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
LIMITED TERM NEW YORK MUNICIPAL FUND
(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
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(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: JANUARY 1, 2003 - DECEMBER 31, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
FUND PERFORMANCE DISCUSSION
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HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED DECEMBER 31, 2003, FOLLOWED
BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO APPROPRIATE BROAD-BASED
MARKET INDICES.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. The Fund delivered strong yields
throughout the period while experiencing greater-than-usual fluctuations in its
NAV. Over the course of the year, the Fund benefited from improving economic
conditions that increasingly favored the type of securities we prefer. Our
research-intensive approach seeks to identify lesser-known, smaller and/or
misunderstood securities whose overall risk levels are, in our opinion, less
than their yields would suggest. This emphasis on research paid off as the U.S.
economic outlook grew increasingly positive, benefiting securities from a wide
variety of economically sensitive market sectors, including airlines, durable
goods manufacturers, and paper and forest products companies. For instance, once
the U.S. economy showed signs of improvement, so too did the airline industry,
where profitability can climb quickly with even a small increase in paying
passengers. Although airlines in general are by no means out of the woods yet,
the Fund's airline-related bonds (4.8% of investments at value at December 31)
performed better in the second half of the year, as the economy improved and
airline traffic began to increase.
Adding to the Fund's yield, and partially causing NAV volatility, were the
Fund's tobacco litigation Master Settlement Agreement (MSA)-backed bonds
(tobacco securitization bonds). At 23% of investments at value, these bonds,
backed by states' shares of the national settlement agreement with major tobacco
manufacturers, are the Fund's biggest investment. A fear of oversupply and a $10
billion Illinois state court decision against Phillip Morris roiled the MSA
market in 2003, resulting in unusually large price volatility. The court
decision initially required Phillip Morris to pay the $10 billion judgment or
put up a $12 billion bond to appeal the decision--an amount that could
potentially have bankrupted Phillip Morris and caused it to default on its share
of the settlement payments to all states.
By fall, the bonding requirement in the Illinois case was substantially
reduced. Also, while the industry still faces litigation, many states passed
legislation designed to prevent judgments and bond requirements that would place
a company at risk of bankruptcy in order to appeal. On the supply front, it
became increasingly clear that the major entities that might still issue
MSA-backed bonds will not do so; in fact, all of New York State's remaining
MSA-related bonding capacity was filled with bond issues offering promises of
state funding appropriation to back any shortfall in MSA payments. The MSA bond
market recovered significantly as we moved into the second half of the year,
rewarding us for our perseverance.
7 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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We added to the Fund's cache of MSA bonds whenever possible. Despite price
gains since April, MSA bonds remain relatively inexpensive compared to other
bonds of identical, investment-grade rating and maturity. They helped the fund
achieve strong current yields and above-average dividends in 2003, and we expect
they will do the same in the future. We believe that the prices of these bonds
may continue to appreciate. With no significant additional MSA issuance possible
in New York State, we expect MSA bonds to become relatively scarce in the coming
years, while the demand for their attractive yields may lead to higher prices.
The Fund seeks to reduce volatility, by focusing on securities with average
effective maturities of five years or less. When market conditions caused the
Fund's average effective maturity to extend beyond five years, we executed only
those trades that worked to shorten it. The Fund's average effective maturity
was 4.86 years at December 31, 2003.
The credit rating of a bond backed by revenues from Mt. Sinai Medical Center
was downgraded to below investment grade in the second quarter of 2003. Although
the reduction in Mt. Sinai's credit rating was due to weaker financial
performance, the hospital made all principal and interest payments on schedule
and the market prices of its' bonds ended at premiums to par. After analysis, we
maintained our position, which is less than 2% of the Fund as of year-end, in
the belief that over time Mt. Sinai Medical and its bonds will recover in value.
Finally, the Fund benefited from the pre-refunding of various holdings.
Pre-refunding involves the issuance of a new bond; the bond proceeds are then
invested in Treasuries earmarked to repay principal on another, previously
issued bond. With this added assurance of principal prepayment, the older (now
pre-refunded) bond becomes a more secure credit, yet its coupon rate does not
change. This combination--a higher credit rating and coupon rates associated
with a lesser-rated bond--leads to price appreciation. Once various holdings in
the portfolio had been pre-refunded, we sold them at a profit and reinvested in
other opportunities.
The Fund's holdings, strategy and management are of course subject to change.
We are constantly looking for new opportunities, and in general seek to sell
bonds with less than one year to maturity and replace them with higher yielding,
longer maturity bonds, while maintaining our prospectus limit of 5 year average
effective maturity.
8 | LIMITED TERM NEW YORK MUNICIPAL FUND
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, 2003. In the case of Class A shares, performance is
measured over a 10-year period. In the case of Class B and C shares, performance
is measured from inception of the classes on May 1, 1997. In the case of Class X
shares, performance is measured from inception of the class on May 1, 1995. The
performance information for all three indices in the graphs begins on 12/31/93
for Class A, 4/30/97 for Class B and Class C, and 4/30/95 for Class X shares.
The Fund's performance reflects the deduction of the maximum initial sales
charge on Class A shares, the applicable contingent deferred sales charge on
Class B, Class C and Class X shares, and reinvestments of all dividends and
capital gains distributions.
The Fund's performance is compared to the performance of that of the Lehman
Brothers Municipal Bond Index, the Merrill Lynch Municipal Index (3-7 Years) and
the Consumer Price Index. The Lehman Brothers Municipal Bond Index is an
unmanaged index of a broad range of investment grade municipal bonds that is
widely regarded as a measure of the performance of the general municipal bond
market. The Merrill Lynch Municipal Index (3-7 Years) consists of municipal
bonds having remaining maturities of between 3 and 7 years. Both of these
indexes are measures of national municipal bonds, which are subject to New York
State income tax, whereas the income produced by bonds in the Fund are exempt
from NYS tax. The Consumer Price Index is a non-securities index that measures
changes in the inflation rate. Index performance reflects the reinvestment of
dividends but does not consider the effect of capital gains or transaction
costs, and none of the data in the graphs that follow shows the effect of taxes.
The Fund's performance reflects the effects of Fund 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 securities in the index.
9 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Limited Term New York Municipal Fund (Class A)
Lehman Brothers Municipal Bond Index
Merrill Lynch Municipal Index (3-7 Years)
Consumer Price Index
[LINE CHART]
Limited Term New York Lehman Brothers Municipal Merrill Lynch Municipal Consumer Price
Municipal Fund (Class A) Bond Index Index (3-7 Years) Index
12/31/1993 $ 9,650 $10,000 $10,000 $10,000
03/31/1994 9,425 9,451 9,653 10,096
06/30/1994 9,539 9,555 9,787 10,151
09/30/1994 9,633 9,621 9,894 10,247
12/31/1994 9,583 9,483 9,828 10,267
03/31/1995 9,902 10,153 10,162 10,384
06/30/1995 10,107 10,398 10,472 10,460
09/30/1995 10,343 10,697 10,650 10,508
12/31/1995 10,542 11,138 10,874 10,528
03/31/1996 10,567 11,004 10,890 10,679
06/30/1996 10,642 11,088 10,925 10,748
09/30/1996 10,849 11,343 11,120 10,823
12/31/1996 11,050 11,632 11,338 10,878
03/31/1997 11,132 11,604 11,328 10,974
06/30/1997 11,415 12,004 11,619 10,995
09/30/1997 11,711 12,365 11,864 11,056
12/31/1997 11,935 12,701 12,073 11,063
03/31/1998 12,098 12,847 12,201 11,125
06/30/1998 12,285 13,043 12,340 11,180
09/30/1998 12,544 13,443 12,680 11,221
12/31/1998 12,644 13,524 12,791 11,241
03/31/1999 12,723 13,644 12,907 11,317
06/30/1999 12,642 13,403 12,753 11,399
09/30/1999 12,597 13,349 12,859 11,516
12/31/1999 12,534 13,246 12,876 11,543
03/31/2000 12,761 13,633 13,028 11,742
06/30/2000 12,918 13,839 13,248 11,824
09/30/2000 13,156 14,174 13,519 11,914
12/31/2000 13,470 14,793 13,937 11,934
03/31/2001 13,682 15,122 14,329 12,085
06/30/2001 13,846 15,220 14,481 12,209
09/30/2001 14,138 15,647 14,867 12,229
12/31/2001 14,123 15,552 14,770 12,119
03/31/2002 14,228 15,698 14,831 12,263
06/30/2002 14,500 16,273 15,485 12,339
09/30/2002 15,032 17,045 16,085 12,414
12/31/2002 15,017 17,045 16,262 12,407
03/31/2003 15,057 17,250 16,424 12,634
06/30/2003 15,223 17,695 16,760 12,599
09/30/2003 15,392 17,709 16,910 12,702
12/31/2003 15,770 17,951 16,948 12,702
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES OF THE FUND WITH
SALES CHARGE AT 12/31/03
1-Year 1.14% 5-Year 3.73% 10-Year 4.66% Inception Date 9/18/91
10 | LIMITED TERM NEW YORK MUNICIPAL FUND
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Limited Term New York Municipal Fund (Class B)
Lehman Brothers Municipal Bond Index
Merrill Lynch Municipal Index (3-7 Years)
Consumer Price Index
[LINE CHART]
Limited Term New York Lehman Brothers Municipal Merrill Lynch Municipal Consumer Price
Municipal Fund (Class B) Bond Index Index (3-7 Years) Index
05/01/1997 $10,000 $10,000 $10,000 $10,000
06/30/1997 10,166 10,259 10,236 10,006
09/30/1997 10,379 10,568 10,452 10,062
12/31/1997 10,589 10,855 10,636 10,069
03/31/1998 10,713 10,980 10,749 10,125
06/30/1998 10,825 11,147 10,871 10,175
09/30/1998 11,065 11,489 11,171 10,212
12/31/1998 11,132 11,558 11,269 10,231
03/31/1999 11,180 11,660 11,371 10,300
06/30/1999 11,054 11,454 11,235 10,375
09/30/1999 11,026 11,409 11,329 10,481
12/31/1999 10,949 11,320 11,343 10,506
03/31/2000 11,092 11,651 11,478 10,687
06/30/2000 11,207 11,827 11,671 10,762
09/30/2000 11,427 12,113 11,910 10,843
12/31/2000 11,677 12,643 12,278 10,861
03/31/2001 11,802 12,923 12,624 10,999
06/30/2001 11,957 13,007 12,758 11,111
09/30/2001 12,150 13,373 13,098 11,130
12/31/2001 12,151 13,291 13,012 11,030
03/31/2002 12,218 13,416 13,066 11,161
06/30/2002 12,428 13,907 13,642 11,230
09/30/2002 12,823 14,567 14,171 11,298
12/31/2002 12,822 14,567 14,327 11,292
03/31/2003 12,791 14,742 14,469 11,498
06/30/2003 12,964 15,123 14,765 11,467
09/30/2003 13,108 15,135 14,898 11,561
12/31/2003 13,403 15,341 14,931 11,561
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES OF THE FUND
WITH SALES CHARGE AT 12/31/03
1-Year -0.01% 5-Year 3.50% Since Inception 4.49% Inception Date 5/1/97
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 MORE CURRENT
PERFORMANCE DATA, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800 CALL
OPP (255.5677). 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 4% (1-YEAR) AND 1% (5-YEAR); AND FOR CLASS C SHARES, THE
CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. CLASS X SHARES ARE NO
LONGER OFFERED EXCLUDING DIVIDENDS REINVESTED. SEE PAGE 14 FOR FURTHER DETAILS.
11 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Limited Term New York Municipal Fund (Class C)
Lehman Brothers Municipal Bond Index
Merrill Lynch Municipal Index (3-7 Years)
Consumer Price Index
[LINE CHART]
Limited Term New York Lehman Brothers Municipal Merrill Lynch Municipal Consumer Price
Municipal Fund (Class C) Bond Index Index (3-7 Years) Index
05/01/1997 $10,000 $10,000 $10,000 $10,000
06/30/1997 10,166 10,259 10,236 10,006
09/30/1997 10,379 10,568 10,452 10,062
12/31/1997 10,558 10,855 10,636 10,069
03/31/1998 10,683 10,980 10,749 10,125
06/30/1998 10,827 11,147 10,871 10,175
09/30/1998 11,068 11,489 11,171 10,212
12/31/1998 11,102 11,558 11,269 10,231
03/31/1999 11,184 11,660 11,371 10,300
06/30/1999 11,059 11,454 11,235 10,375
09/30/1999 10,997 11,409 11,329 10,481
12/31/1999 10,921 11,320 11,343 10,506
03/31/2000 11,098 11,651 11,478 10,687
06/30/2000 11,214 11,827 11,671 10,762
09/30/2000 11,399 12,113 11,910 10,843
12/31/2000 11,650 12,643 12,278 10,861
03/31/2001 11,811 12,923 12,624 10,999
06/30/2001 11,930 13,007 12,758 11,111
09/30/2001 12,159 13,373 13,098 11,130
12/31/2001 12,123 13,291 13,012 11,030
03/31/2002 12,190 13,416 13,066 11,161
06/30/2002 12,400 13,907 13,642 11,230
09/30/2002 12,832 14,567 14,171 11,298
12/31/2002 12,794 14,567 14,327 11,292
03/31/2003 12,804 14,742 14,469 11,498
06/30/2003 12,921 15,123 14,765 11,467
09/30/2003 13,040 15,135 14,898 11,561
12/31/2003 13,309 15,341 14,931 11,561
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES OF THE FUND
WITH SALES CHARGE AT 12/31/03
1-Year 3.02% 5-Year 3.69% Since Inception 4.38% Inception Date 5/1/97
12 | LIMITED TERM NEW YORK MUNICIPAL FUND
CLASS X SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Limited Term New York Municipal Fund (Class X)
Lehman Brothers Municipal Bond Index
Merrill Lynch Municipal Index (3-7 Years)
Consumer Price Index
[LINE CHART]
Limited Term New York Lehman Brothers Municipal Merrill Lynch Municipal Consumer Price
Municipal Fund (Class X) Bond Index Index (3-7 Years) Index
05/01/1995 $10,000 $10,000 $10,000 $10,000
06/30/1995 10,147 10,229 10,236 10,040
09/30/1995 10,371 10,523 10,411 10,086
12/31/1995 10,557 10,957 10,630 10,105
03/31/1996 10,568 10,825 10,645 10,250
06/30/1996 10,662 10,908 10,680 10,316
09/30/1996 10,855 11,158 10,870 10,388
12/31/1996 11,042 11,443 11,083 10,441
03/31/1997 11,109 11,415 11,074 10,533
06/30/1997 11,376 11,808 11,358 10,553
09/30/1997 11,621 12,164 11,597 10,612
12/31/1997 11,864 12,494 11,802 10,619
03/31/1998 12,010 12,638 11,927 10,678
06/30/1998 12,143 12,831 12,063 10,731
09/30/1998 12,419 13,224 12,395 10,770
12/31/1998 12,502 13,304 12,503 10,790
03/31/1999 12,564 13,422 12,617 10,862
06/30/1999 12,468 13,185 12,466 10,941
09/30/1999 12,407 13,132 12,570 11,053
12/31/1999 12,329 13,030 12,586 11,080
03/31/2000 12,496 13,411 12,735 11,271
06/30/2000 12,672 13,614 12,950 11,350
09/30/2000 12,887 13,943 13,216 11,435
12/31/2000 13,176 14,553 13,624 11,455
03/31/2001 13,325 14,876 14,007 11,600
06/30/2001 13,507 14,973 14,156 11,718
09/30/2001 13,774 15,393 14,533 11,738
12/31/2001 13,742 15,299 14,438 11,633
03/31/2002 13,827 15,443 14,497 11,771
06/30/2002 14,072 16,008 15,137 11,843
09/30/2002 14,508 16,768 15,723 11,916
12/31/2002 14,448 16,768 15,897 11,909
03/31/2003 14,637 16,970 16,055 12,126
06/30/2003 14,823 17,407 16,383 12,093
09/30/2003 14,965 17,421 16,530 12,192
12/31/2003 15,273 17,659 16,567 12,192
AVERAGE ANNUAL TOTAL RETURNS OF CLASS X SHARES OF THE FUND AT 12/31/03
1-YEAR 3.21% 5-YEAR 4.08% SINCE INCEPTION 5.01% Inception Date 5/1/95
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 MORE CURRENT
PERFORMANCE DATA, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800 CALL
OPP (255.5677). 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 4% (1-YEAR) AND 1% (5-YEAR); AND FOR CLASS C SHARES, THE
CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. CLASS X SHARES ARE NO
LONGER OFFERED EXCLUDING DIVIDENDS REINVESTED. SEE PAGE 14 FOR FURTHER DETAILS.
13 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES
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Total returns 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.CALL OPP (1.800.225.5677) or
visit the OppenheimerFunds website at WWW.OPPENHEIMERFUNDS.COM. Read the
prospectus carefully before you invest or send money.
CLASS A shares of the Fund were first publicly offered on 9/18/91. The average
annual total returns are shown net of the applicable 3.50% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 5/1/97. The average
annual total returns are shown net of 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 "since inception" 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. The average
annual total returns are shown net of 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.
