LIMITED TERM
[logo] NEW YORK
MUNICIPAL FUND
Tax-Free Income for
Cautious New York Investors
SEMI-ANNUAL REPORT
- ------------------
June 30, 1997
M A P
OppenheimerFunds, Inc.
Investment Adviser
[LOGO} OppenheimerFunds
The Right Way To Invest
- ----------------------------------
------------------
[LOGO} OppenheimerFunds | BULK RATE |
The Right Way To Invest | U.S. Postage |
| PAID |
| Rochester, N.Y.|
OppenheimerFunds Distributor, Inc. | Permit No. 491 |
Rochester Division ------------------
350 Linden Oaks
Rochester, NY 14625-2807
RS0355.001.0897 August 29, 1997
<PAGE>
[LOGO]
OppenheimerFunds
[LOGO] The Rochester Funds
A Division of OppenheimerFunds, Inc.
350 Linden Oaks
Rochester, NY 14625
716 383 1300
July 1, 1997
Dear Fellow Shareholder,
We are very pleased to report that, midway through 1997, the Limited Term
New York Municipal Fund has been able to strike the specific balance between
risk and reward it seeks on behalf of shareholders: competitive tax-free income
with less volatility than longer term municipal funds. The yield of the Limited
Term New York Municipal Fund Class A shares is very competitive for a fund with
its five year average effective maturity policy. The Fund's 30-day standardized
yield for Class A shares as of 6/30/97 is 4.79%.(1) Throughout the six month
period, this yield was consistently higher than that of the average New York
long term fund as reported monthly by Lipper Analytical Yield Survey. Yield is
based on earnings of the Fund's portfolio during the 30 days ended 6/30/97 and
the maximum offering price, which, in the case of Class A shares, reflects
payment of the initial maximum 3.50% sales charge. And, this yield was achieved
with less than half the volatility of the average long term New York municipal
fund.(2)
In addition, remember that the yield you receive is generally exempt from
federal, New York State and, if applicable, New York City personal income
taxes.(3) That would mean that you would need to earn 8.0% on a taxable
investment to earn the equivalent of what you receive now from the Limited Term
New York Municipal Fund, using an approximate city, state and federal combined
income tax bracket of 40%.
The Fund's investment strategy continued to emphasize very broad diversity,
with over 700 different bonds (as of 6/30/97) across a broad range of market
sectors, maturities, coupons and call features. In addition, we have continued
our longstanding policy of selling popular sectors of the municipal bond market
and adding to sectors which are currently "cheap" because of their unpopularity
or perceived risks.
Class A shares of the Limited Term New York Municipal Fund have provided
investors with an average annual return for the one year, five year and life of
class periods through 6/30/97 of 3.52%, 5.68% and 6.46%, respectively, assuming
payment of the maximum initial sales charge of 3.50%. Class X Shares have
provided a one year and life of class return of 4.21% and 5.53%, respectively.
Class X shares returns reflect the deduction of the contingent deferred sales
charge (CDSC) of 2.50% (one year) and 1.50% (since inception of class).(4) Class
X shares have no purchase or redemption fees if the shares are held for 4 years
or more. The Fund also offers Class B and Class C shares. While all classes of
shares have the same investment portfolio,
2
<PAGE>
performance will differ primarily due to the different expenses the classes of
shares incur. All performance information provided represents 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.
We continue to manage the portfolio with an eye to reducing overall
portfolio risk and adding value to the investment process and believe that
investors will benefit from our well balanced portfolio.
Sincerely,
/s/ RONALD H. FIELDING
------------------------------
Ronald H. Fielding
Portfolio Manager
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.
(1) Standardized yield is net investment income calculated on a
yield-to-maturity basis for the 30-day period ended 6/30/97, divided by the
maximum offering price at the end of the period, compounded semiannually and
then annualized. Falling net asset values may artificially raise yields.
(2) The volatility measure accepted is based on a comparison of standard
deviation (a widely accepted measure of volatility) of monthly total returns of
Class A shares of the Limited Term New York Municipal Fund and the average
returns of the 95 long term New York municipal debt funds for the period 6/30/96
to 6/30/97, as reported by Lipper. Total return figures, published each month in
Lipper Analytical Fixed income Performance Analysis, include reinvestment of
dividends and capital gains, if applicable, as well as any change in share
value, but do not include sales charges, which, if included, would affect
results. The yield comparison is based solely on the standardized SEC 30-day
yields published in the Lipper Analytical Yield Survey as of 6/30/97. The
standard deviation was computed by the Rochester Division of OppenheimerFunds,
Inc.
(3) 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.
(4) For the periods ended 6/30/97, without deducting the maximum initial sales
charge of 3.50%, Class A total returns showing results of hypothetical
investment made on 6/30/96, 6/30/92 and 9/18/91 (inception of class) are 7.27%,
6.44% and 7.11%, respectively. Class X total returns showing results of
hypothetical investments made on 6/30/96 and 5/1/95 (inception of class), and
without deduction of the applicable contingent deferred sales charge of 2.50%
(1-year) and 1.50% (since inception) are 6.71% and 6.18%, respectively. An
explanation of the different performance calculations is in the Fund's
prospectus.
Performance information is not available for Classes B and C (Inception date
5/1/97).
3
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 539 Albany Hsg. Authority 0.000% 10/01/12 10/01/02(a) $ 143,128
40 Albany IDA (152 Washington Avenue) 7.500 11/01/01 11/01/97(b) 40,400
1,975 Albany IDA (H. Johnson Office Pk.) 5.750 03/01/18 03/01/98(d) 1,974,941
220 Albany IDA (Port of Albany) 6.250 02/01/05 12/04/01(c) 226,475
30 Albany IDA (Spectrapark) 7.150 12/01/98 -- 30,233
60 Albany IDA (Spectrapark) 7.250 12/01/99 -- 62,554
50 Albany IDA (Spectrapark) 7.500 12/01/03 12/01/98(b) 52,631
3,525 Albany IDA (Spectrapark) 7.600 12/01/09 12/01/98(b) 3,712,248
20 Albany Parking Authority 0.000 09/15/05 -- 12,474
40 Albany Parking Authority 0.000 09/15/02 -- 30,220
625 Albany Parking Authority 0.000 09/15/04 -- 405,863
25 Albany Parking Authority 0.000 09/15/03 -- 17,599
1,610 Albany Parking Authority 6.850 11/01/12(s) 11/01/01(b) 1,733,777
5,000 Albany Parking Authority 7.150 09/15/16(s) 09/15/01(b) 5,445,300
275 Albany Water Finance Authority 7.500 12/01/17 12/01/98(b) 292,768
645 Allegany IDA (Alfred University) 6.900 09/01/99 -- 673,586
100 Allegany IDA (Atlantic Richfield) 6.625 09/01/16 09/01/04(b) 106,760
300 American Samoa Power Authority 6.600 09/01/97 -- 301,119
300 American Samoa Power Authority 6.700 09/01/98 -- 307,164
600 American Samoa Power Authority 6.700 09/01/97 -- 602,334
300 American Samoa Power Authority 6.750 09/01/99 -- 310,701
700 American Samoa Power Authority 6.800 09/01/98 -- 717,472
700 American Samoa Power Authority 6.900 09/01/99 -- 726,929
700 American Samoa Power Authority 7.000 09/01/00 -- 737,296
120 Auburn IDA (Alcoa) 7.500 12/01/97 -- 121,800
50 Auburn IDA (Alcoa) 7.600 12/01/98 -- 51,000
670 Babylon IDA (WWH Ambulance) 7.000 09/15/01 11/03/99(c) 701,624
65 Baldwinsville Development Corp. 7.200 06/01/10 01/01/98(b) 67,600
755 Batavia Hsg. Authority (Trocaire Place) 7.650 04/01/08 12/30/03(c) 800,866
185 Brookhaven IDA (Dowling College) 6.200 03/01/01 -- 197,560
195 Brookhaven IDA (Dowling College) 6.300 03/01/02 -- 211,472
205 Brookhaven IDA (Dowling College) 6.400 03/01/03 -- 225,004
215 Brookhaven IDA (Farber) 6.188(v) 12/01/98 12/01/97(f) 215,000
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) 1,592,129
1,550 Carnegie Redevelopment Corp. 6.500 09/01/11 05/17/09(c) 1,605,521
515 Clifton Park (Caldor) 11.250 12/01/12 12/01/98(b) 532,731
1,570 Clifton Springs Hospital & Clinic 7.000 01/01/01 07/31/99(c) 1,611,872
40 Clinton County COP 7.000 08/01/97 -- 40,037
35 Colonie IDA (Homeowner Association) 7.250 10/01/02 10/01/97(b) 35,525
35 Cortland IDA (Paul Bunyon) 8.000 07/01/00 07/01/98(b) 36,421
