[logo] Limited Term New York Municipal Fund
[graphic of NY state map]
[Limited Term NY Municipal Fund bullet logo]
ANNUAL REPORT
December 31, 1999
Tax-Free
Income for
Cautious
New York
Investors
[logo] OppenheimerFunds(R)
The Right Way to Invest
(front cover)
<PAGE>
"Limited Term New York Municipal Fund . . .
- --------------------------------------------
offers returns competitive with the
average Empire State long-term
muni fund, which is significantly more
volatile."
Morningstar's Limited Term New York Municipal Fund Analysis
September 8, 1999
Morningstar, Inc. is a nationally recognized mutual fund
rating service.
================================================================================
[Limited Term NY Muni Fund bullet logo] [five stars]
Limited Term New York Municipal Fund (Class A shares) has received Morningstar's
highest 5-star overall ranking at December 31, 1999. The 3-year and 5-year
Morningstar rankings for the periods ended 12/31/99 are five stars and five
stars, respectively. 1,623, and 1,348 municipal bond funds were rated for these
3- and 5- year periods, respectively.*
* Overall star rankings are based on a weighted average of the Fund's 3- and 5-
year rankings. Ten percent of the funds in an investment category receive five
stars (highest), 22.5% receive four stars (above average), 35% receive three
stars (average), 22.5% receive two stars (below average), and 10% receive one
star (lowest). Morningstar proprietary star rankings reflect historical
risk-adjusted total return as of December 31, 1999. The rankings are subject to
change every month. Rankings are based on past performance, which is no
guarantee of future results. Morningstar rankings are calculated from the fund's
three- and five- year average annual returns in excess of 90-day Treasury bill
returns with appropriate fee adjustments, and a risk factor that reflects fund
performance below 90-day T-bill returns.
(inside front cover)
<PAGE>
[photo]
Bridget A. Macaskill
President
Limited Term New York
Municipal Fund
DEAR SHAREHOLDER,
- --------------------------------------------------------------------------------
Whenever a new year begins -- let alone a new decade or century -- it makes
sense to pause a moment to assess where we've been and where we're going.
In retrospect, U.S. stocks and bonds in 1999 were subject to sudden and
substantial swings in investor sentiment because of economic uncertainty. When
the year began, investors were concerned that growth in the United States might
slow in response to economic weakness overseas. At mid-year, investors were
concerned that the economy was too strong, potentially rekindling inflationary
pressures. Yet, by year end, it became clearer that while the U.S. economy grew
robustly in 1999, inflation remained at low levels. Indeed, investors appeared
more comfortable with the economy after the Federal Reserve Board demonstrated
its inflation-fighting resolve by raising interest rates three times between
June and November.
As is normal in a rising-interest-rate environment, bond prices generally
declined in 1999, led lower by U.S. Treasury bonds. In the stock market, while
most major indices advanced, strong performance was mostly limited to a handful
of large-capitalization growth companies, principally in the technology arena.
Smaller and value-oriented stocks provided particularly lackluster returns, and
overall, foreign stocks outperformed U.S. stocks in 1999.
Looking forward, we expect the U.S. economy to remain on a moderate-growth,
low-inflation course. As recent revisions of 1999's economic statistics
demonstrated, the economy has defied many analysts' forecasts by growing at a
strong rate, which should be positive for the bond market. Similarly, positive
economic forces could help the stock market's performance broaden to include
value-oriented and smaller stocks.
We see particularly compelling opportunities outside of the U.S. market.
Many foreign stocks also ended 1999 more attractively valued than large-cap U.S.
stocks, and economic trends in overseas markets could lead to higher stock
prices. In Europe, corporate restructuring has just begun, giving companies
there the same potential for cost-cutting and productivity improvements that
U.S. companies enjoyed ten years ago. In Japan and Asia, economic recovery is
expected to gain strength, which could allow stocks to rally from relatively low
levels.
Another 1999 trend that should remain in force in 2000 is the growth of
businesses related to the Internet. The rise of e-commerce has been good for
consumers and the economy because of greater price competition, which has helped
keep inflation under control. The Internet has also been good for investors, as
even companies with no earnings have seen their stock prices soar. Clearly,
while the Internet is here to stay, not all "dot-com" companies will survive,
and many of these high-flying Internet stocks will eventually -- and perhaps
very suddenly -- return to more reasonable levels. The long-term winners are
most likely to be companies that support the Internet's growth with content or
infrastructure.
What else is in store for investors in 2000? While we do not have an
infallible crystal ball, we believe that in almost any investment environment,
consistent success stems from an unwavering focus on fundamental investment
principles such as maintaining a long-term perspective, using diversification to
manage risks, and availing oneself of the services of a knowledgeable financial
advisor. Indeed, these principles serve as the foundation for every investment
we offer, helping to make OppenheimerFunds The Right Way to Invest in 2000 and
beyond.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
January 24, 2000
These general market views represent opinions of OppenheimerFunds, Inc. and are
not intended to predict or depict performance of any particular fund. Specific
discussion, as it applies to your Fund, is contained in the pages that follow.
1 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
THE "ROCHESTER" WAY WITH MUNICIPAL BONDS
- --------------------------------------------------------------------------------
[Limited Term NY Municipal Fund bullet logo]
[Oppenheimer PA Municipal Fund bullet logo]
[Rochester Fund Municipals bullet logo]
OppenheimerFunds, Inc. has operated as an investment advisor since 1960. As
of December 31, 1999, OppenheimerFunds, Inc. (including subsidiaries) manages
assets of more than $120 billion, including investment companies with more than
5 million shareholder accounts.
The Rochester Division of OppenheimerFunds, Inc., located in Rochester, New
York, is dedicated to the investment management and distribution of regional
municipal bond funds. These Funds -- Rochester Fund Municipals, the Limited Term
New York Municipal Fund, and the Oppenheimer Pennsylvania Municipal Fund --
pursue an investment approach that is intentionally limited to specific sectors
and regions of the municipal market.(1) Most investors recognize that the
greatest advantage of mutual fund investing is professional management: the
devotion of an investment team to broadly diversify the fund's portfolio,
continually review each holding and analyze new issues. All to reduce the
potential impact of adversity and create an investment with the potential to
earn high yields.
Here in Rochester, we believe that the strengths of our portfolio
management style go even further. In addition to reviewing the broad spectrum of
New York municipal issues generally available, Limited Term New York Municipal
Fund pursues special situations often overlooked by the market in general. When
properly investigated, selected for their potential and folded into the
portfolio, these issues not only broaden diversity but have the potential to
increase the Fund's yield as well.
We look to smaller issuers throughout the State, because they typically
provide higher yields than larger issuers of equivalent credit quality. Smaller
issuers are also receptive to our preference for graduated payment of principal,
creating a "sinking fund" payment schedule that enables us to accelerate the
debt schedule, thereby both increasing the return on investment and reducing the
duration of the loan. We believe that careful credit research on unrated issues
can also be very rewarding, as some highly creditworthy issuers intentionally
opt to forego the expense of obtaining a credit rating. Mindful of the Limited
Term Fund's maximum 5% exposure to issues rated below investment- grade, we
analyze unrated issues to determine the true risks weighed against their yield,
in hopes of providing shareholders with a favorable risk/reward trade-off in
this segment of the portfolio.
Our commitment to internal investment research also enables us to focus our
attention on premium callable bonds, delving beyond the call date and analyzing
the bonds' structure and covenants. This process helps us isolate
characteristics that indicate whether the issue may go
2 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
uncalled long after a stated call date, thereby providing above-market yields
and very low price volatility.
And we "scavenger hunt" in the secondary markets, seeking to purchase bonds
in small quantities -- below $100,000 -- that add incrementally small but
eventually significant yield to the portfolio.
Refined since the inception of Rochester Fund Municipals in May of 1986,
the unique investment approach of each of these Funds has proven to be
beneficial. Evaluating and negotiating these opportunities takes time and
effort, but we believe if you are paying for portfolio management, you should
demand and receive the extra effort and resourcefulness necessary to enhance the
portfolio.
1. The Oppenheimer Pennsylvania Municipal Fund is not available in all states.
Please consult your financial advisor for more details.
THE FUND'S DIVERSIFIED PORTFOLIO
- --------------------------------------------------------------------------------
Diversification is one way the Limited Term New York Municipal Fund really
stands out from the competition. We feel that merely concentrating the portfolio
in a few, highly rated issues would dilute a primary advantage of mutual fund
investing -- professional management.
Instead, we strategically arrange a variety of bonds from many municipal
sectors throughout New York State. We rely on our own research to assess the
value of those under consideration. And we capitalize on our market experience
and trading strategies when buying investments that have met our criteria.
As of December 31, 1999, Limited Term New York Municipal Fund's portfolio
consisted of nearly 1,100 different securities. Here's the percentage breakdown:
BY MUNICIPAL SECTOR ON 12/31/99 AS A PERCENTAGE OF INVESTMENTS
Portfolio data are subject to change and are dollar-weighted based on the total
market value of investments.
General Obligation 20.1%
- ----------------------------------------
Hospital/Healthcare* 9.4%
- ----------------------------------------
Marine/Aviation Facilities 9.2%
- ----------------------------------------
Municipal Leases 8.8%
- ----------------------------------------
Multifamily Housing 8.6%
- ----------------------------------------
Electric Utilities 8.3%
- ----------------------------------------
Resource Recovery 5.4%
- ----------------------------------------
Higher Education 5.2%
- ----------------------------------------
Single Family Housing 4.6%
- ----------------------------------------
Pollution Control 4.2%
- ----------------------------------------
Nonprofit Organization 3.3%
- ----------------------------------------
Highways/Railways 3.3%
- ----------------------------------------
Manufacturing, Non-Durable Goods 2.2%
- ----------------------------------------
Water Utilities 1.6%
- ----------------------------------------
Gas Utilities 1.5%
- ----------------------------------------
Sales Tax Revenue 1.4%
- ----------------------------------------
Manufacturing, Durable Goods 1.0%
- ----------------------------------------
Other 1.9%
- ----------------------------------------
TOTAL 100.0%
HOSPITAL/HEALTHCARE IN DETAIL
Insured (FHA or SONYMA Insurance) 2.6%
- ------------------------------------------------------
Insured (Private Municipal Bond Insurance) 1.8%
- ------------------------------------------------------
Backed, New York State Appropriations 1.3%
- ------------------------------------------------------
Prerefunded 1.3%
- ------------------------------------------------------
Neither insured or otherwise enhanced 2.4%
- ------------------------------------------------------
TOTAL 9.4%
* Regarding the Fund's second largest municipal sector,
Hospital/Healthcare, investors should note that the majority
of these holdings have "belt-and-suspenders" credit support
from both the hospitals' revenues and a variety of backup
guarantees.
3 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
[photo]
Ronald H. Fielding, CFA
Founded the Rochester Funds in May, 1983.
Ron is joined by his portfolio management
team of Anthony A. Tanner, CFA
and Daniel G. Loughran, CFA
DEAR FELLOW SHAREHOLDERS,
- --------------------------------------------------------------------------------
We are pleased to provide shareholders of Limited Term New York Municipal
Fund with the Fund's 1999 Annual Report. When we launched the Fund over eight
years ago, we believed that investors would recognize that reaching for the
highest yield is not always the best investment strategy -- that there are
rewards to reducing risk, and approaching the market with a degree of caution.
1999 proved to be a particularly good year to be cautious. While the
improving national economy helped produce budget surpluses and credit upgrades
in New York, it caused the Federal Reserve Board and investors to worry about
higher inflation rates in the future. As a result, interest rates rose, and this
adversely affected bond prices, including those held by Limited Term New York
Municipal Fund. In general, municipals did fare better than U.S. government
bonds, but nearly all bond indices posted negative returns for the year.
While we are not happy to report a negative number for the Fund's 1999
total return, we can easily demonstrate the advantages that this 'cautious'
investment approach provided. According to Lipper Analytical Services, Inc., a
respected authority on mutual fund statistics, the Fund's Class A share 1-year
total return of -0.87% was significantly better than the -4.89% median return
experienced by the 102 longer-term New York State municipal funds for the same
period.(1)
The Fund also continued its efforts to provide tax relief by seeking
tax-free income for shareholders.(2) As of December 31, 1999, the Fund's Class A
shares provided a dividend yield, at Net Asset Value, of 4.51%.(3)
These statistics are more than mere performance reporting; they are, in
fact, a very topical demonstration of the attractive risk/reward trade-off
presented by the Fund. The Fund's "limited term" maturity horizon is
pre-positioned to carry less market price risk than longer-term bonds and bond
funds. The volatile nature of such longer-term investments can make them more
rewarding, but we believe that investors seeking to balance both safety and
yield are well served by the Limited Term New York Municipal Fund.
As we enter the new year, we anticipate that the Fund's risk/reward profile
will remain very compelling when compared to more volatile fixed-income
alternatives. The financial markets have always moved in cycles, and they will
continue to do so. Down markets like 1999 can create exceptional buying
opportunities for investors who choose to seek good value.
We currently see those values throughout New York State and look forward to
reporting on the Fund's progress in coming quarters.
Sincerely,
/s/ Ronald Fielding
Ronald H. Fielding, CFA
Senior Vice President, OppenheimerFunds, Inc.
February 10, 2000
1. As calculated by Lipper Analytical Services, Inc. Lipper calculations of
performance do not reflect sales charges, but do assume the reinvestment of
dividends and capital gains distributions. Please refer to the table for the
Fund's standardized performance figures.
2. During the last fiscal year, the Fund did not pay capital gains
distributions. However, some investors may still be subject to the alternative
minimum tax, in which case a portion of the Fund's distributions may increase
that tax. Please see page 43 for details.
3. As of 12/31/99, Limited Term New York Municipal Fund's (Class A shares)
30-day SEC yield was 4.41%. Dividend yield at NAV (based on last distribution)
is annualized and divided by period-end Net Asset Value. Standardized yield
(based on net investment income for the 30-day period ended 12/31/99) is
annualized and divided by the period-end offering price. Falling net asset
values will tend to artificially raise yields.
All performance information provided represents past performance and is not
predictive of future investment performance. The investment return and principal
value of an investment in the Fund will fluctuate with market conditions, so
that shares, on any given day or when redeemed, may be worth more or less than
their original cost.
4 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
[photo]
The Rochester Funds Investment Team (l to r)
RONALD H. FIELDING, CFA
Senior Vice President, Portfolio Manager and
Chief Strategist, Rochester Division
ANTHONY A. TANNER, CFA
Vice President and Portfolio Manager,
Rochester Division
DANIEL G. LOUGHRAN, CFA
Vice President and Senior Research Analyst,
Rochester Division
RICHARD A. STEIN, CFA
Vice President-Credit Analysis, Rochester Division
JAMES E. BRAGG
Credit Analyst, Rochester Division
CHRISTOPHER D. WEILER, CFA
Assistant Vice President-Credit Analysis,
Rochester Division
[line graph]
MONTHLY VOLATILITY-The Inside Track of the
Limited Term New York Municipal Fund
Monthly Percentage Change in Value
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Limited Term NY Merrill Lynch 3-7 Year Merrill Lynch 22+Year Merrill Lynch 3-5 Year
Municipal Fund NAV Municipal Index Municipal Index U.S. Treasury Index
- ---------------------------------------------------------------------------------------------------------------------
Dec-94 0.32 0.480 1.265 -0.171
- ---------------------------------------------------------------------------------------------------------------------
Jan-95 0.95 0.195 3.173 1.204
- ---------------------------------------------------------------------------------------------------------------------
Feb-95 0.63 1.698 3.307 1.820
- ---------------------------------------------------------------------------------------------------------------------
Mar-95 0.31 0.129 -0.639 -0.0600
- ---------------------------------------------------------------------------------------------------------------------
Apr-95 0.00 0.277 -1.348 0.773
- ---------------------------------------------------------------------------------------------------------------------
May-95 1.25 1.776 2.927 3.387
- ---------------------------------------------------------------------------------------------------------------------
Jun-95 -0.62 -0.313 -1.835 0.200
- ---------------------------------------------------------------------------------------------------------------------
Jul-95 0.00 0.367 0.396 -0.828
- ---------------------------------------------------------------------------------------------------------------------
Aug-95 0.62 0.469 0.421 0.279
- ---------------------------------------------------------------------------------------------------------------------
Sep-95 0.31 -0.421 1.066 0.202
- ---------------------------------------------------------------------------------------------------------------------
Oct-95 0.31 -0.002 0.810 0.652
- ---------------------------------------------------------------------------------------------------------------------
Nov-95 0.31 0.964 2.332 1.078
- ---------------------------------------------------------------------------------------------------------------------
Dec-95 0.00 -0.190 1.283 0.496
- ---------------------------------------------------------------------------------------------------------------------
Jan-96 -0.30 0.700 -0.281 0.573
- ---------------------------------------------------------------------------------------------------------------------
Feb-96 -0.31 -0.586 -1.233 -1.993
- ---------------------------------------------------------------------------------------------------------------------
Mar-96 -0.61 -1.269 -2.259 -1.504
- ---------------------------------------------------------------------------------------------------------------------
Apr-96 -0.62 -0.418 -1.007 -1.270
- ---------------------------------------------------------------------------------------------------------------------
May-96 0.00 -0.465 -0.309 -1.066
- ---------------------------------------------------------------------------------------------------------------------
Jun-96 0.00 0.098 0.956 0.624
- ---------------------------------------------------------------------------------------------------------------------
Jul-96 0.31 0.515 0.530 -0.421
- ---------------------------------------------------------------------------------------------------------------------
Aug-96 0.00 0.249 -0.742 -0.667
- ---------------------------------------------------------------------------------------------------------------------
Sep-96 0.31 0.260 1.451 1.054
- ---------------------------------------------------------------------------------------------------------------------
Oct-96 0.31 0.488 0.534 1.486
- ---------------------------------------------------------------------------------------------------------------------
Nov-96 0.62 0.794 1.366 1.037
- ---------------------------------------------------------------------------------------------------------------------
Dec-96 -0.31 -0.554 -0.998 -1.603
- ---------------------------------------------------------------------------------------------------------------------
Jan-97 0.00 -0.215 -0.962 -0.251
- ---------------------------------------------------------------------------------------------------------------------
Feb-97 0.31 0.329 0.527 -0.589
- ---------------------------------------------------------------------------------------------------------------------
Mar-97 -0.92 -1.477 -2.077 -1.474
- ---------------------------------------------------------------------------------------------------------------------
Apr-97 0.31 -0.215 0.940 0.782
- ---------------------------------------------------------------------------------------------------------------------
May-97 0.62 0.742 1.355 0.202
- ---------------------------------------------------------------------------------------------------------------------
Jun-97 0.31 0.748 0.746 0.486
- ---------------------------------------------------------------------------------------------------------------------
Jul-97 1.22 1.244 3.594 2.038
- ---------------------------------------------------------------------------------------------------------------------
Aug-97 -0.30 -1.054 -1.917 -1.353
- ---------------------------------------------------------------------------------------------------------------------
Sep-97 0.30 0.595 0.839 0.764
- ---------------------------------------------------------------------------------------------------------------------
Oct-97 0.00 -0.054 0.467 1.065
- ---------------------------------------------------------------------------------------------------------------------
Nov-97 0.00 -0.014 0.343 -0.561
- ---------------------------------------------------------------------------------------------------------------------
Dec-97 0.60 0.570 1.401 0.501
- ---------------------------------------------------------------------------------------------------------------------
Jan-98 0.30 0.412 0.787 1.317
- ---------------------------------------------------------------------------------------------------------------------
Feb-98 0.00 -0.224 -0.475 -0.852
- ---------------------------------------------------------------------------------------------------------------------
Mar-98 -0.30 -0.308 -0.300 -0.233
- ---------------------------------------------------------------------------------------------------------------------
Apr-98 -0.60 -0.807 -1.382 -0.109
- ---------------------------------------------------------------------------------------------------------------------
May-98 0.90 0.850 1.754 0.216
- ---------------------------------------------------------------------------------------------------------------------
Jun-98 0.00 -0.134 0.121 0.280
- ---------------------------------------------------------------------------------------------------------------------
Jul-98 -0.30 -0.073 -0.220 -0.172
- ---------------------------------------------------------------------------------------------------------------------
Aug-98 0.90 1.016 1.506 2.643
- ---------------------------------------------------------------------------------------------------------------------
Sep-98 0.30 0.529 1.155 2.801
- ---------------------------------------------------------------------------------------------------------------------
Oct-98 -0.30 -0.227 -1.033 -0.118
- ---------------------------------------------------------------------------------------------------------------------
Nov-98 0.00 -0.322 0.171 -1.366
- ---------------------------------------------------------------------------------------------------------------------
Dec-98 0.00 0.128 -0.498 -0.187
- ---------------------------------------------------------------------------------------------------------------------
Jan-99 0.30 0.754 0.826 0.078
- ---------------------------------------------------------------------------------------------------------------------
Feb-99 -0.59 -0.723 -0.946 -3.055
- ---------------------------------------------------------------------------------------------------------------------
Mar-99 -0.30 -0.389 -0.353 0.557
- ---------------------------------------------------------------------------------------------------------------------
Apr-99 0.00 -0.088 -0.266 -0.44
- ---------------------------------------------------------------------------------------------------------------------
May-99 -0.60 -0.835 -1.395 -1.605
- ---------------------------------------------------------------------------------------------------------------------
Jun-99 -1.20 -1.545 -2.412 -0.302
- ---------------------------------------------------------------------------------------------------------------------
Jul-99 0.00 0.395 -0.727 -0.519
- ---------------------------------------------------------------------------------------------------------------------
Aug-99 -1.22 -0.408 -2.575 -0.410
- ---------------------------------------------------------------------------------------------------------------------
Sep-99 -0.31 -0.317 -1.363 0.366
- ---------------------------------------------------------------------------------------------------------------------
Oct-99 -0.93 -0.780 -2.672 -0.690
- ---------------------------------------------------------------------------------------------------------------------
Nov-99 0.00 0.205 0.637 -0.773
- ---------------------------------------------------------------------------------------------------------------------
Dec-99 -0.62 -0.706 -2.057 -0.998
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
[key]
(pink) Limited Term New York Municipal Fund NAV
(orange) Merrill Lynch 22+ Year Municipal Index
(green) Merrill Lynch 3-7 Year Municipal Index
(blue) Merrill Lynch 3-5 Year Treasury Index
This graph compares monthly percentage changes in the Net Asset Value of
Limited Term New York Municipal Fund Class A shares with periodic price return
percentage changes of the Merrill Lynch Municipal Index (3-7 years), the Merrill
Lynch Municipal Index (22+ years) and Merrill Lynch U.S. Treasury Index (3-5
years) for the 5-year period ended December 31, 1999.
