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: 06/30/2011

Item 1. Reports to Stockholders.

MANAGE MENT COMMENTARY An Interview with Your Fund’s Portfolio Managers SE MIANNUAL REPORT Listing of Top Holdings Financial Statements “If you’re looking for guidance about current market conditions and fixed-income strategies, it seems likely that portfolio managers with a long and focused track record in municipal bond investing would have sharper insights than any new media personality.” Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS


Top Ten Categories

Tobacco-Master Settlement Agreement	16.7	%
Hospital/Healthcare	12.5
Government Appropriation	9.2
Marine/Aviation Facilities	8.1
Highways/Commuter Facilities	7.5
General Obligation	6.8
Electric Utilities	5.7
Education	3.9
Water Utilities	3.2
Sales Tax Revenue	3.1

Portfolio holdings are subject to change. Percentages are as of June 30, 2011, and are based on total assets.

Credit Allocation


Credit Rating	NRSRO Only
Breakdown	Total

AAA		3.3	%
AA		24.5
A		24.7
BBB		37.1
BB and lower		1.2
Unrated		9.2

Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of June 30, 2011, and are subject to change. All securities except for those labeled “unrated” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (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. Unrated securities do not necessarily indicate low credit quality.

For the purposes of this Credit Allocation table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB. Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

2 | 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 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.

Class Y shares of the Fund were first publicly offered on 3/30/11. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. There is no sales charge for Class Y shares.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

3 | 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 (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, 2011.

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.

4 | LIMITED TERM NEW YORK MUNICIPAL FUND

FUND EXPENSES Continued


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2011		June 30, 2011		June 30, 2011^1,2

Class A	$	1,000.00	$	1,030.10	$	3.83
Class B		1,000.00		1,025.70		8.22
Class C		1,000.00		1,026.20		7.72
Class Y		1,000.00		1,031.00		1.29

Hypothetical (5% return before expenses)
Class A		1,000.00		1,021.03		3.82
Class B		1,000.00		1,016.71		8.18
Class C		1,000.00		1,017.21		7.68
Class Y		1,000.00		1,022.32		2.51


1.		Actual expenses paid for Classes A, B and C 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). Actual expenses paid for Class Y are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 93/365 to reflect the period from March 30, 2011 (inception of offering) to June 30, 2011.

2.		Hypothetical expenses paid for all classes 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, 2011 for Classes A, B and C and for the period from March 30, 2011 (inception of offering) to June 30, 2011 for Class Y are as follows:


Class	Expense Ratios

Class A		0.76	%
Class B		1.63
Class C		1.53
Class Y		0.50

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

5 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

Municipal Bonds and Notes—103.8%
New York—74.5%
$	2,100,000	Albany County, NY IDA (Albany College of Pharmacy)¹		5.250	%		12/01/2019		12/01/2014	^A	$	2,134,692
	110,000	Albany, NY Hsg. Authority¹		6.250			10/01/2012		07/31/2011	^A		110,495
	125,000	Albany, NY Hsg. Authority (Lark Drive)		5.200			12/01/2013		07/31/2011	^A		126,503
	260,000	Albany, NY Hsg. Authority (Lark Drive)¹		5.400			12/01/2018		12/01/2011	^A		262,818
	1,365,000	Albany, NY IDA (Brighter Choice Charter School for Girls)¹		4.500			04/01/2018		04/12/2017	^B		1,291,713
	1,370,000	Albany, NY IDA (Brighter Choice Charter School for Girls)¹		4.550			04/01/2015		01/11/2014	^B		1,370,384
	1,875,000	Albany, NY IDA (Charitable Leadership)		5.500			07/01/2011		07/01/2011			1,874,925
	8,810,000	Albany, NY IDA (Charitable Leadership)		6.000			07/01/2019		04/20/2016	^B		5,607,917
	2,660,000	Albany, NY IDA (Daughters of Sarah Nursing Home)¹		5.250			10/20/2021		04/20/2012	^A		2,756,478
	25,000	Albany, NY IDA (Daughters of Sarah Nursing Home)¹		5.375			10/20/2030		04/20/2012	^A		25,701
	955,000	Albany, NY IDA (H. Johnson Office Park)¹		5.750			03/01/2018		03/01/2013	^C		887,663
	1,660,000	Albany, NY IDA (Hampton Plaza)¹		6.250			03/15/2018		09/15/2011	^A		1,676,417
	3,000,000	Albany, NY IDA (St. Peter’s Hospital)¹		5.750			11/15/2022		11/15/2017	^A		3,154,410
	100,000	Albany, NY Municipal Water Finance Authority		5.000			12/01/2011		07/31/2011	^A		100,323
	1,985,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2017		07/31/2011	^A		1,991,689
	1,335,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2018		07/31/2011	^A		1,339,072
	200,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2019		07/31/2011	^A		200,610
	2,915,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2020		07/31/2011	^A		2,923,891
	440,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2021		07/31/2011	^A		441,342
	3,235,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2022		07/31/2011	^A		3,243,961
	2,590,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2023		08/04/2011	^A		2,592,409
	2,010,000	Albany, NY Parking Authority¹		5.625			07/15/2020		07/15/2012	^A		2,031,768
	445,000	Albany, NY Parking Authority¹		5.625			07/15/2025		07/15/2012	^A		446,144
	90,000	Allegany County, NY IDA (Alfred University)¹		5.000			08/01/2028		02/07/2024	^B		89,332
	4,380,000	Allegany County, NY IDA (Houghton College)¹		5.250			01/15/2018		07/31/2011	^A		4,386,701
	5,730,000	Allegany County, NY IDA (Houghton College)¹		5.250			01/15/2024		07/31/2011	^A		5,733,094
	355,000	Amherst, NY IDA (Beechwood Health Care Center)¹		4.875			01/01/2013		01/15/2012	^B		351,951
	490,000	Amherst, NY IDA (Faculty-Student Assoc. of SUNY at Buffalo)¹		5.750			04/01/2016		04/01/2012	^A		499,707
	720,000	Amherst, NY IDA (Faculty-Student Assoc. of SUNY at Buffalo)¹		5.750			04/01/2017		04/01/2012	^A		731,945
	100,000	Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)¹		5.125			08/01/2020		08/01/2013	^A		100,869
	810,000	Bethlehem, NY Water System¹		5.250			03/01/2018		03/01/2013	^A		832,275

6 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	905,000	Bethlehem, NY Water System¹		5.375	%		03/01/2020		03/01/2013	^A	$	921,797
	500,000	Bethlehem, NY Water System¹		5.500			03/01/2022		03/01/2013	^A		507,455
	245,000	Brookhaven, NY IDA (Alternatives for Children)¹		7.000			02/01/2013		05/08/2012	^B		246,909
	425,000	Brookhaven, NY IDA (Dowling College)¹		6.500			11/01/2012		05/08/2012	^B		433,105
	725,000	Brookhaven, NY IDA (Enecon Corp.)¹		5.800			11/01/2018		08/13/2015	^B		672,525
	2,325,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2017		07/15/2017			2,553,176
	1,400,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2018		07/15/2018			1,527,512
	1,355,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2019		07/15/2019			1,469,145
	1,500,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2020		01/15/2020	^A		1,592,385
	820,000	Broome County, NY COP¹		5.250			04/01/2022		07/31/2011	^A		822,681
	1,350,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)¹		5.750			10/01/2026		04/01/2021	^A		1,462,523
	625,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)¹		5.250			11/01/2015		11/29/2013	^B		604,506
	50,000	Cattaraugus County, NY IDA
		(St. Bonaventure University)		5.000			09/15/2013		07/31/2011	^A		50,071
	500,000	Cattaraugus County, NY IDA (St. Bonaventure University)¹		5.000			05/01/2023		07/10/2020	^B		472,185
	3,525,000	Cayuga County, NY COP (Auburn Memorial Hospital)¹		6.000			01/01/2021		07/31/2011	^A		3,525,776
	260,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.000			07/01/2012		01/02/2012	^B		259,938
	1,075,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.250			07/01/2016		01/11/2015	^B		1,072,313
	3,795,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.500			07/01/2024		07/01/2012	^A		3,800,427
	18,160,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.750			07/01/2040		05/29/2034	^B		16,618,216
	2,365,000	Clarence, NY IDA (Bristol Village)¹		6.000			01/20/2044		12/26/2014	^A		2,421,382
	4,475,000	Cortland County, NY IDA (Cortland Memorial Hospital)¹		5.625			07/01/2024		07/01/2013	^A		4,513,261
	10,000	Deerfield, NY GO¹		5.250			06/15/2012		06/15/2012			10,301
	10,000	Deerfield, NY GO¹		5.250			06/15/2013		06/15/2013			10,567
	10,000	Deerfield, NY GO¹		5.500			06/15/2014		06/15/2014			10,808
	10,000	Deerfield, NY GO¹		5.500			06/15/2015		06/15/2015			10,956
	10,000	Deerfield, NY GO¹		5.500			06/15/2016		06/15/2016			11,043
	10,000	Deerfield, NY GO¹		5.500			06/15/2017		06/15/2016	^A		10,893
	10,000	Deerfield, NY GO¹		5.500			06/15/2018		06/15/2016	^A		10,740

7 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	15,000	Deerfield, NY GO¹		5.500	%		06/15/2019		06/15/2016	^A	$	15,862
	15,000	Deerfield, NY GO¹		5.500			06/15/2020		06/15/2016	^A		15,724
	5,205,000	Dutchess County, NY IDA (Marist College)¹		5.150			07/01/2017		07/01/2012	^A		5,399,979
	2,500,000	East Rochester, NY Hsg. Authority (St. John’s Health Care)¹		5.000			04/20/2027		10/20/2020	^A		2,620,175
	3,155,000	East Rochester, NY Hsg. Authority (Woodland Village)¹		5.150			08/01/2016		03/22/2014	^B		3,026,781
	190,000	East Syracuse, NY Hsg. Authority (Bennett Manor Associates)¹		6.700			04/01/2021		07/31/2011	^A		192,244
	58,670,000	Erie County, NY IDA (Buffalo City School District)¹		5.625			05/01/2028		05/01/2014	^A		60,586,749
	20,335,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2024		08/01/2011	^A		20,431,795
	85,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2024		05/01/2014	^A		90,969
	1,550,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2025		05/01/2014	^A		1,648,735
	6,500,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2026		05/01/2014	^A		6,865,495
	720,000	Erie County, NY IDA (Medaille College)¹		6.875			10/01/2013		10/12/2012	^B		751,234
	385,000	Erie County, NY Public Improvement District¹		5.250			03/15/2020		03/15/2013	^A		406,622
	29,615,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2031		03/10/2021	^B		23,141,457
	9,750,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2038		11/11/2025	^B		7,168,493
	250,000	Essex County, NY IDA (International Paper Company)¹		6.450			11/15/2023		11/15/2011	^A		250,915
	690,000	Essex County, NY IDA (North Country Community College Foundation)¹		4.600			06/01/2015		06/01/2015			748,277
	540,000	Franklin County, NY IDA (North Country Community College Foundation)¹		4.600			06/01/2015		06/01/2015			585,608
	750,000	Glen Cove, NY GO¹		6.250			04/01/2024		04/01/2016	^A		783,293
	905,000	Glen Cove, NY GO¹		6.250			04/01/2025		04/01/2016	^A		941,770
	1,105,000	Glen Cove, NY GO¹		6.250			04/01/2026		04/01/2016	^A		1,145,200
	50,000	Gloversville, NY GO¹		5.800			03/15/2015		09/15/2011	^A		50,527
	425,000	Hamilton County, NY IDA (Adirondack Historical Assoc.)¹		5.250			11/01/2018		07/31/2011	^A		425,578
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2017		09/15/2016	^A		82,636
	500,000	Hempstead Village, NY GO¹		5.000			07/01/2018		07/01/2014	^A		525,940
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2018		09/15/2016	^A		81,441
	1,195,000	Hempstead Village, NY GO¹		5.000			07/01/2019		07/01/2014	^A		1,245,501
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2019		09/15/2016	^A		80,185
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2020		09/15/2016	^A		79,420
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2021		09/15/2016	^A		78,656

8 | 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	$	78,000
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2023		09/15/2016	^A		77,362
	1,700,000	Hempstead, NY IDA (Adelphi University)¹		5.750			06/01/2022		06/01/2012	^A		1,784,694
	2,210,000	Hempstead, NY IDA (Lynbrook Facilities)¹		6.000			11/01/2017		01/15/2015	^B		1,946,369
	620,000	Hempstead, NY IDA (Peninsula Counseling Center)¹		5.750			11/01/2018		09/03/2015	^B		572,372
	60,000	Herkimer County, NY GO¹		5.000			09/15/2012		09/15/2011	^A		62,635
	40,000	Herkimer County, NY GO¹		5.000			09/15/2012		09/15/2011	^A		40,370
	30,000	Highland Falls, NY Sewer System¹		5.100			12/01/2011		12/01/2011			30,588
	20,000	Hudson Falls, NY Central School District¹		4.750			06/15/2019		06/15/2019			21,304
	2,340,000	Islip, NY IDA (United Cerebral Palsy Assoc.)¹		5.500			12/01/2016		07/22/2014	^B		2,191,176
	270,000	Islip, NY IDA (United Cerebral Palsy Assoc.)¹		5.500			12/01/2016		08/05/2014	^B		252,828
	2,990,000	Islip, NY Res Rec, Series E¹		5.625			07/01/2017		07/01/2014	^A		3,255,936
	1,175,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2019		07/01/2014	^A		1,257,544
	1,100,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2020		07/01/2014	^A		1,168,222
	1,315,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2021		07/01/2014	^A		1,387,364
	1,000,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2023		07/01/2014	^A		1,043,920
	250,000	Jamestown, NY GO¹		5.000			08/01/2024		08/01/2014	^A		257,855
	250,000	Jamestown, NY GO¹		5.000			08/01/2025		08/01/2014	^A		256,743
	10,000,000	L.I., NY Power Authority, Series A¹		5.000			12/01/2026		06/01/2016	^A		10,327,200
	480,000	L.I., NY Power Authority, Series A¹		6.250			04/01/2033		04/01/2019	^A		533,928
	2,210,000	Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)¹		5.875			07/01/2022		05/25/2019	^B		2,046,482
	1,010,000	Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)¹		6.000			07/01/2030		04/22/2027	^B		895,082
	70,000	Livonia, NY GO¹		5.000			06/15/2020		06/15/2017	^A		75,310
	75,000	Livonia, NY GO¹		5.000			06/15/2021		06/15/2017	^A		80,058
	80,000	Livonia, NY GO¹		5.000			06/15/2022		06/15/2017	^A		84,433
	85,000	Livonia, NY GO¹		5.000			06/15/2023		06/15/2017	^A		89,057
	90,000	Livonia, NY GO¹		5.000			06/15/2024		06/15/2017	^A		93,783
	75,000	Livonia, NY GO¹		5.000			06/15/2025		06/15/2017	^A		77,494
	35,000	Lyncourt, NY Fire District¹		6.000			10/15/2016		10/15/2011	^A		35,365
	195,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2015		12/21/2013	^B		196,135
	2,065,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2022		08/11/2019	^B		2,009,039
	1,930,000	Madison County, NY IDA (Oneida Healthcare Center)¹		5.500			02/01/2016		08/01/2011	^A		1,951,963
	60,000	Monroe County, NY Airport Authority (Greater Rochester International)¹		5.750			01/01/2012		01/01/2012			61,143
	5,000	Monroe County, NY GO¹		5.000			06/01/2017		07/31/2011	^A		5,009
	105,000	Monroe County, NY GO		5.350			03/01/2012		07/31/2011	^A		105,415