CLASS X shares of the Fund were first publicly offered on 5/1/95. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 2.5% (1-year) and 0% (5-year and since inception). Class X shares are
no longer offered excluding dividends reinvested.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
14 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 2003
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EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--99.8%
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK--86.1%
$ 785,000 Albany County Airport Authority 5.300% 12/15/2009 12/15/2007 b $ 868,367
- ---------------------------------------------------------------------------------------------------------------------------
50,000 Albany County Airport Authority 5.300 12/15/2015 s 12/15/2009 b 53,720
- ---------------------------------------------------------------------------------------------------------------------------
750,000 Albany County Airport Authority 5.500 12/15/2019 s 12/15/2009 b 803,160
- ---------------------------------------------------------------------------------------------------------------------------
5,000 Albany GO 7.000 01/15/2010 01/15/2004 b 5,024
- ---------------------------------------------------------------------------------------------------------------------------
250,000 Albany Hsg. Authority 6.250 10/01/2012 s 10/01/2007 b 264,173
- ---------------------------------------------------------------------------------------------------------------------------
430,000 Albany IDA (Albany Medical Center) 5.600 05/01/2005 11/03/2004 c 433,857
- ---------------------------------------------------------------------------------------------------------------------------
5,335,000 Albany IDA (Charitable Leadership) 5.500 07/01/2011 07/13/2010 c 5,645,337
- ---------------------------------------------------------------------------------------------------------------------------
8,810,000 Albany IDA (Charitable Leadership) 6.000 07/01/2019 s 07/01/2013 b 9,336,486
- ---------------------------------------------------------------------------------------------------------------------------
2,660,000 Albany IDA
(Daughters of Sarah Nursing Home) 5.250 10/20/2021 04/20/2012 b 2,839,816
- ---------------------------------------------------------------------------------------------------------------------------
1,665,000 Albany IDA (H. Johnson Office Park) 4.750 03/01/2018 s 03/01/2004 b 1,669,695
- ---------------------------------------------------------------------------------------------------------------------------
65,000 Albany IDA (Port of Albany) 6.250 02/01/2005 08/16/2004 c 64,923
- ---------------------------------------------------------------------------------------------------------------------------
3,545,000 Albany IDA (Spectrapark) 7.600 12/01/2009 s 06/01/2004 b 3,555,210
- ---------------------------------------------------------------------------------------------------------------------------
125,000 Albany IDA
(University Heights-Albany Law School) 6.750 12/01/2019 s 12/01/2009 b 149,174
- ---------------------------------------------------------------------------------------------------------------------------
1,655,000 Albany IDA
(University Heights-Albany Pharmacy) 6.750 12/01/2019 s 12/01/2009 b 1,935,721
- ---------------------------------------------------------------------------------------------------------------------------
15,000 Albany IDA
(University Heights-Albany Pharmacy) 6.750 12/01/2029 s 12/01/2009 b 17,277
- ---------------------------------------------------------------------------------------------------------------------------
2,000,000 Albany Municipal Water Finance Authority 5.000 12/01/2015 06/01/2008 b 2,103,740
- ---------------------------------------------------------------------------------------------------------------------------
3,865,000 Albany Municipal Water Finance Authority 5.250 12/01/2016 06/01/2008 b 4,102,891
- ---------------------------------------------------------------------------------------------------------------------------
1,935,000 Albany Municipal Water Finance Authority 5.250 12/01/2017 06/01/2008 b 2,049,242
- ---------------------------------------------------------------------------------------------------------------------------
2,915,000 Albany Municipal Water Finance Authority 5.250 12/01/2020 06/01/2008 b 3,056,873
- ---------------------------------------------------------------------------------------------------------------------------
3,235,000 Albany Municipal Water Finance Authority 5.250 12/01/2022 06/01/2008 b 3,371,194
- ---------------------------------------------------------------------------------------------------------------------------
2,590,000 Albany Municipal Water Finance Authority 5.250 12/01/2023 06/01/2008 b 2,767,467
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Albany Municipal Water Finance Authority 6.375 12/01/2017 s 12/01/2009 b 1,215,880
- ---------------------------------------------------------------------------------------------------------------------------
625,000 Albany Parking Authority 0.000 z 09/15/2004 09/15/2004 617,669
- ---------------------------------------------------------------------------------------------------------------------------
20,000 Albany Parking Authority 0.000 z 09/15/2005 09/15/2005 19,254
- ---------------------------------------------------------------------------------------------------------------------------
2,000,000 Albany Parking Authority 5.625 07/15/2020 s 07/15/2012 b 2,133,920
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Albany Parking Authority 5.625 07/15/2025 s 07/15/2012 b 1,045,460
- ---------------------------------------------------------------------------------------------------------------------------
140,000 Allegany County IDA (Houghton College) 5.000 01/15/2010 01/15/2008 b 149,180
- ---------------------------------------------------------------------------------------------------------------------------
4,250,000 Allegany County IDA (Houghton College) 5.250 01/15/2018 01/15/2010 b 4,380,518
- ---------------------------------------------------------------------------------------------------------------------------
2,790,000 Amherst IDA (Daemen College) 5.750 10/01/2011 07/16/2008 c 3,020,594
- ---------------------------------------------------------------------------------------------------------------------------
490,000 Amherst IDA
(Faculty-Student Assoc. of SUNY
at Buffalo) 5.750 04/01/2016 04/01/2012 b 536,913
- ---------------------------------------------------------------------------------------------------------------------------
420,000 Amherst IDA
(Faculty-Student Assoc. of SUNY
at Buffalo) 5.750 04/01/2017 s 04/01/2012 b 457,174
- ---------------------------------------------------------------------------------------------------------------------------
880,000 Andpress HDC (Andpress Plaza) 6.600 01/15/2023 s 02/15/2004 b 880,810
- ---------------------------------------------------------------------------------------------------------------------------
50,000 Arlington Central School District 5.000 12/15/2015 12/15/2009 b 56,640
- ---------------------------------------------------------------------------------------------------------------------------
1,380,000 Arlington Central School District 5.000 12/15/2020 12/15/2012 b 1,466,429
- ---------------------------------------------------------------------------------------------------------------------------
10,000 Arlington Central School District 5.625 05/15/2022 05/15/2007 b 11,564
- ---------------------------------------------------------------------------------------------------------------------------
250,000 Auburn IDA
(Auburn Memorial Nursing Home) 6.500 02/01/2034 08/01/2004 b 261,995
- ---------------------------------------------------------------------------------------------------------------------------
6,940,000 Babylon IDA (WSNCHS East, Inc.) 6.500 08/01/2019 s 08/01/2010 b 8,147,144
15 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 295,000 Battery Park City Authority 5.650% 12/01/2013 s 06/01/2004 b $ 303,186
- -------------------------------------------------------------------------------------------------------------------------
1,980,000 Battery Park City Authority 5.750 06/01/2023 s 06/01/2004 b 2,034,945
- -------------------------------------------------------------------------------------------------------------------------
390,000 Blauvelt Volunteer Fire Company 6.000 10/15/2008 11/16/2006 c 389,540
- -------------------------------------------------------------------------------------------------------------------------
10,000 Brookhaven GO 6.400 10/01/2010 04/01/2004 b 10,237
- -------------------------------------------------------------------------------------------------------------------------
885,000 Brookhaven IDA (Alternatives
for Children) 7.000 02/01/2013 07/09/2009 c 904,505
- -------------------------------------------------------------------------------------------------------------------------
1,545,000 Brookhaven IDA (Dowling College) 6.500 11/01/2012 11/01/2012 1,539,191
- -------------------------------------------------------------------------------------------------------------------------
590,000 Brookhaven IDA (Stony Brook Foundation) 5.750 11/01/2008 12/11/2006 c 625,158
- -------------------------------------------------------------------------------------------------------------------------
315,000 Broome County COP 5.250 04/01/2022 s 04/01/2004 b 324,028
- -------------------------------------------------------------------------------------------------------------------------
505,000 Buffalo GO 6.000 12/01/2015 12/01/2009 a 604,303
- -------------------------------------------------------------------------------------------------------------------------
400,000 Carnegie Redevelopment Corp. i 6.250 09/01/2005 03/02/2005 c 398,652
- -------------------------------------------------------------------------------------------------------------------------
1,550,000 Carnegie Redevelopment Corp. i 6.500 09/01/2011 05/17/2009 c 1,534,702
- -------------------------------------------------------------------------------------------------------------------------
435,000 Cattaraugus County IDA
(Jamestown Community College) 6.000 07/01/2012 s 07/01/2010 b 477,030
- -------------------------------------------------------------------------------------------------------------------------
1,075,000 Chautaugua County Tobacco Asset
Securitization Corp. 6.250 07/01/2016 07/01/2010 b 1,102,832
- -------------------------------------------------------------------------------------------------------------------------
2,035,000 Chautauqua County Tobacco Asset
Securitization Corp. 6.000 07/01/2012 08/20/2008 g 2,081,317
- -------------------------------------------------------------------------------------------------------------------------
3,305,000 Chautauqua County Tobacco Asset
Securitization Corp. 6.500 07/01/2024 07/01/2010 b 3,376,520
- -------------------------------------------------------------------------------------------------------------------------
18,160,000 Chautauqua County Tobacco Asset
Securitization Corp. 6.750 07/01/2040 07/01/2010 b 18,608,734
- -------------------------------------------------------------------------------------------------------------------------
2,500,000 Clarence IDA (Bristol Village) 6.000 01/20/2044 01/20/2015 b 2,714,675
- -------------------------------------------------------------------------------------------------------------------------
100,000 Clifton Park GO 5.100 02/01/2011 02/01/2004 b 101,750
- -------------------------------------------------------------------------------------------------------------------------
245,000 Clifton Springs Hospital & Clinic 7.000 01/01/2005 07/09/2004 c 245,118
- -------------------------------------------------------------------------------------------------------------------------
4,195,000 Cortland County IDA
(Cortland Memorial Hospital) 5.625 07/01/2024 s 07/01/2013 b 4,474,681
- -------------------------------------------------------------------------------------------------------------------------
30,000 Dutchess County GO 5.375 03/15/2014 03/15/2006 b 32,831
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 s 05/01/2004 b 1,024,280
- -------------------------------------------------------------------------------------------------------------------------
5,205,000 Dutchess County IDA (Marist College) 5.150 07/01/2017 07/01/2013 b 5,472,849
- -------------------------------------------------------------------------------------------------------------------------
2,825,000 Dutchess County IDA
(Vassar Brothers Hospital) 6.500 04/01/2020 s 04/01/2010 b 3,087,217
- -------------------------------------------------------------------------------------------------------------------------
2,800,000 East Rochester Hsg. Authority
(Rochester St. Mary's
Residence Facility) 5.375 12/20/2022 s 12/20/2012 b 2,974,104
- -------------------------------------------------------------------------------------------------------------------------
550,000 East Rochester Hsg. Authority
(St. John's Meadows) 5.750 08/01/2037 s 08/01/2009 b 615,516
- -------------------------------------------------------------------------------------------------------------------------
3,000,000 Elmira City Water Improvement, Series B 5.950 03/01/2016 03/01/2006 b 3,261,870
- -------------------------------------------------------------------------------------------------------------------------
2,250,000 Erie County IDA (Medaille College) 6.875 10/01/2013 07/31/2009 c 2,253,623
- -------------------------------------------------------------------------------------------------------------------------
605,000 Erie County IDA (Medaille College) 7.250 11/01/2010 02/09/2008 c 613,512
- -------------------------------------------------------------------------------------------------------------------------
665,000 Erie County Tobacco Asset
Securitization Corp. 5.750 07/15/2013 07/15/2010 b 672,714
- -------------------------------------------------------------------------------------------------------------------------
6,675,000 Erie County Tobacco Asset
Securitization Corp. 6.000 07/15/2020 09/16/2010 g 6,731,471
- -------------------------------------------------------------------------------------------------------------------------
620,000 Erie County Tobacco Asset
Securitization Corp. 6.125 07/15/2030 06/07/2020 c 612,610
- -------------------------------------------------------------------------------------------------------------------------
20,000 Erie County Tobacco Asset
Securitization Corp. 6.250 07/15/2040 07/15/2011 b 20,036
16 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$16,825,000 Erie County Tobacco Asset
Securitization Corp. 6.500% 07/15/2024 07/15/2010 b $ 17,206,928
- ---------------------------------------------------------------------------------------------------------------------------
2,955,000 Erie County Tobacco Asset
Securitization Corp. 6.750 07/15/2040 s 07/15/2010 b 3,053,579
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Essex County IDA
(International Paper Company) 5.800 12/01/2019 12/01/2007 b 1,020,790
- ---------------------------------------------------------------------------------------------------------------------------
25,000 Fairport GO 5.000 05/15/2006 05/15/2004 b 25,064
- ---------------------------------------------------------------------------------------------------------------------------
1,355,000 Franklin County IDA COP 8.125 08/01/2006 12/24/2005 c 1,365,230
- ---------------------------------------------------------------------------------------------------------------------------
600,000 Grand Central BID
(Grand Central District Management) 5.250 01/01/2022 01/01/2006 b 609,834
- ---------------------------------------------------------------------------------------------------------------------------
740,000 Hamilton EHC (Hamilton Apartments) 11.250 01/01/2015 s 05/01/2004 b 754,393
- ---------------------------------------------------------------------------------------------------------------------------
1,700,000 Hempstead IDA (Adelphi University) 5.750 06/01/2022 s 06/01/2012 b 1,851,793
- ---------------------------------------------------------------------------------------------------------------------------
165,000 Hempstead IDA (Bristal Gardens) 7.000 11/01/2013 11/01/2009 b 165,309
- ---------------------------------------------------------------------------------------------------------------------------
225,000 Hempstead IDA (Bristal Gardens) w 7.000 11/01/2013 11/01/2009 b 225,261
- ---------------------------------------------------------------------------------------------------------------------------
225,000 Hempstead IDA (Bristal Gardens) w 7.000 11/01/2013 11/01/2009 b 225,261
- ---------------------------------------------------------------------------------------------------------------------------
320,000 Hempstead IDA (Bristal Gardens) w 7.000 11/01/2013 08/24/2010 319,424
- ---------------------------------------------------------------------------------------------------------------------------
2,050,000 Herkimer County IDA (Burrows Paper) i 8.000 01/01/2009 09/07/2006 c 2,012,752
- ---------------------------------------------------------------------------------------------------------------------------
775,000 Herkimer County IDA (College Foundation) 5.850 11/01/2010 01/25/2008 c 833,877
- ---------------------------------------------------------------------------------------------------------------------------
2,095,000 Herkimer Hsg. Authority 7.150 03/01/2011 09/01/2006 b 2,109,560
- ---------------------------------------------------------------------------------------------------------------------------
15,000 Hudson HDC
(Providence Hall-Schuyler Court) 6.400 07/01/2012 s 07/01/2004 b 15,010
- ---------------------------------------------------------------------------------------------------------------------------
2,340,000 Hudson HDC
(Providence Hall-Schuyler Court) 6.500 01/01/2025 s 07/01/2004 b 2,436,525
- ---------------------------------------------------------------------------------------------------------------------------
230,000 Hudson IDA (Have, Inc.) 7.125 12/01/2007 07/11/2006 c 226,780
- ---------------------------------------------------------------------------------------------------------------------------
80,000 Islip Union Free School District GO 5.625 07/15/2012 07/15/2004 b 81,740
- ---------------------------------------------------------------------------------------------------------------------------
2,810,000 Jamestown Hsg. Authority 6.125 07/01/2010 10/18/2007 c 2,781,169
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 08/01/2011 b 1,061,300
- ---------------------------------------------------------------------------------------------------------------------------
10,500,000 L.I. Power Authority 5.750 12/01/2024 s 06/01/2008 b 11,593,260
- ---------------------------------------------------------------------------------------------------------------------------
7,390,000 L.I. Power Authority, Series A 5.000 12/01/2015 06/01/2008 b 8,035,443
- ---------------------------------------------------------------------------------------------------------------------------
14,765,000 L.I. Power Authority, Series A 5.000 12/01/2018 06/01/2008 b 15,852,442
- ---------------------------------------------------------------------------------------------------------------------------
5,095,000 L.I. Power Authority, Series A 5.125 12/01/2016 06/01/2008 b 5,576,528
- ---------------------------------------------------------------------------------------------------------------------------
75,000 L.I. Power Authority, Series A 5.125 12/01/2022 s 06/01/2008 b 79,009
- ---------------------------------------------------------------------------------------------------------------------------
4,250,000 L.I. Power Authority, Series A 5.250 12/01/2026 s 06/01/2008 b 4,402,320
- ---------------------------------------------------------------------------------------------------------------------------
25,000 L.I. Power Authority, Series A 5.300 12/01/2019 06/01/2008 b 27,480
- ---------------------------------------------------------------------------------------------------------------------------
12,365,000 L.I. Power Authority, Series C 5.500 09/01/2020 03/01/2008 b 13,136,947
- ---------------------------------------------------------------------------------------------------------------------------
210,000 Lillian Cooper HDC 7.000 01/01/2022 07/01/2004 b 216,930
- ---------------------------------------------------------------------------------------------------------------------------
80,000 Lillian Cooper HDC 7.000 01/01/2022 s 07/01/2004 b 80,116
- ---------------------------------------------------------------------------------------------------------------------------
25,000 Lillian Cooper HDC 7.000 01/01/2023 s 07/01/2004 b 25,245
- ---------------------------------------------------------------------------------------------------------------------------
280,000 Lillian Cooper HDC 7.375 01/01/2023 s 07/01/2004 b 289,170
- --------------------------------------------------------------------------------------------------------------------------
3,950,000 Lockport HDC 6.000 10/01/2018 s 10/01/2009 b 4,051,713
- --------------------------------------------------------------------------------------------------------------------------
805,000 Madison County IDA (Morrisville College) 6.750 07/01/2007 09/20/2005 c 816,479
- ---------------------------------------------------------------------------------------------------------------------------
290,000 Madison County IDA
(Oneida Healthcare Center) 5.300 07/01/2005 01/05/2005 c 305,596
- ---------------------------------------------------------------------------------------------------------------------------
2,260,000 Madison County IDA
(Oneida Healthcare Center) 5.500 02/01/2016 02/01/2013 b 2,458,767
17 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 200,000 Medina Hsg. Corp. 8.250% 08/15/2011 s 02/15/2004 b $ 201,462
- -------------------------------------------------------------------------------------------------------------------------
480,000 Middleton IDA (Fleurchem, Inc.) i 7.125 12/01/2008 02/05/2007 c 484,536
- -------------------------------------------------------------------------------------------------------------------------
40,000 Middletown Hsg. (Alice V. Tomaso Plaza) 6.000 07/01/2009 07/01/2004 b 41,679
- -------------------------------------------------------------------------------------------------------------------------
785,000 Middletown IDA
(Southwinds Retirement Home) 5.875 03/01/2007 09/26/2005 c 769,520
- -------------------------------------------------------------------------------------------------------------------------
5,000 Monroe County Airport Authority (GRIA) 0.000 z 01/01/2004 01/01/2004 5,000
- -------------------------------------------------------------------------------------------------------------------------
160,000 Monroe County Airport Authority (GRIA) 5.375 01/01/2019 07/01/2004 b 161,742
- -------------------------------------------------------------------------------------------------------------------------
100,000 Monroe County Airport Authority (GRIA) 5.400 01/01/2008 10/01/2005 b 101,312
