N-Q 1 c95353nvq.txt QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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