9 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	25,000	Monroe County, NY GO¹		5.750	%		06/01/2015		07/31/2011	^A	$	25,077
	410,000	Monroe County, NY IDA (Canal Ponds)		7.000			06/15/2013		12/15/2011	^A		421,435
	580,000	Monroe County, NY IDA (Highland Hospital of Rochester)¹		5.000			08/01/2012		08/01/2012			601,454
	1,375,000	Monroe County, NY IDA (Nazareth College of Rochester)¹		5.250			10/01/2021		10/01/2011	^A		1,393,411
	750,000	Monroe County, NY IDA (Southview Towers)¹		6.125			02/01/2020		08/01/2011	^A		754,860
	45,000	Monroe County, NY IDA (St. John Fisher College)¹		5.200			06/01/2019		06/01/2013	^A		45,662
	205,000	Monroe County, NY IDA (Summit at Brighton)¹		5.000			07/01/2016		02/20/2014	^B		178,477
	1,180,000	Monroe County, NY IDA (West End Business Center)¹		5.125			12/01/2014		07/02/2013	^B		1,075,865
	9,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)¹		5.500			08/15/2023		07/20/2015	^A		9,428,040
	17,500,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)¹		5.750			08/15/2030		02/15/2021	^A		19,958,750
	15,000	Monroe County, NY Water Authority		5.250			08/01/2011		08/01/2011			15,062
	80,000	Monroe, NY Newpower Corp.¹		4.700			01/01/2012		10/02/2011	^B		80,442
	410,000	Monroe, NY Newpower Corp.¹		4.800			01/01/2013		10/02/2012	^B		417,208
	7,800,000	Monroe, NY Newpower Corp.¹		6.375			01/01/2024		01/01/2012	^A		7,818,252
	280,000	Mount Vernon, NY IDA (Kings Court)¹		5.125			12/01/2023		12/01/2014	^A		285,706
	975,000	Mount Vernon, NY IDA (Macedonia Towers)¹		5.125			12/01/2023		12/01/2015	^A		987,100
	3,475,000	Mount Vernon, NY IDA (Section 8), Series A¹		5.250			12/01/2014		12/01/2011	^A		3,550,442
	300,000	Nassau County, NY IDA (ACDS)¹		5.950			11/01/2022		11/01/2022			269,763
	480,000	Nassau County, NY IDA (ACDS)¹		6.000			12/01/2019		04/28/2016	^B		448,051
	325,000	Nassau County, NY IDA (ALIA-ACDS)¹		7.000			11/01/2016		05/28/2013	^A		326,151
	185,000	Nassau County, NY IDA (ALIA-ACLD)¹		5.750			09/01/2011		09/01/2011			184,982
	475,000	Nassau County, NY IDA (ALIA-CMA)¹		7.000			11/01/2016		05/31/2013	^A		476,682
	370,000	Nassau County, NY IDA (ALIA-CRR)¹		7.000			11/01/2016		06/01/2013	^A		371,310
	80,000	Nassau County, NY IDA (ALIA-FREE)¹		7.000			11/01/2016		06/17/2013	^A		80,283
	370,000	Nassau County, NY IDA (ALIA-HKSB)¹		7.000			11/01/2016		06/01/2013	^A		371,310
	1,700,000	Nassau County, NY IDA (CSMR)¹		5.950			11/01/2022		11/01/2022			1,528,657
	1,325,000	Nassau County, NY IDA (CSMR)¹		6.000			12/01/2019		04/19/2016	^B		1,236,808
	200,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)¹		5.950			11/01/2022		11/01/2022			179,842
	575,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)¹		6.000			12/01/2019		04/16/2016	^B		540,213
	240,000	Nassau County, NY IDA (Hispanic Counseling Center)¹		6.000			11/01/2017		11/01/2017			227,299
	145,000	Nassau County, NY IDA (Hofstra University)¹		5.000			07/01/2023		07/31/2011	^A		145,381
	13,250,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)¹		5.250			06/01/2027		06/01/2013	^A		13,341,823

10 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	200,000	Nassau County, NY IDA (Life’s WORCA)¹		5.950	%		11/01/2022		11/01/2022		$	179,842
	500,000	Nassau County, NY IDA (New York Institute of Technology)¹		5.000			03/01/2021		03/01/2020	^A		526,815
	500,000	Nassau County, NY IDA (PLUS Group Home)¹		6.150			11/01/2022		11/01/2022			457,210
	95,000	Nassau County, NY IDA (United Veteran’s Beacon House)¹		6.000			11/01/2017		11/01/2017			89,973
	395,000	Nassau County, NY IDA (WORCA)¹		6.000			12/01/2019		04/06/2016	^B		368,535
	110,000	Nassau County, NY IDA, Series C¹		6.000			12/01/2019		05/15/2016	^B		102,630
	21,000,000	Nassau County, NY Tobacco Settlement Corp.¹		5.250			06/01/2026		02/26/2022	^B		18,680,970
	125,000	Nassau, NY IDA (EBS North Hills LLC)¹		7.000			11/01/2013		07/15/2012	^D		134,960
	75,000	Nassau, NY IDA (EBS North Hills LLC)¹		7.000			11/01/2013		07/15/2012	^D		80,976
	80,000	Nassau, NY IDA (EBS North Hills LLC)¹		7.000			11/01/2013		07/22/2012	^D		86,447
	80,000	Nassau, NY IDA (EBS North Hills LLC)¹		7.000			11/01/2013		07/22/2012	^D		86,447
	5,655,000	New Rochelle, NY IDA (College of New Rochelle)¹		5.500			07/01/2019		12/19/2011	^A		5,706,630
	1,045,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)¹		5.650			08/01/2020		08/01/2011	^A		1,047,174
	2,535,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)¹		5.750			02/01/2032		08/01/2011	^A		2,535,380
	150,000	Niagara County, NY IDA (American Ref-Fuel Company)¹		5.550			11/15/2024		11/15/2011	^A		152,172
	12,690,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)¹		5.500			11/01/2035		07/26/2026	^B		10,517,472
	1,000,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		08/22/2015	^B		963,090
	7,750,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.450			11/15/2026		11/15/2011	^A		7,865,398
	9,535,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.550			11/15/2024		11/15/2011	^A		9,671,255
	12,450,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.625			11/15/2024		11/15/2011	^A		12,635,007
	90,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.500			05/15/2020		05/15/2012	^B		86,632
	1,175,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.875			05/15/2022		05/15/2015	^B		1,149,550
	1,105,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2034		06/24/2031	^B		1,016,324
	945,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2040		05/27/2037	^B		851,105
	11,995,000	Niagara County, NY Tobacco Asset Securitization Corp.		6.750			05/15/2029		03/17/2026	^B		11,987,563
	20,000	Niagara County, NY Tobacco Asset Securitization Corp. (TASC)¹		5.750			05/15/2021		05/15/2013	^B		19,557
	1,000,000	Niagara Falls, NY Public Water Authority¹		5.500			07/15/2034		07/15/2015	^A		1,002,660
	75,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)		5.000			04/01/2013		07/31/2011	^A		75,080

11 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	60,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.500	%		04/01/2016		07/31/2011	^A	$	60,039
	10,210,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.625			04/01/2029		03/13/2025	^B		9,891,652
	20,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)		5.750			04/01/2012		07/31/2011	^A		20,039
	360,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.750			04/01/2019		09/30/2011	^A		360,029
	75,000	Niagara, NY Frontier Transportation Authority International Airport¹		5.000			04/01/2018		05/05/2016	^B		73,730
	1,140,000	North Babylon, NY Volunteer Fire Company¹		5.750			08/01/2022		08/01/2011	^A		1,140,217
	735,000	NY Capital District Youth Center¹		6.000			02/01/2017		08/01/2011	^A		737,242
	300,000	NY Carnegie Redevel. Corp.		6.500			09/01/2011		09/01/2011			298,455
	65,000	NY Counties Tobacco Trust I¹		5.875			06/01/2014		06/01/2014			64,559
	4,670,000	NY Counties Tobacco Trust I¹		6.300			06/01/2019		11/30/2011	^A		4,669,953
	4,360,000	NY Counties Tobacco Trust I¹		6.500			06/01/2035		05/19/2032	^B		4,108,297
	3,295,000	NY Counties Tobacco Trust I¹		6.625			06/01/2042		08/02/2039	^B		3,109,590
	12,615,000	NY Counties Tobacco Trust II (TASC)¹		5.250			06/01/2025		07/24/2013	^B		11,551,682
	865,000	NY Counties Tobacco Trust II (TASC)¹		5.625			06/01/2035		04/22/2019	^B		696,403
	1,055,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2013		06/01/2013			1,049,641
	1,925,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2014		06/01/2014			1,905,038
	750,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2043		05/12/2025	^B		575,618
	2,120,000	NY Counties Tobacco Trust II (TASC)¹		6.000			06/01/2015		06/01/2015			2,104,524
	2,330,000	NY Counties Tobacco Trust II (TASC)¹		6.000			06/01/2016		06/01/2016			2,299,617
	1,115,000	NY Counties Tobacco Trust III		5.000			06/01/2027		06/01/2027			1,100,505
	4,980,000	NY Counties Tobacco Trust III¹		5.750			06/01/2033		02/18/2013	^B		4,662,176
	16,575,000	NY Counties Tobacco Trust III¹		6.000			06/01/2043		04/04/2017	^B		14,329,088
	2,835,000	NY Counties Tobacco Trust IV¹		4.250			06/01/2021		06/07/2012	^B		2,734,017
	4,520,000	NY Counties Tobacco Trust IV (TASC)¹		4.750			06/01/2026		05/11/2014	^B		3,971,995
	38,400,000	NY Counties Tobacco Trust IV (TASC)¹		6.250			06/01/2041		06/01/2041			35,757,696
	500,000	NY Grand Central BID (Grand Central District Management)¹		5.000			01/01/2022		01/01/2014	^A		533,785
	25,000	NY MTA Commuter Facilities (Grand Central Terminal)		5.400			07/01/2011		07/01/2011			25,003
	85,000	NY MTA Commuter Facilities (Grand Central Terminal)		5.500			07/01/2012		07/31/2011	^A		85,323
	25,000	NY MTA Commuter Facilities, Series 7¹		5.625			07/01/2016		07/31/2011	^A		26,081
	5,000	NY MTA Commuter Facilities, Series B¹		5.000			07/01/2017		07/31/2011	^A		5,219
	50,000	NY MTA Commuter Facilities, Series B¹		5.125			07/01/2024		07/31/2011	^A		52,271
	5,000	NY MTA Commuter Facilities, Series D¹		5.000			07/01/2016		07/31/2011	^A		5,219
	20,795,000	NY MTA Service Contract, Series A¹		5.125			01/01/2029		07/01/2012	^A		20,897,727
	35,460,000	NY MTA Service Contract, Series A¹		5.750			07/01/2031		07/01/2012	^A		36,605,003
	33,290,000	NY MTA Service Contract, Series B¹		5.250			01/01/2031		07/01/2012	^A		33,436,476

12 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	300,000	NY MTA, Series 2008C¹		6.250	%		11/15/2023		11/15/2018	^A	$	346,185
	53,800,000	NY MTA, Series A¹		5.000			11/15/2025		11/15/2012	^A		54,258,376
	270,000	NY MTA, Series A¹		5.000			11/15/2030		11/15/2012	^A		270,980
	5,395,000	NY MTA, Series A¹		5.000			11/15/2030		11/15/2012	^A		5,415,663
	4,180,000	NY MTA, Series A¹		5.125			11/15/2021		11/15/2012	^A		4,360,827
	24,255,000	NY MTA, Series A¹		5.125			11/15/2031		11/15/2012	^A		24,307,633
	34,000,000	NY MTA, Series A¹		5.250			01/01/2023		07/01/2012	^A		35,124,380
	300,000	NY MTA, Series A¹		5.250			11/15/2024		11/15/2012	^A		313,503
	225,000	NY MTA, Series A¹		5.250			11/15/2031		11/15/2012	^A		225,857
	1,150,000	NY MTA, Series A¹		5.500			11/15/2019		11/15/2012	^A		1,205,902
	50,000	NY MTA, Series A		5.625			01/01/2012		07/31/2011	^A		50,187
	455,000	NY MTA, Series A¹		5.750			11/15/2032		11/15/2012	^A		466,461
	5,000,000	NY MTA, Series B¹		5.000			11/15/2025		11/15/2015	^A		5,163,150
	16,500,000	NY MTA, Series B¹		5.250			11/15/2025		11/15/2013	^A		16,903,755
	6,500,000	NY MTA, Series B¹		5.250			11/15/2027		11/15/2019	^A		6,951,360
	100,000	NY MTA, Series E¹		5.250			11/15/2031		11/15/2012	^A		100,381
	50,000	NY MTA, Series E¹		5.500			11/15/2021		11/15/2012	^A		52,347
	2,205,000	NY MTA, Series F¹		5.000			11/15/2030		11/15/2015	^A		2,211,306
	8,550,000	NY MTA, Series F¹		5.000			11/15/2031		11/15/2012	^A		8,594,033
	35,000	NY New Hartford-Sunset Wood Funding Corp.¹		5.950			08/01/2027		08/01/2011	^A		35,032
	3,840,000	NY Newark-Wayne Community Hospital¹		5.875			01/15/2033		07/22/2011	^A		3,852,211
	930,000	NY Newark-Wayne Community Hospital¹		7.600			09/01/2015		09/01/2011	^A		929,823
	50,000	NY Oneida Healthcare Corp. (Oneida Health Systems)¹		5.300			02/01/2021		02/01/2012	^A		50,411
	3,330,000	NY Oneida Healthcare Corp. (Oneida Health Systems)¹		5.500			02/01/2016		08/01/2011	^A		3,368,761
	10,000,000	NY Sales Tax Asset Receivable Corp.¹		5.000			10/15/2026		10/15/2014	^A		10,709,900
	4,000,000	NY Seneca Nation Indians Capital Improvements¹		5.000			12/01/2023		11/11/2020	^B		3,328,000
	9,700,000	NY Seneca Nation Indians Capital Improvements¹		5.250			12/01/2016		06/14/2015	^B		9,137,400
	50,000	NY Tobacco Settlement Financing Corp. (TASC)		5.250			06/01/2016		07/31/2011	^A		50,175
	500,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.250			06/01/2020		06/01/2013	^A		528,305
	2,220,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.250			06/01/2021		06/01/2013	^A		2,334,952
	55,000	NY Tobacco Settlement Financing Corp. (TASC)		5.500			06/01/2014		07/31/2011	^A		55,206
	3,685,000	NY Tobacco Settlement Financing Corp. (TASC)		5.500			06/01/2015		07/31/2011	^A		3,698,782
	30,000	NY Tobacco Settlement Financing Corp. (TASC)		5.500			06/01/2015		07/31/2011	^A		30,112
	11,900,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2016		07/31/2011	^A		11,941,888
	5,020,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2017		07/31/2011	^A		5,038,172
	21,000,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2018		06/01/2012	^A		21,754,950
	20,500,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2019		06/01/2013	^A		21,839,265

13 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	11,000,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500	%		06/01/2020		06/01/2013	^A	$	11,695,970
	18,395,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2021		06/01/2013	^A		19,468,716
	20,000,000	NY Triborough Bridge & Tunnel Authority¹		5.000			01/01/2023		01/01/2012	^A		20,381,800
	40,000	NY Triborough Bridge & Tunnel Authority¹		5.000			01/01/2024		07/31/2011	^A		40,139
	20,000,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2025		11/15/2012	^A		20,978,000
	24,890,000	NY Triborough Bridge & Tunnel Authority^1,2		5.000			11/15/2026		11/15/2012	^A		25,765,381
	10,000,000	NY Triborough Bridge & Tunnel Authority²		5.250			11/15/2023		11/15/2012	^A		10,461,200
	159,590,000	NY TSASC, Inc. (TFABs)¹		4.750			06/01/2022		09/16/2013	^B		155,081,583
	91,000,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2026		06/22/2020	^B		81,116,490
	14,740,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2034		12/12/2025	^B		11,085,512
	430,000	NY TSASC, Inc. (TFABs)¹		5.250			07/15/2011		07/15/2011			430,912
	170,000	NY Valley Health Devel. Corp.¹		6.750			05/20/2022		07/31/2011	^A		177,125
	10,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)¹		7.250			11/01/2042		11/01/2014	^C		9,903,700
	5,000	NYC GO¹		5.000			08/01/2015		08/01/2011	^A		5,018
	425,000	NYC GO¹		5.000			08/01/2020		08/01/2014	^A		466,098
	5,000	NYC GO¹		5.000			08/01/2022		08/01/2011	^A		5,014
	500,000	NYC GO¹		5.000			08/01/2022		08/01/2015	^A		541,740
	40,000	NYC GO¹		5.000			09/15/2022		09/15/2013	^A		42,532
	29,000,000	NYC GO³		5.000			06/01/2023		06/01/2015	^B		31,134,400
	615,000	NYC GO¹		5.000			08/01/2023		08/01/2015	^A		660,756
	8,065,000	NYC GO¹		5.000			08/01/2023		08/01/2019	^A		8,880,533
	10,000,000	NYC GO³		5.000			08/15/2023		11/15/2020	^B		10,743,672
	4,945,000	NYC GO¹		5.000			09/01/2023		09/01/2015	^A		5,314,837
	11,340,000	NYC GO³		5.000			12/01/2023		10/05/2021	^B		12,199,345
	21,015,000	NYC GO¹		5.000			08/01/2024		08/01/2016	^A		22,658,163
	2,000,000	NYC GO¹		5.000			08/01/2024		02/01/2016	^A		2,156,180
	3,650,000	NYC GO¹		5.000			12/01/2024		12/01/2014	^A		3,892,835
	10,000,000	NYC GO²		5.000			11/01/2025		11/01/2014	^A		10,565,800
	19,505,000	NYC GO¹		5.000			08/01/2028		08/01/2019	^A		20,651,114
	1,000,000	NYC GO¹		5.000			10/15/2029		10/15/2013	^A		1,014,290
	10,000,000	NYC GO³		5.000			04/01/2030		05/21/2028	^B		10,243,219
	5,000	NYC GO		5.125			08/01/2018		08/01/2011	^A		5,019
	10,000	NYC GO¹		5.125			08/01/2022		08/01/2011	^A		10,029
	5,000	NYC GO¹		5.125			03/15/2025		03/15/2012	^A		5,174
	10,000	NYC GO¹		5.125			08/01/2025		08/01/2011	^A		10,029
	15,000	NYC GO¹		5.125			08/01/2025		08/01/2011	^A		15,044
	5,000	NYC GO¹		5.125			08/01/2025		08/01/2011	^A		5,015
	35,000	NYC GO		5.250			08/01/2011		08/01/2011			35,147
	5,000	NYC GO		5.250			08/01/2012		08/01/2011	^A		5,020
	5,000	NYC GO¹		5.250			08/01/2015		08/01/2011	^A		5,019

