6,562,800
2,250 Interpublic Group of Cos., Inc............ 6.250 11/15/14 2,036,250
4,020 Valassis Communications, Inc. ............ 8.250 03/01/15 3,778,800
-------------
21,020,719
-------------
ENERGY 8.5%
4,700 Chaparral Energy, Inc. ................... 8.500 12/01/15 4,183,000
705 Chaparral Energy, Inc. ................... 8.875 02/01/17 629,213
2,325 Chesapeake Energy Corp. .................. 6.375 06/15/15 2,237,812
2,965 Chesapeake Energy Corp. .................. 7.500 09/15/13 3,031,712
960 Cimarex Energy Co. ....................... 7.125 05/01/17 960,000
2,220 Compagnie Generale de
Geophysique SA (France) .............. 7.500 05/15/15 2,258,850
2,800 Helix Energy Solutions Group,
Inc. (b) .............................. 9.500 01/15/16 2,926,000
6,270 Hilcorp Energy/Finance Corp. (b).......... 7.750 11/01/15 6,160,275
4,785 Kinder Morgan Finance Co.
(Canada) ............................. 5.700 01/05/16 4,456,031
5,555 Massey Energy Co. ........................ 6.875 12/15/13 5,499,450
690 Newfield Exploration Co. ................. 7.125 05/15/18 683,963
2,635 OPTI Canada, Inc. (Canada) ............... 8.250 12/15/14 2,727,225
3,450 Pacific Energy Partners, LP .............. 7.125 06/15/14 3,471,697
750 Plains Exploration & Production
Co. .................................. 7.625 06/01/18 757,500
2,820 SandRidge Energy, Inc. (Senior
Unsecured Term Loan) (b) .............. 8.625 04/01/15 2,911,650
-------------
42,894,378
-------------
FINANCIAL 4.3%
8,755 Capmark Financial Group, Inc. ............ 5.875 05/10/12 7,057,432
350 Capmark Financial Group, Inc. ............ 6.300 05/10/17 257,215
6,845 GMAC LLC ................................. 6.750 12/01/14 5,306,018
665 Prologis ................................. 6.625 05/15/18 660,271
1,740 Residential Capital LLC .................. 8.125 11/21/08 1,609,500
7,535 Residential Capital LLC .................. 8.500 04/17/13 3,805,175
100 Two-Rock Pass Through Trust
(Bermuda) (b)(c) ...................... 3.655 02/11/49 17,500
1,031 UCAR Finance, Inc. ....................... 10.250 02/15/12 1,077,395
2,200 Washington Mutual Preferred
Funding (b)(f) ........................ 9.750 10/29/49 1,960,908
-------------
21,751,414
-------------
FOOD & DRUG 3.1%
1,275 Axcan Intermediate Holdings,
Inc. (b) .............................. 12.750 03/01/16 1,294,125
2,962 Kroger Co. (b)............................ 8.500 07/15/17 3,285,968
4,280 Rite Aid Corp. ........................... 8.125 05/01/10 4,290,700
3,730 Rite Aid Corp. ........................... 8.625 03/01/15 2,928,050
2,345 SUPERVALU, Inc. .......................... 7.500 05/15/12 2,428,646
1,305 SUPERVALU, Inc. .......................... 7.500 11/15/14 1,350,675
-------------
15,578,164
-------------
FOOD & TOBACCO 3.3%
2,320 Constellation Brands, Inc. ............... 7.250 05/15/17 2,302,600
3,000 Michael Foods, Inc. ...................... 8.000 11/15/13 2,985,000
5,520 Pilgrim's Pride Corp. .................... 7.625 05/01/15 5,106,000
4,565 Smithfield Foods, Inc. ................... 7.000 08/01/11 4,496,525
450 Smithfield Foods, Inc., Ser B ............ 7.750 05/15/13 446,625
1,080 Smithfield Foods, Inc., Ser B ............ 8.000 10/15/09 1,104,300
-------------
16,441,050
-------------
FOREST PRODUCTS 4.8%
1,490 Crown Americas LLC ....................... 7.625 11/15/13 1,542,150
EUR 1,975 Crown European Holdings SA
(France) ............................... 6.250 09/01/11 2,965,064
3,610 Georgia-Pacific Corp. (b)................. 7.125 01/15/17 3,582,925
1,345 Graham Packaging Co., Inc. ............... 8.500 10/15/12 1,311,375
3,965 Graham Packaging Co., Inc. ............... 9.875 10/15/14 3,707,275
4,870 Graphic Packaging International,
Inc. ................................. 9.500 08/15/13 4,930,875