275 Dutchess IDA (Bard College) 6.500 11/01/03 -- 291,629
1,175 Dutchess Res Rec (Solid Waste) 6.800 01/01/10 01/01/05(b) 1,225,008
15 Elmira HDC 7.500 08/01/09 08/01/97(b) 15,843
290 Elmira HDC 7.500 08/01/08 08/01/97(b) 300,266
440 Erie IDA (FMC Corp.) 6.000 02/01/03 08/01/97(b) 442,477
340 Erie IDA (Medaille College) 7.400 12/30/02 09/13/00(c) 355,144
40 Erie IDA (Medishield) 7.200 08/01/04 08/01/98(b) 40,800
775 Erie IDA (Mercy Hospital) 5.900 06/01/03 01/28/01(c) 798,087
940 Essex IDA (International Paper) 6.500 05/01/06 11/01/97(b) 949,297
2,730 Franklin IDA (COP) 8.125 08/01/06 06/04/03(c) 3,083,590
</TABLE>
4
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 1,980 Franklin IDA (Correctional Facilities) 6.375% 11/01/02 07/07/00(c) $ 2,035,064
60 Franklin IDA (Correctional Facilities) 6.750 11/01/12(s) 11/01/04(b) 62,788
2,120 Franklin SWMA 6.000 06/01/05 11/19/03(c) 2,147,306
1,350 Franklin SWMA 6.125 06/01/09 12/28/07(c) 1,359,248
11,635 Guam Airport Authority 6.600 10/01/10 10/01/05(b) 12,210,118
175 Guam Government Series A 7.000 11/15/04 11/15/99(b) 184,622
1,200 Guam Power Authority 6.300 10/01/12 10/01/04(b) 1,221,840
3,030 Guam Power Authority 6.375 10/01/08 10/01/04(b) 3,116,294
2,950 Guam Power Authority 6.625 10/01/14(s) 10/01/04(b) 3,110,156
905 Hamilton Elderly Hsg. 11.250 01/01/15(s) 11/01/97(b) 950,512
1,500 Hempstead IDA (Nassau Dist. Energy) 7.750 09/15/15(s) 09/15/97(b) 1,507,755
20 Hempstead IDA (UCP) 7.500 10/01/09 10/01/99(b) 21,098
2,700 Herkimer Hsg. Authority 7.150 03/01/11(s) 09/01/06(b) 2,898,504
1,995 Herkimer IDA (Burrows Paper) 7.250 01/01/01 08/08/99(c) 1,958,531
1,000 Herkimer IDA (Burrows Paper) 8.000 01/01/09 10/28/05(c) 994,890
475 Hudson IDA (Have, Inc.) 7.125 12/01/07 01/01/04(c) 481,674
90 Islip IDA (WJL Realty) 7.400 03/01/99 -- 95,729
1,160 Islip Res Rec 5.850 07/01/02 -- 1,229,716
330 Jamestown GO 7.000 03/15/99 -- 343,474
250 Jamestown GO 7.000 03/15/00 -- 265,065
3,275 Jamestown Hsg. Authority 6.125 07/01/10 06/14/05(c) 3,320,981
460 Jefferson IDA (Stature Electric) 7.500 08/01/99 08/01/97(b) 467,986
55 Lakeside Village Hsg. Corp. 0.000 09/01/05 09/01/97(b) 25,631
430 Lincoln Towers Hsg. Corp. 11.250 01/01/15(s) 11/01/97(b) 449,458
96 Locke Fire District #1 (i) 7.500 07/01/02 04/18/01(c) 103,143
1,765 Madison IDA (Morrisville College) 6.750 07/01/07 03/09/03(c) 1,788,122
220 Medina Hsg. Corp. 8.250 08/15/11(s) 08/15/97(b) 233,200
630 Middleton IDA (Fleurchem) 7.125 12/01/08 05/05/04(c) 643,621
810 Middleton IDA (Southwinds) 7.250 03/01/03 11/17/00(c) 830,542
5 Monroe County Airport 0.000 01/01/04 -- 3,429
30 Monroe County GO 6.100 05/01/03 -- 30,000
2,815 Monroe IDA (Al Sigl Center) 6.125 12/15/08 07/13/04(c) 2,891,146
1,325 Monroe IDA (Al Sigl Center) 6.375 12/15/05 05/11/02(c) 1,361,040
1,135 Monroe IDA (Al Sigl Center) 6.750 12/15/10 02/01/09(c) 1,167,994
10 Monroe IDA (Cohber) 7.500 12/01/00 12/01/98(b) 10,421
100 Monroe IDA (Cohber) 7.550 12/01/01 12/01/98(b) 104,884
885 Monroe IDA (Emil Muller) 6.500 10/01/04 06/20/01(c) 886,443
360 Monroe IDA (GEVA) 7.750 04/01/03 -- 361,008
990 Monroe IDA (GEVA) 7.750 04/01/02 05/24/00(c) 992,772
13 Monroe IDA (Hahn) 7.250 06/01/98 12/31/97(c) 13,223
89 Monroe IDA (Hahn) 7.250 06/01/98 01/13/98(c) 88,991
75 Monroe IDA (Palmer) 6.500 08/01/98 03/14/98(c) 74,543
2,170 Monroe IDA (Piano Works) 6.625 11/01/06 11/12/02(c) 2,228,199
300 Monroe IDA (Roberts Wesleyan) 6.200 09/01/05 -- 307,230
215 Monroe IDA (West End Business) 6.750 12/01/04 11/05/01(c) 220,409
145 Montgomery IDA (Amsterdam) 6.000 01/15/98 -- 145,413
885 Montgomery IDA (Amsterdam) 6.500 01/15/03 02/17/01(c) 899,647
5,000 MTA 5.750 07/01/15 -- 4,947,550
65 MTA 6.250 07/01/11 07/01/04(b) 66,664
50 MTA 7.000 07/01/09 07/01/01(b) 53,528
430 Nassau IDA (ACLDD) 7.250 10/01/04 08/10/01(c) 448,202
</TABLE>
5
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 925 Nassau IDA (Farmingdale Market) 10.000% 05/01/98 11/01/97(b) $ 929,329
1,090 New Rochelle IDA (CNR) 6.000 07/01/02 08/11/00(c) 1,142,625
260 New Rochelle IDA (CNR) 6.300 07/01/03 -- 277,204
275 New Rochelle IDA (CNR) 6.400 07/01/04 -- 294,759
255 Newark Sr. Citizens Hsg. 9.000 03/01/11 09/01/97(b) 272,085
2,100 Niagara IDA (Sevenson Hotel) 5.750 05/01/03 10/30/00(c) 2,120,580
575 North Country Development Authority 6.600 07/01/02 -- 595,988
2,995 North Country Development Authority 6.750 07/01/12(s) 07/01/99(b) 3,112,494
130 Northern Marianas Island Port Authority 7.050 10/01/04 10/01/97(b) 133,250
10 Northern Marianas Island Port Authority 7.050 10/01/05 10/01/97(b) 10,300
50 NYC GO 0.000 02/01/12 02/01/02(b) 40,705
10 NYC GO 0.000 08/01/03 -- 10,106
170 NYC GO 0.000 04/01/00 -- 158,432
2,000 NYC GO 0.000 08/15/00 -- 1,744,060
1,000 NYC GO 0.000 02/01/03 -- 763,470
1,460 NYC GO 0.000 02/01/02 -- 1,177,738
1,500 NYC GO 0.000 02/01/01 -- 1,274,715
50 NYC GO 0.000 08/15/01 -- 41,565
630 NYC GO 0.000 04/01/01 -- 531,348
1,750 NYC GO 6.000 04/15/09 -- 1,820,385
10,550 NYC GO 6.250 08/01/09 08/01/08(b) 11,172,661
4,050 NYC GO 6.250 08/01/13 -- 4,224,191
2,000 NYC GO 6.250 08/01/12 08/01/08(b) 2,089,360
2,500 NYC GO 6.250 08/01/08 -- 2,668,400
1,050 NYC GO 6.300 08/15/08 08/15/07(b) 1,116,087
10,000 NYC GO 6.375 08/15/12 08/15/07(b) 10,496,600
13,500 NYC GO 6.375 08/15/09 08/15/07(b) 14,324,175
135 NYC GO 6.375 08/15/11 08/15/07(b) 141,645
1,890 NYC GO 6.375 08/01/10 08/01/07(b) 1,993,667
970 NYC GO 6.375 08/15/10 08/15/07(b) 1,023,350
2,105 NYC GO 6.375 08/01/07 08/01/02(b) 2,207,198
1,000 NYC GO 6.375 02/15/06 -- 1,075,300
600 NYC GO 6.375 08/01/06 08/01/04(b) 630,492
110 NYC GO 6.500 08/01/05 08/01/02(b) 116,548
13,000 NYC GO 6.500 08/01/11 08/01/02(b) 13,613,990
20 NYC GO 6.500 08/01/06 08/01/02(b) 21,193
100 NYC GO 6.500 08/01/12 08/01/02(b) 105,252
115 NYC GO 6.500 08/01/08 08/01/02(b) 121,315
600 NYC GO 6.500 02/15/08 02/15/07(b) 643,590
100 NYC GO 6.500 08/01/14 08/15/07(b) 105,588
10,000 NYC GO 6.625 02/15/14 02/15/05(b) 10,645,800
420 NYC GO 6.750 10/01/05 10/01/02(a) 469,661
1,130 NYC GO 6.750 10/01/05 10/01/02(b) 1,214,603
725 NYC GO 6.750 10/01/06 10/01/02(b) 776,526
490 NYC GO 7.000 02/01/00 08/01/97(b) 498,252
1,000 NYC GO 7.000 02/01/16 02/01/04(b) 1,074,860
5 NYC GO 7.000 12/01/08 12/01/97(b) 5,125
5 NYC GO 7.000 02/01/16 08/01/97(b) 5,086
15 NYC GO 7.000 02/01/12 08/01/97(a) 15,266
180 NYC GO 7.000 08/15/16 08/15/04(a) 195,892
135 NYC GO 7.000 02/01/12 08/01/97(b) 137,395
</TABLE>
6
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 40 NYC GO 7.000% 08/01/09 08/01/97(b) $ 40,680
1,180 NYC GO 7.000 08/15/16 08/15/04(b) 1,296,584
990 NYC GO 7.000 02/01/01 08/01/97(b) 1,006,543
10 NYC GO 7.000 02/01/14 08/01/97(b) 10,173
5 NYC GO 7.000 02/01/02 08/01/97(b) 5,084
730 NYC GO 7.000 10/01/09 10/01/04(b) 790,123
5 NYC GO 7.000 12/01/10 12/01/97(b) 5,125
5 NYC GO 7.000 02/01/02 08/01/97(a) 5,075
230 NYC GO 7.000 02/01/13 08/01/97(b) 233,749
5 NYC GO 7.000 08/01/08 08/01/97(b) 5,082
40 NYC GO 7.000 02/01/09 08/01/97(b) 40,960
5 NYC GO 7.000 02/01/09 08/01/97(a) 5,075
80 NYC GO 7.000 08/01/00 08/01/97(b) 81,373
365 NYC GO 7.000 08/01/07 -- 410,694
3,250 NYC GO 7.000 02/01/06 02/01/02(b) 3,493,295
10 NYC GO 7.000 02/01/01 08/01/97(a) 10,890
20 NYC GO 7.000 12/01/06 12/01/97(b) 20,567
9,140 NYC GO 7.000 10/01/13 10/01/02(b) 9,892,770
110 NYC GO 7.000 02/01/00 08/01/97(a) 117,260
100 NYC GO 7.100 08/15/07 08/15/04(b) 108,704
2,275 NYC GO 7.100 02/01/09 02/01/02(b) 2,454,429
200 NYC GO 7.100 02/01/10 02/01/04(b) 215,774
1,450 NYC GO 7.200 08/15/08 08/15/04(b) 1,614,749
20 NYC GO 7.200 02/01/15 02/01/02(b) 21,658
25 NYC GO 7.200 02/01/05 08/01/97(b) 25,423
85 NYC GO 7.250 02/01/08 08/01/97(b) 86,275
15 NYC GO 7.250 02/01/08 08/01/97(a) 15,225
100 NYC GO 7.250 02/01/07 08/01/97(b) 101,678
25 NYC GO 7.250 02/01/07 08/01/97(a) 25,375
3,340 NYC GO 7.250 08/15/19 08/15/04(a) 3,884,286
1,660 NYC GO 7.250 08/15/19 08/15/04(b) 1,848,261
90 NYC GO 7.250 02/01/07 08/01/97(b) 92,025
5 NYC GO 7.300 08/15/11 08/15/01(b) 5,539
15 NYC GO 7.300 08/15/98 08/15/97(b) 15,275
500 NYC GO 7.400 02/01/00 -- 532,950
285 NYC GO 7.400 02/01/02 -- 313,662
5 NYC GO 7.500 08/15/06 08/15/97(b) 5,096
55 NYC GO 7.500 02/01/05 02/01/02(b) 60,645
8,900 NYC GO 7.500 02/01/06 02/01/02(b) 9,913,532
10,125 NYC GO 7.500 02/01/04 02/01/02(b) 11,209,995
15 NYC GO 7.500 08/15/01 08/15/97(b) 15,266
50 NYC GO 7.500 08/01/04 08/01/98(b) 52,236
25 NYC GO 7.500 08/01/01 08/01/99(b) 26,759
25 NYC GO 7.500 08/15/01 08/15/97(b) 25,443
