Rochester Portfolio Series NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-6332

Rochester Portfolio Series

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: 12/31/2008

Item 1. Reports to Stockholders.

December 31, 2008 Limited Term Management New York Commentaries and Municipal Fund Annual Report MANAGEMENT COMMENTARIES Market Recap and Outlook Listing of Top Holdings ANNUAL REPORT Fund Performance Discussion Listing of Investments Financial Statements “Covering every twist and turn of the financial markets may be a lucrative media strategy, but investors should focus instead on the significant advantages of investing for the long term in funds that offer attractive yields and monthly streams of tax-free income.” — Dan Loughran, Senior Vice President and Senior Portfolio Manager, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories


Tobacco—Master Settlement Agreement	18.6	%
Hospital/Health Care	12.5
Government Appropriation	11.4
Marine/Aviation Facilities	7.6
General Obligation	7.5
Electric Utilities	6.6
Multifamily Housing	6.3
Highways/Commuter Facilities	3.3
Airlines	3.1
Not-for-profit Organizations	2.9

Portfolio holdings are subject to change. Percentages are as of December 31, 2008, and are based on the total market value of investments.

Credit Allocation


AAA	6.9	%
AA	35.0
A	16.7
BBB	36.8
BB or lower	4.6

Allocations are subject to change. Percentages are as of December 31, 2008, and are dollar-weighted based on the total market value of investments. Market value, the total value of the Fund’s securities, does not include cash. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 6.8% of the Fund’s market value, are deemed comparable in the Manager’s judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities.

15 | LIMITED TERM NEW YORK MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended December 31, 2008, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.

Management’s Discussion of Fund Performance. In a 12-month period marked by significant turbulence in global credit markets and by broad price volatility as investors adjusted their perspectives on risk tolerance, the net asset value (NAV) of Limited Term New York Municipal Fund’s Class A shares fell and the Fund’s total returns were negative. The 1-year total return for Class A shares was -10.18% at NAV and -13.32% at the maximum offering price (or with sales charges). As of December 31, 2008, the Fund nonetheless provided the second highest level of tax-free income among its peer funds, according to Lipper Inc., and more income on a tax-equivalent basis than many corporate fixed-income alternatives. For the 36-day accrual period ended December 30, 2008, the distribution yield for the Fund’s Class A shares was 5.05% at NAV.¹

Limited Term New York Municipal Fund distributed dividends of 14.4 cents per Class A share this reporting period, including a small amount of taxable income. The monthly dividend distribution of Limited Term New York Municipal Fund remained steady, at 1.2 cents per Class A share. No capital gains were distributed this reporting period.

At the end of this reporting period, the Fund had nearly 1,075 holdings and an overall credit quality of A. Despite the broad turmoil in the municipal market, all bonds in the portfolio were current in their scheduled interest payments as of December 31, 2008. We believe this fact demonstrates how professional fund management and credit analysis can sustain high levels of tax-free income even in economically troubled times.

As the charts on pages 22 to 24 show, the Fund’s total returns were negative this reporting period, which was characterized by sharp declines in equity and credit markets, heightened investor concern about risk, and widening credit spreads. Credit spread widening is typically more detrimental to the sectors and types of securities this Fund favors than to the Fund’s benchmark. Because our approach to fund management involves creating broad portfolios with holdings from across the full credit spectrum, this Fund’s performance can be undercut by prolonged cycles of credit spread widening, like this one. Widening spreads typically have the greatest negative effect on BBB-rated, lower-rated and unrated securities. The reverse is also true: as spreads tighten, BBB-rated, lower-rated and unrated securities typically outperform other securities. We are confident that this current cycle of spread widening will eventually end, but no one can accurately predict

1. Falling share prices artificially increase yields.

16 | LIMITED TERM NEW YORK MUNICIPAL FUND

the specific timing. We still believe that our Fund’s investments offer structural advantages over the long term, and we encourage investors to remain focused on their long-term financial objectives for high levels of tax-free income.

In the first half of this reporting period, our team responded to unusual conditions in the auction rate securities (ARS) market that pushed short-term rates on some municipal bonds into the double digits.²Between early February and late June 2008, the Fund held Metropolitan Transit Authority bonds with a 10% rate. These bonds were called at par and contributed favorably to the Fund’s performance this reporting period. The Highways/Commuter Facilities sector, which included these bonds, represented 3.3% of the Fund’s market value at year-end.

In this reporting period, we continued to identify yield-enhancing municipal issues in the Commonwealth of Puerto Rico, where a new governor with a fiscally conservative agenda was elected in November. Most of these investments (19.8% of the Fund’s market value as of December 31, 2008) involve “creatures of the state,” which are supported by taxes and help finance electric utilities, education and highways. Despite continuing economic difficulties and the aftershocks of the political scandals in the Commonwealth, we remain confident in the government’s ability to collect taxes and make bond payments. The Commonwealth, its agencies and its financing arm, the Government Development Bank (GDB), retained their investment-grade ratings from S&P and Moody’s this reporting period, and both report that the outlook is stable. However, Governor-elect Luis Fortuño announced a $3.2 billion deficit in its $9.5 billion budget for fiscal 2009, which began July 1, 2008.³His predecessor, Gov. Anibal Acevedo Vila, and members of Vila’s campaign committee were indicted in March 2008 on charges that included wire fraud and conspiracy and re-indicted in August 2008 on five more charges. The outgoing governor denied any misuse of public funds, and the GDB has offered assurances that financial obligations would be honored.

The new governor has announced plans to cut agency budgets, reduce government payroll and file legislation that would provide a framework for more private investment in the Commonwealth’s infrastructure projects, according to the Bond Buyer, a daily newspaper focused on the municipal bond industry. Additionally, at year-end, Puerto Rican officials were seeking to be included in the federal economic stimulus package that is anticipated in the first quarter of 2009.

2. An ARS is a long-term municipal security with an interest rate that resets at a specific frequency (typically 7 to 35 days) through an auction process. Many municipal auctions failed early in this reporting period when bidders were in short supply.

3. The governor’s term began January 2, 2009.

17 | LIMITED TERM NEW YORK MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

Late in this reporting period, the Fund invested in government appropriation bonds issued by the Commonwealth. The bonds have a mandatory “put” in 2012 and are secured by a letter of credit from the GDB. Investors should benefit over the next few years because the “put” gives the bond a short effective maturity, the letter of credit renders this security investment grade, and declining prices in the municipal bond market have pushed the yield up to levels largely associated with high-yield bonds.

While many sectors included bonds that provided the Fund with positive contributions to total return, the overall performance for muni bonds in general and for our Fund in particular was disappointing in this reporting period. The ratings for many bond insurers were downgraded based on the insurers’ exposure to sub-prime mortgages and other risky, non-muni lines of business, and this created sustained pricing pressure on most insured bonds. As reported in the December 2007 report for this Fund, our in-house credit research team re-evaluated holdings that were insured by ACA Financial Guaranty Corporation after that insurer lost its investment-grade status. The team assigned internal ratings to these bonds (similar to what’s done for non-rated issues) and used the new ratings in lieu of the insurer’s downgraded rating. Because having insurance, even from a troubled insurer, doesn’t undermine the inherent quality of the asset being insured, we believe our use of internal ratings provided investors with a clearer picture of the actual credit quality of the bonds in our portfolio.

The Fund’s underperformance can also be attributed, in part, to its sizable holdings in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. At the end of this reporting period, MSA-backed tobacco bonds accounted for nearly 19% of Fund investments and comprised the Fund’s largest sector.⁴As noted earlier, the prices of all bonds with lower credit ratings were adversely affected by credit spread widening, and this was especially true of tobacco bonds. Fitch Ratings upgraded the ratings of nearly 240 MSA-backed bonds to BBB-plus early in this reporting period, but the market for these bonds did not improve. Rather, S&P’s decision to lower its assessment of 11 tobacco bonds to negative watch, from

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

18 | LIMITED TERM NEW YORK MUNICIPAL FUND

negative outlook, in April 2008 seemed to make a greater impression on many investors. The carefully researched MSA-backed bonds this Fund owns, we believe, remain fundamentally sound despite the price volatility, which we see as related primarily to widening credit spreads, increased supply and other technical market factors.

Lawsuits related to the use of cigarettes and tobacco continue to appear on court dockets. While the rulings and verdicts often lead to brief spurts of media attention, we continue to believe that these cases should continue to have minimal impact on the attractiveness of “tobacco bonds.”

Some recent decisions, we believe, have resolved challenges in favorable ways. For example, a federal appeals court panel reversed a 2006 decision when it ruled in April that smokers of “light” cigarettes should not be granted class-action status. Also this reporting period, the U.S. District Court for the Southern District of New York dismissed the long-standing Freedom Holdings case. The original lawsuit had been filed in 2002 by two importers of foreign cigarettes who asserted that the MSA and New York State legislation related to the MSA had impaired their ability to compete in the U.S. tobacco market.⁵Many viewed this case as the most significant threat to the MSA.

Two tobacco-related cases went to the U.S. Supreme Court during this reporting period. In December 2008, the Court ruled that smokers in the state of Maine can sue Philip Morris on charges that it violated the state’s unfair trade practices statute because its “light” cigarettes are as harmful as its regular cigarettes. During the second half of this reporting period, the Supreme Court also heard arguments—for the third time—in a long-running dispute between Philip Morris and the family of a deceased smoker in Oregon. The Supreme Court has vacated the Oregon decision twice and the Oregon Supreme Court has defied the remand orders twice. As of December 31, 2008, the Supreme Court had not issued a new decision.

We remain confident that MSA-backed bonds will continue to generate high levels of tax-free income. As in many other reporting periods, interest payments and scheduled payments of principal on the tobacco bonds this Fund held in 2008 were all made in a timely manner. The holdings provided significant yield advantages this reporting period, and we believe they will continue to do so for years to come.

5. In the written order released on January 12, 2009, Judge Alvin K. Hellerstein dismissed the Freedom Holdings complaint on grounds that the plaintiffs failed to show that the MSA and associated legislation restrained the ability of manufacturers who are not participants in the MSA to compete; that the Commerce Clause of the U.S. Constitution had been violated; and that their business or property had suffered injury, actual or threatened.

19 | LIMITED TERM NEW YORK MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

The Fund remained invested in securities in the multifamily and single-family sectors this reporting period; these sectors represented 6.3% and 2.6% of the Fund’s market value, respectively, as of December 31, 2008. The overall credit quality of these investments has been steady throughout this reporting period, despite the financial headaches related to sub-prime mortgages and other esoteric financing arrangements. Shareholders should note that the Fund does not invest in the securities created from pools of sub-prime mortgages nor in collateralized debt obligations (CDOs) and thus has no exposure to these credits. Prices of single-family and multifamily housing bonds continued to fall this reporting period, consistent with a stagnating housing market throughout much of the nation.

During this reporting period, the Fund continued to find buying opportunities in the electric utilities sector (6.6% of the Fund’s invested assets). The overall fundamentals appeared to be stable this reporting period, but widening credit spreads have been detrimental to this sector, causing prices to decline. Our holdings in this sector consist of securities in the mid-range of the credit spectrum as well as some insured bonds. The Rochester investment team believes we have found significant shareholder value this reporting period to add to the Fund’s diverse portfolio in this sector.

The Fund uses a dollar-weighted approach to measuring the average maturity of its securities. While the average effective maturity of the Fund’s portfolio is generally limited to 5 years or less, the maturity of the portfolio might not meet that target at all times. Because of market events and interest rate changes, the average effective maturity at the end of this reporting period was more than 5 years. As usual, the Fund held securities with stated and effective maturities of more and less than 5 years. It also delivered higher levels of tax-free income with considerably less share-price volatility than many longer-term funds this reporting period.

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

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until December 31, 2008. In the case of Class A, Class B and Class C shares, performance is measured over a period of 10 fiscal years. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred

20 | LIMITED TERM NEW YORK MUNICIPAL FUND

sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

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

21 | LIMITED TERM NEW YORK MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

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

22 | LIMITED TERM NEW YORK MUNICIPAL FUND

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

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 3.50%; for Class B shares, the contingent deferred sales charge of 4% (1-year) and 1% (5-year); and for Class C shares, the contingent 1% deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, 10-year returns for Class B shares uses Class A performance for the period after conversion. See page 25 for further information.

23 | LIMITED TERM NEW YORK MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

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

24 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES

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

Investors should consider the Fund’s investment objectives, risks, and other charges and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at www.oppenheimerfunds.com. Read the prospectus carefully before investing.

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

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

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

Class C shares of the Fund were first publicly offered on 5/1/97. Unless otherwise noted, the Class C returns include the applicable 1% contingent deferred sales charge for the one-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

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

25 | LIMITED TERM NEW YORK MUNICIPAL FUND

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2008.

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

26 | LIMITED TERM NEW YORK MUNICIPAL FUND

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.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	July 1, 2008		December 31, 2008		December 31, 2008

Class A	$	1,000.00	$	897.00	$	4.64
Class B		1,000.00		893.30		8.66
Class C		1,000.00		893.20		8.32

Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.26		4.94
Class B		1,000.00		1,016.04		9.21
Class C		1,000.00		1,016.39		8.86

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended December 31, 2008 are as follows:


Class	Expense Ratios

Class A		0.97	%
Class B		1.81
Class C		1.74

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

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THIS PAGE INTENTIONALLY LEFT BLANK.

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STATEMENT OF INVESTMENTS December 31, 2008


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

Municipal Bonds and Notes—103.4%
New York—82.2%
$	20,000	Albany County, NY Airport Authority¹		5.125	%		12/15/2019			12/15/2019		$	18,562
	1,500,000	Albany County, NY IDA (Albany College of Pharmacy)¹		5.250			12/01/2019			12/01/2019			1,182,495
	5,000	Albany, NY GO¹		7.000			01/15/2010			07/01/2009	^A		5,022
	205,000	Albany, NY Hsg. Authority¹		6.250			10/01/2012	²		04/01/2009	^A		205,441
	200,000	Albany, NY Hsg. Authority (Lark Drive)		5.200			12/01/2013			01/05/2012	^B		202,632
	150,000	Albany, NY Hsg. Authority (Lark Drive)		5.400			12/01/2018			01/08/2017	^C		146,066
	1,365,000	Albany, NY IDA (Brighter Choice Charter School)¹		4.500			04/01/2018			04/11/2017	^C		1,031,735
	5,335,000	Albany, NY IDA (Charitable Leadership)¹		5.500			07/01/2011			07/13/2010	^C		5,193,996
	8,810,000	Albany, NY IDA (Charitable Leadership)¹		6.000			07/01/2019	²		04/20/2016	^C		7,183,498
	2,660,000	Albany, NY IDA (Daughters of Sarah Nursing Home)¹		5.250			10/20/2021			11/24/2017	^C		2,637,789
	1,260,000	Albany, NY IDA (H. Johnson Office Park)¹		5.750			03/01/2018			07/16/2014	^C		1,103,193
	3,000,000	Albany, NY IDA (St. Peter’s Hospital)¹		5.750			11/15/2022			12/16/2020	^C		2,463,030
	100,000	Albany, NY Municipal Water Finance Authority¹		5.000			12/01/2011			06/01/2009	^A		100,184
	1,935,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2017			06/01/2009	^A		1,939,005
	200,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2019			06/01/2009	^A		200,318
	2,915,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2020			06/01/2009	^A		2,920,160
	440,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2021			06/01/2009	^A		440,779
	3,235,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2022			06/01/2009	^A		3,235,259
	2,590,000	Albany, NY Municipal Water Finance Authority¹		5.250			12/01/2023			06/24/2022	^C		2,573,994
	2,010,000	Albany, NY Parking Authority¹		5.625			07/15/2020	²		06/19/2017	^C		1,962,182
	445,000	Albany, NY Parking Authority¹		5.625			07/15/2025	²		11/23/2023	^C		408,621
	140,000	Allegany County, NY IDA (Houghton College)¹		5.000			01/15/2010			07/15/2009	^A		140,844
	4,380,000	Allegany County, NY IDA (Houghton College)¹		5.250			01/15/2018			07/03/2014	^C		4,336,769
	490,000	Amherst, NY IDA (Faculty-Student Assoc. of SUNY at Buffalo)¹		5.750			04/01/2016			04/01/2016			444,298
	720,000	Amherst, NY IDA (Faculty-Student Assoc. of SUNY at Buffalo)¹		5.750			04/01/2017	²		04/01/2017			635,126
	810,000	Bethlehem, NY Water System¹		5.250			03/01/2018			03/01/2018			795,047

F1 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	905,000	Bethlehem, NY Water System¹		5.375	%		03/01/2020			03/01/2020		$	866,746
	500,000	Bethlehem, NY Water System¹		5.500			03/01/2022			03/01/2022			472,375
	555,000	Brookhaven, NY IDA (Alternatives for Children)¹		7.000			02/01/2013			03/22/2011	^C		509,618
	795,000	Brookhaven, NY IDA (Dowling College)¹		6.500			11/01/2012			11/01/2012			745,869
	860,000	Brookhaven, NY IDA (Enecon Corp.)¹		5.800			11/01/2018			10/15/2014	^C		654,666
	645,000	Broome County, NY COP¹		5.250			04/01/2022	²		04/01/2009	^A		645,135
	10,000	Broome County, NY GO¹		5.400			04/15/2011			04/01/2009	^A		10,097
	830,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)¹		5.250			11/01/2015			12/14/2013	^C		675,919
	320,000	Cattaraugus County, NY IDA (Olean General Hospital)¹		5.250			08/01/2023			07/03/2019	^C		294,915
	50,000	Cattaraugus County, NY IDA (St. Bonaventure University)¹		5.000			09/15/2013			09/15/2013			45,959
	4,040,000	Cayuga County, NY COP (Auburn Memorial Hospital)¹		6.000			01/01/2021			08/02/2015	^C		3,717,164
	1,010,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.000			07/01/2012			01/08/2011	^C		959,510
	1,075,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.250			07/01/2016			01/11/2015	^C		973,843
	3,795,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.500			07/01/2024			06/07/2021	^C		3,279,297
	18,160,000	Chautauqua County, NY Tobacco Asset Securitization Corp.¹		6.750			07/01/2040			05/28/2034	^C		14,602,274
	2,415,000	Clarence, NY IDA (Bristol Village)¹		6.000			01/20/2044			08/12/2032	^C		2,400,534
	45,000	Clifton Park, NY Water Authority¹		5.000			10/01/2029			08/24/2025	^C		41,038
	4,435,000	Cortland County, NY IDA (Cortland Memorial Hospital)¹		5.625			07/01/2024	²		08/23/2019	^C		3,728,726
	50,000	Cortland, NY GO¹		5.625			05/01/2010			05/01/2009	^A		50,632
	10,000	Deerfield, NY GO		5.250			06/15/2009			06/15/2009			10,110
	10,000	Deerfield, NY GO		5.250			06/15/2010			06/15/2010			10,274
	10,000	Deerfield, NY GO		5.250			06/15/2011			06/15/2011			10,327
	10,000	Deerfield, NY GO		5.250			06/15/2012			06/15/2012			10,315
	10,000	Deerfield, NY GO		5.250			06/15/2013			06/15/2013			10,336
	10,000	Deerfield, NY GO		5.500			06/15/2014			06/15/2014			10,427
	10,000	Deerfield, NY GO		5.500			06/15/2015			06/15/2015			10,393
	10,000	Deerfield, NY GO		5.500			06/15/2016			06/15/2016			10,357
	10,000	Deerfield, NY GO		5.500			06/15/2017			06/15/2016	^A		10,296
	10,000	Deerfield, NY GO		5.500			06/15/2018			06/15/2016	^A		10,155
	15,000	Deerfield, NY GO		5.500			06/15/2019			06/15/2016	^A		15,086
	15,000	Deerfield, NY GO		5.500			06/15/2020			06/15/2020			14,918
	280,000	Dutchess County, NY IDA (IBM Corp.)¹		5.450			12/01/2029			12/01/2009	^A		285,382

