SEMIANNUAL REPORT JUNE 30, 1998
LIMITED TERM
NEW YORK MUNICIPAL FUND
[LOGO] OPPENHEIMERFUNDS(R)
THE RIGHT WAY TO INVEST
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[logo] LIMITED TERM
NEW YORK
MUNICIPAL FUND
CONTENTS
2 President's Letter
3 Performance Update and Portfolio Review
4 An Interview with the Fund's Managers
6 Statement of Investments
30 Statement of Assets & Liabilities
31 Statement of Operations and Statements of Changes in Net Assets
32 Financial Highlights
35 Notes to Financial Statements
40 Officers & Trustees
Information & Services (see back cover)
REPORT HIGHLIGHTS
o The Limited Term New York Municipal Fund seeks to keep the average
effective maturity of its portfolio at 5 years or less. As a result, its
share price fluctuates substantially less than a typical long term bond
fund. And yet, by investing in municipal securities with maturities beyond
those of tax-free money market funds, the Limited Term portfolio has
historically provided a higher yield than these money market funds.(2)
o The Fund concentrated on the same investment strategies that have proven
successful in the past. Our "scavenger hunts" continue to unearth
opportunities in areas where other municipal managers typically do not
venture. To help reduce volatility, we include both premium bonds and
mandatory sinking fund issues that shorten effective maturity.
o Improving economic conditions throughout New York led us to find
creditworthy investments in virtually all areas of the state.
o We focused on higher-quality bonds, because we feel the current market
doesn't compensate investors for higher risks associated with lower-rated
bonds.
TOTAL RETURNS
For the 6 month and 1-year periods ended 6/30/98 without sales charges and
assuming reinvestment of all dividends into additional shares(1).
CLASS A
6 months 1 year
-------- ------
2.93% 7.62%
CLASS B
6 months 1 year
-------- ------
2.23% 6.48%
CLASS C
6 months 1 year
-------- ------
2.55% 6.51%
CLASS X
6 months 1 year
-------- ------
2.36% 6.74%
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
In reviewing performance and rankings, please remember that past performance
does not guarantee future results. Investment return and principal value of an
investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost.
1. Includes changes in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken
into account. Total returns for the 6-month period are cumulative and are
not annualized.
2. An investment in the Fund poses certain risks not associated with Money
Market Funds.
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DEAR SHAREHOLDER,
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[PHOTO]
Bridget A. Macaskill
President
Limited Term New
York Municipal Fund
As we move further into 1998, we remain impressed by the remarkable resilience
of the financial markets. Recent efforts by the United States to help support
the Japanese yen have inspired hope that the fallout of the Asian economic
crisis can be contained. In general, the U.S. and world markets have continued
to build wealth for investors at a virtually unprecedented pace.
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At OppenheimerFunds, we are pleased to help our fund shareholders
participate in the potential rewards of today's markets, but we also recognize
that this rate of growth cannot last forever. Because no one can predict exactly
when the next correction or bear market might occur, we think it is prudent to
continually identify, evaluate and manage the risks that may affect our fund
shareholders.
We believe that one of the leading risks facing investors today is that
stock valuations are at the high end of their historical range, while U.S.
corporate earnings growth is slowing. Given these facts, we believe it is
unlikely that stocks will sustain the growth rate of the past three years. Stock
prices could continue trading near current levels until earnings "catch up," or
there could be a market correction. However, we believe that either scenario
would be only a temporary pause on the way to potentially greater long-term
gains.
We are also examining the potential economic effects of the "millennium
problem" that may render many computer systems unable to recognize the year 2000
when it arrives. Solving this problem has required companies to divert
substantial human and financial resources from their core businesses, possibly
constraining global economic growth during 1999 and 2000.
For our part, we can report that OppenheimeFunds has made solid progress
toward ensuring that our shareholder account systems are fully "Year 2000
compliant," and that all shareholder accounts will make a seamless transition
into the 21st century.
We encourage you to meet with your financial advisor to discuss how a
possible market correction of the millennium problem may affect your
investments. Together, you can prepare your investment portfolio for the
challenges and opportunities of the new century.
Sincerely,
/s/ BRIDGET A. MACASKILL
------------------------
Bridget A. Macaskill
August 4, 1998
2 Limited Term New York Municipal Fund
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PERFORMANCE UPDATE
Limited Term New York Municipal Fund has performed well over the past six
months, with Class A shares providing a cumulative return of 2.93% without sales
charges.(1)
The Fund's positive returns can largely be attributed to management's focus on
high returns and low risk.
LIMITED TERM NEW YORK MUNICIPAL FUND CLASS A
The Value of $10,000 invested for 5 years (without sales
charges) and the Lehman Brothers Municipal Bond Index
[GRAPHICAL REPRESENTATION]
Limited Term New York Municipal Fund = $13,287
Lehman Brothers Municipal Bond Index = $13,181
6/30/93-6/30/98
Results of a hypothetical $10,000 investment in Class A Shares on June 30, 1998.
The Lehman Brothers Municipal Bond Index is an unmanaged index of a broad range
of investment grade municipal bonds which is widely regarded as a measure of the
performance of the general municipal bond market. The Index cannot be purchased
directly by investors.
TOTAL RETURNS(2)
For the periods ended 6/30/98
Cumulative Average Annual
----------------- --------------------
NAV MOP NAV MOP
--- --- --- ---
A SHARES
1-Year 7.62% 3.85% 7.62% 3.85%
5-Year 32.87% 28.22% 5.85% 5.10%
Life (9/18/91) 60.13% 54.52% 7.19% 6.63%
B SHARES
1-Year 6.48% 2.48% 6.46% 2.48%
Life (5/1/97) 8.25% 5.25% 7.05% 4.49%
C SHARES
1-Year 6.51% 5.51% 6.51% 5.51%
Life (5/1/97) 8.27% 8.27% 7.07% 7.07%
X SHARES
1-Year 6.74% 4.24% 6.74% 4.24%
Life (5/1/95) 21.43% 20.43% 6.33% 6.05%
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1. Includes changes in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if
sales charges were taken into account.
2. Total returns include changes in share price and reinvestment of dividends
and capital gains distributions in a hypothetical investment for the
periods shown. MOP stands for Maximum Offering Price, and calculations for
Class A returns at MOP include the maximum initial sales charge of 3.50%.
Class B returns at MOP include the applicable contingent deferred sales
charge of 4% (1-Year) and 3% (life-of-class). Class C returns for the
1-year period include the contingent deferred sales charge of 1%. Class X
returns at MOP show results of hypothetical investments on 6/30/97 and
5/01/95, after deduction of the applicable contingent deferred sales charge
of 2.50% (1-year) and 1% (life-of-class). An explanation of the different
performance calculations is in the Fund's prospectus. Class B and C shares
are subject to an annual 0.75% asset-based sales charge. Class X shares are
subject to an annual 0.50% asset based sales charge. NAV stands for Net
Asset Value, and returns at NAV do not reflect payment of any sales charge.
PORTFOLIO REVIEW(3)
- -------------------
------
YIELDS
------
For the 30 days ended 6/30/98
STANDARDIZED DIVIDEND
YIELD YIELD
------------ --------
CLASS A 4.04% 4.84%
CLASS B 3.41% 4.30%
CLASS C 3.42% 4.33%
CLASS X 3.67% 4.54%
Dividend yield (based on last distribution) and standardized yield (based on net
investment income for the 30-day period ended 6/30/98) are annualized and
divided by period-end offering price. Falling share prices may artificially
increase yields.
Investors should be aware that this report dated June 30, 1998 does not reflect
subsequent dividend reductions effective with the August dividend payment.
Investors are encouraged to contact their investment advisor and learn more
about the Fund's current standardized and distribution yields.
Limited Term New York Municipal Fund is for cautious investors looking for
income that's exempt from federal, New York State, and New York City personal
income taxes.
CREDIT ALLOCATION
AAA 17.1%
AA 10.3%
[PIE REPRESENTATION] A 45.0%
BBB 23.7%
BB 0.1%
Not rated 3.8%
WHAT WE LOOK FOR
o Issues that provide high triple tax-free income.
o Value-oriented issues with price appreciation potential.
o A diversity of issues across the state.
o Municipal regions with improving credit quality.
TOP 5 SECTORS
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General Obligation 23.5%
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Hospital/Healthcare 10.3%
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Lease Rental 9.0%
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Electric Utilities 8.8%
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Multi-Family Housing 8.1%
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3. Portfolio data are as of 6/30/98, and are subject to change. Portfolio data
are dollar-weighted based on total market value of investments. Securities rated
by a rating organization other than Standard & Poor's Rating Group are included
in the equivalent Standard & Poor's rating category. The allocation includes
rated securities and those not rated by a national rating organization but to
which the ratings given above have been assigned by the Manager of internal
purposes as being comparable, in the Manager's judgment, to securities rated by
a rating agency in the same category. See page 29 for further explanation.
3 Limited Term New York Municipal Fund
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AN INTERVIEW WITH YOUR FUND'S MANAGERS
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[PHOTO]
PORTFOLIO MANAGEMENT TEAM (l to r)
Tony Tanner
(Vice President, Rochester Division; Assistant Portfolio Manager)
Ron Fielding
(Senior Vice President, OppenheimerFunds, Inc.; Portfolio Manager
and Chief Strategist)
By maintaining a disciplined investment approach . . . we try to provide above
average yield and total return on behalf of our shareholders.
WHAT RECENT EVENTS HAVE WE SEEN IN THE NEW YORK MUNICIPAL BOND MARKET?
Thus far, 1998 has been interesting, yet fairly stable. The New York municipal
bond market cheapended in early 1998, due in part to the State's largest
municipal bond issue yet, for the Long Island Power Authority. Fortunately, the
escalated demand for municipal bonds enabled the debt issued to date to become
completely absorbed into the market, while maintaining yields that we view as
being quite attractive.
One particular trend in 1998, which should be of special interest to
shareholders of the Fund, is the upgrading of State debt by the nation's rating
services. Last February, New York City General Obligation Debt was upgraded to
A3 from Baa1 by Moody's Investors Service, and most recently from BBB+ to A- by
Standard & Poor's Ratings Services. We've also seen upgrades in debt issued by
Niagara Mohawk (from BB+ to BBB+) and Long Island Lighting (from BB+ to A-);
issues we have believed in for many years.
The difference between the yields offered by high quality and lower quality
bonds has continued to be an issue in 1998. As we see that spread continue to
narrow, it becomes more and more important for us to conduct our own internal
research to determine a smaller, unrated issue's ability to reward the investor
with sufficient incremental yield to warrant the assumption of greater risk.
WHAT ABOUT INTEREST RATES?
Despite the fact that they are the single most influential force on the
performance of the Fund, we truly do not try to predict what will happen. Though
we have studied economics and finance at the graduate school level, we have
learned through years of experience that trying to predict interest rates is a
"fool's game"; fine for cocktail party conversation, but not when one's life
savings are at risk. By maintaining a disciplined investment approach, which has
weathered both rising and falling interest rate environments, we try to provide
above average yield and total return on behalf of our shareholders.
However, to answer the question, yields on New York municipal bonds have
shown little net change during the first six months of the year. The yield curve
is very "flat", meaning that there is little difference in yields for different
maturities of debt. As we get into the latter part of 1998, a continued low
inflationary environment should bode well for interest rates and the municipal
bond market.
HOW DO YOU MANAGE THE FUND IN THIS ENVIRONMENT?
In essence, the same way we always have. A portfolio managed to an average
effective maturity of five years or less will, by its very nature, include bonds
with shorter maturities that carry less market price risk with close to the same
reward than longer-term bonds. And, while we have always managed the Fund to
balance interest rate risk with a portfolio of widely diversified issues, we
look to the individual stories behind the issues to determine bond selection and
value for the portfolio. It's a micro, or "bottom-up" approach, but we believe
that it is where we, as portfolio managers, can best provide added value for our
shareholders. For example, it has always been our policy to select individual
bonds we believe to be undervalued, and sell bonds in areas that we believe to
be overvalued. Our own internal research helps identify what we believe to be a
solid financial opportunity, regardless of how the general marketplace views and
prices the issue.
Our investors should know that we have developed a certain affinity for
callable bonds, and have bought them especially when we believe they won't be
called. Such issues continue cranking out a lot of income if they pass their
call dates
4 Limited Term New York Municipal Fund
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without being called, and their prices remain very steady. In addition, callable
bonds tend to outperform noncallables when interest rate volatility is
low--precisely what we have seen this year.
We will continue to follow the time-tested investment strategies we have
used for years. In each buy/sell decision, we look for individual, often obscure
bonds that offer a better risk/reward trade-off than those in the portfolio. In
markets that exhibit tight spreads, we find that our strategies of scavenger
hunting the secondary markets, looking to pick up odd lots and reducing the
Fund's tax exposure become even more important.
HOW HAS THE FUND PERFORMED?
Limited Term New York Municipal Fund Class A shares have provided total returns
of 7.62% and 2.93%, without sales charges, for the one-year and six month
periods, ended June 30, 1998, respectively.(1)
In addition, investors should be aware that the Fund's (A Share) (per share
price without sales charge) remained virtually unchanged during these first six
months--from $3.34 on December 31, 1997 to $3.35 on June 30, 1998. In addition,
last May, the Fund surpassed the $1 billion mark, and at this recent quarter
end, the portfolio has grown to include over 1,000 individual issues.
[PHOTO]
Portfolio Management Team (l to r)
Dan Loughran
(Assistant Vice President, Rochester Division; Senior Research Analyst)
Rich Stein
(Vice President, Rochester Division; Credit Analysis)
WHAT THOUGHTS WOULD YOU LIKE TO SHARE WITH THE FUND'S INVESTORS?
Our greatest concern is that the strength in the current equity market may cause
investors to underweight bonds and bond funds in their portfolios. We all
recognize the wonderful past performance of the equity markets, but we fear that
higher stock prices have made people inclined to allocate more money to stocks,
while these same consumers would buy less of any other item that had risen
sharply in price.
Even though our Fund's yield has decreased over the yaers, you should know
that, compared to the very low current inflation rates, current yields are
attractive. People often forget that when yields generally were higher, high
inflation was significantly reducing their purchasing power. Real interest
rates, after subtracting inflation, are in fact currently at very high levels.
Today's equity investor is well aware that a P/E ratio of 25 is considered
fairly normal in the U.S. equity market, but that means you'll earn 1/25, or
about 4%, on your ownership of that company. At month end, Limited Term New
York Municipal Fund's Class A dividend yield was 4.84% (30 day standardized
yield of 4.04%)(2), and that was tax-free.
We know that holding municipal bonds or muni bond funds can be fairly
boring in these times, but we continue to believe that investors should consult
with their financial advisors to ensure that their investment mix continues to
reflect their overall strategy.
(1) Includes changes in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken
into account. Past performance is not a guarantee of future investment
results.
(2) Dividend yeild is based on an annualization of the prior monthly
distribution and the maximum offering price on 6/30/98. Standardized yield
is based on net investment income for the 30-day period ended 6/30/98.
Falling net asset values will tend to artificially raise yields.
* * * * *
The Limited Term New York Municipal Fund (Class A Share) has received
Morningstar's highest 5-star overall ranking at June 30, 1998. For the 3-year
and 5-year periods ended 6/30/98, the Fund's rankings were five stars and five
stars, respectively, 1549 and 860 municipal funds were rated for these periods,
respectively.(3)
(3) Source: Morningstar, Inc., 6/30/98. 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 June 30, 1998. 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.
