VAN KAMPEN MERRITT TRUST FOR INVESTMENT GRADE NEW YORK MUNIC, N-30D, 1995-06-29

VAN KAMPEN MERRITT TRUST FOR INVESTMENT GRADE NEW YORK MUNIC
N-30D, 1995-06-29

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<TABLE>
Table of Contents
<CAPTION>
<S> <C>
Letter to Shareholders ................ 1
Performance Results ................... 3
Portfolio of Investments ............. 4
Statement of Assets and Liabilities ... 7
Statement of Operations ............... 8
Statement of Changes in Net Assets .... 9
Financial Highlights ................. 10
Notes to Financial Statements ......... 11
</TABLE>

Page: 1

Letter to Shareholders

June 16, 1995

Dear Shareholder:

During the six-month period covered by this report, November 1, 1994 through
April 30, 1995, we saw the close of a challenging and difficult year in the
financial markets -- and the beginning of a new year, with renewed optimism and
strength on many fronts.

Market Overview

Most of 1994 was a difficult period for fixed-income investors as the Federal
Reserve Board's crusade against inflation drove interest rates markedly higher.
The yield on 30-year Treasury securities, for example, climbed from 6.35 percent
as the year began to a high of 8.16 percent by early November. As interest rates
rose, fixed-income investments declined in value.

The fixed-income markets have rebounded considerably since late 1994, however,
with growing confidence that the Fed's inflation fighting initiatives have taken
hold. The yield on 30-year Treasury securities fell to 7.34 percent by the end
of April 1995 and to approximately 6.50 percent at the time of this writing.
This rate reversal has pushed bond prices back to February 1994 levels. Closed-
end municipal bond funds, in particular, have been among the greatest
beneficiaries in this rally, earning back virtually all of last year's losses
and posting attractive returns.

Performance Summary

The Trust achieved a six-month total return of 12.68 percent <F1>, based on
market price, for the period ended April 30, 1995. This robust performance can
be partially attributed to the Trust's leveraged capital structure, which has
helped it to more fully benefit from a fall in long-term interest rates over
the last six months. While leveraging adds certain financing risks and
volatility, it is designed, over time, to provide shareholders with enhanced
returns by taking advantage of the yield differential between long-term and
short-term interest rates.

Clearly, the Trust recovered from the difficult previous six-month period and
made significant price gains. The Trust's closing stock price, for example,
gained more than 8.5 percent from its $13.125 level on October 31, 1994, to
$14.250 on April 30, 1995. As the graph on the following page shows, we've also
seen the Trust's net asset value rebound during the last six months.

Although intermediate- and long-term interest rates eased during this
reporting period, short-term interest rates have remained persistently high,
placing continued pressure on the Trust's preferred rates and common dividend.
The Trust was able, however, to sustain its annualized dividend level in this
environment at $1.02 per common share, which represents a tax-exempt
distribution rate of 7.16 percent <F3>, based on the closing stock price of
$14.25 per share on April 30, 1995. For New York residents in the combined
marginal tax bracket of 41 percent, this distribution rate represents a
yield equivalent to a taxable investment earning 12.14 percent <F4>.

[PHOTO]

Dennis J. McDonnell and Don G. Powell

Page: 2

Outlook

The outlook for fixed-income securities appears favorable. To date, inflation
remains under control, and recent economic data continues to suggest a slowdown
in the economy. First-quarter gross domestic product, for example, grew at an
annual rate of 2.8 percent, substantially lower than its fourth-quarter rate of
5.1 percent last year. Many analysts now expect GDP to grow at an annual rate
between 1 and 2 percent in the second half of this year. Should this scenario
play out, we suspect that the Fed is more likely to lower than raise short-
term rates, which would be a positive development for all fixed-income
investors.

Regarding the municipal market, we remain optimistic about the current
supply-and demand dynamics. With much of the refinancing by municipal issuers
behind us, we expect new-issue supply to remain low in 1995 and demand for
municipals to be steady, if not strong. A decline in supply combined with steady
demand should lend price stability and price support to this market. We believe
the Trust will continue to provide shareholders with long-term value as we seek
to maintain a high level of current income over time.