14 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	10,000	NYC GO¹		5.250	%		01/15/2023		01/15/2013	^A	$	10,763
	15,000	NYC GO¹		5.250			01/15/2023		01/15/2013	^A		15,734
	1,000,000	NYC GO¹		5.250			08/15/2024		08/15/2014	^A		1,071,520
	20,000	NYC GO¹		5.250			06/01/2027		06/01/2012	^A		20,922
	120,000	NYC GO¹		5.250			06/01/2027		06/01/2012	^A		121,182
	40,000	NYC GO¹		5.250			01/15/2028		01/15/2013	^A		43,052
	180,000	NYC GO¹		5.250			01/15/2028		01/15/2013	^A		182,720
	9,500,000	NYC GO¹		5.250			04/01/2028		04/01/2019	^A		10,199,105
	30,000	NYC GO¹		5.250			01/15/2033		01/15/2013	^A		32,289
	150,000	NYC GO¹		5.250			01/15/2033		01/15/2013	^A		151,355
	5,000	NYC GO¹		5.300			08/01/2024		08/01/2011	^A		5,016
	70,000	NYC GO¹		5.300			01/15/2026		01/15/2013	^A		72,671
	5,000	NYC GO¹		5.375			08/01/2015		08/01/2011	^A		5,020
	50,000	NYC GO¹		5.375			03/01/2027		03/01/2013	^A		54,199
	55,000	NYC GO¹		5.375			08/01/2027		08/01/2011	^A		55,142
	100,000	NYC GO¹		5.500			08/01/2022		08/01/2011	^A		100,335
	70,000	NYC GO¹		5.500			08/01/2022		08/01/2011	^A		70,235
	140,000	NYC GO¹		5.500			06/01/2023		06/01/2013	^A		149,358
	670,000	NYC GO¹		5.500			06/01/2023		06/01/2013	^A		735,707
	20,000	NYC GO¹		5.500			02/15/2026		07/31/2011	^A		20,057
	50,000	NYC GO¹		5.500			02/15/2026		07/31/2011	^A		50,143
	835,000	NYC GO¹		5.500			06/01/2028		06/01/2012	^A		858,672
	15,000	NYC GO¹		5.500			06/01/2028		06/01/2012	^A		15,726
	15,000	NYC GO¹		5.500			11/15/2037		07/31/2011	^A		15,044
	30,000	NYC GO¹		5.600			12/01/2013		12/01/2011	^A		30,612
	10,000	NYC GO¹		5.750			05/15/2012		07/31/2011	^A		10,044
	10,000	NYC GO¹		5.750			05/15/2012		07/31/2011	^A		10,043
	570,000	NYC GO¹		5.750			03/01/2018		03/01/2013	^A		621,420
	55,000	NYC GO¹		5.750			08/01/2018		08/01/2012	^A		58,288
	255,000	NYC GO¹		5.750			08/01/2018		08/01/2012	^A		267,166
	25,000	NYC GO¹		5.750			08/01/2018		08/01/2012	^A		26,495
	475,000	NYC GO¹		5.750			08/01/2018		08/01/2012	^A		497,662
	20,000	NYC GO¹		5.875			08/01/2015		08/01/2011	^A		20,089
	65,000	NYC GO¹		5.875			06/01/2019		06/01/2012	^A		68,369
	4,090,000	NYC GO¹		5.875			06/01/2019		06/01/2012	^A		4,260,798
	85,000	NYC GO¹		5.875			08/01/2019		08/01/2012	^A		90,197
	5,365,000	NYC GO¹		5.875			08/01/2019		08/01/2012	^A		5,628,207
	5,000	NYC GO		6.000			02/01/2012		08/01/2011	^A		5,023
	5,000	NYC GO		6.000			08/01/2017		08/01/2011	^A		5,023
	5,000	NYC GO¹		6.000			02/01/2022		08/01/2011	^A		5,019
	35,000	NYC GO¹		6.000			02/15/2024		07/31/2011	^A		35,134
	590,000	NYC GO		6.350			05/15/2014		07/31/2011	^A		592,856

15 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	80,000	NYC GO¹		7.000	%		02/01/2012		08/01/2011	^A	$	80,454
	5,000	NYC GO¹		7.000			02/01/2018		08/01/2011	^A		5,027
	45,000	NYC GO¹		7.750			08/15/2027		08/15/2011	^A		45,312
	228,352	NYC HDC (Bay Towers)¹		6.500			08/15/2017		07/31/2011	^A		228,937
	2,651,249	NYC HDC (East Midtown Plaza)		6.500			11/15/2018		07/31/2011	^A		2,660,555
	26,516	NYC HDC (Essex Terrace)		6.500			07/15/2018		07/31/2011	^A		26,609
	987,493	NYC HDC (Keith Plaza)		6.500			02/15/2018		07/15/2011	^A		990,090
	204,872	NYC HDC (Kingsbridge Arms)¹		6.500			08/15/2017		07/31/2011	^A		205,413
	1,500,000	NYC HDC (Multifamily Hsg.)¹		5.000			11/01/2030		10/14/2025	^B		1,426,710
	565,000	NYC HDC (Multifamily Hsg.)¹		5.050			11/01/2023		11/01/2012	^A		567,932
	30,000	NYC HDC (Multifamily Hsg.)¹		5.100			11/01/2018		05/01/2018	^A		30,958
	515,000	NYC HDC (Multifamily Hsg.)¹		5.100			11/01/2027		05/01/2017	^A		517,364
	260,000	NYC HDC (Multifamily Hsg.)¹		5.200			11/01/2035		09/15/2033	^B		249,584
	355,000	NYC HDC (Multifamily Hsg.)¹		5.600			11/01/2019		07/31/2011	^A		355,359
	200,000	NYC HDC (Multifamily Hsg.)¹		6.250			11/01/2023		11/01/2018	^A		211,656
	900,000	NYC HDC (Multifamily Hsg.), Series A¹		5.375			11/01/2023		05/01/2012	^A		905,598
	20,000	NYC HDC (Multifamily Hsg.), Series C¹		5.700			05/01/2031		07/31/2011	^A		20,007
	255,000	NYC HDC (Multifamily Hsg.), Series E¹		6.250			05/01/2036		07/31/2011	^A		255,173
	13,000,000	NYC HDC, Series A¹		5.000			07/01/2025		07/01/2015	^A		13,478,920
	2,215,000	NYC HDC, Series C¹		5.000			11/01/2026		11/01/2015	^A		2,223,417
	11,460,000	NYC Health & Hospital Corp.¹		5.000			02/15/2024		02/15/2020	^A		12,117,116
	100,000	NYC Health & Hospital Corp.¹		5.375			02/15/2026		02/15/2012	^A		103,237
	17,300,000	NYC Health & Hospital Corp. (Health System)¹		5.000			02/15/2030		02/15/2020	^A		17,528,879
	9,400,000	NYC IDA (AIRIS JFK I/JFK International Airport)¹		5.500			07/01/2028		09/16/2023	^B		8,205,072
	7,055,000	NYC IDA (AIRIS JFK I/JFK International Airport)¹		6.000			07/01/2015		11/25/2013	^B		6,920,743
	1,265,000	NYC IDA (Beth Abraham Health Services)¹		6.000			02/15/2013		08/21/2012	^B		1,252,590
	395,000	NYC IDA (Beth Abraham Health Services)¹		6.000			11/15/2013		11/29/2012	^B		389,474
	190,000	NYC IDA (Beth Abraham Health Services)¹		6.000			11/15/2013		11/24/2012	^B		187,342
	570,000	NYC IDA (Calhoun School)¹		6.250			12/01/2016		08/11/2014	^B		576,276
	4,010,000	NYC IDA (Calhoun School)¹		6.250			12/01/2017		12/01/2011	^A		4,012,366
	440,000	NYC IDA (Center for Elimination of Family Violence)¹		6.250			11/01/2016		07/04/2014	^B		426,756
	6,375,000	NYC IDA (Chapin School)¹		4.800			11/01/2018		08/01/2015	^B		6,253,110
	525,000	NYC IDA (Comprehensive Care Management)¹		5.625			11/01/2015		12/12/2013	^B		521,052
	400,000	NYC IDA (Comprehensive Care Management)¹		5.625			11/01/2015		12/04/2013	^B		396,992
	2,045,000	NYC IDA (Comprehensive Care Management)¹		5.750			08/01/2018		08/03/2015	^B		2,006,902
	2,175,000	NYC IDA (Comprehensive Care Management)¹		5.750			11/01/2018		08/18/2015	^B		2,133,349
	2,270,000	NYC IDA (Comprehensive Care Management)¹		5.750			05/01/2019		02/18/2016	^B		2,215,906
	595,000	NYC IDA (Family Support Systems)⁴		6.500			11/01/2014		06/01/2013	^B		404,029
	650,000	NYC IDA (Gourmet Boutique)¹		5.250			11/01/2013		10/26/2012	^B		605,332
	1,285,000	NYC IDA (Guttmacher Institute)¹		5.250			12/01/2016		06/03/2014	^B		1,189,075

16 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount				Coupon			Maturity		Maturity*			Value

New York Continued
$	200,000	NYC IDA (Horace Mann School)			5.000	%		07/01/2018		07/31/2011	^A	$	200,568
	545,000	NYC IDA (Horace Mann School)¹			5.000			07/01/2023		07/31/2011	^A		546,341
	400,000	NYC IDA (Independent Living Assoc.)¹			6.200			07/01/2020		06/28/2016	^B		375,944
	26,150,000	NYC IDA (Liberty-7 World Trade Center)¹			6.250			03/01/2015		03/01/2012	^A		26,259,307
	2,030,000	NYC IDA (Lycee Francais De New York)¹			5.375			06/01/2023		12/01/2012	^A		2,066,256
	2,355,000	NYC IDA (Lycee Francais De New York)¹			5.500			06/01/2013		12/01/2012	^A		2,491,849
	730,000	NYC IDA (Lycee Francais De New York)¹			5.500			06/01/2015		12/01/2012	^A		764,916
	2,880,000	NYC IDA (Lycee Francais De New York)¹			5.500			06/01/2016		12/01/2012	^A		3,007,930
	2,000,000	NYC IDA (Lycee Francais De New York)¹			5.500			06/01/2017		12/01/2012	^A		2,077,700
	3,210,000	NYC IDA (Lycee Francais De New York)¹			5.500			06/01/2018		12/01/2012	^A		3,320,071
	570,000	NYC IDA (Manhattan Community Access Corp.)¹			5.250			12/01/2016		06/03/2014	^B		527,125
	3,065,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹			5.375			11/01/2016		06/28/2014	^B		2,839,539
	345,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹			5.375			11/01/2018		08/03/2015	^B		309,351
	1,695,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹			5.375			11/01/2018		08/11/2015	^B		1,519,856
	250,000	NYC IDA (Marymount School of New York)¹			5.125			09/01/2021		09/01/2011	^A		255,478
	980,000	NYC IDA (Metro Biofuels)¹			5.500			11/01/2013		11/14/2012	^B		934,273
	1,600,000	NYC IDA (Metropolitan College of New York)¹			5.750			03/01/2020		01/13/2017	^B		1,591,232
	4,585,000	NYC IDA (Montefiore Medical Center Corp.)¹			5.125			11/01/2025		07/31/2011	^A		4,589,814
	5,865,000	NYC IDA (Montefiore Medical Center Corp.)¹			5.125			11/01/2035		07/31/2011	^A		5,867,053
	250,000	NYC IDA (Queens Baseball Stadium)¹			5.000			01/01/2025		01/01/2025			236,260
	920,000	NYC IDA (Reece School)¹			6.500			12/01/2017		03/02/2015	^B		904,774
	325,000	NYC IDA (Rockefeller Foundation)¹			5.375			07/01/2023		07/31/2011	^A		326,147
	2,900,000	NYC IDA (Rosco, Inc.)¹			5.625			06/01/2022		01/05/2018	^B		2,853,542
	1,000,000	NYC IDA (Royal Charter NY Presbyterian)¹			5.750			12/15/2029		12/15/2011	^A		1,035,790
	4,400,000	NYC IDA (Samaritan Aids Services)¹			5.000			11/01/2024		11/01/2011	^A		4,418,348
	500,000	NYC IDA (SFTU/YAI/CRV Obligated Group)¹			4.350			07/01/2011		07/01/2011			499,980
	100,000	NYC IDA (SFTU/YAI/CRV Obligated Group)¹			4.400			07/01/2012		07/01/2012			98,286
	370,000	NYC IDA (Showman Fabricators)¹			7.125			11/01/2013		11/13/2012	^B		353,195
	50,000	NYC IDA (Special Needs Facilities Pooled Program)¹			4.150			07/01/2014		10/31/2012	^B		48,898
	200,000	NYC IDA (Special Needs Facilities Pooled Program)¹			5.800			07/01/2023		10/13/2021	^B		176,810
	840,000	NYC IDA (Stallion)¹			5.000			11/01/2016		05/02/2014	^B		720,460
	430,000	NYC IDA (Stallion)¹			5.500			11/01/2017		12/31/2014	^B		374,457
	1,170,000	NYC IDA (Studio School)⁴			6.250			11/01/2018		08/30/2015	^B		1,113,220
	8,605,000	NYC IDA (Terminal One Group Assoc.)¹	��		5.500			01/01/2017		01/01/2016	^C		9,361,035
	11,820,000	NYC IDA (Terminal One Group Assoc.)¹			5.500			01/01/2018		01/01/2016	^C		12,684,869
	14,620,000	NYC IDA (Terminal One Group Assoc.)¹			5.500			01/01/2019		01/01/2016	^C		15,534,042

17 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	15,245,000	NYC IDA (Terminal One Group Assoc.)¹		5.500	%		01/01/2020		01/01/2016	^C	$	16,050,393
	9,750,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2021		01/01/2016	^C		10,228,433
	48,790,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2024		01/01/2016	^C		50,158,072
	580,000	NYC IDA (The Child School)¹		7.000			06/01/2013		09/07/2012	^B		585,116
	100,000	NYC IDA (Trinity Episcopal School Corp.)¹		5.250			06/15/2017		07/31/2011	^A		100,337
	6,630,000	NYC IDA (Unicef)¹		5.050			11/01/2018		08/07/2015	^B		6,133,082
	1,000,000	NYC IDA (United Nations School)¹		6.350			12/01/2015		07/31/2011	^A		1,003,580
	1,000,000	NYC IDA (Urban Resource Institute)¹		5.250			03/01/2023		03/01/2013	^A		1,026,480
	475,000	NYC IDA (Urban Resource Institute)¹		6.500			11/01/2013		11/12/2012	^B		465,424
	730,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2016		12/01/2016			727,576
	2,260,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2016		12/01/2016			2,252,497
	4,300,000	NYC IDA (Visy Paper)¹		7.800			01/01/2016		07/29/2011	^A		4,302,666
	765,000	NYC IDA (Vocational Instruction)		7.250	⁵		02/01/2013		05/08/2012	^B		595,530
	4,375,000	NYC IDA (Yeled Yalda Early Childhood)¹		5.350			11/01/2017		01/11/2015	^B		4,002,206
	5,380,000	NYC IDA (YMCA of Greater New York)¹		5.250			08/01/2021		08/01/2011	^A		5,385,864
	5,040,000	NYC IDA (YMCA of Greater New York)¹		5.800			08/01/2016		07/31/2011	^A		5,052,953
	100,000	NYC IDA (Zeluck, Inc.)¹		6.250			11/01/2011		08/01/2011	^A		100,495
	100,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2026		07/25/2011	^A		100,333
	40,215,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2026		07/25/2011	^A		40,348,916
	5,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2029		06/15/2016	^A		5,199,500
	30,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2030		06/15/2020	^A		31,649,700
	1,720,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2032		07/25/2011	^A		1,725,728
	19,840,000	NYC Municipal Water Finance Authority¹		5.125			06/15/2032		07/25/2011	^A		19,907,853
	3,735,000	NYC Municipal Water Finance Authority¹		5.125			06/15/2033		06/15/2012	^A		3,760,585
	50,000	NYC Municipal Water Finance Authority¹		5.750			06/15/2013		07/31/2011	^A		52,228
	150,000	NYC Transitional Finance Authority¹		5.375			01/15/2030		01/15/2019	^A		159,941
	20,000,000	NYC Transitional Finance Authority¹		5.500			11/01/2028		11/01/2015	^A		21,358,800
	250,000	NYC Transportation Authority MTA (Triborough Bridge & Tunnel Authority)¹		5.400			01/01/2014		07/31/2011	^A		250,875
	3,880,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.000			07/01/2022		03/01/2020	^B		3,854,120
	2,720,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.125			07/01/2030		04/23/2027	^B		2,705,203
	250,000	NYC Trust for Cultural Resources (Museum of Modern Art)¹		5.125			07/01/2031		07/01/2012	^A		250,640
	2,460,000	NYC Trust for Cultural Resources (Museum of Modern Art)¹		5.500			01/01/2021		07/31/2011	^A		2,518,573
	250,000	NYS DA (Augustana Lutheran Home)¹		5.500			02/01/2041		02/01/2013	^A		252,293
	20,000	NYS DA (Brookdale Hospital Medical Center)		5.100			02/15/2012		07/31/2011	^A		20,075
	25,000	NYS DA (Brookdale Hospital Medical Center)¹		5.200			02/15/2016		07/31/2011	^A		25,063
	65,000	NYS DA (Brookdale Hospital Medical Center)¹		5.300			02/15/2017		07/31/2011	^A		65,146
	50,000	NYS DA (Brookdale Hospital Medical Center)¹		5.300			02/15/2017		07/31/2011	^A		50,112

