Rochester Portfolio Series NCSRS Certified semi-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: 06/30/2010

Item 1. Reports to Stockholders.

June 30, 2010 Limited Term Management Commentary New York and Municipal Fund Semiannual Report MANAGEMENT COMMENTARY An Interview with Your Fund’s Portfolio Managers SEMIANNUAL REPORT Listing of Top Holdings Listing of Investments Financial Statements OppenheimerFunds was the #1 tax-exempt bond fund family in the Barron’s/Lipper Best Fund Families survey, which analyzed the 2009 performance of 61 mutual fund families. Source: “Best Mutual-Fund Families,” Barron’s, February 1, 2010. See page 2 for specific information on the methodology used to determine the one-year rankings in the Barron’s/Lipper Best Fund Families survey. Past performance does not guarantee future results.

TOP HOLDINGS AND ALLOCATIONS


Top Ten Categories

Tobacco—Master Settlement Agreement	17.7	%
Hospital/Health Care	13.0
Government Appropriation	9.6
General Obligation	6.7
Marine/Aviation Facilities	6.6
Electric Utilities	6.4
Highways/Commuter Facilities	4.5
Municipal Leases	4.0
Education	3.6
Higher Education	3.3

Portfolio holdings are subject to change. Percentages are as of June 30, 2010, and are based on total assets.

Credit Allocation


	NRSRO-			Manager-
	Rated			Rated			Total

AAA		6.6	%		0.1	%		6.7	%
AA		17.7			0.3			18.0
A		37.6			0.5			38.1
BBB		28.8			4.1			32.9
BB or lower		1.2			3.1			4.3

Total		91.9	%		8.1	%		100.0	%

The Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”), determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, the Manager converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the Manager may use its own credit analysis to assign ratings in denominations similar to those of S&P.

The percentages above are based on the market value of the Fund’s securities as of 6/30/10 and are subject to change; market value does not include cash. AAA, AA, A and BBB are investment-grade ratings. More information about securities ratings is contained in the Fund’s Statement of Additional Information.

13 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. 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 semiannual report must be preceded or accompanied by the current prospectus of Limited Term New York Municipal Fund. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and, if available, summary prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses and, if available, summary prospectuses 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, Class A returns include the 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, 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 shares 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, Class C returns include the contingent deferred sales charge of 1% for the 1-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.

14 | 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 June 30, 2010.

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.

15 | LIMITED TERM NEW YORK MUNICIPAL FUND

FUND EXPENSES Continued


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2010		June 30, 2010		June 30, 2010

Actual
Class A	$	1,000.00	$	1,032.50	$	3.94
Class B		1,000.00		1,025.00		8.22
Class C		1,000.00		1,025.60		7.76

Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.93		3.92
Class B		1,000.00		1,016.71		8.18
Class C		1,000.00		1,017.16		7.73

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended June 30, 2010 are as follows:


Class	Expense Ratios

Class A		0.78	%
Class B		1.63
Class C		1.54

The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without waivers or reimbursements and reduction to custodian expenses, if applicable.

16 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS June 30, 2010 / Unaudited


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

Municipal Bonds and Notes—103.9%
New York—77.0%
$	95,000	Albany County, NY Airport Authority¹		4.750	%		12/15/2016			12/15/2010	^A	$	95,622
	20,000	Albany County, NY Airport Authority¹		5.125			12/15/2019			12/15/2012	^A		20,292
	50,000	Albany County, NY Airport Authority¹		5.250			12/15/2026			12/15/2012	^A		50,354
	2,100,000	Albany County, NY IDA (Albany College of Pharmacy)¹		5.250			12/01/2019			12/01/2014	^A		2,124,654
	160,000	Albany, NY Hsg. Authority¹		6.250			10/01/2012	²		10/01/2010	^A		160,670
	160,000	Albany, NY Hsg. Authority (Lark Drive)		5.200			12/01/2013			01/05/2012	^B		162,906
	260,000	Albany, NY Hsg. Authority (Lark Drive)¹		5.400			12/01/2018			12/01/2012	^A		263,658
	1,365,000	Albany, NY IDA (Brighter Choice Charter School for Girls)¹		4.500			04/01/2018			04/11/2017	^C		1,307,097
	1,370,000	Albany, NY IDA (Brighter Choice Charter School for Girls)¹		4.550			04/01/2015			01/01/2014	^C		1,378,645
	1,875,000	Albany, NY IDA (Charitable Leadership)		5.500			07/01/2011			07/13/2010	^C		1,860,731
	8,810,000	Albany, NY IDA (Charitable Leadership)		6.000			07/01/2019			04/20/2016	^C		7,766,632
	2,660,000	Albany, NY IDA (Daughters of Sarah Nursing Home)¹		5.250			10/20/2021			04/20/2014	^A		2,799,065
	25,000	Albany, NY IDA (Daughters of Sarah Nursing Home)¹		5.375			10/20/2030			04/20/2012	^A		26,008
	1,065,000	Albany, NY IDA (H. Johnson Office Park)¹		5.750			03/01/2018			07/16/2014	^C		1,003,230
	1,845,000	Albany, NY IDA (Hampton Plaza)¹		6.250			03/15/2018			09/15/2010	^A		1,847,970
	3,000,000	Albany, NY IDA (St. Peter’s Hospital)¹		5.750			11/15/2022			11/15/2017	^A		3,150,360
	100,000	Albany, NY Municipal Water Finance Authority		5.000			12/01/2011			12/01/2010	^A		100,306
	1,985,000	Albany, NY Municipal Water Finance Authority		5.250			12/01/2017			12/01/2010	^A		1,991,015
	1,335,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2018			12/01/2010	^A		1,338,938
	200,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2019			12/01/2010	^A		200,590
	2,915,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2020			12/01/2010	^A		2,923,599
	440,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2021			12/01/2010	^A		441,298
	3,235,000	Albany, NY Municipal Water Finance Authority		5.250			12/01/2022			12/01/2010	^A		3,244,576
	2,590,000	Albany, NY Municipal Water Finance Authority		5.250			12/01/2023			12/01/2010	^A		2,597,666
	2,010,000	Albany, NY Parking Authority¹		5.625			07/15/2020	²		07/15/2012	^A		2,058,501
	445,000	Albany, NY Parking Authority¹		5.625			07/15/2025	²		07/15/2012	^A		451,791
	4,380,000	Allegany County, NY IDA (Houghton College)¹		5.250			01/15/2018			07/15/2010	^A		4,384,249
	5,730,000	Allegany County, NY IDA (Houghton College)¹		5.250			01/15/2024			01/15/2011	^A		5,732,177
	685,000	Amherst, NY IDA (Beechwood Health Care Center)¹		4.875			01/01/2013			01/21/2011	^C		696,166
	490,000	Amherst, NY IDA (Faculty-Student Assoc. of SUNY at Buffalo)¹		5.750			04/01/2016			04/01/2012	^A		507,101
	720,000	Amherst, NY IDA (Faculty-Student Assoc. of SUNY at Buffalo)¹		5.750			04/01/2017	²		04/01/2012	^A		741,787
	810,000	Bethlehem, NY Water System¹		5.250			03/01/2018			03/01/2013	^A		836,325
	905,000	Bethlehem, NY Water System¹		5.375			03/01/2020			03/01/2013	^A		928,883

17 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	500,000	Bethlehem, NY Water System¹		5.500	%		03/01/2022			03/01/2013	^A	$	510,370
	355,000	Brookhaven, NY IDA (Alternatives for Children)¹		7.000			02/01/2013			03/22/2011	^C		362,221
	615,000	Brookhaven, NY IDA (Dowling College)¹		6.500			11/01/2012			11/01/2012			631,365
	795,000	Brookhaven, NY IDA (Enecon Corp.)¹		5.800			11/01/2018			10/15/2014	^C		694,178
	2,325,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2017			07/15/2017			2,490,005
	1,400,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2018			07/15/2018			1,490,720
	1,355,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2019			07/15/2019			1,434,227
	1,500,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2020			07/15/2020			1,576,365
	670,000	Broome County, NY COP¹		5.250			04/01/2022	²		10/01/2010	^A		672,211
	10,000	Broome County, NY GO¹		5.400			04/15/2011			10/01/2010	^A		10,136
	730,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)¹		5.250			11/01/2015			12/14/2013	^C		698,705
	110,000	Cattaraugus County, NY IDA (Olean General Hospital)¹		5.000			08/01/2013			08/01/2010	^A		110,347
	4,615,000	Cattaraugus County, NY IDA (Olean General Hospital)¹		5.250			08/01/2023			08/01/2010	^A		4,618,092
	50,000	Cattaraugus County, NY IDA (St. Bonaventure University)¹		5.000			09/15/2013			09/15/2010	^A		50,101
	500,000	Cattaraugus County, NY IDA (St. Bonaventure University)¹		5.000			05/01/2023			07/10/2020	^C		489,310
	3,790,000	Cayuga County, NY COP (Auburn Memorial Hospital)¹		6.000			01/01/2021			07/01/2010	^A		3,790,341
	515,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.000			07/01/2012			07/01/2010	^A		517,930
	1,075,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.250			07/01/2016			07/01/2010	^A		1,080,418
	3,795,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.500			07/01/2024			07/01/2012	^A		3,828,889
	18,160,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.750			07/01/2040			07/01/2012	^A		18,203,584
	2,385,000	Clarence, NY IDA (Bristol Village)¹		6.000			01/20/2044			01/20/2015	^A		2,475,105
	4,475,000	Cortland County, NY IDA (Cortland Memorial Hospital)¹		5.625			07/01/2024	²		07/01/2013	^A		4,502,566
	10,000	Deerfield, NY GO		5.250			06/15/2011			06/15/2011			10,285
	10,000	Deerfield, NY GO		5.250			06/15/2012			06/15/2012			10,562
	10,000	Deerfield, NY GO		5.250			06/15/2013			06/15/2013			10,733
	10,000	Deerfield, NY GO		5.500			06/15/2014			06/15/2014			10,895
	10,000	Deerfield, NY GO		5.500			06/15/2015			06/15/2015			10,905
	10,000	Deerfield, NY GO		5.500			06/15/2016			06/15/2016			10,906

18 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	10,000	Deerfield, NY GO		5.500	%		06/15/2017		06/15/2016	^A	$	10,759
	10,000	Deerfield, NY GO		5.500			06/15/2018		06/15/2016	^A		10,637
	15,000	Deerfield, NY GO		5.500			06/15/2019		06/15/2016	^A		15,740
	15,000	Deerfield, NY GO		5.500			06/15/2020		06/15/2016	^A		15,621
	5,205,000	Dutchess County, NY IDA (Marist College)¹		5.150			07/01/2017		07/01/2013	^A		5,457,495
	4,095,000	East Rochester, NY Hsg. Authority (St. John’s Meadows)¹		5.950			08/01/2027		08/01/2010	^A		4,096,638
	3,600,000	East Rochester, NY Hsg. Authority (Woodland Village)¹		5.150			08/01/2016		05/02/2013	^C		3,529,944
	200,000	East Syracuse, NY Hsg. Authority (Bennett Manor Associates)¹		6.700			04/01/2021		10/01/2010	^A		204,358
	58,670,000	Erie County, NY IDA (Buffalo City School District)¹		5.625			05/01/2028		05/01/2014	^A		61,749,002
	20,000,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2024		11/01/2010	^A		20,086,400
	1,300,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2025		05/01/2014	^A		1,386,749
	6,500,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2026		05/01/2014	^A		6,912,295
	975,000	Erie County, NY IDA (Medaille College)¹		6.875			10/01/2013		03/17/2011	^C		1,027,358
	105,000	Erie County, NY IDA (Medaille College)		7.250			11/01/2010		07/15/2010	^B		105,620
	385,000	Erie County, NY Public Improvement District¹		5.250			03/15/2020		03/15/2013	^A		407,211
	29,615,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2031		03/22/2017	^C		23,822,010
	9,750,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2038		08/15/2020	^C		7,557,615
	250,000	Essex County, NY IDA (International Paper Company)¹		6.450			11/15/2023		11/15/2011	^A		251,770
	690,000	Essex County, NY IDA (North Country Community College Foundation)¹		4.600			06/01/2015		12/25/2013	^C		740,129
	10,426,775	Fishkill, NY GO BANs		6.750			11/04/2010		11/04/2010			10,472,236
	540,000	Franklin County, NY IDA (North Country Community College Foundation)¹		4.600			06/01/2015		12/24/2013	^C		579,231
	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		466,930
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2017		09/15/2016	^A		81,060
	500,000	Hempstead Village, NY GO¹		5.000			07/01/2018		07/01/2014	^A		524,070
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2018		09/15/2016	^A		80,283
	1,195,000	Hempstead Village, NY GO¹		5.000			07/01/2019		07/01/2014	^A		1,245,310
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2019		09/15/2016	^A		79,637
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2020		09/15/2016	^A		79,019
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2021		09/15/2016	^A		78,324

19 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	75,000	Hempstead Village, NY GO¹		5.000	%		09/15/2022			09/15/2016	^A	$	77,924
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2023			09/15/2016	^A		77,417
	1,700,000	Hempstead, NY IDA (Adelphi University)¹		5.750			06/01/2022	²		06/01/2012	^A		1,754,383
	2,100,000	Hempstead, NY IDA (Hofstra University)¹		5.800			07/01/2015			10/01/2010	^A		2,152,038
	2,485,000	Hempstead, NY IDA (Lynbrook Facilities)¹		6.000			11/01/2017			08/10/2013	^C		2,220,074
	175,000	Hempstead, NY IDA (Peninsula Counseling Center)		5.500			11/01/2010			11/01/2010			174,916
	620,000	Hempstead, NY IDA (Peninsula Counseling Center)¹		5.750			11/01/2018			09/03/2015	^C		580,060
	60,000	Herkimer County, NY GO¹		5.000			09/15/2012			10/01/2010	^A		64,526
	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			130,506
	625,000	Herkimer, NY Hsg. Authority		7.150			03/01/2011			09/01/2010	^A		627,806
	30,000	Highland Falls, NY Sewer System¹		5.100			12/01/2011			12/01/2010	^A		30,558
	2,695,000	Islip, NY IDA (United Cerebral Palsy Assoc.)¹		5.500			12/01/2016			01/17/2013	^C		2,542,948
	315,000	Islip, NY IDA (United Cerebral Palsy Assoc.)¹		5.500			12/01/2016			01/17/2013	^C		297,228
	2,990,000	Islip, NY Res Rec, Series E¹		5.625			07/01/2017			07/01/2015	^A		3,220,619
	1,175,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2019			07/01/2015	^A		1,256,334
	1,100,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2020			07/01/2014	^A		1,168,816
	1,315,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2021			07/01/2014	^A		1,391,546
	1,000,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2023			07/01/2014	^A		1,045,650
	250,000	Jamestown, NY GO¹		5.000			08/01/2024			08/01/2014	^A		258,358
	250,000	Jamestown, NY GO¹		5.000			08/01/2025			08/01/2014	^A		257,750
	540,000	Jamestown, NY Hsg. Authority¹		6.125			07/01/2010			07/01/2010			539,973
	4,000,000	Kenmore, NY Hsg. Authority (SUNY at Buffalo)¹		5.500			08/01/2024			08/01/2011	^A		4,057,760
	10,000,000	L.I., NY Power Authority, Series A¹		5.000			12/01/2026			06/01/2016	^A		10,707,100
	2,210,000	Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)¹		5.875			07/01/2022			05/25/2019	^C		2,109,732
	1,010,000	Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)¹		6.000			07/01/2030			04/22/2027	^C		935,856
	70,000	Livonia, NY GO¹		5.000			06/15/2020			06/15/2017	^A		74,586
	75,000	Livonia, NY GO¹		5.000			06/15/2021			06/15/2017	^A		79,398
	80,000	Livonia, NY GO¹		5.000			06/15/2022			06/15/2017	^A		83,605
	85,000	Livonia, NY GO¹		5.000			06/15/2023			06/15/2017	^A		88,342
	90,000	Livonia, NY GO¹		5.000			06/15/2024			06/15/2017	^A		93,265
	75,000	Livonia, NY GO¹		5.000			06/15/2025			06/15/2017	^A		77,285
	35,000	Lyncourt, NY Fire District¹		6.000			10/15/2016			11/01/2010	^A		35,297
	235,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2015			01/18/2013	^C		234,878
	2,065,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2022			06/01/2016	^A		2,087,034