- -------------------------------------------------------------------------------------------------------------------------
5,970,000 Monroe County COP 8.050 01/01/2011 s 07/01/2004 b 6,196,860
- -------------------------------------------------------------------------------------------------------------------------
75,000 Monroe County GO 5.600 12/01/2013 06/01/2004 b 78,334
- -------------------------------------------------------------------------------------------------------------------------
1,755,000 Monroe County IDA (Al Sigl Center) 6.125 12/15/2008 01/26/2007 c 1,841,715
- -------------------------------------------------------------------------------------------------------------------------
525,000 Monroe County IDA (Al Sigl Center) 6.375 12/15/2005 06/20/2005 c 540,666
- -------------------------------------------------------------------------------------------------------------------------
1,135,000 Monroe County IDA (Al Sigl Center) 6.750 12/15/2010 02/01/2009 c 1,172,864
- -------------------------------------------------------------------------------------------------------------------------
750,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 s 06/15/2004 b 767,633
- -------------------------------------------------------------------------------------------------------------------------
25,000 Monroe County IDA
(Collegiate Hsg. Foundation--RIT) 5.000 04/01/2010 04/01/2009 b 25,680
- -------------------------------------------------------------------------------------------------------------------------
610,000 Monroe County IDA
(Dayton Rogers Manufacturing) 5.850 12/01/2006 12/15/2005 c 592,359
- -------------------------------------------------------------------------------------------------------------------------
1,285,000 Monroe County IDA
(DePaul Community Facilities) 6.500 02/01/2024 s 02/01/2004 b 1,312,974
- -------------------------------------------------------------------------------------------------------------------------
765,000 Monroe County IDA (DePaul Properties) 5.900 09/01/2007 03/29/2006 c 744,391
- -------------------------------------------------------------------------------------------------------------------------
80,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 5.700 04/01/2004 04/01/2004 80,205
- -------------------------------------------------------------------------------------------------------------------------
60,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 5.800 04/01/2005 04/01/2005 60,589
- -------------------------------------------------------------------------------------------------------------------------
65,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 5.900 04/01/2006 04/01/2006 66,420
- -------------------------------------------------------------------------------------------------------------------------
75,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 6.100 04/01/2008 04/01/2007 b 77,206
- -------------------------------------------------------------------------------------------------------------------------
110,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 6.200 04/01/2009 04/01/2007 b 112,804
- -------------------------------------------------------------------------------------------------------------------------
100,000 Monroe County IDA
(Nazareth College of Rochester) 5.250 04/01/2018 04/01/2008 b 109,431
- -------------------------------------------------------------------------------------------------------------------------
805,000 Monroe County IDA (Piano Works) 6.625 11/01/2006 11/16/2005 c 808,953
- -------------------------------------------------------------------------------------------------------------------------
35,000 Monroe County IDA (West End Business) 6.750 12/01/2004 12/01/2004 34,990
- -------------------------------------------------------------------------------------------------------------------------
19,380,000 Monroe County Tobacco Asset
Securitization Corp. 6.150 06/01/2025 11/03/2009 g 19,471,474
- -------------------------------------------------------------------------------------------------------------------------
11,165,000 Monroe County Tobacco Asset
Securitization Corp. 6.375 06/01/2019 s 06/01/2010 b 11,546,173
- -------------------------------------------------------------------------------------------------------------------------
5,305,000 Monroe County Tobacco Asset
Securitization Corp. 6.375 06/01/2035 06/01/2010 b 5,368,925
- -------------------------------------------------------------------------------------------------------------------------
3,000,000 Monroe County Tobacco Asset
Securitization Corp. 6.625 06/01/2042 s 06/01/2010 b 3,080,250
- -------------------------------------------------------------------------------------------------------------------------
285,000 Monroe Newpower Corp. 4.500 01/01/2011 10/01/2010 c 293,362
- -------------------------------------------------------------------------------------------------------------------------
155,000 Monroe Newpower Corp. 4.700 01/01/2012 10/01/2011 c 161,127
- -------------------------------------------------------------------------------------------------------------------------
410,000 Monroe Newpower Corp. 4.800 01/01/2013 10/01/2012 c 426,564
- -------------------------------------------------------------------------------------------------------------------------
7,800,000 Monroe Newpower Corp. 6.375 01/01/2024 07/01/2009 b 8,429,070
- -------------------------------------------------------------------------------------------------------------------------
730,000 Montgomery County IDA (ASMF) i,t,u 6.500 01/15/2004 01/15/2004 352,225
18 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 280,000 Mount Vernon IDA (Kings Court) 5.125% 12/01/2023 12/01/2013 b $ 287,022
- --------------------------------------------------------------------------------------------------------------------------
975,000 Mount Vernon IDA (Macedonia Towers) 5.125 12/01/2023 12/01/2013 b 999,453
- --------------------------------------------------------------------------------------------------------------------------
375,000 Mount Vernon IDA (Meadowview) 6.000 06/01/2009 01/31/2007 c 375,836
- --------------------------------------------------------------------------------------------------------------------------
270,000 Mount Vernon IDA (Section 8), Series A 3.250 12/01/2007 12/01/2007 266,668
- --------------------------------------------------------------------------------------------------------------------------
280,000 Mount Vernon IDA (Section 8), Series A 3.500 06/01/2008 06/01/2008 276,158
- --------------------------------------------------------------------------------------------------------------------------
5,275,000 Mount Vernon IDA (Section 8), Series A 5.250 12/01/2014 s 06/01/2008 b 5,436,784
- --------------------------------------------------------------------------------------------------------------------------
25,000 MTA Commuter Facilities, Series 7 5.625 07/01/2016 s 07/01/2004 b 25,600
- --------------------------------------------------------------------------------------------------------------------------
6,600,000 MTA Commuter Facilities, Series A 6.500 07/01/2016 07/01/2007 a 7,614,882
- --------------------------------------------------------------------------------------------------------------------------
10,000 MTA Commuter Facilities, Series B 5.000 07/01/2017 07/01/2009 a 10,928
- --------------------------------------------------------------------------------------------------------------------------
5,000 MTA Commuter Facilities, Series D 5.000 07/01/2016 07/01/2007 a 5,489
- --------------------------------------------------------------------------------------------------------------------------
2,000,000 MTA Dedicated Tax Fund, Series A 6.125 04/01/2015 04/01/2010 a 2,383,180
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 MTA Dedicated Tax Fund, Series A 6.125 04/01/2017 04/01/2010 a 1,191,590
- --------------------------------------------------------------------------------------------------------------------------
225,000 MTA Service Contract, Series 3 7.375 07/01/2008 08/21/2006 c 255,605
- --------------------------------------------------------------------------------------------------------------------------
15,350,000 MTA Service Contract, Series A 5.750 07/01/2031 07/01/2012 b 17,233,138
- --------------------------------------------------------------------------------------------------------------------------
7,135,000 MTA, Series A 6.500 07/01/2016 07/01/2007 a 8,232,149
- --------------------------------------------------------------------------------------------------------------------------
55,000 MTA, Series B 5.000 07/01/2020 s 07/01/2007 b 59,045
- --------------------------------------------------------------------------------------------------------------------------
20,000,000 MTA, Series U 5.750 11/15/2032 11/15/2012 b 21,791,200
- --------------------------------------------------------------------------------------------------------------------------
15,000,000 Municipal Assistance Corp. for
New York, NY 6.000 07/01/2008 07/01/2007 b 17,163,150
- --------------------------------------------------------------------------------------------------------------------------
1,350,000 Nassau County GO 5.125 03/01/2014 03/01/2006 b 1,480,248
- --------------------------------------------------------------------------------------------------------------------------
100,000 Nassau County GO 5.875 08/01/2014 02/01/2004 b 102,368
- --------------------------------------------------------------------------------------------------------------------------
5,000 Nassau County GO 5.875 05/15/2015 05/15/2004 b 5,127
- --------------------------------------------------------------------------------------------------------------------------
10,000 Nassau County GO 5.875 05/15/2016 05/15/2004 b 10,254
- --------------------------------------------------------------------------------------------------------------------------
20,000 Nassau County GO 6.375 05/15/2013 05/15/2004 b 20,368
- --------------------------------------------------------------------------------------------------------------------------
10,000 Nassau County GO 6.375 05/15/2014 05/15/2004 b 10,394
- --------------------------------------------------------------------------------------------------------------------------
710,000 Nassau County GO Combined
Sewer Districts, Series F 7.000 03/01/2015 03/01/2010 b 862,742
- --------------------------------------------------------------------------------------------------------------------------
720,000 Nassau County GO Combined
Sewer Districts, Series F 7.000 03/01/2016 03/01/2010 b 872,647
- --------------------------------------------------------------------------------------------------------------------------
730,000 Nassau County GO Combined
Sewer Districts, Series F 7.000 03/01/2017 03/01/2010 b 884,767
- --------------------------------------------------------------------------------------------------------------------------
740,000 Nassau County GO Combined
Sewer Districts, Series F 7.000 03/01/2018 03/01/2010 b 896,887
- --------------------------------------------------------------------------------------------------------------------------
745,000 Nassau County GO Combined
Sewer Districts, Series F 7.000 03/01/2019 03/01/2010 b 902,947
- --------------------------------------------------------------------------------------------------------------------------
90,000 Nassau County GO Combined
Sewer Districts, Series F 7.000 03/01/2020 03/01/2010 b 108,271
- --------------------------------------------------------------------------------------------------------------------------
1,300,000 Nassau County GO General Improvement,
Series F 6.500 03/01/2018 03/01/2010 b 1,539,486
- --------------------------------------------------------------------------------------------------------------------------
1,635,000 Nassau County GO General Improvement,
Series F 6.500 03/01/2019 03/01/2010 b 1,936,200
- --------------------------------------------------------------------------------------------------------------------------
705,000 Nassau County GO General Improvement,
Series F 7.000 03/01/2014 03/01/2010 b 859,543
- --------------------------------------------------------------------------------------------------------------------------
3,435,000 Nassau County GO General Improvement,
Series F 7.000 03/01/2016 03/01/2010 b 4,249,335
- --------------------------------------------------------------------------------------------------------------------------
565,000 Nassau County IDA (ALIA--ACDS) 7.000 10/01/2016 09/29/2010 g 587,272
- --------------------------------------------------------------------------------------------------------------------------
1,220,000 Nassau County IDA (ALIA--ACLD) 5.750 09/01/2011 12/20/2008 c 1,234,359
- --------------------------------------------------------------------------------------------------------------------------
840,000 Nassau County IDA (ALIA--CMA) 7.000 10/01/2016 10/02/2010 g 881,882
19 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 645,000 Nassau County IDA (ALIA--CRR) 7.000% 10/01/2016 10/19/2010 g $ 677,160
- --------------------------------------------------------------------------------------------------------------------------
140,000 Nassau County IDA (ALIA--FREE) 7.000 10/01/2016 11/01/2011 b 146,038
- --------------------------------------------------------------------------------------------------------------------------
590,000 Nassau County IDA (ALIA--HKSB) 7.000 10/01/2016 10/03/2010 g 619,417
- --------------------------------------------------------------------------------------------------------------------------
355,000 Nassau County IDA (North Shore CFGA) 5.750 05/01/2008 06/11/2006 c 348,244
- --------------------------------------------------------------------------------------------------------------------------
845,000 Nassau County IDA (United
Cerebral Palsy) 5.750 11/01/2007 05/27/2006 c 846,834
- --------------------------------------------------------------------------------------------------------------------------
2,215,000 Nassau County IDA (United
Cerebral Palsy) 5.750 11/01/2009 05/15/2007 c 2,186,471
- --------------------------------------------------------------------------------------------------------------------------
545,000 Nassau County Tobacco Settlement Corp. 5.400 07/15/2013 07/15/2004 e 562,118
- --------------------------------------------------------------------------------------------------------------------------
615,000 Nassau County Tobacco Settlement Corp. 5.500 07/15/2014 07/15/2005 e 638,302
- --------------------------------------------------------------------------------------------------------------------------
645,000 Nassau County Tobacco Settlement Corp. 5.625 07/15/2015 07/15/2006 e 672,245
- --------------------------------------------------------------------------------------------------------------------------
3,115,000 Nassau County Tobacco Settlement Corp. 5.700 07/15/2015 07/15/2007 e 3,255,673
- --------------------------------------------------------------------------------------------------------------------------
590,000 Nassau County Tobacco Settlement Corp. 5.750 07/15/2016 07/15/2007 e 606,886
- --------------------------------------------------------------------------------------------------------------------------
3,550,000 Nassau County Tobacco Settlement Corp. 5.875 07/15/2016 07/15/2008 e 3,725,193
- --------------------------------------------------------------------------------------------------------------------------
570,000 Nassau County Tobacco Settlement Corp. 6.000 07/15/2017 07/15/2009 e 589,614
- --------------------------------------------------------------------------------------------------------------------------
150,000 Nassau County Tobacco Settlement Corp. 6.125 07/15/2018 07/15/2009 b 153,182
- --------------------------------------------------------------------------------------------------------------------------
125,000 Nassau County Tobacco Settlement Corp. 6.200 07/15/2018 07/15/2009 b 128,156
- --------------------------------------------------------------------------------------------------------------------------
2,215,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2019 s 07/15/2009 b 2,258,768
- --------------------------------------------------------------------------------------------------------------------------
4,530,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2019 07/15/2009 b 4,619,513
- --------------------------------------------------------------------------------------------------------------------------
4,025,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 s 07/15/2009 b 4,080,787
- --------------------------------------------------------------------------------------------------------------------------
3,610,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 07/15/2009 b 3,660,035
- --------------------------------------------------------------------------------------------------------------------------
2,230,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2021 07/15/2009 b 2,254,909
- --------------------------------------------------------------------------------------------------------------------------
4,900,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2021 07/15/2009 b 4,967,816
- --------------------------------------------------------------------------------------------------------------------------
1,320,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2022 07/15/2009 b 1,338,269
- --------------------------------------------------------------------------------------------------------------------------
18,370,000 Nassau County Tobacco Settlement Corp. 6.400 07/15/2033 07/15/2010 b 18,525,227
- --------------------------------------------------------------------------------------------------------------------------
15,000,000 Nassau County Tobacco Settlement Corp. 6.500 07/15/2027 07/15/2009 b 15,286,800
- --------------------------------------------------------------------------------------------------------------------------
41,500,000 Nassau County Tobacco Settlement Corp. 6.600 07/15/2039 07/15/2009 b 42,290,575
- --------------------------------------------------------------------------------------------------------------------------
70,000 Nassau Healthcare Corp. 5.750 08/01/2029 08/01/2009 b 78,020
- --------------------------------------------------------------------------------------------------------------------------
345,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2010 c 346,822
- --------------------------------------------------------------------------------------------------------------------------
160,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2010 c 158,333
- --------------------------------------------------------------------------------------------------------------------------
210,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2010 c 207,812
- --------------------------------------------------------------------------------------------------------------------------
305,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2010 c 301,819
- --------------------------------------------------------------------------------------------------------------------------
225,000 Nassau IDA (EBS North Hills LLC) w 7.000 11/01/2013 03/28/2010 c 222,656
- --------------------------------------------------------------------------------------------------------------------------
225,000 Nassau IDA (EBS North Hills LLC) w 7.000 11/01/2013 03/28/2010 c 222,656
- --------------------------------------------------------------------------------------------------------------------------
50,000 New Rochelle GO, Series A 6.200 03/15/2021 03/15/2004 b 51,471
- --------------------------------------------------------------------------------------------------------------------------
25,000 New Rochelle GO, Series A 6.200 03/15/2022 03/15/2004 b 25,736
- --------------------------------------------------------------------------------------------------------------------------
1,295,000 New Rochelle IDA (College of
New Rochelle) 5.500 07/01/2019 07/01/2009 b 1,367,805
- --------------------------------------------------------------------------------------------------------------------------
555,000 New Rochelle Municipal Hsg. Authority,
Series A 5.000 12/01/2008 10/12/2006 c 545,265
- --------------------------------------------------------------------------------------------------------------------------
9,115,000 New Rochelle Municipal Hsg. Authority,
Series A 5.550 12/01/2014 03/12/2012 c 8,817,669
- --------------------------------------------------------------------------------------------------------------------------
85,000 New Rochelle Municipal Hsg. Authority,
Series B t,u 6.500 12/01/2014 05/18/2012 c 81,599
- --------------------------------------------------------------------------------------------------------------------------
1,770,000 Newark-Wayne Community Hospital 7.600 09/01/2015 01/11/2011 c 1,714,829
- --------------------------------------------------------------------------------------------------------------------------
60,000 Newburgh GO 7.600 04/01/2008 04/01/2004 b 60,947
- --------------------------------------------------------------------------------------------------------------------------
770,000 Newburgh IDA (Bourne & Kenney
Redevelopment Company) 5.650 08/01/2020 s 08/01/2009 b 813,297
20 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 25,000 Niagara County GO 5.875% 07/15/2009 07/15/2004 b $ 26,114
- ----------------------------------------------------------------------------------------------------------------------------
150,000 Niagara County IDA
(American Ref-Fuel Company) 5.550 11/15/2024 11/15/2012 b 159,155
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 Niagara County IDA (Solid Waste
Disposal) 5.450 11/15/2025 11/15/2012 d 5,313,950
- ----------------------------------------------------------------------------------------------------------------------------
7,000,000 Niagara County IDA (Solid Waste
Disposal) 5.550 11/15/2024 11/15/2011 b 7,385,630
- ----------------------------------------------------------------------------------------------------------------------------
9,850,000 Niagara County IDA (Solid Waste
Disposal) 5.625 11/15/2024 11/15/2012 b 10,409,086
- ----------------------------------------------------------------------------------------------------------------------------
1,175,000 Niagara County Tobacco Asset
Securitization Corp. 5.875 05/15/2022 05/15/2015 e 1,141,266
- ----------------------------------------------------------------------------------------------------------------------------
11,995,000 Niagara County Tobacco Asset
Securitization Corp. 6.750 05/15/2029 s 05/15/2010 b 12,351,611
- ----------------------------------------------------------------------------------------------------------------------------
45,000 Niagara County Tobacco Asset
Securitization Corp. 5.375 05/15/2018 05/15/2009 e 43,863
- ----------------------------------------------------------------------------------------------------------------------------
6,000,000 Niagara Falls City School District 5.875 06/15/2019 06/15/2008 b 6,775,440
