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Semiannual Report June 30, 1999
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Limited Term
New York Municipal Fund
[graphic of NY state map]
[logo] OppenheimerFunds(R)
THE RIGHT WAY TO INVEST
<PAGE>
[LOGO] LIMITED TERM
NEW YORK
MUNICIPAL FUND
Report highlights
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(bullet) 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 fluctuated 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.(1)
(bullet) 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.
(bullet) We sought to add higher quality bonds, because we feel the current
market doesn't compensate investors for higher risks associated with lower-rated
bonds.
(bullet) Despite recent interest rate volatility, Limited Term New York
Municipal Fund continues to exhibit strong performance against its peers. In
fact, Limited Term New York Municipal Fund Class A is the #1 performing Other
State Short-Intermediate Municipal Debt Fund for the 5-year period ended 6/30/99
as ranked by Lipper Analytical Services, Inc.(2) These rankings included 7 funds
for the 5-year period. Within the same category, the Fund's Class A shares also
ranked second out of 17 funds for the 1-year period and first out of 12 funds
for the 3-year period.
1. An investment in the Fund poses certain risks not associated with money
market funds. Unlike a money market fund, the Fund does not seek to maintain a
stable Net Asset Value.
2. Lipper Analytical Services, Inc. is an independent mutual fund monitoring
service. Limited Term New York Municipal Fund is categorized by Lipper as an
Other State Short-Intermediate Municipal Debt Fund. Lipper performance does not
take sales charges into consideration and assumes the reinvestment of dividends
and capital gains distributions. Sales charges, if included, would affect
results. Past performance is not predictive of future results.
Contents
2 President's Letter
3 Performance Update and
Portfolio Review
4 An Interview with your
Fund's Managers
6 Statement of
Investments
32 Statement of Assets
and Liabilities
33 Statement of
Operations and
Statements of Changes
in Net Assets
34 Financial Highlights
38 Notes to Financial
Statements
43 Officers and Trustees
Information and
Services
(see back cover)
[photo]
Bridget A. Macaskill
President
Limited Term New York
Municipal Fund
Dear shareholder,
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According to popular belief, the last six months have been particularly
favorable for the financial markets.
The truth of the matter is that it's been a long, uphill struggle for the
diversified investor. That's because the stock market's dramatic rise reflects
the performance of the Dow Jones Industrial Average, which has been fueled by
only a small number of large-capitalization growth stocks and technology
companies. In the bond market this year, while many corporate and foreign bonds
have provided relatively attractive returns, the first quarter of 1999 was the
worst quarter in history for U.S. Treasury securities.(1)
Recently, though, signs of change have been emerging that confirm the
importance of a well-diversified portfolio. While investors focusing on
large-cap growth and technology stocks may have achieved superior short-term
returns, they may have also dramatically increased their exposure to potential
risks. If recent economic and market trends persist, previously out-of-favor
stocks may continue to rise.
Specifically, U.S. economic growth has continued to surpass most analysts'
expectations and the breadth of the market's positive performance has begun to
widen. This has raised concerns that inflationary pressures may re-emerge.
Looking outside of the United States, many foreign economies also appear to be
on the mend. The impact of these changes, as it applies to your fund, is
discussed more fully inside by your portfolio manager.
You may also have wondered about the impact of the Year 2000 problem on your
investments. While we cannot predict the final outcome, we are pleased that many
companies and governments appear to be making progress toward avoiding a major
disruption. For our part, OppenheimerFunds is in the advanced stages of our Y2K
project, and we have successfully participated in industry-wide tests.
Meanwhile, we intend to maintain the disciplined investment approach that
has been helping Oppenheimer funds shareholders for more than 40 years as they
pursue their financial goals. Our longstanding experience has taught us that
while investment fads come and go, prudent diversification remains key to
successful investing. In fact, it is an essential part of what makes
OppenheimerFunds The Right Way to Invest.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill July 22, 1999
1. Foreign investing entails higher expenses and risks, such as foreign currency
fluctuations, economic and political instability, and differences in accounting
standards.
2 Limited Term New York Municipal Fund
<PAGE>
Performance update
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The widely publicized hike in interest rates, effected by the Federal Reserve
Board's decision on the last day of this semiannual report period, impacted all
fixed income investments, including Limited Term New York Municipal Fund.
Fortunately, the Fund's limited average effective maturity enabled the six-month
return for Class A shares to remain essentially neutral (off 0.01%, without
sales charges) in a market where longer maturity New York municipal funds posted
an average loss of 1.80% during the same period.(1)
----------------
Total Returns(2)
----------------
For the periods ended 6/30/99
Cumulative Average Annual
NAV MOP NAV MOP
A Shares
1-Year 2.91% -0.69% 2.91% -0.69%
3-Year 18.80% 14.64% 5.91% 4.66%
5-Year 32.61% 27.97% 5.81% 5.06%
Life (9/18/91) 64.79% 59.02% 6.63% 6.14%
B Shares
1-Year 2.12% -1.81% 2.12% -1.81%
Life (5/1/97) 10.54% 8.54% 4.74% 3.86%
C Shares
1-Year 2.14% 1.15% 2.14% 1.15%
Life (5/1/97) 10.59% 10.59% 4.76% 4.76%
X Shares
1-Year 2.68% 0.21% 2.68% 0.21%
3-Year 16.95% 15.45% 5.36% 4.90%
Life (5/1/95) 24.69% 24.69% 5.44% 5.44%
Limited Term New York Municipal Fund Class A
The value of $10,000 invested since inception
(September 18, 1991), without sales charges, and the
Lehman Brothers 5-Year Municipal Bond Index
[mountain chart]
<TABLE>
<CAPTION>
Limited Term New York Lehman Brothers 5-Year
DATE Municipal Fund Municipal Bond Index
<S> <C> <C>
Sep-91 10067 10000
Dec-91 10427 10341
Mar-92 10563 10347
Jun-92 10433 10694
Sep-92 11180 10973
Dec-92 11420 11128
Mar-93 11740 11421
Jun-93 12020 11687
Sep-93 12386 11955
Dec-93 12580 12100
Mar-94 12261 11760
Jun-94 12383 11886
Sep-94 12529 12001
Dec-94 12518 11945
Mar-95 12929 12431
Jun-95 13163 12763
Sep-95 13500 13067
Dec-95 13771 13334
Mar-96 13792 13336
Jun-96 13860 13408
Sep-96 14159 13629
Dec-96 14431 13900
Mar-97 14528 13896
Jun-97 14864 14236
Sep-97 15285 14541
Dec-97 15586 14788
Mar-98 15787 14958
Jun-98 16000 15125
Sep-98 16371 15522
Dec-98 16152 15651
Mar-99 16605 15814
Jun-99 16479 15618
</TABLE>
Results today of a hypothetical $10,000 investment in Class A Shares on
September 18, 1991. The Lehman Brothers 5-Year Municipal Bond Index represents a
total return broad market performance benchmark for 5-year, investment-grade,
tax-exempt municipal bonds with a minimum credit rating of Baa3. The Index
cannot be purchased directly by investors.
1. Source: Lipper Analytical Services, Inc., an independent mutual fund
monitoring service. According to Lipper, 100 New York State municipal debt funds
averaged this loss during the six months ended 6/30/99. Lipper performance does
not include sales charges which, if included, would affect results. Past
performance is not predictive of future results.
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 2% (life-of-class). Class C returns at MOP for the 1-year period
include the contingent deferred sales charge of 1%. Class X returns at MOP show
results of hypothetical investments on 6/30/98, 6/30/96 and 5/1/95, after
deduction of the applicable contingent deferred sales charge of 2.50% (1-year),
1.50% (3-year) and 0% (life-of-class). An explanation of the different
performance calculations is in the Fund's Prospectus. Class B and Class 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. The Fund no longer offers
Class X shares. NAV stands for Net Asset Value, and returns at NAV do not
reflect payment of any sales charge.
Portfolio review(3)
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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.
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.
Yields
As of 6/30/99
Dividend Yield Standardized
NAV MOP Yield
Class A 4.74% 4.57% 3.84%
Class B 4.02% 4.02% 3.20%
Class C 4.04% 4.04% 3.21%
Class X 4.24% 4.24% 3.44%
Dividend yield at MOP (based on last distribution) and standardized yield
(based on net investment income for the 30-day period ended 6/30/99) are
annualized and divided by period-end offering price. Dividend yield at NAV does
not include sales charges. Falling net asset values will tend to artificially
raise yields. Class X shares are currently closed to additional investments.
Credit Allocation
[pie chart]
AAA 17.3%
AA 11.3%
A 45.2%
BBB 21.5%
BB 0.2%
Not Rated 4.5%
Top 5 Sectors
..............................
General Obligation 19.3%
..............................
Municipal Leases 10.0%
..............................
Electric Utilities 9.1%
..............................
Hospital/Healthcare 8.8%
..............................
Multifamily Housing 8.0%
..............................
3. Portfolio data are as of 6/30/99, 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 as being
comparable, in the Manager's judgment, to securities rated by a rating agency in
the same category. See page 31 for further explanation.
3 Limited Term New York Municipal Fund
<PAGE>
An interview with your Fund's managers
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[photo]
Portfolio Management Team (l to r)
Anthony A. Tanner, CFA
Vice President and Portfolio Manager, Rochester Division
Joined the Rochester Funds Investment Team in June, 1991
Ronald H. Fielding, CFA
Senior Vice President, Portfolio Manager and Chief Strategist,
Rochester Division
Founded the Rochester Funds Investment Team in May, 1983
Daniel G. Loughran, CFA
Vice President and Senior Research Analyst, Rochester Division
Joined the Rochester Funds Investment Team in October, 1994
How has the Fund performed during the past six-month period ending June 30,
1999?
Shareholders of Limited Term New York Municipal Fund should feel prescient.
Here in Rochester, we manage our funds with an eye to containing interest
rate risk, believing that it is impossible to consistently predict the future of
interest rates. Instead, we manage two distinctly different New York State
municipal bond funds, uniquely positioned along the yield curve to offer
investors both a long and a limited maturity fixed income investment.
In making a decision to incorporate Limited Term New York
Municipal Fund into your investment portfolio, you have, at least for this past
six months, successfully anticipated the rate environment. The Fund's Class A
shares reported a negligible loss of only 0.01% for the past 6 months, in an
environment where longer maturity New York State municipal debt funds posted an
average loss of 1.80%.(1)
Make no mistake, we recognize that a loss is a loss--but, with a loss of
only one hundredth of one percent (excluding applicable sales charges) investors
should be pleased with the Fund's performance during the recent adverse market
conditions. We are also proud to report that, of all Other State
Short-Intermediate Municipal Debt Funds categorized by Lipper (as of 6/30/99),
the Fund's Class A share SEC yield (or "standardized" yield) of 3.84% ranks
second highest among 17 peers nationwide.(2)
Describe the condition of the New York State municipal bond market during this
period.
New York State municipal bonds were less volatile than other fixed income
securities, including Treasury issues during this period. With the yield on long
municipal issues at approximately 90% of comparable Treasuries, before
consideration of the exemption from federal income tax, municipal bonds continue
to be attractive for buyers.
The first half of 1999 has produced fewer new large municipal bond issues
than the same period in 1998. Fortunately, new issuance of municipal bonds that
are smaller in size and the increased availability of bonds in the secondary
market have provided a more than adequate supply of bonds for effective
portfolio management.
Actually, we prefer smaller municipal bond offerings. We add select, small
bond issues to the portfolio to provide high yield at good value. Our
traditional bottom-up approach to municipal bond investing helps us to identify
bonds with favorable credit characteristics that may not be reflected by an
institutional credit rating. Moreover, many small issuers may elect not to spend
the money to obtain a credit rating. In either case, careful research is the
only feasible way to assess bond value, and ours is conducted in a manner that
most retail investors would not be able to do themselves.
And, with total net assets of Limited Term New York Municipal Fund over $1.3
billion, combined with the Fund's bigger brother Rochester Fund Municipals at
over $4.5 billion, we usually get "first call" on many of the small issues in
New York State.
In large part, this strategy hinges on the ability of our in-house research
staff to analyze the issues. Accordingly, we have increased our staff of credit
analysts during this period. James Bragg, MBA, and Chris Weiler, MBA, now bring
additional expertise to analyze and monitor portfolio holdings. Limited Term New
York Municipal Fund already owns over 1,100 individual bond issues from over 150
different issuers, and our expanded staff will help to maintain the quality of
the portfolio going forward.
What other types of issues are considered?
We do extensive research to identify soon-to-be or already callable bonds,
which, for a variety of reasons, may never get called. Such bonds are very
important in the construction of the portfolio because they offer the
opportunity to provide high tax-free income after the call date, while having
very low interest rate volatility.
One example in the portfolio as of June 30, 1999, is a $1,000,000 position
in 6% Guam Government
4 Limited Term New York Municipal Fund
<PAGE>
[photo]
Portfolio Management Team (l to r)
Christopher D. Weiler
Credit Analyst, Rochester Division
Joined the Rochester Funds Investment Team in January, 1999
Richard A. Stein, CFA
Vice President-Credit Analysis, Rochester Division
Joined the Rochester Funds Investment Team in May, 1993
James E. Bragg
Credit Analyst, Rochester Division
Joined the Rochester Funds Investment Team in June, 1999
General Obligation bonds. These bonds have passed their first call date of March
1, 1999, primarily because, at current market interest rates, there would be no
significant economic benefit for the issuer to call them. We bought them in
September, 1998 at a 3% yield to the call (meaning at a premium which had to be
amortized to the call date, reducing the effective yield). But with no call of
the bonds, the portfolio now earns 6% on this investment, while the pricing of
the bond will remain unchanged (at just above par) under most economic
circumstances. We expect these bonds to remain uncalled, pending a substantial
change in economic circumstances.(3)
Similarly, the Fund's $8,610,000 position in 8.05% Monroe County
Certificates of Participation, due January 1, 2011, has passed the first call
date of July 1, 1999. There has been no notice of redemption (other than
scheduled sinking fund payments), we believe, mainly because the sheer cost of
refinancing this issue would outweigh any dollar benefit its comparatively small
issuer might gain. The premium call feature of these Certificates brings the
yield to 6.96%, representing a sizeable advantage over current market rates.(3)
In general, individual investors and many mutual funds avoid callable bonds
for fear of escalating transaction costs, and the reinvestment risk associated
with continually returning to the market. By doing our homework, however, we
find the issues that could remain outstanding. Make no mistake--they may get
called. But, while they remain outstanding, issues like these support the Fund's
limited maturity while generating incremental yield for our shareholders.
How does the Fund's yield compare to other asset classes, like stocks?
Considering the very low current rate of inflation, the Fund's current yields
are attractive, because real interest rates, adjusted for inflation, are today
at very high levels. Any stock investor knows that companies with a
Price/Earnings ratio of 25 are not uncommon in the U.S. stock market; but that
means that investors stand to earn 1/25 of each dollar invested, or about 4%, by
owning stocks in those companies. This 4% represents an "earnings yield," or the
relationship of a company's earnings per share to its current stock price.
Generally, most of this earnings yield is retained by the company for
reinvestment, while the smaller portion is paid out as a dividend which is fully
taxable to the recipient, reducing its after-tax value by up to 40%.
As of June 30, 1999, Limited Term New York Municipal Fund's Class A dividend
yield was 4.57% (30-day standardized yield of 3.84%).(4) For New York State
investors, this yield is exempt from federal, New York State and, if applicable,
New York City personal income taxes. Net cash dividends from stocks, or interest
from bank accounts or corporate bonds, are significantly reduced by these taxes.
The tax-free characteristic of municipal bond income is particularly
important when comparing different types of investments.(5) Consider whether
your taxable income investments leave you with as much after taxes as you could
be earning tax-free. Remember every dollar that you earn tax-free from Limited
Term New York Municipal Fund is yours, to keep or spend as you wish.
What effect will the Federal Reserve Board's June 30 interest rate hike have on
the Fund?
On June 30 the Federal Reserve raised the target on "Fed Funds" (the overnight
borrowing rate between banks) by 0.25%. This increase was widely anticipated. In
fact, bond yields generally moved lower after this announcement, and the Fund's
net asset value remained unchanged on June 30.
We concur with the Federal Reserve's view that the U.S. economy is very
strong, and that they must remain vigilant for signs of inflation. While the
current federal government surplus is helpful in this regard (by lowering
borrowing requirements) we believe that moderately higher short-term interest
rates now can help keep inflation in check and our economic expansion
going.
1. According to Lipper Analytical Services, Inc., an independent mutual fund
monitoring service, 100 New York State municipal debt funds averaged this loss
during the six months ended 6/30/99. Lipper performance does not include sales
charges which, if included, would affect results. Past performance is not
predictive of future results.
2. Limited Term New York Municipal Fund is categorized by Lipper as an Other
State Short-Intermediate Municipal Debt Fund. Lipper performance does not take
sales charges into consideration and assumes the reinvestment of dividends and
capital gains distributions. Sales charges, if included, would affect results.
Past performance is not predictive of future results.
3. See the Statement of Investments for a complete listing of the Fund's
holdings as of 6/30/99.
4. Dividend yield is based on an annualization of the prior monthly distribution
and the maximum offering price on 6/30/99. Standardized yield is based on net
investment income for the 30-day period ended 6/30/99. Falling net asset values
will tend to artificially raise yields.
5. A portion of the Fund's distributions may be subject to tax. For investors
subject to the Alternative Minimum Tax, a portion of the Fund's distributions
may increase that tax. Capital gains distributions are taxable.
