[LOGO] LIMITED TERM
NEW YORK
MUNICIPAL FUND Tax-Free Income for Cautious New York Investors
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[ARTWORK]
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OppenheimerFunds, Inc. Semi-Annual Report
Investment Advisor June 30, 1996
[LOGO]
OppenheimerFunds Distributor, Inc. ------------
Rochester Division Permit
350 Linden Oaks No.
Rochester, NY 14625-2807 ------------
RS0355.001.0796 August 29, 1996
<PAGE>
[LOGO]
THE ROCHESTER FUNDS
A Division of OppenheimerFunds, Inc.
350 Linden Oaks
Rochester, New York 14625-2807
716 383 1300
July 31, 1996
Dear Fellow Shareholder,
Nearly five years ago, we introduced the Limited Term New York Municipal
Fund to address the needs of New York investors who were not only seeking tax
exempt income, but recognized the potential for decreased price volatility
through an average effective portfolio maturity of five years or less. To that
end, we are very pleased to inform you that over the past year -- including this
most recent period of interest rate volatility -- the Limited Term New York
Municipal Fund Class A is the number one fund in its category for total return
as defined by Lipper Analytical Services, Inc.
Lipper Analytical Services, Inc., an independent mutual fund monitoring
service, characterizes the Limited Term New York Municipal Fund as an Other
States Short Municipal Debt Fund and ranked the Fund 1 out of 34 funds in this
category for the one-year period ended 6/30/96. Performance data for Class B
Shares of the Fund were omitted from Lipper's ranking. Lipper performance does
not take sales charges into consideration and assumes the reinvestment of
dividends and capital gains distributions.
Without deducting sales charges, the Fund's historical average annual
returns for the one-year and life-of-fund periods ended 6/30/96, are 5.29% and
7.08% for Class A Shares and 5.07% and 5.73% for Class B Shares. Your returns
may vary, depending on when you purchased the fund and the specific sales charge
you incurred.(1) The Fund's 30 day SEC yield (based on earnings of the Fund's
portfolio during the 30 days ended 6/30/96 and the maximum offering price, which
includes the initial sales charge) at 6/30/96 is 5.06% for Class A Shares and
4.67% for Class B Shares.(2)
In March, the Value Line Mutual Fund Survey stated "The Fund provides an
impressive yield, especially considering its short maturity...it offers a higher
income level than most long-term Muni New York funds."(3) Despite our modest
dividend decrease in May of 0.1 cents per share (for both Class A and Class B
Shares), the Fund still achieved an annualized distribution yield of 5.11% for
Class A Shares and 4.68% for Class B Shares when considered with the Fund's
Maximum Offering Price of 6/30/96. Also, 100% of this income was exempt from
Federal, New York State and New York City income taxes.(4)
You should also be aware that, as of 6/30/96, the Fund's Class A Shares
retain the five-star ranking among 924 municipal bond funds by Morningstar
Mutual Funds.(5) This objective ranking continues to reinforce our belief that
the bottom-up investment style we embrace here in Rochester has produced strong
long-term returns and mitigated some of the risks inherent in municipal bond
investing.
We will continue to adhere to the Fund's objective of offering long-term
investors high tax-free yields, and look forward to reporting on the Fund's
progress in the coming quarters.
Sincerely,
/s/ RONALD H. FIELDING
--------------------------
Ronald H. Fielding
Portfolio Manager
[LOGO]
<PAGE>
TOTAL RETURNS INCLUDE CHANGE IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND
CAPITAL GAINS DISTRIBUTIONS. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. FOR MORE COMPLETE INFORMATION, PLEASE REVIEW THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST.
(1) For the periods ended 6/30/96, after deducting the maximum initial sales
charge of 2.00%, Class A total returns showing results of hypothetical
investments made on 6/30/95 and 9/18/91 (the Fund's inception date) are
3.19% and 6.63% respectively. Class B total returns showing results for the
periods ended 6/30/96 of hypothetical investments made on 6/30/95 and
5/1/95 (inception of class), and the deduction of the applicable contingent
deferred sales charge of 2.50% (1-Year) and 2.00% (since inception) are
2.57% and 4.02% respectively. An explanation of the different performance
calculations is in the Fund's prospectus.
(2) Standardized yield is net investment income calculated on a
yield-to-maturity basis for the 30-day period ended 6/30/96, divided by the
maximum offering price at the end of the period, compounded semiannually
and then annualized. Falling net asset values will tend to artificially
raise yields.
(3) Source: Value Line Mutual Fund Survey, 3/31/96. Value Line Publishing, Inc.
is an independent mutual fund monitoring service. While reports are
published monthly, the 3/31/96 issue includes the most recent report of the
Fund as of the date of this letter.
(4) A portion of the Fund's distributions in the future may be subject to
federal, state or local income taxes. For investors subject to alternative
minimum tax, some of the Fund's distributions may increase that tax. Also,
while the Fund currently has a capital loss carry forward, future net
realized capital gain distributions, if any, are taxable as capital gains.
(5) Source: Morningstar Mutual Funds, 6/30/96. Morningstar, Inc., an
independent mutual fund monitoring service, produces proprietary monthly
rankings of funds in broad investment categories (equity, taxable bond,
tax-exempt bond, or "hybrid") based on risk-adjusted investment returns,
after considering sales charges and expenses. Investment return measures a
fund's (or class's) 3-,5- and 10-year (depending on the inception of the
class or fund) average annual total returns in excess of 90-day U.S.
Treasury bill returns. Risk measures a fund's (or class's) performance
below 90-day U.S. Treasury bill returns. Risk and returns are combined to
produce star rankings, reflecting performance relative to the average fund
in a fund's category. Five stars is the "highest" ranking (top 10%), 4
stars is "above average" (next 22.5%) and 1 star is the lowest (bottom
10%). The Limited Term New York Municipal Fund is categorized as a
tax-exempt bond fund and there were 924 funds ranked in the 3-Year period.
Rankings are subject to change. The Fund's Class A and B shares have the
same portfolio.
2
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 539 Albany Hsg. Auth. 0.000% 10/01/12 10/01/02(a) $ 132,982
20 Albany Hsg. Auth. 10.400 10/01/96 ----- 20,316
40 Albany IDA (152 Washington Avenue) 7.500 11/01/01 11/01/96(b) 40,400
80 Albany IDA (Evergreen Bancorp) 7.350 12/15/00 12/15/96(b) 80,800
1,975 Albany IDA (H. Johnson Office Pk.) 5.750 03/01/18 03/01/98(d) 1,955,013
240 Albany IDA (Port of Albany) 6.250 02/01/05 07/10/01(c) 241,786
30 Albany IDA (Spectrapark) 7.150 12/01/98 ----- 30,347
50 Albany IDA (Spectrapark) 7.500 12/01/03 12/01/98(b) 53,651
3,525 Albany IDA (Spectrapark) 7.600 12/01/09 12/01/98(b) 3,751,693
20 Albany Parking Auth. 0.000 09/15/05 ----- 11,064
40 Albany Parking Auth. 0.000 09/15/02 ----- 28,184
625 Albany Parking Auth. 0.000 09/15/04 ----- 371,638
25 Albany Parking Auth. 0.000 09/15/03 ----- 15,837
1,610 Albany Parking Auth. 6.850 11/01/12(s) 11/01/04(b) 1,689,470
645 Allegany IDA (Alfred University) 6.900 09/01/99 ----- 676,650
300 American Samoa Power Auth. 6.400 09/01/96 ----- 301,068
400 American Samoa Power Auth. 6.600 09/01/96 ----- 401,564
300 American Samoa Power Auth. 6.600 09/01/97 ----- 306,933
600 American Samoa Power Auth. 6.700 09/01/97 ----- 614,544
300 American Samoa Power Auth. 6.700 09/01/98 ----- 310,359