F2 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*				Value

New York Continued
$	5,205,000	Dutchess County, NY IDA (Marist College)¹		5.150	%		07/01/2017			07/01/2013	^A		$	5,280,681
	25,000	East Hampton, NY Town GO¹		5.000			04/15/2018			04/15/2009	^A			25,166
	8,300,000	East Rochester, NY Hsg. Authority (St. John’s Meadows)¹		5.000			08/15/2027			04/17/2022	^C			7,488,177
	4,095,000	East Rochester, NY Hsg. Authority (St. John’s Meadows)¹		5.950			08/01/2027			08/03/2020	^C			3,516,786
	4,020,000	East Rochester, NY Hsg. Authority (WoodlandVillage)¹		5.150			08/01/2016	²		05/02/2013	^C			3,266,773
	210,000	East Syracuse, NY Hsg. Authority (Bennett Manor Associates)¹		6.700			04/01/2021			04/01/2010	^A			216,346
	1,300,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2025			05/01/2014	^A			1,327,183
	6,500,000	Erie County, NY IDA (Buffalo City School District)¹		5.750			05/01/2026			05/01/2014	^A			6,615,700
	1,320,000	Erie County, NY IDA (Medaille College)¹		6.875			10/01/2013			03/17/2011	^C			1,245,433
	205,000	Erie County, NY IDA (Medaille College)		7.250			11/01/2010			11/19/2009	^C			204,434
	29,615,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2031			03/22/2017	^C			18,895,258
	9,750,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2038			08/15/2020	^C	��		5,944,770
	1,635,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.750			07/15/2013			07/15/2010	^D			1,761,206
	6,865,000	Erie County, NY Tobacco Asset Securitization Corp.¹		6.000			07/15/2020			07/15/2010	^D			7,420,928
	250,000	Essex County, NY IDA (International Paper Company)¹		6.450			11/15/2023			11/15/2023				170,738
	690,000	Essex County, NY IDA (North Country Community College Foundation)¹		4.600			06/01/2015			12/25/2013	^C			582,457
	540,000	Franklin County, NY IDA (North Country Community College Foundation)¹		4.600			06/01/2015			12/24/2013	^C			455,836
	50,000	Gloversville, NY GO¹		5.800			03/15/2015			03/15/2009	^A			50,616
	500,000	Hamilton County, NY IDA (Adirondack Historical Assoc.)¹		5.250			11/01/2018			11/01/2010	^A			502,700
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2017			09/15/2016	^A			77,016
	500,000	Hempstead Village, NY GO¹		5.000			07/01/2018			07/01/2014	^A			505,025
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2018			09/15/2016	^A			75,841
	1,195,000	Hempstead Village, NY GO¹		5.000			07/01/2019			07/01/2019				1,190,662
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2019			09/15/2019				74,504
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2020			09/15/2020				73,229
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2021			09/15/2016	^C			72,029
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2022			09/15/2022				70,687
	75,000	Hempstead Village, NY GO¹		5.000			09/15/2023			09/15/2023				69,736
	1,700,000	Hempstead, NY IDA (Adelphi University)¹		5.750			06/01/2022	²		06/01/2012	^A			1,723,052

F3 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	1,350,000	Hempstead, NY IDA (Hofstra University)¹		5.800	%		07/01/2015			07/01/2009	^A	$	1,374,584
	2,740,000	Hempstead, NY IDA (Lynbrook Facilities)¹		6.000			11/01/2017			08/10/2013	^C		2,132,624
	350,000	Hempstead, NY IDA (Peninsula Counseling Center)¹		5.500			11/01/2010			11/01/2009	^C		329,252
	900,000	Hempstead, NY IDA (Peninsula Counseling Center)¹		5.500			11/01/2011			11/01/2011			821,556
	620,000	Hempstead, NY IDA (Peninsula Counseling Center)¹		5.750			11/01/2018			09/03/2015	^C		467,678
	60,000	Herkimer County, NY GO¹		5.000			09/15/2012			03/15/2009	^A		64,631
	40,000	Herkimer County, NY GO¹		5.000			09/15/2012			03/15/2009	^A		40,241
	255,000	Herkimer County, NY IDA (Herkimer County College Foundation)¹		5.850			11/01/2010			11/15/2009	^C		253,126
	1,025,000	Herkimer, NY Hsg. Authority¹		7.150			03/01/2011			03/01/2009	^A		1,028,495
	250,000	Hudson, NY IDA (Hudson Fabrics)		6.000			11/01/2012			10/10/2010	^C		221,230
	3,190,000	Islip, NY IDA (United Cerebral Palsy Assoc.)¹		5.500			12/01/2016			01/17/2013	^C		2,493,464
	375,000	Islip, NY IDA (United Cerebral Palsy Assoc.)¹		5.500			12/01/2016			01/17/2013	^C		293,119
	10,000	Islip, NY Res Rec, Series D¹		6.500			07/01/2009			07/01/2009			10,049
	2,990,000	Islip, NY Res Rec, Series E¹		5.625			07/01/2017			07/13/2016	^C		2,961,206
	1,175,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2019			07/01/2019			1,132,442
	250,000	Jamestown, NY GO¹		5.000			08/01/2024			08/01/2014	^A		251,173
	250,000	Jamestown, NY GO¹		5.000			08/01/2025			08/01/2014	^A		250,640
	975,000	Jamestown, NY Hsg. Authority¹		6.125			07/01/2010			09/27/2009	^C		949,104
	1,000,000	Kenmore, NY Hsg. Authority (SUNY at Buffalo)¹		5.500			08/01/2024			01/23/2023	^C		830,360
	2,210,000	Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)¹		5.875			07/01/2022			05/25/2019	^C		1,550,426
	1,010,000	Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)¹		6.000			07/01/2030			04/22/2027	^C		637,916
	70,000	Livonia, NY GO¹		5.000			06/15/2020			06/15/2017	^A		71,376
	75,000	Livonia, NY GO¹		5.000			06/15/2021			06/15/2017	^A		75,657
	80,000	Livonia, NY GO¹		5.000			06/15/2022			06/15/2022			79,395
	85,000	Livonia, NY GO¹		5.000			06/15/2023			06/15/2023			83,421
	90,000	Livonia, NY GO¹		5.000			06/15/2024			06/15/2024			87,275
	75,000	Livonia, NY GO¹		5.000			06/15/2025			06/15/2025			72,189
	2,065,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2022			08/11/2019	^C		1,694,415
	2,260,000	Madison County, NY IDA (Oneida Healthcare Center)¹		5.500			02/01/2016			09/27/2013	^C		2,208,540
	115,000	Medina, NY Hsg. Corp.		8.250			08/15/2011	²		09/03/2010	^C		112,940
	2,050,000	Monroe County, NY COP¹		8.050			01/01/2011	²		01/14/2010	^C		1,961,707

F4 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	5,000	Monroe County, NY GO¹		5.000	%		06/01/2017			06/01/2009	^A	$	5,016
	45,000	Monroe County, NY GO¹		5.350			03/01/2012			03/01/2009	^A		45,106
	930,000	Monroe County, NY IDA (Canal Ponds)¹		7.000			06/15/2013	²		06/15/2009	^A		939,198
	640,000	Monroe County, NY IDA (DePaul Community Facilities)¹		6.450			02/01/2014	²		02/01/2009	^A		642,342
	2,570,000	Monroe County, NY IDA (DePaul Community Facilities)¹		6.500			02/01/2024	²		02/01/2009	^A		2,571,722
	580,000	Monroe County, NY IDA (Highland Hospital of Rochester)¹		5.000			08/01/2012			08/01/2012			560,483
	75,000	Monroe County, NY IDA (Nazareth College of Rochester)¹		5.250			10/01/2021			02/01/2018	^C		73,358
	25,000	Monroe County, NY IDA (Rochester Institute of Technology)¹		5.000			04/01/2010			04/01/2010			24,597
	310,000	Monroe County, NY IDA (Summit at Brighton)¹		5.000			07/01/2016			10/26/2012	^C		236,087
	1,860,000	Monroe County, NY IDA (West End Business Center)¹		5.125			12/01/2014			05/29/2011	^C		1,529,069
	45,000	Monroe County, NY Water Authority¹		5.250			08/01/2011			02/01/2009	^A		45,121
	285,000	Monroe, NY Newpower Corp.¹		4.500			01/01/2011			10/01/2010	^C		273,010
	155,000	Monroe, NY Newpower Corp.¹		4.700			01/01/2012			10/01/2011	^C		144,610
	410,000	Monroe, NY Newpower Corp.¹		4.800			01/01/2013			10/01/2012	^C		380,439
	7,800,000	Monroe, NY Newpower Corp.¹		6.375			01/01/2024			07/30/2020	^C		6,197,334
	280,000	Mount Vernon, NY IDA (Kings Court)¹		5.125			12/01/2023			01/21/2022	^C		243,566
	975,000	Mount Vernon, NY IDA (Macedonia Towers)¹		5.125			12/01/2023			01/18/2022	^C		839,768
	100,000	Mount Vernon, NY IDA (Meadowview)		6.000			06/01/2009			06/01/2009			99,179
	4,995,000	Mount Vernon, NY IDA (Section 8), Series A¹		5.250			12/01/2014	²		06/01/2009	^A		5,096,548
	50,000	Municipal Assistance Corp. for Troy, NY¹		5.000			01/15/2016			07/15/2009	^A		50,111
	300,000	Nassau County, NY Bridge Authority¹		5.250			10/01/2026			12/15/2023	^C		291,543
	305,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022			09/14/2016	^C		224,962
	565,000	Nassau County, NY IDA (ACDS)¹		6.000			12/01/2019			04/02/2017	^C		432,140
	405,000	Nassau County, NY IDA (ALIA-ACDS)¹		7.000			10/01/2016			09/16/2013	^C		350,702
	525,000	Nassau County, NY IDA (ALIA-ACLD)¹		5.750			09/01/2011			06/03/2010	^C		485,105
	600,000	Nassau County, NY IDA (ALIA-CMA)¹		7.000			10/01/2016			09/07/2013	^C		519,558
	465,000	Nassau County, NY IDA (ALIA-CRR)¹		7.000			10/01/2016			09/06/2013	^C		402,657
	100,000	Nassau County, NY IDA (ALIA-FREE)		7.000			10/01/2016			09/25/2013	^C		86,593
	420,000	Nassau County, NY IDA (ALIA-HKSB)¹		7.000			10/01/2016			09/09/2013	^C		363,691
	1,930,000	Nassau County, NY IDA (CSMR)¹		5.950			11/01/2022			09/14/2016	^C		1,423,529
	1,615,000	Nassau County, NY IDA (CSMR)¹		6.000			12/01/2019			12/27/2016	^C		1,235,233
	230,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022			08/23/2016	^C		169,643

F5 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	685,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)¹		6.000	%		12/01/2019			11/17/2016	^C	$	522,771
	310,000	Nassau County, NY IDA (Hispanic Counseling Center)¹		6.000			11/01/2017			08/21/2013	^C		248,047
	250,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022			09/04/2016	^C		184,395
	500,000	Nassau County, NY IDA (PLUS Group Home)¹		6.150			11/01/2022			09/23/2016	^C		370,025
	380,000	Nassau County, NY IDA (United Cerebral Palsy)¹		5.750			11/01/2009			02/06/2009	^C		370,580
	120,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.000			11/01/2017			08/08/2013	^C		96,018
	460,000	Nassau County, NY IDA (WORCA)¹		6.000			12/01/2019			12/23/2016	^C		351,058
	130,000	Nassau County, NY IDA, Series C		6.000			12/01/2019			12/22/2016	^C		99,212
	80,000	Nassau County, NY Interim Finance Authority¹		5.375			11/15/2012			05/15/2009	^A		80,211
	35,000	Nassau County, NY Interim Finance Authority¹		5.375			11/15/2013			05/15/2009	^A		35,092
	21,000,000	Nassau County, NY Tobacco Settlement Corp.¹		0.000³			06/01/2026			12/03/2017	^C		16,529,520
	225,000	Nassau, NY IDA (EBS North Hills LLC)¹		7.000			11/01/2013			01/03/2011	^C		251,244
	140,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			01/08/2011	^C		156,383
	155,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			01/03/2011	^C		172,710
	155,000	Nassau, NY IDA (EBS North Hills LLC)		7.000			11/01/2013			01/03/2011	^C		172,710
	6,855,000	New Rochelle, NY IDA (College of New Rochelle)¹		5.500			07/01/2019			09/15/2015	^C		6,745,114
	15,000	New Windsor, NY GO¹		5.300			05/01/2010			05/01/2009	^A		15,183
	1,240,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)¹		5.650			08/01/2020	²		08/01/2009	^A		1,244,588
	1,000,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)¹		5.750			02/01/2032			03/15/2027	^C		893,410
	150,000	Niagara County, NY IDA (American Ref-Fuel Company)¹		5.550			11/15/2024			11/15/2015	^E		124,185
	13,150,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)¹		5.500			11/01/2035			01/03/2025	^C		7,542,577
	1,270,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018			04/03/2016	^C		1,031,812
	7,750,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.450			11/15/2025			11/15/2012	^E		6,876,498
	9,460,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.550			11/15/2024			11/15/2024			8,175,616
	12,450,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.625			11/15/2024			11/15/2014	^E		10,460,864
	170,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.375			05/15/2018			05/15/2009	^C		136,496

F6 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	175,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.500	%		05/15/2019			05/15/2011	^F	$	144,783
	90,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.500			05/15/2020			05/15/2012	^F		73,334
	1,175,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.875			05/15/2022			05/15/2015	^C		968,482
	1,105,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2034			08/14/2023	^C		866,132
	945,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2040			06/04/2028	^C		709,062
	11,995,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.750			05/15/2029	²		07/19/2018	^C		10,269,279
	1,000,000	Niagara Falls, NY Public Water Authority¹		5.500			07/15/2034			08/26/2032	^C		995,760
	180,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.000			04/01/2013			05/06/2011	^C		175,241
	8,320,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.625			04/01/2029	²		03/13/2025	^C		6,883,552
	210,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.750			04/01/2019			10/28/2017	^C		199,000
	580,000	North Babylon, NY Volunteer Fire Company¹		5.750			08/01/2022			12/23/2016	^C		569,102
	25,000	North Elba, NY GO¹		5.400			06/01/2009			06/01/2009			25,427
	25,000	North Hempstead, NY GO¹		5.375			05/15/2016			05/15/2009	^A		25,312
	905,000	NY Capital District Youth Center¹		6.000			02/01/2017			02/01/2009	^A		906,539
	850,000	NY Carnegie Redevel. Corp.⁴		6.500			09/01/2011			11/17/2009	^C		771,860
	65,000	NY Counties Tobacco Trust I¹		5.875			06/01/2014			06/01/2014			59,686
	4,670,000	NY Counties Tobacco Trust I¹		6.300			06/01/2019	²		06/01/2010	^C		4,118,566
	4,360,000	NY Counties Tobacco Trust I¹		6.500			06/01/2035			06/14/2025	^C		3,522,444
	3,295,000	NY Counties Tobacco Trust I¹		6.625			06/01/2042	²		06/03/2030	^C		2,596,559
	18,875,000	NY Counties Tobacco Trust II (TASC)¹		5.250			06/01/2025			12/17/2011	^C		14,532,429
	150,000	NY Counties Tobacco Trust II (TASC)¹		5.500			06/01/2011			06/01/2011			143,010
	865,000	NY Counties Tobacco Trust II (TASC)¹		5.625			06/01/2035			06/04/2018	^C		611,330
	1,055,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2013			06/01/2013			980,570
	1,925,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2014			06/01/2014			1,755,485
	750,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2043			09/02/2025	^C		517,793
	2,120,000	NY Counties Tobacco Trust II (TASC)¹		6.000			06/01/2015			06/01/2015			1,925,935
	2,330,000	NY Counties Tobacco Trust II (TASC)¹		6.000			06/01/2016			06/01/2016			2,079,944
	7,855,000	NY Counties Tobacco Trust III¹		5.000			06/01/2027			11/19/2009	^C		7,138,388
	4,980,000	NY Counties Tobacco Trust III¹		5.750			06/01/2033			09/26/2012	^C		3,680,120
	16,575,000	NY Counties Tobacco Trust III¹		6.000			06/01/2043			04/03/2018	^C		11,900,353

F7 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	4,020,000	NY Counties Tobacco Trust IV¹		4.250	%		06/01/2021			03/14/2012	^C	$	3,512,957
	38,400,000	NY Counties Tobacco Trust IV (TASC)¹		0.000³			06/01/2041			08/03/2019	^C		38,966,016
	4,520,000	NY Counties Tobacco Trust IV (TASC)¹		4.750			06/01/2026			10/12/2009	^C		3,235,416
	38,400,000	NY Counties Tobacco Trust IV (TASC)¹		6.650⁵			06/01/2041			07/02/2019	^C		3,838,080
	500,000	NY Grand Central BID (Grand Central District Management)¹		5.000			01/01/2022			01/01/2014	^A		506,615
	25,000	NY MTA Commuter Facilities (Grand Central Terminal)¹		5.400			07/01/2011			07/01/2009	^A		25,045
	85,000	NY MTA Commuter Facilities (Grand Central Terminal)¹		5.500			07/01/2012			07/01/2009	^A		85,156
	25,000	NY MTA Commuter Facilities, Series 7¹		5.625			07/01/2016	²		07/01/2009	^D		26,412
	5,000	NY MTA Commuter Facilities, Series B¹		5.000			07/01/2017	��		07/01/2009	^D		5,062
	50,000	NY MTA Commuter Facilities, Series B¹		5.125			07/01/2024			07/01/2009	^A		50,610
	5,000	NY MTA Commuter Facilities, Series D¹		5.000			07/01/2016			07/01/2009	^A		5,372
	61,500,000	NY MTA Service Contract, Series A¹		5.125			01/01/2029			07/20/2027	^C		55,946,550
	35,350,000	NY MTA Service Contract, Series A¹		5.750			07/01/2031			07/01/2031			34,608,004
	33,290,000	NY MTA Service Contract, Series B¹		5.250			01/01/2031			01/25/2029	^C		30,566,212
	56,800,000	NY MTA, Series A¹		5.000			11/15/2025			11/26/2024	^C		52,931,352
	540,000	NY MTA, Series A¹		5.000			11/15/2026			11/15/2026			498,506
	11,425,000	NY MTA, Series A¹		5.125			11/15/2031			02/28/2030	^C		10,241,256
	50,000	NY MTA, Series E¹		5.500			11/15/2021			11/15/2012	^A		50,067
	50,000	NY New Hartford-Sunset Wood Funding Corp.¹		5.950			08/01/2027			09/03/2021	^C		49,554
	4,355,000	NY Newark-Wayne Community Hospital¹		5.875			01/15/2033			08/07/2019	^C		4,211,895
	1,215,000	NY Newark-Wayne Community Hospital¹		7.600			09/01/2015			12/16/2012	^C		1,119,185
	50,000	NY Oneida Healthcare Corp. (Oneida Health Systems)¹		5.300			02/01/2021			03/11/2019	^C		42,005
	3,895,000	NY Oneida Healthcare Corp. (Oneida Health Systems)¹		5.500			02/01/2016	²		09/28/2013	^C		3,715,051
	5,000,000	NY Seneca Nation Indians Capital Improvements¹		5.250			12/01/2016			06/14/2015	^C		3,623,400
	70,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.000			06/01/2011			06/01/2009	^A		70,020
	2,220,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.250			06/01/2021			06/01/2021			2,135,662
	8,250,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2015			06/01/2010	^A		8,339,100
	11,900,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2016			06/01/2009	^A		12,004,125
	5,020,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2017			06/01/2011	^A		5,076,224
	21,000,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2018			06/01/2012	^A		21,193,830

