Limited Term
[logo] New York
Municipal Fund
Semi-Annual Report
-------------------------
June 30, 1995
[MAP OF NEW YORK STATE]
Rochester Capital Advisors, L.P.
Investment Advisor
This report is for the information of shareholders
of the Limited Term New York Municipal Fund.
It may be used as sales literature only when
accompanied or preceded by a current prospectus.
<PAGE>
[logo]
Rochester Fund Distributors, Inc.
August 15, 1995
Dear Fellow Shareholder,
The Limited Term New York Municipal Fund was created for investors seeking
the potentially high returns associated with a professionally managed, tax-free
New York municipal bond portfolio.(1) The Fund was also designed to enhance
yield without adding undue investment risk, by maintaining an average effective
portfolio maturity of five years or less. This maturity range is expected to
reduce price volatility. We are very pleased to report to shareholders that the
Fund has successfully achieved these objectives! For the one year period ended
June 30, 1995, Class A Shares of the Fund earned approximately 95% of the yield
of the average long term New York municipal fund with approximately one-third
the price volatility! This statement is based on 30-day SEC yields as reported
by Lipper Analytical Services, Inc. and the standard deviation of reported
monthly returns.(2)
On a long-term basis, Class A Shares of the Limited Term New York Municipal
Fund have provided investors with an average annual return for the one year
period and life of fund through June 30, 1995 of 3.61% and 6.97%, respectively,
assuming payment of the maximum 2.0% sales charge. The Fund's inception date was
September 18, 1991.(3) The Fund's 30-day SEC yield for Class A Shares at June
30, 1995 is 4.83%. All performance information provided is past performance and
is not predictive of future investment performance. The investment return and
principal value of an investment in the Fund will fluctuate with market
conditions, so that shares, on any given day or when redeemed, may be worth more
or less than their original cost.
There has been much talk in Washington recently regarding potential tax law
changes, as it appears that Congress is determined to cut taxes. Although
sweeping new proposals are offered almost daily, any "simple" plan will almost
certainly undergo substantial compromise prior to enactment. Many independent
analysts and economists believe that municipal bonds with maturities under five
years are the place to be during this period of uncertainty. Your investment in
the Fund provides both healthy triple tax-free yield while continually rolling
over maturing bonds in new market rate bonds. We anticipate that the Fund will
continue to provide relative price stability compared to alternative investments
because of its maturity constraints, regardless of any tax law changes.
We look forward to reporting on the Fund's performance in the coming
months.
Sincerely,
RONALD H. FIELDING
------------------------------
Ronald H. Fielding
Chairman and Portfolio Manager
---------------
(1) A small portion of the Fund's income may be subject to the alternative
minimum income tax for those investors subject to such tax.
(2) Total return is based on the value of an investment and assumes that all
dividends are reinvested. Volatility is based on the standard deviation of
monthly total returns for the year ended June 30, 1995 for the average of
72 long term New York funds and the Limited Term New York Municipal Fund.
(3) The performance of Class B Shares of the Fund will differ from Class A
Shares primarily due to the different expenses the classes of shares incur.
Class B Shares were introduced on May 1, 1995, and, as such, have no
meaningful performance figures at this time. This letter is prepared for
the information of shareholders of the Limited Term New York Municipal
Fund. It must be preceded or accompanied by a current prospectus.
350 Linden Oaks
Rochester, NY 14625
716 383 1300
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 5 Albany Hsg. Auth. 10.250 % 10/01/95 ----- $ 5,070
20 Albany Hsg. Auth. 10.400 10/01/96 ----- 21,240
50 Albany IDA (126 State Street) 8.000 12/01/95 ----- 50,000
80 Albany IDA (Evergreen Bancorp) 7.300 12/15/00 12/15/95 (b) 80,800
1,975 Albany IDA (H. Johnson Office Pk.) 5.750 03/01/18 03/01/98 (d) 1,990,780
260 Albany IDA (Port of Albany) 6.250 02/01/05 02/07/01 (c) 263,835
50 Albany IDA (Spectrapark) 7.500 12/01/03 12/01/98 (b) 54,766
40 Albany IDA (Warren Avenue) 7.500 11/01/01 11/01/95 (b) 40,400
25 Albany IDA (West Plaza 6) 7.100 12/01/95 ----- 25,000
40 Albany Parking Auth. 0.000 09/15/02 ----- 26,769
625 Albany Parking Auth. 0.000 09/15/04 ----- 369,175
645 Allegany IDA (Alfred University) 6.900 09/01/99 ----- 692,556
300 American Samoa Power Auth. 6.250 09/01/95 ----- 300,000
500 American Samoa Power Auth. 6.400 09/01/95 ----- 500,000
300 American Samoa Power Auth. 6.400 09/01/96 ----- 304,995
600 American Samoa Power Auth. 6.600 09/01/96 ----- 611,334
300 American Samoa Power Auth. 6.600 09/01/97 ----- 309,042
600 American Samoa Power Auth. 6.700 09/01/97 ----- 619,302
300 American Samoa Power Auth. 6.700 09/01/98 ----- 309,249
300 American Samoa Power Auth. 6.750 09/01/99 ----- 319,860
700 American Samoa Power Auth. 6.800 09/01/98 ----- 727,699
700 American Samoa Power Auth. 6.900 09/01/99 ----- 735,441
700 American Samoa Power Auth. 7.000 09/01/00 ----- 757,393
50 Amherst IDA (Inducon) 7.250 11/01/96 11/01/95 (b) 50,530
120 Auburn IDA (Alcoa) 7.500 12/01/97 12/01/95 (b) 123,000
50 Auburn IDA (Alcoa) 7.600 12/01/98 12/01/95 (b) 51,500
30 Babylon IDA (BCW) 7.600 07/01/96 ----- 30,875
75 Babylon IDA (BCW) 7.700 07/01/98 ----- 80,816
25 Babylon IDA (BCW) 7.650 07/01/97 ----- 26,537
90 Babylon IDA (Ogden Martin) 7.600 01/01/96 ----- 91,353
100 Babylon IDA (Ogden Martin) 7.600 01/01/96 ----- 101,503
375 Babylon IDA (Ogden Martin) 7.800 01/01/97 ----- 391,999
70 Babylon IDA (Ogden Martin) 7.900 01/01/98 ----- 75,074
35 Babylon IDA (Ogden Martin) 8.100 01/01/00 07/01/98 (b) 39,061
880 Babylon IDA (WWH Ambulance) 7.000 09/15/01 12/23/98 (c) 921,422
800 Batavia Hsg. Auth. (Trocaire Place) 7.650 04/01/08 10/01/02 (c) 814,320
10 Bergen NY GO 7.700 04/15/96 ----- 10,147
30 BOCES (Greenport) 7.500 10/01/96 04/06/96 (c) 30,936
170 Brookhaven IDA (Dowling College) 6.100 03/01/00 ----- 171,141
185 Brookhaven IDA (Dowling College) 6.200 03/01/01 ----- 188,952
195 Brookhaven IDA (Dowling College) 6.300 03/01/02 ----- 200,298
205 Brookhaven IDA (Dowling College) 6.400 03/01/03 ----- 211,216
450 Brookhaven IDA (Farber) 6.750 (v) 12/01/98 ----- 454,500
30 Broome IDA (Industrial Park) 7.450 12/01/98 ----- 30,300
2
</TABLE>
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 50 Broome IDA (Lander) 7.400 % 07/01/96 01/01/96 (b) $ 50,720
25 Cattaraugus COP (Olean) 8.100 08/01/99 08/01/98 (a) 27,464
35 Cattaraugus COP (Olean) 8.200 08/01/00 08/01/98 (a) 38,233
460 Clifton Park (Caldor) 11.250 12/01/12 12/01/98 (b) 483,000
1,210 Clifton Springs Hospital & Clinic 7.000 01/01/01 09/10/98 (c) 2,272,057
35 Colonie NY IDA 7.250 10/01/02 10/01/95 (b) 35,525
