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)

Arthur S. Gabinet

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: 6/29/2012

Item 1. Reports to Stockholders.

June 30, 2012

Limited Term New York Municipal Fund

Management

Commentary

and

Semiannual

Report

LOGO

MANAGEMENT COMMENTARY

An Interview with Your Fund’s Portfolio Managers

SEMIANNUAL REPORT

Listing of Top Holdings

Listing of Investments

Financial Statements

“We hope that the recent strength of the municipal bond market has renewed investors’ confidence in the market’s powerful ability to help investors earn tax-advantaged income.”

Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester

LOGO

TOP HOLDINGS AND ALLOCATIONS



Top Ten Categories
Tobacco-Master Settlement Agreement	14.0	%
Hospital/Healthcare	11.1
Marine/Aviation Facilities	8.7
Highways/Commuter Facilities	8.1
General Obligation	7.9
Electric Utilities	6.5
Government Appropriation	5.3
Sales Tax Revenue	5.1
Higher Education	3.9
Education	3.3

Portfolio holdings are subject to change. Percentages are as of June 29, 2012, and are based on total assets.


Credit Rating Breakdown	NRSRO Only Total
AAA	5.8	%
AA	22.3
A	22.8
BBB	40.0
BB or lower	2.3
Unrated	6.8
Total	100.0	%

The percentages above are based on the market value of the Fund’s securities as of June 29, 2012, 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 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.

11	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 summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and 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 2.25%. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 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.

12	LIMITED TERM NEW YORK MUNICIPAL FUND

FUND EXPENSE

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 29, 2012.

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.

13	LIMITED TERM NEW YORK MUNICIPAL FUND

FUND EXPENSE


Actual	Beginning Account Value January 1, 2012		Ending Account Value June 29, 2012		Expenses Paid During 6 Months Ended June 29, 2012
Class A	$	1,000.00	$	1,036.30	$	3.73
Class B		1,000.00		1,035.10		7.98
Class C		1,000.00		1,035.70		7.63
Class Y		1,000.00		1,037.60		2.52

Hypothetical (5% return before expenses)
Class A		1,000.00		1,021.07		3.70
Class B		1,000.00		1,016.91		7.91
Class C		1,000.00		1,017.26		7.56
Class Y		1,000.00		1,022.25		2.50

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended June 29, 2012 are as follows:


Class	Expense Ratios
Class A		0.74	%
Class B		1.58
Class C		1.51
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 waivers or reimbursements and reduction to custodian expenses, if applicable.

14	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS June 29, 2012* / (Unaudited)


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	Municipal Bonds and Notes—103.6%
	New York—76.5%
	$ 200,000	Addison, NY Central School District¹		5.000	%		06/01/2016		06/01/2016		$	227,244
	1,045,000	Addison, NY Central School District¹		5.000			06/01/2018		06/01/2018			1,224,667
	1,325,000	Addison, NY Central School District¹		5.000			06/01/2020		06/01/2020			1,570,178
	1,440,000	Addison, NY Central School District¹		5.000			06/01/2021		06/01/2020	^A		1,684,282
	1,295,000	Addison, NY Central School District¹		5.000			06/01/2022		06/01/2020	^A		1,499,921
	2,100,000	Albany County, NY IDA (Albany College of Pharmacy)¹		5.250			12/01/2019		12/01/2014	^A		2,218,125
	50,000	Albany County, NY IDA (Wildwood Programs)		4.900			07/01/2021		08/04/2019	^B		47,755
	100,000	Albany, NY Capital Resource Corp. (St. Peter’s Hospital)¹		6.000			11/15/2025		11/15/2020	^A		118,101
	140,000	Albany, NY Hsg. Authority (Lark Drive)		5.200			12/01/2013		07/29/2012	^A		141,077
	260,000	Albany, NY Hsg. Authority (Lark Drive)		5.400			12/01/2018		07/29/2012	^A		261,776
	1,365,000	Albany, NY IDA (Brighter Choice Charter School for Girls)¹		4.500			04/01/2018		12/06/2016	^A		1,375,961
	1,200,000	Albany, NY IDA (Brighter Choice Charter School for Girls)¹		4.550			04/01/2015		04/13/2014	^B		1,220,436
	1,852,485	Albany, NY IDA (Charitable Leadership)		5.500			07/01/2012		07/01/2012			926,243
	8,704,210	Albany, NY IDA (Charitable Leadership)		6.000			07/01/2019		04/20/2016	^B		4,368,817
	2,660,000	Albany, NY IDA (Daughters of Sarah Nursing Home)¹		5.250			10/20/2021		07/29/2012	^A		2,719,797
	300,000	Albany, NY IDA (Daughters of Sarah Nursing Home)¹		5.375			10/20/2030		07/29/2012	^A		306,573
	840,000	Albany, NY IDA (H. Johnson Office Park)		5.750			03/01/2018		03/01/2018			848,618
	2,095,000	Albany, NY IDA (St. Peter’s Hospital)¹		5.250			11/15/2027		11/15/2017	^A		2,254,702
	3,710,000	Albany, NY IDA (St. Peter’s Hospital)¹		5.250			11/15/2032		11/15/2017	^A		3,959,052
	3,000,000	Albany, NY IDA (St. Peter’s Hospital)¹		5.750			11/15/2022		11/15/2017	^A		3,421,020
	90,000	Allegany County, NY IDA (Alfred University)¹		5.000			08/01/2028		07/29/2012	^A		90,079
	10,000	Amherst, NY IDA (Beechwood Health Care Center)		4.875			01/01/2013		01/01/2013			10,048
	100,000	Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)		5.125			08/01/2020		08/01/2012	^A		101,651
	810,000	Bethlehem, NY Water System¹		5.250			03/01/2018		03/01/2013	^A		826,378
	905,000	Bethlehem, NY Water System¹		5.375			03/01/2020		03/01/2013	^A		921,453

15	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 500,000	Bethlehem, NY Water System¹		5.500	%		03/01/2022		03/01/2013	^A	$	508,100
	125,000	Brookhaven, NY IDA (Alternatives for Children)		7.000			02/01/2013		11/02/2012	^B		127,049
	220,000	Brookhaven, NY IDA (Dowling College)¹		6.500			11/01/2012		11/01/2012			220,772
	650,000	Brookhaven, NY IDA (Enecon Corp.)		5.800			11/01/2018		01/19/2016	^B		657,488
	2,325,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2017		07/15/2017			2,660,846
	1,400,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2018		07/15/2018			1,613,038
	1,355,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2019		07/15/2019			1,567,654
	1,550,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.750			07/15/2020		01/15/2020	^A		1,775,045
	1,550,000	Broome County, NY COP¹		5.250			04/01/2022		07/29/2012	^A		1,555,410
	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		1,613,601
	2,000,000	Build NYC Resource Corp. (Royal Charter Properties & Presbyterian Hospital)¹		4.750			12/15/2026		12/15/2022	^A		2,138,820
	600,000	Build NYC Resource Corp. (YMCA of Greater New York)¹		5.000			08/01/2021		08/01/2021			707,106
	500,000	Build NYC Resource Corp. (YMCA of Greater New York)¹		5.000			08/01/2022		08/01/2022			589,010
	515,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.250			11/01/2015		05/15/2014	^B		517,621
	915,000	Canton, NY Human Services Initiatives		5.750			09/01/2032		09/01/2012	^A		936,301
	20,000	Cattaraugus County, NY IDA (St. Bonaventure University)		5.000			09/15/2012		07/29/2012	^A		20,042
	50,000	Cattaraugus County, NY IDA (St. Bonaventure University)		5.000			09/15/2013		07/29/2012	^A		50,097
	500,000	Cattaraugus County, NY IDA (St. Bonaventure University)¹		5.000			05/01/2023		05/01/2016	^A		517,605
	3,240,000	Cayuga County, NY COP (Auburn Memorial Hospital)		6.000			01/01/2021		07/29/2012	^A		3,244,212
	260,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.000			07/01/2012		07/01/2012			260,003
	1,075,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.250			07/01/2016		07/29/2012	^A		1,075,097
	3,805,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.500			07/01/2024		07/29/2012	^A		3,805,989
	18,160,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.750			07/01/2040		05/29/2034	^B		17,307,025

16	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 50,000	Chestertown, NY Fire District¹		5.125	%		05/15/2020		05/15/2013	^A	$	51,740
	2,345,000	Clarence, NY IDA (Bristol Village)¹		6.000			01/20/2044		01/19/2013	^A		2,416,640
	25,000	Clinton County, NY GO¹		4.500			07/15/2014		07/29/2012	^A		25,076
	10,000	Cornwall on Hudson, NY¹		5.000			07/15/2015		01/15/2013	^A		10,209
	4,475,000	Cortland County, NY IDA (Cortland Memorial Hospital)		5.625			07/01/2024		07/01/2013	^A		4,523,375
	10,000	Deerfield, NY GO		5.250			06/15/2013		06/15/2013			10,311
	10,000	Deerfield, NY GO		5.500			06/15/2014		06/15/2014			10,631
	10,000	Deerfield, NY GO		5.500			06/15/2015		06/15/2015			10,893
	10,000	Deerfield, NY GO		5.500			06/15/2016		06/15/2016			11,121
	10,000	Deerfield, NY GO		5.500			06/15/2017		06/15/2016	^A		11,054
	10,000	Deerfield, NY GO		5.500			06/15/2018		06/15/2016	^A		10,976
	15,000	Deerfield, NY GO		5.500			06/15/2019		06/15/2016	^A		16,351
	15,000	Deerfield, NY GO		5.500			06/15/2020		06/15/2016	^A		16,251
	3,250,000	Dutchess County, NY Local Devel. Corp. (Anderson Center Services)¹		6.000			10/01/2030		02/24/2020	^A		3,374,898
	10,000	East Rochester, NY Hsg. Authority (Genesee Valley Nursing Home)¹		5.200			12/20/2024		07/29/2012	^A		10,117
	2,500,000	East Rochester, NY Hsg. Authority (St. John’s Health Care)¹		5.000			04/20/2027		10/20/2020	^A		2,777,150
	2,690,000	East Rochester, NY Hsg. Authority (Woodland Village)		5.150			08/01/2016		09/05/2014	^B		2,740,357
	175,000	East Syracuse, NY Hsg. Authority (Bennett Manor Associates)¹		6.700			04/01/2021		07/29/2012	^A		175,499
	58,670,000	Erie County, NY IDA (Buffalo City School District)¹		5.625			05/01/2028		05/01/2014	^A		62,579,769
	85,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2024		05/01/2014	^A		93,430
	1,550,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2025		05/01/2014	^A		1,703,729
	6,500,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2026		05/01/2014	^A		7,144,670
	2,350,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2029		05/01/2018	^A		2,732,627
	445,000	Erie County, NY IDA (Medaille College)		6.875			10/01/2013		04/05/2013	^B		458,270
	3,310,000	Erie County, NY IDA (School Facility)¹		5.000			05/01/2025		05/01/2022	^A		3,873,031
	2,000,000	Erie County, NY IDA (School Facility)¹		5.000			05/01/2026		05/01/2022	^A		2,319,120
	385,000	Erie County, NY Public Improvement District¹		5.250			03/15/2020		03/15/2013	^A		395,969

17	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 29,615,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000	%		06/01/2031		02/06/2023	^B	$	24,067,222
	9,750,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2038		04/20/2028	^B		7,469,768
	250,000	Essex County, NY IDA (International Paper Company)¹		6.450			11/15/2023		07/29/2012	^A		250,898
	530,000	Essex County, NY IDA (North Country Community College Foundation)¹		4.600			06/01/2015		06/01/2015			571,473
	415,000	Franklin County, NY IDA (North Country Community College Foundation)¹		4.600			06/01/2015		06/01/2015			447,474
	835,000	Franklin County, NY Solid Waste Management Authority¹		5.000			06/01/2027		06/01/2022	^A		930,683
	2,725,000	Geneva, NY Devel. Corp. (Hobart & William Smith Colleges)¹		5.000			09/01/2032		09/01/2022	^A		3,093,393
	750,000	Glen Cove, NY GO¹		6.250			04/01/2024		04/01/2016	^A		810,098
	905,000	Glen Cove, NY GO¹		6.250			04/01/2025		04/01/2016	^A		973,590
	1,105,000	Glen Cove, NY GO¹		6.250			04/01/2026		04/01/2016	^A		1,185,245
	215,000	Gloversville, NY GO¹		5.800			03/15/2013		09/15/2012	^A		217,399
	235,000	Gloversville, NY GO¹		5.800			03/15/2014		09/15/2012	^A		237,616
	50,000	Gloversville, NY GO¹		5.800			03/15/2015		09/15/2012	^A		50,557
	270,000	Gloversville, NY GO¹		5.800			03/15/2017		09/15/2012	^A		272,975
	285,000	Gloversville, NY GO¹		5.800			03/15/2018		09/15/2012	^A		285,724
	380,000	Hamilton County, NY IDA (Adirondack Historical Assoc.)¹		5.250			11/01/2018		07/29/2012	^A		380,825
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2017		09/15/2016	^A		84,271
	500,000	Hempstead Village, NY GO¹		5.000			07/01/2018		07/01/2014	^A		527,170
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2018		09/15/2016	^A		83,313
	1,195,000	Hempstead Village, NY GO¹		5.000			07/01/2019		07/01/2014	^A		1,252,480
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2019		09/15/2016	^A		82,303
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2020		09/15/2016	^A		81,590
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2021		09/15/2016	^A		80,825
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2022		09/15/2016	^A		80,462
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2023		09/15/2016	^A		79,907
	1,925,000	Hempstead, NY IDA (Lynbrook Facilities)		6.000			11/01/2017		06/23/2015	^B		1,827,403
	560,000	Hempstead, NY IDA (Peninsula Counseling Center)		5.750			11/01/2018		02/01/2016	^B		550,267
	60,000	Herkimer County, NY GO¹		5.000			09/15/2012		09/15/2012			60,481
	40,000	Herkimer County, NY GO¹		5.000			09/15/2012		09/15/2012			40,400
	20,000	Hudson Falls, NY Central School District		4.750			06/15/2019		06/15/2019			22,618

18	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 100,000	Islip, NY GO¹		4.500	%		05/15/2014		07/29/2012	^A	$	100,345
	1,965,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		5.500			12/01/2016		01/04/2015	^B		1,935,741
	230,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		5.500			12/01/2016		01/06/2015	^B		226,575
	2,990,000	Islip, NY Res Rec, Series E¹		5.625			07/01/2017		07/01/2014	^A		3,262,808
	1,175,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2019		07/01/2014	^A		1,264,147
	1,100,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2020		07/01/2014	^A		1,176,384
	1,315,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2021		07/01/2014	^A		1,399,515
	1,000,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2023		07/01/2014	^A		1,056,930
	250,000	Jamestown, NY GO		5.000			08/01/2024		08/01/2014	^A		260,478
	250,000	Jamestown, NY GO		5.000			08/01/2025		08/01/2014	^A		260,225
	2,450,000	Jefferson County, NY IDA (International Paper)¹		5.200			12/01/2020		12/01/2013	^A		2,556,526
	230,000	L.I., NY Power Authority¹		6.000			05/01/2033		05/01/2019	^A		273,854
	1,000,000	L.I., NY Power Authority, Series A¹		5.000			12/01/2022		12/01/2016	^A		1,132,010
	5,000,000	L.I., NY Power Authority, Series A		5.000			12/01/2025		06/01/2016	^A		5,564,250
	10,000,000	L.I., NY Power Authority, Series A²		5.000			09/01/2026		09/01/2022	^A		11,444,400
	5,000,000	L.I., NY Power Authority, Series A		5.000			12/01/2026		06/01/2016	^A		5,554,700
	10,000,000	L.I., NY Power Authority, Series A¹		5.000			12/01/2026		06/01/2016	^A		11,109,400
	225,000	L.I., NY Power Authority, Series A¹		5.000			09/01/2027		07/29/2012	^A		225,844
	1,030,000	L.I., NY Power Authority, Series A¹		5.100			09/01/2029		09/01/2014	^A		1,108,754
	4,905,000	L.I., NY Power Authority, Series A		5.125			09/01/2029		07/29/2012	^A		4,923,835
	100,000	L.I., NY Power Authority, Series A¹		5.250			12/01/2020		06/01/2016	^A		113,003
	250,000	L.I., NY Power Authority, Series A¹		5.500			04/01/2024		04/01/2019	^A		297,593
	1,700,000	L.I., NY Power Authority, Series A¹		5.750			04/01/2039		04/01/2019	^A		1,955,272
	480,000	L.I., NY Power Authority, Series A¹		6.250			04/01/2033		04/01/2019	^A		576,677
	10,000,000	L.I., NY Power Authority, Series B²		5.000			09/01/2027		09/01/2022	^A		11,361,200
	8,000,000	L.I., NY Power Authority, Series B²		5.000			09/01/2029		09/01/2022	^A		8,993,680
	100,000	L.I., NY Power Authority, Series C¹		5.000			09/01/2027		09/01/2013	^A		103,699
	100,000	L.I., NY Power Authority, Series C¹		5.000			09/01/2028		09/01/2013	^A		103,699
	185,000	Lackawanna, NY Hsg. Authority¹		5.000			09/01/2015		09/01/2015			207,768
	2,210,000	Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)¹		5.875			07/01/2022		07/29/2012	^A		2,211,326
	1,010,000	Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)¹		6.000			07/01/2030		07/29/2012	^A		1,010,283
	70,000	Livonia, NY GO¹		5.000			06/15/2020		06/15/2017	^A		78,325
	75,000	Livonia, NY GO¹		5.000			06/15/2021		06/15/2017	^A		83,124