[GRAPH]

Trust Rebounds in 1995

<TABLE>
COMPARISON OF NAV AND MARKET PRICE OF THE TRUST
<CAPTION>
Measurement Market
Period NAV Price
<S> <C> <C>
30-Apr-94 $15.72 14.750
31-May-94 $15.80 15.000
30-Jun-94 $15.58 14.750
31-Jul-94 $15.89 14.875
31-Aug-94 $15.90 15.000
30-Sep-94 $15.34 14.000
31-Oct-94 $14.80 13.125
30-Nov-94 $13.98 13.375
31-Dec-94 $14.49 12.750
31-Jan-95 $14.99 14.125
28-Feb-95 $15.66 14.000
31-Mar-95 $15.75 14.250
30-Apr-95 $15.64 14.250
</TABLE>

Corporate News

As you may have already noticed, we have adopted a new design for our
shareholder reports that reflects our new identity as Van Kampen American
Capital. Going forward, we will continue to look for new ways to improve upon
the presentation of information in your Trust's report. In addition, we have
developed a new corporate advertising campaign introducing Van Kampen American
Capital. Full page ads appeared in The Wall Street Journal in the first
quarter of 1995 -- watch for more advertising throughout the year.

We look forward to communicating with you on a regular basis, providing
information about your Trust's performance, new investment opportunities, and
our newly created company. We appreciate your continued confidence in your
investment with Van Kampen American Capital.

Sincerely,

Don G. Powell Dennis J. McDonnell
Chief Executive Officer President
Van Kampen American Capital Van Kampen American Capital
Investment Advisory Corp. Investment Advisory Corp.

Page: 3

<TABLE>
Performance Results for the Period Ended April 30, 1995
Van Kampen Merritt Trust For Investment Grade New York Municipals
(NYSE Ticker Symbol VTN)
<CAPTION>
<S> <C>
Total Returns
Six-month total return based on market price<F1> .................................. 12.68%
Six-month total return based on NAV<F2> ........................................... 9.41%

Distribution Rates
Distribution rate as a % of initial offer stock price<F3> ......................... 6.80%
Taxable-equivalent distribution rate as a % of initial offer stock price<F4> ...... 11.53%
Distribution rate as a % of 04/30/95 closing stock price<F3> ...................... 7.16%
Taxable-equivalent distribution rate as a % of 04/30/95 closing stock price<F4> ... 12.14%

Share Valuations
Net asset value as of 04/30/95 .................................................... $ 15.64
Preferred share rate as of 04/30/95<F5> ........................................... 4.150%
Closing common stock price as of 04/30/95 ........................................ $ 14.250
Six-month high common stock price (02/07/95) ..................................... $ 14.750
Six-month low common stock price (11/15/94) ...................................... $ 11.875

<FN>
<F1> Total return based on market price assumes an investment at the 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 stock price at the
end of the period indicated.

<F2> Total return based on Net Asset Value (NAV) assumes an investment at the
beginning of the period indicated, reinvestment of all distributions for the
period, and sale of all shares at the end of the period, all at net asset value.

<F3> Distribution rate represents the monthly annualized distributions of the
Trust at the end of April 1995, and not the earnings of the Trust.

<F4> The taxable-equivalent distribution rate is calculated assuming a 41%
combined federal and state tax bracket, which takes into consideration the
deductibility of individual state taxes paid.

<F5> 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 does not guarantee future results. Investment return, stock
price and net asset value will fluctuate with market conditions. Trust shares,
when sold, may be worth more or less than their original cost.
</TABLE>

