<PAGE> 1
TABLE OF CONTENTS
<TABLE>
<S> <C>
Letter to Shareholders........................... 1
Glossary of Terms................................ 5
Performance Results.............................. 7
Portfolio of Investments......................... 8
Statement of Assets and Liabilities.............. 11
Statement of Operations.......................... 12
Statement of Changes in Net Assets............... 13
Financial Highlights............................. 14
Notes to Financial Statements.................... 15
Dividend Reinvestment Plan....................... 18
</TABLE>
VNV SAR 6/98
<PAGE> 2
LETTER TO SHAREHOLDERS
May 21, 1998
Dear Shareholder,
The Taxpayer Relief Act of 1997,
signed into law by President Clinton
last year, was created to fill the need
for a broad variety of tax-advantaged
investments to promote asset growth. We
are pleased that you selected our Trust
as a vehicle to provide the potential
for tax-free income within your
investment portfolio. As you are aware, [photo]
dividends distributed by the Trust are
generally free from federal income DENNIS J. MCDONNELL AND DON G. POWELL
taxes, and often from state and local
taxes as well. At Van Kampen American Capital, we strive not only for a high
level of current income, but total return performance as well.
ECONOMIC OVERVIEW
After nearly seven years of continuous growth, the economy remained buoyant
with few signs of accelerating inflation. Wholesale prices in the first quarter
plummeted at an annual rate of 4.2 percent, while consumer prices inched up 0.2
percent and employment costs rose just 0.7 percent. However, inflationary
pressures were eased by factors such as lower oil prices, increasing
productivity, and a pending budget surplus. The Asian financial crisis led to a
stronger dollar and a decline in the prices of Asian imports, which in turn has
discouraged price increases on competing U.S. goods.
To date, Asia's slowdown has had a modest impact on U.S. economic growth. In
the first quarter, the U.S. economy grew at a 4.2 percent annual rate, its
fastest pace in the past year. Strong consumer spending and inventory buildup by
manufacturers offset a decrease in exports to Asia. Despite the economy's
strength, the Federal Reserve Board refrained from raising interest rates, given
the lack of domestic inflationary pressure and concerns about Asia's economic
future.
In New York, gains on Wall Street continued to boost economic growth,
especially in New York City. Due to the city's economic resurgence, state
personal income tax receipts soared, and Moody's Investors Service upgraded
their rating of New York City general obligation bonds. The state surplus is
projected to drop to $500 million this year from $1.4 billion in 1997, as a
result of spending increases and planned tax cuts. A proposed $7 billion-plus
bond issue for the state takeover of Long Island Lighting Co. could swell
municipal bond supply.
Continued on page two
1
<PAGE> 3
MARKET OVERVIEW
Against the backdrop of benign inflation and no action by the Fed, U.S. bond
prices rose during the past six months, although they ended the reporting period
below the highs reached in early January.
The yield of the 30-year Treasury bond, which moves in the opposite
direction of its price, fell from 6.15 percent on October 31 to 5.95 percent on
April 30. Bond prices hit a record high as yields reached 5.69 percent in early
January amidst expectations that the Fed would cut interest rates, but the yield
went back to 6.00 percent in early March after the Fed chose not to act. Yields
were volatile for the rest of the reporting period, as foreign investors sold
U.S. Treasury holdings and investors began to fear that the Fed was leaning
toward a rate hike.
Municipal bond yields generally moved in unison with Treasuries but did not
gain nearly as much in price. By the end of the reporting period, the average
yield of AAA-rated, 30-year generic general obligation bonds was 5.14 percent,
two basis points above the yield posted on October 31 of last year. The
underperformance of municipal bonds can be attributed in part to heavy supply
that outpaced demand. Supply increased as state and local governments took
advantage of low interest rates by issuing bonds to refinance outstanding issues
with higher interest rates, as well as to fund new projects. In the first
quarter, long-term municipal issuance totaled $71 billion, up from $40 billion a
year earlier.
More than half of the new issue volume was AAA-rated and insured, which
significantly diminished the amount of uninsured, higher-yielding securities
available in the marketplace. The dominance of insured volume and the high
demand for uninsured paper created an imbalance that compressed the yields
between higher-quality and lower-quality bonds.
[Credit Quality Chart]
Portfolio Composition by Credit Quality as of April 30, 1998*
AAA............ 39.3%
AA............. 10.3%
A.............. 18.0%
BBB............ 31.1%
BB............. 1.3%
* As a Percentage of Long-Term Investments
Based upon the highest credit quality ratings as issued by Standard & Poor's or
Moody's.
Continued on page three
2
<PAGE> 4
TRUST STRATEGY
We used the following strategies to manage the Trust during the period:
We maintained a mix of high-quality and low-quality bonds in order to
balance the portfolio's volatility in response to changing market conditions.