19	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 80,000	Livonia, NY GO¹		5.000	%		06/15/2022		06/15/2017	^A	$	87,749
	85,000	Livonia, NY GO¹		5.000			06/15/2023		06/15/2017	^A		92,573
	90,000	Livonia, NY GO¹		5.000			06/15/2024		06/15/2017	^A		97,385
	75,000	Livonia, NY GO¹		5.000			06/15/2025		06/15/2017	^A		80,915
	1,700,000	Long Beach, NY GO		4.150			04/19/2013		04/19/2013			1,709,061
	35,000	Lyncourt, NY Fire District¹		6.000			10/15/2016		10/15/2012	^A		35,443
	2,000,000	Lyons, NY Community Health Initiatives Corp.¹		5.550			09/01/2024		09/01/2014	^A		2,233,980
	150,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2015		06/12/2014	^B		152,237
	2,065,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2022		06/01/2016	^A		2,129,366
	1,585,000	Madison County, NY IDA (Oneida Healthcare Center)		5.500			02/01/2016		07/29/2012	^A		1,595,271
	5,000	Monroe County, NY GO		5.000			06/01/2017		07/29/2012	^A		5,014
	25,000	Monroe County, NY GO		5.750			06/01/2015		07/29/2012	^A		25,094
	580,000	Monroe County, NY IDA (Highland Hospital of Rochester)¹		5.000			08/01/2012		08/01/2012			582,140
	1,375,000	Monroe County, NY IDA (Nazareth College of Rochester)¹		5.250			10/01/2021		10/01/2012	^A		1,383,979
	660,000	Monroe County, NY IDA (Southview Towers)¹		6.125			02/01/2020		07/29/2012	^A		661,841
	325,000	Monroe County, NY IDA (Summit at Brighton)		5.000			07/01/2016		08/04/2014	^B		291,522
	915,000	Monroe County, NY IDA (West End Business Center)		5.125			12/01/2014		12/17/2013	^B		909,556
	200,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)¹		5.000			10/01/2026		10/01/2021	^A		219,846
	2,120,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		5.000			06/01/2021		06/01/2021			2,413,217
	615,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		5.000			06/01/2023		06/01/2022	^A		690,657
	330,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		5.000			06/01/2024		06/01/2022	^A		365,983
	210,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		5.000			06/01/2025		06/01/2022	^A		230,918
	9,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)¹		5.500			08/15/2023		07/20/2015	^A		9,772,650
	17,500,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)¹		5.750			08/15/2030		02/15/2021	^A		21,230,125
	205,000	Monroe, NY Newpower Corp.¹		4.800			01/01/2013		10/02/2012	^B		206,470

20	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 7,800,000	Monroe, NY Newpower Corp.¹		6.375	%		01/01/2024		01/01/2013	^A	$	7,859,280
	280,000	Mount Vernon, NY IDA (Kings Court)¹		5.125			12/01/2023		12/01/2013	^A		288,691
	975,000	Mount Vernon, NY IDA (Macedonia Towers)¹		5.125			12/01/2023		12/01/2013	^A		1,002,524
	300,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		11/01/2022			292,908
	440,000	Nassau County, NY IDA (ACDS)		6.000			12/01/2019		09/21/2016	^B		438,909
	280,000	Nassau County, NY IDA (ALIA-ACDS)		7.000			11/01/2016		11/01/2012	^A		284,315
	410,000	Nassau County, NY IDA (ALIA-CMA)		7.000			11/01/2016		11/01/2012	^A		416,318
	320,000	Nassau County, NY IDA (ALIA-CRR)		7.000			11/01/2016		11/01/2012	^A		324,931
	70,000	Nassau County, NY IDA (ALIA-FREE)		7.000			11/01/2016		11/01/2012	^A		71,079
	290,000	Nassau County, NY IDA (ALIA-HKSB)		7.000			11/01/2016		11/01/2012	^A		294,469
	1,700,000	Nassau County, NY IDA (CSMR)		5.950			11/01/2022		11/01/2022			1,659,812
	1,170,000	Nassau County, NY IDA (CSMR)		6.000			12/01/2019		09/19/2016	^B		1,167,098
	200,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		11/01/2022			195,272
	525,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		6.000			12/01/2019		10/31/2015	^A		526,307
	210,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.000			11/01/2017		11/01/2017			210,071
	16,985,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)¹		5.250			06/01/2027		06/01/2013	^A		17,550,940
	200,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022		11/01/2022			195,272
	500,000	Nassau County, NY IDA (New York Institute of Technology)¹		5.000			03/01/2021		03/01/2020	^A		567,910
	500,000	Nassau County, NY IDA (PLUS Group Home)		6.150			11/01/2022		11/01/2022			495,670
	80,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.000			11/01/2017		11/01/2017			80,027
	360,000	Nassau County, NY IDA (WORCA)		6.000			12/01/2019		09/16/2016	^B		359,093
	80,000	Nassau County, NY IDA, Series C		6.000			12/01/2019		10/25/2016	^B		79,798
	21,000,000	Nassau County, NY Tobacco Settlement Corp.¹		5.250			06/01/2026		04/13/2024	^B		19,174,680
	75,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013		11/01/2012	^A		78,574
	45,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013		11/01/2012	^A		47,144
	50,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013		11/01/2012	^A		52,383

21	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 50,000	Nassau, NY IDA (EBS North Hills LLC)		7.000	%		11/01/2013		11/01/2012	^A	$	52,383
	13,010,000	New Rochelle, NY IDA (College of New Rochelle)¹		5.250			07/01/2027		01/01/2013	^A		13,102,631
	5,230,000	New Rochelle, NY IDA (College of New Rochelle)¹		5.500			07/01/2019		12/18/2012	^A		5,302,645
	960,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)¹		5.650			08/01/2020		07/29/2012	^A		962,794
	2,535,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)¹		5.750			02/01/2032		07/29/2012	^A		2,538,549
	260,000	Niagara County, NY IDA (Affinity Foxwood Place)¹		4.350			01/20/2017		01/20/2017			270,332
	400,000	Niagara County, NY IDA (American Ref-Fuel Company)¹		5.550			11/15/2024		07/29/2012	^A		405,608
	900,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		04/09/2014	^A		912,897
	7,750,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.450			11/15/2026		11/15/2012	^C		7,849,045
	9,535,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.550			11/15/2024		11/15/2012	^A		9,617,096
	12,450,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.625			11/15/2024		07/29/2012	^A		12,624,798
	1,175,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.875			05/15/2022		11/15/2012	^A		1,174,918
	1,105,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2034		01/12/2027	^B		1,057,375
	945,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2040		01/27/2031	^B		888,158
	11,995,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.750			05/15/2029		07/29/2012	^A		11,996,439
	20,000	Niagara County, NY Tobacco Asset Securitization Corp. (TASC)¹		5.750			05/15/2021		11/15/2012	^A		19,998
	2,045,000	Niagara Falls, NY City School District (High School Facility)¹		5.000			06/15/2021		06/15/2015	^A		2,214,817
	870,000	Niagara Falls, NY City School District (High School Facility)¹		5.000			06/15/2022		06/15/2015	^A		942,245
	200,000	Niagara Falls, NY City School District (High School Facility)¹		5.000			06/15/2025		06/15/2015	^A		214,770
	1,000,000	Niagara Falls, NY Public Water Authority		5.500			07/15/2034		07/15/2015	^A		1,042,430
	320,000	Niagara, NY Area Devel. Corp. (Niagara University)¹		5.000			05/01/2026		05/01/2022	^A		346,938
	1,000,000	Niagara, NY Area Devel. Corp. (Niagara University)¹		5.000			05/01/2030		05/01/2022	^A		1,076,830

22	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 4,875,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		0.429	%³		04/01/2024		07/26/2012	^A	$	4,149,600
	2,425,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		0.429	³		04/01/2024		07/04/2012	^A		2,064,645
	250,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		0.429	³		04/01/2024		07/26/2012	^A		212,825
	40,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)		5.000			04/01/2013		07/29/2012	^A		40,040
	60,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.500			04/01/2016		07/29/2012	^A		60,717
	3,345,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.500			04/01/2017		07/29/2012	^A		3,384,973
	10,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.500			04/01/2019		07/29/2012	^A		10,120
	18,405,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.625			04/01/2029		07/29/2012	^A		18,605,615
	360,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.750			04/01/2019		07/29/2012	^A		364,302
	75,000	Niagara, NY Frontier Transportation Authority International Airport		5.000			04/01/2018		07/29/2012	^A		75,022
	1,145,000	North Babylon, NY Volunteer Fire Company		5.750			08/01/2022		07/29/2012	^A		1,145,023
	630,000	NY Capital District Youth Center¹		6.000			02/01/2017		08/01/2012	^A		632,495
	65,000	NY Counties Tobacco Trust I¹		5.875			06/01/2014		11/29/2012	^A		64,996
	4,670,000	NY Counties Tobacco Trust I¹		6.300			06/01/2019		07/29/2012	^A		4,670,887
	4,360,000	NY Counties Tobacco Trust I¹		6.500			06/01/2035		12/09/2018	^B		4,273,280
	3,295,000	NY Counties Tobacco Trust I¹		6.625			06/01/2042		12/25/2023	^B		3,244,191
	10,895,000	NY Counties Tobacco Trust II (TASC)¹		5.250			06/01/2025		08/08/2012	^B		10,542,220
	865,000	NY Counties Tobacco Trust II (TASC)¹		5.625			06/01/2035		09/29/2020	^B		726,687
	1,055,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2013		12/01/2012	^A		1,054,926
	1,925,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2014		06/01/2014			1,922,786
	800,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2043		02/28/2027	^B		641,232

23	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 2,120,000	NY Counties Tobacco Trust II (TASC)¹		6.000	%		06/01/2015		11/29/2012	^A	$	2,119,958
	2,330,000	NY Counties Tobacco Trust II (TASC)¹		6.000			06/01/2016		11/29/2012	^A		2,329,744
	7,760,000	NY Counties Tobacco Trust III¹		5.750			06/01/2033		08/23/2013	^B		7,722,209
	18,575,000	NY Counties Tobacco Trust III¹		6.000			06/01/2043		06/01/2013	^A		18,584,473
	2,610,000	NY Counties Tobacco Trust IV¹		4.250			06/01/2021		01/15/2013	^B		2,576,931
	4,520,000	NY Counties Tobacco Trust IV (TASC)¹		4.750			06/01/2026		08/18/2018	^B		4,123,144
	38,400,000	NY Counties Tobacco Trust IV (TASC)¹		6.250			06/01/2041		06/01/2020	^A		38,788,224
	500,000	NY Grand Central BID (Grand Central District Management)¹		5.000			01/01/2022		01/01/2014	^A		527,070
	110,000	NY MTA Commuter Facilities (Grand Central Terminal)¹		5.500			07/01/2012		07/01/2012			110,030
	25,000	NY MTA Commuter Facilities, Series 7¹		5.625			07/01/2016		07/29/2012	^A		26,118
	5,000	NY MTA Commuter Facilities, Series B		5.000			07/01/2017		07/29/2012	^A		5,233
	50,000	NY MTA Commuter Facilities, Series B		5.125			07/01/2024		07/29/2012	^A		52,404
	5,000	NY MTA Commuter Facilities, Series D¹		5.000			07/01/2016		07/29/2012	^A		5,230
	300,000	NY MTA, Series 2008C¹		6.250			11/15/2023		11/15/2018	^A		380,919
	20,000	NY MTA, Series A¹		5.000			11/15/2020		11/15/2012	^A		20,272
	50,000	NY MTA, Series A¹		5.000			11/15/2022		11/15/2012	^A		50,719
	54,445,000	NY MTA, Series A¹		5.000			11/15/2025		11/15/2012	^A		55,242,075
	10,785,000	NY MTA, Series A¹		5.000			11/15/2026		05/15/2016	^A		12,082,651
	7,150,000	NY MTA, Series A¹		5.000			11/15/2026		11/15/2017	^A		7,968,604
	125,000	NY MTA, Series A¹		5.000			11/15/2030		11/15/2012	^A		126,796
	270,000	NY MTA, Series A¹		5.000			11/15/2030		11/15/2012	^A		274,180
	10,735,000	NY MTA, Series A¹		5.000			11/15/2030		11/15/2012	^A		10,886,793
	4,180,000	NY MTA, Series A¹		5.125			11/15/2021		11/15/2012	^A		4,240,443
	25,075,000	NY MTA, Series A¹		5.125			11/15/2031		11/15/2012	^A		25,446,110
	300,000	NY MTA, Series A¹		5.250			11/15/2024		11/15/2012	^A		304,743
	12,475,000	NY MTA, Series A¹		5.250			11/15/2029		05/15/2016	^A		13,841,761
	10,825,000	NY MTA, Series A¹		5.250			11/15/2031		11/15/2012	^A		10,992,355
	1,150,000	NY MTA, Series A¹		5.500			11/15/2019		11/15/2012	^A		1,170,907
	13,180,000	NY MTA, Series A¹		5.750			11/15/2032		11/15/2012	^A		13,428,838
	150,000	NY MTA, Series A¹		5.750			11/15/2032		11/15/2012	^A		152,664
	455,000	NY MTA, Series A¹		5.750			11/15/2032		11/15/2012	^A		463,081

24	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 100,000	NY MTA, Series B¹		5.000	%		11/15/2023		11/15/2016	^A	$	114,496
	5,000,000	NY MTA, Series B¹		5.000			11/15/2025		11/15/2015	^A		5,547,150
	130,000	NY MTA, Series B¹		5.000			11/15/2028		11/15/2013	^A		136,349
	16,500,000	NY MTA, Series B¹		5.250			11/15/2025		11/15/2013	^A		17,332,260
	6,500,000	NY MTA, Series B¹		5.250			11/15/2027		11/15/2019	^A		7,496,125
	13,000,000	NY MTA, Series C¹		5.000			11/15/2028		11/15/2022	^A		14,726,530
	10,000,000	NY MTA, Series C¹		5.000			11/15/2029		11/15/2022	^A		11,263,000
	5,000,000	NY MTA, Series C¹		5.000			11/15/2030		11/15/2022	^A		5,613,050
	3,500,000	NY MTA, Series C¹		5.000			11/15/2031		11/15/2022	^A		3,929,135
	5,000,000	NY MTA, Series D¹		5.000			11/01/2024		11/01/2022	^A		5,816,850
	6,000,000	NY MTA, Series D²		5.000			11/15/2024		11/15/2017	^A		6,517,560
	4,000,000	NY MTA, Series D¹		5.000			11/01/2025		11/01/2022	^A		4,622,880
	20,000,000	NY MTA, Series D²		5.000			11/15/2026		11/15/2022	^A		22,926,800
	25,000,000	NY MTA, Series D²		5.000			11/15/2027		11/15/2019	^A		27,509,750
	22,000,000	NY MTA, Series D²		5.000			11/15/2028		11/15/2022	^A		24,921,820
	20,000,000	NY MTA, Series D²		5.000			11/15/2029		11/15/2022	^A		22,526,000
	5,000,000	NY MTA, Series D¹		5.000			11/15/2031		11/15/2021	^A		5,588,600
	11,800,000	NY MTA, Series D-1¹		5.000			11/01/2026		11/01/2022	^A		13,522,328
	5,075,000	NY MTA, Series D-1¹		5.000			11/01/2028		11/01/2022	^A		5,746,879
	50,000	NY MTA, Series E¹		5.250			11/15/2031		11/15/2012	^A		50,764
	100,000	NY MTA, Series E¹		5.250			11/15/2031		11/15/2012	^A		101,546
	50,000	NY MTA, Series E¹		5.500			11/15/2021		11/15/2012	^A		50,798
	2,230,000	NY MTA, Series F¹		5.000			11/15/2030		11/15/2015	^A		2,347,610
	8,990,000	NY MTA, Series F¹		5.000			11/15/2031		11/15/2012	^A		9,154,787
	11,575,000	NY MTA, Series F¹		5.000			11/15/2031		11/15/2012	^A		11,787,170
	35,000	NY New Hartford-Sunset Wood Funding Corp.		5.950			08/01/2027		08/01/2012	^A		35,069
	4,180,000	NY Oneida Healthcare Corp. (Oneida Health Systems)¹		5.300			02/01/2021		07/29/2012	^A		4,205,582
	2,735,000	NY Oneida Healthcare Corp. (Oneida Health Systems)¹		5.500			02/01/2016		07/29/2012	^A		2,754,610
	10,000,000	NY Sales Tax Asset Receivable Corp.¹		5.000			10/15/2026		10/15/2014	^A		10,853,700
	8,000,000	NY Seneca Nation Indians Capital Improvements¹		5.000			12/01/2023		06/01/2017	^A		8,087,600
	10,450,000	NY Seneca Nation Indians Capital Improvements¹		5.250			12/01/2016		06/14/2015	^B		10,676,661
	500,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.250			06/01/2020		06/01/2013	^A		522,070
	2,220,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.250			06/01/2021		06/01/2013	^A		2,317,991

25	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 1,415,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500	%		06/01/2018		07/29/2012	^A	$	1,420,349
	20,500,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2019		06/01/2013	^A		21,452,020
	11,000,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2020		06/01/2013	^A		11,510,840
	18,395,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2021		06/01/2013	^A		19,249,264
	25,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2021		11/15/2012	^A		25,410
	40,000	NY Triborough Bridge & Tunnel Authority¹		5.000			01/01/2024		07/29/2012	^A		40,154
	4,525,000	NY Triborough Bridge & Tunnel Authority¹		5.000			01/01/2025		01/01/2022	^A		5,369,456
	20,000,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2025		11/15/2012	^A		20,312,000
	24,890,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2026		11/15/2012	^A		25,246,674
	210,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2028		11/15/2013	^A		221,323
	2,000,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2032		11/15/2012	^A		2,027,880
	1,000,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2033		11/15/2018	^A		1,127,960
	200,000	NY Triborough Bridge & Tunnel Authority¹		5.250			11/15/2022		11/15/2012	^A		203,448
	10,000,000	NY Triborough Bridge & Tunnel Authority¹		5.250			11/15/2023		11/15/2012	^A		10,172,400
	2,720,000	NY Triborough Bridge & Tunnel Authority¹		5.250			11/15/2030		11/15/2013	^A		2,870,171
	40,000	NY Triborough Bridge & Tunnel Authority, Series B¹		5.000			11/15/2020		11/15/2012	^A		40,680
	3,000,000	NY Triborough Bridge & Tunnel Authority, Series B¹		5.000			11/15/2027		11/15/2012	^A		3,044,130
	1,230,000	NY Triborough Bridge & Tunnel Authority, Series B¹		5.000			11/15/2032		11/15/2012	^A		1,247,675
	157,030,000	NY TSASC, Inc. (TFABs)¹		4.750			06/01/2022		01/21/2015	^B		156,287,248
	91,000,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2026		06/05/2022	^B		86,865,870
	14,740,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2034		06/26/2028	^B		11,033,480
	160,000	NY Valley Health Devel. Corp.¹		6.750			05/20/2022		07/29/2012	^A		165,243
	10,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)		7.250			11/01/2042		11/01/2012	^A		10,021,200
	45,175,000	NYC GO¹		4.900	³		12/15/2028		12/15/2013	^A		47,620,323
	50,000,000	NYC GO¹		4.950	³		12/15/2033		12/15/2013	^A		52,742,500