The Merrill Lynch Municipal Index (22+ years), a subset of the Merrill
Lynch Municipal Master Index, consists of municipal bonds having maturities of
twenty two or more years. This index is included to illustrate differences in
volatility between longer-term and shorter-term instruments. The Merrill Lynch
Municipal Index (3-7 years) consists of municipal bonds having maturities of
between three and seven years. Therefore, it includes municipal bonds that more
closely resemble those of the municipal bonds in which the Fund invests. The
Merrill Lynch U.S. Treasury Index (3-5 years) is a subset of the Merrill Lynch
Treasury Securities Master Index, and consists of United States Treasury
Securities having maturities of between three and five years. Unlike an
investment in the Fund, the interest and principal of a U.S. Treasury security
is guaranteed.
Index performance does not reflect reinvestment of dividends, the effect of
capital gains or transaction costs, and none of the data in the graph shows the
effect of taxes. The Fund's investments are not limited to the securities in any
of the indices. Past performance is not predictive of future results.
MANAGEMENT DISCUSSION AND ANALYSIS
- --------------------------------------------------------------------------------
The past year was a challenging year for bond markets.
During 1999, the Federal Reserve Board believed that sustained economic
growth had created the potential for inflationary pressures, and in June, began
raising short-term interest rates. Under the leadership of Chairman Alan
Greenspan, the Federal Reserve raised the target on "Fed funds" (the overnight
borrowing rate between banks) by 0.25% on three separate occasions -- June 30,
August 24 and November 16, 1999.
During this period of interest rate increases, the Limited Term New York
Municipal Fund performed well, providing competitive tax-free income and fair,
although not perfect, stability of principal, due in large part to the Fund's
shorter average effective maturity than many of its peers.
Investors should consider average effective maturity an important factor
when choosing a bond fund. Most municipal bond funds are comprised of longer
maturity bonds; they pay a potentially higher yield, but experience market price
volatility that translates into fluctuating share prices. Shorter maturity bonds
typically experience less volatility. As an issue moves closer to final
maturity, it is less likely to experience price fluctuations. The result?
Shorter-term issues generally provide a competitive (although somewhat lower)
yield with less volatility than longer issues. And the Limited Term New York
Municipal Fund seeks an average effective maturity of no more than 5 years,
generating tax-free income by investing in short and intermediate maturities.
Please note the chart detailing the Fund's volatility, or change in share
price, during the past five years. And remember, this details percentage changes
in Net Asset Value (NAV) and is not representative of the Fund's overall
performance. See the table of Average Annual Total Returns for complete details.
As we would expect, the Fund's "limited term" NAV has fluctuated far less
than the value of a portfolio of longer-term municipal bonds. In fact, over
the past five years -- a period of significant interest rate movement -- the
price variation of the Fund has stayed between $3.15 and $3.40. During 1999,
this was between $3.19 and $3.38.
For further comparison, we have also plotted U.S. Treasuries (considered by
many investors to be the safest investment) and an unmanaged portfolio of
similar-to-shorter maturity municipal bonds. Note the cycles of each of these
asset classes. By their very nature, municipal bond funds cannot run too far
removed from the market cycles of municipal bonds. In fact, not one of the 102
New York State Municipal Debt Funds tracked by Lipper Analytical Services, Inc.
recorded a gain during the course of 1999.(1)
The value of an investment through market cycles will exhibit volatility.
It would be nice to only post positive returns for every time period, but it is
precisely the ebb and flow of financial markets that enables us to capture
opportunity and seek healthy long-term performance. In fact, 1999 produced
investment opportunities seldom seen in the municipal market. For the better
part of the
5 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS continued
- --------------------------------------------------------------------------------
year, municipal bonds and municipal bond funds represented good value compared
to most other asset classes. Typically, municipal bond yields are 80-85% of
Treasury bond yields. They are lower because their exemption from federal income
tax makes them more in demand by individual taxpayers. Yet toward the end of the
year, we purchased bonds producing 95-100% of yields generated by comparable
U.S. Treasury securities. (This market condition continues to exist -- see the
section entitled "Why Now is a Good Time for Municipal Bonds," in this report.)
And, as interest rates rose, the yield advantage offered by lower-rated issues
increased, rewarding the efforts of our own internal research group.
In our experience, we can remember few other times when the market has so
clearly favored municipals -- especially considering that municipal income is
generally free of federal, New York State and New York City personal income
taxes.(2)
The New York economy remained healthy throughout this reporting period,
with numerous state agencies experiencing increases in their credit rating. New
York State Appropriation Debt was also raised from a BBB+ to A- credit by
Standard and Poor's. And New York municipal bonds have also been less volatile
than other fixed income securities, including Treasury issues, during the
period.
As a matter of management style in virtually any economic environment, we
seek to diversify the Fund's portfolio in an effort to minimize the potential
impact of adversity in any one particular market sector, region or maturity.
Despite the increased market demand for smaller issues (a direct result of the
scarcity of larger, more popular paper), the Fund's investment strategy
continued to successfully emphasize very broad diversification with 1,072
different bonds (as of 12/31/99) from across New York State and qualified U.S.
Possessions.
Naturally, as we uncover new opportunities, the Fund's portfolio holdings
and allocations are subject to change, and maintaining a well-balanced portfolio
also requires selling issues that no longer provide the risk/reward
characteristics that most benefit our shareholders. As such, we reduced our
investments in both escrow-to-maturity bonds and zero-coupon bonds. Interest
rate increases during 1999 had the effect of lengthening the average effective
maturity of the Fund, but once the Fund exceeded its target of five years, we
took prompt action to reduce the Fund's average effective maturity both through
portfolio sales and new purchases.(3) At year end, the average effective
maturity was 4.98 years, and as issues were traded, the Fund remained fully
invested throughout the year.
During the last few weeks of 1999, the municipal market was much less
liquid than normal, which we believe was due to many factors, but primarily an
unwarranted Y2K anxiety. As a result, many municipal issues considered less
liquid were priced at much lower levels than we felt they deserved. As the year
progresses, we fully expect to see improvement in overall liquidity and pricing
of municipal issues, including many in our portfolio, that more truly reflects
the value of assets in this class.
Further into 2000, can we anticipate continued growth in the U.S. economy?
We agree with the Federal Reserve's view that the U.S. economy is very strong,
and that they must remain vigilant for signs of inflation, which could lead to
further increases in interest rates. But rising rates and declining prices can
create buying opportunities, and the widening of credit spreads can benefit
buyers, such as us, capable of conducting internal research to seek out real
values.
No matter what the markets bring, we believe that it is good to remain
cautious. And, with that in mind, we anticipate that the Limited Term New York
Municipal Fund will continue to provide investors with competitive after-tax
yields and produce strong returns on a relative basis.
1. Source: Lipper Analytical Services, Inc. Investors should note that the
Limited Term New York Municipal Fund is categorized by Lipper as an Other State
Short-Intermediate Municipal Debt Fund, and that 6 funds from a universe of 16
funds did report positive returns for 1999. However, none of these funds serve
New York State investors.
2. A portion of the Fund's income distributions may be subject to income taxes.
Capital gains distributions, if any, are taxable as capital gains. For investors
subject to the alternative minimum tax, a portion of the Fund's distributions
may increase that tax.
3. As noted in the Fund's prospectus, the Fund might not always meet its target
average effective maturity of five years and the Fund may hold securities with
maturities greater than five years.
TOTAL RETURN
As of 12/31/99
Cumulative Average Annual
NAV MOP NAV MOP
--------------------------------------------------------------------------
A SHARES
--------------------------------------------------------------------------
1-Year -0.87% -4.34% -0.87% -4.34%
--------------------------------------------------------------------------
5-Year 30.80% 26.22% 5.52% 4.77%
--------------------------------------------------------------------------
Life (9/18/91) 63.37% 57.65% 6.10% 5.65%
--------------------------------------------------------------------------
B SHARES
--------------------------------------------------------------------------
1-Year -1.64% -5.42% -1.64% -5.42%
--------------------------------------------------------------------------
Life (5/1/97) 9.50% 7.53% 3.46% 2.76%
--------------------------------------------------------------------------
C SHARES
--------------------------------------------------------------------------
1-Year -1.63% -2.58% -1.63% -2.58%
--------------------------------------------------------------------------
Life (5/1/97) 9.21% 9.21% 3.36% 3.36%
--------------------------------------------------------------------------
X SHARES
--------------------------------------------------------------------------
1-Year -1.39% -3.76% -1.39% -3.76
--------------------------------------------------------------------------
Life (5/1/95) 23.29% 23.29% 4.59% 4.59%
--------------------------------------------------------------------------
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 3.50% maximum initial sales charge.
Class B returns at MOP include the applicable contingent deferred sales
charge of 4% (1-year) and 2% (life-of-class). Class C returns for the
one-year period include the contingent deferred sales charge of 1%. Class X
returns at MOP show results of hypothetical investments on 12/31/98 and
5/01/95, after deduction of the applicable contingent deferred sales charge
of 2.50% (1-year) and 0% (life-of-class). An explanation of the different
performance calculations is in the Fund's prospectus. Class B and C shares
are subject to an annual 0.75% asset-based sales charge. Class X shares are
subject to an annual 0.50% asset-based sales charge. NAV stands for Net
Asset Value, and returns at NAV do not reflect payment of any sales charge.
The Fund's performance may from time to time be subject to substantial
short-term changes, particularly during periods of market or interest rate
volatility. For updates on the Fund's performance, please contact your
financial advisor, call us at 1-800-525-7048 or visit our website,
www.oppenheimerfunds.com
YIELDS
As of 12/31/99
Dividend Yield Standardized
At NAV At MOP Yield
--------------------------------------------------------------------------
Class A 4.51% 4.35% 4.41%
--------------------------------------------------------------------------
Class B 3.59% 3.59% 3.79%
--------------------------------------------------------------------------
Class C 3.62% 3.62% 3.81%
--------------------------------------------------------------------------
Class X 3.87% 3.87% 4.03%
--------------------------------------------------------------------------
Dividend yield at MOP (based on last distribution) and standardized yield
(based on net investment income for the 30-day period ended 12/31/99) 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 increase yields. Class X shares are currently closed to
additional investments.
6 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
COMPARING THE FUND'S PERFORMANCE TO THE MARKET
- --------------------------------------------------------------------------------
The graphs detail the performance of a hypothetical $10,000 investment in
each class of shares of the Fund held until December 31, 1999. In the case of
Class A shares, performance is measured from inception of the class on September
18, 1991. In the case of Class B and Class C shares, performance is measured
from inception of the respective class on May 1, 1997. In the case of Class X
shares, performance is measured from inception of the respective class on May 1,
1995. The Fund's performance reflects the deduction of the 3.50% maximum initial
sales charge on Class A shares, and the applicable contingent deferred sales
charge for Class B, Class C and Class X shares. The graphs assume that all
dividends and capital gains distributions, if any, were reinvested in additional
shares.
The Fund's performance is compared to the performance of that of the Lehman
Brothers Municipal Bond Index and the Merrill Lynch Municipal Index (3-7 years).
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Limited Term New York Municipal Fund, Lehman Brothers Municipal Bond Index and
Merrill Lynch Municipal Index
[line graph]
CLASS A SHARES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Limited Term NY Consumer Lehman Brothers Merrill Lynch
Municipal Fund Price Index Municipal Bond Index Municipal Index
- ------------------------------------------------------------------------------------------------------------------
9/18/91 9,650 10,000 10,000 10,000
- ------------------------------------------------------------------------------------------------------------------
12/31/91 10,041 10,051 10,335 10,259
- ------------------------------------------------------------------------------------------------------------------
12/31/92 10,996 10,343 11,246 11,061
- ------------------------------------------------------------------------------------------------------------------
12/31/93 12,114 10,627 12,628 11,944
- ------------------------------------------------------------------------------------------------------------------
12/31/94 12,054 10,911 11,975 11,738
- ------------------------------------------------------------------------------------------------------------------
12/31/95 13,260 11,188 14,065 12,988
- ------------------------------------------------------------------------------------------------------------------
12/31/96 13,895 11,560 14,688 13,542
- ------------------------------------------------------------------------------------------------------------------
12/31/97 15,008 11,757 16,038 14,420
- ------------------------------------------------------------------------------------------------------------------
12/31/98 15,900 11,946 17,077 15,277
- ------------------------------------------------------------------------------------------------------------------
12/31/99 15,765 12,303 16,726 15,378
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
Average Annual Total Return of Class A Shares of the Fund at 12/31/99(1)
1 Year -4.34% 5 Year 4.77% Life of Class 5.65%
[line graph]
CLASS B SHARES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Limited Term NY Consumer Lehman Brothers Merrill Lynch
Municipal Fund Price Index Municipal Bond Index Municipal Index
- ------------------------------------------------------------------------------------------------------------------
5/1/97 10,000 10,000 10,000 10,000
- ------------------------------------------------------------------------------------------------------------------
12/31/97 10,586 10,069 10,855 10,636
- ------------------------------------------------------------------------------------------------------------------
12/31/98 11,129 10,231 11,558 11,268
- ------------------------------------------------------------------------------------------------------------------
12/31/99 10,753 10,537 11,320 11,343
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
Average Annual Total Return of Class B Shares of the Fund at 12/31/99(2)
1 Year -5.42% Life of Class 2.76%
[line graph]
CLASS C SHARES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Limited Term NY Consumer Lehman Brothers Merrill Lynch
Municipal Fund Price Index Municipal Bond Index Municipal Index
- ------------------------------------------------------------------------------------------------------------------
5/1/97 10,000 10,000 10,000 10,000
- ------------------------------------------------------------------------------------------------------------------
12/31/97 10,555 10,069 10,855 10,636
- ------------------------------------------------------------------------------------------------------------------
12/31/98 11,099 10,231 11,558 11,268
- ------------------------------------------------------------------------------------------------------------------
12/31/99 10,921 10,537 11,320 11,343
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
Average Annual Total Return of Class C Shares of the Fund at 12/31/99(3)
1 Year -2.58% Life of Class 3.36%
[line graph]
Class X Shares
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Limited Term NY Consumer Lehman Brothers Merrill Lynch
Municipal Fund Price Index Municipal Bond Index Municipal Index
- ------------------------------------------------------------------------------------------------------------------
5/1/95 10,000 10,000 10,000 10,000
- ------------------------------------------------------------------------------------------------------------------
12/31/95 10,557 10,105 10,957 10,630
- ------------------------------------------------------------------------------------------------------------------
12/31/96 11,040 10,441 11,443 11,083
- ------------------------------------------------------------------------------------------------------------------
12/31/97 11,860 10,619 12,494 11,802
- ------------------------------------------------------------------------------------------------------------------
12/31/98 12,500 10,790 13,304 12,504
- ------------------------------------------------------------------------------------------------------------------
12/31/99 12,329 11,113 13,030 12,586
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
Average Annual Total Return of Class X Shares of the Fund at 12/31/99(4)
1 Year -3.76% Life of Class 4.59%
[key]
(pink) Limited Term New York Municipal Fund
(purple) Merrill Lynch Municipal Index
(green) Lehman Brothers Municipal Bond Index
(black) Consumer Price Index
1. The average annual total returns are shown net of the applicable 3.50%
maximum initial sales charge.
2. Class B shares of the Fund were first publicly offered on 5/1/97. The
average annual total returns are shown net of the applicable 4% and 2%
contingent deferred sales charges, respectively, for the one-year period
and the life of the class. The ending account value in the graph is net of
the applicable 2% contingent deferred sales charge.
3. Class C shares of the Fund were first publicly offered on 5/1/97. The
average annual total returns are shown net of the applicable 1% contingent
deferred sales charge for the one-year period.
4. Class X shares of the Fund were first publicly offered on 5/1/95. The
average annual total returns are shown net of the applicable 2.5% and 0%
contingent deferred sales charge for the one-year period and the life of
the class. Class X shares are currently closed to investors.
The performance information for the Lehman Brothers Municipal Bond
Index and the Merrill Lynch Municipal Index in the graphs begins on 9/30/91
for Class A, and 4/30/97 for Class B and Class C, and 4/30/95 for Class X.
Index values use end-of-month values, and are available only in 1 month
increments. Past performance is not predictive of future performance.
Please note: graphs are not drawn to the same scale.
The Lehman Brothers Municipal Bond Index is an unmanaged index of a broad
range of investment-grade municipal bonds that is widely regarded as a measure
of the performance of the general municipal bond market, i.e. municipal bonds
that are exempt from federal tax but not necessarily New York State or New York
City taxes. The Merrill Lynch Municipal Index (3-7 years) is a subset of the
Merrill Lynch Municipal Master Index and consists of municipal bonds having
remaining maturities of between three and seven years. Therefore, it includes
municipal bonds having maturities that more closely resemble those of the
municipal bonds in which the Fund invests. While a comparison to the performance
of the general municipal bond market is of interest, the Fund's investments are
focused primarily on bonds having shorter maturities to attempt to reduce the
effect of interest rate volatility. Index performance reflects the reinvestment
of dividends but does not consider the effect of capital gains or transaction
costs, and none of the data in the graphs shows the effect of taxes. The Fund's
performance reflects the effects of Fund business and operating expenses. While
index comparisons may be useful to provide a benchmark for the Fund's
performance, it must be noted that the Fund's investments are not limited to the
securities in the index. The performance of the Fund is also compared to the
Consumer Price Index, a non-securities index which measures changes in the
inflation rate.
7 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
[bar chart]
Yield Percentage
Comparison
As of 12/31/99
5-Year Treasury Yield 6.3%
5-Year Insured New York City Bond Yield 4.8%
Taxable Equivalent Yield 8.9%
Data Source: Bloomberg Business News. Taxable Equivalent
Yield assumes the maximum combined federal, New York State
and New York City income tax bracket. All figures are
calculated as of 12/31/99.
Although municipal bonds may be supported by private
insurance or the taxing authority of a municipal issuer,
they are subject to greater risk of default than U.S.
Treasury bonds, which are guaranteed as to principal and
interest by the U.S. government.
WHY NOW IS A GOOD TIME FOR MUNICIPAL BONDS
- --------------------------------------------------------------------------------
As of December 31, 1999, the opinion of many municipal bond fund managers
- -- including us -- is that municipal bonds are "cheap to Treasuries." And, while
that may be a convoluted turn of phrase, it means good news to municipal bond
and bond fund investors as they ponder investment outcomes during the coming
year.
Early in 1999, as investors regained their confidence to return to riskier
financial assets such as stocks and corporate bonds, the price of U.S.
Treasuries declined sharply while municipal bond prices remained stable. As the
year progressed, these riskier markets strengthened, raising fears of inflation
and, ultimately, producing increased interest rates. And while higher rates
continued to drive down the price of all fixed income investments, the spread,
or difference, between the yields on Treasuries and the yields on municipal
bonds of comparative maturities remained fairly constant.
Consider the example: On December 31, 1999, 5-year insured New York City
municipal bonds yielded 4.8%, while the 5-year Treasury yielded 6.3%. But, while
a highly rated municipal bond yields only 76% of its comparative Treasury, this
is before any tax implications. And while the income from either investment is
generally exempt from state and local taxes, the municipal bond's income is also
exempt from federal taxes.
This means that, on a pre-tax basis, the taxable equivalent yield on such a
hypothetical investment is 8.9% for investors in the highest tax bracket!
Municipal bonds aren't typically this cheap relative to Treasuries, as the
spread between the two yields tends to be considerably wider, because both
issuers and investors of municipal debt recognize the significance of taxable
equivalent yields.
To help you appreciate the significance, refer to the chart below. It will
help you determine what you would need to earn from a taxable investment to
match the hypothetical tax-free yields shown.
TAX EXEMPT VS. TAXABLE YIELDS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Effective Effective
Tax Taxable Rate Tax Taxable Rate
Bracket Needed to Equal Bracket Needed to Equal
2000 Taxable Income NYC Residents Current Tax-free Rate NYS Residents Current Tax-free Rate
- ---------------------------------------------------------------------------------------------------------------------------------
Single Return Joint Return 4.5% 5.0% 5.5% 4.5% 5.0% 5.5%
- ---------------------------------------------------------------------------------------------------------------------------------
$ 25,001 - $ 26,250 $ 40,001 - $ 43,850 24.0% 5.9% 6.6% 7.2% 20.8% 5.7% 6.3% 7.0%
- ---------------------------------------------------------------------------------------------------------------------------------
$ 26,251 - $ 63,550 $ 43,851 - $105,950 35.6% 7.0% 7.8% 8.5% 32.9% 6.7% 7.5% 8.2%
- ---------------------------------------------------------------------------------------------------------------------------------
$ 63,551 - $132,600 $105,951 - $161,450 38.3% 7.3% 8.1% 8.9% 35.7% 7.0% 7.8% 8.6%
- ---------------------------------------------------------------------------------------------------------------------------------
$132,601 - $288,350 $161,451 - $288,350 42.8% 7.9% 8.7% 9.6% 40.4% 7.6% 8.4% 9.2%
- ---------------------------------------------------------------------------------------------------------------------------------
over $288,350 over $288,350 46.0% 8.3% 9.3% 10.2% 43.7% 8.0% 8.9% 9.8%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The tax information and brackets listed above are believed to be current. The
table assumes that an investor's highest tax bracket applies to the change in
taxable income resulting from a switch between taxable and non-taxable
investments, that the investor is not subject to the alternative minimum tax and
that state tax payments are fully deductible from federal tax payments. Your
actual tax bracket will vary depending on your income, investments and
deductions. You should consult your tax advisor regarding current tax
legislation and how tax laws affect your own personal financial situation. These
calculations are for illustrative purposes only and are not intended to show the
Fund's performance.
