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 NY NY 10020
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas
New York, NY 10020
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
-----------------------------
Date of fiscal year end: 10/31/03
-----------
Date of reporting period: 04/30/03
-----------
Item 1. Report to Shareholders
PERFORMANCE SUMMARY
RETURN HIGHLIGHTS
(as of April 30, 2003)
- -------------------------------
NYSE Ticker Symbol - VNM
- -------------------------------
<Table>
- -----------------------------------------------------------------------
Six-month total return(1) 7.81%
- -----------------------------------------------------------------------
One-year total return(1) 11.53%
- -----------------------------------------------------------------------
Five-year average annual total return(1) 7.04%
- -----------------------------------------------------------------------
Ten-year average annual total return(1) 6.48%
- -----------------------------------------------------------------------
Life-of-Trust average annual total return(1) 7.32%
- -----------------------------------------------------------------------
Commencement date 9/27/91
- -----------------------------------------------------------------------
Distribution rate as a % of closing common share market
price(2) 6.58%
- -----------------------------------------------------------------------
Taxable-equivalent distribution rate as a % of closing
common share market price(3) 11.50%
- -----------------------------------------------------------------------
Preferred share rate(4) 0.90%
- -----------------------------------------------------------------------
Net asset value $17.20
- -----------------------------------------------------------------------
Closing common share market price $15.50
- -----------------------------------------------------------------------
Six-month high common share market price (04/22/03) $16.10
- -----------------------------------------------------------------------
Six-month low common share market price (12/19/02) $15.02
- -----------------------------------------------------------------------
</Table>
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
1
(1) 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.
(2) Distribution rate represents the monthly annualized distributions of the
Trust at the end of the period and not the earnings of the Trust.
(3) The taxable-equivalent distribution rate is calculated assuming the maximum
42.8% combined federal and state tax bracket effective for calendar year
2003, which takes into consideration the deductibility of individual state
taxes paid.
(4) See "Notes to Financial Statements" footnote #4, for more information
concerning Preferred Share reset periods.
A portion of the interest income may be taxable for those investors subject
to the federal alternative minimum tax (AMT).
Past performance is no guarantee of future results. Investment return,
common share market price and net asset value will fluctuate and Trust
shares, when sold, may be worth more or less than their original cost. An
investment in the Trust is subject to investment risks, and you could lose
money on your investment in the Trust. 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.
2
PORTFOLIO AT A GLANCE
CREDIT QUALITY
(as a percentage of long-term investments)
<Table>
<Caption>
As of April 30, 2003
AAA/Aaa........................... 43.8%
AA/Aa............................. 43.9%
A/A............................... 6.6%
BBB/Baa........................... 5.7%
</Table>
TOP FIVE SECTORS
(as a percentage of long-term investments)
<Table>
<Caption>
As of April 30, 2003
Transportation.................... 23.6%
General Purpose................... 18.5%
Higher Education.................. 18.3%
Water & Sewer..................... 12.7%
Industrial Revenue................ 9.1%
</Table>
Based upon the credit quality ratings as issued by Standard & Poor's Credit
Market Services/Moody's Investor Services, respectively. Subject to change
daily.
NET ASSET VALUE AND COMMON SHARE MARKET PRICE
(based upon quarter-end values--April 1993 through April 2003)
[LINE GRAPH]
<Table>
<Caption>
NET ASSET VALUE COMMON SHARE MARKET PRICE
--------------- -------------------------
4/93 $17.4000 $16.5000
$17.4000 $16.5000
6/93 $17.6900 $17.0000
$17.6500 $16.6250
$17.9600 $17.2500
$18.2200 $17.5000
$18.2000 $17.3750
$17.8600 $16.8750
$18.1000 $17.5000
$18.3300 $17.8750
$17.7300 $16.3750
$16.6000 $15.2500
$16.5000 $15.2500
$16.6100 $15.5000
