Rochester Portfolio Series N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-6332

Rochester Portfolio Series

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: December 31

Date of reporting period: 12/31/2009

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco—Master Settlement Agreement	18.8	%
Hospital/Health Care	14.1
Government Appropriation	10.3
Marine/Aviation Facilities	7.1
Electric Utilities	6.2
General Obligation	6.2
Municipal Leases	4.1
Education	3.9
Multifamily Housing	3.7
Airlines	3.5

Portfolio holdings are subject to change. Percentages are as of December 31, 2009, and are based on total assets.

Credit Allocation
AAA	6.8	%
AA	15.8
A	30.8
BBB	42.1
BB or lower	4.5

Credit allocations are subject to change. Percentages are based on the total market value of investments as of December 31, 2009. Market value, the total value of the Fund’s securities, does not include cash. Credit allocations include securities rated by national ratings organizations as well as unrated securities. Unrated securities have been assigned ratings by the manager and are deemed comparable, in the Manager’s judgment, to the rated securities in each category; they represented 7.88% of the Fund’s investments at the end of this reporting period. All ratings are shown as the equivalent S&P rating. AAA, AA, A and BBB are investment-grade ratings.

14  |  LIMITED TERM NEW YORK MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended December 31, 2009, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.

Management’s Discussion of Fund Performance. During the 12-month period ended December 31, 2009, prices in the municipal bond market generally rose, contributing to higher net asset values and highly favorable total returns for Limited Term New York Municipal Fund. In all, the Class A shares produced a total return of 19.45% at net asset value for the reporting period (15.27% with sales charge). As of December 31, 2009, the distribution yield of this Fund’s Class A shares was 4.43% at NAV, 89 basis points higher than the average in its Lipper peer category.

     In all, Limited Term New York Municipal Fund distributed 14.4 cents per Class A share, including a small amount of taxable income. The Fund’s dividend held steady at 1.2 cents per Class A share throughout the reporting period.

     Limited Term New York Municipal Fund held about 1,000 securities and had an average credit quality of A-minus as of December 31, 2009.¹ In general this reporting period, default rates on municipal bonds continued to be extremely low relative to the default rates on corporate fixed-income instruments. As of December 31, 2009, every single bond in the portfolio was current with scheduled interest payments.

     As the charts on pages 19 to 21 show, the Fund’s performance improved this reporting period, which was characterized by renewed investor demand and by what we believe to be the end of this latest cycle of credit spread widening. Credit spread widening, as was evident during the 2007-2008 credit crisis, is typically more detrimental to the sectors and types of securities this Fund favors than to the Fund’s benchmark. Widening spreads typically have the greatest negative effect on BBB-rated, lower-rated and unrated securities. The reverse is also true: as spreads tighten, BBB-rated, lower-rated and unrated securities typically outperform other securities. We believe that this latest cycle of spread widening has run its course and that our Fund’s investments offer structural advantages over the long term. We encourage investors to remain focused on their long-term financial objectives for high levels of tax-free income.

1. The Fund’s average credit quality is weighted to reflect the relative credit strength and market value of each holding as of December 31, 2009. The calculation, which is subject to change, includes securities rated by national rating organizations as well as unrated securities that have ratings assigned by the manager in categories equivalent to those of rating organizations. All bonds are grouped based on the equivalent S&P rating. AAA, AA, A and BBB are investment-grade ratings.

15  |  LIMITED TERM NEW YORK MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

     Securities issued in the Commonwealth of Puerto Rico, which are exempt from state and local taxes, represented 24.9% of the Fund’s net assets on December 31, 2009. Most of the Fund’s investments involve “creatures of the state”—that is, securities that are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education. On July 1, 2009, Gov. Luis Fortuño signed his first fiscal budget into law. At $7.6 billion, the budget for fiscal year 2010 was $1.9 billion smaller than the previous year’s budget. The Commonwealth’s structural deficit was expected to reach $500 million within a year, down from $3.2 billion.

     In an interview with The Bond Buyer, a daily newspaper focused on public finance, the governor said, “I’m very pleased in the sense that we have kept our commitments not just to our taxpayers but to bondholders that we will bring back fiscal constraints and fiscal responsibility.” These commitments were likely costly for some constituents—in particular, the 30,000 government workers who faced job reductions and the homeowners and businesses, whose property tax bills were set to rise.

     The credit rating agencies continued to view the Commonwealth favorably. When the Puerto Rico Sales Tax Financing Corporation came to market with $3.5 billion in new debt in late June, it was rated A-plus by Standard & Poor’s, A2 by Moody’s Investors Service and A by Fitch Ratings. Additionally, the Commonwealth, its agencies and its financing arm, the Government Development Bank of Puerto Rico, retained their investment-grade ratings from S&P and Moody’s this reporting period. (Fitch does not directly rate Puerto Rico’s general obligation debt.) Proceeds from the Commonwealth’s sales tax bonds were slated to be used to offset obligations to government suppliers and to provide job assistance to laid-off workers. The Fund’s holdings in bonds issued in Puerto Rico provided high levels of tax-free income this reporting period, and we remain confident in the Commonwealth’s ability to collect taxes and make its bond payments.

     The Fund continued to be invested this reporting period in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco bonds accounted for 18.8% of Fund total assets and comprised the Fund’s largest industry sector.²

2. Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. While consumption has largely been in line with the assumptions used to structure MSA-backed bonds, future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

16  |  LIMITED TERM NEW YORK MUNICIPAL FUND

     During this reporting period, media reports focused on two tobacco-related developments. First, in the first quarter of 2009, President Obama signed into law an extension and expansion of the State Children’s Health Insurance Program (S-CHIP) that increased the tax on cigarettes by 62 cents. Though we believe an increase in price will decrease the number of cigarettes sold, we also believe that it will have minimal impact on tobacco bonds. Further, we do not believe that this tax increase will spark any meaningful change in the fundamentals of tobacco bonds.

     In the second quarter of 2009, the Family Smoking Prevention and Tobacco Control Act was passed, putting the Food and Drug Administration in charge of regulating the making and marketing of cigarettes and other tobacco products. Philip Morris, the country’s leading cigarette manufacturer, was a strong advocate for this legislation, which we believe could lead to greater consolidation of market share among the industry’s leading players. (Smaller companies may have a harder time complying with the new regulations.) This shift in share, we believe, should improve MSA revenues and may encourage early redemptions of existing bonds.

     As in prior reporting periods, the tobacco bonds this Fund held during this reporting period made all scheduled payments of interest and principal on time and in full. We continue to believe carefully researched MSA-backed bonds are fundamentally sound and we are confident that these bonds will continue to provide high levels of tax-free income to the benefit of our yield-seeking investors.

     The Fund also remained heavily invested in the government appropriations sector, which constituted 10.3% of total assets as of December 31, 2009. Some of these holdings consisted of bonds issued in New York by the Metropolitan Transportation Authority (MTA), whose budget problems sparked many negative headlines during the reporting period. Despite various reports outlining higher costs and increasing revenues for the MTA, our bonds provided strong performance this reporting period and contributed to positive total return.

     As of December 31, 2009, the Fund was invested in the hospital/health care sector, which represented 14.1% of the Fund’s total assets, and in the electric utilities sector, with 6.2% of the Fund’s total assets. Our holdings in these sectors consist of securities in the mid-range of the credit spectrum as well as some insured bonds. The overall fundamentals in these sectors remained stable this reporting period, contributing to positive results.

     During this reporting period, the Fund remained invested in municipal inverse-floating rate securities, which are tax-exempt securities with interest payments that move inversely to changes in short-term interest rates. These “inverse floaters” generally offer higher tax-free yields than fixed-rate bonds of comparable maturity and credit quality, but they often face greater price volatility, too. During this reporting period, inverse floaters provided

17  |  LIMITED TERM NEW YORK MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

attractive levels of tax-free income and contributed quite favorably to the Fund’s total return. This outcome illustrates why we continue to believe that “inverse floaters” belong in our fund portfolios.

     The Fund uses a dollar-weighted approach to measuring the average maturity of its securities. The Fund seeks to maintain an average effective maturity of 5 years or less. As usual, the Fund held securities with stated and effective maturities of more and less than 5 years. It also delivered higher levels of tax-free income with considerably less share-price volatility than many longer-term funds this reporting period.

     Our approach to municipal bond investing is flexible and responsive to market conditions. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment objectives or cause it to pay any capital gain distributions. In closing, we believe that the Fund’s structure and composition as well as our time-tested strategies will continue to benefit long-term investors through interest rate and economic cycles.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until December 31, 2009. In the case of Class A, Class B and Class C shares, performance is measured over a ten-fiscal-year period. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

     The Fund’s performance is compared to the performance of that of the Barclays Capital Municipal Bond Index, the B of A Merrill Lynch Municipal Index (3–7 Years) and the Consumer Price Index. The Barclays Capital Municipal Bond Index is an unmanaged index of a broad range of investment-grade municipal bonds. The B of A Merrill Lynch Municipal Index (3–7 Years) consists of municipal bonds having remaining maturities of between 3 and 7 years. The Consumer Price Index is a non-securities index that measures changes in the inflation rate. Performance of the securities indices includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. The Fund’s performance reflects the effects of the Fund’s business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments in the indices.

18  |  LIMITED TERM NEW YORK MUNICIPAL FUND

Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 3.50%; for Class B shares, the contingent deferred sales charge of 4% (1-year) and 1% (5-year); and for Class C shares, the contingent 1% deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, 10-year returns for Class B shares uses Class A performance for the period after conversion. See page 22 for further information.

19  |  LIMITED TERM NEW YORK MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

 Class B Shares
 Comparison of Change in Value of $10,000 Hypothetical Investments in:

20  |  LIMITED TERM NEW YORK MUNICIPAL FUND

Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 3.50%; for Class B shares, the contingent deferred sales charge of 4% (1-year) and 1% (5-year); and for Class C shares, the contingent 1% deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, 10-year returns for Class B shares uses Class A performance for the period after conversion. See page 22 for further information.

21  |  LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES

Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

This annual report must be preceded or accompanied by the current prospectus of Limited Term New York Municipal Fund. Investors should consider the Fund’s investment objectives, risks, and other charges and expenses carefully before investing. The Fund’s prospectus and, if available, the Fund’s summary prospectus contains this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at www.oppenheimerfunds.com. Read the prospectus and, if available, the Fund’s summary prospectus carefully before investing.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Class A shares of the Fund were first publicly offered on 9/18/91. Unless otherwise noted, the Class A returns includes current maximum initial sales charge of 3.50%.

Class B shares of the Fund were first publicly offered on 5/1/97. Unless otherwise noted, the Class B returns include the applicable contingent deferred sales charge of 4% (1-year) and 1% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 5/1/97. Unless otherwise noted, the Class C returns include the applicable 1% contingent deferred sales charge for the one-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

22  |  LIMITED TERM NEW YORK MUNICIPAL FUND

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2009.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

23  |  LIMITED TERM NEW YORK MUNICIPAL FUND

FUND EXPENSES Continued

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	July 1, 2009		December 31, 2009		December 31, 2009
Actual
Class A	$	1,000.00	$	1,085.30	$	4.90
Class B		1,000.00		1,080.10		10.06
Class C		1,000.00		1,081.50		9.11
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.52		4.75
Class B		1,000.00		1,015.58		9.75
Class C		1,000.00		1,016.48		8.83

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended December 31, 2009 are as follows:

Class	Expense Ratios
Class A		0.93	%
Class B		1.91
Class C		1.73

The expense ratios reflect reduction to custodian expenses and voluntary waivers or reimbursements of expenses by the Fund’s Manager that can be terminated at any time, without advance notice. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

24  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS December 31, 2009

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
Municipal Bonds and Notes—103.2%
New York—77.0%
$	20,000	Albany County, NY Airport Authority1		5.125	%		12/15/2019			12/15/2012	A	$	20,319
	1,500,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.250			12/01/2019			12/01/2019			1,411,410
	5,000	Albany, NY GO2		7.000			01/15/2010			01/15/2010			5,012
	160,000	Albany, NY Hsg. Authority1		6.250			10/01/2012	3		04/01/2010	A		160,603
	160,000	Albany, NY Hsg. Authority (Lark Drive)		5.200			12/01/2013			01/05/2012	B		164,013
	150,000	Albany, NY Hsg. Authority (Lark Drive)		5.400			12/01/2018			12/01/2012	A		152,471
	1,365,000	Albany, NY IDA (Brighter Choice Charter School for Girls)1		4.500			04/01/2018			04/11/2017	C		1,243,979
	1,370,000	Albany, NY IDA (Brighter Choice Charter School for Girls)1		4.550			04/01/2015			01/01/2014	C		1,317,885
	3,650,000	Albany, NY IDA (Charitable Leadership)		5.500			07/01/2011			07/13/2010	C		3,612,916
	8,810,000	Albany, NY IDA (Charitable Leadership)		6.000			07/01/2019	3		04/20/2016	C		7,711,393
	2,660,000	Albany, NY IDA (Daughters of Sarah Nursing Home)1		5.250			10/20/2021			04/20/2014	A		2,785,898
	1,165,000	Albany, NY IDA (H. Johnson Office Park)1		5.750			03/01/2018			07/16/2014	C		1,083,217
	2,015,000	Albany, NY IDA (Hampton Plaza)1		6.250			03/15/2018			03/15/2010	A		2,017,156
	3,000,000	Albany, NY IDA (St. Peter’s Hospital)1		5.750			11/15/2022			11/15/2017	A		3,132,840
	100,000	Albany, NY Municipal Water Finance Authority2		5.000			12/01/2011			06/01/2010	A		100,295
	1,935,000	Albany, NY Municipal Water Finance Authority2		5.250			12/01/2017			06/01/2010	A		1,940,882
	1,335,000	Albany, NY Municipal Water Finance Authority1		5.250			12/01/2018			06/01/2010	A		1,338,418
	200,000	Albany, NY Municipal Water Finance Authority1		5.250			12/01/2019			06/01/2010	A		200,512
	2,915,000	Albany, NY Municipal Water Finance Authority1		5.250			12/01/2020			06/01/2010	A		2,922,462
	440,000	Albany, NY Municipal Water Finance Authority1		5.250			12/01/2021			06/01/2010	A		441,126
	3,235,000	Albany, NY Municipal Water Finance Authority1		5.250			12/01/2022			06/01/2010	A		3,242,926
	2,590,000	Albany, NY Municipal Water Finance Authority1		5.250			12/01/2023			06/01/2010	A		2,590,803
	2,010,000	Albany, NY Parking Authority1		5.625			07/15/2020	3		07/15/2012	A		2,061,356
	445,000	Albany, NY Parking Authority1		5.625			07/15/2025	3		07/15/2012	A		452,285
	140,000	Allegany County, NY IDA (Houghton College)2		5.000			01/15/2010			01/15/2010			140,162
	4,380,000	Allegany County, NY IDA (Houghton College)1		5.250			01/15/2018			01/15/2010	A		4,383,241
	5,730,000	Allegany County, NY IDA (Houghton College)1		5.250			01/15/2024			01/15/2011	A		5,731,604
	685,000	Amherst, NY IDA (Beechwood Health Care Center)1		4.875			01/01/2013	3		01/21/2011	C		696,515
	490,000	Amherst, NY IDA (Faculty-Student Assoc. of SUNY at Buffalo)1		5.750			04/01/2016			04/01/2016			482,390
	720,000	Amherst, NY IDA (Faculty-Student Assoc. of SUNY at Buffalo)1		5.750			04/01/2017	3		04/01/2017			700,409
	810,000	Bethlehem, NY Water System1		5.250			03/01/2018			03/01/2013	A		824,394
	905,000	Bethlehem, NY Water System1		5.375			03/01/2020			03/01/2013	A		916,132
	500,000	Bethlehem, NY Water System1		5.500			03/01/2022			03/01/2013	A		505,365

F1  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	460,000	Brookhaven, NY IDA (Alternatives for Children)1		7.000	%		02/01/2013			03/22/2011	C	$	464,825
	615,000	Brookhaven, NY IDA (Dowling College)1		6.500			11/01/2012			11/01/2012			622,681
	795,000	Brookhaven, NY IDA (Enecon Corp.)1		5.800			11/01/2018			10/15/2014	C		700,689
	2,325,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		5.750			07/15/2017			07/15/2017			2,437,809
	1,400,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		5.750			07/15/2018			07/15/2018			1,456,434
	1,355,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		5.750			07/15/2019			07/15/2019			1,402,208
	1,500,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		5.750			07/15/2020			07/15/2020			1,539,060
	645,000	Broome County, NY COP1		5.250			04/01/2022	3		04/01/2010	A		646,877
	10,000	Broome County, NY GO1		5.400			04/15/2011			04/01/2010	A		10,129
	730,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1		5.250			11/01/2015			12/14/2013	C		684,397
	4,615,000	Cattaraugus County, NY IDA (Olean General Hospital)1		5.250			08/01/2023			08/01/2010	A		4,630,137
	50,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.000			09/15/2013			09/15/2010	A		50,176
	3,790,000	Cayuga County, NY COP (Auburn Memorial Hospital)1		6.000			01/01/2021			12/22/2015	C		3,783,974
	765,000	Chautauqua County, NY Tobacco Asset Securitization Corp.1		6.000			07/01/2012			07/01/2010	A		770,363
	1,075,000	Chautauqua County, NY Tobacco Asset Securitization Corp.1		6.250			07/01/2016			07/01/2010	A		1,081,676
	3,795,000	Chautauqua County, NY Tobacco Asset Securitization Corp.1		6.500			07/01/2024			07/01/2012	A		3,836,707
	18,160,000	Chautauqua County, NY Tobacco Asset Securitization Corp.1		6.750			07/01/2040			07/01/2012	A		18,209,395
	2,395,000	Clarence, NY IDA (Bristol Village)1		6.000			01/20/2044			01/20/2015	A		2,476,957
	45,000	Clifton Park, NY Water Authority1		5.000			10/01/2029			10/01/2011	A		45,509
	4,435,000	Cortland County, NY IDA (Cortland Memorial Hospital)1		5.625			07/01/2024	3		07/01/2013	A		4,459,437
	50,000	Cortland, NY GO1		5.625			05/01/2010			05/01/2010			50,840
	10,000	Deerfield, NY GO		5.250			06/15/2010			06/15/2010			10,142
	10,000	Deerfield, NY GO		5.250			06/15/2011			06/15/2011			10,406
	10,000	Deerfield, NY GO		5.250			06/15/2012			06/15/2012			10,619
	10,000	Deerfield, NY GO		5.250			06/15/2013			06/15/2013			10,769
	10,000	Deerfield, NY GO		5.500			06/15/2014			06/15/2014			10,885
	10,000	Deerfield, NY GO		5.500			06/15/2015			06/15/2015			10,818
	10,000	Deerfield, NY GO		5.500			06/15/2016			06/15/2016			10,732
	10,000	Deerfield, NY GO		5.500			06/15/2017			06/15/2016	A		10,578
	10,000	Deerfield, NY GO		5.500			06/15/2018			06/15/2016	A		10,406