5 Limited Term New York Municipal Fund
<PAGE>
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Statement of Investments June 30, 1999 (Unaudited)
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<TABLE>
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Municipal Bonds and Notes--101.6%
- ------------------------------------------------------------------------------------------------------------------------------------
New York--86.6%
$ 409,335 Albany Hsg. Authority 0.000 % 10/01/12 10/01/02 (a) $ 121,896
250,000 Albany Hsg. Authority 6.250 10/01/12 (s) 10/01/05 (b) 260,762
1,085,000 Albany IDA (Albany Medical Center) 5.600 05/01/05 11/22/03 (c) 1,080,378
1,920,000 Albany IDA (H. Johnson Office Park) 5.250 03/01/18 09/01/99 (d) 1,904,083
175,000 Albany IDA (Port of Albany) 6.250 02/01/05 10/09/02 (c) 180,985
60,000 Albany IDA (Spectrapark) 7.250 12/01/99 -- 60,692
40,000 Albany IDA (Spectrapark) 7.300 12/01/00 12/01/99 (b) 40,880
50,000 Albany IDA (Spectrapark) 7.500 12/01/03 12/01/99 (b) 51,100
3,525,000 Albany IDA (Spectrapark) 7.600 12/01/09 (s) 12/01/99 (b) 3,604,207
40,000 Albany Parking Authority 0.000 09/15/02 -- 34,139
25,000 Albany Parking Authority 0.000 09/15/03 -- 20,192
625,000 Albany Parking Authority 0.000 09/15/04 -- 477,400
20,000 Albany Parking Authority 0.000 09/15/05 -- 14,419
1,610,000 Albany Parking Authority 6.850 11/01/12 (s) 11/01/01 (b) 1,723,167
5,040,000 Albany Parking Authority 7.150 09/15/16 (s) 09/15/01 (b) 5,316,293
675,000 Albany Water Finance Authority 7.500 12/01/17 (s) 12/01/99 (b) 690,511
3,100,000 Allegany County IDA (Atlantic Richfield) 6.625 09/01/16 09/01/02 (b) 3,300,105
4,800,000 Amherst IDA (Amherst Rink) 5.550 10/01/17 (s) 10/01/09 (b) 4,808,832
2,000,000 Amherst IDA (Amherst Rink) 5.650 10/01/22 11/09/20 (c) 1,990,840
430,000 Babylon IDA (WWH Ambulance) 7.000 09/15/01 09/27/00 (c) 441,343
55,000 Baldwinsville Devel. Corp. 7.200 06/01/10 (s) 07/01/00 (b) 56,242
200,000 Battery Park City Authority 5.650 12/01/13 (s) 12/01/99 (b) 200,226
45,000 Battery Park City Authority 5.800 11/01/22 (s) 11/01/05 (b) 46,230
680,000 Blauvelt Volunteer Fire Company 6.000 10/15/08 10/03/04 (c) 678,443
40,000 Brookhaven GO 6.400 10/01/10 10/01/02 (b) 42,965
185,000 Brookhaven IDA (Dowling College) 6.200 03/01/01 -- 188,828
195,000 Brookhaven IDA (Dowling College) 6.300 03/01/02 -- 200,518
205,000 Brookhaven IDA (Dowling College) 6.400 03/01/03 -- 212,556
1,240,000 Carnegie Redevelopment Corp. 6.250 09/01/05 11/10/02 (c) 1,281,776
1,550,000 Carnegie Redevelopment Corp. 6.500 09/01/11 05/17/09 (c) 1,630,429
60,000 Cayuga County COP (Auburn Memorial Hospital) 6.000 01/01/21 01/01/06 (b) 61,836
35,000 Colonie IDA (Homeowner Assoc.) 7.250 10/01/02 10/01/99 (b) 35,106
5,000 Cortland County IDA (Paul Bunyon Products) 8.000 07/01/00 -- 5,060
275,000 Dutchess County IDA (Bard College) 6.500 11/01/03 -- 290,111
1,175,000 Dutchess County Res Rec (Solid Waste) 6.800 01/01/10 (s) 12/01/02 (g) 1,285,191
290,000 Elmira HDC 7.500 08/01/08 08/01/99 (b) 297,508
20,000 Elmira HDC 7.500 08/01/09 08/01/99 (b) 20,518
395,000 Erie County IDA (FMC Corp.) 6.000 02/01/03 (s) 08/01/99 (b) 402,738
245,000 Erie County IDA (Medaille College) 7.400 12/30/02 08/08/01 (c) 256,679
35,000 Erie County IDA (Medishield) 7.200 08/01/04 08/01/99 (b) 35,077
545,000 Erie County IDA (Mercy Hospital) 5.900 06/01/03 07/12/01 (c) 547,425
2,410,000 Franklin County IDA (COP) 8.125 08/01/06 02/16/04 (c) 2,695,416
1,390,000 Franklin County IDA (Correctional Facilities) 6.375 11/01/02 05/31/01 (c) 1,412,407
60,000 Franklin County IDA (Correctional Facilities) 6.750 11/01/12 (s) 11/01/02 (b) 64,174
2,120,000 Franklin County SWMA 6.000 06/01/05 11/19/03 (c) 2,166,916
1,350,000 Franklin County SWMA 6.125 06/01/09 (s) 06/01/05 (b) 1,376,716
870,000 Hamilton EHC (Hamilton Apartments) 11.250 01/01/15 (s) 11/01/99 (b) 907,610
1,315,000 Hempstead IDA (South Shore Y JCC) 5.950 11/01/07 08/19/04 (c) 1,300,877
6 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 15,000 Hempstead IDA (United Cerebral Palsy) 7.500 % 10/01/09 10/01/99 (b) $ 15,407
1,080,000 Herkimer County IDA (Burrows Paper) 7.250 01/01/01 07/09/00 (c) 1,094,602
3,000,000 Herkimer County IDA (Burrows Paper) 8.000 01/01/09 10/28/05 (c) 3,205,710
2,700,000 Herkimer Hsg. Authority 7.150 03/01/11 (s) 04/10/05 (g) 2,880,090
2,000,000 Hsg. NY Corp. 5.500 11/01/10 11/01/05 (b) 2,060,160
15,000 Hudson HDC (Providence Hall - Schuyler Court) 6.400 07/01/12 01/01/03 (b) 15,680
25,000 Hudson HDC (Providence Hall - Schuyler Court) 6.500 01/01/25 01/01/03 (b) 26,091
440,000 Hudson IDA (Have, Inc.) 7.125 12/01/07 05/27/04 (c) 453,147
1,160,000 Islip Res Rec 5.850 07/01/02 -- 1,212,641
2,875,000 Jamestown Hsg. Authority 6.125 07/01/10 03/13/06 (c) 2,972,462
2,000,000 Jefferson County IDA (Champion International) 7.200 12/01/20 11/15/02 (b) 2,160,060
850,000 Kiryas Joel BAN 5.000 06/17/00 -- 861,798
250,000 L.I. Power Authority 5.500 12/01/23 -- 249,155
29,260,000 L.I. Power Authority 5.750 12/01/24 06/01/10 (b) 29,553,770
61,735 Locke Fire District #1 (i) 7.500 07/01/02 03/21/01 (c) 66,347
1,300,000 Lockport HDC 6.000 10/01/18 10/01/09 (b) 1,342,575
1,500,000 Madison County IDA (Morrisville College) 6.750 07/01/07 11/18/03 (c) 1,540,650
790,000 Madison County IDA (Oneida Healthcare Center) 5.300 07/01/05 02/24/03 (c) 791,928
200,000 Medina Hsg. Corp. 8.250 08/15/11 (s) 08/15/99 (b) 206,560
560,000 Middleton IDA (Fleurchem) 7.125 12/01/08 01/15/05 (c) 576,268
1,555,000 Middletown IDA (Southwinds Retirement Home) 5.875 03/01/07 10/23/03 (c) 1,557,892
580,000 Middletown IDA (Southwinds Retirement Home) 7.250 03/01/03 09/30/01 (c) 619,794
5,000 Monroe County Airport Authority (GRIA) 0.000 01/01/04 -- 4,067
500,000 Monroe County Airport Authority (GRIA) 5.375 01/01/19 08/26/16 (c) 488,200
6,950,000 Monroe County Airport Authority (GRIA) 7.250 01/01/09 (s) 01/01/00 (b) 7,205,412
365,000 Monroe County Airport Authority (GRIA) 7.250 01/01/19 01/01/00 (b) 377,976
8,610,000 Monroe County COP 8.050 01/01/11 07/01/01 (b) 8,810,269
30,000 Monroe County GO 6.100 05/01/03 -- 30,552
2,625,000 Monroe County IDA (Al Sigl Center) 6.125 12/15/08 12/07/04 (c) 2,737,429
1,090,000 Monroe County IDA (Al Sigl Center) 6.375 12/15/05 03/13/03 (c) 1,116,738
1,135,000 Monroe County IDA (Al Sigl Center) 6.750 12/15/10 01/31/09 (c) 1,178,573
10,000 Monroe County IDA (Cohber) 7.500 12/01/00 12/01/99 (b) 10,209
100,000 Monroe County IDA (Cohber) 7.550 12/01/01 12/01/99 (b) 101,628
1,280,000 Monroe County IDA (Dayton Rogers Manufacturing) 5.850 12/01/06 01/20/04 (c) 1,279,130
1,375,000 Monroe County IDA (DePaul Properties) 5.900 09/01/07 05/20/04 (c) 1,375,756
635,000 Monroe County IDA (Geva Theatre) 7.750 04/01/02 11/02/00 (c) 636,772
360,000 Monroe County IDA (Geva Theatre) 7.750 04/01/03 -- 361,004
1,840,000 Monroe County IDA (Piano Works) 6.625 11/01/06 09/04/03 (c) 1,906,038
300,000 Monroe County IDA (Roberts Wesleyan College) 6.200 09/01/05 -- 303,846
170,000 Monroe County IDA (West End Business) 6.750 12/01/04 09/27/02 (c) 176,513
225,000 Monroe County IDA (Windsor Manufacturing) 7.750 12/01/09 12/01/99 (d) 226,699
730,000 Montgomery County IDA (ASMF) (i) (x) 6.500 01/15/03 08/15/01 (c) 511,000
50,000 MTA Service Contract 7.000 07/01/09 (s) 07/01/01 (b) 53,718
75,000 MTA Service Contract, Series 5 6.000 07/01/18 (s) 07/01/01 (b) 76,756
20,000 MTA Service Contract, Series 5 6.500 07/01/16 (s) 07/01/01 (b) 21,074
6,495,000 MTA Service Contract, Series 7 5.625 07/01/16 (s) 07/01/05 (b) 6,600,674
150,000 MTA Service Contract, Series P 5.750 07/01/15 (s) 07/01/05 (b) 152,392
12,945,000 MTA Service Contract, Series P 5.750 07/01/15 (s) 07/01/05 (b) 13,151,473
2,785,000 MTA Service Contract, Series R 5.200 07/01/08 -- 2,797,922
7 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 5,160,000 MTA Service Contract, Series R 5.200 % 07/01/08 -- $ 5,183,942
2,915,000 MTA Service Contract, Series R 5.300 07/01/09 -- 2,934,122
1,420,000 MTA Service Contract, Series R 5.300 07/01/09 -- 1,429,315
3,640,000 MTA Service Contract, Series R 5.500 07/01/17 09/10/16 (c) 3,625,586
7,945,000 MTA, Series A 5.500 07/01/14 07/01/10 (b) 7,961,208
5,000,000 MTA, Series A 5.500 07/01/15 07/01/10 (b) 5,006,100
65,000 MTA, Series K 6.250 07/01/11 (s) 07/01/02 (b) 69,402
20,000 Nassau County GO 6.375 05/15/13 05/15/02 (b) 21,295
345,000 Nassau County IDA (ACLDD) 7.250 10/01/04 06/06/02 (c) 357,969
575,000 Nassau County IDA (NSCFGA) 5.750 05/01/08 09/14/04 (c) 567,283
3,500,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/19 08/23/14 (c) 3,468,570
690,000 New Rochelle IDA (College of New Rochelle) 6.000 07/01/02 01/26/01 (c) 707,491
260,000 New Rochelle IDA (College of New Rochelle) 6.300 07/01/03 -- 279,118
275,000 New Rochelle IDA (College of New Rochelle) 6.400 07/01/04 -- 295,988
235,000 Newark SCHC (Newark Rose Garden Apartments) (i) 9.000 03/01/11 09/01/99 (b) 248,806
2,060,000 Newark-Wayne Community Hospital 7.600 09/01/15 (s) 04/26/03 (g) 2,186,855
1,000,000 Niagara County IDA (Niagara University) 5.250 10/01/18 11/07/16 (c) 981,510
1,400,000 Niagara County IDA (Sevenson Hotel) 5.750 05/01/03 12/22/01 (c) 1,406,202
1,290,000 Niagara Falls HDC (Niagara Towers) 5.150 10/01/10 01/23/09 (c) 1,292,722
115,000 Niagara Frontier Transit Authority 7.000 02/15/00 08/15/99 (b) 116,466
3,900,000 NYC Cultural Resources (SRGF) 7.250 12/01/15 12/01/02 (b) 4,131,036
2,000,000 NYC GO 0.000 08/15/00 -- 1,917,540
1,500,000 NYC GO 0.000 02/01/01 -- 1,403,160
50,000 NYC GO 0.000 08/15/01 -- 45,714
1,460,000 NYC GO 0.000 02/01/02 -- 1,302,276
1,000,000 NYC GO 0.000 02/01/03 -- 849,210
4,265,000 NYC GO 5.125 08/01/10 -- 4,236,339
20,000 NYC GO 5.500 10/01/14 10/01/05 (b) 20,108
10,000 NYC GO 5.500 10/01/16 10/01/05 (b) 10,044
15,000 NYC GO 5.600 12/01/10 12/01/99 (b) 15,024
10,000 NYC GO 5.625 10/01/12 10/01/05 (b) 10,183
20,000 NYC GO 5.625 10/01/13 10/01/05 (b) 20,367
15,000 NYC GO 5.625 08/01/14 08/01/06 (b) 15,289
45,000 NYC GO 5.750 08/01/11 08/01/02 (b) 47,164
140,000 NYC GO 5.750 08/15/11 08/15/05 (b) 143,654
45,000 NYC GO 5.750 05/15/12 05/15/05 (a) 47,768
45,000 NYC GO 5.750 05/15/12 05/15/05 (b) 46,362
20,000 NYC GO 5.750 08/15/12 08/15/03 (a) 21,246
20,000 NYC GO 5.750 08/15/12 08/15/05 (b) 20,627
30,000 NYC GO 5.750 05/15/13 05/15/05 (b) 30,649
35,000 NYC GO 5.750 05/15/13 05/15/05 (b) 37,153
465,000 NYC GO 5.750 08/01/13 08/01/09 (b) 480,610
80,000 NYC GO 5.750 08/15/13 08/15/05 (b) 82,510
280,000 NYC GO 5.750 08/15/13 08/15/05 (b) 288,784
55,000 NYC GO 5.750 10/15/13 10/15/09 (b) 57,049
130,000 NYC GO 5.750 02/01/14 (s) 02/01/08 (b) 133,671
100,000 NYC GO 5.750 02/01/14 (s) 02/01/08 (b) 103,450
5,000 NYC GO 5.750 05/15/14 05/15/03 (a) 5,298
8 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 10,000 NYC GO 5.750 % 05/15/14 05/15/03 (b) $ 10,206
1,665,000 NYC GO 5.750 08/15/14 08/15/05 (b) 1,726,971
65,000 NYC GO 5.750 08/18/14 08/15/05 (b) 67,419
215,000 NYC GO 5.750 02/01/15 (s) 02/01/08 (b) 222,116
200,000 NYC GO 5.750 08/01/15 08/01/05 (b) 207,088
25,000 NYC GO 5.750 08/01/15 08/01/05 (b) 25,610
75,000 NYC GO 5.750 08/15/15 08/15/05 (b) 77,671
80,000 NYC GO 5.750 08/01/16 08/01/05 (b) 82,582
615,000 NYC GO 5.750 08/15/16 08/15/05 (b) 634,944
25,000 NYC GO 5.750 02/01/17 (s) 02/01/08 (b) 25,810
70,000 NYC GO 5.750 02/01/19 (s) 02/01/08 (b) 71,014
60,000 NYC GO 5.800 08/01/13 08/01/05 (b) 62,028
645,000 NYC GO 5.875 03/15/13 03/15/06 (b) 671,226
25,000 NYC GO 5.875 03/15/14 03/15/08 (b) 26,016
50,000 NYC GO 5.875 08/01/24 (s) 08/01/08 (b) 51,630
50,000 NYC GO 6.000 08/01/06 08/01/99 (a) 50,107
5,000 NYC GO 6.000 08/01/06 08/01/99 (a) 5,011
45,000 NYC GO 6.000 08/01/06 08/01/99 (b) 45,085
1,750,000 NYC GO 6.000 04/15/09 -- 1,857,835
15,000 NYC GO 6.000 05/15/10 05/15/03 (b) 15,890
30,000 NYC GO 6.000 08/01/10 08/01/03 (b) 31,725
55,000 NYC GO 6.000 02/01/11 02/01/06 (b) 58,044
50,000 NYC GO 6.000 02/15/11 02/15/05 (a) 53,909
25,000 NYC GO 6.000 02/15/11 02/15/07 (b) 26,501
30,000 NYC GO 6.000 08/01/11 08/01/99 (a) 30,056
5,000 NYC GO 6.000 08/01/11 08/01/99 (b) 5,009
60,000 NYC GO 6.000 02/15/12 02/15/05 (a) 64,691
45,000 NYC GO 6.000 02/15/12 02/15/05 (b) 47,374
30,000 NYC GO 6.000 08/01/12 08/01/99 (a) 30,056
85,000 NYC GO 6.000 08/01/12 08/01/03 (b) 88,392
15,000 NYC GO 6.000 02/15/14 02/15/05 (a) 16,134
20,000 NYC GO 6.000 02/15/14 02/15/05 (b) 21,055
15,000 NYC GO 6.000 02/15/15 02/15/05 (a) 16,134
25,000 NYC GO 6.000 02/15/15 02/15/05 (b) 26,319
25,000 NYC GO 6.000 05/15/15 05/15/05 (b) 26,712
10,000 NYC GO 6.000 05/15/15 05/15/05 (b) 10,488
10,000 NYC GO 6.000 08/01/16 (s) 08/01/06 (b) 10,600
50,000 NYC GO 6.000 08/01/16 (s) 08/01/06 (b) 53,002
1,130,000 NYC GO 6.000 08/01/17 (s) 08/01/07 (b) 1,196,071
1,530,000 NYC GO 6.000 08/01/17 (s) 08/01/07 (b) 1,619,459
55,000 NYC GO 6.000 05/15/19 05/15/03 (a) 58,869
10,000 NYC GO 6.000 05/15/19 05/15/03 (b) 10,423
15,000 NYC GO 6.000 08/15/26 08/15/06 (b) 15,712
100,000 NYC GO 6.125 08/01/10 08/01/04 (b) 107,184
65,000 NYC GO 6.125 08/01/11 08/01/04 (b) 69,517
2,500,000 NYC GO 6.250 08/01/08 08/01/06 (b) 2,715,525
30,000 NYC GO 6.250 10/01/08 10/01/02 (b) 32,257
15,000 NYC GO 6.250 10/01/08 10/01/02 (b) 16,027
10,550,000 NYC GO 6.250 08/01/09 08/01/06 (b) 11,459,515
9 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 205,000 NYC GO 6.250 % 08/01/10 08/01/06 (b) $ 221,396
75,000 NYC GO 6.250 08/01/10 08/01/04 (b) 80,806
2,000,000 NYC GO 6.250 08/01/12 08/01/06 (b) 2,142,040
4,270,000 NYC GO 6.250 08/01/13 08/01/06 (b) 4,562,794
25,000 NYC GO 6.250 04/01/16 04/01/06 (a) 27,454
25,000 NYC GO 6.250 04/01/16 04/01/06 (b) 26,587
70,000 NYC GO 6.250 08/01/16 08/01/02 (b) 73,835
40,000 NYC GO 6.250 08/01/17 (s) 08/01/06 (b) 43,137
45,000 NYC GO 6.250 08/01/19 08/01/02 (b) 47,465
75,000 NYC GO 6.250 08/01/21 08/01/02 (b) 78,186
175,000 NYC GO 6.300 08/15/08 08/15/05 (a) 191,889
875,000 NYC GO 6.300 08/15/08 08/15/05 (b) 937,676
590,000 NYC GO 6.375 02/15/06 02/15/05 (a) 646,988
410,000 NYC GO 6.375 02/15/06 -- 443,144
195,000 NYC GO 6.375 08/01/06 08/01/04 (a) 209,808
425,000 NYC GO 6.375 08/01/06 08/01/02 (b) 452,625
670,000 NYC GO 6.375 08/01/07 08/01/02 (a) 720,880
1,445,000 NYC GO 6.375 08/01/07 08/01/02 (b) 1,519,490
2,835,000 NYC GO 6.375 08/15/09 08/15/05 (a) 3,127,827
10,665,000 NYC GO 6.375 08/15/09 08/15/05 (b) 11,584,963
395,000 NYC GO 6.375 08/01/10 08/01/05 (a) 435,602
1,495,000 NYC GO 6.375 08/01/10 08/01/05 (b) 1,619,668
215,000 NYC GO 6.375 08/15/10 08/15/05 (a) 237,207
815,000 NYC GO 6.375 08/15/10 08/15/05 (b) 885,302
30,000 NYC GO 6.375 08/15/11 08/15/05 (a) 33,099
105,000 NYC GO 6.375 08/15/11 08/15/05 (b) 113,767
2,100,000 NYC GO 6.375 08/01/12 08/15/05 (a) 2,316,909