5,170 Owens-Illinois, Inc. ..................... 7.500 05/15/10 5,299,250
1,085 P.H. Glatfelter ......................... 7.125 05/01/16 1,070,081
-------------
24,408,995
-------------
GAMING & LEISURE 7.2%
9,030 Harrah's Operating Co., Inc. ............. 5.375 12/15/13 5,914,650
4,220 Host Marriott LP ......................... 6.375 03/15/15 4,030,100
2,685 Host Marriott LP, Ser J .................. 7.125 11/01/13 2,671,575
8,640 Isle of Capri Casinos, Inc. .............. 7.000 03/01/14 6,631,200
6,275 Las Vegas Sands Corp. .................... 6.375 02/15/15 5,678,875
5,705 MGM Mirage, Inc. ......................... 6.000 10/01/09 5,697,869
3,005 Station Casinos, Inc. .................... 6.000 04/01/12 2,539,225
3,795 Station Casinos, Inc. .................... 6.875 03/01/16 2,329,181
1,085 Station Casinos, Inc. .................... 7.750 08/15/16 908,687
-------------
36,401,362
-------------
HEALTH CARE 11.8%
2,885 Community Health Systems, Inc. 8.875 07/15/15 2,989,581
3,745 DaVita, Inc. ............................. 6.625 03/15/13 3,660,737
4,345 Fisher Scientific International, Inc...... 6.125 07/01/15 4,270,596
4,050 FMC Finance III SA (Luxembourg)........... 6.875 07/15/17 4,029,750
9,830 Fresenius Medical Care Capital
Trust IV ............................. 7.875 06/15/11 10,272,350
2,545 HCA, Inc. ................................ 5.750 03/15/14 2,195,063
3,810 HCA, Inc. ................................ 6.250 02/15/13 3,448,050
4,795 HCA, Inc. ................................ 6.500 02/15/16 4,189,631
358 HCA, Inc. ................................ 8.750 09/01/10 367,845
545 HCA, Inc. ................................ 9.125 11/15/14 570,888
680 Invacare Corp. ........................... 9.750 02/15/15 683,400
1,790 LVB Acquisition Merger Sub,
Inc. (a)(b) ........................... 10.375 10/15/17 1,915,300
1,730 Medco Health Solutions, Inc. ............. 7.125 03/15/18 1,792,576
2,655 National Mentor Holdings, Inc............. 11.250 07/01/14 2,774,475
3,885 Omnicare, Inc. ........................... 6.750 12/15/13 3,661,613
750 Omnicare, Inc. ........................... 6.875 12/15/15 699,375
2,215 Sun Healthcare Group, Inc. ............... 9.125 04/15/15 2,248,225
5,500 Tenet Healthcare Corp. ................... 7.375 02/01/13 5,156,250
1,710 Tenet Healthcare Corp. ................... 9.875 07/01/14 1,718,550
2,699 Warner Chilcott Corp. .................... 8.750 02/01/15 2,779,970
-------------
59,424,225
-------------
HOUSING 2.3%
1,435 Interface, Inc. .......................... 10.375 02/01/10 1,513,925
3,365 Interface, Inc., Ser B ................... 9.500 02/01/14 3,533,250
5,130 Nortek, Inc. ............................. 8.500 09/01/14 3,616,650
445 Pulte Homes, Inc. ........................ 6.375 05/15/33 360,450
3,565 Realogy Corp. ............................ 10.500 04/15/14 2,691,575
-------------
11,715,850
-------------
INDEPENDENT ENERGY 0.1%
625 Gaz Capital SA (Luxembourg) (b)........... 6.510 03/07/22 590,688
-------------
INFORMATION TECHNOLOGY 3.9%
1,505 First Data Corp. (b)...................... 9.875 09/24/15 1,363,906
4,880 Freescale Semiconductor, Inc. ............ 8.875 12/15/14 4,343,200
525 Iron Mountain, Inc. ...................... 6.625 01/01/16 509,250
2,050 Iron Mountain, Inc. ...................... 7.750 01/15/15 2,101,250
3,070 Iron Mountain, Inc. ...................... 8.625 04/01/13 3,131,400
2,670 KLA Instruments Corp. .................... 6.900 05/01/18 2,614,640
3,540 Sungard Data Systems, Inc. ............... 9.125 08/15/13 3,663,900
2,275 Vangent, Inc. ............................ 9.625 02/15/15 1,982,094
-------------
19,709,640
-------------
MANUFACTURING 2.5%
1,295 Baldor Electric Co. ...................... 8.625 02/15/17 1,327,375
