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 (formerly Van Kampen High Income Corporate Bond Fund)
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(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 8/31
Date of reporting period: 11/30/04
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 INCOME CORPORATE BOND FUND
PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (Unaudited)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
CORPORATE BONDS 93.1%
AEROSPACE 0.5%
$ 3,170 K&F Acquisition, Inc., 144A - Private Placement (a) 7.750% 11/15/14 $ 3,257,175
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BROADCASTING 1.5%
2,755 Interep National Radio Sales, Inc., Ser B 10.000 07/01/08 2,000,819
1,165 Salem Communications Corp. 7.750 12/15/10 1,246,550
5,555 TV Azteca SA de CV, Ser B (Mexico) 10.500 02/15/07 5,686,931
---------------
8,934,300
---------------
CABLE 5.7%
756 Avalon Cable LLC 11.875 12/01/08 792,174
4,540 Cablecom Luxembourg SCA, 144A-Private Placement (Luxembourg) (a) 9.375 04/15/14 6,725,756
1,425 Cablevision Systems Corp., 144A - Private Placement (Variable Rate
Coupon) (a) 6.669 04/01/09 1,514,062
1,145 Charter Communications Holdings LLC 10.750 10/01/09 996,150
4,100 Charter Communications Holdings LLC 9.625 11/15/09 3,423,500
1,100 Charter Communications Holdings LLC (b) 0/11.750 01/15/10 970,750
1,035 DirecTV Holdings/Finance LLC 8.375 03/15/13 1,166,962
1,500 Echostar DBS Corp. 6.375 10/01/11 1,541,250
3,730 Kabel Deutschland GmbH, 144A - Private Placement (Germany) (a) 10.625 07/01/14 4,308,150
1,655 PanAmSat Corp., 144A - Private Placement (a) 9.000 08/15/14 1,779,125
4,955 PanAmSat Corp., 144A - Private Placement (a) (b) 0/10.375 11/01/14 2,985,387
1,570 Renaissance Media Group 10.000 04/15/08 1,632,800
3,185 Satelites Mexicanos SA, Ser B (Mexico) (c) 10.125 11/01/04 1,672,125
2,075 Telenet Communication NV, 144A - Private Placement (Euro) (Belgium) (a) 9.000 12/15/13 3,101,566
2,515 Telenet Group Holding NV, 144A - Private Placement (Belgium) (a) (b) 0/11.500 06/15/14 1,923,975
---------------
34,533,732
---------------
CHEMICALS 8.0%
1,762 Avecia Group PLC (United Kingdom) 11.000 07/01/09 1,665,090
2,980 Cognis Deutschland GmbH & Co., 144A - Private Placement (Euro)
(Variable Rate Coupon) (Germany) (a) 6.979 11/15/13 4,196,938
3,343 Equistar Chemicals LP 10.125 09/01/08 3,852,807
1,564 FMC Corp. 10.250 11/01/09 1,806,420
1,475 Huntsman Advanced Materials LLC, 144A - Private Placement (a) 11.000 07/15/10 1,758,937
794 Huntsman International, LLC 10.125 07/01/09 841,640
2,800 Huntsman International, LLC (Euro) 10.125 07/01/09 3,962,033
1,740 Innophos, Inc.,144A - Private Placement (a) 8.875 08/15/14 1,887,900
1,280 ISP Chemco, Inc., Ser B 10.250 07/01/11 1,440,000
3,930 ISP Holdings, Inc., Ser B 10.625 12/15/09 4,381,950
1,000 Koppers, Inc. 9.875 10/15/13 1,137,000
2,535 Lyondell Chemical Co. 10.500 06/01/13 3,016,650
2,700 Millennium America, Inc. 7.000 11/15/06 2,835,000
775 Millennium America, Inc. 9.250 06/15/08 877,687
1,120 Nalco Co. 7.750 11/15/11 1,212,400
3,940 Nalco Co. 8.875 11/15/13 4,368,475
3,565 Rhodia SA (France) 8.875 06/01/11 3,511,525
2,875 Rockwood Specialties Group, Inc. 10.625 05/15/11 3,284,687
