N-CSRS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6537
Van Kampen Trust For Investment Grade New York Municipals
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)
Edward C. Wood III
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrants telephone number, including area code: 212-762-4000
Date of fiscal year end: 10/31
Date of reporting period: 4/30/09
Item 1. Report to Shareholders.
The
Trusts semi-annual report transmitted to shareholders
pursuant to Rule 30e-1
under the Investment Company Act of 1940 is as follows:
Welcome,
Shareholder
In this report, youll learn about how your investment in
Van Kampen Trust for Investment Grade New York Municipals
performed during the semiannual period. The portfolio management
team will provide an overview of the market conditions and
discuss some of the factors that affected investment performance
during the reporting period. In addition, this report includes
the trusts financial statements and a list of trust
investments as of April 30, 2009.
Market forecasts provided in this report may not necessarily
come to pass. There is no assurance that the trust will achieve
its investment objective. Trusts are subject to market risk,
which is the possibility that the market values of securities
owned by the trust will decline and that the value of the trust
shares may therefore be less than what you paid for them.
Accordingly, you can lose money investing in this trust.
Income may subject certain individuals to the federal
Alternative Minimum Tax (AMT).
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NOT FDIC INSURED
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OFFER NO BANK GUARANTEE
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MAY LOSE VALUE
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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NOT A DEPOSIT
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Performance
Summary as
of 4/30/09
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Trust
for Investment Grade New York Municipals
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Symbol:
VTN
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Average Annual
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Based on
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Based on
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Total
Returns
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NAV
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Market
Price
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Since Inception (3/27/92)
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5.82
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%
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5.34
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%
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10-year
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3.76
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3.29
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5-year
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0.89
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0.83
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1-year
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9.93
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13.46
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6-month
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15.34
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12.63
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Performance data
quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher
than the figures shown. For the most recent month-end
performance figures, please visit vankampen.com or speak with
your financial adviser. Investment returns, net asset value
(NAV) and common share market price will fluctuate and trust
shares, when sold, may be worth more or less than their original
cost.
NAV per share is
determined by dividing the value of the trusts portfolio
securities, cash and other assets, less all liabilities and
preferred shares, by the total number of common shares
outstanding. The common share market price is the price the
market is willing to pay for shares of the trust at a given
time. Common share market price is influenced by a range of
factors, including supply and demand and market conditions.
Total return assumes an investment at the beginning of the
period, reinvestment of all distributions for the period in
accordance with the trusts dividend reinvestment plan, and
sale of all shares at the end of the period. The trusts
adviser has waived or reimbursed fees and expenses from time to
time, absent such waivers/reimbursements the trusts
returns would have been lower. Periods of less than one year are
not annualized.
The Lehman Brothers
New York Municipal Bond Index, which has been shown in the
Trusts previous shareholder reports changed its name to
Barclays Capital New York Municipal Bond Index as of
November 3, 2008. The Barclays Capital New York Municipal
Bond Index tracks the performance of New York issued municipal
bonds rated at least Baa of BBB by Moodys or S&P,
respectively, and with maturities of 2 years or greater.
The Index is unmanaged and its returns do not include any sales
charges or fees. Such costs would lower performance. It is not
possible to invest directly in an index.
1
Trust Report
For the six-month
period ended April 30, 2009
Market
Conditions
The six months under review can be divided into two distinct
periods in terms of municipal market performance. The first of
these, spanning the last two months of 2008, marked one of the
worst periods in the history of the financial markets as the
sell off that began in September continued through year end.
Investors fled risky assets in favor of the relative safety of
Treasury securities and money market funds, massive deleveraging
and forced selling ensued, and tax-exempt bond funds experienced
significant outflows. These factors pushed municipal bond prices
to their cheapest levels in history relative to Treasury bonds.
Not surprisingly in this risk-averse environment, the
lower-rated segment of the market underperformed, with
high-yield municipal bonds (those rated below triple-B or
non-rated issues) returning -12.91 percent for the last two
months of 2008 (as measured by the Barclays Capital High Yield
Municipal Bond Index) while triple-B rated issues returned
-7.33 percent and triple-A rated issues returned
3.46 percent (as measured within the Barclays Capital
Municipal Bond Index).
The first four months of 2009 were markedly better for municipal
bond investors. Credit concerns eased, deleveraging slowed
considerably, and investors re-entered the market, driving
municipal bond prices higher. Yields declined by as much as 95
basis points on the front end of the municipal yield curve
during the period, while yields on long-maturity issues fell
roughly 50 basis points. The rally was accompanied by a
narrowing of credit spreads, which helped the high-yield segment
of the market to outperform. As a result, high-yield municipals
returned 10.00 percent, triple-B rated issues returned
11.11 percent and triple-A rated issues returned
4.83 percent for the first four months of 2009.
Although the high-yield segment rebounded nicely in 2009 to
date, the gains were not enough to offset the losses in the last
two months of 2008. As a result, higher-quality issues
outperformed for the overall six-month reporting period. With
regard to sectors, performance was largely dependent on credit
quality, with the lower-quality industrial development
revenue/pollution control revenue (i.e. corporate-backed) and
tobacco sectors turning in the worst performance while water and
sewer and housing bonds posted the highest returns.
For the first four months of 2009, municipal bond issuance was
down 13 percent versus the same period in 2008 yet was
easily placed due to robust retail demand. With the continued
deterioration of credit quality of municipal bond issuers,
insured bond volume represented a mere 12 percent of total
issuance, a dramatic decline from the 55 percent average
over the past few years. This large increase in uninsured bonds
has disrupted many historical measures of value in the municipal
market. In a significant reversal from the last months of 2008,
2
municipal bond funds saw approximately $17 billion in net
inflows as investors recognized the historical cheapness of the
municipal sector.
The state of New York benefits from its broad-based and wealthy
economy and has seen an improvement in its finances and
budgetary reserves over the past few years. However, the
economic slowdown and concerns on Wall Street, as well as the
volatility in the financial markets will pose challenges for the
state over the next year. We continue to monitor the
states fiscal position during the financial crisis and
will look for opportunities to invest in more stable sectors.
Performance
Analysis
The Trusts return can be calculated based upon either the
market price or the net asset value (NAV) of its shares. NAV per
share is determined by dividing the value of the Trusts
portfolio securities, cash and other assets, less all
liabilities and preferred shares, by the total number of common
shares outstanding, while market price reflects the supply and
demand for the shares. As a result, the two returns can differ,
as they did during the reporting period. On both an NAV basis
and a market price basis, the Trust outperformed the Barclays
Capital New York Municipal Bond Index (the Index).
Total return for
the six-month period ended April 30, 2009
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Based on
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Based on
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Barclays Capital
New York
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NAV
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Market
Price
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Municipal
Bond Index
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15.34
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%
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12.63
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%
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7.74
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%
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Performance data
quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher
than the figures shown. Investment return, net asset value and
common share market price will fluctuate and Trust shares, when
sold, may be worth more or less than their original cost. See
Performance Summary for additional performance information and
index definition.
The primary contributors to the Trusts performance during
the reporting period included holdings in the water and sewer,
transportation, and local general obligation sectors, which were
held in the form of inverse floating-rate securities.* The
Trusts holdings in life care bonds, coupled with an
overweight to the sector relative to the Index, were additive to
returns. A significant overweight in higher education, coupled
with strong security selection in the sector, was also
beneficial.
Other positions, however, detracted from relative performance.
The Trust maintained a considerable underweight in lower coupon
dedicated tax bonds, which was disadvantageous as these issues
outperformed the broad municipal bond market during the period.
An underweight exposure to the short and intermediate portions
of the municipal yield curve detracted from returns.
*An inverse floating-rate security, or inverse
floater, is a variable rate security whose coupon rate
changes in the opposite direction from the change in the
reference rate used to calculate the coupon rate.
3
However, this was offset by gains realized on the
portfolios longer-maturity holdings. Lastly, although the
portfolio maintained a neutral weighting relative to the Index
in the industrial development revenue/pollution control revenue
(IDR/PCR) sector, unfavorable security selection and a shorter
duration (a measure of interest-rate sensitivity) in the sector
hampered performance.
The Trusts Board of Trustees has approved a procedure
whereby the Trust may, when appropriate, repurchase its shares
in the open market or in privately negotiated transactions at a
price not above market value or NAV, whichever is lower at the
time of purchase. This may help support the market value of the
Trusts shares.
There is no guarantee that any sectors mentioned will
continue to perform as discussed herein or that securities in
such sectors will be held by the Trust in the future.
4
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Ratings
Allocations as of 4/30/09 (Unaudited)
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AAA/Aaa
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11.7
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%
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AA/Aa
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54.0
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A/A
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12.5
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BBB/Baa
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11.4
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BB/Ba
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3.1
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B/B
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0.7
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Non-Rated
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6.6
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Top
Five Sectors as of 4/30/09 (Unaudited)
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Public Transportation
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17.7
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%
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Hospital
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13.4
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General Purpose
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10.7
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Water & Sewer
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9.9
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Student Housing
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7.6
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Subject to change daily. Provided for informational purposes
only and should not be deemed as a recommendation to buy or sell
the securities mentioned or securities in the sectors shown
above. Ratings are as a percentage of total investments. Sectors
are as a percentage of total long-term investments. Securities
are classified by sectors that represent broad groupings of
related industries. Van Kampen is a wholly owned subsidiary
of a global securities firm which is engaged in a wide range of
financial services including, for example, securities trading
and brokerage activities, investment banking, research and
analysis, financing and financial advisory services. Rating
allocations based upon ratings as issued by Standard and
Poors and Moodys, respectively.
5
Portfolio
Management
Van Kampen Trust for Investment Grade New York Municipals
is managed by members of the Advisers Municipal Fixed
Income team. The Municipal Fixed Income team consists of
portfolio managers and analysts. The current members of the team
jointly and primarily responsible for the
day-to-day
management of the Trusts portfolio are William D. Black,
an Executive Director of the Adviser, Mark Paris, an Executive
Director of the Adviser, Robert J. Stryker, a Vice President of
the Adviser, and Robert W. Wimmel, an Executive Director of the
Adviser.
Mr. Black has been associated with the Adviser in an
investment management capacity since 1998 and began managing the
Trust in December 2007. Mr. Paris has been associated with
the Adviser in an investment management capacity since 2002 and
began managing the Trust in December 2007. Mr. Stryker has
been associated with the Adviser in an investment management
capacity since 1994 and began managing the Trust in December
2007. Mr. Wimmel has been associated with the Adviser in an
investment management capacity since 1996 and began managing the
Trust in January 2002. All team members are responsible for the
execution of the overall strategy of the Trusts portfolio.
The composition of the team may change from time to time.
