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 811-5707
Van Kampen High Income Trust
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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: 12/31
Date of reporting period: 9/30/04
Item 1. Schedule of Investments.
The Trust'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 TRUST
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 2004 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
CORPORATE BONDS 170.2%
BROADCASTING 3.1%
$ 170 Granite Broadcasting Corp. 9.750 % 12/01/10 $ 158,100
295 Salem Communications Corp. 7.750 12/15/10 312,700
1,080 TV Azteca SA (Mexico) 10.500 02/15/07 1,107,000
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1,577,800
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CABLE 7.8%
575 Cablevision Systems Corp., 144A - Private Placement (a) (b) 5.670 04/01/09 600,875
1,005 Charter Communications Holdings LLC 9.625 11/15/09 796,462
160 DirecTV Holdings LLC 8.375 03/15/13 182,800
855 Echostar DBS Corp. 6.375 10/01/11 869,962
580 Kabel Deutschland GmbH, 144A - Private Placement (Germany) (a) 10.625 07/01/14 635,100
850 PanAmSat Corp., 144A - Private Placement (a) 9.000 08/15/14 888,250
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3,973,449
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CHEMICALS 13.1%
610 Equistar Chemicals LP 10.125 09/01/08 690,825
350 Equistar Chemicals LP 10.625 05/01/11 400,750
245 FMC Corp. 10.250 11/01/09 287,262
190 Huntsman Advanced Materials LLC, 144A - Private Placement (a) 11.000 07/15/10 221,350
265 Innophos, Inc.,144A - Private Placement (a) 8.875 08/15/14 283,550
190 ISP Chemco, Inc. 10.250 07/01/11 212,800
900 ISP Holdings, Inc. 10.625 12/15/09 994,500
145 Koppers, Inc. 9.875 10/15/13 160,950
780 Lyondell Chemical Co. 10.500 06/01/13 904,800
55 Millennium America, Inc. 7.000 11/15/06 57,337
520 Millennium America, Inc. 9.250 06/15/08 575,900
535 Nalco Co. 7.750 11/15/11 569,775
495 Rhodia SA (France) 8.875 06/01/11 433,125
600 Rockwood Specialties Group, Inc. 10.625 05/15/11 663,000
137 Westlake Chemical Corp. 8.750 07/15/11 154,467
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6,610,391
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CONSUMER PRODUCTS 3.7%
270 Amscan Holdings, Inc., 144A - Private Placement (a) 8.750 05/01/14 276,750
210 Oxford Industrials, Inc., 144A - Private Placement (a) 8.875 06/01/11 228,900
830 Phillips Van-Heusen Corp. 7.250 02/15/11 867,350
315 Rayovac Corp. 8.500 10/01/13 343,350
158 Tempur Pedic, Inc. 10.250 08/15/10 180,515
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1,896,865
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DIVERSIFIED MEDIA 10.8%
832 Advanstar Communications, Inc. (b) 9.220 08/15/08 869,022
655 Alliance Atlantis Communications, Inc. (Canada) 13.000 12/15/09 711,494
750 CanWest Media, Inc. (Canada) 10.625 05/15/11 856,875
655 Houghton Mifflin Co. 9.875 02/01/13 691,025
625 Marquee, Inc., 144A - Private Placement (a) (b) 5.970 08/15/10 646,875
190 Marquee, Inc., 144A - Private Placement (a) 8.625 08/15/12 202,350
150 PEI Holdings, Inc. 11.000 03/15/10 174,937
860 Primedia, Inc. 8.875 05/15/11 864,300
400 Vertis, Inc. 9.750 04/01/09 432,000
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5,448,878
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ENERGY 16.6%
335 BRL Universal Equipment 8.875 02/15/08 358,450
455 CHC Helicopter Corp. (Canada) 7.375 05/01/14 476,612
220 Citgo Petroleum Corp. 11.375 02/01/11 260,150
905 El Paso Production Holding Co. 7.750 06/01/13 911,787
860 Frontier Oil Corp., 144A - Private Placement (a) (c) 6.625 10/01/11 875,050
97 Gulfterra Energy Partners LP 8.500 06/01/10 113,369
385 Gulfterra Energy Partners LP 10.625 12/01/12 485,100
90 Hanover Compressor Co. 8.625 12/15/10 98,100
385 Hanover Compressor Co. 9.000 06/01/14 424,462
375 Hanover Equipment Trust 8.500 09/01/08 405,000
160 Hanover Equipment Trust 8.750 09/01/11 175,600