5 Colony IDA (Capital Plaza) 9.625 11/01/98 11/01/95 (b) 5,075
1,100 Cortland IDA (Memorial Hospital) 6.150 07/01/02 08/12/00 (c) 1,128,193
20 Cortland IDA (Paul Bunyon) 8.000 07/01/00 07/01/98 (b) 21,840
645 Devel. Auth. of North Country 6.500 07/01/01 ----- 649,573
1,260 Devel. Auth. of North Country 6.600 07/01/02 ----- 1,270,080
275 Dutchess IDA (Bard College) 6.500 11/01/03 ----- 274,863
1,175 Dutchess Res Rec (Solid Waste) 6.800 01/01/10 01/01/05 (b) 1,176,622
15 Elmira HDC 7.500 08/01/09 08/01/95 (b) 15,843
440 Erie IDA (FMC Corp.) 6.000 02/01/03 08/02/01 (c) 440,000
425 Erie IDA (Medaille College) 7.400 12/30/02 11/15/99 (c) 440,572
40 Erie IDA (Medishield) 7.200 08/01/04 08/01/98 (b) 40,800
980 Erie IDA (Mercy Hospital) 5.900 06/01/03 03/17/00 (c) 985,723
1,635 Erie IDA (Prudential Associates) 0.000 12/01/95 12/01/95 (d) 1,595,973
1,000 Essex IDA (International Paper) 6.500 05/01/06 11/01/95 (b) 1,010,000
2,495 Franklin IDA (Correctional Facilities) 6.375 11/01/02 08/29/99 (c) 2,553,483
640 Franklin SWMA 5.250 06/01/98 ----- 633,658
475 Franklin SWMA 5.500 06/01/99 ----- 474,630
600 Franklin SWMA 5.625 06/01/00 ----- 609,072
50 Fulton IDA (J.R. Kearney) 7.000 12/01/96 12/01/95 (b) 50,500
130 Green Island Power Auth. 5.400 01/01/02 ----- 129,676
125 Green Island Power Auth. 5.600 01/01/04 ----- 124,616
900 Guam Airport 6.400 10/01/05 11/15/03 (c) 926,397
1,500 Guam GO 5.900 09/01/05 ----- 1,466,610
2,420 Guam Power 6.375 10/01/08 ----- 2,393,090
930 Hamilton Elderly Hsg. 11.250 01/01/15 05/01/96 (b) 995,100
1,500 Hempstead IDA Nassau 7.750 09/15/15 09/15/97 (b) 1,584,750
10 Hempstead IDA (Am. Ref-Fuel Co.) 6.500 12/01/96 ----- 10,116
30 Hempstead IDA (Am. Ref-Fuel Co.) 6.700 12/01/97 ----- 31,076
30 Hempstead IDA (Am. Ref-Fuel Co.) 7.000 12/01/99 12/01/96 (b) 30,939
30,760 Hempstead IDA (Am. Ref-Fuel Co.) 7.375 12/01/05 12/01/96 (b) 31,835,062
30,260 Hempstead IDA (Am. Ref-Fuel Co.) 7.400 12/01/10 12/01/96 (b) 31,327,573
10 Hempstead IDA (UCP) 7.500 10/01/09 10/01/01 (b) 10,521
1,000 Herkimer IDA Hsg. Auth. 7.150 03/01/11 09/01/06 (b) 1,064,830
2,725 Herkimer IDA (Burrows Paper) 7.250 01/01/01 09/26/98 (c) 2,786,749
1,000 Herkimer IDA (Burrows Paper) 8.000 01/01/09 10/28/05 (c) 1,034,280
50 Heuvelton NY CSD 8.375 06/15/97 ----- 52,813
90 Islip IDA (WJL Realty) 7.400 03/01/99 ----- 98,561
50 Islip Res Rec 8.500 09/01/07 09/01/95 (b) 51,858
3
</TABLE>
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 405 Jamestown GO 7.000 % 03/15/98 ----- $ 425,205
330 Jamestown GO 7.000 03/15/99 ----- 350,869
250 Jamestown GO 7.000 03/15/00 ----- 268,520
1,570 Jamestown Hsg. Auth. 6.125 07/01/10 07/29/04 (c) 1,599,940
260 Jefferson IDA (Stature Electric) 7.500 08/01/99 08/01/95 (b) 268,164
55 Lakeside Village Hsg. Corp. 0.000 09/01/05 09/01/95 (b) 22,336
5 Lakeside Village Hsg. Corp. 11.250 09/01/96 09/01/95 (b) 5,114
440 Lincoln Towers Hsg. Corp. 11.250 01/01/15 05/01/96 (b) 466,400
125 Locke Fire District #1 7.500 07/01/02 06/05/99 (c) 133,942
210 Medina Hsg. Corp. 8.250 08/15/11 08/15/95 (b) 222,600
960 Middleton IDA (Southwinds) 7.250 03/01/03 04/01/00 (c) 991,162
5 Monroe County Airport 0.000 01/01/04 ----- 2,968
30 Monroe County GO 6.100 05/01/03 ----- 30,000
12 Monroe IDA (BBDO Int'l.) 7.750 09/01/95 08/16/95 (c) 12,509
10 Monroe IDA (Cohber) 7.100 12/01/95 ----- 10,000
10 Monroe IDA (Cohber) 7.500 12/01/00 12/01/98 (b) 10,418
100 Monroe IDA (Cohber) 7.550 12/01/01 12/01/98 (b) 107,898
310 Monroe IDA (Consler) 7.000 08/01/99 09/23/97 (c) 311,653
1,060 Monroe IDA (Emil Muller) 6.500 10/01/04 08/28/00 (c) 1,109,087
250 Monroe IDA (Flower City Printing) 8.000 12/01/95 ----- 252,500
1,290 Monroe IDA (GEVA) 7.750 04/01/02 07/20/99 (c) 1,353,171
360 Monroe IDA (GEVA) 7.750 04/01/03 ----- 379,998
39 Monroe IDA (Hahn) 7.250 06/01/98 01/18/97 (c) 39,358
249 Monroe IDA (Hahn) 7.250 06/01/98 02/02/97 (c) 249,910
190 Monroe IDA (Palmer) 6.500 08/01/98 04/05/97 (c) 189,561
10 Monroe IDA (Piano Works) 7.125 11/01/96 11/01/95 (b) 10,100
235 Monroe IDA (West End Business) 6.750 12/01/04 12/16/00 (c) 237,037
50 Montgomery IDA (Alpin Haus) 7.000 12/01/96 12/01/95 (b) 50,128
270 Montgomery IDA (Amsterdam) 5.750 01/01/97 07/08/96 (c) 271,844
145 Montgomery IDA (Amsterdam) 6.000 01/01/98 ----- 146,772
885 Montgomery IDA (Amsterdam) 6.500 01/01/03 02/17/01 (c) 896,009
20 Montgomery IDA (Breton Ind.) 8.150 04/01/10 04/01/98 (b) 21,965
505 Nassau IDA (ACLDD) 7.250 10/01/04 10/25/00 (c) 536,512
1,120 Nassau IDA (Farmingdale Market) 10.000 05/01/98 05/01/96 (b) 1,153,600
1,135 Nassau IDA (NPD Realty) 10.375 12/01/97 12/01/95 (b) 1,169,050
300 Nassau IDA (Tishcon Corp.) 10.000 02/01/03 02/16/00 (c) 354,753
1,090 New Rochelle IDA (CNR) 6.000 07/01/02 08/11/00 (c) 1,108,595
260 New Rochelle IDA (CNR) 6.300 07/01/03 ----- 255,905
275 New Rochelle IDA (CNR) 6.400 07/01/04 ----- 270,289
2,800 Niagara IDA (Sevenson Hotel) 5.750 05/01/03 10/31/99 (c) 2,800,140
80 Northern Marianas Island Port Auth. 7.050 10/01/04 10/01/95 (b) 82,000
10 Northern Marianas Island Port Auth. 7.050 10/01/05 10/01/95 (b) 10,300
170 NYC GO 0.000 04/01/00 ----- 137,627
165 NYC GO 0.000 09/15/99 ----- 131,871
</TABLE>
4
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 605 NYC GO 0.000 % 03/15/98 ----- $ 525,122
50 NYC GO 0.000 08/15/01 ----- 35,444
2,000 NYC GO 0.000 08/15/00 ----- 1,507,200
1,500 NYC GO 0.000 02/01/01 ----- 1,098,990
740 NYC GO 0.000 08/01/08 ----- 301,513
630 NYC GO 0.000 04/01/01 ----- 479,373
115 NYC GO 0.000 (+) 10/01/06 10/01/02 (b) 71,216
2,000 NYC GO 0.000 (+) 02/01/04 02/01/00 (b) 1,607,700
1,000 NYC GO 0.000 02/01/03 ----- 648,230
1,950 NYC GO 0.000 (+) 02/01/07 02/01/02 (e) 1,362,816
1,460 NYC GO 0.000 02/01/02 ----- 1,008,510
100 NYC GO 5.250 10/01/04 ----- 96,518
1,250 NYC GO 5.250 08/01/03 ----- 1,194,563
105 NYC GO 5.600 08/01/01 ----- 105,860
640 NYC GO 6.375 08/01/08 ----- 628,947
2,000 NYC GO 6.375 08/01/07 ----- 1,967,180
1,550 NYC GO 6.750 10/01/05 10/01/04 (b) 1,620,029
100 NYC GO 6.875 02/01/02 ----- 105,062
1,500 NYC GO 7.000 08/15/06 08/15/99 (b) 1,555,830
175 NYC GO 7.000 12/01/10 12/01/99 (b) 180,460
50 NYC GO 7.000 02/01/00 02/01/96 (b) 51,165
200 NYC GO 7.000 12/01/08 12/01/99 (b) 206,240
1,000 NYC GO 7.000 02/01/01 02/01/97 (b) 1,038,670
3,250 NYC GO 7.000 02/01/06 02/01/04 (b) 3,372,460
25 NYC GO 7.300 08/15/98 08/15/97 (b) 26,409
500 NYC GO 7.400 02/01/00 ----- 540,350
285 NYC GO 7.400 02/01/02 ----- 314,745
25 NYC GO 7.500 08/01/01 08/01/99 (b) 27,261
25 NYC GO 7.500 12/01/05 08/15/97 (b) 26,431
10,280 NYC GO 7.500 02/01/04 02/01/02 (b) 11,272,637
2,900 NYC GO 7.500 02/01/06 02/01/02 (b) 3,157,433
220 NYC GO 7.500 02/01/07 02/01/02 (b) 240,610
15 NYC GO 7.500 03/15/07 03/15/00 (b) 16,182
165 NYC GO 7.500 08/15/03 08/15/99 (b) 180,343
50 NYC GO 7.500 08/01/04 08/01/98 (b) 53,157
50 NYC GO 7.500 08/15/15 08/15/97 (b) 52,862
2,425 NYC GO 7.500 02/01/09 02/01/02 (b) 2,645,239
100 NYC GO 7.625 08/01/03 02/01/98 (b) 105,885
4,020 NYC GO 7.650 02/01/07 02/01/02 (b) 4,397,759
300 NYC GO 7.700 02/01/09 02/01/02 (b) 329,853
1,500 NYC GO 7.750 08/15/07 08/15/01 (b) 1,648,080