20 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	2,260,000	Madison County, NY IDA (Oneida Healthcare Center)¹		5.500	%		02/01/2016			02/01/2013	^A	$	2,293,606
	60,000	Monroe County, NY Airport Authority (Greater Rochester International)¹		5.750			01/01/2012			01/01/2012			62,886
	5,000	Monroe County, NY GO¹		5.000			06/01/2017			12/01/2010	^A		5,007
	105,000	Monroe County, NY GO¹		5.350			03/01/2012			09/01/2010	^A		105,374
	25,000	Monroe County, NY GO¹		5.750			06/01/2015			12/01/2010	^A		25,060
	770,000	Monroe County, NY IDA (Canal Ponds)¹		7.000			06/15/2013	²		12/15/2010	^A		782,405
	580,000	Monroe County, NY IDA (Highland Hospital of Rochester)¹		5.000			08/01/2012			08/01/2012			613,205
	1,225,000	Monroe County, NY IDA (Nazareth College of Rochester)¹		5.250			10/01/2021			10/01/2012	^A		1,256,127
	835,000	Monroe County, NY IDA (Southview Towers)¹		6.125			02/01/2020			02/01/2012	^A		844,494
	45,000	Monroe County, NY IDA (St. John Fisher College)		5.200			06/01/2019			06/01/2013	^A		45,252
	245,000	Monroe County, NY IDA (Summit at Brighton)¹		5.000			07/01/2016			10/26/2012	^C		214,909
	1,425,000	Monroe County, NY IDA (West End Business Center)¹		5.125			12/01/2014			05/29/2011	^C		1,288,856
	30,000	Monroe County, NY Water Authority		5.250			08/01/2011			08/15/2010	^A		30,116
	145,000	Monroe, NY Newpower Corp.¹		4.500			01/01/2011			10/01/2010	^C		145,015
	155,000	Monroe, NY Newpower Corp.¹		4.700			01/01/2012			10/01/2011	^C		155,781
	410,000	Monroe, NY Newpower Corp.¹		4.800			01/01/2013			10/01/2012	^C		414,641
	7,800,000	Monroe, NY Newpower Corp.¹		6.375			01/01/2024			07/01/2011	^A		7,844,226
	280,000	Mount Vernon, NY IDA (Kings Court)¹		5.125			12/01/2023			12/01/2015	^A		287,258
	975,000	Mount Vernon, NY IDA (Macedonia Towers)¹		5.125			12/01/2023			12/01/2015	^A		991,322
	4,105,000	Mount Vernon, NY IDA (Section 8), Series A¹		5.250			12/01/2014	²		12/01/2010	^A		4,210,375
	50,000	Municipal Assistance Corp. for Troy, NY¹		5.000			01/15/2016			07/15/2010	^A		50,158
	335,000	Municipal Assistance Corp. for Troy, NY		5.200			01/15/2017			01/15/2011	^A		337,827
	300,000	Nassau County, NY IDA (ACDS)¹		5.950			11/01/2022			09/14/2016	^C		274,644
	520,000	Nassau County, NY IDA (ACDS)¹		6.000			12/01/2019			04/02/2017	^C		490,480
	365,000	Nassau County, NY IDA (ALIA-ACDS)¹		7.000			10/01/2016			09/16/2013	^B		370,446
	360,000	Nassau County, NY IDA (ALIA-ACLD)¹		5.750			09/01/2011			09/01/2011			361,228
	540,000	Nassau County, NY IDA (ALIA-CMA)¹		7.000			10/01/2016			09/07/2013	^B		548,057
	420,000	Nassau County, NY IDA (ALIA-CRR)¹		7.000			10/01/2016			09/06/2013	^B		426,266
	90,000	Nassau County, NY IDA (ALIA-FREE)		7.000			10/01/2016			09/25/2013	^B		91,343
	380,000	Nassau County, NY IDA (ALIA-HKSB)¹		7.000			10/01/2016			09/09/2013	^B		385,670
	1,900,000	Nassau County, NY IDA (CSMR)¹		5.950			11/01/2022			09/14/2016	^C		1,739,412
	1,475,000	Nassau County, NY IDA (CSMR)¹		6.000			12/01/2019			12/27/2016	^C		1,391,264
	200,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022			08/23/2016	^C		183,096
	625,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)¹		6.000			12/01/2019			11/17/2016	^C		589,288

21 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	275,000	Nassau County, NY IDA (Hispanic Counseling Center)¹		6.000	%		11/01/2017			08/21/2013	^C	$	263,799
	10,000,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)³		5.250			06/01/2027			06/01/2013	^C		10,104,500
	220,000	Nassau County, NY IDA (Life’s WORCA)¹		5.950			11/01/2022			09/04/2016	^C		201,406
	500,000	Nassau County, NY IDA (New York Institute of Technology)¹		5.000			03/01/2021			03/01/2020	^A		519,995
	500,000	Nassau County, NY IDA (PLUS Group Home)¹		6.150			11/01/2022			09/23/2016	^C		465,890
	105,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.000			11/01/2017			08/08/2013	^C		100,723
	430,000	Nassau County, NY IDA (WORCA)¹		6.000			12/01/2019			12/23/2016	^C		405,430
	120,000	Nassau County, NY IDA, Series C		6.000			12/01/2019			12/22/2016	^C		113,143
	21,000,000	Nassau County, NY Tobacco Settlement Corp.¹		5.250			06/01/2026			12/03/2017	^C		19,684,560
	165,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			07/22/2011	^B		182,417
	105,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			07/26/2011	^B		115,830
	110,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			06/24/2011	^B		121,490
	110,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			06/24/2011	^B		121,490
	6,075,000	New Rochelle, NY IDA (College of New Rochelle)¹		5.500			07/01/2019			07/01/2011	^A		6,149,358
	1,130,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)¹		5.650			08/01/2020	²		08/01/2010	^A		1,132,091
	2,535,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)¹		5.750			02/01/2032			08/01/2010	^A		2,536,014
	150,000	Niagara County, NY IDA (American Ref-Fuel Company)¹		5.550			11/15/2024			11/15/2015	^D		151,220
	12,925,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)¹		5.500			11/01/2035			01/03/2025	^C		10,180,506
	1,040,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018			04/03/2016	^C		989,082
	7,750,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.450			11/15/2025			11/15/2012	^D		7,958,630
	9,510,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.550			11/15/2024			02/01/2015	^A		9,766,104
	12,450,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.625			11/15/2024			11/15/2014	^D		12,784,905
	175,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.500			05/15/2019			05/15/2011	^C		168,917
	90,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.500			05/15/2020			05/15/2011	^A		88,515
	1,175,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.875			05/15/2022			05/15/2011	^A		1,175,447
	1,105,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2034			05/15/2011	^A		1,069,673
	945,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2040			06/04/2028	^C		899,640

22 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	11,995,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.750	%		05/15/2029	²		05/15/2011	^A	$	12,026,427
	20,000	Niagara County, NY Tobacco Asset Securitization Corp. (TASC)¹		5.750			05/15/2021			05/15/2011	^A		20,004
	1,000,000	Niagara Falls, NY Public Water Authority¹		5.500			07/15/2034			07/15/2015	^A		1,013,570
	115,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.000			04/01/2013			10/01/2010	^A		115,214
	9,080,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.625			04/01/2029	²		04/01/2011	^A		9,096,707
	20,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.750			04/01/2012			10/01/2010	^A		20,161
	210,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.750			04/01/2019			04/01/2011	^A		211,294
	1,205,000	North Babylon, NY Volunteer Fire Company¹		5.750			08/01/2022			05/08/2017	^C		1,205,012
	25,000	North Hempstead, NY GO¹		5.375			05/15/2016			11/15/2010	^A		25,422
	835,000	NY Capital District Youth Center¹		6.000			02/01/2017			08/01/2010	^A		837,163
	600,000	NY Carnegie Redevel. Corp.		6.500			09/01/2011			11/17/2010	^C		582,528
	65,000	NY Counties Tobacco Trust I¹		5.875			06/01/2014			06/01/2011	^A		65,040
	4,670,000	NY Counties Tobacco Trust I¹		6.300			06/01/2019	²		12/01/2010	^A		4,689,521
	4,360,000	NY Counties Tobacco Trust I		6.500			06/01/2035			06/01/2011	^A		4,327,780
	3,295,000	NY Counties Tobacco Trust I		6.625			06/01/2042	²		06/01/2011	^A		3,290,420
	14,160,000	NY Counties Tobacco Trust II (TASC)¹		5.250			06/01/2025			12/17/2011	^C		13,442,938
	150,000	NY Counties Tobacco Trust II (TASC)		5.500			06/01/2011			06/01/2011			149,747
	865,000	NY Counties Tobacco Trust II (TASC)¹		5.625			06/01/2035			06/04/2018	^C		762,022
	1,055,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2013			06/01/2012	^A		1,055,865
	1,925,000	NY Counties Tobacco Trust II (TASC)		5.750			06/01/2014			06/01/2012	^A		1,920,823
	750,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2043			09/02/2025	^C		661,583
	2,120,000	NY Counties Tobacco Trust II (TASC)¹		6.000			06/01/2015			06/01/2012	^A		2,124,388
	2,330,000	NY Counties Tobacco Trust II (TASC)¹		6.000			06/01/2016			06/01/2012	^A		2,330,652
	3,010,000	NY Counties Tobacco Trust III		5.000			06/01/2027			12/01/2010	^B		3,009,880
	4,980,000	NY Counties Tobacco Trust III¹		5.750			06/01/2033			09/26/2012	^C		4,777,912
	16,575,000	NY Counties Tobacco Trust III¹		6.000			06/01/2043			04/03/2018	^C		15,172,589
	3,095,000	NY Counties Tobacco Trust IV¹		4.250			06/01/2021			03/14/2012	^C		3,007,133
	4,520,000	NY Counties Tobacco Trust IV (TASC)¹		4.750			06/01/2026			05/18/2014	^C		4,039,479
	38,400,000	NY Counties Tobacco Trust IV (TASC)¹		6.250			06/01/2041			08/03/2019	^C		36,684,672
	500,000	NY Grand Central BID (Grand Central District Management)¹		5.000			01/01/2022			01/01/2014	^A		534,355
	25,000	NY MTA Commuter Facilities (Grand Central Terminal)¹		5.400			07/01/2011			10/01/2010	^A		25,076
	85,000	NY MTA Commuter Facilities (Grand Central Terminal)		5.500			07/01/2012			10/01/2010	^A		85,249
	25,000	NY MTA Commuter Facilities, Series 7¹		5.625			07/01/2016	²		10/01/2010	^A		26,128
	5,000	NY MTA Commuter Facilities, Series B¹		5.000			07/01/2017			07/01/2010	^A		5,018

23 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	50,000	NY MTA Commuter Facilities, Series B¹		5.125	%		07/01/2024			10/01/2010	^A	$	50,148
	5,000	NY MTA Commuter Facilities, Series D¹		5.000			07/01/2016			10/01/2010	^A		5,195
	20,250,000	NY MTA Service Contract, Series A¹		5.125			01/01/2029			07/01/2012	^A		20,582,910
	35,460,000	NY MTA Service Contract, Series A¹		5.750			07/01/2031			07/01/2012	^A		37,469,518
	33,290,000	NY MTA Service Contract, Series B¹		5.250			01/01/2031			07/01/2012	^A		33,993,085
	300,000	NY MTA, Series 2008C¹		6.250			11/15/2023			11/15/2018	^A		352,239
	53,800,000	NY MTA, Series A¹		5.000			11/15/2025			11/15/2012	^A		55,213,864
	270,000	NY MTA, Series A¹		5.000			11/15/2030			11/15/2012	^A		278,208
	320,000	NY MTA, Series A¹		5.000			11/15/2030			11/15/2012	^A		327,626
	4,180,000	NY MTA, Series A¹		5.125			11/15/2021			11/15/2012	^A		4,382,981
	9,255,000	NY MTA, Series A¹		5.125			11/15/2031			11/15/2012	^A		9,572,261
	34,000,000	NY MTA, Series A¹		5.250			01/01/2023			07/01/2012	^A		35,543,600
	225,000	NY MTA, Series A¹		5.250			11/15/2031			11/15/2012	^A		229,766
	50,000	NY MTA, Series A¹		5.625			01/01/2012			01/01/2011	^A		50,672
	16,500,000	NY MTA, Series B³		5.250			11/15/2025			11/15/2013	^A		17,463,765
	50,000	NY MTA, Series E¹		5.500			11/15/2021			11/15/2012	^A		53,481
	45,000	NY New Hartford-Sunset Wood Funding Corp.¹		5.950			08/01/2027			08/01/2010	^A		45,043
	4,050,000	NY Newark-Wayne Community Hospital¹		5.875			01/15/2033			07/15/2010	^A		4,127,234
	1,080,000	NY Newark-Wayne Community Hospital¹		7.600			09/01/2015			09/01/2010	^A		1,080,248
	50,000	NY Oneida Healthcare Corp. (Oneida Health Systems)¹		5.300			02/01/2021			03/11/2019	^C		50,046
	3,895,000	NY Oneida Healthcare Corp. (Oneida Health Systems)¹		5.500			02/01/2016	²		02/01/2013	^A		3,959,229
	5,000,000	NY Seneca Nation Indians Capital Improvements¹		5.250			12/01/2016			06/14/2015	^C		4,582,450
	500,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.250			06/01/2020			06/01/2013	^A		532,220
	2,220,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.250			06/01/2021			06/01/2013	^A		2,362,280
	130,000	NY Tobacco Settlement Financing Corp. (TASC)		5.500			06/01/2014			12/01/2010	^A		130,464
	3,685,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2015			12/01/2010	^A		3,698,155
	11,900,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2016			12/01/2010	^A		11,938,437
	5,020,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2017			06/01/2011	^A		5,201,925
	21,000,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2018			06/01/2012	^A		22,329,090
	20,500,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2019			06/01/2013	^A		22,359,145
	11,000,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2020			06/01/2013	^A		11,992,090
	18,395,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2021			06/01/2013	^A		19,950,849
	40,000	NY Triborough Bridge & Tunnel Authority¹		5.000			01/01/2024			10/01/2010	^A		40,114
	163,785,000	NY TSASC, Inc. (TFABs)¹		4.750			06/01/2022			10/09/2011	^B		158,676,546
	91,000,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2026			06/28/2016	^C		82,965,610
	14,740,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2034			04/20/2020	^C		11,610,993
	430,000	NY TSASC, Inc. (TFABs)¹		5.250			07/15/2011			07/15/2011			452,730
	180,000	NY Valley Health Devel. Corp.¹		6.750			05/20/2022			05/20/2015	^A		189,272

24 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	10,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)³		7.250	%		11/01/2042			05/01/2012	^A	$	10,010,200
	5,000	NYC GO		5.000			08/01/2015			08/01/2010	^A		5,018
	425,000	NYC GO¹		5.000			08/01/2020			08/01/2014	^A		459,761
	5,000	NYC GO¹		5.000			08/01/2022			02/01/2011	^A		5,040
	500,000	NYC GO¹		5.000			08/01/2022			08/01/2015	^A		540,775
	5,000	NYC GO¹		5.000			08/01/2022			08/01/2010	^A		5,016
	40,000	NYC GO¹		5.000			09/15/2022			09/15/2013	^A		42,244
	29,000,000	NYC GO⁴		5.000			06/01/2023			06/01/2015	^A		31,095,540
	615,000	NYC GO¹		5.000			08/01/2023			08/01/2015	^A		659,870
	8,065,000	NYC GO¹		5.000			08/01/2023			08/01/2019	^A		8,906,825
	10,000,000	NYC GO⁴		5.000			08/15/2023			02/15/2013	^A		10,635,918
	4,945,000	NYC GO¹		5.000			09/01/2023			09/01/2015	^A		5,307,518
	11,340,000	NYC GO⁴		5.000			12/01/2023			02/15/2013	^A		12,073,585
	21,015,000	NYC GO¹		5.000			08/01/2024			08/01/2016	^A		22,500,340
	3,650,000	NYC GO¹		5.000			12/01/2024			12/01/2014	^A		3,862,467
	10,000	NYC GO¹		5.000			03/15/2029			03/15/2011	^A		10,057
	10,000	NYC GO¹		5.000			03/15/2029			03/15/2011	^A		10,057
	1,000,000	NYC GO¹		5.000			10/15/2029			10/15/2013	^A		1,028,320
	10,000,000	NYC GO⁴		5.000			04/01/2030			04/01/2015	^A		10,438,794
	5,000	NYC GO¹		5.125			08/01/2011			08/01/2010	^A		5,019
	15,000	NYC GO		5.125			08/01/2018			08/01/2010	^A		15,050
	2,860,000	NYC GO¹		5.125			08/01/2022			08/01/2010	^A		2,869,123
	5,000	NYC GO¹		5.125			03/15/2025			03/15/2012	^A		5,231
	5,000	NYC GO¹		5.125			08/01/2025			08/01/2010	^A		5,017
	10,000	NYC GO¹		5.125			08/01/2025			08/01/2010	^A		10,033
	15,000	NYC GO¹		5.125			08/01/2025			08/01/2010	^A		15,050
	35,000	NYC GO		5.250			08/01/2011			08/01/2010	^A		35,141
	25,000	NYC GO¹		5.250			05/01/2012			11/01/2010	^A		25,392
	5,000	NYC GO		5.250			08/01/2012			08/01/2010	^A		5,018
	5,000	NYC GO		5.250			08/01/2014			08/01/2010	^A		5,018
	5,000	NYC GO		5.250			08/01/2015			08/01/2010	^A		5,018
	10,000	NYC GO¹		5.250			05/01/2021			11/01/2010	^A		10,140
	5,000	NYC GO¹		5.250			11/15/2021	²		11/15/2010	^A		5,018
	5,000	NYC GO¹		5.250			01/15/2023			01/15/2013	^A		5,581
	20,000	NYC GO¹		5.250			01/15/2023			01/15/2013	^A		21,351
	1,000,000	NYC GO¹		5.250			08/15/2024			08/15/2014	^A		1,080,000
	140,000	NYC GO¹		5.250			06/01/2027			06/01/2012	^A		146,110
	220,000	NYC GO¹		5.250			01/15/2028			01/15/2013	^A		231,737
	180,000	NYC GO¹		5.250			01/15/2033			01/15/2013	^A		184,595
	5,000	NYC GO¹		5.300			08/01/2024			08/01/2010	^A		5,017