6/94 $16.4300 $15.7500
$16.6600 $15.6250
$16.6300 $15.3750
$16.1100 $14.7500
$15.5500 $14.1250
$14.7800 $13.8750
$15.0500 $13.6250
$15.4700 $14.6250
$16.0300 $15.1250
$16.1600 $14.7500
$16.0800 $14.7500
$16.6600 $15.6250
6/95 $16.3200 $15.2500
$16.3500 $15.8750
$16.4700 $15.5000
$16.4900 $15.3750
$16.7300 $15.7500
$17.0400 $16.6250
$17.2000 $16.2500
$17.1700 $16.8750
$16.9100 $16.3750
$16.4000 $15.7500
$16.2100 $15.2500
$16.1200 $15.3750
6/96 $16.2000 $15.5000
$16.3200 $15.7500
$16.1500 $16.5000
$16.3700 $16.3750
$16.5000 $16.5000
$16.7400 $16.5000
$16.5700 $15.7500
$16.4400 $15.3750
$16.5400 $15.7500
$16.1700 $15.3750
$16.2500 $15.5000
$16.4800 $15.8750
6/97 $16.6200 $15.7500
$17.1400 $16.1875
$16.8300 $16.1250
$16.9900 $16.0625
$17.0300 $15.9375
$17.0300 $16.0000
$17.2300 $16.3125
$17.3500 $16.6875
$17.2700 $16.5000
$17.1800 $16.3125
$16.9400 $15.6250
$17.1900 $16.0000
6/98 $17.2000 $16.1875
$17.1400 $16.3125
$17.3900 $16.7500
$17.5100 $16.5625
$17.4200 $16.8750
$17.3800 $16.7500
$17.3100 $16.8750
$17.4200 $16.1875
$17.2800 $16.6250
$17.1900 $16.3125
$17.1600 $16.0000
$16.9100 $15.8125
6/99 $16.5100 $18.3125
$16.4600 $15.4375
$16.2100 $15.0000
$16.0800 $14.8750
$15.7300 $13.3750
$15.8000 $13.3750
$15.5400 $13.0625
$15.3400 $13.3125
$15.5200 $13.4375
$15.8900 $13.3125
$15.6200 $13.3120
$15.3800 $13.2500
6/00 $15.9100 $13.7500
$16.1300 $14.0625
$16.3500 $14.3750
$16.0900 $14.1250
$16.2500 $13.7500
$16.3500 $13.4375
$16.9500 $14.4375
$16.9700 $14.6900
$16.9500 $14.5600
$17.1100 $14.5700
$16.6900 $14.4500
$16.8600 $14.8000
6/01 $16.9800 $14.7000
$17.2500 $14.8400
$17.6000 $15.4500
$17.2500 $14.9500
$17.3900 $15.3000
$17.0900 $15.4500
$16.6000 $14.7000
$16.9300 $15.9000
$17.1800 $15.7800
$16.5600 $15.5000
$16.8700 $15.4000
$16.9000 $15.6600
6/02 $16.9900 $15.9000
$17.2600 $16.0500
$17.5100 $16.1600
$18.0000 $16.5500
$17.4600 $15.4500
$17.1900 $15.2300
$17.0400 $15.5500
$16.7800 $15.2800
$17.1300 $15.6600
$17.0400 $15.4000
4/03 $17.2000 $15.5000
</Table>
The solid line above represents the trust's net asset value (NAV), which
indicates overall changes in value among the trust's underlying securities. The
trust's common share market price is represented by the dashed line, which
indicates 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.
3
Q&A WITH YOUR PORTFOLIO MANAGER
WE RECENTLY SPOKE WITH THE MANAGEMENT TEAM OF VAN KAMPEN NEW YORK QUALITY
MUNICIPAL TRUST ABOUT THE KEY EVENTS AND ECONOMIC FORCES THAT SHAPED THE MARKETS
AND INFLUENCED THE TRUST'S RETURN DURING THE SIX MONTHS ENDED APRIL 30, 2003.
DENNIS PIETRZAK, PORTFOLIO MANAGER, HAS MANAGED THE TRUST SINCE 1995 AND HAS
WORKED IN THE INVESTMENT INDUSTRY SINCE 1968. THE FOLLOWING DISCUSSION REFLECTS
HIS VIEWS ON THE TRUST'S PERFORMANCE.
Q WHAT WAS THE MARKET ENVIRONMENT OF THE PAST SIX MONTHS, AND HOW DID THE
TRUST PERFORM IN THAT ENVIRONMENT?
A The environment over the past six months has been defined by two major
themes. The first of these was the level of interest rates. The period began
with interest rates at levels not seen in over three decades and, surprisingly
for many, ended with rates slightly lower. The Federal Reserve Board (the Fed)
helped keep rates low with a widely anticipated rate cut in November, driven by
economic uncertainty and geopolitical risk. The low level of rates led to a boom
in issuance by municipalities seeking to lock in low financing costs. As a
result, issuance reached a record level of $354 billion in 2002 and continued to
be exceptional in the first quarter of 2003.
The other theme in the market during the period was the relative
attractiveness of municipal bonds, which produced enough demand to absorb the
record issuance. Investors, wary of volatility in the equity market and in the
geopolitical arena, flocked to perceived safe haven investments. Their risk
aversion counteracted growing expectations for economic recovery and rising
interest rates and was a key factor in keeping interest rates at historically
low levels. In their ongoing preference for low-risk assets, investors bid
Treasury prices up to such high levels that municipal bonds became as
attractively valued as they have ever been relative to Treasuries. Insurance
companies also moved heavily into municipal bonds as their mainstay corporate
bond holdings became less attractive. At the same time, issuers recognized
investor concerns over economic weakness by insuring roughly 50 percent of all
issuance. This credit enhancement made municipal bonds even more attractive to
risk-averse investors.