1,200 NYC GO 7.750 08/15/12 08/15/01 (b) 1,303,932
600 NYC GO 7.750 08/15/03 08/15/01 (b) 677,838
2,000 NYC GO 7.750 08/15/05 08/15/01 (b) 2,199,580
5
</TABLE>
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 7,925 NYC GO 7.750 % 08/15/06 08/15/01 (b) $ 9,110,976
1,555 NYC GO 7.750 08/15/09 08/15/01 (b) 1,710,189
780 NYC GO 7.750 02/15/01 08/15/99 (b) 856,627
150 NYC GO 7.875 08/01/04 08/01/00 (b) 168,104
300 NYC GO 7.875 08/01/00 08/01/98 (b) 328,485
100 NYC GO 8.000 12/01/08 06/01/98 (b) 110,712
2,915 NYC GO 8.000 08/01/03 08/01/01 (b) 3,249,292
740 NYC GO 8.250 11/15/10 11/15/01 (b) 833,240
680 NYC GO 8.250 11/15/10 11/15/01 (a) 823,793
45 NYC HDC 0.000 10/01/00 ----- 32,988
30 NYC HDC 0.000 10/01/99 ----- 24,006
60 NYC HDC 0.000 10/01/03 04/01/98 (b) 36,062
75 NYC HDC 0.000 04/01/01 ----- 54,971
30 NYC HDC 0.000 04/01/03 04/01/98 (b) 18,992
130 NYC HDC 0.000 04/01/17 04/01/00 (a) 19,950
40 NYC HDC 0.000 04/01/99 ----- 32,358
80 NYC HDC 0.000 10/01/06 04/01/98 (b) 38,406
50 NYC HDC 0.000 10/01/08 04/01/98 (b) 20,577
70 NYC HDC 0.000 10/01/07 04/01/98 (b) 31,009
50 NYC HDC 0.000 04/01/00 ----- 37,753
60 NYC HDC 0.000 04/01/04 04/01/98 (b) 34,906
20 NYC HDC 0.000 04/01/08 04/01/98 (b) 8,650
80 NYC HDC 0.000 04/01/06 04/01/98 (b) 39,730
5 NYC HDC 5.750 05/01/96 ----- 5,051
115 NYC HDC 6.500 05/01/06 11/01/95 (b) 116,150
980 NYC HDC 7.900 02/01/23 02/01/00 (b) 1,055,872
730 NYC HDC 8.100 09/01/23 09/01/00 (b) 808,796
15 NYC HDC 8.200 02/01/99 08/01/95 (b) 15,434
30 NYC HDC 8.300 08/01/00 08/01/95 (b) 30,702
130 NYC HDC 8.500 05/01/07 11/01/95 (b) 134,477
2,000 NYC Health & Hospital 6.000 02/15/07 ----- 1,955,720
1,520 NYC IDA 7.625 11/01/09 11/01/95 (b) 1,545,080
85 NYC IDA 8.125 11/01/09 11/01/95 (b) 87,550
3,300 NYC IDA (Blood Center) 6.800 05/01/02 08/04/99 (c) 3,436,521
265 NYC IDA (CNR) 5.875 09/01/05 ----- 257,654
1,451 NYC IDA (Cummins Engine) 6.500 03/01/05 11/15/00 (c) 1,424,779
1,300 NYC IDA (EPG) 7.400 07/30/02 06/11/99 (c) 1,400,308
2,425 NYC IDA (JBFS) 6.500 12/15/02 03/15/00 (c) 2,502,818
20 NYC IDA (Lighthouse) 6.375 07/01/10 ----- 19,815
635 NYC IDA (OHEL) 7.125 03/15/03 01/19/00 (c) 664,921
147 NYC IDA (Paper Enterprises) 10.000 11/01/98 04/19/97 (c) 151,837
50 NYC IDA (St. Christopher Ottilie) 6.750 07/01/99 ----- 52,579
125 NYC IDA (World Refrigerator) 8.000 08/01/97 08/11/96 (c) 126,017
1,695 NYS COP 6.900 09/01/98 ----- 1,797,293
</TABLE>
6
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 500 NYS COP 7.000 % 03/01/99 ----- $ 527,055
10 NYS COP 7.100 08/15/00 08/15/96 (b) 10,331
395 NYS COP 7.250 08/15/07 08/15/96 (b) 406,423
2,305 NYS COP 7.625 03/01/09 09/01/01 (b) 2,521,255
1,725 NYS COP 8.250 09/01/07 09/01/97 (b) 1,882,424
40 NYS COP 8.300 09/01/12 09/01/97 (b) 43,945
640 NYS Dorm (Brookhaven) 8.700 07/01/06 07/01/96 (b) 660,480
30 NYS Dorm (City University) 0.000 07/01/03 07/01/98 (b) 18,381
975 NYS Dorm (City University) 7.200 07/01/01 ----- 1,085,243
25 NYS Dorm (City University) 7.250 07/01/99 07/01/96 (b) 26,169
75 NYS Dorm (City University) 7.300 07/01/00 07/01/96 (b) 76,958
35 NYS Dorm (City University) 7.500 07/01/06 07/01/96 (b) 36,101
8,380 NYS Dorm (City University) 8.125 07/01/07 07/01/98 (b) 8,973,723
12,000 NYS Dorm (City University) 8.125 07/01/08 07/01/98 (b) 13,236,960
50 NYS Dorm (Crouse Irving) 10.250 07/01/04 07/01/96 (b) 51,351
365 NYS Dorm (Crouse Irving) 10.500 07/01/17 07/01/96 (b) 375,366
65 NYS Dorm (ECC) 7.100 07/01/09 12/30/04 (c) 65,650
25 NYS Dorm (Higher Education) 8.500 06/01/03 06/01/96 (b) 25,593
25 NYS Dorm (JGB) 7.000 07/01/09 01/01/96 (b) 25,250
220 NYS Dorm (Judicial-Suffolk) 9.000 10/15/01 10/15/95 (b) 242,000
5,170 NYS Dorm (Judicial) 9.000 10/15/01 10/15/95 (b) 5,661,150
30 NYS Dorm (Manhattan E,E&T) 9.500 07/01/12 01/01/96 (b) 30,600
380 NYS Dorm (Manhattan E,E&T) 11.500 07/01/09 01/01/96 (b) 393,680
80 NYS Dorm (Montefiore) 8.625 07/01/10 01/01/96 (b) 81,760
50 NYS Dorm (New York University) 7.750 07/01/05 01/01/96 (b) 50,904
225 NYS Dorm (NY Medical College) 6.875 07/01/03 ----- 236,493
80 NYS Dorm (PCP) 7.800 12/01/05 12/01/98 (b) 88,068
80 NYS Dorm (RGH) 8.500 08/01/05 08/01/95 (a) 81,600
1,365 NYS Dorm (State University) 6.700 07/01/03 10/03/00 (c) 1,385,475
145 NYS Dorm (State University) 6.900 07/01/98 07/01/96 (b) 146,450
55 NYS Dorm (State University) 6.900 07/01/99 07/01/96 (b) 56,100
10 NYS Dorm (St. Vincent) 7.000 07/01/98 01/01/96 (b) 10,080
505 NYS Dorm (St. Vincent) 7.750 07/15/15 01/01/96 (b) 512,070
20 NYS Dorm (St. Vincent) 7.750 07/01/05 01/01/96 (b) 20,250
85 NYS Dorm (St. Vincent) 8.125 07/01/13 01/01/96 (b) 86,530
10 NYS Dorm (United Health) 7.150 08/01/07 02/01/00 (b) 10,735
180 NYS Dorm (United Hospital) 11.750 09/15/10 01/01/96 (b) 185,400
25 NYS Environ. (Huntington Res Rec) 7.000 10/01/95 ----- 25,000
275 NYS Environ. (Huntington Res Rec) 7.375 10/01/99 05/04/98 (c) 292,058
7,000 NYS Environ. (Huntington Res Rec) 7.500 10/01/12 10/01/99 (b) 7,306,320
75 NYS Environ. (Environ. Elements) 8.000 12/01/98 12/01/95 (b) 79,904
5 NYS Environ. (Environ. Elements) 8.100 12/01/00 12/01/95 (b) 5,322
250 NYS Environ. (Jamaica Water) 10.875 12/01/14 12/01/95 (b) 262,500
15 NYS Environ. (Long Island Water) 10.000 10/01/17 10/01/97 (b) 16,942
7
</TABLE>
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 595 NYS Environ. (RSP) 7.000 % 04/01/00 ----- $ 642,743
370 NYS Environ. (RSP) 7.000 04/01/99 ----- 395,312
330 NYS Environ. (RSP) 7.100 04/01/01 ----- 361,205
2,985 NYS Environ. (RSP) 7.250 04/01/07 04/01/02 (b) 3,203,472
5,000 NYS ERDA (Brooklyn Union Gas) 8.750 07/01/15 01/01/96 (b) 5,175,000
50 NYS ERDA (ConEd) 9.000 08/15/20 08/15/95 (b) 51,284
115 NYS ERDA (LILCO) 7.500 12/01/06 12/01/95 (b) 116,150
260 NYS ERDA (LILCO) 7.800 12/01/09 12/01/95 (b) 261,300
115 NYS ERDA (LILCO) 8.250 10/01/12 10/01/95 (b) 116,725
30 NYS ERDA (Orange & Rockland) 9.000 08/01/15 08/01/95 (b) 30,900
80 NYS HFA (Children's Rescue) 7.400 11/01/00 ----- 86,463
65 NYS HFA (Children's Rescue) 7.500 05/01/01 ----- 70,652
140 NYS HFA (Children's Rescue) 7.500 11/01/01 ----- 151,883
94 NYS HFA (General Housing) 6.500 11/01/03 ----- 94,940
6 NYS HFA (General Housing) 6.750 11/01/98 ----- 6,060
26,615 NYS HFA (Health Facilities) 7.900 11/01/99 03/08/98 (c) 29,159,660
1,535 NYS HFA (HELP/Bronx) 8.050 11/01/05 11/01/99 (b) 1,651,338
1,470 NYS HFA (Henry Phipps) 8.000 05/01/18 05/01/98 (b) 1,517,040
65 NYS HFA (H&N) 5.900 11/01/05 ----- 63,700
140 NYS HFA (H&N) 5.900 11/01/06 ----- 137,200
35 NYS HFA (H&N) 6.750 11/01/98 ----- 35,525
300 NYS HFA (H&N) 6.800 11/01/02 ----- 306,000
30 NYS HFA (H&N) 6.875 11/01/05 11/01/98 (b) 30,300
180 NYS HFA (H&N) 6.875 11/01/07 11/01/02 (b) 181,800
50 NYS HFA (H&N) 6.875 11/01/09 11/01/98 (b) 50,825
65 NYS HFA (H&N) 6.875 11/01/04 11/01/98 (b) 65,650
1,000 NYS HFA (H&N) 9.000 11/01/17 11/01/95 (b) 1,035,390
150 NYS HFA (Monroe) 7.625 05/01/05 05/01/00 (b) 162,252
20 NYS HFA (Multi-Family) 7.300 11/01/04 11/01/99 (b) 22,010
1,070 NYS HFA (Multi-Family) 10.000 11/15/99 11/15/95 (b) 1,102,100
10 NYS HFA (Non-Profit) 6.100 11/01/98 ----- 10,000
50 NYS HFA (Non-Profit) 6.100 11/01/99 ----- 50,250