26	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 5,000	NYC GO		5.000	%		08/01/2015		07/29/2012	^A	$	5,019
	200,000	NYC GO		5.000			08/01/2020		08/01/2014	^A		219,448
	225,000	NYC GO¹		5.000			08/01/2020		08/01/2014	^A		244,879
	5,000	NYC GO¹		5.000			08/01/2022		07/29/2012	^A		5,019
	500,000	NYC GO¹		5.000			08/01/2022		08/01/2015	^A		561,690
	40,000	NYC GO¹		5.000			09/15/2022		09/15/2013	^A		42,320
	29,000,000	NYC GO⁴		5.000			06/01/2023		06/01/2023			32,339,350
	615,000	NYC GO¹		5.000			08/01/2023		08/01/2015	^A		689,673
	8,065,000	NYC GO¹		5.000			08/01/2023		08/01/2019	^A		9,377,417
	10,000,000	NYC GO⁴		5.000			08/15/2023		08/15/2023			10,877,539
	4,945,000	NYC GO¹		5.000			09/01/2023		09/01/2015	^A		5,560,702
	11,340,000	NYC GO⁴		5.000			12/01/2023		12/01/2023			12,465,835
	21,015,000	NYC GO¹		5.000			08/01/2024		08/01/2016	^A		23,952,687
	2,000,000	NYC GO¹		5.000			08/01/2024		02/01/2016	^A		2,246,280
	3,650,000	NYC GO¹		5.000			12/01/2024		12/01/2014	^A		3,994,341
	10,000,000	NYC GO¹		5.000			11/01/2025		11/01/2014	^A		10,911,300
	1,100,000	NYC GO¹		5.000			08/01/2027		02/01/2022	^A		1,284,910
	19,505,000	NYC GO¹		5.000			08/01/2028		08/01/2019	^A		22,038,700
	3,000,000	NYC GO¹		5.000			08/01/2029		08/01/2022	^A		3,486,270
	485,000	NYC GO¹		5.000			10/15/2029		10/15/2013	^A		510,385
	515,000	NYC GO		5.000			10/15/2029		10/15/2013	^A		546,688
	10,000,000	NYC GO¹		5.000			04/01/2030		04/01/2015	^A		10,975,300
	1,000,000	NYC GO¹		5.000			08/01/2030		08/01/2015	^A		1,108,030
	5,000	NYC GO		5.000			10/15/2033		10/15/2013	^A		5,308
	80,000	NYC GO¹		5.000			10/15/2033		10/15/2013	^A		83,604
	35,000	NYC GO		5.125			08/01/2013		07/29/2012	^A		35,147
	5,000	NYC GO		5.125			08/01/2018		07/29/2012	^A		5,019
	10,000	NYC GO¹		5.125			08/01/2022		07/29/2012	^A		10,038
	6,500,000	NYC GO¹		5.125			12/01/2024		12/01/2017	^A		7,731,880
	10,000	NYC GO		5.125			08/01/2025		07/29/2012	^A		10,036
	15,000	NYC GO		5.125			08/01/2025		07/29/2012	^A		15,053
	5,000	NYC GO		5.125			08/01/2025		07/29/2012	^A		5,018
	5,000	NYC GO¹		5.250			08/01/2012		07/29/2012	^A		5,021
	5,000	NYC GO		5.250			08/01/2015		07/29/2012	^A		5,020
	10,000	NYC GO¹		5.250			01/15/2023		01/15/2013	^A		10,277
	15,000	NYC GO¹		5.250			01/15/2023		01/15/2013	^A		15,375
	5,720,000	NYC GO¹		5.250			08/15/2024		08/15/2014	^A		6,224,733
	10,000	NYC GO¹		5.250			06/01/2027		07/29/2012	^A		10,037

27	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 110,000	NYC GO		5.250	%		01/15/2028		01/15/2013	^A	$	113,018
	110,000	NYC GO¹		5.250			01/15/2028		01/15/2013	^A		112,668
	9,500,000	NYC GO¹		5.250			04/01/2028		04/01/2019	^A		10,850,900
	80,000	NYC GO¹		5.250			01/15/2033		01/15/2013	^A		82,213
	2,105,000	NYC GO¹		5.250			01/15/2033		01/15/2013	^A		2,158,972
	5,000	NYC GO		5.300			08/01/2024		07/29/2012	^A		5,019
	70,000	NYC GO¹		5.300			01/15/2026		01/15/2013	^A		71,646
	50,000	NYC GO¹		5.375			03/01/2027		03/01/2013	^A		51,750
	55,000	NYC GO¹		5.375			08/01/2027		07/29/2012	^A		55,214
	100,000	NYC GO¹		5.500			08/01/2022		07/29/2012	^A		100,415
	70,000	NYC GO¹		5.500			08/01/2022		07/29/2012	^A		70,291
	670,000	NYC GO¹		5.500			06/01/2023		06/01/2013	^A		702,843
	140,000	NYC GO¹		5.500			06/01/2023		06/01/2013	^A		146,208
	10,000	NYC GO¹		5.500			02/15/2026		07/29/2012	^A		10,040
	5,000	NYC GO¹		5.500			02/15/2026		07/29/2012	^A		5,020
	75,000	NYC GO¹		5.500			06/01/2028		07/29/2012	^A		75,311
	15,000	NYC GO		5.500			11/15/2037		07/29/2012	^A		15,062
	30,000	NYC GO¹		5.600			12/01/2013		12/01/2012	^A		30,698
	570,000	NYC GO¹		5.750			03/01/2018		03/01/2013	^A		591,375
	35,000	NYC GO		5.750			08/01/2018		08/01/2012	^A		35,174
	465,000	NYC GO¹		5.750			08/01/2018		08/01/2012	^A		467,181
	55,000	NYC GO¹		5.750			08/01/2018		08/01/2012	^A		55,274
	255,000	NYC GO¹		5.750			08/01/2018		08/01/2012	^A		256,196
	20,000	NYC GO		5.875			08/01/2015		07/29/2012	^A		20,092
	375,000	NYC GO¹		5.875			06/01/2019		07/29/2012	^A		376,688
	85,000	NYC GO¹		5.875			08/01/2019		08/01/2012	^A		85,434
	5,365,000	NYC GO¹		5.875			08/01/2019		08/01/2012	^A		5,390,752
	5,000	NYC GO¹		6.000			02/15/2024		07/29/2012	^A		5,022
	590,000	NYC GO		6.350			05/15/2014		07/29/2012	^A		592,962
	5,000	NYC GO		7.000			02/01/2018		07/29/2012	^A		5,027
	45,000	NYC GO¹		7.750			08/15/2027		08/15/2012	^A		45,408
	198,697	NYC HDC (Bay Towers)		6.500			08/15/2017		07/29/2012	^A		199,389
	2,371,070	NYC HDC (East Midtown Plaza)		6.500			11/15/2018		07/29/2012	^A		2,377,638
	23,630	NYC HDC (Essex Terrace)		6.500			07/15/2018		07/29/2012	^A		23,695
	178,196	NYC HDC (Kingsbridge Arms)		6.500			08/15/2017		07/29/2012	^A		178,832
	4,725,000	NYC HDC (Multifamily Hsg.)¹		4.750			11/01/2030		05/01/2020	^A		5,150,297
	1,850,000	NYC HDC (Multifamily Hsg.)¹		4.750			11/01/2030		05/01/2020	^A		2,016,519
	1,500,000	NYC HDC (Multifamily Hsg.)¹		5.000			11/01/2030		05/01/2018	^A		1,549,320

28	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 565,000	NYC HDC (Multifamily Hsg.)¹		5.050	%		11/01/2023		11/01/2012	^A	$	567,701
	30,000	NYC HDC (Multifamily Hsg.)¹		5.100			11/01/2018		05/01/2018	^A		32,745
	515,000	NYC HDC (Multifamily Hsg.)¹		5.100			11/01/2027		05/01/2017	^A		544,077
	260,000	NYC HDC (Multifamily Hsg.)¹		5.200			11/01/2035		05/01/2018	^A		269,441
	4,785,000	NYC HDC (Multifamily Hsg.)¹		5.500			11/01/2028		05/01/2018	^A		5,113,538
	200,000	NYC HDC (Multifamily Hsg.)¹		6.250			11/01/2023		11/01/2018	^A		227,722
	150,000	NYC HDC (Multifamily Hsg.), Series E¹		6.250			05/01/2036		07/29/2012	^A		150,246
	13,000,000	NYC HDC, Series A¹		5.000			07/01/2025		07/01/2015	^A		13,749,580
	125,000	NYC HDC, Series A¹		5.250			05/01/2030		05/01/2014	^A		133,061
	2,215,000	NYC HDC, Series C¹		5.000			11/01/2026		11/01/2015	^A		2,301,385
	11,460,000	NYC Health & Hospital Corp.¹		5.000			02/15/2024		02/15/2020	^A		13,016,153
	35,000	NYC Health & Hospital Corp. (Health System)¹		5.000			02/15/2023		02/15/2013	^A		35,823
	27,300,000	NYC Health & Hospital Corp. (Health System)¹		5.000			02/15/2030		02/15/2020	^A		30,376,983
	50,000	NYC Health & Hospital Corp. (HHC Capital Corp.)¹		5.000			02/15/2023		02/15/2013	^A		50,771
	9,400,000	NYC IDA (AIRIS JFK I/JFK International Airport)¹		5.500			07/01/2028		09/16/2023	^B		9,105,592
	5,770,000	NYC IDA (AIRIS JFK I/JFK International Airport)		6.000			07/01/2015		07/24/2012	^A		5,777,674
	650,000	NYC IDA (Beth Abraham Health Services)		6.000			02/15/2013		02/15/2013			656,676
	270,000	NYC IDA (Beth Abraham Health Services)		6.000			11/15/2013		05/23/2013	^B		275,994
	130,000	NYC IDA (Beth Abraham Health Services)		6.000			11/15/2013		05/17/2013	^B		132,886
	490,000	NYC IDA (Calhoun School)		6.250			12/01/2016		01/19/2015	^B		517,146
	3,540,000	NYC IDA (Calhoun School)		6.250			12/01/2017		12/01/2012	^A		3,559,789
	375,000	NYC IDA (Center for Elimination of Family Violence)		6.250			11/01/2016		12/20/2014	^B		380,141
	5,705,000	NYC IDA (Chapin School)		4.800			11/01/2018		07/16/2015	^A		5,895,091
	430,000	NYC IDA (Comprehensive Care Management)		5.625			11/01/2015		05/30/2014	^B		440,582
	330,000	NYC IDA (Comprehensive Care Management)		5.625			11/01/2015		05/20/2014	^B		338,121
	1,800,000	NYC IDA (Comprehensive Care Management)		5.750			08/01/2018		06/20/2014	^A		1,825,812
	1,955,000	NYC IDA (Comprehensive Care Management)		5.750			11/01/2018		06/20/2014	^A		1,983,035
	2,040,000	NYC IDA (Comprehensive Care Management)		5.750			05/01/2019		07/10/2014	^A		2,063,399

29	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 595,000	NYC IDA (Family Support Systems)⁵		6.500	%		11/01/2014		11/15/2013	^B	$	446,351
	430,000	NYC IDA (Gourmet Boutique)		5.250			11/01/2013		04/28/2013	^B		417,405
	1,095,000	NYC IDA (Guttmacher Institute)		5.250			12/01/2016		11/17/2014	^B		1,077,644
	225,000	NYC IDA (Horace Mann School)¹		5.000			07/01/2018		07/29/2012	^A		225,675
	560,000	NYC IDA (Horace Mann School)¹		5.000			07/01/2023		07/29/2012	^A		561,775
	400,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		02/06/2016	^A		401,768
	2,880,000	NYC IDA (Lycee Francais De New York)¹		5.375			06/01/2023		12/01/2012	^A		2,933,510
	2,355,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2013		12/01/2012	^A		2,403,395
	730,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2015		12/01/2012	^A		743,636
	2,880,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2016		12/01/2012	^A		2,928,067
	2,000,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2017		12/01/2012	^A		2,031,280
	3,210,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2018		12/01/2012	^A		3,257,348
	485,000	NYC IDA (Manhattan Community Access Corp.)		5.250			12/01/2016		11/17/2014	^B		484,932
	2,620,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		5.375			11/01/2016		12/10/2014	^B		2,680,915
	310,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		5.375			11/01/2018		01/05/2016	^B		314,619
	1,520,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		5.375			11/01/2018		01/17/2016	^B		1,542,648
	250,000	NYC IDA (Marymount School of New York)¹		5.125			09/01/2021		09/01/2012	^A		255,438
	670,000	NYC IDA (Metro Biofuels)		5.500			11/01/2013		05/08/2013	^B		659,387
	1,500,000	NYC IDA (Metropolitan College of New York)		5.750			03/01/2020		11/25/2014	^A		1,552,260
	4,585,000	NYC IDA (Montefiore Medical Center Corp.)¹		5.125			11/01/2025		07/29/2012	^A		4,594,124
	5,865,000	NYC IDA (Montefiore Medical Center Corp.)¹		5.125			11/01/2035		07/29/2012	^A		5,873,152
	805,000	NYC IDA (New York Institute of Technology)¹		5.250			03/01/2018		03/01/2013	^A		818,830
	400,000	NYC IDA (Nightingale-Bamford School)¹		5.250			01/15/2019		01/15/2013	^A		408,324
	75,000	NYC IDA (Polytechnic University)¹		4.550			11/01/2018		11/01/2017	^A		79,703
	250,000	NYC IDA (Queens Baseball Stadium)¹		5.000			01/01/2025		01/01/2017	^A		251,400

30	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 5,000,000	NYC IDA (Queens Baseball Stadium)¹		5.000	%		01/01/2026		01/01/2017	^A	$	5,007,950
	3,285,000	NYC IDA (Queens Baseball Stadium)¹		5.000			01/01/2031		01/01/2017	^A		3,306,024
	200,000	NYC IDA (Queens Baseball Stadium)¹		6.125			01/01/2029		01/01/2019	^A		224,072
	810,000	NYC IDA (Reece School)		6.500			12/01/2017		08/11/2015	^B		824,839
	2,710,000	NYC IDA (Rosco, Inc.)		5.625			06/01/2022		05/29/2018	^B		2,733,848
	1,000,000	NYC IDA (Royal Charter NY Presbyterian)		5.750			12/15/2029		07/29/2012	^A		1,023,890
	4,400,000	NYC IDA (Samaritan Aids Services)¹		5.000			11/01/2024		07/29/2012	^A		4,408,448
	100,000	NYC IDA (SFTU/YAI/CRV Obligated Group)		4.400			07/01/2012		07/01/2012			99,995
	230,000	NYC IDA (Showman Fabricators)		7.125			11/01/2013		05/06/2013	^B		226,407
	30,000	NYC IDA (Special Needs Facilities Pooled Program)		4.150			07/01/2014		02/04/2013	^A		30,334
	200,000	NYC IDA (Special Needs Facilities Pooled Program)		5.800			07/01/2023		10/13/2021	^B		192,698
	715,000	NYC IDA (Stallion)		5.000			11/01/2016		10/17/2014	^B		652,416
	375,000	NYC IDA (Stallion)		5.500			11/01/2017		06/18/2015	^B		347,366
	1,170,000	NYC IDA (Studio School)		6.250			11/01/2018		01/29/2016	^B		779,267
	8,605,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2017		01/01/2016	^C		9,481,505
	11,820,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2018		01/01/2016	^C		12,969,731
	14,620,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2019		01/01/2016	^C		15,903,782
	15,245,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2020		01/01/2016	^C		16,451,489
	9,750,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2021		01/01/2016	^C		10,454,633
	48,790,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2024		01/01/2016	^C		51,390,019
	300,000	NYC IDA (The Child School)		7.000			06/01/2013		03/03/2013	^B		305,688
	105,000	NYC IDA (Trinity Episcopal School Corp.)¹		5.250			06/15/2017		07/29/2012	^A		105,375
	5,940,000	NYC IDA (Unicef)		5.050			11/01/2018		01/13/2016	^B		5,855,652
	825,000	NYC IDA (United Nations School)		6.350			12/01/2015		07/29/2012	^A		828,267
	1,000,000	NYC IDA (Urban Resource Institute)¹		5.250			03/01/2023		03/01/2013	^A		1,017,180
	295,000	NYC IDA (Urban Resource Institute)		6.500			11/01/2013		05/05/2013	^B		294,985
	620,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2016		12/01/2016			652,327

31	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 1,940,000	NYC IDA (Vaughn College Aeronautics)¹		5.000	%		12/01/2016		12/01/2016		$	2,041,152
	3,400,000	NYC IDA (Visy Paper)		7.800			01/01/2016		07/26/2012	^A		3,405,474
	765,000	NYC IDA (Vocational Instruction)⁵		7.250			02/01/2013		02/01/2013			693,694
	3,430,000	NYC IDA (Yankee Stadium)¹		2.973	³		03/01/2016		03/01/2013	^A		3,407,568
	700,000	NYC IDA (Yankee Stadium)¹		3.093	³		03/01/2020		03/01/2020			656,649
	8,655,000	NYC IDA (Yankee Stadium)^1,2		3.143	³		03/01/2022		08/01/2012	^A		7,852,422
	6,350,000	NYC IDA (Yankee Stadium)¹		3.153	³		03/01/2023		03/01/2023			5,610,289
	195,000	NYC IDA (Yankee Stadium)¹		3.163	³		03/01/2024		08/01/2012	^A		167,852
	200,000	NYC IDA (Yankee Stadium)¹		3.173	³		03/01/2025		08/01/2012	^A		168,760
	985,000	NYC IDA (Yankee Stadium)¹		3.183	³		03/01/2026		08/01/2012	^A		814,989
	1,000,000	NYC IDA (Yankee Stadium)¹		3.193	³		03/01/2027		08/01/2012	^A		814,100
	3,840,000	NYC IDA (Yeled Yalda Early Childhood)		5.350			11/01/2017		06/20/2015	^B		3,847,987
	6,555,000	NYC IDA (YMCA of Greater New York)¹		5.000			08/01/2036		08/01/2016	^A		6,818,577
	5,405,000	NYC IDA (YMCA of Greater New York)¹		5.250			08/01/2021		07/29/2012	^A		5,429,323
	4,125,000	NYC IDA (YMCA of Greater New York)¹		5.800			08/01/2016		07/29/2012	^A		4,145,584
	300,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2025		06/15/2015	^A		334,227
	6,175,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2027		06/15/2015	^A		6,879,506
	5,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2029		06/15/2016	^A		5,593,800
	30,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2030		06/15/2020	^A		34,346,400
	20,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2031		06/15/2021	^A		22,927,800
	5,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2033		06/15/2022	^A		5,732,550
	8,195,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2034		06/15/2022	^A		9,350,741
	625,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2034		06/15/2013	^A		648,713
	6,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2038		06/15/2017	^A		6,650,220
	10,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2038		06/15/2015	^A		11,059,000
	40,000	NYC Municipal Water Finance Authority¹		5.125			06/15/2034		07/29/2012	^A		40,172
	30,000	NYC Municipal Water Finance Authority¹		5.750			06/15/2013		07/29/2012	^A		30,977