For More
Information About Portfolio Holdings
Each Van Kampen trust provides a complete schedule of
portfolio holdings in its semiannual and annual reports within
60 days of the end of the trusts second and fourth
fiscal quarters. The semiannual reports and the annual reports
are filed electronically with the Securities and Exchange
Commission (SEC) on
Form N-CSRS
and
Form N-CSR,
respectively. Van Kampen also delivers the semiannual and
annual reports to fund shareholders, and makes these reports
available on its public Web site, www.vankampen.com. In addition
to the semiannual and annual reports that Van Kampen
delivers to shareholders and makes available through the
Van Kampen public Web site, each fund files a complete
schedule of portfolio holdings with the SEC for the trusts
first and third fiscal quarters on
Form N-Q.
Van Kampen does not deliver the reports for the first and
third fiscal quarters to shareholders, nor are the reports
posted to the Van Kampen public Web site. You may, however,
obtain the
Form N-Q
filings (as well as the
Form N-CSR
and N-CSRS
filings) by accessing the SECs Web site,
http://www.sec.gov.
You may also review and copy them at the SECs Public
Reference Room in Washington, D.C. Information on the operation
of the SECs Public Reference Room may be obtained by
calling the SEC at
(800) SEC-0330.
You can also request copies of these materials, upon payment of
a duplicating fee, by electronic request at the SECs
e-mail
address (publicinfo@sec.gov) or by writing the Public Reference
section of the SEC, Washington, DC
20549-0102.
You may obtain copies of a trusts fiscal quarter filings
by contacting Van Kampen Client Relations at
(800) 341-2929.
6
Proxy Voting
Policy and Procedures and Proxy Voting Record
You may obtain a copy of the Trusts Proxy Voting Policy
and Procedures without charge, upon request, by calling toll
free
(800) 341-2929
or by visiting our Web site at www.vankampen.com. It is also
available on the Securities and Exchange Commissions Web
site at
http://www.sec.gov.
You may obtain information regarding how the Trust voted proxies
relating to portfolio securities during the most recent
twelve-month period ended June 30 without charge by visiting our
Web site at www.vankampen.com. This information is also
available on the Securities and Exchange Commissions Web
site at
http://www.sec.gov.
7
Van Kampen
Trust for Investment Grade New York Municipals
Portfolio
of
Investments n April
30, 2009 (Unaudited)
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Par
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Amount
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(000)
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Description
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Coupon
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Maturity
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Value
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Municipal Bonds 187.9%
New York 183.9%
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$
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1,750
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Albany, NY Indl Dev Agy Civic Fac Rev Saint Peters Hosp Proj,
Ser A
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5.250
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%
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11/15/32
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$
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1,349,372
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1,000
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Albany, NY Indl Dev Agy Civic Fac Rev Saint Peters Hosp Proj,
Ser D
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5.750
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11/15/27
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876,890
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1,000
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Amherst, NY Indl Dev Agy Civic Fac Rev UBF Fac Student Hsg,
Ser A (AMBAC Insd)
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5.750
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08/01/25
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1,015,610
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1,000
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Amherst, NY Indl Dev Agy Civic Fac Rev UBF Fac Student Hsg,
Ser B (AMBAC Insd)
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5.750
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08/01/30
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1,011,110
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1,000
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Broome Cnty, NY Indl Dev Agy Continuing Care Retirement Good
Shepard Vlg, Ser A
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6.750
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07/01/28
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772,540
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1,300
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Broome Cnty, NY Indl Dev Agy Continuing Care Retirement Good
Shepard Vlg, Ser A
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6.875
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07/01/40
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938,054
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990
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Dutchess Cnty, NY Indl Dev Agy Civic Fac Rev Elant Fishkill Inc,
Ser A
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5.250
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01/01/37
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551,776
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2,400
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East Rochester, NY Hsg Auth Rev Sr Living Woodland Vlg
Proj Rfdg
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5.500
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08/01/33
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1,504,080
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1,000
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Erie Cnty, NY Pub Impt, Ser C (AMBAC Insd) (Prerefunded @
7/01/10)
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5.500
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07/01/29
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1,068,350
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1,000
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Essex Cnty, NY Indl Dev Agy Rev Intl Paper Rfdg,
Ser A (AMT)
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5.200
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12/01/23
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713,330
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1,500
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Hempstead Town, NY Indl Dev Agy Civic Fac Rev Adelphi Univ
Civic Fac
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5.000
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10/01/30
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1,444,575
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2,000
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Hempstead Town, NY Indl Dev Agy Civic Fac Rev Adelphi Univ
Civic Fac
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5.500
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06/01/32
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2,008,320
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2,000
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Islip, NY Res Recovery Agy Rev 1985 Fac, Ser B (AMBAC Insd)
(AMT)
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7.250
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07/01/11
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2,134,740
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1,860
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Long Island Pwr Auth NY Elec Sys Rev, Ser A
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6.250
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04/01/33
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2,048,102
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1,500
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Long Island Pwr Auth NY Elec Sys Rev Gen, Ser B
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5.000
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12/01/35
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1,432,050
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1,975
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Long Island Pwr Auth NY Elec Sys Rev Gen, Ser E
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5.000
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12/01/17
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2,088,503
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1,315
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Long Island Pwr Auth NY Elec Sys Rev, Ser A
(AMBAC Insd)
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5.000
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09/01/34
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1,258,481
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2,370
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Madison Cnty, NY Indl Dev Agy Civic Fac Rev Colgate Univ Proj,
Ser A (AMBAC Insd)
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5.000
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07/01/35