EUR 1,959 JohnsonDiversey, Inc. .................... 9.625 05/15/12 3,017,236
3,463 JohnsonDiversey, Inc., Ser B ............. 9.625 05/15/12 3,549,575
3,235 Propex Fabrics, Inc. (g) ................. 10.000 12/01/12 48,525
4,660 RBS Global, Inc. & Rexnord Corp........... 9.500 08/01/14 4,694,950
-------------
12,637,661
-------------
METALS 2.2%
1,650 Evraz Group SA (Luxembourg) (b)........... 9.500 04/24/18 1,693,230
1,340 Foundation PA Coal Co. ................... 7.250 08/01/14 1,380,200
2,640 Freeport McMoRan Cooper &
Gold, Inc. ........................... 8.375 04/01/17 2,842,462
5,690 Novelis, Inc. (Canada) ................... 7.250 02/15/15 5,377,050
-------------
11,292,942
-------------
RETAIL 1.5%
3,350 Brown Shoe Co., Inc. ..................... 8.750 05/01/12 3,333,250
4,020 Phillips-Van Heusen Corp. ................ 7.250 02/15/11 4,080,300
-------------
7,413,550
-------------
SERVICES 0.5%
1,750 Aramark Services, Inc. ................... 5.000 06/01/12 1,566,250
250 Aramark Services, Inc. (c)................ 6.372 02/01/15 241,250
790 Aramark Services, Inc. ................... 8.500 02/01/15 812,712
-------------
2,620,212
-------------
TELECOMMUNICATIONS 4.4%
1,885 Axtel SA (Mexico) ........................ 11.000 12/15/13 2,045,225
1,535 Citizens Communications Co. .............. 6.250 01/15/13 1,450,575
6,030 Exodus Communications,
Inc. (g)(h)(i) ........................ 11.250 07/01/08 0
EUR 4,000 Exodus Communications, Inc.
(g)(h)(i) ............................. 11.375 07/15/08 0
770 Exodus Communications,
Inc. (g)(h)(i)......................... 11.625 07/15/10 0
8,250 GST Network Funding,
Inc. (g)(h)(i) ........................ 10.500 05/01/08 825
1,320 Nordic Telephone Co. Holdings
(Denmark) (b) ......................... 8.875 05/01/16 1,306,800
4,000 Park N View, Inc., Ser B (g)(h)(i)........ 13.000 05/15/08 0
2,179 Qwest Communications
International, Inc. (c) ............... 6.175 02/15/09 2,168,105
990 Qwest Corp. .............................. 5.625 11/15/08 993,713
4,605 Sprint Capital Corp. ..................... 6.900 05/01/19 3,921,323
4,325 Sprint Nextel Corp. ...................... 6.000 12/01/16 3,573,739
EUR 1,100 TDC A S (Denmark) ........................ 6.500 04/19/12 1,669,397
3,340 Wind Acquisition Finance SA
(Luxembourg) (b) ...................... 10.750 12/01/15 3,590,500
1,410 Windstream Corp. ......................... 8.125 08/01/13 1,448,775
-------------
22,168,977
-------------
TRANSPORTATION 7.6%
5,050 ArvinMeritor, Inc. ....................... 8.750 03/01/12 4,747,000
6,870 CHC Helicopter Corp. (Canada) ............ 7.375 05/01/14 6,990,225
8,460 Ford Motor Credit Co. .................... 7.000 10/01/13 7,121,966
7,670 Ford Motor Credit Co. .................... 7.250 10/25/11 6,854,932
7,420 General Motors Acceptance Corp............ 6.875 09/15/11 6,260,091
2,720 General Motors Corp. ..................... 8.375 07/15/33 1,876,800
2,955 Penske Automotive Group, Inc. ............ 7.750 12/15/16 2,762,925
1,790 Sonic Automotive, Inc., Ser B ............ 8.625 08/15/13 1,745,250
-------------
38,359,189
-------------
UTILITY 9.0%
925 AES Corp. ................................ 7.750 03/01/14 929,625
5,000 AES Corp. (b)............................. 8.000 06/01/20 4,937,500
528 AES Corp. ................................ 8.875 02/15/11 555,720
740 AES Corp. ................................ 9.375 09/15/10 788,100
3,150 Dynegy Holdings, Inc. .................... 7.750 06/01/19 3,000,375
1,420 Equitable Resources, Inc. ................ 6.500 04/01/18 1,412,515
3,380 Intergen NV (Netherlands) (b)............. 9.000 06/30/17 3,565,900
1,355 IPALCO Enterprises, Inc. ................. 8.625 11/14/11 1,466,787
2,675 Israel Electric Corp., Ltd.