F2  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	15,000	Deerfield, NY GO		5.500	%		06/15/2019			06/15/2016	A	$	15,426
	15,000	Deerfield, NY GO		5.500			06/15/2020			06/15/2016	A		15,361
	5,205,000	Dutchess County, NY IDA (Marist College)1		5.150			07/01/2017			07/01/2013	A		5,391,964
	4,095,000	East Rochester, NY Hsg. Authority (St. John’s Meadows)1		5.950			08/01/2027			08/01/2010	A		4,096,843
	3,600,000	East Rochester, NY Hsg. Authority (Woodland Village)1		5.150			08/01/2016	3		05/02/2013	C		3,486,636
	210,000	East Syracuse, NY Hsg. Authority (Bennett Manor Associates)1		6.700			04/01/2021			04/01/2010	A		215,252
	58,670,000	Erie County, NY IDA (Buffalo City School District)1		5.625			05/01/2028			05/01/2014	A		62,666,014
	20,000,000	Erie County, NY IDA (Buffalo City School District)1		5.750			05/01/2024			05/01/2010	A		20,321,600
	1,300,000	Erie County, NY IDA (Buffalo City School District)1		5.750			05/01/2025			05/01/2014	A		1,385,358
	6,500,000	Erie County, NY IDA (Buffalo City School District)1		5.750			05/01/2026			05/01/2014	A		6,905,535
	1,095,000	Erie County, NY IDA (Medaille College)1		6.875			10/01/2013			03/17/2011	C		1,120,349
	105,000	Erie County, NY IDA (Medaille College)		7.250			11/01/2010			07/15/2010	B		105,801
	385,000	Erie County, NY Public Improvement District1		5.250			03/15/2020			03/15/2013	A		395,911
	29,615,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2031			03/22/2017	C		24,906,807
	9,750,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038			08/15/2020	C		7,832,955
	250,000	Essex County, NY IDA (International Paper Company)1		6.450			11/15/2023			11/15/2011	A		252,293
	690,000	Essex County, NY IDA (North Country Community College Foundation)1		4.600			06/01/2015			12/25/2013	C		653,175
	540,000	Franklin County, NY IDA (North Country Community College Foundation)1		4.600			06/01/2015			12/24/2013	C		511,180
	50,000	Gloversville, NY GO1		5.800			03/15/2015			09/15/2010	A		50,505
	465,000	Hamilton County, NY IDA (Adirondack Historical Assoc.)1		5.250			11/01/2018			11/01/2010	A		467,916
	75,000	Hempstead Village, NY GO1		5.000			09/15/2017			09/15/2016	A		81,137
	500,000	Hempstead Village, NY GO1		5.000			07/01/2018			07/01/2014	A		514,180
	75,000	Hempstead Village, NY GO1		5.000			09/15/2018			09/15/2016	A		79,736
	1,195,000	Hempstead Village, NY GO1		5.000			07/01/2019			07/01/2014	A		1,220,561
	75,000	Hempstead Village, NY GO1		5.000			09/15/2019			09/15/2016	A		79,044
	75,000	Hempstead Village, NY GO1		5.000			09/15/2020			09/15/2016	A		78,484
	75,000	Hempstead Village, NY GO1		5.000			09/15/2021			09/15/2016	A		78,052
	75,000	Hempstead Village, NY GO1		5.000			09/15/2022			09/15/2016	A		77,760
	75,000	Hempstead Village, NY GO1		5.000			09/15/2023			09/15/2016	A		77,276

F3  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	1,700,000	Hempstead, NY IDA (Adelphi University)1		5.750	%		06/01/2022	3		06/01/2012	A	$	1,762,730
	1,350,000	Hempstead, NY IDA (Hofstra University)1		5.800			07/01/2015			10/01/2010	A		1,383,507
	2,615,000	Hempstead, NY IDA (Lynbrook Facilities)1		6.000			11/01/2017			08/10/2013	C		2,294,506
	175,000	Hempstead, NY IDA (Peninsula Counseling Center)		5.500			11/01/2010			05/01/2010	C		174,543
	900,000	Hempstead, NY IDA (Peninsula Counseling Center)1		5.500			11/01/2011			11/01/2011			888,831
	620,000	Hempstead, NY IDA (Peninsula Counseling Center)1		5.750			11/01/2018			09/03/2015	C		566,556
	60,000	Herkimer County, NY GO1		5.000			09/15/2012			04/01/2010	A		64,955
	40,000	Herkimer County, NY GO1		5.000			09/15/2012			09/15/2010	A		40,340
	130,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		5.850			11/01/2010			11/01/2010			131,145
	760,000	Herkimer, NY Hsg. Authority1		7.150			03/01/2011			09/01/2010	A		763,443
	30,000	Highland Falls, NY Sewer System1		5.100			12/01/2011			06/01/2010	A		30,539
	2,865,000	Islip, NY IDA (United Cerebral Palsy Assoc.)1		5.500			12/01/2016			01/17/2013	C		2,644,166
	335,000	Islip, NY IDA (United Cerebral Palsy Assoc.)1		5.500			12/01/2016			01/17/2013	C		309,178
	2,990,000	Islip, NY Res Rec, Series E1		5.625			07/01/2017			07/01/2015	A		3,198,762
	1,175,000	Islip, NY Res Rec, Series E1		5.750			07/01/2019			07/01/2015	A		1,238,944
	1,100,000	Islip, NY Res Rec, Series E1		5.750			07/01/2020			07/01/2014	A		1,155,737
	1,315,000	Islip, NY Res Rec, Series E1		5.750			07/01/2021			07/01/2014	A		1,377,344
	1,000,000	Islip, NY Res Rec, Series E1		5.750			07/01/2023			07/01/2014	A		1,042,990
	250,000	Jamestown, NY GO		5.000			08/01/2024			08/01/2014	A		257,410
	250,000	Jamestown, NY GO		5.000			08/01/2025			08/01/2014	A		257,075
	540,000	Jamestown, NY Hsg. Authority1		6.125			07/01/2010			02/01/2010	C		535,907
	4,000,000	Kenmore, NY Hsg. Authority (SUNY at Buffalo)1		5.500			08/01/2024			08/01/2011	A		4,020,840
	2,210,000	Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)1		5.875			07/01/2022			05/25/2019	C		1,931,186
	1,010,000	Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)1		6.000			07/01/2030			04/22/2027	C		857,308
	70,000	Livonia, NY GO1		5.000			06/15/2020			06/15/2017	A		73,287
	75,000	Livonia, NY GO1		5.000			06/15/2021			06/15/2017	A		77,891
	80,000	Livonia, NY GO1		5.000			06/15/2022			06/15/2017	A		82,487
	85,000	Livonia, NY GO1		5.000			06/15/2023			06/15/2017	A		87,426
	90,000	Livonia, NY GO1		5.000			06/15/2024			06/15/2017	A		92,420
	75,000	Livonia, NY GO1		5.000			06/15/2025			06/15/2017	A		76,736
	35,000	Lyncourt, NY Fire District1		6.000			10/15/2016			05/01/2010	A		35,253
	2,065,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2022			08/11/2019	C		2,055,480
	2,260,000	Madison County, NY IDA (Oneida Healthcare Center)1		5.500			02/01/2016			02/01/2013	A		2,294,307

F4  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	80,000	Medina, NY Hsg. Corp.		8.250	%		08/15/2011	3		09/03/2010	C	$	79,625
	60,000	Monroe County, NY Airport Authority (Greater Rochester International)1		5.750			01/01/2012			01/01/2012			62,941
	1,065,000	Monroe County, NY COP1		8.050			01/01/2011	3		01/14/2010	C		1,057,726
	5,000	Monroe County, NY GO1		5.000			06/01/2017			06/01/2010	A		5,005
	105,000	Monroe County, NY GO1		5.350			03/01/2012			09/01/2010	A		105,335
	25,000	Monroe County, NY GO1		5.750			06/01/2015			06/01/2010	A		25,053
	770,000	Monroe County, NY IDA (Canal Ponds)1		7.000			06/15/2013	3		06/15/2010	A		781,658
	550,000	Monroe County, NY IDA (DePaul Community Facilities)1		6.450			02/01/2014	3		02/01/2010	A		552,580
	2,570,000	Monroe County, NY IDA (DePaul Community Facilities)1		6.500			02/01/2024	3		02/01/2010	A		2,574,472
	580,000	Monroe County, NY IDA (Highland Hospital of Rochester)1		5.000			08/01/2012			08/01/2012			606,581
	225,000	Monroe County, NY IDA (Nazareth College of Rochester)1		5.250			10/01/2021			10/01/2012	A		227,216
	25,000	Monroe County, NY IDA (Rochester Institute of Technology)1		5.000			04/01/2010			04/01/2010			25,046
	880,000	Monroe County, NY IDA (Southview Towers)1		6.125			02/01/2020			02/01/2012	A		889,530
	280,000	Monroe County, NY IDA (Summit at Brighton)		5.000			07/01/2016			10/26/2012	C		240,806
	1,425,000	Monroe County, NY IDA (West End Business Center)1		5.125			12/01/2014			05/29/2011	C		1,265,942
	30,000	Monroe County, NY Water Authority2		5.250			08/01/2011			08/15/2010	A		30,113
	285,000	Monroe, NY Newpower Corp.1		4.500			01/01/2011			10/01/2010	C		282,643
	155,000	Monroe, NY Newpower Corp.1		4.700			01/01/2012			10/01/2011	C		152,280
	410,000	Monroe, NY Newpower Corp.1		4.800			01/01/2013			10/01/2012	C		402,960
	7,800,000	Monroe, NY Newpower Corp.1		6.375			01/01/2024			07/30/2020	C		7,113,366
	280,000	Mount Vernon, NY IDA (Kings Court)1		5.125			12/01/2023			12/01/2015	A		285,785
	975,000	Mount Vernon, NY IDA (Macedonia Towers)1		5.125			12/01/2023			12/01/2015	A		985,111
	4,410,000	Mount Vernon, NY IDA (Section 8), Series A1		5.250			12/01/2014	3		06/01/2010	A		4,517,031
	50,000	Municipal Assistance Corp. for Troy, NY2		5.000			01/15/2016			01/15/2010	A		50,160
	300,000	Nassau County, NY Bridge Authority1		5.250			10/01/2026			04/01/2010	A		300,090
	305,000	Nassau County, NY IDA (ACDS)1		5.950			11/01/2022			09/14/2016	C		270,410
	520,000	Nassau County, NY IDA (ACDS)1		6.000			12/01/2019			04/02/2017	C		479,040
	365,000	Nassau County, NY IDA (ALIA-ACDS)1		7.000			10/01/2016			09/16/2013	B		365,964
	360,000	Nassau County, NY IDA (ALIA-ACLD)1		5.750			09/01/2011			06/03/2010	C		357,332
	540,000	Nassau County, NY IDA (ALIA-CMA)1		7.000			10/01/2016			09/07/2013	B		541,426
	420,000	Nassau County, NY IDA (ALIA-CRR)1		7.000			10/01/2016			09/06/2013	B		421,109
	90,000	Nassau County, NY IDA (ALIA-FREE)		7.000			10/01/2016			09/25/2013	B		90,238
	380,000	Nassau County, NY IDA (ALIA-HKSB)1		7.000			10/01/2016			09/09/2013	B		381,003
	1,900,000	Nassau County, NY IDA (CSMR)1		5.950			11/01/2022			09/14/2016	C		1,684,521
	1,475,000	Nassau County, NY IDA (CSMR)1		6.000			12/01/2019			12/27/2016	C		1,358,814

F5  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	210,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950	%		11/01/2022			08/23/2016	C	$	186,184
	625,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1		6.000			12/01/2019			11/17/2016	C		575,494
	285,000	Nassau County, NY IDA (Hispanic Counseling Center)1		6.000			11/01/2017			08/21/2013	C		267,589
	230,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022			09/04/2016	C		203,916
	500,000	Nassau County, NY IDA (PLUS Group Home)1		6.150			11/01/2022			09/23/2016	C		451,570
	110,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.000			11/01/2017			08/08/2013	C		103,280
	430,000	Nassau County, NY IDA (WORCA)1		6.000			12/01/2019			12/23/2016	C		395,940
	120,000	Nassau County, NY IDA, Series C		6.000			12/01/2019			12/22/2016	C		110,495
	21,000,000	Nassau County, NY Tobacco Settlement Corp.1		5.250			06/01/2026			12/03/2017	C		19,555,200
	120,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			07/26/2011	B		134,045
	125,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			06/24/2011	B		139,818
	125,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			06/24/2011	B		139,818
	185,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			07/22/2011	B		207,322
	6,475,000	New Rochelle, NY IDA (College of New Rochelle)1		5.500			07/01/2019			07/01/2011	A		6,566,945
	15,000	New Windsor, NY GO1		5.300			05/01/2010			05/01/2010			15,243
	1,170,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)1		5.650			08/01/2020	3		02/01/2010	A		1,171,591
	1,000,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)1		5.750			02/01/2032			08/01/2010	A		1,000,260
	150,000	Niagara County, NY IDA (American Ref-Fuel Company)1		5.550			11/15/2024			11/15/2015	D		145,250
	12,925,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)1		5.500			11/01/2035			01/03/2025	C		9,127,894
	1,160,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018			04/03/2016	C		1,086,096
	7,750,000	Niagara County, NY IDA (Solid Waste Disposal)1		5.450			11/15/2025			11/15/2012	D		7,740,933
	9,510,000	Niagara County, NY IDA (Solid Waste Disposal)1		5.550			11/15/2024			11/15/2024			9,387,797
	12,450,000	Niagara County, NY IDA (Solid Waste Disposal)1		5.625			11/15/2024			11/15/2014	D		12,383,766
	175,000	Niagara County, NY Tobacco Asset Securitization Corp.1		5.500			05/15/2019			05/15/2011	C		168,662
	90,000	Niagara County, NY Tobacco Asset Securitization Corp.1		5.500			05/15/2020			05/15/2012	C		88,460
	1,175,000	Niagara County, NY Tobacco Asset Securitization Corp.1		5.875			05/15/2022			05/15/2011	A		1,175,752
	1,105,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2034			12/15/2023	C		1,071,994
	945,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2040			06/04/2028	C		898,213

F6  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	11,995,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.750	%		05/15/2029	3		05/15/2011	A	$	12,047,298
	20,000	Niagara County, NY Tobacco Asset Securitization Corp. (TASC)1		5.750			05/15/2021			05/15/2011	A		20,006
	1,000,000	Niagara Falls, NY Public Water Authority1		5.500			07/15/2034			07/15/2015	A		1,008,990
	20,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.750			04/01/2012			04/01/2010	A		20,249
	150,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000			04/01/2013			04/01/2010	A		150,674
	25,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.500			04/01/2010			04/01/2010			25,204
	8,330,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.625			04/01/2029	3		04/01/2011	A		8,348,576
	210,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.750			04/01/2019			04/01/2011	A		212,270
	1,205,000	North Babylon, NY Volunteer Fire Company1		5.750			08/01/2022			08/01/2010	A		1,205,362
	25,000	North Hempstead, NY GO1		5.375			05/15/2016			05/15/2010	A		25,423
	930,000	NY Capital District Youth Center1		6.000			02/01/2017			02/01/2010	A		932,018
	600,000	NY Carnegie Redevel. Corp.2		6.500			09/01/2011			05/17/2010	C		573,954
	65,000	NY Counties Tobacco Trust I1		5.875			06/01/2014			06/01/2011	A		65,070
	4,670,000	NY Counties Tobacco Trust I1		6.300			06/01/2019	3		06/01/2010	A		4,699,795
	4,360,000	NY Counties Tobacco Trust I1		6.500			06/01/2035			05/19/2032	C		4,338,200
	3,295,000	NY Counties Tobacco Trust I1		6.625			06/01/2042	3		08/02/2039	C		3,286,038
	16,200,000	NY Counties Tobacco Trust II (TASC)1		5.250			06/01/2025			12/17/2011	C		15,394,212
	150,000	NY Counties Tobacco Trust II (TASC)1		5.500			06/01/2011			06/01/2011			149,619
	865,000	NY Counties Tobacco Trust II (TASC)1		5.625			06/01/2035			06/04/2018	C		763,138
	1,055,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2013			06/01/2012	A		1,056,097
	1,925,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2014			06/01/2014			1,920,380
	750,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043			09/02/2025	C		660,308
	2,120,000	NY Counties Tobacco Trust II (TASC)1		6.000			06/01/2015			06/01/2012	A		2,125,470
	2,330,000	NY Counties Tobacco Trust II (TASC)1		6.000			06/01/2016			06/01/2012	A		2,330,839
	5,065,000	NY Counties Tobacco Trust III1		5.000			06/01/2027			06/01/2010	B		5,053,097
	4,980,000	NY Counties Tobacco Trust III1		5.750			06/01/2033			09/26/2012	C		4,681,399
	16,575,000	NY Counties Tobacco Trust III1		6.000			06/01/2043			04/03/2018	C		15,146,069
	3,355,000	NY Counties Tobacco Trust IV1		4.250			06/01/2021			03/14/2012	C		3,244,855
	38,400,000	NY Counties Tobacco Trust IV (TASC)1		0.000	4		06/01/2041			08/03/2019	C		35,524,608
	4,520,000	NY Counties Tobacco Trust IV (TASC)1		4.750			06/01/2026			05/18/2014	C		4,048,067
	38,400,000	NY Counties Tobacco Trust IV (TASC)1		6.650	5		06/01/2041			07/02/2019	C		1,045,248
	500,000	NY Grand Central BID (Grand Central District Management)1		5.000			01/01/2022			01/01/2014	A		532,170
	25,000	NY MTA Commuter Facilities (Grand Central Terminal)2		5.400			07/01/2011			10/01/2010	A		25,074

F7  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	85,000	NY MTA Commuter Facilities (Grand Central Terminal)1		5.500	%		07/01/2012			10/01/2010	A	$	85,251
	25,000	NY MTA Commuter Facilities, Series 71		5.625			07/01/2016	3		10/01/2010	A		26,142
	5,000	NY MTA Commuter Facilities, Series B1		5.000			07/01/2017			10/01/2010	B		5,017
	50,000	NY MTA Commuter Facilities, Series B1		5.125			07/01/2024			10/01/2010	A		50,178
	5,000	NY MTA Commuter Facilities, Series D1		5.000			07/01/2016			10/01/2010	A		5,197
	20,250,000	NY MTA Service Contract, Series A1		5.125			01/01/2029			07/01/2012	A		20,632,320
	35,350,000	NY MTA Service Contract, Series A1		5.750			07/01/2031			07/01/2012	A		37,333,489
	33,290,000	NY MTA Service Contract, Series B1		5.250			01/01/2031			07/01/2012	A		33,921,511
	53,800,000	NY MTA, Series A1		5.000			11/15/2025			11/15/2012	A		55,538,816
	9,175,000	NY MTA, Series A1		5.125			11/15/2031			11/15/2012	A		9,300,239
	50,000	NY MTA, Series E1		5.500			11/15/2021			11/15/2012	A		52,761
	50,000	NY New Hartford-Sunset Wood Funding Corp.1		5.950			08/01/2027			02/01/2010	A		50,042
	4,155,000	NY Newark-Wayne Community Hospital1		5.875			01/15/2033			01/15/2010	A		4,304,123
	1,080,000	NY Newark-Wayne Community Hospital1		7.600			09/01/2015			03/01/2010	A		1,080,065
	50,000	NY Oneida Healthcare Corp. (Oneida Health Systems)1		5.300			02/01/2021			03/11/2019	C		49,462
	3,895,000	NY Oneida Healthcare Corp. (Oneida Health Systems)1		5.500			02/01/2016	3		02/01/2013	A		3,965,266
	5,000,000	NY Seneca Nation Indians Capital Improvements1		5.250			12/01/2016			06/14/2015	C		4,694,050
	500,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.250			06/01/2020			06/01/2013	A		528,675
	2,220,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.250			06/01/2021			06/01/2013	A		2,342,411
	130,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.500			06/01/2014			06/01/2010	A		130,885
	8,250,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.500			06/01/2015			06/01/2010	A		8,369,048
	11,900,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.500			06/01/2016			06/01/2010	A		12,049,702
	5,020,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.500			06/01/2017			06/01/2011	A		5,212,768
	21,000,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.500			06/01/2018			06/01/2012	A		22,225,140
	20,500,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.500			06/01/2019			06/01/2013	A		21,938,485
	11,000,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.500			06/01/2020			06/01/2013	A		11,711,480
	18,395,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.500			06/01/2021			06/01/2013	A		19,550,022
	40,000	NY Triborough Bridge & Tunnel Authority1		5.000			01/01/2024			10/01/2010	A		40,139
	170,680,000	NY TSASC, Inc. (TFABs)1		4.750			06/01/2022			10/09/2011	B		163,409,032

