N-CSRS 1 c85438nvcsrs.txt SEMIANNUAL REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-6360 Van Kampen New York Quality Municipal Trust ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 1221 Avenue of the Americas, New York, New York 10020 ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Ronald Robison 1221 Avenue of the Americas, New York, New York 10020 ------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-762-4000 Date of fiscal year end: 10/31 Date of reporting period: 4/30/04 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 New York Quality Municipal Trust 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, 2004. 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 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 4/30/04
NEW YORK QUALITY MUNICIPAL TRUST SYMBOL: VNM ------------------------------------------------------ AVERAGE ANNUAL BASED ON BASED ON TOTAL RETURNS NAV MARKET PRICE Since Inception (09/27/91) 8.01% 6.82% 10-year 7.20 6.69 5-year 6.76 5.56 1-year 3.48 1.18 6-month 1.70 0.25 ------------------------------------------------------
Past performance is no guarantee of future results. Investment return, 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. As a result of recent market activity, current performance may vary from the figures shown. For more up-to-date information, please visit vankampen.com or speak with your financial advisor. NAV per share is determined by dividing the value of the trust's portfolio securities, cash and other assets, less all liabilities, 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 Lehman Brothers New York Municipal Bond Index is a broad-based statistical composite of New York municipal bonds. The index is unmanaged and does 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, 2004 Van Kampen New York Quality Municipal Trust is managed by the adviser's Municipal Fixed Income team.(1) Current members include Dennis Pietrzak, Executive Director; Robert Wimmel, Vice President; and John Reynoldson, Executive Director. MARKET CONDITIONS The state of the U.S. economy remained mixed over the six-month period under review. On the positive side, economic growth continued to be robust, with Gross Domestic Product growth topping 4 percent in both the last quarter of 2003 and, preliminarily, the first quarter of this year. While this strength in output has historically triggered fears of rising interest rates, yields remained stubbornly low across the municipal curve. These low yields were partly the result of the continued low levels of observed inflation in the U.S. economy. Unfortunately, they also reflected continuing weakness in the job market, which remained soft throughout the period. The soft job numbers, coupled with persistently low inflation, led the Federal Open Market Committee (the Fed) to maintain its accommodative stance throughout the period. The surprisingly rapid job growth data released in April, coupled with rapidly rising commodity and high oil prices, led many investors to fear that the Fed would be forced to raise interest rates earlier than the market initially expected. As a result, bond yields across all major sectors spiked in April. Supply of new municipal bonds in calendar 2003 hit record levels as municipalities moved to take advantage of historically low interest rates. Many cities and states sought to reduce expenditures by refinancing existing debt and replacing it with lower-yielding bonds. In other cases, municipalities attempted to meet current and future funding needs by issuing new debt. This activity slowed in the first months of 2004. The low interest rates that prevailed over much of the period also had an impact on the demand for municipal bonds. Retail and institutional investor activity slowed as holders of municipal bonds saw little reason to sell bonds purchased at higher yield levels and reinvest at lower yields. However, the period was marked by rising activity among non-traditional investors, such as hedge funds and insurance companies seeking to take advantage of the attractiveness of municipal bonds relative to some taxable securities. Additionally, investors' search for yield led to significant outperformance by lower-rated bonds with greater credit risk. Sectors such as health care, with a preponderance of lower-rated issues, performed particularly well. (1)Team members may change without notice at any time. 2 The New York economy continued to struggle with fiscal problems during the period, and the executive and legislative branches of the state government remained locked in their perennial budget battle. Signs of economic improvement in the rest of the country may bode particularly well for New York, since the state's tax revenues are in large part driven by revenues from the financial sector. The state continued to be among the country's largest issuers as local and state-level projects sought funding for their ongoing operations. PERFORMANCE ANALYSIS Closed-end fund returns 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, 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 significantly. On an NAV basis, the trust outperformed its benchmark, the Lehman Brothers New York Municipal Bond Index, but underperformed on a market-price basis. (See table below.) The trust uses leverage to enhance its dividend to common shareholders. The trust borrows money at short-term rates through the issuance of preferred shares. The proceeds are typically reinvested in longer-term securities, taking