5 Limited Term New York Municipal Fund
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STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
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Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
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MUNICIPAL BONDS AND NOTES--101.6%
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<C> <S> <C> <C> <C> <C>
New York--87.3%
$ 452,424 Albany Hsg. Authority 0.000% 10/01/12 10/01/02 (a) $ 119,616
40,000 Albany IDA (152 Washington Avenue) 7.500 11/01/01 11/01/98 (b) 40,347
1,975,000 Albany IDA (H. Johnson Office Pk.) 5.750 03/01/18 09/01/98 (d) 1,985,389
200,000 Albany IDA (Port of Albany) 6.250 02/01/05 04/24/02 (c) 211,842
30,000 Albany IDA (Spectrapark) 7.150 12/01/98 ----- 30,492
60,000 Albany IDA (Spectrapark) 7.250 12/01/99 ----- 61,960
50,000 Albany IDA (Spectrapark) 7.500 12/01/03 12/01/98 (b) 51,508
3,525,000 Albany IDA (Spectrapark) 7.600 12/01/09 (s) 12/01/98 (b) 3,640,409
40,000 Albany Parking Authority 0.000 09/15/02 ----- 33,087
25,000 Albany Parking Authority 0.000 09/15/03 ----- 19,717
625,000 Albany Parking Authority 0.000 09/15/04 ----- 441,169
20,000 Albany Parking Authority 0.000 09/15/05 ----- 14,288
1,610,000 Albany Parking Authority 6.850 11/01/12 (s) 11/01/01 (b) 1,761,952
5,040,000 Albany Parking Authority 7.150 09/15/16 (s) 09/15/01 (b) 5,439,168
275,000 Albany Water Finance Authority 7.500 12/01/17 (s) 12/01/98 (b) 284,457
645,000 Allegany County IDA (Alfred University) 6.900 09/01/99 ----- 666,169
100,000 Allegany County IDA (Atlantic Richfield) 6.625 09/01/16 09/01/02 (b) 108,951
3,400,000 Amherst IDA (Amherst Rink) 5.550 10/01/17 (s) 10/01/09 (b) 3,510,364
50,000 Auburn IDA (Alcoa) 7.600 12/01/98 ----- 50,827
555,000 Babylon IDA (WWH Ambulance) 7.000 09/15/01 04/12/00 (c) 584,998
60,000 Baldwinsville Devel. Corp. 7.200 06/01/10 (s) 01/01/99 (b) 61,657
710,000 Batavia Hsg. Authority (Trocaire Place) 7.650 04/01/08 05/11/04 (c) 747,914
100,000 Battery Park City Authority 5.650 12/01/13 (s) 12/01/98 (b) 100,120
735,000 Blauvelt Volunteer Fire Co. 6.000 10/15/08 04/23/04 (c) 753,184
40,000 Brookhaven GO 6.400 10/01/10 10/01/02 (b) 43,930
185,000 Brookhaven IDA (Dowling College) 6.200 03/01/01 ----- 191,980
195,000 Brookhaven IDA (Dowling College) 6.300 03/01/02 ----- 204,785
205,000 Brookhaven IDA (Dowling College) 6.400 03/01/03 ----- 217,767
80,000 Brookhaven IDA (Farber) (i) 6.375(v) 12/01/98 ----- 80,000
30,000 Broome County IDA (Industrial Park) 7.450 12/01/98 ----- 30,143
1,400,000 Carnegie Redevelopment Corp. 6.250 09/01/05 05/19/02 (c) 1,483,426
1,550,000 Carnegie Redevelopment Corp. 6.500 09/01/11 05/17/09 (c) 1,680,929
505,000 Clifton Park (Caldor) 11.250 12/01/12 12/01/98 (b) 521,327
1,215,000 Clifton Springs Hospital & Clinic 7.000 01/01/01 01/16/00 (c) 1,253,588
35,000 Colonie IDA (Homeowner Association) 7.250 10/01/02 10/01/98 (b) 35,138
20,000 Cortland County IDA (Paul Bunyon Products) 8.000 07/01/00 (s) 01/01/99 (b) 20,433
275,000 Dutchess County IDA (Bard College) 6.500 11/01/03 ----- 298,370
1,175,000 Dutchess County Res Rec (Solid Waste) 6.800 01/01/10 (s) 12/01/02 (g) 1,271,714
290,000 Elmira HDC 7.500 08/01/08 08/01/98 (b) 298,967
20,000 Elmira HDC 7.500 08/01/09 08/01/98 (b) 20,618
440,000 Erie County IDA (FMC Corp.) 6.000 02/01/03 (s) 08/01/98 (b) 458,911
295,000 Erie County IDA (Medaille College) 7.400 12/30/02 02/19/01 (c) 312,856
40,000 Erie County IDA (Medishield) 7.200 08/01/04 08/01/98 (b) 40,232
660,000 Erie County IDA (Mercy Hospital) 5.900 06/01/03 07/12/01 (c) 677,206
2,575,000 Franklin County IDA (COP) 8.125 08/01/06 10/09/03 (c) 2,957,439
1,695,000 Franklin County IDA (Correctional Facilities) 6.375 11/01/02 12/16/00 (c) 1,748,732
60,000 Franklin County IDA (Correctional Facilities) 6.750 11/01/12 (s) 11/01/02 (b) 65,565
</TABLE>
6 Limited Term New York Municipal Fund
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<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 2,120,000 Franklin County SWMA 6.000% 06/01/05 11/19/03 (c) $ 2,217,160
1,350,000 Franklin County SWMA 6.125 06/01/09 12/28/07 (c) 1,408,037
130,000 Genesee County IDA (USGCP) 7.250 05/01/14 05/01/99 (b) 136,500
890,000 Hamilton Elderly Hsg. Corp. 11.250 01/01/15 (s) 10/02/98 (g) 931,171
20,000 Hempstead IDA (UCP) 7.500 10/01/09 09/03/99 (b) 21,028
1,560,000 Herkimer County IDA (Burrows Paper) 7.250 01/01/01 01/20/00 (c) 1,606,878
1,000,000 Herkimer County IDA (Burrows Paper) 8.000 01/01/09 10/28/05 (c) 1,092,570
2,700,000 Herkimer Hsg. Authority 7.150 03/01/11 (s) 04/06/05 (g) 2,963,655
475,000 Hudson IDA (Have, Inc.) 7.125 12/01/07 01/01/04 (c) 502,493
90,000 Islip IDA (WJL Realty) 7.400 03/01/99 ----- 90,766
1,160,000 Islip Res Rec 5.850 07/01/02 ----- 1,234,020
250,000 Jamestown GO 7.000 03/15/00 ----- 262,078
330,000 Jamestown GO 7.000 03/15/99 ----- 337,600
3,045,000 Jamestown Hsg. Authority 6.125 07/01/10 08/17/05 (c) 3,169,449
460,000 Jefferson County IDA (Stature Electric) 7.500 08/01/99 08/01/98 (b) 465,948
79,440 Locke Fire District #1 (i) 7.500 07/01/02 09/21/00 (c) 85,191
1,300,000 Lockport HDC 6.000 10/01/18 10/01/09 (b) 1,351,103
18,265,000 Long Island Power Authority 5.750 12/01/24 06/01/08 (b) 19,210,031
1,640,000 Madison County IDA (Morrisville College) 6.750 07/01/07 07/27/03 (c) 1,729,413
210,000 Medina Hsg. Corp. 8.250 08/15/11 (s) 08/15/98 (b) 217,942
595,000 Middleton IDA (Fleurchem) 7.125 12/01/08 09/05/04 (c) 629,712
700,000 Middleton IDA (Southwinds) 7.250 03/01/03 04/21/01 (c) 738,003
5,000 Monroe County Airport 0.000 01/01/04 ----- 3,952
30,000 Monroe County GO 6.100 05/01/03 ----- 30,536
2,815,000 Monroe County IDA (Al Sigl Center) 6.125 12/15/08 07/13/04 (c) 3,057,259
1,210,000 Monroe County IDA (Al Sigl Center) 6.375 12/15/05 10/11/02 (c) 1,268,721
1,135,000 Monroe County IDA (Al Sigl Center) 6.750 12/15/10 01/31/09 (c) 1,212,634
10,000 Monroe County IDA (Cohber) 7.500 12/01/00 12/01/98 (b) 10,273
100,000 Monroe County IDA (Cohber) 7.550 12/01/01 12/01/98 (b) 102,380
788,156 Monroe County IDA (Emil Muller) 6.500 10/01/04 11/21/01 (c) 789,520
820,000 Monroe County IDA (Geva Theatre) 7.750 04/01/02 11/02/00 (c) 822,706
360,000 Monroe County IDA (Geva Theatre) 7.750 04/01/03 ----- 361,188
10,256 Monroe County IDA (Palmer) 6.500 08/01/98 07/16/98 (c) 10,263
2,010,000 Monroe County IDA (Piano Works) 6.625 11/01/06 04/08/03 (c) 2,137,555
300,000 Monroe County IDA (Roberts Wesleyan College) 6.200 09/01/05 ----- 309,342
195,000 Monroe County IDA (West End Business) 6.750 12/01/04 04/01/02 (c) 207,396
885,000 Montgomery County IDA (Amsterdam) 6.500 01/15/03 02/17/01 (c) 903,983
50,000 MTA Service Contract 7.000 07/01/09 (s) 07/01/01 (b) 55,040
75,000 MTA Service Contract, Series 5 6.000 07/01/18 (s) 07/01/01 (b) 76,763
50,000 MTA Service Contract, Series 7 5.625 07/01/16 (s) 07/01/05 (b) 51,264
45,000 MTA Service Contract, Series L 6.000 07/01/15 (s) 01/01/99 (b) 45,044
12,845,000 MTA Service Contract, Series P 5.750 07/01/15 (s) 07/01/05 (b) 13,316,155
150,000 MTA Service Contract, Series P 5.750 07/01/15 (s) 07/01/05 (b) 155,502
2,785,000 MTA Service Contract, Series R 5.200 07/01/08 ----- 2,882,976
5,160,000 MTA Service Contract, Series R 5.200 07/01/08 ----- 5,341,529
2,915,000 MTA Service Contract, Series R 5.300 07/01/09 ----- 3,033,407
1,420,000 MTA Service Contract, Series R 5.300 07/01/09 ----- 1,477,680
7,945,000 MTA Transportation Facility Revenue, Series A 5.500 07/01/14 07/01/10 (b) 8,220,453
5,000,000 MTA Transportation Facility Revenue, Series A 5.500 07/01/15 07/01/10 (b) 5,146,200
15,000 MTA Transportation Facility Revenue, Series G 5.500 07/01/13 (s) 01/01/99 (b) 15,004
</TABLE>
7 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 15,000 MTA Transportation Facility Revenue, Series G 5.500% 07/01/14 01/01/99 (b) $ 15,003
60,000 MTA Transportation Facility Revenue, Series G 5.500 07/01/15 01/01/99 (b) 60,011
310,000 MTA Transportation Facility Revenue, Series G 5.500 07/01/15 01/01/99 (b) 310,099
15,000 MTA Transportation Facility Revenue, Series H 5.500 07/01/14 08/01/98 (b) 15,003
65,000 MTA Transportation Facility Revenue, Series K 6.250 07/01/11 (s) 07/01/02 (b) 69,508
345,000 MTA (Special Obligation) 6.875 01/01/08 (s) 01/01/00 (b) 367,004
20,000 Nassau County GO 6.375 05/15/13 05/15/02 (b) 21,779
390,000 Nassau County IDA (ACLDD) 7.250 10/01/04 01/02/02 (c) 413,950
895,000 New Rochelle IDA (CNR) 6.000 07/01/02 01/26/01 (c) 950,401
260,000 New Rochelle IDA (CNR) 6.300 07/01/03 ----- 281,967
275,000 New Rochelle IDA (CNR) 6.400 07/01/04 ----- 298,653
245,000 Newark Sr. Citizens Hsg. Corp. 9.000 03/01/11 09/01/98 (b) 260,864
1,750,000 Niagara County IDA (Sevenson Hotel) 5.750 05/01/03 04/30/01 (c) 1,777,475
1,290,000 Niagara Falls HDC (Niagara Towers) 5.150 10/01/10 01/23/09 (c) 1,298,063
115,000 Niagara Frontier Transit Authority 7.000 02/15/00 08/15/98 (b) 117,597
665,000 North Babylon Volunteer Fire Co. 5.000 08/01/07 11/21/03 (c) 682,310
575,000 North Country Devel. Authority 6.600 07/01/02 ----- 602,554
995,000 North Country Devel. Authority 6.750 07/01/12 (s) 07/01/99 (b) 3,142,923
1,500,000 NYC GO 0.000 02/01/01 ----- 1,352,595
1,460,000 NYC GO 0.000 02/01/02 ----- 1,258,257
1,000,000 NYC GO 0.000 02/01/03 ----- 821,270
170,000 NYC GO 0.000 04/01/00 ----- 158,872
630,000 NYC GO 0.000 04/01/01 ----- 564,316
2,000,000 NYC GO 0.000 08/15/00 ----- 1,842,400
50,000 NYC GO 0.000 08/15/01 ----- 44,125
18,125,000 NYC GO 5.125 08/01/10 02/01/10 (b) 18,489,494
15,000 NYC GO 5.600 12/01/10 12/01/98 (b) 15,044
15,000 NYC GO 5.625 08/01/14 08/01/06 (b) 15,501
10,000 NYC GO 5.625 10/01/13 10/01/05 (b) 10,354
100,000 NYC GO 5.750 02/01/14 (s) 02/01/08 (b) 105,224
100,000 NYC GO 5.750 02/01/15 (s) 02/01/08 (b) 104,991
70,000 NYC GO 5.750 02/01/19 (s) 02/01/08 (b) 73,062
90,000 NYC GO 5.750 05/15/12 05/15/05 (b) 93,695
35,000 NYC GO 5.750 05/15/13 05/15/05 (b) 36,519
465,000 NYC GO 5.750 08/01/13 08/01/09 (b) 493,337
25,000 NYC GO 5.750 08/01/15 08/01/05 (b) 26,244
170,000 NYC GO 5.750 08/01/15 08/01/05 (b) 176,647
140,000 NYC GO 5.750 08/15/11 08/15/05 (b) 146,999
20,000 NYC GO 5.750 08/15/12 08/15/05 (b) 20,943
280,000 NYC GO 5.750 08/15/13 08/15/05 (b) 291,844
55,000 NYC GO 5.750 08/15/13 10/15/09 (b) 58,232
80,000 NYC GO 5.750 08/15/13 08/15/05 (b) 83,384
1,665,000 NYC GO 5.750 08/15/14 08/15/05 (b) 1,731,384
45,000 NYC GO 5.750 08/15/14 08/15/05 (b) 46,794
75,000 NYC GO 5.750 08/15/15 08/15/05 (b) 77,945
605,000 NYC GO 5.750 08/15/16 08/15/05 (b) 627,657
60,000 NYC GO 5.800 08/01/13 08/01/05 (b) 62,704
445,000 NYC GO 5.875 03/15/13 03/15/08 (b) 474,913
100,000 NYC GO 5.875 03/15/13 03/15/08 (b) 106,722
500,000 NYC GO 5.875 08/15/16 (s) 08/15/08 (b) 535,120
</TABLE>
8 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 55,000 NYC GO 6.000 % 02/01/11 02/01/06 (b) $ 59,454
75,000 NYC GO 6.000 02/15/11 02/15/07 (b) 80,268
105,000 NYC GO 6.000 02/15/12 02/15/07 (b) 112,008
35,000 NYC GO 6.000 02/15/14 02/15/07 (b) 37,173
40,000 NYC GO 6.000 02/15/15 02/15/07 (b) 42,367
1,750,000 NYC GO 6.000 04/15/09 ----- 1,912,540
35,000 NYC GO 6.000 05/15/15 05/15/05 (b) 36,854
55,000 NYC GO 6.000 05/15/19 05/15/03 (a) 60,134
10,000 NYC GO 6.000 05/15/19 05/15/03 (b) 10,556
45,000 NYC GO 6.000 08/01/06 08/01/99 (b) 45,961
40,000 NYC GO 6.000 08/01/06 08/01/99 (a) 40,990
50,000 NYC GO 6.000 08/01/06 08/01/99 (b) 51,154
5,000 NYC GO 6.000 08/01/06 08/01/99 (a) 5,124
30,000 NYC GO 6.000 08/01/10 08/01/05 (b) 31,911
30,000 NYC GO 6.000 08/01/11 08/01/98 (b) 30,046
5,000 NYC GO 6.000 08/01/11 08/01/98 (b) 5,008
30,000 NYC GO 6.000 08/01/12 08/01/98 (b) 30,051
55,000 NYC GO 6.000 08/01/14 08/01/98 (a) 55,109
50,000 NYC GO 6.000 08/01/16 (s) 08/01/08 (b) 54,053
1,130,000 NYC GO 6.000 08/01/17 (s) 08/01/07 (b) 1,214,151
1,530,000 NYC GO 6.000 08/01/17 (s) 08/01/07 (b) 1,643,939
100,000 NYC GO 6.125 08/01/10 08/01/06 (b) 107,875
65,000 NYC GO 6.125 08/01/11 08/01/06 (b) 70,012
50,000 NYC GO 6.250 04/01/16 04/01/08 (b) 54,197
2,500,000 NYC GO 6.250 08/01/08 08/01/06 (b) 2,794,575
10,550,000 NYC GO 6.250 08/01/09 08/01/06 (b) 11,793,107
205,000 NYC GO 6.250 08/01/10 08/01/08 (b) 226,449
75,000 NYC GO 6.250 08/01/10 08/01/04 (b) 82,606
2,000,000 NYC GO 6.250 08/01/12 08/01/06 (b) 2,195,140
4,265,000 NYC GO 6.250 08/01/13 08/01/06 (b) 4,669,151
10,000 NYC GO 6.250 08/01/16 08/01/02 (b) 10,736
40,000 NYC GO 6.250 08/01/17 (s) 08/01/08 (b) 43,762
45,000 NYC GO 6.250 08/01/19 08/01/02 (b) 48,313
75,000 NYC GO 6.250 08/01/21 08/01/02 (b) 79,100
45,000 NYC GO 6.250 10/01/08 10/01/02 (b) 49,250
1,050,000 NYC GO 6.300 08/15/08 08/15/05 (b) 1,158,528
45,000 NYC GO 6.375 02/15/06 02/15/05 (a) 50,712
955,000 NYC GO 6.375 02/15/06 ----- 1,057,863
90,000 NYC GO 6.375 08/01/06 08/01/04 (a) 98,825
530,000 NYC GO 6.375 08/01/06 08/01/02 (b) 575,596
1,475,000 NYC GO 6.375 08/01/07 08/01/02 (b) 1,585,817
640,000 NYC GO 6.375 08/01/07 08/01/02 (a) 702,752
1,495,000 NYC GO 6.375 08/01/10 08/01/05 (b) 1,664,204
395,000 NYC GO 6.375 08/01/10 08/01/05 (a) 447,902
2,100,000 NYC GO 6.375 08/01/12 08/15/05 (a) 2,382,450
7,900,000 NYC GO 6.375 08/01/12 08/15/05 (b) 8,714,253
575,000 NYC GO 6.375 08/15/09 08/15/05 (a) 652,338
12,925,000 NYC GO 6.375 08/15/09 08/15/05 (b) 14,397,933
215,000 NYC GO 6.375 08/15/10 08/15/05 (a) 243,918
815,000 NYC GO 6.375 08/15/10 08/15/05 (b) 907,877
</TABLE>