(Israel) (b) .......................... 7.250 01/15/19 2,699,902
3,000 NRG Energy, Inc. ......................... 7.375 01/15/17 2,940,000
5,119 Ormat Funding Corp. ...................... 8.250 12/30/20 5,132,015
2,945 Reliant Energy, Inc. ..................... 7.875 06/15/17 2,974,450
190 Sierra Pacific Power Co., Ser H........... 6.250 04/15/12 194,822
7,650 Texas Competitive Electric
Holdings Co. LLC (b) .................. 10.250 11/01/15 7,850,813
6,210 Williams Cos., Inc. ...................... 7.875 09/01/21 6,799,950
-------------
45,248,474
-------------
WIRELESS COMMUNICATIONS 1.7%
3,090 American Tower Corp. ..................... 7.125 10/15/12 3,151,800
3,085 American Tower Corp. ..................... 7.500 05/01/12 3,154,412
2,185 VIP Finance Ireland, Ltd., Class B
(Ireland) (b) ......................... 9.125 04/30/18 2,259,845
-------------
8,566,057
-------------
TOTAL CORPORATE BONDS .................................................... 474,239,920
-------------
COLLATERALIZED MORTGAGE OBLIGATIONS 0.8%
1,588 American Home Mortgage
Assets (c) ............................ 2.692 06/25/47 731,523
1,495 American Home Mortgage
Assets (c) ............................ 2.702 10/25/46 674,577
1,697 Countrywide Alternative Loan
Trust (c) ............................. 2.758 03/20/47 776,243
1,668 Countrywide Alternative Loan
Trust (c) ............................. 2.912 10/25/46 116,760
1,118 Countrywide Alternative Loan
Trust (c) ............................. 2.992 11/20/35 190,040
1,300 Countrywide Alternative Loan
Trust (c) ............................. 3.212 01/25/36 91,000
1,000 Greenpoint Mortgage Funding
Trust (c) ............................. 2.802 09/25/46 167,062
1,375 Harborview Mortgage Loan
Trust (c) ............................. 3.001 08/21/36 192,500
1,772 Harborview Mortgage Loan
Trust (c) ............................. 3.197 01/19/36 283,494
2,061 Luminent Mortgage Trust (c)............... 2.752 07/25/36 265,231
919 Residential Accredit Loans, Inc. (c)...... 3.142 01/25/46 91,943
1,075 Structured Asset Mortgage
Investments, Inc. (c) ................. 2.762 08/25/36 263,807
-------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS ................................... 3,844,180
-------------
FOREIGN GOVERNMENT OBLIGATIONS 0.5%
MXN 24,425 Mexican Fixed Rate Bond (Mexico) ......... 9.500 12/18/14 2,538,191
-------------
FOREIGN CONVERTIBLE CORPORATE OBLIGATIONS 0.3%
1,493 Nortel Networks Corp. (Canada) ........... 4.250 09/01/08 1,494,866
-------------
CONVERTIBLE PREFERRED STOCKS 0.1%
Federal National Mortgage Association (13,275 Preferred Shares) ....................... 662,091
-------------
EQUITIES 0.0%
DecisionOne Corp. (19,895 Common Shares) (i)(j)........................................ 0
HF Holdings, Inc. (36,820 Common Stock Warrants, expiring 09/27/09) (i)(j)............. 0
Hosiery Corp. of America, Inc., Class A (1,000 Common Shares) (i)(j)................... 0
Jazztel, PLC (5,000 Common Stock Warrants, expiring 07/15/10)
(United Kingdom) (b)(i)(j)......................................................... 0
OpTel, Inc. (3,275 Common Shares) (b)(i)(j)........................................ 0
Park N View, Inc. (4,000 Common Stock Warrants, expiring 05/15/18) (b)(i)(j)....... 0
Reunion Industries, Inc. (107,947 Common Stock Warrants, expiring 12/02/08)
(i)(j).......................................................................... 0
Ventelo, Inc. (73,021 Common Shares) (United Kingdom) (b)(i)(j).................... 0
Viatel Holding Bermuda, Ltd. (26 Common Shares) (Bermuda) (j)...................... 273
