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: 11/30/09
 
 

 

 

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 Investments — November 30, 2009 (Unaudited)
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Corporate Bonds 93.4%
                        
       
Aerospace 2.3%
                        
$ 6,810    
Bombardier, Inc. (Canada) (a)
     6.300 %     05/01/14     $ 6,605,700  
  1,810    
Hexcel Corp.
     6.750       02/01/15       1,733,075  
  2,625    
L-3 Communications Corp.
     5.875       01/15/15       2,585,625  
  2,400    
TransDigm, Inc. (a)
     7.750       07/15/14       2,448,000  
       
 
                      
       
 
                     13,372,400  
       
 
                      
       
Cable 4.8%
                        
  5,830    
Charter Communications Operating LLC (a)
     12.875       09/15/14       6,522,312  
  3,665    
CSC Holdings, Inc. (a)
     8.500       06/15/15       3,871,156  
  5,165    
CSC Holdings, Inc. (a)
     8.625       02/15/19       5,500,725  
  6,650    
DISH DBS Corp.
     7.000       10/01/13       6,683,250  
  500    
Echostar DBS Corp.
     6.375       10/01/11       512,500  
  550    
Echostar DBS Corp.
     6.625       10/01/14       540,375  
  655    
NTL Cable PLC (United Kingdom)
     8.750       04/15/14       681,200  
  3,635    
NTL Cable PLC (United Kingdom)
     9.125       08/15/16       3,753,138  
       
 
                      
       
 
                     28,064,656  
       
 
                      
       
Chemicals 2.7%
                        
  650    
Airgas, Inc. (a)
     7.125       10/01/18       676,000  
  2,435    
Ashland, Inc. (a)
     9.125       06/01/17       2,623,712  
  2,240    
Ferro Corp.
     6.500       08/15/13       1,976,800  
  1,945    
Innophos Holdings, Inc. (a)
     9.500       04/15/12       1,954,725  
  2,445    
Innophos, Inc.
     8.875       08/15/14       2,506,125  
  4,230    
Terra Capital, Inc. (a)
     7.750       11/01/19       4,504,950  
  1,570    
Westlake Chemical Corp.
     6.625       01/15/16       1,495,425  
       
 
                      
       
 
                     15,737,737  
       
 
                      
       
Consumer Products 1.1%
                        
  6,510    
Navistar International Corp.
     8.250       11/01/21       6,428,625  
       
 
                      

 

 

Van Kampen High Yield Fund
Portfolio of Investments — November 30, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Energy 12.4%
                        
$ 4,579    
Atlas Energy Operating Co., LLC (a)
     10.750 %     02/01/18     $ 5,002,557  
  4,945    
Chaparral Energy, Inc.
     8.500       12/01/15       4,425,775  
  1,475    
Chesapeake Energy Corp.
     6.375       06/15/15       1,379,125  
  1,650    
Chesapeake Energy Corp.
     6.500       08/15/17       1,538,625  
  830    
Chesapeake Energy Corp.
     7.500       09/15/13       842,450  
  1,775    
Chesapeake Energy Corp.
     9.500       02/15/15       1,868,187  
  960    
Cimarex Energy Co.
     7.125       05/01/17       961,200  
  2,220    
Compagnie Generale de Geophysique SA (France)
     7.500       05/15/15       2,208,900  
  2,100    
Forest Oil Corp.
     7.250       06/15/19       2,000,250  
  2,200    
Forest Oil Corp.
     7.750       05/01/14       2,194,500  
  3,855    
Hilcorp Energy/Finance Corp. (a)
     7.750       11/01/15       3,729,713  
  1,925    
Key Energy Services, Inc.
     8.375       12/01/14       1,888,906  
  5,540    
Massey Energy Co.
     6.875       12/15/13       5,484,600  
  3,155    
Newfield Exploration Co.
     6.625       09/01/14       3,147,113  
  690    
Newfield Exploration Co.
     7.125       05/15/18       695,175  
  6,500    
OPTI Canada, Inc. (Canada)
     8.250       12/15/14       5,232,500  
  2,000    
OPTI Canada, Inc. (Canada) (a)
     9.000       12/15/12       2,005,000  
  3,465    
Petrohawk Energy Corp.
     10.500       08/01/14       3,768,188  
  4,095    
Pioneer Natural Resources Co.
     6.650       03/15/17       3,988,718  
  3,555    
Plains Exploration & Production Co.
     7.625       06/01/18       3,483,900  
  2,035    
Plains Exploration & Production Co.
     7.750       06/15/15       2,024,825  
  3,245    
Plains Exploration & Production Co.
     10.000       03/01/16       3,496,488  
  4,640    
SandRidge Energy, Inc. (a)
     8.000       06/01/18       4,396,400  