550 Hilcorp Energy Finance Corp., 144A - Private Placement (a) 10.500 09/01/10 611,875
188 Magnum Hunter Resources, Inc. 9.600 03/15/12 213,380
375 Pacific Energy Partners, 144A - Private Placement (a) 7.125 06/15/14 407,812
850 Plains Exploration & Production Co., 144A - Private
Placement (a) 7.125 06/15/14 915,875
305 Port Arthur Finance Corp. 12.500 01/15/09 356,710
180 Tesoro Petroleum Corp. 9.625 04/01/12 209,250
1,025 Vintage Petroleum, Inc. 7.875 05/15/11 1,101,875
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8,400,457
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FINANCIAL 1.4%
680 Refco Finance Holdings LLC, 144A - Private Placement (a) 9.000 08/01/12 729,300
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FOOD & DRUG 4.0%
690 Delhaize America, Inc. 8.125 04/15/11 791,447
150 Jean Coutu Group (PJC), Inc., 144A - Private Placement
(Canada) (a) 7.625 08/01/12 153,375
725 Jean Coutu Group (PJC), Inc., 144A - Private Placement
(Canada) (a) 8.500 08/01/14 723,187
1,570 Jitney-Jungle Stores America, Inc. (d) (e) (f) 12.000 03/01/06 0
360 Rite Aid Corp. 8.125 05/01/10 379,800
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2,047,809
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FOOD & TOBACCO 8.1%
750 Constellation Brands, Inc. 8.000 02/15/08 829,687
340 Michael Foods, Inc. 8.000 11/15/13 357,850
210 Pilgrim's Pride Corp. 9.250 11/15/13 232,050
765 Pilgrim's Pride Corp. 9.625 09/15/11 860,625
600 Smithfield Foods, Inc. 7.625 02/15/08 643,500
1,050 Smithfield Foods, Inc. 8.000 10/15/09 1,162,875
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4,086,587
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FOREST PRODUCTS 13.2%
1,020 Abitibi-Consolidated, Inc. (Canada) 6.000 06/20/13 943,500
330 Abitibi-Consolidated, Inc. (Canada) 8.550 08/01/10 355,575
535 Georgia-Pacific Corp. 8.875 02/01/10 628,625
775 Graphic Packaging International, Inc. 9.500 08/15/13 889,312
560 MDP Acquisitions PLC (Ireland) 9.625 10/01/12 635,600
235 Norampac, Inc. (Canada) 6.750 06/01/13 246,162
1,350 Owens-Brockway Glass Containers, Inc. 8.875 02/15/09 1,474,875
495 Pliant Corp. 13.000 06/01/10 428,175
1,065 Tembec Industries, Inc. (Canada) 7.750 03/15/12 1,075,650
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6,677,474
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GAMING & LEISURE 16.9%
425 Caesars Entertainment 8.875 09/15/08 485,562
920 Harrahs Operating Co., Inc. 7.875 12/15/05 974,050
290 Hilton Hotels Corp. 7.625 12/01/12 338,575
176 HMH Properties, Inc. 7.875 08/01/08 181,940
275 Host Marriott LP 7.125 11/01/13 290,125
650 Intrawest Corp., 144A - Private Placement (Canada) (a) (c) 7.500 10/15/13 676,812
1,095 Isle of Capri Casinos, Inc. 7.000 03/01/14 1,105,950
150 MGM Mirage, Inc. 5.875 02/27/14 145,125
1,080 MGM Mirage, Inc. 6.000 10/01/09 1,100,250
40 MGM Mirage, Inc., 144A - Private Placement (a) 6.000 10/01/09 40,750
865 Mohegan Tribal Gaming Authority, 144A - Private Placement (a) 7.125 08/15/14 910,412
490 Park Place Entertainment Corp. 7.875 12/15/05 516,950
1,075 Starwood Hotels & Resorts Worldwide, Inc. 7.375 05/01/07 1,163,688
625 Station Casinos, Inc. 6.000 04/01/12 643,750
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8,573,939
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HEALTHCARE 10.4%
655 AmerisourceBergen Corp. 8.125 09/01/08 730,325
1,140 Extendicare Health Services, Inc. 6.875 05/01/14 1,168,500
400 Fisher Scientific International, Inc. 8.125 05/01/12 448,000
160 Fisher Scientific International, Inc., 144A - Private Placement
(a) 6.750 08/15/14 168,800
560 Fresenius Medical Care Capital Trust II 7.875 02/01/08 613,200
235 Fresenius Medical Care Capital Trust IV 7.875 06/15/11 262,025
85 National Nephrology Associates, Inc., 144A - Private Placement
(a) 9.000 11/01/11 98,706
410 Team Health, Inc., 144A - Private Placement (a) 9.000 04/01/12 410,000
