NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000
The value of each equity security is based either on the last sale price on a national securities exchange, or in the
absence of recorded sales, at the closing bid prices on such exchanges, or at the quoted bid price in the over-the-
counter market. Securities or other assets for which market quotations are not readily available are valued at fair
market value as determined in good faith by or at the direction of the Board of Trustees.
B. FEEDER FUNDS
The Feeder Funds record their investments in their respective Portfolios at value. Securities of the Portfolios are
recorded at value as more fully discussed in the notes to those financial statements.
SECURITIES TRANSACTIONS AND RELATED INCOME:
A. NEW YORK TAX FREE BOND FUND AND EQUITY FUND
Security transactions are accounted for on the date the security is purchased or sold ('trade date'). Interest
income is recognized on the accrual basis and includes, where applicable, the amortization of premium or
discount. Dividend income is recorded on the ex-dividend date. Securities gains and losses are calculated on the
identified cost basis.
B. FEEDER FUNDS
The Feeder Funds record daily their pro-rata share of their respective Portfolio's income, expenses and realized
and unrealized gains and losses. In addition, the Feeder Funds accrue their own expenses daily as incurred.
Realized gains or losses and changes in unrealized appreciation or depreciation represent the Fund's share of such
elements allocated from the Portfolio.
The New York Tax-Free Bond Fund and Equity Fund may invest in financial futures contracts for the purpose of
hedging their existing portfolio securities or securities it intends to purchase against fluctuations in fair value caused
by changes in prevailing market interest rates. Upon entering into a financial futures contract, the New York Tax-
Free Bond Fund and Equity Fund are required to pledge to the broker an amount of cash and/or other