25 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	70,000	NYC GO¹		5.300	%		01/15/2026			01/15/2013	^A	$	73,819
	5,000	NYC GO		5.375			08/01/2015			08/01/2010	^A		5,019
	40,000	NYC GO¹		5.375			08/01/2017			08/01/2010	^A		40,577
	10,000	NYC GO¹		5.375			08/01/2017			08/01/2010	^A		10,140
	50,000	NYC GO¹		5.375			03/01/2027			03/01/2013	^A		52,946
	5,000	NYC GO¹		5.375			08/01/2027			08/01/2010	^A		5,013
	10,000,000	NYC GO⁴		5.500			04/01/2022			04/01/2019	^A		11,510,750
	95,000	NYC GO¹		5.500			08/01/2022			08/01/2010	^A		95,341
	70,000	NYC GO¹		5.500			08/01/2022			08/01/2010	^A		70,251
	810,000	NYC GO¹		5.500			06/01/2023			06/01/2013	^A		879,417
	1,480,000	NYC GO¹		5.500			05/15/2024	²		05/15/2012	^A		1,500,098
	20,000	NYC GO¹		5.500			02/15/2026			08/15/2010	^A		20,052
	50,000	NYC GO¹		5.500			02/15/2026			08/15/2010	^A		50,130
	850,000	NYC GO¹		5.500			06/01/2028			06/01/2012	^A		891,030
	90,000	NYC GO¹		5.500			11/15/2037			11/15/2010	^A		90,246
	15,000	NYC GO¹		5.600			12/01/2010			12/01/2010			15,327
	30,000	NYC GO¹		5.600			12/01/2013			12/01/2010	^A		30,603
	95,000	NYC GO		5.625			10/01/2020			10/01/2010	^A		95,365
	220,000	NYC GO		5.700			08/15/2010			08/15/2010			221,003
	10,000	NYC GO		5.750			05/15/2012			11/15/2010	^A		10,043
	10,000	NYC GO		5.750			05/15/2012			11/15/2010	^A		10,042
	570,000	NYC GO¹		5.750			03/01/2018			03/01/2013	^A		627,057
	500,000	NYC GO¹		5.750			08/01/2018			08/01/2012	^A		542,365
	310,000	NYC GO¹		5.750			08/01/2018			08/01/2012	^A		336,266
	20,000	NYC GO		5.875			08/01/2015			08/01/2010	^A		20,086
	4,155,000	NYC GO¹		5.875			06/01/2019			06/01/2012	^A		4,499,533
	5,450,000	NYC GO¹		5.875			08/01/2019			08/01/2012	^A		5,925,676
	60,000	NYC GO		6.000			05/15/2011			11/15/2010	^A		60,269
	5,000	NYC GO		6.000			02/01/2012			08/01/2010	^A		5,022
	5,000	NYC GO		6.000			08/01/2017			08/01/2010	^A		5,022
	10,000	NYC GO		6.000			05/15/2018			11/15/2010	^A		10,142
	5,000	NYC GO¹		6.000			02/01/2022			08/01/2010	^A		5,022
	15,000	NYC GO¹		6.000			05/15/2022			11/15/2010	^A		15,210
	35,000	NYC GO¹		6.000			02/15/2024			08/01/2010	^A		35,141
	590,000	NYC GO		6.350			05/15/2014			11/15/2010	^A		592,820
	1,020,000	NYC GO		6.500			05/15/2017			11/15/2010	^A		1,034,943
	5,000	NYC GO¹		7.000			12/01/2010			12/01/2010			5,131
	5,000	NYC GO¹		7.000			02/01/2011			08/01/2010	^A		5,028
	80,000	NYC GO¹		7.000			02/01/2012			08/01/2010	^A		80,440
	5,000	NYC GO		7.000			02/01/2018			08/01/2010	^A		5,025
	45,000	NYC GO¹		7.750			08/15/2027			08/15/2010	^A		45,293

26 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	255,699	NYC HDC (Bay Towers)¹		6.500	%		08/15/2017			07/15/2010	^A	$	256,282
	2,911,889	NYC HDC (East Midtown Plaza)		6.500			11/15/2018			07/15/2010	^A		2,921,935
	29,177	NYC HDC (Essex Terrace)		6.500			07/15/2018			07/15/2018			29,277
	1,094,791	NYC HDC (Keith Plaza)		6.500			02/15/2018			07/15/2010	^A		1,098,568
	229,471	NYC HDC (Kingsbridge Arms)¹		6.500			08/15/2017			07/15/2010	^A		230,015
	565,000	NYC HDC (Multifamily Hsg.)¹		5.050			11/01/2023			11/01/2012	^A		570,797
	515,000	NYC HDC (Multifamily Hsg.)¹		5.100			11/01/2027			05/01/2017	^A		524,481
	385,000	NYC HDC (Multifamily Hsg.)¹		5.600			11/01/2019			11/01/2010	^A		386,571
	900,000	NYC HDC (Multifamily Hsg.), Series A¹		5.375			11/01/2023			05/01/2012	^A		912,087
	255,000	NYC HDC (Multifamily Hsg.), Series E¹		6.250			05/01/2036			11/01/2010	^A		255,875
	50,000	NYC HDC (The Animal Medical Center)¹		5.500			12/01/2033			12/01/2010	^A		50,072
	112,332	NYC HDC (Trinity)		6.500			11/15/2018			07/15/2010	^A		118,288
	185,000	NYC HDC, Series A¹		5.000			07/01/2010			07/01/2010			185,024
	13,000,000	NYC HDC, Series A¹		5.000			07/01/2025			07/01/2015	^A		13,602,160
	2,215,000	NYC HDC, Series C¹		5.000			11/01/2026			11/01/2015	^A		2,240,694
	23,585,000	NYC Health & Hospital Corp.¹		5.000			02/15/2020			08/15/2010	^A		23,656,227
	60,000	NYC Health & Hospital Corp.¹		5.125			02/15/2014			02/15/2011	^A		60,159
	27,750,000	NYC Health & Hospital Corp.		5.250			02/15/2017	²		08/15/2010	^A		27,823,538
	100,000	NYC Health & Hospital Corp.¹		5.375			02/15/2026			02/15/2012	^A		102,870
	9,400,000	NYC IDA (AIRIS JFK I/JFK International Airport)¹		5.500			07/01/2028			09/16/2023	^C		8,385,364
	8,150,000	NYC IDA (AIRIS JFK I/JFK International Airport)¹		6.000			07/01/2015			03/09/2013	^C		7,912,509
	1,840,000	NYC IDA (Beth Abraham Health Services)¹		6.000			02/15/2013			12/10/2010	^C		1,875,402
	515,000	NYC IDA (Beth Abraham Health Services)¹		6.000			11/15/2013			06/28/2011	^C		527,504
	245,000	NYC IDA (Beth Abraham Health Services)¹		6.000			11/15/2013			10/04/2010	^C		250,949
	645,000	NYC IDA (Calhoun School)¹		6.250			12/01/2016			11/22/2012	^C		630,597
	4,450,000	NYC IDA (Calhoun School)¹		6.250			12/01/2017			12/06/2013	^C		4,325,934
	500,000	NYC IDA (Center for Elimination of Family Violence)¹		6.250			11/01/2016			03/25/2013	^C		491,135
	7,015,000	NYC IDA (Chapin School)¹		4.800			11/01/2018			09/21/2014	^C		6,700,097
	615,000	NYC IDA (Comprehensive Care Management)¹		5.625			11/01/2015			11/01/2014	^A		623,020
	470,000	NYC IDA (Comprehensive Care Management)¹		5.625			11/01/2015			11/01/2014	^A		476,129
	2,280,000	NYC IDA (Comprehensive Care Management)¹		5.750			08/01/2018			12/04/2014	^C		2,146,232
	2,385,000	NYC IDA (Comprehensive Care Management)¹		5.750			11/01/2018			12/04/2014	^C		2,241,852
	2,485,000	NYC IDA (Comprehensive Care Management)¹		5.750			05/01/2019			12/03/2015	^C		2,300,936
	595,000	NYC IDA (Family Support Systems)		6.500			11/01/2014			02/02/2012	^C		508,314
	740,000	NYC IDA (Global Country World Peace)¹		6.250			11/01/2015			01/19/2013	^C		655,499
	695,000	NYC IDA (Global Country World Peace)¹		6.250			11/01/2025			12/20/2012	^C		615,638
	870,000	NYC IDA (Gourmet Boutique)¹		5.250			05/01/2013			08/21/2010	^C		797,303
	1,465,000	NYC IDA (Guttmacher Institute)¹		5.250			12/01/2016			12/29/2012	^C		1,363,563
	500,000	NYC IDA (Independent Living Assoc.)¹		6.200			07/01/2020			05/04/2015	^C		475,665
	16,350,000	NYC IDA (JFK International Airport)¹		8.000			08/01/2012			08/01/2012			16,604,733

27 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	21,875,000	NYC IDA (Liberty-7 World Trade Center)¹		6.250	%		03/01/2015		03/01/2012	^A	$	21,887,250
	5,000,000	NYC IDA (Liberty-7 World Trade Center)		6.500			03/01/2035		09/13/2027	^C		4,992,700
	2,030,000	NYC IDA (Lycee Francais De New York)¹		5.375			06/01/2023		12/01/2012	^A		2,079,288
	2,355,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2013		12/01/2012	^A		2,544,789
	730,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2015		12/01/2012	^A		775,603
	2,880,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2016		12/01/2012	^A		3,037,968
	2,000,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2017		12/01/2012	^A		2,091,020
	3,210,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2018		12/01/2012	^A		3,340,936
	650,000	NYC IDA (Manhattan Community Access Corp.)¹		5.250			12/01/2016		12/24/2012	^C		604,663
	3,490,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹		5.375			11/01/2016		03/18/2013	^C		3,288,557
	1,860,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹		5.375			11/01/2018		10/05/2014	^C		1,716,241
	380,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹		5.375			11/01/2018		09/13/2014	^C		350,630
	250,000	NYC IDA (Marymount School of New York)¹		5.125			09/01/2021		09/01/2012	^A		254,625
	1,270,000	NYC IDA (Metro Biofuels)¹		5.500			11/01/2013		12/12/2011	^C		1,190,587
	1,700,000	NYC IDA (Metropolitan College of New York)¹		5.750			03/01/2020		03/14/2018	^C		1,649,612
	4,585,000	NYC IDA (Montefiore Medical Center Corp.)¹		5.125			11/01/2025		11/01/2010	^A		4,605,449
	5,865,000	NYC IDA (Montefiore Medical Center Corp.)¹		5.125			11/01/2035		10/01/2010	^A		5,878,783
	250,000	NYC IDA (Queens Baseball Stadium)¹		5.000			01/01/2025		01/01/2025			237,860
	1,020,000	NYC IDA (Reece School)¹		6.500			12/01/2017		12/14/2013	^C		1,000,508
	325,000	NYC IDA (Rockefeller Foundation)		5.375			07/01/2023		10/01/2010	^A		326,164
	3,080,000	NYC IDA (Rosco, Inc.)¹		5.625			06/01/2022		06/01/2019	^C		3,000,536
	1,000,000	NYC IDA (Royal Charter NY Presbyterian)¹		5.750			12/15/2029		12/15/2011	^A		1,067,030
	4,375,000	NYC IDA (Samaritan Aids Services)¹		5.000			11/01/2024		11/01/2011	^A		4,458,125
	500,000	NYC IDA (Services for the Underserved/ Young Adult Institute Obligated Group)¹		4.350			07/01/2011		07/01/2011			495,175
	500,000	NYC IDA (Showman Fabricators)¹		7.125			11/01/2013		03/24/2011	^C		474,295
	75,000	NYC IDA (Special Needs Facilities Pooled Program)		4.150			07/01/2014		04/08/2012	^C		73,742
	200,000	NYC IDA (Special Needs Facilities Pooled Program)		5.800			07/01/2023		10/12/2021	^C		180,060
	955,000	NYC IDA (Stallion)¹		5.000			11/01/2016		11/03/2013	^C		816,229
	480,000	NYC IDA (Stallion)¹		5.500			11/01/2017		11/01/2017			419,539
	1,170,000	NYC IDA (Studio School)¹		6.250			11/01/2018		11/12/2016	^C		1,131,519
	8,605,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2017		01/01/2016	^D		9,093,248
	11,820,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2018		01/01/2016	^D		12,467,027
	14,620,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2019		01/01/2016	^D		15,289,450
	15,245,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2020		01/01/2016	^D		15,845,348
	9,750,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2021		01/01/2016	^D		10,062,390

28 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	48,790,000	NYC IDA (Terminal One Group Assoc.)¹		5.500	%		01/01/2024			01/01/2016	^D	$	49,833,130
	840,000	NYC IDA (The Child School)¹		7.000			06/01/2013			12/26/2010	^C		858,446
	7,285,000	NYC IDA (Unicef)¹		5.050			11/01/2018			09/30/2014	^C		6,833,476
	1,000,000	NYC IDA (United Nations School)¹		6.350			12/01/2015			12/01/2010	^A		1,003,020
	1,000,000	NYC IDA (Urban Resource Institute)¹		5.250			03/01/2023			03/01/2013	^A		1,037,270
	645,000	NYC IDA (Urban Resource Institute)¹		6.500			11/01/2013			04/09/2011	^C		634,725
	830,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2016			09/15/2013	^C		799,091
	2,525,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2016			10/21/2012	^C		2,430,969
	5,100,000	NYC IDA (Visy Paper)¹		7.800			01/01/2016			07/01/2010	^A		5,105,304
	765,000	NYC IDA (Vocational Instruction)		7.250	⁵		02/01/2013			10/21/2010	^C		621,295
	4,880,000	NYC IDA (Yeled Yalda Early Childhood)¹		5.350			11/01/2017			10/02/2013	^C		4,501,800
	5,055,000	NYC IDA (YMCA of Greater New York)¹		5.250			08/01/2021			02/01/2011	^A		5,081,438
	5,905,000	NYC IDA (YMCA of Greater New York)¹		5.800			08/01/2016	²		10/01/2010	^A		5,916,042
	200,000	NYC IDA (Zeluck, Inc.)¹		6.250			11/01/2011			11/01/2011			200,184
	57,700,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2026			06/15/2011	^A		59,212,317
	44,840,000	NYC Municipal Water Finance Authority¹		5.125			06/15/2032			06/15/2011	^A		46,067,719
	50,000	NYC Municipal Water Finance Authority¹		5.750			06/15/2013	²		06/15/2011	^A		53,280
	33,745,000	NYC Transitional Finance Authority¹		5.000			08/01/2028			08/01/2013	^A		34,902,791
	150,000	NYC Transitional Finance Authority¹		5.375			01/15/2030			01/15/2019	^A		162,762
	3,880,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.000			07/01/2022			03/01/2020	^C		2,146,571
	2,720,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.125			07/01/2030			04/03/2027	^C		1,505,085
	250,000	NYC Trust for Cultural Resources (Museum of Modern Art)¹		5.125			07/01/2031			07/01/2012	^A		257,143
	2,435,000	NYC Trust for Cultural Resources (Museum of Modern Art)¹		5.500			01/01/2021			10/01/2010	^A		2,496,411
	250,000	NYS DA (Augustana Lutheran Home)¹		5.500			02/01/2041	²		02/01/2013	^A		259,180
	25,000	NYS DA (Brookdale Hospital Medical Center)¹		5.200			02/15/2016			08/15/2010	^A		25,049
	65,000	NYS DA (Brookdale Hospital Medical Center)¹		5.300			02/15/2017			08/15/2010	^A		65,117
	110,000	NYS DA (Brooklyn Hospital Center)¹		5.100			02/01/2019			02/01/2011	^A		110,644
	30,000	NYS DA (Buena Vida Nursing Home)¹		5.000			07/01/2018			07/01/2010	^A		30,044
	75,000	NYS DA (Canisius College)¹		5.000			07/01/2019			07/01/2015	^A		75,296
	1,300,000	NYS DA (Canisius College)¹		5.000			07/01/2022			07/01/2022			1,266,252
	50,000	NYS DA (Carmel Richmond Nursing Home)¹		5.000			07/01/2018			07/01/2010	^A		50,322
	1,120,000	NYS DA (Catskill Regional Medical Center)		5.250			02/15/2023			02/15/2015	^A		1,170,254
	1,350,000	NYS DA (Chapel Oaks)¹		5.375			07/01/2017	²		10/01/2010	^A		1,354,820
	3,290,000	NYS DA (Chapel Oaks)¹		5.450			07/01/2026			07/01/2010	^A		3,293,553
	65,000	NYS DA (City University)¹		5.000			07/01/2026			07/01/2010	^A		65,023
	145,000	NYS DA (City University)¹		5.250			07/01/2025			07/01/2010	^A		145,465
	10,000,000	NYS DA (City University)¹		5.250			07/01/2025			10/01/2010	^A		10,031,200
	20,000	NYS DA (Culinary Institute of America)¹		5.000			07/01/2022			07/01/2011	^A		20,102

