[photo montage--NY state]
Semiannual Report June 30, 2000
Limited Term New York
Municipal Fund
[logo] OppenheimerFunds(R)
The Right Way to Invest
<PAGE>
REPORT HIGHLIGHTS
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CONTENTS
3 President's Letter
5 An Interview with
your Fund's Managers
14 Financial Statements
55 Officers & Trustees
o The Limited Term New York Municipal Fund seeks to keep the average effective
maturity of its portfolio at 5 years or less. As a result, its share price
fluctuated less than the typical long-term bond fund during this period.
o The Limited Term New York Municipal Fund, Class A, commenced a dividend
increase beginning with the April 25th dividend payment. Raising the monthly
dividend from $.012 to $.013 per share represented 8.3% more triple tax-free
income in dividends to shareholders.(1)
o Despite significant interest rate volatility during the six-month period ended
June 30, 2000, the Fund's Class A Net Asset Value remained within a range of 5
cents per share. Net asset value per share increased from $3.19 on January 1 to
$3.21 on June 30.
o As of June 30, 2000, the Limited Term New York Municipal Fund's Class A shares
provided a 30-day SEC yield of 4.7%, and distribution yield, at Net Asset Value,
of 4.9%.(2) This is essentially equivalent to the 4.8% median distribution yield
computed by Lipper Analytical Services, Inc. for 105 longer-term (and therefore,
more volatile) New York State municipal funds for the same period.(3)
<TABLE>
<CAPTION>
Dividend Distributions 7/1/99 - 6/30/00(4) Dividend per Share (in cents)
Month Class A Class B Class C Month Class A Class B Class
-------------------------------------------- -------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
July 1.3 1.1 1.1 January 1.2 1.0 1.0
-------------------------------------------- -------------------------------------------
August 1.3 1.1 1.1 February 1.2 1.0 1.0
-------------------------------------------- -------------------------------------------
September 1.2 1.0 1.0 March 1.2 1.0 1.0
-------------------------------------------- -------------------------------------------
October 1.2 1.0 1.0 April 1.3 1.1 1.1
-------------------------------------------- -------------------------------------------
November 1.2 1.0 1.0 May 1.3 1.1 1.1
-------------------------------------------- -------------------------------------------
December 1.2 1.0 1.0 June 1.3 1.1 1.1
-------------------------------------------- -------------------------------------------
</TABLE>
1. The Board of Trustees may change the dividend rate at any time without notice
to shareholders.
2. Distribution yield at NAV is annualized (based on last distribution) and
divided by Net Asset Value on distribution date. Standardized yield (based on
net investment income for the 30-day period ended 6/30/00) is annualized and
divided by period-end offering price. Distribution yield at NAV does not include
sales charges. Falling share prices may artificially increase yields.
3. According to Lipper Analytical Services, Inc. Lipper calculations do not
consider sales charges which, if included, would affect results.
4. This assumes shares were purchased and held for the entire accrual period.
Since dividends accrue daily, your actual distributions will vary depending on
the date you purchased your shares and any account activity during the month.
Income distributions include all accrued income earned by the Fund during the
reporting period. The Fund attempts to pay dividends on Class A shares at a
constant level. There is no assurance that it will be able to do so. The Board
of Trustees may change the targeted dividend rate at any time without prior
notice to shareholders. Additionally, the amount of those dividends and the
dividends paid on Class B and Class C shares may vary over time, depending upon
market conditions, the composition of the Fund's portfolio, and expenses borne
by the particular class of shares. Dividends and distributions paid on Class A
shares will generally be higher than dividends for Class B and Class C shares,
which normally have higher expenses than Class A. The Fund cannot guarantee that
it will pay any dividends or distributions. The Fund's policy of seeking to
maintain a steady dividend for its Class A shares did not materially affect
portfolio strategies during this reporting period.
2 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
PRESIDENT'S LETTER
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[photo]
Bridget A. Macaskill
President,
Limited Term New York
Municipal Fund
Dear Shareholder,
The 1990s, although not free of volatility, were distinguished by an overall
bull market. In contrast, the year 2000 has been characterized so far as a
relatively difficult investment environment with high levels of volatility.
As we entered the year, a vital concern weighing on investors' minds was
growing evidence of a trend toward higher inflation. While productivity
improvements and various economic forces helped keep inflation low over the last
decade, the year 2000 has seen upward pressure on wages and some prices. That's
primarily because the U.S. economy has been growing at a vigorous pace, creating
a labor shortage for businesses and high spending levels among consumers. In
response, since the summer of 1999, the Federal Reserve Board raised short-term
interest rates six times through June 30, 2000, in an attempt to forestall
inflationary pressures.
During that period, higher interest rates adversely affected many stocks and
bonds. In a dramatic decline, previously high-flying technology stocks generally
fell to more reasonable valuations. At the same time, long-neglected value
stocks began to attract investor interest. The result: narrowing of the
valuation gap between growth stocks and value stocks. Finally, in the bond
market, higher interest rates caused prices of most fixed income securities to
fall.
At OppenheimerFunds, we were not surprised by these developments, many of
which we anticipated in our recent letters to investors. What did concern us was
that, prior to the April 2000 correction, we began to see disturbing signs that
short-term trading was taking place not just in technology stocks, but also in
mutual funds. Prudent investors will understand our concern: most stock and bond
funds are carefully designed as long-term investments to help individuals and
families progress toward significant financial goals. In general, short-term
trading is risky and may compromise a well planned financial strategy. It may
also result in unforeseen adverse consequences, such as unnecessarily high tax
bills.
3 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
PRESIDENT'S LETTER
-------------------------------------------------------------------------------
We continue to believe that maintaining a long-term perspective and
practicing diversification are the fundamental drivers of consistent performance
over time. These strategies have helped individual investors, as well as
professional investors, weather declining markets and participate in rising
ones. On the following pages, your portfolio manager discusses the long-term
strategies and particular investment decisions that affected your fund during
the reporting period.
You can remain confident that our portfolio managers will continue to monitor
areas of opportunity in the arenas in which your fund invests, as the effects of
today's changing investment environment take hold. Knowing what's going on in
the world's economies, markets and companies--and making investment decisions
designed to try to take advantage of them over the long term--is central to what
makes OppenheimerFunds The Right Way to Invest.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
July 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.
Stocks and bonds have different types of investment risks; stocks are subject to
market volatility and bonds are subject to credit and interest rate risks.
4 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGERS
-------------------------------------------------------------------------------
[callout]
As of June 30, 2000, the Fund's Class A
distribution yield of 4.9%, at
Net Asset Value, is 90 basis points
higher than the median yield in
Lipper's "Other State Short-Intermediate
Municipal Debt Fund" category.(3)
How has the Limited Term New York Municipal Fund performed during the six-month
period ending June 30, 2000?
During the first half of 2000, market interest rates were volatile, as the
Federal Reserve raised the Fed Funds rate 3 times during this period. Generally,
interest rate increases result in lower bond prices as new, higher coupon bonds
make older bonds less attractive. However, during this volatile period, the
Limited Term New York Municipal Fund continued its strategic role of maintaining
a relatively consistent share price. The Net Asset Value (of Class A shares)
varied by only 5 cents per share during the six-month period, actually rising
from $3.19 on the first day of the year and closing at $3.21 at the end of the
period.
In addition, the Fund's Class A monthly dividend was increased by $0.001 per
share, per month. In context, this represents an 8.3% dividend increase.
Shareholders began receiving the new dividend of $.013 per share--up from the
previous $.012 per share payout--starting with the April 25th payment.(1)
So the Limited Term New York Municipal Fund provided individual investors with
the opportunity to earn a high level of income exempt from federal, New York
State and New York City personal income taxes.(2) However, that is only part of
the story, for the Fund also seeks to provide a specific balance between risk
and return. By recognizing that share price volatility is significantly related
to maturity, the Fund seeks to maintain lower volatility than the average
long-term municipal fund by managing to an average effective maturity of 5 years
or less. Furthermore, by investing in a wide variety of carefully researched
issues, it seeks to provide investors with a yield competitive with that of
longer-term New York municipal funds.
1. The Board of Trustees may change the Fund's dividend at any time without
notice to shareholders.
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. According to Lipper Analytical Services, Inc. Lipper calculations do not
include sales charges which, if included, would affect results.
5 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGERS Continued
-------------------------------------------------------------------------------
As of June 30, 2000, the Fund's Class A shares provided a distribution yield of
4.9% (computed without sales charges). Compared with the average yield of 4.8%
in Lipper's New York State Municipal Funds category--which ranks longer-term
funds--Limited Term New York Municipal Fund offers a slight increase in return,
with reduced risk.(4) As of 6/30/00, Limited Term New York Municipal Fund's
(Class A shares) 30-day SEC yield was 4.7%, and this is the equivalent of 7.3%
in taxable yield for a New York State taxpayer in the 35.7% combined New York
State and federal income tax bracket. If you are taxed at higher combined tax
rates, or are subject to additional local income taxes, the equivalent yield
would make your Fund investment even more attractive. (For New York City
residents in the highest tax bracket, the dividend is equivalent to a taxable
yield of 8.7%.)
Tax equivalent yields may be confusing, especially to investors who consider
money market funds and certificates of deposit as the only safe havens for their
investment.(5) But we feel that, for those investors willing to accept a
diversified portfolio of 95% investment grade municipal bonds, the income
potential, especially on a tax-equivalent basis, far outweighs the risk.
Describe the New York State municipal bond market during this period.
The New York State municipal bond market has mirrored that of the national
municipal bond market during this reporting period. The strong U.S. economy has
boosted tax revenues for New York State and many of its municipalities. National
statistics indicate that, overall, municipalities enjoy a $60 billion budget
surplus. New York State and New York City have improved their fiscal operations,
reinforcing their credit upgrades received last year from the major bond rating
agencies.
[photo]
Portfolio Management Team (l to r)
Anthony A. Tanner, CFA
Vice President and Portfolio
Manager, Rochester Division
Joined the Rochester Funds
Investment Team in June, 1991
Ronald H. Fielding, CFA
Senior Vice President, Portfolio
Manager and Chief Strategist,
Rochester Division
Founded the Rochester Funds
Investment Team in May, 1983
Daniel G. Loughran, CFA
Vice President and Associate
Portfolio Manager,
Rochester Division
Joined the Rochester Funds
Investment Team in October,
1994
4. According to Lipper Analytical Services, Inc. Lipper calculations do not
include sales charges which, if included, would affect results.
5. An investment in the Fund poses certain risks not associated with money
market funds or certificates of deposit. While CDs are guaranteed to principal
and interest payments, and money market funds seek to maintain a stable net
asset value, the Fund does not seek to maintain a stable net asset value of $1
per share and neither its share price nor its distributions are guaranteed.
6 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
While these factors are indicative of sound fiscal growth, they have also
combined to reduce new issuance of municipal bonds in New York State to less
than last year's level, leaving investors with a limited variety of new bonds to
choose from.
Fortunately, the market continues to offer a good supply of bonds issued in
previous years. With regular access to more than 30 dealers in municipal bonds,
we made portfolio enhancements by buying bonds in the secondary market that are
often overlooked by both competing fund managers and individual investors. We
also purchased small, upstate issues, diversified over many different risk
categories, to offer shareholders generous tax-free income without exposing the
portfolio to undue risk. And we continued to "scavenger hunt" the markets,
buying bonds in smaller quantities that offer good value and the potential, over
time, for significant yield advantages as well.
In this way, our unique approach to municipal bond portfolio management has
enabled us to turn recent market fluctuation to the Fund's advantage. As we find
underappreciated credits--at lower than normal prices--we also discover fine
opportunities to purchase bonds in small quantities. And that's the distinct
advantage of owning municipal bonds in a mutual fund that likely cannot be
realized through ownership of individual municipal bonds.
How is a municipal bond portfolio managed to take advantage of these conditions?
As mentioned, general economic prosperity has led the Federal Reserve to raise
short-term interest rates three times, leading to higher interest rates across
the yield curve. Interest rate increases are implemented to ward off inflation,
which is the number one enemy of bond investors. Municipal bond prices tend to
fluctuate in the wake of Fed interest rate increases, with holders of
longer-term securities generally feeling the effects most acutely. To reduce
these effects, managers will typically position their portfolio by shortening
the maturity of their holdings, which leads to high turnover rates and increased
transaction fees.
7 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGERS Continued
-------------------------------------------------------------------------------
Fortunately, the Limited Term New York Municipal Fund is already on the short
side of the curve--the average maturity of our holdings is limited to five years
or less. As a result, the Fund's Class A Net Asset Value per share remained
fairly constant, between $3.19 and $3.21 per share. So, in essence, the recent
market volatility provided a good environment to demonstrate what the Fund was
designed to do in the first place--namely, to provide investors a municipal bond
fund offering an attractive rate of tax-free income while seeking to dampen the
effects of interest rate volatility.
We are continuously grooming the portfolio, making what we believe to be
improvements in both yield and quality characteristics of our holdings. One of
our primary strategies during this period has been executing "swaps"
--exchanging selected bonds for others with different characteristics--to reduce
interest rate volatility. Additionally, we've added bonds that we believe
represent good value at very attractive prices, and introduced new names into
the portfolio.
One particularly beneficial strategy has been the purchase of premium callable
bonds. This strategy turns on the fact that, while bond issuers are entitled to
redeem a bond at its "call date", the issuer may not choose to do so, for a
variety of reasons. For example, New York State ERDA Consolidated Edison bonds,
currently in the portfolio, became callable in January, 2000. These bonds pay a
7 1/2% coupon, a portion of which was used to offset the "premium" we paid to
acquire them. Now, after offsetting the premium, the income resulted in an
actual yield for the portfolio at the rate of approximately 5% up to the call
date. When the issuer didn't call them on their call date, they continued to
produce income at the attractive rate of 7 1/2%--quite a bit higher than
comparable non-callable issues which were paying only 6 1/4% at the time.(6)
Also, since the bond is callable at any time, its price stays near its $101 call
price, irrespective of changes in market interest rates.
[photo]
Portfolio Management Team (l to r)
Christopher D. Weiler, CFA
Assistant Vice President-Credit
Analysis,
Rochester Division
Joined the Rochester Funds
Investment Team in
January, 1999
Richard A. Stein, CFA
Vice President-Credit Analysis,
Rochester Division
Joined the Rochester Funds
Investment Team in May, 1993
James E. Bragg
Credit Analyst,
Rochester Division
Joined the Rochester Funds
Investment Team in June, 1999
6. See Statement of Investments for a complete history of portfolio holdings as
of 6/30/00.
8 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Is it time to consider fixed income investments, like municipal securities,
instead of stocks?
We believe that now is an attractive time to own municipal securities. But
different individuals have different risk tolerances, different income
needs--completely different financial objectives. The question really needs to
be addressed by the individual's financial advisor, who is best able to combine
objective analysis with the investor's own unique circumstance.
But it does bring to mind a special thought: The Fund's current yields, adjusted
for inflation, are very attractive, partially because the rate of inflation in
the U.S. economy continues to be low. Equity investors know that companies with
a Price/Earnings ratio of 30 or better are not at all uncommon at today's market
prices; which means that investors stand to earn 1/30 of each dollar
invested--about 3.33%--by owning stocks in those companies. This 3.33%
represents "earnings yield," or the relationship of the company's earnings per
share to its current stock price. Generally, most of the earnings yield is
retained by the company for reinvestment, while a smaller portion is paid out to
shareholders as dividends, fully taxable to the recipient. For New York State
investors, the value of dividends can be reduced by up to 40% as federal, New
York State and, if applicable, New York City personal income taxes take their
toll.
What effect will additional Federal Reserve interest rate hikes, if any, have on
the Fund?
We continue to manage the Limited Term New York Municipal Fund according to the
premise that balancing many different types of risk minimizes potentially
adverse effects of any single risk. While we cannot be certain what interest
rate measures the Federal Reserve Board may take, we believe that short-term
interest rates may rise some more. We address interest rate risk by including
some bonds, with specific characteristics that may make them less sensitive to
interest rate fluctuations, to minimize portfolio volatility.
9 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGERS Continued
-------------------------------------------------------------------------------
Since there are signs that recent increases have begun to slow the economy to a
pace of sustainable growth, they may well be achieving the desired effect. In
orchestrating a "soft landing," the Fed must engineer an economy that's strong
enough to provide jobs for willing workers, and to prevent defaults, but not so
strong as to create inflation. And while the effects on bonds may be painful in
the short-term, keeping inflation in check ultimately benefits all fixed-income
investors.
We built the Limited Term New York Municipal Fund for cautious New York
investors. During periods of uncertainty, we can think of no better vehicle to
generate tax-free income while seeking to moderate the effects of interest rate
volatility. Your financial advisor can help you determine how the Limited Term
New York Municipal Fund works best for your portfolio.
*****
Limited Term New York Municipal Fund (Class A shares) has received Morningstar's
5-star overall rating at June 30, 2000. The Fund's current 3-year and 5-year
ratings are five stars and five stars, respectively. 1688 and 1447 municipal
funds were rated for these periods, respectively.(1)
1. 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, Inc. is a nationally recognized mutual fund rating
service. Morningstar proprietary star rankings reflect historical risk-adjusted
total return as of June 30, 2000. 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.
10 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
PERFORMANCE UPDATE
-------------------------------------------------------------------------------
Limited Term New York Municipal Fund has performed well over the past six
months, with Class A shares providing a cumulative return of 3.07% without sales
charges.(1) The Fund's positive returns can be largely attributed to
management's focus on shorter-term issues that, in aggregate, have an average
effective maturity of five years or less. In addition, the portfolio's
diversification of nearly 1000 issues helps to reduce the Fund's exposure to
interest rate risk.
Limited Term New York
Municipal Fund, Class A Shares
The value of $10,000 invested since inception
(September 18, 1991) without sales charges,
and the Merrill Lynch Municipal Index (3-7 Years)
[mountain chart]
<TABLE>
<CAPTION>
Date Limited Term New York Municipal Fund Merrill Lynch Municipal Index (3-7 years)
<S> <C> <C>
09/18/1991 $10,000 $10,000*
09/30/1991 10,085 10,371
12/31/1991 10,426 10,640
03/31/1992 10,593 10,678
06/30/1992 10,918 11,011
09/30/1992 11,212 11,220
12/31/1992 11,418 11,471
03/31/1993 11,768 11,783
06/30/1993 12,073 12,028
09/30/1993 12,422 12,243
12/31/1993 12,578 12,387
03/31/1994 12,287 11,957
06/30/1994 12,456 12,123
09/30/1994 12,579 12,256
12/31/1994 12,514 12,173
03/31/1995 12,932 12,587
06/30/1995 13,199 12,971
09/30/1995 13,508 13,192
12/31/1995 13,767 13,469
03/31/1996 13,799 13,489
06/30/1996 13,897 13,533
09/30/1996 14,168 13,774
12/31/1996 14,431 14,044
03/31/1997 14,537 14,032
06/30/1997 14,907 14,392
09/30/1997 15,294 14,695
12/31/1997 15,586 14,955
03/31/1998 15,798 15,114
06/30/1998 16,043 15,285
09/30/1998 16,381 15,707
12/31/1998 16,512 15,844
03/31/1999 16,615 15,987
06/30/1999 16,510 15,796
09/30/1999 16,450 15,928
12/31/1999 16,367 15,949
03/31/2000 16,665 16,138
06/30/2000 16,869 16,410
</TABLE>
Results of a hypothetical $10,000 investment in Class A shares on September 18,
1991, including reinvested dividends. 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.
The Index cannot be purchased directly by investors.
Note: This chart is not drawn to scale.
[key]
(bright pink) Limited Term New York Municipal Fund
(light pink) Merrill Lynch Municipal Index (3-7 years)
1. Includes reinvested dividends and changes in Net Asset Value per share
without deducting sales charges. The performance would have been lower if sales
charges had been taken into account.
11 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
PERFORMANCE UPDATE Continued
-------------------------------------------------------------------------------
Total Returns (as of 6/30/00)
<TABLE>
<CAPTION>
Cumulative Average Annual
NAV MOP NAV MOP
<S> <C> <C> <C> <C>
A Shares
-------------------------------------------------------
6-Month 3.07% (0.54)% -- --
-------------------------------------------------------
1-Year 2.18% (1.40)% 2.18% (1.40)%
-------------------------------------------------------
3-Year 13.17% 9.20% 4.21% 2.98%
-------------------------------------------------------
5-Year 27.82% 23.34% 5.03% 4.28%
-------------------------------------------------------
Life (9/18/91) 68.38% 62.49% 6.11% 5.68%
-------------------------------------------------------
B Shares
-------------------------------------------------------
6-Month 2.35% (1.65)% -- --
-------------------------------------------------------
1-Year 1.38% (2.52)% 1.38% (2.52)%
-------------------------------------------------------
3-Year 10.24% 8.29% 3.30% 2.69%
-------------------------------------------------------
Life (5/1/97) 12.07% 10.10% 3.67% 3.09%
-------------------------------------------------------
C Shares
-------------------------------------------------------
6-Month 2.68% 1.68% -- --
-------------------------------------------------------
1-Year 1.40% 0.43% 1.40% 0.43%
-------------------------------------------------------
3-Year 10.31% 10.31% 3.32% 3.32%
-------------------------------------------------------
Life (5/1/97) 12.14% 12.14% 3.69% 3.69%
-------------------------------------------------------
X Shares
-------------------------------------------------------
6-Month 2.78% 0.28% -- --
-------------------------------------------------------
1-Year 1.63% (0.81)% 1.63% (0.81)%
-------------------------------------------------------
3-Year 11.39% 9.92% 3.66% 3.20%
-------------------------------------------------------
5-Year 24.88% 24.88% 4.54% 4.54%
-------------------------------------------------------
Life (5/1/95) 26.72% 26.72% 4.69% 4.69%
-------------------------------------------------------
</TABLE>
Total returns include changes in share price and assume reinvestment of
dividends and capital gains in a hypothetical investment for the periods shown.
MOP stands for Maximum Offering Price, and calculations for Class A returns at
MOP include the maximum initial sales charge of 3.50%. Class B returns at MOP
include the applicable contingent deferred sales charge of 4% (1-year), 2%
(3-year) and 2% (life-of-class). Class C returns at MOP for the 1-year period
include the contingent deferred sales charge of 1%. Class X returns at MOP show
results of hypothetical investments on 12/31/99, 6/30/99, 6/30/97, 6/30/95 and
5/1/95, after deduction of the applicable contingent deferred sales charge of
2.50% (1-year), 1.50% (3-year) and 0% (5-year and 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. The Fund no
longer offers Class X shares. NAV stands for Net Asset Value, and returns at NAV
do not reflect payment of any sales charge.