Page: 4

<TABLE>
Portfolio of Investments
<CAPTION>
April 30,1995 (Unaudited)
- -------------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Municipal Bonds
New York 94.0%
$ 3,000 Cohoes, NY Indl Dev Agy Indl Dev Rev Norlite
Corp Proj Ser B .................................... 6.750% 05/01/09 $ 3,075,120
1,210 Erie Cnty, NY Wtr Auth Wtr Rev Fourth Resolution
Rfdg (AMBAC Insd) .................................. * 12/01/17 237,850
3,870 Grand Cent Dist Mgmt Assn Inc NY Business Impt
Dist Cap Impt (Prerefunded @ 01/01/02) <F3> ......... 6.500 01/01/22 4,248,989
1,170 Groton, NY Cmnty Hlthcare Cent Inc Hlthcare Fac
Rev Groton Cmnty Ser A (FHA Insd) .................. 7.450 07/15/21 1,246,144
2,295 Metropolitan Tran Auth NY Svcs Contract
Commuter Fac Ser O .................................. 5.750 07/01/07 2,224,521
3,000 Metropolitan Tran Auth NY Svcs Contract Tran Fac
Ser 5 Rfdg ......................................... 7.000 07/01/12 3,165,510
2,500 New York City Indl Dev Agy Civic Fac Rev
The Lighthouse Inc .................................. 6.500 07/01/22 2,506,525
6,500 New York City Indl Dev Agy Spl Fac Rev
Terminal One Group Assn Proj ....................... 6.000 01/01/19 6,139,120
6,500 New York City Muni Wtr Fin Auth Wtr & Swr Sys
Rev Ser B ........................................... 5.625 06/15/11 6,140,745
2,000 New York City Ser A Rfdg ........................... 7.000 08/01/04 2,097,160
10,000 New York City Ser B (Embedded Cap) <F4> ............ 6.600 10/01/16 9,991,100
2,015 New York City Ser D ................................. 7.500 02/01/16 2,140,837
1,000 New York City Ser D ................................. 7.500 02/01/17 1,062,450
2,300 New York City Ser G Rfdg ........................... 5.700 08/01/08 2,134,009
7,900 New York City Ser I Rfdg (FSA Insd) ................ * 08/01/01 5,677,098
1,500 New York St Dorm Auth Rev Court Fac Lease Ser A ..... 5.375 05/15/16 1,309,425
1,000 New York St Dorm Auth Rev Miriam Osborn Mem
Home Ser B Var Rate Cpn ............................. 6.000 07/01/24 1,030,290
4,460 New York St Dorm Auth Rev Mtg KMH Homes Inc ......... 6.950 08/01/31 4,606,199
1,835 New York St Dorm Auth Rev NY Pub Lib Ser A
(MBIA Insd) ........................................ * 07/01/02 1,256,369
1,910 New York St Dorm Auth Rev NY Pub Lib Ser A
(MBIA Insd) ........................................ * 07/01/03 1,233,573
5,000 New York St Dorm Auth Rev NY Pub Lib Ser A
(MBIA Insd) ........................................ 5.875 07/01/22 4,835,000
4,100 New York St Energy Resh & Dev Auth Elec Fac
Rev Cons Edison Co NY Inc Proj Ser A (MBIA Insd) ... 6.750 01/15/27 4,208,322
1,500 New York St Energy Resh & Dev Auth Gas Fac Rev
Brooklyn Union Gas Ser B (MBIA Insd) ............... 6.750 02/01/24 1,566,405