300 American Samoa Power Auth. 6.750 09/01/99 ----- 311,289
700 American Samoa Power Auth. 6.800 09/01/98 ----- 725,599
700 American Samoa Power Auth. 6.900 09/01/99 ----- 729,365
700 American Samoa Power Auth. 7.000 09/01/00 ----- 733,313
50 Amherst IDA (Inducon) 7.250 11/01/96 ----- 50,375
120 Auburn IDA (Alcoa) 7.500 12/01/97 12/01/96(b) 123,000
50 Auburn IDA (Alcoa) 7.600 12/01/98 12/01/96(b) 51,500
780 Babylon IDA (WWH Ambulance) 7.000 09/15/01 05/26/99(c) 811,138
70 Baldwinsville Development Corp. 7.200 06/01/10 07/01/97(b) 72,800
800 Batavia Hsg. Auth. (Trocaire Place) 7.650 04/01/08 08/14/03(c) 827,712
10 BOCES (Greenport) 7.500 10/01/96 ----- 10,000
185 Brookhaven IDA (Dowling College) 6.200 03/01/01 ----- 192,605
195 Brookhaven IDA (Dowling College) 6.300 03/01/02 ----- 204,471
205 Brookhaven IDA (Dowling College) 6.400 03/01/03 ----- 215,804
340 Brookhaven IDA (Farber) 6.188(v) 12/01/98 12/01/96(f) 340,000
30 Broome IDA (Industrial Park) 7.450 12/01/98 ----- 30,300
1,550 Carnegie Redevelopment Corp. 6.250 09/01/05 12/04/01(c) 1,555,131
1,550 Carnegie Redevelopment Corp. 6.500 09/01/11 05/17/09(c) 1,568,647
525 Clifton Park (Caldor) 11.250 12/01/12 12/01/98(b) 540,866
1,900 Clifton Springs Hospital & Clinic 7.000 01/01/01 02/18/99(c) 1,933,934
5 Colonie IDA (Capital Plaza) 9.625 11/01/98 11/01/96(b) 5,075
35 Colonie IDA (Homeowner Association) 7.250 10/01/02 10/01/96(b) 35,525
35 Cortland IDA (Paul Bunyon) 8.000 07/01/00 07/01/98(b) 37,242
275 Dutchess IDA (Bard College) 6.500 11/01/03 ----- 283,206
</TABLE>
3
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,175 Dutchess Res Rec (Solid Waste) 6.800% 01/01/10 01/01/05(b) $ 1,194,070
290 Elmira HDC 7.500 08/01/08 08/01/96(b) 298,143
15 Elmira HDC 7.500 08/01/09 08/01/96(b) 15,843
440 Erie IDA (FMC Corp.) 6.000 02/01/03 08/02/01(c) 431,966
385 Erie IDA (Medaille College) 7.400 12/30/02 04/18/00(c) 396,958
40 Erie IDA (Medishield) 7.200 08/01/04 08/01/98(b) 40,800
880 Erie IDA (Mercy Hospital) 5.900 06/01/03 08/21/00(c) 889,909
960 Essex IDA (International Paper) 6.500 05/01/06 11/01/96(b) 964,195
2,250 Franklin IDA (Correctional Facilities) 6.375 11/01/02 01/31/00(c) 2,284,268
60 Franklin IDA (Correctional Facilities) 6.750 11/01/12(s) 11/01/04(b) 61,256
270 Franklin SWMA 5.625 06/01/00 06/01/00(a) 278,602
330 Franklin SWMA 5.625 06/01/00 ----- 334,439
2,120 Franklin SWMA 6.000 06/01/05 11/19/03(c) 2,089,302
1,350 Franklin SWMA 6.125 06/01/09 12/28/07(c) 1,313,793
50 Fulton IDA (J.R. Kearney) 7.000 12/01/96 ----- 50,500
11,635 Guam Airport Authority 6.600 10/01/10 10/01/05(b) 11,709,464
3,030 Guam Power Authority 6.375 10/01/08 10/01/04(b) 3,048,938
2,950 Guam Power Authority 6.625 10/01/14(s) 10/01/04(b) 3,000,091
920 Hamilton Elderly Hsg. 11.250 01/01/15(s) 05/01/97(b) 975,743
10 Hempstead IDA (Amer. Ref-Fuel Co.) 6.500 12/01/96 ----- 10,075
30 Hempstead IDA (Amer. Ref-Fuel Co.) 6.700 12/01/97 ----- 30,825
30 Hempstead IDA (Amer. Ref-Fuel Co.) 7.000 12/01/99 12/01/96(b) 30,824
35,460 Hempstead IDA (Amer. Ref-Fuel Co.) 7.375 12/01/05 12/01/96(b) 36,473,447
30,785 Hempstead IDA (Amer. Ref-Fuel Co.) 7.400 12/01/10 12/01/96(b) 31,669,145
1,500 Hempstead IDA (Nassau Dist. Energy) 7.750 09/15/15(s) 09/15/97(b) 1,536,435
20 Hempstead IDA (UCP) 7.500 10/01/09 10/01/99(b) 20,978
2,700 Herkimer Hsg. Auth. 7.150 03/01/11(s) 09/01/06(b) 2,874,312
2,360 Herkimer IDA (Burrows Paper) 7.250 01/01/01 02/28/99(c) 2,391,978
1,000 Herkimer IDA (Burrows Paper) 8.000 01/01/09 01/01/06(b) 1,046,200
50 Heuvelton CSD 8.375 06/15/97 ----- 51,322
90 Islip IDA (WJL Realty) 7.400 03/01/99 ----- 99,383
2,040 Islip Res Rec 5.750 07/01/01 ----- 2,132,290
2,160 Islip Res Rec 5.850 07/01/02 ----- 2,274,286
330 Jamestown GO 7.000 03/15/99 ----- 349,269
250 Jamestown GO 7.000 03/15/00 ----- 267,080
3,345 Jamestown Hsg. Auth. 6.125 07/01/10 02/01/05(c) 3,324,796
460 Jefferson IDA (Stature Electric) 7.500 08/01/99 08/01/96(b) 470,092
55 Lakeside Village Hsg. Corp. 0.000 09/01/05 09/01/96(b) 23,917
5 Lakeside Village Hsg. Corp. 11.250 09/01/96 ----- 5,096
435 Lincoln Towers Hsg. Corp. 11.250 01/01/15(s) 05/01/97(b) 457,046
111 Locke Fire District #1 7.500 07/01/02 12/14/99(c) 122,835
210 Medina Hsg. Corp. 8.250 08/15/11(s) 08/15/96(b) 222,600
630 Middleton IDA (Fleurchem) 7.125 12/01/08 05/05/04(c) 625,042
915 Middleton IDA (Southwinds) 7.250 03/01/03 06/14/00(c) 902,217
</TABLE>
4
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 5 Monroe County Airport 0.000% 01/01/04 ----- $ 3,164
30 Monroe County GO 6.100 05/01/03 ----- 30,000
1,435 Monroe IDA (Al Sigl Center) 6.375 12/15/05 11/24/01(c) 1,417,866
1,135 Monroe IDA (Al Sigl Center) 6.750 12/15/10 02/01/09(c) 1,119,473
10 Monroe IDA (Cohber) 7.500 12/01/00 12/01/98(b) 10,384
100 Monroe IDA (Cohber) 7.550 12/01/01 12/01/98(b) 105,037
976 Monroe IDA (Emil Muller) 6.500 10/01/04 01/21/01(c) 976,868
1,145 Monroe IDA (GEVA) 7.750 04/01/02 12/20/99(c) 1,151,069
360 Monroe IDA (GEVA) 7.750 04/01/03 ----- 361,908
172 Monroe IDA (Hahn) 7.250 06/01/98 07/22/97(c) 172,677
27 Monroe IDA (Hahn) 7.250 06/01/98 07/08/97(c) 26,813
134 Monroe IDA (Palmer) 6.500 08/01/98 09/22/97(c) 134,183
10 Monroe IDA (Piano Works) 7.125 11/01/96 ----- 10,100
300 Monroe IDA (Roberts Wesleyan) 6.200 09/01/05 ----- 300,405
235 Monroe IDA (West End Business) 6.750 12/01/04 06/05/01(c) 235,823
50 Montgomery IDA (Alpin Haus) 7.000 12/01/96 ----- 50,059
140 Montgomery IDA (Amsterdam) 5.750 01/01/97 ----- 139,391
145 Montgomery IDA (Amsterdam) 6.000 01/01/98 ----- 143,598
885 Montgomery IDA (Amsterdam) 6.500 01/01/03 02/17/01(c) 884,345
50 MTA 7.000 07/01/09 07/01/03(b) 52,448
470 Nassau IDA (ACLDD) 7.250 10/01/04 03/12/01(c) 480,152
1,025 Nassau IDA (Farmingdale Market) 10.000 05/01/98 05/01/97(b) 1,034,389
275 Nassau IDA (Tishcon Corp.) 10.000 02/01/03 02/01/97(b) 276,859
1,090 New Rochelle IDA (CNR) 6.000 07/01/02 08/11/00(c) 1,106,982
260 New Rochelle IDA (CNR) 6.300 07/01/03 ----- 267,098
275 New Rochelle IDA (CNR) 6.400 07/01/04 ----- 283,322
2,450 Niagara IDA (Sevenson Hotel) 5.750 05/01/03 04/30/00(c) 2,451,054
575 North Country Development Auth. 6.600 07/01/02 ----- 587,495
1,565 North Country Development Auth. 6.750 07/01/12(s) 07/01/99(b) 1,610,229
80 Northern Marianas Island Port Auth. 7.050 10/01/04 10/01/96(b) 82,000
10 Northern Marianas Island Port Auth. 7.050 10/01/05 10/01/96(b) 10,300
170 NYC GO 0.000 04/01/00 ----- 147,288
115 NYC GO 0.000(+) 10/01/06 10/01/02(b) 78,438
630 NYC GO 0.000 04/01/01 ----- 489,296
1,500 NYC GO 0.000 02/01/01 ----- 1,175,445
50 NYC GO 0.000 08/15/01 ----- 38,174
1,460 NYC GO 0.000 02/01/02 ----- 1,075,597
1,000 NYC GO 0.000 02/01/03 ----- 690,850
2,000 NYC GO 0.000 08/15/00 ----- 1,615,900
50 NYC GO 0.000 02/01/12 02/01/02(b) 35,861
1,950 NYC GO 0.000(+) 02/01/07 02/01/02(e) 1,402,635
10 NYC GO 0.000(+) 08/01/03 ----- 9,603
2,000 NYC GO 0.000(+) 02/01/04 02/01/00(b) 1,676,500
115 NYC GO 0.000(+) 02/01/07 08/01/04(b) 118,043
</TABLE>
5
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 1,600 NYC GO 6.000% 02/05/10 ----- $ 1,547,872
4,050 NYC GO 6.250 08/01/13 ----- 3,983,013
3,050 NYC GO 6.250 08/01/09 ----- 3,033,622
1,050 NYC GO 6.300 08/15/08 08/15/07(b) 1,051,565
1,890 NYC GO 6.375 08/01/10 08/01/07(b) 1,892,098
13,500 NYC GO 6.375 08/15/09 08/15/07(b) 13,568,175
970 NYC GO 6.375 08/15/10 08/15/07(b) 971,057
2,000 NYC GO 6.375 08/01/07 08/01/04(b) 2,023,760
600 NYC GO 6.375 08/01/06 08/01/04(b) 608,652
20 NYC GO 6.500 08/01/06 08/01/04(b) 20,474
1,550 NYC GO 6.750 10/01/05 10/01/04(b) 1,644,535
1,000 NYC GO 7.000 02/01/01 02/01/97(b) 1,022,200
40 NYC GO 7.000 02/01/09 02/01/00(b) 40,960
1,360 NYC GO 7.000 08/15/16 08/15/06(b) 1,424,831
3,250 NYC GO 7.000 02/01/06 02/01/04(b) 3,486,048
9,140 NYC GO 7.000 10/01/13 10/01/04(b) 9,554,865