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2,342,555
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750
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Madison Cnty, NY Indl Dev Agy Civic Fac Rev Oneida Hlth Sys Inc
Proj, Ser A
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5.500
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02/01/32
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575,340
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1,000
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Madison Cnty, NY Indl Dev Agy Morrisville St College Fndtn,
Ser A (CIFG Insd)
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5.000
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06/01/28
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823,950
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4,000
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Metropolitan Trans Auth NY Rev Rfdg, Ser A (AMBAC Insd)
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5.500
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11/15/19
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4,153,800
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10,000
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Metropolitan Trans Auth NY Rev, Ser B
(BHAC Insd) (a)
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5.000
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11/15/31
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10,195,200
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4,000
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Metropolitan Trans Auth NY Svc Contract Rfdg, Ser A
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5.125
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01/01/29
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3,972,760
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8
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Portfolio of
Investments n April
30, 2009
(Unaudited) continued
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Par
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Amount
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(000)
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Description
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Coupon
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Maturity
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Value
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New York (Continued)
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$
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1,500
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Montgomery Cnty, NY Indl Dev Agy Lease Rev HFM Boces, Ser A
(Syncora Gtd)
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5.000
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%
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07/01/34
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$
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1,222,905
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8,000
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Nassau Cnty, NY Indl Dev Agy Continuing Care Retirement
Amsterdam at Harborside, Ser A
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6.700
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01/01/43
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5,967,680
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7,300
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New York City Indl Dev Agy Civic Fac Rev Polytechnic Univ Proj
(ACA Insd)
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5.250
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11/01/37
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5,568,367
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3,250
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New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj,
Ser B
|
|
|
6.750
|
|
|
03/01/15
|
|
|
2,821,195
|
|
|
3,375
|
|
|
New York City Indl Dev Agy Rev Liberty Iac/Interactive Corp.
|
|
|
5.000
|
|
|
09/01/35
|
|
|
2,080,991
|
|
|
2,000
|
|
|
New York City Indl Dev Agy Rev Queens Baseball Stadium Pilot
(AGL Insd)
|
|
|
6.500
|
|
|
01/01/46
|
|
|
2,199,440
|
|
|
2,000
|
|
|
New York City Indl Dev Agy Rev Queens Baseball Stadium Pilot
(AMBAC Insd)
|
|
|
5.000
|
|
|
01/01/36
|
|
|
1,637,280
|
|
|
3,000
|
|
|
New York City Indl Dev Agy Spl Fac Rev Amern Air JFK Intl Arpt
(AMT)
|
|
|
7.500
|
|
|
08/01/16
|
|
|
2,484,780
|
|
|
3,155
|
|
|
New York City Indl Dev Agy Spl Fac Rev NY Stock Exchange Proj,
Ser A
|
|
|
5.400
|
|
|
05/01/18
|
|
|
3,164,654
|
|
|
2,000
|
|
|
New York City Indl Dev Agy Spl Fac Rev NY Stock Exchange Proj,
Ser A
|
|
|
5.625
|
|
|
05/01/29
|
|
|
2,001,500
|
|
|
3,710
|
|
|
New York City Indl Dev Agy Spl Fac Rev Term One Group Assn
Proj (AMT) (b)
|
|
|
5.500
|
|
|
01/01/19
|
|
|
3,476,715
|
|
|
3,000
|
|
|
New York City Indl Dev Agy Spl Fac Rev Term One Group Assn
Proj (AMT) (b)
|
|
|
5.500
|
|
|
01/01/20
|
|
|
2,780,130
|
|
|
5,750
|
|
|
New York City Indl Dev Agy Spl Fac Rev Term One Group Assn
Proj (AMT) (b)
|
|
|
5.500
|
|
|
01/01/21
|
|
|
5,275,338
|
|
|
1,450
|
|
|
New York City Indl Dev Civic Fac Rev YMCA Gtr NY Proj
|
|
|
5.800
|
|
|
08/01/16
|
|
|
1,452,407
|
|
|
1,500
|
|
|
New York City Muni Wtr Fin Auth Wtr & Swr Rev,
Ser FF-2
|
|
|
5.500
|
|
|
06/15/40
|
|
|
1,581,495
|
|
|
2,000
|
|
|
New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev,
Ser B (FSA Insd)
|
|
|
5.000
|
|
|
06/15/29
|
|
|
2,005,740
|
|
|
2,250
|
|
|
New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev,
Ser C
|
|
|
5.000
|
|
|
06/15/31
|
|
|
2,273,512
|
|
|
10,000
|
|
|
New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev,
Ser C (a)
|
|
|
5.000
|
|
|
06/15/31
|
|
|
10,104,600
|
|
|
12,000
|
|
|
New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev,
Ser D (a)
|
|
|
5.000
|
|
|
06/15/37
|
|
|
12,043,200
|
|
|
2,650
|
|
|
New York City Muni Wtr Fin, Ser B
|
|
|
6.000
|
|
|
06/15/33
|
|
|
2,814,061
|
|
|
3,300
|
|
|
New York City, Ser F1
|
|
|
5.500
|
|
|
11/15/28
|
|
|
3,434,079
|
|
|
2,000
|
|
|
New York City, Ser G
|
|
|
5.000
|
|
|
12/01/25
|
|
|
2,017,560
|
|
|
1,300
|
|
|
New York City, Ser G
|
|
|
5.000
|
|
|
12/01/26
|
|
|
1,308,125
|
|
|
10
|
|
|
New York City, Ser K (Prerefunded @ 8/01/09)
|
|
|
5.625
|
|
|
08/01/13
|
|
|
10,233
|
|
|
10,000
|
|
|
New York City, Subser I-1 (a)
|
|
|
5.000
|
|
|
02/01/26
|
|
|
10,091,000
|
|
|
10,000
|
|
|
New York City, Subser L-1 (a)
|
|
|
5.000
|
|
|
04/01/27
|
|
|
10,049,600
|
|
9
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Portfolio of
Investments n April
30, 2009
(Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
New York (Continued)
|
$
|
10,890
|
|
|
New York City Transitional Cultural Res Rev Amern Museum Nat
History Rfdg, Ser A (NATL Insd)
|
|
|
5.000
|
%
|
|
07/01/44
|
|
$
|
10,539,233
|
|
|
2,950
|
|
|
New York City Transitional Fin Auth Bldg Aid Rev Fiscal 2009,
Ser S-1
|
|
|
5.500
|
|
|
07/15/38
|
|
|
2,987,996
|
|
|
1,000
|
|
|
New York City Transitional Fin Auth Bldg Aid Rev Fiscal 2009,
Ser S-3
|
|
|
5.250
|
|
|
01/15/39
|
|
|
983,660
|
|
|
1,000
|
|
|
New York St Dorm Auth Lease Rev Master Boces Pgm, Ser A
(FSA Insd)
|
|
|
5.250
|
|
|
08/15/17
|
|
|
1,062,520
|
|
|
5,200
|
|
|
New York St Dorm Auth Rev Catholic Hlth L.I. Oblig Group
|
|
|
5.000
|
|
|
07/01/27
|
|
|
4,072,172
|
|
|
2,750
|
|
|
New York St Dorm Auth Rev Catholic Hlth L.I. Oblig Group
|
|
|
5.100
|
|
|
07/01/34
|
|
|
2,010,085
|
|
|
3,500
|
|
|
New York St Dorm Auth Rev City Univ Cons Third, Ser 1 (FGIC
Insd)
|
|
|
5.250
|
|
|
07/01/25
|
|
|
3,509,170
|
|
|
3,125
|
|
|
New York St Dorm Auth Rev City Univ Sys Cons, Ser A
|
|
|
5.625
|
|
|
07/01/16
|
|
|
3,435,344
|
|
|
2,500
|
|
|
New York St Dorm Auth Rev Cons City Univ Sys Second Gen,
Ser A
|
|
|
5.750
|
|
|
07/01/13
|
|
|
2,684,000
|
|
|
1,670
|
|
|
New York St Dorm Auth Rev Dept Ed
|
|
|
5.250
|
|
|
07/01/19
|
|
|
1,790,290
|
|
|
2,500
|
|
|
New York St Dorm Auth Rev Dept Hlth, Ser A (CIFG Insd)
|
|
|
5.000
|
|
|
07/01/25
|
|
|
2,528,925
|
|
|
2,200
|
|
|
New York St Dorm Auth Rev Grace Manor Hlthcare Fac
(SONYMA Insd)
|
|
|
6.150
|
|
|
07/01/18
|
|
|
2,202,464
|
|
|
3,800
|
|
|
New York St Dorm Auth Rev Hosp (NATL Insd)
|
|
|
5.000
|
|
|
08/01/33
|
|
|
3,727,458
|
|
|
2,340
|
|
|
New York St Dorm Auth Rev Insd Brooklyn Law Sch, Ser B
(Syncora Gtd)
|
|
|
5.375
|
|
|
07/01/23
|
|
|
2,363,728
|
|
|
1,000
|
|
|
New York St Dorm Auth Rev Insd John T Mather Mem Hosp Rfdg
(Connie Lee Insd)
|
|
|
6.500
|
|
|
07/01/10
|
|
|
1,036,360
|
|
|
1,720
|
|
|
New York St Dorm Auth Rev Insd John T Mather Mem Hosp Rfdg
(Connie Lee Insd)
|
|
|
6.500
|
|
|
07/01/11
|
|
|
1,808,391
|
|
|
3,750
|
|
|
New York St Dorm Auth Rev Mem Sloan Kettering Cancer Center
(NATL Insd)
|
|
|
5.500
|
|
|
07/01/23
|
|
|
4,149,900
|
|
|
2,000
|
|
|
New York St Dorm Auth Rev Non Sch Dist Fin Prog, Ser B (FSA
Insd)
|
|
|
5.000
|
|
|
04/01/36
|
|
|
1,994,040
|
|
|
2,000
|
|
|
New York St Dorm Auth Rev Non St Supported Debt Insd Providence
Rest (ACA Insd)
|
|
|
5.000
|
|
|
07/01/35
|
|
|
1,104,300
|
|
|
2,525
|
|
|
New York St Dorm Auth Rev Non St Supported Debt Insd Providence
Rest (ACA Insd)
|
|
|
5.125
|
|
|
07/01/30
|
|
|
1,519,394
|
|
|
4,000
|
|
|
New York St Dorm Auth Rev Non St Supported Debt L.I. Jewish,
Ser A
|
|
|
5.000
|
|
|
11/01/26
|
|
|
3,768,480
|
|
|
4,000
|
|
|
New York St Dorm Auth Rev Non St Supported Debt L.I. Jewish,
Ser A
|
|
|
5.000
|
|
|
11/01/34
|
|
|
3,499,800
|
|
|
1,455
|
|
|
New York St Dorm Auth Rev Non St Supported Debt Mental Hlth Svc,