32	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 1,615,000	NYC Municipal Water Finance Authority¹		5.750	%		06/15/2040		06/15/2018	^A	$	1,952,212
	410,000	NYC Municipal Water Finance Authority¹		5.750			06/15/2040		06/15/2018	^A		493,054
	12,450,000	NYC Sales Tax Asset Receivables Corp., Series A¹		5.000			10/15/2032		10/15/2014	^A		13,575,480
	100,000	NYC Transitional Finance Authority¹		5.000			02/01/2031		02/01/2013	^A		102,186
	150,000	NYC Transitional Finance Authority¹		5.375			01/15/2030		01/15/2019	^A		172,224
	20,000,000	NYC Transitional Finance Authority¹		5.500			11/01/2028		11/01/2015	^A		22,428,600
	7,010,000	NYC Transitional Finance Authority (Building Aid)¹		5.250			07/15/2037		07/15/2021	^A		7,968,477
	10,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			05/01/2025		05/01/2018	^A		11,577,700
	11,850,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			11/01/2025		05/01/2017	^A		13,578,678
	2,675,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			05/01/2026		05/01/2018	^A		3,087,351
	7,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			05/01/2027		05/01/2018	^A		8,050,490
	1,650,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			11/01/2027		11/01/2021	^A		1,942,710
	4,715,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			05/01/2028		05/01/2018	^A		5,408,671
	12,605,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2033		02/01/2014	^A		13,373,149
	8,920,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			05/01/2034		05/01/2022	^A		10,132,585
	10,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.250			11/01/2027		11/01/2018	^A		12,000,100
	20,000	NYS DA (4201 School Programs)		5.000			07/01/2018		07/29/2012	^A		20,073
	10,000	NYS DA (4201 School Programs)¹		5.000			07/01/2018		07/29/2012	^A		10,029
	250,000	NYS DA (Augustana Lutheran Home)¹		5.500			02/01/2041		07/29/2012	^A		253,408
	25,000	NYS DA (Brookdale Hospital Medical Center)		5.200			02/15/2016		07/29/2012	^A		25,095
	50,000	NYS DA (Brookdale Hospital Medical Center)¹		5.300			02/15/2017		07/29/2012	^A		50,168
	65,000	NYS DA (Brookdale Hospital Medical Center)¹		5.300			02/15/2017		07/29/2012	^A		65,218
	100,000	NYS DA (Brooklyn Hospital Center)		5.100			02/01/2019		07/29/2012	^A		100,298
	260,000	NYS DA (Brooklyn Law School)¹		5.125			07/01/2030		07/01/2013	^A		269,968
	20,000	NYS DA (Buena Vida Nursing Home)		5.000			07/01/2018		07/26/2012	^A		20,075
	75,000	NYS DA (Canisius College)¹		5.000			07/01/2019		07/01/2015	^A		78,905

33	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 1,300,000	NYS DA (Canisius College)¹		5.000	%		07/01/2022		07/01/2015	^A	$	1,348,399
	400,000	NYS DA (Canisius College)¹		5.250			07/01/2030		07/29/2012	^A		400,372
	50,000	NYS DA (Carmel Richmond Nursing Home)¹		5.000			07/01/2015		07/29/2012	^A		50,023
	50,000	NYS DA (Carmel Richmond Nursing Home)¹		5.000			07/01/2018		06/28/2017	^B		50,002
	1,120,000	NYS DA (Catskill Regional Medical Center)¹		5.250			02/15/2023		02/15/2015	^A		1,187,491
	1,350,000	NYS DA (Chapel Oaks)		5.375			07/01/2017		07/29/2012	^A		1,355,454
	3,290,000	NYS DA (Chapel Oaks)¹		5.450			07/01/2026		07/29/2012	^A		3,296,679
	270,000	NYS DA (Culinary Institute of America)¹		5.000			07/01/2022		07/29/2012	^A		270,410
	25,000	NYS DA (D’Youville College)		4.700			07/01/2012		07/01/2012			25,005
	350,000	NYS DA (Dept. of Health)¹		5.000			07/01/2021		07/01/2014	^A		378,567
	30,000	NYS DA (Dept. of Health)		5.000			07/01/2028		07/29/2012	^A		30,094
	880,000	NYS DA (Dept. of Health)¹		5.250			07/01/2023		07/01/2014	^A		926,429
	2,465,000	NYS DA (Ellis Hospital)		5.050			08/15/2024		08/15/2014	^A		2,647,262
	40,000	NYS DA (Ellis Hospital)¹		5.500			08/01/2015		07/29/2012	^A		40,130
	150,000	NYS DA (Ellis Hospital)¹		5.600			08/01/2025		07/29/2012	^A		150,290
	175,000	NYS DA (Ellis Hospital)¹		5.625			08/01/2035		07/29/2012	^A		175,275
	630,000	NYS DA (FNHC/KR/MMWNHC Obligated Group)¹		5.750			07/01/2017		07/24/2012	^A		632,174
	50,000	NYS DA (Fordham University)		5.000			07/01/2014		07/29/2012	^A		50,176
	30,000	NYS DA (Fordham University)¹		5.000			07/01/2028		07/29/2012	^A		30,041
	2,880,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)¹		5.500			07/01/2017		07/25/2012	^A		2,885,789
	10,125,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)¹		5.500			07/01/2027		07/29/2012	^A		10,145,351
	50,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)¹		5.500			07/01/2027		07/29/2012	^A		50,047
	85,000	NYS DA (Green Chimneys School)		5.500			07/01/2018		07/26/2012	^A		86,828
	1,000,000	NYS DA (Health Center/BFCC/USBFCC Obligated Group)¹		5.000			11/15/2019		07/29/2012	^A		1,002,900
	1,060,000	NYS DA (Health Quest Systems)¹		5.250			07/01/2027		07/01/2017	^A		1,170,865
	10,815,000	NYS DA (Hospital)¹		6.450			08/15/2024		08/15/2012	^A		10,883,351
	2,140,000	NYS DA (Interagency Council Pooled Loan Program)		7.000			07/01/2021		07/01/2021			2,283,380
	220,000	NYS DA (Jawonio/United Cerebral Palsy Assoc. of NYC Obligated Group)		5.125			07/01/2021		07/29/2012	^A		222,416
	100,000	NYS DA (Jewish Board of Family and Children’s Services)¹		5.000			07/01/2023		07/01/2013	^A		101,534

34	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 5,000	NYS DA (Jewish Home Lifecare Harry & Jeanette Weinberg Campus Bronx)		5.950	%		02/01/2016		07/29/2012	^A	$	5,060
	80,000	NYS DA (John T. Mather Memorial Hospital)		5.250			07/01/2015		07/22/2012	^A		80,158
	200,000	NYS DA (John T. Mather Memorial Hospital)		5.375			07/01/2019		07/29/2012	^A		200,276
	1,720,000	NYS DA (John T. Mather Memorial Hospital)		5.750			07/01/2025		07/29/2012	^A		1,721,514
	15,220,000	NYS DA (Kaleida Health)		5.050			02/15/2025		02/15/2014	^A		15,743,264
	105,000	NYS DA (L.I. University)¹		5.000			09/01/2016		07/29/2012	^A		105,263
	1,015,000	NYS DA (L.I. University)¹		5.250			09/01/2028		07/29/2012	^A		1,015,822
	30,000	NYS DA (La Salle School)		5.000			07/01/2018		07/26/2012	^A		30,093
	520,000	NYS DA (Le Moyne College)		5.000			07/01/2018		07/26/2012	^A		521,607
	1,100,000	NYS DA (Leake & Watts Services)¹		5.000			07/01/2023		07/01/2014	^A		1,147,641
	16,800,000	NYS DA (Maimonides Medical Center)¹		5.750			08/01/2029		08/01/2014	^A		18,075,792
	40,000	NYS DA (Manhattan College)		5.500			07/01/2014		07/29/2012	^A		40,334
	100,000	NYS DA (Manhattan College)		5.500			07/01/2019		07/29/2012	^A		100,715
	40,000	NYS DA (March of Dimes)		5.600			07/01/2012		07/01/2012			40,010
	615,000	NYS DA (Master BOCES Program)¹		5.250			08/15/2023		08/15/2013	^A		645,049
	15,000	NYS DA (Memorial Hospital of William F. & Gertrude F. Jones)¹		5.250			08/01/2025		07/29/2012	^A		15,025
	5,000	NYS DA (Mental Health Services Facilities)¹		5.000			08/15/2017		07/29/2012	^A		5,017
	30,000	NYS DA (Mental Health Services Facilities)		5.000			02/15/2023		07/29/2012	^A		30,105
	14,000,000	NYS DA (Mental Health Services Facilities)¹		5.000			02/15/2028		02/15/2014	^A		14,828,940
	5,000	NYS DA (Mental Health Services Facilities)¹		5.250			08/15/2013		07/29/2012	^A		5,019
	225,000	NYS DA (Mental Health Services Facilities)¹		5.250			02/15/2023		02/15/2014	^A		239,108
	100,000	NYS DA (Mental Health Services Facilities)¹		6.250			02/15/2031		08/15/2018	^A		116,724
	4,720,000	NYS DA (Miriam Osborn Memorial Home Assoc.)¹		6.875			07/01/2019		07/26/2012	^A		4,735,812
	3,365,000	NYS DA (Montefiore Medical Center)¹		5.000			08/01/2021		02/01/2018	^A		3,792,759
	200,000	NYS DA (Montefiore Medical Center)¹		5.000			02/01/2028		02/01/2015	^A		217,340
	150,000	NYS DA (Mount Sinai School of Medicine)¹		5.000			07/01/2022		07/01/2020	^A		171,210

35	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 11,875,000	NYS DA (Mount Sinai School of Medicine)¹		5.000	%		07/01/2035		07/01/2017	^A	$	12,488,581
	5,000,000	NYS DA (Municipal Health Facilities)¹		5.000			01/15/2032		01/15/2018	^A		5,319,200
	1,265,000	NYS DA (New York & Presbyterian Hospital)¹		5.250			02/15/2031		08/15/2014	^A		1,367,111
	350,000	NYS DA (New York Medical College)¹		5.000			07/01/2021		07/29/2012	^A		351,050
	115,000	NYS DA (New York Methodist Hospital)¹		5.250			07/01/2018		07/01/2014	^A		121,044
	2,250,000	NYS DA (New York Methodist Hospital)¹		5.250			07/01/2024		07/01/2014	^A		2,314,620
	8,610,000	NYS DA (North General Hospital)¹		5.000			02/15/2025		02/15/2013	^A		8,703,591
	4,525,000	NYS DA (North General Hospital)¹		5.750			02/15/2015		02/15/2013	^A		4,652,696
	4,600,000	NYS DA (North General Hospital)¹		5.750			02/15/2016		02/15/2013	^A		4,723,372
	5,665,000	NYS DA (North General Hospital)¹		5.750			02/15/2019		02/15/2013	^A		5,789,290
	3,750,000	NYS DA (North General Hospital)¹		5.750			02/15/2020		02/15/2013	^A		3,826,725
	770,000	NYS DA (Northeast Parent & Child)		5.500			07/01/2018		07/26/2012	^A		771,278
	7,000,000	NYS DA (NSLIJ/NSUH/LIJMC Obligated Group)¹		5.000			05/01/2032		05/01/2021	^A		7,727,580
	1,850,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2020		07/01/2016	^A		2,066,709
	20,580,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2026		07/01/2017	^A		21,816,446
	13,480,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2026		07/01/2016	^A		14,417,804
	4,845,000	NYS DA (NYU Hospitals Center)¹		5.250			07/01/2024		08/08/2016	^A		5,256,680
	50,000	NYS DA (NYU Hospitals Center)¹		5.625			07/01/2037		07/01/2017	^A		54,041
	14,170,000	NYS DA (NYU)¹		5.250			07/01/2027		07/01/2019	^A		16,625,236
	1,140,000	NYS DA (Ozanam Hall of Queens Nursing Home)¹		5.000			11/01/2014		11/01/2014			1,165,148
	1,250,000	NYS DA (Ozanam Hall of Queens Nursing Home)¹		5.000			11/01/2015		11/01/2015			1,280,788
	2,995,000	NYS DA (Ozanam Hall of Queens Nursing Home)¹		5.000			11/01/2026		12/06/2024	^B		2,853,277
	6,800,000	NYS DA (Pace University)		2.000	³		07/01/2029		07/06/2012	^A		6,800,000
	23,000,000	NYS DA (Personal Income Tax)^1,2		5.000			12/15/2027		12/15/2022	^A		27,342,630
	10,000,000	NYS DA (Personal Income Tax)¹		5.000			12/15/2028		12/15/2022	^A		11,799,000
	15,000,000	NYS DA (Personal Income Tax)¹		5.000			12/15/2029		12/15/2022	^A		17,668,950
	36,300,000	NYS DA (Personal Income Tax)¹		5.000			12/15/2030		12/15/2022	^A		42,403,845
	22,920,000	NYS DA (Personal Income Tax)¹		5.000			03/15/2031		09/15/2016	^A		25,806,545
	3,680,000	NYS DA (Providence Rest)		5.000			07/01/2021		07/13/2020	^B		3,586,307
	1,250,000	NYS DA (Providence Rest)		5.125			07/01/2030		08/06/2028	^B		1,144,725
	2,000,000	NYS DA (Providence Rest)		5.250			07/01/2025		01/23/2024	^B		1,934,140

36	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 8,730,000	NYS DA (Rochester General Hospital)		5.000	%		12/01/2025		12/01/2015	^A	$	8,855,363
	2,150,000	NYS DA (Rochester Institute of Technology)¹		6.000			07/01/2033		07/01/2018	^A		2,501,418
	100,000	NYS DA (School District Financing)¹		4.750			10/01/2013		10/01/2012	^A		101,081
	4,145,000	NYS DA (School District Financing)¹		5.000			10/01/2030		10/01/2012	^A		4,188,647
	865,000	NYS DA (School District Financing)¹		5.250			10/01/2023		10/01/2012	^A		874,870
	21,000,000	NYS DA (School District Financing)¹		5.375			10/01/2022		10/01/2012	^A		21,225,540
	290,000	NYS DA (School District Financing)¹		5.500			10/01/2017		10/01/2012	^A		293,057
	70,000	NYS DA (School District Financing)¹		5.500			10/01/2017		10/01/2012	^A		70,811
	14,805,000	NYS DA (School District Financing)¹		5.750			10/01/2017		10/01/2012	^A		14,985,917
	5,300,000	NYS DA (School District Financing)¹		5.750			10/01/2022		10/01/2012	^A		5,368,635
	6,180,000	NYS DA (School District Financing)¹		5.750			10/01/2030		10/01/2012	^A		6,255,272
	100,000	NYS DA (School District Financing)¹		6.500			10/01/2017		10/01/2012	^A		101,412
	1,300,000	NYS DA (School Districts Financing Program), Series B¹		6.000			10/01/2022		10/01/2012	^A		1,317,836
	15,480,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)¹		5.000			07/01/2021		07/01/2014	^A		16,056,785
	20,000	NYS DA (Special Act School Districts)		5.250			07/01/2013		07/29/2012	^A		20,078
	25,000	NYS DA (Special Act School Districts)¹		5.250			07/01/2015		07/29/2012	^A		25,098
	135,000	NYS DA (Special Act School Districts)¹		5.750			07/01/2019		07/29/2012	^A		135,493
	320,000	NYS DA (Special Act School Districts)		5.875			07/01/2013		07/29/2012	^A		321,309
	15,000	NYS DA (Special Act School Districts)		6.000			07/01/2016		07/29/2012	^A		15,055
	925,000	NYS DA (Special Act School Districts)¹		6.000			07/01/2019		07/29/2012	^A		928,561
	2,480,000	NYS DA (Special Surgery Hospital)¹		6.000			08/15/2038		08/15/2019	^A		2,985,027
	2,500,000	NYS DA (Special Surgery Hospital)¹		6.250			08/15/2034		10/30/2018	^A		3,067,300
	5,250,000	NYS DA (SS Joachim & Anne Residence)¹		5.250			07/01/2027		07/29/2012	^A		5,250,578
	115,000	NYS DA (St. Barnabas Hospital)		5.000			02/01/2031		08/01/2012	^A		115,371
	3,500,000	NYS DA (St. Barnabas Hospital)		5.125			02/01/2022		08/01/2012	^A		3,511,200
	2,180,000	NYS DA (St. Barnabas Hospital)		5.350			08/01/2017		07/29/2012	^A		2,186,998
	150,000	NYS DA (St. John’s University)¹		5.000			07/01/2013		07/29/2012	^A		150,492
	3,000,000	NYS DA (St. Joseph’s College)¹		5.250			07/01/2025		07/01/2017	^A		3,222,750
	4,530,000	NYS DA (St. Joseph’s Hospital Health Center)¹		5.250			07/01/2018		07/26/2012	^A		4,537,610
	3,685,000	NYS DA (St. Lawrence)¹		5.400			08/15/2026		08/15/2017	^A		4,157,233