advantage of the difference between short- and longer-term rates. With short- term rates at historic lows for much of the period, the difference between short-and longer-term rates was relatively high. This made using leverage a profitable approach in the early months of the period, and added to the trust's returns. As yields rose toward the end of the period, the prices of bonds declined. The trust's use of leverage magnified this negative price movement. However, the portfolio saw strong performance from its higher-yielding holdings during the period, counterbalancing the effects of leverage and helping to produce a total return at NAV higher than that of the benchmark, which is not leveraged. Our analysis of the macroeconomic environment, coupled with the levels of interest rates near multi-decade lows, led us to believe that interest rates were more likely to rise than to fall further. As a result, we kept the trust's duration (a measure of interest-rate sensitivity) below that of its benchmark in order to limit the potentially damaging impact of any increase in interest rates. This TOTAL RETURN FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004
-------------------------------------------------------------- BASED ON BASED ON LEHMAN BROTHERS NEW YORK NAV MARKET PRICE MUNICIPAL BOND INDEX 1.70% 0.25% 1.08% --------------------------------------------------------------
Past performance is no guarantee of future results. 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. 3 approach hampered the trust's returns for much of the period as interest rates fell; however, it helped buoy returns when interest rates soared in the final weeks of the period. The trust's performance was also modestly hampered by its bias, relative to the benchmark, toward high-quality securities. Municipal bond investors during the period responded to the improving economy by reducing the yield spreads between higher and lower-rated bonds (yield spreads reflect the premium demanded by investors to buy lower-rated bonds). As a result, lower-quality bonds outperformed. The portfolio had approximately 84 percent exposure to bonds rated AA/Aa or higher at the end of the period. We also adjusted the portfolio's term structure in anticipation of rising interest rates. Our research showed that the intermediate portion of the curve offered the most promising total return potential. As a result, we focused our purchases on the 15- to 20-year segment of the curve. Many of the securities we identified had the added appeal of premium coupons and 10-year call dates, which served to add income to the portfolio while limiting its interest-rate exposure. Our trading activity during the period was below traditional norms because we wanted to avoid having to reinvest into securities with low yields. That said, we were able to make selective relative-value trades among securities and sectors as they moved into and out of fair value. The trust's portfolio remained well diversified during the period, with its holdings spread across many major municipal bond sectors. We believe this long-standing strategy helps to minimize the risk of over-concentration in any single sector, while also giving the portfolio exposure to as many potential sources of return as possible. The three largest sector exposures at the end of the period were general purpose, transportation and higher education. TOP 5 SECTORS AS OF 4/30/04 RATINGS ALLOCATION AS OF 4/30/04 General Purpose 22.0% AAA/Aaa 37.1% Transportation 20.6 AA/Aa 47.1 Higher Education 17.1 A/A 12.1 Water & Sewer 11.2 BBB/Baa 3.7 Industrial Revenue 8.4
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. All percentages are as a percentage of long-term investments. Securities are classified by sectors that represent broad groupings of related industries. Ratings allocations based upon ratings as issued by Standard and Poor's and Moody's. 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. 4 As mentioned above, the portfolio's below-market duration served it well in the final weeks of the period, when interest rates rose sharply. While it is impossible to predict how long this trend will hold, we believe that the trust is well positioned to weather further increases in rates. We look forward to becoming more active in seeking attractive structures and relative-value trading opportunities now that rates have moved into a more normal range. 5 PROXY VOTING POLICIES AND PROCEDURES A description of the trust's policies and procedures with respect to the voting of proxies relating to the trust's portfolio securities is available without charge, upon request, by calling 1-800-847-2424. This information is also available on the Securities and Exchange Commission's website at http://www.sec.gov. 6 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- APRIL 30, 2004 (UNAUDITED)