Yields
As of 6/30/00
<TABLE>
<CAPTION>
Dividend Yield Standardized
NAV MOP Yield
-------------------------------------------------------
<S> <C> <C> <C>
Class A 4.88% 4.70% 4.68%
-------------------------------------------------------
Class B 3.99% 3.99% 4.09%
-------------------------------------------------------
Class C 4.00% 4.00% 4.09%
-------------------------------------------------------
Class X 4.25% 4.25% 4.32%
-------------------------------------------------------
</TABLE>
Dividend yield at MOP (based on last distribution) and standardized yield (based
on net investment income for the 30-day period ended 6/30/00) are annualized and
divided by period-end offering price. Dividend yield at NAV does not include
sales charges. Falling share prices may artificially increase yields.
12 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
PORTFOLIO REVIEW(1)
-------------------------------------------------------------------------------
Limited Term New York Municipal Fund is for cautious New York investors looking
for income that's exempt from federal, New York State and New York City personal
income taxes.
What we look for
o Issues that provide high triple tax-free income.
o Value-oriented issues with price appreciation potential.
o A diversity of issues across the state.
o Municipal regions with improving credit quality.
o Shorter maturities to limit volatility caused by changes in interest
rates.
Credit Allocation(1)
[pie chart]
AAA 20.5%
AA 12.9%
A 35.5%
BBB 26.2%
BB 0.2%
NR 4.7%
Top 5 Sectors
General Obligation 18.4%
----------------------------------
Electric Utilities 13.9%
----------------------------------
Marine/Aviation Facilities 12.2%
----------------------------------
Hospital/Healthcare 12.0%
----------------------------------
Multifamily Housing 7.3%
----------------------------------
Hospital/Healthcare in Detail
Insured (FHA or SONYMA Insurance) 2.7%
Insured (Private Municipal Bond Insurance) 2.3%
Backed, NYS Appropriations 1.0%
Prerefunded 0.7%
Backed, Financial Institution Letter of Credit 0.1%
Neither insured nor otherwise enhanced 5.2%
TOTAL 12.0%
Regarding the Fund's fourth 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.
1. Portfolio data are as of 6/30/00, and are subject to change. Portfolio data
are dollar-weighted based on total market value of investments. Securities rated
by any rating organization are included in the equivalent Standard & Poor's
rating category. The allocation includes rated securities and those not rated by
a national rating organization but to which the ratings given above have been
assigned by the Manager as being comparable, in the Manager's judgment, to
securities rated by a rating agency in the same category. See page 40 for
further explanation.
13 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS June 30, 2000 / Unaudited
-------------------------------------------------------------------------------
MUNICIPAL FUND
<TABLE>
<CAPTION>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
=====================================================================================================================
<S> <C> <C> <C> <C> <C>
Municipal Bonds and Notes--100.6%
---------------------------------------------------------------------------------------------------------------------
New York--84.2%
$ 5,000 Albany GO 7.000% 01/15/2010 01/15/2001(b) $ 5,110
---------------------------------------------------------------------------------------------------------------------
344,703 Albany Hsg. Authority 0.000 10/01/2012 10/01/2002(a) 106,865
---------------------------------------------------------------------------------------------------------------------
250,000 Albany Hsg. Authority 6.250 10/01/2012(s) 10/01/2005(b) 252,142
---------------------------------------------------------------------------------------------------------------------
985,000 Albany IDA (Albany Medical Center) 5.600 05/01/2005 06/13/2003(c) 943,778
---------------------------------------------------------------------------------------------------------------------
1,860,000 Albany IDA (H. Johnson Office Park) 5.250 03/01/2018 09/01/2000(d) 1,821,424
---------------------------------------------------------------------------------------------------------------------
150,000 Albany IDA (Port of Albany) 6.250 02/01/2005 03/21/2003(c) 149,911
---------------------------------------------------------------------------------------------------------------------
40,000 Albany IDA (Spectrapark) 7.300 12/01/2000 -- 40,282
---------------------------------------------------------------------------------------------------------------------
50,000 Albany IDA (Spectrapark) 7.500 12/01/2003 12/01/2000(b) 50,811
---------------------------------------------------------------------------------------------------------------------
3,525,000 Albany IDA (Spectrapark) 7.600 12/01/2009(s) 12/01/2000(b) 3,583,867
---------------------------------------------------------------------------------------------------------------------
75,000 Albany IDA
(University Heights-Albany Law School) 6.750 12/01/2019(s) 12/01/2009(b) 81,775
---------------------------------------------------------------------------------------------------------------------
1,655,000 Albany IDA
(University Heights-Albany Pharmacy) 6.750 12/01/2019(s) 12/01/2009(b) 1,804,496
---------------------------------------------------------------------------------------------------------------------
1,000,000 Albany Municipal Water Finance Authority 6.375 12/01/2017(s) 12/01/2010(b) 1,072,330
---------------------------------------------------------------------------------------------------------------------
40,000 Albany Parking Authority 0.000 09/15/2002 -- 35,640
---------------------------------------------------------------------------------------------------------------------
25,000 Albany Parking Authority 0.000 09/15/2003 -- 21,088
---------------------------------------------------------------------------------------------------------------------
625,000 Albany Parking Authority 0.000 09/15/2004 -- 498,737
---------------------------------------------------------------------------------------------------------------------
20,000 Albany Parking Authority 0.000 09/15/2005 -- 15,096
---------------------------------------------------------------------------------------------------------------------
1,000,000 Albany Parking Authority 6.700 11/01/2006(s) 11/01/2001(b) 1,049,420
---------------------------------------------------------------------------------------------------------------------
1,610,000 Albany Parking Authority 6.850 11/01/2012(s) 11/01/2001(b) 1,688,053
---------------------------------------------------------------------------------------------------------------------
5,040,000 Albany Parking Authority 7.150 09/15/2016(s) 09/15/2001(b) 5,230,663
---------------------------------------------------------------------------------------------------------------------
3,150,000 Allegany County IDA (Atlantic Richfield) 6.625 09/01/2016 09/01/2002(b) 3,288,568
---------------------------------------------------------------------------------------------------------------------
975,000 Andpress HDC (Andpress Plaza) 6.600 01/15/2023(s) 08/01/2003(b) 999,999
---------------------------------------------------------------------------------------------------------------------
6,940,000 Babylon IDA (WSNCHS East, Inc.) 6.500 08/01/2019(s) 08/01/2011(b) 7,418,721
---------------------------------------------------------------------------------------------------------------------
295,000 Babylon IDA (WWH Ambulance) 7.000 09/15/2001 03/19/2001(c) 298,593
---------------------------------------------------------------------------------------------------------------------
85,000 Baldwinsville Devel. Corp. 7.200 06/01/2010(s) 01/01/2001(b) 86,457
---------------------------------------------------------------------------------------------------------------------
200,000 Battery Park City Authority 5.650 12/01/2013 01/14/2010(c) 199,246
---------------------------------------------------------------------------------------------------------------------
45,000 Battery Park City Authority 5.800 11/01/2022 06/04/2022(c) 44,557
---------------------------------------------------------------------------------------------------------------------
630,000 Blauvelt Volunteer Fire Company 6.000 10/15/2008 02/25/2005(c) 599,873
---------------------------------------------------------------------------------------------------------------------
40,000 Brookhaven GO 6.400 10/01/2010 10/01/2002(b) 42,022
---------------------------------------------------------------------------------------------------------------------
185,000 Brookhaven IDA (Dowling College) 6.200 03/01/2001 -- 186,043
---------------------------------------------------------------------------------------------------------------------
195,000 Brookhaven IDA (Dowling College) 6.300 03/01/2002 -- 196,973
---------------------------------------------------------------------------------------------------------------------
205,000 Brookhaven IDA (Dowling College) 6.400 03/01/2003 -- 208,233
---------------------------------------------------------------------------------------------------------------------
875,000 Brookhaven IDA (Stony Brook Foundation) 5.750 11/01/2008 08/13/2005(c) 852,959
---------------------------------------------------------------------------------------------------------------------
505,000 Buffalo GO 6.000 12/01/2015 12/01/2011(b) 529,982
---------------------------------------------------------------------------------------------------------------------
1,080,000 Carnegie Redevelopment Corp. 6.250 09/01/2005 05/02/2003(c) 1,076,188
---------------------------------------------------------------------------------------------------------------------
1,550,000 Carnegie Redevelopment Corp. 6.500 09/01/2011 05/17/2009(c) 1,542,994
---------------------------------------------------------------------------------------------------------------------
435,000 Cattaraugus County IDA
(Jamestown Community College) 6.000 07/01/2012 12/22/2010(c) 436,662
---------------------------------------------------------------------------------------------------------------------
60,000 Cayuga County COP
(Auburn Memorial Hospital) 6.000 01/01/2021 02/17/2014(c) 60,209
---------------------------------------------------------------------------------------------------------------------
795,000 Clifton Springs Hospital & Clini(c) 7.000 01/01/2005 09/17/2003(c) 783,512
---------------------------------------------------------------------------------------------------------------------
5,000 Cortland County IDA
(Paul Bunyon Products) 8.000 07/01/2000 -- 5,000
14 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 275,000 Dutchess County IDA (Bard College) 6.500% 11/01/2003 -- $ 288,324
----------------------------------------------------------------------------------------------------------------------
1,000,000 Dutchess County IDA (Bard College) 7.000 11/01/2017(s) 11/01/2003(b) 1,064,740
----------------------------------------------------------------------------------------------------------------------
1,175,000 Dutchess County Res Rec (Solid Waste) 6.800 01/01/2010(s) 12/01/2002(g) 1,252,197
----------------------------------------------------------------------------------------------------------------------
50,000 East Irondequoit CSD GO 6.125 05/15/2008 05/15/2002(b) 51,530
----------------------------------------------------------------------------------------------------------------------
50,000 East Rochester UFSD GO 6.750 06/15/2011 06/15/2003(b) 53,312
----------------------------------------------------------------------------------------------------------------------
290,000 Elmira HDC 7.500 08/01/2008 08/01/2000(b) 292,949
----------------------------------------------------------------------------------------------------------------------
20,000 Elmira HDC 7.500 08/01/2009 08/01/2000(b) 20,203
----------------------------------------------------------------------------------------------------------------------
350,000 Erie County IDA (FMC Corp.) 6.000 02/01/2003 02/01/2002(c) 346,850
----------------------------------------------------------------------------------------------------------------------
190,000 Erie County IDA (Medaille College) 7.400 12/30/2002 01/19/2002(c) 193,420
----------------------------------------------------------------------------------------------------------------------
420,000 Erie County IDA (Mercy Hospital) 5.900 06/01/2003 06/22/2002(c) 405,182
----------------------------------------------------------------------------------------------------------------------
1,070,000 Franklin County IDA
(Correctional Facilities) 6.375 11/01/2002 11/16/2001(c) 1,075,371
----------------------------------------------------------------------------------------------------------------------
85,000 Franklin County IDA
(Correctional Facilities) 6.750 11/01/2012(s) 11/01/2002(b) 89,066
----------------------------------------------------------------------------------------------------------------------
2,230,000 Franklin County IDA COP 8.125 08/01/2006 06/28/2004(c) 2,417,833
----------------------------------------------------------------------------------------------------------------------
2,120,000 Franklin County SWMA 6.000 06/01/2005 11/19/2003(c) 2,094,645
----------------------------------------------------------------------------------------------------------------------
1,350,000 Franklin County SWMA 6.125 06/01/2009 12/28/2007(c) 1,320,057
----------------------------------------------------------------------------------------------------------------------
850,000 Hamilton EHC (Hamilton Apartments) 11.250 01/01/2015(s) 11/01/2000(b) 897,736
----------------------------------------------------------------------------------------------------------------------
1,315,000 Hempstead IDA (South Shore Y JCC) 5.950 11/01/2007 08/19/2004(c) 1,247,527
----------------------------------------------------------------------------------------------------------------------
565,000 Herkimer County IDA (Burrows Paper) 7.250 01/01/2001 -- 565,621
----------------------------------------------------------------------------------------------------------------------
3,000,000 Herkimer County IDA (Burrows Paper) 8.000 01/01/2009 10/28/2005(c) 3,107,040
----------------------------------------------------------------------------------------------------------------------
2,630,000 Herkimer Hsg. Authority 7.150 03/01/2011(s) 05/13/2005(g) 2,651,750
----------------------------------------------------------------------------------------------------------------------
15,000 Hudson HDC
(Providence Hall-Schuyler Court) 6.400 07/01/2012(s) 01/01/2003(b) 15,310
----------------------------------------------------------------------------------------------------------------------
25,000 Hudson HDC
(Providence Hall-Schuyler Court) 6.500 01/01/2025(s) 01/01/2003(b) 25,476
----------------------------------------------------------------------------------------------------------------------
405,000 Hudson IDA (Have) 7.125 12/01/2007 10/16/2004(c) 402,331
----------------------------------------------------------------------------------------------------------------------
1,160,000 Islip Res Re(c) 5.850 07/01/2002 -- 1,188,223
----------------------------------------------------------------------------------------------------------------------
2,695,000 Jamestown Hsg. Authority 6.125 07/01/2010 08/01/2006(c) 2,699,878
----------------------------------------------------------------------------------------------------------------------
2,000,000 Jefferson County IDA
(Champion International) 7.200 12/01/2020 11/15/2002(b) 2,077,280
----------------------------------------------------------------------------------------------------------------------
85,000 Lillian Cooper HDC 7.000 01/01/2022(s) 01/01/2002(b) 86,725
----------------------------------------------------------------------------------------------------------------------
47,566 Locke Fire District #1(i) 7.500 07/01/2002 08/25/2001(c) 49,769
----------------------------------------------------------------------------------------------------------------------
1,300,000 Lockport HDC 6.000 10/01/2018 10/22/2013(c) 1,261,325
----------------------------------------------------------------------------------------------------------------------
1,355,000 Madison County IDA (Morrisville College) 6.750 07/01/2007 05/24/2004(c) 1,338,144
----------------------------------------------------------------------------------------------------------------------
675,000 Madison County IDA
(Oneida Healthcare Center) 5.300 07/01/2005 08/08/2003(c) 649,154
----------------------------------------------------------------------------------------------------------------------
250,000 Medina Hsg. Corp. 8.250 08/15/2011(s) 08/15/2000(b) 256,827
----------------------------------------------------------------------------------------------------------------------
520,000 Middleton IDA (Fleurchem) 7.125 12/01/2008 06/08/2005(c) 519,402
----------------------------------------------------------------------------------------------------------------------
1,420,000 Middletown IDA
(Southwinds Retirement Home) 5.875 03/01/2007 02/26/2004(c) 1,360,885
----------------------------------------------------------------------------------------------------------------------
450,000 Middletown IDA
(Southwinds Retirement Home) 7.250 03/01/2003 03/17/2002(c) 468,508
----------------------------------------------------------------------------------------------------------------------
5,000 Monroe County Airport Authority (GRIA) 0.000 01/01/2004 -- 4,205
----------------------------------------------------------------------------------------------------------------------
500,000 Monroe County Airport Authority (GRIA) 5.375 01/01/2019 08/26/2016(c) 474,725
----------------------------------------------------------------------------------------------------------------------
7,920,000 Monroe County COP 8.050 01/01/2011(s) 01/01/2001(b) 8,019,317
15 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 30,000 Monroe County GO 6.100% 05/01/2003 -- $ 30,457
----------------------------------------------------------------------------------------------------------------------
2,425,000 Monroe County IDA (Al Sigl Center) 6.125 12/15/2008 05/06/2005(c) 2,497,871
----------------------------------------------------------------------------------------------------------------------
960,000 Monroe County IDA (Al Sigl Center) 6.375 12/15/2005 08/21/2003(c) 937,219
----------------------------------------------------------------------------------------------------------------------
1,135,000 Monroe County IDA (Al Sigl Center) 6.750 12/15/2010 01/31/2009(c) 1,098,078
----------------------------------------------------------------------------------------------------------------------
10,000 Monroe County IDA (Cohber Press) 7.500 12/01/2000 -- 10,032
----------------------------------------------------------------------------------------------------------------------
100,000 Monroe County IDA (Cohber Press) 7.550 12/01/2001 12/01/2000(b) 99,997
----------------------------------------------------------------------------------------------------------------------
1,280,000 Monroe County IDA
(Dayton Rogers Manufacturing) 5.850 12/01/2006 02/19/2004(c) 1,229,990
----------------------------------------------------------------------------------------------------------------------
1,280,000 Monroe County IDA (DePaul Properties) 5.900 09/01/2007 09/27/2004(c) 1,227,226
----------------------------------------------------------------------------------------------------------------------
385,000 Monroe County IDA (Geva Theatre) 7.750 04/01/2002 10/08/2001(c) 385,828
----------------------------------------------------------------------------------------------------------------------
330,000 Monroe County IDA (Geva Theatre) 7.750 04/01/2003 -- 330,709
----------------------------------------------------------------------------------------------------------------------
1,660,000 Monroe County IDA (Piano Works) 6.625 11/01/2006 02/04/2004(c) 1,650,007
----------------------------------------------------------------------------------------------------------------------
300,000 Monroe County IDA
(Roberts Wesleyan College) 6.200 09/01/2005 09/01/2000(b) 300,411
----------------------------------------------------------------------------------------------------------------------
150,000 Monroe County IDA (West End Business) 6.750 12/01/2004 02/12/2003(c) 150,577
----------------------------------------------------------------------------------------------------------------------
730,000 Montgomery County IDA (ASMF)i,t,x 6.500 01/15/2003 -- 501,510
----------------------------------------------------------------------------------------------------------------------
1,000,000 MTA Commuter Facilities, Series A 6.125 07/01/2012(s) 07/01/2002(b) 1,036,510
----------------------------------------------------------------------------------------------------------------------
6,600,000 MTA Commuter Facilities, Series A 6.500 07/01/2016 07/01/2007(b) 6,942,144
----------------------------------------------------------------------------------------------------------------------
2,000,000 MTA Dedicated Tax Fund, Series A 6.125 04/01/2015 04/01/2010(b) 2,116,080
----------------------------------------------------------------------------------------------------------------------
75,000 MTA Service Contract, Series 5 6.000 07/01/2018(s) 07/01/2001(b) 75,154
----------------------------------------------------------------------------------------------------------------------
20,000 MTA Service Contract, Series 5 6.500 07/01/2016(s) 07/01/2001(b) 20,674
----------------------------------------------------------------------------------------------------------------------
55,000 MTA Service Contract, Series 5 6.500 07/01/2016(s) 07/01/2001(b) 56,940
----------------------------------------------------------------------------------------------------------------------
1,000,000 MTA Service Contract, Series 5 7.000 07/01/2012(s) 07/01/2001(b) 1,040,110
----------------------------------------------------------------------------------------------------------------------
7,135,000 MTA, Series A 6.500 07/01/2016 07/01/2007(b) 7,504,878
----------------------------------------------------------------------------------------------------------------------
15,000 MTA, Series K 6.000 07/01/2016(s) 07/01/2002(b) 15,145
----------------------------------------------------------------------------------------------------------------------
65,000 MTA, Series K 6.250 07/01/2011(s) 07/01/2002(b) 67,876
----------------------------------------------------------------------------------------------------------------------
65,000 MTA, Series M 6.000 07/01/2014(s) 07/01/2005(b) 66,248
----------------------------------------------------------------------------------------------------------------------
20,000 Nassau County GO 6.375 05/15/2013 05/15/2002(b) 20,900
----------------------------------------------------------------------------------------------------------------------
710,000 Nassau County GO
Combined Sewer Districts, Series F 7.000 03/01/2015 03/01/2010(b) 796,620
----------------------------------------------------------------------------------------------------------------------
720,000 Nassau County GO
Combined Sewer Districts, Series F 7.000 03/01/2016 03/01/2010(b) 803,808
----------------------------------------------------------------------------------------------------------------------
730,000 Nassau County GO
Combined Sewer Districts, Series F 7.000 03/01/2017 03/01/2010(b) 812,067
----------------------------------------------------------------------------------------------------------------------
740,000 Nassau County GO
Combined Sewer Districts, Series F 7.000 03/01/2018 03/01/2010(b) 820,260
----------------------------------------------------------------------------------------------------------------------
745,000 Nassau County GO
Combined Sewer Districts, Series F 7.000 03/01/2019 03/01/2010(b) 824,037
----------------------------------------------------------------------------------------------------------------------
90,000 Nassau County GO
Combined Sewer Districts, Series F 7.000 03/01/2020 03/01/2010(b) 99,548
----------------------------------------------------------------------------------------------------------------------
1,300,000 Nassau County GO
General Improvement, Series F 6.500 03/01/2018 03/01/2010(b) 1,391,832
----------------------------------------------------------------------------------------------------------------------
1,635,000 Nassau County GO
General Improvement, Series F 6.500 03/01/2019 03/01/2010(b) 1,746,703
----------------------------------------------------------------------------------------------------------------------
705,000 Nassau County GO
General Improvement, Series F 7.000 03/01/2014 03/01/2010(b) 794,979
16 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$3,435,000 Nassau County GO General Improvement, Serie 7.000% 03/01/2016 03/01/2010(b) $3,834,834
----------------------------------------------------------------------------------------------------------------------
295,000 Nassau County IDA (ACLDD) 7.250 10/01/2004 11/19/2002(c) 298,056
----------------------------------------------------------------------------------------------------------------------
525,000 Nassau County IDA (NSCFGA) 5.750 05/01/2008 02/13/2005(c) 492,781
----------------------------------------------------------------------------------------------------------------------
1,505,000 Nassau County IDA (United Cerebral Palsy) 5.750 11/01/2007 09/02/2004(c) 1,469,979
----------------------------------------------------------------------------------------------------------------------
3,605,000 Nassau County IDA (United Cerebral Palsy) 5.750 11/01/2009 06/06/2005(c) 3,486,828
----------------------------------------------------------------------------------------------------------------------
1,085,000 Nassau County Tobacco Settlement Corp. 4.900 07/15/2007 07/15/2002(e) 1,085,933
----------------------------------------------------------------------------------------------------------------------
1,150,000 Nassau County Tobacco Settlement Corp. 5.250 07/15/2011 07/15/2003(e) 1,153,312
----------------------------------------------------------------------------------------------------------------------
680,000 Nassau County Tobacco Settlement Corp. 5.300 07/15/2012 07/15/2003(e) 682,088
----------------------------------------------------------------------------------------------------------------------
545,000 Nassau County Tobacco Settlement Corp. 5.400 07/15/2013 07/15/2004(e) 546,760
----------------------------------------------------------------------------------------------------------------------
615,000 Nassau County Tobacco Settlement Corp. 5.500 07/15/2014 07/15/2005(e) 617,073
----------------------------------------------------------------------------------------------------------------------
645,000 Nassau County Tobacco Settlement Corp. 5.625 07/15/2015 07/15/2006(e) 648,889
----------------------------------------------------------------------------------------------------------------------
590,000 Nassau County Tobacco Settlement Corp. 5.750 07/15/2016 07/15/2007(e) 594,602
----------------------------------------------------------------------------------------------------------------------
250,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 07/15/2012(e) 251,750
----------------------------------------------------------------------------------------------------------------------
475,000 New Rochelle IDA
(College of New Rochelle) 6.000 07/01/2002 01/05/2002(c) 480,719
----------------------------------------------------------------------------------------------------------------------
275,000 New Rochelle IDA
(College of New Rochelle) 6.400 07/01/2004 07/01/2002(a) 289,198
----------------------------------------------------------------------------------------------------------------------
220,000 Newark SCHC
(Newark Rose Garden Apartments) 9.000 03/01/2011(s) 09/01/2000(b) 226,824
----------------------------------------------------------------------------------------------------------------------
2,100,000 Newark-Wayne Community Hospital 7.600 09/01/2015(s) 01/16/2005(g) 2,132,886
----------------------------------------------------------------------------------------------------------------------
1,050,000 Niagara County IDA (Sevenson Hotel) 5.750 05/01/2003 05/01/2002(c) 1,037,169
----------------------------------------------------------------------------------------------------------------------
3,900,000 NYC Cultural Resources (SRGF) 7.250 12/01/2015(s) 12/01/2002(b) 4,015,713
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 0.000 08/15/2000 -- 24,862
----------------------------------------------------------------------------------------------------------------------
1,500,000 NYC GO 0.000 02/01/2001 -- 1,459,695