F8  |  LIMITED TERM NEW YORK MUNICIPAL FUND

										Effective
Principal										Maturity
Amount				Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	91,000,000	NY TSASC, Inc. (TFABs)1			5.000	%		06/01/2026			06/28/2016	C	$	82,369,560
	14,740,000	NY TSASC, Inc. (TFABs)1			5.000			06/01/2034			04/20/2020	C		12,128,809
	430,000	NY TSASC, Inc. (TFABs)1			5.250			07/15/2011			07/15/2011			461,244
	180,000	NY Valley Health Devel. Corp.1			6.750			05/20/2022			05/20/2015	A		190,215
	5,000	NYC GO1			5.000			08/01/2015			02/01/2010	A		5,042
	5,000	NYC GO1			5.000			08/01/2018			02/01/2010	A		5,006
	425,000	NYC GO1			5.000			08/01/2020			08/01/2014	A		450,530
	110,000	NYC GO1			5.000			08/01/2022			02/01/2011	A		111,163
	10,000	NYC GO1			5.000			08/01/2022			08/01/2010	A		10,057
	500,000	NYC GO1			5.000			08/01/2022			08/01/2015	A		526,545
	15,000	NYC GO1			5.000			08/01/2022			08/01/2010	A		15,082
	45,000	NYC GO1			5.000			08/01/2022			08/01/2010	A		45,258
	5,000	NYC GO1			5.000			08/01/2022			08/01/2010	A		5,029
	40,000	NYC GO1			5.000			09/15/2022			09/15/2013	A		41,376
	29,000,000	NYC GO6			5.000			06/01/2023			06/01/2015	A		30,341,395
	250,000	NYC GO1			5.000			08/01/2023			08/01/2010	A		251,363
	615,000	NYC GO1			5.000			08/01/2023			08/01/2015	A		644,225
	20,000	NYC GO1			5.000			08/01/2023			02/01/2010	A		20,015
	10,000,000	NYC GO6			5.000			08/15/2023			02/15/2013	A		10,508,454
	11,340,000	NYC GO6			5.000			12/01/2023			02/15/2013	A		11,949,941
	5,000,000	NYC GO1			5.000			08/01/2024			08/01/2016	A		5,266,000
	3,650,000	NYC GO1			5.000			12/01/2024			12/01/2014	A		3,841,297
	50,000	NYC GO1			5.000			03/15/2029			03/15/2011	A		50,398
	35,000	NYC GO1			5.000			03/15/2029			03/15/2011	A		35,279
	10,000	NYC GO1			5.000			04/15/2029			04/15/2011	A		10,126
	10,000,000	NYC GO6			5.000			04/01/2030			10/01/2025	D		10,308,717
	5,000	NYC GO1			5.125			08/01/2011			02/01/2010	A		5,018
	10,000	NYC GO1			5.125			08/01/2018			02/01/2010	A		10,084
	2,860,000	NYC GO1			5.125			08/01/2022			02/01/2010	A		2,862,517
	5,000	NYC GO1			5.125			03/15/2025			03/15/2012	A		5,104
	10,000	NYC GO1			5.125			08/01/2025			08/01/2010	A		10,055
	125,000	NYC GO1			5.125			08/01/2025			08/01/2010	A		125,705
	190,000	NYC GO1			5.125			08/01/2025			08/01/2010	A		191,072
	10,000	NYC GO1			5.125			05/15/2029			05/15/2011	A		10,127
	50,000	NYC GO1			5.250			08/01/2011			02/01/2010	A		50,189
	25,000	NYC GO1			5.250			05/01/2012			05/01/2010	A		25,367
	5,000	NYC GO2	��		5.250			08/01/2012			02/01/2010	A		5,018
	5,000	NYC GO2			5.250			08/01/2014			02/01/2010	A		5,018
	5,000	NYC GO2			5.250			08/01/2015			02/01/2010	A		5,018
	10,000	NYC GO1			5.250			05/01/2021			05/01/2010	A		10,058
	5,000	NYC GO1			5.250			11/15/2021	3		05/15/2010	A		5,005

F9  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	5,000	NYC GO1		5.250	%		01/15/2023			01/15/2013	A	$	5,651
	20,000	NYC GO1		5.250			01/15/2023			01/15/2013	A		20,697
	1,000,000	NYC GO1		5.250			08/15/2024			08/15/2014	A		1,060,460
	140,000	NYC GO1		5.250			06/01/2027			06/01/2012	A		143,373
	220,000	NYC GO1		5.250			01/15/2028			01/15/2013	A		226,395
	180,000	NYC GO1		5.250			01/15/2033			01/15/2013	A		184,237
	5,000	NYC GO1		5.300			08/01/2024			08/01/2010	A		5,030
	70,000	NYC GO1		5.300			01/15/2026			01/15/2013	A		72,287
	5,000	NYC GO2		5.375			08/01/2015			02/01/2010	A		5,043
	5,000	NYC GO1		5.375			08/01/2017			08/01/2010	A		5,199
	45,000	NYC GO1		5.375			08/01/2017			08/01/2010	A		46,679
	50,000	NYC GO1		5.375			03/01/2027			03/01/2013	A		51,752
	5,000	NYC GO1		5.375			08/01/2027			08/01/2010	A		5,030
	10,000,000	NYC GO1		5.500			04/01/2022			04/01/2019	A		11,174,200
	90,000	NYC GO1		5.500			08/01/2022			02/01/2010	A		90,108
	70,000	NYC GO1		5.500			08/01/2022			08/01/2010	A		70,084
	810,000	NYC GO1		5.500			06/01/2023			06/01/2013	A		847,884
	1,630,000	NYC GO1		5.500			05/15/2024	3		05/15/2012	A		1,654,499
	20,000	NYC GO1		5.500			02/15/2026			08/15/2010	A		20,021
	50,000	NYC GO1		5.500			02/15/2026			08/15/2010	A		50,051
	850,000	NYC GO1		5.500			06/01/2028			06/01/2012	A		874,914
	100,000	NYC GO1		5.500			11/15/2037			05/15/2010	A		100,077
	15,000	NYC GO1		5.600			12/01/2010			06/01/2010	A		15,324
	30,000	NYC GO1		5.600			12/01/2013			06/01/2010	A		30,587
	95,000	NYC GO1		5.625			10/01/2020			04/01/2010	A		95,172
	220,000	NYC GO1		5.700			08/15/2010			08/15/2010			220,999
	10,000	NYC GO1		5.750			05/15/2012			05/15/2010	A		10,043
	10,000	NYC GO2		5.750			05/15/2012			05/15/2010	A		10,041
	570,000	NYC GO1		5.750			03/01/2018			03/01/2013	A		629,195
	500,000	NYC GO1		5.750			08/01/2018			08/01/2012	A		545,540
	310,000	NYC GO1		5.750			08/01/2018			08/01/2012	A		338,235
	20,000	NYC GO1		5.875			08/01/2015			02/01/2010	A		20,084
	4,155,000	NYC GO1		5.875			06/01/2019			06/01/2012	A		4,357,515
	5,450,000	NYC GO1		5.875			08/01/2019			08/01/2012	A		5,959,085
	60,000	NYC GO2		6.000			05/15/2011			05/15/2010	A		60,266
	5,000	NYC GO2		6.000			02/01/2012			02/01/2010	A		5,022
	5,000	NYC GO2		6.000			08/01/2017			02/01/2010	A		5,022
	10,000	NYC GO1		6.000			05/15/2018			05/15/2010	A		10,292
	5,000	NYC GO1		6.000			02/01/2022			02/01/2010	A		5,021
	15,000	NYC GO1		6.000			05/15/2022			05/15/2010	A		15,258
	35,000	NYC GO1		6.000			02/15/2024			08/01/2010	A		35,054

F10  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	590,000	NYC GO1		6.350	%		05/15/2014			05/15/2010	A	$	595,729
	1,130,000	NYC GO1		6.500			05/15/2017			05/15/2010	A		1,165,053
	5,000	NYC GO1		7.000			12/01/2010			06/01/2010	A		5,131
	5,000	NYC GO1		7.000			02/01/2011			02/01/2010	A		5,028
	80,000	NYC GO1		7.000			02/01/2012			02/01/2010	A		80,421
	5,000	NYC GO1		7.000			02/01/2018			02/01/2010	A		5,026
	45,000	NYC GO1		7.750			08/15/2027			02/15/2010	A		45,245
	450,000	NYC GO RIBS		9.720	7		09/01/2011			02/01/2010	A		454,028
	460,000	NYC HDC (Barclay Avenue)2		6.450			04/01/2017			04/01/2010	A		460,580
	268,563	NYC HDC (Bay Towers)2		6.500			08/15/2017			01/15/2010	A		269,114
	2,244,391	NYC HDC (East Midtown Plaza)2		6.500			11/15/2018			01/15/2010	A		2,251,999
	1,145,266	NYC HDC (Keith Plaza)2		6.500			02/15/2018			01/15/2010	A		1,149,149
	241,044	NYC HDC (Kingsbridge Arms)2		6.500			08/15/2017			01/15/2010	A		241,557
	565,000	NYC HDC (Multifamily Hsg.)1		5.050			11/01/2023			11/01/2012	A		569,260
	515,000	NYC HDC (Multifamily Hsg.)1		5.100			11/01/2027			05/01/2017	A		518,409
	400,000	NYC HDC (Multifamily Hsg.)1		5.600			11/01/2019			11/01/2010	A		403,140
	900,000	NYC HDC (Multifamily Hsg.), Series A1		5.375			11/01/2023			05/01/2012	A		911,826
	255,000	NYC HDC (Multifamily Hsg.), Series E1		6.250			05/01/2036			11/01/2010	A		256,969
	50,000	NYC HDC (The Animal Medical Center)1		5.500			12/01/2033			12/01/2010	A		50,095
	185,000	NYC HDC, Series A1		5.000			07/01/2010			07/01/2010			189,209
	13,000,000	NYC HDC, Series A1		5.000			07/01/2025			07/01/2015	A		13,480,220
	2,215,000	NYC HDC, Series C1		5.000			11/01/2026			07/16/2022	C		2,211,589
	23,500,000	NYC Health & Hospital Corp.1		5.000			02/15/2020			02/15/2010	A		23,517,860
	27,750,000	NYC Health & Hospital Corp.1		5.250			02/15/2017	3		02/15/2010	A		27,796,343
	9,400,000	NYC IDA (AIRIS JFK I/JFK International Airport)1		5.500			07/01/2028			09/16/2023	C		6,752,490
	9,185,000	NYC IDA (AIRIS JFK I/JFK International Airport)1		6.000			07/01/2015			03/09/2013	C		8,432,657
	2,380,000	NYC IDA (Beth Abraham Health Services)1		6.000			02/15/2013			12/10/2010	C		2,427,600
	515,000	NYC IDA (Beth Abraham Health Services)1		6.000			11/15/2013			06/28/2010	C		527,535
	245,000	NYC IDA (Beth Abraham Health Services)		6.000			11/15/2013			10/04/2010	C		250,963
	645,000	NYC IDA (Calhoun School)1		6.250			12/01/2016			11/22/2012	C		631,823
	4,450,000	NYC IDA (Calhoun School)1		6.250			12/01/2017			12/06/2013	C		4,330,295
	500,000	NYC IDA (Center for Elimination of Family Violence)1		6.250			11/01/2016			03/25/2013	C		481,865
	7,015,000	NYC IDA (Chapin School)1		4.800			11/01/2018			09/21/2014	C		6,074,429
	615,000	NYC IDA (Comprehensive Care Management)1		5.625			11/01/2015			11/01/2014	A		620,886
	470,000	NYC IDA (Comprehensive Care Management)1		5.625			11/01/2015			11/01/2014	A		474,498
	2,280,000	NYC IDA (Comprehensive Care Management)1		5.750			08/01/2018			12/04/2014	C		2,127,354
	2,385,000	NYC IDA (Comprehensive Care Management)1		5.750			11/01/2018			12/04/2014	C		2,221,938
	2,485,000	NYC IDA (Comprehensive Care Management)1		5.750			05/01/2019			12/03/2015	C		2,278,994
	595,000	NYC IDA (Family Support Systems)1		6.500			11/01/2014			02/02/2012	C		589,615
	3,340,000	NYC IDA (Gateway School of New York)1		5.300			06/01/2019			05/01/2015	C		3,070,395

F11  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)*			Value
New York Continued
$	740,000	NYC IDA (Global Country World Peace)1		6.250	%		11/01/2015		01/19/2013	C	$	643,645
	695,000	NYC IDA (Global Country World Peace)1		6.250			11/01/2025		12/20/2012	C		604,504
	870,000	NYC IDA (Gourmet Boutique)1		5.250			05/01/2013		08/21/2010	C		782,965
	1,465,000	NYC IDA (Guttmacher Institute)1		5.250			12/01/2016		12/29/2012	C		1,331,377
	500,000	NYC IDA (Independent Living Assoc.)1		6.200			07/01/2020		05/04/2015	C		464,640
	26,985,000	NYC IDA (Japan Airlines)1		6.000			11/01/2015		05/01/2010	A		27,048,145
	16,350,000	NYC IDA (JFK International Airport)1		8.000			08/01/2012		08/01/2012			16,480,146
	21,375,000	NYC IDA (Liberty-7 World Trade Center)1		6.250			03/01/2015		03/01/2015			21,131,111
	5,000,000	NYC IDA (Liberty-7 World Trade Center)2		6.500			03/01/2035		09/13/2027	C		4,671,950
	2,000,000	NYC IDA (Lycee Francais De New York)1		5.375			06/01/2023		12/01/2012	A		2,058,260
	2,355,000	NYC IDA (Lycee Francais De New York)1		5.500			06/01/2013		12/01/2012	A		2,533,556
	730,000	NYC IDA (Lycee Francais De New York)1		5.500			06/01/2015		12/01/2012	A		771,617
	2,880,000	NYC IDA (Lycee Francais De New York)1		5.500			06/01/2016		12/01/2012	A		3,030,941
	2,000,000	NYC IDA (Lycee Francais De New York)1		5.500			06/01/2017		12/01/2012	A		2,089,020
	3,210,000	NYC IDA (Lycee Francais De New York)1		5.500			06/01/2018		12/01/2012	A		3,338,496
	650,000	NYC IDA (Manhattan Community Access Corp.)1		5.250			12/01/2016		12/24/2012	C		590,714
	3,490,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		5.375			11/01/2016		03/18/2013	C		3,259,416
	1,860,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		5.375			11/01/2018		10/05/2014	C		1,699,333
	380,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		5.375			11/01/2018		09/13/2014	C		347,176
	250,000	NYC IDA (Marymount School of New York)1		5.125			09/01/2021		09/01/2012	A		253,945
	1,270,000	NYC IDA (Metro Biofuels)1		5.500			11/01/2013		12/12/2011	C		1,172,782
	1,800,000	NYC IDA (Metropolitan College of New York)1		5.750			03/01/2020		03/14/2018	C		1,689,066
	4,585,000	NYC IDA (Montefiore Medical Center Corp.)1		5.125			11/01/2025		11/01/2010	A		4,631,950
	5,865,000	NYC IDA (Montefiore Medical Center Corp.)1		5.125			11/01/2035		10/01/2010	A		5,891,393
	250,000	NYC IDA (Queens Baseball Stadium)1		5.000			01/01/2025		01/01/2017	A		250,440
	1,020,000	NYC IDA (Reece School)1		6.500			12/01/2017		12/14/2013	C		971,825
	325,000	NYC IDA (Rockefeller Foundation)1		5.375			07/01/2023		10/01/2010	A		325,488
	3,250,000	NYC IDA (Rosco, Inc.)1		5.625			06/01/2022		06/01/2019	C		3,139,403
	1,000,000	NYC IDA (Royal Charter NY Presbyterian)1		5.750			12/15/2029		12/15/2011	A		1,062,800
	4,100,000	NYC IDA (Samaritan Aids Services)1		5.000			11/01/2024		11/01/2011	A		4,192,906
	500,000	NYC IDA (Services for the Underserved/Young Adult Institute Obligated Group)1		4.350			07/01/2011		07/01/2011			486,805
	560,000	NYC IDA (Showman Fabricators)1		7.125			11/01/2013		03/24/2011	C		511,336
	100,000	NYC IDA (Special Needs Facilities Pooled Program)		4.150			07/01/2014		04/08/2012	C		96,378
	200,000	NYC IDA (Special Needs Facilities Pooled Program)		5.800			07/01/2023		10/12/2021	C		174,204
	955,000	NYC IDA (Stallion)1		5.000			11/01/2016		11/03/2013	C		799,431