990 Rockwood Specialties Group, Inc., 144A - Private Placement (a) 7.625 11/15/14 1,358,112
965 Westlake Chemical Corp. 8.750 07/15/11 1,092,862
---------------
48,488,113
---------------
CONSUMER PRODUCTS 2.4%
1,840 Amscan Holdings, Inc. 8.750 05/01/14 1,853,800
1,660 Leiner Health Products, Inc. 11.000 06/01/12 1,817,700
1,555 Oxford Industrials, Inc. 8.875 06/01/11 1,687,175
2,220 Rayovac Corp. 8.500 10/01/13 2,464,200
3,560 Safilo Capital International SA, 144A - Private Placement (Euro)
(Luxembourg) (a) 9.625 05/15/13 4,789,117
4,000 Sleepmaster LLC, Ser B (c) (d) (e) 11.000 05/15/09 880,000
1,082 Tempur Pedic, Inc. 10.250 08/15/10 1,257,825
---------------
14,749,817
---------------
DIVERSIFIED MEDIA 8.3%
820 Advanstar Communications, Inc. 10.750 08/15/10 928,650
4,177 Advanstar Communications, Inc. (Variable Rate Coupon) 9.790 08/15/08 4,396,424
3,250 Alliance Atlantis Communications, Inc. (Canada) 13.000 12/15/09 3,477,500
4,527 Canwest Media, Inc., 144A - Private Placement (Canada) (a) 8.000 09/15/12 4,866,230
1,195 Cinemark, Inc. (b) 0/9.750 03/15/14 884,300
1,518 Dex Media East/Finance Corp., LLC 12.125 11/15/12 1,859,550
2,417 Dex Media West/Finance Corp., LLC, Ser B 9.875 08/15/13 2,803,720
2,530 Dex Media, Inc. (b) 0/9.000 11/15/13 1,954,425
3,875 Houghton Mifflin Co. 9.875 02/01/13 4,281,875
770 Houghton Mifflin Co. (b) 0/11.500 10/15/13 551,512
4,275 Interpublic Group of Cos., Inc. 6.250 11/15/14 4,247,362
2,200 Lighthouse International Co. SA, 144A - Private Placement (Euro)
(Luxembourg) (a) 8.000 04/30/14 2,974,182
2,075 Marquee, Inc., 144A - Private Placement (Variable Rate Coupon) (a) 6.540 08/15/10 2,189,125
490 Muzak LLC 10.000 02/15/09 450,800
3,102 Muzak LLC 9.875 03/15/09 2,338,132
2,725 Nebraska Book Co., Inc. 8.625 03/15/12 2,799,937
1,026 PEI Holdings, Inc. 11.000 03/15/10 1,195,290
4,245 Primedia, Inc. 8.875 05/15/11 4,393,575
3,065 Vertis, Inc., 144A - Private Placement (a) 13.500 12/07/09 3,264,225
---------------
49,856,814
---------------
ENERGY 7.3%
2,211 BRL Universal Equipment 8.875 02/15/08 2,338,132
3,455 CHC Helicopter Corp. (Canada) 7.375 05/01/14 3,662,300
2,875 Chesapeake Energy Corp. 7.500 09/15/13 3,176,875
905 CITGO Petroleum Corp., 144A - Private Placement (a) 6.000 10/15/11 918,575
5,710 El Paso Production Holding Co. 7.750 06/01/13 5,981,225
2,465 Hanover Compressor Co. 8.625 12/15/10 2,686,850
620 Hanover Compressor Co. 9.000 06/01/14 689,750
2,004 Hanover Equipment Trust, Ser B 8.750 09/01/11 2,184,360
3,890 Hilcorp Energy/Finance Corp., 144A - Private Placement (a) 10.500 09/01/10 4,434,600
2,370 Husky Oil Ltd. (Variable Rate Coupon) (Canada) 8.900 08/15/28 2,712,313
1,296 Magnum Hunter Resources, Inc. 9.600 03/15/12 1,490,400
2,325 Pacific Energy Partners 7.125 06/15/14 2,511,000
1,730 Plains E & P Co. 7.125 06/15/14 1,911,650
2,377 Port Arthur Finance Corp., Ser A 12.500 01/15/09 2,793,257
1,954 Tesoro Petroleum Corp. 9.625 04/01/12 2,266,640
3,792 Vintage Petroleum, Inc. 7.875 05/15/11 4,095,360
---------------
43,853,287
---------------
FINANCIAL 0.8%
4,475 RefcoFinance Holdings LLC, 144A - Private Placement (a) 9.000 08/01/12 4,900,125
---------------
FOOD & DRUG 2.4%
2,605 Delhaize America, Inc. 8.125 04/15/11 3,009,395