1,000 NYC GO 7.000 02/01/16 02/01/04(b) 1,051,050
15 NYC GO 7.000 02/01/09 08/01/96(a) 15,311
100 NYC GO 7.000 02/01/00 08/01/96(b) 102,000
730 NYC GO 7.000 10/01/09 10/01/04(b) 776,472
5 NYC GO 7.000 12/01/08 12/01/97(b) 5,157
5 NYC GO 7.000 12/01/10 12/01/97(b) 5,157
100 NYC GO 7.100 08/15/07 08/15/04(b) 107,138
25 NYC GO 7.100 02/01/09 02/01/02(b) 26,564
200 NYC GO 7.100 02/01/09 02/01/04(b) 212,804
1,450 NYC GO 7.200 08/15/08 08/15/04(b) 1,580,718
20 NYC GO 7.200 02/01/15 02/01/02(b) 21,208
25 NYC GO 7.300 08/15/98 08/15/97(b) 25,810
500 NYC GO 7.400 02/01/00 ----- 535,750
285 NYC GO 7.400 02/01/02 ----- 307,618
30 NYC GO 7.500 02/01/05 02/01/02(b) 32,551
2,425 NYC GO 7.500 02/01/09 02/01/02(b) 2,668,276
2,900 NYC GO 7.500 02/01/06 02/01/02(b) 3,199,744
220 NYC GO 7.500 02/01/07 02/01/02(b) 242,739
25 NYC GO 7.500 08/01/01 08/01/99(b) 26,986
10,125 NYC GO 7.500 02/01/04 02/01/02(b) 11,107,530
165 NYC GO 7.500 08/15/03 08/15/99(b) 178,474
15 NYC GO 7.500 12/01/05 08/15/97(b) 15,510
1,190 NYC GO 7.500 03/15/09 03/15/00(b) 1,267,112
50 NYC GO 7.500 08/15/15 08/15/97(b) 51,672
70 NYC GO 7.500 10/01/12 10/01/99(b) 75,594
310 NYC GO 7.500 03/15/09 03/15/00(a) 342,531
15 NYC GO 7.500 03/15/07 03/15/00(a) 16,585
5 NYC GO 7.500 10/01/12 10/01/99(a) 5,363
</TABLE>
6
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 10 NYC GO 7.500% 08/15/05 08/15/97(a) $ 10,330
50 NYC GO 7.500 08/01/04 08/01/98(b) 52,366
50 NYC GO 7.625 02/01/13 02/01/02(b) 55,720
4,020 NYC GO 7.650 02/01/07 02/01/02(b) 4,495,003
300 NYC GO 7.700 02/01/09 02/01/02(b) 333,096
1,500 NYC GO 7.750 08/15/07 08/15/01(b) 1,664,205
1,555 NYC GO 7.750 08/15/09 08/15/01(b) 1,720,094
1,200 NYC GO 7.750 08/15/12 08/15/01(b) 1,326,840
780 NYC GO 7.750 02/15/01 08/15/99(b) 839,686
7,925 NYC GO 7.750 08/15/06 08/15/01(b) 8,792,550
2,000 NYC GO 7.750 08/15/05 08/15/01(b) 2,220,840
150 NYC GO 7.875 08/01/04 08/01/00(b) 166,490
2,915 NYC GO 8.000 08/01/03 08/01/01(b) 3,255,385
445 NYC GO 7.000 10/01/09 02/15/07(b) 454,670
110 NYC GO 8.250 11/15/10 11/15/01(b) 123,263
1,310 NYC GO 8.250 11/15/10 11/15/01(a) 1,543,691
40 NYC HDC 0.000 04/01/99 ----- 34,265
90 NYC HDC 0.000 10/01/03 04/01/98(b) 57,818
30 NYC HDC 0.000 10/01/99 ----- 25,227
90 NYC HDC 0.000 10/01/00 ----- 71,020
30 NYC HDC 0.000 04/01/03 04/01/98(b) 20,045
75 NYC HDC 0.000 04/01/01 ----- 58,274
60 NYC HDC 0.000 04/01/04 04/01/98(b) 36,860
50 NYC HDC 0.000 04/01/00 ----- 40,569
290 NYC HDC 0.000 10/01/06 04/01/98(b) 147,946
70 NYC HDC 0.000 10/01/07 04/01/98(b) 33,344
20 NYC HDC 0.000 04/01/08 04/01/98(b) 9,112
50 NYC HDC 0.000 10/01/08 04/01/98(b) 21,994
80 NYC HDC 0.000 04/01/06 04/01/98(b) 42,466
335 NYC HDC 6.500 05/01/06 11/01/00(b) 338,544
555 NYC HDC 7.500 05/01/23(s) 11/01/98(b) 567,510
970 NYC HDC 7.900 02/01/23(s) 02/01/00(b) 1,031,741
730 NYC HDC 8.100 09/01/23(s) 09/01/00(b) 786,239
105 NYC HDC 8.250 01/01/11 01/01/98(b) 107,625
2,000 NYC Health & Hospital 6.000 02/15/07 ----- 1,940,300
1,455 NYC IDA 7.625 11/01/09 11/01/96(b) 1,469,026
75 NYC IDA 8.125 11/01/09 11/01/96(b) 77,250
1,250 NYC IDA (ALA Realty) 7.000 12/01/05 12/19/01(c) 1,265,950
575 NYC IDA (Amster Novelty) 7.375 12/01/05 05/30/02(c) 569,578
2,945 NYC IDA (Blood Center) 6.800 05/01/02 01/08/00(c) 3,191,055
815 NYC IDA (CCM) 7.250 12/01/06 01/08/02(c) 817,111
250 NYC IDA (CNR) 6.200 09/01/10 09/01/07(b) 246,273
1,339 NYC IDA (Cummins Engine) 6.500 03/01/05 04/10/01(c) 1,327,669
1,175 NYC IDA (EPG) 7.400 07/30/02 11/08/99(c) 1,228,580
</TABLE>
7
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 2,425 NYC IDA (JBFS) 6.500% 12/15/02 03/15/00(c) $ 2,510,069
490 NYC IDA (Koenig Manufacturing) 7.375 12/01/10 09/13/05(c) 480,033
20 NYC IDA (Lighthouse) 6.375 07/01/10 07/01/04(b) 20,029
570 NYC IDA (OHEL) 7.125 03/15/03 06/28/00(c) 569,761
108 NYC IDA (Paper Enterprises) 10.000 11/01/98 10/02/97(c) 111,045
3,430 NYC IDA (Plaza Packaging) 7.650 12/01/09 12/01/99(b) 3,653,190
785 NYC IDA (Promotional Slideguide) 7.000 12/01/05 05/19/02(c) 766,042
260 NYC IDA (Streamline Plastics) 7.125 12/01/05 05/25/02(c) 261,451
3,565 NYC IDA (St. Bernard's School) 6.125 12/01/11 01/08/06(c) 3,568,743
50 NYC IDA (St. Christopher Ottilie) 6.750 07/01/99 ----- 52,672
160 NYC IDA (United Nations School) 6.050 12/01/05 ----- 156,194
170 NYC IDA (United Nations School) 6.100 12/01/06 ----- 165,662
180 NYC IDA (United Nations School) 6.150 12/01/07 ----- 175,118
500 NYS COP 7.000 03/01/99 ----- 525,850
10 NYS COP 7.100 08/15/00 08/15/96(a) 10,629
2,305 NYS COP 7.625 03/01/09 09/01/01(b) 2,508,024
1,725 NYS COP 8.250 09/01/07 09/01/97(b) 1,824,343
40 NYS COP 8.300 09/01/12(s) 09/01/97(b) 42,340
1,620 NYS Dorm (Brookhaven) 8.700 07/01/06 07/01/99(b) 1,640,655
30 NYS Dorm (City University) 0.000 07/01/03 07/01/98(b) 19,402
975 NYS Dorm (City University) 7.200 07/01/01 07/01/00(a) 1,081,753
9,000 NYS Dorm (City University) 8.125 07/01/08 07/01/98(a) 9,847,350
8,380 NYS Dorm (City University) 8.125 07/01/07 07/01/98(b) 9,057,272
110 NYS Dorm (Cornell University) 6.875 07/01/06 07/01/97(b) 112,218
890 NYS Dorm (Cornell University) 6.875 07/01/14(s) 07/01/97(b) 909,838
100 NYS Dorm (Crouse Irving) 10.250 07/01/04 07/01/97(b) 102,702
965 NYS Dorm (Crouse Irving) 10.500 07/01/17(s) 07/01/97(b) 991,538
65 NYS Dorm (ECC) 7.100 07/01/09 07/01/97(b) 65,650
25 NYS Dorm (Higher Education) 8.500 06/01/03 06/01/97(b) 25,593
25 NYS Dorm (JGB) 7.000 07/01/09 01/01/97(b) 25,250
210 NYS Dorm (Judicial-Suffolk) 9.000 10/15/01 10/15/96(b) 231,000
4,790 NYS Dorm (Judicial-Suffolk) 9.000 10/15/01 10/15/96(b) 5,220,861
40 NYS Dorm (Manhattan E,E&T) 9.500 07/01/12(s) 01/01/97(b) 40,800
370 NYS Dorm (Manhattan E,E&T) 11.500 07/01/09 01/01/97(b) 379,250
80 NYS Dorm (Montefiore) 8.625 07/01/10 01/01/97(b) 81,760
225 NYS Dorm (NY Medical College) 6.875 07/01/03 ----- 232,855
1,000 NYS Dorm (Nyack) 6.250 07/01/13 05/10/09(c) 983,570
75 NYS Dorm (PCP) 7.800 12/01/05 12/01/98(b) 80,691
125 NYS Dorm (St. Francis G&H) 6.875 07/01/03 08/01/00(b) 134,139
140 NYS Dorm (United Health) 7.150 08/01/07 02/01/00(b) 149,381
50 NYS Dorm (United Hospital) 6.500 09/15/10 01/01/97(b) 50,250
180 NYS Dorm (United Hospital) 11.750 09/15/10 01/01/97(b) 185,400
500 NYS Dorm (Wildwood) 7.300 07/01/15 07/01/01(a) 565,120
200 NYS Environ. (Consolidated Water) 7.150 11/01/14(s) 11/01/06(b) 209,394
</TABLE>
8
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 310 NYS Environ. (Huntington Res Rec) 7.375% 10/01/99 05/04/98(c) $ 322,682
7,545 NYS Environ. (Huntington Res Rec) 7.500 10/01/12 10/01/99(b) 7,958,692
15 NYS Environ. (Long Island Water) 10.000 10/01/17 10/01/97(b) 16,157
370 NYS Environ. (RSP) 7.000 04/01/99 ----- 389,196
595 NYS Environ. (RSP) 7.000 04/01/00 ----- 630,242
330 NYS Environ. (RSP) 7.100 04/01/01 ----- 351,308
2,985 NYS Environ. (RSP) 7.250 04/01/07 04/01/02(b) 3,196,696
1,580 NYS ERDA (Con Ed) 7.250 01/01/24 01/01/98(b) 1,664,609
15 NYS ERDA (Con Ed) 9.250 09/15/22 09/15/97(b) 15,997
125 NYS ERDA (LILCO) 7.500 12/01/06 12/01/96(b) 126,250
265 NYS ERDA (LILCO) 7.800 12/01/09 12/01/96(b) 265,135
315 NYS ERDA (LILCO) 8.250 10/01/12 10/01/96(b) 317,107
2,025 NYS ERDA (Niagara Mohawk) 8.875 11/01/25 11/01/96(b) 2,077,022
40 NYS GO 6.600 12/01/14 12/01/96(b) 41,000
1,970 NYS HDC 6.500 09/20/03 11/20/02(c) 2,024,136
1,500 NYS HDC 6.550 10/01/15(s) 04/01/05(b) 1,549,200
600 NYS HDC 9.625 01/01/19(s) 07/01/97(b) 632,760
520 NYS HDC 5.750 04/01/07 05/22/03(c) 518,710
80 NYS HFA (Children's Rescue) 7.400 11/01/00 ----- 84,685
65 NYS HFA (Children's Rescue) 7.500 05/01/01 ----- 69,374
140 NYS HFA (Children's Rescue) 7.500 11/01/01 ----- 150,121
94 NYS HFA (General Housing) 6.500 11/01/03 ----- 94,940
10 NYS HFA (General Housing) 6.600 11/01/05 11/01/00(b) 10,279
6 NYS HFA (General Housing) 6.750 11/01/98 ----- 6,060