Higher-rated issues generally have performed better than lower-rated securities
when interest rates are falling, which was the case for most of the period.
Lower-quality securities tend to outperform when rates are rising, and they
usually pay higher yields. During the reporting period, we added more
lower-quality bonds to the portfolio in order to support its dividend.
The Trust's percentage of BBB-rated bonds did not increase, however, because
several issues were upgraded. These bonds included a $12 million position in New
York City general obligation bonds, comprising 11 percent of the Trust, and
several smaller positions in New York State Dormitory Authority bonds. Moody's
Investors Service upgraded these issues due to improving financial conditions.
Overall, we limited acquisitions because current market yields were lower than
the average yields of bonds in the portfolio. However, some of the Trust's bonds
were prerefunded, and others were nearing their call dates. We replaced these
bonds with new long-term securities and extended the call protection of the
Trust. We had little trouble finding replacement bonds because there was a
substantial supply of new securities from which to choose.
We also purchased discount bonds, priced below face value, and current
coupon bonds, priced at face value. In a falling interest rate environment,
discount bonds have the potential to appreciate in value faster than premium
bonds as they move closer to maturity. They also have a longer duration, which
makes them more sensitive to changing interest rates. As of April 30, the
duration of the Trust was 7.45 years compared with 7.78 years for the Lehman
Brothers New York Municipal Bond Index. Because of the longer-term nature of the
Trust, the calculation of this index's duration has been adjusted to eliminate
bonds with maturities of five years or less.
Top Five Portfolio Sectors as of April 30, 1998*
General Purpose................... 20.0%
Health Care....................... 17.1%
Higher Education.................. 10.6%
Water & Sewer...................... 8.8%
Transportation..................... 8.7%
* As a Percentage of Long-Term
Investments
PERFORMANCE SUMMARY
For the six-month period ended April 30, 1998, the Trust generated a total
return of 9.45 percent(1). This reflects a gain in market price per common share
from $13.3125 on October 31, 1997, to $14.1875 on April 30, 1998, plus
reinvestment of all dividends. The Trust had a tax-exempt distribution rate of
5.50 percent(3), based on the closing price of its common shares. Because income
from the Trust is exempt from federal and New York state income taxes, this
distribution rate is equivalent to a yield of 9.23 percent(4) on a taxable
investment (for investors in the combined federal and state income tax bracket
of 40.4 percent). Please refer to the chart on page seven for additional
performance numbers.
Continued on page four
3
<PAGE> 5
As a result of improved earnings, the Board of Trustees approved an increase
in the Trust's monthly dividend from $0.060 to $0.065 per common share, first
payable December 31, 1997.
Six-month Dividend History
For the Period Ended April 30, 1998
Distribution Common Share
- -------------------------
Nov Dec Jan Feb Mar Apr
1997 1997 1998 1998 1998 1998
$.0600 $.0650 $.0650 $.0650 $.0650 $.0650
The dividend history represents past performance of the Trust and does not
predict the Trust's future distributions.
ECONOMIC OUTLOOK
We expect the economy to slow from its brisk first-quarter pace, although
the extent of the slowdown depends on the continued effects of Asia's crisis and
on Fed policy. We believe the Fed is biased toward raising rates, given concerns
about the economy's increasing strength. If economic strength ignites
inflationary pressures, then we believe the Fed will raise interest rates later
this year. As a result, the yield of the 30-year Treasury bond could top 6.25
percent.
We will continue to track market developments and their effects on the
Trust. When appropriate, we will make adjustments to the portfolio. As we
mentioned earlier, our goal remains a high level of current income for
investors, plus gains in total return. Thank you for your continued support and
confidence in Van Kampen American Capital and the management of your Trust.
Sincerely,
[Sig]
Don G. Powell
Chairman
Van Kampen American Capital
Investment Advisory Corp.
[Sig]
Dennis J. McDonnell
President
Van Kampen American Capital
Investment Advisory Corp.
Please see footnotes on page seven
4
<PAGE> 6
GLOSSARY OF TERMS
BASIS POINT: A measure used in quoting bond yields. One hundred basis points is
equal to one percent. For example, if a bond's yield changes from 7.00 to 6.65
percent, it is a 35 basis point move.
CALL FEATURE: Allows the issuer to buy back a bond on specific call dates before
maturity. Call dates and prices are set when the bond is issued. To compensate
the bond holder for loss of income and ownership, the call price is usually
higher than the face value of the bond. Bonds are usually called when interest
rates drop so significantly that the issuer can save money by issuing new bonds
at lower rates.
A callable bond is "priced to call" when it is selling at a premium, because it
is assumed that the issuer will redeem the bond at its call date, rather than at
maturity.