7,900,000 NYC GO 6.375 08/01/12 08/15/05 (b) 8,494,554
15,000 NYC GO 6.500 08/01/05 08/01/02 (a) 16,170
95,000 NYC GO 6.500 08/01/05 08/01/02 (b) 101,513
20,000 NYC GO 6.500 08/01/06 08/01/02 (b) 21,371
600,000 NYC GO 6.500 02/15/08 02/15/05 (a) 661,638
20,000 NYC GO 6.500 08/01/08 08/01/02 (a) 21,560
105,000 NYC GO 6.500 08/01/08 08/01/02 (b) 112,199
4,275,000 NYC GO 6.500 08/01/11 08/01/02 (a) 4,614,991
8,725,000 NYC GO 6.500 08/01/11 08/01/02 (b) 9,310,186
35,000 NYC GO 6.500 08/01/12 08/01/02 (a) 37,784
65,000 NYC GO 6.500 08/01/12 08/01/02 (b) 69,022
25,000 NYC GO 6.500 08/01/13 08/01/02 (a) 26,988
55,000 NYC GO 6.500 08/01/13 08/01/02 (b) 58,615
22,000 NYC GO 6.500 08/01/14 08/01/05 (a) 24,406
78,000 NYC GO 6.500 08/01/14 08/15/05 (b) 84,712
10,000 NYC GO 6.500 08/01/16 08/01/05 (a) 11,094
40,000 NYC GO 6.500 08/01/16 08/01/05 (b) 43,267
10,000 NYC GO 6.500 08/01/19 08/01/05 (a) 11,094
70,000 NYC GO 6.500 08/01/19 (s) 08/01/05 (b) 75,717
1,415,000 NYC GO 6.600 02/15/10 02/15/05 (a) 1,567,311
30,000 NYC GO 6.600 02/15/10 (s) 02/15/05 (b) 32,754
10 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 6,625,000 NYC GO 6.600 % 10/01/16 10/01/02 (a) $ 7,172,092
7,375,000 NYC GO 6.600 10/01/16 10/01/02 (b) 7,870,231
10,000,000 NYC GO 6.625 02/15/14 02/15/05 (a) 11,088,700
1,520,000 NYC GO 6.750 10/01/05 10/01/02 (a) 1,657,210
30,000 NYC GO 6.750 10/01/05 10/01/02 (b) 32,361
25,000 NYC GO 6.750 10/01/06 10/01/02 (a) 27,217
15,000 NYC GO 6.750 10/01/06 10/01/02 (b) 16,013
5,000 NYC GO 6.750 01/15/12 07/15/99 (a) 5,007
55,000 NYC GO 6.750 10/01/17 10/01/02 (a) 59,877
5,000 NYC GO 7.000 08/15/99 -- 5,022
10,000 NYC GO 7.000 08/15/99 -- 10,043
210,000 NYC GO 7.000 02/01/00 08/01/99 (a) 211,621
50,000 NYC GO 7.000 02/01/00 08/01/99 (b) 50,398
170,000 NYC GO 7.000 04/01/00 -- 165,437
65,000 NYC GO 7.000 02/01/01 08/01/99 (a) 67,998
425,000 NYC GO 7.000 02/01/01 08/01/99 (b) 428,098
20,000 NYC GO 7.000 02/01/01 08/01/99 (b) 20,157
630,000 NYC GO 7.000 04/01/01 -- 585,182
5,000 NYC GO 7.000 02/01/02 08/01/99 (a) 5,342
20,000 NYC GO 7.000 08/15/02 08/15/99 (a) 20,183
35,000 NYC GO 7.000 02/01/03 08/01/99 (a) 35,279
2,860,000 NYC GO 7.000 02/01/06 02/01/02 (a) 3,090,659
390,000 NYC GO 7.000 02/01/06 02/01/02 (b) 418,349
160,000 NYC GO 7.000 12/01/06 12/01/99 (a) 162,394
365,000 NYC GO 7.000 08/01/07 -- 411,596
5,000 NYC GO 7.000 02/01/09 08/01/99 (b) 5,038
5,000 NYC GO 7.000 08/01/09 08/01/99 (a) 5,014
715,000 NYC GO 7.000 10/01/09 10/01/02 (a) 783,783
15,000 NYC GO 7.000 10/01/09 10/01/02 (b) 16,292
50,000 NYC GO 7.000 10/01/10 10/01/02 (a) 54,890
5,000 NYC GO 7.000 10/01/10 10/01/02 (b) 5,431
5,000 NYC GO 7.000 12/01/10 12/01/99 (b) 5,067
5,000 NYC GO 7.000 02/01/11 08/01/99 (a) 5,039
30,000 NYC GO 7.000 02/01/12 08/01/99 (b) 30,229
8,960,000 NYC GO 7.000 10/01/13 10/01/02 (a) 9,821,952
185,000 NYC GO 7.000 10/01/13 10/01/02 (b) 200,209
25,000 NYC GO 7.000 10/01/14 10/01/02 (a) 27,445
25,000 NYC GO 7.000 10/01/15 10/01/99 (a) 25,222
2,000,000 NYC GO 7.000 02/01/16 02/01/02 (b) 2,138,540
10,000 NYC GO 7.000 08/01/16 08/01/02 (a) 10,939
5,000 NYC GO 7.000 08/01/16 08/01/02 (b) 5,395
1,360,000 NYC GO 7.000 08/15/16 08/15/04 (a) 1,529,796
70,000 NYC GO 7.000 10/01/16 10/01/99 (a) 70,556
15,000 NYC GO 7.000 02/01/17 02/01/02 (b) 16,039
20,000 NYC GO 7.000 02/01/18 02/01/02 (b) 21,385
35,000 NYC GO 7.000 10/01/18 10/01/99 (a) 35,300
15,000 NYC GO 7.000 10/01/19 10/01/99 (a) 15,119
5,000 NYC GO 7.100 02/01/04 08/01/99 (b) 5,035
11 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 100,000 NYC GO 7.100 % 08/15/07 08/15/04 (a) $ 112,654
2,010,000 NYC GO 7.100 02/01/09 02/01/02 (a) 2,176,569
265,000 NYC GO 7.100 02/01/09 02/01/02 (b) 284,904
170,000 NYC GO 7.100 02/01/10 02/01/02 (a) 184,088
30,000 NYC GO 7.100 02/01/10 02/01/02 (b) 32,253
25,000 NYC GO 7.200 08/01/01 08/01/99 (a) 25,263
5,000 NYC GO 7.200 08/01/02 08/01/00 (a) 5,268
30,000 NYC GO 7.200 08/01/02 08/01/00 (b) 31,320
5,000 NYC GO 7.200 02/01/05 08/01/99 (a) 5,040
1,450,000 NYC GO 7.200 08/15/08 08/15/04 (a) 1,639,486
20,000 NYC GO 7.200 02/01/15 02/01/02 (a) 21,702
50,000 NYC GO 7.250 12/01/01 12/01/99 (b) 51,141
40,000 NYC GO 7.250 10/01/05 10/01/99 (a) 40,975
100,000 NYC GO 7.250 02/01/07 08/01/99 (a) 100,818
5,000 NYC GO 7.250 02/01/07 08/01/99 (b) 5,039
15,000 NYC GO 7.250 08/15/17 08/15/99 (a) 15,292
5,000,000 NYC GO 7.250 08/15/19 08/15/04 (a) 5,676,050
370,000 NYC GO 7.250 08/15/24 08/15/01 (a) 394,202
500,000 NYC GO 7.400 02/01/00 -- 511,395
10,000 NYC GO 7.400 08/15/00 08/15/99 (a) 10,095
285,000 NYC GO 7.400 02/01/02 -- 306,768
5,000 NYC GO 7.500 08/01/01 08/01/99 (b) 5,091
5,000 NYC GO 7.500 08/15/01 08/15/99 (b) 5,023
90,000 NYC GO 7.500 08/15/03 08/15/99 (b) 91,758
20,000 NYC GO 7.500 12/01/03 12/01/99 (a) 20,340
10,125,000 NYC GO 7.500 02/01/04 02/01/02 (b) 10,983,195
15,000 NYC GO 7.500 02/01/05 02/01/02 (a) 16,384
65,000 NYC GO 7.500 02/01/05 02/01/02 (b) 70,509
5,000 NYC GO 7.500 08/15/05 08/15/99 (b) 5,023
6,450,000 NYC GO 7.500 02/01/06 02/01/02 (b) 6,996,702
15,000 NYC GO 7.500 08/15/06 08/15/99 (b) 15,300
5,000 NYC GO 7.500 08/15/06 08/15/99 (b) 5,098
220,000 NYC GO 7.500 02/01/07 02/01/02 (b) 238,647
2,425,000 NYC GO 7.500 02/01/09 02/01/02 (b) 2,630,543
15,000 NYC GO 7.500 03/15/09 03/15/00 (a) 15,653
155,000 NYC GO 7.500 03/15/09 03/15/00 (b) 161,363
50,000 NYC GO 7.625 02/01/13 02/01/02 (a) 54,829
3,980,000 NYC GO 7.650 02/01/07 02/01/02 (a) 4,366,776
40,000 NYC GO 7.650 02/01/07 02/01/02 (b) 43,535
295,000 NYC GO 7.700 02/01/09 02/01/02 (a) 324,028
5,000 NYC GO 7.700 02/01/09 02/01/02 (b) 5,448
370,000 NYC GO 7.750 08/15/01 08/15/99 (b) 377,341
5,000 NYC GO 7.750 08/15/05 08/15/01 (b) 5,412
310,000 NYC GO 7.750 08/15/06 08/15/01 (a) 337,677
205,000 NYC GO 7.750 08/15/06 08/15/01 (b) 221,880
1,460,000 NYC GO 7.750 08/15/07 02/01/03 (a) 1,590,349
40,000 NYC GO 7.750 08/15/07 08/15/01 (b) 43,294
1,530,000 NYC GO 7.750 08/15/09 08/15/01 (a) 1,666,598
12 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 25,000 NYC GO 7.750 % 08/15/09 08/15/01 (b) $ 27,058
60,000 NYC GO 7.750 02/01/10 02/01/02 (b) 65,821
45,000 NYC GO 7.750 08/15/11 08/15/01 (a) 49,018
20,000 NYC GO 7.750 08/15/12 08/15/01 (b) 21,633
55,000 NYC GO 7.750 08/15/14 08/15/01 (b) 59,764
5,000 NYC GO 7.875 08/01/00 08/01/99 (b) 5,055
40,000 NYC GO 7.875 08/01/04 08/01/00 (b) 42,265
15,000 NYC GO 8.000 08/01/01 08/01/99 (b) 15,158
5,000 NYC GO 8.000 08/01/03 08/01/99 (b) 5,055
125,000 NYC GO 8.000 08/01/03 08/01/01 (b) 135,764
110,000 NYC GO 8.250 11/15/10 11/15/01 (a) 121,938
5,000 NYC GO 8.250 08/01/11 08/01/01 (b) 5,451
1,355,000 NYC GO CAB 0.000 (t) 05/15/14 05/15/08 (b) 1,149,474
10,000 NYC GO DIAMONDS 0.000 (t) 08/01/07 08/01/02 (b) 8,753
14,600,000 NYC GO Indexed Inverse Floater 4.800 (r) 08/15/17 08/15/05 (b) 14,490,646
11,870,000 NYC GO Indexed Inverse Floater 5.970 (r) 08/15/10 08/15/03 (b) 12,224,319
2,000,000 NYC GO LIMO 0.000 (t) 02/01/04 02/01/00 (b) 2,078,100
1,950,000 NYC GO LIMO 0.000 (t) 02/01/07 02/01/02 (e) 1,750,593
115,000 NYC GO PRAMS 0.000 (t) 10/01/06 10/01/02 (b) 100,007
50,000 NYC GO PRAMS 0.000 (t) 02/01/12 02/01/02 (b) 45,409
475,000 NYC HDC (Barclay Avenue) 5.750 04/01/07 10/20/03 (c) 488,704
1,715,000 NYC HDC (Multifamily Hsg.) 6.550 10/01/15 (s) 04/01/03 (b) 1,824,160
110,000 NYC HDC (Multifamily Hsg.) 7.300 06/01/10 (s) 06/01/01 (b) 117,597
60,000 NYC HDC (Multifamily Hsg.) 7.350 06/01/19 (s) 06/01/01 (b) 64,198
9,490,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/09 (s) 05/01/08 (b) 10,012,140
4,835,000 NYC HDC (Multifamily Hsg.), Series A 5.625 05/01/12 (s) 05/01/08 (b) 5,072,979
8,145,000 NYC HDC (Multifamily Hsg.), Series B 5.700 11/01/13 (s) 05/01/05 (b) 8,555,915
1,540,000 NYC HDC (Multifamily Hsg.), Series B 5.850 05/01/26 (s) 05/01/05 (b) 1,617,354
1,970,000 NYC HDC (Pass Through Certificate) (i) 6.500 09/20/03 11/20/02 (c) 2,073,642
700,000 NYC HDC (South Bronx Cooperatives) 8.100 09/01/23 (s) 08/27/00 (g) 733,803
1,655,000 NYC HDC (South Williamsburg Cooperatives) 7.900 02/01/23 (s) 01/29/00 (g) 1,710,029
2,600,000 NYC Health & Hospital Corp. 5.625 02/15/13 (s) 02/15/05 (b) 2,651,220
1,000,000 NYC Hsg. Authority, Series A 5.650 07/01/10 (s) 05/17/09 (g) 1,036,330
1,985,000 NYC IDA (Acme Architectural Products) 5.875 11/01/09 10/23/05 (c) 1,940,139
960,000 NYC IDA (ALA Realty) 7.000 12/01/05 03/06/03 (c) 1,012,483
1,840,000 NYC IDA (American Airlines) 6.900 08/01/24 08/01/04 (b) 1,993,125
575,000 NYC IDA (Amster Novelty) (i) (u) 7.375 12/01/05 12/01/02 (c) 373,031
740,000 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/08 12/30/04 (c) 762,585
1,640,000 NYC IDA (Blood Center) 6.800 05/01/02 05/17/01 (c) 1,744,419
370,000 NYC IDA (Brooklyn Heights Montessori School) 7.500 01/01/07 11/17/03 (c) 387,453
615,000 NYC IDA (College of Aeronautics) 5.500 05/01/12 -- 607,712
450,000 NYC IDA (College of Aeronautics) 5.500 05/01/13 -- 442,696
360,000 NYC IDA (College of New Rochelle) 6.200 09/01/10 (s) 09/01/05 (b) 381,103
1,205,000 NYC IDA (Composite Offering XIV), Series C 7.625 11/01/09 (s) 11/01/99 (b) 1,221,292
785,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/08 10/26/04 (c) 767,180
310,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/08 10/08/04 (c) 302,978
700,000 NYC IDA (Comprehensive Care Management) 7.250 12/01/06 11/02/03 (c) 724,836
958,041 NYC IDA (Cummins Engine) 6.500 04/01/05 04/30/03 (c) 961,405
740,000 NYC IDA (Elmhurst Parking Garage) 7.400 07/30/02 03/01/01 (c) 782,846
13 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1,000,000 NYC IDA (Essie Cosmetics) 5.500 % 11/01/08 10/13/04 (c) $ 980,380
45,000 NYC IDA (Federation Protestant Welfare) 6.950 11/01/11 11/01/01 (b) 48,019
1,815,000 NYC IDA (Friends Seminary School) 6.125 12/01/07 04/29/04 (c) 1,818,176
1,440,000 NYC IDA (Gabrielli Truck Sales) 7.250 12/01/07 05/23/04 (c) 1,491,538
715,000 NYC IDA (Good Shepherd Services) 5.125 06/01/04 01/01/03 (c) 713,434
1,515,000 NYC IDA (JBFS) 6.500 12/15/02 07/13/01 (c) 1,560,495
450,000 NYC IDA (Koenig Manufacturing) 7.375 12/01/10 05/08/06 (c) 474,628
25,000 NYC IDA (Lighthouse) 6.375 07/01/10 (s) 07/01/02 (a) 26,898
150,000 NYC IDA (Lighthouse) 6.500 07/01/22 (s) 07/01/02 (a) 161,910
1,340,000 NYC IDA (Little Red Schoolhouse) 5.750 11/01/07 03/15/04 (c) 1,312,825
855,000 NYC IDA (MediSys Health Network) 5.750 03/15/06 06/22/04 (c) 856,411
825,000 NYC IDA (Morrisons Pastry) 5.750 11/01/09 08/10/04 (c) 818,095
2,000,000 NYC IDA (Northwest Airlines) 6.000 06/01/27 06/01/09 (b) 2,019,220
360,000 NYC IDA (Ohel Children's Home & Family Services) 7.125 03/15/03 10/18/01 (c) 364,676
2,965,000 NYC IDA (Plaza Packaging) 7.650 12/01/09 (s) 12/01/99 (b) 3,054,958
695,000 NYC IDA (Precision Gear) 5.875 11/01/09 10/26/05 (c) 677,681
590,000 NYC IDA (Precision Gear) 5.875 11/01/09 10/10/05 (c) 584,336
650,000 NYC IDA (Promotional Slideguide) 7.000 12/01/05 03/15/03 (c) 680,231
50,000 NYC IDA (Sharif Designs) (i) 7.375 11/01/09 11/01/99 (b) 50,135
2,845,000 NYC IDA (Special Needs Facilities Pooled Program) 5.950 07/01/08 01/31/04 (c) 2,830,519
50,000 NYC IDA (St. Christopher Ottilie) 6.750 07/01/99 -- 50,004
215,000 NYC IDA (Streamline Plastics) 7.125 12/01/05 03/21/03 (c) 224,415
13,215,000 NYC IDA (Terminal One Group Assoc.) 6.000 01/01/15 (s) 01/01/06 (b) 13,736,596
215,000 NYC IDA (Terminal One Group Assoc.) 6.000 01/01/19 (s) 01/01/06 (b) 222,531
1,710,000 NYC IDA (Terminal One Group Assoc.) 6.125 01/01/24 (s) 01/01/06 (b) 1,777,699
160,000 NYC IDA (United Nations School) 6.050 12/01/05 -- 166,626
170,000 NYC IDA (United Nations School) 6.100 12/01/06 -- 177,609
180,000 NYC IDA (United Nations School) 6.150 12/01/07 -- 188,532
1,800,000 NYC IDA (Visy Paper) 7.550 01/01/05 09/11/02 (c) 1,887,714
4,000,000 NYC IDA (Visy Paper) 7.800 01/01/16 01/01/06 (b) 4,351,000
10,000,000 NYC Municipal Water Finance Authority 5.500 06/15/17 06/15/07 (b) 10,086,200
20,000 NYC Municipal Water Finance Authority 5.500 06/15/19 10/29/15 (c) 19,939
275,000 NYC Municipal Water Finance Authority 5.750 06/15/16 (s) 06/15/07 (b) 285,928
40,000 NYC Municipal Water Finance Authority 5.750 06/15/18 (s) 06/15/04 (b) 40,784
140,000 NYC Municipal Water Finance Authority 5.750 06/15/18 (s) 06/15/04 (b) 142,743
1,135,000 NYC Municipal Water Finance Authority 6.250 06/15/21 (s) 06/15/01 (b) 1,171,910
150,000 NYC Municipal Water Finance Authority 7.100 06/15/12 06/15/01 (b) 159,343
25,000 NYC Public Hsg. Authority 6.000 01/01/04 01/01/00 (b) 25,561
5,000,000 NYC TFA 5.500 05/01/25 05/01/11 (b) 5,027,700
2,010,000 NYS COP 7.625 03/01/09 (s) 06/17/01 (g) 2,155,906
3,340,000 NYS DA (4201 Schools Program) 5.250 07/01/14 -- 3,267,121
2,000,000 NYS DA (4201 Schools Program) 5.250 07/01/15 -- 1,950,360
1,300,000 NYS DA (853 Schools Program) 5.500 07/01/18 07/01/10 (b) 1,309,074
700,000 NYS DA (Albany County Airport) 5.250 04/01/11 -- 695,394
20,000 NYS DA (Albany Law School) 7.900 07/01/01 07/01/00 (b) 20,070
30,000 NYS DA (Bishop Henry B. Hucles Nursing Home) 5.625 07/01/18 (s) 07/01/08 (b) 30,253
45,000 NYS DA (Brooklyn Law School) 6.400 07/01/11 (s) 07/01/01 (b) 47,639
35,000 NYS DA (City University) 0.000 07/01/05 11/25/03 (c) 25,441
14 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1,500,000 NYS DA (City University) 5.500 % 07/01/05 -- $ 1,552,230
2,020,000 NYS DA (City University) 5.500 07/01/06 -- 2,088,094
75,000 NYS DA (City University) 5.500 07/01/12 (s) 07/01/05 (b) 75,475
1,050,000 NYS DA (City University) 5.600 07/01/10 (s) 07/01/05 (b) 1,068,438
1,900,000 NYS DA (City University) 6.000 07/01/10 07/01/06 (b) 2,006,077
70,000 NYS DA (City University) 6.000 07/01/16 (s) 07/01/00 (b) 70,605
260,000 NYS DA (City University) 7.000 07/01/14 (s) 07/01/00 (b) 272,597
70,000 NYS DA (Court Facility) 5.375 05/15/16 05/28/15 (c) 68,701
3,505,000 NYS DA (Court Facility) 5.625 05/15/13 (s) 05/15/05 (b) 3,537,877
5,000 NYS DA (Dept. of Health) 5.500 07/01/14 07/01/06 (b) 5,010
50,000 NYS DA (Dept. of Health) 5.900 07/01/09 07/01/04 (b) 52,077
635,000 NYS DA (Hebrew School) 5.625 02/01/17 02/01/09 (b) 645,312
10,000 NYS DA (Higher Education) (i) 8.200 12/01/99 -- 10,031
70,000 NYS DA (Higher Education) 8.500 06/01/03 (s) 12/01/99 (b) 70,283
1,000,000 NYS DA (Ideal Senior Living Center) 5.900 08/01/26 08/01/06 (b) 1,027,170
90,000 NYS DA (Iroquois Nursing) 7.000 02/01/15 02/01/01 (b) 95,799
40,000 NYS DA (Jewish Geriatric) 7.150 08/01/14 08/01/04 (b) 44,488
50,000 NYS DA (Jewish Geriatric) 7.350 08/01/29 08/01/04 (b) 56,054
20,000 NYS DA (JGB Health Facilities) 7.000 07/01/09 (s) 07/01/00 (b) 20,052
3,960,000 NYS DA (KMH Homes) 6.950 08/01/31 08/01/01 (b) 4,181,998
25,000 NYS DA (Manhattan College) 6.500 07/01/19 (s) 07/01/02 (b) 26,591
750,000 NYS DA (MEET) 5.375 07/01/12 07/01/07 (a) 783,270