F8 | LIMITED TERM NEW YORK MUNICIPAL FUND


								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)*			Value

New York Continued
$	20,500,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500	%		06/01/2019		06/01/2013	^A	$	20,538,745
	11,000,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2020		06/01/2020			10,953,360
	18,395,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2021		06/01/2021			18,101,968
	14,965,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.500			06/01/2022		06/01/2013	^A		14,576,808
	40,000	NY Triborough Bridge & Tunnel Authority¹		5.000			01/01/2024		07/01/2009	^A		40,084
	275,000	NY TSASC, Inc. (TFABs)¹		4.250			07/15/2010		07/15/2010			288,390
	189,615,000	NY TSASC, Inc. (TFABs)¹		4.750			06/01/2022		10/09/2011	^C		139,274,114
	91,000,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2026		06/28/2016	^C		62,756,330
	14,740,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2034		04/20/2020	^C		9,195,107
	430,000	NY TSASC, Inc. (TFABs)¹		5.250			07/15/2011		07/15/2011			470,549
	815,000	NY TSASC, Inc. (TFABs)¹		5.500			07/15/2013		07/15/2012	^A		915,905
	45,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2012		07/01/2009	^A		45,119
	1,575,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2013		07/01/2009	^A		1,579,158
	1,500,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2014		07/01/2009	^A		1,503,960
	1,590,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2015		07/01/2009	^A		1,594,198
	10,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2016		07/01/2009	^A		10,026
	5,755,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2018		07/01/2009	^A		5,767,028
	6,530,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2019		07/01/2009	^A		6,543,648
	6,900,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2020		07/01/2009	^A		6,900,000
	2,970,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2021		07/01/2021			2,952,536
	3,050,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2022		07/01/2022			2,983,693
	2,185,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2023		07/01/2023			2,121,351
	3,020,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2024		07/01/2024			2,906,901
	100,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2025		07/01/2025			95,434
	225,000	NY United Nations Devel. Corp., Series A¹		5.250			07/01/2026		07/01/2026			212,690
	180,000	NY Valley Health Devel. Corp.¹		6.750			05/20/2022		05/20/2015	^A		184,331
	29,000,000	NYC GO⁶		5.000			06/01/2023		06/01/2015	^A		28,124,235
	10,000,000	NYC GO⁶		5.000			08/15/2023		02/15/2013	^A		9,687,844
	11,340,000	NYC GO⁶		5.000			12/01/2023		02/15/2013	^A		10,971,450
	10,000,000	NYC GO⁶		5.000			04/01/2030		10/01/2025	^A		9,053,421
	50,000	NYC GO¹		0.000³			03/15/2029		03/30/2025	^C		46,054
	15,000	NYC GO		5.000			08/01/2015		02/01/2009	^A		15,185
	20,000	NYC GO¹		5.000			08/15/2016		02/15/2009	^A		20,246
	90,000	NYC GO¹		5.000			05/15/2018		05/15/2010	^A		90,672
	15,000	NYC GO¹		5.000			08/01/2018		02/01/2010	^A		15,084
	50,000	NYC GO¹		5.000			08/15/2018		08/15/2010	^A		50,417
	90,000	NYC GO¹		5.000			08/15/2019		08/15/2010	^A		90,390

F9 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)*			Value

New York Continued
$	425,000	NYC GO¹		5.000	%		08/01/2020		08/01/2014	^A	$	426,913
	1,500,000	NYC GO¹		5.000			08/01/2022		08/01/2015	^A		1,464,255
	10,000	NYC GO¹		5.000			08/01/2022		02/22/2021	^C		9,762
	25,000	NYC GO¹		5.000			08/01/2022		02/22/2021	^C		24,286
	55,000	NYC GO¹		5.000			08/01/2022		08/21/2020	^C		53,638
	10,000	NYC GO¹		5.000			08/01/2022		02/22/2021	^C		9,752
	1,000,000	NYC GO¹		5.000			08/01/2022		08/01/2022			976,170
	65,000	NYC GO¹		5.000			08/01/2022		02/22/2021	^C		63,451
	110,000	NYC GO¹		5.000			08/01/2022		02/20/2021	^C		107,379
	175,000	NYC GO¹		5.000			08/15/2022		08/26/2021	^C		170,770
	40,000	NYC GO¹		5.000			09/15/2022		09/15/2022			39,006
	15,000	NYC GO¹		5.000			05/15/2023		06/19/2021	^C		14,534
	125,000	NYC GO¹		5.000			08/01/2023		01/13/2022	^C		121,133
	250,000	NYC GO¹		5.000			08/01/2023		08/01/2023			242,265
	615,000	NYC GO¹		5.000			08/01/2023		08/01/2023			595,972
	2,000,000	NYC GO¹		5.000			01/01/2024		01/01/2024			1,928,420
	90,000	NYC GO¹		5.000			04/15/2024		04/27/2023	^C		86,513
	5,000,000	NYC GO¹		5.000			08/01/2024		08/01/2024			4,801,550
	5,000,000	NYC GO¹		5.000			08/01/2024		08/01/2024			4,801,550
	3,040,000	NYC GO¹		5.000			08/01/2024		08/01/2024			2,919,342
	5,000,000	NYC GO¹		5.000			09/01/2024		09/01/2024			4,798,650
	3,650,000	NYC GO¹		5.000			12/01/2024		12/01/2024			3,496,737
	1,000,000	NYC GO¹		5.000			08/01/2025		08/01/2025			952,070
	5,335,000	NYC GO¹		5.000			09/01/2025		09/01/2025			5,077,800
	1,000,000	NYC GO¹		5.000			12/01/2025		12/01/2025			950,850
	5,000,000	NYC GO¹		5.000			04/01/2026		04/01/2026			4,718,000
	8,760,000	NYC GO¹		5.000			08/01/2026		02/01/2026	^A		8,260,592
	5,000,000	NYC GO¹		5.000			08/01/2026		08/01/2026			4,714,950
	4,520,000	NYC GO¹		5.000			08/01/2026		08/01/2026			4,262,315
	1,830,000	NYC GO¹		5.000			11/01/2027		11/01/2027			1,709,129
	495,000	NYC GO¹		5.000			03/15/2029		03/30/2025	^C		453,697
	90,000	NYC GO¹		5.000			03/15/2029		03/30/2025	^C		81,887
	10,000	NYC GO¹		5.000			04/15/2029		05/21/2027	^C		9,153
	65,000	NYC GO¹		5.125			08/01/2011		02/01/2009	^A		65,807
	15,000	NYC GO¹		5.125			08/01/2018		02/01/2009	^A		15,186
	2,860,000	NYC GO¹		5.125			08/01/2022		02/01/2022			2,826,281
	5,000	NYC GO¹		5.125			03/15/2025		03/15/2025			4,835
	35,000	NYC GO¹		5.125			08/01/2025		08/01/2025			34,020
	505,000	NYC GO¹		5.125			08/01/2025		06/26/2024	^C		487,633
	40,000	NYC GO¹		5.125			08/01/2025		06/26/2024	^C		38,414
	25,000	NYC GO¹		5.125			05/15/2029		06/03/2025	^C		23,251

F10 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	75,000	NYC GO¹		5.200	%		08/01/2021			08/01/2010	^A	$	75,133
	20,000	NYC GO¹		5.200			08/01/2021			08/01/2010	^A		20,032
	50,000	NYC GO¹		5.250			08/01/2011			02/01/2009	^A		50,341
	25,000	NYC GO¹		5.250			05/01/2012			05/01/2009	^A		25,224
	5,000	NYC GO¹		5.250			08/01/2012			02/01/2009	^A		5,038
	10,000	NYC GO¹		5.250			08/15/2013			02/15/2009	^A		10,142
	5,000	NYC GO¹		5.250			08/01/2014			02/01/2009	^A		5,038
	10,000	NYC GO¹		5.250			08/01/2015			02/01/2009	^A		10,075
	175,000	NYC GO¹		5.250			08/01/2016			02/01/2009	^A		177,242
	5,000	NYC GO¹		5.250			08/01/2016			02/01/2009	^A		5,063
	55,000	NYC GO¹		5.250			08/01/2019			02/01/2009	^A		55,689
	10,000	NYC GO¹		5.250			05/01/2021			05/01/2009	^A		10,022
	5,000	NYC GO¹		5.250			11/15/2021	²		11/15/2009	^A		5,006
	5,000	NYC GO¹		5.250			01/15/2023			01/15/2013	^A		5,644
	20,000	NYC GO¹		5.250			01/15/2023			01/15/2013	^A		20,042
	280,000	NYC GO¹		5.250			08/15/2023			02/15/2023			278,317
	1,000,000	NYC GO¹		5.250			08/15/2024			08/15/2024			986,210
	140,000	NYC GO		5.250			06/01/2027			04/23/2026	^C		134,875
	220,000	NYC GO¹		5.250			01/15/2028			05/24/2027	^C		211,545
	180,000	NYC GO¹		5.250			01/15/2033			03/01/2031	^C		166,149
	20,000	NYC GO¹		5.300			08/01/2024			04/22/2024	^C		19,834
	70,000	NYC GO¹		5.300			01/15/2026			01/27/2025	^C		68,387
	5,000	NYC GO¹		5.375			08/01/2015			02/01/2009	^A		5,063
	5,000	NYC GO¹		5.375			08/01/2017			08/01/2010	^A		5,381
	45,000	NYC GO¹		5.375			08/01/2017			08/01/2010	^A		47,531
	10,000	NYC GO¹		5.375			08/01/2019			08/01/2009	^A		10,278
	5,000	NYC GO¹		5.375			08/01/2020			08/01/2011	^A		5,056
	50,000	NYC GO¹		5.375			03/01/2027			09/04/2026	^C		48,891
	580,000	NYC GO¹		5.375			08/01/2027			05/31/2026	^C		566,324
	110,000	NYC GO¹		5.500			08/01/2022			08/01/2009	^A		110,196
	810,000	NYC GO¹		5.500			06/01/2023			06/01/2013	^A		817,784
	1,630,000	NYC GO¹		5.500			05/15/2024	²		05/15/2012	^A		1,638,932
	20,000	NYC GO¹		5.500			02/15/2026			02/15/2026			19,999
	50,000	NYC GO¹		5.500			02/15/2026			08/21/2025	^C		49,723
	850,000	NYC GO¹		5.500			06/01/2028			06/01/2028			836,018
	100,000	NYC GO¹		5.500			11/15/2037			11/20/2033	^C		94,478
	10,000	NYC GO¹		5.600			12/01/2009			06/01/2009	^A		10,163
	15,000	NYC GO¹		5.600			12/01/2010			06/01/2009	^A		15,180
	30,000	NYC GO¹		5.600			12/01/2013			06/01/2009	^A		30,424
	185,000	NYC GO¹		5.625			08/15/2009			02/15/2009	^A		185,707
	95,000	NYC GO		5.625			10/01/2020			04/01/2009	^A		95,087

F11 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)*			Value

New York Continued
$	220,000	NYC GO¹		5.700	%		08/15/2010		02/15/2009	^A	$	220,702
	10,000	NYC GO¹		5.750			05/15/2012		05/15/2009	^A		10,033
	10,000	NYC GO¹		5.750			05/15/2012		05/15/2009	^A		10,030
	570,000	NYC GO¹		5.750			03/01/2018		03/01/2013	^A		618,536
	310,000	NYC GO¹		5.750			08/01/2018		08/01/2012	^A		333,700
	500,000	NYC GO¹		5.750			08/01/2018		08/01/2012	^A		538,225
	20,000	NYC GO¹		5.875			08/01/2015		02/01/2009	^A		20,161
	4,155,000	NYC GO¹		5.875			06/01/2019		06/01/2012	^A		4,303,167
	5,450,000	NYC GO¹		5.875			08/01/2019		08/01/2012	^A		5,893,249
	60,000	NYC GO¹		6.000			05/15/2011		05/15/2009	^A		60,200
	5,000	NYC GO¹		6.000			02/01/2012		02/01/2009	^A		5,017
	5,000	NYC GO¹		6.000			08/01/2017		02/01/2009	^A		5,042
	10,000	NYC GO¹		6.000			05/15/2018		05/15/2010	^A		10,555
	5,000	NYC GO¹		6.000			02/01/2022		02/01/2009	^A		5,015
	15,000	NYC GO¹		6.000			05/15/2022		05/15/2010	^A		15,290
	35,000	NYC GO¹		6.000			02/15/2024		08/15/2009	^A		35,018
	590,000	NYC GO¹		6.350			05/15/2014		05/15/2009	^A		598,030
	1,130,000	NYC GO¹		6.500			05/15/2017		05/15/2010	^A		1,200,275
	5,000	NYC GO¹		7.000			02/01/2009		02/01/2009			5,023
	5,000	NYC GO¹		7.000			12/01/2010		06/01/2009	^A		5,105
	5,000	NYC GO¹		7.000			02/01/2011		02/01/2009	^A		5,022
	80,000	NYC GO¹		7.000			02/01/2012		02/01/2009	^A		80,333
	5,000	NYC GO¹		7.000			02/01/2018		02/01/2009	^A		5,020
	15,000	NYC GO¹		7.500			02/01/2009		02/01/2009			15,075
	45,000	NYC GO¹		7.750			08/15/2027		02/15/2009	^A		45,174
	100,000	NYC GO RIBS		6.650⁷			08/13/2009		02/01/2009	^A		100,695
	50,000	NYC GO RIBS		6.650⁷			07/29/2010		02/01/2009	^A		50,295
	100,000	NYC GO RIBS		6.748⁷			08/22/2013		02/01/2009	^A		100,595
	50,000	NYC GO RIBS		6.748⁷			08/27/2015		02/01/2009	^A		50,298
	450,000	NYC GO RIBS		9.720⁷			09/01/2011		02/01/2009	^A		453,047
	292,780	NYC HDC (Bay Towers)¹		6.500			08/15/2017		01/15/2009	^A		296,042
	2,500,000	NYC HDC (De Sales Assisted Living Devel.)¹		5.125			11/01/2018		10/17/2015	^C		2,498,875
	2,417,369	NYC HDC (East Midtown Plaza)¹		6.500			11/15/2018		01/15/2009	^A		2,444,298
	1,240,283	NYC HDC (Keith Plaza)¹		6.500			02/15/2018		01/15/2009	^A		1,254,100
	262,828	NYC HDC (Kingsbridge Arms)¹		6.500			08/15/2017		01/15/2009	^A		265,756
	565,000	NYC HDC (Multifamily Hsg.)¹		5.050			11/01/2023		04/30/2019	^C		488,437
	2,500,000	NYC HDC (Multifamily Hsg.)¹		5.100			11/01/2027		06/19/2023	^C		2,072,975
	20,000	NYC HDC (Multifamily Hsg.)¹		5.250			11/01/2031		08/13/2026	^C		17,300
	400,000	NYC HDC (Multifamily Hsg.)¹		5.600			11/01/2019		07/08/2015	^C		398,296
	900,000	NYC HDC (Multifamily Hsg.), Series A¹		5.375			11/01/2023		10/28/2020	^C		813,114

F12 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	1,950,000	NYC HDC (Multifamily Hsg.), Series E¹		6.250	%		05/01/2036			04/20/2030	^C	$	1,899,983
	50,000	NYC HDC (The Animal Medical Center)¹		5.500			12/01/2033			04/11/2030	^C		44,203
	185,000	NYC HDC, Series A¹		5.000			07/01/2010			07/01/2010			192,184
	27,850,000	NYC HDC, Series A¹		5.000			07/01/2025			08/05/2023	^C		26,381,470
	19,105,000	NYC HDC, Series A¹		5.250			05/01/2030			12/21/2027	^C		16,605,684
	2,215,000	NYC HDC, Series C¹		5.000			11/01/2026			07/16/2022	^C		1,838,384
	23,500,000	NYC Health & Hospital Corp.¹		5.000			02/15/2020			02/26/2019	^C		20,299,065
	27,750,000	NYC Health & Hospital Corp.¹		5.250			02/15/2017	²		02/15/2010	^A		27,849,900
	1,000,000	NYC Health & Hospital Corp.¹		5.375			02/15/2026			05/06/2024	^C		930,080
	3,000,000	NYC Health & Hospital Corp. (Health System)¹		5.250			02/15/2022			02/15/2022			2,545,800
	235,000	NYC IDA (Acme Architectural Products)¹		5.875			11/01/2009			03/04/2009	^C		227,447
	9,400,000	NYC IDA (AIRIS JFK I/JFK International Airport)¹		5.500			07/01/2028			09/16/2023	^C		5,965,898
	10,000,000	NYC IDA (AIRIS JFK I/JFK International Airport)¹		6.000			07/01/2015			03/09/2013	^C		8,541,900
	2,890,000	NYC IDA (Beth Abraham Health Services)¹		6.000			02/15/2013			12/10/2010	^C		2,647,934
	625,000	NYC IDA (Beth Abraham Health Services)¹		6.000			11/15/2013			06/28/2010	^C		564,919
	300,000	NYC IDA (Beth Abraham Health Services)¹		6.000			11/15/2013			10/04/2010	^C		271,161
	720,000	NYC IDA (Calhoun School)¹		6.250			12/01/2016			11/22/2012	^C		634,752
	4,865,000	NYC IDA (Calhoun School)¹		6.250			12/01/2017			12/06/2013	^C		4,192,219
	555,000	NYC IDA (Center for Elimination of Family Violence)¹		6.250			11/01/2016			03/25/2013	^C		458,952
	7,625,000	NYC IDA (Chapin School)¹		4.800			11/01/2018			09/21/2014	^C		5,653,404
	700,000	NYC IDA (Comprehensive Care Management)¹		5.625			11/01/2015			12/30/2011	^C		601,475
	535,000	NYC IDA (Comprehensive Care Management)¹		5.625			11/01/2015			03/21/2012	^C		459,699
	2,500,000	NYC IDA (Comprehensive Care Management)¹		5.750			08/01/2018			12/04/2014	^C		1,927,650
	2,585,000	NYC IDA (Comprehensive Care Management)¹		5.750			11/01/2018			12/04/2014	^C		1,983,729
	2,690,000	NYC IDA (Comprehensive Care Management)¹		5.750			05/01/2019			12/03/2015	^C		2,018,791
	695,000	NYC IDA (Family Support Systems)¹		6.500			11/01/2014			02/02/2012	^C		602,273
	3,340,000	NYC IDA (Gateway School of New York)¹		5.300			06/01/2019			05/01/2015	^C		2,525,341
	840,000	NYC IDA (Global Country World Peace)¹		6.250			11/01/2015			01/19/2013	^C		674,167
	790,000	NYC IDA (Global Country World Peace)¹		6.250			11/01/2025			12/20/2012	^C		634,038
	1,310,000	NYC IDA (Gourmet Boutique)¹		5.250			05/01/2013			08/21/2010	^C		1,097,125
	1,635,000	NYC IDA (Guttmacher Institute)¹		5.250			12/01/2016			12/29/2012	^C		1,272,275
	500,000	NYC IDA (Independent Living Assoc.)¹		6.200			07/01/2020			05/04/2015	^C		379,010
	30,170,000	NYC IDA (Japan Airlines)¹		6.000			11/01/2015			05/01/2009	^A		30,188,705