 

 

Van Kampen High Yield Fund
Portfolio of Investments — November 30, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Energy (continued)
                        
$ 2,820    
SandRidge Energy, Inc. (Senior Unsecured Term Loan) (b)
     8.625 %     04/01/15     $ 2,717,775  
  2,000    
Western Refining, Inc. (a)(c)
     10.750       06/15/14       1,760,000  
  2,000    
Western Refining, Inc. (a)
     11.250       06/15/17       1,730,000  
       
 
                      
       
 
                     71,970,870  
       
 
                      
       
Financial 2.3%
                        
  2,735    
Bank of America Corp. (d)
     8.000       12/29/49       2,385,546  
  1,779    
GMAC LLC (a)
     6.750       12/01/14       1,609,995  
  1,998    
GMAC LLC (a)
     6.875       09/15/11       1,943,055  
  2,120    
JBS USA Finance, Inc. (a)
     11.625       05/01/14       2,366,450  
  4,680    
LPL Holdings, Inc. (a)
     10.750       12/15/15       4,797,000  
       
 
                      
       
 
                     13,102,046  
       
 
                      
       
Food & Drug 0.3%
                        
  1,495    
M-Foods Holdings, Inc. (a)
     9.750       10/01/13       1,562,275  
       
 
                      
   
       
Food & Tobacco 1.6%
                        
  2,500    
Constellation Brands, Inc.
     7.250       05/15/17       2,537,500  
  2,975    
Pilgrim’s Pride Corp. (e)
     7.625       05/01/15       3,317,125  
  3,280    
Smithfield Foods, Inc.
     7.000       08/01/11       3,239,000  
       
 
                      
       
 
                     9,093,625  
       
 
                      
       
Forest Products 3.3%
                        
  2,430    
Georgia-Pacific Corp. (a)
     7.125       01/15/17       2,472,525  
  2,985    
Georgia-Pacific LLC (a)
     8.250       05/01/16       3,179,025  
  3,255    
Graphic Packaging International, Inc.
     9.500       08/15/13       3,352,650  
  6,535    
NewPage Corp. (a)
     11.375       12/31/14       6,469,650  
  1,085    
P.H. Glatfelter Co.
     7.125       05/01/16       1,080,931  
  2,500    
Verso Paper Holdings LLC (a)
     11.500       07/01/14       2,737,500  
       
 
                      
       
 
                     19,292,281  
       
 
                      
       
Gaming & Leisure 9.8%
                        
  3,250    
AMC Entertainment, Inc.
     8.750       06/01/19       3,323,125  

 

 

Van Kampen High Yield Fund
Portfolio of Investments — November 30, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Gaming & Leisure (continued)
                        