29 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	25,000	NYS DA (D’Youville College)		4.700	%		07/01/2012			07/01/2011	^A	$	26,032
	145,000	NYS DA (D’Youville College)		5.250			07/01/2025			07/01/2013	^A		145,718
	350,000	NYS DA (Dept. of Health)¹		5.000			07/01/2021			07/01/2014	^A		367,780
	60,000	NYS DA (Dept. of Health)¹		5.000			07/01/2024			07/01/2010	^A		60,045
	35,000	NYS DA (Dept. of Health)¹		5.000			07/01/2028			07/01/2010	^A		35,069
	880,000	NYS DA (Dept. of Health)¹		5.250			07/01/2023			07/01/2014	^A		928,638
	1,345,000	NYS DA (Dept. of Health)¹		5.500			07/01/2021			10/01/2010	^A		1,349,761
	2,525,000	NYS DA (Ellis Hospital)¹		5.050			08/15/2024			08/15/2014	^A		2,610,219
	120,000	NYS DA (Ellis Hospital)¹		5.500			08/01/2015			08/01/2010	^A		120,251
	150,000	NYS DA (Ellis Hospital)¹		5.600			08/01/2025			08/01/2010	^A		150,102
	175,000	NYS DA (Ellis Hospital)¹		5.625			08/01/2035	²		08/01/2010	^A		175,061
	50,000	NYS DA (FNHC/KR/MMWNHC Obligated Group)		5.500			07/01/2010	²		07/01/2010			50,006
	785,000	NYS DA (FNHC/KR/MMWNHC Obligated Group)		5.750			07/01/2017			10/01/2010	^A		787,331
	30,000	NYS DA (Fordham University)¹		5.000			07/01/2028			07/01/2010	^A		30,013
	3,835,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)¹		5.500			07/01/2017	²		10/01/2010	^A		3,837,569
	10,125,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)¹		5.500			07/01/2027	²		10/01/2010	^A		10,135,733
	35,000	NYS DA (German Masonic Home)¹		5.950			08/01/2026	²		08/01/2010	^A		35,033
	165,000	NYS DA (German Masonic Home)¹		6.000			08/01/2036			08/01/2010	^A		165,122
	15,000	NYS DA (Green Chimneys School)¹		5.500			07/01/2018			07/01/2010	^A		15,120
	1,000,000	NYS DA (GSHMC/CHSLI Obligated Group)¹		5.750			07/01/2014			10/01/2010	^A		1,007,320
	1,000,000	NYS DA (Health Center/BFCC/USBFCC Obligated Group)¹		5.000			11/15/2019			11/15/2011	^A		1,038,080
	10,565,000	NYS DA (Hospital)¹		6.450			08/15/2024			08/15/2012	^A		11,110,048
	1,935,000	NYS DA (Hunts Point Multi-Service Center)¹		5.625			07/01/2022			07/01/2010	^A		1,937,632
	35,000	NYS DA (John T. Mather Memorial Hospital)		5.250			07/01/2015			10/01/2010	^A		35,028
	170,000	NYS DA (John T. Mather Memorial Hospital)		5.375			07/01/2019			07/01/2010	^A		170,007
	1,645,000	NYS DA (John T. Mather Memorial Hospital)¹		5.750			07/01/2025			02/27/2023	^C		1,614,239
	15,210,000	NYS DA (Kaleida Health)¹		5.050			02/15/2025			02/15/2014	^A		15,648,504
	965,000	NYS DA (L.I. University)¹		5.125			09/01/2010			09/01/2010			970,858
	1,015,000	NYS DA (L.I. University)¹		5.250			09/01/2028			09/01/2011	^A		1,015,264
	40,000	NYS DA (La Salle School)¹		5.000			07/01/2018			07/01/2010	^A		40,104
	660,000	NYS DA (Le Moyne College)¹		5.000			07/01/2018			10/01/2010	^A		661,729
	1,100,000	NYS DA (Leake & Watts Services)¹		5.000			07/01/2023			07/01/2014	^A		1,136,619
	10,000	NYS DA (Lenox Hill Hospital Obligated Group)¹		5.750			07/01/2016			07/01/2011	^A		10,168
	2,000,000	NYS DA (Lenox Hill Hospital Obligated Group)¹		5.750			07/01/2017			07/01/2012	^A		2,031,680
	100,000	NYS DA (Manhattan College)		5.500			07/01/2019			07/01/2013	^A		101,916
	75,000	NYS DA (March of Dimes)		5.600			07/01/2012			10/01/2010	^A		75,236
	615,000	NYS DA (Master BOCES Program)¹		5.250			08/15/2023			08/15/2013	^A		641,162

30 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	15,000	NYS DA (Memorial Hospital of William F. & Gertrude F. Jones)¹		5.250	%		08/01/2025			02/01/2011	^A	$	15,089
	225,000	NYS DA (Menorah Campus)¹		6.100			02/01/2037			08/01/2010	^A		234,558
	30,000	NYS DA (Mental Health Services Facilities)¹		5.000			02/15/2023			08/15/2010	^A		30,030
	5,000	NYS DA (Mental Health Services Facilities)		5.250			08/15/2013			08/15/2010	^A		5,024
	225,000	NYS DA (Mental Health Services Facilities)¹		5.250			02/15/2023			02/15/2014	^A		234,995
	850,000	NYS DA (Millard Fillmore Hospital)¹		5.375			02/01/2017			08/01/2010	^A		851,088
	5,410,000	NYS DA (Miriam Osborn Memorial Home Assoc.)¹		6.875			07/01/2019	²		07/01/2012	^A		5,554,663
	200,000	NYS DA (Montefiore Medical Center)¹		5.000			02/01/2028			02/01/2015	^A		201,948
	75,000	NYS DA (Mount Sinai School of Medicine)¹		5.000			07/01/2015			10/01/2010	^A		75,119
	80,000	NYS DA (Mount Sinai School of Medicine)¹		5.000			07/01/2016			07/01/2010	^A		80,094
	1,125,000	NYS DA (Mount Sinai School of Medicine)¹		5.000			07/01/2021			10/01/2010	^A		1,125,461
	25,000	NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group)¹		6.000			07/01/2011			07/01/2010	^A		25,298
	40,000	NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group)¹		6.000			07/01/2013			07/01/2011	^A		40,476
	34,875,000	NYS DA (MSH/NYU Hospital Center/ HJDOI Obligated Group)¹		6.500			07/01/2025			07/01/2011	^A		35,295,941
	7,710,000	NYS DA (Mt. Sinai Hospital)¹		6.500			07/01/2015			07/01/2010	^A		7,803,060
	9,105,000	NYS DA (Mt. Sinai Hospital)¹		6.500			07/01/2016			07/01/2010	^A		9,214,897
	35,000	NYS DA (Mt. Sinai Hospital)¹		6.625			07/01/2018			07/01/2011	^A		35,424
	3,665,000	NYS DA (Mt. Sinai Hospital)¹		6.625			07/01/2019			07/01/2011	^A		3,709,420
	295,000	NYS DA (Mt. Sinai/NYU Health)¹		6.000			07/01/2010			07/01/2010			295,038
	200,000	NYS DA (Mt. Sinai/NYU Health)¹		6.100			07/01/2012			07/01/2010	^A		202,388
	7,205,000	NYS DA (Mt. Sinai/NYU Health)¹		6.500			07/01/2017			07/01/2010	^A		7,291,964
	6,400,000	NYS DA (Mt. Sinai/NYU Health)¹		6.750			07/01/2020			07/01/2011	^A		6,477,824
	35,000	NYS DA (Municipal Health Facilities)		5.500			05/15/2016			11/15/2010	^A		35,098
	400,000	NYS DA (Municipal Health Facilities)		5.500			05/15/2017			11/15/2010	^A		401,328
	360,000	NYS DA (Municipal Health Facilities)¹		5.500			05/15/2024			11/15/2010	^A		360,587
	10,000	NYS DA (New York & Presbyterian Hospital)¹		5.000			02/01/2019			08/01/2010	^A		10,090
	255,000	NYS DA (New York & Presbyterian Hospital)¹		5.000			08/01/2032			08/01/2010	^A		255,087
	50,000	NYS DA (New York Downtown Hospital)¹		5.100			02/15/2012			08/15/2010	^A		50,165
	30,000	NYS DA (New York Downtown Hospital)¹		5.300			02/15/2020			08/15/2010	^A		30,036
	20,000	NYS DA (New York Hospital Medical Center of Queens)¹		5.450			08/15/2019			08/15/2011	^A		20,235
	100,000	NYS DA (New York Medical College)¹		5.000			07/01/2021			07/01/2010	^A		100,309
	1,000,000	NYS DA (New York Methodist Hospital)¹		5.250			07/01/2024			07/01/2014	^A		1,006,450
	4,200,000	NYS DA (North General Hospital)¹		5.750			02/15/2019			02/15/2013	^A		4,465,566
	3,750,000	NYS DA (North General Hospital)¹		5.750			02/15/2020			02/15/2013	^A		3,965,775
	35,000	NYS DA (North Shore University Hospital)¹		5.000			11/01/2023			11/01/2010	^A		35,048
	980,000	NYS DA (Northeast Parent & Child)¹		5.500			07/01/2018			10/01/2010	^A		985,361

31 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	5,000	NYS DA (NSUH/NSUHGC/NSUHPL Obligated Group)¹		5.000	%		11/01/2023			11/01/2010	^A	$	5,007
	10,485,000	NYS DA (NSUH/NSUHGC/NSUHPL Obligated Group)¹		5.200			11/01/2017			11/01/2010	^A		10,534,384
	200,000	NYS DA (NSUH/NSUHGC/NSUHPL Obligated Group)¹		5.250			11/01/2019			11/01/2010	^A		200,702
	1,400,000	NYS DA (NYU Hospitals Center)¹		5.250			07/01/2024			07/01/2017	^A		1,449,714
	14,170,000	NYS DA (NYU)⁴		5.250			07/01/2027			07/01/2019	^A		15,712,830
	2,000,000	NYS DA (Park Ridge Hsg.)¹		6.375			08/01/2020	²		08/01/2010	^A		2,023,680
	1,595,000	NYS DA (Park Ridge Hsg.)¹		6.500			08/01/2025	²		08/01/2010	^A		1,614,746
	3,680,000	NYS DA (Providence Rest)¹		5.000			07/01/2021			07/12/2020	^C		3,003,763
	1,250,000	NYS DA (Providence Rest)¹		5.125			07/01/2030			08/06/2028	^C		894,325
	155,000	NYS DA (Resurrection Rest Home Castleton on Hudson)¹		6.050			08/01/2035	²		08/01/2010	^A		155,109
	8,730,000	NYS DA (Rochester General Hospital)¹		5.000			12/01/2025			10/25/2021	^C		8,342,650
	50,000	NYS DA (Rochester Institute of Technology)¹		5.250			07/01/2025			07/01/2012	^A		52,251
	2,375,000	NYS DA (Rochester Institute of Technology)¹		5.250			07/01/2032			07/01/2012	^A		2,439,054
	4,715,000	NYS DA (Ryan-Clinton Community Health Center)		6.100			07/01/2019	²		07/01/2010	^A		4,780,067
	21,000,000	NYS DA (School District Financing)¹		5.375			10/01/2022			10/01/2012	^A		22,411,410
	5,000,000	NYS DA (School District Financing)¹		5.750			10/01/2022	²		10/01/2012	^A		5,397,600
	6,180,000	NYS DA (School District Financing)¹		5.750			10/01/2030	²		10/01/2012	^A		6,552,098
	205,000	NYS DA (SCHRC)¹		5.500			07/01/2022			07/01/2011	^A		206,152
	3,460,000	NYS DA (SCHRC/CHSLI Obligated Group)¹		5.700			07/01/2013			10/01/2010	^A		3,486,296
	3,820,000	NYS DA (SCHRC/CHSLI Obligated Group)¹		5.750			07/01/2014			10/01/2010	^A		3,847,962
	1,370,000	NYS DA (SCHRC/CHSLI Obligated Group)¹		5.800			07/01/2015			07/01/2011	^A		1,379,700
	10,000	NYS DA (SCSMC/SV/CHSLI Obligated Group)¹		5.750			07/01/2020			07/01/2011	^A		10,112
	20,860,000	NYS DA (SCSMC/SV/CHSLI Obligated Group)¹		6.000			07/01/2030	²		07/01/2011	^A		21,079,864
	15,000,000	NYS DA (SCSMC/SV/CHSLI Obligated Group)¹		6.500			07/01/2020	²		07/01/2011	^A		15,176,550
	1,100,000	NYS DA (SFH)¹		5.500			07/01/2029			07/01/2011	^A		1,103,498
	250,000	NYS DA (SFH/CHSLI Obligated Group)¹		5.500			07/01/2022			07/01/2011	^A		251,405
	1,000,000	NYS DA (SFH/CHSLI Obligated Group)¹		5.800			07/01/2015			10/01/2010	^A		1,007,080
	15,480,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)¹		5.000			07/01/2021			07/01/2014	^A		15,845,947
	35,000	NYS DA (Skidmore College)¹		5.000			07/01/2028			07/01/2010	^A		35,069
	200,000	NYS DA (Southside Hospital)¹		5.000			02/15/2018			08/15/2010	^A		200,200
	170,000	NYS DA (Southside Hospital)¹		5.000			02/15/2025			08/15/2010	^A		170,022
	135,000	NYS DA (Southside Hospital)¹		5.200			02/15/2021			08/15/2010	^A		135,096
	30,000	NYS DA (Special Act School Districts)		5.700			07/01/2010			07/01/2010			30,004
	10,000	NYS DA (Special Act School Districts)¹		5.750			07/01/2011			10/01/2010	^A		10,037
	35,000	NYS DA (Special Act School Districts)¹		5.750			07/01/2019			07/01/2011	^A		35,305
	320,000	NYS DA (Special Act School Districts)		5.875			07/01/2013			10/01/2010	^A		321,184

32 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	15,000	NYS DA (Special Act School Districts)		6.000	%		07/01/2016			10/01/2010	^A	$	15,050
	925,000	NYS DA (Special Act School Districts)¹		6.000			07/01/2019			10/01/2010	^A		928,645
	2,500,000	NYS DA (Special Surgery Hospital)¹		6.250			08/15/2034			08/15/2019	^A		2,782,725
	4,000,000	NYS DA (SS Joachim & Anne Residence)¹		5.250			07/01/2027			07/01/2012	^A		4,016,200
	2,905,000	NYS DA (St. Barnabas Hospital)¹		5.350			08/01/2017			08/01/2010	^A		2,908,660
	35,000	NYS DA (St. John’s Health Care Corp.)		6.250			02/01/2036			08/01/2010	^A		35,030
	5,090,000	NYS DA (St. Joseph’s Hospital Health Center)¹		5.250			07/01/2018	²		07/01/2010	^A		5,092,698
	3,685,000	NYS DA (St. Lawrence)¹		5.400			08/15/2026			08/15/2017	^A		4,030,579
	100,910,000	NYS DA (St. Luke’s Roosevelt Hospital)¹		4.800			08/15/2025			08/15/2015	^A		101,487,205
	5,915,000	NYS DA (St. Vincent DePaul Residence)¹		5.300			07/01/2018	²		07/01/2010	^A		5,922,512
	10,000,000	NYS DA (State Personal Income Tax Authority)¹		5.000			03/15/2030			03/15/2015	^A		10,411,600
	100,000	NYS DA (Staten Island University Hospital)¹		5.000			07/01/2011			07/01/2010	^A		100,140
	20,000	NYS DA (Staten Island University Hospital)¹		5.000			07/01/2017			01/22/2016	^C		19,687
	345,000	NYS DA (Suffern Free Library Assoc.)¹		5.000			07/01/2020			07/01/2010	^A		346,066
	295,000	NYS DA (Suffern Free Library)¹		5.000			07/01/2023			07/01/2010	^A		295,799
	2,820,000	NYS DA (The Bronx-Lebanon Hospital Center)¹		6.250			08/15/2022			02/15/2014	^A		2,971,631
	250,000	NYS DA (The Bronx-Lebanon Hospital Center)¹		6.250			02/15/2035			02/15/2019	^A		268,940
	100,000	NYS DA (The Children’s Home of Kingston)		5.250			07/01/2017			07/01/2010	^A		100,349
	1,880,000	NYS DA (The Rosalind & Joseph Gurwin Jewish Geriatric Center of Long Island)¹		5.400			02/01/2015			08/01/2010	^A		1,883,704
	170,000	NYS DA (The Rosalind & Joseph Gurwin Jewish Geriatric Center of Long Island)¹		5.700			02/01/2037			08/01/2010	^A		170,049
	2,145,000	NYS DA (United Cerebral Palsy Assoc. of Nassau County)¹		5.500			07/01/2024			10/01/2010	^A		2,147,574
	1,450,000	NYS DA (United Cerebral Palsy Assoc. of NYC)¹		5.750			07/01/2018	²		07/01/2012	^A		1,510,059
	15,000	NYS DA (United Cerebral Palsy Assoc.)		5.375			07/01/2011			10/01/2010	^A		15,059
	5,000	NYS DA (Upstate Community Colleges)¹		5.000			07/01/2028			07/01/2011	^A		5,027
	1,905,000	NYS DA (Upstate Community Colleges)¹		5.125			07/01/2021			07/01/2014	^A		2,049,018
	1,165,000	NYS DA (Upstate Community Colleges)¹		5.125			07/01/2022			07/01/2014	^A		1,246,690
	25,000	NYS DA (W.K. Nursing Home)¹		5.950			02/01/2016	²		09/01/2010	^A		25,057
	35,000	NYS DA (W.K. Nursing Home)		6.050			02/01/2026			11/01/2010	^A		35,036
	2,500,000	NYS DA (Willow Towers)¹		5.400			02/01/2034			08/01/2014	^A		2,598,725
	2,000,000	NYS DA (Winthrop University Hospital)¹		5.500			07/01/2023			07/01/2013	^A		2,037,320
	285,000	NYS DA (Wyckoff Heights Medical Center)¹		5.200			02/15/2013			08/15/2010	^A		285,889
	1,000,000	NYS DA (Wyckoff Heights Medical Center)¹		5.200			02/15/2014			08/15/2010	^A		1,002,660
	1,020,000	NYS DA (Wyckoff Heights Medical Center)¹		5.300			08/15/2021			08/15/2010	^A		1,021,102
	26,165,000	NYS DA (Wyckoff Heights Medical Center)¹		5.300			08/15/2021			08/15/2010	^A		26,193,258
	39,570,000	NYS DA, Series B⁴		6.650			08/15/2030			08/15/2012	^A		41,585,018
	1,000,000	NYS DA, Series B¹		6.650			08/15/2030			08/15/2012	^A		1,050,910
	5,000	NYS EFC		5.600			09/15/2013			09/15/2010	^A		5,020
	1,000,000	NYS EFC		5.650			02/15/2017			08/15/2010	^A		1,004,040