18 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	110,000	NYS DA (Brooklyn Hospital Center)¹		5.100	%		02/01/2019		08/01/2011	^A	$	110,139
	250,000	NYS DA (Brooklyn Law School)¹		5.125			07/01/2030		07/01/2013	^A		251,060
	25,000	NYS DA (Buena Vida Nursing Home)¹		5.000			07/01/2018		07/28/2011	^A		25,081
	75,000	NYS DA (Canisius College)¹		5.000			07/01/2019		07/01/2015	^A		76,995
	1,300,000	NYS DA (Canisius College)¹		5.000			07/01/2022		07/01/2015	^A		1,306,786
	50,000	NYS DA (Carmel Richmond Nursing Home)¹		5.000			07/01/2018		07/31/2011	^A		50,014
	1,120,000	NYS DA (Catskill Regional Medical Center)		5.250			02/15/2023		02/15/2015	^A		1,165,024
	1,350,000	NYS DA (Chapel Oaks)		5.375			07/01/2017		07/31/2011	^A		1,355,198
	3,290,000	NYS DA (Chapel Oaks)¹		5.450			07/01/2026		07/31/2011	^A		3,293,718
	235,000	NYS DA (Culinary Institute of America)¹		5.000			07/01/2022		07/31/2011	^A		235,120
	25,000	NYS DA (D’Youville College)		4.700			07/01/2012		07/31/2011	^A		25,560
	125,000	NYS DA (D’Youville College)¹		5.250			07/01/2025		07/01/2013	^A		125,281
	25,000	NYS DA (Dept. of Health)¹		5.000			07/01/2018		07/31/2011	^A		25,048
	350,000	NYS DA (Dept. of Health)¹		5.000			07/01/2021		07/01/2014	^A		369,030
	60,000	NYS DA (Dept. of Health)¹		5.000			07/01/2024		07/31/2011	^A		60,049
	35,000	NYS DA (Dept. of Health)¹		5.000			07/01/2028		07/31/2011	^A		35,005
	880,000	NYS DA (Dept. of Health)¹		5.250			07/01/2023		07/01/2014	^A		922,381
	1,370,000	NYS DA (Dept. of Health)¹		5.500			07/01/2021		07/31/2011	^A		1,374,959
	2,465,000	NYS DA (Ellis Hospital)¹		5.050			08/15/2024		08/15/2014	^A		2,521,153
	80,000	NYS DA (Ellis Hospital)¹		5.500			08/01/2015		08/01/2011	^A		80,207
	150,000	NYS DA (Ellis Hospital)¹		5.600			08/01/2025		08/01/2011	^A		150,137
	175,000	NYS DA (Ellis Hospital)¹		5.625			08/01/2035		08/01/2011	^A		175,061
	715,000	NYS DA (FNHC/KR/MMWNHC Obligated Group)		5.750			07/01/2017		07/23/2011	^A		717,381
	30,000	NYS DA (Fordham University)¹		5.000			07/01/2028		07/31/2011	^A		30,011
	3,370,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)¹		5.500			07/01/2017		07/27/2011	^A		3,374,617
	50,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)¹		5.500			07/01/2027		06/10/2023	^B		49,997
	10,125,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)¹		5.500			07/01/2027		07/31/2011	^A		10,135,429
	100,000	NYS DA (Green Chimneys School)¹		5.500			07/01/2018		07/28/2011	^A		100,338
	1,000,000	NYS DA (GSHMC/CHSLI Obligated Group)¹		5.750			07/01/2014		07/31/2011	^A		1,012,090
	1,000,000	NYS DA (Health Center/BFCC/USBFCC Obligated Group)¹		5.000			11/15/2019		11/15/2011	^A		1,012,010
	10,565,000	NYS DA (Hospital)¹		6.450			08/15/2024		08/15/2012	^A		10,808,735
	1,815,000	NYS DA (Hunts Point Multi-Service Center)¹		5.625			07/01/2022		07/29/2011	^A		1,817,686
	10,000	NYS DA (Jewish Home Lifecare Harry & Jeanette Weinberg Campus Bronx)¹		5.950			02/01/2016		07/31/2011	^A		10,219
	35,000	NYS DA (John T. Mather Memorial Hospital)¹		5.250			07/01/2015		07/31/2011	^A		35,052
	170,000	NYS DA (John T. Mather Memorial Hospital)¹		5.375			07/01/2019		07/31/2011	^A		170,097
	1,645,000	NYS DA (John T. Mather Memorial Hospital)¹		5.750			07/01/2025		02/28/2023	^B		1,638,749

19 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	15,210,000	NYS DA (Kaleida Health)¹		5.050	%		02/15/2025		02/15/2014	^A	$	15,461,269
	1,015,000	NYS DA (L.I. University)¹		5.250			09/01/2028		10/08/2026	^B		1,001,369
	35,000	NYS DA (La Salle School)¹		5.000			07/01/2018		07/28/2011	^A		35,102
	590,000	NYS DA (Le Moyne College)¹		5.000			07/01/2018		07/28/2011	^A		591,723
	1,100,000	NYS DA (Leake & Watts Services)¹		5.000			07/01/2023		07/01/2014	^A		1,131,614
	20,000	NYS DA (Lenox Hill Hospital Obligated Group)¹		5.750			07/01/2016		07/31/2011	^A		20,222
	2,000,000	NYS DA (Lenox Hill Hospital Obligated Group)¹		5.750			07/01/2017		07/01/2012	^A		2,021,880
	16,800,000	NYS DA (Maimonides Medical Center)¹		5.750			08/01/2029		08/01/2014	^A		17,322,312
	100,000	NYS DA (Manhattan College)¹		5.500			07/01/2019		07/31/2011	^A		101,108
	40,000	NYS DA (March of Dimes)¹		5.600			07/01/2012		07/16/2011	^A		40,138
	615,000	NYS DA (Master BOCES Program)¹		5.250			08/15/2023		08/15/2013	^A		632,441
	15,000	NYS DA (Memorial Hospital of William F. & Gertrude F. Jones)¹		5.250			08/01/2025		08/01/2011	^A		15,010
	30,000	NYS DA (Mental Health Services Facilities)¹		5.000			02/15/2023		07/31/2011	^A		30,023
	14,000,000	NYS DA (Mental Health Services Facilities)¹		5.000			02/15/2028		02/15/2014	^A		14,183,540
	5,000	NYS DA (Mental Health Services Facilities)		5.250			08/15/2013		07/31/2011	^A		5,017
	225,000	NYS DA (Mental Health Services Facilities)¹		5.250			02/15/2023		02/15/2014	^A		234,709
	5,230,000	NYS DA (Miriam Osborn Memorial Home Assoc.)¹		6.875			07/01/2019		07/29/2011	^A		5,294,747
	200,000	NYS DA (Montefiore Medical Center)¹		5.000			02/01/2028		02/01/2015	^A		202,774
	11,875,000	NYS DA (Mount Sinai School of Medicine)¹		5.000			07/01/2035		04/02/2032	^B		11,687,375
	5,000,000	NYS DA (Municipal Health Facilities)¹		5.000			01/15/2032		01/15/2018	^A		5,009,550
	100,000	NYS DA (New York Medical College)		5.000			07/01/2021		07/31/2011	^A		100,284
	115,000	NYS DA (New York Methodist Hospital)¹		5.250			07/01/2018		07/01/2014	^A		120,740
	2,250,000	NYS DA (New York Methodist Hospital)¹		5.250			07/01/2024		07/01/2014	^A		2,283,030
	4,525,000	NYS DA (North General Hospital)¹		5.750			02/15/2015		02/15/2013	^A		4,792,609
	4,440,000	NYS DA (North General Hospital)¹		5.750			02/15/2019		02/15/2013	^A		4,603,836
	3,750,000	NYS DA (North General Hospital)¹		5.750			02/15/2020		02/15/2013	^A		3,875,325
	875,000	NYS DA (Northeast Parent & Child)¹		5.500			07/01/2018		07/28/2011	^A		875,718
	110,000	NYS DA (NSUH at Forest Hills/NSUH Obligated Group)¹		5.000			11/01/2023		07/31/2011	^A		110,041
	35,000	NYS DA (NSUH)¹		5.000			11/01/2023		07/31/2011	^A		35,013
	5,000	NYS DA (NSUH/NSUHGC/NSUHPL Obligated Group)¹		5.000			11/01/2023		07/31/2011	^A		5,002
	10,535,000	NYS DA (NSUH/NSUHGC/NSUHPL Obligated Group)¹		5.200			11/01/2017		07/31/2011	^A		10,552,910
	200,000	NYS DA (NSUH/NSUHGC/NSUHPL Obligated Group)¹		5.250			11/01/2019		07/31/2011	^A		200,242
	11,100,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2026		07/01/2016	^A		11,129,193
	5,235,000	NYS DA (NYU Hospitals Center)¹		5.250			07/01/2024		05/07/2016	^A		5,411,734
	14,170,000	NYS DA (NYU)³		5.250			07/01/2027		06/12/2027	^B		15,418,377

20 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	1,140,000	NYS DA (Ozanam Hall of Queens Nursing Home)¹		5.000	%		11/01/2014		11/01/2014		$	1,105,903
	1,250,000	NYS DA (Ozanam Hall of Queens Nursing Home)¹		5.000			11/01/2015		11/01/2015			1,200,488
	60,000	NYS DA (Ozanam Hall of Queens Nursing Home)¹		5.000			11/01/2026		12/06/2024	^B		47,857
	3,680,000	NYS DA (Providence Rest)¹		5.000			07/01/2021		07/13/2020	^B		2,958,021
	1,250,000	NYS DA (Providence Rest)¹		5.125			07/01/2030		08/06/2028	^B		881,175
	145,000	NYS DA (Resurrection Rest Home Castleton on Hudson)¹		6.050			08/01/2035		07/21/2011	^A		145,493
	8,730,000	NYS DA (Rochester General Hospital)¹		5.000			12/01/2025		10/25/2021	^B		8,267,310
	4,805,000	NYS DA (Ryan-Clinton Community Health Center)¹		6.100			07/01/2019		07/28/2011	^A		4,847,957
	21,000,000	NYS DA (School District Financing)¹		5.375			10/01/2022		10/01/2012	^A		21,871,080
	14,750,000	NYS DA (School District Financing)¹		5.750			10/01/2017		10/01/2012	^A		15,541,780
	5,000,000	NYS DA (School District Financing)¹		5.750			10/01/2022		10/01/2012	^A		5,227,300
	6,180,000	NYS DA (School District Financing)¹		5.750			10/01/2030		10/01/2012	^A		6,441,970
	595,000	NYS DA (SCHRC)¹		5.500			07/01/2022		07/31/2011	^A		595,571
	3,460,000	NYS DA (SCHRC/CHSLI Obligated Group)¹		5.700			07/01/2013		07/31/2011	^A		3,501,382
	3,820,000	NYS DA (SCHRC/CHSLI Obligated Group)¹		5.750			07/01/2014		07/31/2011	^A		3,866,184
	1,570,000	NYS DA (SCHRC/CHSLI Obligated Group)¹		5.800			07/01/2015		07/31/2011	^A		1,589,185
	10,000	NYS DA (SCSMC/SV/CHSLI Obligated Group)¹		5.750			07/01/2020		07/29/2011	^A		10,016
	21,205,000	NYS DA (SCSMC/SV/CHSLI Obligated Group)¹		6.000			07/01/2030		07/31/2011	^A		21,220,056
	15,000,000	NYS DA (SCSMC/SV/CHSLI Obligated Group)¹		6.500			07/01/2020		07/31/2011	^A		15,033,300
	1,100,000	NYS DA (SFH)¹		5.500			07/01/2029		07/31/2011	^A		1,100,198
	250,000	NYS DA (SFH/CHSLI Obligated Group)¹		5.500			07/01/2022		07/31/2011	^A		250,240
	1,000,000	NYS DA (SFH/CHSLI Obligated Group)¹		5.800			07/01/2015		07/31/2011	^A		1,012,220
	15,480,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)¹		5.000			07/01/2021		07/01/2014	^A		15,949,199
	230,000	NYS DA (South Nassau Communities Hospital/Winthrop University Hospital Obligated Group)¹		5.250			07/01/2016		07/31/2011	^A		232,737
	230,000	NYS DA (Southside Hospital)¹		5.000			02/15/2018		07/31/2011	^A		230,308
	170,000	NYS DA (Southside Hospital)¹		5.000			02/15/2025		08/15/2011	^A		170,024
	135,000	NYS DA (Southside Hospital)¹		5.200			02/15/2021		07/31/2011	^A		135,122
	10,000	NYS DA (Special Act School Districts)		5.750			07/01/2011		07/01/2011			10,001
	35,000	NYS DA (Special Act School Districts)¹		5.750			07/01/2019		07/31/2011	^A		35,123
	320,000	NYS DA (Special Act School Districts)¹		5.875			07/01/2013		07/31/2011	^A		321,258
	15,000	NYS DA (Special Act School Districts)		6.000			07/01/2016		07/31/2011	^A		15,053
	925,000	NYS DA (Special Act School Districts)¹		6.000			07/01/2019		07/31/2011	^A		928,432
	2,500,000	NYS DA (Special Surgery Hospital)¹		6.250			08/15/2034		10/30/2018	^A		2,848,650
	5,250,000	NYS DA (SS Joachim & Anne Residence)¹		5.250			07/01/2027		07/01/2012	^A		5,278,980
	3,500,000	NYS DA (St. Barnabas Hospital)¹		5.125			02/01/2022		08/01/2012	^A		3,620,820

21 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	2,555,000	NYS DA (St. Barnabas Hospital)¹		5.350	%		08/01/2017		08/01/2011	^A	$	2,559,982
	3,000,000	NYS DA (St. Joseph’s College)¹		5.250			07/01/2025		07/01/2017	^A		3,082,260
	4,555,000	NYS DA (St. Joseph’s Hospital Health Center)¹		5.250			07/01/2018		07/28/2011	^A		4,559,100
	3,685,000	NYS DA (St. Lawrence)¹		5.400			08/15/2026		08/15/2017	^A		3,977,147
	100,890,000	NYS DA (St. Luke’s Roosevelt Hospital)¹		4.800			08/15/2025		08/07/2015	^A		101,766,734
	100,000	NYS DA (Staten Island University Hospital)		5.000			07/01/2011		07/01/2011			100,006
	35,000	NYS DA (Staten Island University Hospital)¹		5.000			07/01/2017		07/31/2011	^A		35,008
	345,000	NYS DA (Suffern Free Library Assoc.)		5.000			07/01/2020		07/31/2011	^A		345,328
	295,000	NYS DA (Suffern Free Library)¹		5.000			07/01/2023		07/31/2011	^A		295,145
	2,820,000	NYS DA (The Bronx-Lebanon Hospital Center)¹		6.250			08/15/2022		02/15/2014	^A		2,978,117
	250,000	NYS DA (The Bronx-Lebanon Hospital Center)¹		6.250			02/15/2035		02/15/2019	^A		270,580
	90,000	NYS DA (The Children’s Home of Kingston)¹		5.250			07/01/2017		07/27/2011	^A		90,344
	2,150,000	NYS DA (United Cerebral Palsy Assoc. of Nassau County)¹		5.500			07/01/2024		07/31/2011	^A		2,152,688
	1,700,000	NYS DA (United Cerebral Palsy Assoc. of NYC)¹		5.750			07/01/2018		07/01/2012	^A		1,734,680
	370,000	NYS DA (United Cerebral Palsy Assoc. of NYC/United Cerebral Palsy Assoc. Obligated Group)¹		5.000			07/01/2013		07/01/2012	^A		379,994
	15,000	NYS DA (United Cerebral Palsy Assoc.)		5.375			07/01/2011		07/01/2011			15,002
	5,000	NYS DA (Upstate Community Colleges)¹		5.000			07/01/2028		07/31/2011	^A		5,002
	1,905,000	NYS DA (Upstate Community Colleges)¹		5.125			07/01/2021		07/01/2014	^A		2,055,914
	1,165,000	NYS DA (Upstate Community Colleges)¹		5.125			07/01/2022		07/01/2014	^A		1,261,019
	15,000	NYS DA (W.K. Nursing Home)¹		5.950			02/01/2016		08/01/2011	^A		15,040
	35,000	NYS DA (W.K. Nursing Home)¹		6.050			02/01/2026		08/01/2011	^A		35,041
	2,500,000	NYS DA (Willow Towers)¹		5.400			02/01/2034		08/01/2014	^A		2,521,050
	2,000,000	NYS DA (Winthrop University Hospital)¹		5.500			07/01/2023		07/01/2013	^A		2,034,440
	310,000	NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)¹		5.250			07/01/2015		07/31/2011	^A		313,776
	285,000	NYS DA (Wyckoff Heights Medical Center)¹		5.200			02/15/2013		07/31/2011	^A		285,855
	1,000,000	NYS DA (Wyckoff Heights Medical Center)¹		5.200			02/15/2014		07/31/2011	^A		1,002,790
	20,000	NYS DA (Wyckoff Heights Medical Center)¹		5.200			02/15/2014		07/31/2011	^A		20,056
	20,000	NYS DA (Wyckoff Heights Medical Center)¹		5.200			02/15/2014		07/31/2011	^A		20,063
	250,000	NYS DA (Wyckoff Heights Medical Center)¹		5.200			02/15/2015		07/31/2011	^A		250,695
	1,120,000	NYS DA (Wyckoff Heights Medical Center)¹		5.300			08/15/2021		07/31/2011	^A		1,121,310
	26,255,000	NYS DA (Wyckoff Heights Medical Center)¹		5.300			08/15/2021		07/31/2011	^A		26,285,718
	39,570,000	NYS DA, Series B³		6.650			08/15/2030		01/01/2016	^B		40,572,660
	1,000,000	NYS DA, Series B¹		6.650			08/15/2030		08/15/2012	^A		1,025,340
	5,000	NYS EFC		5.600			09/15/2013		07/31/2011	^A		5,022
	25,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.250			06/15/2016		07/18/2011	^A		25,063
	560,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.250			10/15/2019		10/15/2011	^A		567,616

