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)
Registrant’s 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 Trust’s 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, you’ll 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 trust’s 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).
 
             
NOT FDIC INSURED
    OFFER NO BANK GUARANTEE     MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
    NOT A DEPOSIT
             


 

Performance Summary as of 4/30/09
 
                         
Trust for Investment Grade New York Municipals
Symbol: VTN
Average Annual
    Based on
    Based on
Total Returns     NAV     Market Price
                         
Since Inception (3/27/92)       5.82 %         5.34 %  
                         
10-year       3.76           3.29    
                         
5-year       0.89           0.83    
                         
1-year       –9.93           –13.46    
                         
6-month       15.34           12.63    
 
 
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 trust’s 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 trust’s dividend reinvestment plan, and sale of all shares at the end of the period. The trust’s adviser has waived or reimbursed fees and expenses from time to time, absent such waivers/reimbursements the trust’s 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 Trust’s 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 Moody’s 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 state’s fiscal position during the financial crisis and will look for opportunities to invest in more stable sectors.
 
Performance Analysis
 
The Trust’s 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 Trust’s 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
 
                                       
    Based on
    Based on
    Barclays Capital New York
   
    NAV     Market Price     Municipal Bond Index    
                                       
      15.34 %         12.63 %         7.74 %      
 
 
 
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 Trust’s 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 Trust’s 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 portfolio’s 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 Trust’s 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 Trust’s 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


 

         
Ratings Allocations as of 4/30/09 (Unaudited)
 
AAA/Aaa     11.7 %
AA/Aa     54.0  
A/A     12.5  
BBB/Baa     11.4  
BB/Ba     3.1  
B/B     0.7  
Non-Rated     6.6  
         
         
Top Five Sectors as of 4/30/09 (Unaudited)
 
Public Transportation     17.7 %
Hospital     13.4  
General Purpose     10.7  
Water & Sewer     9.9  
Student Housing     7.6  
         
         
 
 
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 Poor’s and Moody’s, respectively.
 
 
5


 

Portfolio Management
 
Van Kampen Trust for Investment Grade New York Municipals is managed by members of the Adviser’s 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 Trust’s 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 Trust’s 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 trust’s 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 trust’s 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 SEC’s Web site, http://www.sec.gov. You may also review and copy them at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s 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 SEC’s 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 trust’s 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 Trust’s 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 Commission’s 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 Commission’s 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)
 
                             
Par
               
Amount
               
(000)   Description   Coupon   Maturity   Value
 
 
        Municipal Bonds  187.9%
New York  183.9%
$ 1,750     Albany, NY Indl Dev Agy Civic Fac Rev Saint Peters Hosp Proj, Ser A     5.250 %   11/15/32   $ 1,349,372  
  1,000     Albany, NY Indl Dev Agy Civic Fac Rev Saint Peters Hosp Proj, Ser D     5.750     11/15/27     876,890  
  1,000     Amherst, NY Indl Dev Agy Civic Fac Rev UBF Fac Student Hsg, Ser A (AMBAC Insd)     5.750     08/01/25     1,015,610  
  1,000     Amherst, NY Indl Dev Agy Civic Fac Rev UBF Fac Student Hsg, Ser B (AMBAC Insd)     5.750     08/01/30     1,011,110  
  1,000     Broome Cnty, NY Indl Dev Agy Continuing Care Retirement Good Shepard Vlg, Ser A     6.750     07/01/28     772,540  
  1,300     Broome Cnty, NY Indl Dev Agy Continuing Care Retirement Good Shepard Vlg, Ser A     6.875     07/01/40     938,054  
  990     Dutchess Cnty, NY Indl Dev Agy Civic Fac Rev Elant Fishkill Inc, Ser A     5.250     01/01/37     551,776  
  2,400     East Rochester, NY Hsg Auth Rev Sr Living Woodland Vlg Proj Rfdg     5.500     08/01/33     1,504,080  
  1,000     Erie Cnty, NY Pub Impt, Ser C (AMBAC Insd) (Prerefunded @ 7/01/10)     5.500     07/01/29     1,068,350  
  1,000     Essex Cnty, NY Indl Dev Agy Rev Intl Paper Rfdg, Ser A (AMT)     5.200     12/01/23     713,330  
  1,500     Hempstead Town, NY Indl Dev Agy Civic Fac Rev Adelphi Univ Civic Fac     5.000     10/01/30     1,444,575  
  2,000     Hempstead Town, NY Indl Dev Agy Civic Fac Rev Adelphi Univ Civic Fac     5.500     06/01/32     2,008,320  
  2,000     Islip, NY Res Recovery Agy Rev 1985 Fac, Ser B (AMBAC Insd) (AMT)     7.250     07/01/11     2,134,740  
  1,860     Long Island Pwr Auth NY Elec Sys Rev, Ser A     6.250     04/01/33     2,048,102  
  1,500     Long Island Pwr Auth NY Elec Sys Rev Gen, Ser B     5.000     12/01/35     1,432,050  
  1,975     Long Island Pwr Auth NY Elec Sys Rev Gen, Ser E     5.000     12/01/17     2,088,503  
  1,315     Long Island Pwr Auth NY Elec Sys Rev, Ser A (AMBAC Insd)     5.000     09/01/34     1,258,481  
  2,370     Madison Cnty, NY Indl Dev Agy Civic Fac Rev Colgate Univ Proj, Ser A (AMBAC Insd)     5.000     07/01/35     2,342,555  
  750     Madison Cnty, NY Indl Dev Agy Civic Fac Rev Oneida Hlth Sys Inc Proj, Ser A     5.500     02/01/32     575,340  
  1,000     Madison Cnty, NY Indl Dev Agy Morrisville St College Fndtn, Ser A (CIFG Insd)     5.000     06/01/28     823,950  
  4,000     Metropolitan Trans Auth NY Rev Rfdg, Ser A (AMBAC Insd)     5.500     11/15/19     4,153,800  
  10,000     Metropolitan Trans Auth NY Rev, Ser B (BHAC Insd) (a)     5.000     11/15/31     10,195,200  
  4,000     Metropolitan Trans Auth NY Svc Contract Rfdg, Ser A     5.125     01/01/29     3,972,760  
 