Ser B (NATL Insd)
|
|
|
5.250
|
|
|
08/15/31
|
|
|
1,456,746
|
|
10
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Portfolio of
Investments n April
30, 2009
(Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
New York (Continued)
|
$
|
2,870
|
|
|
New York St Dorm Auth Rev Non St Supported Debt NY University,
Ser C
|
|
|
5.000
|
%
|
|
07/01/38
|
|
$
|
2,852,350
|
|
|
5,000
|
|
|
New York St Dorm Auth Rev Non St Supported Debt NYU Hosp Ctr,
Ser A
|
|
|
5.000
|
|
|
07/01/36
|
|
|
3,359,100
|
|
|
3,000
|
|
|
New York St Dorm Auth Rev Non St Supported Debt Orange Reg
Med Ctr
|
|
|
6.500
|
|
|
12/01/21
|
|
|
2,613,510
|
|
|
1,000
|
|
|
New York St Dorm Auth Rev Non St Supported Debt Orange Regl
Med Ctr
|
|
|
6.125
|
|
|
12/01/29
|
|
|
761,010
|
|
|
2,000
|
|
|
New York St Dorm Auth Rev Non St Supported Debt Sch Dist Fin
Prog, Ser D
|
|
|
5.750
|
|
|
10/01/24
|
|
|
2,186,920
|
|
|
3,000
|
|
|
New York St Dorm Auth Rev Sec Hosp North Gen Hosp Rfdg
|
|
|
5.750
|
|
|
02/15/18
|
|
|
3,166,170
|
|
|
2,205
|
|
|
New York St Dorm Auth Rev St Supported Debt Lease St Univ Dorm
Fac, Ser A
|
|
|
5.000
|
|
|
07/01/25
|
|
|
2,206,455
|
|
|
2,000
|
|
|
New York St Dorm Auth Rev St Supported Debt Mental Hlth Svc Fac
Impt, Ser A (FSA Insd)
|
|
|
5.000
|
|
|
02/15/27
|
|
|
2,036,020
|
|
|
2,000
|
|
|
New York St Dorm Auth Rev St Supported Debt Mental Hlth Svc,
Ser C (FSA Insd) (AMT)
|
|
|
5.250
|
|
|
02/15/28
|
|
|
1,916,860
|
|
|
1,000
|
|
|
New York St Dorm Auth Rev St Univ Ed Fac 1989 Res (NATL Insd)
(Prerefunded @ 5/15/10)
|
|
|
6.000
|
|
|
05/15/15
|
|
|
1,067,240
|
|
|
3,600
|
|
|
New York St Dorm Auth Rev St Univ Ed Fac, Ser A (NATL Insd)
|
|
|
5.250
|
|
|
05/15/15
|
|
|
3,953,916
|
|
|
5,010
|
|
|
New York St Dorm Auth Rev St Univ Ed Fac, Ser B
|
|
|
5.250
|
|
|
05/15/19
|
|
|
5,496,671
|
|
|
300
|
|
|
New York St Environmental Fac Corp Pollutn Ctl Rev St Wtr
Revolving Fd, Ser A
(POL CTL-SRF Insd) (c)
|
|
|
5.750
|
|
|
06/15/12
|
|
|
342,087
|
|
|
500
|
|
|
New York St Environmental Fac Corp Pollutn Ctl Rev St Wtr,
Ser 02 (POL CTL-SRF Insd) (c)
|
|
|
5.750
|
|
|
06/15/12
|
|
|
568,820
|
|
|
95
|
|
|
New York St Environmental Fac Corp Pollutn Ctl Rev St Wtr,
Ser 02 (POL CTL-SRF Insd)
|
|
|
5.750
|
|
|
06/15/12
|
|
|
106,644
|
|
|
1,000
|
|
|
New York St Environmental Fac Corp St Clean Wtr &
Drinking Revolving Fd Muni Wtr Proj, Ser B
|
|
|
5.250
|
|
|
06/15/20
|
|
|
1,048,280
|
|
|
1,500
|
|
|
New York St Environmental Fac Corp St Clean Wtr &
Drinking, Ser A
|
|
|
5.125
|
|
|
06/15/38
|
|
|
1,521,810
|
|
|
3,250
|
|
|
New York St Hsg Fin Agy Rev Affordable Hsg, Ser B (AMT)
|
|
|
5.250
|
|
|
11/01/27
|
|
|
3,127,215
|
|
|
2,500
|
|
|
New York St Hsg Fin Agy Rev Affordable Hsg, Ser B (AMT)
|
|
|
5.300
|
|
|
11/01/37
|
|
|
2,407,575
|
|
|
1,555
|
|
|
New York St Mtg Agy Rev Homeowner Mtg, Ser 145 (AMT)
|
|
|
5.050
|
|
|
10/01/29
|
|
|
1,457,035
|
|
|
855
|
|
|
New York St Mtg Agy Rev Homeowner Mtg, Ser 71 (AMT)
|
|
|
5.400
|
|
|
04/01/29
|
|
|
837,601
|
|
|
2,500
|
|
|
New York St Twy Auth Gen Rev, Ser H (NATL Insd)
|
|
|
5.000
|
|
|
01/01/29
|
|
|
2,517,325
|
|
11
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Portfolio of
Investments n April
30, 2009
(Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
New York (Continued)
|
$
|
2,000
|
|
|
New York St Twy Auth Second Gen Hwy & Brdg Tr Fd,
Ser B
|
|
|
5.000
|
%
|
|
04/01/27
|
|
$
|
2,031,460
|
|
|
1,625
|
|
|
New York St Urban Dev Corp Rev Correctional Fac Rfdg
|
|
|
5.500
|
|
|
01/01/13
|
|
|
1,708,623
|
|
|
4,650
|
|
|
New York St Urban Dev Corp Rev Correctional Fac Rfdg, Ser A
|
|
|
5.500
|
|
|
01/01/14
|
|
|
4,928,675
|
|
|
2,000
|
|
|
New York St Urban Dev Corp Rev Svc Contract Rfdg, Ser B
|
|
|
5.250
|
|
|
01/01/25
|
|
|
2,043,660
|
|
|
3,570
|
|
|
Niagara Falls, NY Frontier Auth Trans Arpt Rev Buffalo Niagara
Intl Arpt, Ser A (NATL Insd) (AMT)
|
|
|
5.625
|
|
|
04/01/29
|
|
|
3,219,926
|
|
|
1,060
|
|
|
Niagara Falls, NY Wtr Treatment Plant (NATL Insd) (AMT)
|
|
|
7.250
|
|
|
11/01/10
|
|
|
1,161,612
|
|
|
35,000
|
|
|
Port Auth NY & NJ Cons 144th (a)
|
|
|
5.000
|
|
|
10/01/35
|
|
|
35,214,200
|
|
|
2,000
|
|
|
Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt
Term 6 (NATL Insd) (AMT)
|
|
|
5.750
|
|
|
12/01/22
|
|
|
1,668,160
|
|
|
2,500
|
|
|
Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt
Term 6 (NATL Insd) (AMT)
|
|
|
5.750
|
|
|
12/01/25
|
|
|
2,000,775
|
|
|
10,000
|
|
|
Porth Auth NY & NJ Cons 152nd (AMT) (a)
|
|
|
5.000
|
|
|
11/01/25
|
|
|
9,791,200
|
|
|
1,000
|
|
|
Rockland Cnty, NY Solid Waste Mgmt Auth, Ser B (AMBAC
Insd) (AMT)
|
|
|
5.125
|
|
|
12/15/28
|
|
|
899,800
|
|
|
1,000
|
|
|
Saratoga Cnty, NY Indl Dev Agy Civic Fac Rev Saratoga Hosp Proj,
Ser B
|
|
|
5.125
|
|
|
12/01/27
|
|
|
833,930
|
|
|
650
|
|
|
Saratoga Cnty, NY Indl Dev Agy Civic Fac Rev Saratoga Hosp Proj,
Ser B
|
|
|
5.250
|
|
|
12/01/32
|
|
|
521,430
|
|
|
1,000
|
|
|
Saratoga Cnty, NY Wtr Auth Wtr Syst
|
|
|
5.000
|
|
|
09/01/33
|
|
|
1,003,630
|
|
|
1,250
|
|
|
Sodus, NY Ctr Sch Dist Rfdg (NATL Insd)
|
|
|
5.125
|
|
|
06/15/17
|
|
|
1,354,525
|
|
|
2,170
|
|
|
Suffolk Cnty, NY Indl Dev Agy Civic Fac Rev Eastrn Long Island
Hosp Assn (d)
|
|
|
5.375
|
|
|
01/01/27
|
|
|
1,431,267
|
|
|
1,815
|
|
|
Triborough Brdg & Tunl Auth NY Rev Gen Purp, Ser A
|
|
|
5.000
|
|
|
01/01/32
|
|
|
1,817,577
|
|
|
1,600
|
|
|
Triborough Brdg & Tunl Auth NY Rev Gen Purp, Ser B
|
|
|
5.125
|
|
|
11/15/29
|
|
|
1,612,048
|
|
|
5,000
|
|
|
Tsasc, Inc NY, Ser 1
|
|
|
5.000
|
|
|
06/01/34
|
|
|
3,245,700
|
|
|
13,250
|
|
|
Tsasc, Inc NY, Ser 1
|
|
|
5.125
|
|
|
06/01/42
|
|
|
8,448,863
|
|
|
1,360
|
|
|
Warren & Washington Cnty, NY Indl Dev Agy Civic
Fac Rev
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glens Falls Hosp Proj, Ser A (FSA Insd)
|
|
|
5.000
|
|
|
12/01/35
|
|
|
1,203,314
|
|
|
5,000
|
|
|
Westchester Cnty, NY Indl Dev Agy Continuing Care Retirement Mtg
Kendal on Hudson Proj, Ser A (Prerefunded @ 1/01/13)
|
|
|
6.500
|
|
|
01/01/34
|
|
|
5,833,600
|
|
|
7,000
|
|
|
Westchester Tob Asset Sec Corp NY
|
|
|
5.125
|
|
|
06/01/45
|
|
|
4,426,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
350,331,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico 1.5%
|
|
1,000
|
|
|
Puerto Rico Elec Pwr Auth Rev, Ser TT
|
|
|
5.000
|
|
|
07/01/37
|
|
|
864,770
|
|
|
1,000
|
|
|
Puerto Rico Elec Pwr Auth Rev, Ser WW
|
|
|
5.000
|
|
|
07/01/28
|
|
|
911,320
|
|
12
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Portfolio of
Investments n April
30, 2009
(Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
|
|
(000)
|
|
Description
|
|
Coupon
|
|
Maturity
|
|
Value
|
|
|
|
|
|
|
Puerto Rico (Continued)
|
$
|
1,000
|
|
|
Puerto Rico Elec Pwr Auth Rev, Ser WW
|
|
|
5.500
|
%
|
|
07/01/21
|
|
$
|
1,008,510
|
|
|
75
|
|
|
Puerto Rico Pub Bldgs Auth Rev Govt Fac, Ser I (Comwth Gtd)
(Prerefunded @ 7/01/14)
|
|
|
5.250
|
|
|
07/01/33
|
|
|
85,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,869,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands 2.5%
|
|
1,500
|
|
|
Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt,
Ser A
|
|
|
6.375
|
|
|
10/01/19
|
|
|
1,521,150
|
|
|
3,000
|
|
|
Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt,
Ser A (ACA Insd) (Prerefunded @ 10/01/10)
|
|
|
6.125
|
|
|
10/01/29
|
|
|
3,249,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,770,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments 187.9%
(Cost $380,077,820)
|
|
|
357,971,465
|
|
|
|
|
|
|
Total Short-Term Investments 0.3%
(Cost $600,000)
|
|
|
600,000
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 188.2%
(Cost $380,677,820)
|
|
|
358,571,465
|
|
|
|
|
|
|
Liability for Floating Rate Note Obligations Related to
Securities Held (31.3%)
(Cost ($59,655,000))
|
|
|
|
|
|
(59,655
|
)
|
|
Notes with interest rates ranging from 0.53% to 0.71% at April
30, 2009 and contractual maturities of collateral ranging from
2025 to 2037 (See Note 1) (e)
|
|
|
(59,655,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Investments 156.9%
(Cost $321,022,820)
|
|
|
298,916,465
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities 4.0%
|
|
|
7,629,379
|
|
|
|
|
|
|
Preferred Shares (including
accrued distributions) (60.9%)
|
|
|
(116,019,349
|
)
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0%
|
|
$
|
190,526,495
|
|
|
|
|
|
|
Percentages are calculated as a percentage of net assets
applicable to common shares.
|
|
|
(a)
|
|
Underlying security related to
Inverse Floaters entered into by the Trust. See Note 1.
|
|
(b)
|
|
Variable Rate Coupon
|
|
(c)
|
|
Escrowed to Maturity
|
13
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Portfolio of
Investments n April
30, 2009
(Unaudited) continued
|
|
|
(d)
|
|
144A-Private Placement security
which is exempt from registration under Rule 144A of the
Securities Act of 1933, as amended. This security may only be
resold in transactions exempt from registration which are
normally those transactions with qualified institutional buyers.
|
|
(e)
|
|
Floating Rate Notes. The interest
rates shown reflect the rates in effect at April 30, 2009.
|
ACAAmerican Capital Access
AGLAssured Guaranty Ltd.
AMBACAMBAC Indemnity Corp.
AMTAlternative Minimum Tax
BHACBerkshire Hathaway
Assurance Corp.
CIFGCDC IXIS Financial
Guaranty
ComwthCommonwealth of Puerto
Rico
Connie LeeConnie Lee
Insurance Co.
FGICFinancial Guaranty
Insurance Co.
FSAFinancial Security
Assurance Inc.
NATLNational Public Finance
Guarantee Corp.
POL CTL-SRFState Water
Pollution Control Revolving Fund
SONYMAState of New York
Mortgage Agency
Syncora GtdSyncora Guarantee
Inc.