FINANCIALS
8 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
MUNICIPAL BONDS AND NOTES--100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
New York--85.0%
$ 100,000 Albany GO 7.000 % 01/15/2010 01/15/2000(b) $ 102,233
344,704 Albany Hsg. Authority 0.000 10/01/2012 10/01/2002(a) 104,201
250,000 Albany Hsg. Authority 6.250 10/01/2012(s) 10/01/2005(b) 252,260
1,085,000 Albany IDA (Albany Medical Center) 5.600 05/01/2005 11/22/2003(c) 1,051,658
1,920,000 Albany IDA (H. Johnson Office Park) 5.250 03/01/2018 03/01/2000(d) 1,884,806
175,000 Albany IDA (Port of Albany) 6.250 02/01/2005 10/09/2002(c) 175,674
40,000 Albany IDA (Spectrapark) 7.300 12/01/2000 06/01/2000(b) 40,660
50,000 Albany IDA (Spectrapark) 7.500 12/01/2003 06/01/2000(b) 50,823
3,525,000 Albany IDA (Spectrapark) 7.600 12/01/2009(s) 06/01/2000(b) 3,584,854
1,655,000 Albany IDA (University Heights-Albany Pharmacy) 6.750 12/01/2019(s) 12/01/2009(b) 1,752,678
40,000 Albany Parking Authority 0.000 09/15/2002 ----- 34,612
25,000 Albany Parking Authority 0.000 09/15/2003 ----- 20,424
625,000 Albany Parking Authority 0.000 09/15/2004 ----- 481,081
20,000 Albany Parking Authority 0.000 09/15/2005 ----- 14,481
1,000,000 Albany Parking Authority 6.700 11/01/2006(s) 11/01/2001(b) 1,055,840
1,610,000 Albany Parking Authority 6.850 11/01/2012(s) 11/01/2001(b) 1,702,704
5,040,000 Albany Parking Authority 7.150 09/15/2016(s) 09/15/2001(b) 5,145,487
265,000 Albany Water Finance Authority 7.500 12/01/2006 06/01/2000(b) 268,350
675,000 Albany Water Finance Authority 7.500 12/01/2017(s) 06/01/2000(b) 683,437
3,100,000 Allegany County IDA (Atlantic Richfield) 6.625 09/01/2016 09/01/2002(b) 3,159,613
4,800,000 Amherst IDA (Amherst Rink) 5.550 10/01/2017 10/01/2007(a) 4,999,872
2,000,000 Amherst IDA (Amherst Rink) 5.650 10/01/2022 10/01/2007(a) 2,095,940
980,000 Andpress HDC (Andpress Plaza) 6.600 01/15/2023(s) 08/01/2003(b) 1,008,802
295,000 Babylon IDA (WWH Ambulance) 7.000 09/15/2001 03/19/2001(c) 300,516
55,000 Baldwinsville Devel. Corp. 7.200 06/01/2010(s) 07/01/2000(b) 56,217
200,000 Battery Park City Authority 5.650 12/01/2013(s) 06/01/2000(b) 200,004
45,000 Battery Park City Authority 5.800 11/01/2022 06/04/2022(c) 42,839
630,000 Blauvelt Volunteer Fire Company 6.000 10/15/2008 02/25/2005(c) 602,759
40,000 Brookhaven GO 6.400 10/01/2010 10/01/2002(b) 42,281
185,000 Brookhaven IDA (Dowling College) 6.200 03/01/2001 ----- 186,900
195,000 Brookhaven IDA (Dowling College) 6.300 03/01/2002 ----- 197,976
205,000 Brookhaven IDA (Dowling College) 6.400 03/01/2003 ----- 209,303
875,000 Brookhaven IDA (Stony Brook Foundation) 5.750 11/01/2008 08/13/2005(c) 859,294
505,000 Buffalo GO 6.000 12/01/2015 12/01/2011(b) 515,100
1,080,000 Carnegie Redevelopment Corp. 6.250 09/01/2005 05/02/2003(c) 1,081,253
1,550,000 Carnegie Redevelopment Corp. 6.500 09/01/2011 05/17/2009(c) 1,554,867
60,000 Cayuga County COP (Auburn Memorial Hospital) 6.000 01/01/2021 02/07/2014(c) 58,089
795,000 Clifton Springs Hospital & Clinic 7.000 01/01/2005 09/17/2003(c) 788,163
5,000 Cortland County IDA (Paul Bunyon Products) 8.000 07/01/2000(s) ----- 5,049
275,000 Dutchess County IDA (Bard College) 6.500 11/01/2003 ----- 285,274
1,175,000 Dutchess County Res Rec (Solid Waste) 6.800 01/01/2010(s) 12/01/2002(g) 1,262,067
50,000 East Irondequoit CSD 6.125 05/15/2008 05/15/2002(b) 51,666
290,000 Elmira HDC 7.500 08/01/2008 02/01/2000(b) 293,251
20,000 Elmira HDC 7.500 08/01/2009 02/01/2000(b) 20,224
395,000 Erie County IDA (FMC Corp.) 6.000 02/01/2003 08/02/2001(c) 391,484
190,000 Erie County IDA (Medaille College) 7.400 12/30/2002 01/19/2002(c) 194,585
25,000 Erie County IDA (Medishield) 7.200 08/01/2004 02/01/2000(b) 25,039
545,000 Erie County IDA (Mercy Hospital) 5.900 06/01/2003 12/25/2001(c) 529,909
2,230,000 Franklin County IDA (COP) 8.125 08/01/2006 06/28/2004(c) 2,440,490
1,070,000 Franklin County IDA (Correctional Facilities) 6.375 11/01/2002 05/31/2001(c) 1,078,849
85,000 Franklin County IDA (Correctional Facilities) 6.750 11/01/2012(s) 11/01/2002(b) 89,558
</TABLE>
9 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 2,120,000 Franklin County SWMA 6.000 % 06/01/2005 11/19/2003(c) $ 2,101,556
1,350,000 Franklin County SWMA 6.125 06/01/2009 12/28/2007(c) 1,327,684
850,000 Hamilton EHC (Hamilton Apartments) 11.250 01/01/2015(s) 05/01/2000(b) 880,829
1,315,000 Hempstead IDA (South Shore Y JCC) 5.950 11/01/2007 08/19/2004(c) 1,252,143
10,000 Hempstead IDA (United Cerebral Palsy) 7.500 10/01/2009(s) 04/01/2000(b) 10,254
565,000 Herkimer County IDA (Burrows Paper) 7.250 01/01/2001 ----- 566,785
3,000,000 Herkimer County IDA (Burrows Paper) 8.000 01/01/2009 10/28/2005(c) 3,130,380
2,700,000 Herkimer Hsg. Authority 7.150 03/01/2011(s) 04/10/2005(g) 2,750,355
2,000,000 Hsg. NY Corp. 5.500 11/01/2010 05/07/2010(c) 1,964,660
15,000 Hudson HDC (Providence Hall - Schuyler Court) 6.400 07/01/2012(s) 01/01/2003(b) 15,349
25,000 Hudson HDC (Providence Hall - Schuyler Court) 6.500 01/01/2025(s) 01/01/2003(b) 25,536
405,000 Hudson IDA (Have) 7.125 12/01/2007 10/16/2004(c) 404,741
1,160,000 Islip Res Rec 5.850 07/01/2002 ----- 1,194,290
2,790,000 Jamestown Hsg. Authority 6.125 07/01/2010(s) 11/18/2005(g) 2,795,385
2,000,000 Jefferson County IDA (Champion International) 7.200 12/01/2020 11/15/2002(b) 2,086,680
850,000 Kiryas Joel BAN 5.000 06/17/2000 ----- 853,357
85,000 Lillian Cooper HDC 7.000 01/01/2022(s) 01/01/2002(b) 87,124
52,378 Locke Fire District #1 (i) 7.500 07/01/2002 05/30/2001(c) 55,386
1,300,000 Lockport HDC 6.000 10/01/2018 10/22/2013(c) 1,260,766
1,430,000 Madison County IDA (Morrisville College) 6.750 07/01/2007 03/08/2004(c) 1,419,918
790,000 Madison County IDA (Oneida Healthcare Center) 5.300 07/01/2005 02/24/2003(c) 769,744
250,000 Medina Hsg. Corp. 8.250 08/15/2011(s) 02/15/2000(b) 256,827
520,000 Middleton IDA (Fleurchem) 7.125 12/01/2008 06/08/2005(c) 522,948
1,555,000 Middletown IDA (Southwinds Retirement Home) 5.875 03/01/2007 10/23/2003(c) 1,500,637
580,000 Middletown IDA (Southwinds Retirement Home) 7.250 03/01/2003 09/30/2001(c) 605,804
5,000 Monroe County Airport Authority (GRIA) 0.000 01/01/2004 ----- 4,105
500,000 Monroe County Airport Authority (GRIA) 5.375 01/01/2019 08/26/2016(c) 455,620
8,160,000 Monroe County COP 8.050 01/01/2011(s) 07/01/2000(b) 8,305,003
30,000 Monroe County GO 6.100 05/01/2003 ----- 30,484
2,425,000 Monroe County IDA (Al Sigl Center) 6.125 12/15/2008 05/06/2005(c) 2,477,331
960,000 Monroe County IDA (Al Sigl Center) 6.375 12/15/2005 08/21/2003(c) 942,682
1,135,000 Monroe County IDA (Al Sigl Center) 6.750 12/15/2010 01/31/2009(c) 1,109,985
10,000 Monroe County IDA (Cohber Press) 7.500 12/01/2000 06/01/2000(b) 10,081
100,000 Monroe County IDA (Cohber Press) 7.550 12/01/2001 06/01/2000(b) 100,184
1,280,000 Monroe County IDA (Dayton Rogers Manufacturing) 5.850 12/01/2006 02/19/2004(c) 1,234,189
1,280,000 Monroe County IDA (DePaul Properties) 5.900 09/01/2007 09/27/2004(c) 1,232,205
635,000 Monroe County IDA (Geva Theatre) 7.750 04/01/2002 04/21/2001(c) 636,422
360,000 Monroe County IDA (Geva Theatre) 7.750 04/01/2003 ----- 360,806
1,660,000 Monroe County IDA (Piano Works) 6.625 11/01/2006 02/04/2004(c) 1,658,805
300,000 Monroe County IDA (Roberts Wesleyan College) 6.200 09/01/2005 ----- 301,554
150,000 Monroe County IDA (West End Business) 6.750 12/01/2004 02/12/2003(c) 151,291
730,000 Montgomery County IDA (ASMF) (t) (u) 6.500 01/15/2003 08/15/2001(c) 504,430
6,600,000 MTA Commuter Facilities, Series A 6.500 07/01/2016 07/01/2007(b) 6,790,938
50,000 MTA Service Contract 7.000 07/01/2009(s) 07/01/2001(b) 52,748
75,000 MTA Service Contract, Series 5 6.000 07/01/2018 10/08/2017(c) 73,726
20,000 MTA Service Contract, Series 5 6.500 07/01/2016(s) 07/01/2001(b) 20,437
55,000 MTA Service Contract, Series 5 6.500 07/01/2016(s) 07/01/2001(b) 57,354
150,000 MTA Service Contract, Series P 5.750 07/01/2015 09/23/2014(c) 146,029
2,785,000 MTA Service Contract, Series R 5.200 07/01/2008 ----- 2,798,479
2,915,000 MTA Service Contract, Series R 5.300 07/01/2009 ----- 2,870,605
1,420,000 MTA Service Contract, Series R 5.300 07/01/2009 ----- 1,400,447
7,135,000 MTA, Series A 6.500 07/01/2016 07/01/2007(b) 7,341,416
15,000 MTA, Series K 6.000 07/01/2016(s) 07/01/2002(b) 15,074
</TABLE>
10 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 65,000 MTA, Series K 6.250 % 07/01/2011(s) 07/01/2002(b) $ 68,273
20,000 Nassau County GO 6.375 05/15/2013 05/15/2002(b) 21,008
295,000 Nassau County IDA (ACLDD) 7.250 10/01/2004 11/19/2002(c) 298,009
575,000 Nassau County IDA (NSCFGA) 5.750 05/01/2008 09/14/2004(c) 542,432
1,505,000 Nassau County IDA (United Cerebral Palsy) (w) 5.750 11/01/2007 09/02/2004(c) 1,479,641
3,605,000 Nassau County IDA (United Cerebral Palsy) (w) 5.750 11/01/2009 06/06/2005(c) 3,514,731
690,000 New Rochelle IDA (College of New Rochelle) 6.000 07/01/2002 07/16/2001(c) 700,867
260,000 New Rochelle IDA (College of New Rochelle) 6.300 07/01/2003 ----- 274,240
275,000 New Rochelle IDA (College of New Rochelle) 6.400 07/01/2004 ----- 290,702
235,000 Newark SCHC (Newark Rose Garden Apartments) 9.000 03/01/2011(s) 03/01/2000(b) 243,458
2,100,000 Newark-Wayne Community Hospital 7.600 09/01/2015(s) 06/11/2003(g) 2,180,514
1,400,000 Niagara County IDA (Sevenson Hotel) 5.750 05/01/2003 10/30/2001(c) 1,385,370
115,000 Niagara Frontier Transit Authority 7.000 02/15/2000 ----- 115,400
3,900,000 NYC Cultural Resources (SRGF) 7.250 12/01/2015(s) 12/01/2002(b) 4,060,212
25,000 NYC GO 0.000 08/15/2000 ----- 24,348
1,500,000 NYC GO 0.000 02/01/2001 ----- 1,427,670
50,000 NYC GO 0.000 08/15/2001 ----- 46,371
1,460,000 NYC GO 0.000 02/01/2002 ----- 1,320,205
1,000,000 NYC GO 0.000 02/01/2003 ----- 858,760
20,000 NYC GO 5.500 10/01/2014 ----- 19,303
10,000 NYC GO 5.500 10/01/2016 ----- 9,460
15,000 NYC GO 5.600 12/01/2010 06/01/2000(b) 15,015
10,000 NYC GO 5.625 10/01/2012 ----- 9,999
20,000 NYC GO 5.625 10/01/2013 ----- 19,791
15,000 NYC GO 5.625 08/01/2014 ----- 14,693
45,000 NYC GO 5.750 08/01/2011 08/01/2002(b) 46,106
140,000 NYC GO 5.750 08/15/2011 08/15/2005(b) 141,495
45,000 NYC GO 5.750 05/15/2012 05/15/2005(a) 47,018
45,000 NYC GO 5.750 05/15/2012 05/15/2005(b) 45,254
20,000 NYC GO 5.750 08/15/2012 08/15/2005(b) 20,118
20,000 NYC GO 5.750 08/15/2012 08/15/2003(a) 20,900
25,000 NYC GO 5.750 05/15/2013 05/15/2005(b) 25,027
40,000 NYC GO 5.750 05/15/2013 05/15/2005(b) 41,794
465,000 NYC GO 5.750 08/01/2013 08/01/2009(b) 465,823
80,000 NYC GO 5.750 08/15/2013 08/15/2005(b) 80,089
280,000 NYC GO 5.750 08/15/2013 08/15/2005(b) 280,311
55,000 NYC GO 5.750 10/15/2013 10/15/2009(b) 55,096
130,000 NYC GO 5.750 02/01/2014 02/14/2013(c) 128,942
100,000 NYC GO 5.750 02/01/2014(s) 02/01/2008(b) 100,475
5,000 NYC GO 5.750 05/15/2014 05/15/2003(a) 5,216
10,000 NYC GO 5.750 05/15/2014 ----- 9,917
1,665,000 NYC GO 5.750 08/15/2014 ----- 1,651,081
65,000 NYC GO 5.750 08/18/2014 ----- 64,457
215,000 NYC GO 5.750 02/01/2015 02/14/2014(c) 211,059
200,000 NYC GO 5.750 08/01/2015 ----- 196,260
25,000 NYC GO 5.750 08/01/2015 ----- 24,935
75,000 NYC GO 5.750 08/15/2015 ----- 73,594
80,000 NYC GO 5.750 08/01/2016 ----- 78,035
615,000 NYC GO 5.750 08/15/2016 ----- 599,865
25,000 NYC GO 5.750 02/01/2017 10/14/2015(c) 24,245
70,000 NYC GO 5.750 02/01/2019 08/27/2017(c) 67,066
60,000 NYC GO 5.800 08/01/2013 08/01/2005(b) 60,209
645,000 NYC GO 5.875 03/15/2013 03/15/2006(b) 651,198
</TABLE>
11 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 25,000 NYC GO 5.875 % 03/15/2014 03/15/2008(b) $ 25,078
50,000 NYC GO 5.875 08/01/2024 12/06/2019(c) 47,990
50,000 NYC GO 6.000 08/01/2006 02/01/2000(a) 50,079
15,000 NYC GO 6.000 08/01/2006 02/01/2000(b) 15,020
25,000 NYC GO 6.000 08/01/2008 08/01/2003(b) 25,814
5,000 NYC GO 6.000 08/01/2008 02/01/2000(b) 5,007
1,750,000 NYC GO 6.000 04/15/2009 04/15/2007(b) 1,826,650
15,000 NYC GO 6.000 05/15/2010 05/15/2003(b) 15,527
30,000 NYC GO 6.000 08/01/2010 08/01/2003(b) 31,090
55,000 NYC GO 6.000 02/01/2011 02/01/2006(b) 56,646
50,000 NYC GO 6.000 02/15/2011 02/15/2005(a) 52,887
25,000 NYC GO 6.000 02/15/2011 02/15/2007(b) 25,675
130,000 NYC GO 6.000 08/01/2011 02/01/2000(a) 130,172
25,000 NYC GO 6.000 08/01/2011 08/01/2003(b) 25,908
5,000 NYC GO 6.000 08/01/2011 02/01/2000(b) 5,007
60,000 NYC GO 6.000 02/15/2012 02/15/2005(a) 63,464
45,000 NYC GO 6.000 02/15/2012 02/15/2005(b) 45,949
30,000 NYC GO 6.000 08/01/2012 02/01/2000(a) 30,031
100,000 NYC GO 6.000 08/01/2012 08/01/2003(b) 101,722
15,000 NYC GO 6.000 02/15/2014 02/15/2005(a) 15,831
20,000 NYC GO 6.000 02/15/2014 02/15/2005(b) 20,340
15,000 NYC GO 6.000 02/15/2015 02/15/2005(a) 15,831
25,000 NYC GO 6.000 02/15/2015 02/15/2005(b) 25,425
25,000 NYC GO 6.000 05/15/2015 05/15/2005(b) 26,266
10,000 NYC GO 6.000 05/15/2015 05/15/2005(b) 10,120
450,000 NYC GO 6.000 08/01/2015 02/01/2000(b) 454,072
10,000 NYC GO 6.000 08/01/2016 (s) 08/01/2006(b) 10,016
50,000 NYC GO 6.000 08/01/2016 (s) 08/01/2006(b) 50,548
1,130,000 NYC GO 6.000 08/01/2017 02/11/2017(c) 1,126,892
1,530,000 NYC GO 6.000 08/01/2017 02/27/2016(c) 1,525,792
55,000 NYC GO 6.000 05/15/2019 05/15/2003(a) 57,873
10,000 NYC GO 6.000 05/15/2019 ----- 9,870
15,000 NYC GO 6.000 08/15/2026 08/17/2022(c) 14,601
100,000 NYC GO 6.125 08/01/2010 08/01/2004(b) 104,431
65,000 NYC GO 6.125 08/01/2011 08/01/2004(b) 67,880
2,500,000 NYC GO 6.250 08/01/2008 08/01/2006(b) 2,653,125
30,000 NYC GO 6.250 10/01/2008 10/01/2002(b) 31,663
15,000 NYC GO 6.250 10/01/2008 10/01/2002(b) 15,732
10,550,000 NYC GO 6.250 08/01/2009 08/01/2006(b) 11,157,574
205,000 NYC GO 6.250 08/01/2010 08/01/2006(b) 216,222
75,000 NYC GO 6.250 08/01/2010 08/01/2004(b) 79,375
2,000,000 NYC GO 6.250 08/01/2012 08/01/2006(b) 2,082,680
4,270,000 NYC GO 6.250 08/01/2013 08/01/2006(b) 4,417,187
25,000 NYC GO 6.250 04/01/2016 04/01/2006(a) 26,909
25,000 NYC GO 6.250 04/01/2016 04/01/2006(b) 25,440
70,000 NYC GO 6.250 08/01/2016 08/01/2002(b) 70,757
40,000 NYC GO 6.250 08/01/2017 (s) 08/01/2006(b) 40,594
110,000 NYC GO 6.250 08/01/2019 ----- 108,831
75,000 NYC GO 6.250 08/01/2021 08/01/2002(b) 75,246
175,000 NYC GO 6.300 08/15/2008 08/15/2005(a) 188,279
875,000 NYC GO 6.300 08/15/2008 08/15/2005(b) 922,171
590,000 NYC GO 6.375 02/15/2006 02/15/2005(a) 633,979
410,000 NYC GO 6.375 02/15/2006 ----- 434,637
</TABLE>
12 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 195,000 NYC GO 6.375 % 08/01/2006 08/01/2004(a) $ 205,957
425,000 NYC GO 6.375 08/01/2006 08/01/2002(b) 445,200
670,000 NYC GO 6.375 08/01/2007 08/01/2002(a) 707,647
1,485,000 NYC GO 6.375 08/01/2007 08/01/2002(b) 1,543,286
2,835,000 NYC GO 6.375 08/15/2009 08/15/2005(a) 3,060,468
10,665,000 NYC GO 6.375 08/15/2009 08/15/2005(b) 11,348,307
395,000 NYC GO 6.375 08/01/2010 08/01/2005(a) 426,256
1,495,000 NYC GO 6.375 08/01/2010 08/01/2005(b) 1,591,442
215,000 NYC GO 6.375 08/15/2010 08/15/2005(a) 232,099
815,000 NYC GO 6.375 08/15/2010 08/15/2005(b) 867,217
30,000 NYC GO 6.375 08/15/2011 08/15/2005(a) 32,386
105,000 NYC GO 6.375 08/15/2011 08/15/2005(b) 111,727
2,100,000 NYC GO 6.375 08/01/2012 08/15/2005(a) 2,267,013
7,900,000 NYC GO 6.375 08/01/2012 08/15/2005(b) 8,266,560
15,000 NYC GO 6.500 08/01/2005 08/01/2002(a) 15,873
95,000 NYC GO 6.500 08/01/2005 08/01/2002(b) 99,799
20,000 NYC GO 6.500 08/01/2006 08/01/2002(b) 21,010
600,000 NYC GO 6.500 02/15/2008 02/15/2005(a) 648,090
20,000 NYC GO 6.500 08/01/2008 08/01/2002(a) 21,164
105,000 NYC GO 6.500 08/01/2008 08/01/2002(b) 110,305
8,725,000 NYC GO 6.500 08/01/2011 08/01/2002(b) 9,165,787
35,000 NYC GO 6.500 08/01/2012 08/01/2002(a) 37,072
70,000 NYC GO 6.500 08/01/2012 08/01/2002(b) 73,305
25,000 NYC GO 6.500 08/01/2013 08/01/2002(a) 26,480
55,000 NYC GO 6.500 08/01/2013 08/01/2002(b) 57,747
20,000 NYC GO 6.500 08/01/2014 08/01/2002(b) 20,999
22,000 NYC GO 6.500 08/01/2014 08/01/2005(a) 23,874
78,000 NYC GO 6.500 08/01/2014 08/15/2005(b) 83,032
10,000 NYC GO 6.500 08/01/2016 08/01/2005(a) 10,852
40,000 NYC GO 6.500 08/01/2016 08/01/2005(b) 41,018
10,000 NYC GO 6.500 08/01/2019 08/01/2005(a) 10,852
70,000 NYC GO 6.500 08/01/2019(s) 08/01/2005(b) 71,696
1,445,000 NYC GO 6.600 02/15/2010 02/15/2005(a) 1,567,290
9,325,000 NYC GO 6.600 10/01/2016 10/01/2002(a) 9,907,999
4,675,000 NYC GO 6.600 10/01/2016 10/01/2002(b) 4,824,273
10,000,000 NYC GO 6.625 02/15/2014 02/15/2005(a) 10,857,500
1,520,000 NYC GO 6.750 10/01/2005 10/01/2002(a) 1,623,694
30,000 NYC GO 6.750 10/01/2005 10/01/2002(b) 31,767
35,000 NYC GO 6.750 10/01/2006 10/01/2002(a) 37,350
5,000 NYC GO 6.750 10/01/2006 10/01/2002(b) 5,257
55,000 NYC GO 6.750 10/01/2017 10/01/2002(a) 58,693
210,000 NYC GO 7.000 02/01/2000 ----- 210,506
50,000 NYC GO 7.000 02/01/2000 ----- 50,112
65,000 NYC GO 7.000 02/01/2001 02/01/2000(a) 66,894
425,000 NYC GO 7.000 02/01/2001 02/01/2000(b) 425,850
20,000 NYC GO 7.000 02/01/2001 02/01/2000(b) 20,044
5,000 NYC GO 7.000 02/01/2002 02/01/2000(a) 5,019
20,000 NYC GO 7.000 08/15/2002 02/15/2000(a) 20,165
35,000 NYC GO 7.000 02/01/2003 02/01/2000(a) 35,084
2,990,000 NYC GO 7.000 02/01/2006 02/01/2002(a) 3,170,297
260,000 NYC GO 7.000 02/01/2006 02/01/2002(b) 274,110
160,000 NYC GO 7.000 12/01/2006 06/01/2000(b) 161,947
365,000 NYC GO 7.000 08/01/2007 ----- 402,814
</TABLE>
13 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 5,000 NYC GO 7.000 % 02/01/2009 02/01/2000(b) $ 5,011
