[Logo] Limited Term New York Municipal Fund
Tax-Free Income for Cautious New York Investors
Annual Report
December 31, 1997
[GRAPHIC OMITTED]
[LOGO]OPPENHEIMERFUNDS
THE RIGHT WAY TO INVEST
<PAGE>
(photo of Bridget Macaskill)
Bridget A. Macaskill
President
Limited Term New York
Municipal Fund
DEAR SHAREHOLDER,
These have been very positive times for many American investors. The U.S.
economy has continued to grow at a moderate pace, unemployment has fallen to its
lowest level in 30 years and inflation has also fallen to a record low. In fact,
long-term interest rates have fallen to their lowest level since the government
began issuing 30-year Treasury bonds in 1977.
What benefits does this provide to the average American? First, when
unemployment levels are low, many individuals tend to feel a greater sense of
job security and can command higher wages because there are fewer unemployed
workers vying for their jobs. Second, many homeowners are opting to refinance
their existing home mortgage loans and take advantage of lower financing rates.
And third, because wages are increasing faster than the rate of inflation, a
paycheck may stretch further and investors, as consumers, are able to enjoy a
higher level of disposable income. This extra income can be put to use in many
ways, including allocating more money to investment opportunities.
Some industry analysts have tempered such positive news by suggesting that
if the rate of inflation falls any lower, it might actually trigger a period of
deflation, where we see the prices of American goods and services decline. While
lower prices may sound like positive news, in reality it isn't because when
prices fall too low, it erodes the value of those goods to the producer. That
is, when economic conditions force a decrease in the price of goods, companies
have to sell more of those items in order to make the same amount of profit,
which translates into greater difficulties for corporations to improve their
bottom lines.
At OppenheimerFunds, we do not believe we will see a period of deflation in
the United States. The fundamental factors that have driven the U.S. market
still appear in place: an economy that's in its eighth year of expansion with
moderate growth, low unemployment, virtually no inflation and low interest
rates. However, because of economic uncertainties in other parts of the world,
particularly Asia, we expect to see slower growth for stocks in 1998 and a year
in which double-digit returns from the equity markets are unlikely. It's also
possible that we may see investors favor the fixed, more secure interest
payments offered from the bond markets.
In closing, we'd like to reassure you that as professional money managers,
we continue to keep a watchful eye on these situations and are closely
monitoring your fund's investments. In times like these, your financial advisor
can be of invaluable assistance to you in helping review your financial plan and
guide your investments accordingly.
Thank you for your confidence in OppenheimerFunds, The Right Way to Invest.
We look forward to helping you reach your investment goals in the future.
[SIG]
Bridget A. Macaskill
January 23, 1998
<PAGE>
THE ROCHESTER DIVISION
The Rochester Division of OppenheimerFunds, Inc. is dedicated to the
investment management and distribution of the two Rochester Funds: Rochester
Fund Municipals and the Limited Term New York Municipal Fund. Having an
investment focus which is limited to a specific sector and region of the
municipal market has historically proven to be beneficial. Not only has it
enabled portfolio management to apply intensive research to the outstanding
universe of New York State municipal bonds, but it has given them an opportunity
to develop somewhat unique strategies relative to municipal bond fund
management.
1
<PAGE>
ROCHESTER STYLE
The Rochester Style of management includes researching small issues, story
bonds, unrated bonds, and callable bonds in addition to the more conventional
municipal bonds. And if, through diligent credit research and active portfolio
management, we believe these bonds can enhance fund performance and/or yield,
the Rochester Style of management often includes buying them. While it is true
that these types of bonds are often not considered by other funds, Limited Term
New York Municipal Fund is not your typical fund.
For example, it is our opinion that a portfolio of 40 AAA insured bonds of
similar maturities issued by four or five entities may look great, but that it
offers little real world diversification. Similarly, while unrated bonds may not
appeal to an individual investor, it is our opinion that there can be a
significant yield advantage inherent in them(1). That's because there has been
no fee deducted from the yield to pay for an alphabet letter rating from a
rating agency.
We believe there are great, often overlooked, opportunities out there and
that in a well diversified fund (Limited Term New York Municipal Fund has a
portfolio of 898 different securities as of 12/31/97) there can be a place for
such "alternative" holdings.
THE FUND'S BROADLY DIVERSIFIED PORTFOLIO
By Municipal Sector on 12/31/97
as a percentage of investments
[Graphic Pie-Chart]
- ----------
(1) Small issues are typically less liquid than equivalent quality large
issues. However, issuers of comparatively smaller debt are often more flexible
in their ability to negotiate terms. And, while lower rated and unrated bonds
generally involve greater risk than bonds in the higher rated categories as
determined by S&P and Moody's rating services, in a well diversified fund, we
believe the credit risk is justified.
General Obligation 25.6%
Hospital/Healthcare 14.5%
Multi-Family Housing 8.1%
Resource Recovery 7.4%
Single-Family Housing 6.7%
Electric Utilities 6.0%
Higher Education 5.1%
Lease Rental 4.1%
Marine/Aviation Facilities 4.1%
Sales Tax Revenue 3.1%
Corporate Backed 3.1%
Highways/Railways 2.6%
Water Utilities 2.3%
NonProfit Organization 1.9%
Pollution Control 1.4%
Manufacturing, Non-Durable Goods 1.3%
Education 1.2%
Manufacturing, Durable Goods 1.0%
Other 0.5%
2
<PAGE>
MAXIMIZING THE RISK/REWARD TRADE-OFF
A fundamental reason for investing in Limited Term New York Municipal Fund
is the attractive risk/reward trade-off it offers. Bonds and bond funds with
shorter maturities carry less market price risk with close to the same reward
than longer term bonds and bond funds.
As you can see from the chart to the right, 5-year bonds have recently
captured most of the yield of long-term bonds. At 12/31/97, 5-year bonds were
earning over 80% of the yield of the 30-year bond(1). The Limited Term New York
Municipal Fund attempts to maintain an average effective maturity of 5 years or
less. Past performance is not a guarantee of future results.
In addition, we take the process of balancing risk and reward one step
further. We "ladder" the maturities of the individual bonds in the Fund to
control maturity exposure and further limit price risk.
- ----------
(1) Data Source: Bloomberg Business News
[yield curve chart]
Laddering involves building a portfolio of bonds with staggered maturities,
so that a portion of the portfolio will mature at varying points in time. To
maintain the ladder, money that comes in from currently maturing bonds is
invested in bonds with maturities further up the ladder.
Consider an environment of increasing interest rates; as the bonds at the
bottom of the ladder mature, we have the opportunity to reinvest the proceeds at
the new higher yields at the top. In a falling interest rate scenario, rising
bond prices will accompany lower yields. As the bonds at the bottom of the
ladder mature, we replace those bonds at the top with lower yields. However, the
remaining bonds in the ladder should move up in price. Over time, this laddering
process tends to produce a portfolio with the income of longer maturity bonds,
but the price stability of shorter maturity bonds.
3
<PAGE>
1997 In
Review
[Photo--Ronald Fielding]
Ronald H. Fielding
CFA, Senior Vice
President,
OppenheimerFunds, Inc.
and Chairman of the
Rochester Division
To Fellow Shareholders,
It is a pleasure to bring you Limited Term New York Municipal Fund's Annual
Report for the year ended December 31, 1997 and announce that once again, the
Fund was able to achieve a high level of current tax-free income with low share
price fluctuation during the year for all share classes(1). During the year, the
Net Asset Value for Class A Shares varied between $3.24 and $3.34. To further
portray the low price flucutation, please note that over the last five years, a
period of significant interest rate movement, the price variation has been only
between $3.11 and $3.36. In addition, according to Lipper Analytical Services,
Inc., LIMITED TERM NEW YORK MUNICIPAL FUND (CLASS A SHARES) WAS THE TOP
PERFORMING FUND IN ITS CATEGORY FOR THE ONE AND FIVE YEAR PERIODS ENDED
12/31/97! (That's among 37 and 2 funds in the Other States Short-Intermediate
Municipal Debt Fund category, respectively)(2).
During the year in review, the U.S. economy continued its healthy
expansion. In fact, 1997 proved to be the best of all possible worlds for
investors, with the economy characterized by low unemployment, healthy growth
and subdued inflation. Through April, there existed a sense of nervousness from
municipal market participants and the Federal Reserve Board about potential
inflationary pressures, and the Fed raised the Federal Funds Rate a quarter of
one percent in March. Since then, however, long-term interest rates have
steadily declined. This phenomenon contributed to the Fund's increase in net
asset value in 1997.
The economy continues to improve for both New York State and New York City.
Both the state itself and many state agencies had their credit ratings upgraded
in 1997, and with a strong economy and prudent fiscal management, we expect more
credit upgrades in 1998. The state actually recorded a budget surplus for its
fiscal year. And New York City was buoyed by strong tax revenues through the
year, driven in part by the profits registered by a record year on Wall Street.
This gave a particular boost to New York City general obligation bonds.
Both Class A and Class X Shares of the Fund received a dividend increase
during 1997. However, because of generally declining rates over the last several
years, we believe it will be necessary to make a slight downward adjustment
early in 1998 to reflect changes in market conditions.
As we enter 1998, we believe conditions for investing in municipal bonds
should remain good. Interest rate levels on municipal bonds, though lower now
than during the past few years, are still very attractive compared to taxable
bonds or low dividend levels on stocks. Municipal bonds can be a refuge for
those weary of current stock prices. Very low inflation, a benign interest rate
environment and economic growth seem likely to continue. We will continue to
monitor the New York municipal market carefully in an attempt to provide our
investors with current tax-free income and low share price volatility.
We appreciate your support, welcome new shareholders, and look forward to
serving your investment needs in the years ahead.
Sincerely,
[SIG]
Ronald H. Fielding
Portfolio Manager
- ----------
(1) A portion of the Fund's income may be subject to income taxes. The Fund
distributed no capital gains in 1997, but if any are distributed in the future,
they would be taxable as capital gains. For investors subject to the alternative
minimum tax, a portion of the Fund's distributions may increase that tax.
(2) Based on total return as calculated by Lipper Analytical Services, Inc.
Lipper calculations do not include sales charges, which if included, would
reduce performance results.
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.
4
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The Value of $10,000 invested in
Limited Term New York Municipal Fund
Class A-since inception
(Municipal Fund Class-A Chart)
- --Limited Term New York Municipal Fund-Class A
- --Consumer Price Index (CPI)
Total Return
Cumulative Average Annual
NAV MOP NAV MOP
Class A Shares
1 Year 8.01% 4.23% 8.01% 4.23%
5 Years 36.52% 31.74% 6.42% 5.67%
Life of Fund 55.89% 50.44% 7.32% 6.71%
(Inception date: 9/18/91)
Class B Shares
Life of Fund 5.89% 1.89%
(Inception date: 5/01/97)
Class C Shares
Life of Fund 5.58% 4.58%
(Inception date: 5/01/97)
Class X Shares
1 Year 7.44% 4.94% 7.44% 4.94%
Life of Fund 18.64% 17.14% 6.62% 6.11%
(Inception date: 5/01/95)
*****
For periods ending 12/31/97. NAV stands for Net Asset Value and returns at NAV
do not reflect payment of a sales charge. MOP stands for Maximum Offering Price,
and calculations at MOP include the 3.50% maximum initial sales charge for Class
A shares. Class A share returns show results of hypothetical investments on
12/31/96, 12/31/92 and 9/18/91. Class X returns at MOP show results of
hypothetical investments on 12/31/96 and 5/1/95, after deduction of the
applicable contingent deferred sales charge of 2.50% (1 year) and 1.50%
(inception of class). All returns include change in share price and assume
reinvestment of dividends and capital gains at net asset value.
Class A Shares of the Fund have earned Morningstar's highest 5-star overall
rank. 3-year and 5-year Morningstar rankings for the period ended 12/31/97 are
five stars and five stars respectively. 1494 and 720 municipal funds were rated
for these 3- and 5-year periods, respectively(1).
- ----------
(1) Overall star rankings are based on a weighted average of the Fund's
3-year and 5-year rankings. Ten percent of the funds in an investment category
receive five stars (highest), 22.5% receive four stars (above average), 35%
receive three stars (average), 22.5% receive two stars (below average), and 10%
receive one star (lowest), Morningstar, Inc., is a nationally recognized mutual
fund rating service. Morningstar proprietary star rankings reflect historical
risk-adjusted total return as of December 31, 1997. The rankings are subject to
change every month. Rankings are based on past performance, which is no
guarantee of future results. Morningstar rankings are calculated from the fund's
three-, five-, and ten-year average annual returns in excess of 90-day Treasury
bill returns with appropriate fee adjustments, and a risk factor that reflects
fund performance below 90-day T-bill returns.
TAX-FREE INCOME
The Limited Term New York Municipal Fund provides individual investors with
the opportunity to earn income free of federal, New York State and New York City
personal income taxes(1). At a time when the combined effect of these income
taxes could leave you with less than $60 of every $100 earned by a fully taxable
investment, many investors are taking advantage of this opportunity(2).
- ----------
(1) A portion of the Fund's distributions in the future may be subject to
federal, state or local income taxes. Capital gains distributions, if any, are
taxable as capital gains. For investors subject to alternative minimum tax, some
of the Fund's distributions may increase that tax.
(2) Assumes a maximum 39.6% federal income tax rate.
STANDARDIZED YIELD
For the 30 days ended 12/31/97
Class A Class B Class C Class X
3.93% 3.27% 3.31% 3.55%
Standardized yield is net investment income calculated on a yield-to-maturity
basis for the 30-day period ended 12/31/97, divided by the maximum offering
price at the end of the period, compounded semiannually and then annualized.
Falling net asset values will tend to artificially raise yields.
5
<PAGE>
THE INVESTMENT TEAM
(photo of Anthony Tanner)
Anthony A.
Tanner,
CFA; Vice
President and
Portfolio
Manager,
Rochester Division
Tony's efforts as Portfolio Manager focus on screening the universe of New
York municipal bonds available in both the secondary and primary markets and
valuing and selecting those bonds which may best enable The Rochester Funds to
achieve their objectives. He also manages the overall research efforts of the
portfolio management team.
"We believe that it is our diligent research that offers our New York investors
something different. If I can find bonds with a little more yield, and without
additional risk, I feel as though I've done my job."
(photo of Richard Stein)
Richard A.
Stein,
CFA; Vice
President - Credit
Analysis,
Rochester Division
Rich directs the credit research activities at the Rochester Division. This
primarily includes the analysis and surveillance of all high yield issues, with
a particular emphasis on unrated and unenhanced private placement bonds.
"Over the years, we have discovered that it pays to do our homework. Though
buying lower rated or non-rated bonds may scare some individual investors, we
believe that there can be a place for it in a fund. It's an approach that not
only broadens the diversity of the Fund's holdings but has the potential to both
reduce risk and increase yield."
6
<PAGE>
(photo of Daniel Loughran)
Daniel G.
Loughran,
CFA;
Assistant Vice
President and
Senior Research
Analyst,
Rochester Division
Dan assists in the trading, research and credit analysis activities of the
Rochester Division. His primary responsibilities include executing investment
strategy in secondary market trading, and performing quantitative analysis of
investment opportunities.
"We also continue to seek opportunities in undervalued and/or overlooked
situations as well as researching bonds issued through smaller agencies
including industrial development agencies. We've always said that we get paid to
research bonds, and firmly adhere to that conviction."
(photo of Michael Rosen)
Michael S.
Rosen,
CFA; President,
Rochester Division
Over the years, Mike has been instrumental in establishing the Fund's
strategies and philosophies. While his direct role in managing The Rochester
Funds is minimal, his leadership and presence has been one of the reasons for
their success.
"Here in Rochester, we've always believed that investors can benefit from the
advice, resources, and experience of a knowledgeable professional. We know that
when it comes to something as important as planning your financial future, it
makes sense to get the advice of a professionally trained investment
representative."