- ----------------------------------------------------------------------------------------------------------------------------
1,195,000 Niagara Falls CSD COP
(High School Facility) 6.500 06/15/2019 06/15/2009 b 1,308,202
- ----------------------------------------------------------------------------------------------------------------------------
1,030,000 Niagara Falls Public Water Authority,
Series A 5.500 07/15/2025 07/15/2013 b 1,103,995
- ----------------------------------------------------------------------------------------------------------------------------
3,370,000 Niagara Falls Public Water Authority,
Series A 5.500 07/15/2027 07/15/2013 b 3,612,101
- ----------------------------------------------------------------------------------------------------------------------------
1,055,000 Niagara Falls Public Water Authority,
Series A 5.500 07/15/2028 07/15/2013 b 1,130,791
- ----------------------------------------------------------------------------------------------------------------------------
2,500,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.625 04/01/2029 s 04/01/2009 b 2,724,325
- ----------------------------------------------------------------------------------------------------------------------------
30,000 Niagara Frontier Transportation Authority
(Greater Buffalo International Airport) 6.000 04/01/2008 04/01/2004 b 30,925
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Niagara Frontier Transportation Authority
(Greater Buffalo International Airport) 6.000 04/01/2014 04/01/2004 b 51,562
- ----------------------------------------------------------------------------------------------------------------------------
2,500,000 Niagara Frontier Transportation Authority
(Greater Buffalo International Airport) 6.250 04/01/2024 04/01/2004 b 2,578,375
- ----------------------------------------------------------------------------------------------------------------------------
30,000 North Salem Central School District 5.700 10/15/2011 10/15/2004 b 31,633
- ----------------------------------------------------------------------------------------------------------------------------
4,330,000 NY Counties Tobacco Trust I (TASC) 5.800 06/01/2023 11/03/2005 g 4,369,446
- ----------------------------------------------------------------------------------------------------------------------------
14,195,000 NY Counties Tobacco Trust I (TASC) 6.300 06/01/2019 s 06/01/2010 b 14,702,613
- ----------------------------------------------------------------------------------------------------------------------------
11,480,000 NY Counties Tobacco Trust I (TASC) 6.500 06/01/2035 06/01/2010 b 11,702,712
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NY Counties Tobacco Trust I (TASC) 6.625 06/01/2042 s 06/01/2010 b 71,873
- ----------------------------------------------------------------------------------------------------------------------------
26,525,000 NY Counties Tobacco Trust II (TASC) 5.250 06/01/2025 12/31/2009 c 25,287,874
- ----------------------------------------------------------------------------------------------------------------------------
155,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 04/21/2019 c 142,388
- ----------------------------------------------------------------------------------------------------------------------------
1,675,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2014 06/01/2014 1,673,861
- ----------------------------------------------------------------------------------------------------------------------------
2,120,000 NY Counties Tobacco Trust II (TASC) 6.000 06/01/2015 06/01/2011 b 2,146,521
- ----------------------------------------------------------------------------------------------------------------------------
2,330,000 NY Counties Tobacco Trust II (TASC) 6.000 06/01/2016 06/01/2012 b 2,343,770
- ----------------------------------------------------------------------------------------------------------------------------
9,000,000 NY Counties Tobacco Trust III 5.000 06/01/2027 12/10/2007 9,014,400
- ----------------------------------------------------------------------------------------------------------------------------
4,000,000 NY Counties Tobacco Trust III 5.750 06/01/2033 09/30/2012 3,945,600
- ----------------------------------------------------------------------------------------------------------------------------
16,000,000 NY Counties Tobacco Trust III 6.000 06/01/2043 03/30/2017 c 15,791,840
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYC Educational Construction Fund 5.625 04/01/2013 04/01/2004 b 153,837
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 08/01/2021 08/01/2007 b 51,494
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.250 11/15/2021 s 11/15/2007 b 10,313
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.375 10/01/2022 08/01/2008 b 10,134
- ----------------------------------------------------------------------------------------------------------------------------
7,700,000 NYC GO 5.500 06/01/2023 06/01/2013 b 8,276,268
21 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$14,765,000 NYC GO 5.500% 05/15/2024 s 05/15/2010 b $15,630,820
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.500 02/15/2026 02/15/2008 b 10,315
- ------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.600 12/01/2010 06/01/2004 b 15,136
- ------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.625 08/01/2014 08/01/2006 b 15,626
- ------------------------------------------------------------------------------------------------------------------------
180,000 NYC GO 5.625 08/01/2015 08/01/2004 b 187,515
- ------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.750 05/15/2012 05/15/2004 b 10,185
- ------------------------------------------------------------------------------------------------------------------------
10,750,000 NYC GO 5.750 10/15/2012 10/15/2007 b 12,030,325
- ------------------------------------------------------------------------------------------------------------------------
1,205,000 NYC GO 5.750 02/01/2014 s 02/01/2006 b 1,307,485
- ------------------------------------------------------------------------------------------------------------------------
70,000 NYC GO 5.750 02/01/2015 02/01/2006 b 77,067
- ------------------------------------------------------------------------------------------------------------------------
435,000 NYC GO 5.750 02/01/2015 02/01/2006 b 467,364
- ------------------------------------------------------------------------------------------------------------------------
55,000 NYC GO 5.750 08/01/2015 02/01/2004 b 56,007
- ------------------------------------------------------------------------------------------------------------------------
1,035,000 NYC GO 5.750 03/01/2018 03/01/2013 b 1,157,202
- ------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.750 08/01/2018 08/01/2012 b 555,920
- ------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.750 08/01/2018 08/01/2012 b 555,920
- ------------------------------------------------------------------------------------------------------------------------
685,000 NYC GO 5.750 02/01/2019 02/01/2006 b 754,158
- ------------------------------------------------------------------------------------------------------------------------
715,000 NYC GO 5.750 02/01/2019 02/01/2006 b 768,196
- ------------------------------------------------------------------------------------------------------------------------
5,810,000 NYC GO 5.750 03/01/2021 03/01/2013 b 6,402,969
- ------------------------------------------------------------------------------------------------------------------------
7,195,000 NYC GO 5.750 03/15/2022 03/15/2012 b 7,834,132
- ------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.875 03/15/2018 03/15/2006 b 10,817
- ------------------------------------------------------------------------------------------------------------------------
10,520,000 NYC GO 5.875 06/01/2019 06/01/2012 b 11,714,651
- ------------------------------------------------------------------------------------------------------------------------
7,015,000 NYC GO 5.875 08/01/2019 08/01/2012 b 7,824,741
- ------------------------------------------------------------------------------------------------------------------------
8,075,000 NYC GO 5.875 06/01/2020 06/01/2012 b 8,955,821
- ------------------------------------------------------------------------------------------------------------------------
9,770,000 NYC GO 5.875 06/01/2021 06/01/2012 b 10,792,235
- ------------------------------------------------------------------------------------------------------------------------
4,310,000 NYC GO 5.875 08/01/2024 s 08/01/2008 b 4,728,458
- ------------------------------------------------------------------------------------------------------------------------
430,000 NYC GO 5.875 08/01/2024 s 08/01/2006 b 473,804
- ------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.900 08/01/2010 08/01/2006 b 26,904
- ------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 08/01/2006 02/01/2004 b 15,052
- ------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 08/01/2006 02/01/2004 b 10,184
- ------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 6.000 08/01/2006 02/01/2004 a 50,234
- ------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 08/01/2007 02/01/2004 b 5,017
- ------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 08/01/2007 02/01/2004 b 5,092
- ------------------------------------------------------------------------------------------------------------------------
55,000 NYC GO 6.000 08/01/2007 08/01/2004 b 57,416
- ------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 6.000 08/01/2007 08/01/2004 b 25,978
- ------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 08/01/2008 02/01/2004 b 5,018
- ------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 08/01/2009 02/01/2004 b 10,185
- ------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 05/15/2010 05/15/2004 b 15,278
- ------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 08/01/2010 02/01/2004 b 10,185
- ------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 6.000 02/01/2011 02/01/2006 b 65,514
- ------------------------------------------------------------------------------------------------------------------------
140,000 NYC GO 6.000 08/01/2011 02/01/2004 a 140,510
- ------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 08/01/2011 02/01/2004 b 10,186
- ------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 6.000 08/01/2012 02/01/2004 a 30,164
- ------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 08/01/2012 02/01/2004 b 15,279
- ------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 02/15/2013 02/15/2005 b 5,322
- ------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 02/15/2014 02/15/2005 a 10,644
22 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 15,000 NYC GO 6.000% 02/15/2015 02/15/2005 a $ 15,965
- -------------------------------------------------------------------------------------------------------------------------
450,000 NYC GO 6.000 08/01/2015 02/01/2004 a 451,697
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 08/01/2016 s 08/01/2006 b 10,936
- -------------------------------------------------------------------------------------------------------------------------
85,000 NYC GO 6.000 02/01/2022 08/01/2006 b 93,292
- -------------------------------------------------------------------------------------------------------------------------
1,210,000 NYC GO 6.000 05/15/2022 05/15/2010 b 1,342,955
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 02/15/2024 02/15/2006 b 10,853
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 08/01/2026 s 08/01/2006 b 16,877
- -------------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 6.000 08/01/2026 s 08/01/2006 b 82,376
- -------------------------------------------------------------------------------------------------------------------------
160,000 NYC GO 6.000 08/15/2026 s 08/15/2008 b 180,262
- -------------------------------------------------------------------------------------------------------------------------
155,000 NYC GO 6.000 08/15/2026 s 08/15/2008 b 170,413
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 6.000 10/15/2026 s 08/01/2006 b 44,664
- -------------------------------------------------------------------------------------------------------------------------
55,000 NYC GO 6.125 08/01/2011 08/01/2004 b 57,456
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.125 08/01/2011 08/01/2004 b 10,411
- -------------------------------------------------------------------------------------------------------------------------
210,000 NYC GO 6.125 08/01/2025 s 08/01/2007 b 236,903
- -------------------------------------------------------------------------------------------------------------------------
315,000 NYC GO 6.125 08/01/2025 08/01/2007 b 352,709
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.250 08/01/2008 08/01/2004 b 10,409
- -------------------------------------------------------------------------------------------------------------------------
200,000 NYC GO 6.250 08/01/2011 08/01/2006 b 223,048
- -------------------------------------------------------------------------------------------------------------------------
80,000 NYC GO 6.250 08/01/2012 08/01/2006 b 90,517
- -------------------------------------------------------------------------------------------------------------------------
1,920,000 NYC GO 6.250 08/01/2012 08/01/2006 b 2,136,096
- -------------------------------------------------------------------------------------------------------------------------
3,875,000 NYC GO 6.250 08/01/2013 08/01/2006 b 4,384,408
- -------------------------------------------------------------------------------------------------------------------------
175,000 NYC GO 6.250 08/01/2013 08/01/2006 b 194,696
- -------------------------------------------------------------------------------------------------------------------------
1,100,000 NYC GO 6.350 05/15/2014 05/15/2008 b 1,297,802
- -------------------------------------------------------------------------------------------------------------------------
255,000 NYC GO 6.350 05/15/2014 05/15/2008 b 293,064
- -------------------------------------------------------------------------------------------------------------------------
1,640,000 NYC GO 6.375 08/15/2009 08/15/2005 b 1,790,913
- -------------------------------------------------------------------------------------------------------------------------
2,360,000 NYC GO 6.375 08/15/2009 08/15/2005 b 2,546,416
- -------------------------------------------------------------------------------------------------------------------------
785,000 NYC GO 6.375 08/01/2010 08/01/2005 b 855,626
- -------------------------------------------------------------------------------------------------------------------------
710,000 NYC GO 6.375 08/01/2010 08/01/2005 b 765,096
- -------------------------------------------------------------------------------------------------------------------------
815,000 NYC GO 6.375 08/15/2010 08/15/2005 b 889,719
- -------------------------------------------------------------------------------------------------------------------------
5,400,000 NYC GO 6.375 08/01/2012 08/15/2005 a 5,895,072
- -------------------------------------------------------------------------------------------------------------------------
103,000 NYC GO 6.500 08/01/2014 08/01/2005 b 112,469
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 6.500 08/01/2016 08/01/2005 b 43,677
- -------------------------------------------------------------------------------------------------------------------------
830,000 NYC GO 6.500 05/15/2017 05/15/2010 b 958,941
- -------------------------------------------------------------------------------------------------------------------------
150,000 NYC GO 6.500 08/01/2019 08/01/2005 a 163,790
- -------------------------------------------------------------------------------------------------------------------------
160,000 NYC GO 7.000 12/01/2006 06/01/2004 b 163,726
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2009 02/01/2004 b 5,022
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 12/01/2010 06/01/2004 b 5,110
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2011 02/01/2004 b 5,024
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 7.000 02/01/2012 02/01/2004 b 30,133
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 7.000 10/01/2015 04/01/2004 a 25,157
- -------------------------------------------------------------------------------------------------------------------------
70,000 NYC GO 7.000 10/01/2016 04/01/2004 a 70,440
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2018 02/01/2004 b 5,021
- -------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 7.000 10/01/2018 04/01/2004 a 35,485
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.000 10/01/2019 04/01/2004 a 15,208
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.100 02/01/2004 02/01/2004 5,024
23 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000 NYC GO 7.200% 02/01/2005 02/01/2004 b $ 5,024
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 7.250 10/01/2005 04/01/2004 a 40,584
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 7.250 02/01/2007 02/01/2004 a 100,489
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.250 02/01/2007 02/01/2004 b 5,023
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.250 08/15/2017 02/15/2004 a 15,630
- -------------------------------------------------------------------------------------------------------------------------
10,135,000 NYC GO 7.500 02/01/2004 02/01/2004 10,187,702
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO 7.500 02/01/2004 02/01/2004 2,010,300
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 7.500 12/01/2004 06/01/2004 a 25,650
- -------------------------------------------------------------------------------------------------------------------------
95,000 NYC GO 7.500 02/01/2005 02/01/2004 b 95,450
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.500 08/15/2005 02/15/2004 b 5,034
- -------------------------------------------------------------------------------------------------------------------------
330,000 NYC GO 7.500 02/01/2006 02/01/2004 b 331,544
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.500 02/01/2007 02/01/2004 b 15,071
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.500 02/01/2009 02/01/2004 b 15,072
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 7.650 02/01/2007 02/01/2004 b 40,193
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 7.750 08/15/2027 02/15/2004 b 30,215
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.750 08/15/2028 02/15/2004 b 20,143
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO DIAMONDS t 0.000 v 02/01/2025 02/01/2006 b 91,212
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO DIAMONDS t 0.000 v 08/01/2025 s 08/01/2007 b 21,010
- -------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO RIBS 9.968 r 08/29/2008 02/01/2004 b 93,259
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 9.968 r 07/29/2010 02/01/2004 b 51,811
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 9.968 r 08/27/2015 02/01/2004 b 51,774
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO RIBS 10.066 r 08/22/2013 02/01/2004 b 103,616
- -------------------------------------------------------------------------------------------------------------------------
450,000 NYC GO RIBS 10.770 r 09/01/2011 02/01/2004 b 459,185
- -------------------------------------------------------------------------------------------------------------------------
235,000 NYC HDC (Barclay Avenue) 5.750 04/01/2007 08/04/2005 g 251,739
- -------------------------------------------------------------------------------------------------------------------------
245,000 NYC HDC (Multifamily Hsg.), Series A 5.625 05/01/2012 05/01/2008 b 245,931
- -------------------------------------------------------------------------------------------------------------------------
515,000 NYC HDC (Multifamily Hsg.), Series A 5.750 11/01/2018 s 05/01/2007 b 541,960
- -------------------------------------------------------------------------------------------------------------------------
2,735,000 NYC HDC (Multifamily Hsg.), Series A 6.550 10/01/2015 s 04/01/2004 b 2,836,195
- -------------------------------------------------------------------------------------------------------------------------
275,000 NYC HDC (Multifamily Hsg.), Series A 6.550 04/01/2018 s 04/01/2004 b 281,504
- -------------------------------------------------------------------------------------------------------------------------
29,000,000 NYC HDC (Multifamily Hsg.), Series A 6.600 04/01/2030 s 04/01/2004 b 29,698,610
- -------------------------------------------------------------------------------------------------------------------------
5,245,000 NYC HDC (Multifamily Hsg.), Series B 5.875 11/01/2018 s 05/01/2009 b 5,505,100
- -------------------------------------------------------------------------------------------------------------------------
655,000 NYC HDC (Multifamily Hsg.), Series D 5.500 11/01/2019 11/01/2006 b 682,058
- -------------------------------------------------------------------------------------------------------------------------
200,000 NYC HDC (Multifamily Hsg.), Series E 6.250 05/01/2036 11/01/2009 b 214,964
- -------------------------------------------------------------------------------------------------------------------------
27,600,000 NYC Health & Hospital Corp. 5.250 02/15/2017 s 02/15/2010 b 28,302,144
- -------------------------------------------------------------------------------------------------------------------------
1,325,000 NYC IDA (Acme Architectural Products) 5.875 11/01/2009 07/04/2007 c 1,253,278
- -------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC IDA
(Airis JFK I/JFK International Airport) 6.000 07/01/2015 07/01/2011 b 10,163,400
- -------------------------------------------------------------------------------------------------------------------------
320,000 NYC IDA (ALA Realty) 7.000 12/01/2005 06/07/2005 c 323,914
- -------------------------------------------------------------------------------------------------------------------------
435,000 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/2008 01/24/2007 c 435,827
- -------------------------------------------------------------------------------------------------------------------------
4,985,000 NYC IDA (Beth Abraham Health Services) 6.000 02/15/2013 02/27/2009 c 4,994,970
- -------------------------------------------------------------------------------------------------------------------------
1,015,000 NYC IDA (Beth Abraham Health Services) 6.000 11/15/2013 06/28/2009 c 1,015,802
- -------------------------------------------------------------------------------------------------------------------------
485,000 NYC IDA (Beth Abraham Health Services) 6.000 11/15/2013 07/04/2009 c 485,383
24 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 165,000 NYC IDA
(Brooklyn Heights Montessori School) 7.500% 01/01/2007 08/14/2005 c $ 168,300
- --------------------------------------------------------------------------------------------------------------------------
6,290,000 NYC IDA (Calhoun School) 6.250 12/01/2017 10/13/2012 c 6,352,145
- --------------------------------------------------------------------------------------------------------------------------