9 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 20,000 NYC GO 6.375 % 08/15/11 08/15/05 (a) $ 22,690
115,000 NYC GO 6.375 08/15/11 08/15/05 (b) 127,220
435,000 NYC GO 6.500 02/15/08 02/15/05 (b) 484,929
490,000 NYC GO 6.500 02/15/08 02/15/05 (a) 555,694
95,000 NYC GO 6.500 08/01/05 08/01/02 (b) 103,613
15,000 NYC GO 6.500 08/01/05 08/01/02 (a) 16,541
20,000 NYC GO 6.500 08/01/06 08/01/02 (b) 21,813
95,000 NYC GO 6.500 08/01/08 08/01/02 (b) 103,613
20,000 NYC GO 6.500 08/01/08 08/01/02 (a) 22,054
8,725,000 NYC GO 6.500 08/01/11 08/01/02 (b) 9,481,807
4,275,000 NYC GO 6.500 08/01/11 08/01/02 (a) 4,714,085
35,000 NYC GO 6.500 08/01/12 08/01/02 (a) 38,595
65,000 NYC GO 6.500 08/01/12 08/01/02 (b) 70,461
25,000 NYC GO 6.500 08/01/13 08/01/02 (a) 27,568
55,000 NYC GO 6.500 08/01/13 08/01/02 (b) 59,771
20,000 NYC GO 6.500 08/01/14 08/01/05 (a) 22,830
80,000 NYC GO 6.500 08/01/14 08/15/05 (b) 88,808
10,000 NYC GO 6.500 08/01/16 08/01/05 (a) 11,415
40,000 NYC GO 6.500 08/01/16 08/01/05 (b) 44,404
80,000 NYC GO 6.500 08/01/19 (s) 08/01/07 (b) 88,808
5,000 NYC GO 6.500 12/01/15 12/01/98 (b) 5,085
600,000 NYC GO 6.600 02/15/10 02/15/05 (a) 683,874
845,000 NYC GO 6.600 02/15/10 (s) 02/15/05 (b) 946,763
9,875,000 NYC GO 6.600 10/01/16 10/01/02 (b) 10,755,159
4,125,000 NYC GO 6.600 10/01/16 10/01/02 (a) 4,578,008
3,350,000 NYC GO 6.625 02/15/14 02/15/05 (b) 3,729,790
6,650,000 NYC GO 6.625 02/15/14 02/15/05 (a) 7,589,047
350,000 NYC GO 6.625 08/01/13 08/01/04 (a) 388,560
130,000 NYC GO 6.625 08/01/13 08/01/04 (b) 142,797
5,000 NYC GO 6.750 01/15/12 07/15/98 (b) 5,072
90,000 NYC GO 6.750 10/01/05 10/01/02 (b) 99,273
1,460,000 NYC GO 6.750 10/01/05 10/01/02 (a) 1,628,805
40,000 NYC GO 6.750 10/01/06 10/01/02 (b) 43,786
685,000 NYC GO 6.750 10/01/06 10/01/02 (a) 764,200
5,000 NYC GO 6.750 10/01/17 10/01/04 (b) 5,369
45,000 NYC GO 6.750 10/01/17 10/01/02 (a) 50,203
100,000 NYC GO 7.000 02/01/00 08/01/98 (b) 101,264
50,000 NYC GO 7.000 02/01/00 08/01/98 (b) 50,621
425,000 NYC GO 7.000 02/01/01 08/01/98 (b) 430,219
65,000 NYC GO 7.000 02/01/01 08/01/98 (b) 69,834
5,000 NYC GO 7.000 02/01/02 08/01/98 (b) 5,492
35,000 NYC GO 7.000 02/01/03 08/01/98 (b) 35,448
2,860,000 NYC GO 7.000 02/01/06 02/01/02 (a) 3,171,769
390,000 NYC GO 7.000 02/01/06 02/01/02 (b) 428,598
5,000 NYC GO 7.000 02/01/09 08/01/98 (b) 5,059
5,000 NYC GO 7.000 02/01/11 08/01/98 (a) 5,063
30,000 NYC GO 7.000 02/01/12 08/01/98 (b) 30,373
2,000,000 NYC GO 7.000 02/01/16 02/01/02 (b) 2,183,100
15,000 NYC GO 7.000 02/01/17 02/01/02 (b) 16,373
20,000 NYC GO 7.000 02/01/18 02/01/02 (b) 21,831
</TABLE>
10 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 10,000 NYC GO 7.000 % 08/01/00 08/01/98 (b) $ 10,100
365,000 NYC GO 7.000 08/01/07 ----- 424,809
15,000 NYC GO 7.000 08/01/09 08/01/98 (b) 15,150
5,000 NYC GO 7.000 08/01/16 08/01/02 (b) 5,506
10,000 NYC GO 7.000 08/01/16 08/01/02 (a) 11,234
20,000 NYC GO 7.000 08/15/02 08/15/98 (b) 20,279
5,000 NYC GO 7.000 08/15/07 08/01/98 (b) 5,050
1,035,000 NYC GO 7.000 08/15/16 08/15/04 (a) 1,199,555
15,000 NYC GO 7.000 08/15/99 08/15/98 (b) 15,174
690,000 NYC GO 7.000 10/01/09 10/01/02 (a) 775,871
40,000 NYC GO 7.000 10/01/09 10/01/02 (b) 44,505
50,000 NYC GO 7.000 10/01/10 10/01/02 (a) 56,223
5,000 NYC GO 7.000 10/01/10 10/01/02 (b) 5,563
8,630,000 NYC GO 7.000 10/01/13 10/01/02 (a) 9,704,004
515,000 NYC GO 7.000 10/01/13 10/01/02 (b) 568,359
25,000 NYC GO 7.000 10/01/14 10/01/02 (a) 28,111
25,000 NYC GO 7.000 10/01/15 10/01/99 (b) 25,960
65,000 NYC GO 7.000 10/01/16 10/01/99 (b) 67,334
35,000 NYC GO 7.000 10/01/18 10/01/99 (b) 36,344
15,000 NYC GO 7.000 10/01/19 10/01/99 (b) 15,539
35,000 NYC GO 7.000 12/01/06 12/01/98 (b) 35,756
5,000 NYC GO 7.000 12/01/08 12/01/98 (b) 5,101
5,000 NYC GO 7.000 12/01/10 12/01/98 (b) 5,101
10,000 NYC GO 7.100 02/01/04 08/01/98 (b) 10,121
2,010,000 NYC GO 7.100 02/01/09 02/01/02 (a) 2,235,743
265,000 NYC GO 7.100 02/01/09 02/01/02 (b) 292,099
170,000 NYC GO 7.100 02/01/10 02/01/02 (a) 189,093
30,000 NYC GO 7.100 02/01/10 02/01/02 (b) 33,068
100,000 NYC GO 7.100 08/15/07 08/15/04 (a) 115,965
5,000 NYC GO 7.200 02/01/05 08/01/98 (a) 5,064
20,000 NYC GO 7.200 02/01/15 02/01/02 (a) 22,312
25,000 NYC GO 7.200 08/01/01 08/01/98 (b) 26,978
30,000 NYC GO 7.200 08/01/02 08/01/00 (b) 32,219
5,000 NYC GO 7.200 08/01/02 08/01/00 (a) 5,402
1,450,000 NYC GO 7.200 08/15/08 08/15/04 (b) 1,689,236
5,000 NYC GO 7.250 02/01/07 08/01/98 (b) 5,060
100,000 NYC GO 7.250 02/01/07 08/01/98 (b) 101,301
15,000 NYC GO 7.250 08/15/17 08/15/99 (b) 15,777
5,000,000 NYC GO 7.250 08/15/19 08/15/04 (a) 5,861,900
2,930,000 NYC GO 7.250 08/15/24 (s) 08/15/01 (b) 3,163,140
940,000 NYC GO 7.250 08/15/24 08/15/01 (a) 1,030,146
5,000 NYC GO 7.300 08/15/98 ----- 5,021
500,000 NYC GO 7.400 02/01/00 ----- 525,565
265,000 NYC GO 7.400 02/01/02 ----- 293,951
20,000 NYC GO 7.400 02/01/02 ----- 22,044
10,000 NYC GO 7.400 08/15/00 08/15/98 (b) 10,142
10,125,000 NYC GO 7.500 02/01/04 02/01/02 (b) 11,293,425
5,000 NYC GO 7.500 02/01/05 02/01/02 (a) 5,628
75,000 NYC GO 7.500 02/01/05 02/01/02 (b) 83,655
2,450,000 NYC GO 7.500 02/01/06 02/01/02 (a) 2,757,524
</TABLE>
11 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 6,450,000 NYC GO 7.500% 02/01/06 02/01/02 (b) $ 7,194,330
220,000 NYC GO 7.500 02/01/07 02/01/02 (b) 245,388
2,425,000 NYC GO 7.500 02/01/09 02/01/02 (b) 2,704,845
170,000 NYC GO 7.500 03/15/09 03/15/00 (b) 181,720
10,000 NYC GO 7.500 08/01/01 08/01/99 (a) 10,548
5,000 NYC GO 7.500 08/01/01 08/01/99 (b) 5,258
50,000 NYC GO 7.500 08/01/04 08/01/98 (b) 50,912
5,000 NYC GO 7.500 08/15/01 08/15/98 (b) 5,059
30,000 NYC GO 7.500 08/15/03 08/15/99 (a) 31,699
100,000 NYC GO 7.500 08/15/03 08/15/99 (b) 105,269
5,000 NYC GO 7.500 08/15/05 08/15/98 (b) 5,059
20,000 NYC GO 7.500 08/15/06 08/15/99 (b) 21,054
20,000 NYC GO 7.500 12/01/03 12/01/98 (b) 20,325
45,000 NYC GO 7.625 02/01/13 02/01/02 (a) 50,947
5,000 NYC GO 7.625 02/01/13 02/01/02 (b) 5,560
3,705,000 NYC GO 7.650 02/01/07 02/01/02 (a) 4,197,728
315,000 NYC GO 7.650 02/01/07 02/01/02 (b) 352,904
25,000 NYC GO 7.700 02/01/09 02/01/02 (b) 28,049
275,000 NYC GO 7.700 02/01/09 02/01/02 (a) 312,026
60,000 NYC GO 7.750 02/01/10 02/01/02 (b) 67,417
405,000 NYC GO 7.750 08/15/01 08/15/99 (b) 427,441
525,000 NYC GO 7.750 08/15/05 08/15/01 (a) 589,964
125,000 NYC GO 7.750 08/15/05 08/15/01 (b) 139,234
30,000 NYC GO 7.750 08/15/06 08/15/01 (a) 33,712
485,000 NYC GO 7.750 08/15/06 08/15/01 (b) 540,227
90,000 NYC GO 7.750 08/15/07 08/15/01 (b) 100,248
1,410,000 NYC GO 7.750 08/15/07 02/01/03 (a) 1,584,473
1,460,000 NYC GO 7.750 08/15/09 08/15/01 (a) 1,640,660
95,000 NYC GO 7.750 08/15/09 08/15/01 (b) 105,818
5,000 NYC GO 7.750 08/15/11 08/15/01 (b) 5,535
40,000 NYC GO 7.750 08/15/11 08/15/01 (a) 44,950
75,000 NYC GO 7.750 08/15/12 08/15/01 (b) 83,029
105,000 NYC GO 7.750 08/15/12 08/15/01 (a) 117,993
30,000 NYC GO 7.875 08/01/00 08/01/98 (b) 30,547
75,000 NYC GO 7.875 08/01/04 08/01/00 (b) 81,538
200,000 NYC GO 8.000 08/01/01 08/01/98 (b) 203,668
320,000 NYC GO 8.000 08/01/03 08/01/01 (b) 358,365
1,365,000 NYC GO 8.000 08/01/03 08/01/01 (a) 1,542,000
25,000 NYC GO 8.000 08/01/03 08/01/98 (b) 25,459
5,000 NYC GO 8.250 08/01/11 08/01/01 (b) 5,601
50,000 NYC GO 8.250 11/15/10 11/15/01 (a) 57,377
60,000 NYC GO 8.250 11/15/10 11/15/01 (b) 68,207
1,340,000 NYC GO CAB 0.000 (t) 05/15/14 05/15/08 (b) 1,099,135
10,000 NYC GO DIAMONDS 0.000 (t) 08/01/07 08/01/02 (b) 8,332
11,870,000 NYC GO Indexed Flt. 5.850 (r) 08/15/10 08/15/05 (b) 12,216,960
2,000,000 NYC GO LIMO 0.000 (t) 02/01/04 02/01/00 (b) 1,992,420
1,950,000 NYC GO LIMO 0.000 (t) 02/01/07 02/01/02 (e) 1,674,407
50,000 NYC GO PRAMS 0.000 (t) 02/01/12 02/01/02 (b) 43,707
30,000 NYC GO PRAMS 0.000 (t) 08/01/06 08/01/98 (b) 30,338
115,000 NYC GO PRAMS 0.000 (t) 10/01/06 10/01/02 (b) 95,717
</TABLE>
12 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 5,045,000 NYC HDC 5.700% 11/01/13 (s) 05/01/05 (b) $ 5,185,251
520,000 NYC HDC 5.750 04/01/07 05/22/03 (c) 538,751
1,540,000 NYC HDC 5.850 05/01/26 (s) 05/01/05 (b) 1,588,803
1,665,000 NYC HDC 6.550 10/01/15 (s) 04/01/03 (b) 1,773,608
110,000 NYC HDC 7.300 06/01/10 (s) 06/01/01 (b) 117,513
30,000 NYC HDC 7.350 06/01/19 (s) 06/01/01 (b) 32,005
1,680,000 NYC HDC 7.900 02/01/23 (s) 01/24/00 (g) 1,762,001
710,000 NYC HDC 8.100 09/01/23 (s) 08/20/00 (g) 752,756
1,970,000 NYC HDC (Pass Through Certificate) (i) 6.500 09/20/03 11/20/02 (c) 2,057,409
9,810,000 NYC HDC, Series A 5.500 11/01/09 (s) 05/01/08 (b) 10,186,704
5,000,000 NYC HDC, Series A 5.625 05/01/12 (s) 05/01/08 (b) 5,192,850
2,600,000 NYC Health & Hospital Corp. 5.625 02/15/13 (s) 02/15/05 (b) 2,738,424
1,000,000 NYC Housing Authority, Series A 5.650 07/01/10 (s) 05/17/09 (g) 1,043,310
1,265,000 NYC IDA Composite Offering XIV, Series C 7.625 11/01/09 (s) 11/01/98 (b) 1,290,338
1,065,000 NYC IDA (ALA Realty) 7.000 12/01/05 10/03/02 (c) 1,153,970
5,220,000 NYC IDA (American Airlines) 8.000 07/01/20 01/01/99 (b) 5,426,294
575,000 NYC IDA (Amster Novelty) 7.375 12/01/05 07/27/02 (c) 570,400
790,000 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/08 08/11/04 (c) 837,345
405,000 NYC IDA (BHMS) 7.500 01/01/07 06/16/03 (c) 424,331
2,095,000 NYC IDA (Blood Center) 6.800 05/01/02 11/28/00 (c) 2,289,165
760,000 NYC IDA (CCM) 7.250 12/01/06 06/13/03 (c) 806,877
360,000 NYC IDA (CNR) 6.200 09/01/10 (s) 06/26/07 (g) 392,836
615,000 NYC IDA (College of Aeronautics) 5.350 05/01/12 05/01/10 (b) 625,664
450,000 NYC IDA (College of Aeronautics) 5.375 05/01/13 05/01/10 (b) 457,565
1,093,514 NYC IDA (Cummins Engine) 6.500 03/01/05 02/09/02 (c) 1,106,571
895,000 NYC IDA (EPG) 7.400 07/30/02 09/18/00 (c) 966,170
1,000,000 NYC IDA (Essie Cosmetics) 5.500 11/01/08 10/13/04 (c) 1,004,250
1,965,000 NYC IDA (Friends Seminary School) 6.125 12/01/07 11/30/03 (c) 1,985,849
1,550,000 NYC IDA (Gabrielli Truck Sales) 7.250 12/01/07 01/02/04 (c) 1,627,221
1,835,000 NYC IDA (JBFS) 6.500 12/15/02 01/30/01 (c) 1,962,092
470,000 NYC IDA (Koenig Manufacturing) 7.375 12/01/10 01/12/06 (c) 498,679
25,000 NYC IDA (Lighthouse) 6.375 07/01/10 (s) 07/01/04 (b) 26,775
1,340,000 NYC IDA (Little Red Schoolhouse) 5.750 11/01/07 03/15/04 (c) 1,343,819
435,000 NYC IDA (OHEL) 7.125 03/15/03 05/08/01 (c) 448,141
17,013 NYC IDA (Paper Enterprises) 10.000 11/01/98 09/16/98 (c) 17,434
3,130,000 NYC IDA (Plaza Packaging) 7.650 12/01/09 (s) 11/12/99 (g) 3,314,138
720,000 NYC IDA (Promotional Slideguide) 7.000 12/01/05 10/13/02 (c) 773,352
55,000 NYC IDA (Sharif Designs) 7.375 11/01/09 01/01/99 (b) 55,133
240,000 NYC IDA (Streamline Plastics) 7.125 12/01/05 10/08/02 (c) 254,762
3,415,000 NYC IDA (St. Bernard's School) 6.125 12/01/11 05/18/06 (c) 3,429,206
50,000 NYC IDA (St. Christopher Ottilie Project) 6.750 07/01/99 ----- 51,416
620,000 NYC IDA (Terminal One Group Assoc.) 6.000 01/01/15 (s) 01/01/06 (b) 657,002
170,000 NYC IDA (Terminal One Group Assoc.) 6.000 11/01/19 (s) 01/01/06 (b) 179,928
160,000 NYC IDA (United Nations School) 6.050 12/01/05 ----- 172,043
170,000 NYC IDA (United Nations School) 6.100 12/01/06 ----- 183,806
180,000 NYC IDA (United Nations School) 6.150 12/01/07 ----- 195,673
100,000 NYC IDA (Visy Paper) 7.550 01/01/05 03/29/02 (c) 108,749
60,000 NYC IDA , Series B 8.125 11/01/09 (s) 11/01/98 (b) 60,851
275,000 NYC Municipal Water Authority 5.750 06/15/16 (s) 06/15/07 (b) 289,234
95,000 NYC Municipal Water Authority 5.750 06/15/18 (s) 06/15/04 (b) 98,853
</TABLE>
13 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 40,000 NYC Municipal Water Authority 5.750% 06/15/18 (s) 06/15/04 (b) $ 41,622
25,000 NYC Public Housing Authority 6.000 01/01/04 07/01/99 (b) 25,791
2,165,000 NYS COP 7.625 03/01/09 (s) 04/13/01 (g) 2,388,320
25,000 NYS Dorm 7.125 05/15/09 05/15/99 (a) 26,238
30,000 NYS Dorm (Adelphi University) 8.000 07/01/02 01/01/99 (b) 30,552
25,000 NYS Dorm (Adelphi University) 8.200 07/01/05 01/01/99 (b) 25,464
200,000 NYS Dorm (Adelphi University) 8.250 07/01/06 01/01/99 (b) 203,722
700,000 NYS Dorm (Albany County Airport Project) 5.250 04/01/11 ----- 715,358
150,000 NYS Dorm (CDD) 4.750 07/01/07 ----- 152,807
3,130,000 NYS Dorm (City University) 5.250 07/01/14 07/01/10 (b) 3,192,882
2,000,000 NYS Dorm (City University) 5.500 07/01/04 ----- 2,105,260
1,500,000 NYS Dorm (City University) 5.500 07/01/05 ----- 1,581,885
2,020,000 NYS Dorm (City University) 5.500 07/01/06 ----- 2,132,272
1,050,000 NYS Dorm (City University) 5.600 07/01/10 (s) 07/01/05 (b) 1,091,864
1,900,000 NYS Dorm (City University) 6.000 07/01/10 07/01/08 (b) 2,084,015
35,000 NYS Dorm (City University) 6.000 07/01/16 (s) 07/01/00 (b) 35,616
15,000 NYS Dorm (City University) 6.000 07/01/16 07/01/00 (a) 15,603
50,000 NYS Dorm (Dept. of Health) 5.900 07/01/09 07/01/06 (b) 53,482
15,000 NYS Dorm (ECC) 7.100 07/01/09 (s) 01/01/99 (b) 15,047
25,000 NYS Dorm (Higher Education) 8.500 06/01/03 (s) 12/01/98 (b) 25,216
1,000,000 NYS Dorm (Ideal Senior Living Center) 5.900 08/01/26 08/01/06 (b) 1,056,690
90,000 NYS Dorm (Iroquois Nursing) 7.000 02/01/15 02/01/01 (b) 96,817
40,000 NYS Dorm (Jewish Geriatric) 7.150 08/01/14 08/01/04 (b) 45,690
50,000 NYS Dorm (Jewish Geriatric) 7.350 08/01/29 08/01/04 (b) 57,853
20,000 NYS Dorm (JGB Health Facilities) 7.000 07/01/09 (s) 01/01/99 (b) 20,049
10,000 NYS Dorm (L.I. Medical Center) 7.000 08/15/99 ----- 10,282
385,000 NYS Dorm (L.I. Medical Center) 7.625 08/15/08 08/15/98 (b) 396,396