----------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 0.000 08/15/2001 -- 47,421
----------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 0.000 02/01/2003 -- 880,440
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.500 10/01/2014 -- 19,910
----------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.500 10/01/2016 -- 9,825
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.600 12/01/2010 12/01/2000(b) 15,025
----------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.625 10/01/2012 10/01/2005(b) 10,103
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.625 10/01/2013 10/01/2005(b) 20,133
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.625 08/01/2014 08/01/2006(b) 15,060
----------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.750 08/01/2011 08/01/2002(b) 45,973
----------------------------------------------------------------------------------------------------------------------
140,000 NYC GO 5.750 08/15/2011 08/15/2005(b) 142,817
----------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.750 05/15/2012 05/15/2005(b) 45,712
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.750 08/15/2012 08/15/2005(b) 20,331
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.750 05/15/2013 05/15/2005(b) 25,310
----------------------------------------------------------------------------------------------------------------------
80,000 NYC GO 5.750 08/15/2013 08/15/2005(b) 81,037
----------------------------------------------------------------------------------------------------------------------
55,000 NYC GO 5.750 10/15/2013 10/15/2009(b) 56,165
----------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 5.750 02/01/2014(s) 02/01/2008(b) 102,181
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.750 05/15/2014 05/15/2003(a) 5,204
----------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.750 05/15/2014 05/15/2005(b) 10,094
----------------------------------------------------------------------------------------------------------------------
65,000 NYC GO 5.750 08/18/2014 08/15/2005(b) 65,640
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.750 08/01/2015 08/01/2005(b) 25,300
17 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 75,000 NYC GO 5.750% 08/15/2015 08/15/2005(b) $ 75,473
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.750 02/01/2017(s) 02/01/2008(b) 25,067
----------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 5.800 08/01/2013 08/01/2005(b) 60,916
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.875 03/15/2014 03/15/2008(b) 25,556
----------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 6.000 08/01/2006 08/01/2000(a) 50,069
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 08/01/2006 08/01/2000(b) 15,017
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 6.000 08/01/2008 08/01/2003(b) 25,951
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 08/01/2008 08/01/2000(b) 5,006
----------------------------------------------------------------------------------------------------------------------
1,750,000 NYC GO 6.000 04/15/2009 04/15/2007(b) 1,845,025
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 05/15/2010 05/15/2003(b) 15,571
----------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 6.000 08/01/2010 08/01/2003(b) 31,189
----------------------------------------------------------------------------------------------------------------------
55,000 NYC GO 6.000 02/01/2011 02/01/2006(b) 57,463
----------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 6.000 02/15/2011 02/15/2005(a) 52,935
----------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 6.000 02/15/2011 02/15/2007(b) 31,116
----------------------------------------------------------------------------------------------------------------------
130,000 NYC GO 6.000 08/01/2011 08/01/2000(a) 130,146
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 6.000 08/01/2011 08/01/2003(b) 25,991
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 08/01/2011 08/01/2000(b) 5,006
----------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 6.000 02/15/2012 02/15/2005(b) 46,524
----------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 6.000 08/01/2012 08/01/2000(a) 30,032
----------------------------------------------------------------------------------------------------------------------
115,000 NYC GO 6.000 08/01/2012 08/01/2003(b) 118,258
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 6.000 02/15/2014 02/15/2005(b) 20,553
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 6.000 02/15/2015 02/15/2005(b) 25,594
----------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 05/15/2015 05/15/2005(b) 10,299
----------------------------------------------------------------------------------------------------------------------
450,000 NYC GO 6.000 08/01/2015 08/01/2000(a) 450,621
----------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 08/01/2016(s) 08/01/2006(b) 10,240
----------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 6.000 08/01/2016(s) 08/01/2006(b) 51,694
----------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 05/15/2019 05/15/2005(b) 10,089
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 08/15/2026(s) 08/15/2008(b) 15,061
----------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 6.125 08/01/2010 08/01/2004(b) 104,991
----------------------------------------------------------------------------------------------------------------------
65,000 NYC GO 6.125 08/01/2011 08/01/2004(b) 68,244
----------------------------------------------------------------------------------------------------------------------
2,500,000 NYC GO 6.250 08/01/2008 08/01/2006(b) 2,672,875
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.250 10/01/2008 10/01/2002(b) 15,644
----------------------------------------------------------------------------------------------------------------------
10,550,000 NYC GO 6.250 08/01/2009 08/01/2006(b) 11,251,047
----------------------------------------------------------------------------------------------------------------------
205,000 NYC GO 6.250 08/01/2010 08/01/2006(b) 217,960
----------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 6.250 08/01/2010 08/01/2004(b) 79,085
----------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO 6.250 08/01/2012 08/01/2006(b) 2,116,780
----------------------------------------------------------------------------------------------------------------------
4,270,000 NYC GO 6.250 08/01/2013 08/01/2006(b) 4,503,355
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 6.250 04/01/2016 04/01/2006(b) 26,032
----------------------------------------------------------------------------------------------------------------------
70,000 NYC GO 6.250 08/01/2016 08/01/2002(b) 71,676
----------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 6.250 08/01/2017(s) 08/01/2006(b) 41,551
----------------------------------------------------------------------------------------------------------------------
110,000 NYC GO 6.250 08/01/2019 08/01/2004(b) 112,311
----------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 6.250 08/01/2021 08/01/2002(b) 76,085
----------------------------------------------------------------------------------------------------------------------
875,000 NYC GO 6.300 08/15/2008 08/15/2005(b) 927,517
----------------------------------------------------------------------------------------------------------------------
410,000 NYC GO 6.375 02/15/2006 02/15/2005(b) 436,691
18 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 425,000 NYC GO 6.375% 08/01/2006 08/01/2002(b) $ 442,599
----------------------------------------------------------------------------------------------------------------------
1,485,000 NYC GO 6.375 08/01/2007 08/01/2002(b) 1,543,643
----------------------------------------------------------------------------------------------------------------------
10,665,000 NYC GO 6.375 08/15/2009 08/15/2005(b) 11,333,269
----------------------------------------------------------------------------------------------------------------------
395,000 NYC GO 6.375 08/01/2010 08/01/2005(a) 426,513
----------------------------------------------------------------------------------------------------------------------
1,495,000 NYC GO 6.375 08/01/2010 08/01/2005(b) 1,594,059
----------------------------------------------------------------------------------------------------------------------
815,000 NYC GO 6.375 08/15/2010 08/15/2005(b) 866,068
----------------------------------------------------------------------------------------------------------------------
105,000 NYC GO 6.375 08/15/2011 08/15/2005(b) 111,579
----------------------------------------------------------------------------------------------------------------------
7,900,000 NYC GO 6.375 08/01/2012 08/15/2005(b) 8,331,182
----------------------------------------------------------------------------------------------------------------------
95,000 NYC GO 6.500 08/01/2005 08/01/2002(b) 99,166
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 6.500 08/01/2006 08/01/2002(b) 20,877
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 6.500 08/01/2008 08/01/2002(a) 21,038
----------------------------------------------------------------------------------------------------------------------
550,000 NYC GO 6.500 08/01/2008 08/01/2002(b) 574,117
----------------------------------------------------------------------------------------------------------------------
8,725,000 NYC GO 6.500 08/01/2011 08/01/2002(b) 9,107,591
----------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 6.500 08/01/2012 08/01/2002(a) 36,838
----------------------------------------------------------------------------------------------------------------------
70,000 NYC GO 6.500 08/01/2012 08/01/2002(b) 72,894
----------------------------------------------------------------------------------------------------------------------
55,000 NYC GO 6.500 08/01/2013 08/01/2002(b) 57,445
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 6.500 08/01/2014 08/01/2002(b) 20,889
----------------------------------------------------------------------------------------------------------------------
22,000 NYC GO 6.500 08/01/2014 08/01/2005(a) 23,878
----------------------------------------------------------------------------------------------------------------------
103,000 NYC GO 6.500 08/01/2014 08/15/2005(b) 109,728
----------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 6.500 08/01/2016 08/01/2005(b) 42,429
----------------------------------------------------------------------------------------------------------------------
10,000,000 NYC GO 6.500 05/15/2017 05/15/2012(b) 10,736,700
----------------------------------------------------------------------------------------------------------------------
70,000 NYC GO 6.500 08/01/2019(s) 08/01/2005(b) 72,854
----------------------------------------------------------------------------------------------------------------------
4,675,000 NYC GO 6.600 10/01/2016 10/01/2002(b) 4,836,381
----------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 6.750 10/01/2005 10/01/2002(b) 31,538
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.750 10/01/2006 10/01/2002(b) 5,251
----------------------------------------------------------------------------------------------------------------------
65,000 NYC GO 7.000 02/01/2001 08/01/2000(a) 65,146
----------------------------------------------------------------------------------------------------------------------
425,000 NYC GO 7.000 02/01/2001 08/01/2000(b) 425,846
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.000 02/01/2001 08/01/2000(b) 20,041
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2002 08/01/2000(a) 5,031
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.000 08/15/2002 08/15/2000(a) 20,060
----------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 7.000 02/01/2003 08/01/2000(a) 35,078
----------------------------------------------------------------------------------------------------------------------
260,000 NYC GO 7.000 02/01/2006 02/01/2002(b) 271,627
----------------------------------------------------------------------------------------------------------------------
160,000 NYC GO 7.000 12/01/2006 12/01/2000(b) 161,778
----------------------------------------------------------------------------------------------------------------------
365,000 NYC GO 7.000 08/01/2007 08/01/2006(b) 403,288
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2009 08/01/2000(b) 5,010
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 10/01/2010 10/01/2002(b) 5,283
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 12/01/2010 12/01/2000(b) 5,049
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2011 08/01/2000(b) 5,010
----------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 7.000 02/01/2012 08/01/2000(b) 30,056
----------------------------------------------------------------------------------------------------------------------
185,000 NYC GO 7.000 10/01/2013 10/01/2002(b) 196,866
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 7.000 10/01/2015 10/01/2000(a) 25,152
----------------------------------------------------------------------------------------------------------------------
1,520,000 NYC GO 7.000 02/01/2016 02/01/2002(b) 1,586,637
----------------------------------------------------------------------------------------------------------------------
70,000 NYC GO 7.000 10/01/2016 10/01/2000(a) 70,401
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.000 02/01/2017 02/01/2002(b) 15,658
19 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 5,000 NYC GO 7.000% 02/01/2018 02/01/2002(a) $ 5,254
----------------------------------------------------------------------------------------------------------------------
120,000 NYC GO 7.000 02/01/2018 02/01/2002(b) 125,261
----------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 7.000 10/01/2018 10/01/2000(a) 35,223
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.000 10/01/2019 10/01/2000(a) 15,086
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.000 02/01/2022 02/01/2002(b) 15,669
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.100 02/01/2004 08/01/2000(b) 5,009
----------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 7.100 08/15/2007 08/15/2004(a) 109,664
----------------------------------------------------------------------------------------------------------------------
175,000 NYC GO 7.100 02/01/2009 02/01/2002(b) 183,090
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.100 02/01/2010 02/01/2002(b) 20,925
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 7.200 08/01/2001 08/01/2000(a) 25,060
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.200 08/01/2002 08/01/2000(a) 5,087
----------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 7.200 08/01/2002 08/01/2000(b) 30,510
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.200 02/01/2005 08/01/2000(b) 5,011
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.200 02/01/2015 02/01/2002(a) 21,076
----------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 7.250 12/01/2001 12/01/2000(b) 50,565
----------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 7.250 10/01/2005 10/01/2000(a) 40,586
----------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 7.250 02/01/2007 08/01/2000(a) 100,244
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.250 02/01/2007 08/01/2000(b) 5,011
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.250 08/15/2017 08/15/2000(a) 15,165
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.250 03/15/2020 09/15/2000(b) 20,416
----------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 7.400 08/15/2000 -- 10,034
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.500 08/01/2001 08/01/2000(b) 5,049
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.500 08/15/2001 08/15/2000(b) 5,017
----------------------------------------------------------------------------------------------------------------------
120,000 NYC GO 7.500 08/15/2003 08/15/2000(b) 121,312
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.500 12/01/2003 12/01/2000(a) 20,263
----------------------------------------------------------------------------------------------------------------------
10,125,000 NYC GO 7.500 02/01/2004 02/01/2002(b) 10,654,132
----------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 7.500 12/01/2004 12/01/2000(a) 25,329
----------------------------------------------------------------------------------------------------------------------
160,000 NYC GO 7.500 02/01/2005 02/01/2002(b) 168,362
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.500 08/15/2005 08/15/2000(b) 5,017
----------------------------------------------------------------------------------------------------------------------
6,450,000 NYC GO 7.500 02/01/2006 02/01/2002(b) 6,787,077
----------------------------------------------------------------------------------------------------------------------
235,000 NYC GO 7.500 02/01/2007 02/01/2002(b) 247,281
----------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 7.500 02/01/2008 02/01/2002(b) 42,090
----------------------------------------------------------------------------------------------------------------------
1,675,000 NYC GO 7.500 02/01/2009 02/01/2002(b) 1,762,535
----------------------------------------------------------------------------------------------------------------------
135,000 NYC GO 7.500 03/15/2009 09/15/2000(b) 137,866
----------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 7.650 02/01/2007 02/01/2002(b) 42,181
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.700 02/01/2009 02/01/2002(b) 5,276
----------------------------------------------------------------------------------------------------------------------
315,000 NYC GO 7.750 08/15/2001 08/15/2000(b) 318,537
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.750 08/15/2005 08/15/2001(b) 5,255
----------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 7.750 08/15/2006 08/15/2001(b) 78,534
----------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.750 08/15/2007 08/15/2001(b) 15,707
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.750 08/15/2012 08/15/2001(a) 21,021
----------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.750 08/15/2014 08/15/2001(b) 20,942
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.875 08/01/2000 -- 5,014
----------------------------------------------------------------------------------------------------------------------
55,000 NYC GO 7.875 08/01/2004 08/01/2000(b) 55,970
20 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 15,000 NYC GO 8.000% 08/01/2001 08/01/2000(b) $ 15,041
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 8.000 08/01/2003 08/01/2000(b) 5,014
----------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 8.000 08/01/2003 08/01/2001(b) 62,928
----------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 8.250 08/01/2011 08/01/2001(b) 5,276
----------------------------------------------------------------------------------------------------------------------
1,355,000 NYC GO CAB 0.000 05/15/2014 05/15/2008(b) 1,175,639
----------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO CARS 7.430(r) 09/01/2011 08/01/2002(b) 5,331,250
----------------------------------------------------------------------------------------------------------------------
10,000 NYC GO DIAMONDS 0.000 08/01/2007 08/01/2002(b) 9,073
----------------------------------------------------------------------------------------------------------------------
14,600,000 NYC GO Indexed Inverse Floater 0.353(r) 08/15/2017 -- 14,248,724
----------------------------------------------------------------------------------------------------------------------
11,870,000 NYC GO Indexed Inverse Floater 1.770(r) 08/15/2010 08/15/2005(b) 11,936,828
----------------------------------------------------------------------------------------------------------------------
1,950,000 NYC GO LIMO 0.000 02/01/2007 02/01/2002(b) 1,827,013
----------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO LIMO 7.500 02/01/2004 08/01/2000(b) 2,164,720
----------------------------------------------------------------------------------------------------------------------
115,000 NYC GO PRAMS 0.000 10/01/2006 10/01/2002(b) 104,126
----------------------------------------------------------------------------------------------------------------------
50,000 NYC GO PRAMS 0.000 02/01/2012 02/01/2002(b) 47,108
----------------------------------------------------------------------------------------------------------------------
425,000 NYC HDC (Barclay Avenue) 5.750 04/01/2007 03/31/2004(c) 422,611
----------------------------------------------------------------------------------------------------------------------
1,290,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2009 02/02/2009(c) 1,284,311
----------------------------------------------------------------------------------------------------------------------
1,715,000 NYC HDC (Multifamily Hsg.), Series A 6.550 10/01/2015(s) 04/01/2003(b) 1,794,713
----------------------------------------------------------------------------------------------------------------------
110,000 NYC HDC (Multifamily Hsg.), Series A 7.300 06/01/2010(s) 06/01/2001(b) 114,312
----------------------------------------------------------------------------------------------------------------------
235,000 NYC HDC (Multifamily Hsg.), Series A 7.350 06/01/2019(s) 06/01/2001(b) 244,315
----------------------------------------------------------------------------------------------------------------------
5,145,000 NYC HDC (Multifamily Hsg.), Series B 5.700 11/01/2013(s) 05/01/2005(b) 5,155,290
----------------------------------------------------------------------------------------------------------------------
1,970,000 NYC HDC (Pass Through Certificate)(i) 6.500 09/20/2003 12/05/2002(c) 2,072,302
----------------------------------------------------------------------------------------------------------------------
690,000 NYC HDC (South Bronx Cooperatives) 8.100 09/01/2023(s) 09/01/2000(b) 705,884
----------------------------------------------------------------------------------------------------------------------
1,630,000 NYC HDC
(South Williamsburg Cooperatives) 7.900 02/01/2023(s) 08/01/2000(b) 1,663,643
----------------------------------------------------------------------------------------------------------------------
1,985,000 NYC IDA (Acme Architectural Products) 5.875 11/01/2009 10/23/2005(c) 1,843,807
----------------------------------------------------------------------------------------------------------------------
850,000 NYC IDA (ALA Realty) 7.000 12/01/2005 08/07/2003(c) 861,560
----------------------------------------------------------------------------------------------------------------------
1,840,000 NYC IDA (American Airlines) 6.900 08/01/2024 08/01/2004(b) 1,883,774
----------------------------------------------------------------------------------------------------------------------
685,000 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/2008 05/28/2005(c) 691,665
----------------------------------------------------------------------------------------------------------------------
1,100,000 NYC IDA (Blood Center) 6.800 05/01/2002 11/05/2001(c) 1,141,327
----------------------------------------------------------------------------------------------------------------------
335,000 NYC IDA
(Brooklyn Heights Montessori School) 7.500 01/01/2007 04/14/2004(c) 337,730
----------------------------------------------------------------------------------------------------------------------
745,000 NYC IDA (Chardan Corp.) 6.250 11/01/2008 07/16/2005(c) 734,197
----------------------------------------------------------------------------------------------------------------------
615,000 NYC IDA (College of Aeronautics) 5.500 05/01/2012 -- 594,963
----------------------------------------------------------------------------------------------------------------------
450,000 NYC IDA (College of Aeronautics) 5.500 05/01/2013 -- 431,379
----------------------------------------------------------------------------------------------------------------------
360,000 NYC IDA (College of New Rochelle) 6.200 09/01/2010(s) 09/01/2005(b) 377,881
----------------------------------------------------------------------------------------------------------------------
725,000 NYC IDA
(Comprehensive Care Management) 5.750 11/01/2008 03/17/2005(c) 674,214
----------------------------------------------------------------------------------------------------------------------
285,000 NYC IDA
(Comprehensive Care Management) 5.750 11/01/2008 03/17/2005(c) 265,993
----------------------------------------------------------------------------------------------------------------------
635,000 NYC IDA
(Comprehensive Care Management) 7.250 12/01/2006 03/28/2004(c) 625,196
----------------------------------------------------------------------------------------------------------------------
813,496 NYC IDA (Cummins Engine) 6.500 03/01/2005 10/29/2003(c) 804,979
----------------------------------------------------------------------------------------------------------------------
575,000 NYC IDA (Elmhurst Parking Garage) 7.400 07/30/2002 08/14/2001(c) 591,623
----------------------------------------------------------------------------------------------------------------------
920,000 NYC IDA (Essie Cosmetics) 5.500 11/01/2008 03/19/2005(c) 859,262
----------------------------------------------------------------------------------------------------------------------
45,000 NYC IDA (Federation Protestant Welfare) 6.950 11/01/2011 11/01/2001(b) 46,875
----------------------------------------------------------------------------------------------------------------------
1,660,000 NYC IDA (Friends Seminary School) 6.125 12/01/2007 09/26/2004(c) 1,654,555
21 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
------------------------------------------------------------------------------------------------------------------------
New York Continued
$ 1,320,000 NYC IDA (Gabrielli Truck Sales) 7.250% 12/01/2007 10/18/2004(c) $ 1,320,700
------------------------------------------------------------------------------------------------------------------------
590,000 NYC IDA (Good Shepherd Services) 5.125 06/01/2004 12/24/2002(c) 576,589
------------------------------------------------------------------------------------------------------------------------
22,780,000 NYC IDA (Japan Airlines) 6.000 11/01/2015(s) 07/13/2006(g) 23,594,613
------------------------------------------------------------------------------------------------------------------------
1,170,000 NYC IDA (JBFS) 0.000 12/15/2002 12/30/2001(c) 1,169,356
------------------------------------------------------------------------------------------------------------------------
435,000 NYC IDA (Julia Gray) 6.500 11/01/2007 12/20/2004(c) 430,058
------------------------------------------------------------------------------------------------------------------------
425,000 NYC IDA (Koenig Manufacturing) 7.375 12/01/2010 09/23/2006(c) 429,917
------------------------------------------------------------------------------------------------------------------------
1,220,000 NYC IDA (Little Red Schoolhouse) 5.750 11/01/2007 08/19/2004(c) 1,146,031
------------------------------------------------------------------------------------------------------------------------
855,000 NYC IDA (MediSys Health Network) 5.750 03/15/2006 06/12/2004(c) 825,400
------------------------------------------------------------------------------------------------------------------------
825,000 NYC IDA (Morrisons Pastry) 5.750 11/01/2009 08/10/2004(c) 778,016
------------------------------------------------------------------------------------------------------------------------
2,030,000 NYC IDA (NYC Outward Bound Center) 6.750 11/01/2010(s) 11/01/2001(b) 2,054,867
------------------------------------------------------------------------------------------------------------------------
280,000 NYC IDA
(Ohel Children's Home & Family Services) 7.125 03/15/2003 04/03/2002(c) 296,649
------------------------------------------------------------------------------------------------------------------------
2,785,000 NYC IDA (Plaza Packaging)(i) 7.650 12/01/2009(s) 12/01/2000(b) 2,847,662
------------------------------------------------------------------------------------------------------------------------
695,000 NYC IDA (Precision Gear) 5.875 11/01/2009 10/26/2005(c) 652,195
------------------------------------------------------------------------------------------------------------------------
590,000 NYC IDA (Precision Gear) 5.875 11/01/2009 10/10/2005(c) 553,662
------------------------------------------------------------------------------------------------------------------------
195,000 NYC IDA (Precision Gear) 6.500 11/01/2008 09/05/2005(c) 192,900
------------------------------------------------------------------------------------------------------------------------
575,000 NYC IDA (Promotional Slideguide) 7.000 12/01/2005 08/18/2003(c) 578,910
------------------------------------------------------------------------------------------------------------------------