985 Jean Coutu Group (PJC), Inc., 144A - Private Placement (Canada) (a) 7.625 08/01/12 1,034,250
4,260 Jean Coutu Group (PJC), Inc., 144A - Private Placement (Canada) (a) 8.500 08/01/14 4,345,200
1,200 Jitney-Jungle Stores America, Inc. (c) (d) (e) 12.000 03/01/06 0
2,936 Kroger Co., 144A - Private Placement (a) 8.500 07/15/17 3,387,276
2,070 Rite Aid Corp. 7.125 01/15/07 2,101,050
755 Rite Aid Corp. 8.125 05/01/10 807,850
---------------
14,685,021
---------------
FOOD & TOBACCO 2.6%
2,360 Michael Foods, Inc. 8.000 11/15/13 2,501,600
5,400 Pilgrim's Pride Corp. 9.625 09/15/11 6,095,250
1,475 Smithfield Foods, Inc. 7.625 02/15/08 1,585,625
4,585 Smithfield Foods, Inc. 7.000 08/01/11 4,883,025
600 Smithfield Foods, Inc., Ser B 8.000 10/15/09 663,000
---------------
15,728,500
---------------
FOREST PRODUCTS 6.7%
985 Abitibi-Consolidated, Inc. (Canada) 7.750 06/15/11 1,034,250
3,505 Abitibi-Consolidated, Inc. (Canada) 6.000 06/20/13 3,294,700
4,525 Georgia-Pacific Corp. 8.875 02/01/10 5,305,563
1,450 Graham Packaging Co., Inc., 144A - Private Placement (a) 8.500 10/15/12 1,515,250
3,405 Graphic Packaging International, Inc. 9.500 08/15/13 3,898,725
3,075 JSG Funding PLC (Euro) (Ireland) 10.125 10/01/12 4,708,650
1,785 Norampac, Inc. (Canada) 6.750 06/01/13 1,874,250
1,710 Owens-Illinois, Inc. 7.350 05/15/08 1,778,400
6,700 Owens-Illinois, Inc. 7.500 05/15/10 7,035,000
1,585 Pliant Corp. 13.000 06/01/10 1,529,525
2,419 Pliant Corp. 13.000 06/01/10 2,334,335
1,315 Tekni-Plex, Inc., 144A - Private Placement (a) 8.750 11/15/13 1,315,000
4,800 Tembec Industries, Inc. (Canada) 7.750 03/15/12 4,620,000
---------------
40,243,648
---------------
GAMING & LEISURE 4.2%
993 Ceasars Entertainment 8.875 09/15/08 1,128,296
2,145 Gaylord Entertainment Co., 144A - Private Placement (a) 6.750 11/15/14 2,155,725
820 Global Cash Access LLC 8.750 03/15/12 889,700
591 HMH Properties, Inc., Ser B 7.875 08/01/08 610,946
3,240 Isle of Capri Casinos, Inc. 7.000 03/01/14 3,402,000
4,605 MGM Mirage, Inc. 6.000 10/01/09 4,737,394
4,100 MGM Mirage, Inc. 5.875 02/27/14 4,048,750
2,850 MGM Mirage, Inc., 144A - Private Placement (a) 6.000 10/01/09 2,931,938
285 Station Casinos, Inc. 6.000 04/01/12 294,975
2,500 Station Casinos, Inc. 6.500 02/01/14 2,606,250
2,280 Venetian Casino Resort LLC 11.000 06/15/10 2,610,600
---------------
25,416,574
---------------
HEALTHCARE 4.9%
418 AmerisourceBergen Corp. 8.125 09/01/08 461,890
3,775 AmerisourceBergen Corp. 7.250 11/15/12 4,161,938
1,507 Fisher Scientific International, Inc. 8.125 05/01/12 1,685,956
2,300 Fisher Scientific International, Inc., 144A - Private Placement (a) 6.750 08/15/14 2,461,000
4,790 Fresenius Medical Care Capital Trust IV 7.875 06/15/11 5,352,825
3,095 HCA, Inc. 6.300 10/01/12 3,111,889
305 HCA, Inc. 6.375 01/15/15 302,784
2,730 Medcath Holdings Corp. 9.875 07/15/12 2,975,700
565 National Nephrology Associates, Inc., 144A - Private Placement (a) 9.000 11/01/11 655,400
2,670 Team Health, Inc., 144A - Private Placement (a) 9.000 04/01/12 2,683,350
720 Tenet Healthcare Corp. 6.500 06/01/12 673,200
1,535 Tenet Healthcare Corp., 144A - Private Placement (a) 9.875 07/01/14 1,657,800
1,330 VWR International, Inc., 144A - Private Placement (a) 6.875 04/15/12 1,389,850