5,775,000 NYS Dorm (L.I. Medical Center) 7.750 08/15/27 08/15/98 (b) 5,947,673
25,000 NYS Dorm (Manhattan College) 6.500 07/01/19 (s) 07/01/04 (b) 27,097
750,000 NYS Dorm (MEET) 5.375 07/01/12 06/18/10 (c) 753,398
75,000 NYS Dorm (MHMC) 8.625 07/01/10 (s) 01/01/99 (b) 75,256
10,000,000 NYS Dorm (Montefiore Medical Center) 5.250 02/01/15 02/15/09 (b) 10,133,300
35,000 NYS Dorm (Mount Sinai) 6.750 07/01/15 (s) 07/01/01 (b) 38,070
50,000 NYS Dorm (Nursing Homes) 5.500 07/01/10 (s) 07/01/07 (b) 52,330
225,000 NYS Dorm (NY Medical College) 6.875 07/01/03 ----- 249,410
1,150,000 NYS Dorm (Nyack Hospital) 6.250 07/01/13 (s) 03/31/08 (g) 1,236,756
75,000 NYS Dorm (Park Ridge Hsg. Project) 7.850 02/01/29 02/01/99 (b) 77,986
1,080,000 NYS Dorm (PCP) 7.800 12/01/05 (s) 12/01/98 (b) 1,116,839
5,000 NYS Dorm (Rochester General Hospital) 8.750 07/01/02 (s) 01/01/99 (b) 5,444
1,150,000 NYS Dorm (State University) 5.750 05/15/10 05/15/08 (b) 1,238,332
3,600,000 NYS Dorm (State University) 5.750 05/15/16 (s) 05/15/08 (b) 3,766,752
590,000 NYS Dorm (State University) 6.000 05/15/17 05/15/00 (b) 600,768
8,730,000 NYS Dorm (State University) 6.375 05/15/14 05/15/03 (a) 9,736,133
115,000 NYS Dorm (State University) 7.000 05/15/16 (s) 05/15/00 (b) 122,997
2,935,000 NYS Dorm (State University) 7.000 05/15/16 (s) 05/15/00 (b) 3,125,335
70,000 NYS Dorm (State University) 7.125 05/15/09 05/15/99 (b) 73,413
85,000 NYS Dorm (St. Francis G&H) 7.375 08/01/10 08/01/00 (b) 92,466
25,000 NYS Dorm (St. Vincent Hospital) 7.375 08/01/11 08/01/01 (b) 27,849
3,840,000 NYS Dorm (Suffolk-Judicial) 9.000 10/15/01 (s) 10/15/98 (b) 4,186,330
165,000 NYS Dorm (Suffolk-Judicial) 9.000 10/15/01 (s) 10/15/98 (b) 182,556
</TABLE>
14 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 1,500,000 NYS Dorm (Suffolk-Judicial) 9.250% 04/15/06 (s) 10/15/98 (b) $ 1,671,210
1,000,000 NYS Dorm (Teresian House) 5.250 07/01/17 11/02/13 (c) 995,830
55,000 NYS Dorm (UCC) 5.625 07/01/12 (s) 07/01/04 (b) 58,414
280,000 NYS Dorm (UCC) 5.625 07/01/14 (s) 07/01/06 (b) 289,559
1,250,000 NYS Dorm (UCC) 6.200 07/01/15 (s) 07/01/05 (b) 1,351,925
3,305,000 NYS Dorm (United Health Services) 5.500 08/01/17 02/01/10 (b) 3,417,965
305,000 NYS Dorm (United Health Services) 7.150 08/01/07 02/01/00 (a) 324,752
80,000 NYS Dorm (United Hospital) 6.500 09/15/10 01/01/99 (b) 80,536
170,000 NYS Dorm (United Hospital) 1.750 09/15/10 09/15/98 (b) 173,160
1,150,000 NYS Dorm (University of Rochester) 6.500 07/01/09 (s) 01/01/99 (b) 1,173,000
145,000 NYS Dorm (University of Rochester) 6.500 07/01/09 (s) 01/01/99 (b) 147,458
165,000 NYS Dorm (University of Rochester) 6.500 07/01/09 (s) 01/01/99 (b) 167,843
885,000 NYS Dorm (Wesley Gardens Corp.) 5.850 08/01/26 08/01/09 (b) 945,658
200,000 NYS Environ. (Consolidated Water) 7.150 11/01/14 (s) 11/01/06 (b) 220,248
205,000 NYS Environ. (Huntington Res Rec) 7.375 10/01/99 04/08/99 (c) 212,442
7,550,000 NYS Environ. (Huntington Res Rec) 7.500 10/01/12 (s) 10/01/99 (b) 7,963,967
1,200,000 NYS Environ. (PCR Water) 5.625 03/15/04 09/13/01 (c) 1,249,740
330,000 NYS Environ. (RSP) 7.100 04/01/01 04/01/01 (a) 356,789
50,000 NYS Environ. (State Park Infrastructure) 5.750 03/15/13 (s) 03/15/04 (b) 51,876
5,000 NYS ERDA (Central Hudson G&E) 6.250 06/01/07 (s) 12/01/98 (b) 5,008
10,000 NYS ERDA (Central Hudson G&E) 7.375 10/01/14 10/01/99 (b) 10,664
6,685,000 NYS ERDA (Con Ed) 6.750 01/15/27 01/15/01 (b) 7,100,339
9,290,000 NYS ERDA (Con Ed) 6.750 01/15/27 01/15/01 (b) 9,860,220
6,115,000 NYS ERDA (Con Ed) 6.750 01/15/27 01/15/01 (b) 6,482,817
35,000 NYS ERDA (Con Ed) 7.250 11/01/24 11/01/98 (b) 35,698
1,210,000 NYS ERDA (Con Ed) 7.250 11/01/24 11/01/98 (b) 1,233,922
4,250,000 NYS ERDA (Con Ed) 7.500 01/01/26 01/01/00 (b) 4,476,823
25,000 NYS ERDA (LILCO) 6.900 08/01/22 02/01/02 (b) 27,442
125,000 NYS ERDA (LILCO) 6.900 08/01/22 01/21/03 (b) 137,210
840,000 NYS ERDA (LILCO) 7.150 02/01/22 06/15/02 (b) 921,740
590,000 NYS ERDA (LILCO) 7.150 06/01/20 06/15/02 (b) 647,413
175,000 NYS ERDA (LILCO) 7.150 09/01/19 06/15/02 (b) 192,029
215,000 NYS ERDA (LILCO) 7.150 12/01/20 06/15/02 (b) 235,922
175,000 NYS ERDA (LILCO) 7.500 12/01/06 (s) 12/01/98 (b) 175,359
470,000 NYS ERDA (LILCO) 7.800 12/01/09 (s) 12/01/98 (b) 475,029
425,000 NYS ERDA (LILCO) 8.250 10/01/12 10/01/98 (b) 429,335
2,150,000 NYS ERDA (Niagara Mohawk) 8.875 11/01/25 11/01/98 (b) 2,203,750
100,000 NYS ERDA (RG&E) 8.125 12/01/28 12/01/98 (b) 103,589
15,000 NYS GO 6.000 11/15/07 11/15/02 (b) 16,143
40,000 NYS GO 6.600 12/01/14 12/01/98 (b) 41,248
85,000 NYS HFA 5.875 11/01/10 11/01/01 (b) 87,031
75,000 NYS HFA 5.875 11/01/11 11/01/01 (b) 76,768
10,000 NYS HFA 5.875 11/01/12 11/01/01 (b) 10,232
15,000 NYS HFA 6.400 11/01/02 11/01/00 (b) 15,331
10,000 NYS HFA 6.400 11/01/13 11/01/98 (b) 10,216
10,000 NYS HFA 6.500 11/01/00 ----- 10,220
10,000 NYS HFA 6.750 11/01/00 11/01/98 (b) 10,323
80,000 NYS HFA (Children's Rescue) 7.400 11/01/00 ----- 82,428
65,000 NYS HFA (Children's Rescue) 7.500 05/01/01 ----- 67,235
140,000 NYS HFA (Children's Rescue) 7.500 11/01/01 ----- 145,585
</TABLE>
15 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 114,000 NYS HFA (General Housing) 6.500% 11/01/03 ----- $ 116,498
10,000 NYS HFA (General Housing) 6.600 11/01/05 11/01/00 (b) 10,220
30,000 NYS HFA (General Housing) 6.600 11/01/06 11/01/00 (b) 30,660
6,000 NYS HFA (General Housing) 6.750 11/01/98 ----- 6,061
1,435,000 NYS HFA (Health Facility) 6.000 05/01/07 ----- 1,565,269
2,165,000 NYS HFA (Health Facility) 6.000 05/01/08 ----- 2,358,205
10,980,000 NYS HFA (Health Facility) 7.900 11/01/99 05/06/99 (c) 11,305,008
1,590,000 NYS HFA (HELP/Bronx) 8.050 11/01/05 (s) 11/01/99 (b) 1,668,451
10,000 NYS HFA (H&NH) 5.500 11/01/05 11/01/98 (b) 10,210
15,000 NYS HFA (H&NH) 5.900 11/01/03 11/01/98 (b) 15,167
85,000 NYS HFA (H&NH) 5.900 11/01/05 ----- 85,932
10,000 NYS HFA (H&NH) 5.900 11/01/10 11/01/99 (b) 10,108
10,000 NYS HFA (H&NH) 6.375 11/01/01 ----- 10,752
480,000 NYS HFA (H&NH) 6.800 11/01/01 11/01/98 (b) 490,651
650,000 NYS HFA (H&NH) 6.800 11/01/02 11/01/98 (b) 664,424
55,000 NYS HFA (H&NH) 6.875 11/01/04 11/01/98 (b) 56,224
25,000 NYS HFA (H&NH) 6.875 11/01/05 11/01/98 (b) 25,558
15,000 NYS HFA (H&NH) 6.875 11/01/06 11/01/98 (b) 15,335
1,955,000 NYS HFA (H&NH) 6.875 11/01/07 (s) 11/01/98 (b) 1,979,105
5,000 NYS HFA (H&NH) 6.875 11/01/08 11/01/98 (b) 5,112
45,000 NYS HFA (H&NH) 6.875 11/01/09 11/01/98 (b) 46,004
15,000 NYS HFA (H&NH) 6.875 11/01/10 11/01/98 (b) 15,335
300,000 NYS HFA (H&NH) 6.875 11/01/11 11/01/98 (b) 306,669
30,000 NYS HFA (H&NH) 6.875 11/01/99 ----- 30,524
1,660,000 NYS HFA (H&NH) 7.000 11/01/17 (s) 11/01/98 (b) 1,695,192
2,010,000 NYS HFA (Insured Mtg.) 6.250 08/15/14 (s) 08/15/04 (b) 2,173,393
135,000 NYS HFA (Meadow Manor) 7.750 11/01/19 (s) 11/01/98 (b) 136,901
135,000 NYS HFA (Monroe County Health Facilities) 7.625 05/01/05 (s) 02/29/00 (g) 146,788
345,000 NYS HFA (Multi-Family) 0.000 11/01/08 11/01/06 (b) 210,043
200,000 NYS HFA (Multi-Family) 0.000 11/01/09 11/01/06 (b) 114,620
1,535,000 NYS HFA (Multi-Family) 0.000 11/01/12 11/01/06 (b) 716,983
130,000 NYS HFA (Multi-Family) 0.000 11/01/13 11/01/06 (b) 57,114
4,000,000 NYS HFA (Multi-Family) 5.500 09/15/22 03/15/05 (b) 4,038,720
65,000 NYS HFA (Multi-Family) 5.625 09/15/13 (s) 09/15/05 (b) 67,150
100,000 NYS HFA (Multi-Family) 5.875 03/15/11 (s) 09/15/05 (b) 105,635
1,000,000 NYS HFA (Multi-Family) 6.100 08/15/16 (s) 08/15/04 (b) 1,060,380
25,000 NYS HFA (Multi-Family) 6.200 08/15/12 (s) 08/15/02 (b) 26,397
1,000,000 NYS HFA (Multi-Family) 6.450 08/15/14 (s) 08/15/02 (b) 1,053,000
350,000 NYS HFA (Multi-Family) 6.850 11/01/19 (s) 11/01/04 (b) 381,297
100,000 NYS HFA (Multi-Family) 6.950 08/15/12 (s) 08/15/02 (b) 107,684
1,900,000 NYS HFA (Multi-Family) 6.950 08/15/24 (s) 06/09/02 (g) 2,010,428
40,000 NYS HFA (Multi-Family) 7.300 11/01/04 11/01/99 (b) 41,490
359,000 NYS HFA (Multi-Family) 7.450 11/01/28 (s) 10/28/99 (g) 374,871
570,000 NYS HFA (Multi-Family) 8.000 11/01/08 (s) 09/19/00 (g) 622,714
620,000 NYS HFA (Multi-Family) 10.000 11/15/99 (s) 11/15/98 (b) 623,187
5,000 NYS HFA (Non Profit) 6.000 11/01/12 11/01/00 (b) 5,105
10,000 NYS HFA (Non Profit) 6.100 11/01/98 ----- 10,085
45,000 NYS HFA (Non Profit) 6.100 11/01/99 ----- 46,441
5,000 NYS HFA (Non Profit) 6.200 11/01/06 11/01/98 (b) 5,160
40,000 NYS HFA (Non Profit) 6.200 11/01/08 11/01/98 (b) 41,273
</TABLE>
16 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 60,000 NYS HFA (Non Profit) 6.200% 11/01/11 11/01/98 (b) $ 61,915
40,000 NYS HFA (Non Profit) 6.400 11/01/00 ----- 40,882
10,000 NYS HFA (Non Profit) 6.400 11/01/04 11/01/00 (b) 10,218
25,000 NYS HFA (Non Profit) 6.400 11/01/05 11/01/00 (b) 25,545
5,000 NYS HFA (Non Profit) 6.400 11/01/06 11/01/00 (b) 5,108
10,000 NYS HFA (Non Profit) 6.400 11/01/08 11/01/00 (b) 10,217
80,000 NYS HFA (Non Profit) 6.400 11/01/09 11/01/01 (b) 81,733
5,000 NYS HFA (Non Profit) 6.400 11/01/11 11/01/00 (b) 5,108
60,000 NYS HFA (Non Profit) 6.500 11/01/02 ----- 61,301
5,000 NYS HFA (Non Profit) 6.500 11/01/03 ----- 5,110
25,000 NYS HFA (Non Profit) 6.600 11/01/00 11/01/98 (b) 25,800
30,000 NYS HFA (Non Profit) 6.600 11/01/01 ----- 30,955
10,000 NYS HFA (Non Profit) 6.600 11/01/02 11/01/98 (b) 10,317
225,000 NYS HFA (Non Profit) 6.600 11/01/03 ----- 232,200
50,000 NYS HFA (Non Profit) 6.600 11/01/05 11/01/00 (b) 51,104
75,000 NYS HFA (Non Profit) 6.600 11/01/05 11/01/98 (b) 77,403
15,000 NYS HFA (Non Profit) 6.600 11/01/06 11/01/00 (b) 15,331
5,000 NYS HFA (Non Profit) 6.600 11/01/07 11/01/98 (b) 5,160
10,000 NYS HFA (Non Profit) 6.600 11/01/09 11/01/98 (b) 10,220
15,000 NYS HFA (Non Profit) 6.600 11/01/09 11/01/98 (b) 15,481
15,000 NYS HFA (Non Profit) 6.600 11/01/10 11/01/98 (b) 15,481
5,000 NYS HFA (Non Profit) 6.600 11/01/11 11/01/98 (b) 5,110
15,000 NYS HFA (Non Profit) 6.600 11/01/11 11/01/03 (b) 15,480
25,000 NYS HFA (Non Profit) 6.600 11/01/13 11/01/98 (b) 25,800
20,000 NYS HFA (Non Profit) 6.750 11/01/01 11/01/98 (b) 20,646
5,000 NYS HFA (Non Profit) 6.750 11/01/05 11/01/98 (b) 5,159
5,000 NYS HFA (Non Profit) 6.750 11/01/08 11/01/98 (b) 5,161
15,000 NYS HFA (Non Profit) 6.750 11/01/09 11/01/98 (b) 15,482
1,420,000 NYS HFA (Non Profit) 6.750 11/01/11 11/01/98 (b) 1,461,308
61,000 NYS HFA (Non Profit) 6.875 11/01/10 11/01/98 (b) 62,405
20,000 NYS HFA (Non Profit) (i) 6.500 11/01/01 ----- 20,443
195,000 NYS HFA (Phillips Village) 6.700 02/15/02 ----- 204,136
250,000 NYS HFA (Phillips Village) 6.700 08/15/02 ----- 263,165
175,000 NYS HFA (Phillips Village) 6.900 02/15/04 ----- 185,255
85,000 NYS HFA (Phillips Village) 6.900 08/15/04 ----- 90,352
410,000 NYS HFA (Simeon Dewitt) 8.000 11/01/18 (s) 11/01/98 (b) 413,231
165,000 NYS HFA (Westchester/HELP) 7.500 11/01/00 (s) 11/01/98 (b) 167,025
45,000 NYS HFA (Westchester/HELP) 7.550 11/01/02 (s) 01/16/00 (g) 46,609
5,500,000 NYS LGAC 5.375 04/01/14 (s) 08/15/06 (b) 5,664,615
50,000 NYS LGAC 6.000 04/01/18 (s) 04/01/04 (b) 53,513
755,000 NYS LGSC (SCSB) 6.375 12/15/09 02/25/05 (c) 800,934
395,000 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/06 (s) 11/01/98 (b) 399,155
135,000 NYS Medcare (Beth Israel Medical Center) 7.200 11/01/14 (s) 11/01/98 (b) 136,393
100,000 NYS Medcare (Brookdale Hospital) 6.250 08/15/15 02/15/05 (b) 108,766
260,000 NYS Medcare (Brookdale Hospital) 6.600 02/15/03 ----- 286,944
615,000 NYS Medcare (Brookdale Hospital) 6.600 08/15/03 ----- 684,932
3,050,000 NYS Medcare (Brookdale Hospital) 6.850 02/15/17 (s) 02/15/05 (a) 3,549,102
20,000 NYS Medcare (Buffalo General Hospital) 6.000 08/15/14 08/15/06 (b) 21,328
10,000 NYS Medcare (Central Suffolk Hospital) 5.875 11/01/05 12/12/03 (c) 9,976
365,000 NYS Medcare (Downtown Hospital) 6.550 02/15/06 02/15/05 (a) 418,648
</TABLE>
17 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 945,000 NYS Medcare (Downtown Hospital) 6.550% 08/15/06 02/15/05 (a) $ 1,083,896
1,915,000 NYS Medcare (Huntington Hospital) 6.500 11/01/14 (s) 11/01/04 (b) 2,086,278
60,000 NYS Medcare (H&NH) 5.650 08/15/02 ----- 62,374
100,000 NYS Medcare (H&NH) 5.650 08/15/13 08/15/05 (b) 104,587
905,000 NYS Medcare (H&NH) 5.750 02/15/05 ----- 932,530
4,500,000 NYS Medcare (H&NH) 5.750 08/15/19 (s) 08/15/04 (b) 4,650,705
170,000 NYS Medcare (H&NH) 5.950 08/15/09 08/15/04 (b) 179,115
15,000 NYS Medcare (H&NH) 6.100 08/15/13 (s) 08/15/02 (b) 16,256
1,735,000 NYS Medcare (H&NH) 6.125 02/15/14 (s) 02/15/04 (b) 1,856,814
35,000 NYS Medcare (H&NH) 6.150 02/15/02 08/15/98 (b) 36,695
25,000 NYS Medcare (H&NH) 6.200 08/15/22 08/15/02 (b) 26,642
2,600,000 NYS Medcare (H&NH) 6.400 08/15/14 08/15/04 (b) 2,853,578
75,000 NYS Medcare (H&NH) 6.400 11/01/14 (s) 05/01/02 (b) 81,395
10,000 NYS Medcare (H&NH) 6.550 08/15/12 08/15/04 (b) 10,942
115,000 NYS Medcare (H&NH) 7.100 11/01/00 ----- 117,581
10,000 NYS Medcare (H&NH) 7.100 11/01/98 ----- 10,111
760,000 NYS Medcare (H&NH) 7.100 11/01/99 ----- 777,070
25,000 NYS Medcare (H&NH) 7.200 11/01/00 08/15/98 (b) 25,785
685,000 NYS Medcare (H&NH) 7.200 11/01/01 11/01/98 (b) 700,426
85,000 NYS Medcare (H&NH) 7.250 11/01/02 11/01/98 (b) 86,918
395,000 NYS Medcare (H&NH) 7.250 11/01/03 11/01/98 (b) 403,911
5,000 NYS Medcare (H&NH) 7.300 08/15/10 (s) 08/15/99 (b) 5,277
45,000 NYS Medcare (H&NH) 7.300 08/15/11 08/15/01 (b) 48,478
85,000 NYS Medcare (H&NH) 7.350 02/15/29 (s) 08/08/99 (g) 88,331