2,515,000 NYC IDA
(Special Needs Facilities Pooled Program) 5.950 07/01/2008 07/21/2004(c) 2,381,001
------------------------------------------------------------------------------------------------------------------------
190,000 NYC IDA (Streamline Plastics) 7.125 12/01/2005 08/27/2003(c) 191,569
------------------------------------------------------------------------------------------------------------------------
23,070,000 NYC IDA
(Terminal One Group Association) 6.000 01/01/2015(s) 01/01/2006(b) 23,463,574
------------------------------------------------------------------------------------------------------------------------
215,000 NYC IDA
(Terminal One Group Association) 6.000 01/01/2019(s) 01/01/2006(b) 216,449
------------------------------------------------------------------------------------------------------------------------
300,000 NYC IDA
(Terminal One Group Association) 6.100 01/01/2009(s) 01/01/2006(b) 309,378
------------------------------------------------------------------------------------------------------------------------
1,235,000 NYC IDA (Ulano) 6.250 11/01/2006 01/30/2004(c) 1,196,209
------------------------------------------------------------------------------------------------------------------------
160,000 NYC IDA (United Nations School) 6.050 12/01/2005 -- 165,315
------------------------------------------------------------------------------------------------------------------------
170,000 NYC IDA (United Nations School) 6.100 12/01/2006 -- 176,421
------------------------------------------------------------------------------------------------------------------------
180,000 NYC IDA (United Nations School) 6.150 12/01/2007 -- 187,429
------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (USTA National Tennis Center) 6.375 11/15/2014(s) 11/15/2004(b) 532,600
------------------------------------------------------------------------------------------------------------------------
2,400,000 NYC IDA (Visy Paper) 7.550 01/01/2005 02/18/2003(c) 2,437,968
------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC IDA (Visy Paper) 7.800 01/01/2016(s) 01/01/2006(b) 4,188,360
------------------------------------------------------------------------------------------------------------------------
585,000 NYC IDA (World Casing Corp.) 5.950 11/01/2007 09/02/2004(c) 575,938
------------------------------------------------------------------------------------------------------------------------
20,000 NYC Municipal Water Finance Authority 5.500 06/15/2019 10/29/2015(c) 19,415
------------------------------------------------------------------------------------------------------------------------
855,000 NYC Municipal Water Finance Authority 5.750 06/15/2013 12/15/2000(a) 887,054
------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.750 06/15/2013(s) 12/15/2000(a) 52,592
------------------------------------------------------------------------------------------------------------------------
40,000 NYC Municipal Water Finance Authority 5.750 06/15/2018(s) 06/15/2004(b) 40,146
------------------------------------------------------------------------------------------------------------------------
1,135,000 NYC Municipal Water Finance Authority 6.250 06/15/2021(s) 06/15/2001(b) 1,150,584
------------------------------------------------------------------------------------------------------------------------
30,000 NYC Municipal Water Finance Authority 7.000 06/15/2015(s) 06/15/2001(a) 31,033
------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 7.100 06/15/2012 06/15/2001(b) 51,572
------------------------------------------------------------------------------------------------------------------------
40,000 NYC Municipal Water Finance Authority 7.100 06/15/2012(s) 06/15/2001(b) 41,258
------------------------------------------------------------------------------------------------------------------------
25,000 NYC Public Hsg. Authority 6.000 01/01/2004 01/01/2001(b) 25,384
------------------------------------------------------------------------------------------------------------------------
1,840,000 NYS COP 7.625 03/01/2009(s) 08/06/2001(g) 1,931,522
------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA
(Bishop Henry B. Hucles Nursing Home) 5.625 07/01/2018 11/11/2014(c) 28,852
22 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
------------------------------------------------------------------------------------------------------------------------
New York Continued
$ 265,000 NYS DA (Brooklyn Law School) 6.375% 07/01/2007(s) 07/01/2001(b) $ 274,967
------------------------------------------------------------------------------------------------------------------------
125,000 NYS DA (Brooklyn Law School) 6.400 07/01/2011(s) 07/01/2001(b) 129,544
------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (City University) 0.000 07/01/2004 09/25/2003(c) 12,061
------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (City University) 0.000 07/01/2004 09/25/2003(c) 48,191
------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (City University) 0.000 07/01/2005 11/25/2003(c) 26,280
------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (City University) 5.500 07/01/2012 08/09/2010(c) 75,016
------------------------------------------------------------------------------------------------------------------------
1,900,000 NYS DA (City University) 6.000 07/01/2010 07/01/2006(b) 1,980,180
------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (City University) 6.000 07/01/2016 01/05/2016(c) 70,006
------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (College of St. Rose) 6.000 07/01/2011(s) 07/01/2002(b) 25,928
------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Dept. of Health) 5.500 07/01/2014 -- 4,930
------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Dept. of Health) 5.900 07/01/2009 07/01/2004(b) 51,590
------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Dept. of Health) 7.400 07/01/2004 01/01/2001(b) 25,544
------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Jewish Geriatric) 7.150 08/01/2014 08/01/2004(b) 43,400
------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Jewish Geriatric) 7.350 08/01/2029 08/01/2004(b) 54,613
------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (JGB Health Facilities)(i) 7.000 07/01/2009(s) 01/01/2001(b) 40,700
------------------------------------------------------------------------------------------------------------------------
3,960,000 NYS DA (KMH Homes) 6.950 08/01/2031 08/01/2001(b) 4,111,826
------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Manhattan College) 6.500 07/01/2019(s) 07/01/2002(b) 25,702
------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Marist College) 7.125 07/01/2010(s) 01/01/2001(b) 20,439
------------------------------------------------------------------------------------------------------------------------
2,530,000 NYS DA (Miriam Osborn
Memorial Home Association) 6.875 07/01/2019(s) 07/01/2012(b) 2,736,625
------------------------------------------------------------------------------------------------------------------------
885,000 NYS DA (Mount Sinai NYU
Health Obligated Group) 6.000 07/01/2013 07/01/2011(b) 909,762
------------------------------------------------------------------------------------------------------------------------
3,000,000 NYS DA (Mount Sinai NYU
Health Obligated Group) 6.000 07/01/2014 07/01/2011(b) 3,069,120
------------------------------------------------------------------------------------------------------------------------
14,540,000 NYS DA (Mount Sinai NYU
Health Obligated Group) 6.500 07/01/2015 07/01/2011(b) 15,487,281
------------------------------------------------------------------------------------------------------------------------
3,730,000 NYS DA (Mount Sinai NYU
Health Obligated Group) 6.500 07/01/2016 07/01/2011(b) 3,954,210
------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (Mount Sinai NYU
Health Obligated Group) 6.625 07/01/2019 07/01/2011(b) 5,280,000
------------------------------------------------------------------------------------------------------------------------
4,750,000 NYS DA (Mount Sinai School of Medicine) 6.750 07/01/2009(s) 07/01/2001(b) 4,945,937
------------------------------------------------------------------------------------------------------------------------
700,000 NYS DA (Mount Sinai School of Medicine) 6.750 07/01/2015(s) 07/01/2001(b) 727,433
------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (New Hope Community) 5.700 07/01/2017 08/24/2012(c) 69,736
------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Nursing Homes) 5.500 07/01/2010(s) 07/01/2007(b) 50,216
------------------------------------------------------------------------------------------------------------------------
1,325,000 NYS DA (Nyack Hospital) 6.250 07/01/2013 05/10/2009(c) 1,252,814
------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (NYS Association
for Retarded Children) 7.100 07/01/2003 01/01/2001(b) 10,121
------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (NYS Association
for Retarded Children) 7.600 07/01/2018(s) 01/01/2001(b) 25,308
------------------------------------------------------------------------------------------------------------------------
90,000 NYS DA (Park Ridge Hsg.) 7.850 02/01/2029 08/01/2000(b) 91,091
------------------------------------------------------------------------------------------------------------------------
920,000 NYS DA (Pooled Capital Program) 7.800 12/01/2005(s) 12/01/2000(b) 940,525
------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (St. Francis G&H) 7.375 08/01/2010 08/01/2000(b) 30,674
------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (St. Vincent's Hospital) 5.750 08/01/2015(s) 08/01/2007(b) 20,260
------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (St. Vincent's Hospital) 7.375 08/01/2011 08/01/2001(b) 26,189
------------------------------------------------------------------------------------------------------------------------
1,150,000 NYS DA
(State University Educational Facilities) 5.750 05/15/2010 05/15/2008(b) 1,188,490
23 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
------------------------------------------------------------------------------------------------------------------------
New York Continued
$ 660,000 NYS DA
(State University Educational Facilities) 6.000% 05/15/2017 11/15/2000(b) $ 660,125
------------------------------------------------------------------------------------------------------------------------
165,000 NYS DA
(State University Educational Facilities) 6.000 05/15/2017(s) 11/15/2000(b) 165,021
------------------------------------------------------------------------------------------------------------------------
330,000 NYS DA (Suffolk County Judicial Facilities) 9.000 10/15/2001(s) 10/15/2000(b) 341,385
------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Suffolk County Judicial Facilities) 9.000 10/15/2001(s) 10/15/2000(b) 10,342
------------------------------------------------------------------------------------------------------------------------
155,000 NYS DA (Suffolk County Judicial Facilities) 9.250 04/15/2006(s) 10/15/2000(b) 166,082
------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Suffolk County Judicial Facilities) 9.500 04/15/2014(s) 10/15/2000(b) 34,325
------------------------------------------------------------------------------------------------------------------------
145,000 NYS DA (University of Rochester) 6.500 07/01/2009(s) 01/01/2001(b) 145,951
------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (University of Rochester) 6.500 07/01/2009(s) 01/01/2001(b) 20,131
------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (Upstate Community Colleges) 5.500 07/01/2014 10/05/2012(c) 58,995
------------------------------------------------------------------------------------------------------------------------
55,000 NYS DA (Upstate Community Colleges) 5.625 07/01/2012(s) 07/01/2004(b) 55,706
------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Upstate Community Colleges) 5.875 07/01/2016(s) 07/01/2009(b) 35,341
------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (WHELC) 5.800 02/01/2028 -- 19,463
------------------------------------------------------------------------------------------------------------------------
200,000 NYS EFC (Consolidated Water) 7.150 11/01/2014(s) 11/01/2004(b) 205,128
------------------------------------------------------------------------------------------------------------------------
20,000 NYS EFC (New Rochelle Water) 6.400 12/01/2024 06/01/2002(b) 20,146
------------------------------------------------------------------------------------------------------------------------
25,000 NYS EFC (NYS Water Services) 6.600 03/15/2012 03/15/2001(b) 25,813
------------------------------------------------------------------------------------------------------------------------
2,025,000 NYS EFC (NYS Water Services) 6.700 09/15/2004 09/15/2000(b) 2,074,248
------------------------------------------------------------------------------------------------------------------------
200,000 NYS EFC (NYS Water Services) 6.850 03/15/2003 03/15/2001(b) 204,348
------------------------------------------------------------------------------------------------------------------------
1,705,000 NYS EFC (NYS Water Services) 6.875 06/15/2014(s) 11/15/2004(b) 1,829,653
------------------------------------------------------------------------------------------------------------------------
810,000 NYS EFC (NYS Water Services) 6.900 05/15/2015(s) 05/01/2004(g) 877,635
------------------------------------------------------------------------------------------------------------------------
750,000 NYS EFC (NYS Water Services) 6.900 11/15/2015(s) 11/15/2004(b) 812,625
------------------------------------------------------------------------------------------------------------------------
210,000 NYS EFC (NYS Water Services) 7.200 03/15/2011(s) 09/15/2000(b) 214,607
------------------------------------------------------------------------------------------------------------------------
350,000 NYS EFC (NYS Water Services) 7.500 03/15/2011(s) 09/15/2000(b) 354,294
------------------------------------------------------------------------------------------------------------------------
14,415,000 NYS EFC (NYS Water Services) 7.500 06/15/2012(s) 12/15/2000(b) 14,739,482
------------------------------------------------------------------------------------------------------------------------
50,000 NYS EFC (State Park Infrastructure) 5.750 03/15/2013(s) 03/15/2004(b) 50,334
------------------------------------------------------------------------------------------------------------------------
12,060,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 05/06/200(b) 12,602,821
------------------------------------------------------------------------------------------------------------------------
11,505,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 05/12/2002(b) 12,062,647
------------------------------------------------------------------------------------------------------------------------
15,000 NYS ERDA (Central Hudson G&E) 6.250 06/01/2007(s) 12/01/2000(b) 15,014
------------------------------------------------------------------------------------------------------------------------
25,000 NYS ERDA (Con Ed) 6.375 12/01/2027 12/01/2001(b) 25,243
------------------------------------------------------------------------------------------------------------------------
200,000 NYS ERDA (Con Ed) 6.375 12/01/2027 12/01/2001(b) 203,448
------------------------------------------------------------------------------------------------------------------------
11,745,000 NYS ERDA (Con Ed) 6.750 01/15/2027 01/15/2001(b) 11,857,282
------------------------------------------------------------------------------------------------------------------------
22,360,000 NYS ERDA (Con Ed) 6.750 01/15/2027 01/15/2001(b) 22,785,958
------------------------------------------------------------------------------------------------------------------------
9,400,000 NYS ERDA (Con Ed) 6.750 01/15/2027 01/15/2001(b) 9,584,146
------------------------------------------------------------------------------------------------------------------------
14,195,000 NYS ERDA (Con Ed) 7.125 12/01/2029 12/01/2004(b) 15,312,714
------------------------------------------------------------------------------------------------------------------------
30,275,000 NYS ERDA (Con Ed) 7.500 01/01/2026 01/01/2001(b) 30,638,603
------------------------------------------------------------------------------------------------------------------------
1,170,000 NYS ERDA (Con Ed)(i) 7.500 01/01/2026 01/01/2001(b) 1,194,862
------------------------------------------------------------------------------------------------------------------------
2,995,000 NYS ERDA (LILCO) 6.900 08/01/2022 02/01/2002(b) 3,148,374
------------------------------------------------------------------------------------------------------------------------
1,975,000 NYS ERDA (LILCO) 7.150 09/01/2019 06/15/2002(b) 2,062,492
------------------------------------------------------------------------------------------------------------------------
12,750,000 NYS ERDA (LILCO) 7.150 06/01/2020 06/15/2002(b) 13,314,825
------------------------------------------------------------------------------------------------------------------------
680,000 NYS ERDA (LILCO) 7.150 12/01/2020 06/15/2002(b) 710,124
------------------------------------------------------------------------------------------------------------------------
15,000 NYS ERDA (LILCO) 7.150 02/01/2022 06/15/2002(a) 15,914
------------------------------------------------------------------------------------------------------------------------
920,000 NYS ERDA (LILCO) 7.150 02/01/2022 06/15/2002(b) 960,756
------------------------------------------------------------------------------------------------------------------------
17,000,000 NYS ERDA (NIMO) 6.625 10/01/2013 10/01/2001(b) 17,696,830
------------------------------------------------------------------------------------------------------------------------
3,575,000 NYS ERDA (RG&E) 6.500 05/15/2032 05/15/2002(b) 3,645,928
24 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
------------------------------------------------------------------------------------------------------------------------
New York Continued
$10,975,000 NYS GO 6.125% 06/15/2014(s) 06/15/2006(b) $11,457,790
------------------------------------------------------------------------------------------------------------------------
40,000 NYS GO 6.600 12/01/2014 12/01/2000(b) 40,725
------------------------------------------------------------------------------------------------------------------------
80,000 NYS HFA (Children's Rescue) 7.400 11/01/2000 -- 80,182
------------------------------------------------------------------------------------------------------------------------
65,000 NYS HFA (Children's Rescue) 7.500 05/01/2001 -- 65,355
------------------------------------------------------------------------------------------------------------------------
140,000 NYS HFA (Children's Rescue) 7.500 11/01/2001 -- 141,212
------------------------------------------------------------------------------------------------------------------------
114,000 NYS HFA (General Hsg.) 6.500 11/01/2003 -- 116,426
------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (General Hsg.) 6.600 11/01/2005 11/01/2000(b) 10,214
------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (General Hsg.) 6.600 11/01/2006 11/01/2000(b) 30,641
------------------------------------------------------------------------------------------------------------------------
1,435,000 NYS HFA (Health Facility) 6.000 05/01/2007 -- 1,491,439
------------------------------------------------------------------------------------------------------------------------
2,165,000 NYS HFA (Health Facility) 6.000 05/01/2008 05/01/2006(b) 2,251,816
------------------------------------------------------------------------------------------------------------------------
1,530,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005(s) 11/01/2000(b) 1,562,375
------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (HELP-Westchester Hsg.) 7.550 11/01/2002 11/01/2000(b) 15,021
------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2005 11/01/2000(a) 5,138
------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2012 11/01/2000(a) 5,073
------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2010 11/01/2000(a) 15,739
------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2011 11/01/2000(a) 10,471
------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2003 11/01/2000(a) 5,157
------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2005 11/01/2000(a) 31,298
------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2010 11/01/2000(a) 5,256
------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2014 11/01/2000(b) 36,664
------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Hospital & Nursing Home) 6.375 11/01/2001 -- 10,249
------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2004 11/01/2000(a) 10,754
------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2005 11/01/2000(a) 5,456
------------------------------------------------------------------------------------------------------------------------
480,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2007 11/01/2000(a) 514,056
------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2009 11/01/2000(a) 5,634
------------------------------------------------------------------------------------------------------------------------
3,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2010 11/01/2000(a) 3,396
------------------------------------------------------------------------------------------------------------------------
590,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017 11/01/2000(a) 666,269
------------------------------------------------------------------------------------------------------------------------
75,000 NYS HFA (Meadow Manor) 7.750 11/01/2019(s) 11/01/2000(b) 75,169
------------------------------------------------------------------------------------------------------------------------
210,000 NYS HFA
(Monroe County Health Facilities) 7.625 05/01/2005(s) 10/01/2000(b) 216,140
------------------------------------------------------------------------------------------------------------------------
420,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2009 11/01/2006(b) 248,980
------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2010 11/01/2006(b) 5,576
------------------------------------------------------------------------------------------------------------------------
200,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2011 11/01/2006(b) 104,950
------------------------------------------------------------------------------------------------------------------------
1,730,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2012 11/01/2006(b) 845,364
------------------------------------------------------------------------------------------------------------------------
130,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2013 11/01/2006(b) 59,171
------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2003 -- 25,076
------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2016(s) 08/15/2008(b) 1,003,720
------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012(s) 08/15/2002(b) 35,839
------------------------------------------------------------------------------------------------------------------------
2,940,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2014(s) 08/15/2004(b) 3,025,436
------------------------------------------------------------------------------------------------------------------------
150,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2023(s) 08/15/2002(b) 152,268
------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Multifamily Hsg.) 6.450 08/15/2014(s) 08/15/2002(b) 1,025,300
------------------------------------------------------------------------------------------------------------------------
2,500,000 NYS HFA (Multifamily Hsg.) 6.625 08/15/2012 02/15/2003(b) 2,533,925
------------------------------------------------------------------------------------------------------------------------
350,000 NYS HFA (Multifamily Hsg.) 6.850 11/01/2019(s) 11/01/2004(b) 368,085
------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Multifamily Hsg.) 6.900 08/15/2007(s) 08/15/2002(b) 31,247
25 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
------------------------------------------------------------------------------------------------------------------------
New York Continued
$ 200,000 NYS HFA (Multifamily Hsg.) 6.950% 08/15/2012(s) 08/15/2002(b) $ 209,166
------------------------------------------------------------------------------------------------------------------------
1,845,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2024(s) 07/26/2002(g) 1,855,922
------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2022 08/15/2002(b) 20,875
------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2023(s) 08/15/2001(b) 1,031,000
------------------------------------------------------------------------------------------------------------------------
255,000 NYS HFA (Multifamily Hsg.) 7.100 08/15/2035(s) 08/15/2001(b) 263,685
------------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Multifamily Hsg.) 7.300 11/01/2004 11/01/2000(b) 40,430
------------------------------------------------------------------------------------------------------------------------
399,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028(s) 11/01/2000(b) 407,674
------------------------------------------------------------------------------------------------------------------------
2,020,000 NYS HFA (Multifamily Hsg.) 7.750 11/01/2020(s) 11/01/2000(b) 2,072,116
------------------------------------------------------------------------------------------------------------------------
460,000 NYS HFA (Multifamily Hsg.) 8.000 11/01/2008(s) 11/01/2000(b) 472,342
------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Multifamily Hsg.) 8.300 05/15/2005(s) 11/01/2000(b) 20,065
------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.000 11/01/2012 11/01/2000(b) 5,104
------------------------------------------------------------------------------------------------------------------------
45,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2004 11/01/2000(b) 45,959
------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2005 11/01/2000(b) 10,214
------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2006 11/01/2000(b) 10,214
------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2007 11/01/2000(b) 20,428
------------------------------------------------------------------------------------------------------------------------
45,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2008 11/01/2000(b) 45,951
------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2009 11/01/2000(b) 10,216
------------------------------------------------------------------------------------------------------------------------
80,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2011 11/01/2000(b) 81,710
------------------------------------------------------------------------------------------------------------------------
60,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2012 11/01/2000(b) 61,282
------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2013 11/01/2000(b) 10,214
------------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2000 -- 40,254
------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2002 11/01/2000(b) 20,431
------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2004 11/01/2000(b) 30,636
------------------------------------------------------------------------------------------------------------------------
145,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2005 11/01/2000(b) 148,151
------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2006 11/01/2000(b) 20,423
------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2008 11/01/2000(b) 35,754
------------------------------------------------------------------------------------------------------------------------
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 11/01/2000(b) 10,211
------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2000 -- 5,028
------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2001 -- 15,324
------------------------------------------------------------------------------------------------------------------------
60,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2002 -- 61,265
------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2003 -- 5,106
------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2000 -- 25,149
------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2001 -- 35,746
------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2002 11/01/2000(b) 10,212
------------------------------------------------------------------------------------------------------------------------
