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
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
--------------------------------------------------------------------------------
(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: 3/31/05
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 MARCH 31, 2005 (UNAUDITED)
PAR
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
CORPORATE BONDS 167.2%
AEROSPACE 1.3%
$ 675 K&F Acquisition, Inc., 144A - Private Placement (a) 7.750% 11/15/14 $ 658,125
-------------
BROADCASTING 0.6%
295 Salem Communications Corp. 7.750 12/15/10 307,169
-------------
CABLE 10.3%
575 Cablevision Systems Corp., 144A - Private Placement
(a) (b) 6.669 04/01/09 612,375
1,005 Charter Communications Holdings LLC 9.625 11/15/09 791,437
855 Echostar DBS Corp. 6.375 10/01/11 842,175
1,260 Intelsat Bermuda Ltd - 144A - Private Placement
(Bermuda) (a) (b) 7.805 01/15/12 1,285,200
45 Intelsat Bermuda Ltd - 144A - Private Placement
(Bermuda) (a) 8.250 01/15/13 45,675
975 Kabel Deutschland GmbH, 144A - Private Placement
(Germany) (a) 10.625 07/01/14 1,082,250
400 PanAmSat Corp. 9.000 08/15/14 424,000
-------------
5,083,112
-------------
CHEMICALS 13.4%
610 Equistar Chemicals LP 10.125 09/01/08 677,100
350 Equistar Chemicals LP 10.625 05/01/11 394,625
245 FMC Corp. 10.250 11/01/09 274,400
190 Huntsman Advanced Materials LLC, 144A - Private
Placement (a) 11.000 07/15/10 218,975
425 Innophos, Inc.,144A - Private Placement (a) 8.875 08/15/14 448,375
190 ISP Chemco, Inc. 10.250 07/01/11 206,625
900 ISP Holdings, Inc. 10.625 12/15/09 967,500
145 Koppers, Inc. 9.875 10/15/13 162,400
780 Lyondell Chemical Co. 10.500 06/01/13 900,900
55 Millennium America, Inc. 7.000 11/15/06 56,100
520 Millennium America, Inc. 9.250 06/15/08 560,300
535 Nalco Co. 7.750 11/15/11 559,075
495 Rhodia SA (France) 8.875 06/01/11 483,862
600 Rockwood Specialties Group, Inc. 10.625 05/15/11 669,000
-------------
6,579,237
-------------
CONSUMER PRODUCTS 5.1%
270 Amscan Holdings, Inc. 8.750 05/01/14 263,250
185 Del Laboratories, Inc., 144A - Private Placement (a) 8.000 02/01/12 178,525
210 Oxford Industrials, Inc. 8.875 06/01/11 223,650
875 Phillips Van-Heusen Corp. 7.250 02/15/11 892,500
635 Rayovac Corp. 8.500 10/01/13 657,225
145 Rayovac Corp., 144A - Private Placement (a) 7.375 02/01/15 139,562
158 Tempur Pedic, Inc. 10.250 08/15/10 178,145
-------------
2,532,857
-------------
DIVERSIFIED MEDIA 9.0%
827 Advanstar Communications, Inc. (b) 10.294 08/15/08 860,496
750 CanWest Media, Inc. (Canada) 10.625 05/15/11 821,250
395 Dex Media West/Finance Corp., LLC 9.875 08/15/13 442,400
655 Houghton Mifflin Co. 9.875 02/01/13 677,925
135 Interpublic Group of Cos, Inc. 5.400 11/15/09 129,937
185 Interpublic Group of Cos, Inc. 6.250 11/15/14 175,750
425 Marquee, Inc., 144A - Private Placement (a) (b) 7.044 08/15/10 446,250
860 Primedia, Inc. 8.875 05/15/11 900,850
-------------
4,454,858
-------------
ENERGY 15.6%
455 CHC Helicopter Corp. (Canada) 7.375 05/01/14 445,331
395 CHC Helicopter Corp., 144A - Private Placement
(Canada) (a) 7.375 05/01/14 386,606
285 CITGO Petroleum Corp. 6.000 10/15/11 282,862
905 El Paso Production Holding Co. 7.750 06/01/13 920,837