37	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$100,860,000	NYS DA (St. Luke’s Roosevelt Hospital)		4.800	%		08/15/2025		08/07/2015	^A	$	107,381,608
	45,000	NYS DA (St. Thomas Aquinas College)		5.000			07/01/2014		07/29/2012	^A		45,120
	110,000	NYS DA (St. Thomas Aquinas College)		5.250			07/01/2028		07/29/2012	^A		110,076
	345,000	NYS DA (Suffern Free Library Assoc.)¹		5.000			07/01/2020		07/29/2012	^A		346,494
	295,000	NYS DA (Suffern Free Library)¹		5.000			07/01/2023		07/29/2012	^A		296,277
	2,820,000	NYS DA (The Bronx-Lebanon Hospital Center)¹		6.250			08/15/2022		02/15/2014	^A		2,967,514
	250,000	NYS DA (The Bronx-Lebanon Hospital Center)¹		6.250			02/15/2035		02/15/2019	^A		293,653
	80,000	NYS DA (The Children’s Home of Kingston)		5.250			07/01/2017		07/25/2012	^A		80,318
	6,730,000	NYS DA (The New School)¹		5.000			07/01/2023		04/07/2021	^A		7,834,393
	2,150,000	NYS DA (United Cerebral Palsy Assoc. of Nassau County)¹		5.500			07/01/2024		07/29/2012	^A		2,154,472
	1,700,000	NYS DA (United Cerebral Palsy Assoc. of NYC)		5.750			07/01/2018		07/29/2012	^A		1,720,060
	370,000	NYS DA (United Cerebral Palsy Assoc. of NYC/United Cerebral Palsy Assoc. Obligated Group)		5.000			07/01/2013		07/29/2012	^A		374,492
	5,000	NYS DA (Upstate Community Colleges)		5.000			07/01/2028		07/29/2012	^A		5,015
	70,000	NYS DA (Upstate Community Colleges)		5.000			07/01/2028		07/29/2012	^A		70,207
	1,905,000	NYS DA (Upstate Community Colleges)¹		5.125			07/01/2021		07/01/2014	^A		2,053,323
	1,165,000	NYS DA (Upstate Community Colleges)¹		5.125			07/01/2022		07/01/2014	^A		1,250,884
	125,000	NYS DA (Upstate Community Colleges)¹		5.250			07/01/2020		07/01/2014	^A		133,714
	10,000	NYS DA (Vassar Brothers)¹		5.375			07/01/2025		07/29/2012	^A		10,035
	10,000	NYS DA (W.K. Nursing Home)		5.950			02/01/2016		07/29/2012	^A		10,034
	50,000	NYS DA (W.K. Nursing Home)		6.050			02/01/2026		07/29/2012	^A		50,111
	50,000	NYS DA (White Plains Hospital)		5.375			02/15/2043		08/15/2014	^A		53,968
	2,500,000	NYS DA (Willow Towers)¹		5.400			02/01/2034		08/01/2012	^A		2,534,675
	2,040,000	NYS DA (Winthrop University Hospital)¹		5.500			07/01/2023		07/01/2013	^A		2,078,148
	310,000	NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)		5.250			07/01/2015		07/29/2012	^A		310,834

38	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 230,000	NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)¹		5.250	%		07/01/2016		07/29/2012	^A	$	230,561
	235,000	NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)¹		5.250			07/01/2018		07/29/2012	^A		235,501
	100,000	NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)¹		5.250			07/01/2019		07/29/2012	^A		100,191
	285,000	NYS DA (Wyckoff Heights Medical Center)		5.200			02/15/2013		07/29/2012	^A		285,963
	1,000,000	NYS DA (Wyckoff Heights Medical Center)		5.200			02/15/2014		07/29/2012	^A		1,004,070
	20,000	NYS DA (Wyckoff Heights Medical Center)		5.200			02/15/2014		07/29/2012	^A		20,067
	45,000	NYS DA (Wyckoff Heights Medical Center)		5.200			02/15/2014		07/29/2012	^A		45,164
	250,000	NYS DA (Wyckoff Heights Medical Center)		5.200			02/15/2015		07/29/2012	^A		250,983
	1,120,000	NYS DA (Wyckoff Heights Medical Center)		5.300			08/15/2021		07/29/2012	^A		1,124,312
	26,280,000	NYS DA (Wyckoff Heights Medical Center)¹		5.300			08/15/2021		07/29/2012	^A		26,360,942
	1,415,000	NYS DA (Yeshiva University)¹		5.000			09/01/2027		09/01/2019	^A		1,566,971
	40,570,000	NYS DA, Series B¹		6.650			08/15/2030		08/15/2012	^A		40,832,488
	5,000	NYS EFC		5.600			09/15/2013		07/29/2012	^A		5,022
	20,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		4.875			06/15/2020		07/29/2012	^A		20,781
	80,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.000			06/15/2028		07/29/2012	^A		80,295
	2,960,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.000			06/15/2028		06/15/2013	^A		3,075,795
	1,440,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.000			07/15/2033		07/15/2013	^A		1,497,586
	4,500,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.000			02/15/2034		08/15/2014	^A		4,878,360
	25,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.250			06/15/2020		07/29/2012	^A		25,102
	980,000	NYS EFC (L.I. Water Corp.)¹		5.250			08/01/2027		07/29/2012	^A		980,990
	6,720,000	NYS EFC (NYC Municipal Water Finance Authority)¹		5.000			06/15/2034		06/15/2014	^A		7,242,346
	20,000	NYS EFC (NYC Municipal Water Finance Authority)¹		5.875			06/15/2014		07/29/2012	^A		20,094
	7,500,000	NYS EFC (NYS Water Services)¹		5.950			01/15/2020		07/29/2012	^A		7,596,000
	910,000	NYS EFC (NYS Water Services)¹		6.875			06/15/2014		07/29/2012	^A		915,023

39	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 5,000	NYS EFC (Pollution Control)¹		6.500	%		06/15/2014		07/29/2012	^A	$	5,026
	1,100,000	NYS EFC (Spring Valley Water Company)		5.650			11/01/2023		07/27/2012	^A		1,104,653
	10,000	NYS EFC (Spring Valley Water Company)¹		6.150			08/01/2024		07/27/2012	^A		10,046
	5,800,000	NYS EFC (Spring Valley Water Company)¹		6.300			08/01/2024		07/27/2012	^A		5,827,434
	37,235,000	NYS ERDA (Brooklyn Union Gas Company)¹		5.500			01/01/2021		07/29/2012	^A		37,369,418
	3,000,000	NYS ERDA (Brooklyn Union Gas Company) Linked SAVRS & RIBS¹		6.368	³		04/01/2020		04/01/2013	^A		3,011,250
	120,000	NYS ERDA (Central Hudson Gas & Electric Co.)¹		6.500			12/01/2028		12/01/2013	^A		124,465
	10,650,000	NYS ERDA (Con Ed)¹		0.350	³		10/01/2036		10/01/2012	^A		6,772,335
	2,300,000	NYS ERDA (Con Ed)¹		1.450	³		06/01/2036		06/01/2036			2,305,934
	5,245,000	NYS ERDA (LILCO)¹		5.150			03/01/2016		07/29/2012	^A		5,259,266
	13,845,000	NYS ERDA (LILCO)¹		5.150			03/01/2016		07/29/2012	^A		13,882,658
	4,740,000	NYS ERDA (LILCO)¹		5.150			03/01/2016		07/29/2012	^A		4,752,893
	1,295,000	NYS ERDA (LILCO)¹		5.150			03/01/2016		07/29/2012	^A		1,298,522
	20,655,000	NYS ERDA (LILCO)¹		5.300			11/01/2023		09/01/2012	^A		20,714,693
	200,000	NYS ERDA (LILCO)¹		5.300			10/01/2024		09/01/2012	^A		200,522
	770,000	NYS ERDA (Niagara Mohawk Power Corp.)¹		5.150			11/01/2025		07/29/2012	^A		771,209
	1,275,000	NYS ERDA (NYS Electric & Gas Corp.)¹		5.350			12/01/2028		05/09/2013	^A		1,284,728
	3,250,000	NYS HFA (Affordable Hsg.)¹		5.250			11/01/2027		11/01/2017	^A		3,460,568
	550,000	NYS HFA (Division Street)¹		5.000			02/15/2026		09/28/2015	^A		573,073
	715,000	NYS HFA (Golden Age Apartments)¹		5.000			02/15/2037		10/19/2015	^A		731,974
	3,000,000	NYS HFA (Horizons at Wawayanda)¹		5.350			06/01/2025		08/01/2017	^A		3,237,120
	7,635,000	NYS HFA (Hospital & Nursing Home)¹		5.150			11/01/2016		07/29/2012	^A		7,669,358
	40,000	NYS HFA (Hospital & Nursing Home)		5.500			11/01/2012		11/01/2012			40,604
	65,000	NYS HFA (Hospital & Nursing Home)		5.500			11/01/2013		11/01/2013			68,944
	10,000	NYS HFA (Hospital & Nursing Home)		6.000			11/01/2013		11/01/2013			10,743
	35,000	NYS HFA (Hospital & Nursing Home)		6.000			11/01/2014		11/01/2014			39,492
	25,000	NYS HFA (Loewn Devel. of Wappingers Falls)¹		5.250			08/15/2019		07/29/2012	^A		25,041
	345,000	NYS HFA (Multifamily Hsg.)¹		5.300			08/15/2022		08/15/2012	^A		345,776
	1,340,000	NYS HFA (Multifamily Hsg.)¹		5.300			08/15/2024		07/29/2012	^A		1,341,635

40	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount				Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 250,000		NYS HFA (Multifamily Hsg.)¹		5.350	%		08/15/2020		07/29/2012	^A	$	253,918
	300,000		NYS HFA (Multifamily Hsg.)¹		5.350			08/15/2031		07/29/2012	^A		304,026
	40,000		NYS HFA (Multifamily Hsg.)¹		5.400			02/15/2016		07/29/2012	^A		40,086
	1,025,000		NYS HFA (Multifamily Hsg.)¹		5.550			08/15/2019		07/26/2012	^A		1,028,987
	1,160,000		NYS HFA (Multifamily Hsg.)¹		5.600			08/15/2019		07/29/2012	^A		1,162,239
	1,240,000		NYS HFA (Multifamily Hsg.)¹		5.600			02/15/2026		07/29/2012	^A		1,241,612
	1,730,000		NYS HFA (Multifamily Hsg.)¹		5.600			08/15/2033		08/15/2012	^A		1,749,117
	115,000		NYS HFA (Multifamily Hsg.)¹		6.250			08/15/2025		07/29/2012	^A		115,228
	320,000		NYS HFA (Multifamily Hsg.)¹		6.750			11/15/2036		07/29/2012	^A		335,766
	10,000		NYS HFA (Multifamily Hsg.)		6.800			11/01/2014		07/29/2012	^A		10,043
	90,000		NYS HFA (Multifamily Hsg.)¹		6.850			11/01/2019		07/29/2012	^A		90,304
	115,000		NYS HFA (Newburgh Interfaith Emergency Hsg.)		7.050			11/01/2012		07/29/2012	^A		115,608
	35,000		NYS HFA (Nonprofit Hsg.)		6.200			11/01/2012		07/29/2012	^A		35,504
	25,000		NYS HFA (Nonprofit Hsg.)		6.200			11/01/2013		07/29/2012	^A		25,351
	25,000		NYS HFA (Nursing Home & Health Care)¹		5.100			11/01/2012		07/29/2012	^A		25,074
	2,535,000		NYS HFA (Senior Devel. Hsg.)¹		5.100			11/15/2023		11/28/2016	^A		2,723,528
	1,360,000		NYS HFA (Simeon Dewitt)¹		8.000			11/01/2018		07/29/2012	^A		1,397,563
	195,000		NYS HFA (Tiffany Gardens)¹		4.500			08/15/2015		03/05/2014	^B		202,695
	40,000,000		NYS HFA, Series A		0.950	³		11/01/2041		07/06/2012	^A		40,000,000
	1,550,000		NYS HFA, Series A		6.100			11/01/2015		07/29/2012	^A		1,557,130
	350,000		NYS HFA, Series A¹		6.125			11/01/2020		07/29/2012	^A		350,837
	110,000		NYS Medcare (Hospital & Nursing Home)¹		7.400			11/01/2016		07/29/2012	^A		110,561
	45,000		NYS Medcare (Hospital & Nursing Home)¹		9.375			11/01/2016		07/29/2012	^A		45,333
	25,000		NYS Municipal Bond Bank Agency (Buffalo)		5.250			05/15/2031		07/29/2012	^A		25,085
	1,710,000		NYS Municipal Bond Bank Agency (Special School Purpose)¹		5.250			06/01/2017		06/01/2013	^A		1,784,180
	10,710,000	��	NYS Municipal Bond Bank Agency (Special School Purpose)¹		5.250			12/01/2019		06/01/2013	^A		11,170,530
	2,930,000		NYS Municipal Bond Bank Agency (Special School Purpose)¹		5.500			06/01/2015		06/01/2013	^A		3,064,956
	10,000,000		NYS Thruway Authority²		5.000			01/01/2027		01/01/2022	^A		11,390,500
	10,000,000		NYS Thruway Authority²		5.000			01/01/2028		01/01/2022	^A		11,338,100
	15,000,000		NYS Thruway Authority²		5.000			01/01/2029		01/01/2022	^A		16,929,000
	100,000		NYS Thruway Authority¹		5.000			04/01/2029		04/01/2019	^A		113,550
	10,000,000		NYS Thruway Authority²		5.000			01/01/2030		01/01/2022	^A		11,216,900
	4,000,000		NYS UDC (Subordinated Lien)¹		5.125			07/01/2020		07/01/2014	^A		4,255,920

41	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 1,000,000	NYS UDC (Subordinated Lien)¹		5.125	%		07/01/2021		07/01/2014	^A	$	1,060,320
	4,145,000	NYS UDC (Subordinated Lien)		5.500			07/01/2016		07/25/2012	^A		4,162,036
	6,750,000	NYS UDC (Subordinated Lien)¹		5.500			07/01/2022		07/29/2012	^A		6,773,220
	6,810,000	NYS UDC (Subordinated Lien)¹		5.600			07/01/2026		07/29/2012	^A		6,834,107
	3,000,000	NYS UDC, Series A-22¹		5.000			01/01/2020		01/01/2020			3,620,880
	4,175,000	NYS UDC, Series D¹		5.625			01/01/2028		01/01/2019	^A		4,758,790
	70,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.300			03/15/2019		05/29/2016	^B		69,936
	1,190,000	Oneida County, NY IDA (Presbyterian Home)¹		5.250			03/01/2019		09/01/2012	^A		1,196,438
	1,615,000	Oneida County, NY IDA (Presbyterian Home)¹		6.100			06/01/2020		07/29/2012	^A		1,620,152
	645,000	Oneida County, NY IDA (Presbyterian Home)¹		6.250			06/01/2015		07/29/2012	^A		647,786
	440,000	Onondaga County, NY IDA (Le Moyne College)		5.500			03/01/2014		07/29/2012	^A		441,289
	1,000,000	Onondaga, NY Civic Devel Corp. (Upstate Properties)¹		5.500			12/01/2031		12/01/2021	^A		1,130,590
	100,000	Orange County, NY IDA (Crystal Run Village)		4.750			07/01/2016		07/01/2016			94,817
	165,000	Orange County, NY IDA (Orange Mental Retardation Properties)¹		6.125			05/01/2016		07/29/2012	^A		165,653
	3,505,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		6.000			12/01/2016		07/29/2012	^A		3,548,848
	1,300,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		6.000			12/01/2016		07/29/2012	^A		1,316,263
	1,875,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital)		5.375			12/01/2021		07/29/2012	^A		1,901,850
	520,000	Otsego County, NY IDA (AOFMHS)¹		5.350			10/01/2017		07/29/2012	^A		522,070
	710,000	Otsego County, NY IDA (Bassett Healthcare Project)¹		5.375			11/01/2020		11/01/2012	^A		713,933
	3,625,000	Otsego County, NY IDA (Mary Imogene Bassett Hospital)¹		5.350			11/01/2020		11/01/2012	^A		3,644,756
	25,000	Plattsburgh, NY Fire District No. 3		6.250			10/15/2014		10/15/2012	^A		25,432
	750,000	Port Authority NY/NJ (Continental Airlines)		9.125			12/01/2015		07/29/2012	^A		768,758
	96,345,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2022		07/29/2012	^A		96,367,159
	43,220,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		07/29/2012	^A		43,225,619
	67,765,000	Port Authority NY/NJ (JFK International Air Terminal)		5.900			12/01/2017		07/29/2012	^A		67,859,193

42	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 18,355,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.250	%		12/01/2014		12/01/2014		$	19,276,972
	39,000,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.500			12/01/2028		12/01/2015	^A		42,042,780
	29,175,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		09/29/2012	^A		29,171,791
	10,000	Port Authority NY/NJ, 116th Series¹		5.000			10/01/2012		07/29/2012	^A		10,040
	100,000	Port Authority NY/NJ, 116th Series		5.000			10/01/2013		07/29/2012	^A		100,391
	160,000	Port Authority NY/NJ, 116th Series		5.250			10/01/2014		07/29/2012	^A		160,662
	55,000	Port Authority NY/NJ, 116th Series¹		5.250			10/01/2015		07/29/2012	^A		55,228
	30,000	Port Authority NY/NJ, 124th Series¹		4.800			08/01/2018		07/29/2012	^A		30,074
	1,695,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2019		07/29/2012	^A		1,700,085
	40,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2021		07/29/2012	^A		40,120
	265,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2022		07/29/2012	^A		265,795
	325,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2024		07/29/2012	^A		325,975
	100,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2025		07/29/2012	^A		100,305
	60,000	Port Authority NY/NJ, 124th Series		5.000			08/01/2031		07/29/2012	^A		60,174
	25,000	Port Authority NY/NJ, 125th Series¹		5.000			10/15/2025		07/15/2012	^A		25,304
	15,000	Port Authority NY/NJ, 125th Series¹		5.000			10/15/2027		07/15/2012	^A		15,182
	10,000	Port Authority NY/NJ, 131st Series¹		5.000			12/15/2026		06/15/2013	^A		10,434
	25,000	Port Authority NY/NJ, 132nd Series¹		5.000			09/01/2029		09/01/2013	^A		26,399
	18,855,000	Port Authority NY/NJ, 136th Series¹		5.375			11/01/2025		05/01/2014	^A		20,267,994
	350,000	Port Authority NY/NJ, 140th Series¹		5.000			12/01/2027		06/01/2015	^A		383,429
	5,745,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2021		09/01/2015	^A		6,279,113
	14,110,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2022		09/01/2015	^A		15,358,030
	6,000,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2025		09/01/2015	^A		6,520,500
	10,000,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2026		09/01/2015	^A		10,821,800
	17,800,000	Port Authority NY/NJ, 143rd Series¹		5.000			10/01/2030		04/01/2016	^A		19,404,492
	2,100,000	Port Authority NY/NJ, 151st Series¹		6.000			09/15/2028		03/15/2018	^A		2,513,910
	250,000	Port Authority NY/NJ, 152nd Series¹		5.000			11/01/2023		05/01/2018	^A		281,535
	5,730,000	Port Authority NY/NJ, 152nd Series¹		5.750			11/01/2030		05/01/2018	^A		6,704,788
	7,080,000	Port Authority NY/NJ, 169th Series¹		5.000			10/15/2019		10/15/2019			8,481,840
	11,870,000	Port Authority NY/NJ, 172nd Series¹		5.000			10/01/2024		04/01/2022	^A		13,784,868
	7,005,000	Port Authority NY/NJ, 172nd Series¹		5.000			10/01/2025		04/01/2022	^A		8,082,649
	10,000,000	Port Authority NY/NJ, 172nd Series¹		5.000			10/01/2028		04/01/2022	^A		11,314,000
	2,780,000	Port Authority NY/NJ, 37th Series¹		5.500			07/15/2019		07/15/2014	^A		3,026,058
	1,050,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)¹		5.900			08/01/2020		07/29/2012	^A		1,052,688
	1,200,000	Rensselaer County, NY IDA (Franciscan Heights)¹		5.375			12/01/2025		12/01/2014	^A		1,248,756