10 NYS HFA (Non-Profit) 6.400 11/01/04 ----- 10,100
30 NYS HFA (Non-Profit) 6.400 11/01/05 ----- 30,300
40 NYS HFA (Non-Profit) 6.400 11/01/00 ----- 40,400
10 NYS HFA (Non-Profit) 6.500 11/01/01 ----- 10,100
5 NYS HFA (Non-Profit) 6.600 11/01/10 ----- 5,050
75 NYS HFA (Non-Profit) 6.600 11/01/05 ----- 74,986
150 NYS HFA (Non-Profit) 6.600 11/01/03 ----- 150,000
20 NYS HFA (Non-Profit) 6.600 11/01/01 ----- 21,276
5 NYS HFA (Non-Profit) 6.600 11/01/11 ----- 5,000
5 NYS HFA (Non-Profit) 6.600 11/01/02 ----- 5,087
5 NYS HFA (Non-Profit) 6.750 11/01/96 ----- 5,050
30 NYS HFA (Non-Profit) 8.400 11/01/95 ----- 30,150
</TABLE>
8
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 195 NYS HFA (Phillips Village) 6.700 % 02/15/02 ----- $ 202,677
250 NYS HFA (Phillips Village) 6.700 08/15/02 ----- 259,855
85 NYS HFA (Phillips Village) 6.900 08/15/04 ----- 89,031
175 NYS HFA (Phillips Village) 6.900 02/15/04 ----- 183,190
425 NYS HFA (Simeon Dewitt) 8.000 11/01/18 05/01/98 (b) 433,500
130 NYS HFA (Urban Rental) 8.000 11/01/99 11/01/98 (b) 143,950
540 NYS HFA (Westchester/HELP) 7.500 11/01/00 07/07/98 (c) 589,091
70 NYS HFA (Westchester/HELP) 7.550 11/01/02 05/01/00 (b) 76,078
5 NYS Medcare 7.200 11/01/01 11/01/99 (b) 5,150
105 NYS Medcare 7.250 11/01/02 11/01/99 (b) 108,150
200 NYS Medcare 7.250 11/01/03 11/01/99 (b) 206,000
2,045 NYS Medcare (Central Suffolk) 5.875 11/01/05 12/12/03 (c) 2,069,274
365 NYS Medcare (Downtown Hospital) 6.550 02/15/06 ----- 380,688
945 NYS Medcare (Downtown Hospital) 6.550 08/15/06 ----- 944,168
95 NYS Medcare (Good Samaritan) 7.650 11/01/01 11/01/97 (b) 103,447
5 NYS Medcare (Huntington) 6.800 11/01/96 ----- 5,138
45 NYS Medcare (H&N) 7.000 02/15/99 ----- 48,158
25 NYS Medcare (H&N) 7.100 08/15/01 02/15/98 (b) 27,019
595 NYS Medcare (H&N) 7.100 11/01/99 11/01/95 (b) 612,850
10 NYS Medcare (H&N) 7.100 11/01/98 11/01/95 (b) 10,100
40 NYS Medcare (H&N) 7.250 02/15/98 ----- 42,424
80 NYS Medcare (H&N) 7.250 02/15/09 02/15/99 (b) 84,204
100 NYS Medcare (H&N) 7.500 02/15/08 02/15/98 (b) 108,371
10 NYS Medcare (H&N) 7.500 02/15/09 02/15/99 (b) 10,606
105 NYS Medcare (H&N) 8.625 02/15/06 02/15/96 (b) 107,100
50 NYS Medcare (H&N) 8.750 02/15/15 02/15/96 (b) 51,250
2,150 NYS Medcare (H&N) 10.000 11/01/06 11/01/96 (b) 2,289,750
490 NYS Medcare (H&N) 10.500 01/15/24 01/15/96 (b) 502,544
75 NYS Medcare (Insured Hospital) 7.250 02/15/12 08/15/99 (b) 77,960
165 NYS Medcare (Insured Hospital) 7.625 02/15/02 08/15/97 (b) 178,413
25 NYS Medcare (Insured Hospital) 7.875 02/15/07 08/15/97 (b) 27,241
40 NYS Medcare (Insured Nursing) 10.250 01/15/04 01/15/96 (b) 41,028
680 NYS Medcare (Insured Nursing) 10.250 01/01/24 01/01/98 (b) 707,880
10 NYS Medcare (Insured Mtg.) 7.100 02/15/00 ----- 10,593
460 NYS Medcare (Insured Mtg.) 9.375 11/01/16 11/01/96 (b) 489,900
1,345 NYS Medcare (Long Beach) 7.625 02/15/06 08/15/98 (b) 1,424,328
20 NYS Medcare (Mental Health) 0.000 08/15/01 ----- 14,225
15 NYS Medcare (Mental Health) 0.000 02/15/03 08/15/98 (a) 9,897
30 NYS Medcare (Mental Health) 0.000 08/15/03 08/15/98 (b) 18,215
10 NYS Medcare (Mental Health) 0.000 02/15/03 08/15/98 (b) 6,300
85 NYS Medcare (Mental Health) 6.850 08/15/00 ----- 91,974
25 NYS Medcare (Mental Health) 7.150 08/15/03 08/15/01 (b) 27,167
40 NYS Medcare (Mental Health) 7.200 02/15/04 08/15/99 (b) 43,672
25 NYS Medcare (Mental Health) 7.400 02/15/02 02/15/02 (b) 27,777
</TABLE>
9
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 45 NYS Medcare (Mental Health) 7.400 % 08/15/00 ----- $ 49,798
15 NYS Medcare (Mental Health) 7.500 08/15/07 02/15/01 (b) 16,166
400 NYS Medcare (Mental Health) 7.625 02/15/07 08/15/01 (b) 429,196
105 NYS Medcare (Mental Health) 7.750 08/15/10 02/15/00 (b) 111,116
530 NYS Medcare (Mental Health) 8.000 08/15/97 ----- 564,826
3,000 NYS Medcare (Mental Health) 8.250 02/15/99 02/15/97 (b) 3,266,430
10 NYS Medcare (Mental Health) 8.875 08/15/07 08/15/97 (b) 10,835
55 NYS Medcare (Mercy Hospital) 9.500 11/01/03 11/01/95 (b) 56,100
5,660 NYS Medcare (Mercy Hospital) 9.800 11/01/16 11/01/95 (b) 5,801,500
820 NYS Medcare (Nassau/Maimonides) 9.375 01/15/03 07/15/95 (b) 843,370
1,760 NYS Medcare (Nassau/Maimonides) 9.600 01/15/23 07/15/95 (b) 1,812,800
50 NYS Medcare (North Shore) 7.125 11/01/08 11/01/00 (b) 52,534
1,945 NYS Medcare (Nyack) 8.200 11/01/04 11/01/98 (b) 2,141,231
5,465 NYS Medcare (Nyack) 8.300 11/01/13 11/01/98 (b) 6,032,923
10 NYS Medcare (N. General) 7.000 02/15/98 ----- 10,521
275 NYS Medcare (N. General) 7.100 02/15/99 ----- 295,202
25 NYS Medcare (N. General) 7.150 08/15/01 ----- 27,179
100 NYS Medcare (N. General) 7.200 02/15/03 08/15/01 (b) 107,121
940 NYS Medcare (N. General) 7.350 08/15/09 08/15/01 (b) 984,565
40 NYS Medcare (Secured Hospital) 7.000 02/15/07 02/15/99 (b) 41,220
250 NYS Medcare (Wychoff) 6.625 02/15/98 ----- 259,418
80 NYS Medcare (Wychoff) 6.850 08/15/00 ----- 82,742
715 NYS Medcare (Wychoff) 6.850 02/15/00 ----- 738,874
250 NYS Medcare (Wychoff) 6.950 02/15/01 ----- 259,845
80 NYS Medcare (Wychoff) 6.950 08/15/01 ----- 83,383
1,000 NYS Power Auth. 7.875 01/13/13 01/01/98 (b) 1,078,140
5,440 NYS Thruway 0.000 01/01/98 ----- 4,757,334
2,000 NYS Thruway 0.000 01/01/02 ----- 1,386,860
530 NYS Thruway 0.000 01/01/01 ----- 390,472
385 NYS Thruway 0.000 01/01/06 ----- 210,114
250 NYS Thruway 0.000 01/01/05 ----- 144,535
6,310 NYS Thruway 0.000 01/01/00 ----- 4,929,246
25 NYS UDC 0.000 01/01/03 ----- 16,399
250 NYS UDC 6.700 01/01/99 ----- 262,660
735 NYS UDC 9.375 09/01/99 09/01/95 (b) 762,930
6,360 NYS UDC (Correctional Facilities) 0.000 01/01/08 ----- 3,018,710
35 NYS UDC (South Mall) 0.000 01/01/03 ----- 22,544
120 NYS UDC (South Mall) 0.000 01/01/05 06/24/04 (c) 69,058
50 NYS UDC (South Mall) 0.000 01/01/05 06/24/04 (c) 29,857
20 NYS (SONYMA) Mortgage, 1 0.000 10/01/14 04/01/96 (b) 3,416
125 NYS (SONYMA) Mortgage, 1 0.000 10/01/98 04/01/96 (b) 95,494
120 NYS (SONYMA) Mortgage, 10-A 7.800 10/01/03 04/01/98 (b) 130,363
25 NYS (SONYMA) Mortgage, 10-A 8.000 10/01/08 04/01/98 (b) 26,477
15 NYS (SONYMA) Mortgage, 11 6.875 04/01/16 10/01/98 (b) 15,427
</TABLE>
10
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 60 NYS (SONYMA) Mortgage, 12 0.000 % 10/01/99 10/01/97 (b) $ 46,002
100 NYS (SONYMA) Mortgage, 12 0.000 10/01/00 10/01/97 (b) 71,802
30 NYS (SONYMA) Mortgage, 12 0.000 04/01/99 10/01/97 (b) 24,830
15 NYS (SONYMA) Mortgage, 12 6.800 10/01/97 ----- 15,704
25 NYS (SONYMA) Mortgage, 12 6.800 04/01/97 ----- 25,901
845 NYS (SONYMA) Mortgage, 2 0.000 10/01/14 04/01/96 (b) 141,107
10 NYS (SONYMA) Mortgage, 5 0.000 04/01/00 ----- 6,507
25 NYS (SONYMA) Mortgage, 5 0.000 10/01/99 ----- 17,123
30 NYS (SONYMA) Mortgage, 5 0.000 04/01/99 ----- 21,482
95 NYS (SONYMA) Mortgage, 5 8.700 10/01/96 ----- 97,850
40 NYS (SONYMA) Mortgage, 5 8.900 04/01/97 04/01/96 (b) 41,200
20 NYS (SONYMA) Mortgage, 5 8.900 10/01/97 04/01/96 (b) 20,512
30 NYS (SONYMA) Mortgage, 5 9.100 04/01/98 04/01/96 (b) 30,750
165 NYS (SONYMA) Mortgage, 5 9.100 10/01/98 04/01/96 (b) 168,300
5 NYS (SONYMA) Mortgage, 5 9.750 10/01/10 04/01/96 (b) 5,125
10 NYS (SONYMA) Mortgage, 6 0.000 10/01/98 ----- 7,652