COUPON RATE: The stated rate of interest a bond pays until maturity, expressed
as a percentage of its face value.
CREDIT RATING: An evaluation of an issuer's credit history and capability of
repaying obligations. Standard & Poor's and Moody's Investor Services are two
companies that assign bond ratings. Standard & Poor's ratings range from a high
of AAA to a low of D; Moody's ratings range from a high of Aaa to a low of D.
CREDIT SPREAD: The difference in yield between higher-quality issues and
lower-quality issues. Normally, lower-quality issues provide higher yields than
higher-quality issues in order to compensate investors for the additional credit
risk.
DISCOUNT BOND: A bond whose market price is lower than its face value (or "par
value"). Because bonds usually mature at face value, a discount bond has more
potential to appreciate in price than a par bond.
DURATION: A measure of the sensitivity of a bond's price to changes in interest
rates, expressed in years. Each year of duration represents an expected
one-percent change in the price of the bond for every one-percent change in
interest rates. The longer a fund's duration, the greater the effect of interest
rate movements on net asset value. Typically, funds with shorter durations have
performed better in rising rate environments, while funds with longer durations
have performed better when rates decline.
FEDERAL RESERVE BOARD (THE FED): A group that meets eight times a year to
establish monetary policy and monitor the economic pulse of the United States.
GENERAL OBLIGATION BONDS: Bonds backed by the full faith and credit (taxing
authority) of the issuer for timely payment of interest and principal. These
bonds are issued to finance essential government projects, such as highways and
schools.
5
<PAGE> 7
INFLATION: An economic situation in which money supply and business activity
dramatically increase, accompanied by sharply rising prices. Inflation is widely
measured by the Consumer Price Index, an economic indicator that measures the
change in the cost of purchased goods and services.
INSURED BOND: A bond that is insured against default by the municipal bond
insurer. If the issuer defaults, the insurance company will step in and take
over payments of interest and principal. As a result of this protection against
credit risk, most municipal bonds are AAA-rated. Insurance on the bonds does not
relate to mutual fund shares which will fluctuate in price.
INVESTMENT GRADE BONDS: Securities rated BBB and above by Standard & Poor's or
Baa and above by Moody's Investor Services. Bonds rated below BBB or Baa are
noninvestment grade.
MARKET PRICE: The price of a share of a closed-end fund trading on a stock
exchange. When the price is less than a fund's NAV, the fund is trading at a
discount. When the price is more than the NAV, the fund is trading at a premium.
MUNICIPAL BOND: A debt security issued by a state, municipality, or other
governmental entity to finance capital expenditures such as the construction of
highways or public works.
NET ASSET VALUE (NAV): The value of a fund share, calculated by deducting a
fund's liabilities from its total assets and dividing this amount by the number
of shares outstanding.
PREREFUNDING: A process whereby new bonds are issued to refinance an outstanding
bond issue. This typically occurs when interest rates decline and an issuer
replaces its higher-yielding bonds with current lower-yielding issues.
PREMIUM BOND: A bond whose market price is above its face value (or "par
value"). Because bonds usually mature at face value, a premium bond has less
potential to appreciate in price than a par bond.
YIELD SPREAD: The difference between the yields of distinct bonds, due to
variant credit ratings or maturities. When yield spreads between bonds of
different credit quality are narrow, there is less incentive to own the
lower-quality bond. When yield spreads between bonds of different maturities are
narrow, there is less incentive to own the bond with the longer maturity. In
both cases, the investor is not being compensated for the additional risk.
ZERO COUPON BONDS: A corporate or municipal debt security that trades at a deep
discount to face value and pays no interest. It may be redeemed at maturity for
full face value.
6
<PAGE> 8
PERFORMANCE RESULTS FOR THE PERIOD ENDED APRIL 30, 1998
VAN KAMPEN AMERICAN CAPITAL NEW YORK VALUE MUNICIPAL INCOME TRUST
(NYSE TICKER SYMBOL--VNV)
<TABLE>
<CAPTION>
COMMON SHARE TOTAL RETURNS
<S> <C>
Six-month total return based on market price(1).......... 9.45%
Six-month total return based on NAV(2)................... 2.68%
DISTRIBUTION RATES
Distribution rate as a % of closing common stock
price(3)................................................. 5.50%
Taxable-equivalent distribution rate as a % of closing
common stock price(4).................................... 9.23%
SHARE VALUATIONS
Net asset value.......................................... $ 15.42
Closing common stock price............................... $14.1875
Six-month high common stock price (02/10/98)............. $ 15.000
Six-month low common stock price (11/03/97).............. $ 13.250
Preferred share rate(5).................................. 4.05%
</TABLE>
(1)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 common stock price at the end of the period
indicated.
(2)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 NAV.