F12  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	480,000	NYC IDA (Stallion)1		5.500	%		11/01/2017			11/01/2017		$	411,701
	1,170,000	NYC IDA (Studio School)1		6.250			11/01/2018			11/12/2016	C		1,107,335
	5,855,000	NYC IDA (Terminal One Group Assoc.)1		5.500			01/01/2017			01/01/2016	D		6,069,586
	6,000,000	NYC IDA (Terminal One Group Assoc.)1		5.500			01/01/2018			01/01/2016	D		6,160,140
	11,670,000	NYC IDA (Terminal One Group Assoc.)1		5.500			01/01/2019			01/01/2016	D		11,914,720
	15,245,000	NYC IDA (Terminal One Group Assoc.)1		5.500			01/01/2020			01/01/2016	D		15,501,726
	9,750,000	NYC IDA (Terminal One Group Assoc.)1		5.500			01/01/2021			01/01/2016	D		9,889,133
	48,390,000	NYC IDA (Terminal One Group Assoc.)1		5.500			01/01/2024			01/01/2016	D		48,684,211
	960,000	NYC IDA (The Child School)1		7.000			06/01/2013			12/26/2010	C		971,040
	7,285,000	NYC IDA (Unicef)1		5.050			11/01/2018			09/30/2014	C		6,671,530
	1,000,000	NYC IDA (United Nations School)1		6.350			12/01/2015			06/01/2010	A		1,002,650
	1,000,000	NYC IDA (Urban Resource Institute)1		5.250			03/01/2023			03/01/2013	A		1,013,890
	725,000	NYC IDA (Urban Resource Institute)1		6.500			11/01/2013			04/09/2011	C		707,462
	830,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2016			09/15/2013	C		777,727
	2,525,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2016			10/21/2012	C		2,365,976
	5,400,000	NYC IDA (Visy Paper)1		7.800			01/01/2016			11/02/2012	C		5,149,494
	765,000	NYC IDA (Vocational Instruction)8		7.250			02/01/2013			10/21/2010	C		623,177
	4,880,000	NYC IDA (Yeled Yalda Early Childhood)1		5.350			11/01/2017			10/02/2013	C		4,394,782
	5,055,000	NYC IDA (YMCA of Greater New York)1		5.250			08/01/2021			02/01/2011	A		5,094,985
	5,905,000	NYC IDA (YMCA of Greater New York)1		5.800			08/01/2016	3		10/01/2010	A		5,914,389
	200,000	NYC IDA (Zeluck, Inc.)		6.250			11/01/2011			11/01/2011			200,022
	140,000	NYC Municipal Water Finance Authority1		5.000			06/15/2029			06/15/2010	A		141,267
	50,000	NYC Municipal Water Finance Authority1		5.750			06/15/2013	3		06/15/2010	A		53,734
	10,000	NYC Transitional Finance Authority1		5.000			05/01/2026	3		05/01/2010	A		10,037
	3,880,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.000			07/01/2022	3		03/01/2020	C		3,116,416
	2,720,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.125			07/01/2030	3		04/03/2027	C		2,131,365
	250,000	NYC Trust for Cultural Resources (Museum of Modern Art)1		5.125			07/01/2031			07/01/2012	A		253,933
	935,000	NYC Trust for Cultural Resources (Museum of Modern Art)1		5.500			01/01/2021			10/01/2010	A		937,908
	250,000	NYS DA (Augustana Lutheran Home)1		5.500			02/01/2041	3		02/01/2013	A		255,518
	25,000	NYS DA (Brookdale Hospital Medical Center)1		5.200			02/15/2016			02/15/2010	A		25,059
	65,000	NYS DA (Brookdale Hospital Medical Center)1		5.300			02/15/2017			08/15/2010	A		65,142
	60,000	NYS DA (Brooklyn Hospital Center)1		5.100			02/01/2019			02/01/2011	A		60,458
	1,300,000	NYS DA (Canisius College)1		5.000			07/01/2022			07/01/2022			1,270,490
	1,120,000	NYS DA (Catskill Regional Medical Center)		5.250			02/15/2023			02/15/2015	A		1,181,029
	1,350,000	NYS DA (Chapel Oaks)1		5.375			07/01/2017	3		10/01/2010	A		1,368,374
	3,290,000	NYS DA (Chapel Oaks)1		5.450			07/01/2026			07/01/2010	A		3,309,345
	65,000	NYS DA (City University)1		5.000			07/01/2026			07/01/2010	A		65,140

F13  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	145,000	NYS DA (City University)1		5.250	%		07/01/2025			07/01/2010	A	$	145,547
	10,000,000	NYS DA (City University)1		5.250			07/01/2025			10/01/2010	A		10,037,700
	20,000	NYS DA (Culinary Institute of America)1		5.000			07/01/2022			07/01/2011	A		20,080
	25,000	NYS DA (D’Youville College)		4.700			07/01/2012			07/01/2011	A		26,102
	350,000	NYS DA (Dept. of Health)1		5.000			07/01/2021			07/01/2014	A		365,677
	10,000	NYS DA (Dept. of Health)1		5.000			07/01/2024			07/01/2010	A		10,033
	35,000	NYS DA (Dept. of Health)1		5.000			07/01/2028			07/01/2010	A		35,174
	880,000	NYS DA (Dept. of Health)1		5.250			07/01/2023			07/01/2014	A		914,971
	1,345,000	NYS DA (Dept. of Health)1		5.500			07/01/2021			10/01/2010	A		1,346,547
	240,000	NYS DA (Dept. of Mental Hygiene)1		5.000			02/15/2023			08/15/2010	A		241,243
	2,525,000	NYS DA (Ellis Hospital)1		5.050			08/15/2024			08/15/2014	A		2,622,793
	140,000	NYS DA (Ellis Hospital)1		5.500			08/01/2015			02/01/2010	A		140,304
	150,000	NYS DA (Ellis Hospital)1		5.600			08/01/2025			02/01/2010	A		150,143
	175,000	NYS DA (Ellis Hospital)1		5.625			08/01/2035	3		08/01/2010	A		175,119
	50,000	NYS DA (FNHC/KR/MMWNHC Obligated Group)1		5.500			07/01/2010	3		07/01/2010			50,162
	785,000	NYS DA (FNHC/KR/MMWNHC Obligated Group)1		5.750			07/01/2017			10/01/2010	A		787,261
	30,000	NYS DA (Fordham University)1		5.000			07/01/2028			07/01/2010	A		30,079
	3,835,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)1		5.500			07/01/2017	3		10/01/2010	A		3,837,263
	10,055,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)1		5.500			07/01/2027	3		10/01/2010	A		10,064,954
	40,000	NYS DA (German Masonic Home)1		5.950			08/01/2026	3		02/01/2010	A		40,056
	165,000	NYS DA (German Masonic Home)1		6.000			08/01/2036			02/01/2010	A		165,198
	15,000	NYS DA (Green Chimneys School)1		5.500			07/01/2018			07/01/2010	A		15,190
	1,000,000	NYS DA (GSHMC/CHSLI Obligated Group)1		5.750			07/01/2014			10/01/2010	A		1,011,720
	5,000	NYS DA (Hamilton College)2		5.125			07/01/2016			10/01/2010	A		5,059
	1,000,000	NYS DA (Health Center/BFCC/USBFCC Obligated Group)1		5.000			11/15/2019			11/15/2011	A		1,016,650
	10,565,000	NYS DA (Hospital)6		6.450			08/15/2024			08/15/2012	A		11,192,764
	2,050,000	NYS DA (Hunts Point Multi-Service Center)1		5.625			07/01/2022			01/01/2010	A		2,051,907
	35,000	NYS DA (John T. Mather Memorial Hospital)		5.250			07/01/2015			10/01/2010	A		35,010
	170,000	NYS DA (John T. Mather Memorial Hospital)		5.375			07/01/2019			11/02/2017	C		169,437
	1,645,000	NYS DA (John T. Mather Memorial Hospital)1		5.750			07/01/2025			02/27/2023	C		1,608,744
	15,210,000	NYS DA (Kaleida Health)6		5.050			02/15/2025			02/15/2014	A		15,845,663
	965,000	NYS DA (L.I. University)2		5.125			09/01/2010			09/01/2010			985,362
	1,015,000	NYS DA (L.I. University)1		5.250			09/01/2028			10/08/2026	C		987,849
	725,000	NYS DA (Le Moyne College)1		5.000			07/01/2018			10/01/2010	A		726,617
	1,100,000	NYS DA (Leake & Watts Services)1		5.000			07/01/2023			07/01/2014	A		1,155,759
	10,000	NYS DA (Lenox Hill Hospital Obligated Group)1		5.750			07/01/2016			07/01/2016			9,646

F14  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	2,000,000	NYS DA (Lenox Hill Hospital Obligated Group)1		5.750	%		07/01/2017			07/01/2017		$	1,901,820
	450,000	NYS DA (Long Beach Medical Center)1		5.550			08/01/2015			02/01/2010	A		450,387
	100,000	NYS DA (Manhattan College)		5.500			07/01/2019			07/01/2013	A		101,788
	110,000	NYS DA (March of Dimes)2		5.600			07/01/2012			10/01/2010	A		110,352
	3,865,000	NYS DA (Marymount Manhattan College)1		6.250			07/01/2029			07/01/2010	A		3,918,762
	615,000	NYS DA (Master BOCES Program)1		5.250			08/15/2023			08/15/2013	A		640,258
	225,000	NYS DA (Menorah Campus)1		6.100			02/01/2037			02/01/2010	A		225,286
	225,000	NYS DA (Mental Health Services Facilities)1		5.250			02/15/2023			02/15/2014	A		235,058
	850,000	NYS DA (Millard Fillmore Hospital)1		5.375			02/01/2017			02/01/2010	A		851,267
	5,410,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		6.875			07/01/2019	3		07/01/2012	A		5,543,952
	100,000	NYS DA (Montefiore Medical Center)		5.000			02/01/2028			02/01/2015	A		100,174
	25,000	NYS DA (Mount Sinai Hospital/NYU Hospitals Center/ Hospital for Joint Diseases Orthopedic Institute Obligated Group)1		6.000			07/01/2011			07/01/2010	A		25,687
	75,000	NYS DA (Mount Sinai School of Medicine)1		5.000			07/01/2015			10/01/2010	A		75,086
	80,000	NYS DA (Mount Sinai School of Medicine)1		5.000			07/01/2016			01/01/2010	A		80,062
	1,125,000	NYS DA (Mount Sinai School of Medicine)1		5.000			07/01/2021			10/01/2010	A		1,126,024
	4,000,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)1		5.000			07/01/2013			10/01/2010	A		4,007,440
	12,850,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)1		5.500			07/01/2026			07/01/2010	A		12,857,967
	40,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)1		6.000			07/01/2013			07/01/2011	A		41,012
	34,800,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)1		6.500			07/01/2025			07/01/2011	A		35,442,408
	7,710,000	NYS DA (Mt. Sinai Hospital)1		6.500			07/01/2015			07/01/2010	A		7,905,680
	9,095,000	NYS DA (Mt. Sinai Hospital)1		6.500			07/01/2016			07/01/2010	A		9,318,464
	35,000	NYS DA (Mt. Sinai Hospital)1		6.625			07/01/2018			07/01/2011	A		35,806
	3,665,000	NYS DA (Mt. Sinai Hospital)1		6.625			07/01/2019			07/01/2011	A		3,746,986
	7,950,000	NYS DA (Mt. Sinai/NYU Health)1		5.500			07/01/2026			07/01/2010	A		7,954,929
	295,000	NYS DA (Mt. Sinai/NYU Health)1		6.000			07/01/2010			07/01/2010			301,050
	200,000	NYS DA (Mt. Sinai/NYU Health)1		6.100			07/01/2012			07/01/2010	A		205,338
	7,205,000	NYS DA (Mt. Sinai/NYU Health)1		6.500			07/01/2017			07/01/2010	A		7,372,228
	6,400,000	NYS DA (Mt. Sinai/NYU Health)1		6.750			07/01/2020			07/01/2011	A		6,542,592
	40,000	NYS DA (Municipal Health Facilities)1		5.500			05/15/2016			05/15/2010	A		40,133
	350,000	NYS DA (Municipal Health Facilities)1		5.500			05/15/2017			05/15/2010	A		351,166
	360,000	NYS DA (Municipal Health Facilities)1		5.500			05/15/2024			05/15/2010	A		360,450
	10,000	NYS DA (New York & Presbyterian Hospital)1		5.000			02/01/2019			02/01/2010	A		10,253
	50,000	NYS DA (New York Downtown Hospital)1		5.100			02/15/2012			02/15/2010	A		50,226

F15  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

										Effective
Principal										Maturity
Amount				Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	30,000		NYS DA (New York Downtown Hospital)1		5.300	%		02/15/2020			02/15/2010	A	$	30,044
	20,000		NYS DA (New York Hospital Medical Center of Queens)1		5.450			08/15/2019			08/15/2011	A		20,226
	100,000		NYS DA (New York Medical College)2		5.000			07/01/2021			07/01/2010	A		100,769
	1,000,000		NYS DA (New York Methodist Hospital)1		5.250			07/01/2024			03/02/2022	C		908,210
	4,200,000		NYS DA (North General Hospital)1		5.750			02/15/2019			02/15/2013	A		4,449,312
	3,750,000		NYS DA (North General Hospital)1		5.750			02/15/2020			02/15/2013	A		3,965,475
	35,000		NYS DA (North Shore University Hospital)1		5.000			11/01/2023			06/22/2021	C		34,687
	1,075,000		NYS DA (Northeast Parent & Child)1		5.500			07/01/2018			10/01/2010	A		1,079,537
	5,000		NYS DA (NSUH/NSUHGC/NSUHPL Obligated Group)1		5.000			11/01/2023			11/01/2023			4,955
	10,485,000		NYS DA (NSUH/NSUHGC/NSUHPL Obligated Group)1		5.200			11/01/2017			11/01/2010	A		10,542,563
	200,000		NYS DA (NSUH/NSUHGC/NSUHPL Obligated Group)1		5.250			11/01/2019			05/01/2010	A		200,794
	1,400,000		NYS DA (NYU Hospitals Center)1		5.250			07/01/2024			01/27/2018	C		1,384,614
	14,170,000	��	NYS DA (NYU)1		5.250			07/01/2027			07/01/2019	A		15,676,554
	2,000,000		NYS DA (Park Ridge Hsg.)1		6.375			08/01/2020	3		08/01/2010	A		2,043,080
	1,595,000		NYS DA (Park Ridge Hsg.)1		6.500			08/01/2025	3		08/01/2010	A		1,636,023
	3,680,000		NYS DA (Providence Rest)1		5.000			07/01/2021			07/12/2020	C		2,935,646
	1,250,000		NYS DA (Providence Rest)1		5.125			07/01/2030			08/06/2028	C		871,500
	160,000		NYS DA (Resurrection Rest Home Castleton on Hudson)1		6.050			08/01/2035	3		02/01/2010	A		160,173
	8,730,000		NYS DA (Rochester General Hospital)1		5.000			12/01/2025			10/25/2021	C		8,315,063
	50,000		NYS DA (Rochester Institute of Technology)1		5.250			07/01/2025			07/01/2012	A		51,968
	5,100,000		NYS DA (Ryan-Clinton Community Health Center)1		6.100			07/01/2019	3		01/01/2010	A		5,159,058
	5,000,000		NYS DA (School District Financing)1		5.750			10/01/2022	3		10/01/2012	A		5,371,350
	5,000,000		NYS DA (School District Financing)1		5.750			10/01/2030	3		10/01/2012	A		5,280,100
	120,000		NYS DA (SCHRC)1		5.500			07/01/2022			07/01/2011	A		120,427
	3,460,000		NYS DA (SCHRC/CHSLI Obligated Group)1		5.700			07/01/2013			10/01/2010	A		3,501,070
	3,820,000		NYS DA (SCHRC/CHSLI Obligated Group)1		5.750			07/01/2014			10/01/2010	A		3,864,770
	1,370,000		NYS DA (SCHRC/CHSLI Obligated Group)1		5.800			07/01/2015			07/01/2011	A		1,385,728
	10,000		NYS DA (SCSMC/SV/CHSLI Obligated Group)1		5.750			07/01/2020			07/01/2011	A		10,078
	20,860,000		NYS DA (SCSMC/SV/CHSLI Obligated Group)1		6.000			07/01/2030	3		07/01/2011	A		20,942,814
	15,000,000		NYS DA (SCSMC/SV/CHSLI Obligated Group)1		6.500			07/01/2020	3		07/01/2011	A		15,241,200
	1,100,000		NYS DA (SFH)1		5.500			07/01/2029			07/01/2011	A		1,101,716
	250,000		NYS DA (SFH/CHSLI Obligated Group)1		5.500			07/01/2022			07/01/2011	A		252,108
	1,000,000		NYS DA (SFH/CHSLI Obligated Group)1		5.800			07/01/2015			10/01/2010	A		1,011,880
	15,480,000		NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)1		5.000			07/01/2021			09/10/2018	C		15,439,752

F16  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	35,000	NYS DA (Skidmore College)1		5.000	%		07/01/2028			07/01/2010	A	$	35,174
	200,000	NYS DA (Southside Hospital)1		5.000			02/15/2018			02/15/2010	A		200,138
	135,000	NYS DA (Southside Hospital)1		5.200			02/15/2021			02/15/2010	A		135,158
	30,000	NYS DA (Special Act School Districts)1		5.700			07/01/2010			07/01/2010			30,110
	10,000	NYS DA (Special Act School Districts)2		5.750			07/01/2011			10/01/2010	A		10,036
	320,000	NYS DA (Special Act School Districts)2		5.875			07/01/2013			10/01/2010	A		321,203
	15,000	NYS DA (Special Act School Districts)1		6.000			07/01/2016			10/01/2010	A		15,059
	925,000	NYS DA (Special Act School Districts)1		6.000			07/01/2019			10/01/2010	A		928,423
	2,500,000	NYS DA (Special Surgery Hospital)1		6.250			08/15/2034			08/15/2019	A		2,753,275
	4,000,000	NYS DA (SS Joachim & Anne Residence)1		5.250			07/01/2027			07/01/2012	A		4,013,920
	3,075,000	NYS DA (St. Barnabas Hospital)1		5.350			08/01/2017			02/01/2010	A		3,079,090
	35,000	NYS DA (St. John’s Health Care Corp.)1		6.250			02/01/2036			02/01/2010	A		35,044
	5,090,000	NYS DA (St. Joseph’s Hospital Health Center)1		5.250			07/01/2018	3		07/01/2010	A		5,091,782
	3,685,000	NYS DA (St. Lawrence)1		5.400			08/15/2026			08/15/2017	A		4,031,022
	100,920,000	NYS DA (St. Luke’s Roosevelt Hospital)1		4.800			08/15/2025			08/15/2015	A		103,833,560
	5,915,000	NYS DA (St. Vincent DePaul Residence)1		5.300			07/01/2018	3		07/01/2010	A		5,943,924
	20,000	NYS DA (Staten Island University Hospital)1		5.000			07/01/2017			01/22/2016	C		19,061
	345,000	NYS DA (Suffern Free Library Assoc.)1		5.000			07/01/2020			07/01/2010	A		349,375
	2,820,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			08/15/2022			02/15/2014	A		2,973,267
	250,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035			02/15/2019	A		267,360
	2,125,000	NYS DA (The Rosalind & Joseph Gurwin Jewish Geriatric Center of Long Island)1		5.400			02/01/2015			02/01/2010	A		2,129,420
	170,000	NYS DA (The Rosalind & Joseph Gurwin Jewish Geriatric Center of Long Island)1		5.700			02/01/2037			02/01/2010	A		170,097
	2,145,000	NYS DA (United Cerebral Palsy Assoc. of Nassau County)1		5.500			07/01/2024			10/01/2010	A		2,146,952
	1,450,000	NYS DA (United Cerebral Palsy Assoc. of NYC)1		5.750			07/01/2018	3		07/01/2012	A		1,506,956
	30,000	NYS DA (United Cerebral Palsy Assoc.)1		5.375			07/01/2011			10/01/2010	A		30,111
	5,000	NYS DA (Upstate Community Colleges)1		5.000			07/01/2028			07/01/2011	A		5,039
	1,905,000	NYS DA (Upstate Community Colleges)1		5.125			07/01/2021			07/01/2014	A		2,031,054
	1,165,000	NYS DA (Upstate Community Colleges)1		5.125			07/01/2022			07/01/2014	A		1,232,989
	35,000	NYS DA (W.K. Nursing Home)1		6.050			02/01/2026			05/01/2010	A		35,053
	285,000	NYS DA (Wyckoff Heights Medical Center)1		5.200			02/15/2013			08/15/2010	A		286,197
	1,000,000	NYS DA (Wyckoff Heights Medical Center)1		5.200			02/15/2014			08/15/2010	A		1,003,710
	1,020,000	NYS DA (Wyckoff Heights Medical Center)1		5.300			08/15/2021			02/15/2010	A		1,021,275
	26,090,000	NYS DA (Wyckoff Heights Medical Center)1		5.300			08/15/2021			02/15/2010	A		26,123,395
	39,570,000	NYS DA, Series B6		6.650			08/15/2030			08/15/2012	A		41,955,685
	1,000,000	NYS DA, Series B1		6.650			08/15/2030			08/15/2012	A		1,060,270
	5,000	NYS EFC1		5.600			09/15/2013			09/15/2010	A		5,020
	1,000,000	NYS EFC2		5.650			02/15/2017			08/15/2010	A		1,004,100
	955,000	NYS EFC (L.I. Water Corp.)1		5.250			08/01/2027			08/01/2027			948,458