</TABLE>

See Notes to Financial Statements

Page: 5

<TABLE>
Portfolio of Investments (Continued)
<CAPTION>
April 30,1995 (Unaudited)
- -------------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
New York (Continued)
$ 4,000 New York St Energy Resh & Dev Auth Gas Fac Rev
Brooklyn Union Gas Ser C (MBIA Insd) ................ 5.600% 06/01/25 $ 3,638,960
2,000 New York St Environmental Fac Corp Pollutn Ctl Rev
NYC Muni Wtr Fin Auth Ser E ........................ 6.600 06/15/09 2,128,000
3,500 New York St Hsg Fin Agy Rev Multi-Family
Hsg Secd Mtg Pgm Ser A ............................. 7.050 08/15/24 3,622,395
1,980 New York St Hsg Fin Agy Rev Multi-Family
Hsg Secd Mtg Pgm Ser C .............................. 6.950 08/15/24 2,039,776
2,970 New York St Local Govt Assistance Corp Ser B ....... 7.250 04/01/07 3,258,417
4,675 New York St Med Care Fac Fin Agy Rev Hosp &
Nursing Methodist Ser A ............................. 6.700 08/15/23 4,811,089
1,000 New York St Med Care Fac Fin Agy Rev Long Term
Hlth Care Ser A (Cap Guar Insd) .................... 6.800 11/01/14 1,058,600
870 New York St Med Care Fac Fin Agy Rev
Mental Hlth Svcs Fac Ser C .......................... 7.300 02/15/21 928,908
2,050 New York St Med Care Fac Fin Agy Rev
Saint Peter's Hosp Proj Ser A (AMBAC Insd) ......... 5.375 11/01/20 1,839,485
4,500 New York St Med Care Fac Fin Agy Rev Shorefront
Saint Lukes & Wtrfront Nursing Homes ................ 6.950 02/15/32 4,710,105
2,000 New York St Med Care Fac Fin Montefiore Med
Cent Insd Mtg Ser A (AMBAC Insd) <F2> .............. 5.650 08/15/10 1,943,000
4,000 New York St Mtg Agy Rev Homeowner Mtg Ser 28 ........ 7.050 10/01/23 4,098,000
2,000 New York St Mtg Agy Rev Homeowner Mtg Ser 42 ........ 6.400 10/01/20 2,033,640
3,225 New York St Mtg Agy Rev Homeowner Mtg Ser A ........ 6.375 10/01/14 3,241,286
1,000 New York St Muni Bond Bk Agy Spl Pgm Rev
Buffalo Ser A ........................................ 6.875 03/15/06 1,038,870
3,000 New York St Pwr Auth Rev & Genl Purp Ser CC Rfdg ... 5.125 01/01/10 2,768,010
4,720 New York St Pwr Auth Rev & Genl Purp Ser CC Rfdg ... 5.000 01/01/14 4,155,110
1,500 New York St Ser B Rfdg .............................. 5.100 08/15/99 1,512,540
20,000 New York St Urban Dev Corp Rev St Office
South Mall Ser A ................................... * 01/01/11 7,118,600
1,750 Niagara Falls, NY Brdg Comm Toll Rev
(Prerefunded @ 10/01/02) (FGIC Insd) ............... 6.125 10/01/19 1,885,975
4,500 Port Auth NY & NJ Cons Ninety Seventh Ser
(FGIC Insd) ......................................... 6.650 01/23/15 4,689,135
4,000 Port Auth NY & NJ Cons Nts Ser SS .................. 4.900 09/01/97 4,000,000
2,000 Port Auth NY & NJ Delta Airls Inc Proj Ser 1R ....... 6.950 06/01/08 2,005,140
2,405 Rensselaer, NY Hsg Auth Multi-Family Rev Mtg
Renwyck Pl Ser A ................................... 7.650 01/01/11 2,571,234
</TABLE>

See Notes to Financial Statements

Page: 6

4,126,990
---------------
Puerto Rico 2.3%
2,250 Puerto Rico Comwlth Pub Impt
(Prerefunded @ 07/01/02) ............................ 6.800 07/01/21 2,503,598
1,000 Puerto Rico Pub Bldgs Auth Rev Gtd Ser K
(Prerefunded @ 07/01/02) ............................ 6.875 07/01/21 1,118,990
---------------
3,622,588
---------------
Total Long-Term Investments 98.9%
(Cost $148,999,409) <F1> ......................................................... 155,231,752
Short-Term Investments at Amortized Cost 1.1% .................................... 1,800,000
Liabilities in Excess of Other Assets 0.0% ........................................ (19,513)
---------------
Net Assets 100% ................................................................... $ 157,012,239
---------------
*Zero coupon bond

<FN>
<F1> At April 30, 1995, cost for federal income tax purposes is $148,999,409;
the aggregate gross unrealized appreciation is $6,430,833 and the aggregate
gross unrealized depreciation is $198,490, resulting in net unrealized
appreciation of $6,232,343.

<F2> Securities purchased on a when issued or delayed delivery basis.

<F3> Assets segregated as collateral for when issued or delayed delivery
purchase commitments.

<F4> An Embedded Cap security includes a cap strike level such that the coupon
payment may be supplemented by cap payments if the floating rate index upon
which the cap is based rises above the strike level. Their price may be more
volatile than the price of a comparable fixed rate security. The Trust
invests in these instruments as a hedge against a rise in the short-term
interest rates which it pays on its preferred shares.
</TABLE>

The following table summarizes the portfolio composition at April 30, 1995,
based upon quality ratings issued by Standard & Poor's. For securities not rated
by Standard & Poor's, the Moody's rating is used.