860 Frontier Oil Corp. 6.625 10/01/11 860,000
90 Hanover Compressor Co. 8.625 12/15/10 94,500
385 Hanover Compressor Co. 9.000 06/01/14 413,875
375 Hanover Equipment Trust 8.500 09/01/08 392,812
160 Hanover Equipment Trust 8.750 09/01/11 169,600
550 Hilcorp Energy, Finance Corp., 144A - Private
Placement (a) 10.500 09/01/10 613,250
188 Magnum Hunter Resources, Inc. 9.600 03/15/12 211,500
375 Pacific Energy Partners 7.125 06/15/14 390,000
850 Plains Exploration & Production Co. 7.125 06/15/14 892,500
283 Port Arthur Finance Corp. 12.500 01/15/09 329,322
180 Tesoro Petroleum Corp. 9.625 04/01/12 198,450
1,025 Vintage Petroleum, Inc. 7.875 05/15/11 1,091,625
-------------
7,693,070
-------------
FINANCIAL 1.5%
680 Refco Finance Holdings LLC, 144A - Private
Placement (a) 9.000 08/01/12 724,200
-------------
FOOD & DRUG 4.9%
690 Delhaize America, Inc. 8.125 04/15/11 770,399
150 Jean Coutu Group (PJC), Inc. (Canada) 7.625 08/01/12 153,750
885 Jean Coutu Group (PJC), Inc. (Canada) 8.500 08/01/14 863,981
1,570 Jitney-Jungle Stores America, Inc. (c) (d) (e) 12.000 03/01/06 0
635 Rite Aid Corp. 8.125 05/01/10 647,700
-------------
2,435,830
-------------
FOOD & TOBACCO 8.0%
750 Constellation Brands, Inc. 8.000 02/15/08 804,375
340 Michael Foods, Inc. 8.000 11/15/13 355,300
210 Pilgrim's Pride Corp. 9.250 11/15/13 232,050
765 Pilgrim's Pride Corp. 9.625 09/15/11 833,850
380 Smithfield Foods, Inc. 7.000 08/01/11 390,925
220 Smithfield Foods, Inc. 7.625 02/15/08 227,700
1,050 Smithfield Foods, Inc. 8.000 10/15/09 1,118,250
-------------
3,962,450
-------------
FOREST PRODUCTS 8.5%
510 Abitibi-Consolidated, Inc. (Canada) 6.000 06/20/13 443,700
330 Abitibi-Consolidated, Inc. (Canada) 8.550 08/01/10 336,600
535 Georgia-Pacific Corp. 8.875 02/01/10 599,869
775 Graphic Packaging International, Inc. 9.500 08/15/13 825,375
560 MDP Acquisitions PLC (Ireland) 9.625 10/01/12 604,800
495 Pliant Corp. 13.000 06/01/10 420,750
1,065 Tembec Industries, Inc. (Canada) 7.750 03/15/12 974,475
-------------
4,205,569
-------------
GAMING & LEISURE 12.5%
425 Ceasars Entertainment 8.875 09/15/08 466,969
920 Harrahs Operating Co., Inc. 7.875 12/15/05 940,700
78 HMH Properties, Inc. 7.875 08/01/08 79,950
275 Host Marriott LP 7.125 11/01/13 274,312
550 Host Marriott LP, 144A - Private Placement (a) 6.375 03/15/15 528,000
625 Isle of Capri Casinos, Inc. 7.000 03/01/14 621,875
150 MGM Mirage, Inc. 5.875 02/27/14 142,312
1,120 MGM Mirage, Inc. 6.000 10/01/09 1,110,200
865 Mohegan Tribal Gaming Authority 7.125 08/15/14 871,487
490 Park Place Entertainment Corp. 7.875 12/15/05 501,637
625 Station Casinos, Inc. 6.000 04/01/12 623,437
-------------
6,160,879
-------------
HEALTHCARE 10.2%
390 AmerisourceBergen Corp. 8.125 09/01/08 420,225
340 Community Health Systems, Inc., 144A - Private
Placement (a) 6.500 12/15/12 333,200
230 DaVita, Inc., 144A - Private Placement (a) 6.625 03/15/13 228,850
115 DaVita, Inc., 144A - Private Placement (a) 7.250 03/15/15 113,275
1,140 Extendicare Health Services, Inc. 6.875 05/01/14 1,131,450
400 Fisher Scientific International, Inc. 8.125 05/01/12 436,000
160 Fisher Scientific International, Inc., 144A - Private
Placement (a) 6.750 08/15/14 163,200