F17  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	20,000	NYS EFC (NYC Municipal Water Finance Authority)2		5.875	%		06/15/2014			06/15/2010	A	$	20,087
	25,000	NYS EFC (NYS Water Services)1		5.700			07/15/2012			02/01/2010	A		25,104
	7,500,000	NYS EFC (NYS Water Services)1		5.950			01/15/2020			01/15/2013	A		7,791,900
	390,000	NYS EFC (NYS Water Services)2		6.875			06/15/2010	3		06/15/2010			392,149
	1,705,000	NYS EFC (NYS Water Services)1		6.875			06/15/2014	3		06/15/2010	A		1,714,019
	120,000	NYS EFC (NYS Water Services)1		7.250			06/15/2010	3		06/15/2010			120,698
	305,000	NYS EFC (NYS Water Services)1		7.500			06/15/2012	3		06/15/2010	A		306,851
	10,000	NYS EFC (NYS Water Services)1		7.500			06/15/2012	3		06/15/2010	A		10,061
	500,000	NYS EFC (Pollution Control)1		5.550			08/15/2014			08/15/2010	A		501,995
	930,000	NYS EFC (Spring Valley Water Company)1		5.650			11/01/2023			05/01/2010	A		930,446
	5,800,000	NYS EFC (Spring Valley Water Company)1		6.300			08/01/2024			02/01/2010	A		5,804,176
	36,285,000	NYS ERDA (Brooklyn Union Gas Company)1		5.500			01/01/2021			10/01/2010	A		36,311,125
	3,000,000	NYS ERDA (Brooklyn Union Gas Company) Linked SAVRS & RIBS1,5		6.368			04/01/2020			04/01/2010	A		3,060,870
	10,650,000	NYS ERDA (Con Ed)1,5		0.560			10/01/2036			10/01/2036			9,292,125
	132,710,000	NYS ERDA (Con Ed)2		4.700			06/01/2036			10/01/2012	D		132,849,346
	1,130,000	NYS ERDA (LILCO)1		5.150			03/01/2016			09/01/2010	A		1,134,034
	4,540,000	NYS ERDA (LILCO)1		5.150			03/01/2016			09/01/2010	A		4,549,262
	5,245,000	NYS ERDA (LILCO)1		5.150			03/01/2016			09/01/2010	A		5,254,336
	13,795,000	NYS ERDA (LILCO)1		5.150			03/01/2016			09/01/2010	A		13,819,555
	20,295,000	NYS ERDA (LILCO)1		5.300			11/01/2023			03/01/2011	A		20,370,903
	5,720,000	NYS ERDA (Niagara Mohawk Power Corp.)1,5		0.586			12/01/2026			12/01/2026			5,237,804
	5,000	NYS GO1		5.000			09/15/2017			09/15/2010	A		5,033
	100,000	NYS GO1		5.250			10/01/2012			04/01/2010	A		100,360
	15,000	NYS GO1		5.250			11/15/2017			05/15/2010	A		15,127
	35,000	NYS GO1		5.250			05/01/2018			05/01/2010	A		35,243
	5,000	NYS GO1		5.250			11/15/2021			05/15/2010	A		5,032
	80,000	NYS GO1		5.300			07/15/2015			01/15/2010	A		80,208
	10,000	NYS GO1		5.300			07/15/2017			01/15/2010	A		10,020
	100,000	NYS GO2		5.375			10/01/2011			04/01/2010	A		100,397
	35,000	NYS GO1		5.500			07/15/2024			10/01/2012	A		35,050
	485,000	NYS GO1		5.500			07/15/2024			01/25/2010	A		485,698
	40,000	NYS GO1		6.600			12/01/2014			06/01/2010	A		40,774
	3,250,000	NYS HFA (Affordable Hsg.)1		5.250			11/01/2027			11/01/2017	A		3,274,668
	780,000	NYS HFA (Golden Age Apartments)1		5.000			02/15/2037			03/01/2023	C		749,736
	9,710,000	NYS HFA (Hospital & Nursing Home)1		5.150			11/01/2016			05/01/2010	A		9,763,696
	5,000	NYS HFA (Hospital & Nursing Home)		5.500			11/01/2012			05/01/2010	A		5,630
	15,000	NYS HFA (Hospital & Nursing Home)		5.875			11/01/2010			05/01/2010	A		15,672
	5,000	NYS HFA (Hospital & Nursing Home)		5.900			11/01/2010			05/01/2010	A		5,231
	10,000	NYS HFA (Hospital & Nursing Home)		6.000			11/01/2013			05/01/2010	A		11,748

F18  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	35,000	NYS HFA (Hospital & Nursing Home)		6.000	%		11/01/2014			05/01/2010	A	$	42,160
	25,000	NYS HFA (Loewn Devel. of Wappingers Falls)1		5.250			08/15/2019			02/15/2011	A		25,155
	60,000	NYS HFA (Meadow Manor)1		7.750			11/01/2019	3		05/01/2010	A		61,082
	345,000	NYS HFA (Multifamily Hsg.)1		5.300			08/15/2022			08/15/2012	A		350,203
	1,340,000	NYS HFA (Multifamily Hsg.)1		5.300			08/15/2024			02/15/2011	A		1,346,579
	50,000	NYS HFA (Multifamily Hsg.)1		5.400			02/15/2016			02/15/2012	A		50,623
	1,215,000	NYS HFA (Multifamily Hsg.)1		5.550			08/15/2019			08/15/2011	A		1,227,928
	40,000	NYS HFA (Multifamily Hsg.)2		5.600			02/15/2011			02/15/2010	A		40,484
	1,385,000	NYS HFA (Multifamily Hsg.)1		5.600			08/15/2019			08/15/2011	A		1,399,806
	1,240,000	NYS HFA (Multifamily Hsg.)1		5.600			02/15/2026			02/15/2011	A		1,247,080
	1,730,000	NYS HFA (Multifamily Hsg.)1		5.600			08/15/2033			08/15/2012	A		1,749,047
	50,000	NYS HFA (Multifamily Hsg.)1		6.100			08/15/2028			08/15/2010	A		50,047
	10,000	NYS HFA (Multifamily Hsg.)1		6.250			08/15/2014	3		08/01/2010	A		10,025
	5,000	NYS HFA (Multifamily Hsg.)1		6.250			08/15/2014			08/15/2010	A		5,014
	130,000	NYS HFA (Multifamily Hsg.)2		6.250			08/15/2025			08/15/2010	A		130,127
	280,000	NYS HFA (Multifamily Hsg.)1		6.350			08/15/2023	3		08/15/2010	A		280,274
	325,000	NYS HFA (Multifamily Hsg.)2		6.750			11/15/2036			05/15/2010	A		351,107
	15,000	NYS HFA (Multifamily Hsg.)1		6.800			11/01/2014			05/01/2010	A		15,044
	90,000	NYS HFA (Multifamily Hsg.)1		6.850			11/01/2019	3		05/01/2010	A		90,180
	625,000	NYS HFA (Newburgh Interfaith Emergency Hsg.)1		7.050			11/01/2012			05/01/2010	A		627,213
	10,000	NYS HFA (Nonprofit Hsg.)2		6.200			11/01/2010			05/01/2010	A		10,138
	50,000	NYS HFA (Nonprofit Hsg.)1		6.200			11/01/2011			05/01/2010	A		50,673
	40,000	NYS HFA (Nonprofit Hsg.)1		6.200			11/01/2012			05/01/2010	A		40,526
	20,000	NYS HFA (Nonprofit Hsg.)1		6.200			11/01/2013			05/01/2010	A		20,258
	5,950,000	NYS HFA (Phillips Village)1		7.750			08/15/2017			02/15/2010	A		6,021,579
	2,920,000	NYS HFA (Senior Devel. Hsg.)1		5.100			11/15/2023			11/15/2017	A		2,992,095
	1,725,000	NYS HFA (Simeon Dewitt)1		8.000			11/01/2018	3		05/01/2010	A		1,780,028
	315,000	NYS HFA (Tiffany Gardens)1		4.500			08/15/2015			10/11/2012	B		331,711
	130,000	NYS HFA, Series A1		5.875			11/01/2010			05/01/2010	A		130,540
	29,860,000	NYS HFA, Series A1		6.100			11/01/2015	3		05/01/2010	A		29,991,085
	6,890,000	NYS HFA, Series A1		6.125			11/01/2020	3		05/01/2010	A		6,898,061
	1,160,000	NYS Medcare (Hospital & Nursing Home)1		6.300			08/15/2023			08/15/2010	A		1,163,886
	740,000	NYS Medcare (Hospital & Nursing Home)2		6.375			08/15/2033			08/15/2010	A		741,665
	285,000	NYS Medcare (Hospital & Nursing Home)2		7.000			08/15/2032			08/15/2010	A		285,787
	150,000	NYS Medcare (Hospital & Nursing Home)2		7.400			11/01/2016	3		05/01/2010	A		150,729
	80,000	NYS Medcare (Hospital & Nursing Home)1		9.375			11/01/2016	3		05/01/2010	A		80,579
	10,710,000	NYS Municipal Bond Bank Agency (Special School Purpose)1		5.250			12/01/2019			06/01/2013	A		11,366,095
	2,930,000	NYS Municipal Bond Bank Agency (Special School Purpose)1		5.500			06/01/2015			06/01/2013	A		3,190,067

F19  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	5,000	NYS Power Authority1		5.875	%		01/01/2010			01/01/2010		$	5,000
	35,405,000	NYS UDC (South Mall) CAB1		5.648	9		01/01/2011			06/12/2010	C		33,560,754
	280,000	NYS UDC (South Mall) CAB1		5.800	9		01/01/2011			06/12/2010	C		265,415
	255,000	NYS UDC (South Mall) CAB1		6.042	9		01/01/2011			06/12/2010	C		241,717
	34,165,000	NYS UDC (State Personal Income Tax Authority)1		5.000			12/15/2017			12/15/2017			39,096,034
	4,000,000	NYS UDC (Subordinated Lien)1		5.125			07/01/2020			07/01/2014	A		4,222,400
	1,000,000	NYS UDC (Subordinated Lien)1		5.125			07/01/2021			07/01/2014	A		1,051,380
	6,270,000	NYS UDC (Subordinated Lien)1		5.500			07/01/2016			10/01/2010	A		6,293,074
	95,000	NYS UDC (Subordinated Lien)1		5.500			07/01/2016			07/10/2010	A		95,386
	6,665,000	NYS UDC (Subordinated Lien)2		5.500			07/01/2022	3		10/01/2010	A		6,686,861
	6,720,000	NYS UDC (Subordinated Lien)1		5.600			07/01/2026	3		01/01/2010	A		6,738,413
	3,675,000	NYS UDC, Series D10		5.625			01/01/2028			01/01/2019	C		4,029,491
	70,000	Oneida County, NY GO1		5.400			03/15/2011			09/15/2010	A		70,661
	2,285,000	Oneida County, NY IDA (Faxton Hospital)1		6.625			01/01/2015	3		01/01/2010	A		2,312,991
	185,000	Oneida County, NY IDA (Mohawk Valley Network/Faxton-St. Lukes Healhcare Obligated Group)1		5.000			01/01/2013			01/01/2010	A		188,345
	1,190,000	Oneida County, NY IDA (Presbyterian Home)1		5.250			03/01/2019			03/01/2010	A		1,192,249
	1,615,000	Oneida County, NY IDA (Presbyterian Home)1		6.100			06/01/2020			06/01/2010	A		1,644,312
	1,000,000	Oneida County, NY IDA (Presbyterian Home)1		6.250			06/01/2015			06/01/2010	A		1,024,100
	15,000	Onondaga County, NY GO2		5.000			02/15/2011			08/15/2010	A		15,056
	1,020,000	Onondaga County, NY IDA (Le Moyne College)2		5.500			03/01/2014			03/01/2011	A		1,031,200
	3,620,000	Onondaga County, NY Res Rec1		5.000			05/01/2010			05/01/2010			3,581,628
	265,000	Orange County, NY IDA (Orange Mental Retardation Properties)1		6.125			05/01/2016	3		05/01/2010	A		265,975
	4,650,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		6.000			12/01/2016	3		12/01/2012	A		4,796,522
	1,720,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		6.000			12/01/2016	3		12/01/2012	A		1,774,197
	40,000	Oswego County, NY IDA (Seneca Hill Manor)1		5.550			08/01/2022			02/01/2010	A		40,021
	3,510,000	Oswego County, NY IDA (Seneca Hill Manor)1		5.650			08/01/2037			02/01/2010	A		3,511,544
	600,000	Otsego County, NY IDA (AOFMHS)1		5.350			10/01/2017			04/01/2010	A		608,094
	245,000	Otsego County, NY IDA (Bassett Healthcare Project)1		5.375			11/01/2020			01/16/2018	C		244,086
	1,350,000	Otsego County, NY IDA (Hartwick College)1		6.000			07/01/2013			07/01/2013			1,345,802
	3,625,000	Otsego County, NY IDA (Mary Imogene Bassett Hospital)1		5.350			11/01/2020			01/15/2018	C		3,604,120
	95,920,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022	3		06/01/2010	A		97,977,484
	43,160,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025			12/14/2024	C		43,095,260

F20  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	49,140,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.900	%		12/01/2017	3		12/01/2010	A	$	51,640,735
	18,355,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.250			12/01/2014			12/01/2014			19,441,616
	17,010,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2011			05/03/2010	C		17,000,474
	27,860,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019	3		09/03/2016	C		25,077,343
	20,000	Port Authority NY/NJ, 103rd Series1		5.250			12/15/2012			06/15/2010	A		20,070
	10,000	Port Authority NY/NJ, 116th Series1		5.000			10/01/2012			04/01/2010	A		10,033
	100,000	Port Authority NY/NJ, 116th Series1		5.000			10/01/2013			04/01/2010	A		100,332
	160,000	Port Authority NY/NJ, 116th Series1		5.250			10/01/2014			04/01/2010	A		160,562
	55,000	Port Authority NY/NJ, 116th Series1		5.250			10/01/2015			04/01/2010	A		55,193
	815,000	Port Authority NY/NJ, 122nd Series1		5.000			07/15/2018			07/15/2010	A		817,698
	30,000	Port Authority NY/NJ, 122nd Series1		5.000			07/15/2020			07/15/2010	A		30,053
	100,000	Port Authority NY/NJ, 122nd Series1		5.000			07/15/2022			07/15/2010	A		100,066
	55,000	Port Authority NY/NJ, 122nd Series1		5.000			07/15/2031			07/15/2010	A		55,013
	165,000	Port Authority NY/NJ, 122nd Series1		5.000			07/15/2031			07/15/2010	A		165,040
	2,000,000	Port Authority NY/NJ, 122nd Series1		5.500			07/15/2011			01/25/2010	A		2,016,760
	25,000	Port Authority NY/NJ, 122nd Series1		5.500			07/15/2012			07/15/2010	A		25,203
	5,170,000	Port Authority NY/NJ, 122nd Series1		5.500			07/15/2015			07/15/2010	A		5,204,122
	65,000	Port Authority NY/NJ, 123rd Series1		5.000			07/15/2028			07/15/2010	A		65,370
	30,000	Port Authority NY/NJ, 124th Series1		4.800			08/01/2018			08/01/2010	A		30,072
	1,695,000	Port Authority NY/NJ, 124th Series1		5.000			08/01/2019			08/01/2010	A		1,699,017
	20,000	Port Authority NY/NJ, 124th Series1		5.000			08/01/2021			08/01/2010	A		20,025
	265,000	Port Authority NY/NJ, 124th Series1		5.000			08/01/2022			08/01/2010	A		265,180
	325,000	Port Authority NY/NJ, 124th Series1		5.000			08/01/2024			08/01/2010	A		325,078
	100,000	Port Authority NY/NJ, 124th Series1		5.000			08/01/2025			08/01/2010	A		100,018
	60,000	Port Authority NY/NJ, 124th Series1		5.000			08/01/2031			08/02/2010	A		60,014
	15,000	Port Authority NY/NJ, 126th Series1		5.000			11/15/2024			05/15/2014	A		15,028
	85,000	Port Authority NY/NJ, 126th Series1		5.125			11/15/2032			05/15/2013	A		85,507
	230,000	Port Authority NY/NJ, 127th Series1		5.000			12/15/2022			06/16/2013	A		231,014
	30,000	Port Authority NY/NJ, 127th Series1		5.000			12/15/2024			06/16/2014	A		30,059
	10,000	Port Authority NY/NJ, 131st Series1		5.000			12/15/2026			06/15/2015	A		9,932
	5,745,000	Port Authority NY/NJ, 141st Series1		5.000			09/01/2021			09/01/2015	A		5,797,337
	14,110,000	Port Authority NY/NJ, 141st Series1		5.000			09/01/2022			09/01/2015	A		14,173,354
	6,000,000	Port Authority NY/NJ, 141st Series1		5.000			09/01/2025			09/01/2015	A		6,020,160
	100,000	Port Authority NY/NJ, 152nd Series1		5.750			11/01/2030			05/01/2018	A		105,611
	2,780,000	Port Authority NY/NJ, 37th Series1		5.500			07/15/2019			07/15/2014	A		2,948,301
	1,275,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		5.900			08/01/2020			08/01/2010	A		1,281,668
	1,200,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375			12/01/2025			12/01/2014	A		1,203,228