230,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2003 -- 234,915
------------------------------------------------------------------------------------------------------------------------
75,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2005 11/01/2000(b) 76,603
------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2005 11/01/2000(b) 51,069
------------------------------------------------------------------------------------------------------------------------
45,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2006 11/01/2000(b) 45,962
------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2006 11/01/2000(b) 15,321
------------------------------------------------------------------------------------------------------------------------
180,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2007 11/01/2000(b) 183,847
------------------------------------------------------------------------------------------------------------------------
115,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2007 11/01/2000(b) 117,458
------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2008 11/01/2000(b) 25,534
26 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 70,000 NYS HFA (Nonprofit Hsg.) 6.600% 11/01/2008 11/01/2000(b) $ 71,715
----------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 11/01/2000(b) 10,214
----------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 11/01/2000(b) 20,427
----------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2010 11/01/2000(b) 20,427
----------------------------------------------------------------------------------------------------------------------
65,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2011 11/01/2003(b) 66,389
----------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2011 11/01/2000(b) 5,107
----------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2012 11/01/2000(b) 25,534
----------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2013 11/01/2000(b) 25,534
----------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2000 -- 10,064
----------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2001 11/01/2000(b) 20,430
----------------------------------------------------------------------------------------------------------------------
100,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2004 11/01/2000(b) 102,490
----------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2005 11/01/2000(b) 5,107
----------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2007 11/01/2000(b) 25,537
----------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2008 11/01/2000(b) 5,107
----------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2009 11/01/2000(b) 40,860
----------------------------------------------------------------------------------------------------------------------
45,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2010 11/01/2003(b) 45,967
----------------------------------------------------------------------------------------------------------------------
1,420,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2011 11/01/2000(b) 1,458,170
----------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2012 11/01/2000(b) 30,644
----------------------------------------------------------------------------------------------------------------------
61,000 NYS HFA (Nonprofit Hsg.) 6.875 11/01/2010 11/01/2000(b) 61,766
----------------------------------------------------------------------------------------------------------------------
195,000 NYS HFA (Phillips Village) 6.700 02/15/2002 -- 197,408
----------------------------------------------------------------------------------------------------------------------
250,000 NYS HFA (Phillips Village) 6.700 08/15/2002 -- 253,988
----------------------------------------------------------------------------------------------------------------------
175,000 NYS HFA (Phillips Village) 6.900 02/15/2004 -- 178,385
----------------------------------------------------------------------------------------------------------------------
85,000 NYS HFA (Phillips Village) 6.900 08/15/2004 -- 86,844
----------------------------------------------------------------------------------------------------------------------
105,000 NYS HFA (Service Contract) 5.625 09/15/2013(s) 09/15/2005(b) 105,272
----------------------------------------------------------------------------------------------------------------------
175,000 NYS HFA (Service Contract) 5.875 03/15/2011(s) 09/15/2005(b) 178,754
----------------------------------------------------------------------------------------------------------------------
6,040,000 NYS HFA (Service Contract) 5.875 09/15/2014(s) 09/15/2005(b) 6,114,896
----------------------------------------------------------------------------------------------------------------------
395,000 NYS HFA (Simeon Dewitt) 8.000 11/01/2018(s) 11/01/2000(b) 397,315
----------------------------------------------------------------------------------------------------------------------
125,000 NYS HFA, Series A 6.100 11/01/2015(s) 05/01/2008(b) 128,034
----------------------------------------------------------------------------------------------------------------------
5,000 NYS LGAC 5.375 04/01/2014 05/08/2012(c) 4,952
----------------------------------------------------------------------------------------------------------------------
50,000 NYS LGAC 6.000 04/01/2018 04/01/2002(a) 52,150
----------------------------------------------------------------------------------------------------------------------
665,000 NYS LGSC (SCSB) 6.375 12/15/2009 12/03/2005(c) 647,976
----------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (AOFMH) 6.500 11/01/2019 11/01/2001(b) 5,227
----------------------------------------------------------------------------------------------------------------------
500,000 NYS Medcare (Beth Israel Medical Center) 7.000 11/01/2001 -- 496,995
----------------------------------------------------------------------------------------------------------------------
335,000 NYS Medcare (Beth Israel Medical Center) 7.400 11/01/2004(s) 11/01/2000(b) 338,236
----------------------------------------------------------------------------------------------------------------------
950,000 NYS Medcare (Beth Israel Medical Center)(i) 7.125 11/01/2006 12/20/2004(c) 921,947
----------------------------------------------------------------------------------------------------------------------
545,000 NYS Medcare (Beth Israel Medical Center)(i) 7.200 11/01/2014 09/12/2011(c) 509,433
----------------------------------------------------------------------------------------------------------------------
20,000 NYS Medcare (Buffalo General Hospital) 6.000 08/15/2014(s) 08/15/2006(b) 20,549
----------------------------------------------------------------------------------------------------------------------
35,000 NYS Medcare (Buffalo General Hospital) 6.125 08/15/2024 08/15/2006(b) 35,456
----------------------------------------------------------------------------------------------------------------------
10,000 NYS Medcare (Central Suffolk Hospital) 5.875 11/01/2005 12/12/2003(c) 9,601
----------------------------------------------------------------------------------------------------------------------
2,335,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006(s) 11/01/2000(b) 2,461,090
----------------------------------------------------------------------------------------------------------------------
95,000 NYS Medcare (Hospital & Nursing Home) 5.650 08/15/2013 08/15/2005(b) 96,388
----------------------------------------------------------------------------------------------------------------------
320,000 NYS Medcare (Hospital & Nursing Home) 5.750 02/15/2005 -- 321,728
----------------------------------------------------------------------------------------------------------------------
3,780,000 NYS Medcare (Hospital & Nursing Home) 5.950 08/15/2009 08/15/2002(b) 3,870,796
----------------------------------------------------------------------------------------------------------------------
755,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2014(s) 02/15/2004(b) 784,739
27 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 2,600,000 NYS Medcare (Hospital & Nursing Home) 6.125% 02/15/2014(s) 02/15/2006(b) $2,667,158
----------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2015(s) 02/15/2006(b) 25,825
----------------------------------------------------------------------------------------------------------------------
10,000 NYS Medcare (Hospital & Nursing Home) 6.150 02/15/2002 08/15/2000(b) 10,247
----------------------------------------------------------------------------------------------------------------------
3,000,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2013(s) 02/15/2005(b) 3,099,060
----------------------------------------------------------------------------------------------------------------------
180,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 08/15/2002(b) 182,448
----------------------------------------------------------------------------------------------------------------------
200,000 NYS Medcare (Hospital & Nursing Home) 6.250 08/15/2012(s) 08/15/2004(b) 211,450
----------------------------------------------------------------------------------------------------------------------
100,000 NYS Medcare (Hospital & Nursing Home) 6.250 02/15/2015 08/15/2005(b) 104,334
----------------------------------------------------------------------------------------------------------------------
6,880,000 NYS Medcare (Hospital & Nursing Home) 6.400 08/15/2014 08/15/2006(b) 6,919,422
----------------------------------------------------------------------------------------------------------------------
75,000 NYS Medcare (Hospital & Nursing Home) 6.400 11/01/2014(s) 05/01/2002(b) 78,304
----------------------------------------------------------------------------------------------------------------------
570,000 NYS Medcare (Hospital & Nursing Home) 6.500 08/15/2012(s) 08/15/2002(b) 596,021
----------------------------------------------------------------------------------------------------------------------
715,000 NYS Medcare (Hospital & Nursing Home) 6.500 02/15/2019(s) 02/15/2004(b) 746,725
----------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Hospital & Nursing Home) 6.550 08/15/2012 08/15/2002(b) 26,207
----------------------------------------------------------------------------------------------------------------------
1,555,000 NYS Medcare (Hospital & Nursing Home) 6.850 02/15/2012(s) 02/15/2002(b) 1,625,333
----------------------------------------------------------------------------------------------------------------------
2,615,000 NYS Medcare (Hospital & Nursing Home) 6.875 02/15/2032 02/15/2002(b) 2,732,100
----------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Hospital & Nursing Home) 7.200 11/01/2000 -- 25,223
----------------------------------------------------------------------------------------------------------------------
685,000 NYS Medcare (Hospital & Nursing Home) 7.200 11/01/2001 11/01/2000(b) 693,179
----------------------------------------------------------------------------------------------------------------------
85,000 NYS Medcare (Hospital & Nursing Home) 7.250 11/01/2002 11/01/2000(b) 86,018
----------------------------------------------------------------------------------------------------------------------
395,000 NYS Medcare (Hospital & Nursing Home) 7.250 11/01/2003 11/01/2000(b) 399,732
----------------------------------------------------------------------------------------------------------------------
20,000 NYS Medcare (Hospital & Nursing Home) 7.300 08/15/2011 08/15/2001(b) 20,625
----------------------------------------------------------------------------------------------------------------------
70,000 NYS Medcare (Hospital & Nursing Home) 7.300 08/15/2011 08/15/2001(b) 73,171
----------------------------------------------------------------------------------------------------------------------
320,000 NYS Medcare (Hospital & Nursing Home) 7.350 02/15/2029 08/15/2000(b) 327,005
----------------------------------------------------------------------------------------------------------------------
95,000 NYS Medcare (Hospital & Nursing Home) 7.350 02/15/2029 08/15/2000(b) 97,088
----------------------------------------------------------------------------------------------------------------------
1,825,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016(s) 11/01/2000(b) 1,865,150
----------------------------------------------------------------------------------------------------------------------
6,440,000 NYS Medcare (Hospital & Nursing Home) 7.450 08/15/2031 08/15/2001(a) 6,729,993
----------------------------------------------------------------------------------------------------------------------
240,000 NYS Medcare (Hospital & Nursing Home) 8.625 02/15/2006 08/15/2000(b) 240,742
----------------------------------------------------------------------------------------------------------------------
605,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016(s) 11/01/2000(b) 625,467
----------------------------------------------------------------------------------------------------------------------
115,000 NYS Medcare (Hospital & Nursing Home)(i) 7.100 11/01/2000 -- 115,865
----------------------------------------------------------------------------------------------------------------------
825,000 NYS Medcare (Hospital & Nursing Home)(i) 9.000 02/15/2026 08/15/2000(b) 845,625
----------------------------------------------------------------------------------------------------------------------
1,915,000 NYS Medcare (Huntington Hospital) 6.500 11/01/2014 08/29/2011(c) 1,865,229
----------------------------------------------------------------------------------------------------------------------
1,060,000 NYS Medcare (Insured Mortgage Nursing) 6.500 11/01/2015 11/01/2004(b) 1,114,526
----------------------------------------------------------------------------------------------------------------------
1,865,000 NYS Medcare (Long Term Health Care) 6.450 11/01/2014(s) 05/01/2002(b) 1,948,776
----------------------------------------------------------------------------------------------------------------------
130,000 NYS Medcare (Long Term Health Care) 6.800 11/01/2014(s) 05/01/2002(b) 136,510
----------------------------------------------------------------------------------------------------------------------
130,000 NYS Medcare (Long Term Health Care) 7.100 11/01/2012(s) 05/01/2001(b) 134,882
----------------------------------------------------------------------------------------------------------------------
235,000 NYS Medcare (Long Term Health Care) 7.300 11/01/2005(s) 11/01/2000(b) 240,217
----------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 0.000 08/15/2001 -- 4,731
----------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 0.000 02/15/2003 08/15/2000(b) 4,294
----------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 0.000 08/15/2003 08/15/2000(b) 4,139
----------------------------------------------------------------------------------------------------------------------
75,000 NYS Medcare (Mental Health) 5.550 08/15/2001 08/15/2000(b) 75,044
----------------------------------------------------------------------------------------------------------------------
10,000 NYS Medcare (Mental Health) 5.700 02/15/2003 08/15/2000(b) 10,007
----------------------------------------------------------------------------------------------------------------------
35,000 NYS Medcare (Mental Health) 6.000 02/15/2011(s) 08/15/2000(b) 35,034
----------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 6.100 08/15/2013(s) 08/15/2002(b) 5,217
----------------------------------------------------------------------------------------------------------------------
70,000 NYS Medcare (Mental Health) 6.375 08/15/2014(s) 08/15/2004(b) 73,413
----------------------------------------------------------------------------------------------------------------------
120,000 NYS Medcare (Mental Health) 6.375 08/15/2014 08/15/2004(a) 129,408
----------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 6.375 08/15/2014 08/15/2004(b) 5,305
28 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 60,000 NYS Medcare (Mental Health) 6.375% 08/15/2017(s) 02/15/2002(b) $ 62,419
----------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 6.500 08/15/2024 08/15/2004(a) 5,218
----------------------------------------------------------------------------------------------------------------------
85,000 NYS Medcare (Mental Health) 6.850 08/15/2000 -- 85,218
----------------------------------------------------------------------------------------------------------------------
45,000 NYS Medcare (Mental Health) 7.000 02/15/2001 -- 45,630
----------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 7.100 02/15/2002 08/15/2000(b) 5,109
----------------------------------------------------------------------------------------------------------------------
50,000 NYS Medcare (Mental Health) 7.200 08/15/2000 -- 50,149
----------------------------------------------------------------------------------------------------------------------
10,000 NYS Medcare (Mental Health) 7.200 02/15/2004 08/15/2000(b) 10,219
----------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 7.300 08/15/2010(s) 08/15/2000(b) 5,110
----------------------------------------------------------------------------------------------------------------------
50,000 NYS Medcare (Mental Health) 7.300 02/15/2021(s) 08/15/2001(b) 52,210
----------------------------------------------------------------------------------------------------------------------
960,000 NYS Medcare (Mental Health) 7.375 02/15/2014(s) 08/15/2000(b) 981,312
----------------------------------------------------------------------------------------------------------------------
40,000 NYS Medcare (Mental Health) 7.375 08/15/2019(s) 08/15/2000(b) 40,878
----------------------------------------------------------------------------------------------------------------------
45,000 NYS Medcare (Mental Health) 7.400 08/15/2000 -- 45,145
----------------------------------------------------------------------------------------------------------------------
15,000 NYS Medcare (Mental Health) 7.400 02/15/2002 08/15/2000(b) 15,328
----------------------------------------------------------------------------------------------------------------------
15,000 NYS Medcare (Mental Health) 7.400 08/15/2002 02/15/2001(b) 15,327
----------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 7.400 02/15/2003 08/15/2001(b) 5,232
----------------------------------------------------------------------------------------------------------------------
10,000 NYS Medcare (Mental Health) 7.500 08/15/2007(s) 02/15/2001(b) 10,361
----------------------------------------------------------------------------------------------------------------------
125,000 NYS Medcare (Mental Health) 7.500 02/15/2010 08/15/2000(b) 126,539
----------------------------------------------------------------------------------------------------------------------
120,000 NYS Medcare (Mental Health) 7.600 02/15/2002 08/15/2000(b) 122,760
----------------------------------------------------------------------------------------------------------------------
145,000 NYS Medcare (Mental Health) 7.625 02/15/2007 08/15/2001(b) 152,079
----------------------------------------------------------------------------------------------------------------------
10,000 NYS Medcare (Mental Health) 7.625 08/15/2007 08/15/2001(b) 10,488
----------------------------------------------------------------------------------------------------------------------
150,000 NYS Medcare (Mental Health) 7.625 02/15/2008(s) 08/15/2000(b) 150,342
----------------------------------------------------------------------------------------------------------------------
20,000 NYS Medcare (Mental Health) 7.700 08/15/2003(s) 08/15/2000(b) 20,468
----------------------------------------------------------------------------------------------------------------------
1,340,000 NYS Medcare (Mental Health) 7.700 02/15/2018(s) 08/15/2000(b) 1,342,801
----------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Mental Health) 7.750 08/15/2010(s) 08/15/2000(b) 25,558
----------------------------------------------------------------------------------------------------------------------
140,000 NYS Medcare (Mental Health) 7.750 08/15/2010(s) 08/15/2000(b) 145,600
----------------------------------------------------------------------------------------------------------------------
150,000 NYS Medcare (Mental Health) 7.750 02/15/2020(s) 08/15/2000(b) 153,326
----------------------------------------------------------------------------------------------------------------------
185,000 NYS Medcare (Mental Health) 7.750 02/15/2020(s) 08/15/2000(b) 189,127
----------------------------------------------------------------------------------------------------------------------
400,000 NYS Medcare (Mental Health) 7.800 02/15/2019(s) 08/15/2000(b) 405,088
----------------------------------------------------------------------------------------------------------------------
100,000 NYS Medcare (Mental Health) 7.800 02/15/2019(s) 02/15/2001(b) 101,234
----------------------------------------------------------------------------------------------------------------------
220,000 NYS Medcare (Mental Health) 7.875 08/15/2015(s) 08/15/2000(b) 220,847
----------------------------------------------------------------------------------------------------------------------
540,000 NYS Medcare (Mental Health) 7.875 08/15/2015(s) 08/15/2000(b) 542,036
----------------------------------------------------------------------------------------------------------------------
6,080,000 NYS Medcare (Mental Health) 7.875 08/15/2020(s) 08/15/2000(b) 6,225,130
----------------------------------------------------------------------------------------------------------------------
2,490,000 NYS Medcare (Mental Health) 8.875 08/15/2007(s) 08/15/2000(b) 2,538,804
----------------------------------------------------------------------------------------------------------------------
20,000 NYS Medcare (Mental Health)(i) 7.500 08/15/2009(s) 08/15/2000(b) 20,510
----------------------------------------------------------------------------------------------------------------------
85,000 NYS Medcare (Montefiore Medical Center) 5.700 02/15/2012 02/15/2007(b) 86,907
----------------------------------------------------------------------------------------------------------------------
30,000 NYS Medcare
(North Shore University Hospital) 7.125 11/01/2008 11/01/2000(a) 30,868
----------------------------------------------------------------------------------------------------------------------
40,000 NYS Medcare
(North Shore University Hospital) 7.125 11/01/2008(s) 11/01/2000(b) 41,132
----------------------------------------------------------------------------------------------------------------------
95,000 NYS Medcare
(Our Lady of Mercy Medical Center) 6.250 08/15/2015(s) 02/15/2005(b) 97,212
----------------------------------------------------------------------------------------------------------------------
260,000 NYS Medcare
(Our Lady of Victory Hospital) 7.000 11/01/2004(s) 11/01/2000(b) 265,707
----------------------------------------------------------------------------------------------------------------------
30,000 NYS Medcare (Secured Hospital) 6.125 08/15/2013(s) 02/15/2006(b) 30,800
----------------------------------------------------------------------------------------------------------------------
40,000 NYS Medcare (Sisters of Charity Hospital) 6.600 11/01/2007(s) 11/01/2001(b) 41,764
29 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 45,000 NYS Medcare (Sisters of Charity Hospital) 6.600% 11/01/2010(s) 11/01/2001(b) $ 46,865
----------------------------------------------------------------------------------------------------------------------
35,000 NYS Medcare (Sisters of Charity Hospital) 6.625 11/01/2018(s) 11/01/2001(b) 36,409
----------------------------------------------------------------------------------------------------------------------
85,000 NYS Medcare (St. Luke's Hospital) 5.600 08/15/2013(s) 12/12/2004(g) 85,434
----------------------------------------------------------------------------------------------------------------------
70,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/2018 11/29/2012(c) 68,747
----------------------------------------------------------------------------------------------------------------------
185,000 NYS Medcare (St. Luke's Hospital) 7.375 02/15/2019(s) 08/15/2000(b) 188,989
----------------------------------------------------------------------------------------------------------------------
110,000 NYS Medcare (St. Luke's Hospital) 7.375 02/15/2019 08/15/2000(b) 112,420
----------------------------------------------------------------------------------------------------------------------
410,000 NYS Medcare (St. Luke's Hospital) 7.400 02/15/2009 08/15/2000(b) 419,082
----------------------------------------------------------------------------------------------------------------------
1,435,000 NYS Medcare (St. Luke's Hospital) 7.500 11/01/2011(s) 11/01/2000(b) 1,466,771
----------------------------------------------------------------------------------------------------------------------
700,000 NYS Medcare (St. Mary's Hospital) 6.000 11/01/2009 11/01/2005(b) 731,045
----------------------------------------------------------------------------------------------------------------------
2,630,000 NYS Municipal Bond Bank Agency
(Special Program--City of Buffalo) 6.875 03/15/2006(s) 09/15/2001(b) 2,733,201
----------------------------------------------------------------------------------------------------------------------
10,000 NYS Power Authority 5.500 01/01/2010(s) 01/01/2001(b) 10,185
----------------------------------------------------------------------------------------------------------------------
530,000 NYS Thruway Authority 0.000 01/01/2001 -- 517,572
----------------------------------------------------------------------------------------------------------------------
275,000 NYS Thruway Authority 0.000 01/01/2004 -- 230,252
----------------------------------------------------------------------------------------------------------------------
250,000 NYS Thruway Authority 0.000 01/01/2005 -- 198,623
----------------------------------------------------------------------------------------------------------------------
385,000 NYS Thruway Authority 0.000 01/01/2006 -- 289,555
----------------------------------------------------------------------------------------------------------------------
50,000 NYS Thruway Authority 5.500 04/01/2015(s) 04/01/2007(b) 50,149
----------------------------------------------------------------------------------------------------------------------
45,000 NYS Thruway Authority 5.750 04/01/2016(s) 04/01/2008(b) 45,177
----------------------------------------------------------------------------------------------------------------------
1,700,000 NYS Thruway Authority 6.000 04/01/2012 04/01/2007(b) 1,768,425
----------------------------------------------------------------------------------------------------------------------
25,000 NYS UDC (Correctional Facilities) 0.000 01/01/2003 -- 22,172
----------------------------------------------------------------------------------------------------------------------
30,000 NYS UDC (Correctional Facilities) 0.000 01/01/2007 -- 21,289
----------------------------------------------------------------------------------------------------------------------
5,605,000 NYS UDC (Correctional Facilities) 5.500 01/01/2015 07/07/2014(c) 5,471,097
----------------------------------------------------------------------------------------------------------------------
90,000 NYS UDC (Correctional Facilities) 5.750 01/01/2013(s) 01/01/2005(b) 91,334
----------------------------------------------------------------------------------------------------------------------
85,000 NYS UDC (Correctional Facilities) 5.750 01/01/2013(s) 01/01/2005(b) 85,485
----------------------------------------------------------------------------------------------------------------------
15,000 NYS UDC (Correctional Facilities) 6.750 01/01/2026 01/01/2002(b) 15,675
----------------------------------------------------------------------------------------------------------------------
35,000 NYS UDC (South Mall) 0.000 01/01/2003 -- 30,859
----------------------------------------------------------------------------------------------------------------------
130,000 NYS UDC (South Mall) 0.000 01/01/2005 01/01/2003(c) 100,889
----------------------------------------------------------------------------------------------------------------------
50,000 NYS UDC (South Mall) 0.000 01/01/2005 06/24/2004(c) 38,955
----------------------------------------------------------------------------------------------------------------------
765,000 NYS UDC (South Mall) 0.000 01/01/2011 04/08/2008(c) 391,940
----------------------------------------------------------------------------------------------------------------------