56 Fresenius Medical Care Capital Trust II 7.875 02/01/08 588,700
235 Fresenius Medical Care Capital Trust IV 7.875 06/15/11 255,562
515 HCA, Inc. 6.375 01/15/15 513,786
85 National Nephrology Associates, Inc., 144A - Private
Placement (a) 9.000 11/01/11 94,669
290 Team Health, Inc. 9.000 04/01/12 284,925
435 Tenet Healthcare Corp. 9.875 07/01/14 454,575
-------------
5,018,417
-------------
HOUSING 9.9%
1,240 Associated Materials, Inc. (f) 0/11.250 03/01/14 868,000
625 Interface, Inc. 9.500 02/01/14 660,937
615 Nortek, Inc. 8.500 09/01/14 596,550
690 Ply Gem Industries, Inc. 9.000 02/15/12 655,500
340 Propex Fabrics, Inc. 10.000 12/01/12 338,300
445 RMCC Acquisition Co., 144A - Private
Placement (a) 9.500 11/01/12 438,325
290 Technical Olympic USA, Inc. 7.500 01/15/15 269,700
370 Technical Olympic USA, Inc. 9.000 07/01/10 384,800
290 Technical Olympic USA, Inc. 9.000 07/01/10 303,050
310 Technical Olympic USA, Inc. 10.375 07/01/12 341,000
-------------
4,856,162
-------------
INFORMATION TECHNOLOGY 4.9%
445 Iron Mountain, Inc. 7.750 01/15/15 441,662
770 Iron Mountain, Inc. 8.625 04/01/13 781,550
405 Sanmina-SCI Corp., 144A - Private Placement (a) 6.750 03/01/13 381,712
800 Xerox Corp. 7.125 06/15/10 831,000
-------------
2,435,924
-------------
MANUFACTURING 4.6%
155 Flowserve Corp. 12.250 08/15/10 169,337
530 JohnsonDiversey, Inc. 9.625 05/15/12 572,400
439 Manitowoc, Inc. 10.500 08/01/12 500,460
1,010 Trimas Corp. 9.875 06/15/12 1,035,250
-------------
2,277,447
METAL/GLASS CONTAINERS 3.0%
1,350 Owens-Brockway Glass Containers, Inc. 8.875 02/15/09 1,447,875
-------------
METALS 4.2%
202 Doe Run Resources Corp. (Acquired 02/15/01 to
10/15/04, Cost $177,470) (e) (g) (h) 13.063 11/01/08 189,094
140 Foundation PA Coal Co. 7.250 08/01/14 142,800
210 General Cable Corp. 9.500 11/15/10 232,050
690 Novelis, Inc. - 144A - Private Placement (Canada) (a) 7.250 02/15/15 679,650
440 UCAR Finance, Inc. 10.250 02/15/12 473,000
337 United States Steel Corp. 9.750 05/15/10 374,913
-------------
2,091,507
-------------
RETAIL 2.1%
500 General Nutrition Center, Inc. 8.500 12/01/10 427,500
590 Petro Stopping Center Financial 9.000 02/15/12 610,650
-------------
1,038,150
-------------
SERVICES 6.5%
45 Allied Waste North America, Inc. 7.875 04/15/13 45,113
550 Allied Waste North America, Inc. 8.500 12/01/08 566,500
950 Allied Waste North America, Inc. 8.875 04/01/08 986,813
510 Buhrmann US, Inc. 8.250 07/01/14 527,850
170 Buhrmann US, Inc., 144A - Private Placement (a) 7.875 03/01/15 170,850
405 MSW Energy Holdings II LLC 7.375 09/01/10 413,100
85 MSW Energy Holdings LLC 8.500 09/01/10 89,675
390 United Rentals North America, Inc. 6.500 02/15/12 381,225
-------------
3,181,126
-------------
TELECOMMUNICATIONS 6.1%
760 Axtel SA (Mexico) 11.000 12/15/13 807,500
280 Exodus Communications, Inc. (c) (d) (e) 11.250 07/01/08 0
430 Qwest Communications International, Inc., 144A -
Private Placement (a) (b) 6.294 02/15/09 435,375
710 Qwest Corp. 6.625 09/15/05 717,100
575 Qwest Corp., 144A - Private Placement (a) 7.875 09/01/11 595,125
455 Valor Telecommunications Enterprise, 144A - Private
Placement (a) 7.750 02/15/15 455,000
-------------
3,010,100
-------------