5 NYC GO 7.500 08/15/05 08/15/97(b) 5,093
220 NYC GO 7.500 02/01/07 02/01/02(b) 243,052
5 NYC GO 7.500 08/15/98 08/15/97(b) 5,092
100 NYC GO 7.500 03/15/09 03/15/00(b) 106,917
100 NYC GO 7.500 08/15/03 08/15/99(b) 107,239
50 NYC GO 7.500 08/15/03 08/15/99(a) 53,544
2,425 NYC GO 7.500 02/01/09 02/01/02(b) 2,699,049
</TABLE>
7
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 15 NYC GO 7.500% 08/15/02 08/15/97(b) $ 15,279
10 NYC GO 7.500 08/15/02 08/15/97(b) 10,187
45 NYC GO 7.625 02/01/13 02/01/02(a) 50,353
5 NYC GO 7.625 02/01/13 02/01/02(b) 5,571
315 NYC GO 7.650 02/01/07 02/01/02(b) 351,279
3,705 NYC GO 7.650 02/01/07 02/01/02(a) 4,246,301
25 NYC GO 7.700 02/01/09 02/01/02(b) 27,821
275 NYC GO 7.700 02/01/09 02/01/02(a) 315,744
95 NYC GO 7.750 08/15/09 08/15/01(b) 105,577
485 NYC GO 7.750 08/15/06 08/15/01(b) 539,000
90 NYC GO 7.750 08/15/07 08/15/01(b) 99,701
1,410 NYC GO 7.750 08/15/07 08/15/01(a) 1,604,848
570 NYC GO 7.750 08/15/01 08/15/99(b) 612,590
155 NYC GO 7.750 08/15/01 08/15/99(a) 166,876
125 NYC GO 7.750 08/15/05 08/15/01(b) 138,474
40 NYC GO 7.750 08/15/11 08/15/01(a) 44,469
30 NYC GO 7.750 08/15/06 08/15/01(a) 33,471
1,460 NYC GO 7.750 08/15/09 08/15/01(a) 1,665,320
180 NYC GO 7.750 08/15/12 08/15/01(a) 205,313
525 NYC GO 7.750 08/15/05 08/15/01(a) 598,831
75 NYC GO 7.875 08/01/04 08/01/00(b) 82,821
1,685 NYC GO 8.000 08/01/03 08/01/01(b) 1,889,626
200 NYC GO 8.000 08/01/01 08/01/98(b) 210,974
20 NYC GO 8.000 08/01/07 08/01/97(b) 20,472
1,445 NYC GO 6.600 02/15/10 02/15/05(b) 1,534,272
110 NYC GO 8.250 11/15/10 11/15/01(b) 122,980
14,000 NYC GO Indexed Floating Rate Note 7.250(r)(+) 10/01/16 10/01/04(b) 14,784,280
2,000 NYC GO LIMO 0.000(+) 02/01/04 02/01/00(b) 1,855,480
1,950 NYC GO LIMO 0.000(+) 02/01/07 02/01/02(e) 1,547,384
115 NYC GO PRAMS 0.000(+) 10/01/06 10/01/02(b) 89,953
20 NYC GO PRAMS 0.000(+) 08/01/04 08/01/97(b) 18,000
25 NYC HDC 0.000 04/01/05 04/01/98(b) 15,128
30 NYC HDC 0.000 04/01/03 04/01/98(b) 21,194
30 NYC HDC 0.000 04/01/08 04/01/98(b) 14,516
60 NYC HDC 0.000 04/01/00 -- 52,205
80 NYC HDC 0.000 04/01/06 04/01/98(b) 44,987
550 NYC HDC 0.000 10/01/06 04/01/98(b) 296,676
50 NYC HDC 0.000 10/01/08 04/01/98(b) 23,300
70 NYC HDC 0.000 10/01/07 04/01/98(b) 35,203
60 NYC HDC 0.000 04/01/04 04/01/98(b) 39,244
15 NYC HDC 0.000 10/01/02 -- 10,954
40 NYC HDC 0.000 04/01/99 -- 36,443
30 NYC HDC 0.000 10/01/99 -- 26,918
90 NYC HDC 0.000 10/01/03 04/01/98(b) 61,251
20 NYC HDC 0.000 10/01/01 -- 15,708
75 NYC HDC 0.000 04/01/01 -- 61,553
90 NYC HDC 0.000 10/01/00 -- 76,352
200 NYC HDC 7.375 04/01/17 04/01/98(b) 205,824
1,700 NYC HDC 7.900 02/01/23(s) 02/01/00(b) 1,796,560
720 NYC HDC 8.100 09/01/23(s) 09/01/00(b) 770,371
215 NYC Hsg. Authority Sec. 8 8.250 01/01/11 01/01/98(b) 220,375
</TABLE>
8
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 1,325 NYC IDA 7.625% 11/01/09 11/01/97(b) $ 1,362,696
65 NYC IDA 8.125 11/01/09 11/01/97(b) 66,950
1,160 NYC IDA (ALA Realty) 7.000 12/01/05 05/12/02(c) 1,201,772
2,500 NYC IDA (American Airlines) 8.000 07/01/20 01/01/99(b) 2,642,975
575 NYC IDA (Amster Novelty) 7.375 12/01/05 05/30/02(c) 587,282
835 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/08 04/01/04(c) 846,289
425 NYC IDA (BHMS) 7.500 01/01/07 03/15/03(c) 429,739
2,560 NYC IDA (Blood Center) 6.800 05/01/02 01/08/00(c) 2,809,062
815 NYC IDA (CCM) 7.250 12/01/06 01/28/03(c) 839,181
360 NYC IDA (CNR) 6.200 09/01/10 10/14/08(c) 375,973
1,220 NYC IDA (Cummins Engine) 6.500 03/01/05 09/08/01(c) 1,227,843
1,040 NYC IDA (EPG) 7.400 07/30/02 04/11/00(c) 1,097,928
1,965 NYC IDA (Friends Seminary School) 6.125 12/01/07 11/30/03(c) 1,973,351
1,550 NYC IDA (Gabrielli Truck Sales) 7.250 12/01/07 01/02/04(c) 1,564,803
2,140 NYC IDA (JBFS) 6.500 12/15/02 08/12/00(c) 2,252,307
490 NYC IDA (Koenig Manufacturing) 7.375 12/01/10 09/13/05(c) 500,506
20 NYC IDA (Lighthouse) 6.375 07/01/10 07/01/04(b) 20,229
505 NYC IDA (OHEL) 7.125 03/15/03 11/29/00(c) 510,212
65 NYC IDA (Paper Enterprises) 10.000 11/01/98 03/22/98(c) 65,598
3,285 NYC IDA (Plaza Packaging) 7.650 12/01/09 12/01/99(b) 3,512,946
785 NYC IDA (Promotional Slideguide) 7.000 12/01/05 05/19/02(c) 785,769
260 NYC IDA (Streamline Plastics) 7.125 12/01/05 05/25/02(c) 267,566
3,565 NYC IDA (St. Bernard's School) 6.125 12/01/11 01/08/06(c) 3,585,249
50 NYC IDA (St. Christopher Ottilie) 6.750 07/01/99 -- 51,954
160 NYC IDA (United Nations School) 6.050 12/01/05 -- 160,954
170 NYC IDA (United Nations School) 6.100 12/01/06 -- 171,102
180 NYC IDA (United Nations School) 6.150 12/01/07 -- 181,255
100 NYC IDA (Visy Paper ) 7.550 01/01/05 03/29/02(c) 104,788
2,305 NYS COP 7.625 03/01/09 09/01/01(b) 2,533,126
1,725 NYS COP 8.250 09/01/07 09/01/97(b) 1,770,454
4,040 NYS COP 8.300 09/01/12(s) 09/01/97(b) 4,147,262
30 NYS Dorm (Adelphi University) 8.000 07/01/02 01/01/98(b) 31,167
200 NYS Dorm (Adelphi University) 8.250 07/01/06 01/01/98(b) 205,000
30 NYS Dorm (City University) 0.000 07/01/03 07/01/98(b) 20,529
1,900 NYS Dorm (City University) 6.000 07/01/10 -- 1,971,288
6,200 NYS Dorm (City University) 8.125 07/01/07 07/01/98(b) 6,550,114
15 NYS Dorm (ECC) 7.100 07/01/09 01/01/98(b) 15,150
25 NYS Dorm (Higher Education) 8.500 06/01/03 12/01/97(b) 25,500
30 NYS Dorm (Jewish Geriatric) 7.150 08/01/14 08/01/04(b) 32,753
25 NYS Dorm (JGB Health Facilities) 7.000 07/01/09 01/01/98(b) 25,250
190 NYS Dorm (Judicial-Suffolk) 9.000 10/15/01 10/15/97(b) 205,200
4,330 NYS Dorm (Judicial-Suffolk) 9.000 10/15/01 10/15/97(b) 4,720,912
80 NYS Dorm (L.I. Medical Center) 7.625 08/15/08 02/15/98(b) 83,210
60 NYS Dorm (L.I. Medical Center) 7.750 08/15/27 02/15/98(b) 62,494
40 NYS Dorm (Manhattan E,E&T) 9.500 07/01/12(s) 01/01/98(b) 40,800
355 NYS Dorm (Manhattan E,E&T) 11.500 07/01/09 01/01/98(b) 357,311
75 NYS Dorm (Montefiore) 8.625 07/01/10 01/01/98(b) 76,650
35 NYS Dorm (Mount Sinai) 6.750 07/01/15 07/01/01(b) 37,430
225 NYS Dorm (NY Medical College) 6.875 07/01/03 -- 236,198
1,150 NYS Dorm (Nyack) 6.250 07/01/13 05/10/09(c) 1,184,960
35 NYS Dorm (Park Ridge Hsg.) 7.850 02/01/29 02/01/99(b) 37,541
</TABLE>
9
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 95 NYS Dorm (PCP) 7.800% 12/01/05 12/01/98(b) $ 100,708
1,150 NYS Dorm (State University) 5.750 05/15/10 -- 1,169,447
8,730 NYS Dorm (State University) 6.375 05/15/14 05/15/05(b) 9,141,270
75 NYS Dorm (State University) 7.000 05/15/16 05/15/00(b) 79,559
25 NYS Dorm (State University) 7.000 05/15/16(s) 05/15/00(b) 26,347
110 NYS Dorm (St. Francis G&H) 7.375 08/01/10 08/01/00(b) 118,033
270 NYS Dorm (United Health) 7.150 08/01/07 02/01/00(b) 288,554
50 NYS Dorm (United Hospital) 6.500 09/15/10 01/01/98(b) 50,250
175 NYS Dorm (United Hospital) 11.750 09/15/10 01/01/98(b) 180,250
15 NYS Dorm (University of Rochester) 6.500 07/01/09 01/01/98(b) 15,301
4,590 NYS Dorm (University of Rochester) 6.500 07/01/09 01/01/98(b) 4,689,236
1,250 NYS Dorm (Upstate Community Colleges) 6.200 07/01/15(s) 07/01/07(b) 1,278,500
200 NYS Environ. (Consolidated Water) 7.150 11/01/14(s) 11/01/06(b) 214,110
275 NYS Environ. (Huntington Res Rec) 7.375 10/01/99 10/18/98(c) 288,855
7,550 NYS Environ. (Huntington Res Rec) 7.500 10/01/12(s) 10/01/99(b) 8,116,628
75 NYS Environ. (L.I. Water) 10.000 10/01/17 10/01/97(b) 77,372
330 NYS Environ. (RSP) 7.100 04/01/01 04/01/01(a) 361,139
5,000 NYS ERDA (Con Ed) 6.750 01/15/27 01/15/01(b) 5,303,450
13,045 NYS ERDA (Con Ed) 7.750 01/01/24 01/01/98(b) 13,427,479
15 NYS ERDA (Con Ed) 9.250 09/15/22 09/15/97(b) 15,420
175 NYS ERDA (LILCO) 7.500 12/01/06 12/01/97(b) 176,750
425 NYS ERDA (LILCO) 7.800 12/01/09 12/01/97(b) 425,570
340 NYS ERDA (LILCO) 8.250 10/01/12 10/01/97(b) 340,898
2,125 NYS ERDA (Niagara Mohawk) 8.875 11/01/25 11/01/97(b) 2,180,250
40 NYS GO 6.600 12/01/14 12/01/97(b) 41,000
1,500 NYS HDC 6.550 10/01/15(s) 04/01/05(b) 1,575,960
595 NYS HDC 9.625 01/01/19(s) 07/24/97(b) 606,989
520 NYS HDC 5.750 04/01/07 05/22/03(c) 529,266
1,970 NYS HDC (Pass Through Certificate) (i) 6.500 09/20/03 11/20/02(c) 2,043,974
80 NYS HFA (Children's Rescue) 7.400 11/01/00 -- 84,170
140 NYS HFA (Children's Rescue) 7.500 11/01/01 -- 149,491
65 NYS HFA (Children's Rescue) 7.500 05/01/01 -- 68,996
94 NYS HFA (General Housing) 6.500 11/01/03 -- 94,940
30 NYS HFA (General Housing) 6.600 11/01/06 11/01/00(b) 31,456
10 NYS HFA (General Housing) 6.600 11/01/05 11/01/00(b) 10,367
6 NYS HFA (General Housing) 6.750 11/01/98 -- 6,060