1,435 NYS HFA (Health Facility) 6.000 05/01/07 ----- 1,412,442
2,165 NYS HFA (Health Facility) 6.000 05/01/08 ----- 2,119,968
20,730 NYS HFA (Health Facility) 7.900 11/01/99 08/21/98(c) 22,470,698
1,535 NYS HFA (HELP/Bronx) 8.050 11/01/05 11/01/99(b) 1,651,599
1,460 NYS HFA (Henry Phipps) 8.000 05/01/18(s) 05/01/98(b) 1,493,916
4,000 NYS HFA (H&N) 5.625 09/15/13 06/21/12(c) 3,786,600
60 NYS HFA (H&N) 5.900 11/01/05 ----- 58,800
650 NYS HFA (H&N) 6.800 11/01/02 11/01/98(b) 663,364
480 NYS HFA (H&N) 6.800 11/01/01 11/01/98(b) 490,670
25 NYS HFA (H&N) 6.875 11/01/05 11/01/98(b) 25,250
55 NYS HFA (H&N) 6.875 11/01/04 11/01/98(b) 55,550
300 NYS HFA (H&N) 6.875 11/01/11 11/01/98(b) 306,072
45 NYS HFA (H&N) 6.875 11/01/09 11/01/98(b) 45,743
15 NYS HFA (H&N) 6.875 11/01/10 11/01/98(b) 15,375
835 NYS HFA (H&N) 6.875 11/01/07 11/01/02(b) 853,178
1,630 NYS HFA (H&N) 7.000 11/01/17(s) 11/01/97(b) 1,663,986
1,110 NYS HFA (H&N) 8.000 11/01/08 11/01/00(a) 1,265,678
230 NYS HFA (H&N) 8.000 11/01/08 11/01/00(b) 256,542
5 NYS HFA (H&N) 8.625 11/01/05 11/01/96(b) 5,089
140 NYS HFA (H&N) 9.000 11/01/17(s) 11/01/96(b) 142,800
</TABLE>
9
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 140 NYS HFA (Monroe) 7.625% 05/01/05 05/01/00(b) $ 151,190
1,000 NYS HFA (Multi-Family) 6.450 08/15/14(s) 08/15/04(b) 1,032,420
15 NYS HFA (Multi-Family) 7.300 11/01/04 11/01/99(b) 16,458
800 NYS HFA (Multi-Family) 7.450 11/01/28(s) 11/01/01(b) 845,696
950 NYS HFA (Multi-Family) 10.000 11/15/25(s) 11/15/96(b) 973,199
1,070 NYS HFA (Multi-Family) 10.000 11/15/99 11/15/96(b) 1,075,061
10 NYS HFA (NonProfit) 6.100 11/01/98 ----- 10,000
50 NYS HFA (NonProfit) 6.100 11/01/99 ----- 50,250
35 NYS HFA (NonProfit) 6.400 11/01/09 11/01/01(b) 35,140
25 NYS HFA (NonProfit) 6.400 11/01/05 ----- 25,250
10 NYS HFA (NonProfit) 6.400 11/01/04 ----- 10,100
40 NYS HFA (NonProfit) 6.400 11/01/00 ----- 40,400
10 NYS HFA (NonProfit) 6.500 11/01/01 ----- 10,100
25 NYS HFA (NonProfit) 6.500 11/01/05 11/01/00(b) 25,438
5 NYS HFA (NonProfit) 6.600 11/01/10 11/01/98(b) 5,050
5 NYS HFA (NonProfit) 6.600 11/01/02 ----- 5,155
225 NYS HFA (NonProfit) 6.600 11/01/03 ----- 228,375
75 NYS HFA (NonProfit) 6.600 11/01/05 11/01/98(b) 77,063
15 NYS HFA (NonProfit) 6.600 11/01/11 11/01/98(b) 15,000
20 NYS HFA (NonProfit) 6.600 11/01/01 ----- 21,223
20 NYS HFA (NonProfit) 6.750 11/01/01 11/01/98(b) 20,400
5 NYS HFA (NonProfit) 6.750 11/01/96 ----- 5,050
1,420 NYS HFA (NonProfit) 6.750 11/01/11 11/01/98(b) 1,467,513
61 NYS HFA (NonProfit) 6.875 11/01/10 11/01/98(b) 62,525
250 NYS HFA (Phillips Village) 6.700 08/15/02 ----- 260,688
195 NYS HFA (Phillips Village) 6.700 02/15/02 ----- 203,139
85 NYS HFA (Phillips Village) 6.900 08/15/04 ----- 89,533
175 NYS HFA (Phillips Village) 6.900 02/15/04 ----- 184,098
1,650 NYS HFA (Service Contract) 5.875 03/15/11 01/30/10(c) 1,587,020
420 NYS HFA (Simeon Dewitt) 8.000 11/01/18(s) 05/01/98(b) 426,271
105 NYS HFA (Urban Rental) 8.000 11/01/99 11/01/98(b) 113,521
420 NYS HFA (Westchester/HELP) 7.500 11/01/00 12/14/98(c) 446,901
65 NYS HFA (Westchester/HELP) 7.550 11/01/02 05/01/00(b) 70,656
795 NYS LGSC (SCSB) 6.375 12/15/09 10/15/04(c) 789,014
615 NYS Medcare (Brookdale Hospital) 6.600 08/15/03 ----- 628,235
260 NYS Medcare (Brookdale Hospital) 6.600 02/15/03 ----- 265,275
1,000 NYS Medcare (Central Suffolk) 6.125 11/01/16 06/03/12(c) 851,190
365 NYS Medcare (Downtown Hospital) 6.550 02/15/06 ----- 372,534
945 NYS Medcare (Downtown Hospital) 6.550 08/15/06 ----- 965,242
95 NYS Medcare (Good Samaritan) 7.650 11/01/01 11/01/97(b) 100,204
30 NYS Medcare (H&N) 7.000 02/15/99 ----- 31,561
550 NYS Medcare (H&N) 7.100 11/01/99 ----- 561,781
60 NYS Medcare (H&N) 7.100 11/01/00 ----- 61,200
25 NYS Medcare (H&N) 7.100 08/15/01 02/15/98(b) 26,435
</TABLE>
10
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 10 NYS Medcare (H&N) 7.100% 11/01/98 ----- $ 10,100
5 NYS Medcare (H&N) 7.200 11/01/01 11/01/99(b) 5,150
185 NYS Medcare (H&N) 7.250 11/01/03 11/01/99(b) 190,550
15 NYS Medcare (H&N) 7.250 02/15/98 ----- 15,577
90 NYS Medcare (H&N) 7.250 11/01/02 11/01/99(b) 92,700
300 NYS Medcare (H&N) 7.250 02/15/09 02/15/99(b) 321,189
20 NYS Medcare (H&N) 7.300 08/15/10 08/15/99(b) 21,030
415 NYS Medcare (H&N) 7.400 11/01/16(s) 11/01/99(b) 424,196
120 NYS Medcare (H&N) 7.500 02/15/08 02/15/98(b) 129,550
10 NYS Medcare (H&N) 7.500 02/15/09 02/15/99(b) 10,535
5 NYS Medcare (H&N) 7.750 08/15/08 08/15/98(b) 5,386
255 NYS Medcare (H&N) 8.625 02/15/06 02/15/97(b) 258,379
335 NYS Medcare (H&N) 8.875 08/15/27 02/15/98(b) 355,241
960 NYS Medcare (H&N) 9.000 02/15/26 02/15/97(b) 973,008
410 NYS Medcare (H&N) 9.125 02/15/25 02/15/97(b) 415,588
3,245 NYS Medcare (H&N) 10.000 11/01/06 11/01/96(b) 3,420,879
75 NYS Medcare (Insured Hospital) 7.250 02/15/12 08/15/99(b) 78,094
115 NYS Medcare (Insured Hospital) 7.625 02/15/02 08/15/97(b) 121,036
75 NYS Medcare (Insured Hospital) 7.875 02/15/07 08/15/97(b) 78,977
10 NYS Medcare (Insured Mtg.) 7.100 02/15/00 ----- 10,436
685 NYS Medcare (Insured Mtg.) 9.375 11/01/16(s) 11/01/96(b) 721,778
670 NYS Medcare (Insured Nursing) 10.250 01/01/24 01/01/98(b) 692,780
1,345 NYS Medcare (Long Beach) 7.625 02/15/06 08/15/98(b) 1,464,786
10 NYS Medcare (Mental Health) 0.000 02/15/03 08/15/98(b) 6,676
30 NYS Medcare (Mental Health) 0.000 08/15/03 08/15/98(b) 19,303
20 NYS Medcare (Mental Health) 0.000 08/15/01 ----- 15,012
1,000 NYS Medcare (Mental Health) 6.800 11/01/14(s) 05/01/04(b) 1,075,290
85 NYS Medcare (Mental Health) 6.850 08/15/00 ----- 90,748
45 NYS Medcare (Mental Health) 7.000 02/15/01 ----- 47,102
50 NYS Medcare (Mental Health) 7.150 08/15/03 08/15/01(b) 52,758
40 NYS Medcare (Mental Health) 7.200 02/15/04 08/15/99(b) 42,982
50 NYS Medcare (Mental Health) 7.200 08/15/00 ----- 52,778
25 NYS Medcare (Mental Health) 7.400 02/15/02 02/15/00(b) 27,329
45 NYS Medcare (Mental Health) 7.400 08/15/00 ----- 48,956
15 NYS Medcare (Mental Health) 7.500 08/15/07 02/15/01(b) 16,747
400 NYS Medcare (Mental Health) 7.625 02/15/07 08/15/01(b) 429,964
105 NYS Medcare (Mental Health) 7.750 08/15/10 02/15/00(a) 112,371
3,000 NYS Medcare (Mental Health) 8.250 02/15/99 02/15/97(b) 3,165,180
10 NYS Medcare (Mental Health) 8.875 08/15/07 08/15/97(b) 10,499
50 NYS Medcare (North Shore) 7.125 11/01/08 11/01/00(b) 52,538
1,945 NYS Medcare (Nyack) 8.200 11/01/04 11/01/98(a) 2,145,685
2,310 NYS Medcare (Nyack) 8.300 11/01/13 11/01/98(a) 2,553,451
10 NYS Medcare (N. General) 7.000 02/15/98 ----- 10,298
275 NYS Medcare (N. General) 7.100 02/15/99 ----- 289,982
</TABLE>
11
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 25 NYS Medcare (N. General) 7.150% 08/15/01 ----- $ 26,804
940 NYS Medcare (N. General) 7.350 08/15/09 08/15/99(b) 989,717
40 NYS Medcare (Secured Hospital) 7.000 02/15/07 02/15/99(b) 41,205
70 NYS Medcare (Secured Hospital) 7.000 02/15/07 02/15/97(b) 72,377
25 NYS Medcare (Secured Hospital) 7.150 02/15/03 08/15/01(b) 26,370
15 NYS Medcare (St. Luke's Hospital) 7.400 02/15/09 02/15/00(b) 16,345
80 NYS Medcare (Wychoff) 6.850 08/15/00 ----- 82,950
715 NYS Medcare (Wychoff) 6.850 02/15/00 ----- 741,798
250 NYS Medcare (Wychoff) 6.950 02/15/01 ----- 260,170
80 NYS Medcare (Wychoff) 6.950 08/15/01 ----- 83,557
1,600 NYS Medcare (Wychoff) 7.375 08/15/11(s) 08/15/01(b) 1,716,832
530 NYS Thruway 0.000 01/01/01 ----- 412,457
250 NYS Thruway 0.000 01/01/05 ----- 150,680
385 NYS Thruway 0.000 01/01/06 ----- 219,654
400 NYS Thruway 0.000 01/01/98 ----- 369,164
10 NYS UDC 0.000 01/01/00 ----- 8,199
20 NYS UDC 0.000 01/01/99 ----- 17,231
30 NYS UDC 0.000 01/01/07 ----- 15,393
175 NYS UDC 0.000 01/01/11 04/08/08(c) 69,377
15 NYS UDC 0.000 01/01/11 04/08/08(c) 5,930
5 NYS UDC 6.000 11/01/13 ----- 5,045
55 NYS UDC 6.375 10/01/12 10/01/96(b) 55,837
170 NYS UDC 6.600 01/01/11(s) 01/01/01(b) 171,700