F21  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	40,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)1		5.125	%		08/01/2029			08/01/2011	A	$	40,061
	50,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)1		5.500			08/01/2022			08/01/2011	A		50,536
	2,090,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.200			06/01/2025			03/04/2011	C		1,975,447
	1,490,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.750			06/01/2043			09/04/2024	C		1,311,811
	65,000	Rensselaer, NY Hsg. Authority (Renwyck)1		7.650			01/01/2011			10/01/2010	A		65,279
	5,845,000	Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)1		5.875			06/01/2022			06/01/2014	A		6,134,795
	30,000	Rockland County, NY Solid Waste Management Authority		5.625			12/15/2014			06/15/2010	A		30,061
	55,000	Rockland County, NY Solid Waste Management Authority1		5.750			12/15/2018			12/15/2011	A		55,592
	8,560,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.500			08/15/2025			04/24/2014	C		8,306,367
	80,000	Rome, NY HDC, Series A1		6.250			01/01/2024			10/01/2010	A		80,590
	500,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)1		5.000			12/01/2014			12/01/2014			516,935
	3,725,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)1		5.750			12/01/2023			06/01/2010	A		3,725,857
	6,540,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)1		5.750			12/01/2033			11/17/2029	C		6,406,519
	3,405,000	Schenectady, NY Metroplex Devel. Authority, Series A1		5.375			12/15/2021			12/15/2012	A		3,548,793
	25,000	Scotia, NY GO1		6.100			01/15/2012			01/15/2010	A		25,710
	870,000	SONYMA, Series 1011		5.000			10/01/2018			10/01/2015	A		878,935
	25,000	SONYMA, Series 1011		5.250			04/01/2022			10/01/2011	A		25,277
	2,380,000	SONYMA, Series 1011		5.350			10/01/2026			10/01/2011	A		2,393,804
	1,530,000	SONYMA, Series 1451		4.950			10/01/2023			04/01/2017	A		1,544,734
	35,000	SONYMA, Series 271		5.250			04/01/2013			04/01/2010	A		35,148
	18,715,000	SONYMA, Series 291		5.400			10/01/2022	3		10/01/2010	A		18,791,170
	26,530,000	SONYMA, Series 296		5.450			10/01/2031			02/15/2013	A		26,388,011
	400,000	SONYMA, Series 311		5.200			10/01/2021			04/01/2011	A		402,892
	485,000	SONYMA, Series 311		5.300			10/01/2031			04/01/2011	A		485,888
	140,000	SONYMA, Series 631		5.600			10/01/2010			04/01/2010	A		140,337
	100,000	SONYMA, Series 632		5.700			04/01/2011			04/01/2010	A		100,221
	85,000	SONYMA, Series 632		5.700			10/01/2011			04/01/2010	A		85,179
	10,000	SONYMA, Series 651		5.550			10/01/2012			10/01/2010	A		10,017

F22  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	100,000	SONYMA, Series 672		5.600	%		10/01/2014	3		09/01/2010	A	$	100,129
	195,000	SONYMA, Series 671		5.600			10/01/2014			09/01/2010	A		195,302
	1,065,000	SONYMA, Series 672		5.700			10/01/2017	3		09/01/2010	A		1,066,129
	940,000	SONYMA, Series 671		5.800			10/01/2028	3		09/01/2010	A		960,107
	50,000	SONYMA, Series 691		5.400			10/01/2019			03/01/2010	A		50,062
	3,685,000	SONYMA, Series 691		5.400			10/01/2019			03/01/2010	A		3,689,569
	7,155,000	SONYMA, Series 691		5.500			10/01/2028			03/01/2011	A		7,159,436
	375,000	SONYMA, Series 711		5.350			10/01/2018			07/01/2010	A		376,523
	270,000	SONYMA, Series 73-A2		5.250			10/01/2017			09/01/2010	A		271,523
	15,000	SONYMA, Series 73-B1		5.450			10/01/2024	3		09/10/2010	B		15,144
	15,000	SONYMA, Series 771		5.600			04/01/2010			04/01/2010			15,092
	305,000	SONYMA, Series 772		5.700			04/01/2011			04/01/2010	A		308,663
	55,000	SONYMA, Series 791		5.250			10/01/2021			03/01/2011	A		55,401
	9,375,000	SONYMA, Series 791		5.250			10/01/2021			03/01/2011	A		9,411,656
	760,000	SONYMA, Series 791		5.300			04/01/2029			03/01/2011	A		761,984
	2,140,000	SONYMA, Series 802		5.100			10/01/2017	3		03/01/2011	A		2,163,412
	5,395,000	SONYMA, Series 821		5.550			10/01/2019	3		04/01/2010	A		5,398,938
	1,635,000	SONYMA, Series 831		5.450			04/01/2018	3		04/01/2010	A		1,636,782
	45,000	SONYMA, Series 831		5.550			10/01/2027			04/01/2010	A		45,026
	4,410,000	SONYMA, Series 921		5.750			04/01/2020			04/01/2010	A		4,624,106
	6,150,000	SONYMA, Series 971		5.400			10/01/2021	3		04/01/2011	A		6,205,658
	500,000	SONYMA, Series 981		5.050			10/01/2017			04/01/2011	A		506,705
	385,000	Spring Valley, NY (Quality Redevel.)1		5.000			06/15/2021			06/15/2017	A		387,468
	405,000	Spring Valley, NY (Quality Redevel.)1		5.000			06/15/2022			06/15/2017	A		405,288
	300,000	Spring Valley, NY GO1		5.000			05/01/2020			05/01/2015	A		303,099
	310,000	Spring Valley, NY GO1		5.000			05/01/2021			05/01/2015	A		311,621
	325,000	Spring Valley, NY GO1		5.000			05/01/2022			05/01/2015	A		325,234
	335,000	Spring Valley, NY GO1		5.000			05/01/2023			05/01/2023			333,044
	350,000	Spring Valley, NY GO1		5.000			05/01/2024			05/01/2024			346,098
	365,000	Spring Valley, NY GO1		5.000			05/01/2025			05/01/2025			360,361
	3,640,000	St. Lawrence County, NY IDA (Curran Renewable Energy)1		6.200			12/01/2017			06/01/2014	C		3,161,959
	605,000	Suffolk County, NY IDA (ALIA-CCDRCA)1		7.000			06/01/2016			06/01/2013	A		606,440
	500,000	Suffolk County, NY IDA (ALIA-Civic Facility)1		5.950			11/01/2022			11/01/2022			443,295
	150,000	Suffolk County, NY IDA (ALIA-Civic Facility)		6.000			11/01/2017			11/01/2017			140,837
	625,000	Suffolk County, NY IDA (ALIA-Civic Facility)1		6.000			11/01/2017			11/01/2017			586,819
	730,000	Suffolk County, NY IDA (ALIA-FREE)1		7.000			06/01/2016			06/01/2013	A		731,737
	250,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022			11/01/2022			221,648
	335,000	Suffolk County, NY IDA (ALIA-IGHL)1		6.500			12/01/2013			06/07/2011	C		328,732
	800,000	Suffolk County, NY IDA (ALIA-LIHIA)1		5.950			11/01/2022			11/01/2022			709,272
	300,000	Suffolk County, NY IDA (ALIA-NYS ARC)1		5.950			11/01/2022			11/01/2022			265,977

F23  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	300,000	Suffolk County, NY IDA (ALIA-WORCA)1		5.950	%		11/01/2022			11/01/2022		$	265,977
	345,000	Suffolk County, NY IDA (ALIA-WORCA)1		7.000			06/01/2016			04/09/2013	B		345,821
	300,000	Suffolk County, NY IDA (Catholic Charities)1		6.000			10/01/2020			12/27/2014	C		273,963
	300,000	Suffolk County, NY IDA (DDI)1		6.000			10/01/2020			12/27/2014	C		273,963
	300,000	Suffolk County, NY IDA (DDI)1		6.000			10/01/2020			12/27/2014	C		273,963
	1,065,000	Suffolk County, NY IDA (Dowling College)1		5.000			06/01/2018			06/01/2018			888,040
	12,000,000	Suffolk County, NY IDA (Engel Berman at East Northport)1		7.125			11/01/2049			11/01/2012	C		12,242,160
	24,135,000	Suffolk County, NY IDA (Engel Berman at East Northport)10		7.125			11/01/2049			11/01/2012	A		24,341,113
	130,000	Suffolk County, NY IDA (Family Residences)		6.000			10/01/2015			08/12/2012	C		124,684
	390,000	Suffolk County, NY IDA (Family Residences), Series A1		6.375			12/01/2018			12/20/2013	C		371,600
	2,655,000	Suffolk County, NY IDA (Family Residences), Series A1		6.375			12/01/2018			10/03/2014	C		2,529,737
	605,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			10/01/2020			06/27/2015	C		552,492
	425,000	Suffolk County, NY IDA (L.I. Network Community Services)1		7.000			02/01/2014			08/01/2010	C		429,157
	290,000	Suffolk County, NY IDA (Mattituck-Laurel Library)1		6.000			09/01/2019	3		09/01/2010	A		297,560
	330,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1		6.250			11/01/2016			03/22/2013	C		318,031
	120,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.250			11/01/2016			04/13/2013	C		115,648
	715,000	Suffolk County, NY IDA (Pederson-Krager Center)1		6.375			11/01/2015			08/07/2012	C		686,750
	620,000	Suffolk County, NY IDA (Pederson-Krager Center)1		6.400			02/01/2015			10/23/2011	C		598,765
	205,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000			10/01/2020			12/27/2014	C		187,208
	500,000	Suffolk County, NY IDA (WORCA)1		6.000			10/01/2020			06/27/2015	C		456,605
	100,000	Suffolk County, NY Water Authority1		5.750			06/01/2010			06/01/2010			102,151
	1,765,000	Sullivan County, NY IDA (Center for Discovery)1		5.625			06/01/2013			12/21/2010	C		1,706,384
	4,800,000	Sullivan County, NY IDA (Center for Discovery)1		5.875			07/01/2022			11/11/2016	C		3,884,928
	5,745,000	Sullivan County, NY IDA (Center for Discovery)1		6.375			02/01/2020			12/09/2014	C		5,301,946
	30,000	Syracuse, NY Hsg. Authority1		5.400			09/01/2021			09/01/2015	A		31,442
	2,790,000	Syracuse, NY Hsg. Authority (LRRHCF)1		5.800			08/01/2037			02/01/2010	A		2,792,706
	300,000	Syracuse, NY IDA (Crouse Irving Companies)1		5.250			01/01/2017			01/01/2010	A		300,435
	565,000	Syracuse, NY IDA (One Center Armory Garage)		6.750			12/01/2017			12/01/2010	A		565,057
	900,000	Tompkins County, NY IDA (Kendall at Ithaca)1		5.750			07/01/2018			10/01/2010	A		900,531
	2,000,000	Tompkins County, NY IDA (Kendall at Ithaca)1		6.000			07/01/2024			07/01/2010	A		2,000,640
	110,000	Tompkins, NY Health Care Corp. (Reconstruction Home)1		5.875			02/01/2033			02/01/2010	A		110,105

F24  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	265,000	Tompkins, NY Health Care Corp. (Reconstruction Home)1		10.800	%		02/01/2028	3		02/01/2010	A	$	282,188
	270,000	Tonawanda, NY Senior Citizen Hsg. Corp.1		6.500			12/01/2010			06/01/2010	A		270,294
	25,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.250			06/01/2025			11/12/2016	C		24,782
	10,000	Ulster County, NY GO1		5.400			11/15/2013			05/15/2010	A		10,176
	10,000	Ulster County, NY GO1		5.400			11/15/2015			05/15/2010	A		10,176
	25,000	Ulster County, NY GO1		5.500			11/15/2012			05/15/2010	A		25,454
	1,080,000	Ulster County, NY IDA (Kingston Hospital)1		5.650			11/15/2024			05/15/2010	A		1,091,621
	155,000	Ulster County, NY Res Rec1		5.000			03/01/2016			03/01/2016			164,571
	160,000	Ulster County, NY Res Rec1		5.000			03/01/2017			03/01/2016	A		167,360
	170,000	Ulster County, NY Res Rec1		5.000			03/01/2018			03/01/2016	A		174,966
	830,000	Ulster County, NY Tobacco Asset Securitization Corp.1		0.000	4		06/01/2040			09/14/2026	C		708,040
	360,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2040			06/04/2028	C		325,285
	10,795,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.750			06/01/2030	3		06/15/2019	C		10,689,209
	75,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)1		5.400			07/15/2030			07/15/2012	A		76,080
	25,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)1		5.500			07/15/2029			07/15/2011	A		25,442
	640,000	Utica, NY IDA (Utica College Civic Facility)1		6.375			12/01/2011			06/29/2010	B		651,149
	250,000	Utica, NY SCHC (Multifamily), Series A2		5.550			12/01/2017			06/01/2010	A		252,750
	15,000	Victor, NY GO1		4.800			12/15/2017			06/01/2010	A		15,282
	100,000	Westchester County, NY GO1		5.375			12/15/2012			06/15/2010	A		101,391
	50,000	Westchester County, NY GO1		5.375			12/15/2013			06/15/2010	A		50,610
	45,000	Westchester County, NY Healthcare Corp., Series B1		5.375			11/01/2020			11/01/2010	A		45,476
	1,700,000	Westchester County, NY IDA (Children’s Village)1		5.300			03/15/2014			04/20/2012	C		1,612,637
	160,000	Westchester County, NY IDA (Clearview School)		6.600			01/01/2014			12/27/2010	C		159,336
	855,000	Westchester County, NY IDA (Guiding Eyes for the Blind)1		4.500			08/01/2012			02/18/2011	C		872,587
	1,130,000	Westchester County, NY IDA (JDAM)1		6.750			04/01/2016	3		04/01/2010	A		1,130,904
	200,000	Westchester County, NY IDA (Purchase College Foundation Hsg. Corp.)1		5.500			12/01/2015			12/01/2013	A		208,438
	2,045,000	Westchester County, NY IDA (Rippowam-Cisqua School)1		5.750			06/01/2029			02/07/2021	C		2,000,460
	1,175,000	Westchester County, NY IDA (Schnurmacher Center)1		6.000			11/01/2011			04/03/2010	C		1,191,109

F25  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
New York Continued
$	130,000	Westchester County, NY IDA (Westchester Airport Assoc.)1		5.850	%		08/01/2014			02/01/2010	A	$	130,267
	690,000	Westchester County, NY IDA (Westchester Airport Assoc.)1		5.950			08/01/2024	3		02/01/2010	A		690,331
	70,000	Westchester County, NY IDA (Winward School)		5.200			10/01/2021			10/01/2011	A		70,018
	8,785,000	Westchester County, NY Tobacco Asset Securitization Corp.1		4.500			06/01/2021			08/03/2010	C		8,397,933
	8,600,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2026			07/07/2014	C		7,784,376
	95,000	White Plains, NY HDC (Battle Hill)1		6.650			02/01/2025			02/01/2010	A		95,135
	140,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)1		5.450			02/01/2029			02/01/2011	A		141,385
	165,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)1		5.650			02/01/2039			02/01/2011	A		166,577
	1,455,000	Yonkers, NY IDA (Monastery Manor Associates)1		5.000			04/01/2025			05/06/2023	C		1,411,088
	1,250,000	Yonkers, NY IDA (Sarah Lawrence College)1		5.750			06/01/2024			06/01/2019	A		1,303,450
	1,775,000	Yonkers, NY IDA (St. John’s Riverside Hospital)1		6.800			07/01/2016			07/01/2012	A		1,801,110
													3,080,012,409
U.S. Possessions—26.2%
	5,000,000	Guam Airport Authority, Series C1		5.375			10/01/2019			10/01/2013	A		5,078,700
	6,000,000	Guam Airport Authority, Series C1		5.375			10/01/2020			10/01/2013	A		6,081,300
	192,000	Guam EDA (TASC)		5.300			05/15/2014			05/15/2014			221,643
	10,000	Guam International Airport Authority1		5.000			10/01/2023			10/01/2023			9,776
	25,000	Guam Power Authority, Series A1		5.000			10/01/2024			07/23/2023	C		23,197
	430,000	Guam Power Authority, Series A1		5.250			10/01/2013			11/07/2011	C		422,006
	25,000	Guam Power Authority, Series A		5.250			10/01/2013			11/07/2011	C		24,535
	50,000	Guam Power Authority, Series A1		5.250			10/01/2014			10/01/2010	A		50,003
	655,000	Guam Power Authority, Series A1		5.250			10/01/2023			09/02/2019	C		602,069
	710,000	Guam Power Authority, Series A1		5.250			10/01/2023			09/02/2019	C		652,625
	40,000	Guam Power Authority, Series A1		5.250			10/01/2034			11/06/2032	C		36,644
	215,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		5.250			06/01/2032			06/01/2017	C		179,512
	100,000	Northern Mariana Islands Commonwealth, Series A1		6.750			10/01/2033			09/02/2012	C		91,508
	375,000	Puerto Rico Children’s Trust Fund (TASC)1		4.100			05/15/2013			05/15/2012	A		373,350
	200,000	Puerto Rico Children’s Trust Fund (TASC)1		4.250			05/15/2014			05/15/2014			197,948
	192,665,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375			05/15/2033			10/31/2013	C		184,860,141
	68,875,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039			08/02/2020	C		59,094,750
	30,755,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043			09/24/2022	C		26,729,171

F26  |  LIMITED TERM NEW YORK MUNICIPAL FUND

								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)*			Value
U.S. Possessions Continued
$	5,000	Puerto Rico Children’s Trust Fund (TASC)1		5.750	%		07/01/2020		09/07/2010	B	$	5,136
	6,250,000	Puerto Rico Commonwealth GO1		5.000			07/01/2024		07/01/2024			5,940,500
	5,970,000	Puerto Rico Commonwealth GO1		5.000			07/01/2025		07/01/2025			5,655,381
	50,000	Puerto Rico Commonwealth GO1		5.000			07/01/2026		06/21/2026	C		47,208
	50,000	Puerto Rico Commonwealth GO1		5.000			07/01/2028		08/05/2026	C		46,790
	2,000,000	Puerto Rico Commonwealth GO1		5.000			07/01/2030		07/01/2012	D		2,053,360
	7,000,000	Puerto Rico Commonwealth GO1		5.250			01/01/2015		01/01/2015			7,216,930
	880,000	Puerto Rico Commonwealth GO1		5.250			07/01/2018		07/01/2013	A		887,964
	900,000	Puerto Rico Commonwealth GO1		5.250			07/01/2019		07/01/2013	A		905,283
	2,430,000	Puerto Rico Commonwealth GO1		5.250			07/01/2021		07/01/2021			2,417,583
	3,400,000	Puerto Rico Commonwealth GO1		5.250			07/01/2022		07/01/2022			3,348,014
	7,350,000	Puerto Rico Commonwealth GO1		5.250			07/01/2022		07/01/2022			7,237,619
	2,315,000	Puerto Rico Commonwealth GO1		5.250			07/01/2022		07/01/2022			2,279,604
	4,575,000	Puerto Rico Commonwealth GO1		5.250			07/01/2023		07/01/2023			4,479,794
	11,000,000	Puerto Rico Commonwealth GO1		5.250			07/01/2023		07/01/2023			10,771,090
	7,395,000	Puerto Rico Commonwealth GO1		5.250			07/01/2023		07/01/2023			7,241,110
	15,850,000	Puerto Rico Commonwealth GO1		5.250			07/01/2024		07/01/2024			15,457,554
	21,785,000	Puerto Rico Commonwealth GO1		5.250			07/01/2025		07/01/2025			21,199,637
	4,750,000	Puerto Rico Commonwealth GO1		5.250			07/01/2027		07/01/2027			4,591,730
	2,840,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030		05/08/2029	C		2,683,346
	5,000,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030		07/01/2030			4,724,200
	11,735,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032		10/01/2031	C		10,943,592
	14,750,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032		07/01/2032			13,755,260
	6,060,000	Puerto Rico Commonwealth GO1		5.375			07/01/2028		07/01/2028			5,931,467
	18,600,000	Puerto Rico Commonwealth GO1		5.500			07/01/2023		07/01/2023			18,637,572
	275,000	Puerto Rico Commonwealth GO1		5.625			07/01/2019		07/01/2010	A		276,020
	10,000	Puerto Rico Electric Power Authority, Series EE1		5.250			07/01/2014		10/01/2010	A		10,091
	3,555,000	Puerto Rico Electric Power Authority, Series SS1		5.000			07/01/2018		07/01/2015	A		3,676,617
	85,000	Puerto Rico HFA1		5.000			12/01/2020		12/01/2013	A		86,584
	37,000,000	Puerto Rico HFA (Vivienda Modernization)1		4.750			10/01/2011		08/01/2010	A		37,061,790
	100,000	Puerto Rico HFC1		5.100			12/01/2018		12/01/2010	A		101,930
	90,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2022		01/21/2021	C		86,600
	35,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2028		02/20/2026	C		32,753
	200,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2035		07/01/2010	D		202,060
	230,000	Puerto Rico Highway & Transportation Authority1		5.750			07/01/2020		07/01/2013	A		234,257
	7,995,000	Puerto Rico Highway & Transportation Authority1		5.750			07/01/2022		07/01/2013	A		8,078,068