VS Holdings, Inc. (946,962 Common Shares) (i)(j)................................... 0
XO Holdings, Inc. (3,469 Common Shares) (j)........................................ 2,012
XO Holdings, Inc., Ser A (6,941 Common Stock Warrants, expiring 01/16/10) (j)...... 174
XO Holdings, Inc., Ser B (5,205 Common Stock Warrants, expiring 01/16/10) (j)...... 104
XO Holdings, Inc., Ser C (5,205 Common Stock Warrants, expiring 01/16/10) (j)...... 156
-------------
TOTAL EQUITIES 0.0% ............................................................. 2,719
-------------
TOTAL LONG-TERM INVESTMENTS 95.7%
(Cost $549,599,802).............................................................. 482,781,967
-------------
SHORT-TERM INVESTMENTS 4.4%
REPURCHASE AGREEMENTS 2.8%
Banc of America Securities ($4,261,529 par collateralized by U.S.
Government obligations in a pooled cash account, interest rate of 2.28%,
dated 05/30/08, to be sold on 06/02/08 at $4,262,338) ........................... 4,261,529
Citigroup Global Markets, Inc. ($4,261,529 par collateralized by U.S.
Government obligations in a pooled cash account, interest rate of 2.25%,
dated 05/30/08, to be sold on 06/02/08 at $4,262,328) .......................... 4,261,529
JPMorgan Chase & Co. ($1,278,458 par collateralized by U.S. Government
obligations in a pooled cash account, interest rate of 2.20%, dated 05/30/08,
to be sold on 06/02/08 at $1,278,693) .......................................... 1,278,458
State Street Bank & Trust Co. ($4,476,484 par collateralized by U.S.
Government obligations in a pooled cash account, interest rate of 1.88%,
dated 05/30/08, to be sold on 06/02/08 at $4,477,186) .......................... 4,476,484
-------------
TOTAL REPURCHASE AGREEMENTS ..................................................... 14,278,000
-------------
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS 1.6%
United States Treasury Bill ($7,955,000 par, yielding 1.576%, 10/09/08
maturity) (k) ................................................................. 7,910,674
-------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $22,188,674)............................................................... 22,188,674
-------------
TOTAL INVESTMENTS 100.1%
(Cost $571,788,476).............................................................. 504,970,641
LIABILITIES IN EXCESS OF OTHER ASSETS (0.1%)...................................... (491,175)
-------------
NET ASSETS 100.0%.................................................................. $ 504,479,466
=============
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 purchased on a when-issued or delayed delivery basis.
(e) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(f) Variable Rate Coupon
(g) Non-income producing as security is in default.
(h) This borrower has filed for protection in federal bankruptcy court.
(i) Market value is determined in accordance with procedures established in
good faith by the Board of Directors.
(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 MAY 31, 2008:
CREDIT DEFAULT SWAPS
PAY/
RECEIVE NOTIONAL
BUY/SELL FIXED EXPIRATION AMOUNT UPFRONT
COUNTERPARTY REFERENCE ENTITY PROTECTION RATE DATE (000) PAYMENTS VALUE
Bank of Goodrich
America, N.A. Corp. ................. Buy 0.700% 03/20/13 $ 2,005 0 $ (28,922)
Bank of Textron Financial
America, N.A. Corp. ................. Buy 0.800 03/20/18 2,295 0 3,968
Bank of Goodrich
America, N.A. Corp. ................. Buy 0.820 03/20/18 1,370 0 (35,657)
Bank of Nordstrom, Inc. ......... Buy 1.030 03/20/18 2,000 0 3,731
America, N.A.