650,000 NYS Medcare (H&NH) 7.400 11/01/16 (s) 11/01/98 (b) 664,807
15,000 NYS Medcare (H&NH) 7.500 02/15/09 02/15/99 (b) 15,619
5,000 NYS Medcare (H&NH) 7.500 02/15/09 02/15/99 (b) 5,218
90,000 NYS Medcare (H&NH) 7.900 02/15/08 08/15/98 (b) 92,267
3,865,000 NYS Medcare (H&NH) 8.000 02/15/27 08/15/98 (b) 3,954,397
640,000 NYS Medcare (H&NH) 8.000 02/15/28 08/15/98 (b) 655,814
35,000 NYS Medcare (H&NH) 8.250 08/15/99 10/01/98 (b) 35,819
330,000 NYS Medcare (H&NH) 8.625 02/15/06 08/15/98 (b) 331,218
695,000 NYS Medcare (H&NH) 8.875 08/15/27 08/15/98 (b) 711,576
660,000 NYS Medcare (H&NH) 9.000 02/15/26 08/15/98 (b) 662,059
2,630,000 NYS Medcare (H&NH) 10.000 11/01/06 (s) 11/01/98 (b) 2,799,109
1,245,000 NYS Medcare (Insured Mtg.) 6.600 02/15/11 02/15/01 (a) 1,324,033
15,000 NYS Medcare (Insured Mtg.) 7.100 02/15/00 ----- 15,727
565,000 NYS Medcare (Insured Mtg.) 9.375 11/01/16 (s) 11/01/98 (b) 590,046
1,345,000 NYS Medcare (Long Beach Hospital) 7.625 02/15/06 08/15/98 (b) 1,378,369
5,000 NYS Medcare (Mental Health) 0.000 02/15/03 08/15/98 (a) 3,752
5,000 NYS Medcare (Mental Health) 0.000 02/15/03 08/15/98 (b) 3,742
20,000 NYS Medcare (Mental Health) 0.000 08/15/01 ----- 16,844
5,000 NYS Medcare (Mental Health) 0.000 08/15/03 08/15/98 (b) 3,606
190,000 NYS Medcare (Mental Health) 5.550 08/15/01 08/15/98 (b) 190,209
25,000 NYS Medcare (Mental Health) 5.700 02/15/03 08/15/98 (b) 25,029
65,000 NYS Medcare (Mental Health) 6.000 02/15/11 (s) 08/15/98 (b) 65,117
4,075,000 NYS Medcare (Mental Health) 6.375 08/15/14 (s) 08/15/04 (b) 4,503,731
125,000 NYS Medcare (Mental Health) 6.375 08/15/14 (s) 08/15/04 (b) 138,469
3,780,000 NYS Medcare (Mental Health) 6.500 08/15/12 (s) 08/15/02 (b) 4,107,235
90,000 NYS Medcare (Mental Health) 6.500 08/15/24 (s) 08/15/04 (b) 100,037
</TABLE>
18 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 85,000 NYS Medcare (Mental Health) 6.850% 08/15/00 ----- $ 89,735
45,000 NYS Medcare (Mental Health) 7.000 02/15/01 ----- 48,138
15,000 NYS Medcare (Mental Health) 7.100 02/15/02 08/15/99 (b) 15,796
10,000 NYS Medcare (Mental Health) 7.200 02/15/04 08/15/99 (b) 10,540
50,000 NYS Medcare (Mental Health) 7.200 08/15/00 ----- 53,005
50,000 NYS Medcare (Mental Health) 7.300 02/15/21 (s) 08/15/01 (b) 55,254
40,000 NYS Medcare (Mental Health) 7.375 02/15/14 (s) 08/06/99 (g) 42,085
25,000 NYS Medcare (Mental Health) 7.400 02/15/02 02/15/00 (b) 26,697
5,000 NYS Medcare (Mental Health) 7.400 02/15/03 08/15/01 (b) 5,519
45,000 NYS Medcare (Mental Health) 7.400 08/15/00 ----- 47,991
10,000 NYS Medcare (Mental Health) 7.500 08/15/07 (s) 02/15/01 (b) 10,974
145,000 NYS Medcare (Mental Health) 7.625 02/15/07 08/15/01 (b) 161,463
100,000 NYS Medcare (Mental Health) 7.625 02/15/08 (s) 08/15/98 (b) 102,291
10,000 NYS Medcare (Mental Health) 7.625 08/15/07 08/15/01 (b) 11,135
225,000 NYS Medcare (Mental Health) 7.625 11/01/21 (s) 11/01/98 (b) 232,139
825,000 NYS Medcare (Mental Health) 7.700 02/15/18 (s) 08/15/98 (b) 843,876
25,000 NYS Medcare (Mental Health) 7.750 08/15/10 (s) 02/15/00 (b) 26,874
145,000 NYS Medcare (Mental Health) 7.800 02/15/19 (s) 02/15/99 (b) 151,181
6,045,000 NYS Medcare (Mental Health) 7.875 08/15/20 (s) 08/15/00 (b) 6,625,139
5,000 NYS Medcare (Mental Health) 8.000 02/15/08 08/15/98 (b) 5,123
1,230,000 NYS Medcare (Mental Health) 8.250 02/15/99 08/15/98 (b) 1,258,868
2,310,000 NYS Medcare (Mental Health) 8.875 08/15/07 (s) 08/15/98 (b) 2,365,278
25,000 NYS Medcare (North General Hospital) 7.150 08/15/01 08/15/99 (a) 26,435
10,000 NYS Medcare (North General Hospital) 7.200 08/15/02 08/15/99 (a) 10,579
1,030,000 NYS Medcare (North General Hospital) 7.350 08/15/09 08/15/99 (a) 1,091,347
40,000 NYS Medcare (North General Hospital) 7.400 02/15/19 08/15/99 (a) 42,404
50,000 NYS Medcare (North Shore University Hospital) 7.125 11/01/08 (s) 11/01/00 (b) 54,399
145,000 NYS Medcare (North Shore University Hospital) 7.200 11/01/20 (s) 11/01/00 (b) 156,899
60,000 NYS Medcare (Saranac Lake General Hospital) 7.875 11/01/10 (s) 08/09/00 (g) 65,807
85,000 NYS Medcare (St. Luke's Hospital) 5.600 08/15/13 (s) 11/26/04 (g) 88,750
500,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/18 08/15/05 (b) 516,840
70,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/18 (s) 11/25/04 (g) 72,105
110,000 NYS Medcare (St. Luke's Hospital) 7.375 02/15/19 (s) 02/15/00 (b) 116,468
65,000 NYS Medcare (St. Luke's Hospital) 7.400 02/15/09 02/15/00 (b) 69,248
40,000 NYS Medcare (St. Luke's Hospital) 7.500 11/01/11 (s) 11/01/99 (b) 42,453
715,000 NYS Medcare (WHMC) 6.850 02/15/00 ----- 748,805
80,000 NYS Medcare (WHMC) 6.850 08/15/00 ----- 84,817
250,000 NYS Medcare (WHMC) 6.950 02/15/01 ----- 268,313
80,000 NYS Medcare (WHMC) 6.950 08/15/01 ----- 86,886
25,000 NYS Medcare (WHMC) 7.150 02/15/03 08/15/01 (a) 27,736
50,000 NYS Medcare (WHMC) 7.150 08/15/03 08/15/01 (a) 55,472
1,600,000 NYS Medcare (WHMC) 7.350 08/15/11 (s) 08/15/01 (a) 1,784,416
530,000 NYS Thruway 0.000 01/01/01 ----- 474,604
250,000 NYS Thruway 0.000 01/01/05 ----- 184,583
385,000 NYS Thruway 0.000 01/01/06 ----- 270,309
1,870,000 NYS Thruway 5.250 04/01/13 04/01/10 (b) 1,925,277
50,000 NYS Thruway 5.500 04/01/15 (s) 04/01/07 (b) 51,912
500,000 NYS Thruway 6.000 04/01/11 04/01/09 (b) 548,840
3,000,000 NYS Thruway 6.000 04/01/12 04/01/09 (b) 3,288,510
10,000 NYS UDC 0.000 01/01/00 ----- 9,372
</TABLE>
19 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 30,000 NYS UDC 0.000% 01/01/07 ----- $ 20,010
310,000 NYS UDC 0.000 01/01/11 04/08/08 (c) 156,163
20,000 NYS UDC 0.000 01/01/99 ----- 19,590
17,700,000 NYS UDC 5.500 01/01/15 (s) 01/01/05 (b) 17,989,749
4,000,000 NYS UDC 5.500 01/01/15 (s) 01/01/05 (b) 4,065,480
5,000,000 NYS UDC 5.500 07/01/16 (s) 07/01/08 (b) 5,129,550
25,000 NYS UDC (Correctional Facilities) 0.000 01/01/03 ----- 20,678
1,375,000 NYS UDC (Correctional Facilities) 5.250 01/01/13 (s) 01/01/06 (b) 1,387,719
85,000 NYS UDC (Correctional Facilities) 5.750 01/01/13 (s) 01/01/05 (b) 88,263
35,000 NYS UDC (South Mall) 0.000 01/01/03 ----- 28,195
130,000 NYS UDC (South Mall) 0.000 01/01/05 ----- 94,232
50,000 NYS UDC (South Mall) 0.000 01/01/05 06/24/04 (c) 36,358
415,000 NYS UDC (South Mall) 0.000 01/01/11 04/08/08 (c) 207,791
90,000 Oneida Healthcare Corp. 7.100 08/01/11 08/01/01 (b) 97,584
1,150,000 Oneida Herkimer SWMA 6.600 04/01/04 ----- 1,266,219
3,200,000 Oneida Herkimer SWMA 6.750 04/01/14 (s) 04/01/03 (b) 3,472,256
4,400,000 Onondaga County IDA (Crouse Irving Hospital) 7.900 01/01/17 01/01/01 (b) 4,919,332
110,000 Onondaga County IDA (Sysco Foods) 7.750 04/01/03 10/01/98 (b) 111,124
8,650,000 Onondaga County Res Rec 6.625 05/01/00 11/06/99 (c) 8,913,566
8,260,000 Onondaga County Res Rec 6.875 05/01/06 01/12/04 (c) 8,835,557
7,120,000 Onondaga County Res Rec 7.000 05/01/15 (s) 05/01/02 (b) 7,708,610
1,485,000 Orange County IDA (Kingston Manufacturing) 7.250 11/01/03 07/19/01 (c) 1,535,653
40,000 Orange County IDA (Mental Health) 6.000 05/01/08 ----- 43,584
10,000 Orange County IDA (Mental Health) 6.125 05/01/16 (s) 05/01/08 (b) 10,998
575,000 Oswego County IDA (SLRHFP) 5.150 02/01/13 03/22/11 (c) 579,721
1,805,000 Oswego County Res Rec 6.500 06/01/04 05/23/03 (c) 1,932,920
20,000 Pendelton, NY GO 7.600 09/15/15 09/01/98 (b) 20,518
50,000 Philadelphia, NY GO 7.500 12/15/09 ----- 61,766
15,000 Port Authority NY/NJ 5.000 02/01/03 (s) 08/01/98 (b) 15,013
75,000 Port Authority NY/NJ (Delta Airlines) 6.950 06/01/08 06/01/02 (b) 81,926
1,000,000 Port Authority NY/NJ (KIAC) 6.750 10/01/11 05/03/10 (c) 1,107,730
120,000 Port Authority NY/NJ (KIAC) 6.750 10/01/19 (s) 10/01/06 (b) 132,503
10,000,000 Port Authority NY/NJ (KIAC) 7.000 10/01/07 05/02/05 (c) 11,335,200
65,000 Port Authority NY/NJ, 39th Series 5.800 02/01/07 08/01/98 (b) 65,118
15,000 Port Authority NY/NJ, 46th Series 5.500 10/01/08 10/01/98 (b) 15,353
20,000 Port Authority NY/NJ, 51st Series 9.000 11/01/14 (s) 11/01/99 (b) 21,296
45,000 Port Authority NY/NJ, 52nd Series 6.000 03/01/03 (s) 09/01/98 (b) 45,180
25,000 Port Authority NY/NJ, 68th Series 7.250 08/01/09 02/15/00 (b) 26,323
15,000 Port Authority NY/NJ, 68th Series 7.250 08/15/11 02/15/00 (b) 15,794
90,000 Port Authority NY/NJ, 69th Series 7.125 06/01/25 (s) 06/01/00 (b) 95,478
9,030,000 Port Authority NY/NJ, 73rd Series 6.750 04/15/26 (s) 04/15/01 (b) 9,640,067
100,000 Port Authority NY/NJ, 73rd Series 6.750 04/15/26 (s) 04/15/01 (b) 106,607
30,000 Port Authority NY/NJ, 83rd Series 6.375 10/15/17 (s) 10/15/02 (b) 32,608
75,000 Port Authority NY/NJ, 83rd Series 6.875 01/01/25 (s) 01/01/00 (b) 78,664
15,000 Portchester Community Devel. Corp. 8.100 08/01/10 08/05/05 (c) 16,002
1,360,000 Putnam County IDA (Brewster Plastics) 7.375 12/01/08 08/11/04 (c) 1,468,542
125,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/11 (s) 07/29/02 (g) 135,959
1,440,000 Rensselaer Municipal Leasing Corp. 6.250 06/01/04 12/28/02 (c) 1,558,742
20,000 Riverhead Hsg. Devel. Corp. 8.250 08/01/10 (s) 08/01/98 (g) 20,985
3,090,000 Rochester Hsg. Authority (Crossroads) 7.300 07/01/05 07/15/02 (c) 3,368,471
</TABLE>
20 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 795,000 Rochester Hsg. Authority (Stonewood) 5.90 % 09/01/09 11/16/04 (c) $ 818,262
595,000 Rockland County IDA (DC) 7.000 03/01/03 04/21/01 (c) 647,051
350,000 Rockland Gardens Hsg. Corp. 10.500 05/01/11 11/01/98 (b) 371,700
50,000 Rome, NY GO 6.900 12/15/07 12/15/03 (b) 56,599
225,000 Roxbury CSD GO 6.400 06/15/10 06/15/05 (b) 250,232
235,000 Roxbury CSD GO 6.400 06/15/11 06/15/05 (b) 260,467
190,000 Saratoga County IDA (ARC) 7.250 03/01/01 03/10/00 (c) 195,681
360,000 Saratoga County IDA (City Center) 10.000 10/01/08 (s) 10/01/99 (b) 383,936
2,185,000 Saratoga County IDA (Saratoga Sheraton) 6.750 12/31/07 02/12/03 (c) 2,347,171
50,000 Schodack IDA (Hamilton Printing) 7.600 07/01/00 ----- 50,592
60,000 Schodack IDA (Hamilton Printing) 7.625 07/01/01 ----- 62,964
120,000 Schuyler County IDA (Cargill) 7.900 04/01/07 10/01/98 (b) 125,605
10,000 SONYMA, Series 1 0.000 10/01/14 (s) 04/01/99 (b) 2,212
265,000 SONYMA, Series 1 0.000 10/01/98 ----- 260,991
180,000 SONYMA, Series 10-A 7.800 10/01/03 (s) 10/01/98 (b) 183,857
150,000 SONYMA, Series 10-A 8.000 10/01/08 (s) 10/01/98 (b) 153,234
15,000 SONYMA, Series 11 6.875 04/01/16 (s) 10/01/98 (b) 15,126
30,000 SONYMA, Series 12 0.000 04/01/03 10/01/98 (b) 21,306
30,000 SONYMA, Series 12 0.000 04/01/99 10/01/98 (b) 28,844
100,000 SONYMA, Series 12 0.000 10/01/00 10/01/98 (b) 86,366
30,000 SONYMA, Series 12 0.000 10/01/01 10/01/98 (b) 23,972
60,000 SONYMA, Series 12 0.000 10/01/99 10/01/98 (b) 55,901
270,000 SONYMA, Series 12 7.300 10/01/12 (s) 10/01/98 (b) 273,475
295,000 SONYMA, Series 12 8.250 04/01/17 (s) 10/01/98 (b) 302,425
160,000 SONYMA, Series 2 0.000 10/01/14 (s) 04/01/01 (b) 34,680
745,000 SONYMA, Series 2 0.000 10/01/14 (s) 10/01/98 (b) 160,615
100,000 SONYMA, Series 29-A 5.250 04/01/15 01/28/12 (c) 101,344
25,000 SONYMA, Series 29-B 6.450 04/01/15 (s) 03/01/05 (b) 26,769
400,000 SONYMA, Series 30-B 6.000 04/01/19 (s) 03/01/05 (b) 409,684
165,000 SONYMA, Series 30-C 5.850 10/01/25 (s) 10/01/05 (b) 170,491
55,000 SONYMA, Series 36-A 6.000 10/01/17 (s) 04/01/06 (b) 57,880
100,000 SONYMA, Series 39 5.750 10/01/10 (s) 04/01/06 (b) 103,722
50,000 SONYMA, Series 40-A 6.350 04/01/21 (s) 06/01/04 (b) 52,347
30,000 SONYMA, Series 41-A 6.450 10/01/14 (s) 06/01/04 (b) 32,491
40,000 SONYMA, Series 42 6.000 10/01/23 (s) 09/01/06 (b) 41,208
50,000 SONYMA, Series 43 6.100 04/01/09 09/01/06 (b) 51,786
25,000 SONYMA, Series 43 6.100 10/01/09 09/01/06 (b) 25,893
690,000 SONYMA, Series 43 6.450 10/01/17 (s) 09/01/04 (b) 748,829
25,000 SONYMA, Series 44 6.900 04/01/06 11/01/04 (b) 26,787
50,000 SONYMA, Series 44 7.000 10/01/07 11/01/06 (b) 53,546
25,000 SONYMA, Series 46 6.500 04/01/13 (s) 03/28/07 (b) 27,106
65,000 SONYMA, Series 47 6.125 10/01/20 (s) 06/06/06 (b) 67,235
20,000 SONYMA, Series 48 6.050 04/01/17 (s) 06/29/07 (b) 21,224
255,000 SONYMA, Series 54 6.100 10/01/15 (s) 03/05/08 (g) 272,962
50,000 SONYMA, Series 56 5.875 10/01/19 (s) 07/01/08 (b) 51,954
90,000 SONYMA, Series 6 9.375 04/01/10 04/01/01 (c) 92,910
50,000 SONYMA, Series 66 5.600 10/01/17 (s) 07/01/09 (b) 51,449
1,000,000 SONYMA, Series 67 5.600 10/01/14 (s) 09/01/09 (b) 1,034,340
500,000 SONYMA, Series 67 5.700 10/01/17 (s) 09/01/09 (b) 520,510
4,000,000 SONYMA, Series 67 5.800 10/01/28 (s) 09/01/09 (b) 4,149,560
</TABLE>
21 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 65,000 SONYMA, Series 67 6.375% 10/01/17 (s) 03/28/07 (b) $ 70,444
75,000 SONYMA, Series 7 GAINS 9.250 10/01/14 (s) 10/01/98 (b) 76,650
250,000 SONYMA, Series 8-A 0.000 04/01/00 10/01/98 (b) 223,463
85,000 SONYMA, Series 8-A 0.000 04/01/01 10/01/98 (b) 70,873
85,000 SONYMA, Series 8-A 0.000 04/01/02 10/01/98 (b) 66,208
30,000 SONYMA, Series 8-A 0.000 10/01/00 10/01/98 (b) 25,934
70,000 SONYMA, Series 8-A 0.000 10/01/01 10/01/98 (b) 56,420
70,000 SONYMA, Series 8-A 0.000 10/01/02 10/01/98 (b) 52,707
20,000 SONYMA, Series 8-A 0.000 10/01/98 ----- 19,773
45,000 SONYMA, Series 8-A 0.000 10/01/99 ----- 41,642
365,000 SONYMA, Series 8-A 6.875 04/01/17 (s) 10/01/98 (b) 371,661
80,000 SONYMA, Series 8-A 6.875 04/01/17 (s) 10/01/98 (b) 80,541
90,000 SONYMA, Series 8-A 6.875 04/01/17 (s) 10/01/98 (b) 90,558
50,000 SONYMA, Series 8-B 7.200 04/01/99 ----- 50,582
25,000 SONYMA, Series 8-D 7.700 10/01/99 01/04/99 (b) 25,539