2,165 NYS HFA (Health Facility) 6.000 05/01/08 -- 2,261,299
1,435 NYS HFA (Health Facility) 6.000 05/01/07 -- 1,505,502
17,600 NYS HFA (Health Facility) 7.900 11/01/99 11/14/98(c) 18,553,920
1,560 NYS HFA (HELP/Bronx) 8.050 11/01/05 11/01/99(b) 1,660,651
55 NYS HFA (H&N) 5.900 11/01/05 -- 54,450
480 NYS HFA (H&N) 6.800 11/01/01 11/01/97(b) 490,642
650 NYS HFA (H&N) 6.800 11/01/02 11/01/97(b) 664,411
15 NYS HFA (H&N) 6.875 11/01/10 11/01/97(b) 15,375
300 NYS HFA (H&N) 6.875 11/01/11 11/01/97(b) 306,213
2,245 NYS HFA (H&N) 6.875 11/01/07 11/01/97(b) 2,290,259
25 NYS HFA (H&N) 6.875 11/01/05 11/01/97(b) 25,250
55 NYS HFA (H&N) 6.875 11/01/04 11/01/97(b) 55,550
45 NYS HFA (H&N) 6.875 11/01/09 11/01/97(b) 45,743
1,790 NYS HFA (H&N) 7.000 11/01/17(s) 11/01/97(b) 1,826,820
570 NYS HFA (H&N) 8.000 11/01/08 11/01/00(b) 634,074
</TABLE>
10
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 5 NYS HFA (H&N) 8.625% 11/01/05 11/01/97(b) $ 5,050
140 NYS HFA (H&N) 9.000 11/01/17(s) 11/01/97(b) 142,800
10 NYS HFA (Insured Mtg.) 6.250 08/15/14(s) 08/15/06(b) 10,422
125 NYS HFA (Meadow Manor) 7.750 11/01/19 11/01/97(b) 127,625
130 NYS HFA (Monroe) 7.625 05/01/05 05/01/00(b) 142,133
1,000 NYS HFA (Multi-Family) 6.450 08/15/14(s) 08/15/04(b) 1,039,180
100 NYS HFA (Multi-Family) 6.950 08/15/12 08/15/02(b) 105,309
15 NYS HFA (Multi-Family) 7.300 11/01/04 11/01/99(b) 16,196
310 NYS HFA (Multi-Family) 7.450 11/01/28(s) 11/01/99(b) 325,860
875 NYS HFA (Multi-Family) 10.000 11/15/99 11/15/97(b) 879,279
10 NYS HFA (NonProfit) 6.100 11/01/98 -- 10,000
50 NYS HFA (NonProfit) 6.100 11/01/99 -- 50,250
25 NYS HFA (NonProfit) 6.400 11/01/05 11/01/00(b) 25,250
5 NYS HFA (NonProfit) 6.400 11/01/06 11/01/00(b) 5,075
10 NYS HFA (NonProfit) 6.400 11/01/04 11/01/00(b) 10,100
40 NYS HFA (NonProfit) 6.400 11/01/00 -- 40,400
35 NYS HFA (NonProfit) 6.400 11/01/09 11/01/01(b) 35,140
35 NYS HFA (NonProfit) 6.500 11/01/02 -- 36,930
10 NYS HFA (NonProfit) 6.500 11/01/01 -- 10,100
10 NYS HFA (NonProfit) 6.600 11/01/13 11/01/97(b) 9,980
5 NYS HFA (NonProfit) 6.600 11/01/10 11/01/98(b) 5,050
25 NYS HFA (NonProfit) 6.600 11/01/05 11/01/00(b) 25,438
5 NYS HFA (NonProfit) 6.600 11/01/11 01/01/98(b) 5,070
20 NYS HFA (NonProfit) 6.600 11/01/01 -- 20,931
10 NYS HFA (NonProfit) 6.600 11/01/09 11/01/00(b) 10,203
15 NYS HFA (NonProfit) 6.600 11/01/11 11/01/03(b) 15,000
10 NYS HFA (NonProfit) 6.600 11/01/02 -- 10,318
10 NYS HFA (NonProfit) 6.600 11/01/09 11/01/98(b) 10,275
75 NYS HFA (NonProfit) 6.600 11/01/05 11/01/98(b) 78,904
225 NYS HFA (NonProfit) 6.600 11/01/03 -- 228,375
1,420 NYS HFA (NonProfit) 6.750 11/01/11 11/01/97(b) 1,476,686
20 NYS HFA (NonProfit) 6.750 11/01/01 11/01/98(b) 20,400
61 NYS HFA (NonProfit) 6.875 11/01/10 11/01/97(b) 62,525
195 NYS HFA (Phillips Village) 6.700 02/15/02 -- 204,280
250 NYS HFA (Phillips Village) 6.700 08/15/02 -- 262,560
85 NYS HFA (Phillips Village) 6.900 08/15/04 -- 90,601
175 NYS HFA (Phillips Village) 6.900 02/15/04 -- 186,062
415 NYS HFA (Simeon Dewitt) 8.000 11/01/18(s) 05/01/98(b) 420,935
315 NYS HFA (Westchester/HELP) 7.500 11/01/00 05/27/99(c) 329,348
55 NYS HFA (Westchester/HELP) 7.550 11/01/02 05/01/00(b) 58,869
795 NYS LGSC (SCSB) 6.375 12/15/09 10/15/04(c) 814,947
195 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/06 11/01/97(b) 199,290
95 NYS Medcare (Beth Israel Medical Center) 7.200 11/01/14 11/01/97(b) 97,138
615 NYS Medcare (Brookdale Hospital) 6.600 08/15/03 -- 654,323
260 NYS Medcare (Brookdale Hospital) 6.600 02/15/03 -- 275,457
1,000 NYS Medcare (Central Suffolk) 6.125 11/01/16 06/03/12(c) 893,950
945 NYS Medcare (Downtown Hospital) 6.550 08/15/06 -- 1,020,647
365 NYS Medcare (Downtown Hospital) 6.550 02/15/06 -- 392,959
95 NYS Medcare (Good Samaritan Hospital) 7.650 11/01/01 11/01/97(b) 97,742
1,915 NYS Medcare (Huntington Hospital) 6.500 11/01/14(s) 11/01/06(b) 2,007,724
1,460 NYS Medcare (H&N) 6.400 08/15/14 08/15/06(b) 1,544,052
</TABLE>
11
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 10 NYS Medcare (H&N) 6.550% 08/15/12 08/15/04(b) $ 10,768
10 NYS Medcare (H&N) 7.000 02/15/99 -- 10,397
820 NYS Medcare (H&N) 7.100 11/01/99 -- 838,368
25 NYS Medcare (H&N) 7.100 08/15/01 02/15/98(b) 25,875
10 NYS Medcare (H&N) 7.100 11/01/98 -- 10,100
55 NYS Medcare (H&N) 7.100 11/01/00 -- 56,100
715 NYS Medcare (H&N) 7.200 11/01/01 11/01/97(b) 731,088
100 NYS Medcare (H&N) 7.200 02/15/02 02/15/98(b) 103,674
175 NYS Medcare (H&N) 7.250 11/01/03 11/01/97(b) 180,250
85 NYS Medcare (H&N) 7.250 11/01/02 11/01/97(b) 87,550
310 NYS Medcare (H&N) 7.250 02/15/09 02/15/99(b) 330,851
5 NYS Medcare (H&N) 7.300 08/15/10 08/15/99(b) 5,251
20 NYS Medcare (H&N) 7.300 08/15/11 08/15/01(b) 21,676
660 NYS Medcare (H&N) 7.400 11/01/16(s) 11/01/97(b) 674,936
120 NYS Medcare (H&N) 7.500 02/15/08 02/15/98(b) 127,007
10 NYS Medcare (H&N) 7.500 02/15/09 02/15/99(b) 10,445
65 NYS Medcare (H&N) 7.900 02/15/08 08/15/98(b) 68,549
10,300 NYS Medcare (H&N) 8.000 02/15/27 08/15/97(b) 10,551,423
10 NYS Medcare (H&N) 8.000 02/15/28 08/15/98(b) 10,434
230 NYS Medcare (H&N) 8.625 02/15/06 08/15/97(b) 234,600
330 NYS Medcare (H&N) 8.875 08/15/27 02/15/98(b) 338,927
960 NYS Medcare (H&N) 9.000 02/15/26 08/15/97(b) 966,029
2,955 NYS Medcare (H&N) 10.000 11/01/06 11/01/97(b) 3,124,913
2,545 NYS Medcare (Insured Hospital) 7.250 02/15/12 08/15/97(b) 2,604,833
230 NYS Medcare (Insured Hospital) 7.625 02/15/02 08/15/97(b) 235,435
1,860 NYS Medcare (Insured Hospital) 7.875 02/15/07 08/15/97(b) 1,905,086
5 NYS Medcare (Insured Mtg.) 7.100 02/15/00 -- 5,185
660 NYS Medcare (Insured Mtg.) 9.375 11/01/16(s) 11/01/97(b) 689,179
665 NYS Medcare (Insured Nursing) 10.250 01/01/24 01/01/98(b) 691,600
1,345 NYS Medcare (Long Beach) 7.625 02/15/06 08/15/98(b) 1,425,687
5 NYS Medcare (Mental Health) 0.000 02/15/03 08/15/98(a) 3,547
20 NYS Medcare (Mental Health) 0.000 08/15/01 -- 15,982
5 NYS Medcare (Mental Health) 0.000 08/15/03 08/15/98(b) 3,419
25 NYS Medcare (Mental Health) 0.000 08/15/03 08/15/98(a) 17,093
5 NYS Medcare (Mental Health) 0.000 02/15/03 08/15/98(b) 3,547
125 NYS Medcare (Mental Health) 6.375 08/15/14 08/15/06(b) 131,655
4,075 NYS Medcare (Mental Health) 6.375 08/15/14(s) 08/15/06(b) 4,275,653
1,230 NYS Medcare (Mental Health) 6.375 02/15/99 08/15/97(b) 1,261,021
3,780 NYS Medcare (Mental Health) 6.500 08/15/12(s) 08/15/04(b) 4,005,742
85 NYS Medcare (Mental Health) 6.850 08/15/00 -- 90,540
45 NYS Medcare (Mental Health) 7.000 02/15/01 -- 47,873
15 NYS Medcare (Mental Health) 7.100 02/15/02 08/15/99(b) 15,698
50 NYS Medcare (Mental Health) 7.200 08/15/00 -- 52,787
10 NYS Medcare (Mental Health) 7.200 02/15/04 08/15/99(b) 10,614
45 NYS Medcare (Mental Health) 7.375 02/15/14 08/15/99(b) 47,164
25 NYS Medcare (Mental Health) 7.400 02/15/02 02/15/00(b) 27,132
45 NYS Medcare (Mental Health) 7.400 08/15/00 -- 48,646
10 NYS Medcare (Mental Health) 7.500 08/15/07 02/15/01(b) 11,173
10 NYS Medcare (Mental Health) 7.625 08/15/07 08/15/01(b) 11,006
145 NYS Medcare (Mental Health) 7.625 02/15/07 08/15/01(b) 161,355
25 NYS Medcare (Mental Health) 7.700 02/15/18 02/15/98(b) 26,013
</TABLE>
12
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 25 NYS Medcare (Mental Health) 7.750% 08/15/10 02/15/00(b) $ 26,593
1,505 NYS Medcare (Mental Health) 8.875 08/15/07 08/15/97(b) 1,544,070
50 NYS Medcare (North Shore) 7.125 11/01/08 11/01/00(b) 52,525
10 NYS Medcare (N. General) 7.000 02/15/98 -- 10,182
275 NYS Medcare (N. General) 7.100 02/15/99 -- 286,349
25 NYS Medcare (N. General) 7.150 08/15/01 08/15/99(b) 26,632
10 NYS Medcare (N. General) 7.200 08/15/02 08/15/99(b) 10,436
975 NYS Medcare (N. General) 7.350 08/15/09 08/15/99(b) 1,024,949
565 NYS Medcare (Secured Hospital) 7.000 02/15/07 02/15/98(b) 576,950
160 NYS Medcare (Secured Hospital) 7.000 02/15/07 08/15/97(b) 163,200
15 NYS Medcare (St. Luke's Hospital) 7.400 02/15/09 02/15/00(b) 16,439
10 NYS Medcare (Vassar Brothers Hospital) 7.700 11/01/99 11/01/97(b) 10,310
715 NYS Medcare (WHMC) 6.850 02/15/00 -- 747,625
80 NYS Medcare (WHMC) 6.850 08/15/00 -- 84,118
80 NYS Medcare (WHMC) 6.950 08/15/01 -- 85,296
250 NYS Medcare (WHMC) 6.950 02/15/01 -- 264,723
50 NYS Medcare (WHMC) 7.150 08/15/03 08/15/01(b) 54,519
25 NYS Medcare (WHMC) 7.150 02/15/03 08/15/01(b) 27,164
1,600 NYS Medcare (WHMC) 7.350 08/15/11(s) 08/15/01(b) 1,733,856
250 NYS Power Authority 7.000 01/01/09 01/01/98(b) 258,783
100 NYS Power Authority 7.500 01/01/02 01/01/98(b) 103,791