730,000 NYC GO 7.000 10/01/2009 10/01/2002(a) 783,290
50,000 NYC GO 7.000 10/01/2010 10/01/2002(a) 53,703
5,000 NYC GO 7.000 10/01/2010 10/01/2002(b) 5,326
5,000 NYC GO 7.000 12/01/2010 06/01/2000(b) 5,055
5,000 NYC GO 7.000 02/01/2011 02/01/2000(a) 5,011
30,000 NYC GO 7.000 02/01/2012 02/01/2000(b) 30,061
8,960,000 NYC GO 7.000 10/01/2013 10/01/2002(a) 9,614,080
185,000 NYC GO 7.000 10/01/2013 10/01/2002(b) 196,923
25,000 NYC GO 7.000 10/01/2015 04/01/2000(a) 25,169
1,520,000 NYC GO 7.000 02/01/2016 02/01/2002(b) 1,599,146
15,000 NYC GO 7.000 08/01/2016 08/01/2002(a) 16,061
1,360,000 NYC GO 7.000 08/15/2016 08/15/2004(a) 1,495,021
70,000 NYC GO 7.000 10/01/2016 04/01/2000(a) 70,430
15,000 NYC GO 7.000 02/01/2017 02/01/2002(b) 15,781
5,000 NYC GO 7.000 02/01/2018 02/01/2002(b) 5,301
55,000 NYC GO 7.000 02/01/2018 02/01/2002(b) 57,864
35,000 NYC GO 7.000 10/01/2018 04/01/2000(a) 35,225
15,000 NYC GO 7.000 10/01/2019 04/01/2000(a) 15,087
5,000 NYC GO 7.100 02/01/2004 02/01/2000(b) 5,008
100,000 NYC GO 7.100 08/15/2007 08/15/2004(a) 110,163
175,000 NYC GO 7.100 02/01/2009 02/01/2002(b) 184,840
20,000 NYC GO 7.100 02/01/2010 02/01/2002(b) 21,125
25,000 NYC GO 7.200 08/01/2001 02/01/2000(a) 25,063
5,000 NYC GO 7.200 08/01/2002 08/01/2000(a) 5,165
30,000 NYC GO 7.200 08/01/2002 08/01/2000(b) 30,868
5,000 NYC GO 7.200 02/01/2005 02/01/2000(a) 5,012
1,450,000 NYC GO 7.200 08/15/2008 08/15/2004(a) 1,603,308
20,000 NYC GO 7.200 02/01/2015 02/01/2002(a) 21,285
50,000 NYC GO 7.250 12/01/2001 06/01/2000(b) 50,618
40,000 NYC GO 7.250 10/01/2005 04/01/2000(a) 40,909
100,000 NYC GO 7.250 02/01/2007 02/01/2000(a) 100,260
5,000 NYC GO 7.250 02/01/2007 02/01/2000(b) 5,012
15,000 NYC GO 7.250 08/15/2017 02/15/2000(a) 15,277
500,000 NYC GO 7.400 02/01/2000 ----- 501,285
10,000 NYC GO 7.400 08/15/2000 02/15/2000(a) 10,086
285,000 NYC GO 7.400 02/01/2002 ----- 300,538
5,000 NYC GO 7.500 08/01/2001 02/01/2000(b) 5,087
5,000 NYC GO 7.500 08/15/2001 02/15/2000(b) 5,019
2,025,000 NYC GO 7.500 02/01/2003 02/01/2002(b) 2,152,838
105,000 NYC GO 7.500 08/15/2003 02/15/2000(b) 106,959
20,000 NYC GO 7.500 12/01/2003 06/01/2000(a) 20,284
10,125,000 NYC GO 7.500 02/01/2004 02/01/2002(b) 10,773,506
25,000 NYC GO 7.500 12/01/2004 06/01/2000(a) 25,355
15,000 NYC GO 7.500 02/01/2005 02/01/2002(a) 16,052
85,000 NYC GO 7.500 02/01/2005 02/01/2002(b) 90,444
5,000 NYC GO 7.500 08/15/2005 02/15/2000(b) 5,019
6,450,000 NYC GO 7.500 02/01/2006 02/01/2002(b) 6,863,122
220,000 NYC GO 7.500 02/01/2007 02/01/2002(b) 234,091
750,000 NYC GO 7.500 02/01/2009 02/01/2002(b) 802,590
1,675,000 NYC GO 7.500 02/01/2009 02/01/2002(b) 1,782,284
135,000 NYC GO 7.500 03/15/2009 03/15/2000(b) 137,862
50,000 NYC GO 7.625 02/01/2013 02/01/2002(a) 53,670
</TABLE>
14 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 40,000 NYC GO 7.650 % 02/01/2007 02/01/2002(b) $ 42,680
295,000 NYC GO 7.700 02/01/2009 02/01/2002(a) 317,090
5,000 NYC GO 7.700 02/01/2009 02/01/2002(b) 5,340
315,000 NYC GO 7.750 08/15/2001 02/15/2000(b) 320,972
5,000 NYC GO 7.750 08/15/2005 08/15/2001(b) 5,322
75,000 NYC GO 7.750 08/15/2006 08/15/2001(b) 79,449
15,000 NYC GO 7.750 08/15/2007 08/15/2001(b) 15,890
60,000 NYC GO 7.750 02/01/2010 02/01/2002(b) 64,465
45,000 NYC GO 7.750 08/15/2011 08/15/2001(a) 47,899
20,000 NYC GO 7.750 08/15/2012 08/15/2001(b) 21,288
20,000 NYC GO 7.750 08/15/2014 08/15/2001(b) 21,186
5,000 NYC GO 7.875 08/01/2000 02/01/2000(b) 5,052
40,000 NYC GO 7.875 08/01/2004 08/01/2000(b) 41,394
15,000 NYC GO 8.000 08/01/2001 02/01/2000(b) 15,151
5,000 NYC GO 8.000 08/01/2003 02/01/2000(b) 5,052
65,000 NYC GO 8.000 08/01/2003 08/01/2001(b) 69,349
60,000 NYC GO 8.000 08/01/2003 08/01/2001(b) 63,725
5,000 NYC GO 8.250 08/01/2011 08/01/2001(b) 5,353
1,355,000 NYC GO CAB 0.000 (v) 05/15/2014 05/15/2008(b) 1,128,837
5,000,000 NYC GO CARS 7.070 (r) 09/01/2011 08/01/2002(b) 5,325,000
10,000 NYC GO DIAMONDS 0.000 (v) 08/01/2007 08/01/2002(b) 8,832
11,870,000 NYC GO Indexed Inverse Floater 0.420 (r) 08/15/2010 ----- 11,843,292
14,600,000 NYC GO Indexed Inverse Floater 2.750 (r) 08/15/2017 ----- 13,481,202
2,000,000 NYC GO LIMO 0.000 (v) 02/01/2004 02/01/2000(b) 2,108,960
1,950,000 NYC GO LIMO 0.000 (v) 02/01/2007 02/01/2002(e) 1,787,311
170,000 NYC GO Municipal RAES 0.000 04/01/2000 ----- 168,169
630,000 NYC GO Municipal RAES 0.000 04/01/2001 ----- 594,896
115,000 NYC GO PRAMS 0.000 (v) 10/01/2006 10/01/2002(b) 101,193
50,000 NYC GO PRAMS 0.000 (v) 02/01/2012 02/01/2002(b) 46,025
450,000 NYC HDC (Barclay Avenue) 5.750 04/01/2007 01/10/2004(c) 447,588
9,490,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2009(s) 05/01/2008(b) 9,564,876
4,835,000 NYC HDC (Multifamily Hsg.), Series A 5.625 05/01/2012 05/31/2011(c) 4,779,591
1,715,000 NYC HDC (Multifamily Hsg.), Series A 6.550 10/01/2015(s) 04/01/2003(b) 1,783,291
110,000 NYC HDC (Multifamily Hsg.), Series A 7.300 06/01/2010(s) 06/01/2001(b) 115,417
210,000 NYC HDC (Multifamily Hsg.), Series A 7.350 06/01/2019(s) 06/01/2001(b) 220,483
8,145,000 NYC HDC (Multifamily Hsg.), Series B 5.700 11/01/2013(s) 05/01/2005(b) 8,226,206
1,970,000 NYC HDC (Pass Through Certificate) (i) 6.500 09/20/2003 06/05/2002(c) 2,072,223
695,000 NYC HDC (South Bronx Cooperatives) 8.100 09/01/2023(s) 08/27/2000(g) 717,581
1,645,000 NYC HDC (South Williamsburg Cooperatives) 7.900 02/01/2023(s) 01/29/2000(g) 1,680,022
2,600,000 NYC Health & Hospital Corp. 5.625 02/15/2013 08/21/2012(c) 2,592,642
1,000,000 NYC Hsg. Authority, Series A 5.650 07/01/2010 10/06/2009(c) 992,980
1,985,000 NYC IDA (Acme Architectural Products) 5.875 11/01/2009 10/23/2005(c) 1,852,700
850,000 NYC IDA (ALA Realty) 7.000 12/01/2005 08/07/2003(c) 866,804
1,840,000 NYC IDA (American Airlines) 6.900 08/01/2024 08/01/2004(b) 1,877,297
685,000 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/2008 05/28/2005(c) 696,720
1,640,000 NYC IDA (Blood Center) 6.800 05/01/2002 05/16/2001(c) 1,714,915
335,000 NYC IDA (Brooklyn Heights Montessori School) 7.500 01/01/2007 11/17/2003(c) 339,811
745,000 NYC IDA (Chardan Corp.) 6.250 11/01/2008 07/16/2005(c) 738,928
615,000 NYC IDA (College of Aeronautics) 5.500 05/01/2012 ----- 587,128
450,000 NYC IDA (College of Aeronautics) 5.500 05/01/2013 ----- 424,584
360,000 NYC IDA (College of New Rochelle) 6.200 09/01/2010(s) 09/01/2005(b) 373,464
725,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/2008 03/17/2005(c) 671,314
285,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/2008 03/15/2005(c) 264,001
</TABLE>
15 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 635,000 NYC IDA (Comprehensive Care Management) 7.250 % 12/01/2006 03/28/2004(c) $ 629,177
886,940 NYC IDA (Cummins Engine) 6.500 03/01/2005 04/09/2003(c) 880,865
575,000 NYC IDA (Elmhurst Parking Garage) 7.400 07/30/2002 08/14/2001(c) 596,447
920,000 NYC IDA (Essie Cosmetics) 5.500 11/01/2008 03/19/2005(c) 863,963
45,000 NYC IDA (Federation Protestant Welfare) 6.950 11/01/2011 11/01/2001(b) 47,199
1,660,000 NYC IDA (Friends Seminary School) 6.125 12/01/2007 04/14/2004(c) 1,660,299
1,320,000 NYC IDA (Gabrielli Truck Sales) 7.250 12/01/2007 10/18/2004(c) 1,329,068
715,000 NYC IDA (Good Shepherd Services) 5.125 06/01/2004 07/09/2002(c) 700,199
22,780,000 NYC IDA (Japan Airlines) 6.000 11/01/2015(s) 02/07/2007(g) 23,542,447
1,170,000 NYC IDA (JBFS) 6.500 12/15/2002 12/30/2001(c) 1,171,100
435,000 NYC IDA (Julia Gray) (w) 6.500 11/01/2007 12/20/2004(c) 432,586
425,000 NYC IDA (Koenig Manufacturing) 7.375 12/01/2010 09/23/2006(c) 433,079
1,220,000 NYC IDA (Little Red Schoolhouse) 5.750 11/01/2007 08/19/2004(c) 1,151,046
855,000 NYC IDA (MediSys Health Network) 5.750 03/15/2006 06/12/2004(c) 828,632
825,000 NYC IDA (Morrisons Pastry) 5.750 11/01/2009 08/10/2004(c) 780,145
360,000 NYC IDA (Ohel Children's Home & Family Services) 7.125 03/15/2003 10/18/2001(c) 384,494
2,785,000 NYC IDA (Plaza Packaging) 7.650 12/01/2009(s) 06/01/2000(b) 2,843,206
695,000 NYC IDA (Precision Gear) 5.875 11/01/2009 10/26/2005(c) 655,607
590,000 NYC IDA (Precision Gear) 5.875 11/01/2009 10/10/2005(c) 556,559
195,000 NYC IDA (Precision Gear) 6.500 11/01/2008 10/10/2005(c) 194,163
575,000 NYC IDA (Promotional Slideguide) 7.000 12/01/2005 08/18/2003(c) 582,141
2,845,000 NYC IDA (Special Needs Facilities Pooled Program)5.950 07/01/2008 01/31/2004(c) 2,703,120
190,000 NYC IDA (Streamline Plastics) 7.125 12/01/2005 08/27/2003(c) 192,656
13,215,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2015 09/01/2012(c) 13,182,623
215,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2019 07/28/2017(c) 209,887
300,000 NYC IDA (Terminal One Group Association) 6.100 01/01/2009(s) 01/01/2006(b) 308,016
1,235,000 NYC IDA (Ulano) 6.250 11/01/2006 01/30/2004(c) 1,200,729
160,000 NYC IDA (United Nations School) 6.050 12/01/2005 ----- 163,760
170,000 NYC IDA (United Nations School) 6.100 12/01/2006 ----- 174,116
180,000 NYC IDA (United Nations School) 6.150 12/01/2007 ----- 184,828
1,700,000 NYC IDA (Visy Paper) 7.550 01/01/2005 09/11/2002(c) 1,736,873
4,000,000 NYC IDA (Visy Paper) 7.800 01/01/2016(s) 01/01/2006(b) 4,224,040
585,000 NYC IDA (World Casing Corp.) 5.950 11/01/2007 09/02/2004(c) 578,869
20,000 NYC Municipal Water Finance Authority 5.500 06/15/2019 10/29/2015(c) 18,590
855,000 NYC Municipal Water Finance Authority 5.750 06/15/2013(s) 06/15/2000(b) 843,876
50,000 NYC Municipal Water Finance Authority 5.750 06/15/2013(s) 06/15/2000(b) 51,681
40,000 NYC Municipal Water Finance Authority 5.750 06/15/2018 12/02/2015(c) 39,219
140,000 NYC Municipal Water Finance Authority 5.750 06/15/2018 01/08/2017(c) 137,267
5,000,000 NYC Municipal Water Finance Authority 6.000 06/15/2017(s) 06/15/2004(b) 5,027,900
1,135,000 NYC Municipal Water Finance Authority 6.250 06/15/2021(s) 06/15/2001(b) 1,150,538
30,000 NYC Municipal Water Finance Authority 7.000 06/15/2015(s) 06/15/2001(b) 31,343
50,000 NYC Municipal Water Finance Authority 7.100 06/15/2012(s) 06/15/2001(b) 52,094
40,000 NYC Municipal Water Finance Authority 7.100 06/15/2012(s) 06/15/2001(b) 41,704
25,000 NYC Public Hsg. Authority 6.000 01/01/2004 07/01/2000(b) 25,485
1,925,000 NYS COP 7.625 03/01/2009(s) 06/17/2001(g) 2,033,108
2,000,000 NYS DA (4201 Schools Program) 5.250 07/01/2015 ----- 1,824,580
30,000 NYS DA (Bishop Henry B. Hucles Nursing Home) 5.625 07/01/2018 11/11/2014(c) 28,737
215,000 NYS DA (Brooklyn Law School) 6.375 07/01/2007(s) 07/01/2001(b) 224,488
80,000 NYS DA (Brooklyn Law School) 6.400 07/01/2011(s) 07/01/2001(b) 83,381
35,000 NYS DA (City University) 0.000 07/01/2005 11/25/2003(c) 25,688
1,500,000 NYS DA (City University) 5.500 07/01/2005 ----- 1,518,075
2,020,000 NYS DA (City University) 5.500 07/01/2006 ----- 2,038,099
75,000 NYS DA (City University) 5.500 07/01/2012 08/09/2010(c) 73,312
</TABLE>
16 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 1,050,000 NYS DA (City University) 5.600 % 07/01/2010 05/22/2009(c) $ 1,052,457
1,900,000 NYS DA (City University) 6.000 07/01/2010 07/01/2006(b) 1,952,136
70,000 NYS DA (City University) 6.000 07/01/2016 01/05/2016(c) 69,099
670,000 NYS DA (City University) 7.000 07/01/2014(s) 07/01/2000(b) 691,339
25,000 NYS DA (College of St. Rose) 6.000 07/01/2011(s) 07/01/2002(b) 25,748
3,500,000 NYS DA (Cornell University) 7.375 07/01/2020(s) 07/01/2000(b) 3,618,580
585,000 NYS DA (Cornell University) 7.375 07/01/2030(s) 07/01/2000(b) 604,820
70,000 NYS DA (Court Facility) 5.375 05/15/2016 05/28/2015(c) 64,412
5,000 NYS DA (Dept. of Health) 5.500 07/01/2014 ----- 4,772
50,000 NYS DA (Dept. of Health) 5.900 07/01/2009 07/01/2004(b) 51,026
85,000 NYS DA (Episcopal Health Services) 7.550 08/01/2029 02/01/2000(b) 86,879
70,000 NYS DA (Higher Education) 8.500 06/01/2003(s) 06/01/2000(b) 70,247
40,000 NYS DA (Jewish Geriatric) 7.150 08/01/2014 08/01/2004(b) 43,680
50,000 NYS DA (Jewish Geriatric) 7.350 08/01/2029 08/01/2004(b) 54,362
20,000 NYS DA (JGB Health Facilities) 7.000 07/01/2009(s) 07/01/2000(b) 20,042
3,960,000 NYS DA (KMH Homes) 6.950 08/01/2031 08/01/2001(b) 4,124,855
25,000 NYS DA (Manhattan College) 6.500 07/01/2019(s) 07/01/2002(b) 25,354
750,000 NYS DA (MEET) 5.375 07/01/2012 07/01/2007(a) 767,602
4,750,000 NYS DA (Mount Sinai School of Medicine) 6.750 07/01/2009(s) 07/01/2001(b) 4,985,125
190,000 NYS DA (Mount Sinai School of Medicine) 6.750 07/01/2015(s) 07/01/2001(b) 198,603
70,000 NYS DA (New Hope Community) 5.700 07/01/2017 08/24/2012(c) 67,633
50,000 NYS DA (Nursing Homes) 5.500 07/01/2010 07/09/2009(c) 49,568
225,000 NYS DA (NY Medical College) 6.875 07/01/2003 07/01/2002(a) 240,561
1,325,000 NYS DA (Nyack Hospital) 6.250 07/01/2013 05/10/2009(c) 1,273,020
10,000 NYS DA (NYS Association for Retarded Children) 7.100 07/01/2003 07/01/2000(b) 10,173
25,000 NYS DA (NYS Association for Retarded Children) 7.600 07/01/2018(s) 07/01/2000(b) 25,439
90,000 NYS DA (Park Ridge Hsg.) 7.850 02/01/2029 02/01/2000(b) 92,011
1,055,000 NYS DA (Pooled Capital Program) 7.800 12/01/2005(s) 06/01/2000(b) 1,084,835
45,000 NYS DA (St. Francis G&H) 7.375 08/01/2010 08/01/2000(b) 46,745
20,000 NYS DA (St. Vincent's Hospital) 5.750 08/01/2015 03/23/2011(c) 19,806
25,000 NYS DA (St. Vincent's Hospital) 7.375 08/01/2011 08/01/2001(b) 26,452
1,150,000 NYS DA (State University Educational Facilities) 5.750 05/15/2010 05/15/2008(b) 1,174,495
660,000 NYS DA (State University Educational Facilities) 6.000 05/15/2017 ----- 658,185
165,000 NYS DA (State University Educational Facilities) 6.000 05/15/2017 11/18/2016(c) 164,546
8,730,000 NYS DA (State University Educational Facilities) 6.375 05/15/2014 05/15/2003(a) 9,335,513
100,000 NYS DA (State University Educational Facilities) 7.000 05/15/2004 05/15/2000(a) 103,041
13,200,000 NYS DA (State University Educational Facilities) 7.000 05/15/2016 05/15/2000(a) 13,601,412
215,000 NYS DA (State University Educational Facilities) 7.000 05/15/2016 05/15/2000(a) 221,205
14,775,000 NYS DA (State University Educational Facilities) 7.375 05/15/2014(s) 05/15/2000(b) 15,243,958
330,000 NYS DA (Suffolk County Judicial Facilities) 9.000 10/15/2001(s) 04/01/2000(b) 354,948
10,000 NYS DA (Suffolk County Judicial Facilities) 9.000 10/15/2001(s) 04/01/2000(b) 10,749
155,000 NYS DA (Suffolk County Judicial Facilities) 9.250 04/15/2006(s) 04/01/2000(b) 170,035
30,000 NYS DA (Suffolk County Judicial Facilities) 9.500 04/15/2014(s) 04/15/2000(b) 34,553
1,000,000 NYS DA (Teresian House) 5.250 07/01/2017 11/02/2013(c) 870,950
3,290,000 NYS DA (United Health Services) 5.500 08/01/2017 05/17/2009(c) 3,114,314
145,000 NYS DA (University of Rochester) 6.500 07/01/2009(s) 07/01/2000(b) 146,708
20,000 NYS DA (University of Rochester) 6.500 07/01/2009(s) 07/01/2000(b) 20,236
60,000 NYS DA (Upstate Community Colleges) 5.500 07/01/2014 10/05/2012(c) 57,094
55,000 NYS DA (Upstate Community Colleges) 5.625 07/01/2012(s) 07/01/2004(b) 55,412
280,000 NYS DA (Upstate Community Colleges) 5.625 07/01/2014 01/24/2013(c) 271,110
35,000 NYS DA (Upstate Community Colleges) 5.875 07/01/2016 07/15/2015(c) 34,206
1,250,000 NYS DA (Upstate Community Colleges) 6.200 07/01/2015 07/01/2005(a) 1,349,512
20,000 NYS DA (WHELC) 5.800 02/01/2028 ----- 18,827
</TABLE>
17 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 200,000 NYS EFC (Consolidated Water) 7.150 % 11/01/2014(s) 11/01/2004(b) $ 206,612
20,000 NYS EFC (New Rochelle Water) 6.400 12/01/2024 06/01/2002(b) 20,155
2,000,000 NYS EFC (NYS Water Services) 6.700 09/15/2004 09/15/2000(b) 2,073,480
1,705,000 NYS EFC (NYS Water Services) 6.875 06/15/2014(s) 11/15/2004(b) 1,838,638
960,000 NYS EFC (NYS Water Services) 6.900 05/15/2015(s) 02/06/2004(g) 1,045,229
750,000 NYS EFC (NYS Water Services) 6.900 11/15/2015(s) 11/15/2004(b) 816,585
100,000 NYS EFC (NYS Water Services) 7.200 03/15/2011(s) 03/15/2000(b) 102,544
350,000 NYS EFC (NYS Water Services) 7.500 03/15/2011(s) 03/15/2000(b) 357,864
2,500,000 NYS EFC (NYS Water Services) 7.500 06/15/2012(s) 06/15/2000(b) 2,584,150
25,000 NYS EFC (Spring Valley Water Co.) 5.650 11/01/2023 ----- 23,265
50,000 NYS EFC (State Park Infrastructure) 5.750 03/15/2013 04/25/2011(c) 49,926
7,060,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 05/06/2002(b) 7,411,376
11,505,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 05/12/2002(b) 12,080,365
15,000 NYS ERDA (Central Hudson G&E) 6.250 06/01/2007(s) 06/01/2000(b) 15,016
25,000 NYS ERDA (Con Ed) 6.375 12/01/2027 12/01/2001(b) 25,088
200,000 NYS ERDA (Con Ed) 6.375 12/01/2027 12/01/2001(b) 201,050
11,735,000 NYS ERDA (Con Ed) 6.750 01/15/2027 01/15/2001(b) 12,029,079
16,510,000 NYS ERDA (Con Ed) 6.750 01/15/2027 01/15/2001(b) 16,923,741
9,290,000 NYS ERDA (Con Ed) 6.750 01/15/2027 01/15/2001(b) 9,532,283
29,910,000 NYS ERDA (Con Ed) 7.500 01/01/2026 07/01/2000(b) 30,277,295
1,110,000 NYS ERDA (Con Ed) 7.500 01/01/2026 07/01/2000(b) 1,123,675
325,000 NYS ERDA (LILCO) 6.900 08/01/2022 01/21/2003(a) 349,524
65,000 NYS ERDA (LILCO) 6.900 08/01/2022 02/01/2002(a) 69,905
2,935,000 NYS ERDA (LILCO) 6.900 08/01/2022 02/01/2002(b) 3,021,817
1,930,000 NYS ERDA (LILCO) 7.150 09/01/2019 06/15/2002(b) 2,023,431
10,675,000 NYS ERDA (LILCO) 7.150 06/01/2020 06/15/2002(b) 11,191,777
680,000 NYS ERDA (LILCO) 7.150 12/01/2020 06/15/2002(b) 712,919
15,000 NYS ERDA (LILCO) 7.150 02/01/2022 06/15/2002(a) 16,059
920,000 NYS ERDA (LILCO) 7.150 02/01/2022 06/15/2002(b) 964,537