(3)Distribution rate represents the monthly annualized distributions of the
Trust at the end of the period and not the earnings of the Trust.
(4)The taxable-equivalent distribution rate is calculated assuming a 40.4%
combined federal and state income tax bracket which takes into consideration the
deductibility of individual state taxes paid.
(5)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.
7
<PAGE> 9
PORTFOLIO OF INVESTMENTS
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Par
Amount
(000) Description Coupon Maturity Market Value
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS 98.6%
NEW YORK 90.7%
$1,060 Arlington, NY Cent Sch Dist Ser A (FGIC Insd).... 5.625% 05/15/22 $ 1,095,383
1,500 Buffalo, NY Muni Wtr Fin Auth Rev Ser B Rfdg
(FGIC Insd)...................................... 5.000 07/01/18 1,449,960
1,300 Erie Cnty, NY Indl Dev Agy Civic Fac Rev Mercy
Hosp Buffalo Proj Ser A.......................... 6.250 06/01/10 1,330,862
975 Groton, NY Cmnty Hlthcare Cent Inc Hlthcare Fac
Rev Groton Cmnty Ser A (FHA Gtd)................. 7.450 07/15/21 1,130,288
2,000 Islip, NY Res Recovery Agy (AMBAC Insd).......... 7.250 07/01/11 2,424,720
2,000 Nassau Cnty, NY Genl Impt Ser Q (FGIC Insd)...... 5.200 08/01/14 1,998,520
1,750 New York City Indl Dev Agy Brooklyn Navy Yard.... 5.650 10/01/28 1,739,832
2,000 New York City Indl Dev Agy Spl Fac Rev Terminal
One Group Assn Proj.............................. 6.000 01/01/15 2,093,540
1,750 New York City Indl Dev Agy Spl Fac United Airls
Inc Proj......................................... 5.650 10/01/32 1,758,680
1,230 New York City Indl Dev Civic YMCA Greater NY
Proj............................................. 5.850 08/01/08 1,292,804
1,500 New York City Indl Dev Civic YMCA Greater NY
Proj............................................. 5.800 08/01/16 1,551,750
4,000 New York City Ser A.............................. 7.000 08/01/04 4,483,880
190 New York City Ser A.............................. 7.750 08/15/06 210,093
2,810 New York City Ser A (Prerefunded @ 08/15/01)..... 7.750 08/15/06 3,148,802
5,000 New York City Ser B.............................. 6.600 10/01/16 5,408,900
2,750 New York City Ser D.............................. 6.500 02/15/06 3,026,155
1,500 New York City Ser E Rfdg (MBIA Insd)............. 6.200 08/01/08 1,668,345
2,000 New York St Dorm Auth Rev City Univ Sys Third
Genl Res 2 Rfdg.................................. 6.000 07/01/05 2,132,740
2,500 New York St Dorm Auth Rev Cons City Univ Sys
Second Genl Res Ser A............................ 5.750 07/01/13 2,625,400
1,500 New York St Dorm Auth Rev Cons City Univ Sys Ser
A................................................ 5.625 07/01/16 1,559,865
1,090 New York St Dorm Auth Rev Cons City Univ Sys Ser
A Rfdg........................................... 6.000 07/01/06 1,166,049
2,500 New York St Dorm Auth Rev Court Fac Lease Ser
A................................................ 5.625 05/15/13 2,539,825
1,425 New York St Dorm Auth Rev Insd John T Mather Mem
Hosp Rfdg (Connie Lee Insd)...................... 6.500 07/01/08 1,616,776
1,000 New York St Dorm Auth Rev Insd John T Mather Mem
Hosp Rfdg (Connie Lee Insd)...................... 6.500 07/01/10 1,145,280
1,720 New York St Dorm Auth Rev Insd John T Mather Mem
Hosp Rfdg (Connie Lee Insd)...................... 6.500 07/01/11 1,971,963
1,000 New York St Dorm Auth Rev Mental Hlth Svcs Fac
Ser A............................................ 6.000 02/15/07 1,077,350
2,515 New York St Dorm Auth Rev Hosp Interfaith Med
Cent Ser D....................................... 5.750 02/15/08 2,641,530
1,425 New York St Dorm Auth Rev Upstate Cmnty Colleges
Ser A............................................ 5.750 07/01/09 1,494,184
</TABLE>
See Notes to Financial Statements
8
<PAGE> 10
PORTFOLIO OF INVESTMENTS (CONTINUED)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Par
Amount
(000) Description Coupon Maturity Market Value
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NEW YORK (CONTINUED)
$3,000 New York St Energy Resh & Dev Auth Gas Fac Rev
Brooklyn Union Gas Ser C (MBIA Insd)............. 5.600% 06/01/25 $ 3,044,970
1,000 New York St Energy Resh & Dev Auth St Svc