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE ------------------------------------------------------------------------------------------- MUNICIPAL BONDS 144.1% NEW YORK 140.7% $1,000 Amherst, NY Indl Dev Agy Rev Fac Student Hsg Ser A (AMBAC Insd).................................. 5.750% 08/01/25 $ 1,075,320 1,250 Erie Cnty, NY Indl Dev Agy Sch Fac Rev City of Buffalo Proj (FSA Insd)......................... 5.750 05/01/19 1,384,837 3,550 Long Island Pwr Auth NY Elec Sys Rev Cap Apprec (FSA Insd)...................................... * 06/01/21 1,530,582 2,000 Long Island Pwr Auth NY Elec Sys Rev Gen Ser C............................................... 5.500 09/01/19 2,106,520 2,000 Metropolitan Trans Auth NY Rev Ser A Rfdg (AMBAC Insd)........................................... 5.500 11/15/19 2,168,820 1,500 Metropolitan Trans Auth NY Svc Contract Ser A Rfdg...................................... 5.125 01/01/29 1,502,865 1,000 Metropolitan Trans Auth NY Svc Contract Ser B (MBIA Insd)..................................... 5.500 07/01/14 1,120,270 1,310 Monroe Cnty, NY Indl Dev Agy Rev Pub Impt Canal Ponds Park Ser A................................ 7.000 06/15/13 1,317,925 1,125 Nassau Cnty, NY Impt Ser E (FSA Insd)........... 6.000 03/01/20 1,291,365 2,000 Nassau Cnty, NY Interim Fin Auth Sales Tax Secd Ser A (Prerefunded @ 11/15/10).................. 5.750 11/15/15 2,282,360 820 Nassau Cnty, NY Interim Fin Auth Sales Tax Secd Ser A-1 (AMBAC Insd)............................ 5.375 11/15/16 886,830 1,975 Nassau Cnty, NY Interim Fin Auth Sales Tax Secd Ser A-1 (Prerefunded @ 11/15/11) (AMBAC Insd)... 5.375 11/15/16 2,216,483 1,000 Nassau Cnty, NY Interim Fin Auth Sales Tax Secd Ser B Rfdg (AMBAC Insd)......................... 5.000 11/15/17 1,052,290 2,000 New York City Fiscal 2003 Ser I................. 5.750 03/01/16 2,173,640 1,000 New York City Indl Dev Agy Fac Rev Royal Charter-NY Presbyterian (FSA Insd).............. 5.250 12/15/11 1,106,320 2,000 New York City Indl Dev Agy Spl Fac Rev Terminal One Group Assn Proj (AMT)....................... 6.000 01/01/15 2,042,900 2,000 New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser B (FSA Insd)............................ 5.000 06/15/29 2,003,540 5,000 New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser E....................................... 5.000 06/15/34 4,939,100 1,325 New York City Muni Wtr Fin Ser B................ 6.000 06/15/33 1,513,693 2,175 New York City Muni Wtr Fin Ser B (Prerefunded @ 06/15/10)........................ 6.000 06/15/33 2,521,739 1,200 New York City Ser G............................. 5.250 08/01/16 1,251,492 2,000 New York City Ser H (FGIC Insd)................. 6.000 08/01/12 2,286,360 1,750 New York City Transitional Fin Auth Rev Future Tax Secd Ser B (MBIA Insd)...................... 5.250 05/01/16 1,879,430 1,500 New York City Transitional Fin Auth Rev Future Tax Secd Ser D (MBIA Insd)...................... 5.250 02/01/19 1,594,485 2,000 New York City Transitional Fin Auth Rev Ser A... 5.000 11/15/26 2,004,780 1,000 New York St Dorm Auth Lease Rev Court Fac Ser A........................................... 5.500 05/15/20 1,055,720
See Notes to Financial Statements 7 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- APRIL 30, 2004 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE ------------------------------------------------------------------------------------------- NEW YORK (CONTINUED) $2,000 New York St Dorm Auth Lease Rev St Univ Dorm Fac............................................. 5.375% 07/01/16 $ 2,145,960 1,000 New York St Dorm Auth Lease Rev St Univ Dorm Fac (Prerefunded @ 07/01/12)........................ 5.375 07/01/20 1,115,620 1,000 New York St Dorm Auth Lease Rev St Univ Dorm Fac (Prerefunded @ 07/01/12)........................ 5.000 07/01/32 1,089,410 3,500 New York St Dorm Auth Rev City Univ Cons Third Gen Ser 1 (FGIC Insd)........................... 5.250 07/01/25 3,561,880 1,625 New York St Dorm Auth Rev City Univ Sys Cons Ser A............................................... 5.625 07/01/16 1,811,729 2,500 New York St Dorm Auth Rev City Univ Sys Third Gen Res Ser 2 (Prerefunded @ 07/01/06).......... 6.000 07/01/20 2,766,175 1,000 New York St Dorm Auth Rev Insd Brooklyn Law Sch Ser B (XLCA Insd)............................... 5.375 07/01/23 1,061,610 1,500 New York St Dorm Auth Rev Mem Sloan-Kettering Ctr Ser 1 (MBIA Insd)........................... 5.000 07/01/20 1,540,425 5,875 New York St Dorm Auth Rev Mental Hlth Fac Impt Ser B........................................... 5.250 02/15/22 6,081,506 1,000 New York St Dorm Auth Rev Sch Dist Fin Pgm Ser C (MBIA Insd)..................................... 5.375 10/01/15 1,089,600 1,000 New York St Dorm Auth Rev Second Hosp North Gen Hosp Rfdg....................................... 5.750 02/15/18 1,094,040 1,370 New York St Dorm Auth Rev St Personal Income Tax Ed Ser A........................................ 5.375 03/15/20 1,464,599 1,500 New York St Dorm Auth Rev St Univ Ed Fac (Prerefunded @ 05/15/06)........................ 5.750 05/15/10 1,645,590 2,000 New York St Dorm Auth Rev St Univ Ed Fac 1989 Res (MBIA Insd)................................. 6.000 05/15/16 2,274,860 2,600 New York St Dorm Auth Rev St Univ Ed Fac Ser A (MBIA Insd)..................................... 5.250 05/15/15 2,840,370 3,000 New York St Energy Resh & Dev Auth Gas Fac Rev Brooklyn Union Gas Ser C (AMT) (MBIA Insd)...... 5.600 06/01/25 3,061,560 300 New York St Environmental Fac Corp Pollutn Ctl Rev St Wtr Revolving Fd Ser A (Escrowed to Maturity)....................................... 5.750 06/15/12 342,849 1,290 New York St Environmental Fac Corp Pollutn Ctl Rev St Wtr Revolving Fd Ser E................... 6.600 06/15/09 1,317,309 95 New York St Environmental Fac Corp Pollutn Ctl Rev St Wtr Ser 02............................... 5.750 06/15/12 107,876 500 New York St Environmental Fac Corp Pollutn Ctl Rev St Wtr Ser 02 (Escrowed to Maturity)........ 5.750 06/15/12 571,415 2,000 New York St Environmental Fac Corp Solid Waste Disp Rev Occidental Petroleum Corp Proj (AMT)... 6.100 11/01/30 2,069,560 1,565 New York St Environmental Fac Corp St Clean Wtr & Drinking Revolving Fd Ser B................... 5.000 06/15/20 1,618,226 1,470 New York St Hsg Fin Agy Rev Newburgh Interfaith Hsg Ser A....................................... 7.050 11/01/12 1,472,102