43	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 4,555,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.000	%		03/01/2036		03/01/2016	^A	$	4,706,545
	235,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.125			08/01/2027		07/29/2012	^A		235,235
	265,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.125			08/01/2029		07/29/2012	^A		265,246
	50,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.500			08/01/2022		07/29/2012	^A		50,091
	1,175,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.200			06/01/2025		06/01/2025			1,126,919
	1,490,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.750			06/01/2043		04/02/2026	^B		1,298,371
	230,000	Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)¹		5.000			06/01/2019		06/01/2014	^A		241,208
	5,845,000	Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)¹		5.875			06/01/2022		06/01/2014	^A		6,174,307
	4,500,000	Rockland County, NY GO		3.750			06/28/2013		06/28/2013			4,545,270
	25,000	Rockland County, NY Solid Waste Management Authority		5.625			12/15/2014		07/29/2012	^A		25,094
	6,860,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.500			08/15/2025		10/26/2013	^B		6,733,913
	55,000	Rome, NY HDC, Series A¹		6.250			01/01/2024		07/29/2012	^A		55,124
	500,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.000			12/01/2014		12/01/2014			536,000
	3,725,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.750			12/01/2023		07/29/2012	^A		3,731,556
	6,540,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.750			12/01/2033		07/29/2012	^A		6,548,306
	3,405,000	Schenectady, NY Metroplex Devel. Authority, Series A¹		5.375			12/15/2021		12/15/2012	^A		3,470,887
	50,000	Seneca County, NY IDA (New York Chiropractic College)¹		4.000			10/01/2015		10/01/2015			53,577
	5,000	SONYMA, Series 101¹		5.250			04/01/2022		07/29/2012	^A		5,007
	4,550,000	SONYMA, Series 101¹		5.350			10/01/2026		07/29/2012	^A		4,555,824
	5,000	SONYMA, Series 105¹		4.250			10/01/2017		07/29/2012	^A		5,009
	15,000,000	SONYMA, Series 113¹		5.250			10/01/2034		04/01/2014	^A		15,467,250
	5,000,000	SONYMA, Series 116		4.300			10/01/2019		04/01/2014	^A		5,166,300
	795,000	SONYMA, Series 133¹		4.950			10/01/2021		04/01/2015	^A		829,686
	580,000	SONYMA, Series 145¹		4.950			10/01/2023		04/01/2017	^A		616,256

44	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 7,995,000	SONYMA, Series 29⁴		5.450	%		10/01/2031		10/01/2031		$	8,062,680
	400,000	SONYMA, Series 31¹		5.200			10/01/2021		07/29/2012	^A		400,620
	540,000	SONYMA, Series 31¹		5.300			10/01/2031		07/29/2012	^A		540,497
	1,305,000	SONYMA, Series 44¹		4.000			10/01/2021		10/01/2019	^A		1,387,985
	7,950,000	SONYMA, Series 69¹		5.500			10/01/2028		07/29/2012	^A		7,958,825
	35,000	SONYMA, Series 70¹		5.375			10/01/2017		07/29/2012	^A		35,091
	2,235,000	SONYMA, Series 71¹		5.400			04/01/2029		07/29/2012	^A		2,237,727
	170,000	SONYMA, Series 73-A¹		5.300			10/01/2028		07/29/2012	^A		170,162
	28,270,000	SONYMA, Series 77¹		5.150			04/01/2029		07/29/2012	^A		28,295,726
	705,000	SONYMA, Series 79¹		5.300			04/01/2029		07/29/2012	^A		705,677
	35,000	SONYMA, Series 82¹		5.650			04/01/2030		07/29/2012	^A		35,042
	105,000	SONYMA, Series 98¹		5.050			10/01/2017		07/29/2012	^A		105,263
	385,000	Spring Valley, NY (Quality Redevel.)¹		5.000			06/15/2021		06/15/2017	^A		424,162
	405,000	Spring Valley, NY (Quality Redevel.)¹		5.000			06/15/2022		06/15/2017	^A		442,738
	300,000	Spring Valley, NY GO¹		5.000			05/01/2020		05/01/2015	^A		320,073
	310,000	Spring Valley, NY GO¹		5.000			05/01/2021		05/01/2015	^A		328,668
	325,000	Spring Valley, NY GO¹		5.000			05/01/2022		05/01/2015	^A		342,960
	335,000	Spring Valley, NY GO¹		5.000			05/01/2023		05/01/2015	^A		351,710
	350,000	Spring Valley, NY GO¹		5.000			05/01/2024		05/01/2015	^A		365,866
	365,000	Spring Valley, NY GO¹		5.000			05/01/2025		05/01/2015	^A		380,710
	1,050,000	St. Lawrence County, NY IDA (Clarkson University)¹		5.250			09/01/2033		03/01/2022	^A		1,173,564
	2,730,000	St. Lawrence County, NY IDA (Curran Renewable Energy)		6.200			12/01/2017		06/02/2015	^B		2,545,179
	13,225,000	Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)¹		5.000			07/01/2028		07/01/2021	^A		14,838,318
	465,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.750			06/01/2027		06/01/2024	^A		469,515
	13,050,000	Suffolk County, NY GO		2.000			07/12/2012		07/12/2012			13,055,481
	380,000	Suffolk County, NY IDA (ALIA-CCDRCA)		7.000			06/01/2016		06/01/2013	^A		384,180
	460,000	Suffolk County, NY IDA (ALIA-Civic Facility)		6.000			11/01/2017		07/17/2015	^B		460,156
	115,000	Suffolk County, NY IDA (ALIA-Civic Facility)		6.000			11/01/2017		05/01/2015	^B		115,039
	200,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		12/23/2018	^B		195,272
	110,000	Suffolk County, NY IDA (ALIA-IGHL)		6.500			12/01/2013		06/09/2013	^B		112,373

45	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 300,000	Suffolk County, NY IDA (ALIA-NYS ARC)		5.950	%		11/01/2022		11/28/2019	^B	$	292,908
	300,000	Suffolk County, NY IDA (ALIA-WORCA)		5.950			11/01/2022		03/31/2019	^B		292,908
	215,000	Suffolk County, NY IDA (ALIA-WORCA)		7.000			06/01/2016		06/01/2013	^A		217,365
	300,000	Suffolk County, NY IDA (Catholic Charities)		6.000			10/01/2020		02/13/2017	^B		298,101
	300,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		02/13/2017	^B		298,101
	300,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		02/16/2017	^B		298,101
	1,180,000	Suffolk County, NY IDA (Dowling College)		4.750			06/01/2026		06/01/2026			1,075,334
	1,065,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2018		06/01/2016	^A		1,068,344
	3,180,000	Suffolk County, NY IDA (Dowling College)¹		6.700			12/01/2020		07/29/2012	^A		3,181,749
	12,000,000	Suffolk County, NY IDA (Engel Berman at East Northport)		7.125			11/01/2049		11/01/2012	^A		12,072,000
	24,135,000	Suffolk County, NY IDA (Engel Berman at East Northport)		7.125			11/01/2049		11/01/2012	^A		24,279,751
	90,000	Suffolk County, NY IDA (Family Residences)		6.000			10/01/2015		05/12/2014	^B		90,481
	320,000	Suffolk County, NY IDA (Family Residences), Series A		6.375			12/01/2018		03/09/2015	^A		322,611
	2,185,000	Suffolk County, NY IDA (Family Residences), Series A		6.375			12/01/2018		03/08/2015	^A		2,202,830
	600,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			10/01/2020		02/17/2017	^B		596,202
	205,000	Suffolk County, NY IDA (L.I. Network Community Services)		7.000			02/01/2014		11/19/2012	^A		211,556
	240,000	Suffolk County, NY IDA (Mattituck-Laurel Library)¹		6.000			09/01/2019		09/01/2012	^A		241,702
	250,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.250			11/01/2016		11/30/2014	^B		259,048
	90,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.250			11/01/2016		11/01/2012	^A		90,280
	700,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2017		03/01/2015	^A		755,300
	1,000,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2018		03/01/2015	^A		1,069,180
	500,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2019		03/01/2015	^A		532,095
	720,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250			03/01/2020		03/01/2015	^A		762,487

46	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 1,000,000	Suffolk County, NY IDA (New York Institute of Technology)¹		5.250	%		03/01/2021		03/01/2015	^A	$	1,054,320
	1,650,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)		5.500			01/01/2023		04/23/2019	^B		1,649,852
	505,000	Suffolk County, NY IDA (Pederson-Krager Center)		6.375			11/01/2015		06/02/2014	^B		507,177
	335,000	Suffolk County, NY IDA (Pederson-Krager Center)		6.400			02/01/2015		02/17/2014	^B		334,672
	25,000	Suffolk County, NY IDA (South Country Library)¹		4.750			01/01/2019		07/29/2012	^A		25,055
	200,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000			10/01/2020		02/06/2017	^B		198,734
	500,000	Suffolk County, NY IDA (WORCA)		6.000			10/01/2020		02/21/2017	^B		496,835
	25,000	Syracuse, NY Hsg. Authority¹		5.400			09/01/2017		09/01/2012	^A		25,881
	50,000	Syracuse, NY Hsg. Authority¹		5.400			09/01/2020		09/01/2012	^A		51,713
	30,000	Syracuse, NY Hsg. Authority¹		5.400			09/01/2021		09/01/2012	^A		31,014
	25,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375			03/01/2021		08/22/2017	^B		24,427
	450,000	Syracuse, NY IDA (One Center Armory Garage)		6.750			12/01/2017		07/29/2012	^A		450,455
	975,000	Tompkins County, NY IDA (Kendall at Ithaca)¹		5.750			07/01/2018		07/29/2012	^A		1,001,627
	2,000,000	Tompkins County, NY IDA (Kendall at Ithaca)¹		6.000			07/01/2024		07/29/2012	^A		2,001,420
	95,000	Tompkins, NY Health Care Corp. (Reconstruction Home)¹		5.875			02/01/2033		07/29/2012	^A		95,196
	375,000	Tompkins, NY Health Care Corp. (Reconstruction Home)¹		10.800			02/01/2028		08/01/2012	^A		388,673
	20,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)¹		5.000			09/01/2030		09/01/2020	^A		22,545,472
	1,000,000	Troy, NY IDA (Rensselaer Polytechnic Institute)¹		5.000			09/01/2031		09/01/2021	^A		1,096,610
	10,000	Ulster County, NY GO¹		5.400			11/15/2013		11/15/2012	^A		10,193
	10,000	Ulster County, NY GO¹		5.400			11/15/2015		11/15/2012	^A		10,193
	25,000	Ulster County, NY GO¹		5.500			11/15/2012		11/15/2012			25,501
	155,000	Ulster County, NY Res Rec¹		5.000			03/01/2016		03/01/2016			169,812
	160,000	Ulster County, NY Res Rec¹		5.000			03/01/2017		03/01/2016	^A		174,293
	170,000	Ulster County, NY Res Rec¹		5.000			03/01/2018		03/01/2016	^A		184,034
	360,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.000			06/01/2040		01/25/2029	^B		322,117
	70,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.250			06/01/2025		11/16/2016	^D		69,451
	830,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.450			06/01/2040		09/21/2027	^B		752,719

47	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 10,445,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.750	%		06/01/2030		09/29/2020	^B	$	10,327,807
	50,000	Utica, NY GO¹		5.000			06/15/2021		06/15/2013	^A		52,249
	125,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)¹		5.375			07/15/2019		07/29/2012	^A		125,460
	75,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)¹		5.400			07/15/2030		07/29/2012	^A		75,128
	20,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)¹		5.500			07/15/2016		07/26/2012	^A		20,076
	25,000	Utica, NY IDA (Munson-Williams-Proctor Arts Institute)¹		5.500			07/15/2029		07/29/2012	^A		25,046
	3,000,000	Utica, NY IDA (Utica College Civic Facility)		6.850			12/01/2031		12/01/2012	^A		3,063,810
	100,000	Westchester County, NY GO¹		5.375			12/15/2012		12/15/2012			102,398
	50,000	Westchester County, NY GO¹		5.375			12/15/2013		12/15/2012	^A		51,107
	3,730,000	Westchester County, NY Healthcare Corp., Series A¹		5.000			11/01/2021		11/01/2021			4,278,870
	60,000	Westchester County, NY IDA (Clearview School)		6.600			01/01/2014		04/02/2013	^B		61,319
	295,000	Westchester County, NY IDA (Guiding Eyes for the Blind)¹		4.500			08/01/2012		08/01/2012			295,472
	705,000	Westchester County, NY IDA (JDAM)¹		6.750			04/01/2016		10/01/2012	^A		707,968
	280,000	Westchester County, NY IDA (Purchase College Foundation Hsg. Corp.)		5.500			12/01/2015		12/01/2012	^A		286,314
	1,865,000	Westchester County, NY IDA (Rippowam-Cisqua School)¹		5.750			06/01/2029		07/29/2012	^A		1,866,548
	85,000	Westchester County, NY IDA (Westchester Airport Assoc.)		5.850			08/01/2014		07/29/2012	^A		85,313
	690,000	Westchester County, NY IDA (Westchester Airport Assoc.)¹		5.950			08/01/2024		07/29/2012	^A		691,235
	100,000	Westchester County, NY IDA (Winward School)		5.200			10/01/2021		07/29/2012	^A		100,129
	5,595,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		4.500			06/01/2021		07/05/2012	^B		5,582,635
	10,700,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2026		05/30/2018	^B		10,541,426
	85,000	White Plains, NY HDC (Battle Hill)¹		6.650			02/01/2025		10/22/2019	^B		86,034
	2,000,000	Wyandanch, NY Union Free High School District²		3.250			06/28/2013		06/28/2013			2,010,460
	1,000,000	Yonkers, NY EDC (Charter School of Educational Excellence)¹		6.000			10/15/2030		05/05/2020	^A		1,030,160
	2,000,000	Yonkers, NY GO¹		5.000			10/01/2023		10/01/2021	^A		2,238,680

48	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	New York Continued
	$ 1,000,000	Yonkers, NY GO¹		5.000	%		10/01/2024		10/01/2021	^A	$	1,104,920
	60,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)¹		5.450			02/01/2029		07/29/2012	^A		60,106
	295,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)¹		5.650			02/01/2039		07/29/2012	^A		295,484
	1,455,000	Yonkers, NY IDA (Monastery Manor Associates)¹		5.000			04/01/2025		04/01/2015	^A		1,509,257
	1,250,000	Yonkers, NY IDA (Sarah Lawrence College)¹		5.750			06/01/2024		06/01/2019	^A		1,425,238
	600,000	Yonkers, NY IDA (Sarah Lawrence College)¹		6.000			06/01/2029		06/01/2019	^A		681,030
	1,115,000	Yonkers, NY IDA (St. John’s Riverside Hospital)¹		6.800			07/01/2016		07/24/2012	^A		1,116,606
												4,013,584,570
	U.S. Possessions—27.1%
	9,210,000	Guam Airport Authority, Series C¹		5.375			10/01/2019		10/01/2013	^A		9,432,053
	6,000,000	Guam Airport Authority, Series C¹		5.375			10/01/2020		10/01/2013	^A		6,130,740
	192,000	Guam EDA (TASC)		5.300			05/15/2014		05/15/2014			208,900
	3,200,000	Guam Education Financing Foundation COP (Guam Public School Facilities)		4.500			10/01/2026		10/01/2026			2,993,056
	1,435,000	Guam Government Business Privilege¹		5.000			01/01/2027		01/01/2022	^A		1,594,902
	3,255,000	Guam Government Business Privilege¹		5.000			01/01/2028		01/01/2022	^A		3,584,666
	1,200,000	Guam Government Business Privilege¹		5.000			01/01/2031		01/01/2022	^A		1,309,488
	6,000,000	Guam Government Business Privilege¹		5.000			01/01/2032		01/01/2022	^A		6,512,580
	5,000,000	Guam Government Waterworks Authority & Wastewater System¹		5.250			07/01/2025		07/01/2020	^A		5,134,700
	50,000	Guam International Airport Authority¹		4.500			10/01/2014		10/01/2013	^A		51,198
	10,000	Guam International Airport Authority¹		5.000			10/01/2023		10/01/2013	^A		10,116
	25,000	Guam International Airport Authority¹		5.250			10/01/2016		10/01/2013	^A		25,808
	50,000	Guam International Airport Authority¹		5.375			10/01/2017		10/01/2013	^A		51,499
	1,390,000	Guam Power Authority, Series A¹		5.000			10/01/2018		07/29/2012	^A		1,390,361
	75,000	Guam Power Authority, Series A¹		5.000			10/01/2024		07/29/2012	^A		75,013
	230,000	Guam Power Authority, Series A		5.250			10/01/2013		07/29/2012	^A		230,531
	15,000	Guam Power Authority, Series A		5.250			10/01/2013		07/29/2012	^A		15,035

49	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity			Effective Maturity**			Value