14
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Financial
Statements
Statement
of Assets and Liabilities
April 30, 2009
(Unaudited)
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
Total Investments (Cost $380,677,820)
|
|
$
|
358,571,465
|
|
|
|
Cash
|
|
|
39,136
|
|
|
|
Receivables:
|
|
|
|
|
|
|
Interest
|
|
|
6,455,439
|
|
|
|
Investments Sold
|
|
|
2,065,717
|
|
|
|
Other
|
|
|
707
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
367,132,464
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
Payables:
|
|
|
|
|
|
|
Floating Rate Note Obligations
|
|
|
59,655,000
|
|
|
|
Investment Advisory Fee
|
|
|
122,684
|
|
|
|
Income DistributionsCommon Shares
|
|
|
57,528
|
|
|
|
Other Affiliates
|
|
|
13,226
|
|
|
|
Trustees Deferred Compensation and Retirement Plans
|
|
|
632,688
|
|
|
|
Accrued Expenses
|
|
|
105,494
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
60,586,620
|
|
|
|
Preferred Shares (including accrued distributions)
|
|
|
116,019,349
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares
|
|
$
|
190,526,495
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Per Common Share ($190,526,495 divided by
15,146,457 shares outstanding)
|
|
$
|
12.58
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of:
|
|
|
|
|
|
|
Common Shares ($0.01 par value with an unlimited number of
shares authorized, 15,146,457 shares issued
and outstanding)
|
|
$
|
151,465
|
|
|
|
Paid in Surplus
|
|
|
231,904,889
|
|
|
|
Accumulated Undistributed Net Investment Income
|
|
|
4,716,940
|
|
|
|
Net Unrealized Depreciation
|
|
|
(22,106,355
|
)
|
|
|
Accumulated Net Realized Loss
|
|
|
(24,140,444
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares
|
|
$
|
190,526,495
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares ($0.01 par value, authorized
100,000,000 shares, 4,640 issued with liquidation
preference of $25,000 per share)
|
|
$
|
116,000,000
|
|
|
|
|
|
|
|
|
|
|
Net Assets Including Preferred Shares
|
|
$
|
306,526,495
|
|
|
|
|
|
|
|
|
|
|
15
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Financial
Statements continued
Statement
of Operations
For the Six Months Ended
April 30, 2009 (Unaudited)
|
|
|
|
|
|
|
Investment Income:
|
|
|
|
|
|
|
Interest
|
|
$
|
10,200,566
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Investment Advisory Fee
|
|
|
879,606
|
|
|
|
Interest and Residual Trust Expenses
|
|
|
380,299
|
|
|
|
Preferred Share Maintenance
|
|
|
144,322
|
|
|
|
Professional Fees
|
|
|
51,301
|
|
|
|
Accounting and Administrative Expenses
|
|
|
37,719
|
|
|
|
Transfer Agent Fees
|
|
|
32,946
|
|
|
|
Reports to Shareholders
|
|
|
14,905
|
|
|
|
Custody
|
|
|
14,365
|
|
|
|
Registration Fees
|
|
|
9,955
|
|
|
|
Trustees Fees and Related Expenses
|
|
|
8,208
|
|
|
|
Depreciation in Trustees Deferred
Compensation Accounts
|
|
|
(145,495
|
)
|
|
|
Other
|
|
|
7,901
|
|
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
1,436,032
|
|
|
|
Investment Advisory Fee Reduction
|
|
|
159,928
|
|
|
|
Less Credits Earned on Cash Balances
|
|
|
391
|
|
|
|
|
|
|
|
|
|
|
Net Expenses
|
|
|
1,275,713
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
$
|
8,924,853
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain/Loss:
|
|
|
|
|
|
|
Net Realized Loss
|
|
$
|
(10,941,072
|
)
|
|
|
|
|
|
|
|
|
|
Unrealized Appreciation/Depreciation:
|
|
|
|
|
|
|
Beginning of the Period
|
|
|
(49,573,598
|
)
|
|
|
End of the Period
|
|
|
(22,106,355
|
)
|
|
|
|
|
|
|
|
|
|
Net Unrealized Appreciation During the Period
|
|
|
27,467,243
|
|
|
|
|
|
|
|
|
|
|
Net Realized and Unrealized Gain
|
|
$
|
16,526,171
|
|
|
|
|
|
|
|
|
|
|
Distributions to Preferred Shareholders
|
|
$
|
(493,282
|
)
|
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets Applicable to Common Shares
from Operations
|
|
$
|
24,957,742
|
|
|
|
|
|
|
|
|
|
|
16
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Financial
Statements continued
Statements
of Changes in Net Assets (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For The
|
|
For The
|
|
|
Six Months
Ended
|
|
Year Ended
|
|
|
April 30,
2009
|
|
October 31,
2008
|
|
|
|
|
From Investment Activities:
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
$
|
8,924,853
|
|
|
$
|
18,398,393
|
|
Net Realized Loss
|
|
|
(10,941,072
|
)
|
|
|
(10,749,745
|
)
|
Net Unrealized Appreciation/Depreciation During the Period
|
|
|
27,467,243
|
|
|
|
(59,413,632
|
)
|
Distributions to Preferred Shareholders:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(493,282
|
)
|
|
|
(4,368,393
|
)
|
|
|
|
|
|
|
|
|
|
Change in Net Assets Applicable to Common Shares from Operations
|
|
|
24,957,742
|
|
|
|
(56,133,377
|
)
|
Distributions to Common Shareholders:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(6,181,108
|
)
|
|
|
(12,077,191
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Net Assets Applicable to Common Shares from
Investment Activities
|
|
|
18,776,634
|
|
|
|
(68,210,568
|
)
|
|
|
|
|
|
|
|
|
|
From Capital Transactions:
|
|
|
|
|
|
|
|
|
Repurchase of Shares
|
|
|
(12,546
|
)
|
|
|
(3,727,592
|
)
|
|
|
|
|
|
|
|
|
|
Net Change in Net Assets Applicable to Common Shares
|
|
|
18,764,088
|
|
|
|
(71,938,160
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares:
|
|
|
|
|
|
|
|
|
Beginning of the Period
|
|
|
171,762,407
|
|
|
|
243,700,567
|
|
|
|
|
|
|
|
|
|
|
End of the Period (Including accumulated undistributed
net investment income of $4,716,940 and
$2,466,477, respectively)
|
|
$
|
190,526,495
|
|
|
$
|
171,762,407
|
|
|
|
|
|
|
|
|
|
|
17
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Financial
Statements continued
Statement
of Cash Flows
For the Six Months Ended
April 30, 2009 (Unaudited)
|
|
|
|
|
|
|
Change in Net Assets from Operations (including Preferred
Share Distributions)
|
|
$
|
24,957,742
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Reconcile the Change in Net Assets from
Operations to
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities:
|
|
|
|
|
|
|
Purchases of Investments
|
|
|
(62,618,463
|
)
|
|
|
Proceeds from Sales of Investments
|
|
|
88,759,868
|
|
|
|
Net Sales of Short-Term Investments
|
|
|
2,300,000
|
|
|
|
Amortization of Premium
|
|
|
361,630
|
|
|
|
Accretion of Discount
|
|
|
(134,828
|
)
|
|
|
Net Realized Loss on Investments
|
|
|
10,941,072
|
|
|
|
Net Change in Unrealized Depreciation on Investments
|
|
|
(27,467,243
|
)
|
|
|
Increase in Interest Receivables
|
|
|
(641,361
|
)
|
|
|
Decrease in Other Assets
|
|
|
3,551
|
|
|
|
Increase in Receivable for Investments Sold
|
|
|
(1,962,267
|
)
|
|
|
Increase in Investment Advisory Fee
|
|
|
849
|
|
|
|
Decrease in Accrued Expenses
|
|
|
(31,085
|
)
|
|
|
Decrease in Distributor and Affiliates Payable
|
|
|
(13,544
|
)
|
|
|
Decrease in Trustees Deferred Compensation and
Retirement Plans
|
|
|
(143,186
|
)
|
|
|
Decrease in Investments Purchased Payable
|
|
|
(611,800
|
)
|
|
|
|
|
|
|
|
|
|
Total Adjustments
|
|
|
8,743,193
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
|
|
|
33,700,935
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities
|
|
|
|
|
|
|
Repurchased Shares
|
|
|
(12,546
|
)
|
|
|
Dividends Paid (net of reinvested dividends $0)
|
|
|
(6,215,991
|
)
|
|
|
Proceeds from and Repayments of Floating Rate
Note Obligations
|
|
|
(27,450,000
|
)
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Financing Activities
|
|
|
(33,678,537
|
)
|
|
|
|
|
|
|
|
|
|
Net Increase in Cash
|
|
|
22,398
|
|
|
|
Cash at the Beginning of the Period
|
|
|
16,738
|
|
|
|
|
|
|
|
|
|
|
Cash at the End of the Period
|
|
$
|
39,136
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures of Cash Flow Information
|
|
|
|
|
|
|
Cash Paid During the Period for Interest
|
|
$
|
380,299
|
|
|
|
|
|
|
|
|
|
|
18
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Financial
Highlights (Unaudited)
The
following schedule presents financial highlights for one common
share of the Trust outstanding throughout the periods
indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30,
|
|
Year Ended
October 31,
|
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
2005
|
|
2004
|
|
|
|
|
|
|
Net Asset Value, Beginning of the Period
|
|
$
|
11.34
|
|
|
$
|
15.80
|
|
|
$
|
16.96
|
|
|
$
|
16.81
|
|
|
$
|
17.23
|
|
|
$
|
17.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
0.59
|
(a)
|
|
|
1.21
|
(a)
|
|
|
1.10
|
(a)
|
|
|
1.05
|
(a)
|
|
|
1.07
|
|
|
|
1.12
|
|
|
|
Net Realized and Unrealized Gain/Loss
|
|
|
1.09
|
|
|
|
(4.59
|
)
|
|
|
(1.01
|
)
|
|
|
0.47
|
|
|
|
(0.29
|
)
|
|
|
0.31
|
|
|
|
Common Share Equivalent of Distributions Paid to
Preferred Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(0.03
|
)
|
|
|
(0.29
|
)
|
|
|
(0.32
|
)
|
|
|
(0.26
|
)
|
|
|
(0.21
|
)
|
|
|
(0.09
|
)
|
|
|
Net Realized Gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.04
|
)
|
|
|
(0.06
|
)
|
|
|
0.00
|
(f)
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from Investment Operations
|
|
|
1.65
|
|
|
|
(3.67
|
)
|
|
|
(0.27
|
)
|
|
|
1.20
|
|
|
|
0.57
|
|
|
|
1.32
|
|
|
|
Distributions Paid to Common Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
(0.41
|
)
|
|
|
(0.79
|
)
|
|
|
(0.78
|
)
|
|
|
(0.80
|
)
|
|
|
(0.94
|
)
|
|
|
(1.06
|
)
|
|
|
Net Realized Gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.11
|
)
|
|
|
(0.25
|
)
|
|
|
(0.05
|
)
|
|
|
(0.40
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of the Period
|
|
$
|
12.58
|
|
|
$
|
11.34
|
|
|
$
|
15.80
|
|
|
$
|
16.96
|
|
|
$
|
16.81
|
|
|
$
|
17.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Market Price at End of the Period
|
|
$
|
11.70
|
|
|
$
|
10.80
|
|
|
$
|
14.91
|
|
|
$
|
15.12
|
|
|
$
|
15.57
|
|
|
$
|
15.70
|
|
|
|
Total
Return* (b)
|
|
|
12.63%
|
**
|
|
|
23.21%
|
|
|
|
4.38%
|
|
|
|
4.13%
|
|
|
|
5.65%
|
|
|
|
3.24%
|
|
|
|
Net Assets Applicable to Common Shares at End of the Period
(In millions)
|
|
$
|
190.5
|
|
|
$
|
171.8
|
|
|
$
|
243.7
|
|
|
$
|
262.6
|
|
|
$
|
260.3
|
|
|
$
|
107.0
|
|
|
|
Ratio of Expenses to Average Net Assets Applicable to Common
Shares* (c)
|
|
|
1.45%
|
|
|
|
2.24%
|
|
|
|
2.06%
|
|
|
|
1.33%
|
|
|
|
1.40%
|
|
|
|
1.37%
|
|
|
|
Ratio of Net Investment Income to Average Net Assets Applicable
to Common
Shares* (c)
|
|
|
10.14%
|
|
|
|
8.19%
|
|
|
|
6.71%
|
|
|
|
6.29%
|
|
|
|
6.24%
|
|
|
|
6.56%
|
|
|
|
Portfolio Turnover
|
|
|
18%
|
**
|
|
|
43%
|
|
|
|
19%
|
|
|
|
39%
|
|
|
|
41%
|
|
|
|
10%
|
|
|
|
|
* If
certain expenses had not been voluntarily assumed by
Van Kampen, total return would have been lower and the
ratios would have been as follows:
|
Ratio of
Expenses to Average Net Assets Applicable to
Common Shares (c)
|
|
|
1.63%
|
|
|
|
2.41%
|
|
|
|
2.21%
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
Ratio of Net
Investment Income to Average Net Assets Applicable to
Common Shares (c)
|
|
|
9.96%
|
|
|
|
8.03%
|
|
|
|
6.56%
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses (Excluding Interest and Residual
Trust Expenses) to Average Net Assets Applicable to
Common Shares (c)
|
|
|
1.02%
|
|
|
|
0.97%
|
|
|
|
1.04%
|
|
|
|
1.25%
|
|
|
|
1.40%
|
|
|
|
1.37%
|
|
|
|
Ratio of Expenses (Excluding Interest and Residual
Trust Expenses) to Average Net Assets Including
Preferred Shares (c)
|
|
|
0.62%
|
|
|
|
0.60%
|
|
|
|
0.66%
|
|
|
|
0.80%
|
|
|
|
0.89%
|
|
|
|
0.87%
|
|
|
|
Ratio of Net Investment Income to Average Net Assets Applicable
to Common Shares (d)
|
|
|
9.58%
|
|
|
|
6.25%
|
|
|
|
4.78%
|
|
|
|
4.72%
|
|
|
|
5.01%
|
|
|
|
6.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Shares Outstanding
|
|
|
4,640
|
|
|
|
4,640
|
|
|
|
5,800
|
|
|
|
5,800
|
|
|
|
5,800
|
|
|
|
2,400
|
|
|
|
Asset Coverage Per Preferred Share (e)
|
|
$
|
66,066
|
|
|
$
|
62,029
|
|
|
$
|
67,031
|
|
|
$
|
70,290
|
|
|
$
|
69,885
|
|
|
$
|
69,600
|
|
|
|
Involuntary Liquidating Preference Per Preferred Share
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Average Market Value Per Preferred Share
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
(a)
|
|
Based on average shares outstanding.