While lower financing costs were a boon to municipal issuers, the continuing
weakness in the economy had a negative impact on municipal credit quality,
particularly in the first quarter of 2003. Moody's upgrades barely exceeded the
number of downgrades in the first quarter with
4
credit quality facing continued pressure from rising social service costs and
weak national and regional economic conditions. As a result, many municipalities
face enormous deficits in 2003, when their combined shortfall is expected to
reach $90 billion.
Performance along the yield curve was varied. The Fed's November rate cut
fueled a rally in short-term bonds that helped pull yields lower at the front
end of the curve. Despite that rally, the best performing segment of the curve
was the long-intermediate portion, where performance was largely driven by
buying activity among institutional investors drawn to the bonds' attractive
total return potential.
The New York economy struggled along with the rest of the country, with both
the state and New York City struggling to plug enormous budget deficits. Both
the city and state's economies suffered from a drop in Wall Street profits
stemming from the declining stock market and the ongoing fallout from the events
of September 11, 2001. The state has also become mired in what appears to be an
ongoing tradition of last minute wrangling over the budget between the
legislature and Governor Pataki.
Along with California (another state facing large deficits), New York was
among the most active issuers of new and refunded debt during the period. The
exemption from state income tax for in-state investors kept demand high for New
York municipal bonds, and the ongoing issuance was largely well received.
The trust's monthly dividend of $0.0850 per share translated to a
distribution rate of 6.58 percent based on the trust's closing common share
market price on April 30, 2003. Based on these figures, investors would have to
earn a distribution rate of 11.50 percent on a taxable investment (for an
investor in the 42.80 percent combined federal and state income tax bracket) to
match the tax-exempt yield provided by the trust.
For the six months through April 30, 2003, the trust produced a total return
of 7.81 percent based on common share market price. By comparison, the Lehman
Brothers New York Municipal Bond Index posted a total return of 3.50 percent for
the same period. Of course, past performance is no guarantee of future results.
Investment return, common share market price and net asset value 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.
The Lehman Brothers New York Municipal Bond Index is an unmanaged,
broad-based statistical composite of municipal bonds. Index returns do not
include any sales charges or fees that would be paid by an investor purchasing
the securities the index represents. Such costs would lower performance. It is
not possible to invest directly in an index. For additional information, please
refer to the performance summary section.
5
Q WHAT STRATEGIES DID YOU PURSUE
IN MANAGING THE TRUST?
A With interest rates hovering near record lows, we focused on protecting the
trust from the potential adverse effects of rising interest rates while
maintaining the trust's yield. One of our primary methods for doing this was to
purchase premium bonds with maturities between 16 and 20 years. Our quantitative
analysis showed that this segment of the yield curve offered the optimal
combination of total return potential as well as downside protection in the form
of a comfortable yield cushion and an intermediate maturity profile.
The funds for these purchases came from a number of sources. We trimmed the
trust's holdings of zero coupon bonds that would be likely to underperform if
interest rates began to climb. We followed a similar rationale in selling some
of the portfolio's holdings of bonds in the shorter part of the intermediate
segment of the yield curve.
One of the sectors we avoided during the period was tobacco bonds. These
bonds were issued by states seeking to securitize their future income streams
resulting from settlements from class action suits against the major tobacco
companies. Recent litigation in Illinois resulted in a judge awarding billions
more in a suit alleging that the companies misled smokers about the amount of
nicotine in "light" cigarettes. In order to appeal, the law required the
companies to put up such substantial amounts of money that some began talking
about potential bankruptcy, and the tobacco bonds' credit ratings and price
performance suffered accordingly. Our decision not to invest in these securities
seems to have been a benefit to shareholders during the period.
6
BY THE NUMBERS
YOUR TRUST'S INVESTMENTS
April 30, 2003 (Unaudited)
THE FOLLOWING PAGES DETAIL YOUR TRUST'S PORTFOLIO OF INVESTMENTS AT THE END OF
THE REPORTING PERIOD.