Contract Rev..................................... 6.000 04/01/07 1,071,210
800 New York St Environmental Fac St Wtr Rev......... 6.600 06/15/09 898,152
1,200 New York St Environmental Fac St Wtr Rev
(Prerefunded @ 06/15/04)......................... 6.600 06/15/09 1,350,324
3,500 New York St Med Care Fac Fin Agy Rev Presbyterian
Hosp Mtg Ser A Rfdg (FHA Gtd).................... 5.250 08/15/14 3,504,130
3,000 New York St Med Care Fac Fin Agy Rev Saint
Peter's Hosp Proj Ser A (AMBAC Insd)............. 5.375 11/01/20 3,000,900
2,000 New York St Mtg Agy Rev Homeowner Mtg Ser 42 (FHA
Gtd)............................................. 6.400 10/01/20 2,075,820
1,960 New York St Mtg Agy Rev Homeowner Mtg Ser 52..... 6.100 04/01/26 2,074,307
2,490 New York St Mtg Agy Rev Homeowner Mtg Ser 58..... 6.400 04/01/27 2,694,553
1,000 New York St Thruway Auth Svc Contract Rev Loc Hwy
& Brdg........................................... 5.750 04/01/09 1,053,250
3,200 New York St Urban Dev Corp Rev Correctional Cap
Fac Rfdg......................................... 5.625 01/01/07 3,312,000
2,150 New York St Urban Dev Corp Rev Correctional Cap
Fac Ser A Rfdg................................... 5.500 01/01/14 2,195,214
1,000 New York St Urban Dev Corp Rev Proj Pine
Barrens.......................................... 5.375 04/01/17 988,840
1,000 New York St Urban Dev Corp Rev St Fac Rfdg....... 5.500 04/01/07 1,035,580
650 Niagara Falls, NY Wtr Treatment Plant (MBIA
Insd)............................................ 7.000 11/01/14 731,614
1,060 Niagara Falls, NY Wtr Treatment Plant (MBIA
Insd)............................................ 7.250 11/01/10 1,279,749
2,000 Niagara, NY Frontier Tran Auth Arpt Greater
Buffalo Intl Arpt Rev Ser B (AMBAC Insd)......... 5.750 04/01/04 2,123,240
2,000 Port Auth NY & NJ Cons 97th Ser (FGIC Insd)...... 6.650 01/15/23 2,174,080
2,500 Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl
Arpt Terminal 6 (MBIA Insd)...................... 5.750 12/01/25 2,574,100
1,575 Rockland Cnty, NY Solid Waste Mgmt Auth Ser B
(AMBAC Insd)..................................... 5.625 12/15/14 1,623,825
1,720 Westchester Cnty, NY Indl Dev Agy Arpt Fac Rev
Westchester Arpt Assn Ser A (LOC: Canadian
Imperial Bank)................................... 5.950 08/01/24 1,754,125
------------
96,343,459
------------
GUAM 4.2%
2,500 Guam Arpt Auth Rev Ser B......................... 6.400 10/01/05 2,701,250
1,000 Guam Govt Ser A.................................. 6.000 09/01/06 1,008,740
650 Guam Pwr Auth Rev Ser A.......................... 6.625 10/01/14 716,827
------------
4,426,817
------------
</TABLE>
See Notes to Financial Statements
9
<PAGE> 11
PORTFOLIO OF INVESTMENTS (CONTINUED)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Par
Amount
(000) Description Coupon Maturity Market Value
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PUERTO RICO 3.7%
$3,000 Puerto Rico Comwlth Hwy & Tran Auth Hwy Rev Ser Y
Rfdg (Embedded Cap) (FSA Insd) (a)............... 5.730% 07/01/21 $ 3,435,570
500 Puerto Rico Indl Tourist Edl Med & Environmental
Fac Mennonite Genl Hosp Proj Ser A............... 5.625 07/01/27 506,555
------------
3,942,125
------------
TOTAL LONG-TERM INVESTMENTS 98.6%
(Cost $97,365,303)......................................................... 104,712,401
SHORT-TERM INVESTMENTS 0.1%
(Cost $100,000)............................................................ 100,000
------------
TOTAL INVESTMENTS 98.7%
(Cost $97,465,303)......................................................... 104,812,401
OTHER ASSETS IN EXCESS OF LIABILITIES 1.3%.................................. 1,344,224
------------
NET ASSETS 100.0%........................................................... $106,156,625
============
</TABLE>
(a) An Embedded Cap security includes a cap striker 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. The price of these
securities 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.
These derivative instruments are marked to market each day with the change
in value reflected in the unrealized appreciation/depreciation. Upon
disposition, a realized gain or loss is recognized accordingly.