22 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	200,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.250	%		10/15/2021		10/15/2011	^A	$	202,720
	955,000	NYS EFC (L.I. Water Corp.)¹		5.250			08/01/2027		08/01/2027			953,415
	20,000	NYS EFC (NYC Municipal Water Finance Authority)		5.875			06/15/2014		07/31/2011	^A		20,092
	7,500,000	NYS EFC (NYS Water Services)¹		5.950			01/15/2020		01/15/2012	^A		7,663,125
	1,320,000	NYS EFC (NYS Water Services)		6.875			06/15/2014		07/31/2011	^A		1,327,181
	70,000	NYS EFC (NYS Water Services)¹		7.500			06/15/2012		07/31/2011	^A		70,428
	25,000	NYS EFC (Pollution Control)¹		6.500			06/15/2014		07/31/2011	^A		25,128
	1,050,000	NYS EFC (Spring Valley Water Company)¹		5.650			11/01/2023		07/31/2011	^A		1,050,830
	5,800,000	NYS EFC (Spring Valley Water Company)¹		6.300			08/01/2024		08/01/2011	^A		5,805,104
	36,895,000	NYS ERDA (Brooklyn Union Gas Company)¹		5.500			01/01/2021		07/31/2011	^A		37,022,288
	3,000,000	NYS ERDA (Brooklyn Union Gas Company) Linked SAVRS & RIBS¹		6.368	⁶		04/01/2020		04/01/2012	^A		3,014,970
	8,440,000	NYS ERDA (Central Hudson Gas & Electric Co.)¹		5.450			08/01/2027		08/01/2011	^A		8,446,077
	25,000	NYS ERDA (Central Hudson Gas & Electric Co.)¹		6.500			12/01/2028		12/01/2013	^A		25,835
	10,650,000	NYS ERDA (Con Ed)¹		0.263	⁶		10/01/2036		10/01/2011	^A		9,544,530
	5,245,000	NYS ERDA (LILCO)¹		5.150			03/01/2016		07/31/2011	^A		5,364,429
	13,795,000	NYS ERDA (LILCO)¹		5.150			03/01/2016		07/31/2011	^A		14,109,112
	1,280,000	NYS ERDA (LILCO)¹		5.150			03/01/2016		07/31/2011	^A		1,316,710
	4,740,000	NYS ERDA (LILCO)¹		5.150			03/01/2016		07/31/2011	^A		4,847,930
	20,495,000	NYS ERDA (LILCO)¹		5.300			11/01/2023		09/01/2011	^A		20,509,961
	200,000	NYS ERDA (LILCO)¹		5.300			10/01/2024		09/01/2011	^A		200,096
	320,000	NYS ERDA (Niagara Mohawk Power Corp.)¹		5.150			11/01/2025		07/31/2011	^A		320,166
	880,000	NYS ERDA (NYS Electric & Gas Corp.)¹		5.350			12/01/2028		12/01/2028			853,776
	3,250,000	NYS HFA (Affordable Hsg.)¹		5.250			11/01/2027		11/01/2017	^A		3,260,173
	580,000	NYS HFA (Division Street)¹		5.000			02/15/2026		07/17/2015	^A		582,198
	740,000	NYS HFA (Golden Age Apartments)¹		5.000			02/15/2037		02/19/2025	^B		718,725
	3,000,000	NYS HFA (Horizons at Wawayanda)¹		5.350			06/01/2025		08/01/2017	^A		3,078,270
	20,000	NYS HFA (Hospital & Healthcare)		5.000			11/01/2011		07/31/2011	^A		20,064
	8,305,000	NYS HFA (Hospital & Nursing Home)¹		5.150			11/01/2016		07/31/2011	^A		8,343,867
	40,000	NYS HFA (Hospital & Nursing Home)¹		5.500			11/01/2012		11/01/2012			42,279
	65,000	NYS HFA (Hospital & Nursing Home)¹		5.500			11/01/2013		11/01/2013			71,273
	10,000	NYS HFA (Hospital & Nursing Home)¹		6.000			11/01/2013		11/01/2013			11,235
	35,000	NYS HFA (Hospital & Nursing Home)¹		6.000			11/01/2014		11/01/2014			40,951
	25,000	NYS HFA (Loewn Devel. of Wappingers Falls)¹		5.250			08/15/2019		07/31/2011	^A		25,017
	55,000	NYS HFA (Meadow Manor)¹		7.750			11/01/2019		11/01/2011	^A		55,893
	345,000	NYS HFA (Multifamily Hsg.)¹		5.300			08/15/2022		08/15/2012	^A		347,487
	1,340,000	NYS HFA (Multifamily Hsg.)¹		5.300			08/15/2024		08/15/2011	^A		1,340,375
	50,000	NYS HFA (Multifamily Hsg.)¹		5.400			02/15/2016		07/31/2011	^A		50,068
	1,125,000	NYS HFA (Multifamily Hsg.)¹		5.550			08/15/2019		08/15/2011	^A		1,126,654
	1,275,000	NYS HFA (Multifamily Hsg.)¹		5.600			08/15/2019		08/15/2011	^A		1,276,951

23 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	1,240,000	NYS HFA (Multifamily Hsg.)¹		5.600	%		02/15/2026		08/15/2011	^A	$	1,240,422
	1,730,000	NYS HFA (Multifamily Hsg.)¹		5.600			08/15/2033		08/15/2013	^A		1,742,698
	125,000	NYS HFA (Multifamily Hsg.)¹		6.250			08/15/2025		07/31/2011	^A		125,119
	325,000	NYS HFA (Multifamily Hsg.)¹		6.750			11/15/2036		07/31/2011	^A		336,473
	15,000	NYS HFA (Multifamily Hsg.)		6.800			11/01/2014		07/31/2011	^A		15,052
	90,000	NYS HFA (Multifamily Hsg.)¹		6.850			11/01/2019		07/31/2011	^A		90,212
	330,000	NYS HFA (Newburgh Interfaith Emergency Hsg.)		7.050			11/01/2012		07/31/2011	^A		331,393
	50,000	NYS HFA (Nonprofit Hsg.)		6.200			11/01/2011		07/31/2011	^A		50,689
	40,000	NYS HFA (Nonprofit Hsg.)		6.200			11/01/2012		07/31/2011	^A		40,543
	25,000	NYS HFA (Nonprofit Hsg.)		6.200			11/01/2013		07/31/2011	^A		25,331
	5,085,000	NYS HFA (Phillips Village)		7.750			08/15/2017		07/31/2011	^A		5,146,223
	2,695,000	NYS HFA (Senior Devel. Hsg.)¹		5.100			11/15/2023		08/16/2016	^A		2,765,124
	1,515,000	NYS HFA (Simeon Dewitt)¹		8.000			11/01/2018		07/31/2011	^A		1,558,617
	245,000	NYS HFA (Tiffany Gardens)¹		4.500			08/15/2015		09/14/2013	^B		256,949
	2,190,000	NYS HFA, Series A		6.100			11/01/2015		07/31/2011	^A		2,199,702
	405,000	NYS HFA, Series A¹		6.125			11/01/2020		07/31/2011	^A		405,535
	270,000	NYS Medcare (Hospital & Nursing Home)¹		7.000			08/15/2032		07/21/2011	^A		270,986
	135,000	NYS Medcare (Hospital & Nursing Home)¹		7.400			11/01/2016		07/31/2011	^A		135,668
	65,000	NYS Medcare (Hospital & Nursing Home)¹		9.375			11/01/2016		07/31/2011	^A		65,474
	10,710,000	NYS Municipal Bond Bank Agency (Special School Purpose)¹		5.250			12/01/2019		06/01/2013	^A		11,379,589
	2,930,000	NYS Municipal Bond Bank Agency (Special School Purpose)¹		5.500			06/01/2015		06/01/2013	^A		3,156,929
	4,000,000	NYS UDC (Subordinated Lien)¹		5.125			07/01/2020		07/01/2014	^A		4,196,560
	1,000,000	NYS UDC (Subordinated Lien)¹		5.125			07/01/2021		07/01/2014	^A		1,051,180
	5,015,000	NYS UDC (Subordinated Lien)¹		5.500			07/01/2016		07/28/2011	^A		5,034,709
	6,695,000	NYS UDC (Subordinated Lien)¹		5.500			07/01/2022		07/31/2011	^A		6,717,094
	6,795,000	NYS UDC (Subordinated Lien)¹		5.600			07/01/2026		07/31/2011	^A		6,816,065
	3,675,000	NYS UDC, Series D¹		5.625			01/01/2028		01/01/2019	^A		3,978,335
	1,885,000	Oneida County, NY IDA (Faxton Hospital)¹		6.625			01/01/2015		07/31/2011	^A		1,900,174
	130,000	Oneida County, NY IDA (Mohawk Valley Network/Faxton-St. Luke’s Healthcare Obligated Group)¹		5.000			01/01/2013		01/01/2012	^A		132,685
	1,190,000	Oneida County, NY IDA (Presbyterian Home)¹		5.250			03/01/2019		09/01/2011	^A		1,194,308
	1,615,000	Oneida County, NY IDA (Presbyterian Home)¹		6.100			06/01/2020		07/31/2011	^A		1,618,795
	830,000	Oneida County, NY IDA (Presbyterian Home)¹		6.250			06/01/2015		07/31/2011	^A		833,121
	645,000	Onondaga County, NY IDA (Le Moyne College)¹		5.500			03/01/2014		07/31/2011	^A		646,290
	200,000	Orange County, NY IDA (Orange Mental Retardation Properties)		6.125			05/01/2016		07/31/2011	^A		200,764
	4,090,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹		6.000			12/01/2016		12/01/2011	^A		4,172,454
	1,520,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹		6.000			12/01/2016		12/01/2011	^A		1,550,643

24 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal									Effective
Amount			Coupon				Maturity		Maturity*			Value

New York Continued
$	55,000	Oswego County, NY IDA (Seneca Hill Manor)¹		5.550	%			08/01/2022		08/01/2011	^A	$	55,059
	3,510,000	Oswego County, NY IDA (Seneca Hill Manor)¹		5.650				08/01/2037		08/01/2011	^A		3,511,123
	565,000	Otsego County, NY IDA (AOFMHS)¹		5.350				10/01/2017		07/31/2011	^A		567,130
	510,000	Otsego County, NY IDA (Bassett Healthcare Project)¹		5.375				11/01/2020		11/01/2011	^A		510,877
	1,350,000	Otsego County, NY IDA (Hartwick College)¹		6.000				07/01/2013		07/01/2012	^A		1,365,012
	1,435,000	Otsego County, NY IDA (Hartwick College)¹		6.000				07/01/2014		07/01/2012	^A		1,448,374
	1,520,000	Otsego County, NY IDA (Hartwick College)¹		6.000				07/01/2015		07/01/2012	^A		1,529,378
	1,610,000	Otsego County, NY IDA (Hartwick College)¹		6.000				07/01/2016		07/01/2012	^A		1,617,132
	3,625,000	Otsego County, NY IDA (Mary Imogene Bassett Hospital)¹		5.350				11/01/2020		11/01/2011	^A		3,630,909
	25,000	Plattsburgh, NY Fire District No. 3¹		6.250				10/15/2014		10/15/2011	^A		25,417
	96,285,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750				12/01/2022		01/10/2021	^B		95,557,085
	43,160,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750				12/01/2025		12/14/2024	^B		42,162,572
	49,140,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.900				12/01/2017		07/31/2011	^A		49,181,278
	18,355,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.250		��		12/01/2014		12/01/2014			19,475,756
	39,000,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.500				12/01/2028		12/01/2015	^A		41,123,160
	8,810,000	Port Authority NY/NJ (KIAC)¹		6.750				10/01/2011		10/01/2011			8,795,375
	29,175,000	Port Authority NY/NJ (KIAC)¹		6.750				10/01/2019		09/04/2016	^B		27,019,259
	20,000	Port Authority NY/NJ, 103rd Series¹		5.250				12/15/2012		07/31/2011	^A		20,076
	10,000	Port Authority NY/NJ, 116th Series¹		5.000				10/01/2012		07/31/2011	^A		10,036
	100,000	Port Authority NY/NJ, 116th Series¹		5.000				10/01/2013		07/31/2011	^A		100,361
	160,000	Port Authority NY/NJ, 116th Series¹		5.250				10/01/2014		07/31/2011	^A		160,611
	55,000	Port Authority NY/NJ, 116th Series¹		5.250				10/01/2015		07/31/2011	^A		55,210
	815,000	Port Authority NY/NJ, 122nd Series¹		5.000				07/15/2018		07/31/2011	^A		816,271
	30,000	Port Authority NY/NJ, 122nd Series¹		5.000				07/15/2020		07/31/2011	^A		30,028
	300,000	Port Authority NY/NJ, 122nd Series¹		5.000				07/15/2022		07/31/2011	^A		300,192
	55,000	Port Authority NY/NJ, 122nd Series¹		5.000				07/15/2031		07/31/2011	^A		55,001
	165,000	Port Authority NY/NJ, 122nd Series¹		5.000				07/15/2031		07/31/2011	^A		165,002
	2,060,000	Port Authority NY/NJ, 122nd Series		5.500				07/15/2011		07/15/2011			2,064,429
	25,000	Port Authority NY/NJ, 122nd Series		5.500				07/15/2012		07/31/2011	^A		25,101
	5,170,000	Port Authority NY/NJ, 122nd Series¹		5.500				07/15/2015		07/31/2011	^A		5,184,631
	30,000	Port Authority NY/NJ, 124th Series¹		4.800				08/01/2018		08/01/2011	^A		30,041
	1,695,000	Port Authority NY/NJ, 124th Series¹		5.000				08/01/2019		08/01/2011	^A		1,697,000
	20,000	Port Authority NY/NJ, 124th Series¹		5.000				08/01/2021		08/01/2011	^A		20,016
	265,000	Port Authority NY/NJ, 124th Series¹		5.000				08/01/2022		08/01/2011	^A		265,167
	325,000	Port Authority NY/NJ, 124th Series¹		5.000				08/01/2024		08/01/2011	^A		325,101

25 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	100,000	Port Authority NY/NJ, 124th Series¹		5.000	%		08/01/2025		08/01/2011	^A	$	100,024
	60,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2031		08/01/2011	^A		60,001
	15,000	Port Authority NY/NJ, 126th Series¹		5.000			11/15/2024		05/15/2013	^A		15,207
	85,000	Port Authority NY/NJ, 126th Series¹		5.125			11/15/2032		05/15/2014	^A		85,468
	230,000	Port Authority NY/NJ, 127th Series¹		5.000			12/15/2022		06/15/2012	^A		234,131
	30,000	Port Authority NY/NJ, 127th Series¹		5.000			12/15/2024		06/15/2013	^A		30,424
	10,000	Port Authority NY/NJ, 131st Series¹		5.000			12/15/2026		06/15/2015	^A		10,138
	18,855,000	Port Authority NY/NJ, 136th Series¹		5.375			11/01/2025		05/01/2014	^A		19,586,385
	5,745,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2021		09/01/2015	^A		5,978,534
	14,110,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2022		09/01/2015	^A		14,587,059
	6,000,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2025		09/01/2015	^A		6,086,340
	10,000,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2026		09/01/2015	^A		10,143,900
	4,300,000	Port Authority NY/NJ, 143rd Series¹		5.000			10/01/2030		04/01/2016	^A		4,333,110
	2,100,000	Port Authority NY/NJ, 151st Series¹		6.000			09/15/2028		03/15/2018	^A		2,243,514
	250,000	Port Authority NY/NJ, 152nd Series¹		5.000			11/01/2023		05/01/2018	^A		257,448
	2,100,000	Port Authority NY/NJ, 152nd Series¹		5.750			11/01/2030		05/01/2018	^A		2,232,804
	2,780,000	Port Authority NY/NJ, 37th Series¹		5.500			07/15/2019		07/15/2014	^A		3,049,493
	1,145,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)¹		5.900			08/01/2020		08/01/2011	^A		1,146,477
	1,200,000	Rensselaer County, NY IDA (Franciscan Heights)¹		5.375			12/01/2025		12/01/2014	^A		1,210,668
	135,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.125			08/01/2027		08/01/2011	^A		135,014
	265,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.125			08/01/2029		08/01/2011	^A		264,981
	50,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.500			08/01/2022		08/01/2011	^A		50,052
	1,480,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.200			06/01/2025		04/19/2013	^B		1,373,203
	1,490,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.750			06/01/2043		12/09/2024	^B		1,241,185
	230,000	Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)¹		5.000			06/01/2019		06/01/2014	^A		238,066
	5,845,000	Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)¹		5.875			06/01/2022		06/01/2014	^A		6,120,767
	25,000	Rockland County, NY Solid Waste Management Authority¹		5.625			12/15/2014		07/31/2011	^A		25,071
	7,745,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.500			08/15/2025		09/12/2014	^B		7,364,875
	55,000	Rome, NY HDC, Series A¹		6.250			01/01/2024		07/31/2011	^A		55,068
	500,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.000			12/01/2014		12/01/2014			542,785