$ 2,595    
Ameristar Casinos, Inc. (a)
     9.250 %     06/01/14     $ 2,659,875  
  8,987    
CCM Merger Corp. (Senior Secured Term Loan)
     8.500       07/13/12       8,585,839  
  2,150    
FireKeepers Development Authority (a)
     13.875       05/01/15       2,418,750  
  4,125    
Harrahs Escrow Corp. (a)
     11.250       06/01/17       4,228,125  
  7,380    
Intelsat Bermuda, Ltd. (Bermuda) (a)(b)
     11.500       02/04/17       7,140,150  
  1,330    
Las Vegas Sands Corp.
     6.375       02/15/15       1,183,700  
  5,350    
MGM Mirage, Inc. (a)
     11.125       11/15/17       5,885,000  
  3,625    
MGM Mirage, Inc.
     13.000       11/15/13       4,127,969  
  3,000    
Nielsen Finance LLC
     10.000       08/01/14       3,112,500  
  2,000    
Scientific Games International, Inc.
     9.250       06/15/19       2,087,500  
  3,920    
Sirius XM Radio, Inc.
     9.625       08/01/13       3,802,400  
  6,434    
Wynn Las Vegas LLC
     6.625       12/01/14       6,192,725  
  1,760    
XM Satellite Radio Holdings, Inc. (a)
     13.000       08/01/13       1,834,800  
       
 
                      
       
 
                     56,582,458  
       
 
                      
       
Health Care 9.6%
                        
  3,685    
Apria Healthcare Group, Inc. (a)
     11.250       11/01/14       4,053,500  
  2,880    
Apria Healthcare Group, Inc. (a)
     12.375       11/01/14       3,160,800  
  1,275    
Axcan Intermediate Holdings, Inc.
     12.750       03/01/16       1,399,312  
  4,090    
Biomet, Inc.
     11.625       10/15/17       4,468,325  
  3,265    
Fresenius Medical Care Capital Trust IV
     7.875       06/15/11       3,362,950  
  1,005    
Fresenius US Finance II, Inc. (a)
     9.000       07/15/15       1,105,500  
  2,545    
HCA, Inc.
     5.750       03/15/14       2,366,850  
  3,480    
HCA, Inc.
     6.250       02/15/13       3,366,900  
  1,171    
HCA, Inc.
     9.125       11/15/14       1,226,622  

 

 

Van Kampen High Yield Fund
Portfolio of Investments — November 30, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Health Care (continued)
                        
$ 2,400    
HCA, Inc. (a)
     9.875 %     02/15/17     $ 2,604,000  
  3,310    
Healthsouth Corp.
     10.750       06/15/16       3,624,450  
  680    
Invacare Corp.
     9.750       02/15/15       715,700  
  4,015    
Omnicare, Inc.
     6.750       12/15/13       3,904,587  
  750    
Omnicare, Inc.
     6.875       12/15/15       723,750  
  3,975    
Select Medical Corp. (c)
     6.428       09/15/15       3,627,188  
  3,551    
Select Medical Corp.
     7.625       02/01/15       3,417,838  
  3,065    
Sun Healthcare Group, Inc.
     9.125       04/15/15       3,095,650  
  3,975    
Tenet Healthcare Corp.
     7.375       02/01/13       3,935,250  
  2,200    
Tenet Healthcare Corp. (a)
     10.000       05/01/18       2,458,500  
  3,049    
Warner Chilcott Corp.
     8.750       02/01/15       3,163,338  
       
 
                      
       
 
                     55,781,010  
       
 
                      
       
Housing 1.5%
                        
  1,860    
Interface, Inc., Ser B
     9.500       02/01/14       1,853,025  
  4,675    
K Hovnanian Enterprises, Inc. (a)
     10.625       10/15/16       4,791,875  
  2,000    
NCL Corp., Ltd. (Bermuda) (a)
     11.750       11/15/16       1,982,500  
       
 
                      
       
 
                     8,627,400  
       
 
                      
       
Information Technology 4.4%
                        
  4,800    
First Data Corp.
     9.875       09/24/15       4,296,000  
  1,785    
First Data Corp.
     11.250       03/31/16       1,481,550  
  1,528    
Flextronics International Ltd. (Singapore)
     6.500       05/15/13       1,512,720  
  525    
Iron Mountain, Inc.
     6.625       01/01/16       517,125  
  4,040    
Sungard Data Systems, Inc.
     9.125       08/15/13       4,120,800  
  1,785    
SunGard Data Systems, Inc.
     10.625       05/15/15       1,901,025  
  2,360    
Sungard Data Systems Term Loan B
     10.250       08/15/15       2,430,800  
  2,000    
Unisys Corp. (a)
     14.250       09/15/15       2,260,000  
  7,590    
Vangent, Inc.
     9.625       02/15/15       7,153,575  
       