5 NYS (SONYMA) Mortgage, 6 0.000 04/01/98 ----- 3,997
10 NYS (SONYMA) Mortgage, 6 0.000 04/01/99 ----- 7,317
190 NYS (SONYMA) Mortgage, 6 0.000 (+) 04/01/10 04/01/01 (b) 173,717
15 NYS (SONYMA) Mortgage, 6 8.200 04/01/96 ----- 15,150
40 NYS (SONYMA) Mortgage, 6 8.200 10/01/96 ----- 40,800
25 NYS (SONYMA) Mortgage, 6 8.400 04/01/97 ----- 25,500
5 NYS (SONYMA) Mortgage, 6 8.400 10/01/97 04/01/96 (b) 5,200
35 NYS (SONYMA) Mortgage, 7 0.000 10/01/98 ----- 27,203
55 NYS (SONYMA) Mortgage, 7 0.000 10/01/99 ----- 39,158
75 NYS (SONYMA) Mortgage, 7 0.000 (+) 10/01/14 04/01/98 (b) 60,480
50 NYS (SONYMA) Mortgage, 7 7.700 04/01/96 ----- 50,414
1 NYS (SONYMA) Mortgage, 7 8.500 10/01/04 10/01/95 (b) 1,030
360 NYS (SONYMA) Mortgage, 7 8.625 04/01/11 10/01/95 (b) 372,305
25 NYS (SONYMA) Mortgage, 8-A 0.000 04/01/02 10/01/98 (b) 16,369
85 NYS (SONYMA) Mortgage, 8-A 0.000 04/01/01 10/01/98 (b) 59,548
60 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/01 10/01/98 (b) 40,632
70 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/02 10/01/98 (b) 44,295
30 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/00 10/01/98 (b) 21,844
20 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/98 ----- 16,695
50 NYS (SONYMA) Mortgage, 8-B 7.200 04/01/99 ----- 52,953
50 NYS (SONYMA) Mortgage, 8-C 6.900 04/01/96 ----- 50,863
25 NYS (SONYMA) Mortgage, 8-C 7.500 04/01/99 10/01/97 (b) 26,800
40 NYS (SONYMA) Mortgage, 8-C 7.900 10/01/01 10/01/97 (b) 43,261
85 NYS (SONYMA) Mortgage, 8-C 8.300 10/01/06 10/01/97 (b) 89,708
25 NYS (SONYMA) Mortgage, 8-D 7.700 10/01/99 01/04/98 (b) 27,197
100 NYS (SONYMA) Mortgage, 8-D 8.200 10/01/06 01/04/98 (b) 105,583
25 NYS (SONYMA) Mortgage, 8-E 6.750 04/01/96 ----- 25,358
80 NYS (SONYMA) Mortgage, 8-E 8.100 10/01/17 04/01/98 (b) 84,405
</TABLE>
11
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 40 NYS (SONYMA) Mortgage, 8-F 7.200 % 10/01/00 07/01/98 (b) $ 43,440
100 NYS (SONYMA) Mortgage, 9-A 6.700 10/01/98 10/01/96 (b) 104,433
25 NYS (SONYMA) Mortgage, 9-A 6.900 04/01/00 10/01/96 (b) 25,924
20 NYS (SONYMA) Mortgage, 9-A 7.000 04/01/01 10/01/96 (b) 20,959
100 NYS (SONYMA) Mortgage, 9-A 7.250 10/01/06 10/01/96 (b) 103,331
145 NYS (SONYMA) Mortgage, 9-B 8.000 10/01/02 07/01/97 (b) 155,446
210 NYS (SONYMA) Mortgage, 9-B 8.125 10/01/07 07/01/97 (b) 223,264
6,055 NYS (SONYMA) Mortgage, 9-B 8.300 10/01/17 07/01/97 (b) 6,368,952
90 NYS (SONYMA) Mortgage, 9-C 8.400 10/01/02 10/01/97 (b) 95,463
165 NYS (SONYMA) Mortgage, 9-C 8.700 10/01/07 10/01/97 (b) 178,210
15 NYS (SONYMA) Mortgage, 9-C 8.800 10/01/17 10/01/97 (b) 16,232
40 NYS (SONYMA) Mortgage, 9-E 7.375 10/01/98 ----- 43,400
440 NYS (SONYMA) Mortgage, 9-E 8.000 10/01/03 04/01/98 (b) 465,414
95 NYS (SONYMA) Mortgage, BB-2 7.125 10/01/98 07/25/97 (c) 101,719
200 NYS (SONYMA) Mortgage, BB-2 7.850 10/01/08 10/01/97 (b) 210,728
12,570 NYS (SONYMA) Mortgage, BB-2 7.950 10/01/15 10/01/97 (b) 13,215,972
40 NYS (SONYMA) Mortgage, EE-1 8.000 10/01/10 04/14/99 (b) 42,624
1,425 NYS (SONYMA) Mortgage, EE-1 8.050 04/01/16 04/01/98 (c) 1,517,810
55 NYS (SONYMA) Mortgage, EE-2 7.050 10/01/00 03/31/98 (c) 59,154
320 NYS (SONYMA) Mortgage, EE-3 7.125 10/01/00 03/31/98 (c) 335,094
100 NYS (SONYMA) Mortgage, EE-4 7.800 10/01/13 10/01/00 (b) 107,172
25 NYS (SONYMA) Mortgage, FF 6.800 10/01/95 ----- 25,000
25 NYS (SONYMA) Mortgage, FF 7.000 04/01/97 ----- 25,984
50 NYS (SONYMA) Mortgage, FF 7.100 10/01/98 ----- 53,511
4,875 NYS (SONYMA) Mortgage, FF 7.950 10/01/14 10/01/97 (b) 5,189,048
15 NYS (SONYMA) Mortgage, GG 7.600 10/01/18 04/01/96 (c) 15,300
1,640 NYS (SONYMA) Mortgage, GG 8.125 04/01/20 10/01/97 (b) 1,724,919
55 NYS (SONYMA) Mortgage, HH-2 7.700 10/01/09 10/01/99 (b) 58,588
40 NYS (SONYMA) Mortgage, HH-3 7.875 10/01/09 06/07/00 (b) 44,132
50 NYS (SONYMA) Mortgage, II 0.000 04/01/07 04/01/99 (b) 20,976
520 NYS (SONYMA) Mortgage, II 0.000 10/01/08 04/01/99 (b) 204,563
120 NYS (SONYMA) Mortgage, II 0.000 10/01/07 04/01/99 (b) 48,241
45 NYS (SONYMA) Mortgage, II 0.000 10/01/05 04/01/99 (b) 22,082
175 NYS (SONYMA) Mortgage, II 0.000 04/01/09 04/01/99 (b) 62,815
300 NYS (SONYMA) Mortgage, II 0.000 10/01/09 04/01/99 (b) 108,573
75 NYS (SONYMA) Mortgage, II 0.000 04/01/05 04/01/99 (b) 38,732
180 NYS (SONYMA) Mortgage, JJ 0.000 04/01/03 10/01/99 (b) 112,081
75 NYS (SONYMA) Mortgage, JJ 0.000 10/01/01 ----- 52,650
60 NYS (SONYMA) Mortgage, JJ 0.000 04/01/06 10/01/99 (b) 28,465
75 NYS (SONYMA) Mortgage, JJ 0.000 04/01/00 ----- 55,774
50 NYS (SONYMA) Mortgage, JJ 0.000 10/01/08 10/01/99 (b) 20,641
200 NYS (SONYMA) Mortgage, JJ 0.000 04/01/07 10/01/99 (b) 87,100
35 NYS (SONYMA) Mortgage, JJ 0.000 10/01/03 10/01/99 (b) 20,881
10 NYS (SONYMA) Mortgage, JJ 0.000 10/01/00 ----- 7,219
</TABLE>
12
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 230 NYS (SONYMA) Mortgage, JJ 0.000 % 10/01/06 10/01/99 (b) $ 110,577
10 NYS (SONYMA) Mortgage, JJ 0.000 10/01/04 10/01/99 (b) 5,358
100 NYS (SONYMA) Mortgage, JJ 0.000 04/01/02 ----- 68,926
125 NYS (SONYMA) Mortgage, JJ 0.000 04/01/01 ----- 89,963
170 NYS (SONYMA) Mortgage, JJ 0.000 10/01/05 10/01/99 (b) 87,727
145 NYS (SONYMA) Mortgage, JJ 0.000 04/01/05 10/01/99 (b) 78,275
20 NYS (SONYMA) Mortgage, KK 7.050 10/01/99 11/27/97 (c) 21,164
100 NYS (SONYMA) Mortgage, MM-1 7.100 10/01/97 ----- 105,217
30 NYS (SONYMA) Mortgage, MM-1 7.200 10/01/98 ----- 32,263
100 NYS (SONYMA) Mortgage, MM-1 7.700 10/01/04 02/04/01 (b) 109,943
50 NYS (SONYMA) Mortgage, MM-1 7.750 04/01/02 02/04/01 (b) 55,342
10 NYS (SONYMA) Mortgage, MM-2 7.550 04/01/02 10/01/00 (b) 10,911
25 NYS (SONYMA) Mortgage, NN 7.100 04/01/00 01/01/00 (b) 26,975
35 NYS (SONYMA) Mortgage, QQ 7.700 10/01/12 04/01/00 (b) 37,652
25 NYS (SONYMA) Mortgage, TT 6.850 10/01/01 ----- 26,704
25 NYS (SONYMA) Mortgage, TT 7.200 10/01/05 04/01/03 (b) 26,642
25 NYS (SONYMA) Mortgage, UU 6.850 10/01/99 ----- 26,365
75 NYS (SONYMA) Mortgage, UU 6.950 04/01/00 ----- 78,843
50 NYS (SONYMA) Mortgage, VV 6.300 04/01/97 ----- 51,471
5 NYS (SONYMA) Mortgage, VV 6.400 04/01/98 ----- 5,226
100 NYS (SONYMA) Mortgage, VV 6.500 10/01/99 ----- 104,147
40 NYS (SONYMA) Mortgage, VV 6.600 04/01/00 ----- 41,846
25 NYS (SONYMA) Mortgage, VV 6.800 10/01/02 ----- 26,930
60 NYS (SONYMA) Mortgage, VV 6.900 04/01/03 ----- 63,679
50 NYS (SONYMA) Mortgage, VV 7.000 04/01/04 10/01/03 (b) 52,216
545 NYS (SONYMA) Mortgage, VV 7.250 10/01/07 10/01/03 (b) 583,973
285 Oneida County IDA (DB Smith) 5.300 12/01/99 ----- 287,542
290 Oneida County IDA (DB Smith) 5.400 12/01/00 ----- 292,410
40 Oneida IDA (Metlife Insurance) 7.250 12/01/97 12/01/95 (b) 40,600
18,500 Onondaga Res Rec 6.625 05/01/00 06/19/98 (c) 18,770,100
8,260 Onondaga Res Rec 6.875 05/01/06 01/12/04 (c) 8,237,120
750 Orleans IDA (Anchor Bank) 7.500 12/01/96 12/01/95 (b) 761,250
1,805 Oswego County (Res Rec) 6.500 06/01/04 05/23/03 (c) 1,823,573
225 Port Authority NY/NJ 7.750 12/01/04 02/01/96 (b) 233,393
20 Portchester Community Devel. 8.100 08/01/10 08/14/04 (c) 22,712
25 Puerto Rico Electric 5.900 01/01/06 ----- 24,750
275 Puerto Rico Electric 6.750 01/01/00 01/01/96 (b) 279,400
245 Puerto Rico Electric 6.750 01/01/01 01/01/96 (b) 248,675