<Table>
<Caption>
PAR
AMOUNT MARKET
(000) DESCRIPTION COUPON MATURITY VALUE
MUNICIPAL BONDS 144.2%
NEW YORK 140.9%
$1,000 Amherst, NY Indl Dev Agy Rev Fac Student Hsg
Ser A (AMBAC Insd).......................... 5.750% 08/01/25 $ 1,119,660
3,700 Long Island Pwr Auth NY Elec Sys Rev Cap
Apprec (FSA Insd)........................... * 06/01/21 1,615,457
2,000 Metropolitan Transn Auth NY Rev Ser A Rfdg
(AMBAC Insd)................................ 5.500 11/15/19 2,228,420
1,500 Metropolitan Transn Auth NY Svc Contract Ser
A Rfdg...................................... 5.125 01/01/29 1,543,005
1,000 Metropolitan Transn Auth NY Svc Contract Ser
B (MBIA Insd)............................... 5.500 07/01/14 1,170,910
1,400 Monroe Cnty, NY Indl Dev Agy Rev Pub Impt
Canal Ponds Park Ser A...................... 7.000 06/15/13 1,422,008
875 Monroe Cnty, NY Indl Dev Agy Rev Student Hsg
Collegiate Ser A............................ 5.375 04/01/29 846,457
1,125 Nassau Cnty, NY Impt Ser E (FSA Insd)....... 6.000 03/01/20 1,299,127
2,000 Nassau Cnty, NY Interim Fin Auth Sales Tax
Secd Ser A.................................. 5.750 11/15/15 2,247,340
2,795 Nassau Cnty, NY Interim Fin Auth Sales Tax
Secd Ser A1 (AMBAC Insd).................... 5.375 11/15/16 3,108,096
2,000 New York City Fiscal 2003 Ser I............. 5.750 03/01/16 2,176,060
1,000 New York City Indl Dev Agy Fac Rev Royal
Charter-NY Presbyterian (FSA Insd).......... 5.250 12/15/11 1,135,330
1,080 New York City Indl Dev Agy Spl Arpt Fac Rev
Airl JFK I LLC Proj Ser A................... 5.500 07/01/28 1,042,416
2,000 New York City Indl Dev Agy Spl Fac Rev
Terminal One Group Assn Proj................ 6.000 01/01/15 2,037,740
2,000 New York City Muni Wtr Fin Auth Wtr & Swr
Sys Rev Ser B (FSA Insd).................... 5.000 06/15/29 2,040,120
5,000 New York City Muni Wtr Fin Auth Wtr & Swr
Sys Rev Ser F (Prerefunded @ 06/15/04)
(AMBAC Insd)................................ 5.500 06/15/12 5,320,500
1,325 New York City Muni Wtr Fin Ser B............ 6.000 06/15/33 1,549,707
2,175 New York City Muni Wtr Fin Ser B
(Prerefunded @ 06/15/10).................... 6.000 06/15/33 2,611,088
</Table>
See Notes to Financial Statements
7
YOUR TRUST'S INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
PAR
AMOUNT MARKET
(000) DESCRIPTION COUPON MATURITY VALUE
NEW YORK (CONTINUED)
$1,200 New York City Ser G......................... 5.250% 08/01/16 $ 1,251,636
2,000 New York City Ser H (FGIC Insd)............. 6.000 08/01/12 2,354,600
1,750 New York City Transitional Fin Auth Rev
Future Tax Secd Ser B (MBIA Insd)........... 5.250 05/01/16 1,931,510
950 New York City Transitional Fin Auth Rev
Future Tax Secd Ser C....................... 5.000 05/01/29 965,970
2,000 New York City Transitional Fin Auth Rev Ser
A........................................... 5.000 11/15/26 2,046,440
1,500 New York City Transitional Future Tax Secd
Ser D (MBIA Insd)........................... 5.250 02/01/19 1,635,540
2,000 New York St Dorm Auth Lease Rev St Univ Dorm
Fac......................................... 5.375 07/01/16 2,219,780
1,000 New York St Dorm Auth Lease Rev St Univ Dorm
Fac......................................... 5.375 07/01/20 1,084,240
2,000 New York St Dorm Auth Lease Rev St Univ Dorm
Fac......................................... 5.000 07/01/32 2,038,920
3,500 New York St Dorm Auth Rev City Univ Cons
Third Gen Ser 1 (FGIC Insd)................. 5.250 07/01/25 3,686,935
1,625 New York St Dorm Auth Rev City Univ Sys Cons
Ser A....................................... 5.625 07/01/16 1,883,245
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 2,884,825
2,360 New York St Dorm Auth Rev Insd NY Sarc Inc
Ser A (FSA Insd)............................ 5.000 07/01/10 2,636,521
1,500 New York St Dorm Auth Rev Mem Sloan-
Kettering Ctr Ser 1 (MBIA Insd)............. 5.000 07/01/20 1,580,370
605 New York St Dorm Auth Rev NY Pub Lib
(Escrowed to Maturity) (MBIA Insd).......... * 07/01/07 548,959
1,000 New York St Dorm Auth Rev NY Pub Lib
(Escrowed to Maturity) (MBIA Insd).......... * 07/01/09 829,150
1,000 New York St Dorm Auth Rev Sch Dist Fin Pgm
Ser C (MBIA Insd)........................... 5.375 10/01/15 1,128,350
1,000 New York St Dorm Auth Rev Secd Hosp North
Gen Hosp Rfdg............................... 5.750 02/15/18 1,115,240
1,370 New York St Dorm Auth Rev St Personal Income
Tax Ed Ser A................................ 5.375 03/15/20 1,496,067
1,500 New York St Dorm Auth Rev St Univ Ed Fac