 
                      
       
 
                     25,673,595  
       
 
                      

 

 

Van Kampen High Yield Fund
Portfolio of Investments — November 30, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Manufacturing 7.4%
                        
$ 1,295    
Baldor Electric Co.
     8.625 %     02/15/17     $ 1,327,375  
  2,450    
Berry Plastics Escrow LLC (a)
     8.250       11/15/15       2,419,375  
  1,265    
Berry Plastics Escrow LLC (a)
     8.875       09/15/14       1,160,637  
  7,540    
Berry Plastics Holding Corp.
     8.875       09/15/14       6,917,950  
  3,615    
Case New Holland, Inc. (a)
     7.750       09/01/13       3,624,037  
  1,065    
Crown Americas LLC
     7.625       11/15/13       1,095,619  
  2,760    
Graham Packaging Co., Inc.
     9.875       10/15/14       2,815,200  
  1,070    
Hanson Ltd. (United Kingdom)
     7.875       09/27/10       1,099,516  
  2,000    
Interface, Inc.
     11.375       11/01/13       2,197,500  
  2,000    
Owens-Brockway Glass Container, Inc.
     7.375       05/15/16       2,035,000  
  2,015    
Owens-Brockway Glass Container, Inc.
     8.250       05/15/13       2,065,375  
  3,025    
Oxford Industries, Inc.
     11.375       07/15/15       3,312,375  
  3,615    
Phillips-Van Heusen Corp.
     7.250       02/15/11       3,646,631  
  3,555    
RBS Global, Inc. & Rexnord Corp.
     9.500       08/01/14       3,555,000  
  3,575    
Solo Cup Co.
     8.500       02/15/14       3,458,813  
  2,425    
United Rentals North America, Inc.
     6.500       02/15/12       2,409,844  
       
 
                      
       
 
                     43,140,247  
       
 
                      
       
Metals 3.1%
                        
  2,215    
ArcelorMittal (Luxembourg)
     9.850       06/01/19       2,733,551  
  1,340    
Foundation PA Coal Co.
     7.250       08/01/14       1,350,050  
  8,089    
Novelis, Inc. (Canada)
     7.250       02/15/15       7,340,768  
  5,500    
Teck Resources Ltd. (Canada)
     10.250       05/15/16       6,242,500  
       
 
                      
       
 
                     17,666,869  
       
 
                      
       
Retail 3.7%
                        
  3,350    
Brown Shoe Co., Inc.
     8.750       05/01/12       3,383,500  
  1,565    
Freedom Group, Inc. (a)
     10.250       08/01/15       1,680,419  
  3,625    
Macy’s Retail Holdings, Inc.
     5.900       12/01/16       3,443,750  
  3,500    
QVC, Inc. (a)
     7.500       10/01/19       3,517,500  
  5,835    
Rite Aid Corp.
     8.625       03/01/15       4,857,637  

 

 

Van Kampen High Yield Fund
Portfolio of Investments — November 30, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Retail (continued)
                        
$ 1,421    
SUPERVALU, Inc.
     7.500 %     05/15/12     $ 1,474,287  
  1,305    
SUPERVALU, Inc.
     7.500       11/15/14       1,327,838  
  1,790    
SUPERVALU, Inc.
     8.000       05/01/16       1,834,750  
       
 
                      
       
 
                     21,519,681  
       
 
                      
       
Services 2.6%
                        
  3,595    
Expedia, Inc.
     8.500       07/01/16       3,864,625  
  2,545    
Service Corp. International
     6.750       04/01/16       2,455,925  
  2,250    
ServiceMaster Co. (a)(b)
     10.750       07/15/15       2,283,750  
  5,985    
Ticketmaster Entertainment, Inc.
     10.750       08/01/16       6,224,400  
       
 
                      
       
 
                     14,828,700  
       
 
                      