1,300,000 NYS DA (Mental Health) 5.625 02/15/21 (s) 02/15/09 (b) 1,305,655
70,000 NYS DA (Montefiore Hospital & Medical Center) 8.625 07/01/10 (s) 07/01/00 (b) 70,218
6,000,000 NYS DA (Montefiore Medical Center) 5.250 02/01/15 -- 5,946,180
140,000 NYS DA (Mount Sinai) 6.750 07/01/15 (s) 07/01/01 (b) 149,086
70,000 NYS DA (New Hope Community) 5.700 07/01/17 (s) 07/01/05 (b) 71,875
50,000 NYS DA (Nursing Homes) 5.500 07/01/10 (s) 07/01/07 (b) 50,922
225,000 NYS DA (NY Medical College) 6.875 07/01/03 -- 245,486
1,325,000 NYS DA (Nyack Hospital) 6.250 07/01/13 (s) 03/31/08 (g) 1,401,558
10,000 NYS DA (NYS Assoc. for Retarded Children) (i) 7.100 07/01/03 01/01/00 (b) 10,178
90,000 NYS DA (Park Ridge Hsg.) 7.850 02/01/29 08/01/99 (b) 92,022
1,210,000 NYS DA (Pooled Capital Program) 7.800 12/01/05 (s) 12/01/99 (b) 1,247,800
60,000 NYS DA (St. Francis G&H) 7.375 08/01/10 08/01/00 (b) 63,625
20,000 NYS DA (St. Vincent's Hospital) 5.750 08/01/15 08/01/06 (b) 20,578
25,000 NYS DA (St. Vincent's Hospital) 7.375 08/01/11 08/01/01 (b) 26,961
20,480,000 NYS DA (State University) 5.500 05/15/16 05/15/10 (b) 20,586,906
1,150,000 NYS DA (State University) 5.750 05/15/10 05/15/08 (b) 1,196,506
3,600,000 NYS DA (State University) 5.750 05/15/16 (s) 05/15/08 (b) 3,730,032
660,000 NYS DA (State University) 6.000 05/15/17 05/15/00 (b) 670,791
95,000 NYS DA (State University) 6.000 05/15/17 (s) 05/15/00 (b) 96,472
8,730,000 NYS DA (State University) 6.375 05/15/14 05/15/03 (a) 9,526,001
12,600,000 NYS DA (State University) 7.000 05/15/16 (s) 05/15/00 (b) 13,161,960
160,000 NYS DA (State University) 7.000 05/15/16 (s) 05/15/00 (b) 167,222
1,735,000 NYS DA (State University) 7.375 05/15/14 (s) 05/15/00 (b) 1,816,163
3,280,000 NYS DA (Suffolk County Judicial Facilities) 9.000 10/15/01 (s) 10/15/99 (b) 3,522,720
140,000 NYS DA (Suffolk County Judicial Facilities) 9.000 10/15/01 (s) 10/15/99 (b) 154,441
1,500,000 NYS DA (Suffolk County Judicial Facilities) 9.250 04/15/06 (s) 10/15/99 (b) 1,665,600
15 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 300,000 NYS DA (Suffolk County Judicial Facilities) 9.500 % 04/15/14 (s) 10/15/99 (b) $ 347,547
1,000,000 NYS DA (Teresian House) 5.250 07/01/17 11/02/13 (c) 958,980
3,295,000 NYS DA (United Health Services) 5.500 08/01/17 02/01/10 (b) 3,309,267
145,000 NYS DA (University of Rochester) (i) 6.500 07/01/09 (s) 07/01/00 (b) 146,783
20,000 NYS DA (University of Rochester) (i) 6.500 07/01/09 (s) 07/01/00 (b) 20,246
60,000 NYS DA (Upstate Community Colleges) 5.500 07/01/14 10/15/12 (c) 59,969
55,000 NYS DA (Upstate Community Colleges) 5.625 07/01/12 (s) 07/01/04 (b) 56,322
280,000 NYS DA (Upstate Community Colleges) 5.625 07/01/14 (s) 07/01/06 (b) 282,092
35,000 NYS DA (Upstate Community Colleges) 5.875 07/01/16 (s) 07/01/09 (b) 36,644
1,250,000 NYS DA (Upstate Community Colleges) 6.200 07/01/15 (s) 07/01/05 (b) 1,380,887
855,000 NYS DA (Wesley Gardens) 5.850 08/01/26 08/01/09 (b) 877,546
20,000 NYS DA (WHELC) 5.800 02/01/28 08/01/05 (b) 20,342
200,000 NYS EFC (Consolidated Water) 7.150 11/01/14 (s) 11/01/04 (b) 214,642
115,000 NYS EFC (Huntington Res Rec) 7.375 10/01/99 -- 115,401
20,000 NYS EFC (New Rochelle Water) 6.400 12/01/24 06/01/02 (b) 20,916
500,000 NYS EFC (NYS Water Services) 7.500 06/15/12 (s) 06/15/00 (b) 526,340
2,835,000 NYS EFC (Occidental Petroleum) 5.700 09/01/28 09/01/05 (b) 2,846,425
1,300,000 NYS EFC (Occidental Petroleum) 6.100 11/01/30 11/01/07 (b) 1,328,561
25,000 NYS EFC (Spring Valley Water Co.) 5.650 11/01/23 11/01/05 (b) 25,229
50,000 NYS EFC (State Park Infrastructure) 5.750 03/15/13 (s) 03/15/04 (b) 50,725
7,000,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/24 05/06/02 (b) 7,497,770
11,505,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/24 05/12/02 (b) 12,326,917
15,000 NYS ERDA (Central Hudson G&E) (i) 6.250 06/01/07 (s) 12/01/99 (b) 15,022
10,000 NYS ERDA (Central Hudson G&E) 7.375 10/01/14 10/01/99 (b) 10,382
200,000 NYS ERDA (Con Ed) 6.375 12/01/27 12/01/01 (b) 209,238
6,115,000 NYS ERDA (Con Ed) 6.750 01/15/27 01/15/01 (b) 6,371,035
16,510,000 NYS ERDA (Con Ed) 6.750 01/15/27 01/15/01 (b) 17,201,274
9,290,000 NYS ERDA (Con Ed) 6.750 01/15/27 01/15/01 (b) 9,693,093
1,640,000 NYS ERDA (Con Ed) 7.250 11/01/24 11/01/99 (b) 1,660,648
210,000 NYS ERDA (Con Ed) 7.250 11/01/24 11/01/99 (b) 212,663
8,280,000 NYS ERDA (Con Ed) 7.500 07/01/25 07/01/00 (b) 8,385,984
17,650,000 NYS ERDA (Con Ed) 7.500 01/01/26 01/01/00 (b) 18,121,608
1,110,000 NYS ERDA (Con Ed) 7.500 01/01/26 01/01/00 (b) 1,139,948
325,000 NYS ERDA (LILCO) 6.900 08/01/22 01/21/03 (b) 356,291
65,000 NYS ERDA (LILCO) 6.900 08/01/22 02/01/02 (b) 71,258
150,000 NYS ERDA (LILCO) 6.900 08/01/22 02/01/02 (b) 161,619
170,000 NYS ERDA (LILCO) 7.150 09/01/19 06/15/02 (b) 180,812
640,000 NYS ERDA (LILCO) 7.150 06/01/20 06/15/02 (b) 680,704
145,000 NYS ERDA (LILCO) 7.150 12/01/20 06/15/02 (b) 154,222
15,000 NYS ERDA (LILCO) 7.150 02/01/22 06/15/02 (b) 16,393
5,000 NYS ERDA (LILCO) 7.150 02/01/22 06/15/02 (b) 5,318
170,000 NYS ERDA (LILCO) (i) 7.500 12/01/06 (s) 12/01/99 (b) 170,427
490,000 NYS ERDA (LILCO) (i) 7.800 12/01/09 (s) 12/01/99 (b) 498,771
200,000 NYS ERDA (NYSEG) 5.700 12/01/28 12/01/05 (b) 201,430
3,575,000 NYS ERDA (RG&E) 6.500 05/15/32 05/15/02 (b) 3,796,042
15,000 NYS GO 6.000 11/15/07 11/15/02 (b) 15,973
40,000 NYS GO 6.600 12/01/14 12/01/99 (b) 40,865
80,000 NYS HFA (Children's Rescue) 7.400 11/01/00 -- 81,302
16 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 65,000 NYS HFA (Children's Rescue) 7.500 % 05/01/01 -- $ 66,353
140,000 NYS HFA (Children's Rescue) 7.500 11/01/01 -- 143,655
114,000 NYS HFA (General Hsg.) 6.500 11/01/03 -- 116,515
10,000 NYS HFA (General Hsg.) 6.600 11/01/05 11/01/00 (b) 10,221
30,000 NYS HFA (General Hsg.) 6.600 11/01/06 11/01/00 (b) 30,664
1,435,000 NYS HFA (Health Facility) 6.000 05/01/07 -- 1,521,731
2,165,000 NYS HFA (Health Facility) 6.000 05/01/08 05/01/06 (b) 2,293,320
3,810,000 NYS HFA (Health Facility) 7.900 11/01/99 -- 3,830,574
1,590,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/05 (s) 11/01/99 (b) 1,633,248
30,000 NYS HFA (HELP-Westchester Hsg.) 7.550 11/01/02 05/01/00 (b) 30,488
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/05 11/01/99 (a) 5,235
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/12 11/01/99 (a) 5,174
15,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/10 11/01/01 (a) 16,077
10,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/11 11/01/01 (a) 10,688
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/03 11/01/99 (a) 5,278
30,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/05 11/01/99 (a) 31,976
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/10 11/01/99 (a) 5,370
35,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/14 11/01/99 (b) 37,414
10,000 NYS HFA (Hospital & Nursing Home) 6.375 11/01/01 -- 10,532
10,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/99 -- 10,118
10,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/04 11/01/99 (a) 11,072
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/05 11/01/99 (a) 5,608
555,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/07 (s) 11/01/99 (a) 610,500
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/09 11/01/99 (a) 5,771
3,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/10 11/01/99 (a) 3,479
590,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/17 11/01/99 (b) 680,093
85,000 NYS HFA (Meadow Manor) 7.750 11/01/19 (s) 11/01/99 (b) 85,344
245,000 NYS HFA (Monroe County Health Facilities) 7.625 05/01/05 (s) 04/19/00 (g) 260,812
475,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/08 11/01/06 (b) 294,638
240,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/09 11/01/06 (b) 140,129
10,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/10 11/01/06 (b) 5,442
200,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/11 11/01/06 (b) 102,336
1,730,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/12 11/01/06 (b) 830,417
130,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/13 11/01/06 (b) 58,722
25,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/03 -- 25,756
1,000,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/16 (s) 08/15/08 (b) 1,060,190
2,015,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/28 (s) 08/15/06 (b) 2,136,283
25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/12 (s) 08/15/02 (b) 26,315
2,890,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/14 (s) 08/15/04 (b) 3,088,630
150,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/23 (s) 08/15/02 (b) 157,211
1,000,000 NYS HFA (Multifamily Hsg.) 6.450 08/15/14 (s) 08/15/02 (b) 1,051,400
2,500,000 NYS HFA (Multifamily Hsg.) 6.625 08/15/12 02/15/03 (b) 2,632,175
350,000 NYS HFA (Multifamily Hsg.) 6.850 11/01/19 (s) 11/01/04 (b) 377,983
100,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/12 (s) 08/15/02 (b) 107,253
1,875,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/24 (s) 07/10/02 (g) 1,964,831
20,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/22 08/15/02 (b) 21,389
40,000 NYS HFA (Multifamily Hsg.) 7.300 11/01/04 11/01/99 (b) 40,958
399,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/28 (s) 10/30/99 (g) 409,589
17 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 2,060,000 NYS HFA (Multifamily Hsg.) 7.750 % 11/01/20 (s) 10/24/00 (g) $ 2,164,380
570,000 NYS HFA (Multifamily Hsg.) 8.000 11/01/08 (s) 09/19/00 (g) 602,792
400,000 NYS HFA (Multifamily Hsg.) 10.000 11/15/99 -- 402,028
5,000 NYS HFA (Nonprofit Hsg.) 6.000 11/01/12 11/01/00 (b) 5,108
45,000 NYS HFA (Nonprofit Hsg.) 6.100 11/01/99 -- 45,381
5,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/06 11/01/99 (b) 5,110
40,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/08 11/01/99 (b) 40,873
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/09 11/01/99 (b) 10,221
65,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/11 11/01/99 (b) 66,424
40,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/00 -- 40,880
20,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/02 11/01/00 (b) 20,440
25,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/04 11/01/00 (b) 25,544
145,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/05 11/01/00 (b) 148,154
5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/06 11/01/00 (b) 5,108
10,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/08 11/01/00 (b) 10,216
80,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/09 11/01/01 (b) 81,730
5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/11 11/01/00 (b) 5,108
10,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/13 11/01/99 (b) 10,216
10,000 NYS HFA (Nonprofit Hsg.) (i) 6.500 11/01/00 -- 10,221
20,000 NYS HFA (Nonprofit Hsg.) (i) 6.500 11/01/01 -- 20,442
60,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/02 -- 61,287
5,000 NYS HFA (Nonprofit Hsg.) (i) 6.500 11/01/03 -- 5,111
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/00 11/01/99 (b) 25,555
35,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/01 -- 35,760
10,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/02 11/01/99 (b) 10,215
225,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/03 -- 229,993
75,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/05 11/01/99 (b) 76,667
50,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/05 11/01/00 (b) 51,112
20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/06 11/01/00 (b) 20,445
5,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/07 11/01/99 (b) 5,111
10,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/09 11/01/99 (b) 10,222
15,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/09 11/01/99 (b) 15,333
15,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/10 11/01/99 (b) 15,333
15,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/11 11/01/03 (b) 15,333
5,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/11 11/01/99 (b) 5,111
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/13 11/01/99 (b) 25,554
10,000 NYS HFA (Nonprofit Hsg.) (i) 6.750 11/01/00 11/01/99 (b) 10,223
20,000 NYS HFA (Nonprofit Hsg.) (i) 6.750 11/01/01 11/01/99 (b) 20,445
100,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/04 11/01/99 (b) 104,500
5,000 NYS HFA (Nonprofit Hsg.) (i) 6.750 11/01/05 11/01/99 (b) 5,111
5,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/08 11/01/99 (b) 5,112
15,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/09 11/01/99 (b) 15,335
5,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/10 11/01/03 (b) 5,112
1,420,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/11 11/01/99 (b) 1,462,728
61,000 NYS HFA (Nonprofit Hsg.) 6.875 11/01/10 11/01/99 (b) 61,792
195,000 NYS HFA (Phillips Village) 6.700 02/15/02 -- 201,299
250,000 NYS HFA (Phillips Village) 6.700 08/15/02 -- 259,495
175,000 NYS HFA (Phillips Village) 6.900 02/15/04 -- 182,933
18 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 85,000 NYS HFA (Phillips Village) 6.900 % 08/15/04 -- $ 89,213
150,000 NYS HFA (Service Contract) 5.500 09/15/22 03/29/19 (c) 148,917
105,000 NYS HFA (Service Contract) 5.625 09/15/13 (s) 09/15/05 (b) 105,974
175,000 NYS HFA (Service Contract) 5.875 03/15/11 (s) 09/15/05 (b) 183,024
11,000,000 NYS HFA (Service Contract) 5.875 09/15/14 09/15/05 (b) 11,415,250
405,000 NYS HFA (Simeon Dewitt) 8.000 11/01/18 (s) 11/01/99 (b) 408,082
25,000 NYS HFA, Series A 6.100 11/01/15 (s) 05/01/08 (b) 26,814
5,000 NYS LGAC 5.375 04/01/14 (s) 04/01/06 (b) 5,008
5,500,000 NYS LGAC 5.375 04/01/14 (s) 08/15/06 (b) 5,511,825
9,900,000 NYS LGAC 5.500 04/01/21 (s) 04/01/05 (b) 9,892,872
50,000 NYS LGAC 6.000 04/01/18 (s) 04/01/02 (a) 53,144
710,000 NYS LGSC (SCSB) 6.375 12/15/09 07/18/05 (c) 730,391
5,000 NYS Medcare (AOFMH) 6.500 11/01/19 11/01/01 (b) 5,371
855,000 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/06 (s) 11/01/99 (b) 878,684
365,000 NYS Medcare (Beth Israel Medical Center) 7.200 11/01/14 (s) 11/01/99 (b) 365,978
185,000 NYS Medcare (Beth Israel Medical Center) 7.400 11/01/04 11/01/99 (b) 189,262
260,000 NYS Medcare (Brookdale Hospital Medical Center) 6.600 02/15/03 -- 279,227
615,000 NYS Medcare (Brookdale Hospital Medical Center) 6.600 08/15/03 -- 666,094
20,000 NYS Medcare (Buffalo General Hospital) 6.000 08/15/14 08/15/06 (b) 20,790
35,000 NYS Medcare (Buffalo General Hospital) 6.125 08/15/24 08/15/05 (b) 36,682
10,000 NYS Medcare (Central Suffolk Hospital) 5.875 11/01/05 12/12/03 (c) 10,020
365,000 NYS Medcare (Downtown Hospital) 6.550 02/15/06 02/15/05 (a) 405,840
945,000 NYS Medcare (Downtown Hospital) 6.550 08/15/06 02/15/05 (a) 1,050,736
20,000 NYS Medcare (Hospital & Nursing Home) 5.650 08/15/02 -- 20,478
100,000 NYS Medcare (Hospital & Nursing Home) 5.650 08/15/13 08/15/05 (b) 102,565