F13 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)*			Value

New York Continued
$	16,350,000	NYC IDA (JFK International Airport)¹		8.000	%		08/01/2012		08/01/2012		$	14,294,151
	21,375,000	NYC IDA (Liberty-7 World Trade Center)¹		6.250			03/01/2015		03/01/2015			17,242,999
	5,000,000	NYC IDA (Liberty-7 World Trade Center)⁴		6.500			03/01/2035		09/13/2027	^C		3,002,100
	2,355,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2013		06/01/2013			2,290,873
	730,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2015		06/01/2015			688,748
	2,880,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2016		06/01/2016			2,645,194
	2,000,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2017		12/01/2017			1,783,940
	3,210,000	NYC IDA (Lycee Francais De New York)¹		5.500			06/01/2018		06/01/2018			2,800,372
	725,000	NYC IDA (Manhattan Community Access Corp.)¹		5.250			12/01/2016		12/24/2012	^C		566,421
	3,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹		5.375			11/01/2016		03/18/2013	^C		3,063,495
	415,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹		5.375			11/01/2018		09/13/2014	^C		310,362
	2,020,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹		5.375			11/01/2018		10/05/2014	^C		1,510,677
	250,000	NYC IDA (Marymount School of New York)¹		5.125			09/01/2021		07/30/2017	^C		189,935
	1,545,000	NYC IDA (Metro Biofuels)¹		5.500			11/01/2013		12/12/2011	^C		1,339,036
	1,800,000	NYC IDA (Metropolitan College of New York)¹		5.750			03/01/2020		03/14/2018	^C		1,454,544
	4,585,000	NYC IDA (Montefiore Medical Center Corp.)¹		5.125			11/01/2025		11/01/2010	^A		4,600,314
	5,865,000	NYC IDA (Montefiore Medical Center Corp.)¹		5.125			11/01/2035		07/28/2031	^C		5,677,731
	90,000	NYC IDA (Precision Gear)		5.875			11/01/2009		05/02/2009	^C		87,591
	75,000	NYC IDA (Precision Gear)		5.875			11/01/2009		11/01/2009			72,832
	250,000	NYC IDA (Queens Baseball Stadium)¹		5.000			01/01/2025		01/01/2025			196,145
	1,115,000	NYC IDA (Reece School)¹		6.500			12/01/2017		12/14/2013	^C		952,991
	75,000	NYC IDA (Riverdale Country School)⁴		5.250⁵			06/01/2034		06/01/2009	^E		75,000
	325,000	NYC IDA (Rockefeller Foundation)¹		5.375			07/01/2023		07/01/2009	^A		325,172
	3,410,000	NYC IDA (Rosco, Inc.)¹		6.125			06/01/2022		06/01/2009	^E		3,094,268
	4,100,000	NYC IDA (Samaritan Aids Services)¹		5.000			11/01/2024		11/01/2011	^A		4,115,088
	680,000	NYC IDA (Showman Fabricators)¹		7.125			11/01/2013		03/24/2011	^C		581,869
	100,000	NYC IDA (Special Needs Facilities Pooled Program)		4.150			07/01/2014		04/08/2012	^C		85,958
	200,000	NYC IDA (Special Needs Facilities Pooled Program)		5.800			07/01/2023		10/12/2021	^C		147,108
	1,065,000	NYC IDA (Stallion)¹		5.000			11/01/2016		11/03/2013	^C		812,946
	530,000	NYC IDA (Stallion)		5.500			11/01/2017		11/01/2017			416,304
	1,265,000	NYC IDA (Studio School)¹		6.250			11/01/2018		11/12/2016	^C		955,126
	5,855,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2017		01/01/2016	^E		5,212,999

F14 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	6,000,000	NYC IDA (Terminal One Group Assoc.)¹		5.500	%		01/01/2018			01/01/2016	^E	$	5,342,100
	11,670,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2019			01/01/2016	^E		10,240,075
	8,000,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2020			01/01/2016	^E		7,019,760
	2,000,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2021			01/01/2016	^E		1,754,940
	37,000,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2024			01/01/2016	^E		32,466,390
	1,165,000	NYC IDA (The Child School)¹		7.000			06/01/2013			12/26/2010	^C		1,061,828
	7,910,000	NYC IDA (Unicef)¹		5.050			11/01/2018			09/30/2014	^C		5,952,512
	1,000,000	NYC IDA (United Nations School)¹		6.350			12/01/2015			12/01/2009	^A		1,002,100
	260,000	NYC IDA (Urban Health Plan)¹		6.250			09/15/2009			09/15/2009			259,311
	1,000,000	NYC IDA (Urban Resource Institute)¹		5.250			03/01/2023			04/07/2021	^C		994,000
	880,000	NYC IDA (Urban Resource Institute)¹		6.500			11/01/2013			04/09/2011	^C		767,835
	925,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2016			09/15/2013	^C		749,648
	2,790,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2016			10/21/2012	^C		2,261,100
	6,000,000	NYC IDA (Visy Paper)^1,8		7.800			01/01/2016			11/02/2012	^C		5,281,740
	765,000	NYC IDA (Vocational Instruction)⁹		7.250			02/01/2013			10/21/2010	^C		601,810
	5,360,000	NYC IDA (Yeled Yalda Early Childhood)¹		5.350			11/01/2017			10/02/2013	^C		4,119,857
	500,000	NYC IDA (YMCA of Greater New York)¹		5.250			08/01/2021			02/01/2011	^A		502,990
	6,490,000	NYC IDA (YMCA of Greater New York)¹		5.800			08/01/2016	²		07/01/2009	^A		6,500,060
	300,000	NYC IDA (Zeluck, Inc.)¹		6.250			11/01/2011			11/01/2011			289,272
	20,000	NYC Municipal Water Finance Authority¹		4.875			06/15/2021			06/15/2009	^A		20,026
	50,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2027			06/15/2027			48,648
	65,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2027			06/15/2027			63,619
	90,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2027			06/15/2027			88,088
	140,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2029			07/06/2028	^C		134,621
	50,000	NYC Municipal Water Finance Authority¹		5.750			06/15/2013	²		06/15/2009	^D		53,677
	35,000	NYC Transitional Finance Authority¹		5.000			05/01/2026	²		03/04/2025	^C		34,558
	3,880,000	NYC Trust for Cultural Resources (Museum of American Folk Art)¹		6.000			07/01/2022	²		03/01/2020	^C		3,032,724
	2,720,000	NYC Trust for Cultural Resources (Museum of American Folk Art)¹		6.125			07/01/2030	²		04/03/2027	^C		1,914,309
	250,000	NYC Trust for Cultural Resources (Museum of Modern Art)¹		5.125			07/01/2031			04/04/2028	^C		233,100
	1,035,000	NYC Trust for Cultural Resources (Museum of Modern Art)¹		5.500			01/01/2021			07/01/2009	^A		1,036,946
	25,000	NYS DA (Amsterdam Memorial Hospital)		6.000			08/01/2025			08/01/2009	^A		25,008
	25,000	NYS DA (Audit & Control)¹		5.500			04/01/2023			10/25/2011	^C		22,579
	250,000	NYS DA (Augustana Lutheran Home)¹		5.500			02/01/2041	²		04/03/2027	^C		221,613
	15,000	NYS DA (Brookdale Hospital Medical Center)¹		5.200			02/15/2016			02/15/2010	^A		15,168
	65,000	NYS DA (Brookdale Hospital Medical Center)¹		5.300			02/15/2017			02/15/2009	^A		65,634
	60,000	NYS DA (Brooklyn Hospital Center)¹		5.100			02/01/2019			02/01/2011	^A		60,075
	1,300,000	NYS DA (Canisius College)¹		5.000			07/01/2022			07/01/2015	^A		1,066,884

F15 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	1,120,000	NYS DA (Catskill Regional Medical Center)¹		5.250	%		02/15/2023			02/15/2023		$	1,113,314
	1,350,000	NYS DA (Chapel Oaks)¹		5.375			07/01/2017	²		07/01/2009	^A		1,380,483
	65,000	NYS DA (City University)¹		5.000			07/01/2026			02/01/2026	^C		62,080
	145,000	NYS DA (City University)¹		5.250			07/01/2025			08/16/2022	^C		143,424
	20,000	NYS DA (Culinary Institute of America)¹		5.000			07/01/2022			09/01/2019	^C		17,339
	25,000	NYS DA (D’Youville College)¹		4.700			07/01/2012			07/01/2012			24,695
	350,000	NYS DA (Dept. of Health)¹		5.000			07/01/2021			07/01/2014	^A		353,602
	10,000	NYS DA (Dept. of Health)¹		5.000			07/01/2024			06/20/2021	^C		9,359
	35,000	NYS DA (Dept. of Health)¹		5.000			07/01/2028			08/05/2026	^C		32,764
	880,000	NYS DA (Dept. of Health)¹		5.250			07/01/2023			02/20/2021	^C		853,512
	4,620,000	NYS DA (Dept. of Health)¹		5.250			07/01/2024			07/01/2024			4,407,896
	1,345,000	NYS DA (Dept. of Health)¹		5.500			07/01/2021			07/01/2009	^A		1,347,327
	240,000	NYS DA (Dept. of Mental Hygiene)¹		5.000			02/15/2023			08/30/2020	^C		229,123
	2,525,000	NYS DA (Ellis Hospital)¹		5.050			08/15/2024			03/04/2022	^C		2,373,727
	150,000	NYS DA (Ellis Hospital)¹		5.500			08/01/2015			02/01/2009	^A		150,170
	150,000	NYS DA (Ellis Hospital)¹		5.600			08/01/2025			04/03/2015	^C		148,968
	175,000	NYS DA (Ellis Hospital)¹		5.625			08/01/2035	²		08/01/2016	^C		163,252
	110,000	NYS DA (Episcopal Health)¹		5.900			08/01/2020	²		08/01/2009	^A		110,054
	100,000	NYS DA (FNHC/KR/MMWNHC Obligated Group)¹		5.500			07/01/2010	²		07/01/2009	^A		100,256
	715,000	NYS DA (FNHC/KR/MMWNHC Obligated Group)¹		5.750			07/01/2017			07/01/2009	^A		716,287
	30,000	NYS DA (Fordham University)¹		5.000			07/01/2028			01/31/2025	^C		28,083
	3,835,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)¹		5.500			07/01/2017	²		09/17/2014	^C		3,695,444
	10,055,000	NYS DA (Frances Schervier Home & Hospital Obligated Group)¹		5.500			07/01/2027	²		07/01/2009	^A		10,058,419
	50,000	NYS DA (German Masonic Home)¹		5.950			08/01/2026	²		08/01/2009	^A		50,008
	165,000	NYS DA (German Masonic Home)¹		6.000			08/01/2036			04/03/2021	^C		164,769
	1,295,000	NYS DA (Grace Manor Health Care Facility)¹		6.150			07/01/2018			07/01/2009	^A		1,295,829
	1,000,000	NYS DA (GSHMC/CHSLI Obligated Group)¹		5.750			07/01/2014			07/01/2009	^A		1,007,040
	5,000	NYS DA (Hamilton College)¹		5.125			07/01/2016			07/01/2009	^A		5,124
	1,000,000	NYS DA (Health Center/BFCC/USBFCC Obligated Group)¹		5.000			11/15/2019			11/15/2011	^A		1,002,170
	20,000	NYS DA (Hebrew Hospital Home of Westchester)¹		5.625			08/01/2016			02/01/2009	^A		20,008
	75,000	NYS DA (Hospital for Special Surgery)¹		5.000			02/01/2018			02/01/2010	^A		75,166
	140,000	NYS DA (Hospital for Special Surgery)¹		5.000			02/01/2028			04/03/2021	^C		123,486
	10,565,000	NYS DA (Hospital)¹		6.450			08/15/2024			08/15/2012	^A		10,816,341

F16 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	2,155,000	NYS DA (Hunts Point Multi-Service Center)¹		5.625	%		07/01/2022			01/01/2010	^A	$	2,159,655
	35,000	NYS DA (John T. Mather Memorial Hospital)¹		5.250			07/01/2015			01/21/2014	^C		34,238
	170,000	NYS DA (John T. Mather Memorial Hospital)¹		5.375			07/01/2019			11/02/2017	^C		157,253
	1,590,000	NYS DA (John T. Mather Memorial Hospital)¹		5.750			07/01/2025			02/27/2023	^C		1,382,600
	15,210,000	NYS DA (Kaleida Health)¹		5.050			02/15/2025			09/03/2021	^C		14,202,794
	965,000	NYS DA (L.I. University)¹		5.125			09/01/2010			09/01/2009	^D		977,227
	1,015,000	NYS DA (L.I. University)¹		5.250			09/01/2028			10/08/2026	^C		772,151
	10,000	NYS DA (Le Moyne College)¹		5.000			07/01/2009			07/01/2009			10,033
	725,000	NYS DA (Le Moyne College)¹		5.000			07/01/2018			07/01/2009	^A		725,029
	1,100,000	NYS DA (Leake & Watts Services)¹		5.000			07/01/2023			07/01/2014	^A		1,104,983
	10,000	NYS DA (Lenox Hill Hospital Obligated Group)¹		5.750			07/01/2016			07/01/2016			8,397
	2,000,000	NYS DA (Lenox Hill Hospital Obligated Group)¹		5.750			07/01/2017			07/01/2017			1,634,480
	455,000	NYS DA (Long Beach Medical Center)¹		5.550			08/01/2015			02/01/2009	^A		455,532
	100,000	NYS DA (Manhattan College)¹		5.500			07/01/2019			07/01/2019			90,740
	100,000	NYS DA (March of Dimes)¹		5.600			07/01/2012			07/01/2009	^A		100,232
	615,000	NYS DA (Master BOCES Program)¹		5.250			08/15/2023			08/15/2013	^A		620,732
	175,000	NYS DA (Menorah Campus)¹		6.100			02/01/2037			07/04/2025	^C		174,984
	2,000,000	NYS DA (Mental Health Services Facilities)¹		5.000			02/15/2025			02/15/2025			1,873,140
	225,000	NYS DA (Mental Health Services Facilities)¹		5.250			02/15/2023			02/15/2023			218,009
	40,000	NYS DA (Mental Health Services Facilities)		5.250			08/15/2024			08/15/2009	^A		41,560
	850,000	NYS DA (Millard Fillmore Hospital)¹		5.375			02/01/2017			02/01/2009	^A		854,454
	5,360,000	NYS DA (Miriam Osborn Memorial Home Assoc.)¹		6.875			07/01/2019	²		12/09/2015	^C		4,843,725
	1,000,000	NYS DA (Montefiore Medical Center)¹		5.000			02/01/2022			11/04/2020	^C		939,790
	5,000,000	NYS DA (Montefiore Medical Center)¹		5.000			08/01/2023			10/14/2021	^C		4,629,650
	4,500,000	NYS DA (Montefiore Medical Center)¹		5.000			02/01/2028			03/07/2024	^C		3,946,095
	430,000	NYS DA (Montefiore Medical Center)¹		5.500			08/01/2038			06/04/2024	^C		395,381
	75,000	NYS DA (Mount Sinai School of Medicine)¹		5.000			07/01/2015			07/01/2015			72,576
	80,000	NYS DA (Mount Sinai School of Medicine)¹		5.000			07/01/2016			07/01/2016			75,989
	1,125,000	NYS DA (Mount Sinai School of Medicine)¹		5.000			07/01/2021			07/01/2009	^A		1,125,068
	4,000,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)¹		5.000			07/01/2013			01/05/2013	^C		3,886,360
	15,230,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)¹		5.500			07/01/2026			10/17/2020	^C		12,118,816
	40,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)¹		6.000			07/01/2013			07/01/2013			38,028

F17 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	545,000	NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group)¹		6.500	%		07/01/2025			08/14/2023	^C	$	460,067
	7,710,000	NYS DA (Mt. Sinai Hospital)¹		6.500			07/01/2015			07/01/2010	^A		7,781,395
	9,095,000	NYS DA (Mt. Sinai Hospital)¹		6.500			07/01/2016			07/01/2010	^A		9,141,657
	3,665,000	NYS DA (Mt. Sinai Hospital)¹		6.625			07/01/2019			07/01/2019			3,616,072
	8,750,000	NYS DA (Mt. Sinai/NYU Health)¹		5.500			07/01/2026			04/10/2026	^C		7,151,813
	295,000	NYS DA (Mt. Sinai/NYU Health)¹		6.000			07/01/2010			07/01/2010			291,256
	200,000	NYS DA (Mt. Sinai/NYU Health)¹		6.100			07/01/2012			07/01/2012			191,312
	7,205,000	NYS DA (Mt. Sinai/NYU Health)¹		6.500			07/01/2017			07/01/2010	^A		7,205,793
	6,390,000	NYS DA (Mt. Sinai/NYU Health)¹		6.750			07/01/2020			07/01/2020			6,213,764
	40,000	NYS DA (Municipal Health Facilities)¹		5.500			05/15/2016			05/15/2009	^A		40,109
	270,000	NYS DA (Municipal Health Facilities)¹		5.500			05/15/2017			05/15/2009	^A		273,310
	320,000	NYS DA (Municipal Health Facilities)¹		5.500			05/15/2024			05/15/2009	^A		320,045
	15,000	NYS DA (New York & Presbyterian Hospital)¹		5.000			02/01/2019			03/04/2017	^C		14,959
	30,000	NYS DA (New York Downtown Hospital)¹		5.300			02/15/2020			02/15/2010	^A		30,064
	20,000	NYS DA (New York Hospital Medical Center of Queens)¹		5.450			08/15/2019			08/15/2011	^A		20,256
	100,000	NYS DA (New York Medical College)¹		5.000			07/01/2021			07/01/2010	^A		100,157
	1,000,000	NYS DA (New York Methodist Hospital)¹		5.250			07/01/2024			03/02/2022	^C		749,120
	4,200,000	NYS DA (North General Hospital)¹		5.750			02/15/2019			02/15/2013	^A		4,329,780
	3,750,000	NYS DA (North General Hospital)¹		5.750			02/15/2020			02/15/2013	^A		3,839,888
	35,000	NYS DA (North Shore University Hospital)¹		5.000			11/01/2023			06/22/2021	^C		28,308
	40,000	NYS DA (Northeast Parent & Child)¹		5.500			07/01/2018			07/01/2009	^A		40,627
	5,000	NYS DA (NSUH/NSUH-Glen Cove/NSUH-Plainview Obligated Group)¹		5.000			11/01/2023			08/18/2021	^C		4,905
	10,455,000	NYS DA (NSUH/NSUH-Glen Cove/NSUH-Plainview Obligated Group)¹		5.200			11/01/2017			11/13/2016	^C		10,172,924
	1,400,000	NYS DA (NYU Hospitals Center)¹		5.250			07/01/2024			01/27/2018	^C		893,088
	2,500,000	NYS DA (Ozanam Hall of Queens Nursing Home)¹		5.000			11/01/2021			11/01/2016	^A		2,516,750
	2,000,000	NYS DA (Park Ridge Hsg.)¹		6.375			08/01/2020	²		08/01/2010	^A		2,044,940
	1,595,000	NYS DA (Park Ridge Hsg.)¹		6.500			08/01/2025	²		08/01/2010	^A		1,619,754
	100,000	NYS DA (Pratt Institute)¹		6.000			07/01/2024			01/26/2023	^C		88,095
	3,680,000	NYS DA (Providence Rest)¹		5.000			07/01/2021			07/12/2020	^C		2,370,766
	1,250,000	NYS DA (Providence Rest)¹		5.125			07/01/2030			08/06/2028	^C		704,450
	120,000	NYS DA (Resurrection Rest Home Castleton on Hudson)¹		6.050			08/01/2035	²		04/07/2021	^C		119,986
	8,730,000	NYS DA (Rochester General Hospital)¹		5.000			12/01/2025			10/25/2021	^C		6,591,848
	50,000	NYS DA (Rochester Institute of Technology)¹		5.250			07/01/2025			07/01/2025			49,457
	20,000	NYS DA (Rockefeller University)¹		5.000			07/01/2028			03/14/2024	^C		19,803