7
<PAGE>
<TABLE>
OPPENHEIMERFUNDS FAMILY
<S> <C> <C>
REAL ASSET FUNDS
Real Asset Fund Gold & Special Minerals Fund
STOCK FUNDS
Developing Markets Fund Quest Small Cap Value Fund Global Fund
International Small Company Fund MidCap Fund Quest Global Value Fund
Enterprise Fund Capital Appreciation Fund(1) Disciplined Value Fund
International Growth Fund Quest Capital Value Fund Quest Value Fund
Discovery Fund Growth 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(2)
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(3) Pennsylvania Municipal Fund(3) Rochester Division
Florida Municipal Fund(3) Municipal Bond Fund Rochester Fund Municipals
New Jersey Municipal Fund(3) Insured Municipal Fund Limited Term New York Municipal Fund
New York Municipal Fund(3) Intermediate Municipal Fund
MONEY MARKET FUNDS(4)
Money Market Fund Cash Reserves
LIFESPAN
Growth Fund Balanced Fund
</TABLE>
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(1) On 12/18/96, the Fund's name was changed from "Target Fund".
(2) On 3/16/97, the Fund's name was changed from "Asset Allocation Fund".
(3) Available only to investors in certain states.
(4) 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, NY, NY 10048-0203
(C)Copyright 1998 OppenheimerFunds, Inc. All rights reserved
[LOGO] OPPENHEIMERFUNDS[SM]
THE RIGHT TO INVEST
8
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<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 452 Albany Hsg. Authority 0.000% 10/01/12 10/01/02(a) $ 115,716
40 Albany IDA (152 Washington Avenue) 7.500 11/01/01 05/01/98(b) 40,330
1,975 Albany IDA (H. Johnson Office Pk.) 5.750 03/01/18 03/01/98(d) 1,977,172
220 Albany IDA (Port of Albany) 6.250 02/01/05 04/24/02(c) 232,395
30 Albany IDA (Spectrapark) 7.150 12/01/98 ----- 31,027
60 Albany IDA (Spectrapark) 7.250 12/01/99 ----- 62,768
50 Albany IDA (Spectrapark) 7.500 12/01/03 12/01/98(b) 52,035
3,525 Albany IDA (Spectrapark) 7.600 12/01/09 12/01/98(b) 3,688,172
40 Albany Parking Authority 0.000 09/15/02 ----- 32,518
25 Albany Parking Authority 0.000 09/15/03 ----- 19,340
625 Albany Parking Authority 0.000 09/15/04 ----- 430,013
20 Albany Parking Authority 0.000 09/15/05 ----- 14,003
1,610 Albany Parking Authority 6.850 11/01/12(s) 11/01/01(b) 1,766,830
5,015 Albany Parking Authority 7.150 09/15/16(s) 09/15/01(b) 5,424,926
275 Albany Water Finance Authority 7.500 12/01/17 12/01/98(b) 289,077
645 Allegany IDA (Alfred University) 6.900 09/01/99 ----- 650,328
100 Allegany IDA (Atlantic Richfield) 6.625 09/01/16 09/01/02(b) 108,968
300 American Samoa Power Authority 6.700 09/01/98 ----- 304,977
300 American Samoa Power Authority 6.750 09/01/99 ----- 311,202
700 American Samoa Power Authority 6.800 09/01/98 ----- 712,068
700 American Samoa Power Authority 6.900 09/01/99 ----- 727,804
700 American Samoa Power Authority 7.000 09/01/00 ----- 742,735
3,400 Amherst IDA (Amherst Rink) 5.550 10/01/17(s) 10/01/09(b) 3,452,496
50 Auburn IDA (Alcoa) 7.600 12/01/98 ----- 51,282
555 Babylon IDA (WWH Ambulance) 7.000 09/15/01 04/12/00(c) 587,318
65 Baldwinsville Development Corp. 7.200 06/01/10 07/01/98(b) 67,117
755 Batavia Hsg. Authority (Trocaire Place) 7.650 04/01/08 12/30/03(c) 821,689
100 Battery Park City Authority 5.650 12/01/13(s) 06/01/98(b) 100,001
735 Blauvelt Volunteer Fire Co. 6.000 10/15/08 04/23/04(c) 747,297
40 Brookhaven GO 6.400 10/01/10 10/01/02(b) 44,025
185 Brookhaven IDA (Dowling College) 6.200 03/01/01 ----- 194,006
195 Brookhaven IDA (Dowling College) 6.300 03/01/02 ----- 206,743
205 Brookhaven IDA (Dowling College) 6.400 03/01/03 ----- 219,932
145 Brookhaven IDA (Farber) 6.188(v) 12/01/98 06/01/98(f) 145,000
30 Broome IDA (Industrial Park) 7.450 12/01/98 ----- 30,289
1,400 Carnegie Redevelopment Corp. 6.250 09/01/05 12/04/01(c) 1,478,148
1,550 Carnegie Redevelopment Corp. 6.500 09/01/11 05/17/09(c) 1,671,288
505 Clifton Park (Caldor) 11.250 12/01/12 12/01/98(b) 523,382
1,215 Clifton Springs Hospital & Clinic 7.000 01/01/01 01/16/00(c) 1,256,747
35 Colonie IDA (Homeowner Association) 7.250 10/01/02 04/01/98(b) 35,127
25 Cortland IDA (Paul Bunyon) 8.000 07/01/00 07/01/98(b) 25,657
275 Dutchess IDA (Bard College) 6.500 11/01/03 ----- 298,664
1,175 Dutchess Res Rec (Solid Waste) 6.800 01/01/10 01/01/03(b) 1,259,436
290 Elmira HDC 7.500 08/01/08 02/01/98(b) 300,391
15 Elmira HDC 7.500 08/01/09 02/01/98(b) 15,537
440 Erie IDA (FMC Corp.) 6.000 02/01/03 02/01/98(b) 450,811
295 Erie IDA (Medaille College) 7.400 12/30/02 02/19/01(c) 313,252
40 Erie IDA (Medishield) 7.200 08/01/04 08/01/98(b) 40,342
775 Erie IDA (Mercy Hospital) 5.900 06/01/03 07/12/01(c) 803,722
940 Essex IDA (International Paper) 6.500 05/01/06 05/01/98(b) 948,460
2,575 Franklin IDA (COP) 8.125 08/01/06 10/09/03(c) 2,997,867
1,695 Franklin IDA (Correctional Facilities) 6.375 11/01/02 12/16/00(c) 1,749,799
60 Franklin IDA (Correctional Facilities) 6.750 11/01/12(s) 11/01/02(b) 65,588
2,120 Franklin SWMA 6.000 06/01/05 11/19/03(c) 2,208,340
1,350 Franklin SWMA 6.125 06/01/09 12/28/07(c) 1,402,245
11,635 Guam Airport Authority 6.600 10/01/10 10/01/03(b) 12,753,938
2,750 Guam GO 5.750 09/01/04 03/01/99(b) 2,785,008
1,000 Guam GO 5.900 09/01/05 03/01/99(b) 1,013,620
175 Guam Government Limited Obligation, Series A 7.000 11/15/04 11/15/99(a) 187,619
1,200 Guam Power Authority 6.300 10/01/12(s) 10/01/04(b) 1,269,324
3,030 Guam Power Authority 6.375 10/01/08 10/01/02(b) 3,243,888
</TABLE>
9
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 2,950 Guam Power Authority 6.625% 10/01/14(s) 10/01/04(b) $ 3,233,466
890 Hamilton Elderly Hsg. 11.250 01/01/15(s) 05/01/98(b) 931,082
1,500 Hempstead IDA (Nassau Dist. Energy) 7.750 09/15/15(s) 03/15/98(b) 1,509,225
20 Hempstead IDA (UCP) 7.500 10/01/09 10/01/99(b) 21,220
2,700 Herkimer Hsg. Authority 7.150 03/01/11(s) 09/01/06(b) 2,953,908
1,560 Herkimer IDA (Burrows Paper) 7.250 01/01/01 01/20/00(c) 1,593,134
1,000 Herkimer IDA (Burrows Paper) 8.000 01/01/09 10/28/05(c) 1,044,310
475 Hudson IDA (Have, Inc.) 7.125 12/01/07 01/01/04(c) 497,909
90 Islip IDA (WJL Realty) 7.400 03/01/99 ----- 91,049
1,160 Islip Res Rec 5.850 07/01/02 ----- 1,242,163
330 Jamestown GO 7.000 03/15/99 ----- 341,883
250 Jamestown GO 7.000 03/15/00 ----- 265,305
3,200 Jamestown Hsg. Authority 6.125 07/01/10 08/17/05(c) 3,327,392
460 Jefferson IDA (Stature Electric) 7.500 08/01/99 02/01/98(b) 465,906
420 Lincoln Towers Hsg. Corp. 11.250 01/01/15(s) 05/01/98(b) 439,110
86 Locke Fire District #1 (i) 7.500 07/01/02 01/03/02(c) 91,933
1,705 Madison IDA (Morrisville College) 6.750 07/01/07 04/12/03(c) 1,787,863
210 Medina Hsg. Corp. 8.250 08/15/11(s) 02/15/98(b) 217,942
595 Middleton IDA (Fleurchem) 7.125 12/01/08 09/19/04(c) 625,607
810 Middleton IDA (Southwinds) 7.250 03/01/03 04/21/01(c) 848,872
5 Monroe County Airport 0.000 01/01/04 ----- 3,874
30 Monroe County GO 6.100 05/01/03 ----- 30,527
2,815 Monroe IDA (Al Sigl Center) 6.125 12/15/08 07/13/04(c) 3,046,140
1,210 Monroe IDA (Al Sigl Center) 6.375 12/15/05 11/01/02(c) 1,273,198
1,135 Monroe IDA (Al Sigl Center) 6.750 12/15/10 01/31/09(c) 1,204,383
10 Monroe IDA (Cohber) 7.500 12/01/00 12/01/98(b) 10,349
100 Monroe IDA (Cohber) 7.550 12/01/01 12/01/98(b) 102,751
838 Monroe IDA (Emil Muller) 6.500 10/01/04 09/04/01(c) 838,967
360 Monroe IDA (Geva Theatre) 7.750 04/01/03 ----- 361,159
990 Monroe IDA (Geva Theatre) 7.750 04/01/02 11/02/00(c) 993,188
6 Monroe IDA (Hahn) 7.250 06/01/98 03/31/98(c) 6,035
45 Monroe IDA (Hahn) 7.250 06/01/98 03/31/98(c) 44,730
43 Monroe IDA (Palmer) 6.500 08/01/98 06/08/98(c) 42,978
2,010 Monroe IDA (Piano Works) 6.625 11/01/06 04/08/03(c) 2,127,706
300 Monroe IDA (Roberts Wesleyan College) 6.200 09/01/05 ----- 310,524
195 Monroe IDA (West End Business) 6.750 12/01/04 09/01/02(c) 204,920
145 Montgomery IDA (Amsterdam) 6.000 01/15/98 ----- 145,000
885 Montgomery IDA (Amsterdam) 6.500 01/15/03 02/17/01(c) 916,630
50 MTA Service Contract 7.000 07/01/09 07/01/01(b) 55,508
30 MTA Service Contract, Series L 6.000 07/01/15(s) 07/01/98(b) 30,028
100 MTA Service Contract, Series L 7.500 07/01/17 07/01/98(b) 103,748
45 MTA Service Contract, Series L 7.500 07/01/17 07/01/98(b) 46,687
5,000 MTA Service Contract, Series P 5.750 07/01/15 07/01/05(b) 5,153,350
2,785 MTA Service Contract, Series R 5.200(w) 07/01/08 ----- 2,825,912
5,160 MTA Service Contract, Series R 5.200(w) 07/01/08 ----- 5,235,800
1,420 MTA Service Contract, Series R 5.300(w) 07/01/09 ----- 1,442,223
2,915 MTA Service Contract, Series R 5.300(w) 07/01/09 ----- 2,960,620
30 MTA Transportation Facility Revenue 7.400 07/01/02 07/01/98(b) 31,128
65 MTA Transportation Facility Revenue, Series K 6.250 07/01/11 07/01/02(b) 69,208
345 MTA (Special Obligation) 6.875 01/01/08 01/01/00(b) 369,912
430 Nassau IDA (ACLDD) 7.250 10/01/04 01/02/02(c) 455,314
1,090 New Rochelle IDA (CNR) 6.000 07/01/02 08/11/00(c) 1,160,959
260 New Rochelle IDA (CNR) 6.300 07/01/03 ----- 282,711
275 New Rochelle IDA (CNR) 6.400 07/01/04 ----- 299,514
255 Newark Sr. Citizens Hsg. 9.000 03/01/11 03/01/98(b) 272,544
115 Niagara Frontier Transit Authority 7.000 02/15/00 02/15/98(b) 117,735
2,100 Niagara IDA (Sevenson Hotel) 5.750 05/01/03 10/30/00(c) 2,132,550
665 North Babylon Volunteer Fire Co. 5.000 08/01/07 11/21/03(c) 686,706
575 North Country Development Authority 6.600 07/01/02 ----- 607,959
2,995 North Country Development Authority 6.750 07/01/12(s) 07/01/99(b) 3,173,143
10 Northern Marianas Island Port Authority 7.050 10/01/05 04/01/98(b) 10,172
</TABLE>
10
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 130 Northern Marianas Island Port Authority 7.050% 10/01/04 04/01/98(b) $ 132,304
1,460 NYC GO 0.000 02/01/02 ----- 1,231,846
630 NYC GO 0.000 04/01/01 ----- 552,938
50 NYC GO 0.000(+) 02/01/12 02/01/02(b) 41,110
1,000 NYC GO 0.000 02/01/03 ----- 803,520
1,340 NYC GO 0.000(+) 05/15/14 05/15/08(b) 1,050,721
10 NYC GO 0.000 08/01/07 08/01/02(b) 8,066
30 NYC GO 0.000 08/01/06 08/01/98(b) 29,593
50 NYC GO 0.000 08/15/01 ----- 43,234
1,500 NYC GO 0.000 02/01/01 ----- 1,325,370
170 NYC GO 0.000 04/01/00 ----- 155,832
2,000 NYC GO 0.000 08/15/00 ----- 1,807,120
17,750 NYC GO 5.125 08/01/10 ----- (b) 17,772,898
15 NYC GO 5.625 08/01/14 08/01/06(b) 15,342
10 NYC GO 5.625 10/01/13 10/01/05(b) 10,210
100 NYC GO 5.750 08/15/11 08/15/05(b) 103,864
5 NYC GO 5.750 08/15/14 08/15/05(b) 5,133
10 NYC GO 5.750 05/15/13 05/15/05(b) 10,314
50 NYC GO 5.750 08/15/16 08/15/05(b) 51,361
1,000 NYC GO 5.750 08/15/14 08/15/05(b) 1,027,220
20 NYC GO 5.750 08/15/12 08/15/05(b) 20,722
25 NYC GO 5.750 08/01/15 08/01/05(b) 25,678
400 NYC GO 5.875 03/15/13 03/15/08(b) 420,812
11,870 NYC GO 5.920(r) 08/15/10 08/15/05(b) 11,885,431