575,000 NYS Medcare (Hospital & Nursing Home) 5.750 02/15/05 -- 584,890
4,500,000 NYS Medcare (Hospital & Nursing Home) 5.750 08/15/19 (s) 08/15/04 (b) 4,578,435
385,000 NYS Medcare (Hospital & Nursing Home) 5.950 08/15/09 08/15/02 (b) 400,908
10,000 NYS Medcare (Hospital & Nursing Home) 6.100 08/15/13 (s) 08/15/02 (b) 10,728
745,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/14 (s) 02/15/04 (b) 801,128
2,935,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/14 (s) 02/15/06 (b) 3,066,077
25,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/15 (s) 02/15/06 (b) 26,479
25,000 NYS Medcare (Hospital & Nursing Home) 6.150 02/15/02 08/15/99 (b) 26,205
25,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/22 08/15/02 (b) 26,192
100,000 NYS Medcare (Hospital & Nursing Home) 6.250 02/15/15 08/15/05 (b) 107,310
2,530,000 NYS Medcare (Hospital & Nursing Home) 6.400 08/15/14 08/15/04 (b) 2,707,910
75,000 NYS Medcare (Hospital & Nursing Home) 6.400 11/01/14 (s) 05/01/02 (b) 79,757
3,210,000 NYS Medcare (Hospital & Nursing Home) 6.500 08/15/12 (s) 08/15/02 (a) 3,470,941
570,000 NYS Medcare (Hospital & Nursing Home) 6.500 08/15/12 (s) 08/15/02 (b) 608,030
25,000 NYS Medcare (Hospital & Nursing Home) 6.550 08/15/12 08/15/02 (b) 26,742
2,615,000 NYS Medcare (Hospital & Nursing Home) 6.875 02/15/32 02/15/02 (b) 2,791,643
115,000 NYS Medcare (Hospital & Nursing Home) (i) 7.100 11/01/00 -- 117,598
25,000 NYS Medcare (Hospital & Nursing Home) 7.200 11/01/00 11/01/99 (b) 25,572
685,000 NYS Medcare (Hospital & Nursing Home) 7.200 11/01/01 11/01/99 (b) 700,529
85,000 NYS Medcare (Hospital & Nursing Home) 7.250 11/01/02 11/01/99 (b) 86,930
395,000 NYS Medcare (Hospital & Nursing Home) 7.250 11/01/03 11/01/99 (b) 403,970
105,000 NYS Medcare (Hospital & Nursing Home) 7.300 08/15/11 08/15/01 (b) 111,116
250,000 NYS Medcare (Hospital & Nursing Home) 7.350 02/15/29 08/15/99 (b) 256,023
19 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 95,000 NYS Medcare (Hospital & Nursing Home) 7.350 % 02/15/29 08/15/99 (b) $ 97,301
55,000 NYS Medcare (Hospital & Nursing Home) 7.350 02/15/29 (s) 08/15/99 (b) 56,362
730,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/16 (s) 11/01/99 (b) 746,819
8,085,000 NYS Medcare (Hospital & Nursing Home) 7.450 08/15/31 08/15/01 (b) 8,628,797
3,750,000 NYS Medcare (Hospital & Nursing Home) 8.000 02/15/27 08/15/99 (b) 3,766,425
40,000 NYS Medcare (Hospital & Nursing Home) 8.000 02/15/28 02/15/00 (b) 40,936
305,000 NYS Medcare (Hospital & Nursing Home) (i) 8.625 02/15/06 08/15/99 (b) 306,144
825,000 NYS Medcare (Hospital & Nursing Home) (i) 9.000 02/15/26 08/15/99 (b) 851,483
605,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/16 (s) 11/01/99 (b) 631,983
2,435,000 NYS Medcare (Hospital & Nursing Home) (i) 10.000 11/01/06 (s) 11/01/99 (b) 2,597,415
5,000 NYS Medcare (Hospital Insured Mortgage) 7.100 02/15/00 -- 5,111
1,915,000 NYS Medcare (Huntington Hospital) 6.500 11/01/14 (s) 11/01/04 (b) 2,037,426
235,000 NYS Medcare (Long Term Health Care) 7.300 11/01/05 (s) 11/01/99 (b) 242,572
15,000 NYS Medcare (Mental Health) 0.000 08/15/01 -- 13,456
5,000 NYS Medcare (Mental Health) 0.000 08/15/01 -- 4,519
5,000 NYS Medcare (Mental Health) 0.000 02/15/03 08/15/99 (b) 4,031
5,000 NYS Medcare (Mental Health) 0.000 08/15/03 08/15/99 (b) 3,886
75,000 NYS Medcare (Mental Health) 5.550 08/15/01 08/15/99 (b) 75,074
10,000 NYS Medcare (Mental Health) 5.700 02/15/03 08/15/99 (b) 10,009
50,000 NYS Medcare (Mental Health) 6.000 02/15/11 (s) 08/15/99 (b) 50,156
35,000 NYS Medcare (Mental Health) 6.000 02/15/11 (s) 08/15/99 (b) 35,060
5,000 NYS Medcare (Mental Health) 6.100 08/15/13 (s) 08/15/02 (b) 5,312
120,000 NYS Medcare (Mental Health) 6.375 08/15/14 (s) 08/15/04 (a) 132,478
5,000 NYS Medcare (Mental Health) 6.375 08/15/14 (s) 08/15/04 (a) 5,388
70,000 NYS Medcare (Mental Health) 6.375 08/15/14 (s) 08/15/04 (b) 75,100
4,005,000 NYS Medcare (Mental Health) 6.375 08/15/14 (s) 08/15/04 (b) 4,421,440
85,000 NYS Medcare (Mental Health) 6.500 08/15/24 (s) 08/15/04 (a) 94,320
5,000 NYS Medcare (Mental Health) 6.500 08/15/24 (s) 08/15/04 (a) 5,469
85,000 NYS Medcare (Mental Health) 6.850 08/15/00 -- 87,948
45,000 NYS Medcare (Mental Health) 7.000 02/15/01 -- 46,891
5,000 NYS Medcare (Mental Health) 7.100 02/15/02 08/15/99 (b) 5,122
10,000 NYS Medcare (Mental Health) 7.100 02/15/02 08/15/99 (b) 10,238
50,000 NYS Medcare (Mental Health) 7.200 08/15/00 -- 51,909
10,000 NYS Medcare (Mental Health) 7.200 02/15/04 08/15/99 (b) 10,240
5,000 NYS Medcare (Mental Health) 7.300 08/15/10 (s) 08/15/99 (b) 5,120
50,000 NYS Medcare (Mental Health) 7.300 02/15/21 (s) 08/15/01 (b) 53,647
985,000 NYS Medcare (Mental Health) 7.375 02/15/14 (s) 08/15/99 (g) 1,008,581
45,000 NYS Medcare (Mental Health) 7.400 08/15/00 -- 46,815
10,000 NYS Medcare (Mental Health) 7.400 02/15/02 02/15/00 (b) 10,438
15,000 NYS Medcare (Mental Health) 7.400 02/15/02 02/15/00 (b) 15,554
5,000 NYS Medcare (Mental Health) 7.400 02/15/03 08/15/01 (b) 5,385
10,000 NYS Medcare (Mental Health) 7.500 08/15/07 (s) 02/15/01 (b) 10,656
125,000 NYS Medcare (Mental Health) (i) 7.500 02/15/10 08/15/99 (b) 127,880
145,000 NYS Medcare (Mental Health) 7.625 02/15/07 08/15/01 (b) 156,804
10,000 NYS Medcare (Mental Health) 7.625 08/15/07 08/15/01 (b) 10,814
100,000 NYS Medcare (Mental Health) 7.625 02/15/08 (s) 08/15/99 (b) 101,301
1,320,000 NYS Medcare (Mental Health) 7.700 02/15/18 (s) 08/15/99 (b) 1,336,988
25,000 NYS Medcare (Mental Health) 7.750 08/15/10 (s) 02/15/00 (b) 26,091
20 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 190,000 NYS Medcare (Mental Health) 7.800 % 02/15/19 (s) 08/15/99 (b) $ 194,389
155,000 NYS Medcare (Mental Health) 7.875 08/15/15 (s) 08/15/99 (b) 158,550
250,000 NYS Medcare (Mental Health) 7.875 08/15/15 (s) 08/15/99 (b) 255,803
6,045,000 NYS Medcare (Mental Health) 7.875 08/15/20 (s) 08/15/00 (b) 6,400,748
35,000 NYS Medcare (Mental Health) 8.250 08/15/99 -- 35,204
2,530,000 NYS Medcare (Mental Health) 8.875 08/15/07 (s) 08/15/99 (b) 2,545,458
85,000 NYS Medcare (Montefiore Medical Center) 5.700 02/15/12 02/15/07 (b) 88,232
30,000 NYS Medcare (North Shore University Hospital) 7.125 11/01/08 (s) 11/01/00 (a) 31,908
20,000 NYS Medcare (North Shore University Hospital) 7.125 11/01/08 (s) 11/01/00 (b) 21,208
3,000,000 NYS Medcare (NY & Presbyterian Hospital) 5.375 02/15/25 04/22/14 (c) 2,962,800
100,000 NYS Medcare (Our Lady of Mercy Medical Center) 6.250 08/15/15 (s) 02/15/05 (b) 107,469
250,000 NYS Medcare (Our Lady of Victory Hospital) 7.000 11/01/04 (s) 11/01/99 (b) 257,808
165,000 NYS Medcare (Saranac Lake General Hospital) 7.875 11/01/10 (s) 10/01/00 (g) 176,202
165,000 NYS Medcare (St. Francis Hospital) 7.600 11/01/08 (s) 11/01/99 (b) 168,830
545,000 NYS Medcare (St. Francis Hospital) 7.625 11/01/21 (s) 11/01/99 (b) 557,579
85,000 NYS Medcare (St. Luke's Hospital) 5.600 08/15/13 (s) 12/12/04 (g) 87,166
500,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/18 08/15/05 (b) 509,025
70,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/18 (s) 12/12/04 (g) 70,499
110,000 NYS Medcare (St. Luke's Hospital) 7.375 02/15/19 (s) 02/15/00 (b) 113,687
440,000 NYS Medcare (St. Luke's Hospital) 7.400 02/15/09 02/15/00 (b) 458,652
355,000 NYS Medcare (St. Luke's Hospital) 7.500 11/01/11 (s) 11/01/99 (b) 366,378
530,000 NYS Thruway Authority 0.000 01/01/01 -- 496,955
250,000 NYS Thruway Authority 0.000 01/01/05 -- 191,845
385,000 NYS Thruway Authority 0.000 01/01/06 -- 279,780
50,000 NYS Thruway Authority 5.500 04/01/15 (s) 04/01/07 (b) 50,672
45,000 NYS Thruway Authority 5.750 04/01/16 (s) 04/01/08 (b) 46,543
500,000 NYS Thruway Authority 6.000 04/01/11 04/01/07 (b) 535,985
3,000,000 NYS Thruway Authority 6.000 04/01/12 04/01/07 (b) 3,208,740
10,000 NYS UDC (Correctional Facilities) 0.000 01/01/00 -- 9,822
25,000 NYS UDC (Correctional Facilities) 0.000 01/01/03 -- 21,362
30,000 NYS UDC (Correctional Facilities) 0.000 01/01/07 -- 20,651
1,375,000 NYS UDC (Correctional Facilities) 5.250 01/01/13 07/26/11 (c) 1,352,175
5,450,000 NYS UDC (Correctional Facilities) 5.500 01/01/15 (s) 01/01/05 (b) 5,453,815
20,105,000 NYS UDC (Correctional Facilities) 5.500 01/01/15 (s) 01/01/05 (b) 20,119,074
10,000,000 NYS UDC (Correctional Facilities) 5.500 01/01/16 01/01/06 (b) 10,051,500
1,025,000 NYS UDC (Correctional Facilities) 5.700 01/01/16 (s) 01/01/09 (b) 1,048,001
70,000 NYS UDC (Correctional Facilities) 5.700 01/01/27 01/01/09 (b) 70,536
90,000 NYS UDC (Correctional Facilities) 5.750 01/01/13 (s) 01/01/05 (b) 93,103
85,000 NYS UDC (Correctional Facilities) 5.750 01/01/13 (s) 01/01/05 (b) 86,541
35,000 NYS UDC (South Mall) 0.000 01/01/03 -- 29,805
50,000 NYS UDC (South Mall) 0.000 01/01/05 06/24/04 (c) 37,892
130,000 NYS UDC (South Mall) 0.000 01/01/05 -- 97,327
595,000 NYS UDC (South Mall) 0.000 01/01/11 04/08/08 (c) 296,060
495,000 NYS UDC (South Mall) 0.000 01/01/11 04/08/08 (c) 253,787
10,000,000 NYS UDC (Sub Lien) 5.500 07/01/16 (s) 07/01/08 (b) 10,067,000
90,000 Oneida Healthcare Corp. 7.100 08/01/11 08/01/01 (b) 95,226
1,150,000 Oneida-Herkimer SWMA 6.600 04/01/04 -- 1,228,879
3,045,000 Oneida-Herkimer SWMA 6.750 04/01/14 (s) 04/01/03 (a) 3,338,721
21 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 155,000 Oneida-Herkimer SWMA 6.750 % 04/01/14 (s) 04/01/03 (b) $ 163,838
70,000 Onondaga County IDA (Coltec) 7.250 06/01/08 (s) 12/01/99 (b) 71,715
510,000 Onondaga County IDA (LeMoyne College) 5.500 03/01/14 04/08/12 (c) 501,896
110,000 Onondaga County IDA (Sysco Foods) 7.750 04/01/03 04/01/00 (b) 111,207
5,000,000 Onondaga County Res Rec 6.625 05/01/00 -- 5,052,400
8,405,000 Onondaga County Res Rec 6.875 05/01/06 (s) 03/11/02 (g) 8,787,680
7,785,000 Onondaga County Res Rec 7.000 05/01/15 (s) 05/01/02 (b) 8,214,810
130,000 Orange County IDA (Glen Arden) 5.400 01/01/08 -- 127,821
1,280,000 Orange County IDA (Kingston Manufacturing) (i) 7.250 11/01/03 10/28/01 (c) 1,300,800
40,000 Orange County IDA (Mental Health) 6.000 05/01/08 -- 42,139
10,000 Orange County IDA (Mental Health) 6.125 05/01/16 (s) 05/01/06 (b) 10,725
575,000 Oswego County IDA (SLRHF) 5.150 02/01/13 03/22/09 (c) 564,782
1,805,000 Oswego County Res Rec 6.500 06/01/04 05/23/03 (c) 1,889,763
1,750,000 Otsego County IDA (AOFMH) 5.350 10/01/17 08/23/14 (c) 1,731,170
50,000 Philadelphia, NY GO 7.500 12/15/09 -- 59,925
15,000 Port Authority NY/NJ 5.000 02/01/03 (s) 08/01/99 (b) 15,007
75,000 Port Authority NY/NJ (Delta Airlines) 6.950 06/01/08 06/01/02 (b) 80,074
1,000,000 Port Authority NY/NJ (KIAC) 6.750 10/01/11 10/01/06 (b) 1,092,790
275,000 Port Authority NY/NJ (KIAC) 6.750 10/01/19 (s) 10/01/06 (b) 299,998
11,000,000 Port Authority NY/NJ (KIAC) 7.000 10/01/07 05/02/05 (c) 11,991,650
15,000 Port Authority NY/NJ, 100th Series 5.750 12/15/15 06/15/05 (b) 15,610
2,720,000 Port Authority NY/NJ, 52nd Series 9.000 11/01/14 (s) 11/01/99 (b) 2,766,784
230,000 Port Authority NY/NJ, 67th Series 6.875 01/01/25 01/01/00 (b) 235,844
500,000 Port Authority NY/NJ, 67th Series 6.900 07/01/08 01/01/00 (b) 513,550
100,000 Port Authority NY/NJ, 67th Series 6.875 01/01/25 (s) 01/01/00 (b) 102,567
25,000 Port Authority NY/NJ, 68th Series 7.250 08/15/09 02/15/00 (b) 25,778
15,000 Port Authority NY/NJ, 68th Series 7.250 08/15/11 02/15/00 (b) 15,472
505,000 Port Authority NY/NJ, 68th Series 7.250 02/15/25 02/15/00 (b) 517,564
85,000 Port Authority NY/NJ, 68th Series 7.250 02/15/25 (s) 02/15/00 (b) 87,464
6,100,000 Port Authority NY/NJ, 69th Series 7.125 06/01/25 (s) 06/01/00 (b) 6,338,327
605,000 Port Authority NY/NJ, 70th Series 7.250 08/01/25 (s) 08/01/00 (b) 626,574
20,000 Port Authority NY/NJ, 70th Series 7.250 08/01/25 (s) 08/01/00 (b) 20,825
50,000 Port Authority NY/NJ, 71st Series 6.500 01/15/26 (s) 01/15/01 (b) 52,283
50,000 Port Authority NY/NJ, 73rd Series 6.750 04/15/26 (s) 04/15/01 (b) 52,158
100,000 Port Authority NY/NJ, 73rd Series 6.750 04/15/26 (s) 04/15/01 (b) 104,806
30,000 Port Authority NY/NJ, 83rd Series 6.375 10/15/17 (s) 10/15/02 (b) 31,993
10,000 Port Authority NY/NJ, 95th Series 6.000 07/15/15 07/15/04 (b) 10,493
10,000 Port Authority NY/NJ, 97th Series 6.500 07/15/19 01/15/05 (b) 10,766
1,200,000 Port Jervis IDA (Franciscan Health Partnership) 5.500 11/01/16 08/12/13 (c) 1,148,232
1,275,000 Putnam County IDA (Brewster Plastics) 7.375 12/01/08 12/27/04 (c) 1,336,901
120,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/11 (s) 09/23/02 (g) 130,009
1,440,000 Rensselaer Municipal Leasing Corp. 6.250 06/01/04 12/28/02 (c) 1,503,922
60,000 Rensselaer Municipal Leasing Corp. 6.900 06/01/24 06/01/04 (b) 64,898
15,000 Riverhead HDC (i) 8.250 08/01/10 (s) 08/01/99 (b) 15,649
2,740,000 Rochester Hsg. Authority (Crossroads Apartments) 7.300 07/01/05 12/16/02 (c) 2,950,158
745,000 Rochester Hsg. Authority (Stonewood Village) 5.900 09/01/09 03/17/05 (c) 763,282
490,000 Rockland County IDA (Dominican College) 7.000 03/01/03 10/04/01 (c) 515,333
335,000 Rockland Gardens Hsg. Corp. (i) 10.500 05/01/11 11/01/99 (b) 353,760
22 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 50,000 Rome GO 6.900 % 12/15/07 12/15/03 (b) $ 54,365
225,000 Roxbury CSD GO 6.400 06/15/10 06/15/05 (b) 240,293
235,000 Roxbury CSD GO 6.400 06/15/11 06/15/05 (b) 250,973
130,000 Saratoga County IDA (ARC) 7.250 03/01/01 08/30/00 (c) 131,777
360,000 Saratoga County IDA (City Center) 10.000 10/01/08 (s) 10/01/99 (b) 364,529
1,945,000 Saratoga County IDA (Saratoga Sheraton) 6.750 12/31/07 08/14/03 (c) 2,034,100
50,000 Schodack IDA (Hamilton Printing) 7.600 07/01/00 -- 50,215
60,000 Schodack IDA (Hamilton Printing) (i) 7.625 07/01/01 -- 63,024
120,000 Schuyler County IDA (Cargill) 7.900 04/01/07 -- 122,747
200,000 SONYMA, Series 10-A 8.000 10/01/08 (s) 04/01/00 (b) 202,312
60,000 SONYMA, Series 10-B 6.500 10/01/02 (s) 10/01/99 (b) 60,089
15,000 SONYMA, Series 11 6.875 04/01/16 (s) 10/01/99 (b) 15,041
60,000 SONYMA, Series 12 0.000 10/01/99 -- 59,153
100,000 SONYMA, Series 12 0.000 10/01/00 10/01/99 (b) 91,479
30,000 SONYMA, Series 12 0.000 10/01/01 10/01/99 (b) 25,416
40,000 SONYMA, Series 12 0.000 04/01/03 10/01/99 (b) 30,147
540,000 SONYMA, Series 12 7.300 10/01/12 (s) 10/01/99 (b) 541,550
135,000 SONYMA, Series 2 0.000 10/01/14 (s) 04/01/00 (b) 31,131
30,000 SONYMA, Series 2 0.000 10/01/14 (s) 04/01/01 (b) 7,049
30,000 SONYMA, Series 27 5.650 04/01/15 (s) 10/01/05 (b) 30,470
100,000 SONYMA, Series 27 6.900 04/01/15 (s) 04/01/02 (b) 108,044
100,000 SONYMA, Series 29-A 5.250 04/01/15 01/28/12 (c) 99,567
25,000 SONYMA, Series 29-B 6.450 04/01/15 (s) 03/01/03 (b) 26,470
470,000 SONYMA, Series 30-B 6.000 04/01/19 (s) 03/01/05 (b) 477,863
165,000 SONYMA, Series 30-C 5.850 10/01/25 (s) 10/01/05 (b) 168,442