(Prerefunded @ 05/15/06).................... 5.750 05/15/10 1,713,195
2,000 New York St Dorm Auth Rev St Univ Ed Fac
1989 Res (MBIA Insd)........................ 6.000 05/15/16 2,345,260
2,600 New York St Dorm Auth Rev St Univ Ed Fac Ser
A (MBIA Insd)............................... 5.250 05/15/15 2,962,882
</Table>
See Notes to Financial Statements
8
YOUR TRUST'S INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
PAR
AMOUNT MARKET
(000) DESCRIPTION COUPON MATURITY VALUE
NEW YORK (CONTINUED)
$1,000 New York St Dorm Auth Rev Winthrop Univ Hosp
Assn Ser A (a).............................. 5.500% 07/01/32 $ 992,020
3,500 New York St Energy Resh & Dev Auth Elec Fac
Rev Cons Edison Co NY Inc Proj (MBIA Insd)
(b)......................................... 6.000 03/15/28 3,574,480
3,000 New York St Energy Resh & Dev Auth Gas Fac
Rev Brooklyn Union Gas Ser C (MBIA Insd).... 5.600 06/01/25 3,065,520
300 New York St Environmental Fac Corp Pollutn
Ctl Rev St Wtr Revolving Fd Ser A (Escrowed
to Maturity)................................ 5.750 06/15/12 356,844
1,290 New York St Environmental Fac Corp Pollutn
Ctl Rev St Wtr Revolving Fd Ser E........... 6.600 06/15/09 1,385,641
1,925 New York St Environmental Fac Corp Pollutn
Ctl Rev St Wtr Revolving Fd Ser E
(Prerefunded @ 06/15/04).................... 6.600 06/15/09 2,072,224
95 New York St Environmental Fac Corp Pollutn
Ctl Rev St Wtr Ser 02....................... 5.750 06/15/12 111,618
605 New York St Environmental Fac Corp Pollutn
Ctl Rev St Wtr Ser 02 (Escrowed to
Maturity)................................... 5.750 06/15/12 719,635
2,000 New York St Environmental Fac Corp Solid
Waste Disp Rev Occidental Petroleum Corp
Proj........................................ 6.100 11/01/30 2,017,180
1,565 New York St Environmental Fac Corp St Clean
Wtr & Drinking Revolving Fd Ser B........... 5.000 06/15/20 1,657,194
1,595 New York St Hsg Fin Agy Rev Newburgh
Interfaith Hsg Ser A........................ 7.050 11/01/12 1,605,830
3,000 New York St Loc Govt Assistance Corp Ser E
Rfdg........................................ 6.000 04/01/14 3,575,490
2,000 New York St Med Care Fac Fin Agy Rev
Presbyterian Hosp Ser A Rfdg (FHA Gtd)...... 5.375 02/15/25 2,093,500
2,915 New York St Mtg Agy Rev Homeowner Mtg Ser
79.......................................... 5.300 04/01/29 3,012,128
2,000 New York St Twy Auth Hwy & Brdg Tr Fd Ser A
(FSA Insd).................................. 5.250 04/01/19 2,166,420
2,750 New York St Twy Auth Hwy & Brdg Tr Fd Ser B
(FGIC Insd)................................. 5.000 04/01/16 2,928,063
5,000 New York St Twy Auth Svc Contract Rev Loc
Hwy & Brdg.................................. 5.250 04/01/14 5,518,650
5,000 New York St Twy Auth Svc Contract Rev Loc
Hwy & Brdg.................................. 5.500 04/01/16 5,615,650
</Table>
See Notes to Financial Statements
9
YOUR TRUST'S INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
PAR
AMOUNT MARKET
(000) DESCRIPTION COUPON MATURITY VALUE
NEW YORK (CONTINUED)
$1,500 New York St Urban Dev Corp Rev Personal
Income Tax Ser C-1 (FGIC Insd).............. 5.500% 03/15/19 $ 1,676,160
2,000 New York St Urban Dev Corp Rev Personal
Income Tax St Fac Ser A..................... 5.375 03/15/19 2,185,680
1,000 New York St Urban Dev Corp Rev Correctional
Cap Fac Ser 4 (Prerefunded @ 1/01/04)....... 5.375 01/01/23 1,048,590
1,115 New York St Urban Dev Corp Rev Proj Pine
Barrens..................................... 5.375 04/01/17 1,200,888
1,000 Triborough Brdg & Tunl Auth NY Rev Gen Purp
Ser A....................................... 5.250 01/01/17 1,090,380
1,500 Triborough Brdg & Tunl Auth NY Rev Gen Purp
Ser A....................................... 5.250 01/01/18 1,625,280
4,000 Triborough Brdg & Tunl Auth NY Rev Gen Purp
Ser A....................................... 5.000 01/01/32 4,074,400
5,000 Triborough Brdg & Tunl Auth NY Rev Gen Purp
Ser B Rfdg.................................. 5.125 11/15/29 5,159,850
1,500 Yonkers, NY Indl Dev Agy Civic Fac Rev Cmnty
Dev Ppty Yonkers Inc Ser A.................. 6.625 02/01/26 1,606,650
------------
136,989,041
------------
GUAM 1.1%
1,000 Guam Pwr Auth Rev Ser A (Prerefunded @
10/01/04)................................... 6.625 10/01/14 1,096,750
------------
U. S. VIRGIN ISLANDS 2.2%
2,000 Virgin Islands Pub Fin Auth Rev Gross Rcpt
Taxes Ln Nt Ser A (ACA Insd)................ 6.125 10/01/29 2,152,460
------------
TOTAL LONG-TERM INVESTMENTS 144.2%