1,750 NYC GO 6.000 04/15/09 ----- 1,896,458
90 NYC GO 6.000 02/15/12 02/15/07(b) 95,243
75 NYC GO 6.000 02/15/11 02/15/07(b) 79,554
500 NYC GO 6.000 08/01/17(s) 08/01/07(b) 528,650
15 NYC GO 6.000 08/01/06 08/01/99(a) 15,469
30 NYC GO 6.000 08/01/10 08/01/05(b) 31,786
25 NYC GO 6.000 02/15/14 02/15/07(b) 26,228
50 NYC GO 6.000 08/01/16(s) 08/01/08(b) 54,192
1,075 NYC GO 6.000 08/01/17 08/01/09(b) 1,136,598
35 NYC GO 6.000 05/15/15 05/15/05(b) 36,585
55 NYC GO 6.000 08/01/14 02/01/98(b) 55,030
40 NYC GO 6.000 02/15/15 02/15/07(b) 41,916
5 NYC GO 6.000 08/01/06 08/01/99(b) 5,093
30 NYC GO 6.000 08/01/12 02/01/98(b) 30,029
20 NYC GO 6.000 08/01/06 08/01/99(b) 20,517
20 NYC GO 6.125 08/01/11 08/01/06(b) 21,360
2,000 NYC GO 6.250 08/01/12 08/01/08(b) 2,173,260
2,500 NYC GO 6.250 08/01/08 ----- 2,773,125
10,550 NYC GO 6.250 08/01/09 08/01/08(b) 11,642,136
205 NYC GO 6.250 08/01/10 08/01/08(b) 224,709
4,265 NYC GO 6.250 08/01/13 08/01/08(b) 4,615,924
45 NYC GO 6.250 10/01/08 10/01/02(b) 49,322
1,050 NYC GO 6.300 08/15/08 08/15/05(b) 1,152,564
2,105 NYC GO 6.375 08/01/07 08/01/02(b) 2,267,064
970 NYC GO 6.375 08/15/10 08/15/05(b) 1,060,259
135 NYC GO 6.375 08/15/11 08/15/05(b) 146,757
10,000 NYC GO 6.375 08/15/12 08/15/05(b) 10,844,500
1,890 NYC GO 6.375 08/01/10 08/01/05(b) 2,065,241
1,000 NYC GO 6.375 02/15/06 ----- 1,103,040
620 NYC GO 6.375 08/01/06 08/01/04(b) 667,734
13,500 NYC GO 6.375 08/15/09 08/15/05(b) 14,801,265
15 NYC GO 6.500 12/01/13 06/01/98(b) 15,331
13,000 NYC GO 6.500 08/01/11 08/01/02(b) 14,039,090
80 NYC GO 6.500 08/01/13 08/01/02(b) 86,394
100 NYC GO 6.500 08/01/14 08/15/05(b) 111,190
110 NYC GO 6.500 08/01/05 08/01/02(b) 119,739
600 NYC GO 6.500 02/15/08 02/15/05(b) 662,862
</TABLE>
11
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 5 NYC GO 6.500% 12/01/15 06/01/98(b) $ 5,123
100 NYC GO 6.500 08/01/12 08/01/02(b) 107,993
50 NYC GO 6.500 08/01/16 08/01/05(b) 55,595
115 NYC GO 6.500 08/01/08 08/01/02(b) 124,439
20 NYC GO 6.500 08/01/06 08/01/02(b) 21,642
90 NYC GO 6.500 08/15/18 02/15/98(b) 90,288
20 NYC GO 6.500 12/01/15 06/01/98(a) 20,520
10,000 NYC GO 6.625 02/15/14 02/15/05(b) 11,160,600
360 NYC GO 6.750 10/01/06 10/01/02(a) 403,560
1,300 NYC GO 6.750 10/01/05 10/01/02(a) 1,455,519
5 NYC GO 6.750 01/15/12 01/15/98(b) 5,067
50 NYC GO 6.750 10/01/17 10/01/04(b) 54,960
365 NYC GO 6.750 10/01/06 10/01/02(b) 399,737
250 NYC GO 6.750 10/01/05 10/01/02(b) 274,800
5 NYC GO 7.000 12/01/08 06/01/98(b) 5,131
455 NYC GO 7.000 02/01/01 02/01/98(b) 460,524
15 NYC GO 7.000 08/15/99 02/15/98(b) 15,284
1,180 NYC GO 7.000 08/15/16 08/15/04(b) 1,344,398
5 NYC GO 7.000 02/01/09 02/01/98(b) 5,057
490 NYC GO 7.000 02/01/00 02/01/98(b) 496,003
180 NYC GO 7.000 08/15/16 08/15/04(a) 209,650
5 NYC GO 7.000 02/01/11 02/01/98(a) 5,063
390 NYC GO 7.000 02/01/06 02/01/02(b) 434,105
5 NYC GO 7.000 08/01/09 02/01/98(b) 5,085
730 NYC GO 7.000 10/01/09 10/01/04(b) 810,767
30 NYC GO 7.000 02/01/12 02/01/98(b) 30,362
15 NYC GO 7.000 08/01/16 08/01/02(b) 16,615
2,860 NYC GO 7.000 02/01/06 02/01/02(a) 3,196,908
55 NYC GO 7.000 02/01/17 02/01/02(a) 51,900
10 NYC GO 7.000 08/01/00 02/01/98(b) 10,173
365 NYC GO 7.000 08/01/07 ----- 423,732
15 NYC GO 7.000 02/01/17 02/01/02(b) 16,477
25 NYC GO 7.000 10/01/15 10/01/99(b) 26,228
65 NYC GO 7.000 10/01/16 10/01/99(b) 68,192
9,145 NYC GO 7.000 10/01/13 10/01/02(b) 10,156,803
35 NYC GO 7.000 12/01/06 06/01/98(b) 35,685
15 NYC GO 7.000 10/01/18 10/01/99(b) 15,737
5 NYC GO 7.000 08/15/07 02/01/98(b) 5,085
5 NYC GO 7.000 12/01/10 06/01/98(b) 5,131
2,000 NYC GO 7.000 02/01/16 02/01/02(b) 2,201,660
20 NYC GO 7.000 08/15/02 02/15/98(b) 20,376
145 NYC GO 7.100 02/01/10 02/01/02(b) 159,812
55 NYC GO 7.100 02/01/10 02/01/02(a) 61,683
1,970 NYC GO 7.100 02/01/09 02/01/02(a) 2,209,375
100 NYC GO 7.100 08/15/07 08/15/04(b) 112,971
250 NYC GO 7.100 02/01/09 02/01/02(b) 275,538
10 NYC GO 7.100 02/01/04 02/01/98(b) 10,119
20 NYC GO 7.200 02/01/15 02/01/02(a) 22,505
1,450 NYC GO 7.200 08/15/08 08/15/04(b) 1,668,370
25 NYC GO 7.200 02/01/05 02/01/98(b) 25,319
25 NYC GO 7.200 08/01/01 02/01/98(b) 27,187
1,010 NYC GO 7.250 08/15/19 08/15/04(b) 1,158,117
3,990 NYC GO 7.250 08/15/19 08/15/04(a) 4,704,290
100 NYC GO 7.250 02/01/07 02/01/98(b) 100,329
5 NYC GO 7.250 02/01/07 02/01/98(b) 5,059
15 NYC GO 7.250 08/15/17 08/15/99(b) 15,899
5 NYC GO 7.300 08/15/98 02/15/98(b) 5,094
285 NYC GO 7.400 02/01/02 ----- 316,330
500 NYC GO 7.400 02/01/00 ----- 532,130
10 NYC GO 7.500 08/01/01 08/01/99(a) 10,682
50 NYC GO 7.500 08/01/04 08/01/98(b) 51,835
</TABLE>
12
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 8,900 NYC GO 7.500% 02/01/06 02/01/02(b) $ 10,028,698
5 NYC GO 7.500 08/01/01 08/01/99(b) 5,313
220 NYC GO 7.500 02/01/07 02/01/02(b) 247,196
20 NYC GO 7.500 12/01/03 06/01/98(b) 20,079
10,125 NYC GO 7.500 02/01/04 02/01/02(b) 11,343,240
115 NYC GO 7.500 08/15/03 08/15/99(b) 122,319
55 NYC GO 7.500 02/01/05 02/01/02(b) 61,580
5 NYC GO 7.500 08/15/05 02/15/98(b) 5,094
105 NYC GO 7.500 03/15/09 03/15/00(b) 113,169
2,425 NYC GO 7.500 02/01/09 02/01/02(b) 2,734,479
5 NYC GO 7.500 08/15/01 02/15/98(b) 5,095
45 NYC GO 7.625 02/01/13 02/01/02(a) 51,475
5 NYC GO 7.625 02/01/13 02/01/02(b) 5,641
3,705 NYC GO 7.650 02/01/07 02/01/02(a) 4,241,521
315 NYC GO 7.650 02/01/07 02/01/02(b) 353,928
25 NYC GO 7.700 02/01/09 02/01/02(b) 28,366
275 NYC GO 7.700 02/01/09 02/01/02(a) 315,334
180 NYC GO 7.750 08/15/12 08/15/01(a) 204,520
125 NYC GO 7.750 08/15/05 08/15/01(b) 139,448
485 NYC GO 7.750 08/15/06 08/15/01(b) 541,745
525 NYC GO 7.750 08/15/05 08/15/01(a) 596,516
5 NYC GO 7.750 08/15/11 08/15/01(b) 5,594
30 NYC GO 7.750 08/15/06 08/15/01(a) 34,087
90 NYC GO 7.750 08/15/07 08/15/01(b) 100,402
1,460 NYC GO 7.750 08/15/09 08/15/01(a) 1,658,881
320 NYC GO 7.750 08/15/01 08/15/99(a) 343,882
95 NYC GO 7.750 08/15/09 08/15/01(b) 106,623
1,410 NYC GO 7.750 08/15/07 08/15/01(a) 1,602,070
40 NYC GO 7.750 08/15/11 08/15/01(a) 45,449
405 NYC GO 7.750 08/15/01 08/15/99(b) 432,342
75 NYC GO 7.875 08/01/04 08/01/00(b) 82,242
200 NYC GO 8.000 08/01/01 08/01/98(b) 207,420
1,685 NYC GO 8.000 08/01/03 08/01/01(b) 1,900,697
5 NYC GO 8.250 08/01/11 08/01/01(b) 5,721
1,445 NYC GO 6.600 02/15/10 02/15/05(b) 1,612,403
14,000 NYC GO 6.600 10/01/16 10/01/02(b) 15,225,280
110 NYC GO 8.250 11/15/10 11/15/01(b) 126,185
2,000 NYC GO LIMO 0.000(+) 02/01/04 02/01/00(b) 1,938,040
1,950 NYC GO LIMO 0.000(+) 02/01/07 02/01/02(e) 1,622,537
115 NYC GO PRAMS 0.000(+) 10/01/06 10/01/02(b) 92,845
50 NYC HDC 0.000 10/01/08 04/01/98(b) 23,876
60 NYC HDC 0.000 04/01/00 ----- 53,006
80 NYC HDC 0.000 04/01/06 04/01/98(b) 46,110
655 NYC HDC 0.000 10/01/06 04/01/98(b) 363,964
70 NYC HDC 0.000 10/01/07 04/01/98(b) 35,984
40 NYC HDC 0.000 04/01/99 ----- 37,361
60 NYC HDC 0.000 04/01/04 04/01/98(b) 40,273
30 NYC HDC 0.000 04/01/08 04/01/98(b) 14,863
30 NYC HDC 0.000 10/01/99 ----- 27,266
55 NYC HDC 0.000 10/01/04 04/01/98(b) 35,609
90 NYC HDC 0.000 10/01/03 04/01/98(b) 62,804
15 NYC HDC 0.000 10/01/02 ----- 11,296
30 NYC HDC 0.000 04/01/03 04/01/98(b) 21,699
20 NYC HDC 0.000 10/01/01 ----- 16,221
90 NYC HDC 0.000 10/01/00 ----- 77,349
65 NYC HDC 0.000 04/01/05 04/01/98(b) 40,449
75 NYC HDC 0.000 04/01/01 ----- 62,608
9,810 NYC HDC 5.500 11/01/09 05/01/08(b) 10,169,242
5,000 NYC HDC 5.625 05/01/12(s) 05/01/08(b) 5,184,000
5,045 NYC HDC 5.700 11/01/13(s) 05/01/05(b) 5,181,316
520 NYC HDC 5.750 04/01/07 05/22/03(c) 538,424
</TABLE>
13
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1,665 NYC HDC 6.550% 10/01/15(s) 04/01/03(b) $ 1,778,886
110 NYC HDC 7.300 06/01/10 06/01/01(b) 117,806
275 NYC HDC 7.375 04/01/17 04/01/98(b) 280,572
1,690 NYC HDC 7.900 02/01/23(s) 02/01/00(b) 1,786,567
715 NYC HDC 8.100 09/01/23(s) 09/01/00(b) 763,985
1,970 NYC HDC (Pass Through Certificate) (i) 6.500 09/20/03 11/20/02(c) 2,062,511
60 NYC IDA 8.125 11/01/09 05/01/98(b) 60,872
1,265 NYC IDA Composite Offering XIV, Series C 7.625 11/01/09 05/01/98(b) 1,294,664
1,065 NYC IDA (ALA Realty) 7.000 12/01/05 10/13/02(c) 1,133,778
2,505 NYC IDA (American Airlines) 8.000 07/01/20 01/01/99(b) 2,636,337
530 NYC IDA (Amster Novelty) 7.375 12/01/05 07/27/02(c) 533,689
790 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/08 08/11/04(c) 830,077
405 NYC IDA (BHMS) 7.500 01/01/07 03/15/03(c) 422,111
2,560 NYC IDA (Blood Center) 6.800 05/01/02 06/17/00(c) 2,812,723
760 NYC IDA (CCM) 7.250 12/01/06 06/13/03(c) 802,811
360 NYC IDA (CNR) 6.200 09/01/10(s) 09/01/07(b) 392,134
1,158 NYC IDA (Cummins Engine) 6.500 03/01/05 11/24/01(c) 1,171,506
895 NYC IDA (EPG) 7.400 07/30/02 09/18/00(c) 957,972
1,965 NYC IDA (Friends Seminary School) 6.125 12/01/07 11/30/03(c) 1,988,875
1,550 NYC IDA (Gabrielli Truck Sales) 7.250 12/01/07 01/02/04(c) 1,617,425
1,835 NYC IDA (JBFS) 6.500 12/15/02 01/30/01(c) 1,965,065
470 NYC IDA (Koenig Manufacturing) 7.375 12/01/10 01/12/06(c) 495,906
25 NYC IDA (Lighthouse) 6.375 07/01/10 07/01/04(b) 26,692
505 NYC IDA (OHEL) 7.125 03/15/03 05/08/01(c) 512,242
41 NYC IDA (Paper Enterprises) 10.000 11/01/98 06/18/98(c) 42,544
3,130 NYC IDA (Plaza Packaging) 7.650 12/01/09 12/01/99(b) 3,346,565
720 NYC IDA (Promotional Slideguide) 7.000 12/01/05 10/13/02(c) 753,134
55 NYC IDA (Sharif Designs) 7.375 11/01/09 05/01/98(b) 55,119
240 NYC IDA (Streamline Plastics) 7.125 12/01/05 10/08/02(c) 253,829
3,415 NYC IDA (St. Bernard's School) 6.125 12/01/11 01/09/06(c) 3,442,354
50 NYC IDA (St. Christopher Ottilie Project) 6.750 07/01/99 ----- 51,890
160 NYC IDA (United Nations School) 6.050 12/01/05 ----- 171,080
170 NYC IDA (United Nations School) 6.100 12/01/06 ----- 182,427
180 NYC IDA (United Nations School) 6.150 12/01/07 ----- 194,267
100 NYC IDA (Visy Paper) 7.550 01/01/05 03/29/02(c) 112,099
2,240 NYS COP 7.625 03/01/09 09/01/01(b) 2,485,482
25 NYS Dorm 7.125 05/15/09 05/15/99(a) 26,573
30 NYS Dorm (Adelphi University) 8.000 07/01/02 07/01/98(b) 30,702
25 NYS Dorm (Adelphi University) 8.200 07/01/05 07/01/98(b) 25,589
200 NYS Dorm (Adelphi University) 8.250 07/01/06 07/01/98(b) 204,720
700 NYS Dorm (Albany Airport) 5.250 04/01/11 ----- 706,874
425 NYS Dorm (CDD) 4.750 07/01/06 ----- 433,942
150 NYS Dorm (CDD) 4.750 07/01/07 ----- 152,816
30 NYS Dorm (City University) 0.000 07/01/03 07/01/98(b) 21,103
2,020 NYS Dorm (City University) 5.500(w) 07/01/06 ----- 2,102,012
2,000 NYS Dorm (City University) 5.500(w) 07/01/04 ----- 2,080,200
1,500 NYS Dorm (City University) 5.500(w) 07/01/05 ----- 1,559,115
1,050 NYS Dorm (City University) 5.600 07/01/10 07/01/05(b) 1,088,073
1,900 NYS Dorm (City University) 6.000 07/01/10 07/01/08(b) 2,063,457
6,200 NYS Dorm (City University) 8.125 07/01/07 07/01/98(a) 6,455,192
15 NYS Dorm (ECC) 7.100 07/01/09 07/01/98(b) 15,045