1,640 VWR International, Inc., 144A - Private Placement (a) 8.000 04/15/14 1,746,600
---------------
29,320,182
---------------
HOUSING 5.8%
8,145 Associated Materials, Inc. (b) 0/11.250 03/01/14 6,108,750
686 CB Richard Ellis Service, Inc. 9.750 05/15/10 785,470
3,622 CB Richard Ellis Service, Inc. 11.250 06/15/11 4,183,410
765 Interface, Inc. 7.300 04/01/08 784,125
955 Interface, Inc. 10.375 02/01/10 1,103,025
3,005 Interface, Inc., Ser B 9.500 02/01/14 3,260,425
4,045 Nortek, Inc., 144A - Private Placement (a) 8.500 09/01/14 4,368,600
2,510 Ply Gem Industries, Inc., 144A - Private Placement (a) 9.000 02/15/12 2,560,200
2,080 Propex Fabrics, Inc., 144A - Private Placement (a) (f) 10.000 12/01/12 2,121,600
3,025 RMCC Acquisition Co., 144A - Private Placement (a) 9.500 11/01/12 3,055,250
1,131 Technical Olympic USA, Inc. 9.000 07/01/10 1,224,308
1,805 Technical Olympic USA, Inc. 9.000 07/01/10 1,953,913
2,003 Technical Olympic USA, Inc. 10.375 07/01/12 2,253,375
1,325 WII Components, Inc. 10.000 02/15/12 1,305,125
---------------
35,067,576
---------------
INFORMATION TECHNOLOGY 2.0%
3,150 Iron Mountain, Inc. 8.625 04/01/13 3,339,000
2,340 Iron Mountain, Inc. 7.750 01/15/15 2,386,800
1,970 Nortel Networks Ltd. (Canada) 6.125 02/15/06 1,999,550
3,780 Xerox Corp. 7.125 06/15/10 4,082,400
---------------
11,807,750
---------------
MANUFACTURING 3.6%
3,360 Brand Services, Inc. 12.000 10/15/12 3,780,000
990 Flowserve Corp. 12.250 08/15/10 1,103,850
1,377 Johnsondiversey, Inc. (Euro) 9.625 05/15/12 2,062,818
3,021 Johnsondiversey, Inc., Ser B 9.625 05/15/12 3,428,835
2,615 Manitowoc, Inc. 10.500 08/01/12 3,020,325
3,279 NMHG Holdings Co. 10.000 05/15/09 3,639,690
4,814 Trimas Corp. 9.875 06/15/12 5,006,560
---------------
22,042,078
---------------
METALS 2.8%
6,407 Doe Run Resources Corp. (Acquired 3/6/98, Cost $7,363,774) (e) (g) (h) 11.750 11/01/08 5,605,824
910 Foundation PA Coal Co., 144A - Private Placement (a) 7.250 08/01/14 978,250
1,460 General Cable Corp. 9.500 11/15/10 1,642,500
6,655 GS Technologies Operating, Inc. (c) (d) (e) 12.000 09/01/04 666
1,635 Sgl Carbon Luxembourg SA, 144A - Private Placement (Euro)
(Luxembourg) (a) 8.500 02/01/12 2,397,722
2,798 car Finance, Inc. 10.250 02/15/12 3,175,730
2,523 United States Steel Corp. 9.750 05/15/10 2,914,065
---------------
16,714,757
---------------
RETAIL 1.2%
835 Big 5 Corp., Ser B 10.875 11/15/07 854,414
2,015 General Nutrition Center, Inc. 8.500 12/01/10 2,022,556
3,950 Petro Stopping Center/Financial 9.000 02/15/12 4,187,000
---------------
7,063,970
---------------
SERVICES 3.1%
1,750 Allied Waste North America, Inc. 7.875 04/15/13 1,771,875
1,645 Allied Waste North America, Inc., Ser B 9.250 09/01/12 1,764,263
3,255 Buhrmann US, Inc. 8.250 07/01/14 3,320,100
2,450 Hydrochem Industrial Services, Inc., Ser B 10.375 08/01/07 2,474,500
2,735 MSW Energy Holdings LLC, Ser B 7.375 09/01/10 2,899,100
650 MSW Energy Holdings/Finance 8.500 09/01/10 718,250
2,875 United Rentals North America, Inc. 6.500 02/15/12 2,831,875
2,900 United Rentals North America, Inc. 7.750 11/15/13 2,798,500
---------------
18,578,463
---------------
TELECOMMUNICATIONS 2.6%
4,290 Axtel SA (Mexico) 11.000 12/15/13 4,579,575
4,210 Exodus Communications, Inc. (c) (d) (e) 11.250 07/01/08 0