<TABLE>
Portfolio Composition by Credit Quality
<CAPTION>
<S> <C>
AAA ... 33.2%
AA .... 27.4
A ..... 27.3
BBB ... 10.8
BB .... 1.3
------
100.0%
------
</TABLE>

See Notes to Financial Statements
Page: 7

<TABLE>
Statement of Assets and Liabilities
April 30,1995 (Unaudited)
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
Assets:
<S> <C>
Investments, at Market Value (Cost $148,999,409) (Note 1) .................................... $ 155,231,752
Short-Term Investments (Note 1) .............................................................. 1,800,000
Interest Receivable .......................................................................... 2,409,077
Unamortized Organizational Expenses (Note 1) ................................................ 9,530
---------------
Total Assets ............................................................................... 159,450,359
---------------
Liabilities:
Payables:
Investments Purchased ...................................................................... 1,991,187
Custodian Bank ............................................................................. 112,966
Income Distributions - Common and Preferred Shares ........................................ 97,298
Investment Advisory Fee (Note 2) ........................................................... 84,616
Administrative Fee (Note 2) ............................................................... 26,036
Accrued Expenses ............................................................................. 126,017
---------------
Total Liabilities .......................................................................... 2,438,120
---------------
Net Assets ................................................................................... $ 157,012,239
---------------
Net Assets Consist of:
Preferred Shares ($.01 par value, authorized 100,000,000 shares, 1,200 issued with liquidation
preference of $50,000 per share) (Note 4) .................................................. $ 60,000,000
---------------
Common Shares ($.01 par value with an unlimited number of shares authorized,
6,200,987 shares issued and outstanding) .................................................. 62,010
Paid in Surplus ............................................................................. 91,232,016
Net Unrealized Appreciation on Investments .................................................. 6,232,343
Accumulated Undistributed Net Investment Income ............................................. 524,669
Accumulated Net Realized Loss on Investments ................................................. (1,038,799)
---------------
Net Assets Applicable to Common Shares ....................................................... 97,012,239
---------------
Net Assets ............................................................................... $ 157,012,239
---------------
Net Asset Value Per Common Share($97,012,239 divided
by 6,200,987 shares outstanding) ........................................................... $ 15.64
---------------
</TABLE>

See Notes to Financial Statements

Page: 8

<TABLE>
Statement of Operations
For the Six Months Ended April 30,1995 (Unaudited)
- --------------------------------------------------------------------------------
<CAPTION>
<S> <C>
Investment Income:
Interest ....................................................... $ 4,870,917
---------------
Expenses:
Investment Advisory Fee (Note 2) .............................. 492,275
Administrative Fee (Note 2) .................................... 151,469
Preferred Share Maintenance (Note 4) ........................... 83,441
Trustees Fees and Expenses (Note 2) ............................ 11,765
Legal (Note 2) ................................................ 9,050
Amortization of Organizational Expenses (Note 1) .............. 2,478
Other .......................................................... 88,809
---------------
Total Expenses ............................................... 839,287
---------------
Net Investment Income .......................................... $ 4,031,630
---------------
Realized and Unrealized Gain/Loss on Investments:
Realized Gain/Loss on Investments:
Proceeds from Sales .......................................... $ 40,094,605
Cost of Securities Sold ...................................... (41,133,404)
---------------
Net Realized Loss on Investments ............................. (1,038,799)
---------------
Unrealized Appreciation/Depreciation on Investments:
Beginning of the Period ..................................... (451,389)
End of the Period ............................................ 6,232,343
---------------
Net Unrealized Appreciation on Investments During the Period ... 6,683,732
---------------
Net Realized and Unrealized Gain on Investments ................ $ 5,644,933
---------------
Net Increase in Net Assets from Operations ..................... $ 9,676,563
---------------
</TABLE>