25 NYS Dorm (Higher Education) 8.500 06/01/03 06/01/98(b) 25,340
40 NYS Dorm (Jewish Geriatric) 7.150 08/01/14 08/01/04(b) 46,007
25 NYS Dorm (JGB Health Facilities) 7.000 07/01/09 07/01/98(b) 25,056
10 NYS Dorm (L.I. Medical Center) 7.000 08/15/99 ----- 10,238
385 NYS Dorm (L.I. Medical Center) 7.625 08/15/08 02/15/98(b) 394,213
5,060 NYS Dorm (L.I. Medical Center) 7.750 08/15/27 02/15/98(b) 5,180,074
25 NYS Dorm (Manhattan College) 6.500 07/01/19(s) 07/01/04(b) 27,201
750 NYS Dorm (MEET) 5.375 07/01/12 11/22/10(c) 750,638
5,000 NYS Dorm (Mental Health) 5.500 08/15/17(s) 02/15/09(b) 5,112,450
75 NYS Dorm (Montefiore) 8.625 07/01/10 07/01/98(b) 75,248
</TABLE>
14
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 35 NYS Dorm (Mount Sinai) 6.750% 07/01/15 07/01/01(b) $ 38,350
225 NYS Dorm (NY Medical College) 6.875 07/01/03 ----- 251,849
1,150 NYS Dorm (Nyack Hospital) 6.250 07/01/13(s) 07/01/08(b) 1,225,670
75 NYS Dorm (Park Ridge Hsg.) 7.850 02/01/29 02/01/99(b) 79,077
815 NYS Dorm (PCP) 7.800 12/01/05 12/01/98(b) 855,065
10 NYS Dorm (Rochester General Hospital) 8.750 07/01/02 07/01/98(b) 11,047
1,150 NYS Dorm (State University) 5.750 05/15/10 05/15/08(b) 1,246,692
3,600 NYS Dorm (State University) 5.750 05/15/16(s) 05/15/08(b) 3,733,560
590 NYS Dorm (State University) 6.000 05/15/17 05/15/00(b) 602,343
8,730 NYS Dorm (State University) 6.375 05/15/14 05/15/03(a) 9,753,680
85 NYS Dorm (State University) 7.000 05/15/16(s) 05/15/00(b) 91,634
75 NYS Dorm (State University) 7.000 05/15/16 05/15/00(b) 81,031
100 NYS Dorm (St. Francis G&H) 7.375 08/01/10 08/01/00(b) 109,954
175 NYS Dorm (Suffolk-Judicial) 9.000 10/15/01 04/15/98(b) 193,557
4,085 NYS Dorm (Suffolk-Judicial) 9.000 10/15/01 04/15/98(b) 4,453,753
310 NYS Dorm (United Health) 7.150 08/01/07 02/01/00(a) 332,422
65 NYS Dorm (United Hospital) 6.500 09/15/10 07/01/98(b) 65,118
170 NYS Dorm (United Hospital) 11.750 09/15/10 03/15/98(b) 171,039
540 NYS Dorm (University of Rochester) 6.500 07/01/09 07/01/98(b) 551,972
4,990 NYS Dorm (University of Rochester) 6.500 07/01/09 07/01/98(b) 5,098,533
1,250 NYS Dorm (Upstate Community Colleges) 6.200 07/01/15(s) 07/01/07(b) 1,350,313
200 NYS Environ. (Consolidated Water) 7.150 11/01/14(s) 11/01/06(b) 219,978
190 NYS Environ. (Huntington Res Rec) 7.375 10/01/99 04/08/99(c) 199,164
7,550 NYS Environ. (Huntington Res Rec) 7.500 10/01/12(s) 10/01/99(b) 8,049,508
1,400 NYS Environ. (PCR Water) 5.625 03/15/04 03/14/01(c) 1,455,538
330 NYS Environ. (RSP) 7.100 04/01/01 04/01/01(a) 360,598
50 NYS Environ. (State Park) 5.750 03/15/13(s) 03/15/04(b) 51,989
5 NYS ERDA (Central Hudson G&E) 6.250 06/01/07 06/01/98(b) 5,007
5,000 NYS ERDA (Con Ed) 6.750 01/15/27 01/15/01(b) 5,350,950
20 NYS ERDA (Con Ed) 7.250 11/01/24 11/01/98(b) 20,693
4,250 NYS ERDA (Con Ed) 7.500 01/01/26 01/01/00(b) 4,533,518
25 NYS ERDA (LILCO) 6.900 08/01/22 02/01/02(b) 27,270
175 NYS ERDA (LILCO) 7.500 12/01/06 06/01/98(b) 175,313
425 NYS ERDA (LILCO) 7.800 12/01/09 06/01/98(b) 427,720
340 NYS ERDA (LILCO) 8.250 10/01/12 04/01/98(b) 342,176
2,125 NYS ERDA (Niagara Mohawk) 8.875 11/01/25 05/01/98(b) 2,174,513
100 NYS ERDA (RG&E) 8.125 12/01/28 12/01/98(b) 105,442
15 NYS GO 6.000 11/15/07 11/15/02(b) 16,142
40 NYS GO 6.600 12/01/14 06/01/98(b) 41,177
35 NYS HFA 5.875 11/01/11 11/01/01(b) 35,804
10 NYS HFA 5.875 11/01/12 11/01/01(b) 10,226
5 NYS HFA 5.875 11/01/10 11/01/01(b) 5,117
15 NYS HFA 6.400 11/01/02 11/01/00(b) 15,330
80 NYS HFA (Children's Rescue) 7.400 11/01/00 ----- 82,402
140 NYS HFA (Children's Rescue) 7.500 11/01/01 ----- 144,928
65 NYS HFA (Children's Rescue) 7.500 05/01/01 ----- 67,020
114 NYS HFA (General Housing) 6.500 11/01/03 ----- 116,511
30 NYS HFA (General Housing) 6.600 11/01/06 11/01/00(b) 30,645
10 NYS HFA (General Housing) 6.600 11/01/05 11/01/00(b) 10,215
6 NYS HFA (General Housing) 6.750 11/01/98 ----- 6,133
1,435 NYS HFA (Health Facility) 6.000 05/01/07 ----- 1,563,217
2,165 NYS HFA (Health Facility) 6.000 05/01/08 ----- 2,357,187
14,360 NYS HFA (Health Facility) 7.900 11/01/99 02/08/99(c) 15,043,680
1,560 NYS HFA (HELP/Bronx) 8.050 11/01/05 11/01/99(b) 1,653,226
55 NYS HFA (H&N) 5.900 11/01/05 ----- 55,598
15 NYS HFA (H&N) 5.900 11/01/03 05/01/98(b) 15,166
10 NYS HFA (H&N) 6.375 11/01/01 ----- (a) 10,815
640 NYS HFA (H&N) 6.800 11/01/02 05/01/98(b) 654,272
480 NYS HFA (H&N) 6.800 11/01/01 05/01/98(b) 490,704
2,145 NYS HFA (H&N) 6.875 11/01/07 05/01/98(b) 2,170,955
45 NYS HFA (H&N) 6.875 11/01/09 05/01/98(b) 45,945
</TABLE>
15
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 300 NYS HFA (H&N) 6.875% 11/01/11 05/01/98(b) $ 306,345
15 NYS HFA (H&N) 6.875 11/01/10 05/01/98(b) 15,331
25 NYS HFA (H&N) 6.875 11/01/05 05/01/98(b) 25,532
55 NYS HFA (H&N) 6.875 11/01/04 05/01/98(b) 56,230
5 NYS HFA (H&N) 6.875 11/01/08 05/01/98(b) 5,110
40 NYS HFA (H&N) 6.875 11/01/99 ----- (a) 41,044
1,660 NYS HFA (H&N) 7.000 11/01/17(s) 05/01/98(b) 1,680,252
10 NYS HFA (Insured Mtg.) 6.250 08/15/14(s) 08/15/06(b) 10,693
135 NYS HFA (Meadow Manor) 7.750 11/01/19 05/01/98(b) 136,889
125 NYS HFA (Monroe) 7.625 05/01/05 05/01/00(b) 135,315
200 NYS HFA (Multi-Family) 0.000 11/01/09 11/01/06(b) 111,708
50 NYS HFA (Multi-Family) 0.000 11/01/12 11/01/06(b) 22,613
65 NYS HFA (Multi-Family) 5.625 09/15/13(s) 09/15/05(b) 66,606
1,000 NYS HFA (Multi-Family) 6.450 08/15/14(s) 08/15/04(b) 1,049,230
1,900 NYS HFA (Multi-Family) 6.950 08/15/24 08/15/02(b) 2,017,287
100 NYS HFA (Multi-Family) 6.950 08/15/12 08/15/02(b) 108,248
15 NYS HFA (Multi-Family) 7.300 11/01/04 11/01/99(b) 15,640
309 NYS HFA (Multi-Family) 7.450 11/01/28(s) 11/01/99(b) 325,223
570 NYS HFA (Multi-Family) 8.000 11/01/08 11/01/00(b) 631,560
675 NYS HFA (Multi-Family) 10.000 11/15/99 05/15/98(b) 678,456
5 NYS HFA (NonProfit) 6.000 11/01/12 11/01/00(b) 5,104
10 NYS HFA (NonProfit) 6.100 11/01/98 ----- 10,211
45 NYS HFA (NonProfit) 6.100 11/01/99 ----- 46,441
5 NYS HFA (NonProfit) 6.200 11/01/11 11/01/98(b) 5,159
5 NYS HFA (NonProfit) 6.200 11/01/06 11/01/98(b) 5,161
40 NYS HFA (NonProfit) 6.200 11/01/08 11/01/98(b) 41,272
10 NYS HFA (NonProfit) 6.400 11/01/04 11/01/00(b) 10,218
80 NYS HFA (NonProfit) 6.400 11/01/09 11/01/01(b) 81,730
25 NYS HFA (NonProfit) 6.400 11/01/05 11/01/00(b) 25,544
40 NYS HFA (NonProfit) 6.400 11/01/00 ----- 40,881
5 NYS HFA (NonProfit) 6.400 11/01/06 11/01/00(b) 5,108
5 NYS HFA (NonProfit) 6.400 11/01/11 11/01/00(b) 5,108
10 NYS HFA (NonProfit) 6.500 11/01/01 ----- 10,223
60 NYS HFA (NonProfit) 6.500 11/01/02 ----- 61,296
5 NYS HFA (NonProfit) 6.500 11/01/03 ----- 5,110
10 NYS HFA (NonProfit) 6.600 11/01/09 11/01/98(b) 10,214
25 NYS HFA (NonProfit) 6.600 11/01/13 05/01/98(b) 25,779
25 NYS HFA (NonProfit) 6.600 11/01/00 11/01/98(b) 25,796
30 NYS HFA (NonProfit) 6.600 11/01/01 ----- 30,952
75 NYS HFA (NonProfit) 6.600 11/01/05 11/01/98(b) 77,360
225 NYS HFA (NonProfit) 6.600 11/01/03 ----- 232,229
5 NYS HFA (NonProfit) 6.600 11/01/10 11/01/98(b) 5,157
15 NYS HFA (NonProfit) 6.600 11/01/11 11/01/03(b) 15,470
15 NYS HFA (NonProfit) 6.600 11/01/06 11/01/00(b) 15,323
15 NYS HFA (NonProfit) 6.600 11/01/09 11/01/98(b) 15,471
5 NYS HFA (NonProfit) 6.600 11/01/11 05/01/98(b) 5,107
50 NYS HFA (NonProfit) 6.600 11/01/05 11/01/00(b) 51,075
10 NYS HFA (NonProfit) 6.600 11/01/02 ----- 10,316
20 NYS HFA (NonProfit) 6.750 11/01/01 11/01/98(b) 20,645
5 NYS HFA (NonProfit) 6.750 11/01/08 11/01/98(b) 5,157
15 NYS HFA (NonProfit) 6.750 11/01/09 11/01/98(b) 15,472
5 NYS HFA (NonProfit) 6.750 11/01/05 11/01/98(b) 5,158
1,420 NYS HFA (NonProfit) 6.750 11/01/11 05/01/98(b) 1,475,451
61 NYS HFA (NonProfit) 6.875 11/01/10 05/01/98(b) 62,404
250 NYS HFA (Phillips Village) 6.700 08/15/02 ----- 264,153
195 NYS HFA (Phillips Village) 6.700 02/15/02 ----- 204,968
175 NYS HFA (Phillips Village) 6.900 02/15/04 ----- 185,645
85 NYS HFA (Phillips Village) 6.900 08/15/04 ----- 90,520
415 NYS HFA (Simeon Dewitt) 8.000 11/01/18(s) 05/01/98(b) 418,225
240 NYS HFA (Westchester/HELP) 7.500 11/01/00 11/01/98(b) 246,698
50 NYS HFA (Westchester/HELP) 7.550 11/01/02 05/01/00(b) 51,978
</TABLE>
16
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 755 NYS LGSC (SCSB) 6.375% 12/15/09 02/25/05(c) $ 794,909
1,000 NYS Medcare 5.750 02/15/05 ----- 1,031,720
325 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/06 05/01/98(b) 328,868
95 NYS Medcare (Beth Israel Medical Center) 7.200 11/01/14 05/01/98(b) 96,174
14,590 NYS Medcare (BLH) 7.100 02/15/27 02/15/98(b) 14,917,983
100 NYS Medcare (Brookdale Hospital) 6.250 08/15/15(s) 02/15/05(b) 108,813
260 NYS Medcare (Brookdale Hospital) 6.600 02/15/03 ----- 282,363
615 NYS Medcare (Brookdale Hospital) 6.600 08/15/03 ----- 672,423
2,000 NYS Medcare (Brookdale Hospital) 6.800 08/15/12(s) 02/15/05(b) 2,204,700
3,050 NYS Medcare (Brookdale Hospital) 6.850 02/15/17(s) 02/15/05(b) 3,371,135
20 NYS Medcare (Buffalo General Hospital) 6.000 08/15/14 08/15/06(b) 21,142
10 NYS Medcare (Central Suffolk Hospital) 5.875 11/01/05 12/12/03(c) 9,903
365 NYS Medcare (Downtown Hospital) 6.550 02/15/06 ----- 405,446
945 NYS Medcare (Downtown Hospital) 6.550 08/15/06 ----- 1,052,324
1,915 NYS Medcare (Huntington Hospital) 6.500 11/01/14(s) 11/01/06(b) 2,077,660
80 NYS Medcare (H&N) 5.650 08/15/02 ----- 83,170
80 NYS Medcare (H&N) 5.950 08/15/09 08/15/04(b) 83,872
15 NYS Medcare (H&N) 6.100 08/15/13(s) 08/15/02(b) 16,053
285 NYS Medcare (H&N) 6.125 02/15/14(s) 02/15/06(b) 303,819
45 NYS Medcare (H&N) 6.150 02/15/02 02/15/98(b) 47,262
1,660 NYS Medcare (H&N) 6.400 08/15/14 08/15/06(b) 1,813,467
75 NYS Medcare (H&N) 6.400 11/01/14 05/01/02(b) 81,754
10 NYS Medcare (H&N) 6.550 08/15/12 08/15/04(b) 10,869
5 NYS Medcare (H&N) 7.000 02/15/99 ----- 5,171
25 NYS Medcare (H&N) 7.100 08/15/01 02/15/98(b) 25,597
820 NYS Medcare (H&N) 7.100 11/01/99 ----- 838,475
10 NYS Medcare (H&N) 7.100 11/01/98 ----- 10,225
125 NYS Medcare (H&N) 7.100 11/01/00 ----- 127,821
10 NYS Medcare (H&N) 7.200 08/15/02 02/15/98(b) 10,240
100 NYS Medcare (H&N) 7.200 02/15/02 02/15/98(b) 102,399
715 NYS Medcare (H&N) 7.200 11/01/01 05/01/98(b) 731,180
425 NYS Medcare (H&N) 7.250 11/01/03 05/01/98(b) 434,588
310 NYS Medcare (H&N) 7.250 02/15/09 02/15/99(a) 327,583
85 NYS Medcare (H&N) 7.250 11/01/02 05/01/98(b) 86,927
50 NYS Medcare (H&N) 7.300 08/15/11 08/15/01(b) 55,373
5 NYS Medcare (H&N) 7.300 08/15/10 08/15/99(b) 5,340
45 NYS Medcare (H&N) 7.350 02/15/29 02/15/99(b) 47,403
715 NYS Medcare (H&N) 7.400 11/01/16(s) 05/01/98(b) 731,080
685 NYS Medcare (H&N) 7.500 02/15/08 02/15/98(b) 701,289
20 NYS Medcare (H&N) 7.500 02/15/09 02/15/99(b) 21,099
3,670 NYS Medcare (H&N) 7.625 02/15/23 02/15/98(b) 3,757,823
75 NYS Medcare (H&N) 7.900 02/15/08 08/15/98(b) 78,148