125,000 SONYMA, Series 8-D 8.200 10/01/06 (s) 10/01/98 (b) 127,035
50,000 SONYMA, Series 8-D 8.375 10/01/17 (s) 01/04/99 (b) 51,350
350,000 SONYMA, Series 8-E 8.100 10/01/17 (s) 10/01/98 (b) 357,518
100,000 SONYMA, Series 9-A 6.700 10/01/98 ----- 100,502
25,000 SONYMA, Series 9-A 6.900 04/01/00 10/01/98 (b) 25,101
20,000 SONYMA, Series 9-A 7.000 04/01/01 10/01/98 (b) 20,137
200,000 SONYMA, Series 9-A 7.250 10/01/06 (s) 10/01/98 (b) 201,244
295,000 SONYMA, Series 9-A 7.300 04/01/17 (s) 10/01/98 (b) 296,696
10,000 SONYMA, Series 9-A 8.250 10/01/08 (s) 04/01/99 (b) 10,195
85,000 SONYMA, Series 9-C 8.400 10/01/02 (s) 10/01/98 (b) 85,965
5,000 SONYMA, Series 9-E 7.375 10/01/98 ----- 5,027
540,000 SONYMA, Series 9-E 8.000 10/01/03 10/01/98 (b) 554,580
70,000 SONYMA, Series AA 7.700 04/01/99 ----- 71,013
20,000 SONYMA, Series BB-2 7.125 10/01/98 ----- 20,138
355,000 SONYMA, Series BB-2 7.850 10/01/08 (s) 10/01/98 (b) 363,130
12,620,000 SONYMA, Series BB-2 7.950 10/01/15 (s) 10/01/98 (b) 12,976,515
65,000 SONYMA, Series EE-1 8.000 10/01/10 (s) 04/10/99 (g) 65,670
20,000 SONYMA, Series EE-2 7.050 10/01/00 10/13/99 (c) 20,823
85,000 SONYMA, Series EE-2 7.450 10/01/10 (s) 09/05/99 (g) 88,601
155,000 SONYMA, Series EE-3 7.125 10/01/00 10/13/99 (c) 160,084
50,000 SONYMA, Series EE-3 7.650 04/01/16 (s) 10/01/00 (b) 52,667
50,000 SONYMA, Series EE-3 7.750 04/01/16 (s) 04/01/00 (b) 52,736
125,000 SONYMA, Series EE-4 7.050 10/01/00 10/15/99 (c) 128,694
115,000 SONYMA, Series EE-4 7.800 10/01/13 (s) 10/01/00 (b) 121,576
50,000 SONYMA, Series FF 7.100 10/01/98 ----- 50,262
20,000 SONYMA, Series FF 7.850 10/01/08 (s) 10/01/98 (b) 20,454
4,875,000 SONYMA, Series FF 7.950 10/01/14 (s) 10/01/98 (b) 4,980,885
50,000 SONYMA, Series HH-2 7.700 10/01/09 (s) 09/15/99 (g) 51,816
25,000 SONYMA, Series HH-2 7.850 04/01/22 (s) 09/14/99 (b) 25,981
190,000 SONYMA, Series HH-3 7.875 10/01/09 (s) 04/28/00 (g) 199,656
3,600,000 SONYMA, Series HH-3 7.950 04/01/22 (s) 06/07/00 (b) 3,783,744
1,040,000 SONYMA, Series HH-4 7.700 10/01/09 (s) 04/01/99 (g) 1,082,838
305,000 SONYMA, Series II 0.000 04/01/05 04/01/99 (b) 190,652
35,000 SONYMA, Series II 0.000 04/01/06 04/01/02 (b) 20,228
90,000 SONYMA, Series II 0.000 04/01/07 04/01/99 (b) 47,892
</TABLE>
22 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 175,000 SONYMA, Series II 0.000% 04/01/09 04/01/99 (b) $ 79,545
45,000 SONYMA, Series II 0.000 10/01/05 04/01/99 (b) 27,060
40,000 SONYMA, Series II 0.000 10/01/06 04/01/99 (b) 22,232
120,000 SONYMA, Series II 0.000 10/01/07 04/01/99 (b) 61,414
580,000 SONYMA, Series II 0.000 10/01/08 04/01/99 (b) 274,346
300,000 SONYMA, Series II 0.000 10/01/09 04/01/99 (b) 131,148
90,000 SONYMA, Series JJ 0.000 04/01/00 ----- 84,065
220,000 SONYMA, Series JJ 0.000 04/01/01 ----- 193,431
175,000 SONYMA, Series JJ 0.000 04/01/02 ----- 142,891
215,000 SONYMA, Series JJ 0.000 04/01/03 10/01/99 (b) 162,871
30,000 SONYMA, Series JJ 0.000 04/01/04 10/01/99 (b) 21,065
210,000 SONYMA, Series JJ 0.000 04/01/05 10/01/99 (b) 136,817
90,000 SONYMA, Series JJ 0.000 04/01/06 10/01/99 (b) 54,270
200,000 SONYMA, Series JJ 0.000 04/01/07 10/01/99 (b) 111,918
10,000 SONYMA, Series JJ 0.000 10/01/00 ----- 9,131
95,000 SONYMA, Series JJ 0.000 10/01/01 ----- 80,567
15,000 SONYMA, Series JJ 0.000 10/01/02 ----- 11,811
75,000 SONYMA, Series JJ 0.000 10/01/03 10/01/99 (b) 54,776
10,000 SONYMA, Series JJ 0.000 10/01/04 10/01/99 (b) 6,768
185,000 SONYMA, Series JJ 0.000 10/01/05 10/01/99 (b) 116,173
335,000 SONYMA, Series JJ 0.000 10/01/06 10/01/99 (b) 186,913
100,000 SONYMA, Series JJ 0.000 10/01/07 10/01/99 (b) 53,923
150,000 SONYMA, Series JJ 0.000 10/01/08 10/01/99 (b) 75,060
270,000 SONYMA, Series JJ 7.500 10/01/17 (s) 10/01/99 (b) 282,674
10,000 SONYMA, Series KK 7.050 10/01/99 04/07/99 (c) 10,244
35,000 SONYMA, Series KK 7.800 10/01/20 (s) 10/01/99 (b) 36,511
30,000 SONYMA, Series MM-1 7.200 10/01/98 ----- 30,156
115,000 SONYMA, Series MM-1 7.500 04/01/13 (s) 02/04/01 (b) 120,210
5,000 SONYMA, Series MM-1 7.600 10/01/02 02/04/01 (b) 5,260
25,000 SONYMA, Series MM-1 7.650 10/01/03 02/04/01 (b) 26,239
100,000 SONYMA, Series MM-1 7.700 10/01/04 02/04/01 (b) 104,613
50,000 SONYMA, Series MM-1 7.750 04/01/05 02/04/01 (b) 52,218
10,000 SONYMA, Series MM-2 7.550 04/01/02 10/01/00 (b) 10,480
10,000 SONYMA, Series MM-2 7.700 10/01/05 10/01/00 (b) 10,413
25,000 SONYMA, Series NN 7.100 04/01/02 01/01/00 (b) 26,006
20,000 SONYMA, Series NN 7.150 10/01/03 01/01/00 (b) 20,773
20,000 SONYMA, Series QQ 7.600 10/01/12 04/01/00 (b) 20,886
2,370,000 SONYMA, Series QQ 7.700 10/01/12 04/01/00 (b) 2,478,949
6,000,000 SONYMA, Series QQ 7.850 10/01/21 (s) 02/04/01 (b) 6,482,820
50,000 SONYMA, Series RR 7.600 10/01/10 (s) 10/01/00 (b) 52,760
25,000 SONYMA, Series RR 7.700 10/01/10 (s) 10/01/00 (b) 26,431
25,000 SONYMA, Series TT 6.850 10/01/01 ----- 26,115
20,000 SONYMA, Series TT 6.950 04/01/02 ----- 20,975
125,000 SONYMA, Series TT 7.150 04/01/04 04/01/01 (b) 130,936
25,000 SONYMA, Series TT 7.200 10/01/05 04/01/01 (b) 26,137
25,000 SONYMA, Series UU 6.850 10/01/99 ----- 25,519
75,000 SONYMA, Series UU 6.950 04/01/00 ----- 76,941
825,000 SONYMA, Series UU 7.150 10/01/22 (s) 10/01/01 (b) 862,001
230,000 SONYMA, Series UU 7.750 10/01/23 (s) 04/01/01 (b) 244,071
40,000 SONYMA, Series VV 6.600 04/01/00 ----- 41,150
</TABLE>
23 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 25,000 SONYMA, Series VV 6.800% 10/01/02 ----- $ 26,439
60,000 SONYMA, Series VV 6.900 04/01/03 ----- 63,593
50,000 SONYMA, Series VV 7.000 04/01/04 10/01/01 (b) 52,755
100,000 SONYMA, Series VV 7.000 10/01/04 10/01/01 (b) 105,586
615,000 SONYMA, Series VV 7.250 10/01/07 (s) 10/01/01 (b) 654,428
13,315,200 SONYMA, Series VV 7.375 10/01/11 (s) 10/01/01 (b) 14,234,082
130,000 Springville HDC (Springbrook) 5.950 01/01/10 01/13/05 (c) 135,727
25,000 St. Casimer's Elderly Hsg. Corp. 7.000 09/01/98 ----- 25,062
965,000 St. Casimer's Elderly Hsg. Corp. 7.375 09/01/10 (s) 09/01/98 (b) 995,253
10,000 Suffolk County GO 6.400 02/01/00 ----- 10,223
5,000 Suffolk County GO 6.700 08/01/02 08/01/98 (b) 5,113
240,000 Suffolk County IDA (Dowling College) 6.500 12/01/06 ----- 254,328
2,555,000 Suffolk County IDA (HFAS) 6.025 11/01/08 06/02/04 (c) 2,575,568
6,395,000 Suffolk County IDA (Huntington Res Rec) 5.150 (w) 10/01/00 ----- 6,434,201
1,035,000 Suffolk County IDA (Huntington Res Rec) 5.150 (w) 10/01/99 ----- 1,034,814
6,875,000 Suffolk County IDA (Huntington Res Rec) 5.350 (w) 10/01/01 ----- 6,981,356
7,390,000 Suffolk County IDA (Huntington Res Rec) 5.450 (w) 10/01/02 ----- 7,572,976
7,945,000 Suffolk County IDA (Huntington Res Rec) 5.500 (w) 10/01/03 ----- 8,187,164
1,785,000 Suffolk County IDA (L.I. ACLD) 7.350 08/01/09 (s) 07/31/99 (g) 1,869,091
20,000 Suffolk County IDA (Marbar) 8.150 03/01/04 03/01/99 (b) 20,120
25,000 Suffolk County IDA (Marbar) 8.200 03/01/05 09/01/98 (b) 25,076
60,000 Suffolk County IDA (OBPWC) 7.000 11/01/02 01/30/01 (c) 61,140
320,000 Suffolk County IDA (Printing Assoc.) (i) 7.225 (v) 12/01/01 07/01/98 (f) 320,000
1,230,000 Suffolk County IDA (Rimland Facilities) (i) 6.375 (v) 12/01/04 12/01/98 (f) 1,230,000
40,000 Suffolk County Water Authority 5.625 06/01/16 (s) 06/01/04 (b) 41,296
2,365,000 Sunnybrook Elderly Hsg. Corp. 11.250 12/01/14 (s) 10/01/98 (b) 2,496,849
33,334 Syracuse IDA (543 E. Genesee St.) 6.205 (v) 12/01/98 09/12/98 (c) 33,857
930,000 Syracuse IDA (Rockwest Center) 7.000 12/01/05 11/01/02 (c) 976,900
345,000 Syracuse IDA (Rockwest Center) 7.250 06/01/03 07/26/01 (c) 374,991
795,000 Syracuse IDA (St. Joseph's Hospital) 7.250 06/01/01 06/19/00 (c) 841,857
195,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/15 (s) 06/01/05 (b) 209,565
295,000 Tompkins Healthcare Corp. 10.800 02/01/28 08/01/05 (b) 391,164
3,755,000 Tonawanda HDC (Tonawanda Towers) 6.150 10/01/11 09/05/06 (c) 3,938,094
85,000 Triborough Bridge & Tunnel Authority 6.000 01/01/13 (s) 01/01/00 (b) 87,162
10,000 Triborough Bridge & Tunnel Authority 6.625 01/01/17 (s) 01/01/03 (b) 10,741
13,050,000 Triborough Bridge & Tunnel Authority 6.875 01/01/15 (s) 01/01/01 (b) 14,103,135
80,000 Tupper Lake HDC 8.125 10/01/10 03/15/02 (b) 80,207
855,000 Union Hsg. Authority (Methodist Homes) 6.800 11/01/04 02/09/02 (c) 904,239
475,000 United Nations Devel. Corp. 5.400 07/01/14 (s) 07/01/99 (b) 476,416
4,070,000 United Nations Devel. Corp. 5.500 07/01/17 (s) 07/01/99 (b) 4,082,373
55,000 Utica Hsg. Corp. (Brookhaven) 0.000 01/01/99 ----- 52,494
10,000 Utica Hsg. Corp. (Brookhaven) 0.000 07/01/99 ----- 9,112
40,000 Utica Senior Citizen Hsg. 0.000 01/01/02 ----- 28,768
100,000 Utica Senior Citizen Hsg. 6.500 04/15/08 (s) 12/04/04 (g) 110,797
10,000 Valley Health & Devel. Corp. 7.850 02/01/02 08/22/99 (c) 10,606
95,000 Valley Health & Devel. Corp. 11.300 02/01/07 (s) 06/20/00 (g) 114,119
795,000 Valley Health & Devel. Corp. 11.300 02/01/23 (s) 12/15/00 (b) 953,173
95,000 Watervliet Elderly Hsg. Corp. 8.000 11/15/00 10/15/98 (b) 96,772
95,000 Watervliet Elderly Hsg. Corp. 8.000 11/15/01 10/15/98 (b) 96,772
100,000 Watervliet Elderly Hsg. Corp. 8.000 11/15/02 10/15/98 (b) 101,865
</TABLE>
24 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 45,000 Wayne County IDA (Hauser Machine) 7.700% 12/01/09 12/01/01 (d) $ 47,327
435,000 Westchester County IDA (BAH) 7.250 12/01/09 09/24/04 (c) 476,060
1,000,000 Westchester County IDA (JBFS) 6.500 12/15/02 07/14/01 (c) 1,060,200
510,000 Westchester County IDA (JDAM) 6.250 04/01/05 06/28/02 (c) 542,711
1,000,000 Westchester County IDA (JDAM) 6.750 04/01/16 (s) 04/01/08 (b) 1,079,090
2,650,000 Westchester County IDA (WRCP) 5.500 07/01/09 07/01/08 (b) 2,753,297
1,000,000 Yonkers IDA (St. Joseph's Hospital), Series 98B 5.900 03/01/08 03/01/06 (c) 1,007,780
- ------------------------------------------------------------------------------------------------------------------------------------
U.S.Possessions--14.3%
300,000 American Samoa Power Authority 6.700 09/01/98 ----- 301,359
300,000 American Samoa Power Authority 6.750 09/01/99 ----- 308,871
700,000 American Samoa Power Authority 6.800 09/01/98 ----- 703,290
700,000 American Samoa Power Authority 6.900 09/01/99 ----- 721,742
700,000 American Samoa Power Authority 7.000 09/01/00 ----- 736,911
13,635,000 Guam Airport Authority 6.600 10/01/10 (s) 10/01/03 (b) 14,930,461
5,240,000 Guam GO 5.375 11/15/13 (s) 11/15/05 (b) 5,300,050
2,750,000 Guam GO 5.750 09/01/04 03/01/99 (b) 2,772,055
1,000,000 Guam GO 5.900 09/01/05 03/01/99 (b) 1,008,400
175,000 Guam Government Limited Obligation, Series A 7.000 11/15/04 11/15/99 (a) 185,917
850,000 Guam Power Authority 5.250 10/01/13 07/08/10 (c) 852,219
1,200,000 Guam Power Authority 6.300 10/01/12 (s) 10/01/02 (b) 1,287,768
3,030,000 Guam Power Authority 6.375 10/01/08 (s) 10/01/02 (b) 3,254,190
2,950,000 Guam Power Authority 6.625 10/01/14 (s) 10/01/04 (b) 3,272,111
1,503,719 Puerto Rico Aqueduct & Sewer (i) 7.250 03/21/00 06/29/99 (c) 1,535,583
30,000 Puerto Rico Commonwealth Infrastructure 0.000 (t) 07/01/01 07/01/98 (b) 30,607
3,525,000 Puerto Rico Commonwealth Infrastructure 7.500 07/01/09 (s) 01/01/99 (b) 3,605,088
235,000 Puerto Rico Commonwealth Infrastructure 7.600 07/01/00 01/01/99 (b) 240,358
5,000 Puerto Rico Commonwealth Infrastructure 7.700 07/01/01 01/01/99 (b) 5,114
1,910,000 Puerto Rico Commonwealth Infrastructure 7.750 07/01/08 (s) 01/01/99 (b) 1,953,796
3,140,000 Puerto Rico Commonwealth Infrastructure 7.900 07/01/07 (s) 01/01/99 (b) 3,212,377
3,017,404 Puerto Rico Dept. of Corrections Lease (i) 9.000 01/08/03 12/12/00 (c) 3,212,479
265,000 Puerto Rico Electric 6.000 07/01/10 (s) 07/01/99 (b) 269,688
30,000 Puerto Rico Electric 6.000 07/01/10 (s) 07/01/99 (b) 30,644
25,000 Puerto Rico Electric 6.000 07/01/16 (s) 07/01/06 (b) 27,109
30,000 Puerto Rico Electric 6.000 07/01/16 (s) 07/01/06 (b) 32,795
230,000 Puerto Rico Electric 7.000 07/01/07 (s) 07/01/99 (b) 239,800
315,000 Puerto Rico Electric 7.125 07/01/14 (s) 07/01/99 (b) 329,121
550,000 Puerto Rico Electric 7.125 07/01/14 (s) 07/01/99 (b) 576,466
5,000 Puerto Rico GO 6.000 07/01/14 (s) 07/01/04 (b) 5,365
50,000 Puerto Rico GO 6.000 07/01/14 (s) 07/01/02 (b) 53,177
1,800,000 Puerto Rico GO YCN 7.784 (r) 07/01/08 (s) 07/01/02 (b) 2,031,750
95,000 Puerto Rico HBFA 5.850 10/01/09 04/01/07 (b) 99,950
500,000 Puerto Rico HBFA 6.100 10/01/15 (s) 04/01/07 (b) 527,315
45,000 Puerto Rico HFC 0.000 04/15/08 09/15/98 (b) 22,006
25,000 Puerto Rico HFC 0.000 10/15/04 09/15/98 (b) 15,905
125,000 Puerto Rico HFC 6.000 02/01/09 (s) 02/01/02 (b) 127,423
100,000 Puerto Rico HFC 6.650 10/15/10 (s) 10/01/01 (b) 105,905
10,000 Puerto Rico HFC 6.750 10/15/13 (s) 10/01/01 (b) 10,586
45,000 Puerto Rico HFC 6.800 10/01/99 ----- 46,119
40,000 Puerto Rico HFC 7.000 04/01/00 ----- 41,366
</TABLE>
25 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 15,000 Puerto Rico HFC 7.000% 04/15/99 ----- $ 15,244
10,000 Puerto Rico HFC 7.100 04/01/02 04/01/00 (b) 10,550
615,000 Puerto Rico HFC 7.100 04/01/02 04/01/00 (b) 649,821
10,000 Puerto Rico HFC 7.100 10/15/00 10/01/98 (b) 10,247
65,000 Puerto Rico HFC 7.300 04/01/06 04/01/00 (b) 68,507
55,000 Puerto Rico HFC 7.400 04/01/07 04/01/00 (b) 58,058
20,000 Puerto Rico HFC 7.450 10/15/09 (s) 09/27/00 (b) 21,160
7,295,000 Puerto Rico HFC 7.500 04/01/22 (s) 04/01/00 (b) 7,712,712
3,600,000 Puerto Rico HFC 7.500 10/01/15 (s) 04/01/00 (b) 3,806,136