|
(b)
|
|
Total return assumes an investment
at the common share market price at the beginning of the period
indicated, reinvestment of all distributions for the period in
accordance with the Trusts dividend reinvestment plan, and
sale of all shares at the closing common share market price at
the end of the period indicated.
|
(c)
|
|
Ratios do not reflect the effect of
dividend payments to preferred shareholders.
|
(d)
|
|
Ratios reflect the effect of
dividend payments to preferred shareholders..
|
(e)
|
|
Calculated by subtracting the
Trusts total liabilities (not including the preferred
shares) from the Trusts total assets and dividing this by
the number of preferred shares outstanding.
|
(f)
|
|
Amount is less than $0.01 per share.
|
** Non-Annualized
N/A = Not Applicable
19
See Notes to Financial
Statements
Van Kampen
Trust for Investment Grade New York Municipals
Notes
to Financial
Statements n April 30,
2009 (Unaudited)
1. Significant
Accounting Policies
Van Kampen Trust for Investment Grade New York Municipals
(the Trust) is registered as a non-diversified,
closed-end management investment company under the Investment
Company Act of 1940, as amended (the 1940 Act). The
Trusts investment objective is to seek to provide a high
level of current income exempt from federal as well as New York
State and New York City income taxes, consistent with
preservation of capital. The Trust will invest substantially all
of its assets in New York municipal securities rated investment
grade at the time of investment but may invest up to 20% of its
assets in unrated securities which are believed to be of
comparable quality to those rated investment grade. The Trust
commenced investment operations on March 27, 1992.
The following is a summary of significant accounting policies
consistently followed by the Trust in the preparation of its
financial statements. The preparation of financial statements in
conformity with accounting principles generally accepted in the
United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
A. Security Valuation Municipal bonds
are valued by independent pricing services or dealers using the
mean of the last reported bid and asked prices or, in the
absence of market quotations, at fair value based upon yield
data relating to municipal bonds with similar characteristics
and general market conditions. Securities which are not valued
by independent pricing services or dealers are valued at fair
value using procedures established in good faith by the Board of
Trustees. Factors considered in making this determination may
include, but are not limited to, information obtained by
contacting the issuer, analysts, or the appropriate stock
exchange (for exchange-traded securities), analysis of the
issuers financial statements or other available documents
and, if necessary, available information concerning other
securities in similar circumstances. Futures contracts are
valued at the settlement price established each day on the
exchange on which they are traded. Short-term securities with
remaining maturities of 60 days or less are valued at
amortized cost, which approximates market value.
The Trust adopted Financial Accounting Standards Board Statement
of Financial Accounting Standards No. 157, Fair Value
Measurements (FAS 157), effective November 1,
2008. In accordance with FAS 157, fair value is defined as
the price that the Trust would receive to sell an investment or
pay to transfer a liability in an orderly transaction with an
independent buyer in the principal market, or in the absence of
a principal market the most advantageous market for the
investment or liability. FAS 157 establishes a three-tier
hierarchy to distinguish between (1) inputs that reflect
the assumptions market participants would use in pricing an
asset or liability developed based on market data obtained from
sources independent of the reporting entity (observable inputs)
and (2) inputs that reflect the reporting entitys own
assumptions about the assumptions market participants would use
in pricing an asset or liability developed based on the best
information available in the circumstances (unobservable inputs)
and to establish classification of fair value measurements
20
Van Kampen
Trust for Investment Grade New York Municipals
Notes to Financial
Statements n April 30,
2009 (Unaudited) continued
for disclosure purposes. Various
inputs are used in determining the value of the Trusts
investments. The inputs are summarized in the three broad levels
listed below.
|
|
Level 1
|
quoted prices in active markets for identical investments
|
Level 2
|
other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit
risk, etc.)
|
Level 3
|
significant unobservable inputs (including the Trusts own
assumptions in determining the fair value of investments)
|
The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
The following is a summary of the inputs used as of
April 30, 2009 in valuing the Trusts investments
carried at value:
|
|
|
|
|
|
|
Investments in
|
Valuation
Inputs
|
|
Securities
|
|
Level 1Quoted Prices
|
|
$
|
-0-
|
|
Level 2Other Significant Observable Inputs
|
|
|
358,571,465
|
|
Level 3Significant Unobservable Inputs
|
|
|
-0-
|
|
|
|
|
|
|
Total
|
|
$
|
358,571,465
|
|
|
|
|
|
|
B. Security Transactions Security
transactions are recorded on a trade date basis. Realized gains
and losses are determined on an identified cost basis. The Trust
may purchase and sell securities on a when-issued or
delayed delivery basis with settlement to occur at a
later date. The value of the security so purchased is subject to
market fluctuations during this period. The Trust will segregate
assets with the custodian having an aggregate value at least
equal to the amount of the when-issued or delayed delivery
purchase commitments until payment is made. At April 30,
2009, the Trust had no when-issued or delayed delivery purchase
commitments.
C. Investment Income Interest income is
recorded on an accrual basis. Bond premium is amortized and
discount is accreted over the expected life of each applicable
security.
D. Federal Income Taxes It is the
Trusts policy to comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially
all of its taxable income to its shareholders. Therefore, no
provision for federal income taxes is required. Financial
Accounting Standards Board Interpretation No. 48,
Accounting for Uncertainty in Income Taxes, sets forth a
minimum threshold for financial statement recognition of the
benefit of a tax position taken or expected to be taken in a tax
return. Management has concluded there are no significant
uncertain tax positions that would require recognition in the
financial statements. If applicable, the Trust recognizes
interest accrued related to unrecognized tax benefits in
Interest Expense and penalties in Other
expenses on the Statement of Operations. The Trust files tax
returns with the U.S. Internal Revenue Service, New York,
and various states. Generally, each of the tax years in the four
year period ended October 31, 2008, remains subject to
examination by taxing authorities.
21
Van Kampen
Trust for Investment Grade New York Municipals
Notes to Financial
Statements n April 30,
2009 (Unaudited) continued
The Trust intends to utilize provisions of the federal income
tax laws which allow it to carry a realized capital loss forward
for eight years following the year of the loss and offset these
losses against any future realized capital gains. At
October 31, 2008, the Trust had an accumulated capital loss
carryforward for tax purposes of $12,591,711, which will expire
according to the following schedule.
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
Expiration
|
|
$
|
2,899,423
|
|
|
|
|
|
October 31, 2015
|
|
|
9,692,288
|
|
|
|
|
|
October 31, 2016
|
|
At April 30, 2009, the cost and related gross unrealized
appreciation and depreciation were as follows:
|
|
|
|
|
|
|
Cost of investments for tax purposes
|
|
$
|
314,179,720
|
|
|
|
|
|
|
|
|
|
|
Gross tax unrealized appreciation
|
|
$
|
10,333,168
|
|
|
|
Gross tax unrealized depreciation
|
|
|
(25,596,051
|
)
|
|
|
|
|
|
|
|
|
|
Net tax unrealized depreciation on investments
|
|
$
|
(15,262,883
|
)
|
|
|
|
|
|
|
|
|
|
E. Distribution of Income and Gains The
Trust declares and pays monthly dividends from net investment
income to common shareholders. Net realized gains, if any, are
distributed at least annually on a pro rata basis to common and
preferred shareholders. Distributions from net realized gains
for book purposes may include short-term capital gains and a
portion of futures gains, which are included as ordinary income
for tax purposes.
The tax character of distributions paid during the year ended
October 31, 2008 was as follows:
|
|
|
|
|
Distributions paid from:
|
|
|
|
|
Ordinary income
|
|
$
|
885
|
|
Tax exempt income
|
|
|
16,474,253
|
|
|
|
|
|
|
|
|
$
|
16,475,138
|
|
|
|
|
|
|
As of October 31, 2008, the components of distributable
earnings on a tax basis were as follows:
|
|
|
|
|
Undistributed tax-exempt income
|
|
$
|
2,748,966
|
|
Net realized gains or losses may differ for financial reporting
and tax purposes primarily as a result of gains or losses
recognized on securities for tax purposes but not for book
purposes.
F. Credits Earned on Cash
Balances During the six months ended April 30,
2009, the Trusts custody fee was reduced by $391 as a
result of credits earned on cash balances.
G. Floating Rate Note Obligations Related to
Securities Held The Trust enters into transactions
in which it transfers to dealer trusts fixed rate bonds in
exchange for cash and residual interests in the dealer
trusts assets and cash flows, which are in the form of
inverse floating
22
Van Kampen
Trust for Investment Grade New York Municipals
Notes to Financial
Statements n April 30,
2009 (Unaudited) continued
rate investments. The dealer trusts
fund the purchases of the fixed rate bonds by issuing floating
rate notes to third parties and allowing the Trust to retain
residual interests in the bonds. The Trust enters into shortfall
agreements with the dealer trusts, which commit the Trust to pay
the dealer trusts, in certain circumstances, the difference
between the liquidation value of the fixed rate bonds held by
the dealer trusts and the liquidation value of the floating rate
notes held by third parties, as well as any shortfalls in
interest cash flows. The residual interests held by the Trust
(inverse floating rate investments) include the right of the
Trust (1) to cause the holders of the floating rate notes
to tender their notes at par at the next interest rate reset
date, and (2) to transfer the municipal bond from the
dealer trusts to the Trust, thereby collapsing the dealer
trusts. The Trust accounts for the transfer of bonds to the
dealer trusts as secured borrowings, with the securities
transferred remaining in the Trusts investment assets, and
the related floating rate notes reflected as Trust liabilities
under the caption Floating Rate
Note Obligations on the Statement of Assets and
Liabilities. The Trust records the interest income from the
fixed rate bonds under the caption Interest and
records the expenses related to floating rate note obligations
and any administrative expenses of the dealer trusts under the
caption Interest and Residual Trust Expenses on
the Trusts Statement of Operations. The notes issued by
the dealer trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes
to the dealer trusts for redemption at par at each reset date.