33 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	150,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.250	%		11/15/2017			11/15/2010	^A	$	150,543
	175,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.700			06/15/2012			06/15/2011	^A		175,718
	955,000	NYS EFC (L.I. Water Corp.)¹		5.250			08/01/2027			08/01/2027			938,049
	20,000	NYS EFC (NYC Municipal Water Finance Authority)		5.875			06/15/2014			06/15/2011	^A		20,086
	25,000	NYS EFC (NYS Water Services)		5.700			07/15/2012			08/01/2010	^A		25,103
	7,500,000	NYS EFC (NYS Water Services)¹		5.950			01/15/2020			01/15/2013	^A		7,781,250
	1,705,000	NYS EFC (NYS Water Services)		6.875			06/15/2014	²		06/15/2011	^A		1,713,900
	160,000	NYS EFC (NYS Water Services)		7.500			06/15/2012	²		06/15/2011	^A		160,960
	500,000	NYS EFC (Pollution Control)		5.550			08/15/2014			08/15/2010	^A		501,975
	135,000	NYS EFC (Pollution Control)¹		5.650			02/15/2018			02/15/2011	^A		135,331
	940,000	NYS EFC (Spring Valley Water Company)¹		5.650			11/01/2023			11/01/2010	^A		940,611
	5,800,000	NYS EFC (Spring Valley Water Company)¹		6.300			08/01/2024			08/01/2010	^A		5,805,336
	36,615,000	NYS ERDA (Brooklyn Union Gas Company)¹		5.500			01/01/2021			10/01/2010	^A		36,744,617
	3,000,000	NYS ERDA (Brooklyn Union Gas Company)Linked SAVRS & RIBS¹		6.368	⁶		04/01/2020			10/01/2010	^A		3,057,360
	80,000	NYS ERDA (Central Hudson Gas & Electric Co.)¹		5.450			08/01/2027			08/01/2010	^A		80,200
	10,650,000	NYS ERDA (Con Ed)¹		0.560	⁶		10/01/2036			10/01/2036			8,287,830
	132,710,000	NYS ERDA (Con Ed)¹		4.700			06/01/2036			10/01/2012	^D		132,870,579
	1,230,000	NYS ERDA (LILCO)		5.150			03/01/2016			09/01/2010	^A		1,266,174
	4,640,000	NYS ERDA (LILCO)¹		5.150			03/01/2016			09/01/2010	^A		4,650,997
	5,245,000	NYS ERDA (LILCO)		5.150			03/01/2016			09/01/2010	^A		5,403,189
	13,795,000	NYS ERDA (LILCO)¹		5.150			03/01/2016			09/01/2010	^A		13,825,763
	20,495,000	NYS ERDA (LILCO)¹		5.300			11/01/2023			03/01/2011	^A		20,566,118
	200,000	NYS ERDA (LILCO)¹		5.300			10/01/2024			03/01/2011	^A		200,558
	5,720,000	NYS ERDA (Niagara Mohawk Power Corp.)¹		0.885	⁶		12/01/2026			12/01/2026			4,744,740
	180,000	NYS ERDA (Niagara Mohawk Power Corp.)¹		5.150			11/01/2025			11/01/2010	^A		180,479
	5,000	NYS GO¹		5.000			09/15/2017			09/15/2010	^A		5,040
	100,000	NYS GO¹		5.250			10/01/2012			10/01/2010	^A		100,382
	15,000	NYS GO¹		5.250			11/15/2017			11/15/2010	^A		15,233
	35,000	NYS GO¹		5.250			05/01/2018			11/01/2010	^A		35,488
	5,000	NYS GO¹		5.250			11/15/2021			11/15/2010	^A		5,078
	80,000	NYS GO		5.300			07/15/2015			07/15/2010	^A		80,280
	10,000	NYS GO		5.300			07/15/2017			07/15/2010	^A		10,035
	100,000	NYS GO		5.375			10/01/2011			10/01/2010	^A		100,412
	50,000	NYS GO¹		5.500			07/15/2024			10/01/2012	^A		50,169
	495,000	NYS GO¹		5.500			07/15/2024			07/25/2010	^A		496,668
	40,000	NYS GO¹		6.600			12/01/2014			12/01/2010	^A		40,971
	3,250,000	NYS HFA (Affordable Hsg.)¹		5.250			11/01/2027			11/01/2017	^A		3,315,163
	605,000	NYS HFA (Division Street)¹		5.000			02/15/2026			02/15/2016	^A		612,792

34 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	765,000	NYS HFA (Golden Age Apartments)¹		5.000	%		02/15/2037			03/01/2023	^C	$	760,494
	20,000	NYS HFA (Hospital & Healthcare)¹		5.000			11/01/2011			09/01/2010	^A		20,053
	9,635,000	NYS HFA (Hospital & Nursing Home)¹		5.150			11/01/2016			11/01/2010	^A		9,683,849
	40,000	NYS HFA (Hospital & Nursing Home)		5.500			11/01/2012			11/01/2010	^A		43,756
	65,000	NYS HFA (Hospital & Nursing Home)		5.500			11/01/2013			11/01/2010	^A		72,942
	15,000	NYS HFA (Hospital & Nursing Home)		5.875			11/01/2010			11/01/2010			15,272
	5,000	NYS HFA (Hospital & Nursing Home)		5.900			11/01/2010			11/01/2010			5,093
	10,000	NYS HFA (Hospital & Nursing Home)		6.000			11/01/2013			11/01/2010	^A		11,613
	35,000	NYS HFA (Hospital & Nursing Home)		6.000			11/01/2014			11/01/2010	^A		41,931
	25,000	NYS HFA (Loewn Devel. of Wappingers Falls)¹		5.250			08/15/2019			02/15/2011	^A		25,131
	55,000	NYS HFA (Meadow Manor)¹		7.750			11/01/2019	²		11/01/2010	^A		55,952
	345,000	NYS HFA (Multifamily Hsg.)¹		5.300			08/15/2022			08/15/2012	^A		349,747
	1,340,000	NYS HFA (Multifamily Hsg.)¹		5.300			08/15/2024			02/15/2011	^A		1,345,065
	50,000	NYS HFA (Multifamily Hsg.)¹		5.400			02/15/2016			02/15/2012	^A		50,430
	1,215,000	NYS HFA (Multifamily Hsg.)¹		5.550			08/15/2019			08/15/2011	^A		1,228,231
	40,000	NYS HFA (Multifamily Hsg.)		5.600			02/15/2011			08/15/2010	^A		40,498
	1,385,000	NYS HFA (Multifamily Hsg.)¹		5.600			08/15/2019			08/15/2011	^A		1,400,138
	1,240,000	NYS HFA (Multifamily Hsg.)¹		5.600			02/15/2026			02/15/2011	^A		1,245,555
	1,730,000	NYS HFA (Multifamily Hsg.)¹		5.600			08/15/2033			08/15/2012	^A		1,756,902
	270,000	NYS HFA (Multifamily Hsg.)¹		6.100			08/15/2028			08/15/2010	^A		270,278
	10,000	NYS HFA (Multifamily Hsg.)¹		6.250			08/15/2014	²		08/01/2010	^A		10,023
	130,000	NYS HFA (Multifamily Hsg.)¹		6.250			08/15/2025			08/15/2010	^A		130,155
	280,000	NYS HFA (Multifamily Hsg.)¹		6.350			08/15/2023	²		08/15/2010	^A		282,050
	325,000	NYS HFA (Multifamily Hsg.)¹		6.750			11/15/2036			11/15/2010	^A		350,418
	15,000	NYS HFA (Multifamily Hsg.)¹		6.800			11/01/2014			11/01/2010	^A		15,048
	90,000	NYS HFA (Multifamily Hsg.)¹		6.850			11/01/2019	²		11/01/2010	^A		90,201
	530,000	NYS HFA (Newburgh Interfaith Emergency Hsg.)		7.050			11/01/2012			11/15/2010	^A		532,072
	10,000	NYS HFA (Nonprofit Hsg.)		6.200			11/01/2010			11/01/2010			10,139
	50,000	NYS HFA (Nonprofit Hsg.)		6.200			11/01/2011			11/01/2010	^A		50,674
	40,000	NYS HFA (Nonprofit Hsg.)		6.200			11/01/2012			11/01/2010	^A		40,530
	20,000	NYS HFA (Nonprofit Hsg.)¹		6.200			11/01/2013			11/01/2010	^A		20,259
	5,675,000	NYS HFA (Phillips Village)		7.750			08/15/2017			08/15/2010	^A		5,742,135
	2,845,000	NYS HFA (Senior Devel. Hsg.)¹		5.100			11/15/2023			11/15/2017	^A		2,938,344
	1,660,000	NYS HFA (Simeon Dewitt)¹		8.000			11/01/2018	²		11/01/2010	^A		1,710,547
	295,000	NYS HFA (Tiffany Gardens)¹		4.500			08/15/2015			10/11/2012	^B		310,204
	10,000	NYS HFA, Series A		5.875			11/01/2010			11/01/2010			10,041
	2,190,000	NYS HFA, Series A		6.100			11/01/2015	²		11/01/2010	^A		2,199,483
	405,000	NYS HFA, Series A¹		6.125			11/01/2020	²		11/01/2010	^A		405,551
	1,100,000	NYS Medcare (Hospital & Nursing Home)		6.300			08/15/2023			08/15/2010	^A		1,104,301
	740,000	NYS Medcare (Hospital & Nursing Home)¹		6.375			08/15/2033			08/15/2010	^A		742,146

35 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	280,000	NYS Medcare (Hospital & Nursing Home)¹		7.000	%		08/15/2032			08/15/2010	^A	$	280,958
	150,000	NYS Medcare (Hospital & Nursing Home)		7.400			11/01/2016	²		11/01/2010	^A		150,720
	80,000	NYS Medcare (Hospital & Nursing Home)		9.375			11/01/2016	²		11/01/2010	^A		80,574
	10,710,000	NYS Municipal Bond Bank Agency (Special School Purpose)¹		5.250			12/01/2019			06/01/2013	^A		11,569,263
	2,930,000	NYS Municipal Bond Bank Agency (Special School Purpose)¹		5.500			06/01/2015			06/01/2013	^A		3,218,927
	17,005,000	NYS UDC (South Mall) CAB		5.790	⁷		01/01/2011			07/01/2010	^C		16,894,638
	135,000	NYS UDC (South Mall) CAB		5.857	⁷		01/01/2011			07/01/2010	^C		134,124
	130,000	NYS UDC (South Mall) CAB		6.042	⁷		01/01/2011			07/01/2010	^C		129,156
	4,000,000	NYS UDC (Subordinated Lien)¹		5.125			07/01/2020			07/01/2014	^A		4,286,360
	1,000,000	NYS UDC (Subordinated Lien)¹		5.125			07/01/2021			07/01/2014	^A		1,065,010
	6,100,000	NYS UDC (Subordinated Lien)		5.500			07/01/2016			10/01/2010	^A		6,122,326
	200,000	NYS UDC (Subordinated Lien)		5.500			07/01/2016			07/10/2010	^A		200,816
	6,685,000	NYS UDC (Subordinated Lien)¹		5.500			07/01/2022	²		10/01/2010	^A		6,709,333
	6,730,000	NYS UDC (Subordinated Lien)		5.600			07/01/2026	²		07/01/2010	^A		6,752,142
	3,675,000	NYS UDC, Series D¹		5.625			01/01/2028			01/01/2019	^A		4,002,332
	70,000	Oneida County, NY GO¹		5.400			03/15/2011			09/15/2010	^A		70,680
	2,285,000	Oneida County, NY IDA (Faxton Hospital)¹		6.625			01/01/2015	²		07/01/2010	^A		2,313,563
	185,000	Oneida County, NY IDA (Mohawk Valley Network/Faxton-St. Lukes Healthcare Obligated Group)¹		5.000			01/01/2013			07/01/2010	^A		188,589
	1,190,000	Oneida County, NY IDA (Presbyterian Home)¹		5.250			03/01/2019			09/01/2010	^A		1,193,546
	1,615,000	Oneida County, NY IDA (Presbyterian Home)¹		6.100			06/01/2020			12/01/2010	^A		1,634,525
	1,000,000	Oneida County, NY IDA (Presbyterian Home)¹		6.250			06/01/2015			12/01/2010	^A		1,013,280
	840,000	Onondaga County, NY IDA (Le Moyne College)¹		5.500			03/01/2014			03/01/2011	^A		845,443
	235,000	Orange County, NY IDA (Orange Mental Retardation Properties)		6.125			05/01/2016	²		11/15/2010	^A		235,851
	4,650,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹		6.000			12/01/2016	²		12/01/2012	^A		4,793,174
	1,720,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹		6.000			12/01/2016	²		12/01/2012	^A		1,772,959
	70,000	Oswego County, NY IDA (Seneca Hill Manor)¹		5.550			08/01/2022			08/01/2010	^A		70,067
	3,510,000	Oswego County, NY IDA (Seneca Hill Manor)		5.650			08/01/2037			08/01/2010	^A		3,512,211
	600,000	Otsego County, NY IDA (AOFMHS)		5.350			10/01/2017			10/01/2010	^A		606,324
	465,000	Otsego County, NY IDA (Bassett Healthcare Project)¹		5.375			11/01/2020			11/01/2010	^A		465,400
	1,350,000	Otsego County, NY IDA (Hartwick College)¹		6.000			07/01/2013			07/01/2012	^A		1,360,355
	1,435,000	Otsego County, NY IDA (Hartwick College)¹		6.000			07/01/2014			07/01/2012	^A		1,438,745
	1,520,000	Otsego County, NY IDA (Hartwick College)¹		6.000			07/01/2015			07/01/2015			1,512,233
	1,610,000	Otsego County, NY IDA (Hartwick College)¹		6.000			07/01/2016			07/01/2016			1,584,594
	3,625,000	Otsego County, NY IDA (Mary Imogene Bassett Hospital)¹		5.350			11/01/2020			11/01/2010	^A		3,627,828

36 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	25,000	Plattsburgh, NY Fire District No. 3		6.250	%		10/15/2014			10/15/2010	^A	$	25,412
	96,185,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2022			01/10/2021	^C		96,154,221
	43,160,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025			12/14/2024	^C		43,156,547
	49,140,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.900			12/01/2017	²		12/01/2010	^A		49,425,503
	18,355,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.250			12/01/2014			12/01/2014			19,500,168
	17,010,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2011			04/08/2011	^C		17,007,959
	27,885,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019			09/03/2016	^C		26,029,811
	20,000	Port Authority NY/NJ, 103rd Series		5.250			12/15/2012			06/15/2011	^A		20,070
	10,000	Port Authority NY/NJ, 116th Series¹		5.000			10/01/2012			10/01/2010	^A		10,033
	100,000	Port Authority NY/NJ, 116th Series¹		5.000			10/01/2013			10/01/2010	^A		100,327
	160,000	Port Authority NY/NJ, 116th Series		5.250			10/01/2014			10/01/2010	^A		160,558
	55,000	Port Authority NY/NJ, 116th Series		5.250			10/01/2015			10/01/2010	^A		55,192
	815,000	Port Authority NY/NJ, 122nd Series¹		5.000			07/15/2018			07/15/2010	^A		815,929
	30,000	Port Authority NY/NJ, 122nd Series¹		5.000			07/15/2020			07/15/2010	^A		30,025
	100,000	Port Authority NY/NJ, 122nd Series¹		5.000			07/15/2022			07/15/2010	^A		100,053
	55,000	Port Authority NY/NJ, 122nd Series¹		5.000			07/15/2031			07/15/2010	^A		55,006
	165,000	Port Authority NY/NJ, 122nd Series¹		5.000			07/15/2031			07/15/2010	^A		165,017
	2,000,000	Port Authority NY/NJ, 122nd Series¹		5.500			07/15/2011			07/25/2010	^A		2,007,420
	25,000	Port Authority NY/NJ, 122nd Series¹		5.500			07/15/2012			07/15/2010	^A		25,083
	5,170,000	Port Authority NY/NJ, 122nd Series¹		5.500			07/15/2015			07/15/2010	^A		5,181,891
	65,000	Port Authority NY/NJ, 123rd Series¹		5.000			07/15/2028			07/15/2010	^A		65,146
	30,000	Port Authority NY/NJ, 124th Series¹		4.800			08/01/2018			08/01/2010	^A		30,027
	1,695,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2019			08/01/2010	^A		1,696,695
	20,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2021			08/01/2010	^A		20,014
	265,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2022			08/01/2010	^A		265,148
	325,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2024			08/01/2010	^A		325,120
	100,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2025			08/01/2010	^A		100,030
	60,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2031			08/02/2010	^A		60,006
	15,000	Port Authority NY/NJ, 126th Series¹		5.000			11/15/2024			05/15/2014	^A		15,274
	85,000	Port Authority NY/NJ, 126th Series¹		5.125			11/15/2032			05/15/2013	^A		85,932
	230,000	Port Authority NY/NJ, 127th Series¹		5.000			12/15/2022			06/16/2013	^A		235,191
	30,000	Port Authority NY/NJ, 127th Series¹		5.000			12/15/2024			06/16/2014	^A		30,560
	10,000	Port Authority NY/NJ, 131st Series¹		5.000			12/15/2026			06/15/2015	^A		10,153
	5,745,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2021			09/01/2015	^A		5,964,344
	14,110,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2022			09/01/2015	^A		14,538,239
	6,000,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2025			09/01/2015	^A		6,111,660
	1,000,000	Port Authority NY/NJ, 151st Series¹		6.000			09/15/2028			03/15/2018	^A		1,096,650
	250,000	Port Authority NY/NJ, 152nd Series¹		5.000			11/01/2023			05/01/2018	^A		259,333