See Notes to Financial Statements
10
<PAGE> 12
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Total Investments (Cost $97,465,303)........................ $104,812,401
Cash........................................................ 60,883
Interest Receivable......................................... 1,550,795
Other....................................................... 1,452
-----------
Total Assets.......................................... 106,425,531
-----------
LIABILITIES:
Payables:
Investment Advisory Fee................................... 57,245
Income Distributions -- Common and Preferred Shares....... 26,036
Administrative Fee........................................ 17,614
Affiliates................................................ 8,404
Trustees' Deferred Compensation and Retirement Plans........ 81,810
Accrued Expenses............................................ 77,797
------------
Total Liabilities..................................... 268,906
------------
NET ASSETS.................................................. $106,156,625
============
NET ASSETS CONSIST OF:
Preferred Shares ($.01 par value, authorized 100,000,000
shares, 800 issued with liquidation preference of $50,000
per share)................................................ $ 40,000,000
------------
Common Shares ($.01 par value with an unlimited number of
shares authorized, 4,291,172 shares issued and
outstanding).............................................. 42,912
Paid in Surplus............................................. 62,940,596
Net Unrealized Appreciation................................. 7,347,098
Accumulated Undistributed Net Investment Income............. 734,113
Accumulated Net Realized Loss............................... (4,908,094)
------------
Net Assets Applicable to Common Shares................ 66,156,625
------------
NET ASSETS.................................................. $106,156,625
============
NET ASSET VALUE PER COMMON SHARE ($66,156,625 divided
by 4,291,172 shares outstanding).......................... $ 15.42
============
</TABLE>
See Notes to Financial Statements
11
<PAGE> 13
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest.................................................... $ 2,924,251
-----------
EXPENSES:
Investment Advisory Fee..................................... 345,860
Administrative Fee.......................................... 106,418
Preferred Share Maintenance................................. 49,980
Trustees' Fees and Expenses................................. 14,944
Legal....................................................... 4,392
Custody..................................................... 3,872
Amortization of Organizational Costs........................ 2,466
Other....................................................... 67,774
-----------
Total Expenses.......................................... 595,706
-----------
NET INVESTMENT INCOME....................................... $ 2,328,545
===========
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain........................................... $ 234,774
-----------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 7,463,996
End of the Period......................................... 7,347,098
-----------
Net Unrealized Depreciation During the Period............... (116,898)
-----------
NET REALIZED AND UNREALIZED GAIN............................ $ 117,876
===========
NET INCREASE IN NET ASSETS FROM OPERATIONS.................. $ 2,446,421
===========
</TABLE>
See Notes to Financial Statements
12
<PAGE> 14
STATEMENT OF CHANGES IN NET ASSETS
For the Six Months Ended April 30, 1998
and the Year Ended October 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended Year Ended
April 30, 1998 October 31, 1997
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Income................................... $ 2,328,545 $ 4,696,766
Net Realized Gain....................................... 234,774 357,190
Net Unrealized Appreciation/Depreciation During the
Period................................................ (116,898) 3,369,509
------------ ------------
Change in Net Assets from Operations.................... 2,446,421 8,423,465
------------ ------------
Distributions from Net Investment Income:
Common Shares......................................... (1,651,997) (3,068,016)
Preferred Shares...................................... (674,461) (1,331,000)
------------ ------------
Total Distributions..................................... (2,326,458) (4,399,016)
------------ ------------
NET CHANGE IN NET ASSETS FROM INVESTMENT ACTIVITIES..... 119,963 4,024,449
NET ASSETS:
Beginning of the Period................................. 106,036,662 102,012,213
------------ ------------
End of the Period (Including accumulated undistributed
net investment income of $734,113 and $732,026,
respectively)......................................... $106,156,625 $106,036,662
============ ============
</TABLE>
See Notes to Financial Statements
13
<PAGE> 15
FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for one common share of
the Trust outstanding throughout the periods indicated. (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
April 30, 1993
Six Months (Commencement
Ended Year Ended October 31, of Investment
April 30, ---------------------------------------- Operations) to
1998 1997 1996 1995 1994 October 31, 1993
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of the Period
(a)......................... $15.389 $14.451 $14.170 $12.234 $15.612 $14.697
------- ------- ------- ------- ------- -------
Net Investment Income....... .543 1.095 1.091 1.071 1.041 .375
Net Realized and Unrealized