8 See Notes to Financial Statements VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- APRIL 30, 2004 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE ------------------------------------------------------------------------------------------- NEW YORK (CONTINUED) $1,075 New York St Hsg Fin Agy St Personal Income Tax Rev Econ Dev & Hsg Ser A........................ 5.250% 09/15/19 $ 1,125,987 2,300 New York St Hsg Fin Agy St Personal Income Tax Rev Econ Dev & Hsg Ser A........................ 5.250 09/15/21 2,390,597 3,000 New York St Loc Govt Assistance Corp Ser E Rfdg............................................ 6.000 04/01/14 3,448,740 2,000 New York St Med Care Fac Fin Agy Rev Presbyterian Hosp Ser A Rfdg (FHA Gtd).......... 5.375 02/15/25 2,044,620 2,820 New York St Mtg Agy Rev Homeowner Mtg Ser 79 (AMT)................................ 5.300 04/01/29 2,852,656 2,000 New York St Twy Auth Hwy & Brdg Tr Fd Ser A (FSA Insd)........................................... 5.250 04/01/19 2,117,360 2,750 New York St Twy Auth Hwy & Brdg Tr Fd Ser B (FGIC Insd)..................................... 5.000 04/01/16 2,870,423 1,540 New York St Twy Auth Svc Contract Rev Loc Hwy & Brdg............................................ 5.500 04/01/16 1,668,128 5,000 New York St Twy Auth Svc Contract Rev Loc Hwy & Brdg (Prerefunded @ 04/01/11)................... 5.250 04/01/14 5,544,800 3,460 New York St Twy Auth Svc Contract Rev Loc Hwy & Brdg (Prerefunded @ 04/01/12)................... 5.500 04/01/16 3,882,293 1,500 New York St Urban Dev Corp Rev Personal Income Tax Ser C-1 (FGIC Insd)......................... 5.500 03/15/19 1,633,290 2,000 New York St Urban Dev Corp Rev Personal Income Tax St Fac Ser A................................ 5.375 03/15/19 2,130,540 1,115 New York St Urban Dev Corp Rev Proj Pine Barrens.................................... 5.375 04/01/17 1,163,057 1,000 Rockland Cnty, NY Solid Waste Mgmt Auth Ser B (AMT) (AMBAC Insd).............................. 5.125 12/15/28 1,021,360 1,000 Triborough Brdg & Tunl Auth NY Rev Gen Purp Ser A............................................... 5.250 01/01/17 1,063,800 1,500 Triborough Brdg & Tunl Auth NY Rev Gen Purp Ser A............................................... 5.250 01/01/18 1,588,650 4,000 Triborough Brdg & Tunl Auth NY Rev Gen Purp Ser A............................................... 5.000 01/01/32 3,961,240 1,500 Yonkers, NY Indl Dev Agy Civic Fac Rev Cmnty Dev Ppty Yonkers Inc Ser A.......................... 6.625 02/01/26 1,596,990 ------------ 130,558,468 ------------ GUAM 1.1% 1,000 Guam Pwr Auth Rev Ser A (Prerefunded @ 10/01/04)........................ 6.625 10/01/14 1,042,710 ------------
See Notes to Financial Statements 9 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- APRIL 30, 2004 (UNAUDITED) continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE ------------------------------------------------------------------------------------------- U. S. VIRGIN ISLANDS 2.3% $2,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt Ser A (ACA Insd).......................... 6.125% 10/01/29 $ 2,140,820 ------------ TOTAL LONG-TERM INVESTMENTS 144.1% (Cost $126,711,491)....................................................... 133,741,998 SHORT-TERM INVESTMENTS 2.6% (Cost $2,400,000)......................................................... 2,400,000 ------------ TOTAL INVESTMENTS 146.7% (Cost $129,111,491)....................................................... 136,141,998 OTHER ASSETS IN EXCESS OF LIABILITIES 1.8%................................. 1,701,659 PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (48.5%)................. (45,013,966) ------------ NET ASSETS APPLICABLE TO COMMON SHARES 100.0%.............................. $ 92,829,691 ============
* Zero coupon bond ACA--American Capital Access AMBAC--AMBAC Indemnity Corp. AMT--Alternative Minimum Tax FGIC--Financial Guaranty Insurance Co. FHA--Federal Housing Administration FSA--Financial Security Assurance Inc. MBIA--Municipal Bond Investors Assurance Corp. XLCA--XL Capital Assurance Inc. 10 See Notes to Financial Statements VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST FINANCIAL STATEMENTS Statement of Assets and Liabilities April 30, 2004 (Unaudited) ASSETS: Total Investments (Cost $129,111,491)....................... $136,141,998 Cash........................................................ 20,027 Receivables: Interest.................................................. 1,983,364 Investments Sold.......................................... 65,000 Other....................................................... 619 ------------ Total Assets............................................ 138,211,008 ------------ LIABILITIES: Payables: Investment Advisory Fee................................... 68,674 Income Distributions--Common Shares....................... 34,061 Other Affiliates.......................................... 9,566 Administrative Fee........................................ 5,723 Trustees' Deferred Compensation and Retirement Plans........ 200,070 Accrued Expenses............................................ 49,257 ------------ Total Liabilities....................................... 367,351 Preferred Shares (including accrued distributions).......... 