37 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	100,000	Port Authority NY/NJ, 152nd Series¹		5.750	%		11/01/2030		05/01/2018	^A	$	109,032
	2,780,000	Port Authority NY/NJ, 37th Series¹		5.500			07/15/2019		07/15/2014	^A		3,046,018
	1,230,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)¹		5.900			08/01/2020		08/01/2010	^A		1,231,550
	1,200,000	Rensselaer County, NY IDA (Franciscan Heights)¹		5.375			12/01/2025		12/01/2014	^A		1,218,492
	135,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.125			08/01/2027		08/01/2010	^A		135,454
	40,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.125			08/01/2029		08/01/2011	^A		40,092
	50,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.500			08/01/2022		08/01/2011	^A		50,541
	1,750,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.200			06/01/2025		03/04/2011	^C		1,652,700
	1,490,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.750			06/01/2043		09/04/2024	^C		1,314,344
	55,000	Rensselaer, NY Hsg. Authority (Renwyck)		7.650			01/01/2011		10/01/2010	^A		55,251
	230,000	Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)¹		5.000			06/01/2019		06/01/2014	^A		235,658
	5,845,000	Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)¹		5.875			06/01/2022		06/01/2014	^A		6,132,749
	35,000	Rockland County, NY Solid Waste Management Authority		5.625			12/15/2014		06/15/2011	^A		35,081
	55,000	Rockland County, NY Solid Waste Management Authority¹		5.750			12/15/2018		12/15/2011	^A		55,613
	8,560,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.500			08/15/2025		04/24/2014	^C		8,294,726
	55,000	Rome, NY HDC, Series A¹		6.250			01/01/2024		10/01/2010	^A		55,066
	500,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.000			12/01/2014		12/01/2014			538,535
	3,725,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.750			12/01/2023		12/01/2010	^A		3,727,310
	6,540,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.750			12/01/2033		12/01/2010	^A		6,540,589
	3,405,000	Schenectady, NY Metroplex Devel. Authority, Series A¹		5.375			12/15/2021		12/15/2012	^A		3,549,338
	25,000	Scotia, NY GO¹		6.100			01/15/2012		07/15/2010	^A		25,689
	50,000	Seneca County, NY IDA (New York Chiropractic College)¹		4.000			10/01/2015		10/01/2015			51,285
	870,000	SONYMA, Series 101¹		5.000			10/01/2018		10/01/2015	^A		877,821
	25,000	SONYMA, Series 101¹		5.250			04/01/2022		10/01/2011	^A		25,206
	4,380,000	SONYMA, Series 101¹		5.350			10/01/2026		10/01/2011	^A		4,426,034

38 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	795,000	SONYMA, Series 133¹		4.950	%		10/01/2021			04/01/2015	^A	$	808,165
	580,000	SONYMA, Series 145¹		4.950			10/01/2023			04/01/2017	^A		590,956
	35,000	SONYMA, Series 27¹		5.250			04/01/2013			10/01/2010	^A		35,058
	18,715,000	SONYMA, Series 29¹		5.400			10/01/2022	²		10/01/2010	^A		18,741,950
	25,885,000	SONYMA, Series 29⁴		5.450			10/01/2031			02/15/2013	^A		25,912,195
	400,000	SONYMA, Series 31¹		5.200			10/01/2021			04/01/2011	^A		402,148
	485,000	SONYMA, Series 31¹		5.300			10/01/2031			04/01/2011	^A		486,198
	140,000	SONYMA, Series 63		5.600			10/01/2010			10/01/2010			140,358
	100,000	SONYMA, Series 63		5.700			04/01/2011			10/01/2010	^A		100,253
	85,000	SONYMA, Series 63¹		5.700			10/01/2011			10/01/2010	^A		85,206
	5,000	SONYMA, Series 65¹		5.550			10/01/2012			10/01/2010	^A		5,010
	100,000	SONYMA, Series 67		5.600			10/01/2014	²		09/01/2010	^A		100,153
	195,000	SONYMA, Series 67¹		5.600			10/01/2014			09/01/2010	^A		195,347
	1,065,000	SONYMA, Series 67		5.700			10/01/2017	²		09/01/2010	^A		1,066,299
	580,000	SONYMA, Series 67¹		5.800			10/01/2028	²		09/01/2010	^A		598,125
	50,000	SONYMA, Series 69		5.400			10/01/2019			09/01/2010	^A		50,043
	3,685,000	SONYMA, Series 69		5.400			10/01/2019			09/01/2010	^A		3,688,132
	9,085,000	SONYMA, Series 69¹		5.500			10/01/2028			03/01/2011	^A		9,089,179
	30,000	SONYMA, Series 70¹		5.375			10/01/2017			03/01/2011	^A		30,033
	375,000	SONYMA, Series 71¹		5.350			10/01/2018			07/01/2010	^A		375,311
	25,000	SONYMA, Series 72¹		5.300			04/01/2027			07/01/2010	^A		25,013
	470,000	SONYMA, Series 73-A¹		5.250			10/01/2017			09/01/2010	^A		470,790
	215,000	SONYMA, Series 73-A¹		5.300			10/01/2028			09/01/2010	^A		215,138
	29,220,000	SONYMA, Series 77¹		5.150			04/01/2029			12/01/2010	^A		29,270,551
	9,405,000	SONYMA, Series 79¹		5.250			10/01/2021			03/01/2011	^A		9,434,532
	55,000	SONYMA, Series 79¹		5.250			10/01/2021			03/01/2011	^A		55,281
	725,000	SONYMA, Series 79¹		5.300			04/01/2029			03/01/2011	^A		727,023
	2,140,000	SONYMA, Series 80¹		5.100			10/01/2017	²		03/01/2011	^A		2,153,118
	5,395,000	SONYMA, Series 82¹		5.550			10/01/2019	²		10/01/2010	^A		5,400,233
	45,000	SONYMA, Series 82¹		5.650			04/01/2030	²		10/01/2010	^A		45,023
	1,635,000	SONYMA, Series 83¹		5.450			04/01/2018	²		10/01/2010	^A		1,637,191
	45,000	SONYMA, Series 83		5.550			10/01/2027			10/01/2010	^A		45,028
	15,000	SONYMA, Series 83¹		5.550			10/01/2027			10/01/2010	^A		15,011
	1,605,000	SONYMA, Series 92¹		5.750			04/01/2020			10/01/2010	^A		1,718,795
	6,150,000	SONYMA, Series 97¹		5.400			10/01/2021	²		04/01/2011	^A		6,189,729
	500,000	SONYMA, Series 98¹		5.050			10/01/2017			04/01/2011	^A		505,185
	385,000	Spring Valley, NY (Quality Redevel.)¹		5.000			06/15/2021			06/15/2017	^A		400,419
	405,000	Spring Valley, NY (Quality Redevel.)¹		5.000			06/15/2022			06/15/2017	^A		417,097
	300,000	Spring Valley, NY GO¹		5.000			05/01/2020			05/01/2015	^A		311,187
	310,000	Spring Valley, NY GO¹		5.000			05/01/2021			05/01/2015	^A		319,092
	325,000	Spring Valley, NY GO¹		5.000			05/01/2022			05/01/2015	^A		332,072

39 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	335,000	Spring Valley, NY GO¹		5.000	%		05/01/2023			05/01/2015	^A	$	340,440
	350,000	Spring Valley, NY GO¹		5.000			05/01/2024			05/01/2015	^A		354,473
	365,000	Spring Valley, NY GO¹		5.000			05/01/2025			05/01/2015	^A		368,405
	3,640,000	St. Lawrence County, NY IDA (Curran Renewable Energy)¹		6.200			12/01/2017			06/01/2014	^C		3,218,634
	535,000	Suffolk County, NY IDA (ALIA-CCDRCA)¹		7.000			06/01/2016			06/01/2013	^A		542,485
	500,000	Suffolk County, NY IDA (ALIA-Civic Facility)¹		5.950			11/01/2022			11/01/2022			457,740
	145,000	Suffolk County, NY IDA (ALIA-Civic Facility)		6.000			11/01/2017			11/01/2017			139,094
	595,000	Suffolk County, NY IDA (ALIA-Civic Facility)¹		6.000			11/01/2017			11/01/2017			570,766
	645,000	Suffolk County, NY IDA (ALIA-FREE)¹		7.000			06/01/2016			06/01/2013	^A		654,024
	230,000	Suffolk County, NY IDA (ALIA-IGHL)¹		5.950			11/01/2022			11/01/2022			210,560
	335,000	Suffolk County, NY IDA (ALIA-IGHL)¹		6.500			12/01/2013			06/07/2011	^C		333,667
	800,000	Suffolk County, NY IDA (ALIA-LIHIA)¹		5.950			11/01/2022			11/01/2022			732,384
	300,000	Suffolk County, NY IDA (ALIA-NYS ARC)¹		5.950			11/01/2022			11/01/2022			274,644
	300,000	Suffolk County, NY IDA (ALIA-WORCA)¹		5.950			11/01/2022			11/01/2022			274,644
	305,000	Suffolk County, NY IDA (ALIA-WORCA)¹		7.000			06/01/2016			04/09/2013	^B		309,267
	300,000	Suffolk County, NY IDA (Catholic Charities)¹		6.000			10/01/2020			12/27/2014	^C		280,728
	300,000	Suffolk County, NY IDA (DDI)¹		6.000			10/01/2020			12/27/2014	^C		280,728
	300,000	Suffolk County, NY IDA (DDI)¹		6.000			10/01/2020			12/27/2014	^C		280,728
	1,065,000	Suffolk County, NY IDA (Dowling College)¹		5.000			06/01/2018			06/01/2018			982,154
	12,000,000	Suffolk County, NY IDA (Engel Berman at East Northport)¹		7.125			11/01/2049			11/01/2012	^A		12,160,920
	24,135,000	Suffolk County, NY IDA (Engel Berman at East Northport)¹		7.125			11/01/2049			11/01/2012	^A		24,458,650
	130,000	Suffolk County, NY IDA (Family Residences)		6.000			10/01/2015			08/12/2012	^C		127,023
	390,000	Suffolk County, NY IDA (Family Residences), Series A¹		6.375			12/01/2018			12/20/2013	^C		379,603
	2,655,000	Suffolk County, NY IDA (Family Residences), Series A¹		6.375			12/01/2018			10/03/2014	^C		2,584,218
	605,000	Suffolk County, NY IDA (Independent Group Home Living)¹		6.000			10/01/2020			06/27/2015	^C		566,135
	385,000	Suffolk County, NY IDA (L.I. Network Community Services)¹		7.000			02/01/2014			08/01/2010	^C		391,002
	290,000	Suffolk County, NY IDA (Mattituck-Laurel Library)¹		6.000			09/01/2019	²		09/01/2010	^A		294,269
	330,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)¹		6.250			11/01/2016			03/22/2013	^C		324,149
	120,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.250			11/01/2016			04/13/2013	^C		117,872
	700,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2017			03/01/2015	^A		741,356
	1,000,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2018			03/01/2015	^A		1,049,530

40 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	500,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250	%		03/01/2019			03/01/2015	^A	$	521,525
	720,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2020			03/01/2015	^A		743,998
	1,000,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2021			03/01/2015	^A		1,028,530
	715,000	Suffolk County, NY IDA (Pederson-Krager Center)¹		6.375			11/01/2015			08/07/2012	^C		694,909
	530,000	Suffolk County, NY IDA (Pederson-Krager Center)¹		6.400			02/01/2015			10/23/2011	^C		517,397
	205,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000			10/01/2020			12/27/2014	^C		191,831
	500,000	Suffolk County, NY IDA (WORCA)¹		6.000			10/01/2020			06/27/2015	^C		467,880
	1,360,000	Sullivan County, NY IDA (Center for Discovery)¹		5.625			06/01/2013			12/21/2010	^C		1,327,850
	4,700,000	Sullivan County, NY IDA (Center for Discovery)¹		5.875			07/01/2022			11/11/2016	^C		3,887,417
	5,370,000	Sullivan County, NY IDA (Center for Discovery)¹		6.375			02/01/2020			12/09/2014	^C		5,040,121
	30,000	Syracuse, NY Hsg. Authority¹		5.400			09/01/2021			09/01/2015	^A		31,545
	55,000	Syracuse, NY Hsg. Authority (LRRHCF)		5.700			08/01/2027			02/01/2011	^A		55,072
	2,790,000	Syracuse, NY Hsg. Authority (LRRHCF)		5.800			08/01/2037			08/01/2010	^A		2,793,181
	300,000	Syracuse, NY IDA (Crouse Irving Companies)¹		5.250			01/01/2017			07/01/2010	^A		300,558
	565,000	Syracuse, NY IDA (One Center Armory Garage)		6.750			12/01/2017			12/01/2010	^A		565,181
	900,000	Tompkins County, NY IDA (Kendall at Ithaca)¹		5.750			07/01/2018			10/01/2010	^A		900,720
	2,000,000	Tompkins County, NY IDA (Kendall at Ithaca)¹		6.000			07/01/2024			07/01/2010	^A		2,000,720
	110,000	Tompkins, NY Health Care Corp. (Reconstruction Home)¹		5.875			02/01/2033			08/01/2010	^A		110,117
	265,000	Tompkins, NY Health Care Corp. (Reconstruction Home)¹		10.800			02/01/2028	²		08/01/2010	^A		279,636
	235,000	Tonawanda, NY Senior Citizen Hsg. Corp.		6.500			12/01/2010			12/01/2010			235,047
	10,000	Ulster County, NY GO¹		5.400			11/15/2013			11/15/2010	^A		10,178
	10,000	Ulster County, NY GO¹		5.400			11/15/2015			11/15/2010	^A		10,178
	25,000	Ulster County, NY GO¹		5.500			11/15/2012			11/15/2010	^A		25,459
	1,080,000	Ulster County, NY IDA (Kingston Hospital)¹		5.650			11/15/2024			11/15/2010	^A		1,091,945
	155,000	Ulster County, NY Res Rec¹		5.000			03/01/2016			03/01/2016			167,062
	160,000	Ulster County, NY Res Rec¹		5.000			03/01/2017			03/01/2016	^A		170,070
	170,000	Ulster County, NY Res Rec¹		5.000			03/01/2018			03/01/2016	^A		178,679
	360,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.000			06/01/2040			06/04/2028	^C		325,890
	25,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.250			06/01/2025			06/01/2012	^A		24,786
	830,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.450			06/01/2040			09/14/2026	^C		751,084
	10,795,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.750			06/01/2030	²		06/01/2012	^A		10,667,403

41 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

New York Continued
$	75,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)¹		5.400	%		07/15/2030			07/15/2012	^A	$	75,951
	20,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)		5.500			07/15/2016			07/15/2010	^A		20,066
	25,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)¹		5.500			07/15/2029			07/15/2011	^A		25,273
	640,000	Utica, NY IDA (Utica College Civic Facility)¹		6.375			12/01/2011			06/07/2011	^B		650,477
	250,000	Utica, NY SCHC (Multifamily), Series A		5.550			12/01/2017			12/01/2010	^A		252,790
	15,000	Victor, NY GO¹		4.800			12/15/2017			12/01/2010	^A		15,283
	100,000	Westchester County, NY GO¹		5.375			12/15/2012			06/15/2011	^A		101,784
	50,000	Westchester County, NY GO¹		5.375			12/15/2013			06/15/2011	^A		50,819
	45,000	Westchester County, NY Healthcare Corp., Series B¹		5.375			11/01/2020			11/01/2010	^A		45,268
	1,395,000	Westchester County, NY IDA (Children’s Village)¹		5.300			03/15/2014			04/20/2012	^C		1,348,867
	140,000	Westchester County, NY IDA (Clearview School)		6.600			01/01/2014			12/27/2010	^C		141,275
	855,000	Westchester County, NY IDA (Guiding Eyes for the Blind)¹		4.500			08/01/2012			02/18/2011	^C		869,013
	1,000,000	Westchester County, NY IDA (JDAM)¹		6.750			04/01/2016	²		10/01/2010	^A		1,001,900
	200,000	Westchester County, NY IDA (Purchase College Foundation Hsg. Corp.)¹		5.500			12/01/2015			12/01/2013	^A		208,446
	1,990,000	Westchester County, NY IDA (Rippowam-Cisqua School)¹		5.750			06/01/2029			06/01/2011	^A		1,992,189
	1,175,000	Westchester County, NY IDA (Schnurmacher Center)¹		6.000			11/01/2011			11/01/2011			1,188,242
	130,000	Westchester County, NY IDA (Westchester Airport Assoc.)¹		5.850			08/01/2014			08/01/2010	^A		130,295
	690,000	Westchester County, NY IDA (Westchester Airport Assoc.)¹		5.950			08/01/2024	²		08/01/2010	^A		690,331
	100,000	Westchester County, NY IDA (Winward School)		5.200			10/01/2021			10/01/2011	^A		100,340
	7,560,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		4.500			06/01/2021			08/03/2010	^C		7,377,502
	9,600,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2026			07/07/2014	^C		8,752,416
	90,000	White Plains, NY HDC (Battle Hill)¹		6.650			02/01/2025			08/01/2010	^A		90,142
	125,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)¹		5.450			02/01/2029			02/01/2011	^A		125,724
	165,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)		5.650			02/01/2039			02/01/2011	^A		165,960
	1,455,000	Yonkers, NY IDA (Monastery Manor Associates)¹		5.000			04/01/2025			04/01/2015	^A		1,457,939
	1,250,000	Yonkers, NY IDA (Sarah Lawrence College)¹		5.750			06/01/2024			06/01/2019	^A		1,352,250
	1,565,000	Yonkers, NY IDA (St. John’s Riverside Hospital)¹		6.800			07/01/2016			07/01/2012	^A		1,570,321