10,000 Puerto Rico HFC 7.500 10/15/12 (s) 09/27/00 (b) 10,579
470,000 Puerto Rico HFC 7.650 10/15/22 (s) 09/27/00 (b) 498,896
260,000 Puerto Rico HFC 8.250 06/01/11 (s) 12/01/98 (b) 260,978
25,000 Puerto Rico Highway & Transportation Authority 6.625 07/01/12 (s) 07/01/02 (b) 27,467
96,880 Puerto Rico HR Vehicle Lease (i) 8.000 03/12/01 01/01/00 (c) 100,317
989,010 Puerto Rico HR Vehicle Lease (i) 8.000 12/01/00 12/15/99 (c) 1,019,778
275,000 Puerto Rico IME (Abbott Labs) 6.500 07/01/09 01/01/99 (b) 279,749
110,000 Puerto Rico IME (Baxter Travenol) 8.000 09/01/12 09/01/98 (b) 113,961
500,000 Puerto Rico IME (Motorola) (q) 6.750 01/01/14 01/01/02 (b) 552,105
3,500,000 Puerto Rico IME (PepsiCo) 6.250 11/15/13 11/15/02 (b) 3,821,125
585,000 Puerto Rico IME (Squibb) 6.500 07/01/04 (s) 01/01/99 (b) 595,647
3,270,000 Puerto Rico IME (Upjohn) 7.500 12/01/23 12/01/98 (b) 3,411,820
875,000 Puerto Rico ITEME (MGH) 5.625 07/01/17 (s) 09/27/07 (g) 895,326
277,750 Puerto Rico MA Bus Lease (i) 8.500 02/01/02 06/29/99 (c) 290,082
605,700 Puerto Rico MA Carts Lease (i) 8.000 02/01/01 11/23/99 (c) 623,211
670,510 Puerto Rico MA Equipment Lease (i) 8.000 01/26/02 06/02/00 (c) 694,099
358,478 Puerto Rico MA Truck Lease (i) 8.500 10/15/01 05/15/00 (c) 374,279
55,000 Puerto Rico Port Authority 5.700 07/01/03 (s) 01/01/99 (b) 55,754
30,000 Puerto Rico Port Authority 5.750 07/01/02 (s) 01/01/99 (b) 30,026
50,000 Puerto Rico Port Authority 7.000 07/01/14 (s) 07/01/01 (b) 54,291
115,000 Puerto Rico Port Authority 7.300 07/01/07 (s) 01/01/99 (b) 115,196
250,090 Puerto Rico Port Authority (Computer Lease) (i) 9.000 05/15/99 02/15/99 (c) 258,398
3,000,000 Puerto Rico Public Buildings Authority 4.800 (t) 07/01/16 07/01/05 (b) 3,157,020
160,000 Puerto Rico Public Buildings Authority 6.000 07/01/12 (s) 07/01/99 (b) 162,957
20,000 Puerto Rico Public Buildings Authority 6.000 07/01/12 (s) 07/01/99 (b) 20,370
988,413 Puerto Rico State Courts Lease (i) 7.250 06/04/02 09/17/00 (c) 1,048,628
2,015,000 Puerto Rico TEMEC (MGH) 6.500 07/01/12 (s) 02/24/06 (g) 2,194,798
1,045,000 Puerto Rico TEMEC (RMH) 6.400 05/01/09 (s) 05/01/04 (b) 1,132,738
155,000 Puerto Rico Urban Renewal 7.875 10/01/04 (s) 10/01/99 (b) 164,553
65,367 Puerto Rico Vocational Rehab. Vehicle Lease (i) 8.000 02/17/02 06/24/00 (c) 67,801
155,000 University of Puerto Rico 5.500 06/01/12 (s) 02/25/02 (g) 156,209
380,000 University of V. I. 6.500 10/01/99 04/06/99 (c) 387,585
500,000 University of V. I. 7.500 10/01/09 (s) 10/01/04 (b) 568,925
500,000 University of V. I. 7.650 10/01/14 (s) 10/01/04 (b) 572,885
722,000 V. I. GO (Hugo Insurance Claims Program) 7.750 10/01/06 (s) 04/01/01 (g) 793,088
15,000 V. I. HFA 7.550 06/01/03 12/01/98 (a) 15,542
260,000 V. I. Highway Authority 7.650 10/01/99 ----- 272,355
17,890,000 V. I. Port Authority (CEK Airport) 8.100 10/01/05 (s) 10/01/98 (b) 18,384,122
1,060,000 V. I. Port Authority (Marine Division) 7.400 11/01/99 11/01/98 (b) 1,062,777
845,000 V. I. Port Authority (Marine Division) 7.550 11/01/99 11/01/98 (b) 853,788
525,000 V. I. Public Finance Authority 6.500 10/01/99 04/06/99 (c) 534,566
</TABLE>
26 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Effective
Face Maturity
Amount Description Coupon Maturity Date* Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
$ 355,000 V. I. Public Finance Authority 6.625% 10/01/99 04/09/99 (c) $ 361,869
1,500,000 V. I. Public Finance Authority 6.800 10/01/00 ----- 1,594,200
2,000,000 V. I. Public Finance Authority 7.250 10/01/18 (s) 10/01/02 (a) 2,279,180
335,000 V. I. Public Finance Authority 7.700 10/01/04 10/01/99 (a) 357,519
1,870,000 V. I. Water & Power Authority 7.200 01/01/02 08/05/00 (c) 1,951,139
12,605,000 V. I. Water & Power Authority 7.400 07/01/11 (s) 05/08/01 (g) 13,881,004
16,100,000 V. I. Water & Power Authority 8.500 01/01/10 (s) 01/01/99 (b) 16,894,374
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,026,074,620)--101.6% 1,061,404,041
LIABILITIES IN EXCESS OF OTHER ASSETS--(1.6%) (16,482,976)
--------------
NET ASSETS--100.0% $1,044,921,065
==============
</TABLE>
* Call Date, Put Date or Average Life of Sinking Fund, if applicable,
as detailed:
(a) Date of prerefunded call, or maturity date if escrowed to maturity.
(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 applicable optional call date.
(i) Illiquid security--See Note 5 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 $552,105, or 0.05% of the Fund's net
assets, at June 30, 1998.
(r) Interest rate is subject to change periodically and inversely to the
prevailing market rate. The interest rate shown is the rate in effect at
June 30, 1998.
(s) Security also has mandatory sinking fund principal payments prior to
maturity and an average life which is shorter than the stated final
maturity.
(t) Security will convert to a fixed coupon at a date prior to 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.
See accompanying Notes to Financial Statements.
27 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
Portfolio Abbreviations
====================================================================================================================================
To simplify the listings of 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:
<S> <C> <C> <C>
ACLD Association for Children with Learning MTA Metropolitan Transit Authority
Disabilities NJ New Jersey
ACLDD Adults and Children with Learning and NY New York
Developmental Disabilities NYC New York City
ARC Association of Retarded Citizens NYS New York State
BAH Beth Abraham Hospital OBPWC Ocean Bay Park Water Corporation
BHMS Brooklyn Heights Montessori School PCP Pooled Capital Program
CAB Capital Appreciation Bond PCR Pollution Control Revenue
CCM Comprehensive Care Management PRAMS Prudential Receipts of Accrual Municipal
CDD Center for Developmental Disabilities Securities
CNR College of New Rochelle Rec Res Resource Recovery Facility
Con Ed Consolidated Edison Company RG&E Rochester Gas and Electric
COP Certificate of Participation RMH Ryder Memorial Hospital
CSD Central School District RSP Riverbank State Park
DC Dominican College SCSB Schuyler Community Services Board
DIAMONDS Direct Investment of Accrued Municipals SLRHFP St. Luke Residential Healthcare Facility Project
ECC Erie Community College SONYMA State of New York Mortgage Agency
EPG Elmhurst Parking Garage SWMA Solid Waste Management Authority
ERDA Energy Research and Development TEMEC Tourist, Educational, Medical and
Authority Environmental Control
GAINS Growth and Income Securities UCC Upstate Community Colleges
GO General Obligation UCP United Cerebral Palsy
G&E Gas and Electric UDC Urban Development Corporation
G&H Geriatric and Healthcare USGCP United States Gypsum Company Project
HBFA Housing Bank and Finance Agency V.I. United States Virgin Islands
HDC Housing Development Corporation WHMC Wyckoff Heights Medical Center
HELP Homeless Economic Loan Program WRCP Westchester Resco Company Project
HFA Housing Finance Agency WWH Wyandach/Wheatley Heights
HFAS Huntington First Aid Squad YCN Yield Curve Note
HFC Housing Finance Corporation
HR House of Representatives
H&NH Hospital and Nursing Home
IDA Industrial Development Authority
IME Industrial, Medical and Environmental
ITEME Industrial, Tourist, Educational, Medical and
Environmental
JBFS Jewish Board of Family Services
JDAM Julia Dyckman Angus Memorial
LGAC Local Government Assistance Corporation
LGSC Local Government Services Corporation
LILCO Long Island Lighting Corporation
LIMO Limited Interest Municipal Obligation
L.I. Long Island
MA Municipality of Aquadilla
MEET Manhattan Eye, Ear and Throat
MGH Mennonite General Hospital
MHMC Montefiore Hospital and Medical Center
</TABLE>
28 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
INDUSTRY CONCENTRATIONS June 30, 1998 (Unaudited)
======================================================================================================
Distribution of investments by industry, as a percentage of total investments at value, is as follows:
Industry Market Value Percent
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
General Obligation $249,498,071 23.5%
Hospital/Healthcare 109,876,141 10.3
Lease Rental 95,376,189 9.0
Electric Utilities 93,364,860 8.8
Multi-Family Housing 86,466,139 8.1
Resource Recovery 69,103,683 6.5
Single-Family Housing 67,490,228 6.4
Highways/Railways 62,256,060 5.9
Marine/Aviation Facilities 52,890,191 5.0
Higher Education 42,318,538 4.0
Corporate Backed 29,388,523 2.8
Non Profit Organization 24,135,803 2.3
Water Utilities 21,132,105 2.0
Sales Tax Revenue 13,870,669 1.3
Pollution Control 12,661,253 1.2
Manufacturing, Non-Durable Goods 12,070,598 1.1
Education 10,535,015 1.0
Other 8,969,975 0.8
-------------- -----
$1,061,404,041 100.0%
============== =====
<CAPTION>
SUMMARY OF RATINGS June 30, 1998 (Unaudited)
======================================================================================================
Distribution of investments by rating category, as a percentage of total
investments at value, is as follows:
Rating Percent
- ------------------------------------------------------------------------------------------------------
<S> <C>
AAA 17.1 %
AA 10.3
A 45.0
BBB 23.7
BB 0.1
B 0.0
CCC 0.0
CC 0.0
C 0.0
Not Rated 3.8
-----
100.0%
=====
</TABLE>
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.
29 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES June 30, 1998 (Unaudited)
=================================================================================================================
<S> <C>
Investments, at value (cost $1,026,074,620)--see accompanying statement $1,061,404,041
- ------------------------------------------------------------------------------------------------------------------
Cash 33,781
- ------------------------------------------------------------------------------------------------------------------
Receivables:
Interest 19,998,389
Shares of beneficial interest sold 3,372,011
Investments sold 2,628,293
- ------------------------------------------------------------------------------------------------------------------
Other 51,241
--------------
Total assets 1,087,487,756
--------------
LIABILITIES
Payables and other liabilities:
Investments purchased 30,803,137
Note payable to bank (interest rate 7.125% at 6/30/98)--Note 6 9,500,000
Shares of beneficial interest redeemed 1,291,818
Dividends 851,612
Trustees' fees 7,160
Other 112,964
--------------
Total liabilities 42,566,691
--------------
NET ASSETS $1,044,921,065
==============
==================================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital $1,020,612,879
- ------------------------------------------------------------------------------------------------------------------
Excess of distributions over net investment income (1,231,679)
- ------------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (9,789,556)
- ------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Note 3 35,329,421
--------------
Net assets $1,044,921,065
==============
==================================================================================================================
NET ASSET VALUE PER SHARE
CLASS A SHARES:
Net asset value and redemption price per share (based on net assets of
$890,036,307 and 265,982,369 shares of beneficial interest outstanding) $3.35
Maximum offering price per share (net asset value plus sales charge of
3.50% of offering price) $3.47
- ------------------------------------------------------------------------------------------------------------------
CLASS B SHARES:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $44,211,992 and
13,226,973 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 $61,055,355 and
18,283,095 shares of beneficial interest outstanding) $3.34
- ------------------------------------------------------------------------------------------------------------------
CLASS X SHARES:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $49,617,411 and
14,800,920 shares of beneficial interest outstanding) $3.35
</TABLE>
See accompanying Notes to Financial Statements.
30 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 1998 (Unaudited)
=============================================================================================================================
<S> <C> <C> <C>
INVESTMENT INCOME EXPENSES (CONTINUED)
Interest $27,073,302 Shareholder reports $ 49,975
EXPENSES ----------- Legal and auditing fees 26,989
Management fees--Note 4 1,993,858 Custodian fees and expenses 26,203
Distribution and service plan Trustees' fees and expenses 17,943
fees--Note 4: Other 40,228
Class A 1,032,782 Interest 129,023
-----------
Class B 160,607 Total expenses 4,326,032
-----------
Class C 220,865 NET INVESTMENT INCOME 22,747,270
-----------
Class X 191,313
Transfer and shareholder servicing REALIZED AND UNREALIZED GAIN (LOSS)
agent fees--Note 4: Net realized loss on investments (510,331)
Class A 173,947 Net change in unrealized appreciation
Class B 11,111 or depreciation on investments 3,872,426
-----------
Class C 10,131 Net realized and unrealized gain 3,362,095
-----------
Class X 15,390 NET INCREASE IN NET ASSETS
Accounting service fees--Note 4 144,516 RESULTING FROM OPERATIONS $26,109,365
===========
Registration and filing fees 81,151
</TABLE>
See accompanying Notes to Financial Statements.