26 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	3,725,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.750	%		12/01/2023		07/31/2011	^A	$	3,728,166
	6,540,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.750			12/01/2033		09/30/2011	^A		6,540,523
	3,405,000	Schenectady, NY Metroplex Devel. Authority, Series A¹		5.375			12/15/2021		12/15/2012	^A		3,495,914
	25,000	Scotia, NY GO¹		6.100			01/15/2012		01/15/2012			25,720
	50,000	Seneca County, NY IDA (New York Chiropractic College)¹		4.000			10/01/2015		10/01/2015			52,286
	870,000	SONYMA, Series 101¹		5.000			10/01/2018		10/01/2011	^A		871,627
	25,000	SONYMA, Series 101¹		5.250			04/01/2022		10/01/2011	^A		25,038
	4,550,000	SONYMA, Series 101¹		5.350			10/01/2026		10/01/2011	^A		4,554,641
	795,000	SONYMA, Series 133¹		4.950			10/01/2021		06/10/2014	^A		808,602
	580,000	SONYMA, Series 145¹		4.950			10/01/2023		06/10/2012	^A		590,852
	20,465,000	SONYMA, Series 29³		5.450			10/01/2031		07/06/2012	^B		20,552,245
	400,000	SONYMA, Series 31¹		5.200			10/01/2021		07/31/2011	^A		400,224
	485,000	SONYMA, Series 31¹		5.300			10/01/2031		07/31/2011	^A		485,010
	85,000	SONYMA, Series 63		5.700			10/01/2011		07/31/2011	^A		85,283
	5,000	SONYMA, Series 65		5.550			10/01/2012		07/31/2011	^A		5,013
	245,000	SONYMA, Series 67¹		5.600			10/01/2014		07/31/2011	^A		245,505
	100,000	SONYMA, Series 67¹		5.600			10/01/2014		07/31/2011	^A		100,197
	1,105,000	SONYMA, Series 67¹		5.700			10/01/2017		07/31/2011	^A		1,106,459
	500,000	SONYMA, Series 67¹		5.800			10/01/2028		07/31/2011	^A		523,740
	50,000	SONYMA, Series 69¹		5.400			10/01/2019		07/31/2011	^A		50,045
	3,805,000	SONYMA, Series 69¹		5.400			10/01/2019		07/31/2011	^A		3,808,386
	9,085,000	SONYMA, Series 69¹		5.500			10/01/2028		07/31/2011	^A		9,086,726
	145,000	SONYMA, Series 70¹		5.375			10/01/2017		07/31/2011	^A		145,223
	20,000	SONYMA, Series 70¹		5.375			10/01/2017		07/31/2011	^A		20,027
	375,000	SONYMA, Series 71¹		5.350			10/01/2018		07/31/2011	^A		375,345
	10,000	SONYMA, Series 72¹		5.200			10/01/2016		07/31/2011	^A		10,020
	65,000	SONYMA, Series 72¹		5.300			04/01/2027		07/31/2011	^A		65,005
	440,000	SONYMA, Series 73-A¹		5.250			10/01/2017		07/31/2011	^A		440,418
	215,000	SONYMA, Series 73-A¹		5.300			10/01/2028		07/31/2011	^A		215,009
	29,220,000	SONYMA, Series 77¹		5.150			04/01/2029		07/31/2011	^A		29,220,000
	9,435,000	SONYMA, Series 79¹		5.250			10/01/2021		07/31/2011	^A		9,438,208
	55,000	SONYMA, Series 79¹		5.250			10/01/2021		07/31/2011	^A		55,033
	770,000	SONYMA, Series 79¹		5.300			04/01/2029		07/31/2011	^A		770,015
	2,140,000	SONYMA, Series 80¹		5.100			10/01/2017		07/31/2011	^A		2,143,146
	5,395,000	SONYMA, Series 82¹		5.550			10/01/2019		07/31/2011	^A		5,400,449
	45,000	SONYMA, Series 82¹		5.650			04/01/2030		07/31/2011	^A		45,014

27 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	1,635,000	SONYMA, Series 83¹		5.450	%		04/01/2018		07/31/2011	^A	$	1,637,420
	45,000	SONYMA, Series 83¹		5.550			10/01/2027		07/31/2011	^A		45,021
	15,000	SONYMA, Series 83¹		5.550			10/01/2027		07/31/2011	^A		15,008
	6,150,000	SONYMA, Series 97¹		5.400			10/01/2021		07/31/2011	^A		6,154,182
	500,000	SONYMA, Series 98¹		5.050			10/01/2017		07/31/2011	^A		500,730
	385,000	Spring Valley, NY (Quality Redevel.)¹		5.000			06/15/2021		06/15/2017	^A		400,462
	405,000	Spring Valley, NY (Quality Redevel.)¹		5.000			06/15/2022		06/15/2017	^A		417,587
	300,000	Spring Valley, NY GO¹		5.000			05/01/2020		05/01/2015	^A		310,101
	310,000	Spring Valley, NY GO¹		5.000			05/01/2021		05/01/2015	^A		318,485
	325,000	Spring Valley, NY GO¹		5.000			05/01/2022		05/01/2015	^A		331,900
	335,000	Spring Valley, NY GO¹		5.000			05/01/2023		05/01/2015	^A		340,018
	350,000	Spring Valley, NY GO¹		5.000			05/01/2024		05/01/2015	^A		352,587
	365,000	Spring Valley, NY GO¹		5.000			05/01/2025		05/01/2015	^A		366,555
	3,185,000	St. Lawrence County, NY IDA (Curran Renewable Energy)¹		6.200			12/01/2017		12/01/2014	^B		2,797,099
	460,000	Suffolk County, NY IDA (ALIA-CCDRCA)¹		7.000			06/01/2016		03/30/2013	^A		461,596
	500,000	Suffolk County, NY IDA (ALIA-Civic Facility)¹		5.950			11/01/2022		01/11/2020	^B		449,605
	130,000	Suffolk County, NY IDA (ALIA-Civic Facility)¹		6.000			11/01/2017		05/01/2015	^B		123,120
	530,000	Suffolk County, NY IDA (ALIA-Civic Facility)¹		6.000			11/01/2017		07/17/2015	^B		501,952
	555,000	Suffolk County, NY IDA (ALIA-FREE)¹		7.000			06/01/2016		03/31/2013	^A		556,926
	200,000	Suffolk County, NY IDA (ALIA-IGHL)¹		5.950			11/01/2022		04/30/2019	^B		179,842
	225,000	Suffolk County, NY IDA (ALIA-IGHL)¹		6.500			12/01/2013		12/20/2012	^B		222,683
	800,000	Suffolk County, NY IDA (ALIA-LIHIA)¹		5.950			11/01/2022		10/08/2019	^B		719,368
	300,000	Suffolk County, NY IDA (ALIA-NYS ARC)¹		5.950			11/01/2022		11/28/2019	^B		269,763
	300,000	Suffolk County, NY IDA (ALIA-WORCA)¹		5.950			11/01/2022		09/12/2019	^B		269,763
	260,000	Suffolk County, NY IDA (ALIA-WORCA)¹		7.000			06/01/2016		03/30/2013	^A		260,902
	300,000	Suffolk County, NY IDA (Catholic Charities)¹		6.000			10/01/2020		09/20/2016	^B		277,527
	300,000	Suffolk County, NY IDA (DDI)¹		6.000			10/01/2020		09/19/2016	^B		277,527
	300,000	Suffolk County, NY IDA (DDI)¹		6.000			10/01/2020		09/24/2016	^B		277,527
	1,065,000	Suffolk County, NY IDA (Dowling College)¹		5.000			06/01/2018		06/01/2018			959,970
	12,000,000	Suffolk County, NY IDA (Engel Berman at East Northport)¹		7.125			11/01/2049		11/01/2012	^A		12,064,320
	24,135,000	Suffolk County, NY IDA (Engel Berman at East Northport)¹		7.125			11/01/2049		11/01/2012	^A		24,264,364
	110,000	Suffolk County, NY IDA (Family Residences)¹		6.000			10/01/2015		11/20/2013	^B		106,570
	355,000	Suffolk County, NY IDA (Family Residences), Series A¹		6.375			12/01/2018		10/18/2015	^B		339,689
	2,425,000	Suffolk County, NY IDA (Family Residences), Series A¹		6.375			12/01/2018		10/01/2015	^B		2,320,410
	600,000	Suffolk County, NY IDA (Independent Group Home Living)¹		6.000			10/01/2020		09/21/2016	^B		555,054
	300,000	Suffolk County, NY IDA (L.I. Network Community Services)¹		7.000			02/01/2014		11/19/2012	^B		301,110

28 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	265,000	Suffolk County, NY IDA (Mattituck-Laurel Library)¹		6.000	%		09/01/2019		09/01/2011	^A	$	268,315
	290,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)¹		6.250			11/01/2016		06/28/2014	^B		281,271
	105,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)¹		6.250			11/01/2016		07/20/2014	^B		101,840
	700,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2017		03/01/2015	^A		749,000
	1,000,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2018		03/01/2015	^A		1,056,090
	500,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2019		03/01/2015	^A		523,035
	720,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2020		03/01/2015	^A		747,007
	1,000,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2021		03/01/2015	^A		1,031,420
	615,000	Suffolk County, NY IDA (Pederson-Krager Center)¹		6.375			11/01/2015		12/15/2013	^B		589,348
	435,000	Suffolk County, NY IDA (Pederson-Krager Center)¹		6.400			02/01/2015		08/30/2013	^B		414,516
	200,000	Suffolk County, NY IDA (Suffolk Hotels)¹		6.000			10/01/2020		09/14/2016	^B		185,018
	500,000	Suffolk County, NY IDA (WORCA)¹		6.000			10/01/2020		09/23/2016	^B		462,545
	930,000	Sullivan County, NY IDA (Center for Discovery)¹		5.625			06/01/2013		12/06/2012	^B		907,196
	4,500,000	Sullivan County, NY IDA (Center for Discovery)¹		5.875			07/01/2022		07/01/2022			3,580,155
	4,970,000	Sullivan County, NY IDA (Center for Discovery)¹		6.375			02/01/2020		06/30/2016	^B		4,532,541
	30,000	Syracuse, NY Hsg. Authority¹		5.400			09/01/2021		09/01/2013	^A		31,228
	265,000	Syracuse, NY IDA (Crouse Irving Companies)¹		5.250			01/01/2017		07/31/2011	^A		265,657
	25,000	Syracuse, NY IDA (Jewish Home of Central New York)¹		7.375			03/01/2021		04/02/2017	^B		24,366
	510,000	Syracuse, NY IDA (One Center Armory Garage)		6.750			12/01/2017		11/30/2011	^A		509,975
	900,000	Tompkins County, NY IDA (Kendall at Ithaca)¹		5.750			07/01/2018		07/31/2011	^A		930,528
	2,000,000	Tompkins County, NY IDA (Kendall at Ithaca)¹		6.000			07/01/2024		07/31/2011	^A		2,066,860
	105,000	Tompkins, NY Health Care Corp. (Reconstruction Home)¹		5.875			02/01/2033		08/01/2011	^A		105,084
	385,000	Tompkins, NY Health Care Corp. (Reconstruction Home)¹		10.800			02/01/2028		08/01/2011	^A		402,406
	10,000	Ulster County, NY GO¹		5.400			11/15/2013		11/15/2011	^A		10,184
	10,000	Ulster County, NY GO¹		5.400			11/15/2015		11/15/2011	^A		10,184
	25,000	Ulster County, NY GO¹		5.500			11/15/2012		11/15/2011	^A		25,473
	155,000	Ulster County, NY Res Rec¹		5.000			03/01/2016		03/01/2016			168,950
	160,000	Ulster County, NY Res Rec¹		5.000			03/01/2017		03/01/2016	^A		172,192

29 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	170,000	Ulster County, NY Res Rec¹		5.000	%		03/01/2018		03/01/2016	^A	$	180,445
	360,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.000			06/01/2040		02/24/2036	^B		308,502
	25,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.250			06/01/2025		12/07/2020	^B		24,058
	830,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.450			06/01/2040		08/14/2033	^B		722,324
	10,730,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.750			06/01/2030		06/19/2024	^B		10,246,077
	125,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)¹		5.375			07/15/2019		07/31/2011	^A		125,434
	75,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)¹		5.400			07/15/2030		07/15/2012	^A		75,617
	20,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)¹		5.500			07/15/2016		07/31/2011	^A		20,072
	25,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)¹		5.500			07/15/2029		07/31/2011	^A		25,021
	330,000	Utica, NY IDA (Utica College Civic Facility)¹		6.375			12/01/2011		12/01/2011			333,274
	15,000	Victor, NY GO¹		4.800			12/15/2017		12/15/2011	^A		15,297
	100,000	Westchester County, NY GO¹		5.375			12/15/2012		12/15/2011	^A		102,166
	50,000	Westchester County, NY GO¹		5.375			12/15/2013		12/15/2011	^A		50,938
	100,000	Westchester County, NY Healthcare Corp., Series A¹		5.875			11/01/2025		09/30/2011	^A		100,017
	100,000	Westchester County, NY IDA (Clearview School)¹		6.600			01/01/2014		10/01/2012	^B		99,907
	580,000	Westchester County, NY IDA (Guiding Eyes for the Blind)¹		4.500			08/01/2012		02/03/2012	^B		585,475
	855,000	Westchester County, NY IDA (JDAM)¹		6.750			04/01/2016		10/01/2011	^A		857,668
	340,000	Westchester County, NY IDA (Purchase College Foundation Hsg. Corp.)¹		5.500			12/01/2015		12/01/2011	^A		350,142
	1,930,000	Westchester County, NY IDA (Rippowam-Cisqua School)¹		5.750			06/01/2029		05/26/2022	^B		1,919,231
	605,000	Westchester County, NY IDA (Schnurmacher Center)¹		6.000			11/01/2011		11/01/2011			603,905
	110,000	Westchester County, NY IDA (Westchester Airport Assoc.)¹		5.850			08/01/2014		08/01/2011	^A		110,317
	690,000	Westchester County, NY IDA (Westchester Airport Assoc.)¹		5.950			08/01/2024		08/01/2011	^A		690,518
	100,000	Westchester County, NY IDA (Winward School)¹		5.200			10/01/2021		10/01/2011	^A		100,074
	6,705,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		4.500			06/01/2021		11/17/2011	^B		6,492,988
	9,600,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2026		11/18/2016	^B		8,939,424

30 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

New York Continued
$	90,000	White Plains, NY HDC (Battle Hill)		6.650	%		02/01/2025		07/31/2011	^A	$	90,131
	1,000,000	Yonkers, NY EDC (Charter School of Educational Excellence¹		6.000			10/15/2030		11/17/2024	^B		932,890
	95,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)¹		5.450			02/01/2029		08/01/2011	^A		95,069
	165,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)¹		5.650			02/01/2039		08/01/2011	^A		165,086
	1,455,000	Yonkers, NY IDA (Monastery Manor Associates)¹		5.000			04/01/2025		05/07/2023	^B		1,448,453
	1,250,000	Yonkers, NY IDA (Sarah Lawrence College)		5.750			06/01/2024		06/01/2019	^A		1,359,150
	1,350,000	Yonkers, NY IDA (St. John’s Riverside Hospital)¹		6.800			07/01/2016		05/11/2012	^A		1,353,537