Bank of Sealed Air
America, N.A. Corp. ................. Buy 1.080 03/20/18 885 0 13,877
Bank of Sealed Air
America, N.A. Corp. ................. Buy 1.120 03/20/18 1,300 0 16,446
Bank of Pactiv
America, N.A. Corp. ................. Buy 1.375 03/20/13 4,175 0 (117,363)
Bank of Carnival
America, N.A. Corp. ................. Buy 1.570 03/20/18 2,820 0 (109,748)
Bank of
America, N.A. Toll Brothers, Inc. ..... Buy 2.250 03/20/18 1,225 0 (13,133)
Bank of
America, N.A. Toll Brothers, Inc. ..... Buy 2.900 03/20/13 2,455 0 (48,812)
Citibank, N.A., Eaton
New York Corp. ................. Buy 0.620 03/20/13 2,250 0 (513)
Citibank, N.A., Eaton
New York Corp. ................. Buy 0.720 03/20/13 1,800 0 (8,611)
Citibank, N.A., Eaton
New York Corp. ................. Buy 0.820 03/20/18 3,745 0 (22,755)
Citibank, N.A., MGIC Investment
New York Corp. ................. Buy 7.900 03/20/13 1,850 0 (253,214)
Credit Suisse
International ABX HE AAA 06-1.......... Buy 0.180 07/25/45 3,010 451,246 184,015
Credit Suisse
International ABX HE AAA 06-1.......... Buy 0.180 07/25/45 3,010 481,329 184,015
Credit Suisse Arrow Electronics,
International Inc. .................. Buy 1.000 03/20/15 3,080 0 (53,152)
Credit Suisse Arrow Electronics,
International Inc. .................. Buy 1.110 03/20/13 3,835 0 (79,847)
Credit Suisse
International Nordstrom, Inc. ......... Buy 1.040 03/20/13 4,730 0 (23,801)
Credit Suisse
International Nordstrom, Inc. ......... Buy 1.050 03/20/13 2,455 0 (13,461)
Credit Suisse Pactiv
International Corp. ................. Buy 1.350 03/20/13 4,175 0 (112,608)
Credit Suisse The PMI Group,
International Inc. .................. Buy 8.100 03/20/13 1,680 0 (202,984)
Deutsche Bank Washington
AG Mutual, Inc. .......... Buy 5.000 06/20/13 2,490 0 (196,827)
Goldman Sachs Goodrich
International Corp. ................. Buy 0.470 03/20/18 1,370 0 2,986
Goldman Sachs
International Trane, Inc. ............. Buy 0.500 03/20/13 870 0 (908)
Goldman Sachs Coca-Cola
International Enterprises,
Inc. .................. Buy 0.588 03/20/13 4,920 0 (55,605)
Goldman Sachs
International Trane, Inc. ............. Buy 0.600 03/20/18 330 0 895
Goldman Sachs Eaton
International Corp. ................. Buy 0.970 03/20/18 1,650 0 (30,208)
Goldman Sachs Textron Financial
International Corp. ................. Buy 1.050 03/20/13 3,975 0 (27,610)
Goldman Sachs
International Nordstrom, Inc. ......... Buy 1.050 06/20/13 2,400 0 (10,183)
Goldman Sachs Sealed Air
International Corp. ................. Buy 1.080 03/20/18 1,710 0 26,814
Goldman Sachs Sealed Air
International Corp. ................. Buy 1.240 03/20/18 835 0 2,973
Goldman Sachs Firstenergy
International Corp. ................. Buy 1.250 03/20/13 4,595 0 (116,006)
Goldman Sachs Carnival
International Corp. ................. Buy 1.600 03/20/18 220 0 (6,162)
Goldman Sachs Avalonbay
International Communities,
Inc. .................. Buy 2.200 06/20/13 4,320 0 (208,173)
Goldman Sachs Simon Property
International Group, L.P. ........... Buy 2.320 03/20/18 3,015 0 (359,245)
Goldman Sachs Simon Property
International Group, L.P. ........... Buy 2.370 03/20/18 3,770 0 (463,428)
Goldman Sachs Merrill Lynch &
International Co., Inc............... Buy 2.450 03/20/13 2,555 0 (81,239)
Goldman Sachs
International Prologis ................ Buy 2.970 06/20/13 2,715 0 (174,893)
Goldman Sachs Avalonbay