25 NYS UDC (Correctional Facilities) 0.000 01/01/03 ----- 17,188
6,360 NYS UDC (Correctional Facilities) 0.000 01/01/08 ----- 3,246,271
250 NYS UDC (Correctional Facilities) 6.700 01/01/99 ----- 260,978
625 NYS UDC (Correctional Facilities) 9.375 09/01/99 09/01/97(b) 633,813
35 NYS UDC (South Mall) 0.000 01/01/03 ----- 23,701
50 NYS UDC (South Mall) 0.000 01/01/05 06/24/04(c) 31,150
15 NYS (SONYMA) Mortgage, 1 0.000 10/01/14(s) 10/01/96(b) 2,772
125 NYS (SONYMA) Mortgage, 1 0.000 10/01/98 04/01/97(b) 103,044
120 NYS (SONYMA) Mortgage, 10-A 7.800 10/01/03 04/01/98(b) 127,294
25 NYS (SONYMA) Mortgage, 10-A 8.000 10/01/08 04/01/98(b) 25,959
15 NYS (SONYMA) Mortgage, 11 6.875 04/01/16(s) 10/01/98(b) 15,362
100 NYS (SONYMA) Mortgage, 12 0.000 10/01/00 10/01/97(b) 75,988
30 NYS (SONYMA) Mortgage, 12 0.000 04/01/03 10/01/97(b) 18,375
60 NYS (SONYMA) Mortgage, 12 0.000 10/01/99 10/01/97(b) 48,437
30 NYS (SONYMA) Mortgage, 12 0.000 04/01/99 10/01/97(b) 26,016
25 NYS (SONYMA) Mortgage, 12 6.800 04/01/97 ----- 25,369
15 NYS (SONYMA) Mortgage, 12 6.800 10/01/97 ----- 15,364
830 NYS (SONYMA) Mortgage, 2 0.000 10/01/14(s) 04/01/97(b) 148,861
50 NYS (SONYMA) Mortgage, 44 7.000 10/01/07 11/01/06(b) 51,932
205 NYS (SONYMA) Mortgage, 6 0.000(+) 04/01/10 04/01/01(b) 207,733
95 NYS (SONYMA) Mortgage, 7 0.000(+) 10/01/14(s) 04/01/98(b) 83,416
</TABLE>
12
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 85 NYS (SONYMA) Mortgage, 8-A 0.000% 04/01/01 10/01/98(b) $ 62,772
60 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/01 10/01/98(b) 42,832
20 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/98 ----- 17,659
30 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/00 10/01/98(b) 23,084
70 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/02 10/01/98(b) 46,693
25 NYS (SONYMA) Mortgage, 8-A 0.000 04/01/02 10/01/98(b) 17,307
75 NYS (SONYMA) Mortgage, 8-A 6.875 04/01/17(s) 10/01/96(b) 76,935
50 NYS (SONYMA) Mortgage, 8-B 7.200 04/01/99 ----- 51,805
25 NYS (SONYMA) Mortgage, 8-C 7.500 04/01/99 10/01/97(b) 26,195
40 NYS (SONYMA) Mortgage, 8-C 7.900 10/01/01 10/01/97(b) 42,130
85 NYS (SONYMA) Mortgage, 8-C 8.300 10/01/06 10/01/97(b) 86,410
3,535 NYS (SONYMA) Mortgage, 8-C 8.400 10/01/17(s) 10/01/97(b) 3,662,331
25 NYS (SONYMA) Mortgage, 8-D 7.700 10/01/99 01/04/98(b) 26,544
100 NYS (SONYMA) Mortgage, 8-D 8.200 10/01/06 01/04/98(b) 103,600
80 NYS (SONYMA) Mortgage, 8-E 8.100 10/01/17(s) 04/01/98(b) 82,863
40 NYS (SONYMA) Mortgage, 8-F 7.200 10/01/00 07/01/98(b) 42,542
30 NYS (SONYMA) Mortgage, 8-F 7.800 10/01/06 07/01/98(b) 30,845
365 NYS (SONYMA) Mortgage, 8-F 8.000 10/01/17(s) 07/01/98(b) 384,604
100 NYS (SONYMA) Mortgage, 9-A 6.700 10/01/98 10/01/96(b) 102,459
25 NYS (SONYMA) Mortgage, 9-A 6.900 04/01/00 10/01/96(b) 25,558
20 NYS (SONYMA) Mortgage, 9-A 7.000 04/01/01 10/01/96(b) 20,507
100 NYS (SONYMA) Mortgage, 9-A 7.250 10/01/06 10/01/96(b) 102,542
145 NYS (SONYMA) Mortgage, 9-B 8.000 10/01/02 07/01/97(b) 151,867
230 NYS (SONYMA) Mortgage, 9-B 8.125 10/01/07 07/01/97(b) 240,497
6,120 NYS (SONYMA) Mortgage, 9-B 8.300 10/01/17(s) 07/01/97(b) 6,328,447
90 NYS (SONYMA) Mortgage, 9-C 8.400 10/01/02 10/01/97(b) 91,760
30 NYS (SONYMA) Mortgage, 9-E 7.375 10/01/98 ----- 31,795
440 NYS (SONYMA) Mortgage, 9-E 8.000 10/01/03 04/01/98(b) 457,182
70 NYS (SONYMA) Mortgage, AA 7.700 04/01/99 ----- 74,269
80 NYS (SONYMA) Mortgage, BB-2 7.125 10/01/98 10/17/97(c) 83,764
210 NYS (SONYMA) Mortgage, BB-2 7.850 10/01/08 10/01/97(b) 221,027
12,570 NYS (SONYMA) Mortgage, BB-2 7.950 10/01/15(s) 10/01/97(b) 13,220,372
40 NYS (SONYMA) Mortgage, EE-1 8.000 10/01/10 04/14/99(b) 42,114
1,425 NYS (SONYMA) Mortgage, EE-1 8.050 04/01/16(s) 04/14/99(b) 1,502,107
40 NYS (SONYMA) Mortgage, EE-2 7.050 10/01/00 11/13/98(c) 42,685
50 NYS (SONYMA) Mortgage, EE-2 7.450 10/01/10 09/14/99(b) 52,835
255 NYS (SONYMA) Mortgage, EE-3 7.125 10/01/00 11/13/98(c) 265,705
100 NYS (SONYMA) Mortgage, EE-4 7.800 10/01/13(s) 10/01/00(b) 107,630
25 NYS (SONYMA) Mortgage, FF 7.000 04/01/97 ----- 25,406
50 NYS (SONYMA) Mortgage, FF 7.100 10/01/98 ----- 52,338
10 NYS (SONYMA) Mortgage, FF 7.850 10/01/08 10/01/97(b) 10,484
4,875 NYS (SONYMA) Mortgage, FF 7.950 10/01/14(s) 10/01/97(b) 5,116,654
55 NYS (SONYMA) Mortgage, HH-2 7.700 10/01/09 10/01/99(b) 57,136
130 NYS (SONYMA) Mortgage, HH-3 7.875 10/01/09 06/07/00(b) 138,234
</TABLE>
13
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 3,600 NYS (SONYMA) Mortgage, HH-3 7.950% 04/01/22(s) 06/07/00(b) $ 3,815,352
40 NYS (SONYMA) Mortgage, II 0.000 10/01/06 04/01/99(b) 18,956
75 NYS (SONYMA) Mortgage, II 0.000 04/01/05 04/01/99(b) 39,977
45 NYS (SONYMA) Mortgage, II 0.000 10/01/05 04/01/99(b) 23,044
90 NYS (SONYMA) Mortgage, II 0.000 04/01/07 04/01/99(b) 40,874
300 NYS (SONYMA) Mortgage, II 0.000 10/01/09 04/01/99(b) 112,119
520 NYS (SONYMA) Mortgage, II 0.000 10/01/08 04/01/99(b) 210,096
175 NYS (SONYMA) Mortgage, II 0.000 04/01/09 04/01/99(b) 68,002
120 NYS (SONYMA) Mortgage, II 0.000 10/01/07 04/01/99(b) 52,415
170 NYS (SONYMA) Mortgage, JJ 0.000 10/01/05 10/01/99(b) 89,672
255 NYS (SONYMA) Mortgage, JJ 0.000 10/01/06 10/01/99(b) 124,736
60 NYS (SONYMA) Mortgage, JJ 0.000 04/01/06 10/01/99(b) 30,410
50 NYS (SONYMA) Mortgage, JJ 0.000 10/01/08 10/01/99(b) 21,089
200 NYS (SONYMA) Mortgage, JJ 0.000 04/01/07 10/01/99(b) 94,122
145 NYS (SONYMA) Mortgage, JJ 0.000 04/01/05 10/01/99(b) 79,477
75 NYS (SONYMA) Mortgage, JJ 0.000 04/01/00 ----- 57,486
35 NYS (SONYMA) Mortgage, JJ 0.000 10/01/03 10/01/99(b) 21,432
125 NYS (SONYMA) Mortgage, JJ 0.000 04/01/01 ----- 89,264
75 NYS (SONYMA) Mortgage, JJ 0.000 10/01/01 ----- 53,516
10 NYS (SONYMA) Mortgage, JJ 0.000 10/01/00 ----- 7,398
205 NYS (SONYMA) Mortgage, JJ 0.000 04/01/03 10/01/99(b) 130,618
100 NYS (SONYMA) Mortgage, JJ 0.000 04/01/02 ----- 70,943
10 NYS (SONYMA) Mortgage, JJ 0.000 10/01/04 10/01/99(b) 5,678
15 NYS (SONYMA) Mortgage, KK 7.050 10/01/99 05/01/98(c) 15,741
100 NYS (SONYMA) Mortgage, MM-1 7.100 10/01/97 ----- 102,790
30 NYS (SONYMA) Mortgage, MM-1 7.200 10/01/98 ----- 31,508
100 NYS (SONYMA) Mortgage, MM-1 7.700 10/01/04 02/04/01(b) 106,063
50 NYS (SONYMA) Mortgage, MM-1 7.750 04/01/02 02/04/01(b) 53,130
10 NYS (SONYMA) Mortgage, MM-2 7.550 04/01/02 10/01/00(b) 10,482
25 NYS (SONYMA) Mortgage, NN 7.100 04/01/00 01/01/00(b) 26,778
25 NYS (SONYMA) Mortgage, QQ 7.700 10/01/12 04/01/00(b) 26,265
25 NYS (SONYMA) Mortgage, RR 7.700 10/01/10 10/01/00(b) 26,864
25 NYS (SONYMA) Mortgage, TT 6.850 10/01/01 ----- 26,609
20 NYS (SONYMA) Mortgage, TT 6.950 04/01/02 ----- 20,395
25 NYS (SONYMA) Mortgage, TT 7.200 10/01/05 04/01/03(b) 26,463
25 NYS (SONYMA) Mortgage, UU 6.850 10/01/99 ----- 26,163
75 NYS (SONYMA) Mortgage, UU 6.950 04/01/00 ----- 79,489
135 NYS (SONYMA) Mortgage, UU 7.750 10/01/23(s) 04/01/01(b) 142,133
50 NYS (SONYMA) Mortgage, VV 6.300 04/01/97 ----- 50,592
5 NYS (SONYMA) Mortgage, VV 6.400 04/01/98 ----- 5,135
40 NYS (SONYMA) Mortgage, VV 6.600 04/01/00 ----- 41,991
25 NYS (SONYMA) Mortgage, VV 6.800 10/01/02 ----- 26,871
60 NYS (SONYMA) Mortgage, VV 6.900 04/01/03 ----- 65,480
50 NYS (SONYMA) Mortgage, VV 7.000 04/01/04 10/01/03(b) 52,088
</TABLE>
14
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 580 NYS (SONYMA) Mortgage, VV 7.250% 10/01/07 10/01/01(b) $ 611,970
13,260 NYS (SONYMA) Mortgage, VV 7.375 10/01/11(s) 10/01/01(b) 14,093,921
20 Oneida Healthcare Corp. 7.100 08/01/11 08/01/01(b) 21,251
25 Oneida IDA (Metlife Insurance) 7.250 12/01/97 ----- 25,375
15,300 Onondaga County Res Rec 6.625 05/01/00 11/30/98(c) 15,648,381
8,260 Onondaga County Res Rec 6.875 05/01/06 01/12/04(c) 8,356,064
750 Orleans IDA (Anchor Bank) 7.500 12/01/96 ----- 751,838
1,805 Oswego County Res Rec 6.500 06/01/04 05/23/03(c) 1,911,278
75 Port Authority NY/NJ (Delta Airlines) 6.950 06/01/08 06/01/04(b) 79,943