See Notes to Financial Statements

Page: 9

<TABLE>
Statement of Changes in Net Assets
For the Six Months Ended April 30,1995 and
the Year Ended October 31,1994 (Unaudited)
- ------------------------------------------------------------------------------------------------------
<CAPTION>
Six Months Ended Year Ended
April 30,1995 October 31,1994
---------------- ---------------
<S> <C> <C>
From Investment Activities:
Operations:
Net Investment Income ............................................. $ 4,031,630 $ 8,288,478
Net Realized Gain/Loss on Investments ............................. (1,038,799) 284,283
Net Unrealized Appreciation/Depreciation on Investments
During the Period .............................................. 6,683,732 (18,071,938)
---------------- ---------------
Change in Net Assets from Operations ............................. 9,676,563 (9,499,177)
---------------- ---------------
Distributions from Net Investment Income:
Common Shares ................................................... (3,162,446) (6,324,932)
Preferred Shares ............................................... (1,181,820) (1,660,315)
---------------- ---------------

(4,344,266) (7,985,247)
---------------- ---------------
Distributions from Net Realized Gain on Investments (Note 1):
Common Shares ..................................................... (82,467) -0-
Preferred Shares ................................................. (20,400) -0-
---------------- ---------------

(102,867) -0-
---------------- ---------------
Total Distributions .............................................. (4,447,133) (7,985,247)
---------------- ---------------
Net Change in Net Assets from Investment Activities ............... 5,229,430 (17,484,424)
Net Assets:
Beginning of the Period .......................................... 151,782,809 169,267,233
---------------- ---------------
End of the Period (Including undistributed net investment income of
$524,669 and $837,305, respectively) ........................... $ 157,012,239 $ 151,782,809
---------------- ---------------
</TABLE>

See Notes to Financial Statements

Page: 10

<TABLE>
Financial Highlights
The following schedule presents financial highlights for one common share of the
Trust outstanding throughout the periods indicated.(Unaudited)
- ----------------------------------------------------------------------------------------------------
<CAPTION>
March 27,1992
Six Months Year Year (Commencement
Ended Ended Ended of Investment
April 30, Oct.31, Oct.31, Operations) to
1995 1994 1993 October 31,1992
---------- ------------ ---------- ---------------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period <F1> ... $ 14.801 $ 17.621 $ 14.812 $ 14.742
---------- ------------ ---------- ---------------
Net Investment Income ...................... .650 1.337 1.352 .607
Net Realized and Unrealize
Gain/Loss on Investments ................ .910 (2.869) 2.766 .027
---------- ------------ ---------- ---------------
Total from Investment Operations ............ 1.560 (1.532) 4.118 .634
---------- ------------ ---------- ---------------
Less:
Distributions from Net Investment Income:
Paid to Common Shareholders .............. .510 1.020 1.020 .425
Common Share Equivalent of Distributions
Paid to Preferred Shareholders ........ .191 .268 .289 .139
Distributions from Net Realized
Gain on Investments (Note 1):
Paid to Common Shareholders .............. .013 -0- -0- -0-
Common Share Equivalent of Distributions
Paid to Preferred Shareholders ........ .003 -0- -0- -0-
---------- ------------ ---------- ---------------
Total Distributions ......................... .717 1.288 1.309 .564
---------- ------------ ---------- ---------------
Net Asset Value, End of Period ............... $ 15.644 $ 14.801 $ 17.621 $ 14.812
---------- ------------ ---------- ---------------
Market Price Per Share at End of Period ...... $ 14.250 $ 13.125 $ 17.125 $ 15.000
Total Investment Return at Market Price
(Non-Annualized) <F2> ........................ 12.68% (18.07%) 21.52% 2.79%
Total Return at Net Asset
Value (Non-Annualized) <F3> ............... 9.41% (10.55%) 26.50% 1.48%
Net Assets at End of Period (In millions) .... $ 157.0 $ 151.8 $ 169.3 $ 151.8
Ratio of Expenses to Average Net Assets
Applicable to Common Shares (Annualized) ... 1.80% 1.70% 1.62% 1.49%*
Ratio of Expenses to Average
Net Assets (Annualized) .................... 1.09% 1.07% 1.02% 1.03%*
Ratio of Net Investment Income to Average Net
Assets Applicable to Common Shares
(Annualized) <F4> .......................... 6.11% 6.55% 6.45% 5.28%*
Portfolio Turnover .......................... 26.50% 37.84% 18.02% 24.43%

*If certain expenses had not been assumed by the investment adviser, for the
period ended October 31, 1992, the annualized ratios of expenses to average net
assets applicable to common shares, expenses to average net assets and net
investment income to average net assets applicable to common shares would have
been 1.58%, 1.10% and 5.19%, respectively.