45,013,966 ------------ NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 92,829,691 ============ NET ASSET VALUE PER COMMON SHARE ($92,829,691 divided by 5,655,638 shares outstanding)............................. $ 16.41 ============ NET ASSETS CONSIST OF: Common Shares ($.01 par value with an unlimited number of shares authorized, 5,655,638 shares issued and outstanding).............................................. $ 56,556 Paid in Surplus............................................. 83,570,387 Net Unrealized Appreciation................................. 7,030,507 Accumulated Net Realized Gain............................... 1,247,649 Accumulated Undistributed Net Investment Income............. 924,592 ------------ NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 92,829,691 ============ PREFERRED SHARES ($.01 par value, authorized 100,000,000 shares, 1,800 issued with liquidation preference of $25,000 per share)........................................ $ 45,000,000 ============ NET ASSETS INCLUDING PREFERRED SHARES....................... $137,829,691 ============
See Notes to Financial Statements 11 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST FINANCIAL STATEMENTS continued Statement of Operations For the Six Months Ended April 30, 2004 (Unaudited) INVESTMENT INCOME: Interest.................................................... $ 3,412,427 ----------- EXPENSES: Investment Advisory Fee..................................... 423,028 Preferred Share Maintenance................................. 63,505 Trustees' Fees and Related Expenses......................... 39,923 Administrative Fee.......................................... 35,253 Legal....................................................... 11,554 Custody..................................................... 4,395 Other....................................................... 62,839 ----------- Total Expenses.......................................... 640,497 ----------- NET INVESTMENT INCOME....................................... $ 2,771,930 =========== REALIZED AND UNREALIZED GAIN/LOSS: Net Realized Gain........................................... $ 1,248,368 ----------- Unrealized Appreciation/Depreciation: Beginning of the Period................................... 9,506,516 End of the Period......................................... 7,030,507 ----------- Net Unrealized Depreciation During the Period............... (2,476,009) ----------- NET REALIZED AND UNREALIZED LOSS............................ $(1,227,641) =========== DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (238,218) =========== NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS................................................ $ 1,306,071 ===========
12 See Notes to Financial Statements VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST FINANCIAL STATEMENTS continued Statements of Changes in Net Assets (Unaudited)
FOR THE FOR THE SIX MONTHS ENDED YEAR ENDED APRIL 30, 2004 OCTOBER 31, 2003 ------------------------------------ FROM INVESTMENT ACTIVITIES: Operations: Net Investment Income................................... $ 2,771,930 $ 5,754,920 Net Realized Gain....................................... 1,248,368 1,838,729 Net Unrealized Depreciation During the Period........... (2,476,009) (674,859) Distributions to Preferred Shareholders: Net Investment Income................................. (200,065) (124,202) Net Realized Gain..................................... (38,153) (348,817) ----------- ----------- Change in Net Assets Applicable to Common Shares from Operations............................................ 1,306,071 6,445,771 Distributions to Common Shareholders: Net Investment Income................................. (2,613,682) (5,617,964) Net Realized Gain..................................... (1,814,195) (3,597,551) ----------- ----------- NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM INVESTMENT ACTIVITIES............................ (3,121,806) (2,769,744) NET ASSETS APPLICABLE TO COMMON SHARES: Beginning of the Period................................. 95,951,497 98,721,241 ----------- ----------- End of the Period (Including accumulated undistributed net investment income of $924,592 and $966,409, respectively)......................................... $92,829,691 $95,951,497 =========== ===========
See Notes to Financial Statements 13 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST FINANCIAL HIGHLIGHTS (UNAUDITED) THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
SIX MONTHS ENDED YEAR ENDED OCTOBER 31, APRIL 30, ------------------------------ 2004 2003 2002 (a) 2001 -------------------------------------------- NET ASSET VALUE, BEGINNING OF THE PERIOD......... $ 16.97 $ 17.46 $ 17.39 $ 16.25 ------- ------- ------- ------- Net Investment Income.......................... .49 1.01 1.07 1.13 Net Realized and Unrealized Gain/Loss.......... (.22) .21 .24 1.07 Common Share Equivalent of Distributions Paid to Preferred Shareholders: Net Investment Income........................ (.04) (.02) (.09) (.26) Net Realized Gain............................ (.01) (.06) (.04) -0- ------- ------- ------- ------- Total from Investment Operations................. .22 1.14 1.18 1.94 Distributions Paid to Common Shareholders: Net Investment Income........................ (.46) (.99) (.97) (.80) Net Realized Gain............................ (.32) (.64) (.14) -0- ------- ------- ------- ------- NET ASSET VALUE, END OF THE PERIOD............... $ 16.41 $ 16.97 $ 17.46 $ 17.39 ======= ======= ======= ======= Common Share Market Price at End of the Period... $ 14.46 $ 15.17 $ 15.45 $ 15.30 Total Return (b)................................. 0.25%* 8.82% 8.37% 17.45% Net Assets Applicable to Common Shares at End of the Period (In millions)....................... $ 92.8 $ 96.0 $ 98.7 $ 98.4 Ratio of Expenses to Average Net Assets Applicable to Common Shares (c)................ 1.33% 1.31% 1.38% 1.61% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c)......... 5.76% 5.97% 6.31% 6.62% Portfolio Turnover............................... 14%* 22% 43% 17% SUPPLEMENTAL RATIOS: Ratio of Expenses to Average Net Assets Including Preferred Shares (c)........................... .91% .90% .94% 1.09% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d)......... 5.34% 5.84% 5.76% 5.11% SENIOR SECURITIES: Total Preferred Shares Outstanding............... 1,800 1,800 1,800 1,800 Asset Coverage Per Preferred Share (e)........... $76,580 $78,322 $79,871 $79,647 Involuntary Liquidating Preference Per Preferred Share.......................................... $25,000 $25,000 $25,000 $25,000 Average Market Value Per Preferred Share......... $25,000 $25,000 $25,000 $25,000
* Non-Annualized (a)As required, effective November 1, 2001, the Trust has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting market discount on fixed income securities. The effect of this change for the period ended October 31, 2002 was to increase net investment income per share by less than $.01, decrease net realized and unrealized gains and losses per share by $.01 and increase the ratio of net investment income to average net asset applicable to common shares by .01%. Per share, ratios and supplemental data for the periods prior to October 31, 2002 have not been restated to reflect this change in presentation. (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. 14
TWO MONTHS ENDED YEAR ENDED AUGUST 31, ---------------------- OCTOBER 31, ---------------------------------------------------- 2000 1999 1998 1998 1997 1996 1995 1994 ------------------------------------------------------------------------------------------- $ 15.73 $ 17.42 $ 17.39 $ 16.83 $ 16.15 $ 16.47 $ 16.63 $ 17.96 ------- ------- -------- -------- -------- -------- -------- -------- 1.16 1.18 .20 1.21 1.22 1.25 1.24 1.30 .57 (1.65) .03 .56 .73 (.23) .17 (1.16) (.32) (.25) (.05) (.28) (.28) (.29) (.26) (.21) -0- (.02) -0- -0- -0- -0- (.04) (.03) ------- ------- -------- -------- -------- -------- -------- -------- 1.41 (.74) .18 1.49 1.67 .73 1.11 (.10) (.89) (.90) (.15) (.93) (.99) (1.05) (1.05) (1.05) -0- (.05) -0- -0- -0- -0- (.22) (.18) ------- ------- -------- -------- -------- -------- -------- -------- $ 16.25 $ 15.73 $ 17.42 $ 17.39 $ 16.83 $ 16.15 $ 16.47 $ 16.63 ======= ======= ======== ======== ======== ======== ======== ======== $ 13.75 $13.375 $ 16.875 $ 16.75 $ 16.125 $ 16.50 $ 15.50 $ 15.375 9.64% -15.88% 1.64%* 9.94% 3.94% 13.62% 9.73% -4.08% $ 91.9 $ 89.0 $ 98.5 $ 98.3 $ 95.2 $ 91.2 $ 92.9 $ 93.9 1.73% 1.66% 1.67% 1.64% 1.68% 1.74% 1.76% 1.66% 7.37% 7.03% 6.78% 7.08% 7.44% 7.52% 7.74% 7.53% 39% 45% 1%* 26% 17% 23% 50% 21% 1.15% 1.13% 1.15% 1.12% 1.13% 1.18% 1.17% 1.14% 5.31% 5.53% 5.23% 5.42% 5.73% 5.77% 6.08% 6.31% 1,800 1,800 900 900 900 900 900 900 $76,055 $74,438 $159,452 $159,258 $155,768 $151,333 $153,270 $154,297 $25,000 $25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $25,000 $25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
See Notes to Financial Statements 15 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2004 (UNAUDITED) 1. SIGNIFICANT ACCOUNTING POLICIES Van Kampen New York Quality Municipal Trust (the "Trust") is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. The Trust's investment objective is 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 in a portfolio consisting substantially of New York municipal obligations 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 September 27, 1991. Effective November 30, 2003, the Trust's investment adviser, Van Kampen Investment Advisory Corp. merged into its affiliate, Van Kampen Asset Management. 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 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. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value. 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 Fund 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, 2004, the Trust had no when-issued and 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 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. 16 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2004 (UNAUDITED) continued At April 30, 2004 the cost and related gross unrealized appreciation and depreciation are as follows: Cost of investments for tax purposes........................ $128,881,097 ============ Gross tax unrealized appreciation........................... $ 7,626,107 Gross tax unrealized depreciation........................... (365,206) ------------ Net tax unrealized appreciation on investments.............. $ 7,260,901 ============
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 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, which are included as ordinary income for tax purposes. The tax character of distributions paid during the year ended October 31, 2003 was as follows: Distributions paid from: Ordinary income........................................... $ 121,134 Long-term capital gain.................................... 3,893,026 ---------- $4,014,160 ==========