<TABLE>
<CAPTION>
Six Months Ended
June 30, 1998 Year Ended
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) December 31, 1997
==================================================================================================================================
<S> <C> <C>
OPERATIONS
Net investment income $ 22,747,270 $ 38,707,629
Net realized gain (loss) (510,331) 1,075,860
Net change in unrealized appreciation or depreciation 3,872,426 16,726,487
-------------- ------------
Net increase in net assets resulting from operations 26,109,365 56,509,976
- ----------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A (21,526,189) (35,761,666)
Class B (703,863) (287,084)
Class C (959,295) (369,152)
Class X (1,201,539) (2,357,890)
- ----------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
Net increase (decrease) in net assets resulting from beneficial
interest transactions--Note 2:
Class A 116,700,779 121,589,384
Class B 22,657,204 21,302,795
Class C 34,129,813 26,613,801
Class X (2,984,517) 10,459,393
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
Total increase 172,221,758 197,699,557
Beginning of period 872,699,307 674,999,750
-------------- ------------
End of period (including excess of distributions over net investment income of
$1,231,679 and undistributed net investment income of $411,938, respectively) $1,044,921,065 $872,699,307
============== ============
</TABLE>
See accompanying Notes to Financial Statements.
31 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS CLASS A
-----------------------------------------------------------------------
Six Months
Ended Year Ended December 31,
June 30, 1998
(Unaudited 1997 1996(b) 1995 1994 1993
=====================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $3.34 $3.26 $3.28 $3.15 $3.33 $3.18
- ----------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.08 0.17 0.17 0.18 0.16 0.17
Net realized and unrealized gain (loss) 0.02 0.08 (0.02) 0.13 (0.18) 0.15
-------- -------- -------- -------- -------- --------
Total income (loss) from
investment operations 0.10 0.25 0.15 0.31 (0.02) 0.32
- ----------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (0.09) (0.17) (0.17) (0.18) (0.16) (0.17)
-------- -------- -------- -------- -------- --------
Total dividends and distributions
to shareholders (0.09) (0.17) (0.17) (0.18) (0.16) (0.17)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.35 $3.34 $3.26 $3.28 $3.15 $3.33
======== ======== ======== ======== ======== ========
=======================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE (d) 2.93% 8.01% 4.82% 10.01% (0.60%) 10.06%
=======================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $890,036 $771,828 $634,172 $567,537 $496,452 $457,860
- -----------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $833,728 $677,376 $606,742 $520,990 $491,038 $309,676
- -----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 4.82%(e) 5.27% 5.37% 5.44% 5.12% 4.94%
Expenses (f) 0.81%(e) 0.83% 0.89% 0.90% 0.89% 0.89%
Expenses (excluding interest) (f) (g) 0.78%(e) 0.81% 0.83% 0.84% 0.84% 0.86%
- -----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (h) 13.0% 27.1% 24.4% 22.3% 34.6% 17.1%
</TABLE>
(a) For the period from May 1, 1995 (inception of offering) to December 31,
1995.
(b) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to
the Fund.
(c) For the period from May 1, 1997 (inception of offering) to December 31,
1997.
(d) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the
reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in
the total returns. Total returns are not annualized for periods of less
than one full year.
(e) Annualized.
(f) The expense ratios reflect the effect of gross expenses paid indirectly by
the Fund.
(g) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(h) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding short-
term securities) for the period ended June 30, 1998 were $277,512,234 and
$130,294,307, respectively.
See accompanying Notes to Financial Statements.
32 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
|
FINANCIAL HIGHLIGHTS (CONTINUED) CLASS B | CLASS C
--------------------------- | ------------------------
Six Months | Six Months
Ended Period Ended | Ended Period Ended
June 30, 1998 December 31, | June 30, 1998 December 31,
(Unaudited) 1997(c) | (Unaudited) 1997(c)
=====================================================================================|=========================
<S> <C> <C> | <C> <C>
PER SHARE OPERATING DATA |
Net asset value, beginning of period $ 3.34 $ 3.25 | $ 3.33 $ 3.25
- -------------------------------------------------------------------------------------|-------------------------
Income from investment operations: |
Net investment income 0.07 0.10 | 0.07 0.10
Net realized and unrealized gain -- 0.09 | 0.01 0.08
------- ------- | ------- -------
Total income from investment operations 0.07 0.19 | 0.08 0.18
- -------------------------------------------------------------------------------------|-------------------------
Dividends and distributions to shareholders: |
Dividends from net investment income (0.07) (0.10) | (0.07) (0.10)
------- ------- | ------- -------
Total dividends and distributions to shareholders (0.07) (0.10) | (0.07) (0.10)
- -------------------------------------------------------------------------------------|-------------------------
Net asset value, end of period $ 3.34 $ 3.34 | $ 3.34 $ 3.33
======= ======= | ======= =======
=====================================================================================|=========================
TOTAL RETURN, AT NET ASSET VALUE (d) 2.23% 5.89% | 2.55% 5.58%
=====================================================================================|=========================
RATIOS/SUPPLEMENTAL DATA |
Net assets, end of period (in thousands) $44,212 $21,500 | $61,055 $26,862
- -------------------------------------------------------------------------------------|-------------------------
Average net assets (in thousands) $32,514 $ 9,873 | $44,728 $12,705
Ratios to average net assets: |
Net investment income 3.99%(e) 4.18%(e)| 4.00%(e) 4.22%(e)
Expenses (f) 1.57%(e) 1.56%(e)| 1.55%(e) 1.54%(e)
Expenses (excluding interest) (f) (g) 1.55%(e) 1.55%(e)| 1.52%(e) 1.52%(e)
- -------------------------------------------------------------------------------------|-------------------------
Portfolio turnover rate (h) 13.0% 27.1% | 13.0% 27.1%
|
</TABLE>
(a) For the period from May 1, 1995 (inception of offering) to December 31,
1995.
(b) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to
the Fund.
(c) For the period from May 1, 1997 (inception of offering) to December 31,
1997.
(d) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the
reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in
the total returns. Total returns are not annualized for periods of less
than one full year.
(e) Annualized.
(f) The expense ratios reflect the effect of gross expenses paid indirectly by
the Fund.
(g) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(h) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding short-
term securities) for the period ended June 30, 1998 were $277,512,234 and
$130,294,307, respectively.
See accompanying Notes to Financial Statements.
33 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (Continued) CLASS X
-------------------------------------------------
Six Months
Ended Year Ended December 31,
June 30, 1998
(Unaudited 1997 1996(b) 1995(a)
==================================================================================================
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $ 3.35 $ 3.27 $ 3.28 $ 3.21
- --------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.07 0.16 0.16 0.11
Net realized and unrealized gain (loss) 0.01 0.08 (0.01) 0.07
------- ------- ------- -------
Total income from investment operations 0.08 0.24 0.15 0.18
- --------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (0.08) (0.16) (0.16) (0.11)
------- ------- ------- -------
Total dividends and distributions to shareholders (0.08) (0.16) (0.16) (0.11)
- --------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.35 $ 3.35 $ 3.27 $ 3.28
==================================================================================================
TOTAL RETURN, AT NET ASSET VALUE (d) 2.36% 7.44% 4.59% 5.65%
==================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $49,617 $52,510 $40,828 $16,415
- --------------------------------------------------------------------------------------------------
Average net assets (in thousands) $51,424 $49,563 $28,971 $ 8,869
- --------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 4.33%(e) 4.75% 4.85% 5.21%(e)
Expenses (f) 1.33%(e) 1.35% 1.38% 0.90%(e)
Expenses (excluding interest) (f) (g) 1.30%(e) 1.33% 1.32% 0.85%(e)
- --------------------------------------------------------------------------------------------------
Portfolio turnover rate (h) 13.0% 27.1% 24.4% 22.3%
</TABLE>
(a) For the period from May 1, 1995 (inception of offering) to December 31,
1995.
(b) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to
the Fund.
(c) For the period from May 1, 1997 (inception of offering) to December 31,
1997.
(d) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the
reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in
the total returns. Total returns are not annualized for periods of less
than one full year.
(e) Annualized.
(f) The expense ratios reflect the effect of gross expenses paid indirectly by
the Fund.
(g) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(h) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding short-
term securities) for the period ended June 30, 1998 were $277,512,234 and
$130,294,307, respectively.
See accompanying Notes to Financial Statements.
34 Limited Term New York Municipal Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Limited Term New York Municipal Fund (the Fund) is a separate series of
Rochester Portfolio Series, a non-diversified, open-end management investment
company registered under the Investment Company Act of 1940, as amended. 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 advisor is OppenheimerFunds, Inc. (the
Manager).
The Fund offers Class A, Class B and Class C shares. As of January 6, 1998, the
Fund is no longer offering Class X shares (Class X shares were designated as
Class B shares prior to May 1, 1997. 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 that class and exclusive
voting rights with respect to matters affecting that 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. Portfolio securities are valued at the close of the New
York Stock Exchange on each trading day. Long-term debt securities are valued by
a portfolio pricing service approved by the Board of Trustees. Such securities
which cannot be valued by an approved portfolio pricing service are valued using
dealer-supplied valuations provided the Manager is satisfied that the firm
rendering the quotes is reliable and that the quotes reflect current market
value, or are valued under consistently applied procedures established by the
Board of Trustees to determine fair value in good faith.
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. As of June 30, 1998, the Fund had entered into outstanding when-issued
or forward commitments (see Note 3).
ALLOCATION OF INCOME, EXPENSES, AND GAINS AND LOSSES. Income, expenses (other
than those attributable to a specific class) and gains and losses are allocated
daily to each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
FEDERAL TAXES. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required. At June 30, 1998, the Fund
had available for federal income tax purposes an unused capital loss carryover
of approximately $9,610,000, which expires between 2002 and 2006.
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.
35 Limited Term New York Municipal Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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 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 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. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date). Interest income is accrued on a daily basis. In
computing net investment income, the Fund amortizes premiums and accretes
original issue discount, which is in accordance with federal income tax
requirements. For municipal bonds acquired 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. Realized gains and losses
on investments and unrealized appreciation and depreciation are determined on an
identified cost basis, which is the same basis used for federal income tax
purposes.
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.
36 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
NOTE 2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of shares of beneficial interest of
each class, par value $.01 per share. Transactions in shares of beneficial
interest were as follows:
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997 (1)
------------------------------- -------------------------------
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A:
Sold 48,370,857 $161,639,127 61,960,243 $204,296,595
Dividends and distributions
reinvested 4,101,894 13,714,079 7,129,620 23,469,719
Redeemed (17,546,638) (58,652,427) (32,348,973) (106,176,930)
----------- ------------ ---------- ------------
Net increase 34,926,113 $116,700,779 36,740,890 $121,589,384
=========== ============ =========== ============
- --------------------------------------------------------------------------------------------------------------------------
CLASS B:
Sold 7,004,872 $ 23,394,557 6,693,115 $ 22,129,658
Dividends and distributions
reinvested 140,472 469,115 57,825 191,859
Redeemed (361,416) (1,206,468) (307,895) (1,018,722)
----------- ------------ ---------- ------------
Net increase 6,783,928 $ 22,657,204 6,443,045 $ 21,302,795
=========== ============ =========== ============
- --------------------------------------------------------------------------------------------------------------------------
CLASS C:
Sold 11,071,598 $ 36,946,794 8,331,782 $ 27,526,872
Dividends and distributions
reinvested 213,842 712,733 85,390 283,099
Redeemed (1,058,846) (3,529,714) (360,671) (1,196,170)
----------- ------------ ---------- ------------
Net increase 10,226,594 $ 34,129,813 8,056,501 $ 26,613,801
=========== ============ =========== ============
- --------------------------------------------------------------------------------------------------------------------------
CLASS X:
Sold 2,457 $ 7,913 4,101,380 $ 13,420,326
Dividends and distributions
reinvested 240,782 806,219 493,631 1,628,470
Redeemed (1,133,925) (3,798,649) (1,395,249) (4,589,403)
----------- ------------ ----------- ------------
Net increase (decrease) (890,686) $ (2,984,517) 3,199,762 $ 10,459,393
=========== ============ =========== ============
</TABLE>
- -------------
(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.
NOTE 3. PORTFOLIO INFORMATION
The Fund held $14,248,710 in inverse floating rate municipal bonds at June 30,
1998, which represents 1.36% of the Fund's net assets.
At June 30, 1998, net unrealized appreciation on investments of $35,329,421 was
composed of gross appreciation of $35,704,147, and gross depreciation of
$374,726.
37 Limited Term New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
At June 30, 1998, 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 June 30, 1998 was $29,640,000, which represents 2.84%
of the Fund's net assets. Information concerning these securities is as follows:
VALUATION PER UNIT
FACE AMOUNT ACQUISITION DELIVERY AS OF
SECURITY (IN THOUSANDS) DATE DATE COST PER UNIT JUNE 30, 1998
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Suffolk County IDA
(Huntington Res Rec):
5.15% due 10/01/99 $1,035 1/28/97 7/29/99 100.000% 99.982%
5.15% due 10/01/00 6,395 1/28/97 7/29/99 100.000 100.613
5.35% due 10/01/01 6,875 1/28/97 7/29/99 100.000 101.547
5.45% due 10/01/02 7,390 1/28/97 7/29/99 100.000 102.476
5.50% due 10/01/03 7,945 1/28/97 7/29/99 100.000 103.048
- --------------------------------------------------------------------------------------------------------------
</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% of the first
$100 million of the Fund's average annual net assets, 0.45% of the next $150
million, 0.40% of the next $1,750 million, and 0.39% of the net assets in excess
of $2 billion. During the six months ended June 30, 1998, the Fund paid
$1,993,858 to the Manager for management and investment advisory services.
Accounting fees paid to the Manager were in accordance with the accounting
services agreement with the Fund which provides for an annual fee of $12,000 for
the first $30 million of net assets and $9,000 for each additional $30 million
of net assets. During the six months ended June 30, 1998, the Fund paid $144,516
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 and reimburses OFS for its out-of-pocket expenses. During the six months
ended June 30, 1998, the Fund paid a total of $210,579 to OFS for transfer and
shareholder servicing agent fees.
For the six months ended June 30, 1998, commissions (sales charges paid by
investors) on sales of Class A shares totaled $2,126,074, of which $308,863 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 and
Class C shares totaled $684,577 and $367,355, respectively, of which $9,504 and
$3,989, respectively, was paid to an affiliated broker/dealer. During the six
months ended June 30, 1998, OFDI received contingent deferred sales charges of
$23,432, $21,311 and $44,266, 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 maintenance of accounts of their customers that hold Class
A shares. During the six months ended June 30, 1998, OFDI paid $16,790 to an
affiliated broker/dealer as reimbursement for Class A personal service and
maintenance expenses.
38 Limited Term New York Municipal Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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 six months ended June 30,
1998, OFDI retained $160,607 and $219,910, 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 June 30, 1998, OFDI
had incurred excess distribution and servicing costs of $1,309,323 for Class B
and $888,115 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 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. Each fee is computed on the average annual
net assets of Class X shares, determined as of the close of each regular
business day. During the six months ended June 30, 1998, OFDI retained $124,901
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 June 30, 1998, OFDI
had incurred excess distribution and servicing costs of $299,585 for Class X.
NOTE 5. ILLIQUID AND RESTRICTED SECURITIES
At June 30, 1998, 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 June 30, 1998 was $13,017,698, which represents 1.25% of the
Fund's net assets.
NOTE 6. 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 $75 million, collectively. Interest is charged to each fund,
based on its borrowings, at a rate equal to the Federal Funds Rate plus 0.625%.
The Fund also pays a commitment fee equal to its pro rata share of the average
unutilized amount of the credit facility at a rate of 0.07% per annum. The
commitment fee allocated to the Fund for the six months ended June 30, 1998 was
$2,636.
The Fund had borrowings outstanding of $9,500,000 at June 30, 1998. For the six
months ended June 30, 1998, the average monthly loan balance was $4,234,369 at
an average interest rate of 6.192%. The maximum amount of borrowings outstanding
at any month-end was $11,400,000.
39 Limited Term New York Municipal Fund
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
- ------------------------------------
OFFICERS AND TRUSTEES
Bridget A Macaskill, Chairman of the Board of Trustees and President
John Cannon, Trustee
Paul Y. Clinton, Trustee
Thomas W. Courtney, Trustee
Robert G. Galli, Trustee
Lacy B. Herrmann, Trustee
George Loft, Trustee
Ronald H. Fielding, Vice President and Portfolio Manager
George C. Bowen, Treasurer
Robert J. Biship, Assistant Treasurer
Adele A. Campbell, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
INVESTMENT ADVISOR
OppenheimerFunds, Inc.
DISTRIBUTOR
OppenheimerFunds Distributor, Inc.
TRANSFER AND SHAREHOLDER SERVICING AGENT
OppenheimerFunds Services
CUSTODIAN OF PORTFOLIO SECURITIES
Citibank, N.A.
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
LEGAL COUNSEL
Kirkpatrick & Lockhart LLP
The financial statements included herein have been taken from the records of the
Fund without examination by the independent accountants. This is a copy of a
report to shareholders of Limited Term New York Municipal Fund. This report must
be preceded or accompanied by a Prospectus of Limited Term New York Municipal
Fund. For material information concerning the Fund, see the Prospectus.
Shares of Oppenheimer funds are not deposits or obligations of any bank, are not
guaranteed by any bank, and are not insured by the FDIC or any other agency, and
involve investment risks, including possible loss of the principal amount
invested.
OPPENHEIMERFUNDS FAMILY
- -----------------------
REAL ASSET FUNDS
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MONEY MARKET FUNDS(4)
Money Market Fund Cash Reserves
(1) On 5/18/98, the Fund's name was changed from "Quest Growth & Income Value
Fund".
(2) On 4/28/98, the Fund's name was changed from "Bond Fund for Growth".
(3) Available only to investors in certain states.
(4) An investment in money market funds is neither insured nor guaranteed by
the Federal Deposit Insurance Corporation or any other government agency.
Although these funds may seek to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in these funds.
Oppenheimer funds are distributed by
OppenheimerFunds Distributor, Inc. Two World Trade Center,
New York, NY 10048-0203.
[c] Copyright 1998 OppenheimerFunds, Inc. All rights reserved.
40 Limited Term New York Municipal Fund
<PAGE>
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August 30, 1998
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