17,000,000 NYS ERDA (NIMO) 6.625 10/01/2013 10/01/2001(b) 17,834,360
200,000 NYS ERDA (NYSEG) 5.700 12/01/2028 ----- 185,532
3,575,000 NYS ERDA (RG&E) 6.500 05/15/2032 05/15/2002(b) 3,624,049
15,000 NYS GO 6.000 11/15/2007 11/15/2002(b) 15,663
10,975,000 NYS GO 6.125 06/15/2014(s) 06/15/2006(b) 11,232,583
40,000 NYS GO 6.600 12/01/2014 06/01/2000(b) 40,730
80,000 NYS HFA (Children's Rescue) 7.400 11/01/2000 ----- 80,492
65,000 NYS HFA (Children's Rescue) 7.500 05/01/2001 ----- 65,574
140,000 NYS HFA (Children's Rescue) 7.500 11/01/2001 ----- 141,679
114,000 NYS HFA (General Hsg.) 6.500 11/01/2003 ----- 116,454
10,000 NYS HFA (General Hsg.) 6.600 11/01/2005 11/01/2000(b) 10,216
30,000 NYS HFA (General Hsg.) 6.600 11/01/2006 11/01/2000(b) 30,648
1,435,000 NYS HFA (Health Facility) 6.000 05/01/2007 ----- 1,479,270
2,165,000 NYS HFA (Health Facility) 6.000 05/01/2008 05/01/2006(b) 2,228,824
1,590,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005(s) 05/01/2000(b) 1,623,660
20,000 NYS HFA (HELP-Westchester Hsg.) 7.550 11/01/2002 05/01/2000(b) 20,094
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2005 05/01/2000(a) 5,118
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2012 05/01/2000(a) 5,002
15,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2010 11/01/2001(a) 15,590
10,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2011 11/01/2001(a) 10,357
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2003 05/01/2000(a) 5,169
30,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2005 05/01/2000(a) 31,209
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2010 05/01/2000(a) 5,206
35,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2014 05/01/2000(b) 35,845
</TABLE>
18 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 10,000 NYS HFA (Hospital & Nursing Home) 6.375 % 11/01/2001 ----- $ 10,326
10,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2004 05/01/2000(a) 10,793
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2005 05/01/2000(a) 5,457
480,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2007 05/01/2000(a) 516,821
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2009 05/01/2000(a) 5,597
3,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2010 05/01/2000(a) 3,370
590,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017 05/01/2000(b) 655,490
80,000 NYS HFA (Meadow Manor) 7.750 11/01/2019(s) 05/01/2000(b) 80,178
225,000 NYS HFA (Monroe County Health Facilities) 7.625 05/01/2005(s) 04/19/2000(g) 235,136
475,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2008 11/01/2006(b) 295,930
420,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2009 11/01/2006(b) 246,540
10,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2010 11/01/2006(b) 5,480
200,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2011 11/01/2006(b) 103,008
1,730,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2012 11/01/2006(b) 835,002
130,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2013 11/01/2006(b) 58,787
25,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2003 ----- 25,252
1,000,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2016(s) 08/15/2008(b) 1,003,900
2,015,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2028 07/13/2023(c) 1,990,639
35,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012(s) 08/15/2002(b) 35,928
2,940,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2014(s) 08/15/2004(b) 3,031,199
150,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2023(s) 08/15/2002(b) 152,508
1,000,000 NYS HFA (Multifamily Hsg.) 6.450 08/15/2014(s) 08/15/2002(b) 1,027,980
2,500,000 NYS HFA (Multifamily Hsg.) 6.625 08/15/2012(s) 02/15/2003(b) 2,565,600
350,000 NYS HFA (Multifamily Hsg.) 6.850 11/01/2019(s) 11/01/2004(b) 368,039
150,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012(s) 08/15/2002(b) 157,720
1,845,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2024(s) 07/10/2002(g) 1,887,822
20,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2022(s) 08/15/2002(b) 20,978
1,000,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2023(s) 08/15/2001(b) 1,035,670
40,000 NYS HFA (Multifamily Hsg.) 7.300 11/01/2004 05/01/2000(b) 40,592
399,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028(s) 05/01/2000(g) 407,674
2,020,000 NYS HFA (Multifamily Hsg.) 7.750 11/01/2020(s) 10/24/2000(g) 2,089,872
570,000 NYS HFA (Multifamily Hsg.) 8.000 11/01/2008(s) 09/19/2000(g) 590,366
25,000 NYS HFA (Multifamily Hsg.) 8.300 05/15/2005(s) 05/15/2000(b) 25,081
5,000 NYS HFA (Nonprofit Hsg.) 6.000 11/01/2012 11/01/2000(b) 5,087
5,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2006 05/01/2000(b) 5,107
40,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2008 05/01/2000(b) 40,846
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2009 05/01/2000(b) 10,216
70,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2011 05/01/2000(b) 71,496
40,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2000 ----- 40,632
20,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2002 11/01/2000(b) 20,431
25,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2004 11/01/2000(b) 25,530
145,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2005 11/01/2000(b) 148,151
5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2006 11/01/2000(b) 5,106
10,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2008 11/01/2000(b) 10,211
80,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2009 11/01/2001(b) 81,691
5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2011 11/01/2000(b) 5,106
10,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2013 05/01/2000(b) 10,211
5,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2000 ----- 5,086
15,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2001 ----- 15,324
60,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2002 ----- 61,270
5,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2003 ----- 5,108
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2000 05/01/2000(b) 25,449
35,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2001 ----- 35,748
</TABLE>
19 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 10,000 NYS HFA (Nonprofit Hsg.) 6.600 % 11/01/2002 05/01/2000(b) $ 10,212
225,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2003 ----- 229,862
75,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2005 05/01/2000(b) 76,621
50,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2005 11/01/2000(b) 51,080
45,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2006 05/01/2000(b) 45,972
15,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2006 11/01/2000(b) 15,324
5,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2007 05/01/2000(b) 5,108
65,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2008 11/01/2000(b) 67,268
10,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 05/01/2000(b) 10,216
15,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 05/01/2000(b) 15,324
15,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2010 05/01/2000(b) 15,324
15,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2011 11/01/2003(b) 15,324
5,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2011 05/01/2000(b) 5,108
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2013 05/01/2000(b) 25,537
20,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2001 05/01/2000(b) 20,435
100,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2004 05/01/2000(b) 104,290
5,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2005 05/01/2000(b) 5,109
5,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2008 05/01/2000(b) 5,109
15,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2009 05/01/2000(b) 15,326
5,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2010 11/01/2003(b) 5,109
1,420,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2011 05/01/2000(b) 1,459,433
61,000 NYS HFA (Nonprofit Hsg.) 6.875 11/01/2010 05/01/2000(b) 61,766
10,000 NYS HFA (Nonprofit Hsg.) (i) 6.750 11/01/2000 05/01/2000(b) 10,191
195,000 NYS HFA (Phillips Village) 6.700 02/15/2002 ----- 198,165
250,000 NYS HFA (Phillips Village) 6.700 08/15/2002 ----- 254,947
175,000 NYS HFA (Phillips Village) 6.900 02/15/2004 ----- 178,888
85,000 NYS HFA (Phillips Village) 6.900 08/15/2004 ----- 87,088
150,000 NYS HFA (Service Contract) 5.500 09/15/2022 03/29/2019(c) 135,177
105,000 NYS HFA (Service Contract) 5.625 09/15/2013 06/20/2012(c) 102,928
175,000 NYS HFA (Service Contract) 5.875 03/15/2011(s) 09/15/2005(b) 177,093
11,040,000 NYS HFA (Service Contract) 5.875 09/15/2014 07/13/2013(c) 10,995,840
400,000 NYS HFA (Simeon Dewitt) 8.000 11/01/2018(s) 05/01/2000(b) 402,324
125,000 NYS HFA, Series A 6.100 11/01/2015(s) 05/01/2008(b) 126,944
5,000 NYS LGAC 5.375 04/01/2014 05/08/2012(c) 4,821
50,000 NYS LGAC 6.000 04/01/2018 04/01/2002(a) 52,406
665,000 NYS LGSC (SCSB) 6.375 12/15/2009 11/04/2005(c) 652,318
5,000 NYS Medcare (AOFMH) 6.500 11/01/2019 11/01/2001(b) 5,266
500,000 NYS Medcare (Beth Israel Medical Center) 7.000 11/01/2001 05/01/2000(b) 501,025
895,000 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/2006(s) 05/01/2000(b) 916,659
450,000 NYS Medcare (Beth Israel Medical Center) 7.200 11/01/2014(s) 05/01/2000(b) 450,841
195,000 NYS Medcare (Beth Israel Medical Center) 7.400 11/01/2004(s) 05/01/2000(b) 197,449
260,000 NYS Medcare (Brookdale Hospital Medical Center) 6.600 02/15/2003 ----- 273,863
615,000 NYS Medcare (Brookdale Hospital Medical Center) 6.600 08/15/2003 ----- 651,888
20,000 NYS Medcare (Buffalo General Hospital) 6.000 08/15/2014(s) 08/15/2006(b) 20,243
35,000 NYS Medcare (Buffalo General Hospital) 6.125 08/15/2024 ----- 34,624
10,000 NYS Medcare (Central Suffolk Hospital) 5.875 11/01/2005 12/12/2003(c) 9,737
365,000 NYS Medcare (Downtown Hospital) 6.550 02/15/2006 02/15/2005(a) 397,054
945,000 NYS Medcare (Downtown Hospital) 6.550 08/15/2006 02/15/2005(a) 1,027,990
5,000 NYS Medcare (Hospital & Nursing Home) 5.650 08/15/2002 ----- 5,012
100,000 NYS Medcare (Hospital & Nursing Home) 5.650 08/15/2013 08/15/2005(b) 101,968
500,000 NYS Medcare (Hospital & Nursing Home) 5.750 02/15/2005 ----- 504,660
4,500,000 NYS Medcare (Hospital & Nursing Home) 5.750 08/15/2019 01/01/2011(c) 4,313,430
3,995,000 NYS Medcare (Hospital & Nursing Home) 5.950 08/15/2009 08/15/2002(b) 4,095,514
</TABLE>
20 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 10,000 NYS Medcare (Hospital & Nursing Home) 6.100 % 08/15/2013(s) 08/15/2002(b) $ 10,535
840,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2014(s) 02/15/2004(b) 887,006
2,805,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2014(s) 02/15/2006(b) 2,893,554
25,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2015(s) 02/15/2006(b) 25,365
15,000 NYS Medcare (Hospital & Nursing Home) 6.150 02/15/2002 02/15/2000(b) 15,462
190,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 08/15/2002(b) 190,082
200,000 NYS Medcare (Hospital & Nursing Home) 6.250 08/15/2012(s) 08/15/2004(b) 205,500
100,000 NYS Medcare (Hospital & Nursing Home) 6.250 02/15/2015 08/15/2005(b) 102,331
7,025,000 NYS Medcare (Hospital & Nursing Home) 6.400 08/15/2014 08/15/2006(b) 7,267,081
75,000 NYS Medcare (Hospital & Nursing Home) 6.400 11/01/2014(s) 05/01/2002(b) 78,743
3,210,000 NYS Medcare (Hospital & Nursing Home) 6.500 08/15/2012 08/15/2002(a) 3,401,476
570,000 NYS Medcare (Hospital & Nursing Home) 6.500 08/15/2012(s) 08/15/2002(b) 599,378
715,000 NYS Medcare (Hospital & Nursing Home) 6.500 02/15/2019(s) 02/15/2004(b) 725,303
25,000 NYS Medcare (Hospital & Nursing Home) 6.550 08/15/2012 08/15/2002(b) 26,363
2,615,000 NYS Medcare (Hospital & Nursing Home) 6.875 02/15/2032 02/15/2002(b) 2,749,437
25,000 NYS Medcare (Hospital & Nursing Home) 7.200 11/01/2000 05/01/2000(b) 25,308
685,000 NYS Medcare (Hospital & Nursing Home) 7.200 11/01/2001 05/01/2000(b) 693,343
85,000 NYS Medcare (Hospital & Nursing Home) 7.250 11/01/2002 05/01/2000(b) 86,039
395,000 NYS Medcare (Hospital & Nursing Home) 7.250 11/01/2003 05/01/2000(b) 399,827
20,000 NYS Medcare (Hospital & Nursing Home) 7.300 08/15/2011(s) 08/15/2001(b) 20,851
75,000 NYS Medcare (Hospital & Nursing Home) 7.300 08/15/2011(s) 08/15/2001(b) 79,095
290,000 NYS Medcare (Hospital & Nursing Home) 7.350 02/15/2029(s) 02/15/2000(b) 296,412
95,000 NYS Medcare (Hospital & Nursing Home) 7.350 02/15/2029(s) 02/15/2000(b) 97,109
1,825,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016(s) 05/01/2000(b) 1,886,137
6,505,000 NYS Medcare (Hospital & Nursing Home) 7.450 08/15/2031 08/15/2001(a) 6,868,239
275,000 NYS Medcare (Hospital & Nursing Home) 8.625 02/15/2006 02/15/2000(b) 275,916
825,000 NYS Medcare (Hospital & Nursing Home) 9.000 02/15/2026 02/15/2000(b) 851,813
605,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016(s) 05/01/2000(b) 625,612
2,335,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006(s) 05/01/2000(b) 2,487,242
115,000 NYS Medcare (Hospital & Nursing Home) (i) 7.100 11/01/2000 ----- 116,391
1,915,000 NYS Medcare (Huntington Hospital) 6.500 11/01/2014(s) 11/01/2004(b) 1,922,105
1,060,000 NYS Medcare (Insured Mortgage Nursing) 6.500 11/01/2015 11/01/2004(b) 1,110,700
1,865,000 NYS Medcare (Long Term Health Care) 6.450 11/01/2014(s) 05/01/2002(b) 1,960,115
65,000 NYS Medcare (Long Term Health Care) 6.800 11/01/2014(s) 05/01/2002(b) 68,736
95,000 NYS Medcare (Long Term Health Care) 7.100 11/01/2012(s) 05/01/2001(b) 99,563
235,000 NYS Medcare (Long Term Health Care) 7.300 11/01/2005(s) 05/01/2000(b) 240,273
5,000 NYS Medcare (Mental Health) 0.000 08/15/2001 ----- 4,635
5,000 NYS Medcare (Mental Health) 0.000 02/15/2003 02/15/2000(b) 4,140
5,000 NYS Medcare (Mental Health) 0.000 08/15/2003 02/15/2000(b) 3,991
75,000 NYS Medcare (Mental Health) 5.550 08/15/2001 02/15/2000(b) 75,044
10,000 NYS Medcare (Mental Health) 5.700 02/15/2003 02/15/2000(b) 10,007
35,000 NYS Medcare (Mental Health) 6.000 02/15/2011(s) 02/15/2000(b) 35,042
5,000 NYS Medcare (Mental Health) 6.100 08/15/2013(s) 08/15/2002(b) 5,169
70,000 NYS Medcare (Mental Health) 6.375 08/15/2014(s) 08/15/2004(b) 71,691
120,000 NYS Medcare (Mental Health) 6.375 08/15/2014 08/15/2004(a) 129,697
5,000 NYS Medcare (Mental Health) 6.375 08/15/2014 08/15/2004(a) 5,251
4,005,000 NYS Medcare (Mental Health) 6.375 08/15/2014(s) 08/15/2004(b) 4,328,644
60,000 NYS Medcare (Mental Health) 6.375 08/15/2017(s) 02/15/2002(b) 61,926
85,000 NYS Medcare (Mental Health) 6.500 08/15/2024 08/15/2004(a) 92,305
5,000 NYS Medcare (Mental Health) 6.500 08/15/2024 08/15/2004(a) 5,125
85,000 NYS Medcare (Mental Health) 6.850 08/15/2000 ----- 86,276
45,000 NYS Medcare (Mental Health) 7.000 02/15/2001 ----- 46,162
5,000 NYS Medcare (Mental Health) 7.100 02/15/2002 02/15/2000(b) 5,110
</TABLE>
21 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 50,000 NYS Medcare (Mental Health) 7.200 % 08/15/2000 ----- $ 50,858
10,000 NYS Medcare (Mental Health) 7.200 02/15/2004 02/15/2000(b) 10,221
5,000 NYS Medcare (Mental Health) 7.300 08/15/2010(s) 02/15/2000(b) 5,111
50,000 NYS Medcare (Mental Health) 7.300 02/15/2021(s) 08/15/2001(b) 52,717
980,000 NYS Medcare (Mental Health) 7.375 02/15/2014(s) 02/15/2000(b) 1,001,736
45,000 NYS Medcare (Mental Health) 7.400 08/15/2000 ----- 45,827
10,000 NYS Medcare (Mental Health) 7.400 02/15/2002 02/15/2000(a) 10,237
15,000 NYS Medcare (Mental Health) 7.400 02/15/2002 02/15/2000(b) 15,341
5,000 NYS Medcare (Mental Health) 7.400 02/15/2003 08/15/2001(b) 5,281
10,000 NYS Medcare (Mental Health) 7.500 08/15/2007(s) 02/15/2001(b) 10,486
125,000 NYS Medcare (Mental Health) 7.500 02/15/2010 02/15/2000(b) 127,815
120,000 NYS Medcare (Mental Health) 7.600 02/15/2002 08/15/2000(b) 124,253
145,000 NYS Medcare (Mental Health) 7.625 02/15/2007 08/15/2001(b) 153,642
10,000 NYS Medcare (Mental Health) 7.625 08/15/2007 08/15/2001(b) 10,596
150,000 NYS Medcare (Mental Health) 7.625 02/15/2008(s) 02/15/2000(b) 150,555
1,345,000 NYS Medcare (Mental Health) 7.700 02/15/2018(s) 02/15/2000(b) 1,349,613
25,000 NYS Medcare (Mental Health) 7.750 08/15/2010(s) 02/15/2000(b) 25,594
190,000 NYS Medcare (Mental Health) 7.800 02/15/2019(s) 02/15/2000(b) 194,305
155,000 NYS Medcare (Mental Health) 7.875 08/15/2015(s) 02/15/2000(b) 156,938
380,000 NYS Medcare (Mental Health) 7.875 08/15/2015(s) 02/15/2000(b) 384,818
6,045,000 NYS Medcare (Mental Health) 7.875 08/15/2020(s) 08/15/2000(b) 6,280,513
2,530,000 NYS Medcare (Mental Health) 8.875 08/15/2007(s) 02/15/2000(b) 2,538,956
85,000 NYS Medcare (Montefiore Medical Center) 5.700 02/15/2012 02/15/2007(b) 85,800
30,000 NYS Medcare (North Shore University Hospital) 7.125 11/01/2008 11/01/2000(a) 31,335
20,000 NYS Medcare (North Shore University Hospital) 7.125 11/01/2008(s) 11/01/2000(b) 20,854
100,000 NYS Medcare (Our Lady of Mercy Medical Center) 6.250 08/15/2015(s) 02/15/2005(b) 102,470
250,000 NYS Medcare (Our Lady of Victory Hospital) 7.000 11/01/2004(s) 05/01/2000(b) 255,550
150,000 NYS Medcare (Saranac Lake General Hospital) 7.875 11/01/2010(s) 10/01/2000(g) 157,061
40,000 NYS Medcare (Sisters of Charity) 6.600 11/01/2007(s) 11/01/2001(b) 42,088
85,000 NYS Medcare (St. Luke's Hospital) 5.600 08/15/2013(s) 12/12/2004(g) 85,054
70,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/2018 11/29/2012(c) 66,585
185,000 NYS Medcare (St. Luke's Hospital) 7.375 02/15/2019(s) 02/15/2000(b) 189,183