F18 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	5,100,000	NYS DA (Ryan-Clinton Community Health Center)¹		6.100	%		07/01/2019	²		01/01/2010	^A	$	5,208,936
	5,000,000	NYS DA (School District Financing)¹		5.750			10/01/2022	²		10/01/2012	^A		5,195,600
	5,000,000	NYS DA (School District Financing)¹		5.750			10/01/2030	²		10/01/2012	^A		5,019,550
	120,000	NYS DA (SCHRC)¹		5.500			07/01/2022			09/11/2019	^C		104,586
	3,460,000	NYS DA (SCHRC/CHSLI Obligated Group)¹		5.700			07/01/2013			07/01/2009	^A		3,494,842
	3,820,000	NYS DA (SCHRC/CHSLI Obligated Group)¹		5.750			07/01/2014			07/01/2009	^A		3,846,893
	1,370,000	NYS DA (SCHRC/CHSLI Obligated Group)¹		5.800			07/01/2015			07/01/2011	^A		1,376,316
	10,000	NYS DA (SCSMC/SV/CHSLI Obligated Group)¹		5.750			07/01/2020			08/29/2015	^C		8,991
	15,000,000	NYS DA (SCSMC/SV/CHSLI Obligated Group)¹		6.500			07/01/2020	²		11/14/2016	^C		14,362,950
	100,000	NYS DA (SFH)¹		5.500			07/01/2029			09/17/2016	^C		79,891
	250,000	NYS DA (SFH/CHSLI Obligated Group)¹		5.500			07/01/2022			09/17/2019	^C		217,888
	15,480,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)¹		5.000			07/01/2021			09/10/2018	^C		12,598,708
	35,000	NYS DA (Skidmore College)¹		5.000			07/01/2028			05/25/2024	^C		32,764
	200,000	NYS DA (Southside Hospital)¹		5.000			02/15/2018			02/26/2017	^C		182,424
	135,000	NYS DA (Southside Hospital)¹		5.200			02/15/2021			02/15/2010	^A		135,587
	65,000	NYS DA (Special Act School Districts)¹		5.625			07/01/2009			07/01/2009			65,196
	30,000	NYS DA (Special Act School Districts)¹		5.700			07/01/2010			07/01/2009	^A		30,078
	10,000	NYS DA (Special Act School Districts)¹		5.750			07/01/2011			07/01/2009	^A		10,025
	320,000	NYS DA (Special Act School Districts)¹		5.875			07/01/2013			07/01/2009	^A		320,826
	15,000	NYS DA (Special Act School Districts)¹		6.000			07/01/2016			07/01/2009	^A		15,043
	925,000	NYS DA (Special Act School Districts)¹		6.000			07/01/2019			07/01/2009	^A		927,192
	3,400,000	NYS DA (St. Barnabas Hospital)¹		5.350			08/01/2017			02/01/2009	^A		3,401,972
	35,000	NYS DA (St. John’s Health Care Corp.)¹		6.250			02/01/2036			02/01/2009	^A		35,001
	5,090,000	NYS DA (St. Joseph’s Hospital Health Center)¹		5.250			07/01/2018	²		06/26/2017	^C		4,637,499
	3,685,000	NYS DA (St. Lawrence)¹		5.400			08/15/2026			08/15/2017	^A		3,732,905
	100,945,000	NYS DA (St. Luke’s Roosevelt Hospital)⁶		4.800			08/15/2025			03/29/2020	^A		89,109,186
	5,915,000	NYS DA (St. Vincent DePaul Residence)¹		5.300			07/01/2018	²		07/01/2010	^A		5,964,095
	80,000	NYS DA (State University Athletic Facilities)¹		5.250			07/01/2018			08/04/2016	^C		77,217
	375,000	NYS DA (State University Educational Facilities)¹		5.125			05/15/2021			05/15/2009	^A		378,233
	255,000	NYS DA (State University Educational Facilities)¹		5.125			05/15/2021			05/15/2009	^A		257,111
	30,000	NYS DA (State University Educational Facilities)¹		5.250			05/15/2011			05/15/2009	^A		30,376

F19 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	800,000	NYS DA (State University Educational Facilities)¹		5.375	%		05/15/2011			05/15/2009	^A	$	808,928
	10,000	NYS DA (Staten Island University Hospital)¹		5.000			07/01/2017			01/22/2016	^C		9,335
	345,000	NYS DA (Suffern Free Library Assoc.)¹		5.000			07/01/2020			07/01/2010	^A		346,187
	2,590,000	NYS DA (The Rosalind & Joseph Gurwin Jewish Geriatric Center of Long Island)¹		5.400			02/01/2015			02/01/2009	^A		2,592,745
	170,000	NYS DA (The Rosalind & Joseph Gurwin Jewish Geriatric Center of Long Island)¹		5.700			02/01/2037			01/03/2026	^C		158,748
	2,145,000	NYS DA (United Cerebral Palsy Assoc. of Nassau County)¹		5.500			07/01/2024			04/24/2021	^C		2,126,253
	1,250,000	NYS DA (United Cerebral Palsy Assoc. of NYC)¹		5.750			07/01/2018	²		07/01/2012	^A		1,295,000
	40,000	NYS DA (United Cerebral Palsy Assoc.)¹		5.375			07/01/2011			07/01/2009	^A		40,070
	175,000	NYS DA (United Health Services Hospitals)¹		5.375			08/01/2027			09/04/2016	^C		165,081
	9,055,000	NYS DA (United Health Services Hospitals)¹		5.500			08/01/2017			02/01/2010	^A		9,251,584
	45,000	NYS DA (University of Rochester)¹		5.000			07/01/2027			01/21/2026	^C		42,608
	20,000	NYS DA (Upstate Community Colleges)¹		5.000			07/01/2028			02/28/2024	^C		19,490
	1,905,000	NYS DA (Upstate Community Colleges)¹		5.125			07/01/2021			07/01/2014	^A		1,946,624
	1,165,000	NYS DA (Upstate Community Colleges)¹		5.125			07/01/2022			07/01/2014	^A		1,180,308
	35,000	NYS DA (W.K. Nursing Home)¹		6.050			02/01/2026			05/01/2009	^A		35,009
	600,000	NYS DA (Wesley Gardens)¹		6.125			08/01/2035			08/07/2022	^C		599,964
	285,000	NYS DA (Wyckoff Heights Medical Center)¹		5.200			02/15/2013			02/15/2009	^A		289,620
	1,000,000	NYS DA (Wyckoff Heights Medical Center)¹		5.200			02/15/2014			02/15/2009	^A		1,015,010
	26,090,000	NYS DA (Wyckoff Heights Medical Center)¹		5.300			08/15/2021			06/16/2019	^C		26,014,600
	1,020,000	NYS DA (Wyckoff Heights Medical Center)¹		5.300			08/15/2021			06/16/2019	^C		1,019,980
	39,570,000	NYS DA, Series B⁶		6.650			08/15/2030			04/03/2027	^C		40,307,220
	1,000,000	NYS DA, Series B¹		6.650			08/15/2030			08/15/2012	^A		1,018,610
	15,000	NYS EFC¹		5.600			09/15/2013			03/15/2009	^A		15,044
	1,000,000	NYS EFC¹		5.650			02/15/2017			02/15/2009	^A		1,012,960
	955,000	NYS EFC (L.I. Water Corp.)¹		5.250			08/01/2027			08/01/2027			757,917
	20,000	NYS EFC (NYC Municipal Water Finance Authority)¹		5.875			06/15/2014			06/15/2009	^A		20,064
	25,000	NYS EFC (NYS Water Services)¹		5.700			07/15/2012			07/15/2009	^A		25,076
	7,500,000	NYS EFC (NYS Water Services)¹		5.950			01/15/2020			01/15/2020			6,563,250

F20 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	860,000	NYS EFC (NYS Water Services)¹		6.875	%		06/15/2010	²		06/15/2009	^A	$	863,793
	1,705,000	NYS EFC (NYS Water Services)¹		6.875			06/15/2014	²		06/15/2009	^A		1,712,161
	270,000	NYS EFC (NYS Water Services)¹		7.250			06/15/2010	²		06/15/2009	^A		271,274
	490,000	NYS EFC (NYS Water Services)¹		7.500			06/15/2012	²		06/15/2009	^A		492,435
	15,000	NYS EFC (NYS Water Services)¹		7.500			06/15/2012	²		06/15/2009	^A		15,074
	500,000	NYS EFC (Pollution Control)¹		5.550			08/15/2014			02/15/2009	^A		506,435
	930,000	NYS EFC (Spring Valley Water Company)¹		5.650			11/01/2023			11/01/2023			832,155
	2,000,000	NYS EFC (Spring Valley Water Company)¹		6.300			08/01/2024			08/01/2024			1,832,000
	4,250,000	NYS EFC (Waste Management)¹		4.450			07/01/2017			07/01/2009	^E		4,187,823
	36,060,000	NYS ERDA (Brooklyn Union Gas Company)¹		5.500			01/01/2021			07/01/2009	^A		36,183,686
	10,650,000	NYS ERDA (Con Ed)^4,5		1.488			10/01/2036			10/01/2036			7,529,550
	132,710,000	NYS ERDA (Con Ed)¹		4.700			06/01/2036			10/01/2012	^E		129,649,707
	4,475,000	NYS ERDA (LILCO)¹		5.150			03/01/2016			03/01/2009	^A		4,481,534
	4,245,000	NYS ERDA (LILCO)¹		5.150			03/01/2016			03/01/2009	^A		4,249,075
	1,030,000	NYS ERDA (LILCO)¹		5.150			03/01/2016			03/01/2009	^A		1,032,657
	13,795,000	NYS ERDA (LILCO)¹		5.150			03/01/2016			03/01/2009	^A		13,808,243
	5,720,000	NYS ERDA (Niagara Mohawk Power Corp.)^4,5		1.453			12/01/2026			02/13/2009	^E		5,720,000
	2,270,000	NYS ERDA (Niagara Mohawk Power Corp.)¹		5.150			11/01/2025			11/01/2025			2,219,856
	5,000	NYS GO¹		5.000			09/15/2017			09/15/2009	^A		5,055
	100,000	NYS GO¹		5.250			10/01/2012			04/01/2009	^A		100,215
	15,000	NYS GO¹		5.250			11/15/2017			05/15/2009	^A		15,085
	35,000	NYS GO¹		5.250			05/01/2018			05/01/2009	^A		35,155
	5,000	NYS GO¹		5.250			11/15/2021			05/15/2009	^A		5,011
	80,000	NYS GO¹		5.300			07/15/2015			07/15/2009	^A		80,136
	10,000	NYS GO¹		5.300			07/15/2017			07/15/2009	^A		10,013
	100,000	NYS GO¹		5.375			10/01/2011			04/01/2009	^A		100,245
	35,000	NYS GO¹		5.500			07/15/2024			10/01/2012	^A		35,012
	485,000	NYS GO¹		5.500			07/15/2024			07/15/2009	^A		485,165
	40,000	NYS GO¹		6.600			12/01/2014			06/01/2009	^A		40,568
	810,000	NYS HFA (Golden Age Apartments)¹		5.000			02/15/2037			03/01/2023	^C		611,931
	10,155,000	NYS HFA (Hospital & Nursing Home)¹		5.150			11/01/2016			11/01/2009	^A		10,181,301
	5,000	NYS HFA (Hospital & Nursing Home)		5.500			11/01/2012			05/01/2009	^D		5,648
	15,000	NYS HFA (Hospital & Nursing Home)		5.875			11/01/2010			05/01/2009	^D		16,177
	5,000	NYS HFA (Hospital & Nursing Home)		5.900			11/01/2010			05/01/2009	^D		5,408
	10,000	NYS HFA (Hospital & Nursing Home)		6.000			11/01/2013			05/01/2009	^A		11,761
	35,000	NYS HFA (Hospital & Nursing Home)		6.000			11/01/2014			05/01/2009	^D		42,211
	5,000	NYS HFA (Hospital & Nursing Home)		6.875			11/01/2009			05/01/2009	^D		5,252
	25,000	NYS HFA (Loewn Devel. of Wappingers Falls)¹		5.250			08/15/2019			10/25/2016	^C		23,671

F21 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	65,000	NYS HFA (Meadow Manor)¹		7.750	%		11/01/2019	²		05/01/2009	^A	$	66,054
	345,000	NYS HFA (Multifamily Hsg.)¹		5.300			08/15/2022			07/22/2018	^C		315,803
	50,000	NYS HFA (Multifamily Hsg.)¹		5.400			02/15/2016			02/15/2012	^A		50,041
	1,215,000	NYS HFA (Multifamily Hsg.)¹		5.550			08/15/2019			07/27/2015	^C		1,185,342
	40,000	NYS HFA (Multifamily Hsg.)¹		5.600			02/15/2011			08/15/2009	^A		40,305
	1,385,000	NYS HFA (Multifamily Hsg.)¹		5.600			08/15/2019			07/26/2015	^C		1,358,754
	400,000	NYS HFA (Multifamily Hsg.)¹		5.850			08/15/2013	²		02/15/2009	^A		400,240
	625,000	NYS HFA (Multifamily Hsg.)¹		5.950			08/15/2024	²		02/15/2009	^A		626,481
	50,000	NYS HFA (Multifamily Hsg.)¹		6.100			08/15/2028			07/13/2023	^C		49,996
	10,000	NYS HFA (Multifamily Hsg.)¹		6.250			08/15/2014	²		02/15/2009	^A		10,014
	15,000	NYS HFA (Multifamily Hsg.)¹		6.250			08/15/2014			02/15/2009	^A		15,021
	135,000	NYS HFA (Multifamily Hsg.)¹		6.250			08/15/2025			10/10/2018	^C		132,935
	280,000	NYS HFA (Multifamily Hsg.)¹		6.350			08/15/2023	²		02/15/2009	^A		280,087
	325,000	NYS HFA (Multifamily Hsg.)¹		6.750			11/15/2036			05/15/2009	^A		327,542
	15,000	NYS HFA (Multifamily Hsg.)¹		6.800			11/01/2014			05/01/2009	^A		15,025
	90,000	NYS HFA (Multifamily Hsg.)¹		6.850			11/01/2019	²		05/01/2009	^A		90,103
	805,000	NYS HFA (Newburgh Interfaith Emergency Hsg.)¹		7.050			11/01/2012			05/01/2009	^A		806,570
	30,000	NYS HFA (Nonprofit Hsg.)¹		6.200			11/01/2009			05/01/2009	^A		30,383
	10,000	NYS HFA (Nonprofit Hsg.)¹		6.200			11/01/2010			05/01/2009	^A		10,120
	50,000	NYS HFA (Nonprofit Hsg.)¹		6.200			11/01/2011			05/01/2009	^A		50,592
	40,000	NYS HFA (Nonprofit Hsg.)¹		6.200			11/01/2012			05/01/2009	^A		40,461
	25,000	NYS HFA (Nonprofit Hsg.)¹		6.200			11/01/2013			05/01/2009	^A		25,285
	6,470,000	NYS HFA (Phillips Village)¹		7.750			08/15/2017			02/15/2009	^A		6,673,999
	3,055,000	NYS HFA (Senior Devel. Hsg.)¹		5.100			11/15/2023			05/14/2017	^C		2,664,082
	700,000	NYS HFA (Service Contract)¹		5.250			09/15/2014			03/15/2009	^A		707,840
	55,000	NYS HFA (Service Contract)¹		5.375			03/15/2023			02/06/2019	^C		54,996
	695,000	NYS HFA (Service Contract)¹		5.500			09/15/2018			03/15/2009	^A		702,437
	11,700,000	NYS HFA (Service Contract)¹		5.500			09/15/2022			03/15/2010	^A		11,740,014
	7,590,000	NYS HFA (Service Contract)¹		5.500			09/15/2022	²		03/15/2010	^A		7,612,466
	5,520,000	NYS HFA (Service Contract)¹		5.500			03/15/2025			03/15/2010	^A		5,522,429
	50,000	NYS HFA (Service Contract)¹		6.000			03/15/2026			09/15/2009	^A		50,019
	1,700,000	NYS HFA (Simeon Dewitt)¹		8.000			11/01/2018	²		05/01/2009	^A		1,703,366
	360,000	NYS HFA (Tiffany Gardens)¹		4.500			08/15/2015			04/28/2012	^C		367,510
	115,000	NYS HFA, Series A¹		5.800			11/01/2009			05/01/2009	^A		115,383
	130,000	NYS HFA, Series A¹		5.875			11/01/2010			05/01/2009	^A		130,389
	29,860,000	NYS HFA, Series A¹		6.100			11/01/2015	²		05/01/2009	^A		29,959,732
	6,450,000	NYS HFA, Series A¹		6.125			11/01/2020	²		05/01/2009	^A		6,451,548
	3,650,000	NYS HFA, Series C¹		5.500			09/15/2018			03/15/2009	^A		3,688,909
	85,000	NYS LGSC (SCSB)⁴		6.375			12/15/2009			03/22/2009	^C		82,844
	210,000	NYS Medcare (Hospital & Nursing Home)¹		6.200			08/15/2013			02/15/2009	^A		210,701