435 Tenet Healthcare Corp., 144A - Private Placement (a) 9.875 07/01/14 456,750
190 VWR International, Inc., 144A - Private Placement (a) 6.875 04/15/12 199,500
650 VWR International, Inc., 144A - Private Placement (a) 8.000 04/15/14 690,625
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5,246,431
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HOUSING 8.9%
104 CB Richard Ellis Service, Inc. 9.750 05/15/10 118,300
545 CB Richard Ellis Service, Inc. 11.250 06/15/11 639,013
625 Interface, Inc. 9.500 02/01/14 650,000
615 Nortek Holdings, Inc., 144A - Private Placement (a) 8.500 09/01/14 647,288
875 Ply Gem Industries, Inc., 144A - Private Placement (a) 9.000 02/15/12 877,188
645 Technical Olympic USA, Inc. 9.000 07/01/10 709,500
290 Technical Olympic USA, Inc. 9.000 07/01/10 319,000
310 Technical Olympic USA, Inc. 10.375 07/01/12 348,750
190 WII Components, Inc. 10.000 02/15/12 185,250
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4,494,289
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INFORMATION TECHNOLOGY 4.3%
445 Iron Mountain, Inc. 7.750 01/15/15 473,925
770 Iron Mountain, Inc. 8.625 04/01/13 839,300
800 Xerox Corp. 7.125 06/15/10 858,000
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2,171,225
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MANUFACTURING 5.1%
155 Flowserve Corp. 12.250 08/15/10 175,925
530 Johnsondiversey, Inc. 9.625 05/15/12 596,250
675 Manitowoc, Inc. 10.500 08/01/12 781,313
1,010 Trimas Corp. 9.875 06/15/12 1,052,925
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2,606,413
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METALS 2.8%
191 Doe Run Resources Corp. (Acquired 02/15/01, Cost $167,821) (f)
(g) (h) 11.750 11/01/08 163,513
140 Foundation PA Coal Co., 144A - Private Placement (a) 7.250 08/01/14 149,450
210 General Cable Corp. 9.500 11/15/10 234,150
440 UCAR Finance, Inc. 10.250 02/15/12 506,000
337 United States Steel Corp. 9.750 05/15/10 387,550
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1,440,663
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RETAIL 1.6%
67 Big 5 Corp. 10.875 11/15/07 69,094
290 General Nutrition Centers, Inc. 8.500 12/01/10 297,975
425 Petro Stopping Center Financial 9.000 02/15/12 452,625
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819,694
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SERVICES 7.5%
45 Allied Waste North America, Inc. 7.875 04/15/13 47,700
1,500 Allied Waste North America, Inc. 8.875 04/01/08 1,635,000
510 Buhrmann US, Inc., 144A - Private Placement (a) 8.250 07/01/14 512,550
405 MSW Energy Holdings II LLC 7.375 09/01/10 427,275
85 MSW Energy Holdings LLC 8.500 09/01/10 93,500
390 United Rentals North America, Inc. 6.500 02/15/12 377,325
740 United Rentals North America, Inc. 7.750 11/15/13 697,450
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3,790,800
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TELECOMMUNICATIONS 6.3%
605 Axtel SA (Mexico) 11.000 12/15/13 623,150
860 Cincinnati Bell, Inc. 7.250 07/15/13 832,050
280 Exodus Communications, Inc. (d) (e) (f) 11.250 07/01/08 0
430 Qwest Communications International, Inc., 144A - Private
Placement (a) (b) 5.211 02/15/09 411,725
710 Qwest Corp. 6.625 09/15/05 733,075
575 Qwest Corp., 144A - Private Placement (a) 7.875 09/01/11 599,438
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3,199,438
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TRANSPORTATION 7.1%
450 Autonation, Inc. 9.000 08/01/08 519,750
585 Laidlaw International, Inc. 10.750 06/15/11 670,556
1,065 Sonic Automotive, Inc. 8.625 08/15/13 1,131,563
1,100 TRW Automotive, Inc. 9.375 02/15/13 1,262,250
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3,584,119
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UTILITY 12.1%
485 AES Corp. 7.750 03/01/14 503,188
23 AES Corp. 8.875 02/15/11 25,703
73 AES Corp. 9.375 09/15/10 82,581
725 Calpine Corp., 144A - Private Placement (a) 8.500 07/15/10 558,250