1,000 Port Authority NY/NJ (KIAC) 6.750 10/01/11 05/03/10(c) 1,003,830
10,000 Port Authority NY/NJ (KIAC) 7.000 10/01/07 05/02/05(c) 10,510,100
385 Port Authority NY/NJ, 62nd Series 7.750 12/01/04 02/01/98(b) 392,700
60 Port Authority NY/NJ, 62nd Series 7.875 12/01/06 02/01/98(b) 62,005
85 Port Authority NY/NJ, 66th Series 7.000 09/01/10 11/01/96(b) 87,872
35 Port Authority NY/NJ, 66th Series 7.000 09/01/09 11/01/96(b) 35,999
25 Port Authority NY/NJ, 66th Series 7.000 09/01/08 11/01/96(b) 25,700
20 Portchester Community Devel. 8.100 08/01/10 12/13/04(c) 22,826
2,808 Puerto Rico Aqueduct & Sewer 7.250 03/21/00 05/04/98(c) 2,889,129
5 Puerto Rico Commonwealth Infrastructure 7.700 07/01/01 07/01/98(b) 5,287
10 Puerto Rico Electric 7.000 07/01/07 07/01/99(a) 10,692
10 Puerto Rico Electric 7.000 07/01/07 07/01/99(b) 10,333
25 Puerto Rico HFC 0.000 10/15/04 09/15/98(b) 14,776
45 Puerto Rico HFC 0.000 04/15/08 09/15/98(b) 20,187
5 Puerto Rico HFC 6.700 04/01/97 ----- 5,073
45 Puerto Rico HFC 6.800 10/01/99 ----- 47,348
15 Puerto Rico HFC 6.900 04/15/98 ----- 15,498
20 Puerto Rico HFC 7.000 04/15/99 ----- 20,982
40 Puerto Rico HFC 7.000 04/01/00 ----- 42,756
15 Puerto Rico HFC 7.100 10/15/00 10/01/98(b) 15,885
10 Puerto Rico HFC 7.100 04/01/02 04/01/00(b) 10,720
65 Puerto Rico HFC 7.300 04/01/06 04/01/00(b) 68,300
30 Puerto Rico HFC 7.400 04/01/07 04/01/00(b) 31,571
20 Puerto Rico HFC 7.450 10/15/09 09/27/00(b) 21,243
1,060 Puerto Rico HFC 7.500 10/01/15(s) 04/01/02(b) 1,123,399
6,570 Puerto Rico HFC 7.500 04/01/22(s) 04/01/00(b) 6,935,621
245 Puerto Rico HFC 8.250 06/01/11(s) 06/01/97(b) 248,263
790 Puerto Rico IME (Amer. Cyanamid) 8.750 05/01/13 05/01/97(b) 804,710
10 Puerto Rico IME (Baxter Travenol) 8.000 09/01/12 09/01/98(b) 10,881
15 Puerto Rico IME (Dr. Pila Hospital) 7.700 08/01/08 08/01/98(a) 16,178
710 Puerto Rico IME (Squibb) 6.500 07/01/04 12/13/00(c) 717,988
60 Puerto Rico PCR 8.000 01/01/03 01/01/97(b) 61,200
130 Puerto Rico Port Auth. 7.300 07/01/07 01/01/97(b) 132,600
689 Puerto Rico Port Auth. (Computer Lease) 9.000 05/15/99 03/09/98(c) 724,170
2,000 Puerto Rico TEMEC (MGH) 6.500 07/01/12 05/13/09(c) 2,001,640
</TABLE>
15
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 20 Puerto Rico Urban Renewal 0.000% 10/01/97 ----- $ 18,660
105 Puerto Rico Urban Renewal 7.875 10/01/04 10/01/99(b) 113,929
1,440 Putnam IDA (Brewster Plastics) 7.375 12/01/08 03/28/04(c) 1,450,138
40 Radisson Senior Citizens Hsg. 12.000 11/01/11(s) 11/01/97(b) 44,535
50 Rensselaer Hsg. Auth. (Renwyck) 7.650 01/01/11(s) 01/01/03(b) 56,943
1,325 Rensselaer Municipal Leasing Corp. 6.250 06/01/04 12/28/02(c) 1,319,210
25 Riverhead Hsg. Devel. 8.250 08/01/10 08/01/96(b) 26,250
3,155 Rochester Hsg. Auth. (Crossroads) 7.300 07/01/05 07/14/01(c) 3,403,078
95 Rochester Hsg. Auth. (Stonewood) 5.900 09/01/09 01/06/04(c) 93,624
775 Rockland IDA (DC) 7.000 03/01/03 06/12/00(c) 800,188
295 Saratoga IDA (ARC) 7.250 03/01/01 04/20/99(c) 298,673
250 Saratoga IDA (City Center) 10.000 10/01/08 10/01/99(b) 282,388
2,595 Saratoga IDA (Saratoga Sheraton) 6.750 12/31/07 02/12/02(c) 2,613,450
50 Schodack IDA (Hamilton Printing) 7.600 07/01/00 ----- 56,348
40 Steuben IDA (Corning Glass) 7.625 07/01/99 01/01/97(b) 40,800
240 Steuben IDA (Corning Glass) 9.000 11/01/04 11/01/97(b) 244,800
20 St. Casimer's Elderly Hsg. 7.000 09/01/98 ----- 20,500
840 St. Casimer's Elderly Hsg. 7.375 09/01/10 09/01/96(b) 874,406
10 St. Lawrence County (SWDA) 7.600 01/01/97 ----- 10,090
30 St. Lawrence County (SWDA) 8.250 01/01/02 01/01/99(b) 32,165
10 St. Lawrence County (SWDA) 8.300 01/01/99 ----- 10,619
5 Suffolk County GO 6.000 09/15/97 ----- 5,088
10 Suffolk County GO 6.400 02/01/00 ----- 10,100
210 Suffolk IDA (ADP) 7.750 04/01/18 04/01/97(b) 215,775
240 Suffolk IDA (Dowling College) 6.500 12/01/06 ----- 241,608
195 Suffolk IDA (Fil-Coil) 8.000 12/01/05 12/29/01(c) 193,649
20 Suffolk IDA (Marbar) 8.150 03/01/04 03/01/97(b) 20,656
85 Suffolk IDA (OPWC) 7.000 11/01/02 06/12/00(c) 92,700
530 Suffolk IDA (Printing Assoc.) 7.013(v) 01/01/01 01/01/97(f) 530,000
1,480 Suffolk IDA (Rimland Facilities) 6.188(v) 12/01/04 12/01/96(f) 1,480,000
2,450 Sunnybrook Elderly Hsg. Corp. 11.250 12/01/14(s) 04/01/97(b) 2,595,457
167 Syracuse IDA (Genesee St.) 6.205(v) 12/01/98 12/01/96(f) 169,167
1,010 Syracuse IDA (Rockwest Center) 7.000 12/01/05 06/12/02(c) 1,013,373
460 Syracuse IDA (Rockwest Center) 7.250 06/01/03 09/15/00(c) 487,439
1,240 Syracuse IDA (St. Joseph's Hospital) 7.250 06/01/01 07/22/99(c) 1,306,464
1,030 Syracuse Senior Citizens Hsg. 8.000 12/01/10 12/01/96(b) 1,083,653
195 Tomkins IDA (Kendall at Ithaca) 7.875 06/01/15(s) 06/01/05(b) 196,667
915 Troy IDA (City of Troy) 7.250 03/15/98 09/20/97(c) 852,258
1,055 Troy IDA (City of Troy) 7.500 03/15/00 09/20/99(c) 973,301
1,225 Troy IDA (City of Troy) 7.600 03/15/02 09/20/01(c) 1,106,788
90 Tupper Lake Housing Devel. 8.125 10/01/10 03/15/02(b) 94,500
1,010 Ulster County Res Rec 5.500 03/01/02 ----- 993,527
1,080 Ulster County Res Rec 5.500 03/01/03 ----- 1,052,287
1,600 Union Elderly Hsg. 10.000 04/01/13(s) 04/01/97(b) 1,664,000
</TABLE>
16
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 5 Union Elderly Hsg. 11.000% 04/01/00 04/01/97(b) $ 5,200
605 Union Hsg. (Methodist Homes) 6.800 11/01/04 05/29/01(c) 622,999
90 Union Hsg. (Methodist Homes) 7.800 04/01/97 ----- 91,630
95 Union Hsg. (Methodist Homes) 7.900 04/01/98 ----- 98,569
720 University of V. I. 6.500 10/01/99 04/26/98(c) 726,199
100 Utica GO 5.900 12/01/02 ----- 103,888
580 Utica GO 6.000 01/15/06 ----- 545,449
560 Utica GO 6.250 01/15/07 ----- 531,009
10 Utica Hsg. Corp. (Brookhaven) 0.000 07/01/99 ----- 8,349
100 Utica Hsg. Corp. (Brookhaven) 0.000 01/01/99 ----- 86,032
25 Utica Senior Citizen Hsg. 0.000 01/01/02 ----- 17,966
35 Utica Senior Citizen Hsg. 0.000 01/01/98 ----- 32,019
10 Utica Senior Citizen Hsg. 0.000 01/01/97 ----- 9,709
1,972 Utica Senior Citizen Hsg. 10.230 07/01/22 07/01/97(b) 2,140,472
15 Valley Health & Devel. 7.850 02/01/02 10/16/98(c) 17,142
20 Valley Health & Devel. 11.300 02/01/07 08/01/00(b) 24,481
1,580 V. I. Airport 7.875 10/01/97 04/18/97(c) 1,639,835
16,785 V. I. Airport 8.100 10/01/05 10/01/98(b) 17,859,911
15 V. I. HFA 7.550 06/01/03 12/01/98(b) 16,904
260 V. I. Highway 7.650 10/01/99 ----- 282,225
1,975 V. I. Port Auth. (Marine Division) 7.400 11/01/99 11/01/96(b) 1,995,086
1,570 V. I. Port Auth. (Marine Division) 7.550 11/01/99 11/01/96(b) 1,586,752
990 V. I. Public Finance Auth. 6.500 10/01/99 05/03/98(c) 1,020,839
665 V. I. Public Finance Auth. 6.625 10/01/99 05/03/98(c) 688,168
1,500 V. I. Public Finance Auth. 6.800 10/01/00 ----- 1,561,440
250 V. I. Public Finance Auth. 7.700 10/01/04 10/01/99(b) 271,613
2,455 V. I. Water & Power 7.200 01/01/02 09/22/99(c) 2,531,203
8,600 V. I. Water & Power 7.400 07/01/11(s) 07/01/01(b) 8,995,256
17,500 V. I. Water & Power 8.500 01/01/10 01/01/98(b) 18,853,625
830 V. I. (GO/HUGO) 7.750 10/01/06 10/01/01(b) 876,928
</TABLE>
17
<PAGE>
Limited Term New York Municipal Fund
Statement of Investments
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 45 Wayne IDA (Hauser Machine) 7.700% 12/01/09 12/01/01(d) $ 48,802
475 Westchester IDA (BAH) 7.250 12/01/09 08/22/04(c) 476,577
1,000 Westchester IDA (JBFS) 6.500 12/15/02 07/14/01(c) 1,023,210
570 Westchester IDA (JDAM) 6.250 04/01/05 01/23/02(c) 571,989
1,000 Westchester IDA (JDAM) 6.750 04/01/16(s) 04/01/08(b) 1,004,210
25 Yonkers IDA (Waldbaum) 9.250 03/01/98 03/01/97(b) 25,600
------------
TOTAL MUNICIPAL BOND INVESTMENTS, AT VALUE (COST $627,215,484) - 100.2% $635,810,587
OTHER ASSETS AND LIABILITIES (NET) - (0.2)% (1,173,031)
-------------
NET ASSETS - 100.0% $634,637,556
=============
</TABLE>
* 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.