<FN>
<F1> Net asset value at March 27, 1992 is adjusted for common and preferred
share offering costs of $.258 per common share.

<F2> Total investment return at market price reflects the change in market value
of the common shares for the period indicated with reinvestment of dividends in
accordance with the Trust's dividend reinvestment plan.

<F3> Total return at net asset value (NAV) reflects the change in value of the
Trust's assets with reinvestment of dividends based upon NAV.

<F4> Net investment income is adjusted for the common share equivalent of
distributions paid to preferred shareholders.
</TABLE>

See Notes to Financial Statements

Page: 11

Notes to Financial Statements

April 30,1995 (Unaudited)
- --------------------------------------------------------------------------------

1. Significant Accounting Policies

Van Kampen Merritt Trust for Investment Grade New York Municipals (the "Trust")
is registered as a non-diversified closed-end management investment company
under the Investment Company Act of 1940, as amended. The Trust commenced
investment operations on March 27, 1992.

The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements.

A. Security Valuation-Investments are stated at value using market quotations
or, if such valuations are not available, estimates obtained from yield data
relating to instruments or securities with similar characteristics in accordance
with procedures established in good faith by the Board of Trustees. Short-term
securities with remaining maturities of less than 60 days are valued at
amortized cost.

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.

C. Investment Income-Interest income is recorded on an accrual basis. Bond
premium and original issue discount are amortized over the expected life of each
applicable security.

D. Organizational Expenses-The Trust has reimbursed Van Kampen American Capital
Distributors, Inc. or its affiliates ("VKAC") for costs incurred in connection
with the Trust's organization and initial registration in the amount of $25,000.
These costs are being amortized on a straight line basis over the 60 month
period ending March 26, 1997. Van Kampen American Capital Investment Advisory
Corp. (the "Adviser") has agreed that in the event any of the initial shares of
the Trust originally purchased by VKAC are redeemed during the amortization
period, the Trust will be reimbursed for any unamortized organizational expenses
in the same proportion as the number of shares redeemed bears to the number of
initial shares held at the time of redemption.

Page: 12

Notes to Financial Statements (Continued)
April 30,1995 (Unaudited)
- --------------------------------------------------------------------------------

E. 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.

F. Distribution of Income and Gains-The Trust declares and pays dividends from
net investment income to common shareholders monthly. 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.

2. Investment Advisory Agreement and Other Transactions with Affiliates

Under the terms of the Trust's Investment Advisory Agreement, the Adviser will
provide investment advice and facilities to the Trust for an annual fee payable
monthly of .65% of the average net assets of the Trust. In addition, the Trust
will pay a monthly administrative fee to VKAC, the Trust's Administrator, at an
annual rate of .20% 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.

Certain legal expenses are paid to Skadden, Arps, Slate, Meagher & Flom,
counsel to the Trust, of which a trustee of the Trust is an affiliated person.

For the six months ended April 30, 1995, the Trust recognized expenses of
approximately $7,000 representing VKAC's cost of providing accounting and legal
services to the Trust.

Certain officers and trustees of the Trust are also officers and directors of
the Adviser and VKAC. The Trust does not compensate its officers or trustees who
are officers of VKAC.

The Trust has implemented deferred compensation and retirement plans for its
Trustees. Under the deferred compensation plan, Trustees may elect to defer all
or a portion of their compensation to a later date. The retirement plan covers
those Trustees who are not officers of VKAC. The Trust's liability under the
deferred compensation and retirement plans at April 30, 1995, was approximately
$13,400.

At April 30, 1995, VKAC owned 6,700 common shares of the Trust.

3. Investment Transactions

Aggregate purchases and cost of sales of investment securities, excluding
short-term notes, for the six months ended April 30, 1995, were $39,522,378 and
$41,133,404, respectively.