530 NYS Thruway 0.000 01/01/01 -- 443,986
385 NYS Thruway 0.000 01/01/06 -- 243,324
250 NYS Thruway 0.000 01/01/05 -- 166,155
20 NYS UDC 0.000 01/01/99 -- 18,374
15 NYS UDC 0.000 01/01/11 04/08/08(c) 6,927
10 NYS UDC 0.000 01/01/00 -- 8,790
30 NYS UDC 0.000 01/01/07 -- 17,494
25 NYS UDC (Correctional Facilities) 0.000 01/01/03 -- 18,727
50 NYS UDC (South Mall) 0.000 01/01/05 06/24/04(c) 34,217
175 NYS UDC (South Mall) 0.000 01/01/11 04/08/08(c) 81,076
130 NYS UDC (South Mall) 0.000 01/01/05 -- 87,615
35 NYS UDC (South Mall) 0.000 01/01/03 -- 26,126
400 NYS (SONYMA) Mortgage, 1 0.000 10/01/98 10/01/97(b) 359,772
10 NYS (SONYMA) Mortgage, 1 0.000 10/01/14(s) 04/01/98(b) 2,029
115 NYS (SONYMA) Mortgage, 10-A 7.800 10/01/03 04/01/98(b) 119,517
25 NYS (SONYMA) Mortgage, 10-A 8.000 10/01/08 04/01/98(b) 25,933
15 NYS (SONYMA) Mortgage, 11 6.875 04/01/16(s) 10/01/98(b) 15,300
30 NYS (SONYMA) Mortgage, 12 0.000 04/01/03 10/01/97(b) 20,085
30 NYS (SONYMA) Mortgage, 12 0.000 04/01/99 10/01/97(b) 27,378
60 NYS (SONYMA) Mortgage, 12 0.000 10/01/99 10/01/97(b) 52,685
100 NYS (SONYMA) Mortgage, 12 0.000 10/01/00 10/01/97(b) 81,532
15 NYS (SONYMA) Mortgage, 12 6.800 10/01/97 -- 15,080
105 NYS (SONYMA) Mortgage, 12 CAB 0.000(+) 04/01/17 10/01/97(b) 105,401
865 NYS (SONYMA) Mortgage, 2 0.000 10/01/14(s) 10/01/97(b) 171,668
8,210 NYS (SONYMA) Mortgage, 28 6.450 10/01/20(s) 04/01/00(b) 8,406,630
50 NYS (SONYMA) Mortgage, 44 7.000 10/01/07 11/01/06(b) 56,428
120 NYS (SONYMA) Mortgage, 6 9.375 04/01/10 10/01/98(c) 124,160
75 NYS (SONYMA) Mortgage, 7 GAINS 0.000(+) 10/01/14(s) 04/01/98(b) 72,472
85 NYS (SONYMA) Mortgage, 8-A 0.000 04/01/01 10/01/98(b) 68,088
250 NYS (SONYMA) Mortgage, 8-A 0.000 04/01/00 10/01/98(b) 209,683
</TABLE>
13
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 60 NYS (SONYMA) Mortgage, 8-A 0.000% 10/01/01 10/01/98(b) $ 46,662
45 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/99 -- 39,154
20 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/98 -- 18,735
25 NYS (SONYMA) Mortgage, 8-A 0.000 04/01/02 10/01/98(b) 18,833
70 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/02 10/01/98(b) 51,183
30 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/00 10/01/98(b) 24,791
200 NYS (SONYMA) Mortgage, 8-A 6.875 04/01/17 10/01/97(b) 204,350
75 NYS (SONYMA) Mortgage, 8-A 6.875 04/01/17(s) 10/01/97(b) 76,875
50 NYS (SONYMA) Mortgage, 8-B 7.200 04/01/99 -- 51,145
25 NYS (SONYMA) Mortgage, 8-C 7.500 04/01/99 10/01/97(b) 25,651
40 NYS (SONYMA) Mortgage, 8-C 7.900 10/01/01 10/01/97(b) 41,086
85 NYS (SONYMA) Mortgage, 8-C 8.300 10/01/06 10/01/97(b) 86,881
3,535 NYS (SONYMA) Mortgage, 8-C 8.400 10/01/17(s) 10/01/97(b) 3,601,918
25 NYS (SONYMA) Mortgage, 8-D 7.700 10/01/99 01/04/98(b) 25,992
100 NYS (SONYMA) Mortgage, 8-D 8.200 10/01/06 01/04/98(b) 103,189
265 NYS (SONYMA) Mortgage, 8-E 8.100 10/01/17(s) 04/01/98(b) 273,581
40 NYS (SONYMA) Mortgage, 8-F 7.200 10/01/00 07/01/98(b) 41,883
30 NYS (SONYMA) Mortgage, 8-F 7.800 10/01/06 07/01/98(b) 31,223
110 NYS (SONYMA) Mortgage, 8-F 8.000 10/01/17(s) 07/01/98(b) 113,760
100 NYS (SONYMA) Mortgage, 9-A 6.700 10/01/98 10/01/97(b) 101,600
25 NYS (SONYMA) Mortgage, 9-A 6.900 04/01/00 10/01/97(b) 25,558
20 NYS (SONYMA) Mortgage, 9-A 7.000 04/01/01 10/01/97(b) 20,400
100 NYS (SONYMA) Mortgage, 9-A 7.250 10/01/06 10/01/97(b) 102,300
30 NYS (SONYMA) Mortgage, 9-A 7.300 04/01/17 10/01/97(b) 30,643
10 NYS (SONYMA) Mortgage, 9-A 8.250 10/01/08 04/01/98(b) 10,418
190 NYS (SONYMA) Mortgage, 9-B 8.000 10/01/02 01/01/98(b) 193,815
230 NYS (SONYMA) Mortgage, 9-B 8.125 10/01/07 01/01/98(b) 234,616
6,205 NYS (SONYMA) Mortgage, 9-B 8.300 10/01/17(s) 01/01/98(b) 6,335,553
90 NYS (SONYMA) Mortgage, 9-C 8.400 10/01/02 10/01/97(b) 92,013
20 NYS (SONYMA) Mortgage, 9-E 7.375 10/01/98 -- 20,777
440 NYS (SONYMA) Mortgage, 9-E 8.000 10/01/03 04/01/98(b) 454,934
70 NYS (SONYMA) Mortgage, AA 7.700 04/01/99 -- 72,543
50 NYS (SONYMA) Mortgage, BB-2 7.125 10/01/98 04/06/98(c) 51,295
210 NYS (SONYMA) Mortgage, BB-2 7.850 10/01/08 10/01/97(b) 215,460
12,570 NYS (SONYMA) Mortgage, BB-2 7.950 10/01/15(s) 10/01/97(b) 12,896,192
35 NYS (SONYMA) Mortgage, EE-1 8.000 10/01/10 04/14/99(b) 36,254
30 NYS (SONYMA) Mortgage, EE-2 7.050 10/01/00 04/28/99(c) 32,012
65 NYS (SONYMA) Mortgage, EE-2 7.450 10/01/10 09/14/99(b) 68,630
205 NYS (SONYMA) Mortgage, EE-3 7.125 10/01/00 04/28/99(c) 212,921
50 NYS (SONYMA) Mortgage, EE-3 7.750 04/01/16 04/01/00(b) 53,451
115 NYS (SONYMA) Mortgage, EE-4 7.800 10/01/13(s) 10/01/00(b) 124,042
50 NYS (SONYMA) Mortgage, FF 7.100 10/01/98 -- 51,292
20 NYS (SONYMA) Mortgage, FF 7.850 10/01/08 10/01/97(b) 20,515
4,875 NYS (SONYMA) Mortgage, FF 7.950 10/01/14(s) 10/01/97(b) 5,001,653
55 NYS (SONYMA) Mortgage, HH-2 7.700 10/01/09 10/01/99(b) 57,227
125 NYS (SONYMA) Mortgage, HH-3 7.875 10/01/09 06/07/00(b) 132,520
3,600 NYS (SONYMA) Mortgage, HH-3 7.950 04/01/22(s) 06/07/00(b) 3,787,344
520 NYS (SONYMA) Mortgage, II 0.000 10/01/08 04/01/99(b) 225,893
120 NYS (SONYMA) Mortgage, II 0.000 10/01/07 04/01/99(b) 56,356
175 NYS (SONYMA) Mortgage, II 0.000 04/01/09 04/01/99(b) 73,115
45 NYS (SONYMA) Mortgage, II 0.000 10/01/05 04/01/99(b) 24,777
</TABLE>
14
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 90 NYS (SONYMA) Mortgage, II 0.000% 04/01/07 04/01/99(b) $ 43,947
40 NYS (SONYMA) Mortgage, II 0.000 10/01/06 04/01/99(b) 20,382
75 NYS (SONYMA) Mortgage, II 0.000 04/01/05 04/01/99(b) 42,963
300 NYS (SONYMA) Mortgage, II 0.000 10/01/09 04/01/99(b) 120,549
30 NYS (SONYMA) Mortgage, JJ 0.000 04/01/04 10/01/99(b) 18,990
215 NYS (SONYMA) Mortgage, JJ 0.000 04/01/03 10/01/99(b) 147,062
15 NYS (SONYMA) Mortgage, JJ 0.000 10/01/02 -- 10,869
50 NYS (SONYMA) Mortgage, JJ 0.000 10/01/03 10/01/99(b) 32,901
60 NYS (SONYMA) Mortgage, JJ 0.000 04/01/06 10/01/99(b) 32,677
100 NYS (SONYMA) Mortgage, JJ 0.000 04/01/02 -- 76,296
75 NYS (SONYMA) Mortgage, JJ 0.000 10/01/01 -- 57,486
145 NYS (SONYMA) Mortgage, JJ 0.000 04/01/01 -- 112,724
10 NYS (SONYMA) Mortgage, JJ 0.000 10/01/00 -- 8,014
170 NYS (SONYMA) Mortgage, JJ 0.000 04/01/05 10/01/99(b) 100,190
90 NYS (SONYMA) Mortgage, JJ 0.000 04/01/00 -- 74,228
10 NYS (SONYMA) Mortgage, JJ 0.000 10/01/04 10/01/99(b) 6,101
200 NYS (SONYMA) Mortgage, JJ 0.000 04/01/07 10/01/99(b) 101,142
185 NYS (SONYMA) Mortgage, JJ 0.000 10/01/05 10/01/99(b) 105,089
270 NYS (SONYMA) Mortgage, JJ 0.000 10/01/06 10/01/99(b) 142,009
150 NYS (SONYMA) Mortgage, JJ 0.000 10/01/08 10/01/99(b) 68,025
15 NYS (SONYMA) Mortgage, KK 7.050 10/01/99 10/17/98(c) 15,734
35 NYS (SONYMA) Mortgage, KK 7.800 10/01/20 10/01/99(b) 36,856
100 NYS (SONYMA) Mortgage, MM-1 7.100 10/01/97 -- 100,607
30 NYS (SONYMA) Mortgage, MM-1 7.200 10/01/98 -- 30,925
140 NYS (SONYMA) Mortgage, MM-1 7.500 04/01/13(s) 02/04/01(b) 147,640
5 NYS (SONYMA) Mortgage, MM-1 7.600 10/01/02 02/04/01(b) 5,326
25 NYS (SONYMA) Mortgage, MM-1 7.650 10/01/03 02/04/01(b) 26,610
100 NYS (SONYMA) Mortgage, MM-1 7.700 10/01/04 02/04/01(b) 106,099
50 NYS (SONYMA) Mortgage, MM-1 7.750 04/01/05 02/04/01(b) 53,129
10 NYS (SONYMA) Mortgage, MM-2 7.550 04/01/02 10/01/00(b) 10,514
25 NYS (SONYMA) Mortgage, NN 7.100 04/01/02 01/01/00(b) 26,828
20 NYS (SONYMA) Mortgage, NN 7.150 10/01/03 01/01/00(b) 21,072
2,970 NYS (SONYMA) Mortgage, QQ 7.700 10/01/12 04/01/00(b) 3,109,649
25 NYS (SONYMA) Mortgage, RR 7.700 10/01/10 10/01/00(b) 26,931
85 NYS (SONYMA) Mortgage, SS 7.500 10/01/19(s) 10/01/00(b) 87,695
25 NYS (SONYMA) Mortgage, TT 6.850 10/01/01 -- 26,968
20 NYS (SONYMA) Mortgage, TT 6.950 04/01/02 -- 20,541
25 NYS (SONYMA) Mortgage, TT 7.200 10/01/05 04/01/01(b) 26,490
25 NYS (SONYMA) Mortgage, UU 6.850 10/01/99 -- 26,172
75 NYS (SONYMA) Mortgage, UU 6.950 04/01/00 -- 79,641
780 NYS (SONYMA) Mortgage, UU 7.150 10/01/22(s) 10/01/01(b) 812,620
135 NYS (SONYMA) Mortgage, UU 7.750 10/01/23(s) 04/01/01(b) 142,875
5 NYS (SONYMA) Mortgage, VV 6.400 04/01/98 -- 5,066
40 NYS (SONYMA) Mortgage, VV 6.600 04/01/00 -- 42,170
25 NYS (SONYMA) Mortgage, VV 6.800 10/01/02 -- 27,380
60 NYS (SONYMA) Mortgage, VV 6.900 04/01/03 -- 66,804
50 NYS (SONYMA) Mortgage, VV 7.000 04/01/04 10/01/01(b) 52,547
590 NYS (SONYMA) Mortgage, VV 7.250 10/01/07 10/01/01(b) 627,335
13,265 NYS (SONYMA) Mortgage, VV 7.375 10/01/11(s) 10/01/01(b) 14,145,265
20 Oneida Healthcare Corp. 7.100 08/01/11 08/01/01(b) 21,616
1,150 Oneida Herkimer SWMA 6.600 04/01/04 -- 1,246,704
</TABLE>
15