20 Puerto Rico Electric 7.000 07/01/07 07/01/02 (b) 22,219
25 Puerto Rico HFC 0.000 10/15/04 09/15/98 (b) 14,030
45 Puerto Rico HFC 0.000 04/15/08 09/15/98 (b) 18,891
5 Puerto Rico HFC 6.700 04/01/97 ----- 5,182
45 Puerto Rico HFC 6.800 10/01/99 ----- 48,744
15 Puerto Rico HFC 6.900 04/15/98 ----- 15,885
</TABLE>
13
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 40 Puerto Rico HFC 7.000 % 04/01/00 ----- $ 43,408
20 Puerto Rico HFC 7.000 04/15/99 ----- 21,421
10 Puerto Rico HFC 7.100 04/01/02 ----- 10,938
15 Puerto Rico HFC 7.100 10/15/00 10/01/98 (b) 16,179
65 Puerto Rico HFC 7.300 04/01/06 04/01/00 (b) 68,020
30 Puerto Rico HFC 7.400 04/01/07 04/01/00 (b) 31,666
20 Puerto Rico HFC 7.450 10/15/09 09/27/00 (b) 21,251
20 Puerto Rico HFC 7.500 10/01/15 04/01/02 (b) 21,198
250 Puerto Rico HFC 8.250 06/01/11 06/01/97 (b) 257,500
1,200 Puerto Rico IME (Amer. Airlines) 8.750 12/01/25 12/01/95 (d) 1,269,624
790 Puerto Rico IME (Amer. Cyanamid) 8.750 05/01/13 05/01/96 (b) 821,600
10 Puerto Rico IME (Baxter Travenol) 8.000 09/01/12 09/01/98 (b) 10,905
1,770 Puerto Rico IME (C.R. Bard) 11.750 07/01/01 07/01/96 (b) 1,889,758
15 Puerto Rico IME (Dr. Pila Hospital) 7.700 08/01/08 08/01/98 (b) 15,940
1,000 Puerto Rico IME (Dr. Pila Hospital) 7.850 08/01/28 08/01/98 (b) 1,120,610
605 Puerto Rico IME (Squibb) 6.500 07/01/04 06/30/00 (c) 611,050
70 Puerto Rico PCR 8.000 01/01/03 01/01/96 (b) 71,400
90 Puerto Rico Port Auth. 7.300 07/01/07 07/01/96 (b) 91,800
20 Puerto Rico Urban Renewal 0.000 10/01/97 ----- 17,571
105 Puerto Rico Urban Renewal 7.875 10/01/04 10/01/99 (b) 115,057
35 Radisson Senior Citizens Hsg. 12.000 11/01/11 11/01/97 (b) 40,846
50 Rensselaer Hsg. Auth. (Renwyck) 7.650 01/01/11 01/01/03 (b) 54,613
25 Riverhead Hsg. Devel. 8.250 08/01/10 08/01/95 (b) 26,250
3,395 Rochester Hsg. Auth. (Crossroads) 7.300 07/01/05 05/02/01 (c) 3,579,349
855 Rockland IDA (DC) 7.000 03/01/03 01/10/00 (c) 879,162
50 San Juan Puerto Rico GO 8.200 07/01/96 ----- 51,000
90 San Juan Puerto Rico GO 8.200 07/01/96 ----- 91,800
345 Saratoga IDA (ARC) 7.250 03/01/01 11/05/98 (c) 355,271
250 Saratoga IDA (City Center) 10.000 10/01/08 10/01/99 (b) 292,210
2,480 Saratoga IDA (Saratoga Sheraton) 6.750 12/31/07 08/12/01 (c) 2,543,364
50 Schodack IDA (Hamilton Printing) 7.600 07/01/00 ----- 55,808
50 Steuben IDA (Corning Glass) 7.625 07/01/99 01/01/96 (b) 51,000
240 Steuben IDA (Corning Glass) 9.000 11/01/04 11/01/95 (b) 249,600
20 St. Casimer's Elderly Hsg. 7.000 09/01/98 09/01/95 (b) 20,600
835 St. Casimer's Elderly Hsg. 7.375 09/01/10 09/01/95 (b) 860,050
30 St. Lawrence IDA (Res Rec) 8.250 01/01/02 01/01/99 (b) 32,728
10 St. Lawrence IDA (Solid Waste) 7.600 01/01/97 ----- 10,337
10 St. Lawrence IDA (Solid Waste) 8.300 01/01/99 ----- 10,879
5 Suffolk County GO 6.000 09/15/97 ----- 5,113
10 Suffolk County GO 6.400 11/01/00 ----- 10,100
190 Suffolk IDA (ADP) 7.750 04/01/18 04/01/96 (b) 193,800
20 Suffolk IDA (Marbar) 8.150 03/01/04 03/01/96 (b) 20,834
85 Suffolk IDA (OPWC) 7.000 11/01/02 11/22/99 (c) 91,610
610 Suffolk IDA (Printing Assoc.) 7.650 (v) 01/01/01 10/17/98 (c) 622,200
</TABLE>
14
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1,580 Suffolk IDA (Rimland Facilities) 6.750 (v) 12/01/04 03/02/01 (c) $ 1,595,800
700 Sullivan County GO 7.000 05/01/01 ----- 757,071
725 Sullivan County GO 7.000 05/01/02 ----- 794,709
2,485 Sunnybrook Elderly Hsg. Corp. 11.250 12/01/14 04/01/96 (b) 2,646,525
233 Syracuse IDA (Genesee St.) 6.570 (v) 12/01/98 04/16/97 (c) 238,838
505 Syracuse IDA (Rockwest Center) 7.250 06/01/03 04/18/00 (c) 543,304
1,240 Syracuse IDA (St. Joseph's Hospital) 7.250 06/01/01 07/22/99 (c) 1,325,548
195 Tomkins IDA (Kendall at Ithaca) 7.875 06/01/15 06/01/05 (b) 206,250
415 Troy IDA (City of Troy) 7.000 03/15/96 ----- 418,237
915 Troy IDA (City of Troy) 7.250 03/15/98 09/20/97 (c) 923,693
1,055 Troy IDA (City of Troy) 7.500 03/15/00 09/20/99 (c) 1,076,701
1,225 Troy IDA (City of Troy) 7.600 03/15/02 09/20/01 (c) 1,256,679
95 Tupper Lake Housing Devel. 8.125 10/01/10 03/15/02 (b) 99,750
1,010 Ulster County Res Rec 5.500 03/01/02 ----- 1,001,809
1,080 Ulster County Res Rec 5.500 03/01/03 ----- 1,066,900
1,190 Union Elderly Hsg. 10.000 04/01/13 04/01/96 (b) 1,237,600
15 Union Elderly Hsg. 10.750 04/01/96 ----- 15,300
5 Union Elderly Hsg. 11.000 04/01/00 04/01/96 (b) 5,200
295 Union Hsg. (Methodist Homes) 6.800 11/01/04 05/22/01 (c) 305,387
80 Union Hsg. (Methodist Homes) 7.700 04/01/96 ----- 81,530
90 Union Hsg. (Methodist Homes) 7.800 04/01/97 ----- 93,688
95 Union Hsg. (Methodist Homes) 7.900 04/01/98 ----- 100,831
875 University of Virgin Islands 6.500 10/01/99 11/11/97 (c) 892,911
450 Utica GO 5.700 12/01/00 ----- 459,360
475 Utica GO 5.800 12/01/01 ----- 482,519
200 Utica GO 5.900 12/01/02 ----- 204,772
5 Utica GO 7.900 01/15/00 07/15/95 (b) 5,100
15 Utica GO 7.900 01/15/02 07/15/95 (b) 15,375
15 Utica GO 7.900 11/01/05 07/15/95 (b) 15,375
10 Utica Hsg. Corp. (Brookhaven) 0.000 07/01/99 ----- 7,155
10 Utica Senior Citizen Hsg. 0.000 01/01/97 ----- 8,857
35 Utica Senior Citizen Hsg. 0.000 01/01/98 ----- 28,526
25 Utica Senior Citizen Hsg. 0.000 01/01/02 ----- 14,694
100 Utica Senior Citizen Hsg. 0.000 01/01/99 ----- 74,603
1,985 Utica Senior Citizen Hsg. 10.230 07/01/22 07/01/97 (b) 2,259,741
15 Valley Health & Devel. 7.850 02/01/02 05/07/98 (c) 16,853
2,380 V. I. Port Auth. (Marine Division) 7.400 11/01/99 11/01/96 (b) 2,467,084
1,890 V. I. Port Auth. (Marine Division) 7.550 11/01/99 11/01/96 (b) 1,960,818
2,280 V. I. Airport 7.875 10/01/97 10/19/96 (c) 2,412,764
9,610 V. I. Airport 8.100 10/01/05 10/01/98 (b) 10,592,526
15 V. I. HFA 7.550 06/01/03 12/01/98 (b) 16,869
1,600 V. I. Highway 7.550 10/01/97 ----- 1,706,096
260 V. I. Highway 7.650 10/01/99 ----- 286,910
3,100 V. I. Port Auth. 10.125 11/01/05 11/01/95 (b) 3,223,566
</TABLE>
15
<PAGE>
Limited Term New York Municipal Fund
Portfolio of Investments
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) omitted Description Coupon Maturity Date* Market Value
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1,200 V. I. Public Finance Auth. 6.500 % 10/01/99 11/15/97 (c) $ 1,248,516
1,145 V. I. Public Finance Auth. 6.600 10/01/98 ----- 1,202,055
805 V. I. Public Finance Auth. 6.625 10/01/99 11/19/97 (c) 841,322
1,500 V. I. Public Finance Auth. 6.800 10/01/00 ----- 1,614,630
200 V. I. Public Finance Auth. 7.700 10/01/04 10/01/99 (b) 224,332
2,765 V. I. Water & Power 7.200 01/01/02 04/21/99 (c) 2,861,886
3,700 V. I. Water & Power 7.400 07/01/11 07/01/03 (b) 3,895,841
18,100 V. I. Water & Power 8.500 01/01/10 01/01/98 (b) 19,633,070
440 V. I. (GO/HUGO) 7.750 10/01/06 10/01/01 (b) 483,859
1,000 Westchester IDA (JBFS) 6.500 12/15/02 07/14/01 (c) 1,034,630
30 Yonkers IDA (Waldbaum) 9.250 03/01/98 03/01/96 (b) 30,720
------------
Total municipal bond investments (cost $507,626,413) -- 97.5% $516,967,397
Other assets and liabilities (net) -- 2.5% 13,421,462
------------
Net assets at market -- 100.0% $530,388,859
============
--------------
<FN>
* Call Date, Put Date or Average Life of Sinking Fund if applicable as detailed:
(a) Date of prerefunded call.