At April 30, 2009, Trust investments with a value of
$97,489,000 are held by the dealer trusts and serve as
collateral for the $59,655,000 in floating rate notes
outstanding at that date. Contractual maturities of the floating
rate notes and interest rates in effect at April 30, 2009
are presented on the Portfolio of Investments. The average
floating rate notes outstanding and average annual interest and
fee rate related to residual interests during the year ended
April 30, 2009 were $68,573,491 and 1.12%, respectively.
2. Investment
Advisory Agreement and Other Transactions with
Affiliates
Under the terms of the Trusts Investment Advisory
Agreement, Van Kampen Asset Management (the
Adviser) provides investment advice and facilities
to the Trust for an annual fee payable monthly of .55% of the
average daily net assets including current preferred shares and
leverage of $29,000,000 entered into to retire previously issued
preferred shares of the Trust. The Adviser has agreed to waive
investment advisory fees equal to 0.10% of the average daily net
assets including current preferred shares and leverage of
$29,000,000 entered into to retire previously issued preferred
shares of the Trust. During the six months ended April 30,
2009, the Adviser waived approximately $159,900 of its advisory
fees. This waiver is voluntary and can be discontinued at any
time.
For the six months ended April 30, 2009, the Trust
recognized expenses of approximately $16,400 representing legal
services provided by Skadden, Arps, Slate, Meagher &
Flom LLP, of which a trustee of the Trust is a partner of such
firm and he and his law firm provide legal services as legal
counsel to the Trust.
Under separate Legal Services, Accounting Services and Chief
Compliance Officer (CCO) Employment agreements, the Adviser
provides accounting and legal services and the CCO provides
compliance services to the Trust. The costs of these services
are allocated to each trust. For the six months ended
April 30, 2009, the Trust recognized expenses of
approximately $32,700 representing Van Kampen Investments
Inc.s or its affiliates (collectively
Van Kampen) cost of providing accounting and
legal services to the Trust, as well as the
23
Van Kampen
Trust for Investment Grade New York Municipals
Notes to Financial
Statements n April 30,
2009 (Unaudited) continued
salary, benefits and related costs
of the CCO and related support staff paid by Van Kampen.
Services provided pursuant to the Legal Services agreement are
reported as part of Professional Fees on the
Statement of Operations. Services provided pursuant to the
Accounting Services and CCO Employment agreement are reported as
part of Accounting and Administrative Expenses on
the Statement of Operations.
Certain officers and trustees of the Trust are also officers and
directors of Van Kampen. The Trust does not compensate its
officers or trustees who are also officers of Van Kampen.
The Trust provides deferred compensation and retirement plans
for its trustees who are not officers of Van Kampen. Under
the deferred compensation plan, trustees may elect to defer all
or a portion of their compensation to a later date. Benefits
under the retirement plan are payable upon retirement for a
ten-year period and are based upon each trustees years of
service to the Trust. The maximum annual benefit per trustee
under the plan is $2,500.
3. Capital
Transactions
For the six months ended April 30, 2009 and the year ended
October 31, 2008, transactions in common shares were as
follows:
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Year Ended
|
|
|
April 30,
2009
|
|
October 31,
2008
|
|
Beginning Shares
|
|
|
15,147,857
|
|
|
|
15,420,660
|
|
Shares Repurchased*
|
|
|
(1,400
|
)
|
|
|
(272,803
|
)
|
|
|
|
|
|
|
|
|
|
Ending Shares
|
|
|
15,146,457
|
|
|
|
15,147,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
The Trust has a share repurchase
program for purposes of enhancing stockholder value and reducing
the discount at which the Trusts shares trade from their
net asset value. For the six months ended April 30, 2009
and the year ended October 31, 2008, the Trust repurchased
1,400 and 272,803 of its shares, respectively, at an average
discount of 20.11% and 7.90%, respectively, from net asset value
per share. The Trust expects to continue to repurchase its
outstanding shares at such time and in such amounts as it
believes such activity will further the accomplishment of the
foregoing objectives, subject to the review of the Trustees.
|
4. Investment
Transactions
During the period, the cost of purchases and proceeds from sales
of investments, excluding short-term investments, were
$62,618,463 and $88,759,868, respectively.
5. Derivative
Financial Instruments
A derivative financial instrument in very general terms refers
to a security whose value is derived from the value
of an underlying asset, reference rate or index.
In order to seek to manage the interest rate exposure of the
Trusts portfolio in a changing interest rate environment,
the Trust may purchase or sell financial futures contracts or
engage in transactions involving interest rate swaps, caps,
floors or collars. The Trust expects to enter into these
transactions primarily as a hedge against anticipated interest
rate or fixed-income market changes, for duration management or
for risk management purposes, but may also enter into these
transactions to generate additional income. All of the
Trusts portfolio holdings, including derivative
instruments, are marked to market each day with the change in
value reflected in the unrealized appreciation/depreciation.
Upon disposition, a realized gain or loss is generally
recognized.
24
Van Kampen
Trust for Investment Grade New York Municipals
Notes to Financial
Statements n April 30,
2009 (Unaudited) continued
Summarized below are the specific types of derivative financial
instruments used by the Trust.
A. Futures Contracts A futures
contract is an agreement involving the delivery of a particular
asset on a specified future date at an agreed upon price. The
Trust generally invests in exchange traded futures contracts on
U.S. Treasury securities and typically closes the contract
prior to the delivery date. These contracts are generally used
to manage the Trusts effective maturity and duration. Upon
entering into futures contracts, the Trust maintains an amount
of cash or liquid securities with a value equal to a percentage
of the contract amount with either a futures commission merchant
pursuant to the rules and regulations promulgated under the 1940
Act, or with its custodian in an account in the brokers
name. This amount is known as initial margin. During the period
the futures contract is open, payments are received from or made
to the broker based upon changes in the value of the contract
(the variation margin). The risk of loss associated with a
futures contract is in excess of the variation margin reflected
on the Statement of Assets and Liabilities. There were no
futures transactions entered into during the six months ended
April 30, 2009.
B. Inverse Floating Rate Securities The
Trust may invest a portion of its assets in inverse floating
rate municipal securities, which are variable debt instruments
that pay interest at rates that move in the opposite direction
of prevailing interest rates. These investments are typically
used by the Trust in seeking to enhance the yield of the
portfolio or used as an alternative form of leverage in order to
redeem a portion of the Trusts preferred shares. Inverse
floating rate investments tend to underperform the market for
fixed rate bonds in a rising interest rate environment, but tend
to outperform the market for fixed rate bonds when interest
rates decline or remain relatively stable. Inverse floating rate
investments have varying degrees of liquidity. Inverse floating
rate securities in which the Trust may invest include derivative
instruments such as residual interest bonds (RIBs)
or tender option bonds (TOBs). Such instruments are
typically created by a special purpose trust that holds
long-term fixed rate bonds (which may be tendered by the Trust
in certain instances) and sells two classes of beneficial
interests: short-term floating rate interests, which are sold to
third party investors, and inverse floating residual interests,
which are purchased by the Trust. The short-term floating rate
interests have first priority on the cash flow from the bonds
held by the special purpose trust and the Trust is paid the
residual cash flow from the bonds held by the special purpose
trust.
The Trust generally invests in inverse floating rate investments
that include embedded leverage, thus exposing the Trust to
greater risks and increased costs. The market value of a
leveraged inverse floating rate investment generally
will fluctuate in response to changes in market rates of
interest to a greater extent than the value of an unleveraged
investment. The extent of increases and decreases in the value
of inverse floating rate investments generally will be larger
than changes in an equal principal amount of a fixed rate
security having similar credit quality, redemption provisions
and maturity, which may cause the Trusts net asset value
to be more volatile than if it had not invested in inverse
floating rate investments.
In certain instances, the short-term floating rate interests
created by the special purpose trust may not be able to be sold
to third parties or, in the case of holders tendering (or
putting) such interests for repayment of principal, may not be
able to be remarketed to third parties. In such cases, the
special purpose trust holding the long-term fixed rate bonds may
be
25
Van Kampen
Trust for Investment Grade New York Municipals
Notes to Financial
Statements n April 30,
2009 (Unaudited) continued
collapsed. In the case of RIBs or
TOBs created by the contribution of long-term fixed income bonds
by the Trust, the Trust will then be required to repay the
principal amount of the tendered securities. During times of
market volatility, illiquidity or uncertainty, the Trust could
be required to sell other portfolio holdings at a
disadvantageous time to raise cash to meet that obligation.
6. Preferred
Shares
The Trust has outstanding 4,640 Auction Preferred Shares (APS)
in three series. Series A contains 1,920 shares,
Series B contains 1,440 shares and Series C
contains 1,280 shares. Dividends are cumulative and the
dividend rates are generally reset every 28 days for
Series A and B, while Series C is generally reset
every 7 days through an auction process. Beginning on
February 13, 2008 and continuing through April 30,
2009, all series of preferred shares of the Trust were not
successfully remarketed. As a result, the dividend rates of
these preferred shares were reset to the maximum applicable rate
on APS. The average rate in effect on April 30, 2009 was
0.393%. During the six months ended April 30, 2009, the
rates ranged from 0.276% to 3.475%.
Historically, the Trust paid annual fees equivalent to .25% of
the preferred share liquidation value for the remarketing
efforts associated with the preferred auction. Effective
March 16, 2009, the Trust decreased this amount to .15% due
to auction failures. In the future, if auctions no longer fail,
the Trust may return to an annual fee payment of .25% of the
preferred share liquidation value. These fees are included as a
component of Preferred Share Maintenance expense on
the Statement of Operations.
The APS are redeemable at the option of the Trust in whole or in
part at the liquidation value of $25,000 per share plus
accumulated and unpaid dividends. The Trust is subject to
certain asset coverage tests and the APS are subject to
mandatory redemption if the tests are not met.
The Trust has the option to enter into additional inverse
floating rate securities as an alternative form of leverage in
order to redeem and retire a portion of its preferred shares.
For the six months ended April 30, 2009, the Trust did not
exercise this option.
7. Indemnifications
The Trust enters into contracts that contain a variety of
indemnifications. The Trusts maximum exposure under these
arrangements is unknown. However, the Trust has not had prior
claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
8. Accounting
Pronouncements
On March 19, 2008, Financial Accounting Standards Board
released Statement of Financial Accounting Standards
No. 161, Disclosures about Derivative Instruments and
Hedging Activities (FAS 161). FAS 161 requires
qualitative disclosures about objectives and strategies for
using derivatives, quantitative disclosures about fair value
amounts of and gains and losses on derivative instruments, and
disclosures about credit-risk-related contingent features in
derivative agreements. The application of FAS 161 is
required for fiscal years beginning after November 15,
2008. At this time, management does not believe the adoption of
FAS 161 will impact the financial statement amounts;
however, additional footnote disclosures may be required about
the use of derivative instruments and hedging items.