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 3,200 Oneida Herkimer SWMA 6.750% 04/01/14(s) 04/01/05(b) $ 3,359,392
15 Oneida IDA (MetLife Insurance) 7.250 12/01/97 -- 15,225
9,700 Onondaga County Res Rec 6.625 05/01/00 05/17/99(c) 9,985,859
8,260 Onondaga County Res Rec 6.875 05/01/06 01/12/04(c) 8,684,564
6,650 Onondaga County Res Rec 7.000 05/01/15 05/01/02(b) 7,068,884
110 Onondaga IDA (Sysco Foods) 7.750 04/01/03 10/01/97(b) 111,100
1,485 Orange IDA (Kingston Manufacturing) 7.250 11/01/03 07/19/01(c) 1,499,256
1,805 Oswego County Res Rec 6.500 06/01/04 05/23/03(c) 1,940,898
50 Philadelphia, NY GO 7.500 12/15/09 -- 57,417
75 Port Authority NY/NJ (Delta Airlines) 6.950 06/01/08 06/01/02(b) 84,006
1,000 Port Authority NY/NJ (KIAC) 6.750 10/01/11 05/03/10(c) 1,070,330
10,000 Port Authority NY/NJ (KIAC) 7.000 10/01/07 05/02/05(c) 11,030,400
15 Portchester Community Devel. 8.100 08/01/10 04/04/05(c) 17,390
2,179 Puerto Rico Aqueduct & Sewer (i) 7.250 03/21/00 01/08/99(c) 2,232,993
50 Puerto Rico Commonwealth Infrastructure 7.500 07/01/09 07/01/98(b) 52,050
5 Puerto Rico Commonwealth Infrastructure 7.700 07/01/01 07/01/98(b) 5,219
10 Puerto Rico Commonwealth Infrastructure 7.750 07/01/08 07/01/98(b) 10,433
10 Puerto Rico Electric 7.000 07/01/07 07/01/99(b) 10,314
25 Puerto Rico HFC 0.000 10/15/04 09/15/98(b) 15,744
45 Puerto Rico HFC 0.000 04/15/08 09/15/98(b) 21,504
45 Puerto Rico HFC 6.800 10/01/99 -- 47,101
15 Puerto Rico HFC 6.900 04/15/98 -- 15,277
20 Puerto Rico HFC 7.000 04/15/99 -- 20,801
40 Puerto Rico HFC 7.000 04/01/00 -- 42,521
10 Puerto Rico HFC 7.100 04/01/02 04/01/00(b) 10,710
15 Puerto Rico HFC 7.100 10/15/00 10/01/98(b) 15,716
65 Puerto Rico HFC 7.300 04/01/06 04/01/00(b) 68,194
30 Puerto Rico HFC 7.400 04/01/07 04/01/00(b) 31,510
20 Puerto Rico HFC 7.450 10/15/09 09/27/00(b) 21,206
1,075 Puerto Rico HFC 7.500 10/01/15(s) 04/01/00(b) 1,136,017
8,585 Puerto Rico HFC 7.500 04/01/22(s) 04/01/00(b) 9,038,631
10 Puerto Rico HFC 7.500 10/15/12 09/27/00(b) 10,791
80 Puerto Rico HFC 7.650 10/15/22 09/27/00(b) 85,122
240 Puerto Rico HFC 8.250 06/01/11(s) 12/01/97(b) 240,842
10 Puerto Rico IME (Baxter Travenol) 8.000 09/01/12 09/01/98(b) 10,685
640 Puerto Rico IME (Squibb) 6.500 07/01/04 01/01/98(b) 647,040
50 Puerto Rico PCR 8.000 01/01/03 01/01/98(b) 51,000
125 Puerto Rico Port Authority 7.300 07/01/07 01/01/98(b) 127,500
479 Puerto Rico Port Authority (Computer Lease) (i) 9.000 05/15/99 08/25/98(c) 503,419
2,000 Puerto Rico TEMEC (MGH) 6.500 07/01/12(s) 07/01/08(b) 2,091,340
1,045 Puerto Rico TEMEC (RMH) 6.400 05/01/09 05/01/06(b) 1,103,593
20 Puerto Rico Urban Renewal 0.000 10/01/97 -- 19,746
105 Puerto Rico Urban Renewal 7.875 10/01/04 10/01/99(b) 112,385
1,440 Putnam IDA (Brewster Plastics) 7.375 12/01/08 03/28/04(c) 1,491,955
35 Radisson Senior Citizens Hsg. 12.000 11/01/11(s) 11/01/97(b) 37,317
125 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/11(s) 01/01/03(b) 143,459
1,440 Rensselaer Municipal Leasing Corp. 6.250 06/01/04 12/28/02(c) 1,504,742
25 Riverhead Hsg. Devel. 8.250 08/01/10 08/01/97(b) 26,250
2,900 Rochester Hsg. Authority (Crossroads) 7.300 07/01/05 02/14/02(c) 3,146,413
770 Rochester Hsg. Authority (Stonewood) 5.900 09/01/09 06/24/04(c) 774,797
365 Rockland Gardens Hsg. 10.500 05/01/11 11/01/97(b) 389,455
</TABLE>
16
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 690 Rockland IDA (DC) 7.000% 03/01/03 11/15/00(c) $ 722,030
225 Roxbury CSD 6.400 06/15/10 06/15/07(b) 230,447
235 Roxbury CSD 6.400 06/15/11 06/15/07(b) 240,689
245 Saratoga IDA (ARC) 7.250 03/01/01 09/26/99(c) 250,593
250 Saratoga IDA (City Center) 10.000 10/01/08 10/01/99(b) 275,570
2,360 Saratoga IDA (Saratoga Sheraton) 6.750 12/31/07 08/13/02(c) 2,458,412
50 Schodack IDA (Hamilton Printing) 7.600 07/01/00 -- 54,144
25 St. Casimer's Elderly Hsg. 7.000 09/01/98 -- 25,625
955 St. Casimer's Elderly Hsg. 7.375 09/01/10 09/01/97(b) 989,170
5 Suffolk County GO 6.000 09/15/97 -- 5,017
10 Suffolk County GO 6.400 02/01/00 -- 10,100
295 Suffolk IDA (ADP Mid-Atlantic Facilities) 7.750 04/01/18 10/01/97(b) 303,113
240 Suffolk IDA (Dowling College) 6.500 12/01/06 -- 255,161
1,035 Suffolk IDA (Huntington) 5.150(w) 10/01/99 -- 1,032,475
6,395 Suffolk IDA (Huntington) 5.150(w) 10/01/00 -- 6,360,275
6,875 Suffolk IDA (Huntington) 5.350(w) 10/01/01 -- 6,861,456
7,390 Suffolk IDA (Huntington) 5.450(w) 10/01/02 -- 7,390,813
7,945 Suffolk IDA (Huntington) 5.500(w) 10/01/03 -- 7,990,048
20 Suffolk IDA (Marbar) 8.150 03/01/04 09/01/97(b) 20,656
25 Suffolk IDA (Marbar) 8.200 03/01/05 09/01/97(b) 25,520
70 Suffolk IDA (OPWC) 7.000 11/01/02 08/14/00(c) 75,697
430 Suffolk IDA (Printing Assoc.) 7.013(v) 01/01/01 01/01/98(f) 430,000
1,360 Suffolk IDA (Rimland Facilities) 6.188(v) 12/01/04 12/01/97(f) 1,360,000
2,410 Sunnybrook Elderly Hsg. Corp. 11.250 12/01/14(s) 10/01/97(b) 2,552,190
100 Syracuse IDA (Genesee St.) 6.023(v) 12/01/98 12/01/97(f) 101,000
20 Syracuse IDA (G.C. Hanford) 8.625 12/01/07 12/01/97(b) 20,389
1,010 Syracuse IDA (Rockwest Center) 7.000 12/01/05 06/12/02(c) 1,037,351
400 Syracuse IDA (Rockwest Center) 7.250 06/01/03 02/23/01(c) 428,600
1,025 Syracuse IDA (St. Joseph's Hospital) 7.250 06/01/01 01/02/00(c) 1,096,484
300 Tompkins Healthcare 10.800 02/01/28 08/01/05(b) 394,248
195 Tompkins IDA (Kendall at Ithaca) 7.875 06/01/15(s) 06/01/05(b) 201,105
3,755 Tonawanda HDC (Tonawanda Towers) 6.150 10/01/11 09/05/06(c) 3,829,086
85 Tupper Lake Housing Devel. 8.125 10/01/10 03/15/02(b) 89,250
1,600 Union Elderly Hsg. 10.000 04/01/13(s) 10/01/97(b) 1,664,800
5 Union Elderly Hsg. 11.000 04/01/00 04/01/98(b) 5,200
910 Union Hsg. (Methodist Homes) 6.800 11/01/04 09/07/01(c) 953,261
95 Union Hsg. (Methodist Homes) 7.900 04/01/98 -- 97,105
555 University of V. I. 6.500 10/01/99 10/14/98(c) 566,433
500 University of V. I. 7.500 10/01/09 10/01/04(b) 544,935
500 University of V. I. 7.650 10/01/14 10/01/04(b) 546,805
100 Utica Hsg. Corp. (Brookhaven) 0.000 01/01/99 -- 91,726
10 Utica Hsg. Corp. (Brookhaven) 0.000 07/01/99 -- 8,913
35 Utica Senior Citizen Hsg. 0.000 01/01/98 -- 34,020
40 Utica Senior Citizen Hsg. 0.000 01/01/02 -- 30,880
1,955 Utica Senior Citizen Hsg. 10.230 07/01/22 01/01/98(b) 2,107,984
10 Valley Health & Devel. 7.850 02/01/02 03/10/99(c) 11,635
105 Valley Health & Devel. 11.300 02/01/07 08/01/00(b) 126,117
25 Valley Health & Devel. 11.300 02/01/23 12/15/00(b) 30,028
17,875 V. I. Airport 8.100 10/01/05 10/01/98(b) 18,736,218
15 V. I. HFA 7.550 06/01/03 12/01/98(b) 16,220
260 V. I. Highway 7.650 10/01/99 -- 277,391
</TABLE>
17
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS
June 30, 1997 (Unaudited)
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- ------------- ----------- ------ -------- ----- ------------
<S> <C> <C> <C> <C> <C>
$ 1,535 V. I. Port Authority (Marine Division) 7.400% 11/01/99 11/01/97(b) $ 1,538,930
1,220 V. I. Port Authority (Marine Division) 7.550 11/01/99 11/01/97(b) 1,223,379
765 V. I. Public Finance Authority 6.500 10/01/99 10/15/98(c) 789,251
515 V. I. Public Finance Authority 6.625 10/01/99 10/15/98(c) 532,680
1,500 V. I. Public Finance Authority 6.800 10/01/00 -- 1,580,340
2,000 V. I. Public Finance Authority 7.250 10/01/18(s) 10/01/02(b) 2,177,020
250 V. I. Public Finance Authority 7.700 10/01/04 10/01/99(b) 267,605
2,185 V. I. Water & Power 7.200 01/01/02 02/25/00(c) 2,261,912
13,170 V. I. Water & Power 7.400 07/01/11(s) 01/01/00(b) 14,032,635
16,700 V. I. Water & Power 8.500 01/01/10 01/01/98(b) 17,595,454
777 V. I. (GO/HUGO) 7.750 10/01/06(s) 10/01/99(b) 841,336
100 Watervliet Elderly Hsg. 8.000 11/15/02 10/15/97(b) 102,269
95 Watervliet Elderly Hsg. 8.000 11/15/00 10/15/97(b) 97,156
95 Watervliet Elderly Hsg. 8.000 11/15/01 10/15/97(b) 97,156
45 Wayne IDA (Hauser Machine) 7.700 12/01/09 12/01/01(d) 48,728
455 Westchester IDA (BAH) 7.250 12/01/09 08/31/04(c) 471,330
1,000 Westchester IDA (JBFS) 6.500 12/15/02 07/14/01(c) 1,041,940
570 Westchester IDA (JDAM) 6.250 04/01/05 01/23/02(c) 584,951
1,000 Westchester IDA (JDAM) 6.750 04/01/16(s) 04/01/08(b) 1,032,820
45 Yonkers IDA (Waldbaum) 9.250 03/01/98 09/01/97(b) 46,080
------------
TOTAL MUNICIPAL BOND INVESTMENTS, AT VALUE
(COST $722,051,697) -- 102.8% $739,271,196
LIABILITIES IN EXCESS OF OTHER ASSETS -- (2.8%) (19,833,693)
------------
NET ASSETS -- 100.0% $719,437,503
============
- ----------------
* 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 due to 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.