F22 | LIMITED TERM NEW YORK MUNICIPAL FUND

Effective

Principal

Maturity

Amount

Coupon

Maturity

(Unaudited)*

Value

New York Continued

1,200,000

NYS Medcare (Hospital & Nursing Home)¹

6.300

08/15/2023

02/15/2009

1,202,160

740,000

NYS Medcare (Hospital & Nursing Home)¹

6.375

08/15/2033

02/15/2009

740,104

295,000

NYS Medcare (Hospital & Nursing Home)¹

7.000

08/15/2032

02/15/2009

295,510

160,000

NYS Medcare (Hospital & Nursing Home)¹

7.400

11/01/2016

05/01/2009

160,645

100,000

NYS Medcare (Hospital & Nursing Home)¹

9.375

11/01/2016

05/01/2009

100,613

10,710,000

NYS Municipal Bond Bank Agency (Special School Purpose)¹

5.250

12/01/2019

06/01/2013

11,110,126

2,930,000

NYS Municipal Bond Bank Agency (Special School Purpose)¹

5.500

06/01/2015

06/01/2013

3,130,910

5,000

NYS Power Authority¹

5.875

01/01/2010

07/01/2009

5,118

35,390,000

NYS UDC (South Mall) CAB¹

5.648¹⁰

01/01/2011

12/12/2009

31,782,697

280,000

NYS UDC (South Mall) CAB¹

5.800¹⁰

01/01/2011

12/12/2009

250,449

255,000

NYS UDC (South Mall) CAB¹

6.042¹⁰

01/01/2011

12/12/2009

228,087

4,000,000

NYS UDC (Subordinated Lien)¹

5.125

07/01/2020

07/01/2014

4,053,520

1,000,000

NYS UDC (Subordinated Lien)¹

5.125

07/01/2021

07/01/2014

1,004,750

6,765,000

NYS UDC (Subordinated Lien)¹

5.500

07/01/2016

07/01/2009

6,782,792

6,665,000

NYS UDC (Subordinated Lien)¹

5.500

07/01/2022

07/01/2009

6,678,463

6,720,000

NYS UDC (Subordinated Lien)¹

5.600

07/01/2026

07/01/2009

6,729,206

70,000

Oneida County, NY GO¹

5.400

03/15/2011

03/15/2009

70,455

2,285,000

Oneida County, NY IDA (Faxton Hospital)¹

6.625

01/01/2015

01/01/2010

2,329,375

1,190,000

Oneida County, NY IDA (Presbyterian Home)¹

5.250

03/01/2019

03/01/2010

1,193,273

1,615,000

Oneida County, NY IDA (Presbyterian Home)¹

6.100

06/01/2020

06/01/2010

1,651,790

1,000,000

Oneida County, NY IDA (Presbyterian Home)¹

6.250

06/01/2015

06/01/2010

1,040,270

15,000

Onondaga County, NY GO¹

5.000

02/15/2011

02/15/2009

15,039

1,135,000

Onondaga County, NY IDA (Coltec Industries)¹

9.875

10/01/2010

04/01/2009

1,190,331

920,000

Onondaga County, NY IDA (Le Moyne College)¹

5.500

03/01/2014

04/08/2012

890,312

10,600,000

Onondaga County, NY Res Rec¹

5.000

05/01/2010

10/24/2009

9,998,874

25,000

Ontario County, NY GO¹

5.550

08/15/2009

02/15/2009

25,127

60,000

Orange County, NY IDA (Orange Mental Retardation Properties)¹

6.125

05/01/2016

05/01/2009

60,154

5,065,000

Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹

6.000

12/01/2016

09/20/2013

5,027,924

1,920,000

Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹

6.000

12/01/2016

09/19/2013

1,905,946

45,000

Oswego County, NY IDA (Seneca Hill Manor)¹

5.550

08/01/2022

08/01/2009

45,031

F23 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	3,510,000	Oswego County, NY IDA (Seneca Hill Manor)¹		5.650	%		08/01/2037			04/03/2024	^C	$	3,393,995
	245,000	Otsego County, NY IDA (Bassett Healthcare Project)¹		5.375			11/01/2020			01/16/2018	^C		212,547
	1,350,000	Otsego County, NY IDA (Hartwick College)¹		6.000			07/01/2013			07/01/2013			1,278,032
	3,625,000	Otsego County, NY IDA (Mary Imogene Bassett Hospital)¹		5.350			11/01/2020			01/15/2018	^C		3,136,858
	35,000	Oyster Bay, NY GO¹		5.000			12/01/2018			06/01/2009	^A		35,336
	50,000	Philadelphia, NY GO¹		7.500			12/15/2009			12/15/2009			52,546
	88,870,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2022	²		01/10/2021	^C		70,768,958
	43,050,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2025			12/14/2024	^C		32,698,628
	42,140,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.900			12/01/2017	²		06/06/2017	^C		37,721,200
	18,355,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.250			12/01/2014			12/01/2014			17,468,637
	22,710,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2011			05/03/2010	^C		21,579,269
	27,860,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019	²		09/03/2016	^C		22,859,409
	20,000	Port Authority NY/NJ, 103rd Series¹		5.250			12/15/2012			06/15/2009	^A		20,051
	10,000	Port Authority NY/NJ, 116th Series¹		5.000			10/01/2012			04/02/2009	^A		10,022
	100,000	Port Authority NY/NJ, 116th Series¹		5.000			10/01/2013			04/01/2009	^A		100,220
	140,000	Port Authority NY/NJ, 116th Series¹		5.250			10/01/2014			04/01/2009	^A		140,340
	55,000	Port Authority NY/NJ, 116th Series¹		5.250			10/01/2015			04/01/2009	^A		55,134
	815,000	Port Authority NY/NJ, 122nd Series¹		5.000			07/15/2018			07/15/2018			770,061
	30,000	Port Authority NY/NJ, 122nd Series¹		5.000			07/15/2020			07/15/2020			27,169
	165,000	Port Authority NY/NJ, 122nd Series¹		5.000			07/15/2031			08/23/2029	^C		128,938
	55,000	Port Authority NY/NJ, 122nd Series¹		5.000			07/15/2031			08/23/2029	^C		42,979
	2,000,000	Port Authority NY/NJ, 122nd Series¹		5.500			07/15/2011			07/15/2009	^A		2,021,220
	5,170,000	Port Authority NY/NJ, 122nd Series¹		5.500			07/15/2015			07/15/2010	^A		5,176,669
	65,000	Port Authority NY/NJ, 123rd Series¹		5.000			07/15/2028			02/06/2027	^C		62,951
	30,000	Port Authority NY/NJ, 124th Series¹		4.800			08/01/2018			08/01/2018			27,605
	1,695,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2019			08/01/2019			1,566,773
	20,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2021			08/01/2021			17,790
	265,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2022			08/01/2022			232,683
	325,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2024			08/01/2024			279,032
	100,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2025			08/01/2025			84,762
	60,000	Port Authority NY/NJ, 124th Series¹		5.000			08/01/2031			09/08/2029	^C		46,704
	15,000	Port Authority NY/NJ, 126th Series¹		5.000			11/15/2024			11/15/2024			12,809
	85,000	Port Authority NY/NJ, 126th Series¹		5.125			11/15/2032			05/20/2032	^C		66,705
	230,000	Port Authority NY/NJ, 127th Series¹		5.000			12/15/2022			12/15/2022			201,183

F24 | LIMITED TERM NEW YORK MUNICIPAL FUND


								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)*			Value

New York Continued
$	30,000	Port Authority NY/NJ, 127th Series¹		5.000	%		12/15/2024		12/15/2024		$	25,680
	1,500,000	Port Authority NY/NJ, 131st Series¹		5.000			12/15/2020		12/15/2020			1,350,015
	10,000	Port Authority NY/NJ, 131st Series¹		5.000			12/15/2026		06/15/2026			8,359
	13,745,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2021		09/01/2021			12,539,838
	14,110,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2022		09/01/2022			12,723,693
	10,205,000	Port Authority NY/NJ, 141st Series¹		5.000			09/01/2025		09/01/2025			8,897,740
	9,000,000	Port Authority NY/NJ, 143rd Series¹		5.000			10/01/2021		10/01/2021			8,227,620
	2,000,000	Port Authority NY/NJ, 147th Series¹		5.000			10/15/2026		10/15/2026			1,724,020
	13,000,000	Port Authority NY/NJ, 151st Series¹		5.750			03/15/2035		11/30/2031	^C		11,585,340
	1,355,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)¹		5.900			08/01/2020		07/12/2015	^C		1,350,650
	1,200,000	Rensselaer County, NY IDA (Franciscan Heights)¹		5.375			12/01/2025		08/06/2023	^C		1,077,372
	40,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.125			08/01/2029		10/07/2028	^C		35,268
	50,000	Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)¹		5.500			08/01/2022		10/11/2021	^C		48,715
	2,470,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.200			06/01/2025		03/04/2011	^C		1,890,365
	1,490,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.750			06/01/2043		09/04/2024	^C		1,028,681
	75,000	Rensselaer, NY Hsg. Authority (Renwyck)¹		7.650			01/01/2011		07/01/2009	^A		75,215
	50,000	Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)¹		6.900			06/01/2024		04/22/2018	^C		48,141
	920,000	Riverhead, NY HDC (Riverpointe Apartments)¹		5.850			08/01/2010		09/10/2009	^C		897,524
	30,000	Rockland County, NY Solid Waste Management Authority		5.625			12/15/2014		06/15/2009	^A		30,015
	55,000	Rockland County, NY Solid Waste Management Authority¹		5.750			12/15/2018		08/14/2016	^C		52,512
	9,325,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.500			08/15/2025		09/17/2014	^C		7,381,763
	80,000	Rome, NY HDC, Series A¹		6.250			01/01/2024		07/01/2009	^A		80,454
	500,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.000			12/01/2014		12/01/2014			478,735
	3,725,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.750			12/01/2023		11/16/2019	^C		3,234,194
	6,540,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.750			12/01/2033		11/17/2029	^C		5,096,687
	3,405,000	Schenectady, NY Metroplex Devel. Authority, Series A¹		5.375			12/15/2021		04/21/2018	^C		3,312,690

F25 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	25,000	Scotia, NY GO¹		6.100	%		01/15/2012			07/15/2009	^A	$	25,541
	870,000	SONYMA, Series 101¹		5.000			10/01/2018			10/06/2017	^C		825,595
	25,000	SONYMA, Series 101¹		5.250			04/01/2022			10/18/2020	^C		22,809
	2,380,000	SONYMA, Series 101¹		5.350			10/01/2026			06/26/2025	^C		2,085,332
	1,530,000	SONYMA, Series 145¹		4.950			10/01/2023			12/03/2020	^C		1,313,536
	35,000	SONYMA, Series 27¹		5.250			04/01/2013			04/01/2010	^A		35,168
	11,465,000	SONYMA, Series 29¹		5.400			10/01/2022	²		08/10/2020	^C		10,618,424
	27,260,000	SONYMA, Series 29¹		5.450			10/01/2031			01/28/2028	^C		24,557,989
	400,000	SONYMA, Series 31¹		5.200			10/01/2021			10/01/2021			364,076
	485,000	SONYMA, Series 31¹		5.300			10/01/2031			08/13/2027	^C		402,303
	140,000	SONYMA, Series 63¹		5.600			10/01/2010			04/01/2009	^A		140,511
	100,000	SONYMA, Series 63¹		5.700			04/01/2011			04/01/2009	^A		100,297
	85,000	SONYMA, Series 63¹		5.700			10/01/2011			04/01/2009	^A		85,231
	75,000	SONYMA, Series 65¹		5.300			10/01/2009			07/01/2009	^A		75,768
	10,000	SONYMA, Series 65¹		5.550			10/01/2012			07/01/2009	^A		10,043
	100,000	SONYMA, Series 67¹		5.600			10/01/2014	²		09/01/2009	^A		100,291
	195,000	SONYMA, Series 67¹		5.600			10/01/2014			09/01/2009	^A		195,593
	1,065,000	SONYMA, Series 67¹		5.700			10/01/2017	²		09/01/2009	^A		1,066,938
	8,445,000	SONYMA, Series 67¹		5.800			10/01/2028	²		09/01/2009	^A		8,445,338
	20,000	SONYMA, Series 67¹		5.800			10/01/2028			01/30/2024	^C		19,355
	50,000	SONYMA, Series 69¹		5.400			10/01/2019			01/05/2019	^C		48,076
	150,000	SONYMA, Series 69¹		5.400			10/01/2019			01/05/2019	^C		143,997
	7,690,000	SONYMA, Series 69¹		5.500			10/01/2028			09/29/2026	^C		7,299,733
	10,000	SONYMA, Series 71¹		4.900			04/01/2009			04/01/2009			10,048
	375,000	SONYMA, Series 71¹		5.350			10/01/2018			10/01/2018			366,619
	4,870,000	SONYMA, Series 71¹		5.400			04/01/2029			08/26/2025	^C		4,173,298
	270,000	SONYMA, Series 73-A¹		5.250			10/01/2017			05/18/2014	^C		265,577
	50,000	SONYMA, Series 73-B¹		5.450			10/01/2024	²		08/13/2021	^C		48,129
	15,000	SONYMA, Series 77¹		5.600			04/01/2010			11/23/2009	^A		15,195
	375,000	SONYMA, Series 77¹		5.700			04/01/2011			11/23/2009	^A		382,039
	55,000	SONYMA, Series 79¹		5.250			10/01/2021			10/01/2021			50,436
	10,000	SONYMA, Series 79¹		5.250			10/01/2021			01/25/2020	^C		9,187
	765,000	SONYMA, Series 79¹		5.300			04/01/2029			07/12/2026	^C		647,152
	2,140,000	SONYMA, Series 80¹		5.100			10/01/2017	²		03/01/2011	^A		2,154,231
	5,350,000	SONYMA, Series 82¹		5.550			10/01/2019	²		02/13/2019	^C		5,215,662
	1,635,000	SONYMA, Series 83¹		5.450			04/01/2018	²		10/01/2009	^A		1,641,475
	45,000	SONYMA, Series 83¹		5.550			10/01/2027			04/08/2027	^C		42,589
	100,000	SONYMA, Series 91¹		5.300			10/01/2009			07/01/2009	^A		101,048
	4,550,000	SONYMA, Series 92¹		5.750			04/01/2020			03/29/2019	^C		4,498,767
	6,150,000	SONYMA, Series 97¹		5.400			10/01/2021	²		11/11/2019	^C		5,743,239
	500,000	SONYMA, Series 98¹		5.050			10/01/2017			04/01/2011	^A		502,915

F26 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	385,000	Spring Valley, NY (Quality Redevel.)¹		5.000	%		06/15/2021			06/15/2021		$	356,071
	405,000	Spring Valley, NY (Quality Redevel.)¹		5.000			06/15/2022			06/15/2022			370,474
	300,000	Spring Valley, NY GO¹		5.000			05/01/2020			05/01/2020			282,309
	310,000	Spring Valley, NY GO¹		5.000			05/01/2021			05/01/2021			286,976
	325,000	Spring Valley, NY GO¹		5.000			05/01/2022			05/01/2022			297,583
	335,000	Spring Valley, NY GO¹		5.000			05/01/2023			05/01/2023			304,056
	350,000	Spring Valley, NY GO¹		5.000			05/01/2024			05/01/2024			313,905
	365,000	Spring Valley, NY GO¹		5.000			05/01/2025			05/01/2025			323,368
	3,640,000	St. Lawrence County, NY IDA (Curran Renewable Energy)¹		6.200			12/01/2017			06/01/2014	^C		2,905,848
	670,000	Suffolk County, NY IDA (ALIA- CCDRCA)¹		7.000			06/01/2016			04/10/2013	^C		583,483
	500,000	Suffolk County, NY IDA (ALIA-Civic Facility)¹		5.950			11/01/2022			11/01/2022			362,275
	165,000	Suffolk County, NY IDA (ALIA-Civic Facility)		6.000			11/01/2017			11/01/2017			129,885
	685,000	Suffolk County, NY IDA (ALIA-Civic Facility)¹		6.000			11/01/2017			11/01/2017			539,218
	810,000	Suffolk County, NY IDA (ALIA-FREE)¹		7.000			06/01/2016			04/05/2013	^C		705,405
	275,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022			11/01/2022			199,251
	440,000	Suffolk County, NY IDA (ALIA-IGHL)¹		6.500			12/01/2013			06/07/2011	^C		381,828
	800,000	Suffolk County, NY IDA (ALIA-LIHIA)¹		5.950			11/01/2022			11/01/2022			579,640
	300,000	Suffolk County, NY IDA (ALIA-NYS ARC)		5.950			11/01/2022			11/01/2022			217,365
	300,000	Suffolk County, NY IDA (ALIA-WORCA)		5.950			11/01/2022			11/01/2022			217,365
	380,000	Suffolk County, NY IDA (ALIA-WORCA)¹		7.000			06/01/2016			04/09/2013	^C		330,931
	300,000	Suffolk County, NY IDA (Catholic Charities)¹		6.000			10/01/2020			12/27/2014	^C		230,295
	305,000	Suffolk County, NY IDA (DDI)¹		6.000			10/01/2020			12/27/2014	^C		234,133
	305,000	Suffolk County, NY IDA (DDI)¹		6.000			10/01/2020			12/27/2014	^C		233,051
	1,065,000	Suffolk County, NY IDA (Dowling College)¹		5.000			06/01/2018			06/01/2018			766,438
	150,000	Suffolk County, NY IDA (Family Residences)		6.000			10/01/2015			08/12/2012	^C		125,585
	420,000	Suffolk County, NY IDA (Family Residences), Series A¹		6.375			12/01/2018			12/20/2013	^C		334,538
	2,870,000	Suffolk County, NY IDA (Family Residences), Series A¹		6.375			12/01/2018			10/03/2014	^C		2,286,012
	615,000	Suffolk County, NY IDA (Independent Group Home Living)¹		6.000			10/01/2020			06/27/2015	^C		472,105
	505,000	Suffolk County, NY IDA (L.I. Network Community Services)¹		7.000			02/01/2014			08/01/2010	^C		449,097
	290,000	Suffolk County, NY IDA (Mattituck- Laurel Library)¹		6.000			09/01/2019	²		09/01/2010	^A		300,605

F27 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	365,000	Suffolk County, NY IDA (Nassau- Suffolk Services for Autism)¹		6.250	%		11/01/2016			03/22/2013	^C	$	294,697
	135,000	Suffolk County, NY IDA (Nassau- Suffolk Services for Autism)		6.250			11/01/2016			04/13/2013	^C		108,998
	810,000	Suffolk County, NY IDA (Pederson- Krager Center)¹		6.375			11/01/2015			08/07/2012	^C		683,608
	700,000	Suffolk County, NY IDA (Pederson- Krager Center)¹		6.400			02/01/2015			10/23/2011	^C		600,432
	225,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000			10/01/2020			12/27/2014	^C		172,721
	500,000	Suffolk County, NY IDA (WORCA)¹		6.000			10/01/2020			06/27/2015	^C		383,825
	100,000	Suffolk County, NY Water Authority¹		5.750			06/01/2010			06/01/2009	^D		106,058
	2,150,000	Sullivan County, NY IDA (Center for Discovery)¹		5.625			06/01/2013			12/21/2010	^C		1,909,265
	5,000,000	Sullivan County, NY IDA (Center for Discovery)¹		5.875			07/01/2022			11/11/2016	^C		3,429,550
	6,100,000	Sullivan County, NY IDA (Center for Discovery)¹		6.375			02/01/2020			12/09/2014	^C		4,871,948
	30,000	Syracuse, NY Hsg. Authority¹		5.400			09/01/2021			09/01/2021			29,531
	2,790,000	Syracuse, NY Hsg. Authority (LRRHCF)¹		5.800			08/01/2037			08/03/2022	^C		2,717,711
	260,000	Syracuse, NY IDA (Crouse Irving Companies)¹		5.250			01/01/2017			01/01/2010	^A		262,215
	465,000	Syracuse, NY IDA (Crouse Irving Health Hospital)¹		5.125			01/01/2009			01/01/2009			465,000
	620,000	Syracuse, NY IDA (One Center Armory Garage)⁴		6.750			12/01/2017			12/06/2013	^C		573,351
	900,000	Tompkins County, NY IDA (Kendall at Ithaca)¹		5.750			07/01/2018			08/11/2016	^C		847,548
	2,000,000	Tompkins County, NY IDA (Kendall at Ithaca)¹		6.000			07/01/2024			08/01/2022	^C		1,758,520
	120,000	Tompkins, NY Health Care Corp. (Reconstruction Home)¹		5.875			02/01/2033			02/13/2017	^C		116,064
	255,000	Tompkins, NY Health Care Corp. (Reconstruction Home)¹		10.800			02/01/2028	²		02/01/2009	^A		273,750
	355,000	Tonawanda, NY Senior Citizen Hsg. Corp.¹		6.500			12/01/2010			07/27/2010	^C		352,845
	995,000	UCP/HCA of Chemung County, NY¹		6.600			08/01/2022			08/01/2009	^A		1,001,209
	10,000	Ulster County, NY GO¹		5.400			11/15/2013			05/15/2009	^A		10,133
	10,000	Ulster County, NY GO¹		5.400			11/15/2015			05/15/2009	^A		10,133
	25,000	Ulster County, NY GO¹		5.500			11/15/2012			05/15/2009	^A		25,338
	155,000	Ulster County, NY Res Rec¹		5.000			03/01/2016			03/01/2016			158,379
	160,000	Ulster County, NY Res Rec¹		5.000			03/01/2017			03/01/2016	^A		162,386
	170,000	Ulster County, NY Res Rec¹		5.000			03/01/2018			03/01/2016	^A		170,131
	830,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		0.000³			06/01/2040			09/14/2026	^C		658,987