(b) Optional call date; corresponds to the most conservative yield calculation.
(c) Average life because of mandatory (sinking fund) principal payments prior to maturity.
(d) Date of mandatory put.
(e) Date of conversion.
(v) Variable rate security that fluctuates as a percentage of prime rate.
(+) Security will convert to a fixed coupon at a date prior to maturity.
</FN>
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
Limited Term New York Municipal Fund
June 30, 1995 (Unaudited)
Portfolio Abbreviations
To simplify the listings of the Limited Term New York
Municipal Fund's holdings in the Portfolio of
Investments we have abbreviated the descriptions of
many of the securities per the table below:
ACLDD Adults and Children with Learning
and Developmental Disabilities
ARC Association of Retarded Citizens
BCW Babylon Community Waste
BOCES Board of Cooperative Educational
Services
CNR College of New Rochelle
COP Certificate of Participation
CSD Central School District
DC Dominican College
ECC Erie Community College
E,E&T Ear, Eye and Throat
EPG Elmhurst Parking Garage
ERDA Energy Research and
Development Authority
GO General Obligation
HDC Housing Development Corporation
HELP Homeless Economic Loan Program
HFA Housing Finance Agency
HFC Housing Finance Corporation
H&N Hospital and Nursing
IDA Industrial Development Authority
IME Industrial Medical and Environmental
JBFS Jewish Board Family Services
LILCO Long Island Lighting Corporation
OPWC Ocean Park Water Corporation
PCP Pooled Capital Program
PCR Pollution Control Revenue
Res Rec Resource Recovery Facility
RGH Rochester General Hospital
RSP Riverbank State Park
SONYMA State of New York Mortgage Agency
SWMA Solid Waste Management Authority
UCP United Cerebral Palsy
UDC Urban Development Corporation
V. I. United States Virgin Islands
WWH Wyandach/Wheatley Heights
Industry Concentrations
The Fund had the following concentrations at June 30, 1995 as a percentage of
total investments):
# of % of
Issuers Portfolio
------- ----------
Resource Recovery, Pollution Control Revenue 12 20.5%
Health Care 46 16.0%
Municipal Tax Obligations (GO) 13 15.5%
Transportation 12 7.2%
Housing -- Single-Family 38 7.0%
NonProfit -- Higher Education 15 6.2%
Government and Public Facilities 15 5.2%
Housing -- Multi-Family 43 5.1%
Water and Telephone Utilities 8 4.6%
Electric and Gas Utilities 12 4.1%
NonProfit -- Other 15 2.7%
Manufacturing -- Durable Goods 23 2.5%
Service Companies 14 1.9%
Private Lease Revenue 16 1.2%
Manufacturing -- Non-Durable Goods 3 0.3%
------
Total 100.0%
======
------------------------------------------------------------------------------
Asset Composition Table
June 30, 1995 (Unaudited)
Percentage
Rating of Investments
------------------------------------------------
AAA 1.9%
AA 10.0%
A 43.8%
BBB 40.5%
BB 0.1%
B 0.0%
CCC 0.0%
CC 0.0%
C 0.0%
Not rated 3.7%
------
Total 100.0%
======
ALL bonds are current with their debt service requirements. All unrated bonds
are backed by mortgage liens and guarantees by the issuer. Bonds which are
backed by a letter of credit or by other financial institutions or agencies may
be assigned an investment grade rating by the Investment Policy Committee of the
Board of Trustees, which reflects the quality of the guarantor, institution or
agency. Unrated bonds may also be assigned a rating when the issuer has rated
bonds outstanding with comparable credit characteristics, or when, in the
opinion of the Investment Policy Committee, the bond itself possesses credit
characteristics which allow for rating. The unrated bonds in the portfolio are
predominantly smaller issuers which have not applied for a bond rating. Only
those unrated bonds which subsequent to purchase have not been designated
investment grade are included in the "Not Rated" category. For further
information see "Credit Quality" in the Prospectus.
17
<PAGE>
Limited Term New York Municipal Fund
Statement of Assets and Liabilities - June 30, 1995 (Unaudited)
Assets
Investments at market
(Cost $507,626,413) $516,967,397
Cash and cash equivalents 445,030
Interest receivable 9,976,957
Receivable for capital
shares sold 2,860,361
Receivable for
investments sold 4,974,902
Organizational costs 12,083
Other assets 31,339
------------
Total assets 535,268,069
------------
Liabilities
Payable for investments purchased 3,328,466
Payable for capital shares
repurchased 838,886
Distributions payable to shareholders 699,681
Payable to affiliated party 12,083
Other liabilities 94
------------
Total liabilities 4,879,210
------------
Net Assets $530,388,859
============
Represented by
Paid in capital $531,551,104
Excess of distributions over net
investment income (12,428)
Accumulated net realized loss on
investment transactions (10,490,801)
Net unrealized appreciation
of investments 9,340,984
------------
Total -- Representing net assets
applicable to capital shares outstanding $530,388,859
============
Computation of net asset value and offering price
Class A Shares:
Net asset value and redemption price per share
($524,866,459 divided by 162,482,563 shares) $3.23
============
Offering price per share (100/98 of $3.23) * $3.30
============
Class B Shares:
Net asset value, redemption price and offering price per
share ($5,522,400 divided by 1,709,697 shares) + $3.23
============
* On single retail sales of less than $100,000 . On sales of $100,000 or more
and on group sales the offering price is reduced.
+ Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
------------------------------------------------------------------------------
Statement of Operations (Unaudited)
Six months ended June 30, 1995
Investment Income:
Interest $16,145,275
-----------
Expenses:
Management fees 1,085,627
Distribution fees - Class A 623,177
Distribution fees - Class B 1,388
Shareholder servicing agent fees - Class A 138,516
Shareholder servicing agent fees - Class B 873
Accounting and auditing 90,468
Shareholder communications 56,855
Legal fees 19,425
Registration fees 16,973
Custodian fees 16,657
Organizational expense 5,000
Trustees' fees 2,950
Miscellaneous 38,436
Interest 204,429
-----------
Total expenses 2,300,774
-----------
Net investment income 13,844,501
-----------
Realized and unrealized
gain (loss) on investments:
Net realized loss on investments (2,636,033)
Net increase in unrealized
appreciation of investments 14,872,109
-----------
Net gain on investments 12,236,076
-----------
Net increase in net assets
resulting from operations $26,080,577
===========
Statement of Changes in Net Assets
Six months ended
June 30, 1995 Year Ended
(Unaudited) Dec. 31, 1994
---------------- -------------
Increase in net assets --
Operations:
Net investment income $ 13,844,501 $ 25,050,473
Net realized loss
from security transactions (2,636,033) (7,321,925)
Increase (decrease) in unrealized
appreciation 14,872,109 (20,760,177)
------------ ------------
Increase (decrease) in net assets
resulting from operations 26,080,577 (3,031,629)
------------ ------------
Distributions to shareholders from:
Net investment income - Class A (14,077,709) (24,794,117)
Net investment income - Class B (15,601) --
------------ ------------
Total distributions to shareholders (14,093,310) (24,794,117)
------------ ------------
Fund share transactions:
Increase in net assets derived from
Fund share transactions (Note 5) 21,950,010 66,416,986
------------ ------------
Increase in net assets 33,937,277 38,591,240
Net assets:
Beginning of period 496,451,582 457,860,342
------------ ------------
End of period $530,388,859 $496,451,582
============ ============
See accompanying notes to financial statements.
18
<PAGE>
Limited Term New York Municipal Fund
Notes to Financial Statements
June 30, 1995 (Unaudited)
Note 1. Significant Accounting Policies:
The Limited Term New York Municipal Fund (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as a non-diversified, open-end
management investment company. The Fund offers both Class A and Class B shares.
Class A shares are sold with a front-end sales charge. Class B shares may be
subject to a contingent deferred sales charge. Both classes of shares have
identical rights to earnings, assets and voting privileges, except that each
class has its own distribution plan, expenses directly attributable to a
particular class and exclusive voting rights with respect to matters affecting a
single class. Class B shares will automatically convert to Class A shares six
years after the date of purchase. The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its
financial statements:
Security valuation and transactions. Investments are valued at market value
using information available from an approved pricing service, quotations from
bond dealers, market transactions in comparable securities, and various
relationships between securities. Security transactions are accounted for on the
trade date. Cost is determined and realized gains and losses are based upon the
specific identification method for both financial statement and federal income
tax purposes. Interest income is recorded on the accrual basis. In computing net
investment income, the Fund amortizes premiums and accretes original issue
discount. For municipal bonds purchased after April 30, 1993 and subsequently
sold at a gain, market discount is accreted at the time of sale (to the extent
of the lesser of the accrued market discount or the disposition gain) and is
treated as taxable income, rather than capital gain.
Securities purchased on a when issued basis. The Fund may purchase portfolio
securities on a when issued or delayed delivery basis. These securities have
been registered by a municipality or government agency, but have not been issued
to the public. The Fund may contract to purchase these securities in advance of
issuance. Delivery of the security and payment therefor may take place a month
or more after the date of the transaction. At the time of purchase, the Fund
sets aside sufficient investment securities as collateral to meet such purchase
commitments. Such securities are subject to market fluctuations during this
period. The current value of these securities is determined in the same manner
as for other portfolio securities.
Allocation of income, expenses and gains and losses. Income, expenses (other
than those attributable to a specific class) and gains and losses are allocated
daily to each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
Distributions to shareholders. Income distributions are declared and recorded
separately for Class A and Class B shares each day based on the projected net
investment income for a period, usually one month, calculated as if earned pro
rata throughout the period on a daily basis. Such distributions are paid
monthly. Capital gain distributions, if any, are recorded on the ex-dividend
date and paid annually.
Federal income taxes. During any particular year, the Fund is required to
distribute certain minimum amounts of net realized capital gains and net
investment income in order to avoid a federal income or excise tax. It is the
Fund's intention to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies and to distribute all of its
taxable and tax-exempt income to shareholders. Therefore, the Fund is not
required to record a liability for either federal income or excise tax.
19
<PAGE>
Deferred organizational expenses. The Fund was organized under the laws of
Massachusetts in September, 1991. Deferred organizational expenses in the amount
of $50,000 are being amortized on a straight-line basis over a five year period
ending September, 1996.
Reclassification of capital accounts. In 1993, the Fund adopted the provisions
of Statement of Position 93-2 "Determination, Disclosure and Financial Statement
Presentation of Income, Capital Gain and Return of Capital Distributions by
Investment Companies" (SOP). The SOP requires the Fund to report the
undistributed net investment income (accumulated loss) and accumulated net
realized gain (loss) accounts in such a manner as to approximate amounts
available for future tax distributions (or to offset future realized capital
gains). The implementation of the SOP did not have a significant impact on the
Fund.