(i) Illiquid security.
(r) Interest rate is subject to change periodically and inversely to the prevailing market rate.
The interest rate shown is the rate in effect at June 30, 1997.
(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.
(w) When-issued security to be delivered on July 29, 1999--See Note 3 of Notes to Financial Statements.
(+) Security will convert to a fixed coupon at a date prior to maturity.
See accompanying Notes to Financial Statements.
</TABLE>
18
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND - JUNE 30, 1997
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
BHMS Brooklyn Heights Montessori School
CAB Capital Appreciation Bond
CCM Comprehensive Care Management
CNR College of New Rochelle
Con Ed Consolidated Edison Co.
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
GAINS Growth and Income Securities
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
L.I. Long Island
LILCO Long Island Lighting Corporation
LIMO Limited Interest Municipal Obligation
MGH Mennonite General Hospital
MTA Metropolitan Transit Authority
OPWC Ocean Park Water Corporation
PRAMS Prudential Receipts of Accrual
Municipal Securities
PCP Pooled Capital Program
PCR Pollution Control Revenue
Res Rec Resource Recovery Facility
RMH Ryder Memorial Hospital
RSP Riverbank State Park
SCSB Schuyler Community Services Board
SONYMA State of New York Mortgage Agency
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
WHMC Wyckoff Heights Medical Center
WWH Wyandach/Wheatley Heights
================================================================================
LIMITED TERM NEW YORK MUNICIPAL FUND - JUNE 30, 1997
INDUSTRY CONCENTRATIONS
The Fund had the following concentrations at June 30, 1997 (as a percentage of
total net assets):
# of % of Total
Issuers Net Assets
------- ------------
General Obligation 10 25.9%
Hospital/Healthcare 44 13.0%
Housing, Single Family 47 9.3%
Resource Recovery 5 9.2%
Electric Utilities 11 8.5%
Housing, Multi-Family 43 7.3%
Marine/Aviation Facilities 11 5.2%
Higher Education 23 4.8%
Corporate Backed 25 3.6%
Lease Rental 12 3.3%
Water Utilities 4 2.8%
NonProfit Organization 12 2.2%
Manufacturing, Non-Durable Goods 14 1.7%
Pollution Control 4 1.7%
Manufacturing, Durable Goods 17 1.3%
Education 7 1.2%
Other 12 1.8%
------
Total 102.8%
======
================================================================================
ASSET COMPOSITION TABLE
JUNE 30, 1997 (UNAUDITED)
Percentage
Rating of Investments
- ------ ---------------
AAA 8.2%
AA 14.8%
A 39.4%
BBB 32.9%
BB 0.5%
B 0.0%
CCC 0.0%
CC 0.0%
C 0.0%
Not Rated 4.2%
------
Total 100.0%
======
ALL bonds are current with their debt service requirements. Bonds rated by any
nationally recognized statistical rating organization are included in the
equivalent Standard & Poor's rating category. 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 by the Manager and the Fund's Board of Trustees are
included in the "Not Rated" category. For further information see "Credit
Quality" in the Prospectus.
19
<PAGE>
<TABLE>
<CAPTION>
LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1997 (UNAUDITED)
<S> <C>
ASSETS
Investments, at value (Cost $722,051,697) $739,271,196
Cash 7,403,624
Receivables:
Interest 14,232,120
Shares of beneficial interest sold 4,898,841
Investments sold 3,401,495
Other 23,033
------------
Total assets 769,230,309
------------
LIABILITIES
Payables and other liabilities:
Investments purchased 48,298,113
Dividends 693,688
Shares of beneficial interest redeemed 690,419
Trustees' fees 8,126
------------
Other 102,460
------------
Total liabilities 49,792,806
NET ASSETS $719,437,503
============
- --------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Paid-in capital $710,378,013
Undistributed net investment income 881,395
Accumulated net realized loss on investment transactions (9,041,404)
Net unrealized appreciation on investments--Note 3 17,219,499
------------
Net assets $719,437,503
============
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
CLASS A SHARES:
Net asset value and redemption price per share (based on net assets of
$660,453,345 and 201,172,656 shares of beneficial interest outstanding) $3.28
Maximum offering price per share (net asset value plus sales charge of
3.50% of offering price) $3.40
- --------------------------------------------------------------------------------------------------------------------------
CLASS B SHARES:
Net asset value, redemption price and offering price per share (based on net assets
of $3,955,244 and 1,205,487 shares of beneficial interest outstanding) $3.28
- --------------------------------------------------------------------------------------------------------------------------
CLASS C SHARES:
Net asset value, redemption price and offering price per share (based on net assets
of $3,774,988 and 1,151,253 shares of beneficial interest outstanding) $3.28
- --------------------------------------------------------------------------------------------------------------------------
CLASS X SHARES:
Net asset value, redemption price and offering price per share (based on net assets
of $51,253,926 and 15,585,421 shares of beneficial interest outstanding) $3.29
- --------------------------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements.
</TABLE>
20
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1997 (Unaudited)
INVESTMENT INCOME:
Interest $21,464,281
-----------
EXPENSES:
Management fees 1,449,935
Distribution and service plan fees:
Class A 772,267
Class B 2,562
Class C 3,272
Class X 175,147
Transfer and shareholder servicing
agent fees:
Class A 150,393
Class B 208
Class C 106
Class X 14,096
Accounting service fees 103,389
Registration and filing fees 74,745
Shareholder reports 70,585
Custodian fees and expenses 30,511
Legal and auditing fees 22,314
Trustees' fees and expenses 16,809
Other 40,537
Interest 124,125
-----------
Total expenses 3,051,001
Less expenses paid indirectly (26,156)
-----------
Net expenses 3,024,845
-----------
NET INVESTMENT INCOME 18,439,436
REALIZED AND UNREALIZED GAIN: -----------
Net realized gain on investments 1,313,681
Net change in unrealized appreciation
or depreciation on investments 2,488,991
Net realized and unrealized gain 3,802,672
Net Increase in Net Assets
Resulting From Operations $22,242,108
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1997 Year Ended
(Unaudited) December 31, 1996
---------------- -----------------
OPERATIONS:
Net investment income $18,439,436 $34,000,693
Net realized gain (loss) 1,313,681 (242,301)
Net change in unrealized appreciation
or depreciation 2,488,991 (2,445,222)
----------- -----------
Net increase in net assets
resulting from operations 22,242,108 31,313,170
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment
income:
Class A (16,897,849) (32,233,558)
Class B (11,028) --
Class C (14,865) --
Class X (1,114,399) (1,354,963)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets resulting
from beneficial interest
transactions--Note 2:
Class A 22,427,837 68,975,038
Class B 3,947,510 --
Class C 3,760,515 --
Class X 10,097,924 24,348,503
- --------------------------------------------------------------------------------
NET ASSETS:
Total increase 44,437,753 91,048,190
Beginning of period 674,999,750 583,951,560
------------ ------------
End of period (including undistributed
net investment income of $881,395
and $480,101, respectively) $719,437,503 $674,999,750
============ ============
See accompanying Notes to Financial Statements.
21
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Class A
------------------------------------------------------------
Six Months
Ended
June 30, 1997 Year Ended December 31,
(Unaudited) 1996 1995 1994 1993 1992(c)
------------- ---- ---- ---- ---- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $3.26 $3.28 $3.15 $3.33 $3.18 $3.07
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income 0.08 0.17 0.18 0.16 0.17 0.18
Net realized and unrealized gain (loss) 0.02 (0.02) 0.13 (0.18) 0.15 0.11
-------- -------- -------- -------- -------- --------
Total income (loss) from investment operations 0.10 0.15 0.31 (0.02) 0.32 0.29
-------- -------- -------- -------- -------- --------
Dividends and distributions to shareholders:
Dividends from net investment income (0.08) (0.17) (0.18) (0.16) (0.17) (0.18)
-------- -------- -------- -------- -------- --------
Total dividends and distributions to shareholders (0.08) (0.17) (0.18) (0.16) (0.17) (0.18)
-------- -------- -------- -------- -------- --------
Net asset value, end of period $3.28 $3.26 $3.28 $3.15 $3.33 $3.18
======== ======== ======== ======== ======== ========
TOTAL RETURN, AT NET ASSET VALUE (d) 3.30% 4.82% 10.01% (0.60%) 10.06% 9.45%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $660,453 $634,172 $567,537 $496,452 $457,860 $150,096
Average net assets (in thousands) $639,160 $606,742 $520,990 $491,038 $309,676 $ 72,743
Ratios to average net assets:
Net investment income 5.40%(c) 5.37% 5.44% 5.12% 4.94% 5.33%
Expenses(f) 0.85%(c) 0.89% 0.90% 0.89% 0.89% 0.83%
Expenses (excluding interest)(f)(g) 0.82%(e) 0.83% 0.84% 0.84% 0.86% 0.78%
Portfolio turnover rate(h) 18.96% 24.35% 22.34% 34.58% 17.08% 59.87%
<FN>
- ----------
(a) For the period from May 1, 1995 (inception of offering) to December 31, 1995.
(b) For the period from May 1, 1997 (inception of offering) to June 30, 1997.
(c) 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.
(d) Assumes a hypothetical initial investment on the business day before the first day of the fiscal period (or
inception of offering), 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.
(e) Annualized.
(f) 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.
(g) 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.
(h) 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, 1997 and $199,705,520 and $133,310,852, respectively.
See accompanying Notes to Financial Statements.
</FN>
</TABLE>
22
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS--(Continued)
<TABLE>
<CAPTION>
Class B Class C Class X
-----------------------------------------------------------------------
Six Month
Period Ended Period Ended Ended
June 30, 1997 June 30, 1997 June 30,1997 Year Ended December 31,
(Unaudited)(b) (Unaudited)(b) (Unaudited) 1996 1995(a)
------------- ------------- ------------ ------ -------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $3.25 $3.25 $3.27 $3.28 $3.21
------ ------ ------- ------- -------
Income (loss) from investment operations:
Net investment income 0.02 0.02 0.08 0.16 0.11
Net realized and unrealized gain (loss) 0.03 0.03 0.02 (0.01) 0.07
------ ------ ------- ------- -------
Total income from investment operations 0.05 0.05 0.10 0.15 0.18
------ ------ ------- ------- -------
Dividends and distributions to shareholders:
Dividends from net investment income (0.02) (0.02) (0.08) (0.16) (0.11)
------ ------ ------- ------- -------
Total dividends and distributions to shareholders (0.02) (0.02) (0.08) (0.16) (0.11)
------ ------ ------- ------- -------
Net asset value, end of period $3.28 $3.28 $3.29 $3.27 $3.28
====== ====== ======= ======= =======
TOTAL RETURN, AT NET ASSET VALUE(d) 1.66% 1.66% 3.03% 4.59% 5.65%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $3,955 $3,775 $51,254 $40,828 $16,415
Average net assets (in thousands) $1,619 $2,031 $47,134 $28,971 $ 8,869
Ratios to average net assets:
Net investment income 3.87%(e) 4.15%(e) 4.86%(e) 4.85% 5.21%(e)
Expenses(f) 1.55%(e) 1.53%(c) 1.36%(e) 1.38% 0.90%(c)
Expenses (excluding interest)(f)(g) 1.53%(e) 1.51%(c) 1.33%(e) 1.32% 0.85%(e)
Portfolio turnover rate(h) 18.96% 18.96% 18.96% 24.35% 22.34%
<FN>
- ----------
(a) For the period from May 1, 1995 (inception of offering) to December 31, 1995.
(b) For the period from May 1, 1997 (inception of offering) to June 30, 1997.
(c) 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.
(d) Assumes a hypothetical initial investment on the business day before the first day of the fiscal period (or
inception of offering), 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.
(e) Annualized.
(f) 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.
(g) 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.
(h) 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, 1997 and $199,705,520 and $133,310,852, respectively.
See accompanying Notes to Financial Statements.
</FN>
</TABLE>
23
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997 (UNAUDITED)
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES:
The Limited Term New York Municipal Fund (the Fund), a series of Rochester
Portfolio Series, is registered under the Investment Company Act of 1940, as
amended, as a non-diversified, open-end management investment company. The
Fund's investment objective 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. The Fund's investment adviser is OppenheimerFunds, Inc.
(the Manager).
On May 1, 1997, the Fund redesignated the Class B shares as Class X shares and
introduced two new classes of shares, designated as Class B and Class C.