80,000 NYS Medcare (St. Luke's Hospital) 7.375 02/15/2019 02/15/2000(b) 81,860
460,000 NYS Medcare (St. Luke's Hospital) 7.400 02/15/2009 02/15/2000(b) 470,819
1,435,000 NYS Medcare (St. Luke's Hospital) 7.500 11/01/2011(s) 05/01/2000(b) 1,467,130
700,000 NYS Medcare (St. Mary's Hospital) 6.000 11/01/2009 11/01/2005(b) 729,953
10,000 NYS Power Authority 5.500 01/01/2010(s) 07/01/2000(b) 10,159
530,000 NYS Thruway Authority 0.000 01/01/2001 ----- 506,039
250,000 NYS Thruway Authority 0.000 01/01/2005 ----- 192,745
385,000 NYS Thruway Authority 0.000 01/01/2006 ----- 280,141
50,000 NYS Thruway Authority 5.500 04/01/2015 05/09/2013(c) 48,812
45,000 NYS Thruway Authority 5.750 04/01/2016 11/28/2013(c) 43,543
500,000 NYS Thruway Authority 6.000 04/01/2011 04/01/2007(b) 513,690
3,000,000 NYS Thruway Authority 6.000 04/01/2012 04/01/2007(b) 3,060,450
10,000 NYS UDC (Correctional Facilities) 0.000 01/01/2000 ----- 10,000
25,000 NYS UDC (Correctional Facilities) 0.000 01/01/2003 ----- 21,614
30,000 NYS UDC (Correctional Facilities) 0.000 01/01/2007 ----- 20,660
1,375,000 NYS UDC (Correctional Facilities) 5.250 01/01/2013 07/26/2011(c) 1,292,871
3,450,000 NYS UDC (Correctional Facilities) 5.500 01/01/2015 07/07/2014(c) 3,263,010
20,105,000 NYS UDC (Correctional Facilities) 5.500 01/01/2015 07/07/2014(c) 19,015,309
6,000,000 NYS UDC (Correctional Facilities) 5.500 01/01/2016 07/07/2015(c) 5,626,740
1,025,000 NYS UDC (Correctional Facilities) 5.700 01/01/2016 02/10/2014(c) 984,595
70,000 NYS UDC (Correctional Facilities) 5.700 01/01/2027 07/21/2022(c) 64,404
</TABLE>
22 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 90,000 NYS UDC (Correctional Facilities) 5.750 % 01/01/2013 01/01/2005(b) $ 90,718
85,000 NYS UDC (Correctional Facilities) 5.750 01/01/2013 06/08/2012(c) 84,425
1,000,000 NYS UDC (Correctional Facilities) 5.750 01/01/2013 10/24/2012(c) 993,230
35,000 NYS UDC (South Mall) 0.000 01/01/2003 ----- 30,163
130,000 NYS UDC (South Mall) 0.000 01/01/2005 ----- 98,244
50,000 NYS UDC (South Mall) 0.000 01/01/2005 06/24/2004(c) 38,202
645,000 NYS UDC (South Mall) 0.000 01/01/2011 04/08/2008(c) 324,422
555,000 NYS UDC (South Mall) 0.000 01/01/2011 04/08/2008(c) 284,837
10,000,000 NYS UDC (Sub Lien) 5.500 07/01/2016 12/31/2012(c) 9,317,400
2,130,000 Oneida County IDA (Bonide Products) 5.750 11/01/2007 ----- 2,064,119
2,285,000 Oneida County IDA (Faxton Hospital) 6.625 01/01/2015(s) 01/01/2010(b) 2,413,600
90,000 Oneida Healthcare Corp. 7.100 08/01/2011 08/01/2001(b) 93,773
1,150,000 Oneida-Herkimer SWMA 6.600 04/01/2004 ----- 1,204,545
3,045,000 Oneida-Herkimer SWMA 6.750 04/01/2014 04/01/2003(a) 3,274,106
155,000 Oneida-Herkimer SWMA 6.750 04/01/2014(s) 04/01/2003(b) 157,229
85,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008(s) 06/01/2000(b) 86,437
510,000 Onondaga County IDA (LeMoyne College) 5.500 03/01/2014 04/08/2012(c) 478,217
100,000 Onondaga County Res Rec 6.400 05/01/2002 ----- 101,414
5,000,000 Onondaga County Res Rec 6.625 05/01/2000 ----- 5,005,100
13,785,000 Onondaga County Res Rec 6.875 05/01/2006(s) 06/04/2003(g) 13,813,259
14,595,000 Onondaga County Res Rec 7.000 05/01/2015(s) 05/01/2004(b) 14,910,690
130,000 Orange County IDA (Glen Arden) 5.400 01/01/2008 ----- 122,564
1,060,000 Orange County IDA (Kingston Manufacturing) 7.250 11/01/2003 06/05/2002(c) 1,076,366
40,000 Orange County IDA (Mental Health) 6.000 05/01/2008 ----- 40,664
10,000 Orange County IDA (Mental Health) 6.125 05/01/2016 02/13/2013(c) 9,802
575,000 Oswego County IDA (SLRHF) 5.150 02/01/2013 12/11/2008(c) 541,282
1,805,000 Oswego County Res Rec 6.500 06/01/2004 05/23/2003(c) 1,859,944
1,750,000 Otsego County IDA (AOFMH) 5.350 10/01/2017 08/23/2014(c) 1,617,105
50,000 Philadelphia, NY GO 7.500 12/15/2009 ----- 58,024
10,000 Port Authority NY/NJ 5.000 02/01/2003(s) 02/01/2000(b) 10,002
9,725,000 Port Authority NY/NJ (Delta Air Lines) (w) 6.950 06/01/2008 06/01/2002(b) 10,237,410
1,000,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 10/01/2006(b) 1,030,800
275,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019(s) 10/01/2006(b) 278,856
11,000,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 05/02/2005(c) 11,504,020
15,000 Port Authority NY/NJ, 100th Series 5.750 12/15/2015 06/15/2005(b) 15,031
165,000 Port Authority NY/NJ, 67th Series 6.875 01/01/2025(s) 07/01/2000(b) 166,968
25,000 Port Authority NY/NJ, 68th Series 7.250 08/15/2009 02/15/2000(b) 25,332
15,000 Port Authority NY/NJ, 68th Series 7.250 08/15/2011 02/15/2000(b) 15,200
920,000 Port Authority NY/NJ, 68th Series 7.250 02/15/2025 02/15/2000(b) 931,923
165,000 Port Authority NY/NJ, 68th Series 7.250 02/15/2025(s) 02/15/2000(b) 167,138
270,000 Port Authority NY/NJ, 68th Series 7.250 02/15/2025(s) 02/15/2000(b) 273,499
6,235,000 Port Authority NY/NJ, 69th Series 7.125 06/01/2025(s) 06/01/2000(b) 6,364,688
25,000 Port Authority NY/NJ, 70th Series 7.000 08/01/2011 08/01/2000(b) 25,611
990,000 Port Authority NY/NJ, 70th Series 7.250 08/01/2025(s) 08/01/2000(b) 1,013,602
75,000 Port Authority NY/NJ, 70th Series 7.250 08/01/2025(s) 08/01/2000(b) 76,788
45,000 Port Authority NY/NJ, 70th Series 7.250 08/01/2025 08/01/2000(b) 46,073
60,000 Port Authority NY/NJ, 71st Series 6.500 01/15/2026(s) 01/15/2001(b) 61,631
25,000 Port Authority NY/NJ, 73rd Series 6.500 10/15/2011 04/15/2001(b) 25,766
780,000 Port Authority NY/NJ, 73rd Series 6.750 04/15/2026(s) 04/15/2001(b) 803,096
150,000 Port Authority NY/NJ, 73rd Series 6.750 04/15/2026(s) 04/15/2001(b) 154,442
50,000 Port Authority NY/NJ, 76th Series 6.500 11/01/2011 11/01/2001(b) 51,795
5,675,000 Port Authority NY/NJ, 76th Series 6.500 11/01/2026 11/01/2001(b) 5,749,570
90,000 Port Authority NY/NJ, 76th Series 6.500 11/01/2026(s) 11/01/2001(b) 92,789
</TABLE>
23 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 30,000 Port Authority NY/NJ, 83rd Series 6.375 % 10/15/2017(s) 10/15/2002(b) $ 31,135
10,000 Port Authority NY/NJ, 95th Series 6.000 07/15/2015 ----- 9,985
3,300,000 Port Authority NY/NJ, 96th Series 6.600 10/01/2023(s) 10/01/2004(b) 3,479,190
10,000 Port Authority NY/NJ, 97th Series 6.500 07/15/2019 01/15/2005(b) 10,310
1,200,000 Port Jervis IDA (Franciscan Health Partnership) 5.500 11/01/2016 10/31/2009(c) 1,021,380
1,185,000 Putnam County IDA (Brewster Plastics) 7.375 12/01/2008 05/17/2005(c) 1,210,691
120,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011(s) 09/23/2002(g) 127,386
1,440,000 Rensselaer Municipal Leasing Corp. 6.250 06/01/2004 12/28/2002(c) 1,481,242
60,000 Rensselaer Municipal Leasing Corp. 6.900 06/01/2024 06/01/2004(b) 62,080
15,000 Riverhead HDC 8.250 08/01/2010(s) 02/01/2000(b) 15,383
2,550,000 Rochester Hsg. Authority (Crossroads Apartments) 7.300 07/01/2005 03/07/2003(c) 2,668,193
695,000 Rochester Hsg. Authority (Stonewood Village) 5.900 09/01/2009 08/18/2005(c) 688,884
490,000 Rockland County IDA (Dominican College) 7.000 03/01/2003 10/04/2001(c) 506,092
335,000 Rockland Gardens Hsg. Corp. 10.500 05/01/2011 05/01/2000(b) 346,357
50,000 Rome GO 6.900 12/15/2007 12/15/2003(b) 53,418
225,000 Roxbury CSD GO 6.400 06/15/2010 06/15/2005(b) 235,701
235,000 Roxbury CSD GO 6.400 06/15/2011 06/15/2005(b) 244,943
130,000 Saratoga County IDA (ARC) 7.250 03/01/2001 08/30/2000(c) 130,642
1,710,000 Saratoga County IDA (Saratoga Sheraton) 6.750 12/31/2007(s) 06/13/2003(g) 1,726,040
50,000 Schodack IDA (Hamilton Printing) 7.600 07/01/2000 ----- 50,315
60,000 Schodack IDA (Hamilton Printing) 7.625 07/01/2001 ----- 61,650
120,000 Schuyler County IDA (Cargill) 7.900 04/01/2007 04/01/2000(b) 122,687
55,000 SONYMA, Series 10-B 6.500 10/01/2002(s) 04/01/2000(b) 55,052
30,000 SONYMA, Series 27 5.650 04/01/2015 02/08/2012(c) 29,045
100,000 SONYMA, Series 27 6.900 04/01/2015(s) 04/01/2002(b) 105,578
500,000 SONYMA, Series 28 6.650 04/01/2022 12/22/2000(c) 508,360
100,000 SONYMA, Series 29-A 5.250 04/01/2015 01/28/2012(c) 93,512
25,000 SONYMA, Series 29-B 6.450 04/01/2015(s) 03/01/2003(b) 25,714
670,000 SONYMA, Series 30-B 6.000 04/01/2019 04/11/2004(c) 644,868
165,000 SONYMA, Series 30-C 5.850 10/01/2025 09/23/2014(c) 155,582
10,000 SONYMA, Series 34 5.550 09/30/2025 04/10/2025(c) 9,085
35,000 SONYMA, Series 36-A 5.700 04/01/2023(s) 04/01/2006(b) 35,629
665,000 SONYMA, Series 36-A 6.125 10/01/2020(s) 09/23/2002(g) 684,618
100,000 SONYMA, Series 39 5.750 10/01/2010(s) 04/01/2006(b) 101,403
155,000 SONYMA, Series 39 6.000 10/01/2017(s) 04/01/2006(b) 155,143
1,550,000 SONYMA, Series 40-A 6.350 04/01/2021(s) 06/01/2006(b) 1,550,140
175,000 SONYMA, Series 40-A 6.700 04/01/2025(s) 06/01/2004(b) 180,495
40,000 SONYMA, Series 40-B 5.800 10/01/2023 07/20/2022(c) 38,793
30,000 SONYMA, Series 41-A 6.450 10/01/2014(s) 06/01/2004(b) 31,242
50,000 SONYMA, Series 41-B 6.250 10/01/2014(s) 08/01/2004(b) 51,269
10,000 SONYMA, Series 42 6.000 10/01/2023 07/22/2000(c) 10,089
185,000 SONYMA, Series 42 6.400 10/01/2020 02/22/2004(c) 185,198
50,000 SONYMA, Series 43 6.100 04/01/2009 09/01/2006(b) 51,736
25,000 SONYMA, Series 43 6.100 10/01/2009 09/01/2006(b) 25,868
740,000 SONYMA, Series 43 6.450 10/01/2017(s) 09/01/2004(b) 766,618
125,000 SONYMA, Series 44 6.900 04/01/2006 11/01/2004(b) 131,574
20,000 SONYMA, Series 44 6.900 10/01/2006 11/01/2004(b) 21,121
50,000 SONYMA, Series 44 7.000 10/01/2007 11/01/2004(b) 53,077
7,015,000 SONYMA, Series 44 7.500 04/01/2026 11/01/2004(b) 7,567,081
100,000 SONYMA, Series 45 7.200 10/01/2017(s) 11/01/2004(b) 105,889
125,000 SONYMA, Series 46 6.500 04/01/2013(s) 03/28/2005(b) 128,909
20,655,000 SONYMA, Series 46 6.650 10/01/2025(s) 03/28/2007(b) 21,309,557
65,000 SONYMA, Series 47 6.375 10/01/2017(s) 03/28/2007(b) 66,984
</TABLE>
24 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 50,000 SONYMA, Series 48 6.000 % 04/01/2013 06/29/2007(b) $ 50,179
20,000 SONYMA, Series 48 6.000 04/01/2013(s) 06/29/2005(b) 20,216
1,770,000 SONYMA, Series 48 6.050 04/01/2017(s) 06/29/2007(b) 1,775,275
25,000 SONYMA, Series 48 6.100 04/01/2025 01/14/2022(c) 24,743
510,000 SONYMA, Series 50 6.250 04/01/2010 09/13/2007(b) 514,590
45,000 SONYMA, Series 51 6.400 10/01/2017(s) 09/13/2005(b) 46,064
50,000 SONYMA, Series 53 5.750 10/01/2011(s) 01/04/2008(b) 50,095
290,000 SONYMA, Series 54 6.100 10/01/2015(s) 03/05/2008(g) 293,524
105,000 SONYMA, Series 56 5.875 10/01/2019 01/06/2019(c) 103,006
100,000 SONYMA, Series 56 6.500 10/01/2026(s) 07/01/2006(b) 102,091
1,000,000 SONYMA, Series 61 5.800 10/01/2017 07/02/2017(c) 980,370
200,000 SONYMA, Series 63 6.000 04/01/2017(s) 04/01/2009(b) 200,258
75,000 SONYMA, Series 66 5.600 10/01/2017 07/29/2015(c) 71,507
540,000 SONYMA, Series 67 5.700 10/01/2017 10/10/2016(c) 517,282
90,000 SONYMA, Series 7 9.250 10/01/2014(s) 04/01/2000(b) 90,658
250,000 SONYMA, Series 8-A 0.000 04/01/2000 ----- 246,043
30,000 SONYMA, Series 8-A 0.000 10/01/2000 04/01/2000(b) 28,554
85,000 SONYMA, Series 8-A 0.000 04/01/2001 04/01/2000(b) 78,149
70,000 SONYMA, Series 8-A 0.000 10/01/2001 04/01/2000(b) 62,212
85,000 SONYMA, Series 8-A 0.000 04/01/2002 04/01/2000(b) 73,018
70,000 SONYMA, Series 8-A 0.000 10/01/2002 04/01/2000(b) 58,127
755,000 SONYMA, Series 8-A 6.875 04/01/2017(s) 04/01/2000(b) 755,423
75,000 SONYMA, Series 8-A 6.875 04/01/2017(s) 10/01/2000(b) 75,107
250,000 SONYMA, Series 8-A 6.875 04/01/2017(s) 10/01/2000(b) 250,403
5,000 SONYMA, Series EE-2 7.050 10/01/2000 07/04/2000(c) 5,045
170,000 SONYMA, Series EE-2 7.450 10/01/2010(s) 09/14/2000(g) 173,546
1,160,000 SONYMA, Series EE-2 7.500 04/01/2016(s) 09/14/2000(b) 1,184,244
65,000 SONYMA, Series EE-3 7.125 10/01/2000 07/04/2000(c) 65,397
50,000 SONYMA, Series EE-3 7.650 04/01/2016(s) 10/01/2000(b) 51,232
200,000 SONYMA, Series EE-3 7.750 04/01/2016(s) 04/01/2000(b) 204,966
50,000 SONYMA, Series EE-4 7.050 10/01/2000 07/04/2000(c) 50,250
100,000 SONYMA, Series EE-4 7.750 10/01/2010(s) 09/20/2000(g) 102,792
115,000 SONYMA, Series EE-4 7.800 10/01/2013(s) 10/01/2000(b) 118,252
65,000 SONYMA, Series HH-2 7.700 10/01/2009(s) 09/14/2000(g) 65,957
5,165,000 SONYMA, Series HH-2 7.750 04/01/2022 09/14/2000(b) 5,253,425
45,000 SONYMA, Series HH-2 7.850 04/01/2022(s) 09/14/2000(b) 45,956
35,000 SONYMA, Series II (i) 0.000 04/01/2005 04/01/2000(b) 23,333
5,000 SONYMA, Series II (i) 0.000 10/01/2005 04/01/2000(b) 3,207
5,000 SONYMA, Series II (i) 0.000 04/01/2006 04/01/2002(b) 3,085
5,000 SONYMA, Series II (i) 0.000 10/01/2006 04/01/2000(b) 2,968
5,000 SONYMA, Series II (i) 0.000 04/01/2007 04/01/2000(b) 2,845
15,000 SONYMA, Series II (i) 0.000 10/01/2007 04/01/2000(b) 8,209
15,000 SONYMA, Series II (i) 0.000 04/01/2008 04/01/2000(b) 7,894
80,000 SONYMA, Series JJ 0.000 04/01/2000 ----- 79,177
10,000 SONYMA, Series JJ 0.000 10/01/2000 ----- 9,696
5,000 SONYMA, Series MM-1 7.600 10/01/2002 02/04/2001(b) 5,106
60,000 SONYMA, Series MM-1 7.650 10/01/2003 02/04/2001(b) 61,263
100,000 SONYMA, Series MM-1 7.700 10/01/2004 02/04/2001(b) 101,721
50,000 SONYMA, Series MM-1 7.750 04/01/2005 02/04/2001(b) 50,762
10,000 SONYMA, Series MM-2 7.550 04/01/2002 10/01/2000(b) 10,176
10,000 SONYMA, Series MM-2 7.700 10/01/2005 10/01/2000(b) 10,136
25,000 SONYMA, Series NN 7.100 04/01/2002 07/01/2000(b) 25,429
20,000 SONYMA, Series NN 7.150 10/01/2003 07/01/2000(b) 20,302
</TABLE>
25 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 50,000 SONYMA, Series NN 7.450 % 10/01/2010(s) 07/01/2000(b) $ 51,050
15,000 SONYMA, Series QQ 7.600 10/01/2012 04/01/2000(b) 15,310
1,705,000 SONYMA, Series QQ 7.700 10/01/2012 04/01/2000(b) 1,742,629
70,000 SONYMA, Series RR 7.600 10/01/2010(s) 10/01/2000(b) 72,113
15,000 SONYMA, Series RR 7.700 10/01/2010(s) 10/01/2000(b) 15,425
25,000 SONYMA, Series TT 6.850 10/01/2001 ----- 25,505
20,000 SONYMA, Series TT 6.950 04/01/2002 ----- 20,518
125,000 SONYMA, Series TT 7.150 04/01/2004 04/01/2001(b) 128,656
10,000 SONYMA, Series TT 7.200 04/01/2005 04/01/2001(b) 10,261
25,000 SONYMA, Series TT 7.200 10/01/2005 04/01/2001(b) 25,652
75,000 SONYMA, Series UU 6.950 04/01/2000 ----- 75,238
460,000 SONYMA, Series UU 7.650 10/01/2023 04/01/2001(b) 472,369
40,000 SONYMA, Series VV 6.600 04/01/2000 ----- 40,100
25,000 SONYMA, Series VV 6.800 10/01/2002 ----- 25,574
60,000 SONYMA, Series VV 6.900 04/01/2003 ----- 61,489
50,000 SONYMA, Series VV 7.000 04/01/2004 10/01/2001(b) 51,155
100,000 SONYMA, Series VV 7.000 10/01/2004 10/01/2001(b) 102,025
670,000 SONYMA, Series VV 7.250 10/01/2007(s) 10/01/2001(b) 689,752
4,940,200 SONYMA, Series VV 7.375 10/01/2011(s) 10/01/2001(b) 5,112,761
75,000 SONYMA, Series VV 7.375 10/01/2011(s) 10/01/2001(b) 77,765
120,000 Springville HDC (Springbrook) 5.950 01/01/2010 12/11/2005(c) 119,198
1,000,000 St. Casimer's EHC 7.375 09/01/2010(s) 03/01/2000(b) 1,025,980
1,115,000 St. Lawrence IDA (PACES) 5.875 06/30/2007 04/16/2004(c) 1,055,437
25,000 Suffolk County GO 7.300 06/15/2001 06/15/2000(b) 25,350
1,430,000 Suffolk County IDA (ACLDD) 5.750 03/01/2006 04/29/2003(c) 1,373,930
240,000 Suffolk County IDA (Dowling College) 6.500 12/01/2006 ----- 244,457
50,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 12/29/2016(c) 48,088
2,205,000 Suffolk County IDA (Huntington First Aid Squad) 6.025 11/01/2008 03/23/2005(c) 2,122,886
7,390,000 Suffolk County IDA (Huntington Res Rec) 5.450 10/01/2002 ----- 7,504,176
7,945,000 Suffolk County IDA (Huntington Res Rec) 5.500 10/01/2003 ----- 8,096,273
8,545,000 Suffolk County IDA (Huntington Res Rec) 5.550 10/01/2004 ----- 8,731,794
290,000 Suffolk County IDA (Mattituck-Laurel Library) 6.000 09/01/2019(s) 09/01/2010(b) 291,122
40,000 Suffolk County IDA (OBPWC) 7.000 11/01/2002 12/16/2001(c) 39,527
1,020,000 Suffolk County IDA (Rimland Facilities) (i) 6.375 (v) 12/01/2004 06/01/2000(f) 1,019,796
40,000 Suffolk County Water Authority 5.625 06/01/2016 04/09/2013(c) 39,036
2,255,000 Sunnybrook EHC 11.250 12/01/2014(s) 04/01/2000(b) 2,333,970
3,120,000 Syracuse COP (Hancock International Airport) 6.500 01/01/2017(s) 01/01/2002(b) 3,209,294
1,105,000 Syracuse COP (Hancock International Airport) 6.600 01/01/2005 01/01/2002(b) 1,151,509
3,650,000 Syracuse COP (Hancock International Airport) 6.625 01/01/2012(s) 01/01/2002(b) 3,822,353
1,210,000 Syracuse COP (Hancock International Airport) 6.700 01/01/2007 01/01/2002(b) 1,263,071
675,000 Syracuse IDA (Pavilion on James Senior Hsg.) 6.500 08/01/2007 10/28/2004(c) 657,815
285,000 Syracuse IDA (Rockwest Center I) (i) 7.250 06/01/2003 01/03/2002(c) 287,138
930,000 Syracuse IDA (Rockwest Center II) (i) 7.000 12/01/2005 08/26/2003(c) 790,500
550,000 Syracuse IDA (St. Joseph's Hospital) 7.250 06/01/2001 06/19/2000(a) 562,744
5,825,000 Syracuse RAN 4.750 06/30/2000 ----- 5,835,369
1,355,000 Syracuse SCHC (East Hill Village Apartments) 6.125 11/01/2010 03/25/2006(c) 1,379,959
195,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2015(s) 06/01/2005(b) 198,058
295,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2028 08/01/2005(b) 355,443
3,610,000 Tonawanda HDC (Tonawanda Towers) 6.150 10/01/2011(s) 02/17/2006(g) 3,614,837
20,000 Triborough Bridge & Tunnel Authority 6.000 01/01/2019 01/01/2001(b) 20,009
50,000 Triborough Bridge & Tunnel Authority 6.500 01/01/2019(s) 01/01/2002(b) 51,921
525,000 Triborough Bridge & Tunnel Authority 6.625 01/01/2017(s) 01/01/2001(b) 543,086
13,050,000 Triborough Bridge & Tunnel Authority 6.875 01/01/2015(s) 01/01/2001(b) 13,581,788
</TABLE>