												3,231,852,655

U.S. Possessions—29.3%
	9,210,000	Guam Airport Authority, Series C¹		5.375			10/01/2019		10/01/2013	^A		9,378,543
	6,000,000	Guam Airport Authority, Series C¹		5.375			10/01/2020		10/01/2013	^A		6,084,780
	192,000	Guam EDA (TASC)¹		5.300			05/15/2014		05/15/2014			215,810
	5,000,000	Guam Government Waterworks Authority & Wastewater System¹		5.250			07/01/2025		08/08/2023	^B		4,581,600
	50,000	Guam International Airport Authority¹		4.500			10/01/2014		10/01/2013	^A		51,376
	10,000	Guam International Airport Authority¹		5.000			10/01/2023		10/01/2023			9,771
	25,000	Guam International Airport Authority¹		5.250			10/01/2016		10/01/2013	^A		26,104
	1,290,000	Guam Power Authority, Series A¹		5.000			10/01/2018		10/13/2017	^B		1,265,322
	25,000	Guam Power Authority, Series A¹		5.000			10/01/2024		07/23/2023	^B		23,275
	20,000	Guam Power Authority, Series A¹		5.250			10/01/2013		07/31/2011	^A		20,044
	335,000	Guam Power Authority, Series A¹		5.250			10/01/2013		07/31/2011	^A		335,734
	50,000	Guam Power Authority, Series A¹		5.250			10/01/2014		09/30/2011	^A		49,998
	710,000	Guam Power Authority, Series A¹		5.250			10/01/2023		09/02/2019	^B		667,123
	655,000	Guam Power Authority, Series A¹		5.250			10/01/2023		09/02/2019	^B		615,445
	40,000	Guam Power Authority, Series A¹		5.250			10/01/2034		11/07/2032	^B		37,101
	195,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)¹		5.250			06/01/2032		11/27/2015	^B		176,615
	100,000	Northern Mariana Islands Commonwealth, Series A¹		6.750			10/01/2033		10/01/2012	^B		92,811
	375,000	Puerto Rico Children’s Trust Fund (TASC)¹		4.100			05/15/2013		05/15/2012	^A		378,338
	200,000	Puerto Rico Children’s Trust Fund (TASC)¹		4.250			05/15/2014		05/15/2012	^A		201,188
	211,365,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.375			05/15/2033		01/14/2016	^B		194,170,457
	68,875,000	Puerto Rico Children’s Trust Fund (TASC)		5.500			05/15/2039		02/26/2025	^B		58,421,841
	30,755,000	Puerto Rico Children’s Trust Fund (TASC)		5.625			05/15/2043		12/27/2029	^B		26,208,796
	17,500,000	Puerto Rico Commonwealth GO¹		4.750			12/01/2015		12/01/2012	^A		18,107,250
	50,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2026		07/01/2026			48,111
	50,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2028		12/14/2026	^B		47,847
	2,000,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2030		07/01/2012	^C		2,054,540

31 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

U.S. Possessions Continued
$	2,660,000	Puerto Rico Commonwealth GO¹		5.125	%		07/01/2031		07/01/2031		$	2,493,910
	7,000,000	Puerto Rico Commonwealth GO¹		5.250			01/01/2015		07/05/2014	^B		7,361,620
	880,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2018		07/01/2013	^A		900,803
	900,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2019		07/01/2013	^A		915,894
	500,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2020		07/01/2014	^A		509,720
	2,430,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2021		07/01/2014	^A		2,459,889
	4,795,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2022		07/01/2014	^A		4,822,715
	1,850,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2022		07/01/2016	^A		1,866,983
	11,000,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2023		07/01/2013	^A		11,008,250
	4,575,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2023		07/01/2014	^A		4,580,033
	14,850,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2024		07/01/2024			14,780,799
	21,785,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2025		07/01/2025			21,508,766
	4,750,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2027		07/01/2027			4,684,308
	15,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2029		07/01/2029			14,659
	5,000,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2030		07/01/2030			4,808,200
	2,840,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2030		05/09/2029	^B		2,731,058
	14,750,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2032		07/01/2032			13,908,808
	11,735,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2032		10/02/2031	^B		11,065,753
	6,060,000	Puerto Rico Commonwealth GO¹		5.375			07/01/2028		07/01/2028			6,049,940
	3,000,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2019		07/01/2019			3,242,640
	13,100,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2023		07/01/2018	^A		13,320,473
	305,000	Puerto Rico Commonwealth GO¹		5.625			07/01/2019		07/31/2011	^A		305,311
	1,320,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2027		07/01/2018	^A		1,371,124
	10,000,000	Puerto Rico Commonwealth GO²		6.000			07/01/2029		07/01/2016	^A		10,410,900
	1,950,000	Puerto Rico Commonwealth GO¹		6.500			07/01/2037		07/01/2019	^A		2,070,998
	28,360,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2022		07/01/2020	^A		29,695,756
	10,920,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2023		07/01/2020	^A		11,356,800
	11,490,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2024		07/01/2020	^A		11,805,171
	12,095,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2025		07/01/2020	^A		12,277,030
	4,905,000	Puerto Rico Electric Power Authority, Series CCC¹		5.250			07/01/2028		07/01/2028			4,872,284
	12,500,000	Puerto Rico Electric Power Authority, Series WW¹		5.250			07/01/2025		07/01/2018	^A		12,653,250
	85,000	Puerto Rico HFA¹		5.000			12/01/2020		12/01/2013	^A		87,227
	37,000,000	Puerto Rico HFA (Vivienda Modernization)¹		4.750			10/01/2011		08/01/2011	^A		37,122,840
	100,000	Puerto Rico HFC¹		5.100			12/01/2018		12/01/2011	^A		101,290
	90,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2022		01/22/2021	^B		89,699

32 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

U.S. Possessions Continued
$	35,000	Puerto Rico Highway & Transportation Authority¹		5.000	%		07/01/2028		02/20/2026	^B	$	33,493
	90,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2028		08/06/2026	^B		86,124
	45,000	Puerto Rico Highway & Transportation Authority¹		5.250			07/01/2014		01/01/2012	^A		45,613
	425,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2019		07/01/2013	^A		436,539
	230,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2020		07/01/2013	^A		235,226
	85,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2021		07/01/2013	^A		87,596
	7,995,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2022		07/01/2013	^A		8,101,813
	5,000	Puerto Rico Highway & Transportation Authority, Series A¹		5.000			07/01/2028		05/23/2024	^B		4,785
	7,000,000	Puerto Rico Highway & Transportation Authority, Series E¹		5.750			07/01/2024		07/01/2012	^A		7,030,380
	2,145,000	Puerto Rico Highway & Transportation Authority, Series G¹		5.250			07/01/2018		07/01/2013	^A		2,195,708
	1,175,000	Puerto Rico Highway & Transportation Authority, Series G¹		5.250			07/01/2019		07/01/2013	^A		1,207,101
	4,355,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2021		07/01/2015	^A		4,385,572
	11,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2022		07/01/2022			10,963,150
	12,275,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2023		07/01/2023			12,047,053
	12,760,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2024		07/01/2024			12,403,613
	14,545,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2025		07/01/2025			14,006,108
	16,725,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2026		07/01/2026			16,092,962
	1,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2027		07/01/2027			959,570
	16,800,000	Puerto Rico Highway & Transportation Authority, Series N¹		0.734	⁶		07/01/2045		07/01/2045			9,059,400
	160,000	Puerto Rico Industrial Devel. Company, Series B¹		5.375			07/01/2016		07/31/2011	^A		160,246
	780,000	Puerto Rico Infrastructure¹		5.000			07/01/2019		07/01/2016	^A		798,346
	5,000,000	Puerto Rico Infrastructure¹		5.500			07/01/2021		07/01/2021			5,249,100
	175,000	Puerto Rico Infrastructure (Mepsi Campus)¹		5.600			10/01/2014		04/21/2013	^B		170,429
	4,250,000	Puerto Rico Infrastructure Financing Authority¹		5.500			07/01/2023		07/01/2023			4,412,818
	2,855,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2019		08/01/2011	^A		2,855,200

33 | LIMITED TERM NEW YORK MUNICIPAL FUND


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

U.S. Possessions Continued
$	34,610,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625	%		06/01/2026		07/31/2011	^A	$	34,904,185
	1,500,000	Puerto Rico ITEMECF (Dr. Pila Hospital)¹		6.125			08/01/2025		08/01/2011	^A		1,501,335
	45,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)¹		5.625			07/01/2015		07/26/2011	^A		45,118
	60,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		5.500			07/01/2017		07/27/2011	^A		60,074
	95,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		5.500			07/01/2026		11/08/2022	^B		93,288
	520,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		6.250			07/01/2016		07/27/2011	^A		521,732
	15,645,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)²		6.250			07/01/2026		07/01/2016	^A		15,960,560
	75,000	Puerto Rico ITEMECF (Hospital de la Concepcion)¹		6.125			11/15/2025		11/15/2011	^A		75,976
	750,000	Puerto Rico ITEMECF (Hospital de la Concepcion)		6.375			11/15/2015		07/31/2011	^A		760,448
	2,000,000	Puerto Rico ITEMECF (Hospital de la Concepcion)¹		6.500			11/15/2020		07/31/2011	^A		2,026,640
	100,000	Puerto Rico ITEMECF (InterAmerican University)¹		5.000			10/01/2015		07/31/2011	^A		100,257
	130,000	Puerto Rico ITEMECF (InterAmerican University)¹		5.000			10/01/2022		10/01/2011	^A		130,013
	2,250,000	Puerto Rico ITEMECF (SEAM/Hospital Espanol Auxilio Obligated Group)¹		6.250			07/01/2024		07/31/2011	^A		2,250,810
	2,190,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2015		01/01/2012	^A		2,225,084
	2,215,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2016		01/01/2012	^A		2,250,484
	2,345,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2017		01/01/2012	^A		2,382,567
	355,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2018		01/01/2012	^A		360,687
	1,875,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2019		01/01/2012	^A		1,905,038
	9,400,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2023		08/01/2015	^A		9,410,528
	10,000,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2024		08/01/2024			9,950,000
	305,000	Puerto Rico Municipal Finance Agency, Series A¹		5.500			07/01/2017		07/31/2011	^A		305,836
	25,000	Puerto Rico Municipal Finance Agency, Series B¹		5.750			08/01/2013		08/01/2011	^A		25,076
	6,880,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2028		07/01/2012	^C		7,050,349
	11,560,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2036		07/01/2012	^C		11,817,210
	545,000	Puerto Rico Public Buildings Authority¹		5.125			07/01/2024		01/05/2024	^B		536,117
	14,280,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2029		03/02/2028	^B		14,083,793
	2,060,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2021		07/01/2017	^A		2,139,434
	3,255,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2025		07/01/2017	^A		3,281,431
	13,195,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2026		07/01/2017	^A		13,308,873

34 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value

U.S. Possessions Continued
$	1,250,000	Puerto Rico Public Buildings Authority¹		5.500	%		07/01/2035		07/01/2017	^C	$	1,336,113
	1,400,000	Puerto Rico Public Buildings Authority¹		5.750			07/01/2034		07/01/2017	^C		1,514,856
	8,795,000	Puerto Rico Public Buildings Authority¹		7.000			07/01/2021		07/01/2014	^A		9,718,035
	31,150,000	Puerto Rico Public Buildings Authority¹		7.000			07/01/2025		06/01/2014	^A		33,739,811
	825,000	Puerto Rico Public Buildings Authority, Series G¹		5.250			07/01/2019		07/01/2012	^A		832,450
	1,000,000	Puerto Rico Public Finance Corp., Series A¹		4.100			08/01/2029		02/01/2012	^C		1,009,040
	60,270,000	Puerto Rico Public Finance Corp., Series A¹		5.250			08/01/2029		02/01/2012	^C		61,215,034
	40,635,000	Puerto Rico Public Finance Corp., Series A¹		5.250			08/01/2030		02/01/2012	^C		41,272,157
	28,325,000	Puerto Rico Public Finance Corp., Series A¹		5.250			08/01/2031		02/01/2012	^C		28,769,136
	75,410,000	Puerto Rico Public Finance Corp., Series A¹		5.750			08/01/2027		02/01/2012	^C		76,810,364
	19,000,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.625			08/01/2030		02/01/2015	^A		19,297,350
	71,000,000	Puerto Rico Sales Tax Financing Corp., Series A¹		6.125			08/01/2029		02/01/2014	^A		73,608,540
	4,080,000	University of Puerto Rico¹		5.000			06/01/2025		06/01/2025			3,925,409
	2,750,000	University of Puerto Rico¹		5.000			06/01/2026		06/01/2026			2,603,123
	75,000	University of Puerto Rico		5.500			06/01/2012		07/31/2011	^A		75,206
	7,470,000	University of Puerto Rico, Series P¹		5.000			06/01/2021		06/01/2021			7,414,946
	8,500,000	University of Puerto Rico, Series P¹		5.000			06/01/2022		06/01/2022			8,390,010
	5,645,000	University of Puerto Rico, Series P¹		5.000			06/01/2030		12/23/2028	^B		5,136,103
	8,410,000	University of Puerto Rico, Series Q¹		5.000			06/01/2023		06/01/2023			8,235,324
	300,000	University of Puerto Rico, Series Q¹		5.000			06/01/2030		12/22/2028	^B		272,955
	5,250,000	V.I. Government Refinery Facilities (Hovensa Coker)¹		6.500			07/01/2021		10/01/2017	^B		5,181,435
	75,000	V.I. HFA, Series A¹		6.500			03/01/2025		07/31/2011	^A		75,020
	2,580,000	V.I. Port Authority, Series A¹		5.250			09/01/2018		09/01/2011	^A		2,586,811
	7,000,000	V.I. Public Finance Authority (Hovensa Refinery)¹		4.700			07/01/2022		10/01/2018	^B		5,854,380
	4,825,000	V.I. Public Finance Authority (Hovensa Refinery)¹		5.875			07/01/2022		10/02/2018	^B		4,495,501
	1,075,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		5.250			10/01/2021		10/01/2014	^A		1,102,273
	620,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		6.750			10/01/2037		10/01/2019	^A		651,242
	1,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2016		10/01/2014	^A		1,074,650
	2,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2022		10/01/2014	^A		2,037,200
	2,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2023		10/01/2014	^A		2,025,760
	12,035,000	V.I. Public Finance Authority, Series A¹		6.375			10/01/2019		10/01/2011	^A		12,099,508
	1,015,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		4.750			05/15/2012		07/31/2011	^A		1,016,776

35 | 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		07/31/2011	^A	$	80,088
	1,010,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2021		07/09/2012	^B		962,964
	1,440,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2031		10/18/2017	^B		1,236,658
	2,500,000	V.I. Water & Power Authority¹		5.500			07/01/2017		07/31/2011	^A		2,503,950

												1,271,175,787

Total Investments, at Value (Cost $4,549,209,726)—103.8%												4,503,028,442
Liabilities in Excess of Other Assets—(3.8)												(166,050,170	)

Net Assets—100.0%											$	4,336,978,272

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 maturity.

C.		Date of mandatory put.

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



1.		All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 5 of the accompanying Notes.

2.		When-issued security or delayed delivery to be delivered and settled after June 30, 2011. See Note 1 of the accompanying Notes.

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

4.		This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

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

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

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 or liability (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 or liability).

36 | 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, 2011 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	$	—	$	3,222,308,125	$	9,544,530	$	3,231,852,655
U.S. Possessions		—		1,271,175,787		—		1,271,175,787

Total Assets	$	—	$	4,493,483,912	$	9,544,530	$	4,503,028,442

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.

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


						Change in
						unrealized
	Value as of		Realized			appreciation/					Value as of
	December 31, 2010		gain/loss			depreciation		Sales			June 30, 2011

Assets Table
Investments, at Value:
Municipal Bonds and Notes — New York	$	14,592,796	$	(629,200	)	$	671,734	$	(5,090,800	)	$	9,544,530

The total change in unrealized appreciation/depreciation included in the statement of operations attributable to level 3 investments still held at June 30, 2011 includes:


	Change in
	unrealized
	appreciation/
	depreciation

Municipal Bonds and Notes — New York	$	(496,290	)

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.

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


ACDS		Assoc. for Children with Down Syndrome
ACLD		Adults and Children with Learning and Developmental Disabilities
ALIA		Alliance of Long Island Agencies
AOFMHS		Aurelia Osborn Fox Memorial Hospital Society
ARC		Assoc. of Retarded Citizens
BFCC		Brookdale Family Care Center
BID		Business Improvement District
BOCES		Board of Cooperative Educational Services
CCDRCA		Catholic Charities of the Diocese of Rockville Centre and Affiliates
CHSLI		Catholic Health Services of Long Island
CMA		Community Mainstreaming Associates, Inc.
COP		Certificates of Participation
CRR		Center for Rapid Recovery
CRV		Crystal Run Village
CSMR		Community Services for the Mentally Retarded
Con Ed		Consolidated Edison Company
DA		Dormitory Authority

37 | LIMITED TERM NEW YORK MUNICIPAL FUND


DDI		Developmental Disabilities Institute
DRIVERS		Derivative Inverse Tax Exempt Receipts
EDA		Economic Devel. Authority
EDC		Economic Devel. Corp.
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.
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.
MMC		Mercy Medical Center
MMWNHC		Mary Manning Walsh Nursing Home Company
MTA		Metropolitan Transportation Authority
NSUH		North Shore University Hospital
NSUHGC		North Shore University Hospital at Glen Cove
NSUHPL		North Shore University Hospital at Plainview
NY/NJ		New York/New Jersey
NYC		New York City
NYS		New York State
NYU		New York University
RIBS		Residual Interest Bonds
Res Rec		Resource Recovery Facility
ROLs		Residual Option Longs
SAVRS		Select Auction Variable Rate Securities
SCHRC		St. Charles Hospital and Rehabilitation Center
SCSMC		St. Catherine of Sienna Medical Center
SEAM		Sociedad Espanola de Auxilio Mutuo
SFH		St. Francis Hospital
SFTU		Services for the Underserved
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
UBF		University of Buffalo Foundation
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
YAI		Young Adult Institute
YMCA		Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

38 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2011


Assets
Investments, at value (cost $4,549,209,726)—see accompanying statement of investments	$	4,503,028,442
Cash		1,477,860
Receivables and other assets:
Interest		67,608,937
Shares of beneficial interest sold		9,240,655
Investments sold		5,820,400
Other		594,530

Total assets		4,587,770,824

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		95,840,000
Payable on borrowings (See Note 5)		70,300,000
Investments purchased on a when-issued or delayed delivery basis		68,270,774
Shares of beneficial interest redeemed		8,722,640
Dividends		3,878,057
Distribution and service plan fees		2,631,432
Trustees’ compensation		804,885
Transfer and shareholder servicing agent fees		129,780
Shareholder communications		91,107
Interest expense on borrowings		2,254
Other		121,623

Total liabilities		250,792,552

Net Assets	$	4,336,978,272


Composition of Net Assets
Paid-in capital	$	4,464,170,911
Accumulated net investment loss		(1,043,965	)
Accumulated net realized loss on investments		(79,967,390	)
Net unrealized depreciation on investments		(46,181,284	)

Net Assets	$	4,336,978,272

39 | 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 $3,056,024,921 and 942,063,428 shares of beneficial interest outstanding)	$	3.24
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price)	$	3.36
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $37,719,482 and 11,642,939 shares of beneficial interest outstanding)	$	3.24
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,239,604,594 and 383,811,501 shares of beneficial interest outstanding)	$	3.23
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $3,629,275 and 1,119,194 shares of beneficial interest outstanding)	$	3.24

See accompanying Notes to Financial Statements.