505,000 NYC IDA (Chardan Corp.) 6.250 11/01/2008 12/14/2006 c 498,814
- --------------------------------------------------------------------------------------------------------------------------
235,000 NYC IDA (College of Aeronautics) 5.500 05/01/2012 05/01/2008 b 246,163
- --------------------------------------------------------------------------------------------------------------------------
550,000 NYC IDA (College of Aeronautics) 5.500 05/01/2013 05/01/2010 b 574,283
- --------------------------------------------------------------------------------------------------------------------------
1,610,000 NYC IDA (College of Mount St. Vincent) 7.000 05/01/2008 05/01/2004 b 1,660,361
- --------------------------------------------------------------------------------------------------------------------------
360,000 NYC IDA (College of New Rochelle) 6.200 09/01/2010 s 09/01/2005 b 382,288
- --------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (College of New Rochelle) 6.300 09/01/2015 s 09/01/2005 b 525,405
- --------------------------------------------------------------------------------------------------------------------------
450,000 NYC IDA
(Comprehensive Care Management) 5.750 11/01/2008 12/12/2006 c 451,881
- --------------------------------------------------------------------------------------------------------------------------
175,000 NYC IDA
(Comprehensive Care Management) 5.750 11/01/2008 12/12/2006 c 175,716
- --------------------------------------------------------------------------------------------------------------------------
315,000 NYC IDA
(Comprehensive Care Management) 7.250 12/01/2006 12/24/2005 c 330,186
- --------------------------------------------------------------------------------------------------------------------------
227,063 NYC IDA (Cummins Engine) 6.500 03/01/2005 09/17/2004 c 226,123
- --------------------------------------------------------------------------------------------------------------------------
570,000 NYC IDA (Essie Cosmetics) 5.500 11/01/2008 12/09/2006 c 556,559
- --------------------------------------------------------------------------------------------------------------------------
755,000 NYC IDA (Gabrielli Truck Sales) 7.250 12/01/2007 07/04/2006 c 787,571
- --------------------------------------------------------------------------------------------------------------------------
23,380,000 NYC IDA (Japan Airlines) 6.000 11/01/2015 11/01/2004 b 24,686,241
- --------------------------------------------------------------------------------------------------------------------------
270,000 NYC IDA (Julia Gray) 6.500 11/01/2007 06/05/2006 c 271,469
- --------------------------------------------------------------------------------------------------------------------------
315,000 NYC IDA (Koenig Iron Works) 7.375 12/01/2010 03/14/2008 c 331,802
- --------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC IDA (Legal Aid) 8.750 11/01/2033 s 05/01/2004 b 6,179,880
- --------------------------------------------------------------------------------------------------------------------------
2,355,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2013 12/01/2012 b 2,617,112
- --------------------------------------------------------------------------------------------------------------------------
730,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2015 12/01/2012 b 799,664
- --------------------------------------------------------------------------------------------------------------------------
2,880,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2016 12/01/2012 b 3,130,272
- --------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2017 12/01/2012 b 2,158,440
- --------------------------------------------------------------------------------------------------------------------------
3,210,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2018 12/01/2012 b 3,442,276
- --------------------------------------------------------------------------------------------------------------------------
250,000 NYC IDA (Marymount School of NY) 5.125 09/01/2021 09/01/2012 b 258,653
- --------------------------------------------------------------------------------------------------------------------------
555,000 NYC IDA (MediSys Health Network) 5.750 03/15/2006 08/29/2005 c 545,515
- --------------------------------------------------------------------------------------------------------------------------
455,000 NYC IDA (Morrisons Pastry) 5.750 11/01/2009 05/28/2006 c 448,339
- --------------------------------------------------------------------------------------------------------------------------
4,260,000 NYC IDA (National Compressor Exchange) 6.250 11/01/2027 11/01/2007 a 4,359,258
- --------------------------------------------------------------------------------------------------------------------------
465,000 NYC IDA (Precision Gear) 5.875 11/01/2009 07/10/2007 c 457,886
- --------------------------------------------------------------------------------------------------------------------------
390,000 NYC IDA (Precision Gear) 5.875 11/01/2009 07/10/2007 c 384,033
- --------------------------------------------------------------------------------------------------------------------------
135,000 NYC IDA (Precision Gear) 6.500 11/01/2008 12/11/2006 c 137,412
- --------------------------------------------------------------------------------------------------------------------------
220,000 NYC IDA (Promotional Slideguide) 7.000 12/01/2005 05/17/2005 c 237,765
- --------------------------------------------------------------------------------------------------------------------------
4,085,000 NYC IDA (Rosco, Inc.) 6.125 06/01/2022 06/01/2007 d 4,132,427
- --------------------------------------------------------------------------------------------------------------------------
1,155,000 NYC IDA (Showman Fabricators) 7.125 11/01/2013 10/02/2009 c 1,147,770
- --------------------------------------------------------------------------------------------------------------------------
1,365,000 NYC IDA
(Special Needs Facilities Pooled
Program) 5.950 07/01/2008 02/17/2006 c 1,347,583
- --------------------------------------------------------------------------------------------------------------------------
75,000 NYC IDA (Streamline Plastics) 7.125 12/01/2005 06/13/2005 c 75,843
- --------------------------------------------------------------------------------------------------------------------------
10,000 NYC IDA (Terminal One Group Association) 5.700 01/01/2004 01/01/2004 10,000
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYC IDA (Terminal One Group Association) 5.800 01/01/2005 07/01/2004 b 25,566
- --------------------------------------------------------------------------------------------------------------------------
475,000 NYC IDA (Terminal One Group Association) 5.900 01/01/2006 07/01/2004 b 485,569
- --------------------------------------------------------------------------------------------------------------------------
1,485,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2007 07/01/2004 b 1,517,640
- --------------------------------------------------------------------------------------------------------------------------
58,695,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2015 s 07/01/2004 b 59,965,160
- --------------------------------------------------------------------------------------------------------------------------
13,320,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2019 s 01/01/2006 b 13,614,372
25 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,750,000 NYC IDA
(Terminal One Group Association) 6.100% 01/01/2009 01/01/2006 b $ 2,808,905
- -------------------------------------------------------------------------------------------------------------------------
25,035,000 NYC IDA
(Terminal One Group Association) 6.125 01/01/2024 01/01/2006 b 25,663,379
- -------------------------------------------------------------------------------------------------------------------------
2,230,000 NYC IDA (The Child School) 7.000 06/01/2013 11/06/2009 c 2,259,213
- -------------------------------------------------------------------------------------------------------------------------
595,000 NYC IDA (Ulano) 6.250 11/01/2006 11/16/2005 c 583,636
- -------------------------------------------------------------------------------------------------------------------------
160,000 NYC IDA (United Nations School) 6.050 12/01/2005 12/01/2005 171,450
- -------------------------------------------------------------------------------------------------------------------------
170,000 NYC IDA (United Nations School) 6.100 12/01/2006 12/01/2006 186,194
- -------------------------------------------------------------------------------------------------------------------------
180,000 NYC IDA (United Nations School) 6.150 12/01/2007 12/01/2007 196,117
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Urban Resource Institute) 5.250 03/01/2023 03/01/2013 b 1,071,680
- -------------------------------------------------------------------------------------------------------------------------
1,515,000 NYC IDA (Urban Resource Institute) 6.500 11/01/2013 12/20/2008 c 1,513,849
- -------------------------------------------------------------------------------------------------------------------------
2,400,000 NYC IDA (USTA National Tennis Center) 6.375 11/15/2014 s 11/15/2004 b 2,551,512
- -------------------------------------------------------------------------------------------------------------------------
600,000 NYC IDA (Visy Paper) 7.550 01/01/2005 07/09/2004 608,550
- -------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC IDA (Visy Paper) 7.800 01/01/2016 01/01/2008 b 4,182,160
- -------------------------------------------------------------------------------------------------------------------------
1,085,000 NYC IDA (Vocational Instruction) 7.250 02/01/2013 11/27/2008 c 1,100,874
- -------------------------------------------------------------------------------------------------------------------------
330,000 NYC IDA (World Casing Corp.) 5.950 11/01/2007 05/30/2006 c 312,939
- -------------------------------------------------------------------------------------------------------------------------
6,710,000 NYC IDA (YMCA of Greater NY) 5.800 08/01/2016 s 01/01/2009 b 7,396,567
- -------------------------------------------------------------------------------------------------------------------------
800,000 NYC IDA (Zeluck, Inc.) 6.250 11/01/2011 11/01/2007 b 825,768
- -------------------------------------------------------------------------------------------------------------------------
16,350,000 NYC IDA Special Facilities
(JFK International Airport) 8.000 08/01/2012 08/01/2012 12,772,130
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYC LGAC, Series C 5.000 04/01/2021 04/01/2005 b 20,354
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYC Municipal Water Finance Authority 5.125 06/15/2021 06/15/2007 b 10,655
- -------------------------------------------------------------------------------------------------------------------------
65,000 NYC Municipal Water Finance Authority 5.125 06/15/2017 s 06/15/2007 b 70,871
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.125 06/15/2021 06/15/2007 b 53,275
- -------------------------------------------------------------------------------------------------------------------------
55,000 NYC Municipal Water Finance Authority 5.125 06/15/2022 06/15/2008 b 56,810
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYC Municipal Water Finance Authority 5.200 06/15/2013 06/15/2007 b 10,826
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYC Municipal Water Finance Authority 5.250 06/15/2018 06/15/2008 b 16,310
- -------------------------------------------------------------------------------------------------------------------------
425,000 NYC Municipal Water Finance Authority 5.250 06/15/2029 s 06/15/2007 b 438,681
- -------------------------------------------------------------------------------------------------------------------------
5,500,000 NYC Municipal Water Finance Authority 5.350 06/15/2012 06/15/2004 b 5,654,715
- -------------------------------------------------------------------------------------------------------------------------
540,000 NYC Municipal Water Finance Authority 5.375 06/15/2019 06/15/2004 b 554,180
- -------------------------------------------------------------------------------------------------------------------------
425,000 NYC Municipal Water Finance Authority 5.375 06/15/2019 06/15/2004 b 436,161
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYC Municipal Water Finance Authority 5.500 06/15/2011 06/15/2004 b 10,339
- -------------------------------------------------------------------------------------------------------------------------
320,000 NYC Municipal Water Finance Authority 5.500 06/15/2019 06/15/2004 b 328,586
- -------------------------------------------------------------------------------------------------------------------------
95,000 NYC Municipal Water Finance Authority 5.500 06/15/2019 s 06/15/2005 b 97,504
- -------------------------------------------------------------------------------------------------------------------------
1,575,000 NYC Municipal Water Finance Authority 5.500 06/15/2019 s 06/15/2005 b 1,617,257
- -------------------------------------------------------------------------------------------------------------------------
2,050,000 NYC Municipal Water Finance Authority 5.500 06/15/2023 s 06/15/2005 b 2,147,334
- -------------------------------------------------------------------------------------------------------------------------
400,000 NYC Municipal Water Finance Authority 5.500 06/15/2023 06/15/2005 b 419,344
- -------------------------------------------------------------------------------------------------------------------------
5,130,000 NYC Municipal Water Finance Authority 5.500 06/15/2023 s 06/15/2005 b 5,378,087
- -------------------------------------------------------------------------------------------------------------------------
660,000 NYC Municipal Water Finance Authority 5.500 06/15/2023 s 06/15/2004 b 680,981
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYC Municipal Water Finance Authority 5.500 06/15/2024 06/15/2006 b 108,091
- -------------------------------------------------------------------------------------------------------------------------
1,845,000 NYC Municipal Water Finance Authority 5.500 06/15/2024 s 06/15/2007 b 1,985,146
- -------------------------------------------------------------------------------------------------------------------------
85,000 NYC Municipal Water Finance Authority 5.500 06/15/2027 06/15/2007 b 92,355
- -------------------------------------------------------------------------------------------------------------------------
115,000 NYC Municipal Water Finance Authority 5.625 06/15/2019 06/15/2006 b 124,616
- -------------------------------------------------------------------------------------------------------------------------
85,000 NYC Municipal Water Finance Authority 5.625 06/15/2019 s 06/15/2006 b 92,321
- -------------------------------------------------------------------------------------------------------------------------
855,000 NYC Municipal Water Finance Authority 5.750 06/15/2013 s 06/15/2004 a 923,152
26 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 50,000 NYC Municipal Water Finance Authority 5.750% 06/15/2013 s 06/15/2004 a $ 53,986
- -------------------------------------------------------------------------------------------------------------------------
110,000 NYC Municipal Water Finance Authority 5.750 06/15/2020 06/15/2004 a 113,845
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYC Municipal Water Finance Authority 5.750 06/15/2026 06/15/2007 b 111,014
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYC Municipal Water Finance Authority 5.750 06/15/2029 06/15/2007 b 33,199
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC Municipal Water Finance
Authority IRS 9.170 r 06/15/2009 06/15/2004 b 2,111,260
- -------------------------------------------------------------------------------------------------------------------------
12,500,000 NYC Municipal Water Finance
Authority IRS i 9.340 r 06/15/2013 06/15/2004 b 13,133,125
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYC Public Hsg. Authority 6.000 01/01/2004 01/01/2004 25,000
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYC TFA, Series C 5.000 05/01/2026 s 05/01/2010 b 15,280
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC TFA, Series C 5.250 05/01/2013 05/01/2008 b 1,102,290
- -------------------------------------------------------------------------------------------------------------------------
4,520,000 NYC TFA, Series C 5.500 11/01/2029 05/01/2010 a 5,269,778
- -------------------------------------------------------------------------------------------------------------------------
290,000 NYC Transit Authority MTA, Series A 5.400 01/01/2019 s 01/01/2010 b 319,247
- -------------------------------------------------------------------------------------------------------------------------
3,500,000 NYC Trust for Cultural Resources
(American Museum of Natural History) 5.650 04/01/2027 s 04/01/2007 b 3,854,095
- -------------------------------------------------------------------------------------------------------------------------
750,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.000 07/01/2022 s 07/01/2010 b 834,308
- -------------------------------------------------------------------------------------------------------------------------
2,370,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.125 07/01/2030 s 07/01/2011 b 2,620,770
- -------------------------------------------------------------------------------------------------------------------------
570,000 NYC Trust for Cultural Resources
(Museum of Modern Art) 5.500 01/01/2016 01/01/2007 b 629,622
- -------------------------------------------------------------------------------------------------------------------------
45,000 NYS DA (Albany Memorial Hospital) 5.500 07/01/2010 s 07/01/2005 b 47,396
- -------------------------------------------------------------------------------------------------------------------------
250,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 s 02/01/2013 b 265,493
- -------------------------------------------------------------------------------------------------------------------------
95,000 NYS DA (Bethel Springvale Home) 6.000 02/01/2035 s 02/01/2006 b 103,568
- -------------------------------------------------------------------------------------------------------------------------
55,000 NYS DA
(Bishop Henry B. Hucles Nursing Home) 5.625 07/01/2018 s 07/01/2008 b 59,830
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA
(Bishop Henry B. Hucles Nursing Home) 6.000 07/01/2024 07/01/2006 b 105,996
- -------------------------------------------------------------------------------------------------------------------------
95,000 NYS DA (Canisius College) 5.600 07/01/2023 07/01/2005 b 101,711
- -------------------------------------------------------------------------------------------------------------------------
15,000,000 NYS DA (Catholic Health Services) 6.500 07/01/2020 s 07/01/2010 b 16,657,050
- -------------------------------------------------------------------------------------------------------------------------
1,100,000 NYS DA (Chapel Oaks) 5.375 07/01/2017 s 07/01/2010 b 1,165,846
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (City University) 0.000 z 07/01/2004 07/01/2004 4,973
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (City University) 0.000 z 07/01/2004 07/01/2004 24,853
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (City University) 0.000 z 07/01/2005 12/22/2004 c 14,234
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (City University) 5.000 07/01/2012 01/01/2008 b 2,139,680
- -------------------------------------------------------------------------------------------------------------------------
2,150,000 NYS DA (City University) 5.000 07/01/2017 07/01/2008 b 2,252,555
- -------------------------------------------------------------------------------------------------------------------------
335,000 NYS DA (City University) 5.375 07/01/2014 07/01/2005 b 362,232
- -------------------------------------------------------------------------------------------------------------------------
11,020,000 NYS DA (City University) 5.375 07/01/2024 01/01/2008 a 12,575,253
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (City University) 5.500 07/01/2019 07/01/2009 b 16,799
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (City University) 5.500 07/01/2024 07/01/2006 b 5,421
- -------------------------------------------------------------------------------------------------------------------------
1,350,000 NYS DA (City University) 6.000 07/01/2010 07/01/2006 b 1,521,126
- -------------------------------------------------------------------------------------------------------------------------
550,000 NYS DA (City University) 6.000 07/01/2010 07/01/2006 b 597,020
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (College of Saint Rose) 6.000 07/01/2011 s 07/01/2004 b 5,070
- -------------------------------------------------------------------------------------------------------------------------
1,500,000 NYS DA (Court Facilities) 5.375 05/15/2021 05/15/2013 b 1,595,250
- -------------------------------------------------------------------------------------------------------------------------
1,100,000 NYS DA (Court Facilities) 5.375 05/15/2023 05/15/2013 b 1,160,390
- -------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS DA (Court Facilities) 5.500 05/15/2020 05/15/2013 b 4,326,760
27 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 25,000 NYS DA (Dept. of Education) 5.750% 07/01/2021 07/01/2006 b $ 27,501
- --------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Dept. of Education) 6.125 07/01/2019 s 07/01/2006 b 20,908
- --------------------------------------------------------------------------------------------------------------------------
80,000 NYS DA (Dept. of Health) 5.500 07/01/2014 07/01/2006 b 83,098
- --------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Dept. of Health) 5.500 07/01/2021 07/01/2007 b 31,670
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Dept. of Health) 5.500 07/01/2023 07/01/2004 b 25,928
- --------------------------------------------------------------------------------------------------------------------------
415,000 NYS DA (Dept. of Health) 5.500 07/01/2025 07/01/2006 b 446,299
- --------------------------------------------------------------------------------------------------------------------------
55,000 NYS DA (Dept. of Health) 5.750 07/01/2017 07/01/2006 b 60,135
- --------------------------------------------------------------------------------------------------------------------------
500,000 NYS DA (Dept. of Health) 5.750 07/01/2017 s 07/01/2006 b 549,765
- --------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Dept. of Health) 5.900 07/01/2009 07/01/2004 b 52,210
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Dept. of Health) 7.400 07/01/2004 07/01/2004 25,251
- --------------------------------------------------------------------------------------------------------------------------