26 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 370,000 Triborough Bridge & Tunnel Authority 6.875 % 01/01/2015(s) 01/01/2001(b) $ 385,078
75,000 Tupper Lake HDC 8.125 10/01/2010 03/15/2002(b) 75,189
1,830,000 Ulster County IDA (Benedictine Hospital) 6.050 06/01/2005 02/08/2003(c) 1,762,455
660,000 Union Hsg. Authority (Methodist Homes) 6.800 11/01/2004 12/30/2002(c) 665,603
4,065,000 United Nations Devel. Corp., Series B 5.400 07/01/2014 07/13/2013(c) 3,846,425
3,340,000 United Nations Devel. Corp., Series B 5.500 07/01/2017 07/13/2016(c) 3,084,056
6,070,000 United Nations Devel. Corp., Series C 5.500 07/01/2017 07/13/2016(c) 5,604,856
500,000 Utica IDA (Utica College) 5.300 08/01/2008 05/18/2004(c) 484,340
40,000 Utica SCHC (Brook Apartments) 0.000 01/01/2002 ----- 33,138
30,000 Utica SCHC (Brook Apartments) 0.000 01/01/2003 07/01/2000(b) 22,595
60,000 Utica SCHC (Brook Apartments) 0.000 01/01/2005 07/01/2000(b) 37,214
100,000 Utica SCHC (Steinhorst Apartments) 6.500 04/15/2008(s) 10/05/2004(g) 105,825
5,000 Valley Health Devel. Corp. 7.850 02/01/2002 05/01/2000(c) 5,059
10,000 Valley Health Devel. Corp. 7.850 08/01/2035(s) 08/01/2001(b) 10,687
95,000 Valley Health Devel. Corp. 11.300 02/01/2007 08/01/2000(b) 107,264
950,000 Valley Health Devel. Corp. 11.300 02/01/2023(s) 12/15/2000(b) 1,065,463
95,000 Watervliet EHC 8.000 11/15/2000 05/15/2000(b) 95,773
95,000 Watervliet EHC 8.000 11/15/2001 05/15/2000(b) 95,773
100,000 Watervliet EHC 8.000 11/15/2002 05/15/2000(b) 100,814
385,000 Westchester County IDA (Beth Abraham Hospital) 7.250 12/01/2009 12/02/2004(c) 386,043
775,000 Westchester County IDA (JBFS) 6.500 12/15/2002 12/30/2001(c) 780,107
450,000 Westchester County IDA (JDAM) 6.250 04/01/2005 12/04/2002(c) 453,123
1,010,000 Westchester County IDA (JDAM) 6.750 04/01/2016 06/29/2013(c) 998,981
150,000 Westchester County IDA (Westchester Airport) 5.950 08/01/2024 09/29/2020(c) 137,277
2,650,000 Westchester County IDA (WRC) 5.500 07/01/2009 ----- 2,382,615
1,675,000 Yonkers IDA (Hudson Scenic Studio) 5.875 11/01/2007 08/20/2004(c) 1,596,493
1,025,000 Yonkers IDA (Philipsburgh Hall) (w) 6.500 11/01/2001 ----- 1,024,877
185,000 Yonkers IDA (Philipsburgh Hall) (w) 6.750 11/01/2008 07/15/2005(c) 185,342
1,000,000 Yonkers IDA (St. Joseph's Hospital), Series 98-B 5.900 03/01/2008 03/01/2006(c) 935,020
--------------
1,081,548,103
--------------
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--15.0%
700,000 American Samoa Power Authority 7.000 09/01/2000 ----- 709,345
2,225,000 Guam Airport Authority, Series A 6.500 10/01/2023(s) 10/01/2003(b) 2,243,245
4,410,000 Guam Airport Authority, Series B 6.400 10/01/2005(s) 03/15/2003(g) 4,593,456
15,335,000 Guam Airport Authority, Series B 6.600 10/01/2010(s) 10/01/2003(b) 16,015,567
21,115,000 Guam Airport Authority, Series B 6.700 10/01/2023(s) 10/01/2003(b) 21,784,134
15,075,000 Guam GO, Series A 5.375 11/15/2013 12/23/2011(c) 13,954,174
11,780,000 Guam GO, Series A 5.400 11/15/2018 12/22/2016(c) 10,411,989
1,760,000 Guam GO, Series A 5.625 09/01/2002 03/01/2000(b) 1,761,373
5,250,000 Guam GO, Series A 5.750 09/01/2004 03/01/2000(b) 5,253,098
1,975,000 Guam GO, Series A 5.900 09/01/2005 03/01/2000(b) 1,976,343
1,000,000 Guam GO, Series A 6.000 09/01/2006 03/01/2000(b) 1,000,680
35,000 Guam Highway, Series A 6.300 05/01/2012(s) 05/01/2002(b) 36,591
1,200,000 Guam Power Authority, Series A 6.300 10/01/2012 10/01/2002(a) 1,278,192
100,000 Guam Water System 7.000 07/01/2002 07/01/2000(b) 103,360
110,000 Guam Water System 7.000 07/01/2009 07/01/2000(b) 113,725
184,258 Puerto Rico Aquadilla Bus Lease (i) 8.500 02/02/2002 02/16/2001(c) 185,758
320,646 Puerto Rico Aquadilla Carts Lease (i) 8.000 02/02/2001 08/07/2000(c) 321,438
443,354 Puerto Rico Aquadilla Equipment Lease (i) 8.000 01/26/2002 02/08/2001(c) 444,494
266,476 Puerto Rico Aquadilla Truck Lease (i) (t) 8.500 10/15/2001 01/23/2001(c) 271,014
396,240 Puerto Rico Aqueduct & Sewer Vehicle Lease (i) 7.250 03/21/2000 ----- 397,837
2,247,099 Puerto Rico Dept. of Corrections Equipment Lease (i) 9.000 01/08/2003 08/09/2001(c) 2,294,086
</TABLE>
27 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 1,949,945 Puerto Rico Dept. of Corrections Furniture Lease (i) 7.000 % 04/25/2004 06/06/2002(c) $ 1,949,536
25,000 Puerto Rico Electric Power Authority 6.000 07/01/2016(s) 07/01/2004(b) 25,207
30,000 Puerto Rico Electric Power Authority 6.000 07/01/2016(s) 07/01/2004(b) 30,557
100,000 Puerto Rico GO 6.000 07/01/2014(s) 07/01/2002(b) 101,235
5,000 Puerto Rico GO 6.000 07/01/2014(s) 07/01/2002(b) 5,111
1,800,000 Puerto Rico GO YCN 7.584 (r) 07/01/2008(s) 07/01/2002(b) 1,896,750
55,000 Puerto Rico HBFA 5.850 10/01/2009 04/01/2007(b) 56,437
400,000 Puerto Rico HBFA 6.100 10/01/2015(s) 04/01/2007(b) 400,440
2,184,452 Puerto Rico Health Dept. Equipment Lease (i) 7.099 07/23/2003 11/03/2001(c) 2,178,619
125,000 Puerto Rico HFC 6.000 02/01/2009(s) 02/01/2002(b) 127,755
100,000 Puerto Rico HFC 6.650 10/15/2010(s) 10/01/2001(b) 103,209
10,000 Puerto Rico HFC 6.750 10/15/2013(s) 10/01/2001(b) 10,269
30,000 Puerto Rico HFC 6.850 10/15/2023(s) 10/10/2001(b) 31,275
40,000 Puerto Rico HFC 7.000 04/01/2000 ----- 40,132
10,000 Puerto Rico HFC 7.100 04/01/2002 04/01/2000(b) 10,247
615,000 Puerto Rico HFC 7.200 04/01/2003 04/01/2000(b) 630,320
90,000 Puerto Rico HFC 7.300 04/01/2006 04/01/2000(b) 92,264
90,000 Puerto Rico HFC 7.300 10/01/2006 04/01/2000(b) 92,264
55,000 Puerto Rico HFC 7.400 04/01/2007 04/01/2000(b) 56,397
20,000 Puerto Rico HFC 7.450 10/15/2009(s) 09/27/2000(b) 20,559
10,000 Puerto Rico HFC 7.500 10/15/2012(s) 09/27/2000(b) 10,279
3,620,000 Puerto Rico HFC 7.500 10/01/2015(s) 04/01/2000(b) 3,712,817
7,320,000 Puerto Rico HFC 7.500 04/01/2022(s) 04/01/2000(b) 7,508,856
175,000 Puerto Rico HFC 7.650 10/15/2022(s) 09/27/2000(b) 180,100
1,365,000 Puerto Rico Highway & Transportation Authority 6.625 07/01/2012(s) 07/01/2002(b) 1,418,781
419,012 Puerto Rico HR Vehicle Lease (i) 8.000 12/01/2000 09/02/2000(c) 420,529
51,287 Puerto Rico HR Vehicle Lease (i) 8.000 03/12/2001 09/15/2000(c) 51,550
575,000 Puerto Rico IMEPCF (Abbott Labs) 6.500 07/01/2009 07/01/2000(b) 589,088
6,250,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 11/15/2002(b) 6,425,375
7,175,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 11/15/2002(b) 7,376,331
530,000 Puerto Rico IMEPCF (Squibb) 6.500 07/01/2004(s) 07/01/2000(b) 539,434
3,525,000 Puerto Rico Infrastructure 7.500 07/01/2009(s) 07/01/2000(b) 3,568,781
235,000 Puerto Rico Infrastructure 7.600 07/01/2000 ----- 237,959
65,000 Puerto Rico Infrastructure 7.700 07/01/2001 07/01/2000(a) 65,818
5,000 Puerto Rico Infrastructure 7.700 07/01/2001 07/01/2000(b) 5,063
1,915,000 Puerto Rico Infrastructure 7.750 07/01/2008(s) 07/01/2000(b) 1,939,186
3,140,000 Puerto Rico Infrastructure 7.900 07/01/2007(s) 07/01/2000(b) 3,180,035
1,890,000 Puerto Rico ITEMECF (Mennonite General Hospital) 5.625 07/01/2017 06/15/2010(c) 1,633,527
2,470,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.375 07/01/2006 09/28/2003(c) 2,473,507
1,975,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2012 07/27/2009(c) 1,929,852
8,735,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2018 03/07/2016(c) 8,351,097
200,000 Puerto Rico ITEMECF (Polytech University) 5.700 08/01/2013 07/15/2009(c) 192,600
1,045,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009(s) 05/01/2004(b) 1,067,144
5,000,000 Puerto Rico Municipal Finance Agency 6.000 08/01/2016 08/01/2011(b) 5,162,050
425,923 Puerto Rico Natural Resources Dept. Equipment Lease (i) 7.250 01/25/2002 02/06/2001(c) 425,940
1,357,419 Puerto Rico Natural Resources Dept. Equipment Lease (i) 7.250 10/26/2003 11/24/2001(c) 1,346,654
350,534 Puerto Rico Natural Resources Dept. Equipment Lease (i)(x) 7.250 11/23/2001 03/01/2001(c) 345,392
370,826 Puerto Rico Office of the Governor Computer Lease (i) 6.906 09/30/2002 12/16/2000(c) 363,554
95,000 Puerto Rico Port Authority 5.700 07/01/2003(s) 07/01/2000(b) 96,264
20,000 Puerto Rico Port Authority 5.750 07/01/2002(s) 07/01/2000(b) 20,012
425,000 Puerto Rico Port Authority 7.000 07/01/2014(s) 07/01/2001(b) 445,600
110,000 Puerto Rico Port Authority 7.300 07/01/2007(s) 07/01/2000(b) 110,105
100,000 Puerto Rico Port Authority (American Airlines) 6.300 06/01/2023 ----- 97,663
</TABLE>
28 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Face Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
====================================================================================================================================
$ 20,000 Puerto Rico Public Buildings Authority 6.000 % 07/01/2012(s) 07/01/2000(b) $ 20,020
8,335,000 Puerto Rico Public Buildings Authority 6.000 07/01/2012(s) 07/01/2000(b) 8,343,335
650,312 Puerto Rico State Courts Telephone System Lease (i) 7.250 06/04/2002 06/17/2001(c) 640,765
1,620,000 Puerto Rico Urban Renewal 7.875 10/01/2004(s) 04/01/2000(b) 1,656,304
43,222 Puerto Rico Vocational Rehab. Vehicle Lease (i) 8.000 02/17/2002 03/02/2001(c) 43,375
265,000 University of Puerto Rico 5.500 06/01/2012 02/04/2008(c) 264,868
500,000 University of V.I. 7.500 10/01/2009(s) 10/01/2004(b) 565,235
500,000 University of V.I. 7.650 10/01/2014(s) 10/01/2004(b) 568,385
602,000 V.I. GO (Hugo Insurance Claims Program) 7.750 10/01/2006(s) 06/19/2001(g) 634,514
60,000 V.I. HFA 6.500 03/01/2025(s) 03/01/2005(b) 60,849
5,000,000 V.I. Public Finance Authority 5.500 10/01/2015 ----- 4,627,100
1,000,000 V.I. Public Finance Authority 5.500 10/01/2018 10/14/2017(c) 898,400
2,830,000 V.I. Public Finance Authority 6.000 10/01/2005 ----- 2,828,189
175,000 V.I. Public Finance Authority 6.000 10/01/2022 03/26/2021(c) 160,529
2,000,000 V.I. Water & Power Authority 5.000 07/01/2009 07/12/2008(c) 1,850,620
1,100,000 V.I. Water & Power Authority 7.200 01/01/2002 01/18/2001(a) 1,131,548
11,995,000 V.I. Water & Power Authority 7.400 07/01/2011 05/09/2001(a) 12,606,025
-------------
191,199,486
-------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,287,725,486)--100.0% 1,272,747,589
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES--0.0% 549,601
-------------
NET ASSETS --100.0% 1,273,297,190
=============
</TABLE>
FOOTNOTES TO STATEMENT OF INVESTMENTS
* 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.
(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 $34,601,622, or
2.63% of the Fund's total assets as of December 31, 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) Non-income accruing security.
(u) Partial interest payment received.
(v) Represents the current interest rate for a variable or increasing rate
security.
(w) When-issued security or forward purchase commitment to be delivered and
settled after December 31, 1999.
(x)Issuer is in default.
See accompanying Notes to Financial Statements.
29 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
===============================================================================
PORTFOLIO ABBREVIATIONS
To simplify the listing of securities in the Statement of Investments,
abbreviations are used per the table below:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ACLDD Adults and Children with Learning and RAES Receipts of Accrual on Exempt Securities
Developmental Disabilities RAN Revenue Anticipation Notes
AOFMH Aurelia Osborn Fox Memorial Hospital Res Rec Resource Recovery Facility
ARC Association of Retarded Citizens RG&E Rochester Gas and Electric
ASMF Amsterdam Sludge Management Facility SCHC Senior Citizen Housing Corporation
BAN Bond Anticipation Notes SCSB Schuyler Community Services Board
CAB Capital Appreciation Bond SLRHF St. Luke Residential Healthcare Facility
CARS Complimentary Auction Rate Security SONYMA State of New York Mortgage Agency
Con Ed Consolidated Edison Company SRGF Solomon R. Guggenheim Foundation
COP Certificates of Participation SWMA Solid Waste Management Authority
CSD Central School District UDC Urban Development Corporation
DA Dormitory Authority V.I. United States Virgin Islands
DIAMONDS Direct Investment of Accrued Municipals WHELC Wartburg Home of the Evangelical Lutheran
EFC Environmental Facilities Corporation Church
EHC Elderly Housing Corporation WRC Westchester Resco Company
ERDA Energy Research and Development Authority WWH Wyandach/Wheatley Heights
G&E Gas and Electric YCN Yield Curve Note
G&H Geriatric and Healthcare
GO General Obligation
GRIA Greater Rochester International Airport
HBFA Housing Bank and Finance Agency
HDC Housing Development Corporation
HELP Homeless Economic Loan Program
HFA Housing Finance Agency
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
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
NIMO Niagara Mohawk Power Corporation
NJ New Jersey
NSCFGA North Shore Child and Family Guidance Association
NY New York
NYC New York City
NYS New York State
NYSEG New York State Electric and Gas
OBPWC Ocean Bay Park Water Corporation
PACES Potsdam Auxiliary and College Educational Service
PRAMS Prudential Receipts of Accrual Municipal Securities
</TABLE>
30 LIMITED TERM NEW YORK MUNICIAL FUND
<PAGE>
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
================================================================================
INDUSTRY CONCENTRATIONS December 31, 1999
Distribution of investments by industry of issue, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
INDUSTRY MARKET VALUE PERCENT
- ---------------------------------------------------------------------------------------------
General Obligation $255,560,165 20.1 %
Hospital/Healthcare 119,633,924 9.4
Marine/Aviation Facilities 117,552,545 9.2
Municipal Leases 111,607,265 8.8
Multifamily Housing 109,105,283 8.6
Electric Utilities 106,254,561 8.3
Resource Recovery 68,247,970 5.4
Higher Education 66,287,810 5.2
Single Family Housing 58,898,735 4.6
Pollution Control 53,329,250 4.2
Nonprofit Organization 42,628,747 3.3
Highways/Railways 42,281,608 3.3
Manufacturing, Non-Durable Goods 27,613,573 2.2
Water Utilities 20,692,338 1.6
Gas Utilities 19,491,741 1.5
Sales Tax Revenue 17,604,879 1.4
Manufacturing, Durable Goods 12,330,378 1.0
Other 23,626,817 1.9
---------------------------------------------
$1,272,747,589 100.0 %
=============================================
</TABLE>
================================================================================
SUMMARY OF RATINGS December 31, 1999 Unaudited
Distribution of investments by rating category, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
<S> <C>
RATING PERCENT
- ---------------------------------------------------------------------------------------------
AAA 19.2 %
AA 12.0
A 41.1
BBB 22.8
BB 0.0
B 0.0
CCC 0.0
CC 0.0
C 0.0
Not Rated 4.9
----------
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 MUNICIAL FUND
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES December 31, 1999
<TABLE>
<CAPTION>
<S> <C>
====================================================================================================
ASSETS
Investments, at value (cost $1,287,725,486)--see accompanying statement $1,272,747,589
- ----------------------------------------------------------------------------------------------------
Cash 4,765,754
- ----------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 24,543,364
Investments sold 11,271,133
Shares of beneficial interest sold 4,690,854
Other 17,443
---------------
Total assets 1,318,036,137
====================================================================================================
LIABILITIES
Payables and other liabilities:
Note payable to bank (interest rate 5.625% at 12/31/99) 31,200,000
Investments purchased 7,136,682
Shares of beneficial interest redeemed 5,637,212
Dividends 345,069
Trustees' compensation 159,302
Other 260,682
---------------
Total liabilities 44,738,947
====================================================================================================
NET ASSETS $1,273,297,190
===============
====================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital $1,313,188,861
- ----------------------------------------------------------------------------------------------------
Undistributed net investment income 419,113
- ----------------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (25,332,887)
- ----------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (14,977,897)
---------------
Net assets $1,273,297,190
===============
====================================================================================================
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$1,025,714,473 and 321,398,604 shares of beneficial interest outstanding) $3.19
Maximum offering price per share (net asset value plus sales charge of
3.50% of offering price) $3.31
- ----------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $88,757,534 and
27,838,154 shares of beneficial interest outstanding) $3.19
- ----------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $119,329,270 and
37,478,234 shares of beneficial interest outstanding) $3.18
- ----------------------------------------------------------------------------------------------------
Class X Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $39,495,913 and
12,348,430 shares of beneficial interest outstanding) $3.20
</TABLE>
See accompanying Notes to Financial Statements.