40 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2011


Investment Income
Interest	$	111,274,194

Expenses
Management fees		8,499,253
Distribution and service plan fees:
Class A		3,599,386
Class B		196,479
Class C		6,122,376
Transfer and shareholder servicing agent fees:
Class A		455,972
Class B		24,549
Class C		264,757
Class Y		28
Shareholder communications:
Class A		53,139
Class B		4,009
Class C		28,252
Class Y		9
Accounting service fees		640,960
Borrowing fees		543,216
Interest expense and fees on short-term floating rate notes issued (See Note 1)		522,888
Trustees’ compensation		59,441
Custodian fees and expenses		26,666
Interest expense on borrowings		23,293
Administration service fees		750
Other		123,465

Total expenses		21,188,888

Net Investment Income		90,085,306

Realized and Unrealized Gain (Loss)
Net realized loss on investments		(7,589,141	)
Net change in unrealized appreciation/depreciation on investments		39,719,710

Net Increase in Net Assets Resulting from Operations	$	122,215,875

See accompanying Notes to Financial Statements.

41 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment income	$	90,085,306		$	177,136,050
Net realized loss		(7,589,141	)		(1,444,221	)
Net change in unrealized appreciation/depreciation		39,719,710			(47,908,149	)

Net increase in net assets resulting from operations		122,215,875			127,783,680

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(71,076,002	)		(130,997,041	)
Class B		(762,335	)		(1,761,280	)
Class C		(24,426,833	)		(45,266,887	)
Class Y		(5,903	)		—

		(96,271,073	)		(178,025,208	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(83,592,157	)		354,464,555
Class B		(5,932,721	)		(15,739,226	)
Class C		(60,740,787	)		170,465,451
Class Y		3,626,005			—

		(146,639,660	)		509,190,780

Net Assets
Total increase (decrease)		(120,694,858	)		458,949,252
Beginning of period		4,457,673,130			3,998,723,878

End of period (including accumulated net investment income (loss) of $(1,043,965) and $5,141,802, respectively)	$	4,336,978,272		$	4,457,673,130

See accompanying Notes to Financial Statements.

42 | LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Class A	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	3.22		$	3.25		$	2.85		$	3.32		$	3.40		$	3.36

Income (loss) from investment operations:
Net investment income¹		.07			.14			.14			.14			.14			.14
Net realized and unrealized gain (loss)		.02			(.03	)		.40			(.47	)		(.08	)		.03

Total from investment operations		.09			.11			.54			(.33	)		.06			.17

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

Net asset value, end of period	$	3.24		$	3.22		$	3.25		$	2.85		$	3.32		$	3.40


Total Return, at Net Asset Value²		3.01	%		3.51	%		19.45	%		(10.18	)%		1.74	%		5.30	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,056,025		$	3,121,033		$	2,801,988		$	2,355,062		$	2,745,029		$	2,784,037

Average net assets (in thousands)	$	3,023,688		$	3,000,461		$	2,558,997		$	2,765,248		$	2,721,428		$	2,696,464

Ratios to average net assets:³
Net investment income		4.45	%		4.35	%		4.50	%		4.55	%		4.18	%		4.10	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.71	%		0.72	%		0.75	%		0.74	%		0.71	%		0.72	%
Interest and fees from borrowings		0.03	%		0.04	%		0.26	%		0.09	%		0.03	%		0.07	%
Interest and fees on short-term floating rate notes issued⁴		0.02	%		0.03	%		0.04	%		0.10	%		0.21	%		0.18	%

Total expenses		0.76	%		0.79	%		1.05	%		0.93	%		0.95	%		0.97	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76	%		0.79	%		1.05	%		0.93	%		0.95	%		0.97	%

Portfolio turnover rate		5	%		14	%		12	%		19	%		18	%		23	%


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.

43 | LIMITED TERM NEW YORK MUNICIPAL FUND


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Class B	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	3.22		$	3.25		$	2.85		$	3.32		$	3.40		$	3.36

Income (loss) from investment operations:
Net investment income¹		.06			.12			.11			.12			.11			.11
Net realized and unrealized gain (loss)		.02			(.03	)		.41			(.47	)		(.08	)		.04

Total from investment operations		.08			.09			.52			(.35	)		.03			.15

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

Net asset value, end of period	$	3.24		$	3.22		$	3.25		$	2.85		$	3.32		$	3.40


Total Return, at Net Asset Value²		2.57	%		2.62	%		18.39	%		(10.90	)%		0.95	%		4.48	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	37,719		$	43,448		$	59,451		$	90,497		$	228,022		$	318,452

Average net assets (in thousands)	$	39,590		$	49,788		$	71,243		$	157,158		$	272,855		$	346,849

Ratios to average net assets:³
Net investment income		3.58	%		3.50	%		3.64	%		3.72	%		3.38	%		3.31	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.58	%		1.58	%		1.66	%		1.54	%		1.51	%		1.52	%
Interest and fees from borrowings		0.03	%		0.04	%		0.26	%		0.09	%		0.03	%		0.07	%
Interest and fees on short-term floating rate notes issued⁴		0.02	%		0.03	%		0.04	%		0.10	%		0.21	%		0.18	%

Total expenses		1.63	%		1.65	%		1.96	%		1.73	%		1.75	%		1.77	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.63	%		1.65	%		1.96	%		1.73	%		1.75	%		1.77	%

Portfolio turnover rate		5	%		14	%		12	%		19	%		18	%		23	%


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.

44 | LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2011			Year Ended December 31,
Class C	(Unaudited)			2010			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	3.21		$	3.24		$	2.84		$	3.31		$	3.39		$	3.35

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

Total from investment operations		.08			.09			.52			(.35	)		.03			.15

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

Net asset value, end of period	$	3.23		$	3.21		$	3.24		$	2.84		$	3.31		$	3.39


Total Return, at Net Asset Value²		2.62	%		2.74	%		18.63	%		(10.89	)%		0.97	%		4.52	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,239,605		$	1,293,192		$	1,137,285		$	919,680		$	1,052,153		$	1,105,643

Average net assets (in thousands)	$	1,234,322		$	1,250,552		$	1,021,648		$	1,054,502		$	1,076,271		$	1,127,896

Ratios to average net assets:³
Net investment income		3.68	%		3.59	%		3.75	%		3.78	%		3.40	%		3.34	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.48	%		1.48	%		1.50	%		1.51	%		1.49	%		1.49	%
Interest and fees from borrowings		0.03	%		0.04	%		0.26	%		0.09	%		0.03	%		0.07	%
Interest and fees on short-term floating rate notes issued⁴		0.02	%		0.03	%		0.04	%		0.10	%		0.21	%		0.18	%

Total expenses		1.53	%		1.55	%		1.80	%		1.70	%		1.73	%		1.74	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.53	%		1.55	%		1.80	%		1.70	%		1.73	%		1.74	%

Portfolio turnover rate		5	%		14	%		12	%		19	%		18	%		23	%


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.

45 | LIMITED TERM NEW YORK MUNICIPAL FUND


	Period Ended
	June 30, 2011¹
Class Y	(Unaudited)

Per Share Operating Data
Net asset value, beginning of period	$	3.18

Income (loss) from investment operations:
Net investment income²		.03
Net realized and unrealized gain		.06

Total from investment operations		.09

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.03	)

Net asset value, end of period	$	3.24


Total Return, at Net Asset Value³		3.10	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,629

Average net assets (in thousands)	$	524

Ratios to average net assets:⁴
Net investment income		4.46	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.45	%
Interest and fees from borrowings		0.03	%
Interest and fees on short-term floating rate notes issued⁵		0.02	%

Total expenses		0.50	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.50	%

Portfolio turnover rate		5	%


1.		For the period from March 30, 2011 (inception of offering) to June 30, 2011.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		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.

4.		Annualized for periods less than one full year.

5.		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.

46 | 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, Class C and Class Y 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”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. 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 shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase. Class Y shares were first publically offered on March 30, 2011.

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,” observable market inputs other than unadjusted quoted prices 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

47 | LIMITED TERM NEW YORK MUNICIPAL FUND

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 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 current price quotation obtained from an independent pricing service or broker-dealer, 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. As of June 30, 2011, the Manager determined the fair valuation of certain municipal bonds based on internally developed cash flow models. Such investments have been classified as Level 3 instruments.

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

48 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. 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, 2011, 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	$	68,270,774

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 $95,840,000 as of June 30, 2011, which represents 2.09% 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

49 | LIMITED TERM NEW YORK MUNICIPAL FUND

short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. 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, 2011, municipal bond holdings with a value of $140,863,918 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $95,840,000 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, 2011, 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		13.618	%		8/15/23		$	4,078,672
	3,780,000	NYC GO DRIVERS		13.624			12/1/23			4,639,345
	2,240,000	NYC GO ROLs³		20.062			4/1/30			2,483,219
	7,250,000	NYC GO ROLs³		17.568			6/1/23			9,384,400
	9,895,000	NYS DA ROLs³		24.224			8/15/30			10,897,660
	7,085,000	NYS DA ROLs³		9.976			7/1/27			8,333,377
	5,120,000	SONYMA, Series 29 DRIVERS		19.473			10/1/31			5,207,245

									$	45,023,918


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end 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.

50 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 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, 2011, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $66,270,000.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of June 30, 2011 is as follows:


Cost	$	1,765,000
Market Value	$	1,517,249
Market Value as a % of Net Assets		0.03	%

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, 2011, securities with an aggregate market value of $595,530, representing 0.01% of the Fund’s net assets, were subject to these forbearance agreements. Interest payments of $27,732 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

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.

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

51 | LIMITED TERM NEW YORK MUNICIPAL FUND

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, 2010, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, 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
2018		813,470

Total	$	72,862,534

As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $80,451,675 of which $7,589,141 expires in 2019. 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 increased or decreased by capital losses or gains realized in the first six months of the current fiscal year.

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, 2011 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	$	4,450,035,272	¹

Gross unrealized appreciation	$	55,433,555
Gross unrealized depreciation		(101,639,008	)

Net unrealized depreciation	$	(46,205,453	)


1.		The Federal tax cost of securities does not include cost of $99,198,623, 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 above.

52 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Fund. Although the Act provides a number of benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of a fund’s prior year capital loss carryovers will expire unused. In general, the provisions of the Act will be effective for the Fund’s fiscal year ending 2012. Specific information regarding the impact of the Act on the Fund will be contained within the “Federal Taxes” section of the financial statement notes for the fiscal year ending 2012.

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, 2011, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	23,677
Payments Made to Retired Trustees		62,107
Accumulated Liability as of June 30, 2011		627,473

The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with 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.

53 | LIMITED TERM NEW YORK MUNICIPAL FUND

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.

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, 2011¹						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Class A
Sold		81,549,132		$	260,635,315			258,957,836		$	851,290,493
Dividends and/or distributions reinvested		16,684,137			53,362,682			29,098,141			95,587,964
Redeemed		(124,736,387	)		(397,590,154	)		(180,902,889	)		(592,413,902	)

Net increase (decrease)		(26,503,118	)	$	(83,592,157	)		107,153,088		$	354,464,555

54 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Shares of Beneficial Interest Continued


	Six Months Ended June 30, 2011¹						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Class B
Sold		1,183,849		$	3,774,097			3,494,253		$	11,454,814
Dividends and/or distributions reinvested		194,627			622,000			418,476			1,372,836
Redeemed		(3,236,648	)		(10,328,818	)		(8,713,849	)		(28,566,876	)

Net decrease		(1,858,172	)	$	(5,932,721	)		(4,801,120	)	$	(15,739,226	)



Class C
Sold		22,530,267		$	71,744,213			103,732,010		$	339,374,183
Dividends and/or distributions reinvested		5,914,333			18,845,344			10,785,313			35,282,911
Redeemed		(47,686,170	)		(151,330,344	)		(62,531,361	)		(204,191,643	)

Net increase (decrease)		(19,241,570	)	$	(60,740,787	)		51,985,962		$	170,465,451



Class Y
Sold		1,118,258		$	3,622,996			—		$	—
Dividends and/or distributions reinvested		1,309			4,213			—			—
Redeemed		(373	)		(1,204	)		—			—

Net increase		1,119,194		$	3,626,005			—		$	—


1.		For the six months ended June 30, 2011, for Class A, B and C shares, and for the period from March 30, 2011 (inception of offering) to June 30, 2011 for Class Y shares.

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, 2011, were as follows:


	Purchases		Sales

Investment securities	$	188,497,203	$	204,512,211

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

Accounting Service Fees. Accounting service fees paid to the Manager were in accordance with the accounting services agreement with the Fund which provides for an annual fee of

55 | LIMITED TERM NEW YORK MUNICIPAL FUND

$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, 2011, the Fund paid $640,960 to the Manager for accounting services.

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

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, 2011, the Fund paid $754,835 to OFS for services to the Fund.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

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

56 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued 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, 2011 were as follows:


Class C		$	37,096,359

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, 2011

177,137

100,179

33,877

102,969

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, as indicated in the Fund’s prospectus.

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 also may borrow to meet redemption obligations or for temporary and emergency purposes.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1 (Inverse Floating Rate Securities). The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust.

57 | LIMITED TERM NEW YORK MUNICIPAL FUND

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 Citibank N.A. 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 (0.1480% as of June 30, 2011). 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, 2011 equal 0.02% 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, 2011, the Fund had borrowings outstanding at an interest rate of 0.1480%. Details of the borrowings for the six months ended June 30, 2011 are as follows:


Average Daily Loan Balance	$	20,570,718
Average Daily Interest Rate		0.228	%
Fees Paid	$	878,043
Interest Paid	$	25,027

6. Reverse Repurchase Agreements

The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million,

58 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Reverse Repurchase Agreements Continued collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the six months ended June 30, 2011 are included in expenses on the Fund’s Statement of Operations and equal 0.01% of the Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare the first or fifteenth day of any calendar month as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

Securities subject to reverse repurchase agreements are separately noted in the Statement of Investments. The Fund executed no transactions under the Facility during the six months ended June 30, 2011.

7. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal and state courts against the Manager, the Distributor and certain Oppenheimer mutual funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal and state securities laws and state common law and allege, among other things, that the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions and that the respective Defendant Fund’s investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain purported class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. Those settlements are subject

59 | LIMITED TERM NEW YORK MUNICIPAL FUND

to the final approval of the court. Final approval of the settlements also requires that a sufficient number of class members approve the settlement to induce the settling defendants to proceed with it. These settlements do not resolve any of the other outstanding lawsuits relating to Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other Defendant Funds.

In 2009, what are claimed to be derivative lawsuits were filed in New Mexico 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.

Other lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert 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 awards 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 mutual funds invested in any funds or accounts managed by Mr. Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of certain purported class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 8, 2011, the court issued a ruling approving the settlement as fair, reasonable and adequate. The court’s approval of the settlement is subject to potential appeal by claimants. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. This settlement is subject to the final approval of the court. The aforementioned settlements do not resolve any of the other outstanding lawsuits relating to these matters.

On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark I Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

60 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Pending Litigation Continued

The Manager believes the lawsuits described above are without legal merit and, with the exception of actions it has agreed to settle, is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the 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 mutual funds.

61 | 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 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.

62 | 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
		Arthur S. Gabinet, Secretary
		Christina M. Nasta, 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, Vice President

Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder		OppenheimerFunds Services
Servicing Agent

Independent Registered		KPMG llp
Public Accounting Firms

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.

63 | LIMITED TERM NEW YORK MUNICIPAL FUND

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:

l		Applications or other forms

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

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

l		Your transactions with us, our affiliates or others

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

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

If you visit 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.

64 | LIMITED TERM NEW YORK MUNICIPAL FUND

PRIVACY POLICY NOTICE

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.

l		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.

l		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.

l		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 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 oppenheimerfunds.com or call us at 1.800.525.7048.

65 | 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. The complete schedule of investments is included in Item 1 of this Form N-CSR.

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

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.

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.

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.”

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 06/30/2011, 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:		08/10/2011

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:		08/10/2011

By:		/s/ Brian W. Wixted Brian W. Wixted
		Principal Financial Officer
Date:		08/10/2011

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