80,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 08/01/2005 b 85,774
- --------------------------------------------------------------------------------------------------------------------------
125,000 NYS DA (Ellis Hospital) 5.625 08/01/2035 s 08/01/2007 b 134,071
- --------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Episcopal Health) 5.700 08/01/2009 02/01/2004 b 5,118
- --------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Episcopal Health) 5.900 08/01/2020 s 02/01/2004 b 51,076
- --------------------------------------------------------------------------------------------------------------------------
310,000 NYS DA (Fairport Baptist Homes) 6.000 02/01/2037 02/01/2007 b 344,233
- --------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA
(FNHC/KR/MMWNHC Obligated Group) 5.500 07/01/2010 s 07/01/2007 b 16,242
- --------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA
(FNHC/KR/MMWNHC Obligated Group) 5.500 07/01/2010 s 07/01/2007 b 37,601
- --------------------------------------------------------------------------------------------------------------------------
310,000 NYS DA
(FNHC/KR/MMWNHC Obligated Group) 5.750 07/01/2017 07/01/2005 b 331,815
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Fordham University) 5.500 07/01/2023 s 07/01/2004 b 25,759
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Fordham University) 5.750 07/01/2015 s 02/01/2004 b 26,000
- --------------------------------------------------------------------------------------------------------------------------
3,835,000 NYS DA (Frances Schervier Home
& Hospital Obligated Group) 5.500 07/01/2017 s 07/01/2009 b 4,245,498
- --------------------------------------------------------------------------------------------------------------------------
90,000 NYS DA (Frances Schervier Home
& Hospital Obligated Group) 5.500 07/01/2027 s 07/01/2009 b 95,711
- --------------------------------------------------------------------------------------------------------------------------
10,000,000 NYS DA (Frances Schervier Home
& Hospital Obligated Group) 5.500 07/01/2027 s 07/01/2009 b 10,484,900
- --------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (German Masonic Home) 5.950 08/01/2026 s 08/01/2008 b 52,928
- --------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (Grace Manor Health
Care Facility) 6.150 07/01/2018 07/01/2006 b 83,485
- --------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Hamilton College) 5.125 07/01/2016 07/01/2009 b 16,473
- --------------------------------------------------------------------------------------------------------------------------
2,180,000 NYS DA (Highland Community Devel. Corp.) 5.500 07/01/2023 07/16/2008 d 2,222,837
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Hospital Special Surgery) 5.000 02/01/2018 02/01/2008 b 26,064
- --------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (Jewish Geriatric) 7.150 08/01/2014 08/01/2004 b 73,550
- --------------------------------------------------------------------------------------------------------------------------
150,000 NYS DA (Jewish Geriatric) 7.350 08/01/2029 08/01/2004 b 157,844
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (JGB Health Facilities) 7.000 07/01/2009 s 07/01/2004 b 25,694
- --------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (John T. Mather
Memorial Hospital) 5.375 07/01/2019 07/01/2008 b 10,892
- --------------------------------------------------------------------------------------------------------------------------
3,685,000 NYS DA (KMH Homes) 6.950 08/01/2031 02/01/2004 b 3,828,162
- --------------------------------------------------------------------------------------------------------------------------
1,020,000 NYS DA (L.I. University) 5.125 09/01/2010 09/01/2009 b 1,150,223
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (L.I. University) 5.250 09/01/2011 09/01/2009 b 1,119,970
- --------------------------------------------------------------------------------------------------------------------------
125,000 NYS DA (Lakeside Home) 6.000 02/01/2037 02/01/2007 b 138,285
- --------------------------------------------------------------------------------------------------------------------------
510,000 NYS DA (Le Moyne College) 5.000 07/01/2018 07/01/2004 b 528,080
- --------------------------------------------------------------------------------------------------------------------------
210,000 NYS DA (Leake & Watts Services) 6.000 07/01/2023 07/01/2004 b 218,765
- --------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Lenox Hill Hospital) 5.750 07/01/2016 07/01/2011 b 10,877
- --------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Lenox Hill Hospital) 5.750 07/01/2017 07/01/2012 b 2,159,380
28 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 50,000 NYS DA (Long Beach Medical Center) 5.625% 08/01/2022 08/01/2005 b $ 53,658
- -------------------------------------------------------------------------------------------------------------------------
4,160,000 NYS DA (Lutheran Medical Center) 4.250 08/01/2023 11/24/2007 c 4,076,925
- -------------------------------------------------------------------------------------------------------------------------
1,065,000 NYS DA (Manhattan College) 5.000 07/01/2008 07/01/2008 1,179,807
- -------------------------------------------------------------------------------------------------------------------------
615,000 NYS DA (Master BOCES Program) 5.250 08/15/2023 08/15/2013 b 658,862
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Menorah Campus) 6.100 02/01/2037 02/01/2007 b 111,696
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Mental Health Services
Facilities) 5.125 08/15/2027 08/15/2008 b 10,263
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Mental Health Services
Facilities) 5.250 08/15/2016 02/15/2008 b 5,484
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Mental Health Services
Facilities) 5.250 08/15/2016 02/15/2008 b 5,381
- -------------------------------------------------------------------------------------------------------------------------
1,500,000 NYS DA (Mental Health Services
Facilities) w 5.250 02/15/2023 02/15/2014 b 1,572,540
- -------------------------------------------------------------------------------------------------------------------------
6,730,000 NYS DA (Mental Health Services
Facilities) 5.250 08/15/2024 08/15/2009 b 7,727,050
- -------------------------------------------------------------------------------------------------------------------------
3,270,000 NYS DA (Mental Health Services
Facilities) 5.250 08/15/2024 08/15/2009 b 3,437,228
- -------------------------------------------------------------------------------------------------------------------------
165,000 NYS DA (Mental Health Services
Facilities) 5.375 02/15/2026 02/15/2006 b 181,389
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Mental Health Services
Facilities) 5.375 02/15/2026 02/15/2006 b 5,184
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Mental Health Services
Facilities) 5.625 02/15/2021 02/15/2007 b 45,282
- -------------------------------------------------------------------------------------------------------------------------
95,000 NYS DA (Mental Health Services
Facilities) 5.750 02/15/2027 02/15/2007 b 107,997
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Mental Health Services
Facilities) 5.750 02/15/2027 02/15/2007 b 5,546
- -------------------------------------------------------------------------------------------------------------------------
185,000 NYS DA (Mental Health Services
Facilities) 5.250 02/15/2018 02/15/2007 b 201,894
- -------------------------------------------------------------------------------------------------------------------------
55,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2017 08/01/2004 b 58,770
- -------------------------------------------------------------------------------------------------------------------------
5,060,000 NYS DA (Miriam Osborn Memorial
Home Association) 6.875 07/01/2019 s 07/01/2010 b 5,786,515
- -------------------------------------------------------------------------------------------------------------------------
370,000 NYS DA (Mount Sinai School of Medicine) 5.000 07/01/2021 07/01/2004 b 383,080
- -------------------------------------------------------------------------------------------------------------------------
12,000,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.500 07/01/2017 07/01/2010 b 12,070,560
- -------------------------------------------------------------------------------------------------------------------------
1,750,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.750 07/01/2020 07/01/2010 b 1,780,835
- -------------------------------------------------------------------------------------------------------------------------
5,770,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) RITES i 10.318 r 07/01/2015 07/01/2010 b 5,837,913
- -------------------------------------------------------------------------------------------------------------------------
5,665,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) RITES i 10.318 r 07/01/2016 07/01/2010 b 5,731,677
- -------------------------------------------------------------------------------------------------------------------------
12,000,000 NYS DA (Mt. Sinai/NYU Health) 6.000 07/01/2026 02/01/2005 b 12,125,640
- -------------------------------------------------------------------------------------------------------------------------
6,500,000 NYS DA (Mt. Sinai/NYU Health) 6.250 07/01/2022 02/01/2005 b 6,590,350
- -------------------------------------------------------------------------------------------------------------------------
90,000 NYS DA (Municipal Health Facilities) 5.500 05/15/2024 05/15/2006 b 97,302
- -------------------------------------------------------------------------------------------------------------------------
90,000 NYS DA (New Hope Community) 5.700 07/01/2017 s 07/01/2005 b 91,927
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Niagara Lutheran Devel.) 5.450 08/01/2017 08/01/2007 b 16,064
- -------------------------------------------------------------------------------------------------------------------------
4,200,000 NYS DA (North General Hospital) 5.750 02/15/2019 02/15/2013 b 4,693,962
- -------------------------------------------------------------------------------------------------------------------------
3,750,000 NYS DA (North General Hospital) 5.750 02/15/2020 02/15/2013 b 4,170,000
- -------------------------------------------------------------------------------------------------------------------------
2,435,000 NYS DA
(Nottingham Retirement Community) 6.125 07/01/2025 s 07/01/2005 b 2,623,518
- -------------------------------------------------------------------------------------------------------------------------
1,375,000 NYS DA (NY Hospital Medical Center) 5.550 08/15/2029 s 08/15/2011 b 1,530,471
- -------------------------------------------------------------------------------------------------------------------------
1,700,000 NYS DA (Nyack Hospital) 6.000 07/01/2006 07/14/2005 c 1,640,602
- -------------------------------------------------------------------------------------------------------------------------
2,325,000 NYS DA (Nyack Hospital) 6.250 07/01/2013 05/10/2009 c 2,112,402
- -------------------------------------------------------------------------------------------------------------------------
120,000 NYS DA (Our Lady of Mercy Hospital) 6.300 08/01/2032 s 02/01/2004 b 121,634
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Park Ridge Hsg.) 6.375 08/01/2020 s 08/01/2010 b 2,218,620
- -------------------------------------------------------------------------------------------------------------------------
1,570,000 NYS DA (Park Ridge Hsg.) 6.500 08/01/2025 s 08/01/2010 b 1,768,872
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Personal Income Tax) 5.375 03/15/2022 03/15/2013 b 2,175,360
29 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 50,000 NYS DA (Resurrection Rest Home
Castleton on Hudson, NY) 6.050% 08/01/2035 s 08/01/2005 b $ 53,874
- -------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Rochester General Hospital) 5.700 08/01/2033 02/01/2004 b 35,811
- -------------------------------------------------------------------------------------------------------------------------
5,100,000 NYS DA
(Ryan-Clinton Community Health Center) 6.100 07/01/2019 s 01/01/2010 b 5,742,855
- -------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (School District Financing) 5.750 10/01/2022 s 10/01/2012 b 5,636,750
- -------------------------------------------------------------------------------------------------------------------------
290,000 NYS DA (Service Contract) 5.250 04/01/2017 04/01/2008 b 307,229
- -------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (St Agnes Hospital) 5.300 02/15/2019 02/15/2008 b 38,108
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (St John's University) 5.250 07/01/2018 07/01/2008 b 22,002
- -------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (St John's University) 5.250 07/01/2025 07/01/2008 b 78,116
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 08/01/2007 b 107,289
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (St. Charles Hospital and
Rehabilitation Center) 5.500 07/01/2022 07/01/2009 b 43,749
- -------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (St. Joseph's Hospital
Health Center) 5.250 07/01/2018 s 07/01/2009 b 5,293,500
- -------------------------------------------------------------------------------------------------------------------------
2,005,000 NYS DA (St. Vincent Depaul Residence) 5.300 07/01/2018 s 07/01/2010 b 2,102,022
- -------------------------------------------------------------------------------------------------------------------------
145,000 NYS DA
(St. Vincent's Hospital &
Medical Center) 5.750 08/01/2015 s 08/01/2007 b 155,383
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA
(St. Vincent's Hospital &
Medical Center) 5.800 08/01/2025 08/01/2005 b 26,889
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA
(St. Vincent's Hospital &
Medical Center) 7.375 08/01/2011 02/01/2004 b 15,072
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA
(St. Vincent's Hospital &
Medical Center) 7.400 08/01/2030 s 02/01/2004 b 41,498
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (State University Athletic
Facilities) 5.250 07/01/2018 07/01/2008 b 33,003
- -------------------------------------------------------------------------------------------------------------------------
3,590,000 NYS DA
(State University Dormitory Facilities) 5.375 07/01/2022 07/01/2012 b 4,158,405
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA
(State University Dormitory Facilities) 5.500 07/01/2020 07/01/2011 b 1,166,060
- -------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA
(State University Dormitory Facilities) 5.500 07/01/2027 07/01/2010 b 40,467
- -------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA
(State University Dormitory Facilities) 5.500 07/01/2029 07/01/2009 b 203,299
- -------------------------------------------------------------------------------------------------------------------------
7,820,000 NYS DA
(State University Dormitory Facilities) 5.750 07/01/2023 07/01/2011 b 9,248,949
- -------------------------------------------------------------------------------------------------------------------------
3,225,000 NYS DA
(State University Educational
Facilities) 5.125 05/15/2021 05/15/2009 b 3,404,020
- -------------------------------------------------------------------------------------------------------------------------
9,700,000 NYS DA
(State University Educational
Facilities) 5.375 05/15/2011 05/15/2008 b 10,604,816
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA
(State University Educational
Facilities) 5.400 05/15/2023 s 05/15/2004 b 10,362
- -------------------------------------------------------------------------------------------------------------------------
1,150,000 NYS DA
(State University Educational
Facilities) 5.750 05/15/2010 05/15/2006 a 1,283,814
- -------------------------------------------------------------------------------------------------------------------------
3,750,000 NYS DA
(State University Educational
Facilities) 6.000 05/15/2016 05/15/2010 b 4,368,900
- -------------------------------------------------------------------------------------------------------------------------
2,290,000 NYS DA
(State University Educational
Facilities) 6.000 05/15/2017 05/15/2004 b 2,346,907
- -------------------------------------------------------------------------------------------------------------------------
345,000 NYS DA
(State University Educational
Facilities) 6.000 05/15/2017 05/15/2004 b 355,160
- -------------------------------------------------------------------------------------------------------------------------
435,000 NYS DA (Strong Memorial Hospital) 5.500 07/01/2021 07/01/2004 b 453,405
30 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 155,000 NYS DA (Suffolk County Judicial
Facilities) 9.250% 04/15/2006 s 04/15/2004 b $ 166,210
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Suffolk County Judicial
Facilities) 9.500 04/15/2014 s 04/15/2004 b 37,018
- -------------------------------------------------------------------------------------------------------------------------
3,500,000 NYS DA (Teresian House) 5.250 07/01/2017 s 07/01/2009 b 3,651,760
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (The Highlands Living) 6.600 02/01/2034 08/01/2004 b 10,497
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (United Cerebral Palsy
Association of Nassau County) 6.000 07/01/2007 07/01/2004 b 50,694
- -------------------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (United Cerebral Palsy of NYC) 5.750 07/01/2018 s 07/01/2012 b 1,432,275
- -------------------------------------------------------------------------------------------------------------------------
250,000 NYS DA (University of Rochester) 5.750 07/01/2014 07/01/2004 b 260,798
- -------------------------------------------------------------------------------------------------------------------------
160,000 NYS DA (Upstate Community Colleges) 5.700 07/01/2021 07/01/2004 b 166,336
- -------------------------------------------------------------------------------------------------------------------------
90,000 NYS DA (Upstate Community Colleges) 5.750 07/01/2022 07/01/2004 b 91,201
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Upstate Community Colleges) 5.250 07/01/2023 07/01/2006 b 10,186
- -------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (Upstate Community Colleges) 5.500 07/01/2014 s 07/01/2005 b 61,387
- -------------------------------------------------------------------------------------------------------------------------
555,000 NYS DA (Upstate Community Colleges) 5.625 07/01/2012 s 07/01/2004 b 571,400
- -------------------------------------------------------------------------------------------------------------------------
620,000 NYS DA (Upstate Community Colleges) 5.625 07/01/2014 s 07/01/2004 b 644,713
- -------------------------------------------------------------------------------------------------------------------------
1,165,000 NYS DA (Upstate Community Colleges) 5.700 07/01/2021 07/01/2004 b 1,210,528
- -------------------------------------------------------------------------------------------------------------------------
8,020,000 NYS DA (Upstate Community Colleges) 5.750 07/01/2022 s 07/01/2004 b 8,221,302
- -------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Upstate Community Colleges) 5.875 07/01/2016 s 07/01/2009 b 39,031
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Upstate Community Colleges) 6.000 07/01/2022 07/01/2007 b 56,019
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (WHELC) 5.800 02/01/2028 08/01/2005 b 20,421
- -------------------------------------------------------------------------------------------------------------------------
2,230,000 NYS DA Service Contract (CCFDP) 5.375 04/01/2020 04/01/2012 b 2,402,089
- -------------------------------------------------------------------------------------------------------------------------
2,350,000 NYS DA Service Contract (CCFDP) 5.375 04/01/2021 04/01/2012 b 2,521,198
- -------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA, Series B 5.625 02/15/2021 02/15/2007 b 66,367
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC (Clean Water &
Drinking Revolving Funds) 5.000 06/15/2019 06/15/2008 b 15,941
- -------------------------------------------------------------------------------------------------------------------------
175,000 NYS EFC (Consolidated Water Company) 7.150 11/01/2014 s 11/01/2004 b 176,741
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS EFC (NYC Municipal Water
Finance Authority) 5.875 06/15/2014 06/15/2004 b 10,406
- -------------------------------------------------------------------------------------------------------------------------
300,000 NYS EFC (NYS Water Services) 6.900 05/15/2015 11/15/2004 a 321,297
- -------------------------------------------------------------------------------------------------------------------------
165,000 NYS EFC (NYS Water Services) 6.900 05/15/2015 11/15/2004 a 175,847
- -------------------------------------------------------------------------------------------------------------------------
345,000 NYS EFC (NYS Water Services) 6.900 11/15/2015 s 11/15/2004 b 369,492
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYS EFC (NYS Water Services) 6.900 11/15/2015 s 11/15/2004 b 31,972
- -------------------------------------------------------------------------------------------------------------------------
135,000 NYS EFC (NYS Water Services) 6.500 03/15/2007 03/15/2004 b 139,752
- -------------------------------------------------------------------------------------------------------------------------
85,000 NYS EFC (NYS Water Services) 6.600 06/15/2005 06/15/2004 b 85,371
- -------------------------------------------------------------------------------------------------------------------------
285,000 NYS EFC (NYS Water Services) 6.700 09/15/2004 03/15/2004 b 286,322
- -------------------------------------------------------------------------------------------------------------------------
2,670,000 NYS EFC (NYS Water Services) 6.875 06/15/2010 s 06/15/2004 b 2,870,250
- -------------------------------------------------------------------------------------------------------------------------
1,705,000 NYS EFC (NYS Water Services) 6.875 06/15/2014 s 11/15/2004 b 1,773,524
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS EFC (NYS Water Services) 7.050 06/15/2004 06/15/2004 20,098
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC (NYS Water Services) 7.200 03/15/2011 s 03/15/2004 b 15,074
- -------------------------------------------------------------------------------------------------------------------------
640,000 NYS EFC (NYS Water Services) 7.250 06/15/2010 s 06/15/2004 b 643,213
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS EFC (NYS Water Services) 7.500 03/15/2011 s 03/15/2004 b 25,130
- -------------------------------------------------------------------------------------------------------------------------
45,000 NYS EFC (NYS Water Services) 7.500 06/15/2012 s 06/15/2004 b 46,845
- -------------------------------------------------------------------------------------------------------------------------