(Cost $128,931,575)................................................... 140,238,251
SHORT-TERM INVESTMENTS 2.8%
(Cost $2,700,000)..................................................... 2,700,000
------------
TOTAL INVESTMENTS 147.0%
(Cost $131,631,575)................................................... 142,938,251
</Table>
See Notes to Financial Statements
10
YOUR TRUST'S INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
MARKET
DESCRIPTION VALUE
LIABILITIES IN EXCESS OF OTHER ASSETS (0.7%)........................... $ (662,532)
PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (46.3%)............. (45,009,986)
------------
NET ASSETS APPLICABLE TO COMMON SHARES 100.0%.......................... $ 97,265,733
============
</Table>
* Zero coupon bond
(a) Security purchased on a when-issued or delayed delivery basis.
(b) Asset segregated as collateral for when-issued or delayed delivery purchase
commitments.
ACA--American Capital Access
AMBAC--AMBAC Indemnity Corp.
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FSA--Financial Security Assurance Inc.
MBIA--Municipal Bond Investors Assurance Corp.
See Notes to Financial Statements
11
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
April 30, 2003 (Unaudited)
<Table>
ASSETS:
Total Investments (Cost $131,631,575)....................... $142,938,251
Cash........................................................ 69,695
Receivables:
Interest.................................................. 2,023,217
Investments Sold.......................................... 60,000
Other....................................................... 275
------------
Total Assets............................................ 145,091,438
------------
LIABILITIES:
Payables:
Investments Purchased..................................... 2,539,400
Investment Advisory Fee................................... 69,641
Administrative Fee........................................ 5,803
Affiliates................................................ 4,753
Trustees' Deferred Compensation and Retirement Plans........ 152,102
Accrued Expenses............................................ 44,020
------------
Total Liabilities....................................... 2,815,719
Preferred Shares (including accrued distributions).......... 45,009,986
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 97,265,733
============
NET ASSET VALUE PER COMMON SHARE ($97,265,733 divided by
5,655,638 shares outstanding)............................. $ 17.20
============
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............................................. 83,576,969
Net Unrealized Appreciation................................. 11,306,676
Accumulated Net Realized Gain............................... 1,304,408
Accumulated Undistributed Net Investment Income............. 1,021,124
------------
NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 97,265,733
============
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....................... $142,265,733
============
</Table>
See Notes to Financial Statements
12
Statement of Operations
For the Six Months Ended April 30, 2003 (Unaudited)
<Table>
INVESTMENT INCOME:
Interest.................................................... $ 3,529,661
-----------
EXPENSES:
Investment Advisory Fee..................................... 420,230
Preferred Share Maintenance................................. 62,917
Administrative Fee.......................................... 35,019
Trustees' Fees and Related Expenses......................... 23,210
Legal....................................................... 9,750
Custody..................................................... 4,298
Other....................................................... 71,666
-----------
Total Expenses.......................................... 627,090
-----------
NET INVESTMENT INCOME....................................... $ 2,902,571
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain........................................... $ 1,260,560
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 10,181,375
End of the Period......................................... 11,306,676
-----------
Net Unrealized Appreciation During the Period............... 1,125,301
-----------
NET REALIZED AND UNREALIZED GAIN............................ $ 2,385,861
===========
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $ (276,788)
===========
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS................................................ $ 5,011,644