F27  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
U.S. Possessions Continued
$	5,000	Puerto Rico Highway & Transportation Authority, Series A1		5.000	%		07/01/2028			05/21/2024	C	$	4,679
	7,000,000	Puerto Rico Highway & Transportation Authority, Series E1		5.750			07/01/2024			07/01/2012	A		7,040,390
	150,000	Puerto Rico Highway & Transportation Authority, Series H1		5.000			07/01/2032			07/01/2010	A		151,545
	4,355,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2021			07/01/2021			4,239,897
	11,000,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2022			07/01/2022			10,584,420
	12,275,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2023			07/01/2023			11,729,254
	12,760,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2024			07/01/2024			12,128,125
	4,545,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2025			07/01/2025			4,305,479
	2,000,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2026			07/01/2026			1,888,320
	1,000,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2027			07/01/2027			938,920
	16,800,000	Puerto Rico Highway & Transportation Authority, Series N1,5		0.724			07/01/2045			07/04/2043	C		8,055,600
	780,000	Puerto Rico Infrastructure1		5.000			07/01/2019			07/01/2019			778,253
	35,000	Puerto Rico Infrastructure1		5.500			10/01/2040			10/01/2011	A		36,732
	205,000	Puerto Rico Infrastructure (Mepsi Campus)		5.600			10/01/2014			10/01/2014			208,016
	3,135,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2019			06/07/2015	C		2,999,129
	19,610,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026	3		06/01/2011	A		19,794,138
	1,500,000	Puerto Rico ITEMECF (Dr. Pila Hospital)1		6.125			08/01/2025			02/01/2010	A		1,501,650
	65,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)1		5.625			07/01/2015			10/01/2010	A		65,101
	95,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1		5.500			07/01/2026			11/08/2022	C		91,609
	635,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1		6.250			07/01/2016			10/01/2010	A		636,118
	75,000	Puerto Rico ITEMECF (Hospital de la Concepcion)1		6.125			11/15/2025			11/15/2011	A		77,500
	750,000	Puerto Rico ITEMECF (Hospital de la Concepcion)1		6.375			11/15/2015			11/15/2010	A		787,125
	2,000,000	Puerto Rico ITEMECF (Hospital de la Concepcion)1		6.500			11/15/2020			11/15/2011	A		2,073,040
	25,000	Puerto Rico ITEMECF (InterAmerican University)1		5.000			10/01/2022			04/23/2021	C		24,507

F28  |  LIMITED TERM NEW YORK MUNICIPAL FUND

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
U.S. Possessions Continued
$	990,000	Puerto Rico ITEMECF (Mennonite General Hospital)1		6.500	%		07/01/2012			07/01/2010	A	$	990,198
	2,250,000	Puerto Rico ITEMECF (SEAM/Hospital Espanol Auxillio Obligated Group)1		6.250			07/01/2024			10/01/2010	A		2,251,868
	9,400,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2023			08/01/2023			9,203,070
	10,000,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2024			08/01/2024			9,751,000
	230,000	Puerto Rico Municipal Finance Agency, Series A1		5.500			07/01/2017			10/01/2010	A		230,292
	455,000	Puerto Rico Port Authority, Series D1		6.000			07/01/2021	3		10/01/2010	A		455,305
	460,000	Puerto Rico Port Authority, Series D1		7.000			07/01/2014	3		10/01/2010	A		461,375
	6,880,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2028			07/01/2012	D		7,037,208
	11,560,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2036			07/01/2012	D		11,824,146
	545,000	Puerto Rico Public Buildings Authority1		5.125			07/01/2024			01/04/2024	C		523,184
	14,280,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2029			05/02/2028	C		13,577,710
	13,195,000	Puerto Rico Public Buildings Authority1		5.500			07/01/2026			07/01/2026			13,096,169
	1,250,000	Puerto Rico Public Buildings Authority1		5.500			07/01/2035			07/01/2017	A		1,258,388
	75,000	Puerto Rico Public Buildings Authority1		5.750			07/01/2010			07/01/2010			76,118
	1,400,000	Puerto Rico Public Buildings Authority1		5.750			07/01/2034			07/01/2017	A		1,430,758
	6,320,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2021			06/01/2014	A		6,819,786
	31,150,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2025			06/01/2014	A		33,285,021
	825,000	Puerto Rico Public Buildings Authority, Series G1		5.250			07/01/2019			07/01/2012	A		825,000
	1,000,000	Puerto Rico Public Finance Corp., Series A1		4.100			08/01/2029			02/01/2012	D		1,001,690
	60,270,000	Puerto Rico Public Finance Corp., Series A1		5.250			08/01/2029			02/01/2012	D		61,743,602
	40,635,000	Puerto Rico Public Finance Corp., Series A1		5.250			08/01/2030			02/01/2012	D		41,400,563
	28,325,000	Puerto Rico Public Finance Corp., Series A1		5.250			08/01/2031			02/01/2012	D		28,858,643
	75,410,000	Puerto Rico Public Finance Corp., Series A1		5.750			08/01/2027			02/01/2012	D		77,574,267
	71,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.125			08/01/2029			02/01/2014	A		74,206,360
	4,080,000	University of Puerto Rico1		5.000			06/01/2025			06/01/2025			3,849,358
	2,750,000	University of Puerto Rico1		5.000			06/01/2026			06/01/2026			2,563,028
	120,000	University of Puerto Rico2		5.500			06/01/2012	3		06/01/2010	A		120,217
	7,125,000	University of Puerto Rico, Series P1		5.000			06/01/2021			06/01/2021			6,913,673
	8,500,000	University of Puerto Rico, Series P1		5.000			06/01/2022			06/01/2022			8,187,455
	8,410,000	University of Puerto Rico, Series Q1		5.000			06/01/2023			06/01/2023			8,052,743
	300,000	University of Puerto Rico, Series Q1		5.000			06/01/2030			12/22/2028	C		270,156
	5,250,000	V.I. Government Refinery Facilities (Hovensa Coker)1		6.500			07/01/2021	3		01/01/2013	A		5,313,945
	20,000	V.I. HFA, Series A		6.500			03/01/2025	3		09/01/2010	A		20,016
	1,000,000	V.I. Port Authority, Series A1		5.250			09/01/2018			09/01/2011	A		1,008,540
	1,500,000	V.I. Public Finance Authority (Hovensa Refinery)1		4.700			07/01/2022			10/01/2018	C		1,342,530

F29  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value
U.S. Possessions Continued
$	3,650,000	V.I. Public Finance Authority (Hovensa Refinery)1		5.875	%		07/01/2022			10/01/2018	C	$	3,650,438
	1,075,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		5.250			10/01/2021			10/01/2014	A		1,081,192
	1,000,000	V.I. Public Finance Authority, Series A1		5.250			10/01/2016			10/01/2014	A		1,036,010
	2,000,000	V.I. Public Finance Authority, Series A1		5.250			10/01/2022			10/01/2014	A		2,011,520
	2,000,000	V.I. Public Finance Authority, Series A1		5.250			10/01/2023			10/01/2014	A		2,009,840
	250,000	V.I. Public Finance Authority, Series A1		5.625			10/01/2010			04/06/2010	B		256,345
	12,035,000	V.I. Public Finance Authority, Series A1		6.375			10/01/2019	3		10/01/2011	A		12,271,488
	1,015,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		4.750			05/15/2012			05/15/2011	A		1,026,104
	80,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		4.950			05/15/2014			05/15/2011	A		80,459
	1,140,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000			05/15/2021			12/09/2010	C		1,102,494
	1,440,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000			05/15/2031			04/12/2015	C		1,179,360
	1,470,000	V.I. Water & Power Authority1		5.375			07/01/2010			07/01/2010			1,479,320
	2,500,000	V.I. Water & Power Authority1		5.500			07/01/2017			07/01/2010	A		2,511,200
													1,048,392,071
Total Investments, at Value (Cost $4,166,397,325)—103.2%													4,128,404,480
Liabilities in Excess of Other Assets—(3.2)													(129,680,602	)
Net Assets—100.0%												$	3,998,723,878

Footnotes to Statement of Investments

Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed.

A. Optional call date; corresponds to the most conservative yield calculation.

B. Average life due to mandatory, or expected, sinking fund principal payments prior to the applicable optional call date.

C. Average life due to mandatory, or expected, sinking fund principal payments prior to maturity.

D. Date of mandatory put.

1.  All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes.

2.  Illiquid security. The aggregate value of illiquid securities as of December 31, 2009 was $161,820,686, which represents

 4.05% of the Fund’s net assets. See Note 5 of accompanying Notes.

3.  Security also has mandatory sinking fund principal payments prior to maturity and an average life which is shorter than the stated final maturity.

4.  Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

5.  Represents the current interest rate for a variable or increasing rate security.

6.  Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes.

7.  Represents the current interest rate for a variable rate bond known as an “inverse floater.” See Note 1 of accompanying Notes.

8.  Subject to a forebearance agreement. Rate shown is current rate. See Note 1 of accompanying Notes.

9.  Zero coupon bond reflects effective yield on the date of purchase.

10. When-issued security or delayed delivery to be delivered and settled after December 31, 2009. See Note 1 of accompanying Notes.

F30  |  LIMITED TERM NEW YORK MUNICIPAL FUND

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1)	Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)	Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)	Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of December 31, 2009 based on valuation input level:

					Level 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
New York	$	—	$	3,065,482,480	$	14,529,929	$	3,080,012,409
U.S. Possessions		—		1,048,392,071		—		1,048,392,071
Total Assets	$	—	$	4,113,874,551	$	14,529,929	$	4,128,404,480

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation methodologies, if any, during the reporting period.

F31  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

Portfolio Abbreviations December 31, 2009

To simplify the listings of securities, abbreviations are used per the table below:

ACDS	Assoc. for Children with Down Syndrome
ACLD	Adults and Children with Learning and Developmental Disabilities
ALIA	Alliance of Long Island Agencies
AOFMHS	Aurelia Osborn Fox Memorial Hospital Society
ARC	Assoc. of Retarded Citizens
BFCC	Brookdale Family Care Center
BID	Business Improvement District
BOCES	Board of Cooperative Educational Services
CAB	Capital Appreciation Bond
CCDRCA	Catholic Charities of the Diocese of Rockville Centre and Affiliates
CHSLI	Catholic Health Services of Long Island
CMA	Community Mainstreaming Associates, Inc.
COP	Certificates of Participation
CRR	Center for Rapid Recovery
CSMR	Community Services for the Mentally Retarded
Con Ed	Consolidated Edison Company
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
DRIVERS	Derivative Inverse Tax Exempt Receipts
EDA	Economic Devel. Authority
EFC	Environmental Facilities Corp.
ERDA	Energy Research and Devel. Authority
FNHC	Ferncilff Nursing Home Company
FREE	Family Residences and Essential Enterprises
GO	General Obligation
GSHMC	Good Samaritan Hospital Medical Center
HDC	Housing Devel. Corp.
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HJDOI	Hospital for Joint Diseases Orthopedic Institute
HKSB	Helen Keller Services for the Blind
IDA	Industrial Devel. Agency
IGHL	Independent Group Home for Living
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JDAM	Julia Dyckman Andrus Memorial
JFK	John Fitzgerald Kennedy
KR	Kateri Residence
L.I.	Long Island
LIHIA	Long Island Head Injury Assoc.
LILCO	Long Island Lighting Corp.
LRRHCF	Loretto Rest Residential Health Care Facility
MMC	Mercy Medical Center
MMWNHC	Mary Manning Walsh Nursing Home Company
MSH	Mount Sinai Hospital
MTA	Metropolitan Transportation Authority
NSUH	North Shore University Hospital
NSUHGC	North Shore University Hospital at Glen Cove
NSUHPL	North Shore University Hospital at Plainview
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
NYU	New York University
RIBS	Residual Interest Bonds
Res Rec	Resource Recovery Facility
ROLs	Risidual Option Long
SAVRS	Select Auction Variable Rate Securities
SCHC	Senior Citizen Housing Corp.
SCHRC	St. Charles Hospital and Rehabilitation Center
SCSMC	St. Catherine of Sienna Medical Center
SEAM	Sociedad Espanola de Auxilio Mutuo
SFH	St. Francis Hospital
SONYMA	State of New York Mortgage Agency
SUNY	State University of New York
SV	Sienna Village
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
UDC	Urban Devel. Corp.
USBFCC	Urban Strategies Brookdale Family Care Center
V.I.	United States Virgin Islands
WORCA	Working Organization for Retarded Children and Adults
YMCA	Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

F32  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2009

Assets
Investments, at value (cost $4,166,397,325)—see accompanying statement of investments	$	4,128,404,480
Cash		940,401
Receivables and other assets:
Interest		63,005,310
Shares of beneficial interest sold		10,587,824
Investments sold		3,495,000
Other		467,608
Total assets		4,206,900,623
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		112,630,000
Payable on borrowings (See Note 6)		56,700,000
Investments purchased (including $28,338,908 purchased on a when-issued or delayed delivery basis)		28,451,456
Shares of beneficial interest redeemed		6,692,895
Distribution and service plan fees		2,443,178
Trustees’ compensation		869,363
Transfer and shareholder servicing agent fees		127,072
Shareholder communications		100,523
Interest expense on borrowings		2,137
Dividends		529
Other		159,592
Total liabilities		208,176,745
Net Assets	$	3,998,723,878
Composition of Net Assets
Paid-in capital	$	4,101,619,791
Accumulated net investment income		5,327,057
Accumulated net realized loss on investments		(70,230,125	)
Net unrealized depreciation on investments		(37,992,845	)
Net Assets	$	3,998,723,878

F33  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $ 2,801,988,193 and 861,413,458 shares of beneficial interest outstanding)	$	3.25
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price)	$	3.37
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $59,450,733 and 18,302,231 shares of beneficial interest outstanding)	$	3.25
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,137,284,952 and 351,067,109 shares of beneficial interest outstanding)	$	3.24

See accompanying Notes to Financial Statements.

F34  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended December 31, 2009

Investment Income
Interest	$	202,669,180
Expenses
Management fees		14,610,646
Distribution and service plan fees:
Class A		6,480,172
Class B		711,400
Class C		10,217,961
Transfer and shareholder servicing agent fees:
Class A		848,177
Class B		96,033
Class C		462,765
Shareholder communications:
Class A		215,951
Class B		44,892
Class C		87,512
Borrowing fees		9,455,418
Interest expense and fees on short-term floating rate notes issued (See Note 1)		1,509,577
Accounting service fees		1,098,029
Trustees’ compensation		264,240
Interest expense on borrowings		197,687
Custodian fees and expenses		26,263
Other		309,848
Total expenses		46,636,571
Less reduction to custodian expenses		(3,875	)
Less waivers and reimbursements of expenses		(14,664	)
Net expenses		46,618,032
Net Investment Income		156,051,148
Realized and Unrealized Gain
Net realized gain on investments		6,902,848
Net change in unrealized depreciation on investments		467,811,089
Net Increase in Net Assets Resulting from Operations	$	630,765,085

See accompanying Notes to Financial Statements.

F35  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

Year Ended December 31,	2009			2008
Operations
Net investment income	$	156,051,148		$	170,017,968
Net realized gain (loss)		6,902,848			(72,595,006	)
Net change in unrealized depreciation		467,811,089			(524,886,215	)
Net increase (decrease) in net assets resulting from operations		630,765,085			(427,463,253	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(118,781,933	)		(124,733,795	)
Class B		(2,728,379	)		(5,859,697	)
Class C		(39,795,702	)		(39,698,693	)
		(161,306,014	)		(170,292,185	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		117,821,111			28,554,138
Class B		(40,905,262	)		(118,248,272	)
Class C		87,110,175			27,484,324
		164,026,024			(62,209,810	)
Net Assets
Total increase (decrease)		633,485,095			(659,965,248	)
Beginning of period		3,365,238,783			4,025,204,031
End of period (including accumulated net investment income of $5,327,057 and $10,053,014, respectively)	$	3,998,723,878		$	3,365,238,783

See accompanying Notes to Financial Statements.

F36  |  LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended December 31, 2009

Cash Flows from Operating Activities
Net increase in net assets from operations	$	630,765,085
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(483,411,138	)
Proceeds from disposition of investment securities		410,475,296
Short-term investment securities, net		(111,069,788	)
Premium amortization		14,235,792
Discount accretion		(2,997,802	)
Net realized gain on investments		(6,902,848	)
Net change in unrealized depreciation on investments		(467,811,089	)
Increase in interest receivable		(4,547,464	)
Decrease in receivable for securities sold		22,198,579
Decrease in other assets		7,230,905
Decrease in payable for securities purchased		(18,583,962	)
Increase in other liabilities		261,068
Net cash used in operating activities		(10,157,366	)
Cash Flows from Financing Activities
Proceeds from bank borrowings		661,500,000
Payments on bank borrowings		(617,300,000	)
Payments on short-term floating rate notes issued		(30,250,000	)
Proceeds from shares sold		786,945,374
Payments on shares redeemed		(747,611,642	)
Cash distributions paid		(43,023,966	)
Net cash provided by financing activities		10,259,766
Net increase in cash		102,400
Cash, beginning balance		838,001
Cash, ending balance	$	940,401

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $118,284,599.

Cash paid for interest on bank borrowings—$298,188.

Cash paid for interest on short-term floating rate notes issued—$1,509,577.

See accompanying Notes to Financial Statements.