	U.S. Possessions Continued
	$ 50,000	Guam Power Authority, Series A¹		5.250	%		10/01/2014			07/29/2012	^A	$	50,029
	655,000	Guam Power Authority, Series A		5.250			10/01/2023			07/29/2012	^A		655,026
	710,000	Guam Power Authority, Series A		5.250			10/01/2023			07/29/2012	^A		710,028
	40,000	Guam Power Authority, Series A¹		5.250			10/01/2034			07/29/2012	^A		40,004
	185,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)¹		5.250			06/01/2032			04/13/2018	^B		174,313
	9,150,000	Puerto Rico Aqueduct & Sewer Authority¹		5.500			07/01/2028			07/01/2022	^A		9,831,035
	375,000	Puerto Rico Children’s Trust Fund (TASC)¹		4.100			05/15/2013			07/29/2012	^A		375,915
	200,000	Puerto Rico Children’s Trust Fund (TASC)¹		4.250			05/15/2014			07/29/2012	^A		200,436
	206,395,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.375			05/15/2033			11/15/2012	^A		206,382,616
	68,875,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039			11/15/2012	^A		68,869,490
	30,755,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043			11/15/2012	^A		30,752,232
	100,000	Puerto Rico Commonwealth GO¹		4.425	³		07/01/2021			01/01/2013	^A		90,790
	17,500,000	Puerto Rico Commonwealth GO¹		4.750			12/01/2015			12/01/2012	^A		17,894,625
	25,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2028			07/29/2012	^A		25,005
	2,660,000	Puerto Rico Commonwealth GO¹		5.125			07/01/2031			07/29/2012	^A		2,660,505
	7,000,000	Puerto Rico Commonwealth GO¹		5.250			01/01/2015			07/05/2014	^B		7,409,570
	880,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2018			07/01/2013	^A		924,299
	900,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2019			07/01/2013	^A		945,774
	500,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2020			07/01/2014	^A		527,790
	2,430,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2021			07/01/2014	^A		2,560,175
	1,850,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2022			07/01/2016	^A		1,981,091
	4,795,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2022			07/01/2014	^A		5,040,312
	4,575,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2023	��		07/01/2014	^A		4,790,757
	11,000,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2023			07/01/2013	^A		11,553,740
	14,850,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2024			07/01/2013	^A		15,216,498
	21,785,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2025			07/01/2016	^A		23,060,512
	9,750,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2027			07/01/2016	^A		10,283,715
	15,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2029			07/01/2017	^A		15,368
	5,000,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2030			07/01/2017	^A		5,115,800
	2,840,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2030			07/01/2016	^A		2,893,818
	14,750,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2032			07/01/2017	^A		15,006,060
	11,735,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2032			07/01/2016	^A		11,901,872
	1,400,000	Puerto Rico Commonwealth GO¹		5.375			07/01/2030			07/01/2021	^A		1,466,122

50	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	U.S. Possessions Continued
	$ 3,000,000	Puerto Rico Commonwealth GO¹		5.500	%		07/01/2019		07/01/2019		$	3,374,880
	13,100,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2023		07/01/2018	^A		13,977,831
	1,320,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2027		07/01/2018	^A		1,471,246
	10,000,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2029		07/01/2016	^A		10,975,800
	1,950,000	Puerto Rico Commonwealth GO¹		6.500			07/01/2037		07/01/2019	^A		2,196,461
	28,360,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2022		07/01/2020	^A		31,516,752
	10,920,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2023		07/01/2020	^A		12,027,834
	11,490,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2024		07/01/2020	^A		12,523,066
	12,095,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2025		07/01/2020	^A		13,139,161
	24,000,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2027		07/01/2020	^A		25,647,840
	33,580,000	Puerto Rico Electric Power Authority, Series AAA¹		5.250			07/01/2028		07/01/2020	^A		35,686,138
	4,905,000	Puerto Rico Electric Power Authority, Series CCC¹		5.250			07/01/2028		07/01/2020	^A		5,212,642
	5,000,000	Puerto Rico Electric Power Authority, Series JJ¹		5.375			07/01/2017		07/01/2017			5,678,950
	12,500,000	Puerto Rico Electric Power Authority, Series WW¹		5.250			07/01/2025		07/01/2018	^A		13,566,375
	85,000	Puerto Rico HFA¹		5.000			12/01/2020		12/01/2013	^A		89,061
	125,000	Puerto Rico HFC¹		5.100			12/01/2018		12/01/2012	^A		125,163
	5,400,000	Puerto Rico Highway & Transportation Authority¹		3.771	³		07/01/2028		07/01/2028			4,539,294
	100,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2018		01/01/2013	^A		101,451
	90,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2022		01/01/2013	^A		91,071
	50,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2028		01/01/2013	^A		50,284
	425,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2028		01/01/2013	^A		425,723
	90,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2028		07/01/2013	^A		90,302
	45,000	Puerto Rico Highway & Transportation Authority¹		5.250			07/01/2014		01/01/2013	^A		45,841
	425,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2019		07/01/2013	^A		444,907
	230,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2020		07/01/2013	^A		240,773

51	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	U.S. Possessions Continued
	$ 5,060,000	Puerto Rico Highway & Transportation Authority¹		5.750	%		07/01/2021		07/01/2013	^A	$	5,292,811
	7,995,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2022		07/01/2013	^A		8,354,615
	7,000,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2024		07/29/2012	^A		7,017,850
	2,145,000	Puerto Rico Highway & Transportation Authority, Series G¹		5.250			07/01/2018		07/01/2013	^A		2,252,979
	785,000	Puerto Rico Highway & Transportation Authority, Series G¹		5.250			07/01/2019		07/01/2013	^A		824,517
	390,000	Puerto Rico Highway & Transportation Authority, Series G¹		5.250			07/01/2019		07/01/2013	^A		401,232
	100,000	Puerto Rico Highway & Transportation Authority, Series I¹		5.000			07/01/2023		07/01/2014	^A		104,810
	4,355,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2021		07/01/2015	^A		4,556,941
	11,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2022		07/01/2015	^A		11,446,160
	12,275,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2023		07/01/2015	^A		12,664,977
	12,760,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2024		07/01/2015	^A		13,127,105
	14,545,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2025		07/01/2015	^A		14,938,588
	16,725,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2026		07/01/2015	^A		17,163,195
	1,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2027		07/01/2015	^A		1,026,490
	160,000	Puerto Rico Industrial Devel. Company, Series B		5.375			07/01/2016		07/29/2012	^A		160,360
	780,000	Puerto Rico Infrastructure¹		5.000			07/01/2019		07/01/2016	^A		831,636
	5,000,000	Puerto Rico Infrastructure¹		5.500			07/01/2021		07/01/2021			5,647,200
	17,500,000	Puerto Rico Infrastructure¹		6.000			12/15/2026		12/15/2021	^A		20,081,075
	145,000	Puerto Rico Infrastructure (Mepsi Campus)		5.600			10/01/2014		10/11/2013	^B		149,560
	1,055,000	Puerto Rico Infrastructure (Mepsi Campus)		6.250			10/01/2024		07/19/2017	^A		1,109,723
	2,500,000	Puerto Rico Infrastructure Financing Authority¹		5.250			12/15/2026		12/15/2021	^A		2,628,750
	4,250,000	Puerto Rico Infrastructure Financing Authority¹		5.500			07/01/2023		07/01/2023			4,792,853
	2,500,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			04/01/2016		04/01/2016			2,716,075
	2,000,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			04/01/2017		04/01/2017			2,172,260

52	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	U.S. Possessions Continued
	$ 1,155,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000	%		04/01/2018		04/01/2018		$	1,247,666
	1,165,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			04/01/2019		04/01/2019			1,248,973
	650,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			04/01/2021		04/01/2021			684,801
	650,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			04/01/2022		04/01/2022			680,622
	34,610,000	Puerto Rico ITEMECF (Cogeneration Facilities)¹		6.625			06/01/2026		07/29/2012	^A		34,743,249
	35,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)¹		5.625			07/01/2015		07/23/2012	^A		35,114
	15,645,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		6.250			07/01/2026		07/01/2016	^A		17,621,120
	75,000	Puerto Rico ITEMECF (Hospital de la Concepcion)¹		6.125			11/15/2025		07/29/2012	^A		75,289
	615,000	Puerto Rico ITEMECF (Hospital de la Concepcion)¹		6.375			11/15/2015		07/29/2012	^A		617,534
	2,000,000	Puerto Rico ITEMECF (Hospital de la Concepcion)		6.500			11/15/2020		07/29/2012	^A		2,008,440
	100,000	Puerto Rico ITEMECF (InterAmerican University)¹		5.000			10/01/2015		07/29/2012	^A		100,318
	155,000	Puerto Rico ITEMECF (InterAmerican University)¹		5.000			10/01/2022		07/29/2012	^A		155,167
	2,575,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)¹		6.700			05/01/2024		07/29/2012	^A		2,575,747
	2,190,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2015		01/01/2013	^A		2,228,106
	2,215,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2016		01/01/2013	^A		2,253,541
	2,345,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2017		01/01/2013	^A		2,385,803
	355,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2018		01/01/2013	^A		361,177
	1,875,000	Puerto Rico ITEMECF (University Plaza)¹		5.625			07/01/2019		01/01/2013	^A		1,907,625
	9,400,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2023		08/01/2015	^A		9,674,010
	10,000,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2024		08/01/2015	^A		10,253,000
	305,000	Puerto Rico Municipal Finance Agency, Series A¹		5.500			07/01/2017		07/29/2012	^A		305,881
	70,000	Puerto Rico Municipal Finance Agency, Series B		5.750			08/01/2012		07/29/2012	^A		70,291
	25,000	Puerto Rico Municipal Finance Agency, Series B¹		5.750			08/01/2013		07/29/2012	^A		25,078

53	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	U.S. Possessions Continued
	$ 545,000	Puerto Rico Public Buildings Authority¹		5.125	%		07/01/2024		07/29/2012	^A	$	545,262
	14,280,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2029		07/01/2014	^A		14,427,227
	5,000,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2016		07/01/2016			5,577,450
	2,060,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2021		07/01/2017	^A		2,191,222
	3,255,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2025		07/01/2017	^A		3,391,287
	13,195,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2026		07/01/2017	^A		13,723,592
	1,250,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2035		07/01/2017	^C		1,382,000
	1,400,000	Puerto Rico Public Buildings Authority¹		5.750			07/01/2034		07/01/2017	^C		1,563,912
	8,795,000	Puerto Rico Public Buildings Authority¹		7.000			07/01/2021		07/01/2014	^A		9,643,366
	31,150,000	Puerto Rico Public Buildings Authority¹		7.000			07/01/2025		06/01/2014	^A		33,672,216
	825,000	Puerto Rico Public Buildings Authority, Series G¹		5.250			07/01/2019		07/11/2012	^A		826,403
	205,030,000	Puerto Rico Public Finance Corp., Series A¹		6.500			08/01/2028		08/01/2016	^A		225,354,624
	19,000,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.625			08/01/2030		02/01/2015	^A		20,084,520
	2,100,000	Puerto Rico Sales Tax Financing Corp., Series A¹		6.125			08/01/2029		02/01/2014	^A		2,293,116
	73,575,000	Puerto Rico Sales Tax Financing Corp., Series A¹		6.125			08/01/2029		02/01/2014	^A		78,934,203
	4,080,000	University of Puerto Rico¹		5.000			06/01/2025		06/01/2016	^A		4,172,045
	2,750,000	University of Puerto Rico¹		5.000			06/01/2026		06/01/2016	^A		2,802,195
	7,470,000	University of Puerto Rico, Series P¹		5.000			06/01/2021		06/01/2016	^A		7,794,123
	8,500,000	University of Puerto Rico, Series P¹		5.000			06/01/2022		06/01/2016	^A		8,825,465
	3,725,000	University of Puerto Rico, Series P¹		5.000			06/01/2024		06/01/2016	^A		3,824,011
	5,645,000	University of Puerto Rico, Series P¹		5.000			06/01/2030		06/01/2016	^A		5,707,829
	3,515,000	University of Puerto Rico, Series Q¹		5.000			06/01/2021		06/01/2016	^A		3,667,516
	8,410,000	University of Puerto Rico, Series Q¹		5.000			06/01/2023		06/01/2016	^A		8,681,979
	100,000	University of Puerto Rico, Series Q¹		5.000			06/01/2024		06/01/2016	^A		102,658
	300,000	University of Puerto Rico, Series Q¹		5.000			06/01/2030		06/01/2016	^A		303,339
	70,000	V.I. HFA, Series A		6.500			03/01/2025		07/29/2012	^A		70,091
	25,000	V.I. Port Authority, Series A¹		5.000			09/01/2023		07/29/2012	^A		25,031
	2,705,000	V.I. Port Authority, Series A¹		5.250			09/01/2018		07/29/2012	^A		2,711,249

54	LIMITED TERM NEW YORK MUNICIPAL FUND


Principal Amount			Coupon			Maturity		Effective Maturity**			Value

	U.S. Possessions Continued
	$ 3,330,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)¹		5.000	%		10/01/2023		10/01/2016	^A	$	3,568,595
	850,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)¹		5.000			10/01/2024		10/01/2016	^A		905,743
	3,670,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)¹		5.000			10/01/2025		10/01/2016	^A		3,894,347
	1,715,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)¹		5.000			10/01/2026		10/01/2016	^A		1,813,921
	50,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)¹		5.000			10/01/2027		10/01/2016	^A		52,525
	830,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)¹		5.000			10/01/2031		10/01/2014	^A		857,373
	1,350,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		5.000			10/01/2025		10/01/2020	^A		1,469,286
	1,075,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		5.250			10/01/2021		10/01/2014	^A		1,139,522
	620,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		6.750			10/01/2037		10/01/2019	^A		726,745
	1,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2016		10/01/2014	^A		1,077,210
	2,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2022		10/01/2014	^A		2,105,620
	2,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2023		10/01/2014	^A		2,105,620
	11,005,000	V.I. Public Finance Authority, Series A¹		6.375			10/01/2019		07/29/2012	^A		11,041,977
	665,000	V.I. Public Finance Authority, Series A-1¹		4.500			10/01/2024		10/01/2019	^A		700,797
	2,000,000	V.I. Public Finance Authority, Series B¹		5.000			10/01/2025		10/01/2019	^A		2,158,060
	20,000	V.I. Public Finance Authority, Series C¹		5.000			10/01/2022		10/01/2019	^A		21,597
	80,000	V.I. Tobacco Settlement Financing Corp. (TASC)		4.950			05/15/2014		07/29/2012	^A		80,221
	980,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2021		02/14/2013	^B		959,332
	1,440,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2031		06/10/2018	^B		1,289,002
	225,000	V.I. Water & Power Authority¹		5.000			07/01/2018		07/01/2013	^A		230,902
	4,250,000	V.I. Water & Power Authority		5.500			07/01/2017		07/29/2012	^A		4,259,393
												1,424,870,847
	Total Investments, at Value (Cost $5,314,164,529)—103.6%											5,438,455,417
	Liabilities in Excess of Other Assets—(3.6)											(189,732,040	)

	Net Assets—100.0%										$	5,248,723,377

55	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments

*June 29, 2012 represents the last business day of the Fund’s 2012 semiannual period. See Note 1 of the accompanying Notes.

**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 6 of the accompanying Notes.

2. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 29, 2012. See Note 1 of the accompanying Notes.

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

4. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

5. 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.

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


ACDS		Assoc. for Children with Down Syndrome
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
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
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
LIJMC		Long Island Jewish Medical Center
LILCO		Long Island Lighting Corp.
MMC		Mercy Medical Center
MMWNHC		Mary Manning Walsh Nursing Home Company
MTA		Metropolitan Transportation Authority
NSLIJ		North Shore Long Island Jewish
NSUH		North Shore University Hospital
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
SFH		St. Francis Hospital
SFTU		Services for the Underserved
SONYMA		State of New York Mortgage Agency
TASC		Tobacco Settlement Asset-Backed Bonds
TFABs		Tobacco Flexible Amortization Bonds
UBF		University of Buffalo Foundation
UDC		Urban Development Corporation

56	LIMITED TERM NEW YORK MUNICIPAL FUND


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.

57	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES June 29, 2012¹ (Unaudited)


Assets
Investments, at value (cost $5,314,164,529)—see accompanying statement of investments	$	5,438,455,417
Receivables and other assets:
Investments sold		184,497,618
Interest		73,329,630
Shares of beneficial interest sold		16,918,064
Other		565,684
Total assets		5,713,766,413
Liabilities
Bank overdraft		2,611,650
Payables and other liabilities:
Investments purchased (including $214,932,071 purchased on a when-issued or delayed delivery basis)		227,021,000
Payable on borrowings (See Note 6)		184,100,000
Payable for short-term floating rate notes issued (See Note 1)		41,970,000
Shares of beneficial interest redeemed		4,933,260
Dividends		2,317,982
Distribution and service plan fees		1,000,314
Trustees’ compensation		749,963
Transfer and shareholder servicing agent fees		127,182
Shareholder communications		23,582
Interest expense on borrowings		18,641
Other		169,462
Total liabilities		465,043,036
Net Assets	$	5,248,723,377
Composition of Net Assets
Paid-in capital	$	5,193,824,314
Accumulated net investment loss		(8,165,436	)
Accumulated net realized loss on investments		(61,226,389	)
Net unrealized appreciation on investments		124,290,888
Net Assets	$	5,248,723,377

58	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 $3,602,691,816 and 1,067,760,606 shares of beneficial interest outstanding)	$	3.37
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)	$	3.45
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $33,356,216 and 9,899,407 shares of beneficial interest outstanding)	$	3.37
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,458,586,671 and 434,290,272 shares of beneficial interest outstanding)	$	3.36
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $154,088,674 and 45,661,072 shares of beneficial interest outstanding)	$	3.37

1. June 29, 2012 represents the last business day of the Fund’s 2012 semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

59	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Six Months Ended June 29, 2012¹(Unaudited)


Investment Income
Interest	$	115,356,309
Expenses
Management fees		9,826,163
Distribution and service plan fees:
Class A		4,195,814
Class B		169,615
Class C		6,942,815
Transfer and shareholder servicing agent fees:
Class A		455,578
Class B		18,032
Class C		267,610
Class Y		22,548
Shareholder communications:
Class A		25,491
Class B		1,365
Class C		11,313
Class Y		1,979
Accounting service fees		743,231
Borrowing fees		520,625
Interest expense and fees on short-term floating rate notes issued (See Note 1)		328,790
Trustees’ compensation		36,822
Interest expense		29,618
Custodian fees and expenses		16,471
Administration service fees		750
Other		130,033
Total expenses		23,744,663
Net Investment Income		91,611,646
Realized and Unrealized Gain
Net realized gain on investments		3,537,523
Net change in unrealized appreciation/depreciation on investments		80,784,211
Net Increase in Net Assets Resulting from Operations	$	175,933,380

1. June 29, 2012 represents the last business day of the Fund’s 2012 semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

60	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 29, 2012¹ (Unaudited)			Year Ended December 30, 2011¹
Operations
Net investment income	$	91,611,646		$	180,339,948
Net realized gain		3,537,523			1,519,760
Net change in unrealized appreciation/depreciation		80,784,211			129,407,671
Net increase in net assets resulting from operations		175,933,380			311,267,379
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(70,253,566	)		(136,160,143	)
Class B		(564,136	)		(1,349,775	)
Class C		(23,583,554	)		(46,086,400	)
Class Y		(2,752,052	)		(505,405	)
		(97,153,308	)		(184,101,723	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		294,106,278			43,327,434
Class B		(2,410,039	)		(9,274,385	)
Class C		117,290,222			(10,011,299	)
Class Y		97,930,854			54,145,454
		506,917,315			78,187,204
Net Assets
Total increase		585,697,387			205,352,860
Beginning of period		4,663,025,990			4,457,673,130
End of period (including accumulated net investment loss of $8,165,436 and $2,623,774, respectively)	$	5,248,723,377		$	4,663,025,990

1. June 29, 2012 and December 30, 2011 represents the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

61	LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Six Months Ended June 29, 2012¹ (Unaudited)


Cash Flows from Operating Activities
Net increase in net assets from operations	$	175,933,380
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(823,921,057	)
Proceeds from disposition of investment securities		308,038,356
Short-term investment securities, net		(162,401,615	)
Premium amortization		15,490,520
Discount accretion		(491,387	)
Net realized gain on investments		(3,537,523	)
Net change in unrealized appreciation/depreciation on investments		(80,784,211	)
Change in assets:
Increase in other assets		(301,421	)
Increase in interest receivable		(3,082,679	)
Increase in receivable for securities sold		(161,622,618	)
Change in liabilities:
Increase in payable for securities purchased		209,809,303
Decrease in other liabilities		(15,446	)
Net cash used in operating activities		(526,886,398	)
Cash Flows from Financing Activities
Proceeds from bank borrowings		367,500,000
Payments on bank borrowings		(201,100,000	)
Payments on short-term floating rate notes issued		(53,870,000	)
Proceeds from shares sold		849,544,969
Proceeds from bank overdraft		2,611,650
Payments on shares redeemed		(427,630,964	)
Cash distributions paid		(12,061,850	)
Net cash provided by financing activities		524,993,805
Net decrease in cash		(1,892,593	)
Cash, beginning balance		1,892,593
Cash, ending balance	$	—
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $82,773,476.
Cash paid for interest on bank borrowings—$12,528.
Cash paid for interest on short-term floating rate notes issued—$328,790.