330 Exodus Communications, Inc. (c) (d) (e) 11.625 07/15/10 0
2,750 Exodus Communications, Inc. (Euro) (c) (d) (e) 11.375 07/15/08 0
5,305 GST Network Funding, Inc. (c) (d) (e) 10.500 05/01/08 531
1,121 Knology, Inc., 144A - Private Placement (a) (g) 12.000 11/30/09 1,084,430
3,000 Park N View, Inc., Ser B (c) (d) (e) 13.000 05/15/08 0
4,705 Primus Telecommunications Holdings 8.000 01/15/14 3,928,675
2,955 Qwest Communications International, Inc., 144A - Private Placement
(Variable Rate Coupon) (a) 5.790 02/15/09 2,962,388
665 Qwest Corp. 5.625 11/15/08 673,313
2,050 Qwest Services Corp., 144A - Private Placement (a) 13.000 12/15/07 2,347,250
---------------
15,576,162
---------------
TRANSPORTATION 3.7%
2,815 Amsted Industries, Inc., 144A - Private Placement (a) 10.250 10/15/11 3,110,575
3,260 Autonation, Inc. 9.000 08/01/08 3,732,700
4,040 Laidlaw International, Inc. 10.750 06/15/11 4,671,250
3,380 Sonic Automotive, Inc., Ser B 8.625 08/15/13 3,650,400
2,870 Tenneco Automotive, Inc., Ser B 11.625 10/15/09 3,061,142
3,667 TRW Automotive, Inc. 9.375 02/15/13 4,290,390
---------------
22,516,457
---------------
UTILITY 7.5%
508 AES Corp. 9.375 09/15/10 589,915
360 AES Corp. 8.875 02/15/11 413,100
600 AES Corp. 7.750 03/01/14 653,250
2,925 AES Corp., 144A - Private Placement (a) 9.000 05/15/15 3,356,438
1,695 Allegheny Energy, Inc. 7.750 08/01/05 1,739,494
2,230 Calpine Corp., 144A - Private Placement (a) 8.500 07/15/10 1,778,425
775 CMS Energy Corp. 7.500 01/15/09 833,125
2,780 CMS Energy Corp. 8.500 04/15/11 3,176,150
3,480 Dynegy Holdings, Inc. 6.875 04/01/11 3,375,600
2,460 Dynegy Holdings, Inc., 144A - Private Placement (a) 9.875 07/15/10 2,792,100
925 IPALCO Enterprises, Inc. 8.625 11/14/11 1,040,625
3,220 Monongahela Power Co. 5.000 10/01/06 3,299,086
2,550 Nevada Power Co. 9.000 08/15/13 2,970,750
1,970 Nevada Power Co., Ser A 8.250 06/01/11 2,275,350
695 Northwest Pipeline Corp. 8.125 03/01/10 779,269
4,390 Ormat Funding Corp., 144A - Private Placement (a) 8.250 12/30/20 4,395,507
840 PSEG Energy Holdings, Inc. 7.750 04/16/07 903,000
1,949 PSEG Energy Holdings, Inc. 8.625 02/15/08 2,168,263
1,345 Southern Natural Gas Co. 8.875 03/15/10 1,523,213
1,225 Trans Continental Gas Pipe Line Corp., Ser B 8.875 07/15/12 1,515,938
5,250 Williams Cos., Inc. 7.875 09/01/21 5,958,750
---------------
45,537,348
---------------
WIRELESS COMMUNICATIONS 5.5%
915 AirGate PCS, Inc., 144A - Private Placement (Variable Rate Coupon) (a) 5.850 10/15/11 940,163
1,110 American Tower Corp. 9.375 02/01/09 1,176,600
2,120 American Tower Corp. 7.500 05/01/12 2,210,100
2,120 American Tower Corp., 144A - Private Placement (a) 7.125 10/15/12 2,157,100
2,930 Centennial Communications Corp. 8.125 02/01/14 3,003,250
3,355 Metropcs, Inc. 10.750 10/01/11 3,539,525
2,800 Nextel Communications, Inc. 6.875 10/31/13 3,038,000
1,370 Rogers Wireless, Inc., 144A - Private Placement (Canada) (a) 8.000 12/15/12 1,428,225
1,990 Rogers Wireless, Inc., 144A - Private Placement (Canada) (a) 7.500 03/15/15 2,074,575
3,055 Rural Cellular Corp. (Variable Rate Coupon) 6.990 03/15/10 3,161,925
3,317 SBA Communications Corp. 10.250 02/01/09 3,536,751
4,695 SBA Communications Corp. (b) 0/9.750 12/15/11 3,932,063