710,000 NYS UDC (South Mall) 0.000 01/01/2011 04/08/2008(c) 374,930
----------------------------------------------------------------------------------------------------------------------
2,130,000 Oneida County IDA (Bonide Products) 5.750 11/01/2007 -- 2,052,191
----------------------------------------------------------------------------------------------------------------------
2,285,000 Oneida County IDA (Faxton Hospital) 6.625 01/01/2015(s) 01/01/2010(b) 2,472,804
----------------------------------------------------------------------------------------------------------------------
1,000,000 Oneida County IDA (Presbyterian Home) 6.250 06/01/2015 06/01/2012(b) 1,037,200
----------------------------------------------------------------------------------------------------------------------
95,000 Oneida Healthcare Corp. 7.100 08/01/2011 08/01/2001(b) 98,453
----------------------------------------------------------------------------------------------------------------------
1,150,000 Oneida-Herkimer SWMA 6.600 04/01/2004 -- 1,200,198
----------------------------------------------------------------------------------------------------------------------
155,000 Oneida-Herkimer SWMA 6.750 04/01/2014(s) 04/01/2003(b) 156,668
----------------------------------------------------------------------------------------------------------------------
85,000 Onondaga County IDA (Coltec Industries)(i) 7.250 06/01/2008(s) 12/01/2000(b) 85,663
----------------------------------------------------------------------------------------------------------------------
510,000 Onondaga County IDA (LeMoyne College) 5.500 03/01/2014 04/08/2012(c) 483,888
----------------------------------------------------------------------------------------------------------------------
100,000 Onondaga County Res Rec 6.400 05/01/2002 -- 100,960
----------------------------------------------------------------------------------------------------------------------
13,785,000 Onondaga County Res Rec 6.875 05/01/2006 01/12/2004(c) 14,027,340
----------------------------------------------------------------------------------------------------------------------
14,595,000 Onondaga County Res Rec 7.000 05/01/2015(s) 05/01/2004(b) 14,732,339
----------------------------------------------------------------------------------------------------------------------
130,000 Orange County IDA (Glen Arden) 5.400 01/01/2008 -- 120,725
----------------------------------------------------------------------------------------------------------------------
1,060,000 Orange County IDA
(Kingston Manufacturing) 7.250 11/01/2003 06/05/2002(c) 1,071,151
----------------------------------------------------------------------------------------------------------------------
40,000 Orange County IDA (Mental Health) 6.000 05/01/2008 -- 41,475
30 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 10,000 Orange County IDA (Mental Health) 6.125% 05/01/2016 02/23/2013(c) $ 10,055
----------------------------------------------------------------------------------------------------------------------
570,000 Oswego County IDA (SLRHF) 5.150 02/01/2013 12/11/2008(c) 553,584
----------------------------------------------------------------------------------------------------------------------
1,805,000 Oswego County Res Re(c) 6.500 06/01/2004 05/23/2003(c) 1,846,280
----------------------------------------------------------------------------------------------------------------------
1,750,000 Otsego County IDA (AOFMH) 5.350 10/01/2017 08/23/2014(c) 1,683,308
----------------------------------------------------------------------------------------------------------------------
50,000 Philadelphia, NY GO 7.500 12/15/2009 -- 57,957
----------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ 5.000 02/01/2003(s) 08/01/2000(b) 10,001
----------------------------------------------------------------------------------------------------------------------
13,040,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 06/01/2002(b) 13,636,058
----------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 10/01/2006(b) 1,020,110
----------------------------------------------------------------------------------------------------------------------
275,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019(s) 10/01/2006(b) 275,358
----------------------------------------------------------------------------------------------------------------------
14,550,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 05/02/2005(c) 15,060,996
----------------------------------------------------------------------------------------------------------------------
15,000 Port Authority NY/NJ, 100th Serie(s) 5.750 12/15/2015 06/15/2005(b) 15,314
----------------------------------------------------------------------------------------------------------------------
45,000 Port Authority NY/NJ, 68th Series 6.750 10/15/2007 04/15/2001(b) 46,134
----------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 68th Series 7.250 08/15/2009 08/15/2000(b) 25,300
----------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 68th Series 7.250 08/15/2009 02/15/2001(b) 10,120
----------------------------------------------------------------------------------------------------------------------
15,000 Port Authority NY/NJ, 68th Series 7.250 08/15/2011 08/15/2000(b) 15,180
----------------------------------------------------------------------------------------------------------------------
1,370,000 Port Authority NY/NJ, 68th Series 7.250 02/15/2025 08/15/2000(b) 1,386,235
----------------------------------------------------------------------------------------------------------------------
260,000 Port Authority NY/NJ, 68th Series 7.250 02/15/2025(s) 08/15/2000(b) 263,081
----------------------------------------------------------------------------------------------------------------------
270,000 Port Authority NY/NJ, 68th Series 7.250 02/15/2025(s) 08/15/2000(b) 273,200
----------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 70th Series 7.000 08/01/2011 08/01/2000(b) 25,296
----------------------------------------------------------------------------------------------------------------------
1,295,000 Port Authority NY/NJ, 70th Series 7.250 08/01/2025(s) 08/01/2000(b) 1,310,423
----------------------------------------------------------------------------------------------------------------------
115,000 Port Authority NY/NJ, 70th Series 7.250 08/01/2025(s) 08/01/2000(b) 116,370
----------------------------------------------------------------------------------------------------------------------
45,000 Port Authority NY/NJ, 70th Series 7.250 08/01/2025 08/01/2000(b) 45,536
----------------------------------------------------------------------------------------------------------------------
60,000 Port Authority NY/NJ, 71st Series 6.500 01/15/2026(s) 01/15/2001(b) 61,159
----------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 73rd Series 6.500 10/15/2011 04/15/2001(b) 25,592
----------------------------------------------------------------------------------------------------------------------
65,000 Port Authority NY/NJ, 73rd Series 6.500 10/15/2012 04/15/2001(b) 66,422
----------------------------------------------------------------------------------------------------------------------
8,980,000 Port Authority NY/NJ, 73rd Series 6.750 04/15/2026(s) 04/15/2001(b) 9,192,197
----------------------------------------------------------------------------------------------------------------------
235,000 Port Authority NY/NJ, 73rd Series 6.750 04/15/2026(s) 04/15/2001(b) 240,553
----------------------------------------------------------------------------------------------------------------------
50,000 Port Authority NY/NJ, 76th Series 6.500 11/01/2011 11/01/2001(b) 51,473
----------------------------------------------------------------------------------------------------------------------
8,790,000 Port Authority NY/NJ, 76th Series 6.500 11/01/2026 11/01/2001(b) 8,963,866
----------------------------------------------------------------------------------------------------------------------
90,000 Port Authority NY/NJ, 76th Series 6.500 11/01/2026(s) 11/01/2001(b) 92,636
----------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 83rd Series 6.375 10/15/2017(s) 10/15/2002(b) 31,307
----------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 95th Series 6.000 07/15/2015 07/16/2006(b) 10,279
----------------------------------------------------------------------------------------------------------------------
3,300,000 Port Authority NY/NJ, 96th Series 6.600 10/01/2023(s) 10/01/2004(b) 3,506,283
----------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 97th Series 6.500 07/15/2019 01/15/2005(b) 10,432
----------------------------------------------------------------------------------------------------------------------
50,000 Portchester CDC (Southport) 7.300 08/01/2011(s) 01/26/2001(g) 50,328
----------------------------------------------------------------------------------------------------------------------
1,185,000 Putnam County IDA (Brewster Plastics) 7.375 12/01/2008 05/17/2005(c) 1,201,720
----------------------------------------------------------------------------------------------------------------------
170,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011(s) 10/17/2002(g) 182,145
----------------------------------------------------------------------------------------------------------------------
20,000 Rensselaer IDA (Millbrook Millwork) 8.400 12/15/2001 12/15/2000(b) 20,156
----------------------------------------------------------------------------------------------------------------------
1,440,000 Rensselaer Municipal Leasing Corp. 6.250 06/01/2004 12/28/2002(c) 1,451,477
----------------------------------------------------------------------------------------------------------------------
60,000 Rensselaer Municipal Leasing Corp. 6.900 06/01/2024 06/01/2004(b) 60,099
----------------------------------------------------------------------------------------------------------------------
15,000 Riverhead HDC 8.250 08/01/2010(s) 08/01/2000(b) 15,404
----------------------------------------------------------------------------------------------------------------------
1,700,000 Riverhead HDC (Riverhead Apartments) 5.850 08/01/2010 11/06/2008(c) 1,717,782
----------------------------------------------------------------------------------------------------------------------
2,360,000 Rochester Hsg. Authority
(Crossroads Apartments) 7.300 07/01/2005 05/24/2003(c) 2,460,961
31 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 695,000 Rochester Hsg. Authority
(Stonewood Village) 5.900% 09/01/2009 08/18/2005(c) $ 689,120
----------------------------------------------------------------------------------------------------------------------
100,000 Rockland County GO 7.400 06/01/2001 12/01/2000(b) 100,588
----------------------------------------------------------------------------------------------------------------------
385,000 Rockland County IDA (Dominican College) 7.000 03/01/2003 03/19/2002(c) 396,423
----------------------------------------------------------------------------------------------------------------------
320,000 Rockland Gardens Hsg. Corp. 10.500 05/01/2011 11/01/2000(b) 329,254
----------------------------------------------------------------------------------------------------------------------
50,000 Rome GO 6.900 12/15/2007 12/15/2003(b) 53,369
----------------------------------------------------------------------------------------------------------------------
245,000 Rome Hsg. Corp. 7.000 01/01/2026(s) 07/01/2002(b) 255,484
----------------------------------------------------------------------------------------------------------------------
225,000 Roxbury CSD GO 6.400 06/15/2010 06/15/2005(b) 236,689
----------------------------------------------------------------------------------------------------------------------
235,000 Roxbury CSD GO 6.400 06/15/2011 06/15/2005(b) 247,403
----------------------------------------------------------------------------------------------------------------------
65,000 Saratoga County IDA (ARC) 7.250 03/01/2001 -- 65,123
----------------------------------------------------------------------------------------------------------------------
1,710,000 Saratoga County IDA (Saratoga Sheraton) 6.750 12/31/2007(s) 11/16/2003(g) 1,717,541
----------------------------------------------------------------------------------------------------------------------
50,000 Schodack IDA (Hamilton Printing) 7.600 07/01/2000 -- 50,002
----------------------------------------------------------------------------------------------------------------------
60,000 Schodack IDA (Hamilton Printing)(i) 7.625 07/01/2001 -- 60,612
----------------------------------------------------------------------------------------------------------------------
120,000 Schuyler County IDA (Cargill) 7.900 04/01/2007 10/01/2000(b) 121,495
----------------------------------------------------------------------------------------------------------------------
25,000 Scotia GO 6.100 01/15/2012 07/15/2005(b) 25,846
----------------------------------------------------------------------------------------------------------------------
30,000 SONYMA, Series 27 5.650 04/01/2015 02/08/2012(c) 29,973
----------------------------------------------------------------------------------------------------------------------
130,000 SONYMA, Series 27 6.900 04/01/2015(s) 04/01/2002(b) 136,265
----------------------------------------------------------------------------------------------------------------------
435,000 SONYMA, Series 28 6.650 04/01/2022 12/31/2000(c) 442,443
----------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 29-A 5.250 04/01/2015 01/28/2012(c) 93,739
----------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 29-A 6.100 10/01/2015(s) 03/05/2008(g) 50,990
----------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series 29-B 6.450 04/01/2015(s) 03/01/2003(b) 25,654
----------------------------------------------------------------------------------------------------------------------
670,000 SONYMA, Series 30-B 6.000 04/01/2019 10/22/2004(c) 645,210
----------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series 34 5.550 09/30/2025 04/10/2025(c) 9,192
----------------------------------------------------------------------------------------------------------------------
30,000 SONYMA, Series 36-A 5.700 04/01/2023(s) 04/01/2006(b) 30,117
----------------------------------------------------------------------------------------------------------------------
665,000 SONYMA, Series 36-A 6.125 10/01/2020(s) 09/23/2002(g) 674,456
----------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 39 5.750 10/01/2010(s) 04/01/2006(b) 101,850
----------------------------------------------------------------------------------------------------------------------
155,000 SONYMA, Series 39 6.000 10/01/2017(s) 04/01/2006(b) 156,556
----------------------------------------------------------------------------------------------------------------------
1,465,000 SONYMA, Series 40-A 6.350 04/01/2021 04/22/2004(c) 1,490,139
----------------------------------------------------------------------------------------------------------------------
175,000 SONYMA, Series 40-A 6.700 04/01/2025(s) 06/01/2004(b) 180,140
----------------------------------------------------------------------------------------------------------------------
30,000 SONYMA, Series 40-B 5.800 10/01/2023(s) 08/01/2006(b) 30,039
----------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 41-A 6.450 10/01/2014(s) 06/01/2004(b) 20,673
----------------------------------------------------------------------------------------------------------------------
40,000 SONYMA, Series 41-A 6.450 10/01/2014(s) 06/01/2004(b) 41,548
----------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 41-B 6.250 10/01/2014(s) 08/01/2004(b) 51,189
----------------------------------------------------------------------------------------------------------------------
210,000 SONYMA, Series 42 6.400 10/01/2020 02/22/2004(c) 214,517
----------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 43 6.100 04/01/2009 09/01/2006(b) 51,918
----------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series 43 6.100 10/01/2009 09/01/2006(b) 25,959
----------------------------------------------------------------------------------------------------------------------
785,000 SONYMA, Series 43 6.450 10/01/2017(s) 09/01/2004(b) 811,478
----------------------------------------------------------------------------------------------------------------------
125,000 SONYMA, Series 44 6.900 04/01/2006 11/01/2004(b) 133,074
----------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 44 6.900 10/01/2006 11/01/2004(b) 21,325
----------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 44 7.000 10/01/2007 11/01/2004(b) 52,948
----------------------------------------------------------------------------------------------------------------------
7,015,000 SONYMA, Series 44 7.500 04/01/2026 11/01/2004(b) 7,529,831
----------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 45 7.200 10/01/2017(s) 11/01/2004(b) 105,980
----------------------------------------------------------------------------------------------------------------------
125,000 SONYMA, Series 46 6.500 04/01/2013(s) 03/28/2005(b) 128,689
----------------------------------------------------------------------------------------------------------------------
20,320,000 SONYMA, Series 46 6.650 10/01/2025(s) 03/28/2007(b) 20,927,974
32 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 65,000 SONYMA, Series 47 6.375% 10/01/2017(s) 03/28/2007(b) $ 66,872
----------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 48 6.000 04/01/2013 06/29/2007(b) 50,971
----------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 48 6.000 04/01/2013(s) 06/29/2005(b) 20,504
----------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series 48 6.100 04/01/2025(s) 06/29/2007(b) 25,212
----------------------------------------------------------------------------------------------------------------------
510,000 SONYMA, Series 50 6.250 04/01/2010 09/13/2007(b) 514,350
----------------------------------------------------------------------------------------------------------------------
6,100,000 SONYMA, Series 50 6.625 04/01/2025(s) 09/13/2007(b) 6,283,732
----------------------------------------------------------------------------------------------------------------------
45,000 SONYMA, Series 51 6.400 10/01/2017(s) 09/13/2005(b) 46,009
----------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 53 5.750 10/01/2011(s) 01/04/2008(b) 51,007
----------------------------------------------------------------------------------------------------------------------
290,000 SONYMA, Series 54 6.100 10/01/2015(s) 03/05/2008(g) 295,739
----------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 56 5.875 10/01/2019(s) 07/01/2008(b) 100,367
----------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 56 6.500 10/01/2026(s) 07/01/2006(b) 102,758
----------------------------------------------------------------------------------------------------------------------
70,000 SONYMA, Series 7 0.000 10/01/2014(s) 10/01/2000(b) 70,167
----------------------------------------------------------------------------------------------------------------------
810,000 SONYMA, Series 8-A 6.875 04/01/2017(s) 10/01/2000(b) 810,648
----------------------------------------------------------------------------------------------------------------------
65,000 SONYMA, Series 8-A 6.875 04/01/2017(s) 10/01/2000(b) 65,093
----------------------------------------------------------------------------------------------------------------------
245,000 SONYMA, Series 8-A 6.875 04/01/2017(s) 10/01/2000(b) 245,394
----------------------------------------------------------------------------------------------------------------------
3,000,000 SONYMA, Series 90 5.750 10/01/2021 08/07/2004(c) 3,006,090
----------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series EE-4 7.050 10/01/2000 -- 25,037
----------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series EE-4 7.750 10/01/2010(s) 10/01/2000(b) 102,248
----------------------------------------------------------------------------------------------------------------------
115,000 SONYMA, Series EE-4 7.800 10/01/2013(s) 10/01/2000(b) 117,599
----------------------------------------------------------------------------------------------------------------------
5,000 SONYMA, Series JJ 0.000 10/01/2000 -- 4,948
----------------------------------------------------------------------------------------------------------------------
5,000 SONYMA, Series MM-1 7.600 10/01/2002 02/04/2001(b) 5,087
----------------------------------------------------------------------------------------------------------------------
60,000 SONYMA, Series MM-1 7.650 10/01/2003 02/04/2001(b) 61,055
----------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series MM-1 7.700 10/01/2004 02/04/2001(b) 101,431
----------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series MM-1 7.750 04/01/2005 02/04/2001(b) 50,632
----------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series MM-2 7.550 04/01/2002 10/01/2000(b) 10,137
----------------------------------------------------------------------------------------------------------------------
75,000 SONYMA, Series MM-2 7.650 04/01/2004 10/01/2000(b) 76,597
----------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series MM-2 7.700 10/01/2005 10/01/2000(b) 10,171
----------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series QQ 7.600 10/01/2012 10/01/2000(b) 50,816
----------------------------------------------------------------------------------------------------------------------
1,755,000 SONYMA, Series QQ 7.700 10/01/2012 10/01/2000(b) 1,786,221
----------------------------------------------------------------------------------------------------------------------
190,000 SONYMA, Series RR 7.600 10/01/2010(s) 10/01/2000(b) 194,421
----------------------------------------------------------------------------------------------------------------------
90,000 SONYMA, Series RR 7.700 10/01/2010(s) 10/01/2000(b) 92,035
----------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series TT 6.850 10/01/2001 -- 25,361
----------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series TT 6.950 04/01/2002 -- 20,404
----------------------------------------------------------------------------------------------------------------------
125,000 SONYMA, Series TT 7.150 04/01/2004 04/01/2001(b) 128,093
----------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series TT 7.200 04/01/2005 04/01/2001(b) 10,220
----------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series TT 7.200 10/01/2005 04/01/2001(b) 25,551
----------------------------------------------------------------------------------------------------------------------
460,000 SONYMA, Series UU 7.650 10/01/2023 04/01/2001(b) 470,635
----------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series VV 6.800 10/01/2002 -- 25,797
----------------------------------------------------------------------------------------------------------------------
60,000 SONYMA, Series VV 6.900 04/01/2003 -- 61,256
----------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series VV 7.000 04/01/2004 10/01/2001(b) 101,987
----------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series VV 7.000 10/01/2004 10/01/2001(b) 101,782
----------------------------------------------------------------------------------------------------------------------
695,000 SONYMA, Series VV 7.250 10/01/2007(s) 10/01/2001(b) 713,028
----------------------------------------------------------------------------------------------------------------------
4,940,200 SONYMA, Series VV 7.375 10/01/2011(s) 10/01/2001(b) 5,092,062
----------------------------------------------------------------------------------------------------------------------
75,000 SONYMA, Series VV 7.375 10/01/2011(s) 10/01/2001(b) 77,417
33 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
----------------------------------------------------------------------------------------------------------------------
New York Continued
$ 115,000 Springville HDC (Springbrook) 5.950% 01/01/2010 02/21/2006(c) $ 114,259
----------------------------------------------------------------------------------------------------------------------
1,025,000 St. Casimer's EHC 7.375 09/01/2010(s) 09/01/2000(b) 1,046,576
----------------------------------------------------------------------------------------------------------------------
1,000,000 St. Lawrence IDA (PACES) 5.875 06/30/2007 09/23/2004(c) 943,790
----------------------------------------------------------------------------------------------------------------------
25,000 Suffolk County GO 7.300 06/15/2001 12/15/2000(b) 25,318
----------------------------------------------------------------------------------------------------------------------
1,250,000 Suffolk County IDA (ACLDD) 5.750 03/01/2006 10/12/2003(c) 1,197,075
----------------------------------------------------------------------------------------------------------------------
240,000 Suffolk County IDA (Dowling College) 6.500 12/01/2006 -- 242,172
----------------------------------------------------------------------------------------------------------------------
50,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 12/29/2016(c) 47,834
----------------------------------------------------------------------------------------------------------------------
2,205,000 Suffolk County IDA
(Huntington First Aid Squad) 6.025 11/01/2008 03/23/2005(c) 2,111,971
----------------------------------------------------------------------------------------------------------------------
290,000 Suffolk County IDA
(Mattituck-Laurel Library) 6.000 09/01/2019(s) 09/01/2010(b) 300,498
----------------------------------------------------------------------------------------------------------------------
40,000 Suffolk County IDA (OBPWC) 7.000 11/01/2002 12/16/2001(c) 39,514
----------------------------------------------------------------------------------------------------------------------
940,000 Suffolk County IDA (Rimland Facilities)(i) 7.125(v) 12/01/2004 12/01/2000(f) 939,530
----------------------------------------------------------------------------------------------------------------------
40,000 Suffolk County Water Authority 5.625 06/01/2016(s) 06/01/2004(b) 40,068
----------------------------------------------------------------------------------------------------------------------
2,255,000 Sunnybrook EHC 11.250 12/01/2014(s) 10/01/2000(b) 2,322,740
----------------------------------------------------------------------------------------------------------------------
3,120,000 Syracuse COP
(Hancock International Airport) 6.500 01/01/2017(s) 01/01/2002(b) 3,242,335
----------------------------------------------------------------------------------------------------------------------
1,105,000 Syracuse COP
(Hancock International Airport) 6.600 01/01/2005 01/01/2002(b) 1,146,913
----------------------------------------------------------------------------------------------------------------------
1,825,000 Syracuse COP
(Hancock International Airport) 6.625 01/01/2012(s) 01/01/2004(b) 1,889,204
----------------------------------------------------------------------------------------------------------------------
3,650,000 Syracuse COP
(Hancock International Airport) 6.625 01/01/2012(s) 01/01/2002(b) 3,800,198
----------------------------------------------------------------------------------------------------------------------
1,210,000 Syracuse COP
(Hancock International Airport) 6.700 01/01/2007 01/01/2002(b) 1,255,375
----------------------------------------------------------------------------------------------------------------------
675,000 Syracuse IDA
(Pavilion on James Senior Hsg.) 6.500 08/01/2007 10/28/2004(c) 659,948
----------------------------------------------------------------------------------------------------------------------
220,000 Syracuse IDA (Rockwest Center I)(i) 7.250 06/01/2003 06/18/2002(c) 219,450
----------------------------------------------------------------------------------------------------------------------
930,000 Syracuse IDA (Rockwest Center II)(i) 7.000 12/01/2005 -- 741,210
----------------------------------------------------------------------------------------------------------------------
285,000 Syracuse IDA (St. Joseph's Hospital) 7.250 06/01/2001 -- 290,609
----------------------------------------------------------------------------------------------------------------------
1,315,000 Syracuse SCHC
(East Hill Village Apartments) 6.125 11/01/2010 06/01/2006(c) 1,338,407
----------------------------------------------------------------------------------------------------------------------
195,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2015(s) 06/01/2005(b) 196,673
----------------------------------------------------------------------------------------------------------------------
295,000 Tompkins Healthcare Corp.