The Fund offers Class A, Class B, Class C and Class X shares. Class A shares are
sold with a front-end sales charge. Class B, Class C and Class X shares may be
subject to a contingent deferred sales charge. All 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 and Class X 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.
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.
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. Normally the
settlement date occurs within six months of the purchase of municipal bonds and
notes. However, the Fund may, from time to time, purchase municipal securities
whose settlement date extends beyond six months and possibly as long as two
years or more beyond trade 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.
24
<PAGE>
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, 1997, the Fund
had available for federal income tax purposes an unused capital loss carryover
of approximately $8,999,000 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.
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes. The character of the distributions made during the year from net
investment income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the year that the income or realized gain (loss) was recorded by the
Fund.
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.
25
<PAGE>
NOTE 2. SHARES OF BENEFICIAL INTEREST:
The Fund has authorized 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:
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1997 (1) DECEMBER 31, 1996
---------------------- ----------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
CLASS A:
Sold 22,238,964 $72,518,862 46,954,523 $152,448,902
Dividends and
distributions 3,361,913 10,971,253 6,569,019 21,305,028
reinvested
Redeemed (18,743,588) (61,062,278) (32,312,398) (104,778,892)
----------- ----------- ----------- ------------
Net increase 6,857,289 $22,427,837 21,211,144 $ 68,975,038
=========== =========== =========== ============
- -------------------------------------------------------------------------------
CLASS B:
Sold 1,210,964 $ 3,965,399 -- $ --
Dividends and
distributions 1,336 4,390 -- --
reinvested
Redeemed (6,813) (22,279) -- --
----------- ----------- ----------- ------------
Net increase 1,205,487 $ 3,947,510 -- $ --
=========== =========== =========== ============
- -------------------------------------------------------------------------------
CLASS C:
Sold 1,148,561 $ 3,751,700 -- $ --
Dividends and
distributions 8,815 2,692 -- --
reinvested
-- -- -- --
----------- ----------- ----------- ------------
1,151,253 $ 3,760,515 -- $ --
=========== =========== =========== ============
- -------------------------------------------------------------------------------
CLASS X:
Sold 3,563,813 $11,634,972 7,835,459 $25,456,582
Dividends and
distributions
reinvested 227,676 744,181 287,435 933,386
Redeemed (697,912) (2,281,229) (630,627) (2,041,465)
----------- ----------- ----------- ------------
Net increase 3,093,577 $10,097,924 7,492,267 $24,348,503
=========== =========== =========== ============
- --------------
(1) For the six months ended June 30, 1997 for Class A and Class X shares
and for the period from May 1, 1997 (inception of offering) to June 30,
1997 for Class B and Class C shares.
26
<PAGE>
NOTE 3. PORTFOLIO INFORMATION:
At June 30, 1997, net unrealized appreciation on investments of $17,219,499 was
composed of gross appreciation of $17,640,109, and gross depreciation of
$420,610.
The Fund held $14,784,280 in inverse floating rate municipal bonds at June 30,
1997, comprising approximately 2.05% of net assets.
The Fund intends to invest no more than 10% of its net assets in when-issued or
delayed delivery securities. In January, 1997, the Fund entered into a forward
delivery contract to purchase a total of $29,640,000 of Suffolk County
Industrial Development Agency (the Issuer), Solid Waste Disposal Facility
Revenue Bonds (Ogden Martin Systems of Huntington Limited Partnerships Resource
Recovery Facility), Series 1999 (the Bonds), as detailed below:
Face Amount Coupon Maturity
----------- ------ --------
$ 1,035,000 5.15% 1999
6,395,000 5.15% 2000
6,875,000 5.35% 2001
7,390,000 5.45% 2002
7,945,000 5.50% 2003
-----------
$29,640,000
===========
The Bonds will be issued and delivered on July 29, 1999 if the following terms
and conditions are met: 1) Counsel must render an opinion that the interest on
the Bonds is exempt for federal, state and local income tax purposes, except for
the alternative minimum tax, and 2) the bond insurer must issue the municipal
bond insurance policy related to the Bonds. The Fund has recorded this
commitment and is valuing the when-issued securities at current market value on
each trading day. In addition, the Fund has segregated sufficient liquid debt
securities with its custodian to cover this commitment. The aggregate market
value of securities purchased on a when-issued or delayed delivery basis at June
30, 1997 was $29,635,067, which represents 4.12% of the Fund's net assets.
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 of 0.50% on the first
$100 million of average annual net assets, 0.45% of the next $150 million, 0.40%
of the next $1,750 million, and 0.39% on net assets in excess of $2 billion.
During the six months ended June 30, 1997, the Fund paid $1,449,935 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 the first six months of 1997, the Fund paid $103,389 to
the Manager for accounting and pricing services.
OppenheimerFunds Services (OFS), a division of the Manager, is the transfer and
shareholder servicing agent for the Fund and for other registered investment
companies. The Fund pays OFS an annual maintenance fee of $24.12 for each Class
A shareholder account and $26.02 for each Class B, Class C and Class X
shareholder account. During the six months ended June 30, 1997, the Fund paid a
total of $164,803 to OFS for transfer and shareholder servicing agent fees.
27
<PAGE>
For the six months ended June 30, 1997, commissions (sales charges paid by
investors) on sales of Class A shares totaled $866,979, of which $148,794 was
retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by affiliated broker/dealers. Sales charges
advanced to broker/dealers by OFDI on sales of the Fund's Class B, Class C and
Class X shares totaled $116,890, $37,498 and $230,406, respectively, of which
$5,150 and $4,732 was paid to an affiliated broker/dealer for Class C and Class
X shares, respectively. During the six months ended June 30, 1997, OFDI received
contingent deferred sales charges of $31,033 upon redemption of Class X 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
quarterly 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, 1997, OFDI paid $7,534 to an
affiliated broker/dealer as reimbursement for Class A personal service and
maintenance expenses.
The Fund has adopted compensation type Distribution and Service Plans for Class
B and Class C shares to compensate OFDI for its services and costs in
distributing Class B and Class C shares and servicing accounts. Under the Plans,
the Fund pays OFDI an annual asset-based sales charge of 0.75% per year on Class
B and Class C shares, as compensation for sales commissions paid from its own
resources at the time of sale and associated financing costs. 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. Both fees are computed on the average annual net assets of Class B
and Class C shares, determined as of the close of each regular business day.
During the period ended June 30, 1997, OFDI retained $2,631 and $3,342,
respectively, as compensation for Class B and Class C sales commissions and
service fee advances, as well as financing costs. If the Plans are terminated by
the Fund, the Board of Trustees may allow the Fund to continue payments of the
asset-based sale charge to OFDI for certain expenses it incurred before the
Plans were terminated. At June 30, 1997, OFDI had incurred unreimbursed expenses
of $142,728 for Class B and $70,736 for Class C.
The Fund has adopted a compensation type Distribution and Service Plan for Class
X shares to compensate OFDI for its services and costs in distributing Class X
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 X shares, 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 X shares. 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 X shares, determined as of the close of each regular business day. During
the six months ended June 30, 1997, OFDI retained $158,708 as compensation for
Class X sales commissions and service fee advances, as well as financing costs.
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. At June 30, 1997, OFDI had
incurred unreimbursed expenses of $487,458 for Class X.
28
<PAGE>
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 no borrowings outstanding at June 30, 1997. For the six months
ended June 30, 1997, the average monthly loan balance was $3,839,100 at an
average interest rate of 6.287%. The maximum amount of borrowings outstanding at
any month-end was $20,870,000.
29
<PAGE>
INFORMATION AND SERVICES
------------------------
INTERNET As an Oppenheimer fund shareholder, you have
24-hr access to account some special privileges. Whether it's automatic
information investment plans, informative newsletters and
- ------------------------ hotlines, or ready account access, you can
www.oppenheimerfunds.com benefit from services designed to make investing
- ------------------------ simple.
GENERAL INFORMATION And when you need help, our Customer Service
Mon-Fri 8:30-9pm ET Representatives are only a toll-free phone call away.
Sat 10am-4pm ET They can provide information about your account
- ------------------------ and handle administrative requests. You can reach them
1-800-525-7048 at our General Information number.
- ------------------------
When you want to make a transaction, you can do it
ACCOUNT TRANSACTIONS easily by calling our toll-free Telephone
Mon-Fri 8:30-9pm ET Transactions number. And, by enrolling in
Sat 10am-4pm ET AccountLink, a convenient service that "links" your
- ------------------------ Oppenheimer funds accounts and your bank checking or
1-800-852-8457 savings account, you can use the Telephone
- ------------------------ Transactions number to make investments.
PHONELINK For added convenience, you can get automated
24-hr automated information with OppenheimerFunds PhoneLink service,
information and available 24 hours a day, 7 days a week. PhoneLink
automated transactions gives you access to a variety of fund, account, and
- ------------------------ market information. Of course, you can always speak
1-800-533-3310 with a Customer Service Representative during the
- ------------------------ General Information hours shown at the left.
TELECOMMUNICATION DEVICE You can count on us whenever you need assistance.
for the Deaf (TDD) That's why the International Customer Service
Mon-Fri 8:30am-2pm ET Association, an independent, nonprofit organization
- ------------------------ made up of over 3,2000 customer service management
1-800-843-4461 professionals from around the country, honored the
- ------------------------ Oppenheimer funds' transfer agent, OppenheimerFunds
Services, with their Award of Excellence in 1993.
OPPENHEIMERFUNDS So call us today, or visit us at our website at
INFORMATION HOTLINE www.oppenheimerfunds.com--we're here to help.
24 hours a day, timely
and insightful messages
on the economy and
issues that affect your
investments
- ------------------------
1-800-835-3104
- ------------------------ [LOGO]
OPPENHEIMERFUNDS.(sm)
THE RIGHT WAY TO INVEST
30
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
OPPENHEIMERFUNDS FAMILY
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
REAL ASSET FUNDS
- ------------------------------------------------------------------------------------------------------------------------------------
Real Asset Fund Gold & Special Minerals Fund
====================================================================================================================================
STOCK FUNDS
- ------------------------------------------------------------------------------------------------------------------------------------
Developing Markets Fund Quest Small Cap Value Fund Global Fund
Enterprise Fund(2) Capital Appreciation Fund(3) Quest Global Value Fund
International Growth Fund Quest Capital Value Fund Disciplined Value Fund
Discovery Fund Growth Fund Quest Value Fund
====================================================================================================================================
STOCK & BOND FUNDS
- ------------------------------------------------------------------------------------------------------------------------------------
Main Street Income & Growth Fund Quest Growth & Income Value Fund Disciplined Allocation Fund
Quest Opportunity Value Fund Global Growth & Income Fund Multiple Strategies Fund(4)
Total Return Fund Equity Income Fund Bond Fund for Growth
====================================================================================================================================
BOND FUNDS
- ------------------------------------------------------------------------------------------------------------------------------------
International Bond Fund Champion Income Fund U.S. Government Trust
High Yield Fund Strategic Income Fund Limited-Term Government Fund
Bond Fund
====================================================================================================================================
MUNICIPAL FUNDS
- ------------------------------------------------------------------------------------------------------------------------------------
California Municipal Fund(5) Pennsylvania Municipal Fund(5) Rochester Division
Florida Municipal Fund(5) Municipal Bond Fund Rochester Fund Municipals
New Jersey Municipal Fund(5) Insured Municipal Fund Limited Term New York
New York Municipal Fund(5) Intermediate Municipal Fund Municipal Fund
====================================================================================================================================
MONEY MARKET FUNDS
- ------------------------------------------------------------------------------------------------------------------------------------
Money Market Fund Cash Reserves
====================================================================================================================================
LIFESPAN
- ------------------------------------------------------------------------------------------------------------------------------------
Growth Fund Balanced Fund Income Fund
</TABLE>
(1) Exchange privileges are subject to change or termination. Shares may be
exchanged only for shares of the same class of eligible funds.
(2) Effective 4/1/96, the Fund is closed to new investors.
(3) On 12/18/96, the Fund's name was changed from "Target Fund."
(4) On 3/16/97, the Fund's name was changed from "Asset Allocation Fund."
(5) Available only to investors in certain states.
(6) An investment in money market funds is neither insured nor guaranteed by
the U.S. government and there can be no assurance that a money market fund
will be able to maintain a stable net asset value of $1.00 per share.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two
World Trade Center, New York, NY 10048-0203.
(c) Copyright 1997 OppenheimerFunds, Inc. All rights reserved.
31
<PAGE>
LIMITED
[LOGO] TERM
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 Adviser 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 Limited Term New York Municipal Fund. This report must
be preceded or accompanied by a Prospectus of 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.