As of October 31, 2003, the components of distributable earnings on a tax basis were as follows: Undistributed ordinary income............................... $ 194,595 Undistributed long-term capital gain........................ 1,664,375
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 .60% of the average daily net assets of the Trust. In addition, the Trust pays a monthly administrative fee to Van Kampen Investments Inc. or its affiliates (collectively "Van Kampen"), the Trust's Administrator, at an annual rate of .05% of the average daily net assets of the Trust. Effective June 1, 2004, the administrative fee was reduced from .05% to .00%. For the six months ended April 30, 2004, the Trust recognized expenses of approximately $4,700 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, counsel to the Trust, of which a trustee of the Trust is an affiliated person. Under separate Accounting Services and Legal Services agreements, the Adviser provides accounting and legal services to the Trust. The Adviser allocates the cost of such services to each trust. For the six months ended April 30, 2004, the Trust recognized expenses of approximately $14,200 representing Van Kampen's cost of providing accounting and legal services to the Trust, which are reported as part of "Other" and "Legal" expenses, respectively, in 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 officers of Van Kampen. 17 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST NOTES TO FINANCIAL STATEMENTS -- APRIL 30, 2004 (UNAUDITED) continued The Trust has implemented 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. INVESTMENT TRANSACTIONS During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $20,177,635 and $24,156,038, respectively. 4. PREFERRED SHARES The Trust has outstanding 1,800 Auction Preferred Shares ("APS"). Dividends are cumulative and the dividend rate is reset through an auction process every 28 days. The rate in effect on April 30, 2004 was 1.030%. During the six months ended April 30, 2004, the rates ranged from 0.917% to 1.500%. The Trust pays annual fees equivalent to .25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auctions. These fees are included as a component of "Preferred Share Maintenance" expense. 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. 18 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST DIVIDEND REINVESTMENT PLAN The Trust offers a dividend reinvestment plan (the "Plan") pursuant to which Common Shareholders may elect to have dividends and capital gains distributions reinvested in Common Shares of the Trust. The Trust declares dividends out of net investment income, and will distribute annually net realized capital gains, if any. Common Shareholders may join or withdraw from the Plan at any time. If you decide to participate in the Plan, State Street Bank and Trust Company, as your Plan Agent, will automatically invest your dividends and capital gains distributions in Common Shares of the Trust for your account. HOW TO PARTICIPATE If you wish to participate and your shares are held in your own name, call 1-800-341-2929 for more information and a Plan brochure. If your shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it would participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank or nominee is unable to participate on your behalf, you should request that your shares be re-registered in your own name which will enable your participation in the Plan. HOW THE PLAN WORKS Participants in the Plan will receive the equivalent in Common Shares valued on the valuation date, generally at the lower of market price or net asset value, except as specified below. The valuation date will be the dividend or distribution payment date or, if that date is not a trading day on the national securities exchange or market system on which the Common Shares are listed for trading, the next preceding trading day. If the market price per Common Share on the valuation date equals or exceeds net asset value per Common Share on that date, the Trust will issue new Common Shares to participants valued at the higher of net asset value or 95% of the market price on the valuation date. In the foregoing situation, the Trust will not issue Common Shares under the Plan below net asset value. If net asset value per Common Share on the valuation date exceeds the market price per Common Share on that date, or if the Board of Trustees should declare a dividend or capital gains distribution payable to the Common Shareholders only in cash, participants in the Plan will be deemed to have elected to receive Common Shares from the Trust valued at the market price on that date. Accordingly, in this circumstance, the Plan Agent will, as agent for the participants, buy the Trust's Common Shares in the open market for the participants' accounts on or shortly after the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the net asset value per share of the Common Shares, the average per share purchase price paid by the Plan Agent may exceed the net asset value 19 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST DIVIDEND REINVESTMENT PLAN continued of the Trust's Common Shares, resulting in the acquisition of fewer Common Shares than if the dividend or distribution had been paid in Common Shares issued by the Trust. All reinvestments are in full and fractional Common Shares and are carried to three decimal places. Experience under the Plan may indicate that changes are desirable. Accordingly, the