Gain/Loss................. .027 .868 .173 1.946 (3.182) .888
------- ------- ------- ------- ------- -------
Total from Investment
Operations.................. .570 1.963 1.264 3.017 (2.141) 1.263
------- ------- ------- ------- ------- -------
Less:
Distributions from and in
Excess of Net Investment
Income:
Paid to Common
Shareholders............ .385 .715 .660 .720 .839 .286
Common Share Equivalent of
Distributions Paid to
Preferred Shareholders.. .157 .310 .323 .361 .228 .062
Distributions from Net
Realized Gain:
Paid to Common
Shareholders............ -0- -0- -0- -0- .142 -0-
Common Share Equivalent of
Distributions Paid to
Preferred Shareholders.. -0- -0- -0- -0- .028 -0-
------- ------- ------- ------- ------- -------
Total Distributions.......... .542 1.025 .983 1.081 1.237 .348
------- ------- ------- ------- ------- -------
Net Asset Value, End of the
Period...................... $15.417 $15.389 $14.451 $14.170 $12.234 $15.612
------- ------- ------- ------- ------- -------
Market Price Per Share at End
of the Period............... $14.1875 $13.3125 $11.625 $11.375 $10.250 $14.875
Total Investment Return at
Market Price (b)............ 9.45%* 21.19% 8.09% 18.15% (25.74%) 1.09%*
Total Return at Net Asset
Value (c)................... 2.68%* 11.77% 6.80% 22.35% (15.99%) 6.01%*
Net Assets at End of the
Period (In millions)........ $106.2 $106.0 $102.0 $100.8 $92.5 $107.0
Ratio of Expenses to Average
Net Assets Applicable to
Common Shares**............. 1.78% 1.87% 1.95% 2.06% 1.88% 1.56%
Ratio of Net Investment
Income to Average Net Assets
Applicable to Common Shares
(d)......................... 4.96% 5.32% 5.41% 5.38% 5.82% 4.13%
Portfolio Turnover........... 11%* 25% 51% 77% 91% 43%*
* Non-Annualized
** Ratio of Expenses to
Average Net Assets
Including Preferred
Shares................... 1.12% 1.15% 1.18% 1.20% 1.13% 1.17%
</TABLE>
(a) Net Asset Value at April 30, 1993, is adjusted for common and preferred
share offering costs of $.303 per common share.
(b) 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.
(c) Total Return at Net Asset Value (NAV) reflects the change in value of the
Trust's assets with reinvestment of dividends based upon NAV.
(d) Net Investment Income is adjusted for the common share equivalent of
distributions paid to preferred shareholders.
See Notes to Financial Statements
14
<PAGE> 16
NOTES TO FINANCIAL STATEMENTS
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen American Capital New York Value Municipal Income 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 seek to provide a high level of current income exempt from
federal as well as from New York State and New York City income taxes,
consistent with preservation of capital. The Trust will invest substantially all
of its assets in New York municipal securities rated investment grade at the
time of investment. The Trust commenced investment operations on April 30, 1993.
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 generally accepted
accounting principles 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--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 60 days or less 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. At April 30, 1998, there were no
when issued or delayed delivery purchase commitments.
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.
15
<PAGE> 17
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
D. ORGANIZATIONAL COSTS--The Trust has reimbursed Van Kampen American Capital
Distributors, Inc. or its affiliates (collectively "VKAC") for costs incurred in
connection with the Trust's organization in the amount of $25,000. These costs
were amortized on a straight line basis over the 60 month period ended April 29,
1998.
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.
The Trust intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset such losses against any future realized capital
gains. At October 31, 1997, the Trust had an accumulated capital loss
carryforward for tax purposes of $5,142,868 which will expire between October
31, 2002 and October 31, 2003.
At April 30, 1998, for federal income tax purposes, cost of long- and
short-term investments is $97,465,303; the aggregate gross unrealized
appreciation is $7,405,277 and the aggregate gross unrealized depreciation is
$58,179 resulting in net unrealized appreciation of $7,347,098.
F. 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.
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 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, 1998, the Trust recognized expenses of
approximately $1,100 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.
16
<PAGE> 18
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
For the six months ended April 30, 1998, the Trust recognized expenses of
approximately $22,300 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 VKAC. The Trust does not compensate its officers or trustees who are officers
of VKAC.
The Trust provides deferred compensation and retirement plans for its
trustees who are not officers of VKAC. 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 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.
At April 30, 1998, VKAC owned 6,700 common shares of the Trust.
3. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $11,090,031 and $12,707,500,
respectively.
4. PREFERRED SHARES
The Trust has outstanding 800 Auction Preferred Shares ("APS"). Dividends are
cumulative and the dividend rate is currently reset every seven days through an
auction process. The rate in effect on April 30, 1998 was 4.05%. During the six
months ended April 30, 1998, the rates ranged from 2.48% to 4.50%.
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.
