0000950123-09-072733.txt : 20110822 0000950123-09-072733.hdr.sgml : 20110822 20091222164457 ACCESSION NUMBER: 0000950123-09-072733 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20091222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VAN KAMPEN HIGH YIELD FUND CENTRAL INDEX KEY: 0000276242 IRS NUMBER: 741993121 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: VAN KAMPEN INVESTMENTS INC. STREET 2: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-296-6963 MAIL ADDRESS: STREET 1: VAN KAMPEN INVESTMENTS INC. STREET 2: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN AMERICAN CAPITAL HIGH INCOME TRUST DATE OF NAME CHANGE: 19970909 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN AMERICAN CAPITAL HIGH INCOME CORPORATE BOND FUND DATE OF NAME CHANGE: 19951219 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN HIGH INCOME CORPORATE BOND FUND DATE OF NAME CHANGE: 19920703 CORRESP 1 filename1.htm corresp
Skadden, Arps, Slate, Meagher & Flom llp
155 NORTH WACKER DRIVE
CHICAGO, ILLINOIS 60606

               December 22, 2009
Mr. Larry Greene
Senior Counsel
Securities and Exchange Commission
Office of Investment Management
100 F Street, N.E.
Washington, DC 20549
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                                             RE: Van Kampen High Yield Fund
                                             File Numbers 811-2851 and 2-62115
Dear Mr. Greene:
     Thank you for your telephonic comments regarding the registration statement on Form N-1A filed on October 23, 2009 by Van Kampen High Yield Fund (the “Fund”) under the Securities Act of 1933, as amended (“Securities Act”) and the Investment Company Act of 1940, as amended (“1940 Act”). On behalf of the Fund, we have provided our response to your comments below. Where changes were necessary in response to your comments, they are reflected in Post-Effective Amendment No. 57 to the Fund’s Registration Statement which will be filed under the Securities Act and the 1940 Act via IDEA on or about December 22, 2009.
Prospectus
     
Comment 1
  We remind all registrants of the obligation to file electronic reports with respect to its fidelity bond coverage under Rule 17g-1(g) under the 1940 Act. Please confirm that the Fund has made the requisite filing for the year 2005.
 
    
Response 1
  The Fund acknowledges its obligation to file electronic reports with respect to their fidelity bond coverage under Rule 17g-1(g) under the 1940 Act and confirms that such filing was made for the year 2005.
 
    
Comment 2
  Please add risk disclosure relating to the volatility in or stemming from, the turmoil in the sub-prime mortgage, credit and other affected markets. Indicate also that there are proposals being considered by the administration

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  to change the regulation of financial institutions that could affect, possibly adversely, investment managers or investment funds.
 
    
Response 2
  The Fund notes that the disclosure is currently in the section entitled “Investment Objective, Principal Investment Strategies and Risks.” Thus, the Fund has not added any additional disclosure.
 
    
Comment 3
  In the section entitled “Summary — Fees and Expenses of the Fund,” please confirm that all footnotes thereto are either required or permitted by Form N-1A.
 
    
Response 3
  The Fund confirms that all such footnotes are permitted by Form N-1A. Footnotes 1 and 2 relate to the deferred sales charges applicable to such classes of shares, which are permitted by Instruction 2(a)(i) of Item 3. Footnote 3 relates to the exchange fee and the redemption fee, which is permitted by Instruction 2(c) of Item 3.
 
    
Comment 4
  In the section entitled “Summary — Principal Investment Risks — Foreign securities,” if the Fund intends to invest in emerging market country issuers, please add disclosure to reflect that.
 
    
Response 4
  The Fund notes that the requested disclosure is currently in the section referenced and thus, has not added additional disclosure.
 
    
Comment 5
  In the section entitled “Investment Objective, Principal Investment Strategies and Risks — Principal Investment Strategies and Risks — Strategic Transactions,” it states that the Fund may use various Strategic Transactions for a variety of purposes, including portfolio management. If the Fund intends to include any such Strategic Transactions for purposes of the Fund’s 80% policy, please add disclosure to that effect.
 
    
Response 5
  The Fund does not intend to include any Strategic Transactions in its 80% policy of investing in high yield, high risk corporate bonds and therefore has not added any additional disclosure.
 
    
Comment 6
  In the second paragraph in the section entitled “Investment Objective, Principal Investment Strategies and Risks — Principal Investment Strategies and Risks — Other Investments and Risk Factors,” it states that the Fund may invest in certain loans made by banks and other lenders that are assembled into “pools.” If investment in these “pools” involves the duplication of management expenses similar to the management expenses that the Fund pays to its investment adviser, please add disclosure to this effect.

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Response 6
  The Fund does not expect that investments in types of “pools” of assets described in the section referenced by the Staff will involve the duplication of management expenses and thus, the Fund has not added any additional disclosure.
 
    
Comment 7
  In the section entitled “Investment Objective, Principal Investment Strategies and Risks — Principal Investment Strategies and Risks — Other Investments and Risk Factors — Temporary defensive strategy,” please revise the disclosure to state that such defensive positions are inconsistent with the Fund’s principal investment strategies, as required by Instruction 6 of Item 4(b) of Form N-1A.
 
    
Response 7
  The Fund respectfully submits that the last sentence of this section addresses Instruction 6 as it states, “In taking such a defensive position, the Fund would temporarily not be pursuing its principal investment strategies and may not achieve its investment objective.” In addition, the Fund believes that adding the disclosure as requested would make the statements therein untrue. Since the Fund’s investment objective is to seek to maximize current income, making a statement that temporarily investing in securities issued by the U. S. government, its agencies or instrumentalities, prime commercial paper, certificates of deposit, bankers’ acceptances and other obligations of domestic banks and repurchase agreements (i.e., investments that primarily produce income) is inconsistent with the Fund’s investment objective is just untrue. In fact, the Fund believes that making such investments would be consistent the Fund’s investment objective. Therefore, the Fund does not believe that additional disclosure is necessary.
Statement of Additional Information
     
Comment 8
  In the section entitled “Investment Objective, Principal Investment Strategies and Risks — Illiquid Securities,” it references the Fund’s investments in securities of other investment companies. If the Fund makes such investments, please add disclosure to that effect.
 
    
Response 8
  The Fund does not intend to invest in securities of other investment companies and thus, has not added any additional disclosure.
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          In connection with the effectiveness of the Registration Statement, the Fund acknowledges that the disclosure included in the Registration Statement is the responsibility of the Fund. The Fund further acknowledges that the action of the Commission or the staff acting pursuant to delegated authority in reviewing the Registration Statement does not relieve the Fund from its full responsibility for the adequacy and accuracy of the disclosures in the Registration Statement; and that the Fund will not assert this action as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

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          Should you have any questions concerning our responses to your comments, please direct them to Elizabeth Nelson at (630) 684-6301 or the undersigned at (312) 407-0863.
Sincerely,
/s/ Charles B. Taylor

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