380 UbiquiTel Operating Co. 9.875 03/01/11 418,950
2,390 UbiquiTel Operating Co., 144A - Private Placement (a) 9.875 03/01/11 2,634,975
---------------
33,252,202
---------------
TOTAL CORPORATE BONDS 562,124,051
---------------
CONVERTIBLE CORPORATE OBLIGATION 0.4%
INFORMATION TECHNOLOGY 0.4%
2,890 Nortel Networks Corp. (Canada) 4.250 09/01/08 2,785,238
---------------
DESCRIPTION VALUE
EQUITIES 1.5%
DecisionOne Corp. (14,661 Common Shares) (e) (i) 0
DecisionOne Corp. (8,219 Common Stock Warrants Class A) (e) (i) 0
DecisionOne Corp. (14,162 Common Stock Warrants Class B) (e) (i) 0
DecisionOne Corp. (8,400 Common Stock Warrants Class C) (e) (i) 0
Doe Run Resources Corp. (21 Common Stock Warrants) (e) (i) 0
HF Holdings, Inc. (36,820 Common Stock Warrants) (e) (i) 0
Jazztel, PLC, 144A - Private Placement (3,450 Common Stock Warrants)
(United Kingdom) (a) (e) (i) 0
Optel, Inc. (3,275 Common Shares) (e) (i) 0
Park N View, Inc., 144A - Private Placement (3,000 Common Stock
Warrants) (a) (d) (e) (i) 0
Paxon Communications Corp. (36,228 Preferred Shares) (g) 2,726,147
Reunion Industries, Inc. (107,947 Common Stock Warrants) (e) (i) 0
TNP Enterprises, Inc. (51,984 Preferred Shares, Ser D) (g) 6,017,156
UIH Australia/Pacific, Inc. (5,000 Common Stock Warrants) (e) (i) 0
Viatel Holding Bermuda Ltd. (4,809 common shares) (United Kingdom) (i) 4,328
VS Holdings, Inc. (568,177 Common Shares) (e) (i) 106,079
---------------
TOTAL EQUITIES 8,853,710
---------------
TOTAL LONG-TERM INVESTMENTS 95.0%
(Cost $572,205,686) 573,762,999
REPURCHASE AGREEMENT 3.8%
Bank of America Securities LLC ($22,802,000 par collateralized by U.S.
Government obligations in a pooled cash account, interest rate of
1.99%, dated 11/30/04, to be sold on 12/01/04 at $22,803,260) 22,802,000
---------------
(Cost $22,802,000)
TOTAL INVESTMENTS 98.8%
(Cost $595,007,686) 596,564,999
OTHER ASSETS IN EXCESS OF LIABILITIES 1.2% 7,333,101
---------------
NET ASSETS 100.0% $603,898,100
===============
Percentages are calculated as a percentage of net assets.
(a) 144A securities are those which are exempt from registration under Rule
144A of the Securities Act of 1933, as amended. These securities may only
be resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(b) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(c) This corporate bond is non-income producing as security is in default.
(d) This borrower has filed for protection in federal bankruptcy court.
(e) Market value is determined in accordance with procedures established in
good faith by the Board of Trustees.
(f) Securities purchased on a when-issued or delayed delivery basis.
(g) Payment-in-kind security.
(h) This security is restricted and may be resold only in transactions exempt
from registration which are normally those transactions with qualified
institutional buyers. Restricted securities comprise 0.9% of net assets.
(i) Non-income producing security as this stock or warrant currently does not
declare dividends.
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 20, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: January 20, 2005
By: /s/ James M. Dykas
-------------------
Name: James M. Dykas
Title: Principal Financial Officer
Date: January 20, 2005