(f) Effective maturity corresponding to variable coupon payment date.
(s) Security also has mandatory sinking fund principal payments prior to
maturity and an average life which is shorter than the stated final
maturity.
(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.
See accompanying Notes to Financial Statements.
18
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND -- JUNE 30, 1996
- --------------------------------------------------------------------------------
PORTFOLIO ABBREVIATIONS
To simplify the listings of the Limited Term New York Municipal Fund's holdings
in the Statement 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
BAH Beth Abraham Hospital
BOCES Board of Cooperative Educational Services
CCM Comprehensive Care Management
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
G&H Geriatric and Healthcare
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 of Family Services
JDAM Julia Dyckman Angus Memorial
LGSC Local Government Services Corporation
LILCO Long Island Lighting Corporation
MGH Mennonite General Hospital
MTA Metropolitan Transit Authority
OPWC Ocean Park Water Corporation
PCP Pooled Capital Program
PCR Pollution Control Revenue
Res Rec Resource Recovery Facility
RSP Riverbank State Park
SCSB Schuyler Community Services Board
SONYMA State of New York Mortgage Agency
SWDA Solid Waste Development Authority
SWMA Solid Waste Management Authority
TEMEC Tourist, Educational, Medical and
Environmental Control
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, 1996 (as a percentage of
total net assets):
# of % of Total
Issues Net Assets
------- -----------
Resource Recovery, Pollution Control Revenue 9 18.0%
Municipal Tax Obligations (GO) 10 17.9%
Healthcare 68 12.3%
Housing, Single-Family 28 8.7%
Housing, Multi-Family 62 8.6%
Transportation 13 6.0%
Electric and Gas Utilities 9 5.9%
Government and Public Facilities 20 4.6%
NonProfit, Higher Education 15 4.4%
Water and Telephone Utilities 7 4.1%
NonProfit, Other 14 2.8%
Manufacturing, Non-Durable Goods 9 1.9%
Private Lease Revenue 14 1.7%
Service Companies 15 1.4%
Manufacturing, Durable Goods 19 1.1%
NonProfit, Special Education 3 0.4%
Adult Living Facilities 4 0.4%
------
Total 100.2%
======
- --------------------------------------------------------------------------------
ASSET COMPOSITION TABLE
JUNE 30, 1996 (UNAUDITED)
Percentage
Rating of Investments
- ----------------------------
AAA 3.3%
AA 13.0%
A 41.6%
BBB 37.4%
BB 0.7%
B 0.0%
CCC 0.0%
CC 0.0%
C 0.0%
Not rated 4.0%
------
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 Manager, 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 Manager, 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.
19
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES -- JUNE 30, 1996 (UNAUDITED)
ASSETS
Investments, at value
(Cost $627,215,484) $635,810,587
Cash 9,993
Receivables:
Interest 11,511,535
Investments sold 3,303,788
Shares of beneficial
interest sold 1,687,622
Other 21,896
------------
Total assets 652,345,421
------------
LIABILITIES
Payables and other liabilities:
Demand note payable to bank
(interest rate 6.25% at 06/30/96) 8,850,000
Investments purchased 7,174,102
Shares of beneficial interest
redeemed 1,077,166
Dividends 489,343
Other 117,254
------------
Total liabilities 17,707,865
------------
NET ASSETS $634,637,556
============
COMPOSITION OF NET ASSETS
Paid-in capital $637,682,141
Excess of distributions over net
investment income (978,398)
Accumulated net realized loss on
investment transactions (10,661,290)
Net unrealized appreciation
on investments 8,595,103
------------
Net assets $634,637,556
============
NET ASSET VALUE PER SHARE
CLASS A SHARES:
Net asset value and redemption price per share
(based on net assets of $605,802,211 and
187,860,846 shares of beneficial interest
outstanding) $3.22
=====
Maximum offering price per share (net asset
value plus sales charge of 2.00% of offering price) $3.29
=====
CLASS B SHARES:
Net asset value, redemption price and offering price
per share (based on net assets of $28,835,345 and
8,928,400 shares of beneficial interest outstanding) $3.23
=====
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
For the Six Months ended June 30, 1996 (Unaudited)
INVESTMENT INCOME:
Interest $18,928,617
-----------
EXPENSES:
Management fees 1,307,496
Distribution and service plan fees:
Class A 730,528
Class B 84,185
Transfer and shareholder servicing agent fees:
Class A 138,699
Class B 5,494
Shareholder reports 118,307
Accounting service fees 93,695
Custodian fees and expenses 48,840
Registration and filing fees 42,774
Legal and auditing fees 21,961
Trustees' fees and expenses 16,949
Organizational expenses 5,000
Other 103,422
Interest 191,469
-----------
Total expenses 2,908,819
Less expenses paid indirectly (5,824)
-----------
Total net expenses 2,902,995
-----------
NET INVESTMENT INCOME 16,025,622
-----------
REALIZED AND UNREALIZED LOSS:
Net realized loss on investments (548,506)
Net change in unrealized appreciation
or depreciation on investments (8,580,627)
-----------
Net realized and unrealized loss (9,129,133)
-----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 6,896,489
===========
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1996 Year Ended
(Unaudited) December 31, 1995
----------------- -----------------
INCREASE IN NET ASSETS --
OPERATIONS:
Net investment income $ 16,025,622 $ 28,678,554
Net realized loss (548,506) (2,258,016)
Net change in unrealized appreciation
or depreciation (8,580,627) 22,706,855
------------ ------------
Net increase in net assets --
resulting from operations 6,896,489 49,127,393
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment income:
Class A (16,456,432) (28,615,850)
------------ ------------
Class B (570,592) (276,083)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets resulting
from beneficial interest
transactions (Note 2):
Class A 48,049,444 51,133,814
------------ ------------
Class B 12,767,087 16,130,704
------------ ------------
NET ASSETS:
Total increase 50,685,996 87,499,978
Beginning of period 583,951,560 496,451,582
------------ ------------
End of period (including excess of
distributions over net investment
income of $978,398 and ($23,004),
respectively) $634,637,556 $583,951,560
============ ============
See accompanying Notes to Financial Statements.
20
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
CLASS A
----------------------------------------------------------------------------------
Six Months
Ended Year ended December 31, Period Ended
June 30, 1996 ----------------------------------------------- December 31,
(Unaudited) 1995 1994 1993 1992(b) 1991(a)
------------- ----- ----- ----- ------- ------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $3.28 $3.15 $3.33 $3.18 $3.07 $3.00
----- ----- ----- ----- ----- -----
Income (loss) from investment operations:
Net investment income 0.08 0.18 0.16 0.17 0.18 0.05
Net realized and unrealized gain (loss) (0.05) 0.13 (0.18) 0.15 0.11 0.07
----- ----- ----- ----- ----- -----
Total income from investment operations 0.03 0.31 (0.02) 0.32 0.29 0.12
----- ----- ----- ----- ----- -----
Dividends and distributions to shareholders:
Dividends from net investment income (0.09) (0.18) (0.16) (0.17) (0.18) (0.05)
----- ----- ----- ----- ----- -----
Total dividends and distributions to shareholders (0.09) (0.18) (0.16) (0.17) (0.18) (0.05)
----- ----- ----- ----- ----- -----
Net asset value, end of period $3.22 $3.28 $3.15 $3.33 $3.18 $3.07
===== ===== ===== ===== ===== =====
TOTAL RETURN, AT NET ASSET VALUE(C) 0.95% 10.01% (0.60%) 10.06% 9.45% 4.05%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $605,802 $567,537 $496,452 $457,860 $150,096 $18,659
Average net assets (in thousands) $591,470 $520,990 $491,038 $309,676 $72,743 $8,407
Ratios to average net assets:
Net investment income 5.24%(d) 5.44% 5.12% 4.94% 5.33% 5.22%(d)
Expenses(e) 0.93%(d) 0.90% 0.89% 0.89% 0.83% 0.83%(d)
Expenses (excluding interest)(e)(f) 0.87%(d) 0.84% 0.84% 0.86% 0.78% 0.74%(d)
Portfolio turnover rate(g) 16.36% 22.34% 34.58% 17.08% 59.87% 1.42%
</TABLE>
- ------------
(a) The Fund commenced operations on September 18, 1991.
(b) Net of fees waived or reimbursed by Fielding Management Company, Inc. (the
former manager), and Rochester Fund Services, Inc. (the former shareholder
servicing, accounting and pricing agent), which amounted to $0.01 per
share. Without reimbursement, the ratios would have been 5.02%, 1.14% and
1.09%, respectively.
(c) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at
the net asset value calculated on the last business day of the fiscal
period. Sales charges are not reflected in the total returns. Total returns
are not annualized for periods of less than one full year.
(d) Annualized.
(e) Beginning in fiscal 1995, the expense ratios reflect the effect of gross
expenses paid indirectly by the Fund. Prior year expense ratios have not
been adjusted.
(f) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(g) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended June 30, 1996 were $172,497,809
and $99,638,663, respectively.
See accompanying Notes to Financial Statements.
21
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
CLASS B
-----------------------------
Six Months
Ended Period Ended
June 30, 1996 December 31,
(Unaudited) 1995(a)
------------- ------------
PER SHARE OPERATING DATA:
Net asset value, beginning of period $ 3.28 $ 3.21
------ ------
Income (loss) from investment operations:
Net investment income 0.07 0.11
Net realized and unrealized gain (loss) (0.04) 0.07
------ ------
Total income from investment operations 0.03 0.18
------ ------
Dividends and distributions to shareholders:
Dividends from net investment income (0.08) (0.11)
------ ------
Total dividends and distributions to shareholders (0.08) (0.11)
------ ------
Net asset value, end of period $ 3.23 $ 3.28
====== ======
TOTAL RETURN, AT NET ASSET VALUE(B) 0.99% 5.65%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $28,835 $16,415
Average net assets (in thousands) $23,178 $ 8,869
Ratios to average net assets:
Net investment income 4.69%(c) 5.21%(c)
Expenses(d) 1.41%(c) 0.90%(c)
Expenses (excluding interest)(d)(e) 1.35%(c) 0.85%(c)
Portfolio turnover rate(f) 16.36% 22.34%
- ------------
(a) For the period from May 1, 1995 (inception of offering) to December 31,
1995.