340 NYS Medcare (H&N) 8.000 02/15/28 08/15/98(b) 354,477
4,335 NYS Medcare (H&N) 8.000 02/15/27 02/15/98(b) 4,434,618
40 NYS Medcare (H&N) 8.625 02/15/06 02/15/98(b) 40,142
325 NYS Medcare (H&N) 8.875 08/15/27 02/15/98(b) 333,262
660 NYS Medcare (H&N) 9.000 02/15/26 02/15/98(b) 661,967
2,765 NYS Medcare (H&N) 10.000 11/01/06 05/01/98(b) 2,934,495
3,400 NYS Medcare (Insured Hospital) 7.250 02/15/12 02/15/98(b) 3,476,058
120 NYS Medcare (Insured Hospital) 7.625 02/15/02 02/15/98(b) 122,768
2,260 NYS Medcare (Insured Hospital) 7.875 02/15/07 02/15/98(b) 2,311,709
1,245 NYS Medcare (Insured Mtg.) 6.600 02/15/11 02/15/05(b) 1,402,156
5 NYS Medcare (Insured Mtg.) 7.100 02/15/00 ----- 5,305
660 NYS Medcare (Insured Mtg.) 9.375 11/01/16(s) 05/01/98(b) 689,060
660 NYS Medcare (Insured Nursing) 10.250 01/01/24 01/15/98(b) 668,197
1,345 NYS Medcare (Long Beach Hospital) 7.625 02/15/06 08/15/98(b) 1,403,252
5 NYS Medcare (Mental Health) 0.000 02/15/03 08/15/98(a) 3,682
5 NYS Medcare (Mental Health) 0.000 02/15/03 08/15/98(b) 3,630
5 NYS Medcare (Mental Health) 0.000 08/15/03 08/15/98(b) 3,499
20 NYS Medcare (Mental Health) 0.000 08/15/01 ----- 16,493
190 NYS Medcare (Mental Health) 5.550 08/15/01 02/15/98(b) 190,190
</TABLE>
17
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 25 NYS Medcare (Mental Health) 5.700% 02/15/03 02/15/98(b) $ 25,028
40 NYS Medcare (Mental Health) 6.000 02/15/11 08/15/98(b) 40,335
125 NYS Medcare (Mental Health) 6.375 08/15/14(s) 08/15/04(b) 139,156
4,075 NYS Medcare (Mental Health) 6.375 08/15/14(s) 08/15/06(b) 4,448,474
3,780 NYS Medcare (Mental Health) 6.500 08/15/12(s) 08/15/02(b) 4,105,647
85 NYS Medcare (Mental Health) 6.850 08/15/00 ----- 90,641
45 NYS Medcare (Mental Health) 7.000 02/15/01 ----- 48,648
15 NYS Medcare (Mental Health) 7.100 02/15/02 08/15/99(b) 15,992
10 NYS Medcare (Mental Health) 7.200 02/15/04 08/15/99(b) 10,677
50 NYS Medcare (Mental Health) 7.200 08/15/00 ----- 53,582
50 NYS Medcare (Mental Health) 7.300 02/15/21 08/15/01(b) 55,586
40 NYS Medcare (Mental Health) 7.375 02/15/14 08/15/99(b) 42,528
25 NYS Medcare (Mental Health) 7.400 02/15/02 02/15/00(b) 27,011
45 NYS Medcare (Mental Health) 7.400 08/15/00 ----- 48,577
10 NYS Medcare (Mental Health) 7.500 08/15/07 02/15/01(b) 11,128
145 NYS Medcare (Mental Health) 7.625 02/15/07 08/15/01(b) 162,603
10 NYS Medcare (Mental Health) 7.625 08/15/07 08/15/01(b) 11,214
100 NYS Medcare (Mental Health) 7.625 02/15/08 02/15/98(b) 102,393
205 NYS Medcare (Mental Health) 7.700 02/15/18 02/15/98(b) 209,924
25 NYS Medcare (Mental Health) 7.750 08/15/10 02/15/00(b) 27,246
145 NYS Medcare (Mental Health) 7.800 02/15/19 02/15/99(b) 153,652
945 NYS Medcare (Mental Health) 7.875 08/15/20 08/15/00(b) 1,049,016
1,230 NYS Medcare (Mental Health) 8.250 02/15/99 02/15/98(b) 1,258,893
1,700 NYS Medcare (Mental Health) 8.875 08/15/07 02/15/98(b) 1,740,273
50 NYS Medcare (North Shore University Hospital) 7.125 11/01/08 11/01/00(b) 54,852
10 NYS Medcare (N. General Hospital) 7.000 02/15/98 ----- 10,039
275 NYS Medcare (N. General Hospital) 7.100 02/15/99 ----- 284,625
25 NYS Medcare (N. General Hospital) 7.150 08/15/01 08/15/99(b) 26,672
10 NYS Medcare (N. General Hospital) 7.200 08/15/02 08/15/99(b) 10,677
1,030 NYS Medcare (N. General Hospital) 7.350 08/15/09 08/15/99(b) 1,090,183
235 NYS Medcare (Secured Hospital) 7.000 02/15/07 02/15/98(b) 240,304
865 NYS Medcare (Secured Hospital) 7.000 02/15/07 02/15/98(b) 891,383
100 NYS Medcare (St. Luke's Hospital) 7.375 02/15/19(s) 02/15/00(b) 106,644
65 NYS Medcare (St. Luke's Hospital) 7.400 02/15/09 02/15/00(b) 69,870
40 NYS Medcare (St. Luke's Hospital) 7.500 11/01/11 11/01/99(b) 43,000
80 NYS Medcare (WHMC) 6.850 08/15/00 ----- 84,840
715 NYS Medcare (WHMC) 6.850 02/15/00 ----- 751,558
250 NYS Medcare (WHMC) 6.950 02/15/01 ----- 268,165
80 NYS Medcare (WHMC) 6.950 08/15/01 ----- 86,534
25 NYS Medcare (WHMC) 7.150 02/15/03 08/15/01(b) 27,642
50 NYS Medcare (WHMC) 7.150 08/15/03 08/15/01(b) 55,498
1,600 NYS Medcare (WHMC) 7.350 08/15/11(s) 08/15/01(b) 1,769,456
785 NYS Power Authority 7.000 01/01/09 07/01/98(b) 800,975
100 NYS Power Authority 7.500 01/01/02 07/01/98(b) 102,040
1,000 NYS Power Authority 7.600 01/01/03 07/01/98(b) 1,020,410
225 NYS Power Authority 7.800 01/01/06 07/01/98(b) 229,599
530 NYS Thruway 0.000 01/01/01 ----- 464,444
385 NYS Thruway 0.000 01/01/06 ----- 262,813
250 NYS Thruway 0.000 01/01/05 ----- 179,613
3,000 NYS Thruway 6.000 04/01/12 04/01/09(b) 3,260,880
500 NYS Thruway 6.000 04/01/11 04/01/09(b) 544,380
30 NYS UDC 0.000 01/01/07 ----- 19,439
15 NYS UDC 0.000 01/01/11 04/08/08(c) 7,284
20 NYS UDC 0.000 01/01/99 ----- 19,167
10 NYS UDC 0.000 01/01/00 ----- 9,166
4,000 NYS UDC 5.500 01/01/15(s) 01/01/05(b) 4,046,280
10,000 NYS UDC 5.500 01/01/15(s) 01/01/05(b) 10,115,700
25 NYS UDC (Correctional Facilities) 0.000 01/01/03 ----- 20,259
175 NYS UDC (South Mall) 0.000 01/01/11 04/08/08(c) 84,441
35 NYS UDC (South Mall) 0.000 01/01/03 ----- 27,482
130 NYS UDC (South Mall) 0.000 01/01/05 ----- 91,410
</TABLE>
18
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 50 NYS UDC (South Mall) 0.000% 01/01/05 06/24/04(c) $ 35,158
10 NYS (SONYMA) Mortgage, 1 0.000 10/01/14(s) 04/01/98(b) 2,112
400 NYS (SONYMA) Mortgage, 1 0.000 10/01/98 04/01/98(b) 376,372
195 NYS (SONYMA) Mortgage, 10-A 7.800 10/01/03 04/01/98(b) 199,760
150 NYS (SONYMA) Mortgage, 10-A 8.000 10/01/08 04/01/98(b) 153,719
15 NYS (SONYMA) Mortgage, 11 6.875 04/01/16(s) 10/01/98(b) 15,191
60 NYS (SONYMA) Mortgage, 12 0.000 10/01/99 10/01/98(b) 53,885
30 NYS (SONYMA) Mortgage, 12 0.000 04/01/03 10/01/98(b) 20,508
30 NYS (SONYMA) Mortgage, 12 0.000 04/01/99 10/01/98(b) 27,955
30 NYS (SONYMA) Mortgage, 12 0.000 10/01/01 10/01/98(b) 23,086
100 NYS (SONYMA) Mortgage, 12 0.000 10/01/00 10/01/98(b) 83,212
315 NYS (SONYMA) Mortgage, 12 7.300 10/01/12 04/01/98(b) 321,933
200 NYS (SONYMA) Mortgage, 12 8.250 04/01/17 04/01/98(b) 205,030
715 NYS (SONYMA) Mortgage, 2 0.000 10/01/14(s) 04/01/98(b) 148,212
165 NYS (SONYMA) Mortgage, 2 0.000 10/01/14 04/01/01(b) 34,384
55 NYS (SONYMA) Mortgage, 36-A 6.000 10/01/17(s) 04/01/06(b) 57,954
30 NYS (SONYMA) Mortgage, 41-A 6.450 10/01/14 06/01/04(b) 32,626
50 NYS (SONYMA) Mortgage, 43 6.450 10/01/17(s) 09/01/04(b) 54,485
50 NYS (SONYMA) Mortgage, 44 7.000 10/01/07 11/01/06(b) 53,615
20 NYS (SONYMA) Mortgage, 47 6.125 10/01/20(s) 06/06/06(b) 20,732
90 NYS (SONYMA) Mortgage, 6 9.375 04/01/10 10/01/98(c) 93,346
1,000 NYS (SONYMA) Mortgage, 67 5.600 10/01/14(s) 09/01/09(b) 1,023,150
500 NYS (SONYMA) Mortgage, 67 5.700 10/01/17 09/01/09(b) 513,690
40 NYS (SONYMA) Mortgage, 67 6.375 10/01/17(s) 03/28/07(b) 43,354
75 NYS (SONYMA) Mortgage, 7 GAINS 0.000(+) 10/01/14(s) 04/01/98(b) 75,253
250 NYS (SONYMA) Mortgage, 8-A 0.000 04/01/00 10/01/98(b) 217,563
70 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/02 10/01/98(b) 51,299
30 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/00 10/01/98(b) 25,249
85 NYS (SONYMA) Mortgage, 8-A 0.000 04/01/01 10/01/98(b) 68,970
60 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/01 10/01/98(b) 47,061
85 NYS (SONYMA) Mortgage, 8-A 0.000 04/01/02 10/01/98(b) 64,441
20 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/98 ----- 19,295
45 NYS (SONYMA) Mortgage, 8-A 0.000 10/01/99 ----- 40,562
90 NYS (SONYMA) Mortgage, 8-A 6.875 04/01/17 04/01/98(b) 91,076
75 NYS (SONYMA) Mortgage, 8-A 6.875 04/01/17(s) 04/01/98(b) 75,911
295 NYS (SONYMA) Mortgage, 8-A 6.875 04/01/17 04/01/98(b) 298,561
50 NYS (SONYMA) Mortgage, 8-B 7.200 04/01/99 ----- 51,079
25 NYS (SONYMA) Mortgage, 8-D 7.700 10/01/99 01/04/98(b) 25,539
100 NYS (SONYMA) Mortgage, 8-D 8.200 10/01/06 01/04/98(b) 102,062
350 NYS (SONYMA) Mortgage, 8-E 8.100 10/01/17(s) 04/01/98(b) 358,596
40 NYS (SONYMA) Mortgage, 8-F 7.200 10/01/00 07/01/98(b) 41,108
30 NYS (SONYMA) Mortgage, 8-F 7.800 10/01/06 07/01/98(b) 30,742
110 NYS (SONYMA) Mortgage, 8-F 8.000 10/01/17(s) 07/01/98(b) 111,322
100 NYS (SONYMA) Mortgage, 9-A 6.700 10/01/98 ----- 101,155
25 NYS (SONYMA) Mortgage, 9-A 6.900 04/01/00 04/01/98(b) 25,281
20 NYS (SONYMA) Mortgage, 9-A 7.000 04/01/01 04/01/98(b) 20,243
150 NYS (SONYMA) Mortgage, 9-A 7.250 10/01/06 04/01/98(b) 151,794
150 NYS (SONYMA) Mortgage, 9-A 7.300 04/01/17 04/01/98(b) 151,770
10 NYS (SONYMA) Mortgage, 9-A 8.250 10/01/08 04/01/98(b) 10,222
90 NYS (SONYMA) Mortgage, 9-C 8.400 10/01/02 04/01/98(b) 91,392
15 NYS (SONYMA) Mortgage, 9-E 7.375 10/01/98 ----- 15,244
540 NYS (SONYMA) Mortgage, 9-E 8.000 10/01/03 04/01/98(b) 553,565
70 NYS (SONYMA) Mortgage, AA 7.700 04/01/99 ----- 71,497
35 NYS (SONYMA) Mortgage, BB-2 7.125 10/01/98 07/03/98(c) 35,717
210 NYS (SONYMA) Mortgage, BB-2 7.850 10/01/08 04/01/98(b) 214,805
12,620 NYS (SONYMA) Mortgage, BB-2 7.950 10/01/15(s) 04/01/98(b) 13,093,250
65 NYS (SONYMA) Mortgage, EE-1 8.000 10/01/10 04/14/99(b) 65,889
25 NYS (SONYMA) Mortgage, EE-2 7.050 10/01/00 07/21/99(c) 26,234
85 NYS (SONYMA) Mortgage, EE-2 7.450 10/01/10 09/14/99(b) 89,341
180 NYS (SONYMA) Mortgage, EE-3 7.125 10/01/00 07/20/99(c) 187,070
50 NYS (SONYMA) Mortgage, EE-3 7.650 04/01/16 10/01/00(b) 53,056
</TABLE>
19
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 50 NYS (SONYMA) Mortgage, EE-3 7.750% 04/01/16 04/01/00(b) $ 53,168
110 NYS (SONYMA) Mortgage, EE-4 7.050 10/01/00 07/21/99(c) 113,915
115 NYS (SONYMA) Mortgage, EE-4 7.800 10/01/13(s) 10/01/00(b) 122,416
50 NYS (SONYMA) Mortgage, FF 7.100 10/01/98 ----- 50,785
20 NYS (SONYMA) Mortgage, FF 7.850 10/01/08 04/01/98(b) 20,453
4,875 NYS (SONYMA) Mortgage, FF 7.950 10/01/14(s) 04/01/98(b) 4,980,788
50 NYS (SONYMA) Mortgage, HH-2 7.700 10/01/09 10/01/99(b) 52,130
120 NYS (SONYMA) Mortgage, HH-3 7.875 10/01/09 06/07/00(b) 126,955
3,600 NYS (SONYMA) Mortgage, HH-3 7.950 04/01/22(s) 06/07/00(b) 3,801,024
1,685 NYS (SONYMA) Mortgage, HH-4 7.700 10/01/09(s) 04/01/99(g) 1,762,139
120 NYS (SONYMA) Mortgage, II 0.000 10/01/07 04/01/99(b) 58,613
580 NYS (SONYMA) Mortgage, II 0.000 10/01/08 04/01/99(b) 261,893
90 NYS (SONYMA) Mortgage, II 0.000 04/01/07 04/01/99(b) 45,707
175 NYS (SONYMA) Mortgage, II 0.000 04/01/09 04/01/99(b) 75,954
300 NYS (SONYMA) Mortgage, II 0.000 10/01/09 04/01/99(b) 124,104
20 NYS (SONYMA) Mortgage, II 0.000 04/01/06 04/01/02(b) 11,025
40 NYS (SONYMA) Mortgage, II 0.000 10/01/06 04/01/99(b) 21,211
45 NYS (SONYMA) Mortgage, II 0.000 10/01/05 04/01/99(b) 25,801
75 NYS (SONYMA) Mortgage, II 0.000 04/01/05 04/01/99(b) 44,699
90 NYS (SONYMA) Mortgage, JJ 0.000 04/01/00 ----- 82,481
30 NYS (SONYMA) Mortgage, JJ 0.000 04/01/04 10/01/99(b) 20,624
170 NYS (SONYMA) Mortgage, JJ 0.000 04/01/05 10/01/99(b) 108,384
110 NYS (SONYMA) Mortgage, JJ 0.000 04/01/02 ----- 87,979