       
Telecommunications 4.8%
                        
  3,000    
Cincinnati Bell, Inc.
     8.375       01/15/14       2,996,250  
(EUR) 4,000    
Exodus Communications, Inc. (e) (g)
     11.375       07/15/08       0  
  5,995    
Frontier Communications Corp.
     9.000       08/15/31       5,890,088  
  3,725    
Hughes Network Systems LLC
     9.500       04/15/14       3,780,875  
  3,690    
Intelsat Corp.
     9.250       06/15/16       3,745,350  
  4,770    
PAETEC Holding Corp.
     8.875       06/30/17       4,758,075  
  4,640    
Qwest Capital Funding, Inc.
     7.250       02/15/11       4,686,400  
  500    
Qwest Corp. (a)
     8.375       05/01/16       525,000  
  1,410    
Windstream Corp.
     8.125       08/01/13       1,448,775  
       
 
                      
       
 
                     27,830,813  
       
 
                      
       
Transportation 1.1%
                        
  6,535    
Ford Motor Credit Co.
     7.250       10/25/11       6,526,217  
       
 
                      
   
       
Utility 10.8%
                        
  1,448    
AES Corp.
     7.750       03/01/14       1,458,860  
  4,036    
AES Corp. (a)
     8.750       05/15/13       4,126,810  

 

 

Van Kampen High Yield Fund
Portfolio of Investments — November 30, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Utility (continued)
                        
$ 7,243    
Calpine Corp. (Senior Secured Term Loan)
     5.685 %     03/29/14     $ 6,632,756  
  3,250    
Edison Mission Energy
     7.000       05/15/17       2,388,750  
  2,295    
Edison Mission Energy
     7.750       06/15/16       1,881,900  
  1,157    
El Paso Corp.
     6.875       06/15/14       1,145,430  
  1,800    
El Paso Corp.
     7.000       06/15/17       1,773,000  
  375    
El Paso Corp.
     12.000       12/12/13       430,312  
  402    
Homer City Funding LLC
     8.137       10/01/19       383,433  
  4,070    
Intergen NV (Netherlands) (a)
     9.000       06/30/17       4,242,975  
  1,355    
IPALCO Enterprises, Inc.
     8.625       11/14/11       1,409,200  
  1,649    
Midwest Generation LLC, Ser B
     8.560       01/02/16       1,665,218  
  6,430    
Mirant Americas Generation LLC
     8.500       10/01/21       5,851,300  
  2,275    
Mirant Americas Generation LLC
     9.125       05/01/31       1,945,125  
  500    
NRG Energy, Inc.
     7.375       02/01/16       498,750  
  6,935    
NRG Energy, Inc.
     8.500       06/15/19       7,039,025  
  4,360    
NSG Holdings, Inc. (a)
     7.750       12/15/25       3,924,000  
  2,450    
Orion Power Holdings, Inc.
     12.000       05/01/10       2,529,625  
  5,957    
Ormat Funding Corp.
     8.250       12/30/20       5,421,096  
  3,445    
RRI Energy, Inc.
     7.875       06/15/17       3,298,588  
  2,260    
Sonat, Inc.
     7.625       07/15/11       2,307,166  
  2,915    
Texas Competitive Electric Holdings Co., LLC, Ser A
     10.250       11/01/15       2,084,225  
       
 
                      
       
 
                     62,437,544  
       
 
                      
       
Wireless Communications 3.8%
                        
  4,060    
MetroPCS Wireless, Inc.
     9.250       11/01/14       4,090,450  
  5,680    
Nextel Communications, Inc., Ser E
     6.875       10/31/13       5,424,400  
  4,505    
Sprint Capital Corp.
     6.900       05/01/19       3,953,138  
  3,340    
Wind Acquisition Finance SA (Luxembourg) (a)
     10.750       12/01/15       3,590,500  

 

 

Van Kampen High Yield Fund
Portfolio of Investments — November 30, 2009 (Unaudited) continued
                                 
Par                        
Amount                        
(000)     Description   Coupon     Maturity     Value  
 
       
Wireless Communications (continued)
                        