 
8
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)
$ 1,500     Montgomery Cnty, NY Indl Dev Agy Lease Rev HFM Boces, Ser A (Syncora Gtd)     5.000 %   07/01/34   $ 1,222,905  
  8,000     Nassau Cnty, NY Indl Dev Agy Continuing Care Retirement Amsterdam at Harborside, Ser A     6.700     01/01/43     5,967,680  
  7,300     New York City Indl Dev Agy Civic Fac Rev Polytechnic Univ Proj (ACA Insd)     5.250     11/01/37     5,568,367  
  3,250     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.
 
ACA—American Capital Access
AGL—Assured Guaranty Ltd.
AMBAC—AMBAC Indemnity Corp.
AMT—Alternative Minimum Tax
BHAC—Berkshire Hathaway Assurance Corp.
CIFG—CDC IXIS Financial Guaranty
Comwth—Commonwealth of Puerto Rico
Connie Lee—Connie Lee Insurance Co.
FGIC—Financial Guaranty Insurance Co.
FSA—Financial Security Assurance Inc.
NATL—National Public Finance Guarantee Corp.
POL CTL-SRF—State Water Pollution Control Revolving Fund
SONYMA—State of New York Mortgage Agency
Syncora Gtd—Syncora 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 Distributions—Common 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 Trustee’s 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 Trust’s 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 Trust’s total liabilities (not including the preferred shares) from the Trust’s 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 Trust’s 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 issuer’s 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 entity’s 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 Trust’s 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 Trust’s 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 Trust’s investments carried at value:
 
         
    Investments in
Valuation Inputs   Securities
 
Level 1—Quoted Prices
  $ -0-  
Level 2—Other Significant Observable Inputs
    358,571,465  
Level 3—Significant 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 Trust’s 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 Trust’s 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 Trust’s 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 Trust’s 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 Trust’s 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 trustee’s 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 Trust’s 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 Trust’s 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 Trust’s 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 Trust’s 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 broker’s 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 Trust’s 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 Trust’s 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 Trust’s 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
 
 
 
* “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
 
  •   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.  
 
  •   We may obtain information about your creditworthiness and credit history from consumer reporting agencies.  
 
  •   We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.  
 
  •   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 computer’s 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.  
 
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 companies—such 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:
 
  •   Calling us at (800) 847-2424
Monday-Friday between 8 a.m. and 8 p.m. (ET)
 
 
  •   Writing to us at the following address:
Van Kampen Privacy Department
Harborside Financial Center, Plaza Two, 3rd Floor
Jersey City, NJ 07311
 
 
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:
 
      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.
 
 
Van Kampen Funds Inc.
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
(VAN KAMPEN INVESTMENTS LOGO)
 


 

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.
                                 
                    Total Number of    
                    Shares Purchased   Maximum Number
                    as   of Shares that may
                    Part of Publicly   yet be Purchased
    Total Number of   Average Price   Announced Plans   Under the Plans or
Period   Shares Purchased   Paid per Share   or Programs   Programs
November
                            1,213,585  
December
    1,400       8.93       1,400       1,212,185  
January
                            1,212,185  
February
                            1,212,185  
March
                            1,212,185  
April
                            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 Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-CSRS was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.
(b) There were no changes in the registrant’s 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 registrant’s 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
         
By:
  /s/ Edward C. Wood III    
 
       
Name:
  Edward C. Wood III    
Title:
  Principal Executive Officer    
Date:
  June 23, 2009    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Edward C. Wood III    
 
       
Name:
  Edward C. Wood III    
Title:
  Principal Executive Officer    
Date:
  June 23, 2009    
 
       
By:
  /s/ Stuart N. Schuldt    
 
       
Name:
  Stuart N. Schuldt    
Title:
  Principal Financial Officer    
Date:
  June 23, 2009