145 NYS (SONYMA) Mortgage, JJ 0.000 04/01/01 ----- 125,018
185 NYS (SONYMA) Mortgage, JJ 0.000 10/01/05 10/01/99(b) 113,684
10 NYS (SONYMA) Mortgage, JJ 0.000 10/01/04 10/01/99(b) 6,626
15 NYS (SONYMA) Mortgage, JJ 0.000 10/01/02 ----- 11,569
75 NYS (SONYMA) Mortgage, JJ 0.000 10/01/03 10/01/99(b) 53,642
100 NYS (SONYMA) Mortgage, JJ 0.000 10/01/07 10/01/99(b) 52,742
200 NYS (SONYMA) Mortgage, JJ 0.000 04/01/07 10/01/99(b) 109,466
95 NYS (SONYMA) Mortgage, JJ 0.000 10/01/01 ----- 79,005
215 NYS (SONYMA) Mortgage, JJ 0.000 04/01/03 10/01/99(b) 159,500
60 NYS (SONYMA) Mortgage, JJ 0.000 04/01/06 10/01/99(b) 35,396
10 NYS (SONYMA) Mortgage, JJ 0.000 10/01/00 ----- 8,958
335 NYS (SONYMA) Mortgage, JJ 0.000 10/01/06 10/01/99(b) 181,657
150 NYS (SONYMA) Mortgage, JJ 0.000 10/01/08 10/01/99(b) 73,337
200 NYS (SONYMA) Mortgage, JJ 7.500 10/01/17 10/01/99(b) 211,406
15 NYS (SONYMA) Mortgage, KK 7.050 10/01/99 01/09/99(c) 15,506
35 NYS (SONYMA) Mortgage, KK 7.800 10/01/20 10/01/99(b) 36,807
30 NYS (SONYMA) Mortgage, MM-1 7.200 10/01/98 ----- 30,463
140 NYS (SONYMA) Mortgage, MM-1 7.500 04/01/13(s) 02/04/01(b) 146,993
5 NYS (SONYMA) Mortgage, MM-1 7.600 10/01/02 02/04/01(b) 5,282
25 NYS (SONYMA) Mortgage, MM-1 7.650 10/01/03 02/04/01(b) 26,340
100 NYS (SONYMA) Mortgage, MM-1 7.700 10/01/04 02/04/01(b) 104,953
50 NYS (SONYMA) Mortgage, MM-1 7.750 04/01/05 02/04/01(b) 52,373
10 NYS (SONYMA) Mortgage, MM-2 7.550 04/01/02 10/01/00(b) 10,526
25 NYS (SONYMA) Mortgage, NN 7.100 04/01/02 01/01/00(b) 26,146
20 NYS (SONYMA) Mortgage, NN 7.150 10/01/03 01/01/00(b) 20,874
25 NYS (SONYMA) Mortgage, QQ 7.600 10/01/12 04/01/00(b) 26,265
2,715 NYS (SONYMA) Mortgage, QQ 7.700 10/01/12 04/01/00(b) 2,857,972
6,000 NYS (SONYMA) Mortgage, QQ 7.850 10/01/21 02/04/01(b) 6,544,020
50 NYS (SONYMA) Mortgage, RR 7.600 10/01/10 10/01/00(b) 53,106
25 NYS (SONYMA) Mortgage, RR 7.700 10/01/10 10/01/00(b) 26,615
30 NYS (SONYMA) Mortgage, SS 7.500 10/01/19(s) 10/01/00(b) 30,924
25 NYS (SONYMA) Mortgage, TT 6.850 10/01/01 ----- 26,236
20 NYS (SONYMA) Mortgage, TT 6.950 04/01/02 ----- 21,060
125 NYS (SONYMA) Mortgage, TT 7.150 04/01/04 04/01/01(b) 131,351
25 NYS (SONYMA) Mortgage, TT 7.200 10/01/05 04/01/01(b) 26,212
25 NYS (SONYMA) Mortgage, UU 6.850 10/01/99 ----- 25,700
75 NYS (SONYMA) Mortgage, UU 6.950 04/01/00 ----- 77,398
530 NYS (SONYMA) Mortgage, UU 7.150 10/01/22(s) 10/01/01(b) 555,954
</TABLE>
20
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 135 NYS (SONYMA) Mortgage, UU 7.750% 10/01/23(s) 04/01/01(b) $ 143,679
5 NYS (SONYMA) Mortgage, VV 6.400 04/01/98 ----- 5,025
40 NYS (SONYMA) Mortgage, VV 6.600 04/01/00 ----- 41,426
25 NYS (SONYMA) Mortgage, VV 6.800 10/01/02 ----- 26,544
60 NYS (SONYMA) Mortgage, VV 6.900 04/01/03 ----- 63,841
100 NYS (SONYMA) Mortgage, VV 7.000 10/01/04 10/01/01(b) 106,046
50 NYS (SONYMA) Mortgage, VV 7.000 04/01/04 10/01/01(b) 52,928
590 NYS (SONYMA) Mortgage, VV 7.250 10/01/07 10/01/01(b) 629,560
13,300 NYS (SONYMA) Mortgage, VV 7.375 10/01/11(s) 10/01/01(b) 14,303,219
45 Oneida Healthcare Corp. 7.100 08/01/11 08/01/01(b) 49,026
1,150 Oneida Herkimer SWMA 6.600 04/01/04 ----- 1,274,258
3,200 Oneida Herkimer SWMA 6.750 04/01/14(s) 04/01/03(b) 3,456,672
9,700 Onondaga County Res Rec 6.625 05/01/00 05/17/99(c) 10,046,581
8,260 Onondaga County Res Rec 6.875 05/01/06 01/12/04(c) 8,841,587
6,830 Onondaga County Res Rec 7.000 05/01/15 05/01/02(b) 7,382,001
4,400 Onondaga IDA (Crouse Irving Hospital) 7.900 01/01/17 01/01/03(b) 4,955,720
110 Onondaga IDA (Sysco Foods) 7.750 04/01/03 04/01/98(b) 111,067
1,485 Orange IDA (Kingston Manufacturing) 7.250 11/01/03 07/19/01(c) 1,532,238
40 Orange IDA (Mental Health) 6.000 05/01/08 ----- 43,469
1,805 Oswego County Res Rec 6.500 06/01/04 05/23/03(c) 1,941,007
50 Philadelphia, NY GO 7.500 12/15/09 ----- 62,172
75 Port Authority NY/NJ (Delta Airlines) 6.950 06/01/08 06/01/02(b) 82,546
1,000 Port Authority NY/NJ (KIAC) 6.750 10/01/11 05/03/10(c) 1,111,530
10,000 Port Authority NY/NJ (KIAC) 7.000 10/01/07 05/02/05(c) 11,371,800
30 Port Authority NY/NJ, 39th Series 5.800 02/01/07 02/01/98(b) 30,038
15 Port Authority NY/NJ, 46th Series 5.500 10/01/08 04/01/98(b) 15,308
20 Port Authority NY/NJ, 51st Series 9.000 11/01/14 11/01/99(b) 21,702
45 Port Authority NY/NJ, 52nd Series 6.000 03/01/03 03/01/98(b) 45,548
45 Port Authority NY/NJ, 67th Series 7.000 12/01/14 06/01/98(b) 46,398
30 Port Authority NY/NJ, 83rd Series 6.375 10/15/17 10/15/02(b) 32,612
75 Port Authority NY/NJ, 83rd Series 6.875 01/01/25 01/01/00(b) 79,486
15 Portchester Community Devel. Corp. 8.100 08/01/10 04/04/05(c) 16,119
1,847 Puerto Rico Aqueduct & Sewer (i) 7.250 03/21/00 04/03/99(c) 1,885,931
30 Puerto Rico Commonwealth Infrastructure 0.000(+) 07/01/01 07/01/98(b) 29,956
8,580 Puerto Rico Commonwealth Infrastructure 7.500 07/01/09 07/01/98(b) 8,919,082
265 Puerto Rico Commonwealth Infrastructure 7.600 07/01/00 07/01/98(b) 275,062
5 Puerto Rico Commonwealth Infrastructure 7.700 07/01/01 07/01/98(b) 5,190
8,380 Puerto Rico Commonwealth Infrastructure 7.750 07/01/08 07/01/98(b) 8,721,485
10,000 Puerto Rico Commonwealth Infrastructure 7.900 07/01/07 07/01/98(b) 10,414,800
170 Puerto Rico Electric 6.000 07/01/10 07/01/99(b) 173,585
25 Puerto Rico Electric 6.000 07/01/16(s) 07/01/06(b) 26,786
30 Puerto Rico Electric 6.000 07/01/16(s) 07/01/06(b) 32,483
120 Puerto Rico Electric 7.000 07/01/07 07/01/99(b) 126,509
115 Puerto Rico Electric 7.125 07/01/14 07/01/99(b) 122,363
10 Puerto Rico Electric 7.125 07/01/14 07/01/99(b) 10,580
5 Puerto Rico GO 6.000 07/01/14 07/01/04(b) 5,323
1,105 Puerto Rico GO 8.000 07/01/06 07/01/98(b) 1,147,266
1,800 Puerto Rico GO YCN 7.634(r) 07/01/08 07/01/02(b) 2,031,750
500 Puerto Rico HBFA 6.100 10/01/15(s) 04/01/07(b) 527,405
25 Puerto Rico HFC 0.000 10/15/04 09/15/98(b) 15,444
45 Puerto Rico HFC 0.000 04/15/08 09/15/98(b) 21,366
100 Puerto Rico HFC 6.650 10/15/10 10/01/01(b) 105,772
45 Puerto Rico HFC 6.800 10/01/99 ----- 46,490
10 Puerto Rico HFC 6.900 04/15/98 ----- 10,066
40 Puerto Rico HFC 7.000 04/01/00 ----- 41,592
15 Puerto Rico HFC 7.000 04/15/99 ----- 15,386
10 Puerto Rico HFC 7.100 04/01/02 04/01/00(b) 10,589
15 Puerto Rico HFC 7.100 10/15/00 10/01/98(b) 15,504
65 Puerto Rico HFC 7.300 04/01/06 04/01/00(b) 68,816
30 Puerto Rico HFC 7.400 04/01/07 04/01/00(b) 31,823
20 Puerto Rico HFC 7.450 10/15/09 09/27/00(b) 21,311
</TABLE>
21
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1,075 Puerto Rico HFC 7.500% 10/01/15(s) 04/01/00(b) $ 1,140,984
10 Puerto Rico HFC 7.500 10/15/12 09/27/00(b) 10,655
8,610 Puerto Rico HFC 7.500 04/01/22(s) 04/01/00(b) 9,151,655
275 Puerto Rico HFC 7.650 10/15/22 09/27/00(b) 293,464
270 Puerto Rico HFC 8.250 06/01/11(s) 06/01/98(b) 271,010
275 Puerto Rico IME (Abbott Labs) 6.500 07/01/09 07/01/98(b) 279,532
10 Puerto Rico IME (Baxter Travenol) 8.000 09/01/12 09/01/98(b) 10,529
500 Puerto Rico IME (Motorola) (q) 6.750 01/01/14 01/01/02(b) 554,195
3,500 Puerto Rico IME (PepsiCo) 6.250 11/15/13 11/15/02(b) 3,797,255
640 Puerto Rico IME (Squibb) 6.500 07/01/04 07/01/98(b) 649,216
1,020 Puerto Rico IME (Upjohn) 7.500 12/01/23 12/01/98(b) 1,086,218
40 Puerto Rico Port Authority 5.750 07/01/02 07/01/98(b) 40,029
125 Puerto Rico Port Authority 7.300 07/01/07 07/01/98(b) 125,198
367 Puerto Rico Port Authority (Computer Lease) (i) 9.000 05/15/99 11/19/98(c) 387,301
30 Puerto Rico Public Buildings Authority 6.000 07/01/12 07/01/99(b) 30,537
2,015 Puerto Rico TEMEC (MGH) 6.500 07/01/12(s) 07/01/08(b) 2,190,124
1,045 Puerto Rico TEMEC (RMH) 6.400 05/01/09 05/01/06(b) 1,122,539
105 Puerto Rico Urban Renewal 7.875 10/01/04 10/01/99(b) 112,407
1,360 Putnam IDA (Brewster Plastics) 7.375 12/01/08 08/11/04(c) 1,459,878
35 Radisson Senior Citizens Hsg. 12.000 11/01/11(s) 05/01/98(b) 36,904
125 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/11(s) 01/01/03(b) 136,588
1,440 Rensselaer Municipal Leasing Corp. 6.250 06/01/04 12/28/02(c) 1,554,898
20 Riverhead Hsg. Devel. Corp. 8.250 08/01/10 02/01/98(b) 20,733
3,250 Rochester Hsg. Authority (Crossroads) 7.300 07/01/05 05/02/02(c) 3,561,708
795 Rochester Hsg. Authority (Stonewood) 5.900 09/01/09 11/16/04(c) 817,173
365 Rockland Gardens Hsg. 10.500 05/01/11 05/01/98(b) 389,528
690 Rockland IDA (DC) 7.000 03/01/03 04/21/01(c) 734,436
225 Roxbury CSD 6.400 06/15/10 06/15/07(b) 252,531
235 Roxbury CSD 6.400 06/15/11 06/15/07(b) 262,963
245 Saratoga IDA (ARC) 7.250 03/01/01 03/10/00(c) 252,754
360 Saratoga IDA (City Center) 10.000 10/01/08 10/01/99(b) 392,141
2,150 Saratoga IDA (Saratoga Sheraton) 6.750 12/31/07 02/12/03(c) 2,306,112
50 Schodack IDA (Hamilton Printing) 7.600 07/01/00 ----- 50,760
60 Schodack IDA (Hamilton Printing) 7.625 07/01/01 ----- 62,808
120 Schuyler IDA (Cargill) 7.900 04/01/07 10/01/98(b) 127,463
135 Springville HDC (Springbrook) 5.950 01/01/10 01/13/05(c) 140,647
25 St. Casimer's Elderly Hsg. 7.000 09/01/98 ----- 25,257
960 St. Casimer's Elderly Hsg. 7.375 09/01/10 03/01/98(b) 994,810
10 Suffolk County GO 6.400 02/01/00 ----- 10,068
5 Suffolk County GO 6.700 08/01/02 ----- 5,073
240 Suffolk IDA (Dowling College) 6.500 12/01/06 ----- 253,262
1,035 Suffolk IDA (Huntington Res Rec) 5.150(w) 10/01/99 ----- 1,035,673
6,395 Suffolk IDA (Huntington Res Rec) 5.150(w) 10/01/00 ----- 6,447,951
6,875 Suffolk IDA (Huntington Res Rec) 5.350(w) 10/01/01 ----- 6,991,806
7,390 Suffolk IDA (Huntington Res Rec) 5.450(w) 10/01/02 ----- 7,584,209
7,945 Suffolk IDA (Huntington Res Rec) 5.500(w) 10/01/03 ----- 8,195,347
1,785 Suffolk IDA (L.I. ACLD) 7.350 08/01/09(s) 08/01/99(g) 1,886,567
20 Suffolk IDA (Marbar) 8.150 03/01/04 03/01/98(b) 20,186
25 Suffolk IDA (Marbar) 8.200 03/01/05 03/01/98(b) 25,102
60 Suffolk IDA (OPWC) 7.000 11/01/02 01/30/01(c) 61,004
380 Suffolk IDA (Printing Assoc.) 7.013(v) 12/01/01 07/01/98(f) 380,000
1,300 Suffolk IDA (Rimland Facilities) 6.188(v) 12/01/04 06/01/98(f) 1,300,000
5 Suffolk Water Authority 7.375 06/01/12(s) 06/01/98(b) 5,219
2,365 Sunnybrook Elderly Hsg. Corp. 11.250 12/01/14(s) 04/01/98(b) 2,509,738
67 Syracuse IDA (543 E. Genesee St.) 6.205(v) 12/01/98 07/12/98(c) 67,547
930 Syracuse IDA (Rockwest Center) 7.000 12/01/05 11/01/02(c) 972,799
400 Syracuse IDA (Rockwest Center) 7.250 06/01/03 02/23/01(c) 435,856
1,025 Syracuse IDA (St. Joseph's Hospital) 7.250 06/01/01 01/02/00(c) 1,102,316
300 Tompkins Healthcare 10.800 02/01/28 08/01/05(b) 400,047
195 Tompkins IDA (Kendall at Ithaca) 7.875 06/01/15(s) 06/01/05(b) 211,495
3,755 Tonawanda HDC (Tonawanda Towers) 6.150 10/01/11 09/05/06(c) 3,930,659
</TABLE>
22
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<CAPTION>
Effective
Face Amount Maturity