(Reconstruction Home) 10.800 02/01/2028 08/01/2005(b) 351,413
----------------------------------------------------------------------------------------------------------------------
3,610,000 Tonawanda HDC (Tonawanda Towers) 6.150 10/01/2011 12/15/2006(c) 3,614,621
----------------------------------------------------------------------------------------------------------------------
20,000 Triborough Bridge & Tunnel Authority 6.000 01/01/2019 01/01/2001(b) 20,031
----------------------------------------------------------------------------------------------------------------------
50,000 Triborough Bridge & Tunnel Authority 6.500 01/01/2019(s) 01/01/2002(b) 51,839
----------------------------------------------------------------------------------------------------------------------
555,000 Triborough Bridge & Tunnel Authority 6.625 01/01/2017(s) 01/01/2001(b) 570,990
----------------------------------------------------------------------------------------------------------------------
13,050,000 Triborough Bridge & Tunnel Authority 6.875 01/01/2015(s) 01/01/2001(b) 13,446,068
34 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
--------------------------------------------------------------------------------------------------------------------------
New York Continued
$ 870,000 Triborough Bridge & Tunnel Authority 6.875% 01/01/2015(s) 01/01/2001(b) $ 896,405
--------------------------------------------------------------------------------------------------------------------------
60,000 Triborough Bridge & Tunnel Authority 6.875 01/01/2015(s) 01/01/2001(b) 61,821
--------------------------------------------------------------------------------------------------------------------------
120,000 Triborough Bridge & Tunnel Authority 7.100 01/01/2010(s) 01/01/2001(b) 123,851
--------------------------------------------------------------------------------------------------------------------------
2,500,000 TSASC, Inc. (TFABs) 5.900 07/15/2017 07/15/2011(e) 2,510,250
--------------------------------------------------------------------------------------------------------------------------
4,000,000 TSASC, Inc. (TFABs) 6.000 07/15/2019 07/15/2013(e) 4,021,440
--------------------------------------------------------------------------------------------------------------------------
75,000 Tupper Lake HDC 8.125 10/01/2010 03/15/2002(b) 75,191
--------------------------------------------------------------------------------------------------------------------------
1,580,000 Ulster County IDA (Benedictine Hospital) 6.050 06/01/2005 07/15/2003(c) 1,520,845
--------------------------------------------------------------------------------------------------------------------------
660,000 Union Hsg. Authority (Methodist Homes) 6.800 11/01/2004 12/30/2002(c) 663,663
--------------------------------------------------------------------------------------------------------------------------
2,065,000 United Nations Devel. Corp., Series B 5.400 07/01/2014 07/13/2013(c) 2,008,687
--------------------------------------------------------------------------------------------------------------------------
3,340,000 United Nations Devel. Corp., Series B 5.500 07/01/2017 07/13/2016(c) 3,216,888
--------------------------------------------------------------------------------------------------------------------------
6,070,000 United Nations Devel. Corp., Series C 5.500 07/01/2017 07/13/2016(c) 5,846,260
--------------------------------------------------------------------------------------------------------------------------
500,000 Utica IDA (Utica College) 5.300 08/01/2008 02/07/2004(c) 490,995
--------------------------------------------------------------------------------------------------------------------------
40,000 Utica SCHC (Brook Apartments) 0.000 01/01/2002 -- 34,725
--------------------------------------------------------------------------------------------------------------------------
30,000 Utica SCHC (Brook Apartments) 0.000 01/01/2003 01/01/2001(b) 23,682
--------------------------------------------------------------------------------------------------------------------------
60,000 Utica SCHC (Brook Apartments) 0.000 01/01/2005 01/01/2001(b) 39,025
--------------------------------------------------------------------------------------------------------------------------
100,000 Utica SCHC (Steinhorst Apartments) 6.500 04/15/2008(s) 12/04/2004(g) 105,545
--------------------------------------------------------------------------------------------------------------------------
90,000 Valley Health Devel. Corp. 11.300 02/01/2007 08/01/2000(b) 99,354
--------------------------------------------------------------------------------------------------------------------------
940,000 Valley Health Devel. Corp. 11.300 02/01/2023(s) 12/15/2000(b) 1,036,726
--------------------------------------------------------------------------------------------------------------------------
5,000 Valley Health Devel. Corp. 7.850 02/01/2002 07/31/2000(c) 5,015
--------------------------------------------------------------------------------------------------------------------------
10,000 Valley Health Devel. Corp. 7.850 08/01/2035(s) 08/01/2001(b) 10,559
--------------------------------------------------------------------------------------------------------------------------
95,000 Watervliet EHC 8.000 11/15/2000 -- 95,773
--------------------------------------------------------------------------------------------------------------------------
95,000 Watervliet EHC 8.000 11/15/2001 11/15/2000(b) 95,773
--------------------------------------------------------------------------------------------------------------------------
100,000 Watervliet EHC 8.000 11/15/2002 11/15/2000(b) 100,814
--------------------------------------------------------------------------------------------------------------------------
385,000 Westchester County IDA
(Beth Abraham Hospital) 7.250 12/01/2009 01/06/2005(c) 382,509
--------------------------------------------------------------------------------------------------------------------------
775,000 Westchester County IDA (JBFS) 6.500 12/15/2002 12/30/2001(c) 778,255
--------------------------------------------------------------------------------------------------------------------------
385,000 Westchester County IDA (JDAM) 6.250 04/01/2005 05/15/2003(c) 385,797
--------------------------------------------------------------------------------------------------------------------------
1,010,000 Westchester County IDA (JDAM) 6.750 04/01/2016 06/29/2013(c) 989,184
--------------------------------------------------------------------------------------------------------------------------
2,650,000 Westchester County IDA (WRC) 5.500 07/01/2009 -- 2,394,355
--------------------------------------------------------------------------------------------------------------------------
1,675,000 Yonkers IDA (Hudson Scenic Studio) 5.875 11/01/2007 08/20/2004(c) 1,590,513
--------------------------------------------------------------------------------------------------------------------------
1,025,000 Yonkers IDA (Philipsburgh Hall) 6.500 11/01/2001 -- 1,024,867
--------------------------------------------------------------------------------------------------------------------------
185,000 Yonkers IDA (Philipsburgh Hall) 6.750 11/01/2008 07/15/2005(c) 185,327
--------------------------------------------------------------------------------------------------------------------------
1,000,000 Yonkers IDA (St. Joseph's Hospital),
Series 98-B 5.900 03/01/2008 03/01/2006(c) 939,490
------------
976,543,275
35 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
------------------------------------------------------------------------------------------------------------------------
U.S. Possessions--16.4%
$ 700,000 American Samoa Power Authority 7.000% 09/01/2000 -- $ 701,995
------------------------------------------------------------------------------------------------------------------------
11,580,000 Guam Airport Authority, Series B 6.400 10/01/2005(s) 10/31/2003(g) 12,008,576
------------------------------------------------------------------------------------------------------------------------
15,335,000 Guam Airport Authority, Series B 6.600 10/01/2010(s) 10/01/2005(b) 15,952,847
------------------------------------------------------------------------------------------------------------------------
21,115,000 Guam Airport Authority, Series B 6.700 10/01/2023(s) 10/01/2005(b) 21,453,896
------------------------------------------------------------------------------------------------------------------------
15,075,000 Guam GO, Series A 5.375 11/15/2013 12/23/2011(c) 13,954,325
------------------------------------------------------------------------------------------------------------------------
6,280,000 Guam GO, Series A 5.400 11/15/2018 12/22/2016(c) 5,568,162
------------------------------------------------------------------------------------------------------------------------
2,470,000 Guam GO, Series A 5.625 09/01/2002 -- 2,469,926
------------------------------------------------------------------------------------------------------------------------
3,630,000 Guam GO, Series A 5.700 09/01/2003 -- 3,630,145
------------------------------------------------------------------------------------------------------------------------
5,250,000 Guam GO, Series A 5.750 09/01/2004 -- 5,250,210
------------------------------------------------------------------------------------------------------------------------
1,975,000 Guam GO, Series A 5.900 09/01/2005 -- 1,975,059
------------------------------------------------------------------------------------------------------------------------
1,000,000 Guam GO, Series A 6.000 09/01/2006 -- 1,000,070
------------------------------------------------------------------------------------------------------------------------
80,000 Guam Highway, Series A 6.300 05/01/2012(s) 05/01/2002(b) 83,458
------------------------------------------------------------------------------------------------------------------------
100,000 Guam Water System 7.000 07/01/2002 01/01/2001(b) 103,220
------------------------------------------------------------------------------------------------------------------------
375,000 Guam Water System 7.000 07/01/2009 01/01/2001(b) 387,173
------------------------------------------------------------------------------------------------------------------------
150,408 Puerto Rico Aquadilla Bus Lease(i) 8.500 02/02/2002 05/13/2001(c) 151,614
------------------------------------------------------------------------------------------------------------------------
217,927 Puerto Rico Aquadilla Carts Lease(i) 8.000 02/02/2001 11/03/2000(c) 218,943
------------------------------------------------------------------------------------------------------------------------
361,499 Puerto Rico Aquadilla Equipment Lease(i) 8.000 01/26/2002 05/05/2001(c) 365,125
------------------------------------------------------------------------------------------------------------------------
217,522 Puerto Rico Aquadilla Truck Lease(i,x) 8.500 10/15/2001 04/20/2001(c) 220,546
------------------------------------------------------------------------------------------------------------------------
1,674,056 Puerto Rico Dept. of Corrections
Equipment Lease(i) 9.000 01/08/2003 10/31/2001(c) 1,725,734
------------------------------------------------------------------------------------------------------------------------
1,761,880 Puerto Rico Dept. of Corrections
Furniture Lease(i) 7.000 04/25/2004 08/27/2002(c) 1,755,415
------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico Electric Power Authority 6.000 07/01/2016(s) 07/01/2004(b) 25,767
------------------------------------------------------------------------------------------------------------------------
30,000 Puerto Rico Electric Power Authority 6.000 07/01/2016(s) 07/01/2004(b) 31,044
------------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico GO 6.000 07/01/2014(s) 07/01/2002(b) 102,658
------------------------------------------------------------------------------------------------------------------------
5,000 Puerto Rico GO 6.000 07/01/2014(s) 07/01/2002(b) 5,175
------------------------------------------------------------------------------------------------------------------------
1,800,000 Puerto Rico GO YCN 7.261(r) 07/01/2008(s) 07/01/2002(b) 1,903,500
------------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico HBFA 5.850 10/01/2009 04/01/2007(b) 56,436
------------------------------------------------------------------------------------------------------------------------
395,000 Puerto Rico HBFA 6.100 10/01/2015 08/20/2013(c) 394,605
------------------------------------------------------------------------------------------------------------------------
1,933,195 Puerto Rico Health Dept.
Equipment Lease(i) 7.099 07/23/2003 01/26/2002(c) 1,923,182
------------------------------------------------------------------------------------------------------------------------
125,000 Puerto Rico HFC 6.000 02/01/2009(s) 02/01/2002(b) 127,409
------------------------------------------------------------------------------------------------------------------------
135,000 Puerto Rico HFC 6.650 10/15/2010(s) 10/01/2001(b) 138,811
------------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico HFC 6.750 10/15/2013(s) 10/01/2001(b) 10,237
------------------------------------------------------------------------------------------------------------------------
30,000 Puerto Rico HFC 6.850 10/15/2023(s) 10/10/2001(b) 31,091
------------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico HFC 7.100 04/01/2002 10/01/2000(b) 10,215
------------------------------------------------------------------------------------------------------------------------
595,000 Puerto Rico HFC 7.200 04/01/2003 10/01/2000(b) 607,852
------------------------------------------------------------------------------------------------------------------------
80,000 Puerto Rico HFC 7.250 10/01/2004 04/01/2001(b) 81,731
------------------------------------------------------------------------------------------------------------------------
85,000 Puerto Rico HFC 7.300 04/01/2006 10/01/2000(b) 86,843
------------------------------------------------------------------------------------------------------------------------
120,000 Puerto Rico HFC 7.300 10/01/2006 10/01/2000(b) 122,602
------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico HFC 7.400 04/01/2007 10/01/2000(b) 51,088
------------------------------------------------------------------------------------------------------------------------
20,000 Puerto Rico HFC 7.450 10/15/2009(s) 09/27/2000(b) 20,448
------------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico HFC 7.500 10/15/2012(s) 09/27/2000(b) 10,224
------------------------------------------------------------------------------------------------------------------------
3,480,000 Puerto Rico HFC 7.500 10/01/2015(s) 10/01/2000(b) 3,556,003
------------------------------------------------------------------------------------------------------------------------
7,045,000 Puerto Rico HFC 7.500 04/01/2022(s) 10/01/2000(b) 7,199,286
36 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
------------------------------------------------------------------------------------------------------------------------
U.S. Possessions Continued
$ 110,000 Puerto Rico HFC 7.650% 10/15/2022(s) 09/27/2000(b) $ 112,510
------------------------------------------------------------------------------------------------------------------------
1,365,000 Puerto Rico Highway &
Transportation Authority 6.625 07/01/2012(s) 07/01/2002(b) 1,427,845
------------------------------------------------------------------------------------------------------------------------
419,011 Puerto Rico HR Vehicle Lease(i) 8.000 03/12/2001 12/01/2000(c) 419,477
------------------------------------------------------------------------------------------------------------------------
34,856 Puerto Rico HR Vehicle Lease(i) 8.000 03/12/2001 12/13/2000(c) 34,936
------------------------------------------------------------------------------------------------------------------------
1,295,000 Puerto Rico IMEPCF (Abbott Labs)(i) 6.500 07/01/2009 01/01/2001(b) 1,307,950
------------------------------------------------------------------------------------------------------------------------
6,250,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 11/15/2002(b) 6,546,438
------------------------------------------------------------------------------------------------------------------------
7,175,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 11/15/2002(b) 7,515,310
------------------------------------------------------------------------------------------------------------------------
420,000 Puerto Rico IMEPCF (Squibb) 6.500 07/01/2004(s) 01/01/2001(b) 424,200
------------------------------------------------------------------------------------------------------------------------
3,525,000 Puerto Rico Infrastructure 7.500 07/01/2009(s) 01/01/2001(b) 3,532,826
------------------------------------------------------------------------------------------------------------------------
65,000 Puerto Rico Infrastructure 7.700 07/01/2001 01/01/2001(b) 65,155
------------------------------------------------------------------------------------------------------------------------
5,000 Puerto Rico Infrastructure 7.700 07/01/2001 01/01/2001(b) 5,012
------------------------------------------------------------------------------------------------------------------------
1,915,000 Puerto Rico Infrastructure 7.750 07/01/2008(s) 01/01/2001(b) 1,919,634
------------------------------------------------------------------------------------------------------------------------
3,140,000 Puerto Rico Infrastructure 7.900 07/01/2007(s) 01/01/2001(b) 3,203,428
------------------------------------------------------------------------------------------------------------------------
750,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.375 11/15/2015 11/15/2011(b) 812,490
------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.500 11/15/2020 11/15/2011(b) 2,148,900
------------------------------------------------------------------------------------------------------------------------
1,890,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 5.625 07/01/2017 10/18/2010(c) 1,582,062
------------------------------------------------------------------------------------------------------------------------
2,470,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.375 07/01/2006 03/04/2004(c) 2,438,384
------------------------------------------------------------------------------------------------------------------------
1,975,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.500 07/01/2012 09/02/2009(c) 1,887,231
------------------------------------------------------------------------------------------------------------------------
8,735,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.500 07/01/2018 03/07/2016(c) 8,028,775
------------------------------------------------------------------------------------------------------------------------
200,000 Puerto Rico ITEMECF (Polytech University) 5.700 08/01/2013 07/15/2009(c) 195,930
------------------------------------------------------------------------------------------------------------------------
1,045,000 Puerto Rico ITEMECF
(Ryder Memorial Hospital) 6.400 05/01/2009(s) 05/01/2006(b) 1,050,173
------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Municipal Finance Agency 6.000 08/01/2016 08/01/2011(b) 5,289,900
------------------------------------------------------------------------------------------------------------------------
267,524 Puerto Rico Natural Resources Dept.
Equipment Lease(i) 7.250 11/23/2001 05/28/2001(c) 264,204
------------------------------------------------------------------------------------------------------------------------
346,695 Puerto Rico Natural Resources Dept.
Equipment Lease(i) 7.250 01/25/2002 05/03/2001(c) 346,168
------------------------------------------------------------------------------------------------------------------------
1,166,207 Puerto Rico Natural Resources Dept.
Equipment Lease(i) 7.250 10/26/2003 02/27/2002(c) 1,162,756
------------------------------------------------------------------------------------------------------------------------
271,555 Puerto Rico Office of the
Governor Computer Lease(i) 6.906 09/30/2002 03/15/2001(c) 271,132
------------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico Port Authority 5.700 07/01/2003(s) 01/01/2001(b) 55,110
------------------------------------------------------------------------------------------------------------------------
15,000 Puerto Rico Port Authority 5.750 07/01/2002(s) 01/01/2001(b) 15,009
------------------------------------------------------------------------------------------------------------------------
30,000 Puerto Rico Port Authority 6.000 07/01/2021(s) 07/01/2001(b) 30,091
------------------------------------------------------------------------------------------------------------------------
425,000 Puerto Rico Port Authority 7.000 07/01/2014(s) 07/01/2001(b) 441,558
------------------------------------------------------------------------------------------------------------------------
220,000 Puerto Rico Port Authority 7.300 07/01/2007(s) 01/01/2001(b) 224,400
------------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico Port Authority
(American Airlines) 6.300 06/01/2023 -- 98,328
------------------------------------------------------------------------------------------------------------------------
120,000 Puerto Rico Public Buildings Authority 6.000 07/01/2012(s) 01/01/2001(b) 120,120
------------------------------------------------------------------------------------------------------------------------
8,655,000 Puerto Rico Public Buildings Authority 6.000 07/01/2012(s) 01/01/2001(b) 8,663,655
37 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
Principal Effective Market Value
Amount Coupon Maturity Maturity* See Note 1
------------------------------------------------------------------------------------------------------------------------------
U.S. Possessions Continued
$ 529,343 Puerto Rico State Courts
Telephone System Lease(i) 7.250% 06/04/2002 09/11/2001(c) $ 522,075
------------------------------------------------------------------------------------------------------------------------------
1,680,000 Puerto Rico Urban Renewal 7.875 10/01/2004(s) 10/01/2000(b) 1,717,246
------------------------------------------------------------------------------------------------------------------------------
35,241 Puerto Rico Vocational Rehab.
Vehicle Lease(i) 8.000 02/17/2002 05/27/2001(c) 35,282
------------------------------------------------------------------------------------------------------------------------------
255,000 University of Puerto Rico 5.500 06/01/2012(s) 06/01/2002(b) 256,576
------------------------------------------------------------------------------------------------------------------------------
500,000 University of V.I. 7.500 10/01/2009 10/01/2004(a) 564,555
------------------------------------------------------------------------------------------------------------------------------
500,000 University of V.I. 7.650 10/01/2014 10/01/2004(a) 567,425
------------------------------------------------------------------------------------------------------------------------------
1,512,000 V.I. GO (Hugo Insurance Claims Program) 7.750 10/01/2006(s) 08/21/2001(g) 1,589,883
------------------------------------------------------------------------------------------------------------------------------
60,000 V.I. HFA 6.500 03/01/2025(s) 03/01/2005(b) 60,704
------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority 5.500 10/01/2018 10/14/2017(c) 921,470
------------------------------------------------------------------------------------------------------------------------------
1,730,000 V.I. Public Finance Authority 6.000 10/01/2005 -- 1,722,509
------------------------------------------------------------------------------------------------------------------------------
175,000 V.I. Public Finance Authority 6.000 10/01/2022 03/26/2021(c) 162,531
------------------------------------------------------------------------------------------------------------------------------
2,000,000 V.I. Water & Power Authority 5.000 07/01/2009 07/12/2008(c) 1,855,200
------------------------------------------------------------------------------------------------------------------------------
1,100,000 V.I. Water & Power Authority 7.200 01/01/2002 01/18/2001(a) 1,128,831
------------------------------------------------------------------------------------------------------------------------------
11,340,000 V.I. Water & Power Authority 7.400 07/01/2011 07/01/2001(a) 11,790,652
--------------
190,008,682
------------------------------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $1,171,438,633)--100.6% 1,166,551,957
------------------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets--(0.6%) (7,458,651)
--------------
Net Assets--100.0% $1,159,093,306
==============
</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 planned principal payment.
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 $35,038,651, or
2.92% of the Fund's total assets as of June 30, 2000.
s. Security also has mandatory sinking fund principal payments prior to maturity
and an average life which is shorte(r) than the stated final maturity.
t. Non-income accruing security.
v. Represents the current interest rate for a variable or increasing rate
security.
x. Issuer is in default.
See accompanying Notes to Financial Statements.