F28 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

New York Continued
$	360,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.000	%		06/01/2040			06/04/2028	^C	$	260,338
	25,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.250			06/01/2025			12/29/2017	^C		21,044
	10,795,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.750			06/01/2030	²		06/04/2020	^C		9,098,242
	295,000	Utica, NY GO¹		6.200			01/15/2014			01/15/2010	^A		314,376
	320,000	Utica, NY GO¹		6.250			01/15/2015			01/15/2010	^A		341,184
	75,000	Utica, NY IDA (Munson-Williams- Proctor Arts Institute)¹		5.400			07/15/2030			01/17/2027	^C		74,152
	25,000	Utica, NY IDA (Munson-Williams- Proctor Arts Institute)¹		5.500			07/15/2029			07/15/2011	^A		25,035
	930,000	Utica, NY IDA (Utica College Civic Facility)¹		6.375			12/01/2011			06/29/2010	^C		901,440
	250,000	Utica, NY SCHC (Multifamily), Series A¹		5.550			12/01/2017			06/01/2009	^A		252,618
	15,000	Victor, NY GO¹		4.800			12/15/2017			06/15/2009	^A		15,210
	100,000	Westchester County, NY GO¹		5.375			12/15/2012			06/15/2009	^A		100,436
	50,000	Westchester County, NY GO¹		5.375			12/15/2013			06/15/2009	^A		50,186
	45,000	Westchester County, NY Healthcare Corp., Series B¹		5.375			11/01/2020			09/03/2020	^C		43,678
	55,000	Westchester County, NY IDA (Beth Abraham Hospital)		7.250			12/01/2009			03/02/2009	^C		54,348
	50,000	Westchester County, NY IDA (Children’s Village)¹		5.100			03/15/2009			03/15/2009			49,719
	200,000	Westchester County, NY IDA (Clearview School)		6.600			01/01/2014			12/27/2010	^C		176,284
	1,115,000	Westchester County, NY IDA (Guiding Eyes for the Blind)¹		4.500			08/01/2012			08/31/2010	^C		1,117,743
	15,000	Westchester County, NY IDA (JDAM)		6.500			04/01/2009	²		04/01/2009			14,977
	1,130,000	Westchester County, NY IDA (JDAM)¹		6.750			04/01/2016	²		06/29/2013	^C		1,070,720
	2,100,000	Westchester County, NY IDA (Rippowam-Cisqua School)¹		5.750			06/01/2029			02/07/2021	^C		1,797,642
	1,715,000	Westchester County, NY IDA (Schnurmacher Center)¹		6.000			11/01/2011			04/03/2009	^C		1,616,456
	130,000	Westchester County, NY IDA (Westchester Airport Assoc.)¹		5.850			08/01/2014			10/01/2012	^C		129,990
	690,000	Westchester County, NY IDA (Westchester Airport Assoc.)¹		5.950			08/01/2024	²		09/29/2020	^C		617,364
	250,000	Westchester County, NY IDA (Westchester Resco Company)¹		5.500			07/01/2009			07/01/2009			248,423
	25,000	Westchester County, NY IDA (Westchester Resco Company)¹		5.750			07/01/2009			07/01/2009			25,078
	70,000	Westchester County, NY IDA (Winward School)¹		5.200			10/01/2021			12/14/2018	^C		58,930

F29 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


								Effective
Principal								Maturity
Amount			Coupon			Maturity		(Unaudited)*			Value

New York Continued
$	11,090,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		4.500	%		06/01/2021		08/03/2010	^C	$	9,721,161
	8,600,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2026		07/07/2014	^C		5,930,818
	95,000	White Plains, NY HDC (Battle Hill)¹		6.650			02/01/2025		02/01/2009	^A		95,039
	3,345,000	Yates County, NY IDA (SSMH)¹		5.650			02/01/2039		03/03/2019	^C		3,115,934
	165,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)¹		5.450			02/01/2029		09/04/2011	^C		154,772
	165,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)¹		5.650			02/01/2039		04/07/2023	^C		153,490
	1,455,000	Yonkers, NY IDA (Monastery Manor Associates)¹		5.000			04/01/2025		05/06/2023	^C		1,263,929
	1,965,000	Yonkers, NY IDA (St. John’s Riverside Hospital)¹		6.800			07/01/2016		05/06/2013	^C		1,668,933

												2,766,529,155

U.S. Possessions — 21.2%
	5,000,000	Guam Airport Authority, Series C¹		5.375			10/01/2019		10/01/2019			4,543,950
	6,000,000	Guam Airport Authority, Series C¹		5.375			10/01/2020		10/01/2020			5,320,380
	192,000	Guam EDA (TASC)¹		5.300			05/15/2014		05/15/2014			220,737
	10,000	Guam International Airport Authority¹		5.000			10/01/2023		10/01/2023			8,071
	25,000	Guam Power Authority, Series A¹		5.000			10/01/2024		07/23/2023	^C		19,296
	520,000	Guam Power Authority, Series A¹		5.250			10/01/2013		11/07/2011	^C		484,994
	35,000	Guam Power Authority, Series A¹		5.250			10/01/2013		11/07/2011	^C		33,459
	655,000	Guam Power Authority, Series A¹		5.250			10/01/2023		09/02/2019	^C		525,251
	710,000	Guam Power Authority, Series A¹		5.250			10/01/2023		09/02/2019	^C		582,285
	40,000	Guam Power Authority, Series A¹		5.250			10/01/2034		11/06/2032	^C		29,546
	230,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		5.250			06/01/2032		06/01/2017	^A		151,855
	100,000	Northern Mariana Islands Commonwealth, Series A¹		6.750			10/01/2033		09/02/2012	^C		74,324
	375,000	Puerto Rico Children’s Trust Fund (TASC)¹		4.100			05/15/2013		05/15/2013			339,405
	200,000	Puerto Rico Children’s Trust Fund (TASC)¹		4.250			05/15/2014		05/15/2014			176,816
	205,475,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.375			05/15/2033		10/31/2013	^C		139,067,535
	68,875,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.500			05/15/2039		08/02/2020	^C		45,701,318
	30,755,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		09/24/2022	^C		20,581,554
	10,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.750			07/01/2020		09/07/2009	^B		10,440
	6,250,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2024		07/01/2024			4,836,938
	5,970,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2025		07/01/2025			4,561,199
	50,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2026		06/21/2026	^C		37,809
	50,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2028		08/05/2026	^C		37,176
	7,000,000	Puerto Rico Commonwealth GO¹		5.250			01/01/2015		01/01/2015			6,778,030

F30 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

U.S. Possessions Continued
$	880,000	Puerto Rico Commonwealth GO¹		5.250	%		07/01/2018			07/01/2018		$	772,763
	900,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2019			07/01/2019			776,412
	2,430,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2021			07/01/2021			2,003,462
	3,400,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2022			07/01/2022			2,772,496
	7,350,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2022			07/01/2022			5,993,484
	2,315,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2022			07/01/2022			1,887,744
	7,395,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2023			07/01/2023			5,944,914
	11,000,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2023			07/01/2023			8,843,010
	4,575,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2023			07/01/2023			3,677,888
	15,850,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2024			07/01/2024			12,626,269
	21,785,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2025			07/01/2025			17,154,163
	4,750,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2027			07/01/2027			3,678,163
	1,925,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2027	²		09/26/2026	^C		1,688,841
	5,000,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2030			07/01/2030			3,792,850
	2,840,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2030			07/01/2030			2,154,339
	14,750,000	Puerto Rico Commonwealth GO¹		5.250		��	07/01/2032			07/01/2032			11,031,083
	11,735,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2032			10/01/2031	^C		8,776,254
	6,060,000	Puerto Rico Commonwealth GO¹		5.375			07/01/2028			07/01/2028			4,736,011
	18,600,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2023			07/01/2023			15,359,694
	275,000	Puerto Rico Commonwealth GO¹		5.625			07/01/2019			07/01/2019			244,769
	10,000	Puerto Rico Electric Power Authority, Series EE¹		5.250			07/01/2014			07/01/2009	^A		10,168
	4,200,000	Puerto Rico Electric Power Authority, Series UU⁴		3.301⁵			07/01/2031			07/04/2028	^C		1,974,000
	85,000	Puerto Rico HFA¹		5.000			12/01/2020			12/01/2013	^A		85,715
	37,000,000	Puerto Rico HFA (Vivienda Modernization)¹		4.750			10/01/2011			10/01/2009	^A		37,088,060
	105,000	Puerto Rico HFC¹		5.100			12/01/2018			04/24/2016	^C		103,423
	90,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2022			01/21/2021	^C		71,493
	35,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2028			02/20/2026	^C		26,023
	230,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2020			07/01/2020			202,901
	5,000	Puerto Rico Highway & Transportation Authority, Series A¹		5.000			07/01/2028			05/21/2024	^C		3,718
	7,000,000	Puerto Rico Highway & Transportation Authority, Series E¹		5.750			07/01/2024			07/01/2024			5,894,070
	4,355,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2021			07/01/2021			3,502,901
	11,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2022			07/01/2022			8,738,070

F31 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

U.S. Possessions Continued
$	12,275,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000	%		07/01/2023			07/01/2023		$	9,599,296
	12,760,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2024			07/01/2024			9,875,092
	4,545,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2025			07/01/2025			3,472,471
	2,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2026			07/01/2026			1,512,340
	1,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2027			07/01/2027			749,600
	16,800,000	Puerto Rico Highway & Transportation Authority, Series N⁴		3.131⁵			07/01/2045			07/04/2043	^C		6,048,000
	780,000	Puerto Rico Infrastructure¹		5.000			07/01/2019			07/01/2019			658,648
	35,000	Puerto Rico Infrastructure¹		5.500			10/01/2040			10/01/2011	^A		35,441
	55,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2019			06/07/2015	^C		43,144
	18,425,000	Puerto Rico ITEMECF (Cogeneration Facilities)¹		6.625			06/01/2026	²		10/16/2024	^C		15,006,057
	1,500,000	Puerto Rico ITEMECF (Dr. Pila Hospital)¹		6.125			08/01/2025			08/01/2025			1,487,430
	75,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)¹		5.625			07/01/2015			07/01/2009	^A		75,047
	95,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		5.500			07/01/2026			11/08/2022	^C		76,414
	700,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)¹		6.250			07/01/2016			07/01/2009	^A		700,175
	75,000	Puerto Rico ITEMECF (Hospital de la Concepcion)¹		6.125			11/15/2025			12/28/2023	^C		71,349
	750,000	Puerto Rico ITEMECF (Hospital de la Concepcion)¹		6.375			11/15/2015			11/15/2010	^A		790,763
	2,000,000	Puerto Rico ITEMECF (Hospital de la Concepcion)¹		6.500			11/15/2020			11/15/2011	^A		2,017,520
	25,000	Puerto Rico ITEMECF (InterAmerican University)¹		5.000			10/01/2022			04/23/2021	^C		19,801
	1,275,000	Puerto Rico ITEMECF (Mennonite General Hospital)¹		6.500			07/01/2012			08/16/2010	^C		1,150,190
	235,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)¹		6.400			05/01/2009			05/01/2009			232,164
	2,250,000	Puerto Rico ITEMECF (SEAM/Hospital Espanol Auxillio Obligated Group)¹		6.250			07/01/2024			04/25/2021	^C		2,071,980
	9,400,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2023			08/01/2023			7,550,174
	5,000,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2024			08/01/2024			3,979,750

F32 | LIMITED TERM NEW YORK MUNICIPAL FUND


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

U.S. Possessions Continued
$	230,000	Puerto Rico Municipal Finance Agency, Series A¹		5.500	%		07/01/2017			03/09/2015	^C	$	229,167
	285,000	Puerto Rico Port Authority, Series D¹		6.000			07/01/2021	²		09/24/2018	^C		266,575
	535,000	Puerto Rico Port Authority, Series D¹		7.000			07/01/2014	²		07/01/2009	^A		535,439
	6,880,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2028			07/01/2012	^E		6,281,096
	8,530,000	Puerto Rico Public Buildings Authority^1,8		5.000			07/01/2036			07/01/2012	^E		7,787,464
	545,000	Puerto Rico Public Buildings Authority¹		5.125			07/01/2024			01/04/2024	^C		427,967
	14,280,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2029			03/01/2028	^C		10,906,350
	13,195,000	Puerto Rico Public Buildings Authority¹		5.500			07/01/2026			07/01/2026			10,613,530
	75,000	Puerto Rico Public Buildings Authority¹		5.750			07/01/2010			07/01/2010			74,895
	825,000	Puerto Rico Public Buildings Authority, Series G¹		5.250			07/01/2019			07/01/2019			711,711
	1,000,000	Puerto Rico Public Finance Corp., Series A		4.100			08/01/2029			02/01/2012	^E		891,721
	58,665,000	Puerto Rico Public Finance Corp., Series A^1,8		5.250			08/01/2029			02/01/2012	^E		54,347,843
	30,080,000	Puerto Rico Public Finance Corp., Series A^1,8		5.250			08/01/2030			02/01/2012	^E		27,866,413
	13,600,000	Puerto Rico Public Finance Corp., Series A^1,8		5.250			08/01/2031			02/01/2012	^E		12,599,176
	54,145,000	Puerto Rico Public Finance Corp., Series A^1,8		5.750			08/01/2027			02/01/2012	^E		50,887,637
	2,750,000	University of Puerto Rico¹		5.000			06/01/2026			06/01/2026			2,080,870
	140,000	University of Puerto Rico¹		5.500			06/01/2012	²		06/23/2011	^C		137,353
	7,125,000	University of Puerto Rico, Series P¹		5.000			06/01/2021			06/01/2021			5,736,195
	8,500,000	University of Puerto Rico, Series P¹		5.000			06/01/2022			06/01/2022			6,758,010
	8,410,000	University of Puerto Rico, Series Q¹		5.000			06/01/2023			06/01/2023			6,582,171
	300,000	University of Puerto Rico, Series Q¹		5.000			06/01/2030			12/22/2028	^C		219,780
	25,000	V.I. HFA, Series A		6.500			03/01/2025	²		07/29/2021	^C		24,126
	1,000,000	V.I. Port Authority, Series A¹		5.250			09/01/2018			06/12/2017	^C		939,350
	1,000,000	V.I. Public Finance Authority (Hovensa Refinery)¹		4.700			07/01/2022			10/01/2018	^C		586,920
	2,650,000	V.I. Public Finance Authority (Hovensa Refinery)¹		5.875			07/01/2022			10/01/2018	^C		1,792,540
	1,075,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		5.250			10/01/2021			10/01/2021			852,583
	1,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2016			10/01/2016			911,080
	2,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2022			10/01/2022			1,555,140
	2,000,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2023			10/01/2023			1,529,120
	10,000,000	V.I. Public Finance Authority, Series A¹		5.500			10/01/2015			10/01/2015			9,490,800
	180,000	V.I. Public Finance Authority, Series A¹		5.500			10/01/2022			01/09/2021	^C		149,756
	485,000	V.I. Public Finance Authority, Series A¹		5.625			10/01/2010			10/14/2009	^C		496,393
	290,000	V.I. Public Finance Authority, Series A¹		5.625			10/01/2025			12/11/2024	^C		226,003

F33 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued


									Effective
Principal									Maturity
Amount			Coupon			Maturity			(Unaudited)*			Value

U.S. Possessions Continued
$	10,820,000	V.I. Public Finance Authority, Series A¹		6.375	%		10/01/2019	²		02/27/2016	^C	$	10,181,404
	2,665,000	V.I. Public Finance Authority, Series E¹		5.875			10/01/2018			11/12/2016	^C		2,308,663
	1,015,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		4.750			05/15/2012			05/15/2012			960,413
	80,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		4.950			05/15/2014			05/15/2014			73,038
	1,330,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2021			12/09/2010	^C		1,024,459
	1,440,000	V.I. Tobacco Settlement Financing Corp. (TASC)¹		5.000			05/15/2031			04/12/2015	^C		944,222
	1,470,000	V.I. Water & Power Authority¹		5.375			07/01/2010			07/01/2010			1,446,010

													714,393,748

Total Investments, at Value (Cost $3,986,726,837) — 103.4%													3,480,922,903
Liabilities in Excess of Other Assets — (3.4)													(115,684,120	)

Net Assets — 100.0%												$	3,365,238,783


Footnotes to Statement of Investments

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

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

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

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

	D.		Date of prefunded call, or maturity date if escrowed to maturity. E. Date of mandatory put.

	E.		Date of mandatory put.

	F.		Date of planned principal payment.

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

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

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

4.		Illiquid security. The aggregate value of illiquid securities as of December 31, 2008 was $25,776,705, which represents 0.77% of the Fund’s net assets. See Note 5 of accompanying Notes.

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

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

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

8.		When-issued security or delayed delivery to be delivered and settled after December 31, 2008. See Note 1 of accompanying Notes.

9.		Subject to a deferred-interest forebearance agreement. Rate shown is current rate. See Note 1 of accompanying Notes.

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

F34 | LIMITED TERM NEW YORK MUNICIPAL FUND

Valuation Inputs

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

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

2) Level 2 — inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

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

The market value of the Fund’s investments was determined based on the following inputs as of December 31, 2008:


	Investments in		Other Financial
Valuation Description	Securities		Instruments*

Level 1 — Quoted Prices	$	—	$	—
Level 2 — Other Significant Observable Inputs		3,475,202,903		—
Level 3 — Significant Unobservable Inputs		5,720,000		—

Total	$	3,480,922,903	$	—


*		Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date.

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

F35 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Portfolio Abbreviations December 31, 2008

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


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

See accompanying Notes to Financial Statements.

F36 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2008


Assets
Investments, at value (cost $3,986,726,837) — see accompanying statement of investments	$	3,480,922,903
Cash		838,001
Receivables and other assets:
Interest		58,457,846
Investments sold		25,693,579
Shares of beneficial interest sold		11,040,056
Other		7,698,513

Total assets		3,584,650,898

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		142,880,000
Investments purchased (including $39,025,198 purchased on a when-issued or delayed delivery basis)		47,035,418
Shares of beneficial interest redeemed		13,552,820
Payable on borrowings (See Note 6)		12,500,000
Distribution and service plan fees		2,076,023
Trustees’ compensation		765,256
Transfer and shareholder servicing agent fees		132,106
Interest expense on borrowings		102,638
Shareholder communications		100,677
Dividends		3,080
Other		264,097

Total liabilities		219,412,115

Net Assets	$	3,365,238,783


Composition of Net Assets
Paid-in capital	$	3,937,595,140
Accumulated net investment income		10,053,014
Accumulated net realized loss on investments		(76,605,437	)
Net unrealized depreciation on investments		(505,803,934	)

Net Assets	$	3,365,238,783

F37 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $2,355,061,720 and 825,768,908 shares of beneficial interest outstanding)	$	2.85
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price)	$	2.95

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $90,496,715 and 31,778,200 shares of beneficial interest outstanding)	$	2.85

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $919,680,348 and 323,783,448 shares of beneficial interest outstanding)	$	2.84

See accompanying Notes to Financial Statements.

F38 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended December 31, 2008


Investment Income
Interest	$	216,546,677
Other income		1,516

Total investment income		216,548,193

Expenses
Management fees		15,891,889
Distribution and service plan fees:
Class A		6,918,244
Class B		1,571,725
Class C		10,534,518
Transfer and shareholder servicing agent fees:
Class A		805,926
Class B		121,938
Class C		449,574
Shareholder communications:
Class A		157,532
Class B		30,109
Class C		74,099
Interest expense and fees on short-term floating rate notes issued (See Note 1)		4,153,451
Borrowing fees		2,382,848
Interest expense on borrowings		1,364,485
Accounting service fees		1,196,648
Trustees’ compensation		276,440
Custodian fees and expenses		80,567
Other		523,967

Total expenses		46,533,960
Less reduction to custodian expenses		(3,735	)

Net expenses		46,530,225

Net Investment Income		170,017,968

Realized and Unrealized Loss
Net realized loss on investments		(72,595,006	)
Net change in unrealized depreciation on investments		(524,886,215	)

Net Decrease in Net Assets Resulting from Operations	$	(427,463,253	)

See accompanying Notes to Financial Statements.

F39 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


Year Ended December 31,	2008			2007

Operations
Net investment income	$	170,017,968		$	159,608,127
Net realized gain (loss)		(72,595,006	)		699,756
Net change in unrealized appreciation (depreciation)		(524,886,215	)		(101,414,564	)

Net increase (decrease) in net assets resulting from operations		(427,463,253	)		58,893,319

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(124,733,795	)		(111,845,105	)
Class B		(5,859,697	)		(9,139,799	)
Class C		(39,698,693	)		(36,158,775	)

		(170,292,185	)		(157,143,679	)

Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Class A		28,554,138			26,146,638
Class B		(118,248,272	)		(83,701,041	)
Class C		27,484,324			(27,123,556	)

		(62,209,810	)		(84,677,959	)

Net Assets
Total decrease		(659,965,248	)		(182,928,319	)
Beginning of period		4,025,204,031			4,208,132,350

End of period (including accumulated net investment income of $10,053,014 and $10,327,231, respectively)	$	3,365,238,783		$	4,025,204,031

See accompanying Notes to Financial Statements.