F37  |  LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A     Year Ended December 31,	2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	2.85		$	3.32		$	3.40		$	3.36		$	3.33
Income (loss) from investment operations:
Net investment income1		.14			.14			.14			.14			.14
Net realized and unrealized gain (loss)		.40			(.47	)		(.08	)		.03			.03
Total from investment operations		.54			(.33	)		.06			.17			.17
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.14	)		(.14	)		(.14	)		(.13	)		(.14	)
Net asset value, end of period	$	3.25		$	2.85		$	3.32		$	3.40		$	3.36
Total Return, at Net Asset Value2		19.45	%		(10.18	)%		1.74	%		5.30	%		5.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,801,988		$	2,355,062		$	2,745,029		$	2,784,037		$	2,589,629
Average net assets (in thousands)	$	2,558,997		$	2,765,248		$	2,721,428		$	2,696,464		$	2,380,822
Ratios to average net assets:3
Net investment income		4.50	%		4.55	%		4.18	%		4.10	%		4.12	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.01	%		0.83	%		0.74	%		0.79	%		0.79	%
Interest and fees on short-term floating rate notes issued4		0.04	%		0.10	%		0.21	%		0.18	%		0.03	%
Total expenses		1.05	%		0.93	%		0.95	%		0.97	%		0.82	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05	%		0.93	%		0.95	%		0.97	%		0.82	%
Portfolio turnover rate		12	%		19	%		18	%		23	%		19	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, 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 less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

F38  |  LIMITED TERM NEW YORK MUNICIPAL FUND

Class B      Year Ended December 31,	2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	2.85		$	3.32		$	3.40		$	3.36		$	3.32
Income (loss) from investment operations:
Net investment income1		.11			.12			.11			.11			.11
Net realized and unrealized gain (loss)		.41			(.47	)		(.08	)		.04			.04
Total from investment operations		.52			(.35	)		.03			.15			.15
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.12	)		(.11	)		(.11	)		(.11	)
Net asset value, end of period	$	3.25		$	2.85		$	3.32		$	3.40		$	3.36
Total Return, at Net Asset Value2		18.39	%		(10.90	)%		0.95	%		4.48	%		4.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	59,451		$	90,497		$	228,022		$	318,452		$	379,045
Average net assets (in thousands)	$	71,243		$	157,158		$	272,855		$	346,849		$	398,461
Ratios to average net assets:3
Net investment income		3.64	%		3.72	%		3.38	%		3.31	%		3.34	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.92	%		1.63	%		1.54	%		1.59	%		1.58	%
Interest and fees on short-term floating rate notes issued4		0.04	%		0.10	%		0.21	%		0.18	%		0.03	%
Total expenses		1.96	%		1.73	%		1.75	%		1.77	%		1.61	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.96	%		1.73	%		1.75	%		1.77	%		1.61	%
Portfolio turnover rate		12	%		19	%		18	%		23	%		19	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, 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 less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

F39  |  LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class C      Year Ended December 31,	2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	2.84		$	3.31		$	3.39		$	3.35		$	3.32
Income (loss) from investment operations:
Net investment income1		.12			.12			.11			.11			.11
Net realized and unrealized gain (loss)		.40			(.47	)		(.08	)		.04			.03
Total from investment operations		.52			(.35	)		.03			.15			.14
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.12	)		(.11	)		(.11	)		(.11	)
Net asset value, end of period	$	3.24		$	2.84		$	3.31		$	3.39		$	3.35
Total Return, at Net Asset Value2		18.63	%		(10.89	)%		0.97	%		4.52	%		4.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,137,285		$	919,680		$	1,052,153		$	1,105,643		$	1,139,882
Average net assets (in thousands)	$	1,021,648		$	1,054,502		$	1,076,271		$	1,127,896		$	1,095,066
Ratios to average net assets:3
Net investment income		3.75	%		3.78	%		3.40	%		3.34	%		3.36	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.76	%		1.60	%		1.52	%		1.56	%		1.56	%
Interest and fees on short-term floating rate notes issued4		0.04	%		0.10	%		0.21	%		0.18	%		0.03	%
Total expenses		1.80	%		1.70	%		1.73	%		1.74	%		1.59	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.80	%		1.70	%		1.73	%		1.74	%		1.59	%
Portfolio turnover rate		12	%		19	%		18	%		23	%		19	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, 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 less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

F40  |  LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

Limited Term New York Municipal Fund (the “Fund”) is a separate series of Rochester Portfolio Series, a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

     The Fund offers Class A, Class B and Class C shares. 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”). All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

     The following is a summary of significant accounting policies consistently followed by the Fund.

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

     Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than unadjusted quoted prices for an asset that are observable are classified as “Level 2” and significant unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

     Securities are valued using unadjusted quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers.

     Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ 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 current day’s

F41  |  LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

     Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

     Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the “bid” and “asked” prices.

     “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

     In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

     There have been no significant changes to the fair valuation methodologies during the period.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the 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.

F42  |  LIMITED TERM NEW YORK MUNICIPAL FUND

The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of December 31, 2009, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery
	Basis Transactions
Purchased securities	$28,338,908

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 5% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $112,630,000 as of December 31, 2009, which represents 2.68% of the Fund’s total assets.

     Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly.

F43  |  LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At December 31, 2009, municipal bond holdings with a value of $158,490,630 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $112,630,000 in short-term floating rate notes issued and outstanding at that date.

     The Fund’s investments in inverse floaters involve certain risks. The market value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Typically, an inverse floating rate security tends to underperform fixed rate bonds when long-term interest rates are rising but tends to outperform fixed rate bonds when long-term interest rates are stable or falling. An inverse floating rate security entails a degree of leverage because the trust issues short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls.

At December 31, 2009, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:

Principal		Coupon			Maturity
Amount	Inverse Floater1	Rate2			Date		Value
$3,335,000	NYC GO DRIVERS		11.127	%		8/15/23	$	3,843,454
3,780,000	NYC GO DRIVERS		11.132			12/1/23		4,389,941
2,240,000	NYC GO ROLs3		16.158			4/1/30		2,548,717
7,250,000	NYC GO ROLs3		14.251			6/1/23		8,591,395
9,895,000	NYS DA ROLs3		19.892			8/15/30		12,280,685
2,645,000	NYS DA ROLs3		23.506			8/15/24		3,272,764
3,805,000	NYS DA ROLs3		17.909			2/15/25		4,440,663
6,635,000	SONYMA, Series 29 DRIVERS		15.776			10/1/31		6,493,011
							$	45,860,630

1.	For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F32 of the Statement of Investments.
2.	Represents the current interest rate for a variable rate bond known as an “inverse floater.”
3.	Security is subject to a shortfall and forbearance agreement.

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the

F44  |  LIMITED TERM NEW YORK MUNICIPAL FUND

sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of December 31, 2009, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $78,510,000.

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

Credit Risk. The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego payment of the original principal or coupon interest rates. As of December 31, 2009, securities with an aggregate market value of $623,177, representing 0.02% of the Fund’s net assets, were subject to these forbearance agreements. Principal payments of $285,500 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis 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 comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized

F45  |  LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

appreciation or depreciation of securities and other investments for federal income tax purposes.

				Net Unrealized
				Depreciation
				Based on Cost
				of Securities and
Undistributed	Undistributed	Accumulated		Other Investments
Net Investment	Long-Term	Loss		for Federal Income
Income	Gain	Carryforward1,2,3		Tax Purposes
$8,732,486	$              —	$	72,049,064	$	36,173,909

1. As of December 31, 2009, the Fund had $72,049,064 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of December 31, 2009, details of the capital loss carryforwards were as follows:

Expiring
2011	$	2,127,827
2016		53,401,694
2017		16,519,543
Total	$	72,049,064

2.	During the fiscal year ended December 31, 2009, the Fund did not utilize any capital loss carryforward.
3.	During the fiscal year ended December 31, 2008, the Fund did not utilize any capital loss carryforward.

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 their 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 net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for December 31, 2009. Net assets of the Fund were unaffected by the reclassifications.

			Increase to
	Increase to		Accumulated
Reduction to	Accumulated Net		Net Realized Loss
Paid-in Capital	Investment Income		on Investments
$1,373	$	528,909	$	527,536
The tax character of distributions paid during the years ended December 31, 2009 and December 31, 2008 was as follows:
	Year Ended		Year Ended
	December 31, 2009		December 31, 2008
Distributions paid from:
Ordinary income	$	2,079,044	$	2,268,038
Exempt-interest dividends		159,226,970		168,024,147
Total	$	161,306,014	$	170,292,185

F46  |  LIMITED TERM NEW YORK MUNICIPAL FUND

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of December 31, 2009 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	4,051,948,389
Gross unrealized appreciation	$	60,842,281
Gross unrealized depreciation		(97,016,190	)
Net unrealized depreciation	$	(36,173,909	)

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended December 31, 2009, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	160,327
Payments Made to Retired Trustees		133,095
Accumulated Liability as of December 31, 2009		727,903

The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. 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. Amounts will be deferred until distributed in accordance to the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.

F47  |  LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive earnings on cash balances maintained by the Fund, at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Year Ended December 31, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount
Class A
Sold		178,713,706		$	561,592,483			288,850,032		$	924,241,077
Dividends and/or distributions reinvested		27,512,219			85,325,198			28,484,599			90,313,243
Redeemed		(170,581,375	)		(529,096,570	)		(317,978,120	)		(986,000,182	)
Net increase (decrease)		35,644,550		$	117,821,111			(643,489	)	$	28,554,138

F48  |  LIMITED TERM NEW YORK MUNICIPAL FUND

	Year Ended December 31, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount
Class B
Sold		2,443,838		$	7,594,784			3,832,868		$	12,219,565
Dividends and/or
distributions reinvested		664,269			2,041,991			1,347,876			4,312,116
Redeemed		(16,584,076	)		(50,542,037	)		(42,161,611	)		(134,779,953	)
Net decrease		(13,475,969	)	$	(40,905,262	)		(36,980,867	)	$	(118,248,272	)
Class C
Sold		69,423,667		$	217,305,875			87,687,631		$	280,580,665
Dividends and/or
distributions reinvested		10,008,778			30,917,410			9,725,055			30,710,336
Redeemed		(52,148,784	)		(161,113,110	)		(91,610,401	)		(283,806,677	)
Net increase		27,283,661		$	87,110,175			5,802,285		$	27,484,324

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended December 31, 2009, were as follows:

	Purchases		Sales
Investment securities	$	575,574,358	$	461,866,033

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $100 million	0.50	%
Next $150 million	0.45
Next $1.75 billion	0.40
Next $3 billion	0.39
Over $5 billion	0.38

Accounting Service Fees. Accounting service 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 average daily net assets and $9,000 for each additional $30 million of average daily net assets. During the year ended December 31, 2009, the Fund paid $1,098,029 to the Manager for accounting services.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended December 31, 2009, the Fund paid $1,412,009 to OFS for services to the Fund.

F49  |  LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates Continued

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at December 31, 2009 were as follows:

Class C $ 33,394,360

Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by		Retained by
Year Ended	Distributor		Distributor		Distributor		Distributor
December 31, 2009	$	766,924	$	128,618	$	68,246	$	117,759

F50  |  LIMITED TERM NEW YORK MUNICIPAL FUND

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time.

     The Manager has agreed to reimburse the Fund for certain costs associated with soliciting proxies for the special shareholder meeting. During the year ended October 31, 2009, the Manager reimbursed the Fund $14,664 for proxy related costs.

5. Illiquid Securities

As of December 31, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings. The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund can also borrow for other purposes, such as to raise money to unwind or “collapse” trusts that issued “inverse floaters” to the Fund, or to contribute to such trusts to enable them to meet tenders of their short-term securities by the holders of those securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

     The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.25 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.2611% as of December 31, 2009). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual commitment fee on the amount of the unused portion of the total facility size.

F51  |  LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Borrowings Continued

Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the year ended December 31, 2009 equal 0.26% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of December 31, 2009, the Fund had borrowings outstanding at an interest rate of 0.2611%. Details of the borrowings for the year ended December 31, 2009 are as follows:

Average Daily Loan Balance	$	23,956,164
Average Daily Interest Rate		0.808	%
Fees Paid	$	2,361,347
Interest Paid	$	298,188

7. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through February 18, 2010, the date the financial statements were issued. This evaluation determined that there are no subsequent events that necessitated disclosures and/or adjustments.

8. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal courts against the Manager, the Distributor, and certain mutual funds (“Defendant Funds”) advised by the Manager and distributed by the Distributor (but not against the Fund). The lawsuits naming the Defendant Funds also name certain officers, trustees and former trustees of the respective Defendant Funds. The plaintiffs seek class action status on behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The lawsuits against the Defendant Funds raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses.

     In 2009, lawsuits were filed in state court against the Manager and its subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

     Other lawsuits have been filed since 2008 in various state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those lawsuits relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state

F52  |  LIMITED TERM NEW YORK MUNICIPAL FUND

securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

     The Manager believes that the lawsuits described above are without legal merit and intends to defend them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits vigorously on behalf of those Funds, their boards and the Trustees named in those suits. While it is premature to render any opinion as to the likelihood of an outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer Funds.

F53  |  LIMITED TERM NEW YORK MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Limited Term New York Municipal Fund:

We have audited the accompanying statement of assets and liabilities of Limited Term New York Municipal Fund, including the statement of investments, as of December 31, 2009, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

     We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2009, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

     In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Limited Term New York Municipal Fund as of December 31, 2009, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
February 18, 2010

F54  |  LIMITED TERM NEW YORK MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2010, if applicable, shareholders of record received information regarding all taxable dividends and distributions paid to them by the Fund during calendar year 2009 Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

     None of the dividends paid by the Fund during the fiscal year ended December 31, 2009 are eligible for the corporate dividend-received deduction. 98.71% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes; 100% of the dividends are not subject to New York State and New York City income taxes. For the state income tax reporting purposes of non-New York State shareholders, the distribution breaks down as follows: New York State (74.4%), Puerto Rico (24.3%), Guam (0.3%), Virgin Islands (1.0%).

     During 2009, 19.9044% of this tax-exempt income was derived from “private activity bonds”. These are municipal bonds used to finance privately operated facilities. The interest on these bonds is not taxable for most investors. For the few investors subject to the Alternative Minimum Tax, the interest from these bonds is considered a preference item.

     The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

25  |  LIMITED TERM NEW YORK MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

     The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager.

     Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

     Nature, Quality and Extent of Services. The Board considered information about the nature and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio managers and the Manager’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Manager also provides the Fund with office space, facilities and equipment.

26  |  LIMITED TERM NEW YORK MUNICIPAL FUND

     The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Daniel Loughran, Scott Cottier, and Troy Willis, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreement.

     Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load single state short/intermediate municipal debt funds other than New York State funds. The Board noted that the Fund’s one-year, three-year, five-year and ten-year performance was below its peer group median. The Board also noted that the Fund’s recent performance was improved and its year-to date performance through June 5, 2009 was in the first quintile of its peer group category.

     Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund, Single state short/intermediate municipal debt funds other than New York State funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual and actual management fees and total expenses are lower than its peer group median.

27  |  LIMITED TERM NEW YORK MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued

     Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the Fund. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

     Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders.

     Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.

     Based on its review of the information it received and its evaluations described above, at meetings in June and September 2009, the Board, including a majority of the independent Trustees, decided to continue the Agreement for the period through September 30, 2010. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances.

28  |  LIMITED TERM NEW YORK MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

     The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus, or, if available, the fund’s summary prospectus, annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

     Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus, or, if available, the summary prospectus, reports and privacy policy within 30 days of receiving your request to stop householding.

29  |  LIMITED TERM NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Age	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2001) Age: 66	Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999- September 2004). Oversees 59 portfolios in the OppenheimerFunds complex.
David K. Downes, Trustee (since 2005) Age: 69	Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (January 2006-2007); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993- 2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 59 portfolios in the OppenheimerFunds complex.
Matthew P. Fink, Trustee (since 2009) Age: 68	Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 59 portfolios in the OppenheimerFunds complex.

30  |  LIMITED TERM NEW YORK MUNICIPAL FUND

Name, Position(s) Held with the Fund, Length of Service, Age	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
Phillip A. Griffiths, Trustee (since 2009) Age: 71	Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 59 portfolios in the OppenheimerFunds complex.
Mary F. Miller, Trustee (since 2009) Age: 67	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 59 portfolios in the OppenheimerFunds complex.
Joel W. Motley, Trustee (since 2009) Age: 57	Managing Director of Public Capital Advisors, LLC (privately held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (pri- vately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998- December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 59 portfolios in the OppenheimerFunds complex.
Mary Ann Tynan, Trustee (since 2009) Age: 64	Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospital (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 59 portfolios in the OppenheimerFunds complex.
Joseph M. Wikler, Trustee (since 2009) Age: 68	Director of C-TASC (bio-statistics services) (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994- December 2001). Oversees 59 portfolios in the OppenheimerFunds complex.
Peter I. Wold, Trustee (since 2009) Age: 61	Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 59 portfolios in the OppenheimerFunds complex.

31  |  LIMITED TERM NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Position(s) Held with the Fund, Length of Service, Age	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INTERESTED TRUSTEE AND OFFICER	The address of Mr. Glavin is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Glavin serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.
William F. Glavin, Jr., Trustee, President and Principal Executive Officer (since 2009) Age: 51	Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) (since June 2009); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007- February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007- July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005- March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC.; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 63 portfolios as a Trustee and is an officer of 94 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Zack and Keffer, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella, and Stein, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Daniel G. Loughran, Vice President (since 2005) and Senior Portfolio Manager (since 2000) Age: 46	Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 38	Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

32  |  LIMITED TERM NEW YORK MUNICIPAL FUND

Name, Position(s) Held with the Fund, Length of Service, Age	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
Troy E. Willis, Vice President and Senior Portfolio Manager (since 2005) Age: 37	Assistant Vice President of the Manager (since July 2005). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark R. DeMitry, Vice President (since 2009) and Senior Portfolio Manager (since 2009) Age: 33	Vice President of the Manager (since July 2009); Associate Portfolio Manager of the Fund (2006-2009). Research analyst of the Manager (June 2003-September 2006) and a credit analyst of the Manager (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Michael L. Camarella, Vice President (since 2009) and Associate Portfolio Manager (since 2008) Age: 33	Assistant Vice President of the Manager (since July 2009). Research analyst of the Manager (February 2006-April 2008) and a credit analyst of the Manager (June 2003-January 2006). Associate Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard Stein, Vice President (since 2007) Age: 51	Director of the Rochester Credit Analysis team (since 2003) and a Vice President of the Manager (since 1997); headed Rochester’s Credit Analysis team (since 1993).
Thomas W. Keffer, Vice President and Chief Business Officer (since 2009) Age: 54	Director of Investment Brand Management, Senior Vice President of the Manager, and Senior Vice President of OppenheimerFunds Distributor, Inc. (since 1997). An officer of 94 portfolios in the OppenheimerFunds complex.
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 59	Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 94 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 50	Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (March 1999-June 2008), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 94 portfolios in the OppenheimerFunds complex.
Robert G. Zack, Secretary (since 2001) Age: 61	Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997)

33  |  LIMITED TERM NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Name, Position(s) Held with the Fund, Length of Service, Age

Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen

Robert G. Zack, Continued

and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds International Distributor Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 94 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.525.7048.

34  |  LIMITED TERM NEW YORK MUNICIPAL FUND

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $50,500 in fiscal 2009 and $50,500 in fiscal 2008.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $2,632 in fiscal 2009 and $2,368 in fiscal 2008.

The principal accountant for the audit of the registrant’s annual financial statements billed $269,540 in fiscal 2009 and $255,000 in fiscal 2008 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: internal control reviews, audit of capital accumulation plan and professional services relating to FAS 157.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $8,500 in fiscal 2009 and no such fees in fiscal 2008.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees to the registrant during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(e)	(1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.
	The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.
	Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.
	(2) 100%
(f)	Not applicable as less than 50%.
(g)	The principal accountant for the audit of the registrant’s annual financial statements billed $280,672 in fiscal 2009 and $257,368 in fiscal 2008 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.
(h)	The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.
b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

1. The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the

sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

• the name, address, and business, educational, and/or other pertinent background of the person being recommended;

• a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

• any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

• the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 12/31/2009, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Exhibit attached hereto.
	(2) Exhibits attached hereto.
	(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Rochester Portfolio Series
By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	02/08/2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.William F. Glavin, Jr.
	Principal Executive Officer
Date:	02/08/2010
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	02/08/2010