													3,279,395,747

42 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

U.S. Possessions—26.9%
$	5,000,000	Guam Airport Authority, Series C¹		5.375	%		10/01/2019		10/01/2013	^B	$	5,128,350
	6,000,000	Guam Airport Authority, Series C¹		5.375			10/01/2020		10/01/2013	^A		6,124,920
	192,000	Guam EDA (TASC)¹		5.300			05/15/2014		05/15/2014			220,418
	290,000	Guam Government Limited Obligation¹		5.000			11/01/2017		12/07/2015	^C		283,887
	50,000	Guam International Airport Authority¹		4.500			10/01/2014		10/01/2013	^A		51,787
	10,000	Guam International Airport Authority¹		5.000			10/01/2023		10/01/2023			9,947
	25,000	Guam International Airport Authority¹		5.250			10/01/2016		10/01/2013	^A		26,321
	290,000	Guam Power Authority, Series A¹		5.000			10/01/2018		10/12/2017	^C		289,962
	25,000	Guam Power Authority, Series A¹		5.000			10/01/2024		07/23/2023	^C		23,893
	25,000	Guam Power Authority, Series A		5.250			10/01/2013		10/01/2010	^A		25,045
	430,000	Guam Power Authority, Series A¹		5.250			10/01/2013		10/01/2010	^A		430,778
	50,000	Guam Power Authority, Series A¹		5.250			10/01/2014		10/01/2010	^A		50,031
	655,000	Guam Power Authority, Series A¹		5.250			10/01/2023		09/02/2019	^C		626,023
	710,000	Guam Power Authority, Series A¹		5.250			10/01/2023		09/02/2019	^C		660,676
	40,000	Guam Power Authority, Series A¹		5.250			10/01/2034		11/06/2032	^C		38,202
	205,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		5.250			06/01/2032		06/01/2017	^C		187,309
	100,000	Northern Mariana Islands Commonwealth, Series A¹		6.750			10/01/2033		09/02/2012	^C		98,568
	375,000	Puerto Rico Children’s Trust Fund (TASC)¹		4.100			05/15/2013		05/15/2012	^A		378,765
	200,000	Puerto Rico Children’s Trust Fund (TASC)¹		4.250			05/15/2014		05/15/2012	^A		201,102
	215,875,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.375			05/15/2033		10/31/2013	^C		205,892,940
	68,875,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		08/02/2020	^C		58,837,846
	30,755,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		09/24/2022	^C		26,600,000
	17,500,000	Puerto Rico Commonwealth GO¹		4.750			12/01/2015		12/01/2013	^A		18,112,850
	50,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2026		07/01/2010	^A		49,512
	50,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2028		08/05/2026	^C		49,127
	2,000,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2030		07/01/2012	^D		2,079,160
	7,000,000	Puerto Rico Commonwealth GO¹		5.250			01/01/2015		01/01/2015			7,240,660
	880,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2018		07/01/2013	^A		900,451
	900,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2019		07/01/2013	^A		916,866
	2,430,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2021		07/01/2014	^A		2,465,429
	3,400,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2022		07/01/2014	^A		3,441,548
	7,350,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2022		07/01/2016	^A		7,478,552
	2,315,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2022		07/01/2013	^A		2,336,715
	4,575,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2023		07/01/2014	^A		4,625,920
	11,000,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2023		07/01/2013	^A		11,094,050
	7,395,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2023		07/01/2016	^A		7,512,802
	15,850,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2024		07/01/2013	^A		15,959,207
	21,785,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2025		07/01/2016	^A		22,008,078
	4,750,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2027		07/01/2016	^A		4,784,010
	2,840,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2030		07/01/2016	^A		2,845,055

43 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

U.S. Possessions Continued
$	5,000,000	Puerto Rico Commonwealth GO¹		5.250	%		07/01/2030		07/01/2017	^A	$	5,010,150
	11,735,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2032		07/01/2016	^A		11,755,888
	14,750,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2032		07/01/2017	^A		14,779,943
	6,060,000	Puerto Rico Commonwealth GO¹		5.375			07/01/2028		07/01/2011	^A		6,073,150
	4,500,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2021		07/01/2021			4,794,570
	18,600,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2023		07/01/2018	^A		19,281,690
	275,000	Puerto Rico Commonwealth GO¹		5.625			07/01/2019		07/01/2010	^A		275,248
	40,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2027		07/01/2018	^A		42,422
	1,950,000	Puerto Rico Commonwealth GO¹		6.500			07/01/2037		07/01/2019	^A		2,156,993
	4,905,000	Puerto Rico Electric Power Authority, Series CCC¹		5.250			07/01/2028		07/01/2020	^A		5,019,973
	85,000	Puerto Rico HFA¹		5.000			12/01/2020		12/01/2013	^A		88,308
	37,000,000	Puerto Rico HFA (Vivienda Modernization)¹		4.750			10/01/2011		08/01/2010	^A		37,046,620
	100,000	Puerto Rico HFC¹		5.100			12/01/2018		12/01/2010	^A		101,979
	90,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2022		07/01/2010	^A		90,040
	35,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2028		07/01/2010	^A		34,389
	425,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2019		07/01/2013	^A		440,793
	230,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2020		07/01/2013	^A		236,495
	7,995,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2022		07/01/2013	^A		8,180,404
	5,000	Puerto Rico Highway & Transportation Authority, Series A¹		5.000			07/01/2028		07/01/2010	^A		4,913
	7,000,000	Puerto Rico Highway & Transportation Authority, Series E¹		5.750			07/01/2024		07/01/2012	^A		7,098,840
	4,355,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2021		07/01/2015	^A		4,384,658
	11,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2022		07/01/2015	^A		11,043,450
	12,275,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2023		07/01/2015	^A		12,307,283
	12,760,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2024		07/01/2015	^A		12,760,000
	4,545,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2025		07/01/2015	^A		4,521,275
	2,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2026		07/01/2015	^A		1,980,460
	1,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2027		07/01/2015	^A		987,600
	16,800,000	Puerto Rico Highway & Transportation Authority, Series N¹		0.725	⁶		07/01/2045		07/04/2043	^C		8,904,000

44 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

U.S. Possessions Continued
$	160,000	Puerto Rico Industrial Devel. Company, Series B¹		5.375	%		07/01/2016			07/01/2010	^A	$	160,138
	780,000	Puerto Rico Infrastructure¹		5.000			07/01/2019			07/01/2016	^A		812,807
	5,000,000	Puerto Rico Infrastructure¹		5.500			07/01/2021			07/01/2021			5,446,000
	35,000	Puerto Rico Infrastructure¹		5.500			10/01/2040			10/01/2011	^A		35,816
	205,000	Puerto Rico Infrastructure (Mepsi Campus)¹		5.600			10/01/2014			10/01/2014			208,434
	4,250,000	Puerto Rico Infrastructure Financing Authority¹		5.500			07/01/2023			07/01/2023			4,586,600
	3,135,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2019			02/01/2011	^A		3,138,856
	19,610,000	Puerto Rico ITEMECF (Cogeneration Facilities)¹		6.625			06/01/2026	²		06/01/2011	^A		19,774,528
	1,500,000	Puerto Rico ITEMECF (Dr. Pila Hospital)¹		6.125			08/01/2025			08/01/2010	^A		1,501,635
	60,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)¹		5.625			07/01/2015			10/01/2010	^A		60,118
	25,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		5.500			07/01/2017			07/01/2010	^A		25,018
	95,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		5.500			07/01/2026			11/08/2022	^C		94,004
	560,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		6.250			07/01/2016			10/01/2010	^A		562,542
	75,000	Puerto Rico ITEMECF (Hospital de la Concepcion)¹		6.125			11/15/2025			11/15/2011	^A		76,725
	750,000	Puerto Rico ITEMECF (Hospital de la Concepcion)¹		6.375			11/15/2015			11/15/2010	^A		770,078
	2,000,000	Puerto Rico ITEMECF (Hospital de la Concepcion)¹		6.500			11/15/2020			11/15/2011	^A		2,048,780
	130,000	Puerto Rico ITEMECF (InterAmerican University)¹		5.000			10/01/2022			04/23/2021	^C		129,992
	2,250,000	Puerto Rico ITEMECF (SEAM/Hospital Espanol Auxillio Obligated Group)¹		6.250			07/01/2024			10/01/2010	^A		2,252,138
	2,190,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2015			07/01/2010	^A		2,220,463
	2,215,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2016			07/01/2010	^A		2,245,811
	2,345,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2017			07/01/2010	^A		2,377,619
	355,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2018			07/01/2010	^A		359,938
	1,875,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2019			07/01/2010	^A		1,901,081
	9,400,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2023			08/01/2015	^A		9,529,250
	10,000,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2024			08/01/2015	^A		10,110,600
	230,000	Puerto Rico Municipal Finance Agency, Series A¹		5.500			07/01/2017			10/01/2010	^A		230,338
	6,880,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2028			07/01/2012	^D		7,149,627
	11,560,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2036			07/01/2012	^D		12,013,036
	545,000	Puerto Rico Public Buildings Authority¹		5.125			07/01/2024			07/01/2012	^A		545,665

45 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon			Maturity			Maturity*			Value

U.S. Possessions Continued
$	14,280,000	Puerto Rico Public Buildings Authority¹		5.250	%		07/01/2029			07/01/2014	^A	$	14,280,000
	3,255,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2025			07/01/2017	^A		3,367,656
	13,195,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2026			07/01/2017	^A		13,448,080
	1,250,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2035			07/01/2017	^A		1,322,838
	75,000	Puerto Rico Public Buildings Authority¹		5.750			07/01/2010			07/01/2010			75,009
	1,400,000	Puerto Rico Public Buildings Authority¹		5.750			07/01/2034			07/01/2017	^A		1,502,382
	8,795,000	Puerto Rico Public Buildings Authority¹		7.000			07/01/2021			06/01/2014	^A		9,775,730
	31,150,000	Puerto Rico Public Buildings Authority¹		7.000			07/01/2025			06/01/2014	^A		33,976,551
	825,000	Puerto Rico Public Buildings Authority, Series G¹		5.250			07/01/2019			07/01/2012	^A		835,931
	1,000,000	Puerto Rico Public Finance Corp., Series A¹		4.100			08/01/2029			02/01/2012	^D		1,017,620
	60,270,000	Puerto Rico Public Finance Corp., Series A¹		5.250			08/01/2029			02/01/2012	^D		62,398,134
	40,635,000	Puerto Rico Public Finance Corp., Series A¹		5.250			08/01/2030			02/01/2012	^D		42,069,822
	28,325,000	Puerto Rico Public Finance Corp., Series A¹		5.250			08/01/2031			02/01/2012	^D		29,325,156
	75,410,000	Puerto Rico Public Finance Corp., Series A¹		5.750			08/01/2027			02/01/2012	^D		78,652,630
	19,000,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.625			08/01/2030			02/01/2015	^A		19,653,410
	71,000,000	Puerto Rico Sales Tax Financing Corp., Series A¹		6.125			08/01/2029			02/01/2014	^A		73,801,660
	4,080,000	University of Puerto Rico¹		5.000			06/01/2025			06/01/2016	^A		4,058,621
	2,750,000	University of Puerto Rico¹		5.000			06/01/2026			06/01/2016	^A		2,723,105
	95,000	University of Puerto Rico¹		5.500			06/01/2012	²		12/01/2010	^A		95,267
	7,125,000	University of Puerto Rico, Series P¹		5.000			06/01/2021			06/01/2016	^A		7,182,071
	8,500,000	University of Puerto Rico, Series P¹		5.000			06/01/2022			06/01/2016	^A		8,538,505
	8,410,000	University of Puerto Rico, Series Q¹		5.000			06/01/2023			06/01/2016	^A		8,435,314
	300,000	University of Puerto Rico, Series Q¹		5.000			06/01/2030			12/22/2028	^C		292,092
	5,250,000	V.I. Government Refinery Facilities (Hovensa Coker)¹		6.500			07/01/2021	²		01/01/2013	^A		5,334,473
	20,000	V.I. HFA, Series A		6.500			03/01/2025	²		09/01/2010	^A		20,021
	1,000,000	V.I. Port Authority, Series A¹		5.250			09/01/2018			09/01/2011	^A		1,010,850
	3,500,000	V.I. Public Finance Authority (Hovensa Refinery)¹		4.700			07/01/2022			10/01/2018	^C		3,227,105
	4,825,000	V.I. Public Finance Authority (Hovensa Refinery)¹		5.875			07/01/2022			07/01/2014	^A		4,871,996
	1,075,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		5.250			10/01/2021			10/01/2014	^A		1,111,066
	620,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		6.750			10/01/2037			10/01/2019	^A		693,191
	1,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2016			10/01/2014	^A		1,067,930
	2,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2022			10/01/2014	^A		2,056,160
	2,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2023			10/01/2014	^A		2,047,380
	250,000	V.I. Public Finance Authority, Series A¹		5.625			10/01/2010			10/01/2010			252,703
	12,035,000	V.I. Public Finance Authority, Series A¹		6.375			10/01/2019	²		10/01/2011	^A		12,221,543
	1,015,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		4.750			05/15/2012			05/15/2011	^A		1,028,631

46 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

U.S. Possessions Continued
$	80,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		4.950	%		05/15/2014		05/15/2011	^A	$	80,685
	1,050,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2021		12/09/2010	^C		1,014,888
	1,440,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2031		04/12/2015	^C		1,203,653
	1,470,000	V.I. Water & Power Authority¹		5.375			07/01/2010		07/01/2010			1,470,074
	2,500,000	V.I. Water & Power Authority¹		5.500			07/01/2017		07/01/2010	^A		2,503,603

												1,147,899,469

Total Municipal Bonds and Notes (Cost $4,434,129,603)												4,427,295,216

Total Investments, at Value (Cost $4,434,129,603)—103.9%												4,427,295,216
Liabilities in Excess of Other Assets—(3.9)
												(165,453,326	)

Net Assets—100.0%											$	4,261,841,890

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 position has been segregated for collateral to cover borrowings. See Note 5 of accompanying Notes.

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

3.		When-issued security or delayed delivery to be delivered and settled after June 30, 2010. See Note 1 of accompanying Notes.

4.		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.

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

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

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

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).

47 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2010 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:
Municipal Bonds and Notes
New York	$	—	$	3,266,363,177	$	13,032,570	$	3,279,395,747
U.S. Possessions		—		1,147,899,469		—		1,147,899,469

Total Assets	$	—	$	4,414,262,646	$	13,032,570	$	4,427,295,216

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.

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:


			Change in
	Value as of		unrealized		Value as of
	December 31, 2009		depreciation		June 30, 2010

Investments in Securities
Municipal Bonds and Notes New York	$	14,529,929	$	1,497,359	$	13,032,570

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
BANs		Bond Anticipation Notes
BFCC		Brookdale Family Care Center
BID		Business Improvement District
BOCES		Board of Cooperative Educational Services
CAB		Capital Appreciation Bond
CCC		Continuing Care Center
CCDRCA		Catholic Charities of the Diocese of Rockville Centre and Affiliates
CHSLI		Catholic Health Services of Long Island
CMA		Community Mainstreaming Associates, Inc.
Con Ed		Consolidated Edison Company
COP		Certificates of Participation
CRR		Center for Rapid Recovery
CSMR		Community Services for the Mentally Retarded
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

48 | LIMITED TERM NEW YORK MUNICIPAL FUND


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
Res Rec		Resource Recovery Facility
RIBS		Residual Interest Bonds
ROLs		Residual Option Lougs
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.