1,450,000 NYS EFC (NYS Water Services) 7.500 06/15/2012 s 06/15/2004 b 1,499,808
- -------------------------------------------------------------------------------------------------------------------------
500,000 NYS EFC (Occidental Petroleum) 6.100 11/01/2030 11/01/2007 b 506,255
- -------------------------------------------------------------------------------------------------------------------------
1,425,000 NYS EFC (Personal Income Tax) 5.250 01/01/2022 01/01/2013 b 1,536,734
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS EFC (Spring Valley Water Company) 5.650 11/01/2023 11/01/2005 b 10,241
31 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,000,000 NYS EFC (State Park Infrastructure) 5.750% 03/15/2008 s 03/15/2004 b $ 1,009,660
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS EFC (State Park Infrastructure) 5.750 03/15/2013 s 03/15/2004 b 50,483
- -------------------------------------------------------------------------------------------------------------------------
2,740,000 NYS ERDA (Brooklyn Union Gas) 5.500 01/01/2021 01/01/2008 b 2,954,049
- -------------------------------------------------------------------------------------------------------------------------
4,655,000 NYS ERDA (Brooklyn Union Gas) 5.600 06/01/2025 07/14/2004 b 4,751,917
- -------------------------------------------------------------------------------------------------------------------------
23,105,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 02/01/2004 b 24,113,533
- -------------------------------------------------------------------------------------------------------------------------
12,305,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 02/01/2004 b 12,544,948
- -------------------------------------------------------------------------------------------------------------------------
77,000,000 NYS ERDA (Con Ed) 4.700 06/01/2036 10/03/2005 b 78,190,420
- -------------------------------------------------------------------------------------------------------------------------
755,000 NYS ERDA (Con Ed) 5.250 08/15/2020 04/01/2004 b 779,047
- -------------------------------------------------------------------------------------------------------------------------
180,000 NYS ERDA (Con Ed) 5.250 08/15/2020 04/01/2004 b 185,733
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS ERDA (Con Ed) 5.375 09/15/2022 10/01/2005 b 25,565
- -------------------------------------------------------------------------------------------------------------------------
125,000 NYS ERDA (Con Ed) 6.000 03/15/2028 03/15/2005 b 127,906
- -------------------------------------------------------------------------------------------------------------------------
515,000 NYS ERDA (Con Ed) 6.000 03/15/2028 03/15/2004 b 525,691
- -------------------------------------------------------------------------------------------------------------------------
325,000 NYS ERDA (Con Ed) 6.000 03/15/2028 03/15/2005 b 338,195
- -------------------------------------------------------------------------------------------------------------------------
4,340,000 NYS ERDA (Con Ed) 6.100 08/15/2020 07/01/2005 b 4,663,634
- -------------------------------------------------------------------------------------------------------------------------
35,240,000 NYS ERDA (Con Ed) 7.125 12/01/2029 12/01/2004 b 37,660,636
- -------------------------------------------------------------------------------------------------------------------------
70,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 06/01/2004 b 71,932
- -------------------------------------------------------------------------------------------------------------------------
165,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2004 b 169,201
- -------------------------------------------------------------------------------------------------------------------------
130,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2004 b 133,310
- -------------------------------------------------------------------------------------------------------------------------
120,000 NYS ERDA (NIMO) 7.200 07/01/2029 07/01/2004 b 125,736
- -------------------------------------------------------------------------------------------------------------------------
14,640,000 NYS ERDA (NYSEG) 5.700 12/01/2028 06/01/2004 b 14,976,134
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS ERDA (NYSEG) 5.950 12/01/2027 12/01/2004 b 15,316
- -------------------------------------------------------------------------------------------------------------------------
1,230,000 NYS ERDA (NYSEG) 6.050 04/01/2034 04/01/2004 b 1,268,032
- -------------------------------------------------------------------------------------------------------------------------
4,035,000 NYS ERDA (NYSEG) 6.150 07/01/2026 07/01/2005 b 4,348,883
- -------------------------------------------------------------------------------------------------------------------------
1,850,000 NYS ERDA (RG&E) 6.350 05/15/2032 05/15/2004 b 1,915,120
- -------------------------------------------------------------------------------------------------------------------------
10,325,000 NYS ERDA (RG&E) 6.500 05/15/2032 05/15/2004 b 10,639,396
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS GO 5.000 09/15/2017 03/15/2004 b 5,401
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS GO 5.300 07/15/2015 07/15/2006 b 26,928
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS GO 5.500 07/15/2024 07/15/2006 b 26,971
- -------------------------------------------------------------------------------------------------------------------------
120,000 NYS GO 5.625 10/01/2020 10/01/2005 b 128,248
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYS GO 6.600 12/01/2014 06/01/2004 b 41,260
- -------------------------------------------------------------------------------------------------------------------------
400,000 NYS GO 9.875 11/15/2005 11/15/2005 459,904
- -------------------------------------------------------------------------------------------------------------------------
75,000 NYS HFA (Dominican Village) 6.600 08/15/2027 02/15/2004 b 76,853
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (General Hsg.) 6.600 11/01/2005 05/01/2004 b 10,118
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (General Hsg.) 6.600 11/01/2006 05/01/2004 b 30,355
- -------------------------------------------------------------------------------------------------------------------------
635,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005 s 05/01/2004 b 650,875
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2012 05/01/2004 a 5,776
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2010 05/01/2004 a 17,523
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2005 05/01/2004 a 32,375
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2010 05/01/2004 a 5,886
- -------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2014 05/01/2004 b 42,077
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2004 05/01/2004 a 10,469
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2005 05/01/2004 a 5,490
- -------------------------------------------------------------------------------------------------------------------------
185,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2007 05/01/2004 a 207,600
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2009 05/01/2004 a 6,115
32 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 575,000 NYS HFA (Hospital & Nursing Home) 7.000% 11/01/2017 05/01/2004 a $ 722,746
- -------------------------------------------------------------------------------------------------------------------------
70,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 s 05/01/2004 b 70,225
- -------------------------------------------------------------------------------------------------------------------------
80,000 NYS HFA (Monroe County
Health Facilities) 7.625 05/01/2005 s 05/01/2004 b 81,587
- -------------------------------------------------------------------------------------------------------------------------
95,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2008 11/01/2004 b 74,705
- -------------------------------------------------------------------------------------------------------------------------
235,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2009 11/01/2004 b 174,652
- -------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2010 11/01/2004 b 24,503
- -------------------------------------------------------------------------------------------------------------------------
190,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2011 11/01/2004 b 125,662
- -------------------------------------------------------------------------------------------------------------------------
95,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2012 11/01/2004 b 59,107
- -------------------------------------------------------------------------------------------------------------------------
650,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2013 11/01/2004 b 381,901
- -------------------------------------------------------------------------------------------------------------------------
9,730,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2014 11/01/2004 b 5,370,474
- -------------------------------------------------------------------------------------------------------------------------
14,590,000 NYS HFA (Multifamily Hsg.) 0.000 z 11/01/2015 11/01/2004 b 7,601,098
- -------------------------------------------------------------------------------------------------------------------------
585,000 NYS HFA (Multifamily Hsg.) 5.850 08/15/2013 s 02/15/2005 b 598,075
- -------------------------------------------------------------------------------------------------------------------------
80,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 s 02/15/2005 b 81,880
- -------------------------------------------------------------------------------------------------------------------------
60,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2027 s 02/15/2009 b 62,881
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Multifamily Hsg.) 6.050 08/15/2032 02/15/2007 b 20,972
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2016 s 08/15/2008 b 1,013,550
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2028 08/15/2006 b 52,399
- -------------------------------------------------------------------------------------------------------------------------
400,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 11/15/2008 b 430,832
- -------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 s 02/15/2004 b 35,190
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2014 s 08/15/2004 b 20,623
- -------------------------------------------------------------------------------------------------------------------------
150,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2023 s 08/15/2004 b 150,603
- -------------------------------------------------------------------------------------------------------------------------
150,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2025 02/15/2004 b 153,200
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2027 s 08/15/2008 b 104,610
- -------------------------------------------------------------------------------------------------------------------------
2,560,000 NYS HFA (Multifamily Hsg.) 6.350 08/15/2023 s 08/15/2004 b 2,664,755
- -------------------------------------------------------------------------------------------------------------------------
1,005,000 NYS HFA (Multifamily Hsg.) 6.450 08/15/2014 s 02/15/2004 b 1,016,558
- -------------------------------------------------------------------------------------------------------------------------
1,480,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 s 02/15/2004 b 1,494,282
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 02/15/2004 b 30,299
- -------------------------------------------------------------------------------------------------------------------------
725,000 NYS HFA (Multifamily Hsg.) 6.625 08/15/2012 02/15/2004 b 740,588
- -------------------------------------------------------------------------------------------------------------------------
1,620,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 s 02/15/2004 b 1,648,253
- -------------------------------------------------------------------------------------------------------------------------
350,000 NYS HFA (Multifamily Hsg.) 6.850 11/01/2019 s 11/01/2004 b 362,740
- -------------------------------------------------------------------------------------------------------------------------
380,000 NYS HFA (Multifamily Hsg.) 6.900 08/15/2007 s 02/15/2004 b 384,898
- -------------------------------------------------------------------------------------------------------------------------
125,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 s 02/15/2004 b 126,474
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2012 02/15/2004 b 103,000
- -------------------------------------------------------------------------------------------------------------------------
755,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2022 02/15/2004 b 781,048
- -------------------------------------------------------------------------------------------------------------------------
995,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2023 s 02/15/2004 b 996,532
- -------------------------------------------------------------------------------------------------------------------------
350,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 s 02/15/2004 b 353,843
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Multifamily Hsg.) 7.300 11/01/2004 05/01/2004 b 15,244
- -------------------------------------------------------------------------------------------------------------------------
384,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028 s 05/01/2004 b 384,649
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028 s 05/01/2004 b 100,173
- -------------------------------------------------------------------------------------------------------------------------
1,540,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 05/01/2004 b 1,570,785
- -------------------------------------------------------------------------------------------------------------------------
2,155,000 NYS HFA (Multifamily Hsg.) 7.750 11/01/2020 s 05/01/2004 b 2,232,494
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.000 11/01/2012 05/01/2004 b 5,055
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2004 05/01/2004 b 40,454
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2005 05/01/2004 b 10,113
33 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000 NYS HFA (Nonprofit Hsg.) 6.200% 11/01/2006 05/01/2004 b $ 5,057
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2007 05/01/2004 b 20,226
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2008 05/01/2004 b 40,451
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2009 05/01/2004 b 10,113
- -------------------------------------------------------------------------------------------------------------------------
70,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2011 05/01/2004 b 70,792
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2012 05/01/2004 b 50,564
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2013 05/01/2004 b 15,169
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2004 05/01/2004 b 30,338
- -------------------------------------------------------------------------------------------------------------------------
145,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2005 05/01/2004 b 146,705
- -------------------------------------------------------------------------------------------------------------------------
120,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2006 05/01/2004 b 121,346
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2007 05/01/2004 b 5,055
- -------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2008 05/01/2004 b 35,404
- -------------------------------------------------------------------------------------------------------------------------
80,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2009 05/01/2004 b 82,220
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2011 05/01/2004 b 5,056
- -------------------------------------------------------------------------------------------------------------------------
765,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2012 05/01/2004 b 774,012
- -------------------------------------------------------------------------------------------------------------------------
55,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2013 05/01/2004 b 56,235
- -------------------------------------------------------------------------------------------------------------------------
75,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2005 05/01/2004 b 75,887
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2005 05/01/2004 b 50,591
- -------------------------------------------------------------------------------------------------------------------------
45,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2006 05/01/2004 b 45,532
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2006 05/01/2004 b 15,177
- -------------------------------------------------------------------------------------------------------------------------
180,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2007 05/01/2004 b 182,119
- -------------------------------------------------------------------------------------------------------------------------
115,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2007 05/01/2004 b 116,355
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2008 05/01/2004 b 25,294
- -------------------------------------------------------------------------------------------------------------------------
70,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2008 05/01/2004 b 71,190
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 05/01/2004 b 10,118
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 05/01/2004 b 20,235
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2010 05/01/2004 b 20,235
- -------------------------------------------------------------------------------------------------------------------------
65,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2011 05/01/2004 b 65,766
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2011 05/01/2004 b 5,059
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2012 05/01/2004 b 25,286
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2013 05/01/2004 b 25,288
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2004 05/01/2004 b 102,241
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2005 05/01/2004 b 5,060
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2007 05/01/2004 b 25,297
- -------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2008 05/01/2004 b 15,178
- -------------------------------------------------------------------------------------------------------------------------
85,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2009 05/01/2004 b 86,011
- -------------------------------------------------------------------------------------------------------------------------
45,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2010 05/01/2004 b 45,535
- -------------------------------------------------------------------------------------------------------------------------
1,420,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2011 05/01/2004 b 1,460,044
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2012 05/01/2004 b 30,349
- -------------------------------------------------------------------------------------------------------------------------
60,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2013 05/01/2004 b 61,836
- -------------------------------------------------------------------------------------------------------------------------
11,000 NYS HFA (Nonprofit Hsg.) 6.875 11/01/2010 05/01/2004 b 11,141
- -------------------------------------------------------------------------------------------------------------------------
1,335,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2004 05/01/2004 b 1,362,888
- -------------------------------------------------------------------------------------------------------------------------
1,455,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2005 05/01/2004 b 1,485,395
- -------------------------------------------------------------------------------------------------------------------------
1,570,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2006 05/01/2004 b 1,602,797
34 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,710,000 NYS HFA (Nonprofit Hsg.) 8.400% 11/01/2007 05/01/2004 b $ 1,745,722
- --------------------------------------------------------------------------------------------------------------------------
1,865,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2008 05/01/2004 b 1,931,208
- --------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS HFA (NYC Health Facilities) 6.000 11/01/2006 11/01/2006 4,397,560
- --------------------------------------------------------------------------------------------------------------------------
1,435,000 NYS HFA (NYC Health Facilities) 6.000 05/01/2007 05/01/2007 1,573,650
- --------------------------------------------------------------------------------------------------------------------------
4,165,000 NYS HFA (NYC Health Facilities) 6.000 05/01/2008 05/01/2006 b 4,537,184
- --------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS HFA (NYC Health Facilities) 6.375 11/01/2004 11/01/2004 2,081,040
- --------------------------------------------------------------------------------------------------------------------------
175,000 NYS HFA (Phillips Village) 6.900 02/15/2004 02/15/2004 175,842
- --------------------------------------------------------------------------------------------------------------------------
85,000 NYS HFA (Phillips Village) 6.900 08/15/2004 08/15/2004 87,054
- --------------------------------------------------------------------------------------------------------------------------
2,400,000 NYS HFA (Phillips Village) 7.750 08/15/2017 02/15/2005 b 2,538,696
- --------------------------------------------------------------------------------------------------------------------------
160,000 NYS HFA (Service Contract) 5.500 09/15/2022 s 03/15/2010 b 172,574
- --------------------------------------------------------------------------------------------------------------------------
9,580,000 NYS HFA (Service Contract) 6.000 03/15/2026 09/15/2006 b 10,847,530
- --------------------------------------------------------------------------------------------------------------------------
550,000 NYS HFA (Service Contract) 6.000 03/15/2026 09/15/2006 b 609,307
- --------------------------------------------------------------------------------------------------------------------------
360,000 NYS HFA (Simeon Dewitt) 8.000 11/01/2018 s 05/01/2004 c 378,990
- --------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA, Series A 5.800 11/01/2009 05/01/2006 b 21,467
- --------------------------------------------------------------------------------------------------------------------------
45,000 NYS HFA, Series A 5.875 11/01/2010 05/01/2006 48,403