International Communities,
Inc. .................. Buy 3.050 03/20/13 4,725 0 (416,647)
Goldman Sachs
International Prologis ................ Buy 3.330 03/20/13 2,070 0 (170,092)
Goldman Sachs CDX NA IG HVOL
International 9 ..................... Sell 1.400 12/20/12 2,860 (247,427) (125,792)
Goldman Sachs Qwest Capital
International Funding, Inc. ......... Sell 3.250 12/20/12 840 0 (23,662)
JP Morgan The Pepsi
Chase Bank, Bottling Group,
N.A. Inc. .................. Buy 0.580 03/20/13 1,250 0 (11,501)
JP Morgan
Chase Bank, Eaton
N.A. Corp. ................. Buy 0.600 03/20/13 785 0 536
JP Morgan The Pepsi
Chase Bank, Bottling Group,
N.A. Inc. .................. Buy 0.630 03/20/13 1,660 0 (19,465)
JP Morgan
Chase Bank,
N.A. Nordstrom, Inc. ......... Buy 1.070 03/20/18 1,535 0 (1,869)
JP Morgan
Chase Bank,
N.A. Nordstrom, Inc. ......... Buy 1.150 03/20/18 1,535 0 (11,334)
JP Morgan
Chase Bank, Merrill Lynch &
N.A. Co., Inc. ............ Buy 2.300 03/20/13 2,450 0 (61,857)
JP Morgan
Chase Bank,
N.A. SLM Corp. .............. Sell 4.950 03/20/13 1,380 0 99,307
Lehman
Brothers
Special Goodrich
Financing, Inc. Corp. ................ Buy 0.450 03/20/18 1,595 0 6,034
Lehman
Brothers
Special Goodrich
Financing, Inc. Corp. ................ Buy 0.460 03/20/18 1,145 0 3,414
Lehman
Brothers
Special Coca-Cola
Financing, Inc. Enterprises, Inc. .... Buy 0.640 03/20/13 4,310 0 (59,494)
Lehman
Brothers Arrow
Special Electronics,
Financing, Inc. Inc. ................. Buy 1.040 03/20/18 500 0 (10,501)
Lehman
Brothers Arrow
Special Electronics,
Financing, Inc. Inc. ................ Buy 1.400 03/20/13 7,050 0 (240,348)
Lehman
Brothers
Special
Financing, Inc. Metlife, Inc. .......... Buy 2.150 03/20/13 2,735 0 (160,776)
Lehman
Brothers
Special Dow Jones CDX
Financing, Inc. NA HY 9 .............. Sell 3.750 12/20/12 16,731 (1,077,058) (1,093,762)
Merrill Lynch The Walt Disney
International Co. .................. Buy 0.600 03/20/13 4,435 0 (50,991)
Merrill Lynch The Walt Disney
International Co. .................. Buy 0.770 03/20/13 7,050 0 (136,404)
Merrill Lynch Eaton
International Corp. ................ Buy 0.920 03/20/18 1,640 0 (23,483)
Merrill Lynch Carnival
International Corp. ................ Buy 1.500 03/20/18 2,770 0 (65,105)
Merrill Lynch Carnival
International Corp. ................ Buy 1.570 03/20/18 2,325 0 (90,281)
Merrill Lynch Carnival
International Corp. ................ Buy 1.600 03/20/18 1,535 0 (42,993)
Merrill Lynch CDX NA IG HVOL
International 9 .................... Sell 1.400 12/20/12 2,845 (300,501) (125,132)
Merrill Lynch
International SLM Corp. .............. Sell 5.000 03/20/13 1,380 0 102,082
UBS AG Trane, Inc. ............ Buy 0.500 03/20/13 2,695 0 (2,814)
UBS AG Trane, Inc. ............ Buy 0.600 03/20/18 2,830 0 7,676
UBS AG Textron Financial
Corp. ................ Buy 1.000 03/20/13 2,300 0 (11,334)
UBS AG Textron Financial
Corp. ................ Buy 1.060 03/20/13 3,940 0 (73,920)
UBS AG Textron Financial
Corp. ................ Buy 1.010 03/20/13 1,650 0 (8,264)
UBS AG Martin Marietta
Materials, Inc. ...... Buy 1.730 03/20/18 1,125 0 (40,858)
UBS AG Martin Marietta
Materials, Inc. ...... Buy 1.780 03/20/13 1,125 0 (19,925)
UBS AG Toll Brothers, Inc. .... Buy 2.900 03/20/13 3,790 0 (75,368)
UBS AG CDX NA HY 10 ............ Sell 5.000 06/20/13 8,000 (260,000) (144,889)
---------- ------------