10,000 SONYMA, Series 34 5.550 09/30/25 04/10/25 (c) 9,972
55,000 SONYMA, Series 36-A 5.700 04/01/23 (s) 04/01/06 (b) 56,469
265,000 SONYMA, Series 36-A 6.125 10/01/20 (s) 06/06/06 (b) 271,638
100,000 SONYMA, Series 39 5.750 10/01/10 (s) 04/01/06 (b) 102,917
55,000 SONYMA, Series 39 6.000 10/01/17 (s) 04/01/06 (b) 57,157
1,550,000 SONYMA, Series 40-A 6.350 04/01/21 (s) 06/01/06 (b) 1,607,118
175,000 SONYMA, Series 40-A 6.700 04/01/25 (s) 06/01/04 (b) 186,926
140,000 SONYMA, Series 40-B 5.800 10/01/23 08/01/06 (b) 142,841
30,000 SONYMA, Series 41-A 6.450 10/01/14 (s) 06/01/04 (b) 32,291
50,000 SONYMA, Series 41-B 6.250 10/01/14 (s) 08/01/04 (b) 53,203
20,000 SONYMA, Series 42 6.000 10/01/23 (s) 09/01/06 (b) 20,494
80,000 SONYMA, Series 42 6.400 10/01/20 (s) 09/01/04 (b) 82,595
50,000 SONYMA, Series 43 6.100 04/01/09 09/01/06 (b) 51,547
25,000 SONYMA, Series 43 6.100 10/01/09 09/01/06 (b) 25,774
690,000 SONYMA, Series 43 6.450 10/01/17 (s) 09/01/04 (b) 740,480
125,000 SONYMA, Series 44 6.900 04/01/06 11/01/04 (b) 132,628
50,000 SONYMA, Series 44 7.000 10/01/07 11/01/04 (b) 52,912
125,000 SONYMA, Series 46 6.500 04/01/13 (s) 03/28/05 (b) 133,990
65,000 SONYMA, Series 47 6.375 10/01/17 (s) 03/28/07 (b) 69,679
50,000 SONYMA, Series 48 6.000 04/01/13 06/29/07 (b) 52,424
20,000 SONYMA, Series 48 6.000 04/01/13 (s) 06/29/05 (b) 21,143
1,770,000 SONYMA, Series 48 6.050 04/01/17 (s) 06/29/07 (b) 1,849,756
25,000 SONYMA, Series 48 6.100 04/01/25 (s) 06/29/05 (b) 26,357
23 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 510,000 SONYMA, Series 50 6.250 % 04/01/10 09/13/07 (b) $ 535,959
45,000 SONYMA, Series 51 6.400 10/01/17 (s) 09/13/05 (b) 48,038
50,000 SONYMA, Series 53 5.750 10/01/11 (s) 01/04/08 (b) 52,221
290,000 SONYMA, Series 54 6.100 10/01/15 (s) 03/05/08 (g) 305,016
120,000 SONYMA, Series 56 5.875 10/01/19 (s) 07/01/08 (b) 123,505
100,000 SONYMA, Series 56 6.500 10/01/26 (s) 07/01/06 (b) 106,660
100,000 SONYMA, Series 6 9.375 04/01/10 10/01/99 (b) 102,033
12,825,000 SONYMA, Series 60 6.050 04/01/26 01/01/07 (b) 13,389,813
1,000,000 SONYMA, Series 61 5.800 10/01/17 01/01/09 (b) 1,033,180
200,000 SONYMA, Series 63 6.000 04/01/17 (s) 04/01/09 (b) 208,986
75,000 SONYMA, Series 66 5.600 10/01/17 (s) 07/01/09 (b) 76,032
1,000,000 SONYMA, Series 67 5.600 10/01/14 (s) 09/01/09 (b) 1,019,330
540,000 SONYMA, Series 67 5.700 10/01/17 (s) 09/01/09 (b) 548,278
4,000,000 SONYMA, Series 67 5.800 10/01/28 (s) 09/01/09 (b) 4,187,360
90,000 SONYMA, Series 7 (i) 9.250 10/01/14 (s) 04/01/00 (b) 90,599
45,000 SONYMA, Series 8-A 0.000 10/01/99 -- 44,318
250,000 SONYMA, Series 8-A 0.000 04/01/00 10/01/99 (b) 238,058
30,000 SONYMA, Series 8-A 0.000 10/01/00 10/01/99 (b) 27,628
85,000 SONYMA, Series 8-A 0.000 04/01/01 10/01/99 (b) 75,576
70,000 SONYMA, Series 8-A 0.000 10/01/01 10/01/99 (b) 60,164
85,000 SONYMA, Series 8-A 0.000 04/01/02 10/01/99 (b) 70,613
70,000 SONYMA, Series 8-A 0.000 10/01/02 10/01/99 (b) 56,213
395,000 SONYMA, Series 8-A (i) 6.875 04/01/17 (s) 10/01/99 (b) 399,839
90,000 SONYMA, Series 8-A 6.875 04/01/17 (s) 10/01/00 (b) 90,177
120,000 SONYMA, Series 8-A 6.875 04/01/17 (s) 10/01/00 (b) 120,258
150,000 SONYMA, Series 8-E (i) 8.100 10/01/17 (s) 04/01/00 (b) 150,375
10,000 SONYMA, Series EE-2 7.050 10/01/00 04/05/00 (c) 10,226
85,000 SONYMA, Series EE-2 7.450 10/01/10 (s) 09/14/99 (g) 87,004
1,100,000 SONYMA, Series EE-2 7.500 04/01/16 (s) 09/14/99 (b) 1,126,048
95,000 SONYMA, Series EE-3 7.125 10/01/00 04/05/00 (c) 96,695
50,000 SONYMA, Series EE-3 7.650 04/01/16 (s) 10/01/00 (b) 51,799
50,000 SONYMA, Series EE-3 7.750 04/01/16 (s) 04/01/00 (b) 51,820
75,000 SONYMA, Series EE-4 7.050 10/01/00 04/06/00 (c) 76,199
100,000 SONYMA, Series EE-4 7.750 10/01/10 (s) 09/20/00 (g) 103,976
115,000 SONYMA, Series EE-4 7.800 10/01/13 (s) 10/01/00 (b) 119,640
70,000 SONYMA, Series HH-2 7.700 10/01/09 (s) 09/14/99 (g) 71,573
5,165,000 SONYMA, Series HH-2 7.750 04/01/22 09/14/99 (b) 5,282,762
45,000 SONYMA, Series HH-2 7.850 04/01/22 (s) 09/14/99 (b) 46,103
325,000 SONYMA, Series II 0.000 04/01/05 04/01/00 (b) 214,945
45,000 SONYMA, Series II 0.000 10/01/05 04/01/00 (b) 28,631
35,000 SONYMA, Series II 0.000 04/01/06 04/01/02 (b) 21,421
40,000 SONYMA, Series II 0.000 10/01/06 04/01/00 (b) 23,550
90,000 SONYMA, Series II 0.000 04/01/07 04/01/00 (b) 50,783
120,000 SONYMA, Series II 0.000 10/01/07 04/01/00 (b) 65,123
200,000 SONYMA, Series II 0.000 04/01/08 10/01/99 (b) 104,380
780,000 SONYMA, Series II 0.000 10/01/08 04/01/00 (b) 391,521
55,000 SONYMA, Series II 0.000 04/01/09 04/01/00 (b) 26,550
90,000 SONYMA, Series JJ 0.000 04/01/00 -- 87,595
24 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 10,000 SONYMA, Series JJ 0.000 % 10/01/00 -- $ 9,500
255,000 SONYMA, Series JJ 0.000 04/01/01 -- 233,442
95,000 SONYMA, Series JJ 0.000 10/01/01 -- 83,878
175,000 SONYMA, Series JJ 0.000 04/01/02 -- 148,824
40,000 SONYMA, Series JJ 0.000 10/01/02 -- 32,802
240,000 SONYMA, Series JJ 0.000 04/01/03 10/01/99 (b) 189,422
130,000 SONYMA, Series JJ 0.000 10/01/03 10/01/99 (b) 98,916
30,000 SONYMA, Series JJ 0.000 04/01/04 10/01/99 (b) 21,955
10,000 SONYMA, Series JJ 0.000 10/01/04 10/01/99 (b) 7,054
210,000 SONYMA, Series JJ 0.000 04/01/05 10/01/99 (b) 142,760
185,000 SONYMA, Series JJ 0.000 10/01/05 10/01/99 (b) 121,219
90,000 SONYMA, Series JJ 0.000 04/01/06 10/01/99 (b) 56,652
425,000 SONYMA, Series JJ 0.000 10/01/06 10/01/99 (b) 257,125
200,000 SONYMA, Series JJ 0.000 04/01/07 10/01/99 (b) 116,886
125,000 SONYMA, Series JJ 0.000 10/01/07 10/01/99 (b) 70,396
150,000 SONYMA, Series JJ 0.000 10/01/08 10/01/99 (b) 78,429
900,000 SONYMA, Series JJ 7.500 10/01/17 (s) 10/01/99 (b) 923,607
5,000 SONYMA, Series KK 7.050 10/01/99 -- 5,023
60,000 SONYMA, Series KK 7.800 10/01/20 (s) 10/01/99 (b) 61,463
35,000 SONYMA, Series MM-1 7.500 04/01/13 (s) 02/04/01 (b) 35,322
5,000 SONYMA, Series MM-1 7.600 10/01/02 02/04/01 (b) 5,193
60,000 SONYMA, Series MM-1 7.650 10/01/03 02/04/01 (b) 62,228
100,000 SONYMA, Series MM-1 7.700 10/01/04 02/04/01 (b) 103,499
50,000 SONYMA, Series MM-1 7.750 04/01/05 02/04/01 (b) 51,683
10,000 SONYMA, Series MM-2 7.550 04/01/02 10/01/00 (b) 10,342
10,000 SONYMA, Series MM-2 7.700 10/01/05 10/01/00 (b) 10,307
25,000 SONYMA, Series NN 7.100 04/01/02 01/01/00 (b) 25,662
20,000 SONYMA, Series NN 7.150 10/01/03 01/01/00 (b) 20,518
50,000 SONYMA, Series NN 7.450 10/01/10 (s) 01/01/00 (b) 51,498
15,000 SONYMA, Series QQ 7.600 10/01/12 04/01/00 (b) 15,453
1,905,000 SONYMA, Series QQ 7.700 10/01/12 04/01/00 (b) 1,963,826
50,000 SONYMA, Series RR 7.600 10/01/10 (s) 10/01/00 (b) 52,176
25,000 SONYMA, Series RR 7.700 10/01/10 (s) 10/01/00 (b) 26,010
25,000 SONYMA, Series TT 6.850 10/01/01 -- 25,728
20,000 SONYMA, Series TT 6.950 04/01/02 -- 20,682
125,000 SONYMA, Series TT 7.150 04/01/04 04/01/01 (b) 129,534
25,000 SONYMA, Series TT 7.200 10/01/05 04/01/01 (b) 25,860
25,000 SONYMA, Series UU 6.850 10/01/99 -- 25,096
75,000 SONYMA, Series UU 6.950 04/01/00 -- 75,785
14,270,000 SONYMA, Series UU 7.650 10/01/23 04/01/01 (b) 14,872,765
1,575,000 SONYMA, Series UU 7.750 10/01/23 (s) 04/01/01 (b) 1,640,142
40,000 SONYMA, Series VV 6.600 04/01/00 -- 40,468
25,000 SONYMA, Series VV 6.800 10/01/02 -- 26,052
60,000 SONYMA, Series VV 6.900 04/01/03 -- 62,738
50,000 SONYMA, Series VV 7.000 04/01/04 10/01/01 (b) 52,140
100,000 SONYMA, Series VV 7.000 10/01/04 10/01/01 (b) 104,376
645,000 SONYMA, Series VV 7.250 10/01/07 (s) 10/01/01 (b) 677,005
13,420,200 SONYMA, Series VV 7.375 10/01/11 (s) 10/01/01 (b) 14,132,678
25 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 120,000 Springville HDC (Springbrook) 5.950 % 01/01/10 09/20/05 (c) $ 124,458
1,000,000 St. Casimer's EHC 7.375 09/01/10 (s) 09/01/99 (b) 1,027,000
1,115,000 St. Lawrence IDA (PACES) 5.875 06/30/07 04/16/04 (c) 1,090,292
25,000 Suffolk County GO 7.300 06/15/01 12/15/99 (b) 25,675
1,430,000 Suffolk County IDA (ACLDD) 5.750 03/01/06 04/29/03 (c) 1,418,060
240,000 Suffolk County IDA (Dowling College) 6.500 12/01/06 -- 245,933
2,385,000 Suffolk County IDA (Huntington First Aid Squad) 6.025 11/01/08 10/25/04 (c) 2,372,121
1,035,000 Suffolk County IDA (Huntington Res Rec) (w) 5.150 10/01/99 -- 1,039,482
6,395,000 Suffolk County IDA (Huntington Res Rec) (w) 5.150 10/01/00 -- 6,506,657
6,875,000 Suffolk County IDA (Huntington Res Rec) (w) 5.350 10/01/01 -- 7,036,081
7,390,000 Suffolk County IDA (Huntington Res Rec) (w) 5.450 10/01/02 -- 7,612,956
7,945,000 Suffolk County IDA (Huntington Res Rec) (w) 5.500 10/01/03 -- 8,216,163
290,000 Suffolk County IDA (Mattituck-Laurel Library) 6.000 09/01/19 09/01/10 (b) 298,361
50,000 Suffolk County IDA (OBPWC) 7.000 11/01/02 07/14/01 (c) 50,229
210,000 Suffolk County IDA (Printing Assoc.) (i) 7.225 (v) 12/01/00 01/01/00 (f) 210,000
1,090,000 Suffolk County IDA (Rimland Facilities) (i) 6.000 (v) 12/01/04 12/01/99 (f) 1,090,000
40,000 Suffolk County Water Authority 5.625 06/01/16 (s) 06/01/04 (b) 40,580
2,315,000 Sunnybrook EHC (i) 11.250 12/01/14 (s) 04/01/00 (b) 2,430,171
3,120,000 Syracuse COP (Hancock International Airport) 6.500 01/01/17 (s) 01/01/02 (b) 3,301,771
3,650,000 Syracuse COP (Hancock International Airport) 6.625 01/01/12 (s) 01/01/02 (b) 3,872,395
285,000 Syracuse IDA (Rockwest Center I) (i) 7.250 06/01/03 01/03/02 (c) 290,415
930,000 Syracuse IDA (Rockwest Center II) (i) 7.000 12/01/05 03/25/03 (c) 899,775
550,000 Syracuse IDA (St. Joseph's Hospital) 7.250 06/01/01 06/19/00 (a) 571,797
195,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/15 (s) 06/01/05 (b) 205,228
295,000 Tompkins Healthcare Corp. 10.800 02/01/28 08/01/05 (b) 370,054
3,755,000 Tonawanda HDC (Tonawanda Towers) 6.150 10/01/11 (s) 02/17/06 (g) 3,911,095
50,000 Tonawanda SCHC (Westchester Park Apartments) 7.875 02/01/11 (s) 08/01/99 (b) 51,712
85,000 Triborough Bridge & Tunnel Authority 6.000 01/01/13 (s) 01/01/00 (b) 85,887
20,000 Triborough Bridge & Tunnel Authority 6.000 01/01/19 01/01/01 (b) 20,494
525,000 Triborough Bridge & Tunnel Authority 6.625 01/01/17 (s) 01/01/01 (b) 552,862
13,050,000 Triborough Bridge & Tunnel Authority 6.875 01/01/15 (s) 01/01/01 (b) 13,779,756
290,000 Triborough Bridge & Tunnel Authority 6.875 01/01/15 (s) 01/01/01 (b) 306,217
75,000 Tupper Lake HDC 8.125 10/01/10 03/15/02 (b) 75,300
1,830,000 Ulster County IDA (Benedictine Hospital) 6.050 06/01/05 02/08/03 (c) 1,825,370
725,000 Union Hsg. Authority (Methodist Homes) 6.800 11/01/04 07/15/02 (c) 755,037
6,065,000 United Nations Devel. Corp., Series B 5.400 07/01/14 07/13/13 (c) 6,024,971
3,340,000 United Nations Devel. Corp., Series B 5.500 07/01/17 07/01/00 (b) 3,348,450
3,460,000 United Nations Devel. Corp., Series B 5.600 07/01/26 07/01/00 (b) 3,464,463
6,070,000 United Nations Devel. Corp., Series C 5.500 07/01/17 (s) 07/01/00 (b) 6,087,421
2,700,000 United Nations Devel. Corp., Series C 5.600 07/01/26 (s) 07/01/00 (b) 2,703,483
500,000 Utica IDA (Utica College) 5.300 08/01/08 02/07/04 (c) 491,425
5,000 Utica SCHC (Brook Apartments) 0.000 07/01/99 -- 4,999
40,000 Utica SCHC (Brook Apartments) 0.000 01/01/02 -- 31,606
60,000 Utica SCHC (Brook Apartments) 0.000 01/01/05 07/01/00 (b) 35,469
100,000 Utica SCHC (Steinhorst Apartments) 6.500 04/15/08 (s) 10/05/04 (g) 109,363
10,000 Valley Health Devel. Corp. 7.850 02/01/02 02/17/00 (c) 10,378
10,000 Valley Health Devel. Corp. 7.850 08/01/35 (s) 08/01/01 (b) 10,792
95,000 Valley Health Devel. Corp. 11.300 02/01/07 08/01/00 (b) 109,358
26 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 940,000 Valley Health Devel. Corp. 11.300 % 02/01/23 (s) 12/15/00 (b) $ 1,079,834
95,000 Watervliet EHC 8.000 11/15/00 11/15/99 (b) 96,294
95,000 Watervliet EHC 8.000 11/15/01 11/15/99 (b) 96,294
100,000 Watervliet EHC 8.000 11/15/02 11/15/99 (b) 101,362
410,000 Westchester County IDA (Beth Abraham Hospital) 7.250 12/01/09 11/05/04 (c) 435,215
1,000,000 Westchester County IDA (JBFS) 6.500 12/15/02 07/14/01 (c) 1,033,390
450,000 Westchester County IDA (JDAM) 6.250 04/01/05 12/04/02 (c) 467,168
1,000,000 Westchester County IDA (JDAM) 6.750 04/01/16 (s) 04/01/06 (b) 1,048,010
150,000 Westchester County IDA (Westchester Airport) 5.950 08/01/24 (s) 08/01/01 (b) 150,953
2,650,000 Westchester County IDA (WRC) 5.500 07/01/09 -- 2,645,972
1,675,000 Yonkers IDA (Hudson Scenic Studio) 5.875 11/01/07 05/22/04 (c) 1,659,992
1,000,000 Yonkers IDA (St. Joseph's Hospital), Series 98-B 5.900 03/01/08 03/01/06 (c) 983,670
---------------
1,148,479,161
---------------
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Possessions--15.0%
300,000 American Samoa Power Authority 6.750 09/01/99 -- 301,425
700,000 American Samoa Power Authority 6.900 09/01/99 -- 703,486
700,000 American Samoa Power Authority 7.000 09/01/00 -- 721,721
975,000 Guam Airport Authority, Series B 6.400 10/01/05 (s) 03/15/03 (g) 1,014,419
13,635,000 Guam Airport Authority, Series B 6.600 10/01/10 (s) 10/01/03 (b) 14,727,573
20,665,000 Guam Airport Authority, Series B 6.700 10/01/23 (s) 10/01/03 (b) 22,374,409
15,075,000 Guam GO, Series A 5.375 11/15/13 12/23/11 (c) 14,822,343
13,280,000 Guam GO, Series A 5.400 11/15/18 12/22/16 (c) 13,021,306
1,000,000 Guam GO, Series A 5.625 09/01/02 09/01/99 (b) 1,006,920
2,750,000 Guam GO, Series A 5.750 09/01/04 09/01/99 (b) 2,768,535
1,450,000 Guam GO, Series A 5.900 09/01/05 09/01/99 (b) 1,452,132
1,000,000 Guam GO, Series A 6.000 09/01/06 09/01/99 (b) 1,001,450
850,000 Guam Power Authority, Series A 5.250 10/01/13 07/08/10 (c) 835,295
4,200,000 Guam Power Authority, Series A 6.300 10/01/12 (s) 10/01/02 (b) 4,516,596
1,765,000 Guam Power Authority, Series A 6.300 10/01/22 (s) 10/01/02 (b) 1,898,046
3,030,000 Guam Power Authority, Series A 6.375 10/01/08 (s) 10/01/02 (b) 3,265,219
2,950,000 Guam Power Authority, Series A 6.625 10/01/14 (s) 10/01/04 (b) 3,278,719
100,000 Guam Water System 7.000 07/01/02 01/01/00 (b) 104,672
110,000 Guam Water System 7.000 07/01/09 01/01/00 (b) 115,168
216,727 Puerto Rico Aquadilla Bus Lease (i) 8.500 02/02/02 11/23/00 (c) 222,090
419,414 Puerto Rico Aquadilla Carts Lease (i) 8.000 02/02/01 05/11/00 (c) 424,867
522,061 Puerto Rico Aquadilla Equipment Lease (i) 8.000 01/26/02 11/15/00 (c) 531,385
266,476 Puerto Rico Aquadilla Truck Lease (i) (u) 8.500 10/15/01 10/29/00 (c) 272,925
778,620 Puerto Rico Aqueduct & Sewer Vehicle Lease (i) 7.250 03/21/00 12/22/99 (c) 790,627
2,515,248 Puerto Rico Dept. of Corrections
Equipment Lease (i) 9.000 01/08/03 05/20/01 (c) 2,618,449
2,131,650 Puerto Rico Dept. of Corrections Furniture Lease (i) 7.000 04/25/04 03/16/02 (c) 2,179,548
25,000 Puerto Rico Electric Power Authority 6.000 07/01/16 (s) 07/01/04 (b) 26,454
30,000 Puerto Rico Electric Power Authority 6.000 07/01/16 (s) 07/01/04 (b) 31,457
50,000 Puerto Rico GO 6.000 07/01/14 (s) 07/01/02 (b) 52,274