49 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited


June 30, 2010

Assets
Investments, at value (cost $4,434,129,603)—see accompanying statement of investments	$	4,427,295,216
Cash		1,350,189
Receivables and other assets:
Interest		66,963,844
Shares of beneficial interest sold		8,348,125
Investments sold		7,115,000
Other		317,651

Total assets		4,511,390,025

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		104,905,000
Payable on borrowings (See Note 5)		89,500,000
Investments purchased on a when-issued or delayed delivery basis		37,713,088
Shares of beneficial interest redeemed		10,351,562
Dividends		3,352,857
Distribution and service plan fees		2,502,426
Trustees’ compensation		815,557
Transfer and shareholder servicing agent fees		119,562
Shareholder communications		69,570
Interest expense on borrowings		15,161
Other		203,352

Total liabilities		249,548,135

Net Assets	$	4,261,841,890


Composition of Net Assets
Paid-in capital	$	4,336,879,733
Accumulated net investment income		2,618,141
Accumulated net realized loss on investments		(70,821,597	)
Net unrealized depreciation on investments		(6,834,387	)


Net Assets	$	4,261,841,890

50 | LIMITED TERM NEW YORK MUNICIPAL FUND


Net Asset Value Per Share

Class A Shares:
Net asset value and redemption price per share (based on net assets of $2,957,863,368 and 902,988,474 shares of beneficial interest outstanding)	$	3.28
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price)	$	3.40

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $49,151,528 and 15,024,202 shares of beneficial interest outstanding)	$	3.27

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,254,826,994 and 384,691,844 shares of beneficial interest outstanding)	$	3.26

See accompanying Notes to Financial Statements.

51 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 30, 2010

Investment Income
Interest	$	107,431,935

Expenses
Management fees		8,177,947
Distribution and service plan fees:
Class A		3,467,881
Class B		264,262
Class C		5,905,477
Transfer and shareholder servicing agent fees:
Class A		415,663
Class B		32,406
Class C		238,430
Shareholder communications:
Class A		35,568
Class B		3,246
Class C		18,018
Borrowing fees		668,256
Accounting service fees		616,244
Interest expense and fees on short-term floating rate notes issued (See Note 1)		587,430
Trustees’ compensation		42,264
Interest expense on borrowings		32,214
Custodian fees and expenses		13,583
Other		126,831

Total expenses		20,645,720

Net Investment Income		86,786,215

Realized and Unrealized Gain (Loss)
Net realized loss on investments		(591,472	)
Net change in unrealized appreciation/depreciation on investments		31,158,458

Net Increase in Net Assets Resulting from Operations	$	117,353,201

See accompanying Notes to Financial Statements.

52 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2010			December 31,
	(Unaudited)			2009

Operations
Net investment income	$	86,786,215		$	156,051,148
Net realized gain (loss)		(591,472	)		6,902,848
Net change in unrealized appreciation/depreciation		31,158,458			467,811,089

Net increase in net assets resulting from operations		117,353,201			630,765,085

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(65,661,908	)		(118,781,933	)
Class B		(995,830	)		(2,728,379	)
Class C		(22,837,393	)		(39,795,702	)

		(89,495,131	)		(161,306,014	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		136,215,090			117,821,111
Class B		(10,701,747	)		(40,905,262	)
Class C		109,746,599			87,110,175

		235,259,942			164,026,024

Net Assets
Total increase		263,118,012			633,485,095
Beginning of period		3,998,723,878			3,365,238,783

End of period (including accumulated net investment income of $2,618,141 and $5,327,057, respectively)	$	4,261,841,890		$	3,998,723,878

See accompanying Notes to Financial Statements.

53 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF CASH FLOWS Unaudited


For the Six Months Ended June 30, 2010

Cash Flows from Operating Activities
Net increase in net assets from operations	$	117,353,201
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(389,072,810	)
Proceeds from disposition of investment securities		159,411,046
Short-term investment securities, net		(45,254,247	)
Premium amortization		7,428,663
Discount accretion		(836,402	)
Net realized loss on investments		591,472
Net change in unrealized appreciation/depreciation on investments		(31,158,458	)
Change in assets:
Decrease in other assets		149,957
Increase in receivable for securities sold		(3,620,000	)
Increase in interest receivable		(3,958,534	)
Change in liabilities:
Increase in payable for securities purchased		9,261,632
Increase in other liabilities		23,763

Net cash used in operating activities		(179,680,717	)

Cash Flows from Financing Activities
Proceeds from bank borrowings		331,200,000
Payments on bank borrowings		(298,400,000	)
Payments on short-term floating rate notes issued		(7,725,000	)
Proceeds from shares sold		523,802,027
Payments on shares redeemed		(346,173,778	)
Cash distributions paid		(22,612,744	)

Net cash provided by financing activities		180,090,505
Net increase in cash		409,788
Cash, beginning balance		940,401

Cash, ending balance	$	1,350,189


Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $63,530,059
Cash paid for interest on bank borrowings—$19,190
Cash paid for interest on short-term floating rate notes issued—$587,430

See accompanying Notes to Financial Statements.

54 | LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2010									Year Ended December 31,
Class A	(Unaudited)			2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	3.25		$	2.85		$	3.32		$	3.40		$	3.36		$	3.33

Income (loss) from investment operations:
Net investment income¹		.07			.14			.14			.14			.14			.14
Net realized and unrealized gain (loss)		.03			.40			(.47	)		(.08	)		.03			.03

Total from investment operations		.10			.54			(.33	)		.06			.17			.17

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.07	)		(.14	)		(.14	)		(.14	)		(.13	)		(.14	)

Net asset value, end of period	$	3.28		$	3.25		$	2.85		$	3.32		$	3.40		$	3.36


Total Return, at Net Asset Value²		3.25	%		19.45	%		(10.18	)%		1.74	%		5.30	%		5.13	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,957,863		$	2,801,988		$	2,355,062		$	2,745,029		$	2,784,037		$	2,589,629

Average net assets (in thousands)	$	2,882,124		$	2,558,997		$	2,765,248		$	2,721,428		$	2,696,464		$	2,380,822

Ratios to average net assets:³
Net investment income		4.47	%		4.50	%		4.55	%		4.18	%		4.10	%		4.12	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.72	%		0.75	%		0.74	%		0.71	%		0.72	%		0.73	%
Interest and fees from borrowings		0.03	%		0.26	%		0.09	%		0.03	%		0.07	%		0.06	%
Interest and fees on short-term floating rates notes issued⁴		0.03	%		0.04	%		0.10	%		0.21	%		0.18	%		0.03	%

Total expenses		0.78	%		1.05	%		0.93	%		0.95	%		0.97	%		0.82	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.78	%		1.05	%		0.93	%		0.95	%		0.97	%		0.82	%

Portfolio turnover rate		4	%		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.

55 | LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2010									Year Ended December 31,
Class B	(Unaudited)			2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	3.25		$	2.85		$	3.32		$	3.40		$	3.36		$	3.32

Income (loss) from investment operations:
Net investment income¹		.06			.11			.12			.11			.11			.11
Net realized and unrealized gain (loss)		.02			.41			(.47	)		(.08	)		.04			.04

Total from investment operations		.08			.52			(.35	)		.03			.15			.15

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.06	)		(.12	)		(.12	)		(.11	)		(.11	)		(.11	)

Net asset value, end of period	$	3.27		$	3.25		$	2.85		$	3.32		$	3.40		$	3.36


Total Return, at Net Asset Value²		2.50	%		18.39	%		(10.90	)%		0.95	%		4.48	%		4.62	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	49,152		$	59,451		$	90,497		$	228,022		$	318,452		$	379,045

Average net assets (in thousands)	$	53,515		$	71,243		$	157,158		$	272,855		$	346,849		$	398,461

Ratios to average net assets:³
Net investment income		3.62	%		3.64	%		3.72	%		3.38	%		3.31	%		3.34	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.57	%		1.66	%		1.54	%		1.51	%		1.52	%		1.52	%
Interest and fees from borrowings		0.03	%		0.26	%		0.09	%		0.03	%		0.07	%		0.06	%
Interest and fees on short-term floating rates notes issued⁴		0.03	%		0.04	%		0.10	%		0.21	%		0.18	%		0.03	%

Total expenses		1.63	%		1.96	%		1.73	%		1.75	%		1.77	%		1.61	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.63	%		1.96	%		1.73	%		1.75	%		1.77	%		1.61	%

Portfolio turnover rate		4	%		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.

56 | LIMITED TERM NEW YORK MUNICIPAL FUND


	Six Months
	Ended
	June 30, 2010									Year Ended December 31,
Class C	(Unaudited)			2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	3.24		$	2.84		$	3.31		$	3.39		$	3.35		$	3.32

Income (loss) from investment operations:
Net investment income¹		.06			.12			.12			.11			.11			.11
Net realized and unrealized gain (loss)		.02			.40			(.47	)		(.08	)		.04			.03

Total from investment operations		.08			.52			(.35	)		.03			.15			.14

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.06	)		(.12	)		(.12	)		(.11	)		(.11	)		(.11	)

Net asset value, end of period	$	3.26		$	3.24		$	2.84		$	3.31		$	3.39		$	3.35


Total Return, at Net Asset Value²		2.56	%		18.63	%		(10.89	)%		0.97	%		4.52	%		4.35	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,254,827		$	1,137,285		$	919,680		$	1,052,153		$	1,105,643		$	1,139,882

Average net assets (in thousands)	$	1,198,264		$	1,021,648		$	1,054,502		$	1,076,271		$	1,127,896		$	1,095,066

Ratios to average net assets:³
Net investment income		3.70	%		3.75	%		3.78	%		3.40	%		3.34	%		3.36	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.48	%		1.50	%		1.51	%		1.49	%		1.49	%		1.50	%
Interest and fees from borrowings		0.03	%		0.26	%		0.09	%		0.03	%		0.07	%		0.06	%
Interest and fees on short-term floating rates notes issued⁴		0.03	%		0.04	%		0.10	%		0.21	%		0.18	%		0.03	%

Total expenses		1.54	%		1.80	%		1.70	%		1.73	%		1.74	%		1.59	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.54	%		1.80	%		1.70	%		1.73	%		1.74	%		1.59	%

Portfolio turnover rate		4	%		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.

57 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Limited Term New York Municipal Fund (the “Fund”) is a separate series of Rochester Portfolio Series, a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management. The Fund’s investment 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 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 closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign

58 | LIMITED TERM NEW YORK MUNICIPAL FUND

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.

U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

“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 of the Fund 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

59 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

market fluctuation and may increase or decrease in value prior to their delivery. 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 may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of June 30, 2010, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:


	When-Issued or Delayed
	Delivery Basis Transactions

Purchased securities	$	37,713,088

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 $104,905,000 as of June 30, 2010, which represents 2.33% 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

60 | LIMITED TERM NEW YORK MUNICIPAL FUND

short-term floating rate notes reset periodically, usually weekly. 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 June 30, 2010, municipal bond holdings with a value of $158,964,630 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $104,905,000 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 June 30, 2010, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:


Principal		Inverse	Coupon			Maturity
Amount		Floater¹	Rate²			Date		Value

$	3,335,000	NYC GO DRIVERS		13.178	%		8/15/23	$	3,970,918
	3,780,000	NYC GO DRIVERS		13.184			12/1/23		4,513,585
	2,240,000	NYC GO ROLs³		19.265			4/1/30		2,678,794
	7,250,000	NYC GO ROLs³		16.878			6/1/23		9,345,540
	5,000,000	NYC GO ROLs³		10.263			4/1/22		6,510,750
	9,895,000	NYS DA ROLs³		23.534			8/15/30		11,910,018
	7,085,000	NYS DA ROLs³		9.756			7/1/27		8,627,830
	6,475,000	SONYMA, Series 29 DRIVERS		18.817			10/1/31		6,502,195

								$	54,059,630


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on pages 48 and 49 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 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

61 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 June 30, 2010, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $71,270,000.

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 receipt of the original principal or coupon interest rates. As of June 30, 2010, securities with an aggregate market value of $621,295, representing 0.01% of the Fund’s net assets, were subject to these forbearance agreements. Principal payments of $345,000, 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.

During the fiscal year ended December 31, 2009, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2009, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows:


Expiring

2011	$	2,127,827
2016		53,401,694
2017		16,519,543

Total	$	72,049,064

As of June 30, 2010, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $72,640,536, of which $591,472 expires in 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is

62 | LIMITED TERM NEW YORK MUNICIPAL FUND

increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2010, it is estimated that the Fund did not utilize any capital loss carryforward to offset realized capital gains.

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.

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 June 30, 2010 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	$	4,325,649,563	¹


Gross unrealized appreciation	$	62,933,788
Gross unrealized depreciation		(69,815,467	)

Net unrealized depreciation	$	(6,881,679	)


1.		The Federal tax cost of securities does not include cost of $108,527,332, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note.

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 six months ended June 30, 2010, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	6,227
Payments Made to Retired Trustees		68,227
Accumulated Liability as of June 30, 2010		665,903

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

63 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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 overdraft 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.

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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:


	Six Months Ended June 30, 2010						Year Ended December 31, 2009
	Shares			Amount			Shares			Amount

Class A
Sold		103,275,522		$	338,339,243			178,713,706		$	561,592,483
Dividends and/or distributions reinvested		13,923,780			45,623,688			27,512,219			85,325,198
Redeemed		(75,624,286	)		(247,747,841	)		(170,581,375	)		(529,096,570	)

Net increase		41,575,016		$	136,215,090			35,644,550		$	117,821,111


Class B
Sold		1,819,515		$	5,956,598			2,443,838		$	7,594,784
Dividends and/or distributions reinvested		225,831			739,107			664,269			2,041,991
Redeemed		(5,323,375	)		(17,397,452	)		(16,584,076	)		(50,542,037	)

Net decrease		(3,278,029	)	$	(10,701,747	)		(13,475,969	)	$	(40,905,262	)


Class C
Sold		54,334,576		$	177,266,487			69,423,667		$	217,305,875
Dividends and/or distributions reinvested		5,260,605			17,167,264			10,008,778			30,917,410
Redeemed		(25,970,446	)		(84,687,152	)		(52,148,784	)		(161,113,110	)

Net increase		33,624,735		$	109,746,599			27,283,661		$	87,110,175

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended June 30, 2010, were as follows:


	Purchases		Sales

Investment securities	$	389,072,810	$	159,411,046

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

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

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 six months ended June 30, 2010, the Fund paid $616,244 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 six months ended June 30, 2010, the Fund paid $694,009 to OFS for services to the Fund.

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 up to 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 June 30, 2010 were as follows:


Class C		$35,583,539

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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

Front-End

Deferred

Sales Charges

Retained by

Six Months Ended

Distributor

June 30, 2010

609,626

55,495

19,767

42,126

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.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

5. 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 conduit lenders 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. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.3579% as

67 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Borrowings Continued

of June 30, 2010). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility. The Fund is also allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. 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 six months ended June 30, 2010 equal 0.03% 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 June 30, 2010, the Fund had borrowings outstanding at an interest rate of 0.3579%. Details of the borrowings for the six months ended June 30, 2010 are as follows:


Average Daily Loan Balance	$	22,210,497
Average Daily Interest Rate		0.271	%
Fees Paid	$	417,262
Interest Paid	$	19,190

6. Subsequent Events Evaluation

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

7. 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 including the Fund). The lawsuits naming the Defendant Funds also name as defendants 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 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, what are claimed to be derivative lawsuits were filed in state court against the Manager and a 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.

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The Distributor and another subsidiary of the Manager have been named as defendants in a putative class action filed in federal court in 2010. The plaintiff, a participant in the State of Texas’ college savings plan, asserts claims on behalf of all persons who invested in qualified 529 plans managed by these subsidiaries of the Manager and which held investments in a certain mutual fund managed by the Manager and distributed by the Distributor. Plaintiff alleges causes of action for “improper investments,” “breach of fiduciary duty,” and “punitive damages” arising from that fund’s investments in 2008 and 2009.

Other lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff “). Those suits allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state 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 as defendants. 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 is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits brought against those Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the 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.

69 | 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 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.

70 | LIMITED TERM NEW YORK MUNICIPAL FUND

LIMITED TERM NEW YORK MUNICIPAL FUND

A Series of Rochester Portfolio Series


Trustees and Officers		Brian F. Wruble, Chairman of the Board of Trustees and Trustee
		David K. Downes, Trustee
		Matthew P. Fink, Trustee
		Phillip A. Griffiths, Trustee
		Mary F. Miller, Trustee
		Joel W. Motley, Trustee
		Mary Ann Tynan, Trustee
		Joseph M. Wikler, Trustee
		Peter I. Wold, Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Daniel G. Loughran, Vice President and Senior Portfolio Manager
		Scott S. Cottier, Vice President and Senior Portfolio Manager
		Troy E. Willis, Vice President and Senior Portfolio Manager
		Mark R. DeMitry, Vice President and Senior Portfolio Manager
		Michael L. Camarella, Vice President and Associate Portfolio Manager
		Richard Stein, Vice President
		Thomas W. Keffer, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Secretary

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firms		KPMG llp

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

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PRIVACY POLICY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

•		Applications or other forms

•		When you create a user ID and password for online account access

•		When you enroll in eDocs Direct, our electronic document delivery service

•		Your transactions with us, our affiliates or others

•		A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

•		When you set up challenge questions to reset your password online

If you visit www.oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

78 | LIMITED TERM NEW YORK MUNICIPAL FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

•		All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

•		Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

•		You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at www.oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at www.oppenheimerfunds.com or call us at 1.800.525.7048.

79 | LIMITED TERM NEW YORK MUNICIPAL FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

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.

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 06/30/2010, 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) Not applicable to semiannual reports.

		(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:		08/09/2010

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:		08/09/2010

By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer

Date:		08/09/2010

Rochester Portfolio Series N-CSRSCertified semi-annual shareholder report (management investment company)