F40 | LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended December 31, 2008


Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(427,463,253	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(698,067,523	)
Proceeds from disposition of investment securities		1,015,828,977
Short-term investment securities, net		(234,792,699	)
Premium amortization		15,560,633
Discount accretion		(5,177,126	)
Net realized loss on investments		72,595,006
Net change in unrealized depreciation on investments		524,886,215
Increase in interest receivable		(5,323,932	)
Increase in receivable for securities sold		(2,044,693	)
Increase in other assets		(7,614,024	)
Increase in payable for securities purchased		35,273,352
Increase in payable for accrued expenses		229,944

Net cash provided by operating activities		283,890,877

Cash Flows from Financing Activities
Proceeds from bank borrowings		1,446,300,000
Payments on bank borrowings		(1,467,500,000	)
Payments on short-term floating rate notes issued		(35,985,000	)
Proceeds from shares sold		1,231,754,420
Payments on shares redeemed		(1,400,991,884	)
Cash distributions paid		(57,993,622	)

Net cash used in financing activities		(284,416,086	)
Net decrease in cash		(525,209	)
Cash, beginning balance		1,363,210

Cash, ending balance	$	838,001

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $125,335,695

Cash paid for interest on bank borrowings — $1,323,363

Cash paid for interest on short-term floating rate notes issued — $4,153,451

See accompanying Notes to Financial Statements.

F41 | LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS


Class A Year Ended December 31,	2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	3.32		$	3.40		$	3.36		$	3.33		$	3.32
Income (loss) from investment operations:
Net investment income¹		.14			.14			.14			.14			.14
Net realized and unrealized gain (loss)		(.47	)		(.08	)		.03			.03			.01

Total from investment operations		(.33	)		.06			.17			.17			.15
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.14	)		(.14	)		(.13	)		(.14	)		(.14	)
Net asset value, end of period	$	2.85		$	3.32		$	3.40		$	3.36		$	3.33


Total Return, at Net Asset Value²		(10.18	)%		1.74	%		5.30	%		5.13	%		4.77	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,355,062		$	2,745,029		$	2,784,037		$	2,589,629		$	2,155,310
Average net assets (in thousands)	$	2,765,248		$	2,721,428		$	2,696,464		$	2,380,822		$	2,029,517
Ratios to average net assets:³
Net investment income		4.55	%		4.18	%		4.10	%		4.12	%		4.30	%
Expenses excluding interest and fees on short-term floating rate notes issued		0.83	%		0.74	%		0.79	%		0.79	%		0.77	%
Interest and fees on short-term floating rate notes issued⁴		0.10	%		0.21	%		0.18	%		0.03	%		0.01	%

Total expenses⁵		0.93	%		0.95	%		0.97	%		0.82	%		0.78	%
Portfolio turnover rate		19	%		18	%		23	%		19	%		16	%


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

2.		Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F42 | LIMITED TERM NEW YORK MUNICIPAL FUND


Class B Year Ended December 31,	2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	3.32		$	3.40		$	3.36		$	3.32		$	3.32
Income (loss) from investment operations:
Net investment income¹		.12			.11			.11			.11			.12
Net realized and unrealized gain (loss)		(.47	)		(.08	)		.04			.04			—

Total from investment operations		(.35	)		.03			.15			.15			.12
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.11	)		(.11	)		(.11	)		(.12	)
Net asset value, end of period	$	2.85		$	3.32		$	3.40		$	3.36		$	3.32


Total Return, at Net Asset Value²		(10.90	)%		0.95	%		4.48	%		4.62	%		3.65	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	90,497		$	228,022		$	318,452		$	379,045		$	417,473
Average net assets (in thousands)	$	157,158		$	272,855		$	346,849		$	398,461		$	427,486
Ratios to average net assets:³
Net investment income		3.72	%		3.38	%		3.31	%		3.34	%		3.52	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.63	%		1.54	%		1.59	%		1.58	%		1.55	%
Interest and fees on short-term floating rate notes issued⁴		0.10	%		0.21	%		0.18	%		0.03	%		0.01	%

Total expenses⁵		1.73	%		1.75	%		1.77	%		1.61	%		1.56	%⁶
Portfolio turnover rate		19	%		18	%		23	%		19	%		16	%


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

2.		Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.

5.		Reduction to custodian expenses less than 0.005%.

6.		Voluntary waiver of transfer agent fees less than 0.005%.

See accompanying Notes to Financial Statements.

F43 | LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued


Class C Year Ended December 31,	2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	3.31		$	3.39		$	3.35		$	3.32		$	3.31
Income (loss) from investment operations:
Net investment income¹		.12			.11			.11			.11			.12
Net realized and unrealized gain (loss)		(.47	)		(.08	)		.04			.03			.01

Total from investment operations		(.35	)		.03			.15			.14			.13
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.11	)		(.11	)		(.11	)		(.12	)
Net asset value, end of period	$	2.84		$	3.31		$	3.39		$	3.35		$	3.32


Total Return, at Net Asset Value²		(10.89	)%		0.97	%		4.52	%		4.35	%		4.00	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	919,680		$	1,052,153		$	1,105,643		$	1,139,882		$	1,040,035
Average net assets (in thousands)	$	1,054,502		$	1,076,271		$	1,127,896		$	1,095,066		$	1,009,112
Ratios to average net assets:³
Net investment income		3.78	%		3.40	%		3.34	%		3.36	%		3.55	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.60	%		1.52	%		1.56	%		1.56	%		1.52	%
Interest and fees on short-term floating rate notes issued⁴		0.10	%		0.21	%		0.18	%		0.03	%		0.01	%

Total expenses⁵		1.70	%		1.73	%		1.74	%		1.59	%		1.53	%
Portfolio turnover rate		19	%		18	%		23	%		19	%		16	%


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

2.		Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F44 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

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

The Fund offers Class A, Class B and Class C shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

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

Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, 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. Quoted prices in active markets for identical securities are classified as “Level 1”, inputs other than quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3”. The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs.

F45 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

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

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

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

“Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2.

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

Fair valued securities may be classified as “Level 3” if the valuation primarily reflects the Manager’s own assumptions about the inputs that market participants would use in valuing such securities.

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

F46 | LIMITED TERM NEW YORK MUNICIPAL FUND

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of December 31, 2008, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


		When-Issued or Delayed Delivery
		Basis Transactions

Purchased securities		$39,025,198

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 5% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $134,877,566 as of December 31, 2008, which represents 3.76% of the Fund’s total assets.

Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request,

F47 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At December 31, 2008, municipal bond holdings with a value of $187,253,356 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $142,880,000 in short-term floating rate notes issued and outstanding at that date.

At December 31, 2008, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:


Principal			Coupon			Maturity
Amount		Inverse Floater¹	Rate²			Date		Value

$	3,335,000	NYC GO DRIVERS		11.630	%		8/15/23	$	3,022,844
	3,780,000	NYC GO DRIVERS		11.630			12/1/23		3,411,450
	2,240,000	NYC GO ROLs³		12.400			4/1/30		1,293,421
	9,860,000	NYC GO ROLs³		8.995			6/1/23		8,984,235
	13,200,000	NYS DA ROLs³		12.908			8/15/30		13,937,220
	25,560,000	NYS DA ROLs³		11.148			8/15/25		13,724,186

								$	44,373,356


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F36 of the Statement of Investments.

2.		Represents the current interest rate for a variable rate bond known as an “inverse floater”.

3.		Security is subject to a shortfall and forbearance agreement.

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

F48 | LIMITED TERM NEW YORK MUNICIPAL FUND

has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls.

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of December 31, 2008, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $128,655,000.

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

Credit Risk. The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego payment of the original coupon interest rates. As of December 31, 2008, securities with an aggregate market value of $601,810, representing 0.02% of the Fund’s net assets, were subject to these deferred-interest forbearance agreements. Interest is owed to the Fund under these agreements in the amount of $165,000.

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.

F49 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Net Unrealized

Depreciation

Based on Cost of

Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal Income

Income

Gain

Carryforward^1,2,3

Tax Purposes

$12,176,597

—

55,529,521

526,879,853


1.		As of December 31, 2008, the Fund had $55,529,521 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of December 31, 2008, details of the capital loss carryforwards were as follows:


Expiring

2011	$	1,944,352
2016		53,585,169

Total	$	55,529,521


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

3.		During the fiscal year ended December 31, 2007, the Fund utilized $647,547 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

The tax character of distributions paid during the years ended December 31, 2008 and December 31, 2007 was as follows:


	Year Ended		Year Ended
	December 31, 2008		December 31, 2007

Distributions paid from:
Ordinary income	$	2,268,038	$	2,113,036
Exempt-interest dividends		168,024,147		155,030,643

Total	$	170,292,185	$	157,143,679

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of December 31, 2008 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and

F50 | LIMITED TERM NEW YORK MUNICIPAL FUND

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	$	3,864,922,756


Gross unrealized appreciation	$	29,614,695
Gross unrealized depreciation		(556,494,548	)

Net unrealized depreciation	$	(526,879,853	)

Trustees’ Compensation. On November 19, 2007, the Fund’s Board of Trustees voted to freeze participation in the retirement plan for the Board’s independent trustees by not adding new participants to the plan after December 31, 2007. Active independent trustees who have accrued benefits under the plan prior to the freeze date will elect a distribution method with respect to their benefits. Benefits already accrued under the plan for Trustees who were participants prior to that freeze date are not affected.

During the year ended December 31, 2008, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	161,050
Payments Made to Retired Trustees		22,309
Accumulated Liability as of December 31, 2008		700,671

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

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

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.

F51 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

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

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

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


	Year Ended December 31, 2008						Year Ended December 31, 2007
	Shares			Amount			Shares			Amount

Class A
Sold		288,850,032		$	924,241,077			226,258,213		$	758,534,521
Dividends and/or distributions reinvested		28,484,599			90,313,243			23,926,697			80,243,124
Redeemed		(317,978,120	)		(986,000,182	)		(241,991,540	)		(812,631,007	)

Net increase (decrease)		(643,489	)	$	28,554,138			8,193,370		$	26,146,638

F52 | LIMITED TERM NEW YORK MUNICIPAL FUND


	Year Ended December 31, 2008						Year Ended December 31, 2007
	Shares			Amount			Shares			Amount

Class B
Sold		3,832,868		$	12,219,565			1,635,985		$	5,476,765
Dividends and/or distributions reinvested		1,347,876			4,312,116			1,971,698			6,611,007
Redeemed		(42,161,611	)		(134,779,953	)		(28,573,122	)		(95,788,813	)

Net decrease		(36,980,867	)	$	(118,248,272	)		(24,965,439	)	$	(83,701,041	)


Class C
Sold		87,687,631		$	280,580,665			53,675,266		$	179,391,537
Dividends and/or distributions reinvested		9,725,055			30,710,336			8,286,573			27,698,823
Redeemed		(91,610,401	)		(283,806,677	)		(70,087,523	)		(234,213,916	)

Net increase (decrease)		5,802,285		$	27,484,324			(8,125,684	)	$	(27,123,556	)

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended December 31, 2008, were as follows:


	Purchases		Sales

Investment securities	$	698,067,523	$	1,015,828,977

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

Accounting Service Fees. Accounting service fees paid to the Manager were in accordance with the accounting services agreement with the Fund which provides for an annual fee of $12,000 for the first $30 million of average daily net assets and $9,000 for each additional $30 million of average daily net assets. During the year ended December 31, 2008, the Fund paid $1,196,648 to the Manager for accounting and pricing services.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended December 31, 2008, the Fund paid $1,414,854 to OFS for services to the Fund.

F53 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates Continued

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the average annual 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. 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. The Distributor’s aggregate uncompensated expenses under the Plans at December 31, 2008 for Class C shares were $30,731,491. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

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

Class A

Class B

Class C

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

December 31, 2008

904,465

323,556

258,192

181,729

F54 | LIMITED TERM NEW YORK MUNICIPAL FUND

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

5. Illiquid Securities

As of December 31, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

6. Borrowings

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

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $3.0 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (3.125% as of December 31, 2008). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual commitment fee on the amount of the unused portion of the total facility size. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

F55 | LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Borrowings Continued

As of December 31, 2008, the Fund had borrowings outstanding at an interest rate of 3.125%. Details of the borrowings for the year ended December 31, 2008:


Average Daily Loan Balance	$	40,677,322
Average Daily Interest Rate		3.279	%
Fees Paid	$	9,763,020
Interest Paid	$	1,323,363

7. Recent Accounting Pronouncement

In March 2008, the Financial Accounting Standards Board (“FASB”) issued Statement on Financial Accounting Standards (“SFAS”) No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund’s financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund’s financial statements and related disclosures.

F56 | LIMITED TERM NEW YORK MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Limited Term New York Municipal Fund, including the statement of investments, as of December 31, 2008, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2008, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Limited Term New York Municipal Fund as of December 31, 2008, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
February 13, 2009

F57 | LIMITED TERM NEW YORK MUNICIPAL FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

F58 | LIMITED TERM NEW YORK MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2009, if applicable, shareholders of record received information regarding all taxable dividends and distributions paid to them by the Fund during calendar year 2008 Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

None of the dividends paid by the Fund during the fiscal year ended December 31, 2008 are eligible for the corporate dividend-received deduction. 98.67% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes; 100% of the tax-exempt dividends are not subject to New York State and New York City income taxes. For the state income tax reporting purposes of non-New York State shareholders, the distribution breaks down as follows: New York State (78.7%), Puerto Rico (19.8%), Guam (0.3%), Virgin Islands (1.2%).

During 2008, 18.9% of this tax-exempt income was derived from “private activity bonds”. These are municipal bonds used to finance privately operated facilities. The interest on these bonds is not taxable for most investors. For the few investors subject to the Alternative Minimum Tax, the interest from these bonds is considered a preference item.

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

29 | LIMITED TERM NEW YORK MUNICIPAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

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

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

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

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

30 | LIMITED TERM NEW YORK MUNICIPAL FUND

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

Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load “other states” short/intermediate municipal debt funds. The Board noted that the Fund’s three-year, five-year and ten-year performance were better than its peer group median although its one-year performance was below its peer group median.

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

31 | LIMITED TERM NEW YORK MUNICIPAL FUND

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

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

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

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

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

32 | LIMITED TERM NEW YORK MUNICIPAL FUND

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

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

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

33 | LIMITED TERM NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Thomas W. Courtney, Chairman of the Board (since 2001), Trustee (since 1995) Age: 75		Principal of Courtney Associates, Inc. (venture capital firm) (since 1982); General Partner of Trivest Venture Fund (private venture capital fund); President of Investment Counseling Federated Investors, Inc. (1973-1982); Trustee of the following open-end investment companies: Cash Assets Trust (1984), Premier VIT (formerly PIMCO Advisors VIT), Tax Free Trust of Arizona (since 1984) and four funds for the Hawaiian Tax Free Trust. Oversees 10 portfolios in the OppenheimerFunds complex.

John Cannon, Trustee (since 1992) Age: 78		Director of Neuberger Berman Income Managers Trust, Neuberger & Berman Income Funds and Neuberger Berman Trust, (open-end investment companies) (1995-present); Director of Neuberger Berman Equity Funds (open-end investment company) (since November 2000); Trustee, Neuberger Berman Mutual Funds (open-end investment company) (since October 1994); Mr. Cannon held the following positions at CDC Investment Advisors (registered investment adviser): Chairman and Treasurer (December 1993-February 1996), Independent Consultant and Chief Investment Officer (1996-June 2000) and Consultant and Director (December 1993-February 1999). Oversees 3 portfolios in the OppenheimerFunds complex.

David K. Downes, Trustee (since 2005) Age: 68		Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (since January 2006); Trustee of Employee Trust (since January 2006); Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 64 portfolios in the OppenheimerFunds complex.

34 | LIMITED TERM NEW YORK MUNICIPAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Lacy B. Herrmann, Trustee (since 1995) Age: 79		Founder and Chairman Emeritus of Aquila Group of Funds (open-end investment company) (since December 2004); Chairman of Aquila Management Corporation and Aquila Investment Management LLC (since August 1984); Chief Executive Officer and President of Aquila Management Corporation (August 1984-December 1994); Vice President, Director and Secretary of Aquila Distributors, Inc. (distributor of Aquila Management Corporation); Treasurer of Aquila Distributors, Inc.; President and Director of STCM Management Company, Inc. (sponsor and adviser to CCMT) (until September 2007); Chairman, President and Director of InCap Management Corporation (until 2004); Director of OCC Cash Reserves, Inc. (open-end investment company) (June 2003-December 2004); Trustee of Premier VIT (formerly PIMCO Advisors VIT) (investment company) (since 1994); Trustee of OCC Accumulation Trust (open-end investment company) (until December 2004); Trustee Emeritus of Brown University (since June 1983). Oversees 10 portfolios in the OppenheimerFunds complex.

Brian F. Wruble, Trustee (since 2001) Age: 65		General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of the Jackson Laboratory (non-profit); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Member of Zurich Financial Investment Management Advisory Council (insurance) (2004-2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 64 portfo- lios in the OppenheimerFunds complex.

INTERESTED TRUSTEE AND OFFICER		The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.

John V. Murphy, Trustee (since 2005) President (since 2001) Age: 59		Chairman and Director of the Manager (since June 2001); Chief Executive Officer of the Manager (June 2001-December 2008); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001- December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Member of the Investment Company Institute’s Board of Governors (since October 2003); Chairman of the Investment Company Institute’s Board of Governors (since October 2007). Oversees 105 portfolios in the OppenheimerFunds complex.

35 | LIMITED TERM NEW YORK MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Mr. Zack, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112- 3924, for Messrs. Fielding, Loughran, Cottier and Willis, 350 Linden Oaks, Rochester, New York 14625, Each Officer serves for an indefinite term or until his or her resig- nation, retirement death or removal.

Ronald H. Fielding, Vice President (since 1996) and Senior Portfolio Manager (since 1991) Age: 59		Senior Vice President of the Manager (since January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Daniel G. Loughran, Vice President (since 2005) and Senior Portfolio Manager (since 2001) Age: 45		Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 37		Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 36		Assistant Vice President of the Manager (since July 2005). Portfolio Manager of the Fund (from May 2003 to December 2005). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997- February 2004). An officer of 105 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 49		Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company sub- sidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 105 portfolios in the OppenheimerFunds complex.

36 | LIMITED TERM NEW YORK MUNICIPAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Robert G. Zack, Secretary (since 2001) Age: 60		Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds International Distributor Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 105 portfolios in the OppenheimerFunds complex.

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

37 | LIMITED TERM NEW YORK MUNICIPAL FUND

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $50,500 in fiscal 2008 and $47,000 in fiscal 2007.

(b) Audit-Related Fees

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

The principal accountant for the audit of the registrant’s annual financial statements billed $255,000 in fiscal 2008 and $256,236 in fiscal 2007 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: internal control reviews and professional services relating to FAS 123R.

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

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

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $2,368 in fiscal 2008 and $1,342 in fiscal 2007.

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

(e)

(1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

		The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

		Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2)

100%

(f)		Not applicable as less than 50%.

(g)		The principal accountant for the audit of the registrant’s annual financial statements billed $257,368 in fiscal 2008 and $257,578 in fiscal 2007 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h)		The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

3.		The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

•

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

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

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

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

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

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

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

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 12/31/2008, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a)

(1)

Exhibit attached hereto.

	(2)		Exhibits attached hereto.

	(3)		Not applicable.

(b)

Exhibit attached hereto.

SIGNATURES

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

Rochester Portfolio Series


By:		/s/ John V. Murphy John V. Murphy
		Principal Executive Officer

Date: 02/11/2009

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/ John V. Murphy John V. Murphy
		Principal Executive Officer

Date: 02/11/2009


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

Date: 02/11/2009

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