Trust reserves the right to amend or terminate the Plan as applied to any dividend or distribution paid subsequent to written notice of the changes sent to all Common Shareholders of the Trust at least 90 days before the record date for the dividend or distribution. The Plan also may be amended or terminated by the Plan Agent by at least 90 days written notice to all Common Shareholders of the Trust. COSTS OF THE PLAN The Plan Agent's fees for the handling of the reinvestment of dividends and distributions will be paid by the Trust. However, each participant will pay a prorata share of brokerage commissions incurred with respect to the Plan Agent's open market purchases in connection with the reinvestment of dividends and distributions. No other charges will be made to participants for reinvesting dividends or capital gains distributions, except for certain brokerage commissions, as described above. TAX IMPLICATIONS You will receive tax information annually for your personal records and to help you prepare your federal income tax return. The automatic reinvestment of dividends and capital gains distributions does not relieve you of any income tax which may be payable on dividends or distributions. RIGHT TO WITHDRAW Plan participants may withdraw at any time by calling 1-800-341-2929 or by writing State Street Bank and Trust Company, P.O. Box 8200, Boston, MA 02266-8200. If you withdraw, you will receive, without charge, a share certificate issued in your name for all full Common Shares credited to your account under the Plan and a cash payment will be made for any fractional Common Share credited to your account under the Plan. You may again elect to participate in the Plan at any time by calling 1-800-341-2929 or writing to the Trust at: Van Kampen Funds Inc. Attn: Closed-End Funds 2800 Post Oak Blvd. Houston, TX 77056 20 VAN KAMPEN NEW YORK QUALITY MUNICIPAL TRUST BOARD OF TRUSTEES AND IMPORTANT ADDRESSES BOARD OF TRUSTEES DAVID C. ARCH J. MILES BRANAGAN JERRY D. CHOATE ROD DAMMEYER LINDA HUTTON HEAGY R. CRAIG KENNEDY HOWARD J KERR MITCHELL M. MERIN* JACK E. NELSON RICHARD F. POWERS, III* HUGO F. SONNENSCHEIN WAYNE W. WHALEN* - Chairman SUZANNE H. WOOLSEY INVESTMENT ADVISER VAN KAMPEN ASSET MANAGEMENT 1221 Avenue of the Americas New York, NY 10020 CUSTODIAN AND TRANSFER AGENT STATE STREET BANK AND TRUST COMPANY c/o EquiServe P.O. Box 43011 Providence, Rhode Island 02940-3011 LEGAL COUNSEL SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 333 West Wacker Drive Chicago, Illinois 60606 INDEPENDENT AUDITORS DELOITTE & TOUCHE LLP 180 North Stetson Avenue Chicago, Illinois 60601 * "Interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended. 21 Van Kampen Privacy Notice The Van Kampen companies and investment products* respect your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain nonpublic personal information about you. This is information we collect from you on applications or other forms, and from the transactions you conduct with us, our affiliates, or third parties. We may also collect information you provide when using our Web site, and text files (also known as "cookies") may be placed on your computer to help us to recognize you and to facilitate transactions you initiate. We do not disclose any nonpublic personal information about you or any of our former customers to anyone, except as permitted by law. For instance, so that we may continue to offer you Van Kampen investment products and services that meet your investing needs, and to effect transactions that you request or authorize, we may disclose the information we collect to companies that perform services on our behalf, such as printers and mailers that assist us in the distribution of investor materials. These companies will use this information only for the services for which we hired them, and are not permitted to use or share this information for any other purpose. To protect your nonpublic personal information internally, we permit access to it only by authorized employees, and maintain physical, electronic and procedural safeguards to guard your nonpublic personal information. * Includes Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc., Van Kampen System Inc. and Van Kampen Exchange Corp., as well as the many Van Kampen mutual funds and Van Kampen unit investment trusts. Van Kampen Funds Inc. 1 Parkview Plaza, P.O. Box 5555 Oakbrook Terrace, IL 60181-5555 www.vankampen.com (VAN KAMPEN INVESTMENTS LOGO) Copyright (C)2004 Van Kampen Funds Inc. All rights reserved. Member NASD/SIPC. VNM SAR 6/04 RN04-00745P-Y04/04 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. [Reserved.] Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable. Item 8. [Reserved.] Item 9. 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-CSR 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 registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 10. Exhibits. (a) Code of Ethics -- Not applicable for semi-annual reports. (b)(1) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.CERT. (b)(2) 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 New York Quality Municipal Trust By: /s/ Ronald E. Robison --------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: June 22, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Ronald E. Robison --------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: June 22, 2004 By: /s/ John L. Sullivan -------------------- Name: John L. Sullivan Title: Principal Financial Officer Date: June 22, 2004