65 CMS Energy Corp. 7.500 01/15/09 68,413
405 CMS Energy Corp. 8.500 04/15/11 443,475
605 Dynegy Holdings, Inc. 6.875 04/01/11 579,288
345 Dynegy Holdings, Inc., 144A - Private Placement (a) 9.875 07/15/10 391,575
235 IPALCO Enterprises, Inc. 8.625 11/14/11 266,725
485 Monongahela Power Co. 5.000 10/01/06 504,249
290 Nevada Power Co. 8.250 06/01/11 326,250
490 Nevada Power Co. 9.000 08/15/13 565,950
385 PSEG Energy Holdings, Inc. 7.750 04/16/07 412,913
20 PSEG Energy Holdings, Inc. 8.625 02/15/08 22,150
195 Southern Natural Gas Co. 8.875 03/15/10 220,350
785 TNP Enterprises, Inc. 10.250 04/01/10 847,800
270 Trans Continental Gas Pipe Line Corp. 8.875 07/15/12 329,738
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6,148,598
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WIRELESS COMMUNICATIONS 5.4%
590 Centennial Communications, 144A - Private Placement (a) 8.125 02/01/14 565,663
1,275 Nextel Communications, Inc. 6.875 10/31/13 1,332,375
250 Rural Cellular Corp., 144A - Private Placement (a) (b) 6.380 03/15/10 255,625
575 Rural Cellular Corp., 144A - Private Placement (a) 8.250 03/15/12 587,938
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2,741,601
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TOTAL CORPORATE BONDS 170.2% 86,266,220
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DESCRIPTION VALUE
EQUITIES 0.5%
DecisionOne Corp. (3,033 common shares) (f) (i) 0
DecisionOne Corp. (6,670 common stock warrants) (f) (i) 0
Doe Run Resources Corp. (1 common stock warrant) (f) (i) 0
HCI Direct, Inc. (30,357 common shares) (f) (i) 236,784
Hosiery Corp of America, Inc. (500 common shares) (f) (i) 0
VS Holdings, Inc. (11,316 common shares) (f) (i) 2,113
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TOTAL EQUITIES 0.5% 238,897
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TOTAL LONG-TERM INVESTMENTS 170.7%
(Cost $85,437,847) 86,505,117
REPURCHASE AGREEMENT 3.6%
State Street Bank & Trust Co. ($1,841,000 par
collateralized by U.S. Government obligations in a
pooled cash account, interest rate of 1.82%, dated
09/30/04, to be sold on 10/01/04 at $1,841,093) 1,841,000
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(Cost $1,841,000)
TOTAL INVESTMENTS 174.3%
(Cost $87,278,847) 88,346,117
LIABILITIES IN EXCESS OF OTHER ASSETS (0.1%) (42,955)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (74.2%) (37,630,916)
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NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $50,672,246
==================
Percentages are calculated as a percentage of net assets applicable
to common shares.
(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) Variable rate security. Interest rate shown is that in effect at
September 30, 2004.
(c) Security purchased on a when-issued or delayed delivery basis.
(d) Non-income producing as security is in default.
(e) This borrower has filed for protection in federal bankruptcy court.
(f) Market value is determined in accordance with procedures established
in good faith by the Board of Trustees.
(g) Payment-in-kind security.
(h) These securities are restricted and may be resold only in
transactions exempt from registration which are normally those
transactions with qualified institutional buyers. Restricted
securities comprise 0.3% of net assets applicable to common shares.
(i) Non-income producing security.
Item 2. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust 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 Trust'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 Trust'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 Income Trust
By: /s/ Ronald E. Robison
---------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: November 19, 2004
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: November 19, 2004
By: /s/ James M. Dykas
-------------------
Name: James M. Dykas
Title: Principal Financial Officer
Date: November 19, 2004