32 LIMITED TERM NEW YORK MUNICIAL FUND
<PAGE>
STATEMENT OF OPERATIONS For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
<S> <C>
====================================================================================================
INVESTMENT INCOME
Interest $70,617,563
====================================================================================================
EXPENSES
Management fees 5,372,033
- ----------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 2,573,038
Class B 781,955
Class C 1,161,836
Class X 331,936
- ----------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 309,981
Class B 44,329
Class C 46,252
Class X 25,476
- ----------------------------------------------------------------------------------------------------
Accounting service fees 392,771
- ----------------------------------------------------------------------------------------------------
Custodian fees and expenses 151,058
- ----------------------------------------------------------------------------------------------------
Trustees' compensation 144,387
- ----------------------------------------------------------------------------------------------------
Other 436,716
- ----------------------------------------------------------------------------------------------------
Interest 442,615
-------------
Total expenses 12,214,383
Less expenses paid indirectly (77,245)
-------------
Net expenses 12,137,138
====================================================================================================
NET INVESTMENT INCOME 58,480,425
====================================================================================================
REALIZED AND UNREALIZED LOSS
Net realized loss on investments (15,573,998)
- ----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (56,843,187)
---------------
Net realized and unrealized loss (72,417,185)
====================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(13,936,760)
===============
</TABLE>
See accompanying Notes to Financial Statements.
33 LIMITED TERM NEW YORK MUNICIAL FUND
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
Year Ended December 31, 1999 1998
============================================================================================================================
OPERATIONS
Net investment income $58,480,425 $48,783,527
- ----------------------------------------------------------------------------------------------------------------------------
Net realized loss (15,573,998) (479,664)
- ----------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation (56,843,187) 10,408,295
--------------------------------------------
Net increase (decrease) in net assets resulting from operations (13,936,760) 58,712,158
============================================================================================================================
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A (48,813,022) (42,908,426)
Class B (2,946,049) (1,728,342)
Class C (4,465,531) (2,438,783)
Class X (1,790,803) (2,182,644)
=============================================================================================================================
BENEFICIAL INTEREST TRANSACTIONS
Net increase (decrease) in net assets resulting from beneficial interest
transactions:
Class A 105,030,998 199,445,734
Class B 28,738,925 42,482,889
Class C 31,044,037 67,445,258
Class X (5,563,113) (5,528,643)
============================================================================================================================
NET ASSETS
Total increase 87,298,682 313,299,201
- -----------------------------------------------------------------------------------------------------------------------------
Beginning of period 1,185,998,508 872,699,307
--------------------------------------------
End of period (including undistributed net investment income of $419,113
and excess of distributions over net investment income of $45,907, respectively) $1,273,297,190 $1,185,998,508
============================================
</TABLE>
See accompanying Notes to Financial Statements.
34 LIMITED TERM NEW YORK MUNICIAL FUND
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CLASS A Year Ended December 31, 1999 1998 1997 1996 (1) 1995
====================================================================================================================================
PER SHARE OPERATING DATA
Net asset value, beginning of period $3.37 $3.34 $3.26 $3.28 $3.15
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.15 0.16 0.17 0.17 0.18
Net realized and unrealized gain (loss) (0.18) 0.03 0.08 (0.02) 0.13
--------------------------------------------------------------------------------
Total income (loss) from investment operations (0.03) 0.19 0.25 0.15 0.31
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (0.15) (0.16) (0.17) (0.17) (0.18)
---------------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.15) (0.16) (0.17) (0.17) (0.18)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.19 $3.37 $3.34 $3.26 $3.28
=================================================================================
====================================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE (2) (0.87)% 5.94% 8.01% 4.82% 10.01%
====================================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $1,025,714 $979,316 $771,828 $634,172 $567,537
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,060,745 $884,849 $677,376 $606,742 $520,990
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: (3)
Net investment income 4.64% 4.80% 5.27% 5.37% 5.44%
Expenses 0.81% 0.82% (4) 0.83% 0.89% 0.90%
Expenses, net of indirect expenses and interest (5) (6) 0.77% 0.80% 0.80% 0.83% 0.83%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (7) 37% 25% 27% 24% 22%
</TABLE>
(1) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
(2) 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.
(3) Annualized for periods of less than one full year.
(4) Expense ratio has not been grossed up to reflect the effect of expenses
paid indirectly.
(5) 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.
(6) Prior year ratios have been restated to conform to current year
presentation.
(7) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended December 31, 1999, were
$624,429,182 and $478,113,286, respectively.
See accompanying Notes to Financial Statements.
35 LIMITED TERM NEW YORK MUNICIAL FUND
<PAGE>
FINANCIAL HIGHLIGHTS Continued
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS B Year Ended December 31, 1999 1998 1997 (8)
==============================================================================================================
PER SHARE OPERATING DATA
Net asset value, beginning of period $3.37 $3.34 $3.25
- --------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.13 0.14 0.10
Net realized and unrealized gain (loss) (0.18) 0.03 0.09
-----------------------------------------------------
Total income (loss) from investment operations (0.05) 0.17 0.19
- --------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (0.13) (0.14) (0.10)
-----------------------------------------------------
Total dividends and distributions to shareholders (0.13) (0.14) (0.10)
- --------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.19 $3.37 $3.34
=====================================================
==============================================================================================================
TOTAL RETURN, AT NET ASSET VALUE (2) (1.64)% 5.13% 5.89%
==============================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $88,758 $64,388 $21,500
- --------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $78,263 $43,620 $9,873
- --------------------------------------------------------------------------------------------------------------
Ratios to average net assets: (3)
Net investment income 3.84% 3.97% 4.18%
Expenses 1.59% 1.59% (4) 1.56%
Expenses, net of indirect expenses and interest (5) (6) 1.55% 1.57% 1.54%
- --------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (7) 37% 25% 27%
</TABLE>
(1) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
(2) 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.
(3) Annualized for periods of less than one full year.
(4) Expense ratio has not been grossed up to reflect the effect of expenses
paid indirectly.
(5) 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.
(6) Prior year ratios have been restated to conform to current year
presentation.
(7) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended December 31, 1999, were
$624,429,182 and $478,113,286, respectively.
(8) For the period from May 1, 1997 (inception of offering) to December 31,
1997.
See accompanying Notes to Financial Statements.
36 LIMITED TERM NEW YORK MUNICIAL FUND
<PAGE>
FINANCIAL HIGHLIGHTS Continued
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS C Year Ended December 31, 1999 1998 1997 (8)
=============================================================================================================
PER SHARE OPERATING DATA
Net asset value, beginning of period $3.36 $3.33 $3.25
- -------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.13 0.14 0.10
Net realized and unrealized gain (loss) (0.18) 0.03 0.08
------------------------------------------------------
Total income (loss) from investment operations (0.05) 0.17 0.18
- -------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (0.13) (0.14) (0.10)
------------------------------------------------------
Total dividends and distributions to shareholders (0.13) (0.14) (0.10)
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.18 $3.36 $3.33
======================================================
=============================================================================================================
TOTAL RETURN, AT NET ASSET VALUE (2) (1.63)% 5.15% 5.58%
=============================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $119,329 $94,870 $26,862
- -------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $116,249 $61,717 $12,705
- -------------------------------------------------------------------------------------------------------------
Ratios to average net assets: (3)
Net investment income 3.86% 3.98% 4.22%
Expenses 1.57% 1.57% (4) 1.54%
Expenses, net of indirect expenses and interest (5) (6) 1.53% 1.55% 1.51%
- -------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (7) 37% 25% 27%
</TABLE>
(1) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to
the Fund.
(2) 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.
(3) Annualized for periods of less than one full year.
(4) Expense ratio has not been grossed up to reflect the effect of expenses
paid indirectly.
(5) 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.
(6) Prior year ratios have been restated to conform to current year
presentation.
(7) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended December 31, 1999, were
$624,429,182 and $478,113,286, respectively.
(8) For the period from May 1, 1997 (inception of offering) to December 31,
1997.
See accompanying Notes to Financial Statements.
37 LIMITED TERM NEW YORK MUNICIAL FUND
<PAGE>
FINANCIAL HIGHLIGHTS Continued
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CLASS X Year Ended December 31, 1999 1998 1997 1996 (1) 1995 (9)
====================================================================================================================================
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 0.13 0.15 0.16 0.16 0.11
Net realized and unrealized gain (loss) (0.18) 0.03 0.08 (0.01) 0.07
----------------------------------------------------------------------------
Total income (loss) from investment operations (0.05) 0.18 0.24 0.15 0.18
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (0.13) (0.15) (0.16) (0.16) (0.11)
----------------------------------------------------------------------------
Total dividends and distributions to shareholders (0.13) (0.15) (0.16) (0.16) (0.11)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.20 $3.38 $3.35 $3.27 $3.28
============================================================================
====================================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE (2) (1.39)% 5.38% 7.44% 4.59% 5.65%
====================================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $39,496 $47,424 $52,510 $40,828 $16,415
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $44,237 $49,866 $49,563 $28,971 $8,869
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: (3)
Net investment income 4.11% 4.30% 4.75% 4.85% 5.21%
Expenses 1.34% 1.35% (4) 1.35% 1.38% 0.90%
Expenses, net of indirect expenses and interest (5) (6) 1.30% 1.32% 1.32% 1.32% 0.83%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate (7) 37% 25% 27% 24% 22%
</TABLE>
(1) On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
(2) 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.
(3) Annualized for periods of less than one full year.
(4) Expense ratio has not been grossed up to reflect the effect of expenses
paid indirectly.
(5) 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.
(6) Prior year ratios have been restated to conform to current year
presentation.
(7) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at
the time of acquisition of one year or less are excluded from the
calculation. Purchases and sales of investment securities (excluding
short-term securities) for the period ended December 31, 1999, were
$624,429,182 and $478,113,286, respectively.
(8) For the period from May 1, 1997 (inception of offering) to December 31,
1997.
(9) For the period from May 1, 1995 (inception of offering) to December
31, 1995.
See accompanying Notes to Financial Statements.
38 LIMITED TERM NEW YORK MUNICIAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
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 at their offering
price, which is normally net asset value plus an initial sales charge. Class B
and Class C shares are sold without an initial sales charge but may be subject
to a contingent deferred sales charge (CDSC). Class X shares may also be subject
to a 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 December 31, 1999, the Fund had
entered into outstanding when-issued or forward commitments of $7,018,428.
- --------------------------------------------------------------------------------
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 December 31, 1999, the
Fund had available for federal income tax purposes an unused capital loss
carryover of approximately $25,286,000, which expires between 2002 and 2007.
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent Board of Trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the year ended
December 31, 1999, a provision of $104,098 was made for the Fund's projected
benefit obligations, resulting in an accumulated liability of $150,007 as of
December 31, 1999.
The Board of Trustees has adopted a deferred compensation plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of annual compensation they are entitled to receive from the Fund. Under
the plan, the compensation deferred is periodically adjusted as though an
equivalent amount had been invested for the Board of Trustees in shares of one
or more Oppenheimer funds selected by the trustee. The amount paid to the Board
of Trustees under the plan will be determined based upon the performance of the
selected funds. Deferral of trustees' fees under the plan will not affect the
net assets of the Fund, and will not materially affect the Fund's assets,
liabilities or net investment income per share.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
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.
39 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Continued
================================================================================
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.
================================================================================
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>
<S> <C> <C> <C> <C>
Year Ended December 31, 1999 Year Ended December 31, 1998
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------------------
CLASS A
Sold 112,559,156 $371,678,795 85,263,031 $285,730,451
Dividends and/or distributions reinvested 9,638,646 31,694,788 8,362,718 28,044,127
Redeemed (91,380,672) (298,342,585) (34,100,531) (114,328,844)
--------------------------------------------------------------------
Net increase 30,817,130 $105,030,998 59,525,218 $199,445,734
====================================================================
- -------------------------------------------------------------------------------------------------------------
CLASS B
Sold 11,890,955 $39,104,573 13,306,853 $44,568,293
Dividends and/or distributions reinvested 638,858 2,095,730 360,864 1,209,382
Redeemed (3,819,240) (12,461,378) (983,181) (3,294,786)
-------------------------------------------------------------------
Net increase 8,710,573 $28,738,925 12,684,536 $42,482,889
===================================================================
- ------------------------------------------------------------------------------------------------------------
CLASS C
Sold 20,030,859 $66,135,515 22,535,160 $75,428,610
Dividends and/or distributions reinvested 1,035,649 3,395,130 552,623 1,849,561
Redeemed (11,796,007) (38,486,608) (2,936,551) (9,832,913)
-------------------------------------------------------------------
Net increase 9,270,501 $31,044,037 20,151,232 $67,445,258
===================================================================
- ------------------------------------------------------------------------------------------------------------
CLASS X
Sold ------ $ ------ 5,830 $ 19,325
Dividends and/or distributions reinvested 362,172 1,195,024 443,451 1,488,806
Redeemed (2,059,716) (6,758,137) (2,094,913) (7,036,774)
-------------------------------------------------------------------
Net decrease (1,697,544) $(5,563,113) (1,645,632) $(5,528,643)
===================================================================
</TABLE>
40 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Continued
================================================================================
3. SECURITIES INFORMATION
As of December 31, 1999, net unrealized depreciation on securities of
$14,977,897 was composed of gross appreciation of $11,082,952, and gross
depreciation of $26,060,849.
As of December 31, 1999, unrealized appreciation (depreciation) based on
cost of securities for federal income tax purposes of $1,287,772,179 was:
Gross unrealized appreciation $ 11,061,002
Gross unrealized depreciation (26,085,592)
---------------
Net unrealized depreciation $(15,024,590)
===============
================================================================================
4. MANAGEMENT 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 management fee for the year ended December
31, 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 year ended December 31, 1999, the Fund
paid $392,771 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 year ended December 31, 1999, the Fund paid OFS $426,038.
- --------------------------------------------------------------------------------
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>
<S> <C> <C> <C> <C> <C>
Aggregate Class A Commissions Commissions Commissions
Front-End Front-End on Class A on Class B on Class C
Sales Charges Sales Charges Shares Shares Shares
on Class A Retained by Advanced by Advanced by Advanced by
Year Ended Shares Distributor Distributor(1) Distributor(1) Distributor(1)
- ---------------------------------------------------------------------------------------- -----------------------------------------
December 31, 1999 $3,235,381 $366,186 $1,785,574 $881,649 $602,450
</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>
<S> <C> <C> <C> <C>
Class A Class B Class C Class X
Contingent Deferred Contingent Deferred Contingent Deferred Contingent Deferred
Sales Charges Sales Charges Sales Charges Sales Charges
Year Ended Retained by Distributor Retained by Distributor Retained by Distributor Retained by Distributor
- -----------------------------------------------------------------------------------------------------------------------------------
December 31, 1999 $133,654 $180,775 $82,528 $57,568
</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.
- --------------------------------------------------------------------------------
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 fiscal year ended December 31, 1999, payments under
the Class A Plan totaled $2,573,038, all of which was paid by the Distributor to
recipients. That included $45,289 paid to an affiliate of the Manager. Any
unreimbursed expenses the Distributor incurs with respect to Class A shares in
any fiscal year cannot be recovered in subsequent years.
41 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Continued
================================================================================
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 and Class C 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 and Class C shares may
be more than the payments it receives from the contingent deferred sales charges
collected on redeemed shares and asset-based sales charges from the Fund under
the plans. If any 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 year ended December 31, 1999
were as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Distributor's Distributor's
Aggregate Unreimbursed
Unreimbursed Expenses as %
Total Payments Amount Retained Expenses of Net Assets
Under Plan by Distributor Under Plan of Class
- -----------------------------------------------------------------------------------------------------------
Class B Plan $ 781,955 $698,485 $2,094,673 2.36 %
Class C Plan 1,161,836 767,185 1,647,219 1.38
Class X Plan 331,936 233,470 ---- ----
</TABLE>
================================================================================
5. ILLIQUID OR RESTRICTED SECURITIES
As of December 31, 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 December 31, 1999 was $16,083,707,
which represents 1.26% 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 0.09% per annum. The
commitment fee allocated to the Fund for the year ended December 31, 1999 was
$8,313.
The Fund had borrowings outstanding of $31,200,000 at December 31, 1999.
For the year ended December 31, 1999, the average monthly loan balance was
$7,600,356 at an average interest rate of 5.730%. The maximum amount of
borrowings outstanding at any month-end was $31,200,000.
42 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
================================================================================
To the Board of Trustees and Shareholders of
Rochester Portfolio Series
In our opinion, the accompanying statement of assets and liabilities, including
the statement of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Limited Term New York Municipal
Fund (the sole portfolio constituting Rochester Portfolio Series, hereafter
referred to as the Fund) at December 31, 1999, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended and the financial highlights for each of the periods
indicated, in conformity with accounting principles generally accepted in the
United States. These financial statements and financial highlights (hereafter
referred to as financial statements) are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 1999 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Denver, Colorado
January 24, 2000
================================================================================
Federal Income Tax Information Unaudited
In early 2000, shareholders received information regarding all dividends and
distributions paid to them by the Fund during calendar year 1999. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
None of the dividends paid by the Fund during the year ended December 31, 1999
are eligible for the corporate dividend-received deduction. 100% of the
dividends were derived from interest on municipal bonds and are not subject to
federal, New York State and New York City income taxes. For the state income tax
reporting purposes of non-New York State shareholders, the distribution breaks
down as follows: New York State (84.6%), Guam (6.3%), Puerto Rico (6.0%), Virgin
Islands (3.0%), American Samoa (0.1%).
During 1999, 25.2% of this tax-exempt income was derived from "private activity
bonds". These are municipal bonds used to finance privately operated facilities.
The interest on these bonds is not taxable for most investors. For the few
investors subject to the alternative minimum tax, the interest from these bonds
is considered a preference item.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
43 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 OppenheimerFunds Services
Servicing Agent
================================================================================
Custodian of Citibank, N.A.
Portfolio Securities
================================================================================
Independent Accountants PricewaterhouseCoopers LLP
================================================================================
Legal Counsel Kirkpatrick & Lockhart LLP
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.
44 LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
MUNICIPAL BONDS--THE COMMUNITY INVESTMENT
- --------------------------------------------------------------------------------
When you invest in municipal securities through a mutual fund, your dollars
are being put to work primarily in your state's communities -- helping finance
the development of buildings and school systems, homes for the elderly and fire
districts. To encourage and reward private investor support of these municipal
activities, the interest paid on them is often exempt from federal and state
personal income taxes. In New York, the interest is also free from New York City
local income taxes.
Many investors consider this the primary advantage of a municipal bond fund
like the Limited Term New York Municipal Fund. But another reason to own
municipal bonds is that they provide financing for much of the infrastructure of
the communities in which we live.
During the past year, your investment in the Fund helped provide financing
for a wide variety of worthwhile projects in New York. Private colleges, primary
schools for special education, waste water treatment facilities and mortgages
for first-time home buyers are just a few of the programs that benefit from your
investment.
When you review the enclosed listing of the Fund's portfolio of issues,
you're likely to find many projects that help to improve the standard of living
in your community. It's one of the -- admittedly few -- advantages of the
current tax code: the ability to earn tax-free income and be supportive of the
great State of New York.(1)
1. A portion of the Fund's income may be subject to income taxes. Capital gains
distributions, if any, are taxable as capital gains. For investors subject to
the alternative minimum tax, a portion of the Fund's distributions may increase
that tax.
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 www.oppenheimerfunds.com
-----------------------------------------------------------------
24-hr access to account information and transactions
General Information 1-800-525-7048
-----------------------------------------------------------------
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
Telephone Transactions 1-800-852-8457
-----------------------------------------------------------------
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
PhoneLink 1-800-533-3310
-----------------------------------------------------------------
24-hr automated information and automated transactions
Telecommunications Device for the Deaf (TDD) 1-800-843-4461
-----------------------------------------------------------------
Mon-Fri 8:30am-7pm ET
OppenheimerFunds Information Hotline 1-800-835-3104
-----------------------------------------------------------------
24 hours a day, timely and insightful messages on the
economy and issues that may affect your investments
Transfer and Shareholder Servicing Agent
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
(inside back cover)
<PAGE>
[logo] Limited Term New York Municipal Fund
The Rochester Funds
- -------------------------------------------------
A Division of OppenheimerFunds, Inc.
350 Linden Oaks
Rochester, New York 14625-2807
716-383-1300
Investment Advisor
- -------------------------------------------------
OppenheimerFunds, Inc.
Two World Trade Center
New York, NY 10048-0203
Distributor
- -------------------------------------------------
OppenheimerFunds Distributor, Inc.
Two World Trade Center
New York, NY 10048-0203
Independent Accountants
- -------------------------------------------------
PricewaterhouseCoopers LLP
Denver, CO
Custodian
- -------------------------------------------------
Citibank, N.A.
New York, NY
Transfer and Shareholder Servicing Agent
- -------------------------------------------------
OppenheimerFunds Services
P.O. Box 5270
Denver, CO 80217-5270
800-552-1129
This Annual Report is for the information of shareholders of Limited Term
New York Municipal Fund. It must be preceded or accompanied by a current
prospectus for the Fund.
Shares of 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.
Call our Toll-Free Customer Service today at 1-800-525-7048 for more
information on how to take advantage of your financial relationship with the
OppenheimerFunds Family.
RA0355.001.0100 February 29, 2000
- --------------------------------------------------------------------------------
[logo] OppenheimerFunds(R)
The Right Way to Invest
OppenheimerFunds Distributor, Inc.
Rochester Division
350 Linden Oaks
Rochester, NY 14625-2807
(back cover)