TRANSPORTATION 5.9%
450 AutoNation, Inc. 9.000 08/01/08 497,250
585 Laidlaw International, Inc. 10.750 06/15/11 665,438
1,065 Sonic Automotive, Inc. 8.625 08/15/13 1,065,000
605 TRW Automotive, Inc. 9.375 02/15/13 653,400
-------------
2,881,088
-------------
UTILITY 12.7%
485 AES Corp. 7.750 03/01/14 503,188
23 AES Corp. 8.875 02/15/11 25,013
73 AES Corp. 9.375 09/15/10 80,848
350 CMS Energy Corp. 6.300 02/01/12 340,506
65 CMS Energy Corp. 7.500 01/15/09 67,275
405 CMS Energy Corp. 8.500 04/15/11 439,425
605 Dynegy Holdings, Inc. 6.875 04/01/11 539,963
345 Dynegy Holdings, Inc., 144A - Private Placement (a) 9.875 07/15/10 371,306
235 IPALCO Enterprises, Inc. 8.625 11/14/11 270,838
485 Monongahela Power Co. 5.000 10/01/06 490,329
290 Nevada Power Co. 8.250 06/01/11 323,350
490 Nevada Power Co. 9.000 08/15/13 552,475
345 PSEG Energy Holdings, Inc. 7.750 04/16/07 356,213
20 PSEG Energy Holdings, Inc. 8.625 02/15/08 21,200
875 Reliant Energy, Inc. 6.750 12/15/14 820,313
195 Southern Natural Gas Co. 8.875 03/15/10 212,414
785 TNP Enterprises, Inc. 10.250 04/01/10 830,138
-------------
6,244,794
-------------
WIRELESS COMMUNICATIONS 6.4%
1,025 Nextel Communications, Inc. 6.875 10/31/13 1,073,688
205 Rogers Wireless Communications, Inc. (Canada) 8.000 12/15/12 211,663
295 Rogers Wireless Communications, Inc., 144A - Private
Placement (Canada) (a) 7.500 03/15/15 306,063
250 Rural Cellular Corp. (b) 7.510 03/15/10 257,500
575 Rural Cellular Corp. 8.250 03/15/12 589,375
670 SBA Communications Corp., 144A - Private
Placement (a) 8.500 12/01/12 696,800
-------------
3,135,089
-------------
TOTAL CORPORATE BONDS 167.2% 82,415,035
-------------
DESCRIPTION VALUE
EQUITIES 0.9%
DecisionOne Corp. (3,033 common shares) (e) (i) 0
DecisionOne Corp. (6,670 common stock warrants)
(e) (i) 0
Doe Run Resources Corp. (1 common stock warrant)
(e) (i) 0
HCI Direct, Inc. (30,357 common shares) (e) (i) 455,355
Hosiery Corp of America, Inc. (500 common shares)
(e) (i) 0
VS Holdings, Inc. (11,316 common shares) (e) (i) 0
-------------
TOTAL EQUITIES 455,355
-------------
TOTAL LONG-TERM INVESTMENTS 168.1%
(Cost $84,356,510) 82,870,390
REPURCHASE AGREEMENT 4.3%
State Street Bank & Trust Co. ($2,107,000 par
collateralized by U.S. Government obligations in a
pooled cash account, interest rate of 2.70%, dated
03/31/05, to be sold on 04/01/05 at $2,107,158) 2,107,000
-------------
(Cost $2,107,000)
TOTAL INVESTMENTS 172.4%
(Cost $86,463,510) 84,977,390
OTHER ASSETS IN EXCESS OF LIABILITIES 4.0% 1,926,331
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (76.4%) (37,606,705)
-------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0% $49,297,016
-------------
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 March 31, 2005.
(c) 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) Security is a "step-up" bond where the coupon
increases or steps up at a predetermined date.
(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
0.4% 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: May 19, 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: May 19, 2005
By: /s/ James W. Garrett
--------------------
Name: James W. Garrett
Title: Principal Financial Officer
Date: May 19, 2005