===========
</Table>
See Notes to Financial Statements
13
Statements of Changes in Net Assets
(Unaudited)
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2003 OCTOBER 31, 2002
-----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................ $ 2,902,571 $ 6,104,576
Net Realized Gain.................................... 1,260,560 3,918,187
Net Unrealized Appreciation/Depreciation During the
Period............................................. 1,125,301 (2,591,261)
Distributions to Preferred Shareholders:
Net Investment Income.............................. -0- (533,147)
Net Realized Gain.................................. (276,788) (235,454)
----------- -----------
Change in Net Assets Applicable to Common Shares from
Operations......................................... 5,011,644 6,662,901
Distributions to Common Shareholders:
Net Investment Income.............................. (2,869,601) (5,507,957)
Net Realized Gain.................................. (3,597,551) (798,576)
----------- -----------
NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES
FROM INVESTMENT ACTIVITIES......................... (1,455,508) 356,368
NET ASSETS APPLICABLE TO COMMON SHARES:
Beginning of the Period.............................. 98,721,241 98,364,873
----------- -----------
End of the Period (Including accumulated
undistributed net investment income of $1,021,124
and $988,154, respectively)........................ $97,265,733 $98,721,241
=========== ===========
</Table>
See Notes to Financial Statements
14
Financial Highlights
(Unaudited)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE
TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS TWO MONTHS
ENDED YEAR ENDED OCTOBER 31, ENDED
APRIL 30, -------------------------------------- OCTOBER 31,
2003 2002 (a) 2001 2000 1999 1998
-----------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE
PERIOD................................... $ 17.46 $ 17.39 $ 16.25 $ 15.73 $ 17.42 $ 17.39
------- ------- ------- ------- ------- --------
Net Investment Income.................... .51 1.07 1.13 1.16 1.18 .20
Net Realized and Unrealized Gain/Loss.... .42 .24 1.07 .57 (1.65) .03
Common Share Equivalent of Distributions
Paid to Preferred Shareholders:
Net Investment Income.................. -0- (.09) (.26) (.32) (.25) (.05)
Net Realized Gain...................... (.05) (.04) -0- -0- (.02) -0-
------- ------- ------- ------- ------- --------
Total from Investment Operations.......... .88 1.18 1.94 1.41 (.74) .18
Distributions Paid to Common Shareholders:
Net Investment Income.................. (.51) (.97) (.80) (.89) (.90) (.15)
Net Realized Gain...................... (.63) (.14) -0- -0- (.05) -0-
------- ------- ------- ------- ------- --------
NET ASSET VALUE, END OF THE PERIOD........ $ 17.20 $ 17.46 $ 17.39 $ 16.25 $ 15.73 $ 17.42
======= ======= ======= ======= ======= ========
Common Share Market Price at End of the
Period................................... $ 15.50 $ 15.45 $ 15.30 $ 13.75 $13.375 $ 16.875
Total Return (b).......................... 7.81%* 8.37% 17.45% 9.64% -15.88% 1.64%*
Net Assets Applicable to Common Shares at
End of the Period (In millions).......... $ 97.3 $ 98.7 $ 98.4 $ 91.9 $ 89.0 $ 98.5
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (c).......... 1.31% 1.38% 1.61% 1.73% 1.66% 1.67%
Ratio of Net Investment Income to Average
Net Assets Applicable to Common
Shares (c)............................... 6.08% 6.31% 6.62% 7.37% 7.03% 6.78%
Portfolio Turnover........................ 11%* 43% 17% 39% 45% 1%*
SUPPLEMENTAL RATIOS:
Ratio of Expenses to Average Net Assets
Including Preferred Shares (c)........... .90% .94% 1.09% 1.15% 1.13% 1.15%
Ratio of Net Investment Income to Average
Net Assets Applicable to Common
Shares (d)............................... 6.08% 5.76% 5.11% 5.31% 5.53% 5.23%
SENIOR SECURITIES:
Total Preferred Shares Outstanding........ 1,800 1,800 1,800 1,800 1,800 900
Asset Coverage Per Preferred Share (e).... $79,042 $79,871 $79,647 $76,055 $74,438 $159,452
Involuntary Liquidating Preference Per
Preferred Share.......................... $25,000 $25,000 $25,000 $25,000 $25,000 $ 50,000
Average Market Value Per Preferred
Share.................................... $25,000 $25,000 $25,000 $25,000 $25,000 $ 50,000
</Table>
* 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 $.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 .07%. 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.