Other. There are certain risks arising from geographic concentration in any
state. Certain revenue or tax related events in a state may impair the ability
of certain issuers of municipal securities to pay principal and interest on
their obligations.
Note 2. Management Fee and Other Transactions with Affiliated Parties:
Ronald H. Fielding, President and a trustee of the Fund, is also an officer,
director and controlling shareholder of Rochester Fund Distributors, Inc. (RFD),
the Fund's principal underwriter and an officer, director and controlling
shareholder of Rochester Fund Services, Inc. (RFS), the Fund's shareholder
servicing, accounting and pricing agent. The Fund's investment adviser is
Rochester Capital Advisors, L.P. (RCA, L.P.). RCA, L.P. is managed by Rochester
Capital Advisors, Inc. (RCA), which serves as the general partner of RCA, L.P.
Mr. Fielding is President, director and controlling shareholder of RCA.
The management fee payable to RCA, L.P. is based on an annual rate of .50% of
average daily net assets up to $100 million, .45% of average daily net assets on
the next $150 million, .40% of average daily net assets in excess of $250
million but less than $2 billion, and .39% of average daily net assets in excess
of $2 billion. For the period ended June 30, 1995, RCA, L.P. received fees of
$1,085,627 for management and investment advisory services.
The affiliated payable of $12,083 is due to Fielding Management Company, Inc.
(FMC), the Fund's previous investment adviser, and relates to organizational
expenses paid by FMC on behalf of the Fund. These expenses will be reimbursed to
FMC over a five year period ending September, 1996.
The Fund has adopted a distribution plan with respect to its Class A shares (the
"Class A Plan") pursuant to Rule 12b-1 of the Investment Company Act of 1940, as
amended, which permits the Fund to pay up to .25% per annum of its relative net
assets attributable to Class A shares as a service fee in connection with the
maintenance of shareholder accounts. For the period ended June 30, 1995, the
Fund paid distribution fees on the Class A Plan of $623,177 to RFD. From this
amount, RFD made service fee payments of $618,930 to broker dealers and
financial institutions.
The Fund has adopted a separate distribution plan with respect to its Class B
shares (the "Class B Plan") pursuant to Rule 12b-1 of the Investment Company Act
of 1940, as amended, which permits the Fund to pay an asset based sales charge
of up to .75% per annum of its relative net assets attributable to Class B
Shares for certain sales related distribution expenses and a service fee of up
to .25% per annum of relative net assets attributable to Class B shares for
expenses incurred in connection with the maintenance of shareholder accounts.
Currently, the Board of Trustees has limited the payment of the asset based
sales charge to .50% per annum of relative net assets. For the period ended June
30, 1995, the Fund paid distribution fees on the Class B Plan of $1,388 to RFD.
20
<PAGE>
For the six month period ended June 30, 1995, RFD, acting as underwriter,
received $87,264 as its portion of the sales charge from the sale of Class A
shares of the Fund. Class B shares are sold without an initial sales charge;
however, RFD pays a sales commission of 2% (including a prepaid service fee of
.25%) to dealers who sell Class B shares. A contingent deferred sales charge is
imposed on Class B share redemptions within four years of purchase. RFD has
received no contingent deferred sales charges from redemptions of Class B shares
for the period ended June 30, 1995.
The shareholder servicing agent fee charged by RFS to the Fund is based on an
annual maintenance fee of $24.12 for each Class A shareholder account and $26.02
for each Class B shareholder account. For the period ended June 30, 1995, RFS
received $138,516 and $873 in shareholder servicing agent fees for Class A and
Class B shares, respectively. For the six month period ended June 30, 1995, the
Fund was charged $76,700 by RFS for pricing and accounting services.
During the first six months of 1995, the Fund directly purchased from and sold
to Rochester Fund Municipals, an affiliated investment company, investments at
market value in the amount of $6,670,817 and $8,449,697, respectively. There
were no commissions or other charges associated with these transactions.
Note 3. Portfolio Information:
Purchases at cost and proceeds from sales of investment securities for the six
month period ended June 30, 1995 were $73,990,772 and $66,822,328, respectively.
In March, 1994, the Fund entered into a conditional contract to purchase a total
of $11,995,000 of Islip Resource Recovery Series D Refunding Bonds as detailed
below:
Face
Amount Coupon Maturity
------ ------ --------
$ 635,000 5.45% 1996
1,650,000 5.45% 1997
1,740,000 5.45% 1998
1,835,000 5.45% 1999
1,935,000 5.60% 2000
2,040,000 5.75% 2001
2,160,000 5.85% 2002
-----------
$11,995,000
===========
The bonds will be issued and delivered on August 15, 1995 if the following terms
and conditions are met: 1) Counsel must render opinions that the interest on the
Series D bonds is exempt for federal income tax purposes and is not a tax
preference item for the purposes of computing alternative minimum tax and 2)
AMBAC Indemnity Corporation must still have an AAA rating from at least one
Nationally Recognized Securities Rating Organization (NRSRO) at the time they
issue their insurance policy on the bonds. The Fund has not recorded this
commitment as of June 30, 1995, due to the uncertainties relating to the
aforementioned terms and conditions with respect to this bond issuance; however,
the Fund has segregated sufficient investment securities to cover the potential
commitment.
21
<PAGE>
Note 4. Bank Borrowings:
The Fund may borrow up to 10% of its total assets from a bank to purchase
portfolio securities, or for temporary and emergency purposes. The Fund has
entered into an agreement which enables it to participate with other funds
managed by RCA, L.P. or an affiliate of RCA, L.P., in an unsecured line of
credit with a bank which permits borrowings up to $70 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the New York Interbank Offer Rate (NIBOR) plus .75%. Borrowings are payable on
demand.
The Fund had no borrowings outstanding at June 30, 1995. For the six month
period ended June 30, 1995, the average monthly loan balance was $4,593,022 at a
weighted average interest rate of 8.78%. The maximum amount of borrowings
outstanding at any month-end was $12,000,000.
Note 5. Shares of Beneficial Interest:
The Agreement and Declaration of Trust permits the Fund to issue an unlimited
number of shares of beneficial interest of each class, par value $.01 per share.
Transactions in Fund shares were as follows:
Six Months Ended
June 30, 1995 Year Ended
(Unaudited) December 31, 1994
--------------------- -------------------
Class A: Shares Amount Shares Amount
------ ------ ------ ------
Shares sold 19,925,608 $64,205,767 51,295,766 $166,022,617
Shares issued on
reinvestment
of distributions 2,848,119 9,143,369 5,032,266 16,164,567
Shares repurchased (17,796,668) (56,946,293) (36,116,865) (115,770,198)
----------- ----------- ----------- ------------
Net increase in
shares outstanding 4,977,059 $16,402,843 20,211,167 $ 66,416,986
=========== =========== =========== ============
--------------------------------------------------------------------------------
Period May 1-
June 30, 1995
(Unaudited)
-----------------------------
Class B: Shares Amount
--------- -----------
Shares sold 1,711,153 $ 5,551,886
Shares issued on reinvestment
of distributions 1,630 5,281
Shares repurchased (3,086) (10,000)
--------- -----------
Net increase
in shares outstanding 1,709,697 $ 5,547,167
========= ===========
22
<PAGE>
Limited Term New York Municipal Fund
Financial Highlights
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Class A Class B
------------------------------------------------------------------------------------
Six mos. ended Year ended December 31, Period ended Period ended
June 30, 1995 ---------------------------------- December 31, June 30, 1995
(Unaudited) 1994 1993 1992 1991 ** (Unaudited)++
--------------- ------ ------ ------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $3.15 $3.33 $3.18 $3.07 $3.00 $3.21
------- ------- ------- ------- ------- --------
Income from investment operations:
Net investment income 0.09 0.16 0.17 0.18 + 0.05 0.03
Net realized and unrealized gain
(loss) on investments 0.08 (0.18) 0.15 0.11 0.07 0.02
------- ------- ------- ------- ------- --------
Total from investment operations 0.17 (0.02) 0.32 0.29 0.12 0.05
------- ------- ------- ------- ------- --------
Less distributions to share-
holders from:
Net investment income (0.09) (0.16) (0.17) (0.18) (0.05) (0.03)
------- ------- ------- ------- ------- --------
Total distributions (0.09) (0.16) (0.17) (0.18) (0.05) (0.03)
------- ------- ------- ------- ------- --------
Net asset value, end of period $3.23 $3.15 $3.33 $3.18 $3.07 $3.23
======= ======= ======= ======= ======= ========
Total return (excludes sales load) 10.79% * (0.60%) 10.06% 9.45% 17.47% * 3.74% ++
Ratios/supplemental data:
Net assets, end of period
(000 omitted) $524,866 $496,452 $457,860 $150,096 $18,659 $5,522
Ratio of total expenses to
average net assets 0.92% * 0.89% 0.89% 0.83% + 0.83% * 1.13% *
Ratio of total expenses (excluding
interest) to average net assets *** 0.84% * 0.84% 0.86% 0.78% + 0.74% * 1.13% *
Ratio of net investment income to
average net assets 5.53% * 5.12% 4.94% 5.33% + 5.22% * 4.21% *
Portfolio turnover rate 27.00% * 34.58% 17.08% 59.87% 1.42% 27.00% *
<FN>
----------------
+ Net of fees waived or reimbursed by Fielding Management Company, Inc., the
Fund's previous investment adviser, and Rochester Fund Services, Inc.,
which amounted to $0.01 per share. Without reimbursement, the ratios would
have been 1.14%, 1.09%, and 5.02%, respectively.
++ For the period from May 1, 1995 (inception of offering) to June 30, 1995.
* Annualized.
** The Fund commenced operations on September 18, 1991.
*** During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated by bonds
purchased with borrowed funds.
</FN>
</TABLE>
23
<PAGE>
Limited Term New
York Municipal Fund
350 Linden Oaks
Rochester, New York 14625-2807
(716) 383-1300
Independent Accountants
Price Waterhouse, LLP
Rochester, New York
Investment Advisor
Rochester Capital Advisors, L.P.
350 Linden Oaks
Rochester, New York 14625-2807
Distributor
Rochester Fund Distributors, Inc.
350 Linden Oaks
Rochester, New York 14625-2807
Custodian
Investors Bank and Trust Company
Boston, Massachusetts
Shareholder Services Agent
Rochester Fund Services, Inc.
350 Linden Oaks
Rochester, New York 14625-2807
(716) 383-1966
Trustees
Robert E. Brown, Elton J. Burgett,
Joseph A. Burnett, John Cannon,
Angelo A. Costanza, Ronald H. Fielding,
Dr. Marvin J. Hoffman, Michael S. Rosen,
and Eric W. Zaenglein.