5,000 Puerto Rico GO 6.000 07/01/14 (s) 07/01/02 (b) 5,256
1,800,000 Puerto Rico GO YCN 7.584 (r) 07/01/08 (s) 07/01/02 (b) 1,971,000
55,000 Puerto Rico HBFA 5.850 10/01/09 04/01/07 (b) 57,384
410,000 Puerto Rico HBFA 6.100 10/01/15 (s) 04/01/07 (b) 426,654
2,427,095 Puerto Rico Health Dept. Equipment Lease (i) 7.099 07/23/03 08/11/01 (c) 2,467,094
27 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 125,000 Puerto Rico HFC 6.000 % 02/01/09 (s) 02/01/02 (b) $ 128,080
100,000 Puerto Rico HFC 6.650 10/15/10 (s) 10/01/01 (b) 104,648
10,000 Puerto Rico HFC 6.750 10/15/13 (s) 10/01/01 (b) 10,462
45,000 Puerto Rico HFC 6.800 10/01/99 -- 45,211
40,000 Puerto Rico HFC 7.000 04/01/00 -- 40,563
10,000 Puerto Rico HFC 7.100 04/01/02 04/01/00 (b) 10,383
615,000 Puerto Rico HFC 7.200 04/01/03 04/01/00 (b) 638,991
65,000 Puerto Rico HFC 7.300 04/01/06 04/01/00 (b) 67,583
55,000 Puerto Rico HFC 7.400 04/01/07 04/01/00 (b) 57,226
20,000 Puerto Rico HFC 7.450 10/15/09 (s) 09/27/00 (b) 20,816
10,000 Puerto Rico HFC 7.500 10/15/12 (s) 09/27/00 (b) 10,408
3,620,000 Puerto Rico HFC 7.500 10/01/15 (s) 04/01/00 (b) 3,769,144
7,295,000 Puerto Rico HFC 7.500 04/01/22 (s) 04/01/00 (b) 7,598,910
280,000 Puerto Rico HFC 7.650 10/15/22 (s) 09/27/00 (b) 291,987
1,045,000 Puerto Rico Highway & Transportation Authority 5.500 07/01/17 (s) 07/01/05 (b) 1,052,158
3,450,000 Puerto Rico Highway & Transportation Authority 5.500 07/01/19 07/01/05 (b) 3,457,866
25,000 Puerto Rico Highway & Transportation Authority 6.625 07/01/12 (s) 07/01/02 (b) 26,896
616,509 Puerto Rico HR Vehicle Lease (i) 8.000 12/01/00 06/05/00 (c) 625,172
67,084 Puerto Rico HR Vehicle Lease (i) 8.000 03/12/01 06/20/00 (c) 68,247
575,000 Puerto Rico IMEPCF (Abbott Labs) 6.500 07/01/09 01/01/00 (b) 589,950
5,200,000 Puerto Rico IMEPCF (Motorola) (q) 6.750 01/01/14 01/01/02 (b) 5,601,336
3,500,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/13 11/15/02 (b) 3,751,895
530,000 Puerto Rico IMEPCF (Squibb) (i) 6.500 07/01/04 (s) 07/01/00 (b) 543,886
100,000 Puerto Rico IMEPCF (Warner Lambert) 7.600 05/01/14 11/01/99 (b) 103,289
3,525,000 Puerto Rico Infrastructure 7.500 07/01/09 (s) 07/01/00 (b) 3,570,473
235,000 Puerto Rico Infrastructure 7.600 07/01/00 -- 238,053
65,000 Puerto Rico Infrastructure 7.700 07/01/01 07/01/00 (a) 65,852
5,000 Puerto Rico Infrastructure 7.700 07/01/01 07/01/00 (b) 5,065
1,915,000 Puerto Rico Infrastructure 7.750 07/01/08 (s) 07/01/00 (b) 1,940,106
3,140,000 Puerto Rico Infrastructure 7.900 07/01/07 (s) 07/01/00 (b) 3,181,542
1,950,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/17 06/15/10 (c) 1,901,562
2,740,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.375 07/01/06 09/28/03 (c) 2,835,653
1,995,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/12 (s) 11/12/07 (g) 2,103,309
8,735,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/18 07/01/08 (b) 9,127,988
200,000 Puerto Rico ITEMECF (Polytech University) 5.700 08/01/13 (s) 08/01/05 (b) 201,060
1,045,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/09 (s) 05/01/04 (b) 1,111,640
430,640 Puerto Rico Natural Resources Dept.
Equipment Lease (i) 7.250 11/23/01 12/05/00 (c) 449,300
502,380 Puerto Rico Natural Resources Dept.
Equipment Lease (i) 7.250 01/25/02 11/12/00 (c) 509,840
1,541,940 Puerto Rico Natural Resources Dept.
Equipment Lease (i) 7.250 10/26/03 08/25/01 (c) 1,559,719
466,736 Puerto Rico Off. of the Governor Computer Lease (i) 6.906 09/30/02 09/19/00 (c) 467,661
105,000 Puerto Rico Port Authority (i) 5.700 07/01/03 (s) 07/01/00 (b) 106,827
20,000 Puerto Rico Port Authority (i) 5.750 07/01/02 (s) 07/01/00 (b) 20,019
50,000 Puerto Rico Port Authority 7.000 07/01/14 (s) 07/01/01 (b) 53,283
110,000 Puerto Rico Port Authority 7.300 07/01/07 (s) 07/01/00 (b) 110,187
100,000 Puerto Rico Port Authority (American Airlines) 6.300 06/01/23 06/01/03 (b) 104,503
28 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<CAPTION>
Effective
Face Maturity Market Value
Amount Description Coupon Maturity Date* See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 3,000,000 Puerto Rico Public Buildings Authority 5.700 % 07/01/16 (s) 07/01/05 (b) $ 3,099,120
3,020,000 Puerto Rico Public Buildings Authority 6.000 07/01/12 01/01/00 (b) 3,025,315
20,000 Puerto Rico Public Buildings Authority 6.000 07/01/12 (s) 01/01/00 (b) 20,035
767,048 Puerto Rico State Courts Telephone System Lease (i) 7.250 06/04/02 03/23/01 (c) 795,682
795,000 Puerto Rico Urban Renewal 7.875 10/01/04 (s) 10/01/99 (b) 818,055
50,894 Puerto Rico Vocational Rehab. Vehicle Lease (i) 8.000 02/17/02 12/07/00 (c) 51,880
150,000 University of Puerto Rico 5.500 06/01/12 (s) 12/01/99 (b) 151,295
195,000 University of V.I. 6.500 10/01/99 -- 196,000
500,000 University of V.I. 7.500 10/01/09 (s) 10/01/04 (b) 552,665
500,000 University of V.I. 7.650 10/01/14 (s) 10/01/04 (b) 554,835
662,000 V.I. GO (Hugo Insurance Claims Program) 7.750 10/01/06 (s) 06/19/01 (g) 712,603
60,000 V.I. HFA 6.500 03/01/25 (s) 03/01/05 (b) 63,171
5,000,000 V.I. Public Finance Authority 5.500 10/01/15 -- 4,946,650
1,000,000 V.I. Public Finance Authority 5.500 10/01/18 (s) 10/14/17 (c) 986,480
2,260,000 V.I. Public Finance Authority 5.625 10/01/25 (s) 10/01/10 (b) 2,238,349
2,830,000 V.I. Public Finance Authority 6.000 10/01/05 -- 2,946,370
175,000 V.I. Public Finance Authority 6.000 10/01/22 (s) 10/01/10 (b) 180,472
2,000,000 V.I. Public Finance Authority 7.250 10/01/18 (s) 10/01/02 (a) 2,218,100
2,000,000 V.I. Water & Power Authority 5.000 07/01/09 07/12/08 (c) 1,906,100
1,500,000 V.I. Water & Power Authority 7.200 01/01/02 01/18/01 (a) 1,567,665
11,995,000 V.I. Water & Power Authority 7.400 07/01/11 (s) 05/09/01 (a) 12,857,081
---------------
198,173,570
---------------
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $1,335,050,271)--101.6% 1,346,652,731
Liabilities in Excess of Other Assets--(1.6)% (20,829,454)
---------------
Net Assets--100.0% $1,325,823,277
===============
</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 $5,601,336, or 0.42% of the Fund's
net assets as of June 30, 1999.
(r) Represents the current interest rate for a variable rate bond known as an
"inverse floater" which pays interest at a rate that varies inversely with
short-term interest rates. As interest rates rise, inverse floaters produce
less current income. Their price may be more volatile than the price of a
comparable fixed-rate security. Inverse floaters amount to $28,685,965, or
2.06% of the Fund's total assets as of June 30, 1999.
(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.
(u) Non-income accruing security--Issuer is in default of interest payment.
(v) Represents the current interest rate for a variable rate security that
fluctuates as a percentage of prime rate.
(w) When-issued security to be delivered and settled after June 30, 1999.
(x) Non-income accruing security.
See accompanying Notes to Financial Statements.
29 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Portfolio Abbreviations
- --------------------------------------------------------------------------------
To simplify the listing of securities in the Statement of Investments,
abbreviations are used per the table below:
<TABLE>
<S> <C> <C> <C>
ACLDD Adults and Children with Learning and NYC New York City
Developmental Disabilities NYS New York State
AOFMH Aurelia Osborn Fox Memorial Hospital NYSEG New York State Electric and Gas
ARC Association of Retarded Citizens OBPWC Ocean Bay Park Water Corporation
ASMF Amsterdam Sludge Management Facility PACES Potsdam Auxiliary and College
BAN Bond Anticipation Notes Educational Service
CAB Capital Appreciation Bond PRAMS Prudential Receipts of Accrual
Con Ed Consolidated Edison Company Municipal Securities
COP Certificates of Participation Res Rec Resource Recovery Facility
CSD Central School District RG&E Rochester Gas and Electric
DA Dormitory Authority SCHC Senior Citizen Housing Corporation
DIAMONDS Direct Investment of Accrued Municipals SCSB Schuyler Community Services Board
EFC Environmental Facilities Corporation SLRHF St. Luke Residential Healthcare Facility
EHC Elderly Housing Corporation SONYMA State of New York Mortgage Agency
ERDA Energy Research and Development SRGF Solomon R. Guggenheim Foundation
Authority SWMA Solid Waste Management Authority
G&E Gas and Electric TFA Transitional Finance Authority
G&H Geriatric and Healthcare UDC Urban Development Corporation
GO General Obligation V.I. United States Virgin Islands
GRIA Greater Rochester International Airport WHELC Wartburg Home of the Evangelical
HBFA Housing Bank and Finance Agency Lutheran Church
HDC Housing Development Corporation WRC Westchester Resco Company
HELP Homeless Economic Loan Program WWH Wyandach/Wheatley Heights
HFA Housing Finance Agency YCN Yield Curve Note
HFC Housing Finance Corporation
HR House of Representatives
IDA Industrial Development Agency
IMEPCF Industrial, Medical and Environmental
Pollution Control Facilities
ITEMECF Industrial, Tourist, Educational, Medical
and Environmental Community Facilities
JBFS Jewish Board of Family Services
JCC Jewish Community Center
JDAM Julia Dyckman Angus Memorial
L.I. Long Island
LGAC Local Government Assistance Corporation
LGSC Local Government Services Corporation
LILCO Long Island Lighting Corporation
LIMO Limited Interest Municipal Obligation
MEET Manhattan Eye, Ear and Throat
MTA Metropolitan Transportation Authority
NJ New Jersey
NSCFGA North Shore Child and Family
Guidance Association
NY New York
</TABLE>
30 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Industry Concentrations June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Distribution of investments by industry, as a percentage of total investments at
value, is as follows:
<TABLE>
<CAPTION>
Industry Market Value Percent
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
General Obligation $ 260,347,205 19.3 %
Municipal Leases 134,746,859 10.0
Electric Utilities 122,304,921 9.1
Hospital/Healthcare 118,442,761 8.8
Multifamily Housing 107,259,378 8.0
Marine/Aviation Facilities 77,209,619 5.7
Single Family Housing 76,915,508 5.7
Higher Education 75,101,562 5.6
Highways/Railways 73,156,340 5.4
Resource Recovery 62,731,919 4.7
Nonprofit Organization 45,283,846 3.4
Sales Tax Revenue 37,496,236 2.8
Corporate Backed 32,913,018 2.4
Pollution Control 32,508,526 2.4
Gas Utilities 19,824,687 1.5
Manufacturing, Non-Durable Goods 19,732,308 1.5
Water Utilities 17,168,901 1.3
Other 33,509,137 2.4
---------------- ---------
$1,346,652,731 100.0 %
================ =========
</TABLE>
- --------------------------------------------------------------------------------
Summary of Ratings June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Distribution of investments by rating category, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
Rating Percent
- ---------------------------------------------------
<S> <C>
AAA 17.3 %
AA 11.3
A 45.2
BBB 21.5
BB 0.2
B 0.0
CCC 0.0
CC 0.0
C 0.0
Not Rated 4.5
---------
100.0 %
=========
</TABLE>
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 are included in the "Not Rated"
category.
31 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Assets
Investments, at value (cost $1,335,050,271)--see accompanying statement $1,346,652,731
---------------------------------------------------------------------------------------------------------------
Cash 708,601
---------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 26,030,665
Investments sold 16,889,258
Shares of beneficial interest sold 4,274,119
Other 8,989
---------------
Total assets 1,394,564,363
---------------
Liabilities
Payables and other liabilities:
Investments purchased 51,570,868
Note payable to bank (interest rate 6.625% at 6/30/99)--Note 6 12,800,000
Shares of beneficial interest redeemed 2,980,053
Dividends 1,156,612
Trustees' compensation--Note 1 102,393
Other 131,160
---------------
Total liabilities 68,741,086
---------------
Net Assets $1,325,823,277
===============
===================================================================================================================
Composition of Net Assets
Paid-in capital $1,325,998,099
---------------------------------------------------------------------------------------------------------------
Excess of distributions over net investment income (1,128,125)
---------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (10,649,157)
---------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Note 3 11,602,460
---------------
Net assets $1,325,823,277
===============
===================================================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$1,080,773,170 and 328,685,240 shares of beneficial interest outstanding) $3.29
Maximum offering price per share (net asset value plus sales charge of
3.50% of offering price) $3.41
---------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$80,249,074 and 24,436,203 shares of beneficial interest outstanding) $3.28
---------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$120,548,810 and 36,744,357 shares of beneficial interest outstanding) $3.28
---------------------------------------------------------------------------------------------------------------
Class X Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$44,252,223 and 13,428,138 shares of beneficial interest outstanding) $3.30
</TABLE>
See accompanying Notes to Financial Statements.
32 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Operations For the Six Months Ended June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Investment Income
Interest $34,168,097
------------
Expenses
Management fees--Note 4 2,609,404
Distribution and service plan
fees--Note 4:
Class A 1,295,351
Class B 356,431
Class C 539,624
Class X 171,813
Accounting service fees--Note 4 190,681
Transfer and shareholder servicing
agent fees--Note 4:
Class A 85,688
Class B 15,311
Class C 13,753
Class X 9,869
Shareholder reports 80,465
Registration and filing fees 77,045
Trustees' compensation--Note 1 68,198
Custodian fees and expenses 67,978
Expenses (continued)
Legal, auditing and other professional fees $ 27,705
Other 52,817
Interest 159,214
------------
Total expenses 5,821,347
Less expenses paid indirectly--Note 1 (53,253)
------------
Net expenses 5,768,094
------------
Net Investment Income 28,400,003
------------
Realized and Unrealized Loss
Net realized loss on investments (890,268)
Net change in unrealized appreciation
or depreciation on investments (30,262,830)
------------
Net realized and unrealized loss (31,153,098)
------------
Net Decrease in Net Assets
Resulting from Operations $(2,753,095)
============
</TABLE>
See accompanying Notes to Financial Statements.