$ 4,450    
Wind Acquisition Finance SA (Luxembourg) (a)
     11.750 %     07/15/17     $ 4,961,750  
       
 
                      
       
 
                     22,020,238  
       
 
                      
       
Total Corporate Bonds 93.4%
                     541,259,287  
       
 
                      
         
Description        
Equities 0.2%
        
DecisionOne Corp. (19,895 Common Shares) (f) (g)
     0  
GMAC, Inc. (2,046 Common Shares) (a)
     1,238,022  
HF Holdings, Inc. (36,820 Common Shares)
     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) (g)
     0  
Jazztel PLC (7 Common Shares) (EUR) (United Kingdom)
     0  
OpTel, Inc. (3,275 Common Shares) (a) (f) (g)
     0  
Ventelo, Inc. (73,021 Common Shares) (EUR) (United Kingdom) (a)
     0  
VS Holdings, Inc. (946,962 Common Shares) (f) (g)
     0  
 
      
 
        
Total Equities 0.2%
     1,238,022  
 
      
 
        
Total Long-Term Investments 93.6%
(Cost $537,478,069)
     542,497,309  
 
      

 

 

Van Kampen High Yield Fund
Portfolio of Investments — November 30, 2009 (Unaudited) continued
         
Description   Value  
 
Repurchase Agreements 5.2%
        
Banc of America Securities ($11,366,561 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.15%, dated 11/30/09, to be sold on 12/01/09 at $11,366,608)
   $ 11,366,561  
JPMorgan Chase & Co. ($18,601,042 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.15%, dated 11/30/09, to be sold on 12/01/09 at $18,601,120)
     18,601,042  
State Street Bank & Trust Co. ($67,397 par collateralized by U.S. Government obligations in a pooled cash account, interest rate of 0.01%, dated 11/30/09, to be sold on 12/01/09 at $67,397)
     67,397  
 
      
   
Total Repurchase Agreements 5.2%
(Cost $30,035,000)
     30,035,000  
 
        
Total Investments 98.8%
(Cost $567,513,069)
     572,532,309  
 
        
Other Assets in Excess of Liabilities 1.2%
     7,058,621  
 
      
 
        
Net Assets 100.0%
   $ 579,590,930  
 
      
 
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)   Payment-in-kind security.
 
(c)   Floating Rate Coupon
 
(d)   Variable Rate Coupon
 
(e)   Non-income producing as security is in default.
 
(f)   Security has been deemed illiquid.
 
(g)   Market Value is determined in accordance with procedures established in good faith by the Board of Trustees.
Currency Abbreviations:
EUR — Euro

 

 

Van Kampen High Yield Fund
Portfolio of Investments — November 30, 2009 (Unaudited) continued
Security Valuation Fixed income investments and preferred stocks are valued by an independent pricing service using the mean of the last reported bid and asked prices. 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 fair value.
Fair Value Measurements Financial Accounting Standards Board Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (ASC 820) (formerly known as FAS 157), defines fair value 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. ACS 820 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 November 30, 2009 in valuing the Fund’s investments carried at value.
                                 
    Level 1     Level 2   Level 3        
                    Significant        
            Other Significant   Unobservable        
Investment   Quoted Prices     Observable Inputs   Inputs     Total  
 
Investments in an Asset Position:
                                
Corporate Bonds
   $ —     $ 541,259,287     $ —     $ 541,259,287  
Equities
                                
Financial
     —       1,238,022       —       1,238,022  
Repurchase Agreements
     —       30,035,000       —       30,035,000  
     
Total Investments in an Asset Position
   $ —     $ 572,532,309     $ —     $ 572,532,309  
     

 

 

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:
  January 21, 2010    
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/ Edward C. Wood III
 
    
Name:
  Edward C. Wood III    
Title:
  Principal Executive Officer    
Date:
  January 21, 2010    
 
        
By:
  /s/ Stuart N. Schuldt
 
    
Name:
  Stuart N. Schuldt    
Title:
  Principal Financial Officer    
Date:
  January 21, 2010