(b) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at
the net asset value calculated on the last business day of the fiscal
period. Sales charges are not reflected in the total returns. Total returns
are not annualized for periods of less than one full year.
(c) Annualized.
(d) Beginning in fiscal 1995, the expense ratios reflect the effect of gross
expenses paid indirectly by the Fund. Prior year expense ratios have not
been adjusted.
(e) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(f) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended June 30, 1996 were $172,497,809
and $99,638,663, respectively.
See accompanying Notes to Financial Statements.
22
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
June 30, 1996 (Unaudited)
Note 1. Significant Accounting Policies:
The Limited Term New York Municipal Fund (the Fund) is a series of Rochester
Portfolio Series which is registered under the Investment Company Act of 1940,
as amended, as a non-diversified, open-end management investment company. The
investment objective of the Fund is to provide shareholders with as high a level
of income exempt from federal, New York State and New York City personal income
taxes as is consistent with its investment policies and prudent investment
management. The Fund intends to invest primarily in a portfolio of investment
grade obligations with a dollar weighted average effective maturity of five
years or less.
On January 4, 1996, Rochester Capital Advisors, L.P. (RCA, L.P.), the Fund's
investment adviser, Rochester Fund Distributors, Inc. (RFD), the Fund's
principal underwriter and Rochester Fund Services, Inc. (RFS), the Fund's
shareholder servicing, accounting and pricing agent, consummated a transaction
with OppenheimerFunds, Inc. (the Manager), which resulted in the sale to the
Manager of certain assets of RCA, L.P., RFD and RFS, including the transfer of
the investment advisory agreement and other contracts with the Fund and the use
of the name "The Rochester Funds".
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 and/or
service 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.
Investment Valuation and Transactions. Portfolio securities are valued at the
close of the New York Stock Exchange on each trading day. Long-term debt
securities are valued at the mean between the bid and asked price using
information available from a portfolio pricing service approved by the Board of
Trustees, dealer-supplied valuations provided the Manager is satisfied that the
firm rendering the quotes is reliable and that the quotes reflect current value,
or analysis of various relationships between comparable securities. Securities
for which market quotations are not readily available are valued at fair value
under consistently applied procedures established by the Board of Trustees to
determine fair value in good faith. Investment transactions are accounted for on
the date the investments are purchased or sold (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.
23
<PAGE>
Securities Purchased on a When-Issued Basis. Delivery and payment for securities
that have been purchased by the Fund on a forward commitment or when-issued
basis can take place a month or more after the transaction date. During this
period, such securities do not earn interest, are subject to market fluctuation
and may increase or decrease in value prior to their delivery. The Fund
maintains, in a segregated account with its custodian, assets with a market
value equal to the amount of its purchase commitments. The purchase of
securities on a when-issued or forward commitment basis may increase the
volatility of the Fund's net asset value to the extent the Fund makes such
purchases while remaining substantially fully invested. As of June 30, 1996, the
Fund had no outstanding when-issued or forward commitments.
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.
Federal Taxes. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required. At June 30, 1996, the Fund
had available for federal income tax purposes an unused capital loss carryover
of approximately $10,617,000 which expires between 1999 and 2004.
Distributions to Shareholders. Income dividends are declared and recorded each
day the New York Stock Exchange is open for business 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 dividends are paid monthly.
Distributions from net realized gains on investments, if any, are recorded on
the ex-dividend date and paid annually. The amount and character of income and
gains to be distributed are determined in accordance with income tax regulations
which may differ from generally accepted accounting principles. These
differences include the treatment of wash sales. Reclassifications are made to
the Fund's capital accounts to reflect income and gains available for
distribution (or available capital loss carryovers) under income tax
regulations.
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.
Concentration in New York Issuers. 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.
Expense Offset Arrangements: Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
Other. 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 income and expenses during the reporting
period. Actual results could differ from those estimates.
24
<PAGE>
Note 2. 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 shares of beneficial interest were as follows:
<TABLE>
Class A:
<CAPTION>
Six Months Ended Year Ended
June 30, 1996 December 31, 1995
----------------------------- ------------------------------
Shares Amount Shares Amount
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Sold 28,333,063 $92,057,823 41,287,431 $133,924,167
Dividends and distributions
reinvested 3,278,110 10,620,327 5,901,142 19,071,036
Redeemed (16,854,548) (54,628,706) (31,589,856) (101,861,389)
---------- ---------- ---------- ------------
Net increase 14,756,625 $48,049,444 15,598,717 $ 51,133,814
========== =========== ========== ============
</TABLE>
-----------------------------------------------------
<TABLE>
Class B:
<CAPTION>
Six Months Ended Period May 1-
June 30, 1996 December 31, 1995
---------------------------- -----------------------------
Shares Amount Shares Amount
--------- ----------- --------- ------------
<S> <C> <C> <C> <C>
Sold 4,085,580 $13,271,811 5,028,893 $ 16,226,929
Dividends and distributions
reinvested 111,042 359,981 50,215 163,547
Redeemed (267,799) (864,705) (79,531) (259,772)
--------- ----------- --------- ------------
Net increase 3,928,823 $12,767,087 4,999,577 $ 16,130,704
========= =========== ========= ============
</TABLE>
Note 3. Portfolio Information:
At June 30, 1996, net unrealized appreciation on investments of $8,595,103 was
composed of gross appreciation of $10,462,433, and gross depreciation of
$1,867,330.
Note 4. Management Fees and Other Transactions With Affiliates:
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for a fee based on an annual
rate of 0.50% of average daily net assets up to $100 million, 0.45% of average
daily net assets on the next $150 million, 0.40% of average daily net assets in
excess of $250 million but less than $2 billion, and 0.39% of average daily net
assets in excess of $2 billion. During 1996, the Fund paid $27,896 to RCA, L.P.
(the former manager) and $1,279,600 to the Manager for management and investment
advisory services.
Accounting fees paid to the Manager were in accordance with the accounting
services agreement with the Fund which provides for an annual fee of $12,000 for
the first $30 million of net assets and $9,000 for each additional $30 million
of net assets. During 1996, the Fund paid $1,980 to RFS (the former accounting
and pricing agent) and $91,715 to the Manager for accounting and pricing
services.
25
<PAGE>
OppenheimerFunds Services (OFS), a division of the Manager, is the transfer and
shareholder servicing agent for the Fund. The transfer and shareholder servicing
agent fee paid by 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. During 1996, the Fund paid a total of $3,066 to RFS (the former
shareholder servicing agent), with the remainder being paid to OFS.
For the six months ended June 30, 1996, commissions (sales charges paid by
investors) on sales of Class A shares totaled $968,506, of which $159,392 was
retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by an affiliated broker/dealer. Sales
charges advanced to broker/dealers by OFDI on sales of the Fund's Class B shares
totaled $215,562, of which $2,449 was paid to an affiliated broker/dealer.
During the six months ended June 30, 1996, OFDI received contingent deferred
sales charges of $11,190 upon redemption of Class B shares as reimbursement for
sales commissions advanced by OFDI at the time of sale of such shares.
The Fund has adopted a Service Plan for Class A shares to reimburse OFDI for a
portion of its costs incurred in connection with the personal service and
maintenance of accounts that hold Class A shares. Reimbursement is made monthly
at an annual rate that may not exceed 0.25% of the average annual net assets of
Class A shares of the Fund. OFDI uses the service fee to reimburse brokers,
dealers, banks and other financial institutions quarterly for providing personal
service and maintenance of accounts of their customers that hold Class A shares.
During the six months ended June 30, 1996, OFDI paid $1,627 to an affiliated
broker/dealer as reimbursement for Class A personal service and maintenance
expenses.
The Fund has adopted a compensation type Distribution and Service Plan for Class
B shares to compensate OFDI for its services and costs in distributing Class B
shares and servicing accounts. Under the Plan, the Fund may pay OFDI an annual
asset-based sales charge of up to 0.75% per year on Class B shares that are
outstanding for four years or less, as compensation for sales commissions paid
from its own resources at the time of sale and associated financing costs.
Currently, the Board of Trustees has limited the asset-based sales charge to
0.50% per year on Class B shares. If the Plan is terminated by the Fund, the
Board of Trustees may allow the Fund to continue payments of the asset-based
sales charge to OFDI for certain expenses it incurred before the Plan was
terminated. OFDI also receives a service fee of 0.25% per year as compensation
for costs incurred in connection with the personal service and maintenance of
accounts that hold shares of the Fund, including amounts paid to brokers,
dealers, banks and other financial institutions. The fee is computed on the
average annual net assets of Class B shares, determined as of the close of each
regular business day. During the six months ended June 30, 1996, OFDI retained
$84,106 as compensation for Class B sales commissions and service fee advances,
as well as financing costs. At June 30, 1996, OFDI had incurred unreimbursed
expenses of $233,335 for Class B.
Note 5. 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 two other
Rochester Division funds managed by the Manager, 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 0.75%. Borrowings are payable on demand.
The Fund had borrowings of $8,850,000 outstanding at June 30, 1996. For the six
month period ended June 30, 1996, the average monthly loan balance was
$10,971,000 at an average interest rate of 6.038%. The maximum amount of
borrowings outstanding at any month-end was $18,180,000.
26
<PAGE>
[LOGO] LIMITED TERM
NEW YORK
MUNICIPAL FUND
The Rochester Funds
A Division of OppenheimerFunds, Inc.
350 Linden Oaks
Rochester, New York 14625-2807
- -------------------------------------------------------------------------------
Officers and Trustees Bridget A. Macaskill, Chairman of the
Board of Trustees and President
John Cannon, Trustee
Paul Y. Clinton, Trustee
Thomas W. Courtney, Trustee
Lacy B. Herrmann, Trustee
George Loft, Trustee
Ronald H. Fielding, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Adele A. Campbell, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
- --------------------------------------------------------------------------------
Investment Advisor OppenheimerFunds, Inc.
- --------------------------------------------------------------------------------
Distributor OppenheimerFunds Distributor, Inc.
- --------------------------------------------------------------------------------
Transfer and Shareholder OppenheimerFunds Services
Servicing Agent
- --------------------------------------------------------------------------------
Custodian Citibank, N.A.
- --------------------------------------------------------------------------------
Independent Accountants Price Waterhouse LLP
- --------------------------------------------------------------------------------
Legal Counsel Kirkpatrick & Lockhart LLP
- --------------------------------------------------------------------------------
The financial statements included herein have been taken from the records of the
Fund without examination by the independent accountants. This is a copy of a
report to shareholders of the Limited Term New York Municipal Fund. This report
must be preceded or accompanied by a Prospectus of the Limited Term New York
Municipal Fund. For material information concerning the Fund, see the
Prospectus. Shares of Oppenheimer funds are not deposits or obligations of any
bank, are not guaranteed by any bank, and are not insured by the FDIC or any
other agency, and involve investment risks, including possible loss of the
principal amount invested.