(000) Omitted Description Coupon Maturity Date* Market Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 60 Triborough Bridge & Tunnel Authority 6.000% 01/01/13(s) 01/01/00(b) $ 61,865
10 Triborough Bridge & Tunnel Authority 6.625 01/01/17 01/01/05(b) 10,821
80 Tupper Lake Housing Devel. 8.125 10/01/10 03/15/02(b) 80,664
1,600 Union Elderly Hsg. 10.000 04/01/13(s) 04/01/98(b) 1,659,520
5 Union Elderly Hsg. 11.000 04/01/00 04/01/98(b) 5,077
855 Union Hsg. (Methodist Homes) 6.800 11/01/04 02/28/02(c) 906,197
95 Union Hsg. (Methodist Homes) 7.900 04/01/98 ----- 95,728
475 United Nations Devel. Corp. 5.400 07/01/14(s) 07/01/99(b) 476,287
1,275 United Nations Devel. Corp. 5.500 07/01/17(s) 07/01/99(b) 1,278,812
380 University of V. I. 6.500 10/01/99 04/06/99(c) 387,296
500 University of V. I. 7.500 10/01/09 10/01/04(b) 569,930
500 University of V. I. 7.650 10/01/14 10/01/04(b) 571,075
10 Utica Hsg. Corp. (Brookhaven) 0.000 07/01/99 ----- 8,707
100 Utica Hsg. Corp. (Brookhaven) 0.000 01/01/99 ----- 91,184
40 Utica Senior Citizen Hsg. 0.000 01/01/02 ----- 27,506
35 Utica Senior Citizen Hsg. 0.000 01/01/98 ----- 35,000
100 Utica Senior Citizen Hsg. 6.500 04/15/08 04/15/06(b) 111,179
10 Valley Health & Devel. Corp. 7.850 02/01/02 06/02/99(c) 10,644
25 Valley Health & Devel. Corp. 11.300 02/01/23 12/15/00(b) 30,443
100 Valley Health & Devel. Corp. 11.300 02/01/07 08/01/00(b) 121,859
17,890 V. I. Airport 8.100 10/01/05 10/01/98(b) 18,625,100
722 V. I. GO (Hugo Insurance Claims Program) 7.750 10/01/06(s) 10/01/99(g) 803,933
15 V. I. HFA 7.550 06/01/03 12/01/98(a) 15,799
260 V. I. Highway 7.650 10/01/99 ----- 275,644
1,060 V. I. Port Authority (Marine Division) 7.400 11/01/99 05/01/98(b) 1,062,777
845 V. I. Port Authority (Marine Division) 7.550 11/01/99 05/01/98(b) 850,915
525 V. I. Public Finance Authority 6.500 10/01/99 04/06/99(c) 543,239
355 V. I. Public Finance Authority 6.625 10/01/99 04/09/99(c) 368,071
1,500 V. I. Public Finance Authority 6.800 10/01/00 ----- 1,594,560
2,000 V. I. Public Finance Authority 7.250 10/01/18(s) 10/01/02(b) 2,245,820
250 V. I. Public Finance Authority 7.700 10/01/04 10/01/99(b) 265,733
1,870 V. I. Water & Power 7.200 01/01/02 08/05/00(c) 1,960,714
13,170 V. I. Water & Power 7.400 07/01/11(s) 01/01/00(g) 14,444,014
16,100 V. I. Water & Power 8.500 01/01/10 07/01/98(b) 17,042,172
100 Watervliet Elderly Hsg. Corp. 8.000 11/15/02 04/15/98(b) 101,859
95 Watervliet Elderly Hsg. Corp. 8.000 11/15/00 04/15/98(b) 96,766
95 Watervliet Elderly Hsg. Corp. 8.000 11/15/01 04/15/98(b) 96,766
45 Wayne IDA (Hauser Machine) 7.700 12/01/09 12/01/01(d) 47,453
435 Westchester IDA (BAH) 7.250 12/01/09 09/09/04(c) 465,054
1,000 Westchester IDA (JBFS) 6.500 12/15/02 07/14/01(c) 1,060,950
570 Westchester IDA (JDAM) 6.250 04/01/05 01/23/02(c) 604,901
1,000 Westchester IDA (JDAM) 6.750 04/01/16(s) 04/01/08(b) 1,073,240
45 Yonkers IDA (Waldbaum) 9.250 03/01/98 03/01/98(b) 45,335
- --------------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BOND INVESTMENTS, AT VALUE (COST $882,212,998) -- 104.7% $913,669,993
LIABILITIES IN EXCESS OF OTHER ASSETS -- (4.7%) (40,970,686)
------------
NET ASSETS -- 100.0% $872,699,307
============
* 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.
(g) Average life due to mandatory (sinking fund) principal payments prior to the stated optional call date.
(i) Illiquid security--See Note 6 of Notes to Financial Statements.
(q) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as
amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
These securities amount to $554,195, or 0.06% of the Fund's net assets, at December 31, 1997.
(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 December 31, 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--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>
23
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND - DECEMBER 31, 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:
ACLD Association for Children with Learning
Disabilities
ACLDD Adults and Children with Learning
and Developmental Disabilities
ARC Association of Retarded Citizens
BAH Beth Abraham Hospital
BHMS Brooklyn Heights Montessori School
BLH Bronx Lebanon Hospital
CCM Comprehensive Care Management
CDD Center for Developmental Disabilities
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
EPG Elmhurst Parking Garage
ERDA Energy Research and
Development Authority
GAINS Growth and Income Securities
GO General Obligation
G&E Gas and Electric
G&H Geriatric and Healthcare
HBFA Housing Bank and Finance Agency
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
MEET Manhattan Eye, Ear and Throat
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
RG&E Rochester Gas and Electric
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
YCN Yield Curve Note
- --------------------------------------------------------------------------------
INDUSTRY CONCENTRATIONS
The Fund had the following concentrations at December 31, 1997 (as a percentage
of total net assets):
# of % of Total
Issuers Net Assets
------- ----------
General Obligation 12 26.8%
Hospital/Healthcare 48 15.2%
Multi-Family Housing 41 8.5%
Resource Recovery 4 7.7%
Single-Family Housing 39 7.0%
Electric Utilities 13 6.3%
Higher Education 20 5.3%
Lease Rental 17 4.3%
Marine/Aviation Facilities 11 4.3%
Sales Tax Revenue 1 3.3%
Corporate Backed 21 3.2%
Highways/Railways 4 2.7%
Water Utilities 6 2.4%
NonProfit Organization 14 2.0%
Pollution Control 4 1.5%
Manufacturing, Non-Durable Goods 15 1.4%
Education 6 1.2%
Manufacturing, Durable Goods 11 1.0%
Other 5 0.6%
------
Total 104.7%
======
- --------------------------------------------------------------------------------
ASSET COMPOSITION TABLE
DECEMBER 31, 1997 (UNAUDITED)
Percentage
Rating of Investments
- ----------------------------------
AAA 14.2%
AA 11.3%
A 39.5%
BBB 31.6%
BB 0.4%
B 0.0%
CCC 0.0%
CC 0.0%
C 0.0%
Not Rated 3.0%
------
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. As a general matter, unrated bonds
may be backed by mortgage liens or equipment liens on the underlying property,
and also may be guaranteed. 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.
24
<PAGE>
<TABLE>
<CAPTION>
LIMITED TERM NEW YORK MUNICIPAL FUND
- ----------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
ASSETS
<S> <C>
Investments, at value(cost $882,212,998)--see accompanying statement $ 913,669,993
Receivables:
Interest 17,566,929
Investments sold 17,503,468
Shares of beneficial interest sold 3,604,093
Other 502,352
-------------
Total assets 952,846,835
-------------
LIABILITIES
Bank overdraft 1,088,580
Payables and other liabilities:
Investments purchased 76,495,885
Shares of beneficial interest redeemed 1,673,135
Dividends 266,131
Trustees' fees 9,044
Other 614,753
-------------
Total liabilities 80,147,528
-------------
NET ASSETS $ 872,699,307
=============
- ----------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Paid-in capital $ 850,109,599
Undistributed net investment income 411,938
Accumulated net realized loss on investment transactions (9,279,225)
Net unrealized appreciation on investments--Note 3 31,456,995
-------------
Net assets $ 872,699,307
=============
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
CLASS A SHARES:
Net asset value and redemption price per share (based on net assets of
$771,827,797 and 231,056,256 shares of beneficial interest outstanding) $3.34
Maximum offering price per share (net asset value plus sales charge of
3.50% of offering price) $3.46
- ----------------------------------------------------------------------------------------------
CLASS B SHARES:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $21,499,963 and 6,443,045 shares of beneficial
interest outstanding) $3.34
- ----------------------------------------------------------------------------------------------
CLASS C SHARES:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $26,861,858 and 8,056,501 shares of beneficial
interest outstanding) $3.33
- ----------------------------------------------------------------------------------------------
CLASS X SHARES:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $52,509,689 and 15,691,606 shares of beneficial
interest outstanding) $3.35
- ----------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements.
</TABLE>
25
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
- -----------------------------------------------------------
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1997
INVESTMENT INCOME:
Interest $45,174,691
--------------
EXPENSES:
Management fees--Note 4 3,140,951
Distribution and service plan
fees--Note 4:
Class A 1,654,936
Class B 65,535
Class C 84,310
Class X 371,602
Transfer and shareholder servicing
agent fees--Note 4:
Class A 311,508
Class B 4,741
Class C 3,819
Class X 29,561
Accounting service fees--Note 4 225,111
Registration and filing fees 129,219
Shareholder reports 92,011
Custodian fees and expenses 89,285
Legal and auditing fees 62,239
Trustees' fees and expenses 35,788
Other 71,591
Interest 172,423
--------------
Total expenses 6,544,630
Less expenses paid indirectly (77,568)
--------------
Total net expenses 6,467,062
--------------
NET INVESTMENT INCOME 38,707,629
--------------
REALIZED AND UNREALIZED GAIN:
Net realized gain on investments 1,075,860
Net change in unrealized appreciation
or depreciation on investments 16,726,487
--------------
Net realized and unrealized gain 17,802,347
--------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $56,509,976
==============
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 1997 1996
---- ----
OPERATIONS:
Net investment income $ 38,707,629 $ 34,000,693
Net realized gain (loss) 1,075,860 (242,301)
Net change in unrealized appreciation
or depreciation 16,726,487 (2,445,222)
------------- -------------
Net increase in net assets
resulting from operations 56,509,976 31,313,170
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends from net investment
income:
Class A (35,761,666) (32,233,558)
Class B (287,084) --
Class C (369,152) --
Class X (2,357,890) (1,354,963)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets resulting
from beneficial interest
transactions--Note 2:
Class A 121,589,384 68,975,038
Class B 21,302,795 --
Class C 26,613,801 --
Class X 10,459,393 24,348,503
- --------------------------------------------------------------------------------
NET ASSETS:
Total increase 197,699,557 91,048,190
Beginning of period 674,999,750 583,951,560
------------- -------------
End of period (including undistributed
net investment income of $411,938
and $480,101, respectively) $ 872,699,307 $ 674,999,750
============= =============
See accompanying Notes to Financial Statements.