1. June 29, 2012 represents the last business day of the Fund’s 2012 semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

62	LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended June 29, 2012¹			Year Ended December 30,			Year Ended December 31,
Class A	(Unaudited)			2011¹			2010			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	3.32		$	3.22		$	3.25		$	2.85		$	3.32		$	3.40
Income (loss) from investment operations:
Net investment income²		.07			.14			.14			.14			.14			.14
Net realized and unrealized gain (loss)		.05			.10			(.03	)		.40			(.47	)		(.08	)
Total from investment operations		.12			.24			.11			.54			(.33	)		.06
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.07	)		(.14	)		(.14	)		(.14	)		(.14	)		(.14	)
Net asset value, end of period	$	3.37		$	3.32		$	3.22		$	3.25		$	2.85		$	3.32
Total Return, at Net Asset Value³		3.63	%		7.76	%		3.51	%		19.45	%		(10.18	)%		1.74	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,602,692			$3,253,871			$3,121,033			$2,801,988			$2,355,062			$2,745,029
Average net assets (in thousands)		$3,415,163			$3,074,407			$3,000,461			$2,558,997			$2,765,248			$2,721,428
Ratios to average net assets:⁴
Net investment income		3.92	%		4.34	%		4.35	%		4.50	%		4.55	%		4.18	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.71	%		0.72	%		0.72	%		0.75	%		0.74	%		0.71	%
Interest and fees from borrowings		0.02	%		0.03	%		0.04	%		0.26	%		0.09	%		0.03	%
Interest and fees on short-term floating rate notes issued⁵		0.01	%		0.02	%		0.03	%		0.04	%		0.10	%		0.21	%
Total expenses		0.74	%		0.77	%		0.79	%		1.05	%		0.93	%		0.95	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.74	%		0.77	%		0.79	%		1.05	%		0.93	%		0.95	%
Portfolio turnover rate		7	%		15	%		14	%		12	%		19	%		18	%

1. June 29, 2012 and December 30, 2011 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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.

63	LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months Ended June 29, 2012¹			Year Ended December 30,			Year Ended December 31,
Class B	(Unaudited)			2011¹			2010			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	3.31		$	3.22		$	3.25		$	2.85		$	3.32		$	3.40
Income (loss) from investment operations:
Net investment income²		.05			.11			.12			.11			.12			.11
Net realized and unrealized gain (loss)		.06			.10			(.03	)		.41			(.47	)		(.08	)
Total from investment operations		.11			.21			.09			.52			(.35	)		.03
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.05	)		(.12	)		(.12	)		(.12	)		(.12	)		(.11	)
Net asset value, end of period	$	3.37		$	3.31		$	3.22		$	3.25		$	2.85		$	3.32
Total Return, at Net Asset Value³		3.51	%		6.52	%		2.62	%		18.39	%		(10.90	)%		0.95	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$33,356			$35,183			$43,448			$59,451			$ 90,497			$228,022
Average net assets (in thousands)		$34,099			$37,587			$49,788			$71,243			$157,158			$272,855
Ratios to average net assets:⁴
Net investment income		3.09	%		3.48	%		3.50	%		3.64	%		3.72	%		3.38	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.55	%		1.59	%		1.58	%		1.66	%		1.54	%		1.51	%
Interest and fees from borrowings		0.02	%		0.03	%		0.04	%		0.26	%		0.09	%		0.03	%
Interest and fees on short-term floating rate notes issued⁵		0.01	%		0.02	%		0.03	%		0.04	%		0.10	%		0.21	%
Total expenses		1.58	%		1.64	%		1.65	%		1.96	%		1.73	%		1.75	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.58	%		1.64	%		1.65	%		1.96	%		1.73	%		1.75	%
Portfolio turnover rate		7	%		15	%		14	%		12	%		19	%		18	%

1. June 29, 2012 and December 30, 2011 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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.

64	LIMITED TERM NEW YORK MUNICIPAL FUND


	Six Months Ended June 29, 2012¹			Year Ended December 30,			Year Ended December 31,
Class C	(Unaudited)			2011¹			2010			2009			2008			2007

Per Share Operating Data
Net asset value, beginning of period	$	3.30		$	3.21		$	3.24		$	2.84		$	3.31		$	3.39
Income (loss) from investment operations:
Net investment income²		.05			.12			.12			.12			.12			.11
Net realized and unrealized gain (loss)		.07			.09			(.03	)		.40			(.47	)		(.08	)
Total from investment operations		.12			.21			.09			.52			(.35	)		.03
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.06	)		(.12	)		(.12	)		(.12	)		(.12	)		(.11	)
Net asset value, end of period	$	3.36		$	3.30		$	3.21		$	3.24		$	2.84		$	3.31
Total Return, at Net Asset Value³		3.57	%		6.65	%		2.74	%		18.63	%		(10.89	)%		0.97	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,458,586			$1,319,078			$1,293,192			$1,137,285		$	919,680			$1,052,153
Average net assets (in thousands)		$1,396,958			$1,251,673			$1,250,552			$1,021,648			$1,054,502			$1,076,271
Ratios to average net assets:⁴
Net investment income		3.16	%		3.58	%		3.59	%		3.75	%		3.78	%		3.40	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.48	%		1.49	%		1.48	%		1.50	%		1.51	%		1.49	%
Interest and fees from borrowings		0.02	%		0.03	%		0.04	%		0.26	%		0.09	%		0.03	%
Interest and fees on short-term floating rate notes issued⁵		0.01	%		0.02	%		0.03	%		0.04	%		0.10	%		0.21	%
Total expenses		1.51	%		1.54	%		1.55	%		1.80	%		1.70	%		1.73	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.51	%		1.54	%		1.55	%		1.80	%		1.70	%		1.73	%
Portfolio turnover rate		7	%		15	%		14	%		12	%		19	%		18	%

1. June 29, 2012 and December 30, 2011 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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.

65	LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Six Months Ended June 29, 2012¹ (Unaudited)			Period Ended December 30, 2011^1,2

Per Share Operating Data
Net asset value, beginning of period	$	3.32		$	3.18
Income (loss) from investment operations:
Net investment income³		.07			.11
Net realized and unrealized gain		.05			.14
Total from investment operations		.12			.25
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.07	)		(.11	)
Net asset value, end of period	$	3.37		$	3.32
Total Return, at Net Asset Value⁴		3.76	%		7.99	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$154,089			$54,894
Average net assets (in thousands)		$128,935			$15,811
Ratios to average net assets:⁵
Net investment income		4.14	%		4.37	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.47	%		0.46	%
Interest and fees from borrowings		0.02	%		0.03	%
Interest and fees on short-term floating rate notes issued⁶		0.01	%		0.02	%
Total expenses		0.50	%		0.51	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.50	%		0.51	%
Portfolio turnover rate		7	%		15	%

1. June 29, 2012 and December 30, 2011 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. For the period from March 30, 2011 (inception of offering) to December 30, 2011.

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

4. 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.

5. Annualized for periods less than one full year.

6. 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.

66	LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS June 29, 2012 / 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 C and Class Y shares. Class B shares are no longer offered for new purchase after June 29, 2012. 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.

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

Semiannual and Annual Periods. The last day of the Fund’s semiannual period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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

67	LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 29, 2012, 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	$	214,932,071

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. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the underlying municipal bond. The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear

68	LIMITED TERM NEW YORK MUNICIPAL FUND

short-term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund may have the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. Through the exercise of either of these rights, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The

69	LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the

70	LIMITED TERM NEW YORK MUNICIPAL FUND

short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. 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 related inverse floating rate securities, if it deems it appropriate to do so. As of June 29, 2012, the Fund’s maximum exposure under such agreements is estimated at $21,750,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At June 29, 2012, municipal bond holdings with a value of $63,745,404 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $41,970,000 in short-term floating rate securities issued and outstanding at that date.

At June 29, 2012, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:


Principal Amount	Inverse Floater¹	Coupon Rate²				Maturity Date		Value
$3,335,000	NYC GO DRIVERS		13.477	%			8/15/23	$	4,212,539
3,780,000	NYC GO DRIVERS		13.483				12/1/23		4,905,835
7,250,000	NYC GO ROLs³		17.893				6/1/23		10,589,350
2,000,000	SONYMA, Series 29 DRIVERS		19.351				10/1/31		2,067,680

								$	21,775,404
					��

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 the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

71	LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 5% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $41,970,000 or 0.73% of its total assets as of June 29, 2012.

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 29, 2012 is as follows:


Cost	$	1,360,000
Market Value	$	1,140,045
Market Value as a % of Net Assets		0.02	%

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 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 30, 2011, the Fund utilized $37,051 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 30, 2011 capital loss carryforwards are included in the table below.

72	LIMITED TERM NEW YORK MUNICIPAL FUND

Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring
2016	$	53,401,694
2017		16,519,543
2018		813,470

Total	$	70,734,707

As of June 29, 2012, it is estimated that the capital loss carryforwards would be $67,197,184 expiring by 2018. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 29, 2012, it is estimated that the Fund will utilize $3,537,523 of capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 29, 2012 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	$	5,271,225,337	¹

Gross unrealized appreciation	$	153,517,509
Gross unrealized depreciation		(29,250,790	)

Net unrealized appreciation	$	124,266,719

1. The Federal tax cost of securities does not include cost of $42,963,361, 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.

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

73	LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

method with respect to their benefits under the Plan. During the six months ended June 29, 2012, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased (Decreased)	$	—
Payments Made to Retired Trustees		65,513
Accumulated Liability as of June 29, 2012		561,960

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.

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.

74	LIMITED TERM NEW YORK MUNICIPAL FUND

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. 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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) 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. 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the

75	LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation Continued

security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review,

76	LIMITED TERM NEW YORK MUNICIPAL FUND

approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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. 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:

Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

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.)

Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation Continued

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 29, 2012 based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	—	$	4,000,385,165	$	13,199,405	$	4,013,584,570
U.S. Possessions		—		1,424,870,847		—		1,424,870,847

Total Assets	$	—	$	5,425,256,012	$	13,199,405	$	5,438,455,417

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.

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

3. 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 29, 2012						Year Ended December 30, 2011¹
	Shares			Amount			Shares			Amount
Class A
Sold		166,353,275		$	557,337,389			182,618,067		$	592,543,007
Dividends and/or distributions reinvested		16,932,627			60,031,817			34,367,172			111,483,662
Redeemed		(96,064,076	)		(323,262,928	)		(205,013,005	)		(660,699,235	)

Net increase		87,221,826		$	294,106,278			11,972,234		$	43,327,434

Class B
Sold		1,032,985		$	3,454,732			2,051,664		$	6,616,372
Dividends and/or distributions reinvested		139,340			488,213			361,025			1,167,087
Redeemed		(1,890,035	)		(6,352,984	)		(5,296,683	)		(17,057,844	)

Net decrease		(717,710	)	$	(2,410,039	)		(2,883,994	)	$	(9,274,385	)

Class C
Sold		53,912,795		$	177,413,232			58,234,097		$	188,369,482
Dividends and/or distributions reinvested		4,965,948			20,011,081			11,815,668			38,121,281
Redeemed		(23,898,818	)		(80,134,091	)		(73,792,489	)		(236,502,062	)

Net increase (decrease)		34,979,925		$	117,290,222			(3,742,724	)	$	(10,011,299	)

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	Six Months Ended June 29, 2012						Year Ended December 30, 2011¹
	Shares			Amount			Shares			Amount
Class Y
Sold		34,344,204		$	115,022,525			16,898,364		$	55,318,703
Dividends and/or distributions reinvested		514,316			2,242,365			104,996			346,173
Redeemed		(5,738,584	)		(19,334,036	)		(462,224	)		(1,519,422	)

Net increase		29,119,936		$	97,930,854			16,541,136		$	54,145,454

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

4. 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 29, 2012, were as follows:


	Purchases		Sales
Investment securities	$	823,921,057	$	308,038,356

5. Fees and Other Transactions with Affiliates

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


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

Accounting Service Fees. Accounting service fees paid to the Manager were in accordance with the accounting services agreement with the Fund which provides for an annual fee of $12,000 for the first $30 million of average daily net assets and $9,000 for each additional $30 million of average daily net assets. During the six months ended June 29, 2012, the Fund paid $743,231 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 29, 2012, the Fund paid $773,548 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.

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Fees and Other Transactions with Affiliates Continued

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

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

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 29, 2012 were as follows:


Class C		$	41,388,726

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.

Six Months Ended

Class A

Front-End
Sales Charges
Retained by
Distributor

Class A
Contingent
Deferred
Sales Charges
Retained by
Distributor

Class B

Contingent
Deferred
Sales Charges
Retained by
Distributor

Class C
Contingent
Deferred
Sales Charges
Retained by
Distributor

June 29, 2012

297,907

56,902

14,920

47,892

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Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C and Y shares to 0.35% of average annual net assets per class; this limit also applied to Class A shares prior to March 1, 2012. Effective March 1, 2012, OFS has voluntarily agreed to limit its fees for Class A shares to 0.30% of average annual net assets of the class.

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

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings. The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund 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. 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. See the discussion in Note 1 (Inverse Floating Rate Securities) for additional information.

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 $2.0 billion, collectively, by the Oppenheimer Rochester Funds. 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 (0.4197% as of June 29, 2012). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual 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

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Borrowings Continued

participation in the borrowing facility during the six months ended June 29, 2012 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 29, 2012, the Fund had borrowings outstanding at an interest rate of 0.4197%. Details of the borrowings for the six months ended June 29, 2012 are as follows:


Average Daily Loan Balance	$	16,989,011
Average Daily Interest Rate		0.304	%
Fees Paid	$	569,773
Interest Paid	$	12,528

7. 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, 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 29, 2012 are included in expenses on the Fund’s Statement of Operations and equal less than 0.005% 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

82	LIMITED TERM NEW YORK MUNICIPAL FUND

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 29, 2012.

8. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor (the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain 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 securities laws and various states’ securities, consumer protection and common law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses.

Other class action and individual 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. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. 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

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Pending Litigation Continued

purported preference and fraudulent transfer claims by the Trustee. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

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 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. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

The Manager believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, 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.

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CREDIT ALLOCATION Unaudited

This table provides further information regarding the “Unrated” securities category shown in the “Credit Allocation-Credit Rating Breakdown” table located earlier in this report. The third column below titled “Unrated by a NRSRO; Internally Rated by the Manager” shows the credit allocation of Unrated securities as determined by the Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”). These internally rated securities are not rated by any nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s.

The Manager determines the credit allocation of these securities using its own credit analysis to assign ratings using a rating scale or categories similar to that used by S&P. The Manager is not required to, and does not attempt to, employ the same credit analysis process, procedures or methodologies used by S&P or any other NRSRO in assigning a credit rating to an Unrated security. There can be no assurance, nor is it intended, that the Manager’s credit analysis process is consistent or comparable with the credit analysis process that would be used by S&P or any other NRSRO if it were to rate the same security. Securities rated investment-grade or above by the Manager may or may not be the equivalent to an investment grade or above rating assigned by an NRSRO. More information about the Manager’s internal credit analysis process for Unrated (or internally-rated) securities and securities ratings is contained in the Fund’s Prospectus and Statement of Additional Information.

The second column below titled “NRSRO-Rated” shows the ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, the Manager converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used.

The credit allocations below are as of June 29, 2012 and are subject to change. The percentages are based on total assets and the market value of the Fund’s securities as of June 29, 2012 and are subject to change; market value does not include cash. AAA, AA, A, and BBB are investment-grade ratings.


	NRSRO-Rated			Unrated by a NRSRO; Internally Rated by the Manager			Total
AAA		5.8	%		0.0	%		5.8	%
AA		22.3			0.0			22.3
A		22.8			0.2			23.0
BBB		40.0			5.3			45.3
BB or lower		2.3			1.3			3.6

Total		93.2	%		6.8	%		100.0	%

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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.CALL OPP (225.5677), (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.CALL OPP (225.5677), 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.

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LIMITED TERM NEW YORK MUNICIPAL FUND


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
		Scott S. Cottier, Vice President
		Troy E. Willis, Vice President
		Mark R. DeMitry, Vice President
		Michael L. Camarella, Vice President
		Richard Stein, Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		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
Manager		OppenheimerFunds, Inc.
Distributor		OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent		OppenheimerFunds Services
Independent Registered Public Accounting Firm		KPMGLLP
Legal Counsel		Kramer Levin Naftalis & Frankel LLP

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

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PRIVACY POLICY

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

Information Sources

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

Applications or other forms

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

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

Your transactions with us, our affiliates or others

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

When you set up challenge questions to reset your password online

If you visit 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.

88	LIMITED TERM NEW YORK MUNICIPAL FUND

Internet Security and Encryption

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

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

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

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

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at 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.CALL OPP (225.5677).

89	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 6/29/2012, 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:		8/9/2012

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:		8/9/2012

By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer
Date:		8/9/2012

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