26
Van Kampen
Trust for Investment Grade New York Municipals
Notes to Financial
Statements n April 30,
2009 (Unaudited) continued
On April 9, 2009, the Financial Accounting Standards Board
issued Staff Position
No. 157-4,
Determining Fair Value When the Volume and Level of Activity
for the Asset or Liability Have Significantly Decreased and
Identifying Transactions That Are Not Orderly (FSP
157-4). FSP
157-4
provides additional guidance for estimating fair value in
accordance with FAS 157 when the volume and level of
activity for the assets or liability have significantly
decreased. FSP
157-4 also
requires additional disaggregation of the current FAS 157
required disclosures. FSP
157-4 is
effective for interim and annual reporting periods ending after
June 15, 2009, and shall be applied prospectively. At this
time, management is evaluating the implications of FSP
157-4 and
the impact it will have on the financial statement disclosures.
27
Van Kampen
Trust for Investment Grade New York Municipals
Board
of Trustees, Officers, and Important Addresses
|
|
|
Board
of Trustees
David C. Arch
Jerry D. Choate
Rod Dammeyer
Linda Hutton Heagy
R. Craig Kennedy
Howard J Kerr
Jack E. Nelson
Hugo F. Sonnenschein
Wayne W. Whalen* Chairman
Suzanne H. Woolsey
Officers
Edward C. Wood III
President and Principal Executive Officer
Kevin Klingert
Vice President
Stefanie V. Chang Yu
Vice President and Secretary
John L. Sullivan
Chief Compliance Officer
Stuart N. Schuldt
Chief Financial Officer and Treasurer
|
|
Investment
Adviser
Van Kampen Asset Management
522 Fifth Avenue
New York, New York 10036
Custodian
State Street Bank
and Trust Company
One Lincoln Street
Boston, Massachusetts 02111
Transfer
Agent
Computershare Trust Company, N.A.
c/o Computershare Investor Services
P.O. Box 43078
Providence, Rhode Island 02940-3078
Legal
Counsel
Skadden, Arps, Slate,
Meagher & Flom LLP
155 North Wacker Drive
Chicago, Illinois 60606
Independent
Registered
Public Accounting Firm
Deloitte & Touche LLP
111 South Wacker Drive
Chicago, Illinois 60606-4301
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|
|
*
|
|
Interested persons of
the Trust, as defined in the Investment Company Act of 1940, as
amended.
|
28
Van
Kampen Trust for Investment Grade New York Municipals
An Important Notice Concerning Our
U.S. Privacy Policy continued
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|
We may obtain
information about account balances, your use of account(s) and
the types of products and services you prefer to receive from us
through your dealings and transactions with us and other sources.
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|
We may obtain
information about your creditworthiness and credit history from
consumer reporting agencies.
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|
We may collect
background information from and through third-party vendors to
verify representations you have made and to comply with various
regulatory requirements.
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|
If you interact with
us through our public and private Web sites, we may collect
information that you provide directly through online
communications (such as an
e-mail
address). We may also collect information about your Internet
service provider, your domain name, your computers
operating system and Web browser, your use of our Web sites and
your product and service preferences, through the use of
cookies. Cookies recognize your computer
each time you return to one of our sites, and help to improve
our sites content and personalize your experience on our
sites by, for example, suggesting offerings that may interest
you. Please consult the Terms of Use of these sites for more
details on our use of cookies.
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|
2. When Do
We Disclose Personal Information We Collect About
You?
To provide you with
the products and services you request, to better serve you, to
manage our business and as otherwise required or permitted by
law, we may disclose personal information we collect about you
to other affiliated companies and to nonaffiliated third
parties.
A. Information
We Disclose to Our Affiliated
Companies. In
order to manage your account(s) effectively, including servicing
and processing your transactions, to let you know about products
and services offered by us and affiliated companies, to manage
our business, and as otherwise required or permitted by law, we
may disclose personal information to other affiliated companies.
Offers for products and services from affiliated companies are
developed under conditions designed to safeguard your personal
information.
B. Information
We Disclose to Third
Parties. We
do not disclose personal information that we collect about you
to nonaffiliated third parties except to enable them to provide
marketing services on our behalf, to perform joint marketing
agreements with other financial institutions, and as otherwise
required or permitted by law. For example, some instances where
we may disclose information about you to third
(continued
on next page)
Van
Kampen Trust for Investment Grade New York Municipals
An Important Notice Concerning Our
U.S. Privacy Policy continued
parties
include: for servicing and processing transactions, to offer our
own products and services, to protect against fraud, for
institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal
information with a nonaffiliated third party, they are required
to limit their use of personal information to the particular
purpose for which it was shared and they are not allowed to
share personal information with others except to fulfill that
limited purpose.
3. How Do We
Protect the Security and Confidentiality of Personal Information
We Collect About
You?
We maintain
physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have
internal policies governing the proper handling of client
information. Third parties that provide support or marketing
services on our behalf may also receive personal information,
and we require them to adhere to confidentiality standards with
respect to such information.
4. How Can
You Limit the Sharing of Certain Types of Personal Information
With Affiliated
Companies?
We respect your
privacy and offer you choices as to whether we share with
affiliated companies personal information that was collected to
determine your eligibility for products and services you request
(eligibility information). Please note that, even if
you direct us not to share eligibility information with
affiliated companies (opt-out), we may still share
personal information, including eligibility information, with
those companies in circumstances excluded from the opt-out under
applicable law, such as to process transactions or to service
your account. We may also share certain other types of personal
information with affiliated companiessuch as your name,
address, telephone number,
e-mail
address and account number(s), and information about your
transactions and experiences with us.
5. How Can
You Limit the Use of Certain Types of Personal Information by
Affiliated Companies for
Marketing?
You may limit
affiliated companies from marketing their products or services
to you based on your personal information that they receive from
affiliated companies. This information includes your income,
assets and account history. Your choice to limit marketing
offers from affiliated companies will apply until you tell us to
change your choice.
(continued
on next page)
Van
Kampen Trust for Investment Grade New York Municipals
An Important Notice Concerning Our
U.S. Privacy Policy continued
If you wish to
opt-out of sharing and to limit marketing offers, you may do so
by:
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Calling us at
(800) 847-2424
Monday-Friday between 8 a.m. and 8 p.m. (ET)
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Writing to us at the
following address:
Van Kampen Privacy Department
Harborside Financial Center, Plaza Two, 3rd Floor
Jersey City, NJ 07311
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|
If you choose to
write to us, your written request should include your name,
address, telephone number and account number(s) to which the
opt-out applies and should not be sent with any other
correspondence. In order to process your request, we require
that the request be provided by you directly and not through a
third party.
If you have
previously notified us about your privacy preferences, it is not
necessary to do so again unless you decide to change your
preferences. Your opt-out preference will remain in effect with
respect to this Policy (as it may be amended) until you notify
us otherwise in writing. If you have a joint account, your
direction for us not to share this information with other
affiliated companies and for those affiliated companies not to
use your personal information for marketing will be applied to
all account holders on that account.
Please understand
that if you opt-out, you and any joint account holders may not
receive information about affiliated company products and
services that could help you manage your financial resources and
achieve your investment objectives.
If you hold more
than one account with Van Kampen, you may receive multiple
privacy policies from us, and would need to follow the
directions stated in each particular policy for each account you
have with us.
SPECIAL NOTICE TO
RESIDENTS OF
VERMONT
This section
supplements our Policy with respect to our individual clients
who have a Vermont address and supersedes anything to the
contrary in the above Policy with respect to those clients
only.
The State of Vermont
requires financial institutions to obtain your consent prior to
sharing personal information that they collect about you with
affiliated companies and nonaffiliated third parties other than
in certain limited circumstances. Except as permitted by law, we
will not share personal information we collect about you with
nonaffiliated third parties or other affiliated companies unless
you provide us with your written consent to share such
information (opt-in).
(continued
on back)
Van
Kampen Trust for Investment Grade New York Municipals
An Important Notice Concerning Our
U.S. Privacy Policy continued
If you wish to
receive offers for investment products and services offered by
or through other affiliated companies, please notify us in
writing at the following address:
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Van Kampen
Privacy Department
Harborside Financial Center, Plaza Two, 3rd Floor
Jersey City, NJ 07311
|
|
Your authorization
should include your name, address, telephone number and account
number(s) to which the opt-in applies and should not be sent
with any other correspondence. In order to process your
authorization, we require that the authorization be provided by
you directly and not through a third-party.
522
Fifth Avenue
New
York, New York 10036
www.vankampen.com
Copyright
©2009
Van Kampen Funds Inc.
All
rights reserved. Member FINRA/SIPC
VTNSAN
6/09
IU09-02573P-Y04/09
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
(a) Please refer to Item #1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers.
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Total Number of |
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Shares Purchased |
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Maximum Number |
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as |
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of Shares that may |
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Part of Publicly |
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yet be Purchased |
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Total Number of |
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Average Price |
|
Announced Plans |
|
Under the Plans or |
Period |
|
Shares Purchased |
|
Paid per Share |
|
or Programs |
|
Programs |
November |
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1,213,585 |
|
December |
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1,400 |
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8.93 |
|
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1,400 |
|
|
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1,212,185 |
|
January |
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|
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1,212,185 |
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February |
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1,212,185 |
|
March |
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1,212,185 |
|
April |
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|
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|
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|
1,212,185 |
|
The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts
as it believes will further the accomplishment of the foregoing objectives, subject to review by
the Board of Trustees.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Trusts principal executive officer and principal financial officer have concluded that the
Trusts disclosure controls and procedures are sufficient to ensure that information required to be
disclosed by the Trust in this Form N-CSRS was recorded, processed, summarized and reported within
the time periods specified in the Securities and Exchange Commissions 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 registrants internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrants internal control over
financial reporting.
Item 12. Exhibits.
(1) Code of Ethics Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is attached hereto as
part of EX-99.CERT.
(2)(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 Trust For Investment Grade New York Municipals
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By:
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/s/ Edward C. Wood III
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Name:
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Edward C. Wood III |
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Title:
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Principal Executive Officer |
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Date:
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June 23, 2009 |
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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.
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By:
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/s/ Edward C. Wood III
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Name:
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Edward C. Wood III |
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Title:
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Principal Executive Officer |
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Date:
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June 23, 2009 |
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By:
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/s/ Stuart N. Schuldt |
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Name:
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Stuart N. Schuldt |
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Title:
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Principal Financial Officer |
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Date:
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June 23, 2009 |
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