26
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
----------------------------------------------------------------------------
Year Ended December 31,
1997 1996(h) 1995 1994 1993
----------- ----------- ----------- ----------- -----------
<S> <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
----------- ----------- ----------- ----------- -----------
Income (loss) from investment operations:
Net investment income 0.17 0.17 0.18 0.16 0.17
Net realized and unrealized gain (loss) 0.08 (0.02) 0.13 (0.18) 0.15
----------- ----------- ----------- ----------- -----------
Total income (loss) from investment operations 0.25 0.15 0.31 (0.02) 0.32
----------- ----------- ----------- ----------- -----------
Dividends and distributions to shareholders:
Dividends from net investment income (0.17) (0.17) (0.18) (0.16) (0.17)
----------- ----------- ----------- ----------- -----------
Total dividends and distributions to shareholders (0.17) (0.17) (0.18) (0.16) (0.17)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $3.34 $3.26 $3.28 $3.15 $3.33
=========== =========== =========== =========== ===========
TOTAL RETURN, AT NET ASSET VALUE (C) 8.01% 4.82% 10.01% (0.60%) 10.06%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $771,828 $634,172 $567,537 $496,452 $457,860
Average net assets (in thousands) $677,376 $606,742 $520,990 $491,038 $309,676
Ratios to average net assets:
Net investment income 5.27% 5.37% 5.44% 5.12% 4.94%
Expenses (e) 0.83% 0.89% 0.90% 0.89% 0.89%
Expenses (excluding interest) (e) (f) 0.81% 0.83% 0.84% 0.84% 0.86%
Portfolio turnover rate (g) 27.14% 24.35% 22.34% 34.58% 17.08%
- -----------------------------------------------------------------------------------------------------------------------------------
(c) 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) Beginning in fiscal 1995, the expense ratios reflect the effect of gross
expenses paid indirectly by the Fund. Prior year expense ratios have not
been adjusted.
(f) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(g) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended December 31, 1997 were
$436,262,952 and $207,375,622, respectively.
(h) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
</TABLE>
See accompanying Notes to Financial Statements.
27
<PAGE>
<TABLE>
LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
CLASS B CLASS C CLASS X
------------- ------------- -------------------------------------------
Period Ended Period Ended Year Ended December 31,
December 31, December 31,
1997 (b) 1997 (b) 1997 1996(h) 1995(a)
---------- ---------- ---------- ---------- ----------
PER SHARE OPERATING DATA:
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $3.25 $3.25 $3.27 $3.28 $3.21
---------- ---------- ---------- ---------- ----------
Income (loss) from investment operations:
Net investment income 0.10 0.10 0.16 0.16 0.11
Net realized and unrealized gain (loss) 0.09 0.08 0.08 (0.01) 0.07
---------- ---------- ---------- ---------- ----------
Total income from investment operations 0.19 0.18 0.24 0.15 0.18
---------- ---------- ---------- ---------- ----------
Dividends and distributions to shareholders:
Dividends from net investment income (0.10) (0.10) (0.16) (0.16) (0.11)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions to shareholders (0.10) (0.10) (0.16) (0.16) (0.11)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period $3.34 $3.33 $3.35 $3.27 $3.28
========== ========== ========== ========== ==========
TOTAL RETURN, AT NET ASSET VALUE (C) 5.89% 5.58% 7.44% 4.59% 5.65%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $21,500 $26,862 $52,510 $40,828 $16,415
Average net assets (in thousands) $9,873 $12,705 $49,563 $28,971 $8,869
Ratios to average net assets:
Net investment income 4.18%(d) 4.22%(d) 4.75% 4.85% 5.21%(d)
Expenses (e) 1.56%(d) 1.54%(d) 1.35% 1.38% 0.90%(d)
Expenses (excluding interest) (e) (f) 1.55%(d) 1.52%(d) 1.33% 1.32% 0.85%(d)
Portfolio turnover rate (g) 27.14% 27.14% 27.14% 24.35% 22.34%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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
December 31, 1997.
(c) 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.
(d) Annualized.
(e) Beginning in fiscal 1995, the expense ratios reflect the effect of gross
expenses paid indirectly by the Fund. Prior year expense ratios have not
been adjusted.
(f) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(g) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended December 31, 1997 were
$436,262,952 and $207,375,622, respectively.
(h) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
See accompanying Notes to Financial Statements.
28
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997
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 existing 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 or greater than 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.
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 December 31, 1997, the
Fund had available for federal income tax purposes an unused capital loss
carryover of approximately $9,100,000, which expires between 2002 and 2004.
DISTRIBUTIONS TO SHAREHOLDERS. The Fund intends to declare dividends separately
for Class A, Class B, Class C and Class X shares from net investment income each
day the New York Stock Exchange is open for business and pay such dividends
monthly. Distributions from net realized gains on investments, if any, will be
declared at least once each year.
29
<PAGE>
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 its 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 fiscal year in which 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.
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:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1997(1) DECEMBER 31, 1996
------------------------------ ------------------------------
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A:
Sold .............................. 61,960,243 $ 204,296,595 46,954,523 $ 152,448,902
Dividends and distributions
reinvested ...................... 7,129,620 23,469,719 6,569,019 21,305,028
Redeemed .......................... (32,348,973) (106,176,930) (32,312,398) (104,778,892)
----------- ------------- ----------- -------------
Net increase ...................... 36,740,890 $ 121,589,384 21,211,144 $ 68,975,038
=========== ============= =========== =============
- -----------------------------------------------------------------------------------------------------------
CLASS B:
Sold .............................. 6,693,115 $ 22,129,658 -- $ --
Dividends and distributions
reinvested ...................... 57,825 191,859 -- --
Redeemed .......................... (307,895) (1,018,722) -- --
----------- ------------- ----------- -------------
Net increase ...................... 6,443,045 $ 21,302,795 -- $ --
=========== ============= =========== =============
- -----------------------------------------------------------------------------------------------------------
CLASS C:
Sold .............................. 8,331,782 $ 27,526,872 -- $ --
Dividends and distributions
reinvested ...................... 85,390 283,099 -- --
Redeemed .......................... (360,671) (1,196,170) -- --
----------- ------------- ----------- -------------
Net increase ...................... 8,056,501 $ 26,613,801 -- $ --
=========== ============= =========== =============
- -----------------------------------------------------------------------------------------------------------
CLASS X:
Sold .............................. 4,101,380 $ 13,420,326 7,835,459 $ 25,456,582
Dividends and distributions
reinvested ...................... 493,631 1,628,470 287,435 933,386
Redeemed .......................... (1,395,249) (4,589,403) (630,627) (2,041,465)
----------- ------------- ----------- -------------
Net increase ...................... 3,199,762 $ 10,459,393 7,492,267 $ 24,348,503
=========== ============= =========== =============
- ----------
(1) For the year ended December 31, 1997 for Class A and Class X shares and for the period from
May 1, 1997 (inception of offering) to December 31, 1997 for Class B and Class C shares.
</TABLE>
30
<PAGE>
NOTE 3. PORTFOLIO INFORMATION:
The Fund held $13,917,181 in inverse floating rate municipal bonds at December
31, 1997, which represents 1.59% of the Fund's net assets.
During 1997, 15.52% of interest income was derived from investments in U.S.
territories which are exempt from federal, all states and New York City income
taxes.
At December 31, 1997, net unrealized appreciation on investments of $31,456,995
was composed of gross appreciation of $31,809,209, and gross depreciation of
$352,214.
Unrealized appreciation (depreciation) at December 31, 1997 based on cost of
investments for federal income tax purposes of $882,251,101 was:
Gross unrealized appreciation ............................ $31,783,065
Gross unrealized depreciation ............................ (364,173)
-----------
Net unrealized appreciation .............................. $31,418,892
===========
At December 31, 1997, investments in securities included issues that were
purchased on a when-issued or delayed delivery basis. The Fund has recorded
these commitments 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 these commitments. The Fund
intends to invest no more than 10% of its net assets in when-issued or delayed
delivery securities. The aggregate cost of securities purchased on a when-issued
or delayed delivery basis at December 31, 1997 was $47,470,274, which represents
5.44% of the Fund's net assets. Information concerning these securities is as
follows:
<TABLE>
<CAPTION>
VALUATION PER UNIT
FACE AMOUNT ACQUISITION DELIVERY COST PER AS OF
SECURITY (IN THOUSANDS) DATE DATE UNIT DECEMBER 31, 1997
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MTA Service Contract, Series R:
5.20% due 7/1/08 $2,785 10/31/97 4/2/98 99.208% 101.469%
5.20% due 7/1/08 5,160 10/31/97 4/2/98 99.208 101.469
5.30% due 7/1/09 1,420 10/31/97 4/2/98 99.156 101.565
5.30% due 7/1/09 2,915 10/31/97 4/2/98 99.156 101.565
- ------------------------------------------------------------------------------------------------------------------
NYS Dorm (City University):
5.50% due 7/1/04 2,000 10/27/97 4/2/98 102.376 104.010
5.50% due 7/1/05 1,500 10/27/97 4/2/98 102.389 103.941
5.50% due 7/1/06 2,020 10/27/97 4/2/98 102.319 104.060
- ------------------------------------------------------------------------------------------------------------------
Suffolk IDA (Huntington Res Rec):
5.15% due 10/1/99 1,035 1/28/97 7/29/99 100.000 100.065
5.15% due 10/1/00 6,395 1/28/97 7/29/99 100.000 100.828
5.35% due 10/1/01 6,875 1/28/97 7/29/99 100.000 101.699
5.45% due 10/1/02 7,390 1/28/97 7/29/99 100.000 102.628
5.50% due 10/1/03 7,945 1/28/97 7/29/99 100.000 103.151
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
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 1997, the Fund paid $3,140,951 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 1997, the Fund paid $225,111 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 for each Fund shareholder
account
31
<PAGE>
and reimburses OFS for its out-of-pocket expenses. During 1997, the Fund paid a
total of $349,629 to OFS for transfer and shareholder servicing agent fees.
For the year ended December 31, 1997, commissions (sales charges paid by
investors) on sales of Class A shares totaled $2,677,697, of which $473,852 was
retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by an affiliated broker/dealer. Sales
charges advanced to broker/dealers by OFDI on sales of the Fund's Class B, Class
C and Class X shares totaled $648,027, $275,006 and $265,074, respectively, of
which $3,032, $9,746 and $5,067, respectively, were paid to an affiliated
broker/dealer. During the year ended December 31, 1997, OFDI received contingent
deferred sales charges of $15,712, $9,187 and $82,642, respectively, upon
redemption of Class B, Class C and 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 shareholder 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 maintaining accounts of their customers that hold Class A
shares. During the year ended December 31, 1997, OFDI paid $17,777 to an
affiliated broker/dealer as reimbursement for Class A personal service and
maintenance expenses.
The Fund has adopted Distribution and Service Plans for Class B and Class C
shares to compensate OFDI for its 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 for its
services rendered in distributing Class B and Class C shares. OFDI also receives
a service fee of 0.25% per year to compensate dealers for providing personal
services for accounts that hold Class B and Class C shares. Each fee is 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 year ended December 31, 1997,
OFDI retained $65,563 and $84,618, respectively, as compensation for Class B and
Class C sales commissions and service fee advances, as well as financing costs.
If either 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
distributing shares before the Plan was terminated. At December 31, 1997, OFDI
had incurred unreimbursed expenses of $642,821 for Class B and $452,980 for
Class C.
The Fund has adopted a Distribution and Service Plan for Class X shares to
compensate OFDI for its 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 for its services rendered in
distributing Class X shares. 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 to compensate dealers for providing personal
services for accounts that hold Class X shares. 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 year ended December 31, 1997, OFDI paid $1,160
to an affiliated broker/dealer as reimbursement for Class X personal service and
maintenance expenses and retained $312,896 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 distributing shares before
the Plan was terminated. At December 31, 1997, OFDI had incurred unreimbursed
expenses of $444,572 for Class X.
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 funds
managed by the Manager in an unsecured line of credit with a bank, which permits
borrowings up to $50 million, collectively. Interest is charged to each fund,
based on its borrowings, at a rate equal to the Federal Funds Rate plus 0.625%.
In addition, a commitment fee of 0.07% is allocated among the three
participating funds at the end of each quarter, based on the average daily
unused portion of the committed line. The commitment fee is allocated among the
three funds based upon their respective average net assets for the period. The
commitment fee allocated to the Fund for the year ended December 31, 1997 was
$222.
The Fund had no borrowings outstanding at December 31, 1997. For the year ended
December 31, 1997, the average monthly loan balance was $2,647,453 at an average
interest rate of 6.352%. The maximum amount of borrowings outstanding at any
month-end was $20,870,000.
NOTE 6. ILLIQUID AND RESTRICTED SECURITIES:
At December 31, 1997, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily-available
market or if its valuation has not changed for a certain period of time. The
Fund intends to invest no more than 15% of its net assets (determined at the
time of purchase and reviewed periodically) in illiquid securities. Certain
restricted securities, eligible for resale to qualified institutional investors,
are not subject to that limit. The aggregate value of illiquid securities
subject to this limitation at December 31, 1997 was $4,427,676, which represents
0.51% of the Fund's net assets.
32
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of
Rochester Portfolio Series
In our opinion, the accompanying statement of assets and liabilities, including
the statement of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Limited Term New York Municipal
Fund (the sole portfolio constituting Rochester Portfolio Series, hereafter
referred to as the Fund) at December 31, 1997, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended and the financial highlights for each of the periods
indicated, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
financial statements) are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
December 31, 1997 by correspondence with the custodian and brokers and the
application of alternative auditing procedures where securities purchased had
not been received, provide a reasonable basis for the opinion expressed above.
/s/ PRICE WATERHOUSE LLP
- ----------------------------
PRICE WATERHOUSE LLP
Denver, Colorado
January 28, 1998
================================================================================
FEDERAL TAX INFORMATION (UNAUDITED)
In early 1998, shareholders received information regarding all dividends and
distributions paid to them by the Fund during calendar year 1997. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
None of the dividends paid by the Fund during the year ended December 31, 1997
are eligible for the corporate dividend-received deduction. 100% of the
dividends were derived from interest on municipal bonds and are not subject to
federal, New York State and New York City income taxes. For the state income tax
reporting purposes of non-New York State shareholders, the distribution breaks
down as follows: New York State (84.48%), Guam (2.58%), Puerto Rico (2.90%),
Virgin Islands (9.52%), American Samoa (0.52%).
During 1997, 22.39% of this tax-exempt income was derived from "private activity
bonds". These are municipal bonds used to finance privately operated facilities.
The interest on these bonds is not taxable for most investors. For the few
investors subject to the alternative minimum tax, the interest from these bonds
is considered a preference item.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
<PAGE>
LIMITED TERM
[LOGO] NEW YORK
MUNICIPAL FUND
THE ROCHESTER FUNDS
A Division of OppenheimerFunds, Inc
350 Linden Oaks
Rochester, NY 14625-2807
1-716-383-1300
INVESTMENT ADVISOR
OppenheimerFunds, Inc.
Two World Trade Center
New York, NY 10048-0203
DISTRIBUTOR
OppenheimerFunds Distributor, Inc.
Two World Trade Center
New York, NY 10048-0203
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
950 Seventeenth Street, Suite 2500
Denver, CO 80202-2872
TRANSFER AND SHAREHOLDER SERVICING AGENT
OppenheimerFunds Services
PO Box 5270
Denver, CO 80217-5270
RAO355.001.0198 February 28, 1998
This Annual Report is for the information of shareholders of Limited Term
New York Municipal Fund. It must be preceded or accompanied by a current
prospectus for the Fund.
Shares of the Fund 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 the possible loss of the principal amount
invested.
CALL OUR TOLL-FREE CUSTOMER SERVICE TODAY AT 1-800-525-7048 FOR MORE
INFORMATION ON HOW TO TAKE ADVANTAGE OF YOUR FINANCIAL RELATIONSHIP WITH THE
OPPENHEIMERFUNDS FAMILY.
- --------------------------------------------------------------------------------
[LOGO] OPPENHEIMERFUNDS[SM]
OppenheimerFunds Distributor, Inc.
Rochester Division
350 Linden Oaks
Rochester, NY 14625-2807
Bulk Rate
US Postage
PAID
Rochester, NY
Permit No. 491