Page: 13

Notes to Financial Statements (Continued)
April 30,1995 (Unaudited)
- --------------------------------------------------------------------------------

4. Preferred Shares

The Trust has outstanding 1,200 Auction Preferred Shares ("APS"). Dividends are
cumulative and the dividend rate is currently reset every 28 days through an
auction process. The rate in effect on April 30, 1995, was 4.150%. During the
six months ended April 30, 1995, the rates ranged from 3.350% to 4.400%.

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 $50,000 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.

Page: 14

Funds Distributed by Van Kampen American Capital

GLOBAL AND INTERNATIONAL

Govett Emerging Markets Fund
AC Global Equity Fund
Govett Global Government Income Fund
AC Global Government Securities
AC Global Managed Assets Fund
Govett International Equity Fund
Govett Latin America Fund
Govett Pacific Strategy Fund
VKM Short-Term Global Income Fund
VKM Strategic Income Fund

EQUITY

Growth

AC Emerging Growth Fund
AC Enterprise Fund
AC Pace Fund
Govett Smaller Companies Fund

Growth & Income

VKM Balanced Fund
AC Comstock Fund
AC Equity Income Fund
AC Growth and Income Fund
VKM Growth and Income Fund
AC Harbor Fund
AC Real Estate Securities Fund
VKM Utility Fund
AC Utilities Income Fund

FIXED INCOME

VKM Adjustable Rate U.S. Government Fund
AC Corporate Bond Fund
AC Federal Mortgage Trust
AC Government Securities
VKM High Yield Fund
AC High Yield Investments
VKM Money Market Fund
VKM Prime Rate Income Trust
AC Reserve Fund
VKM U.S. Government Fund
AC U.S. Government Trust for Income

TAX-FREE

VKM California Insured Tax Free Fund
VKM Florida Insured Tax Free Income Fund
VKM Insured Tax Free Income Fund
VKM Limited Term Municipal Income Fund
AC Municipal Bond Fund
VKM Municipal Income Fund
VKM New Jersey Tax Free Income Fund
VKM New York Tax Free Income Fund
VKM Pennsylvania Tax Free Income Fund
AC Tax-Exempt Trust
-- High Yield Municipal Portfolio
-- Insured Municipal Portfolio
VKM Tax Free High Income Fund
VKM Tax Free Money Fund
AC Texas Municipal Securities

Ask your investment representative for a prospectus containing more complete
information, including sales charges and expenses. Please read it carefully
before you invest or send money. Or call us direct at 1-800-421-5666 weekdays
from 7:00 a.m. to 7:00 p.m. Central time.

Page: 15

Van Kampen Merritt Trust For Investment Grade New York Municipals

Officers and Trustees

Don G. Powell*
Chairman and Trustee

Dennis J. McDonnell*
President and Trustee

David C. Arch
Trustee

Rod Dammeyer
Trustee

Howard J Kerr
Trustee

Theodore A. Myers
Trustee

Hugo F. Sonnenschein
Trustee

Wayne W. Whalen*
Trustee

Peter W. Hegel*
Vice President

Ronald A. Nyberg*
Vice President and Secretary

Edward C. Wood, III*
Vice President and Treasurer

Scott E. Martin*
Assistant Secretary

Weston B. Wetherell*
Assistant Secretary

Nicholas Dalmaso*
Assistant Secretary

John L. Sullivan*
Controller

Steven M. Hill*
Assistant Treasurer

Investment Adviser

Van Kampen American Capital Investment Advisory Corp.
One Parkview Plaza
Oakbrook Terrace, Illinois 60181

Custodian and Transfer Agent

State Street Bank
and Trust Company
225 Franklin Street
P.O. Box 1713
Boston, Massachusetts 02105

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom
333 West Wacker Drive
Chicago, Illinois 60606

Independent Auditors

KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601

*"Interested" persons of the Trust, as defined in the Investment Company Act of
1940.

SM denotes a service mark of
Van Kampen American Capital Distributors, Inc.

Page: 16

Van Kampen Merritt Trust For Investment Grade New York Municipals

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