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
June 30, 1999 Year Ended
(Unaudited) December 31, 1998
===============================================================================================================================
<S> <C> <C>
Operations
Net investment income $28,400,003 $48,783,527
Net realized loss (890,268) (479,664)
Net change in unrealized appreciation or depreciation (30,262,830) 10,408,295
-------------- --------------
Net increase (decrease) in net assets resulting from operations (2,753,095) 58,712,158
- -------------------------------------------------------------------------------------------------------------------------------
Dividends and Distributions to Shareholders
Dividends from net investment income:
Class A (24,885,468) (42,908,426)
Class B (1,435,252) (1,728,342)
Class C (2,196,358) (2,438,783)
Class X (965,143) (2,182,644)
- -------------------------------------------------------------------------------------------------------------------------------
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions--Note 2:
Class A 127,856,312 199,445,734
Class B 17,730,054 42,482,889
Class C 28,545,261 67,445,258
Class X (2,071,542) (5,528,643)
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets
Total increase 139,824,769 313,299,201
Beginning of period 1,185,998,508 872,699,307
-------------- --------------
End of period (including excess of distributions over net investment
income of $1,128,125 and $45,907, respectively) $1,325,823,277 $1,185,998,508
============== ==============
</TABLE>
See accompanying Notes to Financial Statements
33 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A
---------------------------------------------------------------------------------
Six Months
Ended
June 30, 1999 Year Ended December 31,
(Unaudited) 1998 1997 1996 (a) 1995 1994
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $3.37 $3.34 $3.26 $3.28 $3.15 $3.33
- ----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .08 .16 .17 .17 .18 .16
Net realized and unrealized gain (loss) (.08) .03 .08 (.02) .13 (.18)
------- ------- ------- ------- ------- -------
Total income (loss) from investment operations -- .19 .25 .15 .31 (.02)
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.08) (.16) (.17) (.17) (.18) (.16)
------- ------- ------- ------- ------- -------
Total dividends and distributions to shareholders (.08) (.16) (.17) (.17) (.18) (.16)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.29 $3.37 $3.34 $3.26 $3.28 $3.15
======= ======= ======= ======= ======= =======
==================================================================================================================================
Total Return, at Net Asset Value (b) (0.01)% 5.94% 8.01% 4.82% 10.01% (0.60)%
==================================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $1,080,773 $979,316 $771,828 $634,172 $567,537 $496,452
- ----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,045,429 $884,849 $677,376 $606,742 $520,990 $491,038
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(c)
Net investment income 4.59% 4.80% 5.27% 5.37% 5.44% 5.12%
Expenses 0.79% (d) 0.82% 0.83% (d) 0.89% (d) 0.90% (d) 0.89%
Expenses (excluding interest)(e) 0.76% (d) 0.80% 0.81% (d) 0.83% (d) 0.84% (d) 0.84%
- ----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (f) 10% 25% 27% 24% 22% 35%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to
the Fund.
(b) Assumes a $1,000 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.
(c) Annualized for periods of less than one full year.
(d) The expense ratio reflects the effect of expenses paid indirectly by the
Fund.
(e) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(f) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended June 30, 1999 were $311,246,518
and $131,209,006, respectively.
(g) For the period from May 1, 1997 (inception of offering) to December 31,
1997.
(h) For the period from May 1, 1995 (inception of offering) to December 31,
1995.
See accompanying Notes to Financial Statements.
34 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class B
--------------------------------------
Six Months
Ended
June 30, 1999 Year Ended December 31,
(Unaudited) 1998 1997 (g)
=============================================================================================
<S> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $3.37 $3.34 $3.25
- ---------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .06 .14 .10
Net realized and unrealized gain (loss) (.09) .03 .09
--------- -------- -------
Total income (loss) from investment operations (.03) .17 .19
- ---------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.06) (.14) (.10)
--------- -------- -------
Total dividends and distributions to shareholders (.06) (.14) (.10)
- ---------------------------------------------------------------------------------------------
Net asset value, end of period $3.28 $3.37 $3.34
========= ======== =======
=============================================================================================
Total Return, at Net Asset Value (b) (0.70)% 5.13% 5.89%
=============================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $80,249 $64,388 $21,500
- ---------------------------------------------------------------------------------------------
Average net assets (in thousands) $71,962 $43,620 $9,873
- ---------------------------------------------------------------------------------------------
Ratios to average net assets: (c)
Net investment income 3.81% 3.97% 4.18%
Expenses 1.56% (d) 1.59% 1.56% (d)
Expenses (excluding interest)(e) 1.53% (d) 1.57% 1.55% (d)
- ---------------------------------------------------------------------------------------------
Portfolio turnover rate (f) 10% 25% 27%
- ---------------------------------------------------------------------------------------------
</TABLE>
(a) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to
the Fund.
(b) Assumes a $1,000 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.
(c) Annualized for periods of less than one full year.
(d) The expense ratio reflects the effect of expenses paid indirectly by the
Fund.
(e) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(f) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended June 30, 1999 were $311,246,518
and $131,209,006, respectively.
(g) For the period from May 1, 1997 (inception of offering) to December 31,
1997.
(h) For the period from May 1, 1995 (inception of offering) to December 31,
1995.
See accompanying Notes to Financial Statements.
35 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class C
------------------------------------------
Six Months
Ended
June 30, 1999 Year Ended December 31,
(Unaudited) 1998 1997 (g)
====================================================================================================
<S> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $3.36 $3.33 $3.25
- ----------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .06 .14 .10
Net realized and unrealized gain (loss) (.08) .03 .08
--------- -------- --------
Total income (loss) from investment operations (.02) .17 .18
- ----------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.06) (.14) (.10)
--------- -------- --------
Total dividends and distributions to shareholders (.06) (.14) (.10)
- ----------------------------------------------------------------------------------------------------
Net asset value, end of period $3.28 $3.36 $3.33
========= ======== ========
====================================================================================================
Total Return, at Net Asset Value (b) (0.39)% 5.15% 5.58%
====================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $120,549 $94,870 $26,862
- ----------------------------------------------------------------------------------------------------
Average net assets (in thousands) $108,960 $61,717 $12,705
- ----------------------------------------------------------------------------------------------------
Ratios to average net assets: (c)
Net investment income 3.82% 3.98% 4.22%
Expenses 1.54% (d) 1.57% 1.54% (d)
Expenses (excluding interest)(e) 1.51% (d) 1.55% 1.52% (d)
- ----------------------------------------------------------------------------------------------------
Portfolio turnover rate (f) 10% 25% 27%
- ----------------------------------------------------------------------------------------------------
</TABLE>
(a) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to
the Fund.
(b) Assumes a $1,000 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.
(c) Annualized for periods of less than one full year.
(d) The expense ratio reflects the effect of expenses paid indirectly by the
Fund.
(e) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(f) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended June 30, 1999 were $311,246,518
and $131,209,006, respectively.
(g) For the period from May 1, 1997 (inception of offering) to December 31,
1997.
(h) For the period from May 1, 1995 (inception of offering) to December 31,
1995.
See accompanying Notes to Financial Statements.
36 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class X
----------------------------------------------------------------------------
Six Months
Ended
June 30, 1999 Year Ended December 31,
(Unaudited) 1998 1997 1996 (a) 1995 (h)
==========================================================================================================================
<S> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $3.38 $3.35 $3.27 $3.28 $3.21
- --------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .07 .15 .16 .16 .11
Net realized and unrealized gain (loss) (.08) .03 .08 (.01) .07
-------- -------- -------- -------- --------
Total income (loss) from
investment operations (.01) .18 .24 .15 .18
- --------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.07) (.15) (.16) (.16) (.11)
-------- -------- -------- -------- --------
Total dividends and distributions
to shareholders (.07) (.15) (.16) (.16) (.11)
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.30 $3.38 $3.35 $3.27 $3.28
======== ======== ======== ======== ========
==========================================================================================================================
Total Return, at Net Asset Value (b) (0.27)% 5.38% 7.44% 4.59% 5.65%
==========================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $44,252 $47,424 $52,510 $40,828 $16,415
- --------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $46,179 $49,866 $49,563 $28,971 $8,869
- --------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(c)
Net investment income 4.09% 4.30% 4.75% 4.85% 5.21%
Expenses 1.31% (d) 1.35% 1.35% (d) 1.38% (d) 0.90% (d)
Expenses (excluding interest)(e) 1.29% (d) 1.32% 1.33% (d) 1.32% (d) 0.85% (d)
- --------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (f) 10% 25% 27% 24% 22%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to
the Fund.
(b) Assumes a $1,000 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.
(c) Annualized for periods of less than one full year.
(d) The expense ratio reflects the effect of expenses paid indirectly by the
Fund.
(e) During the periods shown above, the Fund's interest expense was
substantially offset by the incremental interest income generated on bonds
purchased with borrowed funds.
(f) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended June 30, 1999 were $311,246,518
and $131,209,006, respectively.
(g) For the period from May 1, 1997 (inception of offering) to December 31,
1997.
(h) For the period from May 1, 1995 (inception of offering) to December 31,
1995.
See accompanying Notes to Financial Statements.
37 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited)
- --------------------------------------------------------------------------------
1. Significant Accounting Policies
Limited Term New York Municipal Fund (the Fund) is a separate series of
Rochester Portfolio Series, a diversified, open-end management investment
company registered under the Investment Company Act of 1940, as amended. The
Fund's investment objective is to seek as high a level of income exempt from
federal income tax and New York State and New York City personal income taxes as
is consistent with its investment policies and prudent investment management.
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, on investments up to $1 million. Class B, Class C and Class X
shares may be subject to a contingent deferred sales charge (CDSC). All classes
of shares have identical rights to earnings, assets and voting privileges,
except that each class has its own expenses directly attributable to that class
and exclusive voting rights with respect to matters affecting that class.
Classes A, B, C and X have separate distribution and/or service plans. 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.
Securities Valuation. Portfolio securities are valued as of 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 after the transaction date; however,
the Fund may, from time to time, purchase 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 segregated 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, 1999, the Fund had
entered into outstanding when-issued or forward commitments of $29,640,000.
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than
those attributable to a specific class), 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. As of June 30, 1999, the
Fund had available for federal income tax purposes an unused capital loss
carryover of approximately $10,620,000, which expires between 2002 and 2007.
Trustees' Compensation. The Fund has adopted a nonfunded retirement plan for the
Fund's independent trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service. During the six months ended
June 30, 1999, a provision of $48,300 was made for the Fund's projected benefit
obligations, resulting in an accumulated liability of $94,209 as of June 30,
1999.
Distributions to Shareholders. Distributions to shareholders, which are
determined in accordance with income tax regulations, are recorded on the
ex-dividend date.
38 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.
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 as of trade date. Original
issue discount is accreted and premium is amortized in accordance with federal
income tax requirements. For municipal bonds acquired after April 30, 1993, on
disposition or maturity, taxable ordinary income is recognized to the extent of
the lesser of gain or market discount that would have accrued over the holding
period. 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.
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.
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.
39 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited) (Continued)
- --------------------------------------------------------------------------------
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Six Months Ended June 30, 1999 Year Ended December 31, 1998
----------------------------------- ------------------------------------
Shares Amount Shares Amount
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 63,471,235 $212,822,809 85,263,031 $285,730,451
Dividends reinvested 4,741,684 15,862,396 8,362,718 28,044,127
Redeemed (30,109,153) (100,828,893) (34,100,531) (114,328,844)
----------- ------------ ----------- ------------
Net increase 38,103,766 $127,856,312 59,525,218 $199,445,734
=========== ============ =========== ============
- ---------------------------------------------------------------------------------------------------------------------------------
Class B:
Sold 6,314,448 $ 21,091,735 13,306,853 $ 44,568,293
Dividends reinvested 294,338 983,551 360,864 1,209,382
Redeemed (1,300,164) (4,345,232) (983,181) (3,294,786)
----------- ------------ ----------- ------------
Net increase 5,308,622 $ 17,730,054 12,684,536 $ 42,482,889
=========== ============ =========== ============
- ---------------------------------------------------------------------------------------------------------------------------------
Class C:
Sold 12,541,869 $ 41,918,878 22,535,160 $ 75,428,610
Dividends reinvested 485,866 1,622,555 552,623 1,849,561
Redeemed (4,491,111) (14,996,172) (2,936,551) (9,832,913)
----------- ------------ ----------- ------------
Net increase 8,536,624 $ 28,545,261 20,151,232 $ 67,445,258
=========== ============ =========== ============
- ---------------------------------------------------------------------------------------------------------------------------------
Class X:
Sold -- $ -- 5,830 $ 19,325
Dividends reinvested 190,329 638,336 443,451 1,488,806
Redeemed (808,165) (2,709,878) (2,094,913) (7,036,774)
----------- ------------ ----------- ------------
Net decrease (617,836) $ (2,071,542) (1,645,632) $ (5,528,643)
=========== ============ =========== ============
</TABLE>
3. Portfolio Information
As of June 30, 1999, net unrealized appreciation on investments of $11,602,460
was composed of gross appreciation of $23,069,925, and gross depreciation of
$11,467,465.
40 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited) (Continued)
- --------------------------------------------------------------------------------
4. Fees and Other Transactions with Affiliates
Management Fees. 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 average daily net assets, 0.45% of the next $150
million, 0.40% of the next $1.75 billion, and 0.39% of average daily net assets
in excess of $2 billion. The Fund's annualized management fee for the six months
ended June 30, 1999 was 0.41% of average annual net assets for each class of
shares.
Accounting Fees. 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, 1999, the Fund
paid $190,681 to the Manager for accounting and pricing services.
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager,
is the transfer and shareholder servicing agent for the Fund and for other
Oppenheimer funds. 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, 1999, the Fund paid OFS $124,621.
Distribution and Service Plan Fees. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the period
indicated.
<TABLE>
<CAPTION>
Class A Front-End Commissions on Commissions on Commissions on
Aggregate Front- Sales Charges Class A Shares Class B Shares Class C Shares
Six Months End Sales Charges Retained by Advanced by Advanced by Advanced by
Ended on Class A Shares Distributor Distributor(1) Distributor(1) Distributor(1)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
June 30, 1999 $2,396,619 $253,598 $1,408,563 $603,010 $411,275
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
Class A Class B Class C Class X
Contingent Deferred Contingent Deferred Contingent Deferred Contingent Deferred
Six Months Sales Charges Sales Charges Sales Charges Sales Charges
Ended Retained by Distributor Retained by Distributor Retained by Distributor Retained by Distributor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
June 30, 1999 $48,978 $77,614 $37,311 $25,332
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The Fund has adopted a Service Plan for Class A shares and Distribution and
Service Plans for Class B, Class C and Class X shares under Rule 12b-1 of the
Investment Company Act. Under those plans the Fund pays the Distributor for all
or a portion of its costs incurred in connection with the distribution and/or
servicing of the shares of the particular class.
41 Limited Term New York Municipal Fund
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited) (Continued)
- --------------------------------------------------------------------------------
Class A Service Plan Fees. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements to
the Distributor at a rate of up to 0.25% of average annual net assets of Class A
shares. The Distributor makes payments to plan recipients quarterly at an annual
rate not to exceed 0.25% of the average annual net assets consisting of Class A
shares of the Fund. For the six months ended June 30, 1999, payments under the
Class A Plan totaled $1,295,351, all of which was paid by the Distributor to
recipients. That included $22,371 paid to an affiliate of the Distributor's
parent company. Any unreimbursed expenses the Distributor incurs with respect to
Class A shares in any fiscal year cannot be recovered in subsequent years.
Class B, Class C and Class X Distribution and Service Plan Fees. Under each
plan, service fees and distribution fees are computed on the average of the net
asset value of shares in the respective class, determined as of the close of
each regular business day during the period. The Class B, Class C and Class X
plans provide for the Distributor to be compensated at a flat rate, whether the
Distributor's distribution expenses are more or less than the amounts paid by
the Fund under the plan during the period for which the fee is paid.
The Distributor retains the asset-based sales charge on Class B and Class X
shares. The Distributor retains the asset-based sales charge on Class C shares
during the first year the shares are outstanding. The asset-based sales charges
on Class B, Class C and Class X shares allow investors to buy shares without a
front-end sales charge while allowing the Distributor to compensate dealers that
sell those shares.
The Distributor's actual expenses in selling Class B, Class C and Class X shares
may be more than the payments it receives from the contingent deferred sales
charges collected on redeemed shares and from the Fund under the plans. If
either the Class B, Class C or the Class X plan is terminated by the Fund, the
Board of Trustees may allow the Fund to continue payments of the asset-based
sales charge to the Distributor for distributing shares before the plan was
terminated. The plans allow for the carry-forward of distribution expenses, to
be recovered from asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the six months ended June 30, 1999
were as follows:
<TABLE>
<CAPTION>
Distributor's Distributor's
Aggregate Unreimbursed
Total Payments Amount Retained by Unreimbursed Expenses as % of Net
Class Under Plan Distributor Expenses Under Plan Assets of Class
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class B Plan $356,431 $317,245 $2,187,125 2.73%
- ----------------------------------------------------------------------------------------------------------------------------------
Class C Plan $539,624 $362,334 $1,655,541 1.37%
- ----------------------------------------------------------------------------------------------------------------------------------
Class X Plan $171,813 $114,678 $36,097 0.08%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5. Illiquid and Restricted Securities
As of June 30, 1999, 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 or restricted
securities subject to this limitation as of June 30, 1999 was $30,266,117, which
represents 2.28% of the Fund's net assets.
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 certain other
Oppenheimer funds in an unsecured line of credit with a bank, which permits
borrowings up to $100 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, 1999 was
$4,987.
The Fund had borrowings outstanding of $12,800,000 at June 30, 1999. For the six
months ended June 30, 1999, the average monthly loan balance was $5,821,912 at
an average interest rate of 5.465%. The maximum amount of borrowings outstanding
at any month-end was $22,000,000.
42 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
Andrew J. Donohue, Secretary
Brian W. Wixted, Treasurer
Robert G. Zack, Assistant Secretary
Robert J. Bishop, Assistant Treasurer
Adele A. Campbell, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
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 of 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, are not insured by the FDIC or any other agency, and
involve investment risks, including the possible loss of the principal amount
invested.
43 Limited Term New York Municipal Fund
<PAGE>
OppenheimerFunds Family
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Real Asset Funds
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Rochester Division:
Rochester Fund Municipals
Limited Term New York Municipal Fund
Stock & Bond Funds
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Money Market Fund
Cash Reserves
1. On 12/22/98, the Fund's name was changed from "Main Street Income & Growth
Fund."
2. On 4/1/99, the Fund's name was changed from "Equity Income Fund."
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.
For more complete information about the Oppenheimer funds listed, including
charges and operating expenses that apply to a continued investment in one of
the Funds, contact your financial advisor, call us at 1-800-525-7048 or visit
our website at www.oppenheimerfunds.com to obtain a copy of the Fund's
prospectus. Read it carefully before you invest or send money.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.,
Two World Trade Center, New York, NY 10048-0203.
(C) Copyright 1999 OppenheimerFunds, Inc. All rights reserved.
44 Limited Term New York Municipal Fund
<PAGE>
*****
Limited Term New York Municipal Fund (Class A shares) has received Morningstar's
highest 5-star overall rating at June 30, 1999. For the 3-year and 5-year
periods ended 6/30/99, the Fund's star ratings are five stars for both periods.
1591 and 1191 municipal funds were rated for these periods, respectively.(1)
1. Source: Morningstar, Inc., 6/30/99. Overall star ratings are based on a
weighted average of the Fund's 3- and 5-year ratings. 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
ratings reflect historical risk-adjusted total return as of June 30, 1999. The
ratings are subject to change every month. Ratings are based on past
performance, which is no guarantee of future results. Morningstar ratings are
calculated from the fund's three-, five-, and ten-year average annual returns in
excess of 90-day Treasury bill returns after considering sales charges and
expenses, and a risk factor that reflects fund performance below 90-day T-bill
returns.
Information and services
- --------------------------------------------------------------------------------
As an Oppenheimer fund shareholder, you can benefit from special services
designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us whenever
you need assistance. So call us today, or visit our website--we're here to help.
Internet
24-hr access to account information and transactions
www.oppenheimerfunds.com
General Information
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET 1-800-525-7048
Telephone Transactions
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET 1-800-852-8457
PhoneLink
24-hr automated information and automated transactions 1-800-533-3310
Telecommunications Device for the Deaf (TDD)
Mon-Fri 8:30am-6pm ET 1-800-843-4461
OppenheimerFunds Information Hotline
24 hours a day, timely and insightful messages on the
economy and issues that affect your investments 1-800-835-3104
Transfer and Shareholder Servicing Agent
OppenheimerFunds Services,
P.O. Box 5270, Denver, CO 80217-5270
RS0355.001.0699 August 30, 1999
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