38 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
-------------------------------------------------------------------------------
================================================================================
Portfolio Abbreviations June 30, 2000 / Unaudited
To simplify the listing of securities in the Statement of Investments,
abbreviations are used per the table below:
<TABLE>
<S> <C> <C> <C>
ACLDD Adults and Children with Learning and LGSC Local Government Services Corporation
Developmental Disabilities LILCO Long Island Lighting Corporation
AOFMH Aurelia Osborn Fox Memorial Hospital LIMO Limited Interest Municipal Obligation
ARC Association of Retarded Citizens MTA Metropolitan Transportation Authority
ASMF Amsterdam Sludge Management Facility NIMO Niagara Mohawk Power Corporation
CAB Capital Appreciation Bond NJ New Jersey
CARS Complimentary Auction Rate Security NSCFGA North Shore Child and Family
CDC Community Development Corporation Guidance Association
Con Ed Consolidated Edison Company NY New York
COP Certificates of Participation NYC New York City
CSD Central School District NYS New York State
DA Dormitory Authority NYU New York University
DIAMONDS Direct Investment of Accrued Municipals OBPWC Ocean Bay Park Water Corporation
EFC Environmental Facilities Corporation PACES Potsdam Auxiliary and College
EHC Elderly Housing Corporation Educational Service
ERDA Energy Research and Development Authority PRAMS Prudential Receipts of Accrual
G&E Gas and Electric Municipal Securities
G&H Geriatric and Healthcare Res Rec Resource Recovery Facility
GO General Obligation RG&E Rochester Gas and Electric
GRIA Greater Rochester International Airport SCHC Senior Citizen Housing Corporation
HBFA Housing Bank and Finance Agency SCSB Schuyler Community Services Board
HDC Housing Development Corporation SLRHF St. Luke Residential Healthcare Facility
HELP Homeless Economic Loan Program SONYMA State of New York Mortgage Agency
HFA Housing Finance Agency SRGF Solomon R. Guggenheim Foundation
HFC Housing Finance Corporation SWMA Solid Waste Management Authority
HR House of Representatives TFABs Tobacco Flexible Amortization Bonds
IDA Industrial Development Agency UDC Urban Development Corporation
IMEPCF Industrial, Medical and Environmental UFSD Union Free School District
Pollution Control Facilities USTA United States Tennis Association
ITEMECF Industrial, Tourist, Educational, Medical and V.I. United States Virgin Islands
Environmental Community Facilities WHELC Wartburg Home of the Evangelical
JBFS Jewish Board of Family Services Lutheran Church
JCC Jewish Community Center WRC Westchester Resco Company
JDAM Julia Dyckman Angus Memorial WWH Wyandach/Wheatley Heights
LGAC Local Government Assistance Corporation YCN Yield Curve Note
</TABLE>
39 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
-------------------------------------------------------------------------------
================================================================================
Industry Concentrations June 30, 2000 / Unaudited
Distribution of investments by industry of issue, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
Industry Market Value Percent
---------------------------------------------------------------
<S> <C> <C>
General Obligation $ 214,136,605 18.4%
Electric Utilities 162,088,621 13.9
Marine/Aviation Facilities 142,209,178 12.2
Hospital/Healthcare 140,399,749 12.0
Multifamily Housing 84,506,380 7.3
Municipal Leases 70,494,751 6.1
Single Family Housing 56,463,042 4.8
Nonprofit Organization 41,061,776 3.5
Resource Recovery 39,061,263 3.4
Highways/Railways 38,640,358 3.3
Water Utilities 28,257,969 2.4
Manufacturing, Non-Durable Goods 27,936,706 2.4
Gas Utilities 24,665,468 2.1
Pollution Control 18,954,810 1.6
Higher Education 17,411,020 1.5
Special Assessment 15,328,985 1.3
Manufacturing, Durable Goods 12,173,299 1.0
Sales Tax Revenue 11,673,124 1.0
Other 21,088,853 1.8
--------------------------
$1,166,551,957 100.0%
==========================
</TABLE>
================================================================================
Summary of Ratings June 30, 2000 / Unaudited
Distribution of investments by rating category, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
Rating Percent
------------------------------
<S> <C>
AAA 20.5%
AA 12.9
A 35.5
BBB 26.2
BB 0.2
B 0.0
CCC 0.0
CC 0.0
C 0.0
Not Rated 4.7
------
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.
40 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF ASSETS AND LIABILITES Unaudited
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
June 30, 2000
=================================================================================================
Assets
<S> <C>
Investments, at value (cost $1,171,438,633)--see accompanying statement $1,166,551,957
-------------------------------------------------------------------------------------------------
Cash 1,039,493
-------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 22,618,012
Investments sold 6,544,833
Shares of beneficial interest sold 1,231,254
Other 10,994
--------------
Total assets 1,197,996,543
=================================================================================================
Liabilities
Payables and other liabilities:
Note payable to bank (interest rate 7.875% at 6/30/00) 29,600,000
Investments purchased 4,424,471
Shares of beneficial interest redeemed 3,666,377
Dividends 818,260
Trustees' compensation 214,614
Other 179,515
--------------
Total liabilities 38,903,237
=================================================================================================
Net Assets $1,159,093,306
==============
=================================================================================================
Composition of Net Assets
Paid-in capital $1,193,322,576
-------------------------------------------------------------------------------------------------
Undistributed net investment income 631,193
-------------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (29,973,787)
-------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (4,886,676)
--------------
Net Assets $1,159,093,306
==============
=================================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$935,871,717 and 291,737,122 shares of beneficial interest outstanding) $3.21
Maximum offering price per share (net asset value plus sales charge of 3.50% of
offering price) $3.33
-------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $85,151,430
and 26,570,005 shares of beneficial interest outstanding) $3.20
-------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $103,914,639
and 32,471,671 shares of beneficial interest outstanding) $3.20
-------------------------------------------------------------------------------------------------
Class X Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $34,155,520
and 10,622,694 shares of beneficial interest outstanding) $3.22
</TABLE>
See accompanying Notes to Financial Statements.
41 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF OPERATIONS Unaudited
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Six Months Ended June 30, 2000
===================================================================================
<S> <C>
Investment Income
Interest $33,901,600
===================================================================================
Expenses
Management fees 2,470,880
-----------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 1,169,038
Class B 423,043
Class C 545,243
Class X 135,270
-----------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 235,670
Class B 31,639
Class C 33,417
Class X 15,125
-----------------------------------------------------------------------------------
Interest 307,482
-----------------------------------------------------------------------------------
Accounting service fees 180,287
-----------------------------------------------------------------------------------
Trustees' compensation 72,730
-----------------------------------------------------------------------------------
Custodian fees and expenses 54,947
-----------------------------------------------------------------------------------
Other 127,478
-----------
Total expenses 5,802,249
Less expenses paid indirectly (22,378)
-----------
Net expenses 5,779,871
===================================================================================
Net Investment Income 28,121,729
===================================================================================
Realized and Unrealized Gain (Loss)
Net realized loss on investments (4,640,900)
-----------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 10,091,221
-----------
Net realized and unrealized gain 5,450,321
===================================================================================
Net Increase in Net Assets Resulting from Operations $33,572,050
===========
</TABLE>
See accompanying Notes to Financial Statements.
42 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 2000 December 31,
(Unaudited) 1999
=============================================================================================================
<S> <C> <C>
Operations
Net investment income $ 28,121,729 $ 58,480,425
-------------------------------------------------------------------------------------------------------------
Net realized loss (4,640,900) (15,573,998)
-------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 10,091,221 (56,843,187)
---------------------------------
Net increase (decrease) in net assets resulting from operations 33,572,050 (13,936,760)
=============================================================================================================
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A (23,210,840) (48,813,022)
Class B (1,708,738) (2,946,049)
Class C (2,218,365) (4,465,531)
Class X (771,706) (1,790,803)
=============================================================================================================
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A (94,419,506) 105,030,998
Class B (4,031,855) 28,738,925
Class C (15,912,818) 31,044,037
Class X (5,502,106) (5,563,113)
=============================================================================================================
Net Assets
Total increase (decrease) (114,203,884) 87,298,682
-------------------------------------------------------------------------------------------------------------
Beginning of period 1,273,297,190 1,185,998,508
---------------------------------
End of period (including undistributed net investment income
of $631,193 and $419,113, respectively) $1,159,093,306 $1,273,297,190
=================================
</TABLE>
See accompanying Notes to Financial Statements.
43 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
June 30, 2000 Dec. 31,
Class A (Unaudited) 1999 1998 1997 1996(1) 1995
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $3.19 $3.37 $3.34 $3.26 $3.28 $3.15
-------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .08 .15 .16 .17 .17 .18
Net realized and unrealized gain (loss) .02 (.18) .03 .08 (.02) .13
-----------------------------------------------------------------------------
Total income (loss) from investment
operations .10 (.03) .19 .25 .15 .31
-------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.08) (.15) (.16) (.17) (.17) (.18)
-----------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.08) (.15) (.16) (.17) (.17) (.18)
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.21 $3.19 $3.37 $3.34 $3.26 $3.28
=============================================================================
===============================================================================================================================
Total Return, at Net Asset Value(2) 3.07% (0.87)% 5.94% 8.01% 4.82% 10.01%
===============================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $935,872 $1,025,714 $979,316 $771,828 $634,172 $567,537
-------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $966,995 $1,060,745 $884,849 $677,376 $606,742 $520,990
-------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 4.84% 4.64% 4.80% 5.27% 5.37% 5.44%
Expenses 0.83% 0.81% 0.82%(4) 0.83% 0.89% 0.90%
Expenses, net of indirect expenses
and interest(5) 0.77% 0.77% 0.80% 0.80% 0.83% 0.83%
-------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 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.
See accompanying Notes to Financial Statements.
44 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
June 30, 2000 Dec. 31,
Class B (Unaudited) 1999 1998 1997(1)
==============================================================================================================
<S> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $3.19 $3.37 $3.34 $3.25
--------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .06 .13 .14 .10
Net realized and unrealized gain (loss) .01 (.18) .03 .09
--------------------------------------------------
Total income (loss) from investment operations .07 (.05) .17 .19
--------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.06) (.13) (.14) (.10)
--------------------------------------------------
Total dividends and/or distributions to shareholders (.06) (.13) (.14) (.10)
--------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.20 $3.19 $3.37 $3.34
==================================================
==============================================================================================================
Total Return, at Net Asset Value(2) 2.35% (1.64)% 5.13% 5.89%
==============================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $85,151 $88,758 $64,388 $21,500
--------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $85,053 $78,263 $43,620 $ 9,873
--------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 4.05% 3.84% 3.97% 4.18%
Expenses 1.61% 1.59% 1.59%(4) 1.56%
Expenses, net of indirect expenses and interest(5) 1.55% 1.55% 1.57% 1.54%
--------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 37% 25% 27%
</TABLE>
1. For the period from May 1, 1997 (inception of offering) to December 31, 1997.
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.
See accompanying Notes to Financial Statements.
45 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
FINANCIAL HIGHLIGHTS Continued
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
June 30, 2000 Dec. 31,
Class C (Unaudited) 1999 1998 1997(1)
==============================================================================================================
<S> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $3.18 $3.36 $3.33 $3.25
--------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .06 .13 .14 .10
Net realized and unrealized gain (loss) .02 (.18) .03 .08
--------------------------------------------------
Total income (loss) from investment operations .08 (.05) .17 .18
--------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.06) (.13) (.14) (.10)
--------------------------------------------------
Total dividends and/or distributions to shareholders (.06) (.13) (.14) (.10)
--------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.20 $3.18 $3.36 $3.33
==================================================
==============================================================================================================
Total Return, at Net Asset Value(2) 2.68% (1.63)% 5.15% 5.58%
==============================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $103,915 $119,329 $94,870 $26,862
--------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $109,569 $116,249 $61,717 $12,705
--------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 4.07% 3.86% 3.98% 4.22%
Expenses 1.59% 1.57% 1.57%(4) 1.54%
Expenses, net of indirect expenses and interest(5) 1.54% 1.53% 1.55% 1.51%
--------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 37% 25% 27%
</TABLE>
1. For the period from May 1, 1997 (inception of offering) to December 31, 1997.
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.
See accompanying Notes to Financial Statements.
46 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
June 30, 2000 Dec. 31,
Class X (Unaudited) 1999 1998 1997 1996(1) 1995(1)
================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $3.20 $3.38 $3.35 $3.27 $3.28 $3.21
--------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .07 .13 .15 .16 .16 .11
Net realized and unrealized gain (loss) .02 (.18) .03 .08 (.01) .07
-----------------------------------------------------------------------------
Total income (loss) from investment
operations .09 (.05) .18 .24 .15 .18
--------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.07) (.13) (.15) (.16) (.16) (.11)
-----------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.07) (.13) (.15) (.16) (.16) (.11)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.22 $3.20 $3.38 $3.35 $3.27 $3.28
=============================================================================
================================================================================================================================
Total Return, at Net Asset Value(2) 2.78% (1.39)% 5.38% 7.44% 4.59% 5.65%
================================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $34,156 $39,496 $47,424 $52,510 $40,828 $16,415
--------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $36,241 $44,237 $49,866 $49,563 $28,971 $ 8,869
--------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 4.30% 4.11% 4.30% 4.75% 4.85% 5.21%
Expenses 1.37% 1.34% 1.35%(4) 1.35% 1.38% 0.90%
Expenses, net of indirect expenses
and interest(5) 1.31% 1.30% 1.32% 1.32% 1.32% 0.83%
--------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 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. For the period from May 1, 1997 (inception of offering) to December 31, 1997.
7. For the period from May 1, 1995 (inception of offering) to December 31, 1995.
See accompanying Notes to Financial Statements.
47 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited
-------------------------------------------------------------------------------
================================================================================
1. Significant Accounting Policies
Limited Term New York Municipal Fund (the Fund) is a separate series of
Rochester Portfolio Series, a diversified, open-end management investment
company registered under the Investment Company Act of 1940, as amended. The
Fund's investment objective is to seek as high a level of income exempt from
federal income tax and New York State and New York City personal income taxes as
is consistent with its investment policies and prudent investment management.
The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B and Class C shares. As of January 6, 1998,
the Fund is no longer offering Class X shares (Class X shares were designated as
Class B shares prior to May 1, 1997). Class A shares are sold at their offering
price, which is normally net asset value plus a front-end sales charge. Class B
and Class C shares are sold without a front-end 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. Securities listed or traded on National Stock Exchanges or
other domestic or foreign exchanges are valued based on the last sale price of
the security traded on that exchange prior to the time when the Fund's assets
are valued. In the absence of a sale, the security is valued at the last sale
price on the prior trading day, if it is within the spread of the closing bid
and asked prices, and if not, at the closing bid price. Securities (including
restricted securities) for which quotations are not readily available are valued
primarily using dealer-supplied valuations, a portfolio pricing service
authorized by the Board of Trustees, or at their fair value. Fair value is
determined in good faith under consistently applied procedures under the
supervision of the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
48 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
--------------------------------------------------------------------------------
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 trade date. Normally the
settlement date occurs within six months after the trade date; however, the Fund
may, from time to time, purchase securities whose settlement date extends beyond
six months and possibly as long as two years or more beyond trade date. During
this period, such securities do not earn interest, are subject to market
fluctuation and may increase or decrease in value prior to their delivery. The
Fund maintains segregated assets with a market value equal to or greater than
the amount of its purchase commitments. The purchase of securities on a
when-issued or forward commitment basis may increase the volatility of the
Fund's net asset value to the extent the Fund makes such purchases while
remaining substantially fully invested. As of June 30, 2000, the Fund had no
outstanding when-issued or forward commitments.
--------------------------------------------------------------------------------
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 six months
ended June 30, 2000, a provision of $52,839 was made for the Fund's projected
benefit obligations, resulting in an accumulated liability of $202,846 as of
June 30, 2000.
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.
49 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
-------------------------------------------------------------------------------
================================================================================
1. Significant Accounting Policies Continued
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 Dividends and Distributions to Shareholders. Net investment
income (loss) and net realized gain (loss) may differ for financial statement
and tax purposes. The character of dividends and distributions made during the
fiscal 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 dividends and distributions, the fiscal year in which amounts are distributed
may differ from the fiscal year in which the income or realized gain was
recorded by the Fund.
--------------------------------------------------------------------------------
Expense Offset Arrangements. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
--------------------------------------------------------------------------------
Other. Investment transactions are accounted for as of trade date. Original
issue discount is accreted and premium is amortized in accordance with federal
income tax requirements. For municipal bonds acquired after April 30, 1993, on
disposition or maturity, taxable ordinary income is recognized to the extent of
the lesser of gain or market discount that would have accrued over the holding
period. Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
There are certain risks arising from geographic concentration in any state.
Certain revenue or tax related events in a state may impair the ability of
certain issuers of municipal securities to pay principal and interest on their
obligations.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
50 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
================================================================================
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Six Months Ended June 30, 2000 Year Ended December 31, 1999
Shares Amount Shares Amount
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Sold 14,310,008 $ 45,581,663 112,559,156 $ 371,678,795
Dividends and/or
distributions reinvested 4,442,294 14,147,964 9,638,646 31,694,788
Redeemed (48,413,784) (154,149,133) (91,380,672) (298,342,585)
--------------------------------------------------------------
Net increase (decrease) (29,661,482) $ (94,419,506) 30,817,130 $ 105,030,998
==============================================================
-------------------------------------------------------------------------------------------
Class B
Sold 2,284,573 $ 7,267,458 11,890,955 $ 39,104,573
Dividends and/or
distributions reinvested 356,973 1,135,590 638,858 2,095,730
Redeemed (3,909,695) (12,434,903) (3,819,240) (12,461,378)
--------------------------------------------------------------
Net increase (decrease) (1,268,149) $ (4,031,855) 8,710,573 $ 28,738,925
==============================================================
-------------------------------------------------------------------------------------------
Class C
Sold 2,883,181 $ 9,160,784 20,030,859 $ 66,135,515
Dividends and/or
distributions reinvested 507,481 1,614,376 1,035,649 3,395,130
Redeemed (8,397,225) (26,687,978) (11,796,007) (38,486,608)
--------------------------------------------------------------
Net increase (decrease) (5,006,563) $ (15,912,818) 9,270,501 $ 31,044,037
==============================================================
-------------------------------------------------------------------------------------------
Class X
Sold -- $ -- -- $ --
Dividends and/or
distributions reinvested 157,794 503,557 362,172 1,195,024
Redeemed (1,883,530) (6,005,663) (2,059,716) (6,758,137)
--------------------------------------------------------------
Net decrease (1,725,736) $ (5,502,106) (1,697,544) $ (5,563,113)
==============================================================
</TABLE>
================================================================================
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended June 30, 2000, were
$202,983,404 and $303,989,659, respectively.
51 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
-------------------------------------------------------------------------------
================================================================================
4. Fees and Other Transactions with Affiliates
Management Fees. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee of 0.50% of
the first $100 million of average daily net assets, 0.45% of the next $150
million, 0.40% of the next $1.75 billion, and 0.39% of average daily net assets
in excess of $2 billion. The Fund's management fee for the six months ended June
30, 2000 was an annualized rate of 0.41%, before any waiver by the Manager.
--------------------------------------------------------------------------------
Accounting Fees. Accounting fees paid to the Manager were in accordance with the
accounting services agreement with the Fund, which provides for an annual fee of
$12,000 for the first $30 million of net assets and $9,000 for each additional
$30 million of net assets. During the six months ended June 30, 2000, the Fund
paid $180,287 to the Manager for accounting and pricing services.
--------------------------------------------------------------------------------
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund and for other
Oppenheimer funds. The Fund pays OFS an annual maintenance fee for each Fund
shareholder account and reimburses OFS for its out-of-pocket expenses. During
the six months ended June 30, 2000, the Fund paid OFS $315,851.
--------------------------------------------------------------------------------
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>
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
Six Months Ended Shares Distributor Distributor(1) Distributor(1) Distributor(1)
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
June 30, 2000 $335,949 $67,704 $66,143 $146,468 $69,750
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
Class A Class B Class C Class X
Contingent Contingent Contingent Contingent
Deferred Deferred Deferred Deferred
Sales Charges Sales Charges Sales Charges Sales Charges
Retained by Retained by Retained by Retained by
Six Months Ended Distributor Distributor Distributor Distributor
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
June 30, 2000 $114,143 $143,472 $47,887 $29,261
</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.
52 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
--------------------------------------------------------------------------------
Class A Service Plan Fees. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements to
the Distributor at a rate of up to 0.25% of average annual net assets of Class A
shares. The Distributor makes payments to plan recipients quarterly at an annual
rate not to exceed 0.25% of the average annual net assets consisting of Class A
shares of the Fund. For the six months ended June 30, 2000, payments under the
Class A Plan totaled $1,169,038, all of which were paid by the Distributor to
recipients, and included $21,238 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.
--------------------------------------------------------------------------------
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 six months ended June 30,
2000, were as follows:
<TABLE>
<CAPTION>
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
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class B Plan $423,043 $367,816 $1,819,942 2.14%
Class C Plan 545,243 187,450 1,594,526 1.53
Class X Plan 135,270 100,684 -- --
</TABLE>
53 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
-------------------------------------------------------------------------------
================================================================================
5. Illiquid Securities
As of June 30, 2000, 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. The
aggregate value of illiquid securities subject to this limitation as of June 30,
2000, was $21,891,189, which represents 1.89% of the Fund's net assets. Certain
restricted securities, eligible for resale to qualified institutional investors,
are not subject to that limit.
================================================================================
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 Fund had borrowings outstanding of $29,600,000 at June 30, 2000. For
the six months ended June 30, 2000, the average monthly loan balance was
$8,980,725 at an average interest rate of 6.708%. The maximum amount of
borrowings outstanding at any month-end was $29,600,000.
54 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
LIMITED TERM NEW YORK MUNICIPAL FUND
-------------------------------------------------------------------------------
<TABLE>
===============================================================================================
<S> <C>
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 J. Bishop, Assistant Treasurer
Adele A. Campbell, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
===============================================================================================
Investment Advisor OppenheimerFunds, Inc.
===============================================================================================
Distributor OppenheimerFunds Distributor, Inc.
===============================================================================================
Transfer and Shareholder OppenheimerFunds Services
Servicing Agent
===============================================================================================
Custodian of Citibank, N.A.
Portfolio Securities
===============================================================================================
Independent Auditors KPMG LLP
===============================================================================================
Legal Counsel Mayer, Brown & Platt
The financial statements included herein have been taken from the
records of the Fund without examination of those records by the
independent auditors.
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 other
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.
Oppenheimer funds are distributed by OppenheimerFunds Distributor,
Inc., Two World Trade Center, New York, NY 10048-0203.
(C)Copyright 2000 OppenheimerFunds, Inc. All rights reserved.
</TABLE>
55 | LIMITED TERM NEW YORK MUNICIPAL FUND
<PAGE>
INFORMATION AND SERVICES
-------------------------------------------------------------------------------
As an Oppenheimer fund shareholder, you can benefit from special services
designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us whenever
you need assistance. So call us today, or visit our website--we're here to help.
Internet
24-hr access to account information and transactions(1)
www.oppenheimerfunds.com
--------------------------------------------------------------------------------
General Information
Mon-Fri 8am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
--------------------------------------------------------------------------------
Telephone Transactions
Mon-Fri 8am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
--------------------------------------------------------------------------------
PhoneLink
24-hr automated information and automated transactions
1.800.533.3310
--------------------------------------------------------------------------------
Telecommunications Device for the Deaf (TDD)
Mon-Fri 9am-6:30pm ET
1.800.843.4461
--------------------------------------------------------------------------------
OppenheimerFunds Market Hotline
24 hours a day, timely and insightful messages on the
economy and issues that may affect your investments
1.800.835.3104
--------------------------------------------------------------------------------
Transfer and Shareholder Servicing Agent
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
--------------------------------------------------------------------------------
Ticker Symbols Class A: LTNYX Class B: LTBBX Class C: LTNCX
1. At times this website may be inaccessible or its transaction feature may be
unavailable.
[logo] OppenheimerFunds(R)
Distributor, Inc.
RS0355.001.0600 August 30, 2000