15
<Table>
<Caption>
YEAR ENDED AUGUST 31,
---------------------------------------------------------------
1998 1997 1996 1995 1994 1993
- -------------------------------------------------------------------
$ 16.83 $ 16.15 $ 16.47 $ 16.63 $ 17.96 $ 16.30
-------- -------- -------- -------- -------- --------
1.21 1.22 1.25 1.24 1.30 1.31
.56 .73 (.23) .17 (1.16) 1.64
(.28) (.28) (.29) (.26) (.21) (.19)
-0- -0- -0- (.04) (.03) (.02)
-------- -------- -------- -------- -------- --------
1.49 1.67 .73 1.11 (.10) 2.74
(.93) (.99) (1.05) (1.05) (1.05) (1.01)
-0- -0- -0- (.22) (.18) (.07)
-------- -------- -------- -------- -------- --------
$ 17.39 $ 16.83 $ 16.15 $ 16.47 $ 16.63 $ 17.96
======== ======== ======== ======== ======== ========
$ 16.75 $ 16.125 $ 16.50 $ 15.50 $ 15.375 $ 17.25
9.94% 3.94% 13.62% 9.73% -4.08% 17.94%*
$ 98.3 $ 95.2 $ 91.2 $ 92.9 $ 93.9 $ 101.3
1.64% 1.68% 1.74% 1.76% 1.66% 1.66%
7.08% 7.44% 7.52% 7.74% 7.53% 7.73%
26% 17% 23% 50% 21% 25%*
1.12% 1.13% 1.18% 1.17% 1.14% 1.13%
5.42% 5.73% 5.77% 6.08% 6.31% 6.58%
900 900 900 900 900 900
$159,258 $155,768 $151,333 $153,270 $154,297 $162,610
$ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
$ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
</Table>
See Notes to Financial Statements
16
NOTES TO
FINANCIAL STATEMENTS
April 30, 2003 (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.
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 Trust will
maintain, in a segregated account with its custodian, assets 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, 2003, the Trust had
$959,029 of when-issued or delayed delivery purchase commitments.
17
NOTES TO
FINANCIAL STATEMENTS
April 30, 2003 (Unaudited)
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.
At April 30, 2003 the cost and related gross unrealized appreciation and
depreciation are as follows:
<Table>
Cost of investments for tax purposes........................ $131,295,765
============
Gross tax unrealized appreciation........................... $ 11,658,368
Gross tax unrealized depreciation........................... (15,882)
------------
Net tax unrealized appreciation on investments.............. $ 11,642,486
============
</Table>
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,
2002 was as follows:
<Table>
<Caption>
2002
Distributions paid from:
Ordinary income........................................... $ 11,749
Long-term capital gain.................................... 1,034,054
----------
$1,045,803
==========
</Table>
As of October 31, 2002, the components of distributable earnings on a tax
basis were as follows:
<Table>
Undistributed ordinary income............................... $ 114,067
Undistributed long-term capital gain........................ 3,892,679
</Table>
18
NOTES TO
FINANCIAL STATEMENTS
April 30, 2003 (Unaudited)
2. INVESTMENT ADVISORY AGREEMENT AND
OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Trust's Investment Advisory Agreement, Van Kampen
Investment Advisory Corp. (the "Adviser") will provide 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 will pay 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. The administrative services
provided by the Administrator include record keeping and reporting
responsibilities with respect to the Trust's portfolio and preferred shares and
providing certain services to shareholders.
For the six months ended April 30, 2003, the Trust recognized expenses of
approximately $3,700 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom (Illinois), 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, 2003, the Trust recognized expenses of approximately $14,500
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.
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 $14,913,544 and $16,579,216,
respectively.
19
NOTES TO
FINANCIAL STATEMENTS
April 30, 2003 (Unaudited)
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, 2003 was .900%. During the six months
ended April 30, 2003, the rates ranged from .900% to 1.730%.
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.
20
BOARD OF TRUSTEES AND IMPORTANT ADDRESSES
VAN KAMPEN NEW YORK QUALITY
MUNICIPAL TRUST
BOARD OF TRUSTEES
DAVID C. ARCH
ROD DAMMEYER
HOWARD J KERR
THEODORE A. MYERS
RICHARD F. POWERS, III* - Chairman
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN*
INVESTMENT ADVISER
VAN KAMPEN INVESTMENT ADVISORY CORP.
1 Parkview Plaza
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
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 (ILLINOIS)
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 make with us,
our affiliates, or third parties. We may also collect information you provide
when using our web site, and text files (a.k.a. "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 Investment Advisory Corp.,
Van Kampen Asset Management Inc., Van Kampen Advisors Inc., Van Kampen
Management Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc., Van
Kampen Trust Company, 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)2003 Van Kampen Funds Inc. All rights reserved.
VNM SAR 6/03 Member NASD/SIPC.
11175F03-AS-6/03
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 for semi-annual reports.
Item 8. [Reserved.]
Item 9.
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.
There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.
Item 10. Exhibits.
(a) Code of Ethics - Not applicable for semi-annual reports.
(b) Certifications of Principal Executive Officer and Principal Financial
Officer 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 23, 2003
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 23, 2003
By: /s/ John L. Sullivan
----------------------------------------------------------------------------
Name: John Sullivan
Title: Principal Financial Officer
Date: June 23, 2003