17
<PAGE> 19
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 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
pro rata 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 American Capital
Attn: Closed-End Funds
2800 Post Oak Blvd.
Houston, TX 77056
18
<PAGE> 20
FUNDS DISTRIBUTED BY VAN KAMPEN AMERICAN CAPITAL
EQUITY FUNDS
Domestic
MS Aggressive Equity
VKAC Aggressive Growth
MS American Value
VKAC Comstock
VKAC Emerging Growth
VKAC Enterprise
VKAC Equity Income
VKAC Growth
VKAC Growth and Income
VKAC Harbor
VKAC Pace
VKAC Real Estate Securities
MS U.S. Real Estate
VKAC Utility
MS Value
International/Global
MS Asian Growth
MS Emerging Markets
MS Global Equity
MS Global Equity Allocation
VKAC Global Managed Assets
MS International Magnum
MS Latin American
FIXED-INCOME FUNDS
Income
VKAC Corporate Bond
MS Global Fixed Income
VKAC Global Government Securities
VKAC Government Securities
VKAC High Income Corporate Bond
MS High Yield
VKAC High Yield
VKAC Short-Term Global Income
VKAC Strategic Income
VKAC U.S. Government
VKAC U.S. Government Trust for Income
MS Worldwide High Income
Tax Exempt Income
VKAC California Insured Tax Free
VKAC Florida Insured Tax Free Income
VKAC High Yield Municipal
VKAC Insured Tax Free Income
VKAC Intermediate Term Municipal Income
VKAC Municipal Income
VKAC New York Tax Free Income
VKAC Pennsylvania Tax Free Income
VKAC Tax Free High Income
Capital Preservation
VKAC Limited Maturity Government
VKAC Prime Rate Income Trust
VKAC Reserve
VKAC Senior Floating Rate
VKAC Tax Free Money
To find out more about any of these funds, ask your financial adviser for a
prospectus, which contains more complete information, including sales
charges, risks, and expenses. Please read it carefully before you invest or
send money.
To view a current Van Kampen American Capital or Morgan Stanley fund
prospectus or to receive additional fund information, choose from one of the
following:
- visit our web site at WWW.VKAC.COM -- to view prospectuses, select
Investors' Place, then Download a Prospectus
- call us at 1-800-341-2911 weekdays from 7:00 a.m. to 7:00 p.m. Central time
(Telecommunications Device for the Deaf users, call 1-800-421-2833)
- e-mail us by visiting WWW.VKAC.COM and selecting Investors' Place
19
<PAGE> 21
VAN KAMPEN AMERICAN CAPITAL NEW YORK VALUE MUNICIPAL INCOME TRUST
BOARD OF TRUSTEES
DAVID C. ARCH
ROD DAMMEYER
HOWARD J KERR
DENNIS J. MCDONNELL*--Chairman
STEVEN MULLER
THEODORE A. MYERS
DON G. POWELL*
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN*
OFFICERS
DENNIS J. MCDONNELL*
President
RONALD A. NYBERG*
Vice President and Secretary
EDWARD C. WOOD, III*
Vice President and Chief Financial Officer
CURTIS W. MORELL*
Vice President and Chief Accounting Officer
JOHN L. SULLIVAN*
Treasurer
TANYA M. LODEN*
Controller
PETER W. HEGEL*
Vice President
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 (ILLINOIS)
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT ACCOUNTANTS
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.
(C) Van Kampen American Capital Distributors, Inc., 1998 All rights reserved.
(SM) denotes a service mark of Van Kampen American Capital Distributors, Inc.
20
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> NY VALUE
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 97,465,303
<INVESTMENTS-AT-VALUE> 104,812,401
<RECEIVABLES> 1,550,795
<ASSETS-OTHER> 1,452
<OTHER-ITEMS-ASSETS> 60,883
<TOTAL-ASSETS> 106,425,531
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 268,906
<TOTAL-LIABILITIES> 268,906
<SENIOR-EQUITY> 40,000,000
<PAID-IN-CAPITAL-COMMON> 62,983,508
<SHARES-COMMON-STOCK> 4,291,172
<SHARES-COMMON-PRIOR> 4,291,172
<ACCUMULATED-NII-CURRENT> 734,113
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,908,094)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,347,098
<NET-ASSETS> 106,156,625
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,924,251
<OTHER-INCOME> 0
<EXPENSES-NET> (595,706)
<NET-INVESTMENT-INCOME> 2,328,545
<REALIZED-GAINS-CURRENT> 234,774
<APPREC-INCREASE-CURRENT> (116,898)
<NET-CHANGE-FROM-OPS> 2,446,421
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,326,458)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 119,963
<ACCUMULATED-NII-PRIOR> 732,026
<ACCUMULATED-GAINS-PRIOR> (5,142,868)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 345,860
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 595,706
<AVERAGE-NET-ASSETS> 107,315,962
<PER-SHARE-NAV-BEGIN> 15.389
<PER-SHARE-NII> 0.543
<PER-SHARE-GAIN-APPREC> 0.027
<PER-SHARE-DIVIDEND> (0.542)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.417
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