TOTAL CREDIT DEFAULT SWAPS ................................................................. $ (952,411) $ (5,515,160)
========== ============
INTEREST RATE SWAPS
PAY/
RECEIVE NOTIONAL
FLOATING FIXED EXPIRATION AMOUNT
COUNTERPARTY FLOATING RATE INDEX RATE RATE DATE (000) VALUE
CBank of
America, N.A. USD-LIBOR BBA .... Receive 5.380% 04/15/23 $ 10,250 $ 70,930
Bank of
America, N.A. USD-LIBOR BBA .... Receive 5.470 04/14/23 12,000 53,760
Bank of
America, N.A. USD-LIBOR BBA .... Receive 5.958 02/22/23 41,195 (367,459)
Bank of
America, N.A. USD-LIBOR BBA .... Receive 6.040 03/07/23 42,295 (468,206)
Bank of
America, N.A. USD-LIBOR BBA .... Pay 4.983 04/15/18 8,805 (92,452)
Bank of
America, N.A. USD-LIBOR BBA .... Pay 5.070 04/14/18 9,360 (69,264)
Bank of
America, N.A. USD-LIBOR BBA .... Pay 5.550 02/22/18 31,500 322,875
Bank of
America, N.A. USD-LIBOR BBA .... Pay 5.638 03/07/18 32,900 433,622
Deutsche Bank
AG New York USD-LIBOR BBA .... Pay 5.031 10/25/17 82,200 2,528,483
JP Morgan
Chase Bank,
N.A. USD-LIBOR BBA .... Receive 3.966 03/25/18 6,800 366,434
JP Morgan
Chase Bank,
N.A. USD-LIBOR BBA .... Receive 3.966 03/25/18 10,200 549,650
JP Morgan
Chase Bank,
N.A. USD-LIBOR BBA .... Pay 5.361 08/24/17 13,500 924,606
JP Morgan
Chase Bank,
N.A. USD-LIBOR BBA .... Pay 5.428 08/20/17 37,000 2,731,731
Merrill Lynch
Capital
Services, Inc USD-LIBOR BBA .... Pay 5.000 04/15/18 11,745 (116,041)
Merrill Lynch
Capital
Services, Inc. USD-LIBOR BBA .... Receive 5.395 04/16/23 14,400 93,744
-------------
TOTAL INTEREST RATE SWAPS ..................................................................... 6,962,413
-------------
TOTAL SWAP AGREEMENTS .......................................................................... $ 1,447,253
=============
FUTURES CONTRACTS OUTSTANDING AS OF MAY 31, 2008:
UNREALIZED
APPRECIATION/
CONTRACTS DEPRECIATION
LONG CONTRACTS:
U.S. Treasury Notes 10-Year Futures, June 2008 (Current
Notional Value of $113,953 per contract) ................ 14 $ (16,656)
U.S. Treasury Notes 2-Year Futures, June 2008 (Current
Notional Value of $211,688 per contract) ................ 199 (328,177)
SHORT CONTRACTS:
U.S. Treasury Notes 10-Year Futures, September 2008
(Current Notional Value of $112,406 per
contract) ............................................... 924 1,372,586
U.S. Treasury Notes 5-Year Futures, September 2008
(Current Notional Value of $109,938 per
contract) ............................................... 17 19,149
U.S. Treasury Bond Futures, September 2008 (Current
Notional Value of $113,500 per contract) ................ 116 226,080
------- -------------
TOTAL FUTURES CONTRACTS .................................. 1,270 $ 1,272,982
======= =============
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AS OF MAY 31, 2008:
UNREALIZED
APPRECIATION/
IN EXCHANGE FOR CURRENT VALUE DEPRECIATION
SHORT CONTRACTS:
Euro Currency
6,430,000 expiring 07/31/08..... US $ $ 9,973,007 $ 44,290
=========
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/ Jerry W. Miller
-------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: July 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/ Jerry W. Miller
-------------------
Name: Jerry W. Miller
Title: Principal Executive Officer
Date: July 17, 2008
By: /s/ Stuart N. Schuldt
-------------------
Name: Stuart N. Schuldt
Title: Principal Financial Officer
Date: July 17, 2008