- --------------------------------------------------------------------------------------------------------------------------
2,160,000 NYS HFA, Series A 6.100 11/01/2015 s 05/01/2008 b 2,286,814
- --------------------------------------------------------------------------------------------------------------------------
4,490,000 NYS HFA, Series A 6.125 11/01/2020 s 05/01/2006 b 4,756,616
- --------------------------------------------------------------------------------------------------------------------------
65,000 NYS LGAC 5.000 04/01/2021 s 04/01/2005 b 66,160
- --------------------------------------------------------------------------------------------------------------------------
55,000 NYS LGAC 5.250 04/01/2019 04/01/2004 b 56,288
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS LGAC 5.375 04/01/2016 04/01/2007 b 27,320
- --------------------------------------------------------------------------------------------------------------------------
11,415,000 NYS LGAC 5.400 04/01/2015 04/01/2007 b 12,498,169
- --------------------------------------------------------------------------------------------------------------------------
2,250,000 NYS LGAC 5.500 04/01/2008 04/01/2008 2,547,158
- --------------------------------------------------------------------------------------------------------------------------
10,000 NYS LGAC, Series A 5.250 04/01/2019 04/01/2004 b 10,236
- --------------------------------------------------------------------------------------------------------------------------
5,000 NYS LGAC, Series A 5.375 04/01/2014 s 04/01/2004 b 5,129
- --------------------------------------------------------------------------------------------------------------------------
60,000 NYS LGAC, Series C 5.000 04/01/2021 04/01/2004 b 61,071
- --------------------------------------------------------------------------------------------------------------------------
90,000 NYS LGAC, Series D 5.000 04/01/2023 04/01/2004 b 90,711
- --------------------------------------------------------------------------------------------------------------------------
30,000 NYS LGAC, Series D 5.000 04/01/2023 04/01/2004 b 30,298
- --------------------------------------------------------------------------------------------------------------------------
35,000 NYS LGAC, Series D 5.000 04/01/2023 04/01/2004 b 35,271
- --------------------------------------------------------------------------------------------------------------------------
505,000 NYS LGSC (SCSB) i 6.375 12/15/2009 08/10/2007 c 515,711
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Beth Israel Medical Center) 5.000 11/01/2013 05/01/2004 b 25,573
- --------------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Beth Israel Medical Center) 6.000 11/01/2012 11/01/2004 b 5,286
- ----------------------------------------------------------------------------------------------------------------------------
605,000 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/2006 s 05/01/2004 b 607,741
- ----------------------------------------------------------------------------------------------------------------------------
545,000 NYS Medcare (Beth Israel Medical Center) 7.200 11/01/2014 s 05/01/2004 b 547,502
- --------------------------------------------------------------------------------------------------------------------------
115,000 NYS Medcare (Beth Israel Medical Center) 7.400 11/01/2004 s 05/01/2004 b 117,323
- --------------------------------------------------------------------------------------------------------------------------
85,000 NYS Medcare
(Brookdale Family Care Centers) 6.375 11/15/2019 11/15/2005 b 93,657
- --------------------------------------------------------------------------------------------------------------------------
8,270,000 NYS Medcare (Buffalo General Hospital) 6.000 08/15/2014 s 08/15/2004 b 8,647,608
- --------------------------------------------------------------------------------------------------------------------------
420,000 NYS Medcare (Buffalo General Hospital) 6.125 08/15/2024 08/15/2006 b 440,122
- --------------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Central Suffolk Hospital) 5.875 11/01/2005 11/01/2004 b 5,033
- --------------------------------------------------------------------------------------------------------------------------
3,000,000 NYS Medcare (FHA Insured Mtg.) 6.050 02/15/2015 08/15/2005 b 3,245,130
- --------------------------------------------------------------------------------------------------------------------------
800,000 NYS Medcare (Healthcare) 6.350 11/01/2014 s 05/01/2004 b 835,640
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Hospital & Nursing Home) 5.400 08/15/2033 s 08/15/2004 b 25,570
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Hospital & Nursing Home) 5.500 02/15/2022 02/15/2004 b 25,589
- --------------------------------------------------------------------------------------------------------------------------
20,000 NYS Medcare (Hospital & Nursing Home) 5.800 02/15/2007 02/15/2004 b 20,502
- --------------------------------------------------------------------------------------------------------------------------
500,000 NYS Medcare (Hospital & Nursing Home) 5.950 08/15/2009 02/15/2004 b 502,825
35 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 55,000 NYS Medcare (Hospital & Nursing Home) 6.100% 02/15/2033 s 02/15/2004 b $ 56,023
- -------------------------------------------------------------------------------------------------------------------------
70,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2014 02/15/2004 a 71,644
- -------------------------------------------------------------------------------------------------------------------------
890,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2014 s 02/15/2006 b 925,742
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2015 s 02/15/2006 b 5,525
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2015 s 02/15/2006 b 21,271
- -------------------------------------------------------------------------------------------------------------------------
2,260,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2013 02/15/2004 b 2,313,743
- -------------------------------------------------------------------------------------------------------------------------
1,855,000 NYS Medcare (Hospital & Nursing Home) 6.200 02/15/2021 02/15/2004 b 1,902,154
- -------------------------------------------------------------------------------------------------------------------------
85,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 02/15/2004 b 88,766
- -------------------------------------------------------------------------------------------------------------------------
1,435,000 NYS Medcare (Hospital & Nursing Home) 6.200 02/15/2028 s 02/15/2005 b 1,529,050
- -------------------------------------------------------------------------------------------------------------------------
150,000 NYS Medcare (Hospital & Nursing Home) 6.250 08/15/2012 s 08/15/2004 a 154,854
- -------------------------------------------------------------------------------------------------------------------------
75,000 NYS Medcare (Hospital & Nursing Home) 6.250 02/15/2015 08/15/2005 b 81,316
- -------------------------------------------------------------------------------------------------------------------------
200,000 NYS Medcare (Hospital & Nursing Home) 6.250 02/15/2027 02/15/2004 b 205,096
- -------------------------------------------------------------------------------------------------------------------------
150,000 NYS Medcare (Hospital & Nursing Home) 6.850 02/15/2012 s 02/15/2004 b 150,936
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS Medcare (Hospital & Nursing Home) 7.000 08/15/2032 08/15/2004 b 50,734
- -------------------------------------------------------------------------------------------------------------------------
75,000 NYS Medcare (Hospital & Nursing Home) 7.300 08/15/2011 02/15/2004 b 75,356
- -------------------------------------------------------------------------------------------------------------------------
310,000 NYS Medcare (Hospital & Nursing Home) 7.350 02/15/2029 02/15/2004 b 311,454
- -------------------------------------------------------------------------------------------------------------------------
245,000 NYS Medcare (Hospital & Nursing Home) 7.350 02/15/2029 02/15/2004 b 255,927
- -------------------------------------------------------------------------------------------------------------------------
760,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 s 05/01/2004 b 794,200
- -------------------------------------------------------------------------------------------------------------------------
5,425,000 NYS Medcare (Hospital & Nursing Home) 7.450 08/15/2031 02/15/2004 a 5,647,968
- -------------------------------------------------------------------------------------------------------------------------
1,155,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 s 05/01/2004 b 1,217,486
- -------------------------------------------------------------------------------------------------------------------------
335,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 s 05/01/2004 b 354,547
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS Medcare (Insured Mtg. Nursing) 6.150 02/15/2025 02/15/2005 b 10,625
- -------------------------------------------------------------------------------------------------------------------------
95,000 NYS Medcare (Long Term Health Care) 6.100 11/01/2004 05/01/2004 b 96,337
- -------------------------------------------------------------------------------------------------------------------------
240,000 NYS Medcare (Long Term Health Care) 6.400 11/01/2014 s 05/01/2004 b 243,379
- -------------------------------------------------------------------------------------------------------------------------
1,865,000 NYS Medcare (Long Term Health Care) 6.450 11/01/2014 s 05/01/2004 b 1,891,352
- -------------------------------------------------------------------------------------------------------------------------
45,000 NYS Medcare (Long Term Health Care) 6.700 11/01/2007 05/01/2004 b 45,651
- -------------------------------------------------------------------------------------------------------------------------
1,150,000 NYS Medcare (Long Term Health Care) 6.800 11/01/2014 s 05/01/2004 b 1,166,583
- -------------------------------------------------------------------------------------------------------------------------
130,000 NYS Medcare (Long Term Health Care) 7.100 11/01/2012 s 05/01/2004 b 130,608
- -------------------------------------------------------------------------------------------------------------------------
125,000 NYS Medcare (Long Term Health Care) 7.300 11/01/2005 s 05/01/2004 b 125,618
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS Medcare (Long Term Health Care) 7.375 11/01/2011 s 05/01/2004 b 51,290
- -------------------------------------------------------------------------------------------------------------------------
130,000 NYS Medcare (Mental Health) 5.250 08/15/2014 02/15/2004 b 133,257
- -------------------------------------------------------------------------------------------------------------------------
110,000 NYS Medcare (Mental Health) 5.250 02/15/2019 02/15/2006 b 112,756
- -------------------------------------------------------------------------------------------------------------------------
820,000 NYS Medcare (Mental Health) 5.250 02/15/2019 s 02/15/2004 b 840,541
- -------------------------------------------------------------------------------------------------------------------------
165,000 NYS Medcare (Mental Health) 5.250 02/15/2019 02/15/2004 b 169,133
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Mental Health) 5.250 02/15/2019 02/15/2004 b 25,626
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYS Medcare (Mental Health) 5.250 02/15/2019 02/15/2006 b 30,752
- -------------------------------------------------------------------------------------------------------------------------
80,000 NYS Medcare (Mental Health) 5.250 02/15/2019 02/15/2004 b 82,004
- -------------------------------------------------------------------------------------------------------------------------
550,000 NYS Medcare (Mental Health) 5.250 02/15/2021 02/15/2004 b 563,778
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS Medcare (Mental Health) 5.250 08/15/2023 02/15/2004 b 10,251
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Mental Health) 5.250 08/15/2023 02/15/2004 b 25,626
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYS Medcare (Mental Health) 5.250 08/15/2023 02/15/2004 b 41,002
- -------------------------------------------------------------------------------------------------------------------------
200,000 NYS Medcare (Mental Health) 5.250 08/15/2023 02/15/2005 b 205,010
- -------------------------------------------------------------------------------------------------------------------------
140,000 NYS Medcare (Mental Health) 5.375 02/15/2014 02/15/2004 b 143,528
- -------------------------------------------------------------------------------------------------------------------------
190,000 NYS Medcare (Mental Health) 5.375 02/15/2014 02/15/2004 b 194,788
- -------------------------------------------------------------------------------------------------------------------------
1,335,000 NYS Medcare (Mental Health) 5.375 02/15/2014 02/15/2004 b 1,368,642
36 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 30,000 NYS Medcare (Mental Health) 5.375% 08/15/2019 02/15/2004 b $ 30,756
- -------------------------------------------------------------------------------------------------------------------------
515,000 NYS Medcare (Mental Health) 5.500 08/15/2024 s 02/15/2006 b 527,566
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 6.375 08/15/2014 08/15/2004 b 5,265
- -------------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Mental Health) 6.500 08/15/2024 08/15/2004 a 5,269
- -------------------------------------------------------------------------------------------------------------------------
85,000 NYS Medcare (Montefiore Medical Center) 5.700 02/15/2012 02/15/2007 b 90,504
- -------------------------------------------------------------------------------------------------------------------------
6,170,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 s 02/15/2007 b 6,543,779
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (NY & Presbyterian Hospital) 5.250 08/15/2014 02/15/2004 b 25,615
- -------------------------------------------------------------------------------------------------------------------------
225,000 NYS Medcare (NY & Presbyterian Hospital) 5.375 02/15/2025 02/15/2004 b 230,443
- -------------------------------------------------------------------------------------------------------------------------
260,000 NYS Medcare (NY & Presbyterian Hospital) 5.500 08/15/2024 s 02/15/2004 b 266,344
- -------------------------------------------------------------------------------------------------------------------------
1,180,000 NYS Medcare
(Our Lady of Mercy Medical Center) 6.250 08/15/2015 s 02/15/2005 b 1,226,516
- -------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Our Lady of Victory
Hospital) 6.625 11/01/2016 s 05/01/2004 b 25,103
- -------------------------------------------------------------------------------------------------------------------------
6,390,000 NYS Medcare (Presbyterian Hospital) 5.250 08/15/2014 02/15/2004 b 6,549,558
- -------------------------------------------------------------------------------------------------------------------------
1,340,000 NYS Medcare (Presbyterian Hospital) 5.375 02/15/2025 02/15/2004 b 1,372,589
- -------------------------------------------------------------------------------------------------------------------------
10,245,000 NYS Medcare (Secured Hospital) 6.125 08/15/2013 s 02/15/2004 b 10,502,867
- -------------------------------------------------------------------------------------------------------------------------
180,000 NYS Medcare (Secured Hospital) 6.250 02/15/2024 s 02/15/2004 b 184,610
- -------------------------------------------------------------------------------------------------------------------------
12,845,000 NYS Medcare (St. Luke's Hospital) 5.600 08/15/2013 s 08/15/2005 b 13,333,110
- -------------------------------------------------------------------------------------------------------------------------
460,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/2018 s 08/15/2005 b 475,180
- -------------------------------------------------------------------------------------------------------------------------
685,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/2018 02/15/2004 b 703,975
- -------------------------------------------------------------------------------------------------------------------------
120,000 NYS Medcare (St. Luke's Hospital) 5.700 02/15/2029 s 02/15/2004 b 122,771
- -------------------------------------------------------------------------------------------------------------------------
65,000 NYS Medcare (St. Luke's Hospital) 5.700 02/15/2029 02/15/2004 b 66,507
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS Medcare (St. Luke's Hospital) 5.700 02/15/2029 08/15/2004 b 20,464
- -------------------------------------------------------------------------------------------------------------------------
2,930,000 NYS Medcare (St. Luke's Hospital) 7.500 11/01/2011 s 05/01/2004 b 3,050,130
- -------------------------------------------------------------------------------------------------------------------------
100,000 NYS Medcare (St. Peter's Hospital) 5.375 11/01/2020 05/01/2004 b 102,283
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS Medcare, Series F 5.375 02/15/2014 02/15/2004 b 51,260
- -------------------------------------------------------------------------------------------------------------------------
2,405,000 NYS Muni Bond Bank Agency
(Special Program-City of Buffalo) 6.875 03/15/2006 s 03/15/2004 b 2,477,631
- -------------------------------------------------------------------------------------------------------------------------
40,000 NYS Power Authority, Series A 5.000 11/15/2018 12/15/2005 b 42,185
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS Power Authority, Series A 5.000 11/15/2019 12/15/2005 b 52,731
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS Power Authority, Series F 5.500 01/01/2010 07/01/2004 a 11,010
- -------------------------------------------------------------------------------------------------------------------------
500,000 NYS Thruway Authority 5.500 01/01/2017 01/01/2007 b 548,320
- -------------------------------------------------------------------------------------------------------------------------
45,000 NYS Thruway Authority Service Contract
(Highway & Bridge) 5.750 04/01/2016 04/01/2006 a 50,047
- -------------------------------------------------------------------------------------------------------------------------
1,015,000 NYS Thruway Authority Service Contract
(Highway & Bridge) 6.000 04/01/2011 04/01/2007 b 1,156,278
- -------------------------------------------------------------------------------------------------------------------------
250,000 NYS Thruway Authority, Series A 0.000 z 01/01/2005 01/01/2005 246,158
- -------------------------------------------------------------------------------------------------------------------------
385,000 NYS Thruway Authority, Series A 0.000 z 01/01/2006 01/01/2006 368,992
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS Thruway Authority, Series A 5.500 04/01/2015 04/01/2005 a 53,686
- -------------------------------------------------------------------------------------------------------------------------
50,000 NYS Thruway Authority, Series B 5.000 01/01/2020 s 07/01/2004 b 51,130
- -------------------------------------------------------------------------------------------------------------------------
675,000 NYS Thruway Authority, Series E 5.250 01/01/2015 01/01/2008 b 737,303
- -------------------------------------------------------------------------------------------------------------------------
10,000 NYS Thurway Authority, Series B 5.125 04/01/2015 s 04/01/2005 b 10,571
- -------------------------------------------------------------------------------------------------------------------------
20,000 NYS Thurway Authority, Series C 5.250 04/01/2015 04/01/2008 b 21,984
- -------------------------------------------------------------------------------------------------------------------------
30,000 NYS UDC (Correctional Facilities) 0.000 z 01/01/2007 01/01/2007 27,874
- -------------------------------------------------------------------------------------------------------------------------
75,000 NYS UDC (Correctional Facilities) 5.000 01/01/2020 s 01/01/2008 b 79,205
- -------------------------------------------------------------------------------------------------------------------------
2,860,000 NYS UDC (Correctional Facilities) 5.375 01/01/2015 01/01/2008 b 3,135,161
37 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 55,000 NYS UDC (Correctional Facilities) 5.500% 01/01/2025 01/01/2005 a $ 58,508
- --------------------------------------------------------------------------------------------------------------------------
10,000,000 NYS UDC (Correctional Facilities) 5.625 01/01/2017 01/01/2006 a 11,011,200
- --------------------------------------------------------------------------------------------------------------------------
10,000 NYS UDC (Correctional Facilities) 5.700 01/01/2016 01/01/2007 b 11,319
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS UDC (Correctional Facilities) 5.875 04/01/2007 04/01/2004 b 25,802
- --------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS UDC (Correctional Facilities) 5.875 01/01/2019 01/01/2009 a 5,852,000
- --------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS UDC (Personal Income Tax) 5.500 03/15/2021 03/15/2013 b 5,554,200
- --------------------------------------------------------------------------------------------------------------------------
995,000 NYS UDC (Senior Lien) 5.375 07/01/2022 07/01/2006 b 1,085,545
- --------------------------------------------------------------------------------------------------------------------------
14,900,000 NYS UDC (Senior Lien) 5.500 07/01/2016 s 07/01/2006 b 16,277,803
- --------------------------------------------------------------------------------------------------------------------------
65,000 NYS UDC (South Mall) CAB 0.000 z 01/01/2005 06/24/2004 c 61,832
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS UDC (South Mall) CAB 0.000 z 01/01/2005 06/24/2004 c 23,793
- --------------------------------------------------------------------------------------------------------------------------
106,185,000 NYS UDC (South Mall) CAB 0.000 z 01/01/2011 04/08/2008 c 74,654,426
- --------------------------------------------------------------------------------------------------------------------------
1,020,000 NYS UDC (South Mall) CAB 0.000 z 01/01/2011 04/08/2008 c 720,110
- --------------------------------------------------------------------------------------------------------------------------
895,000 NYS UDC (South Mall) CAB 0.000 z 01/01/2011 04/08/2008 c 629,239
- --------------------------------------------------------------------------------------------------------------------------
5,000 NYS UDC (Subordinated Lien) 5.500 07/01/2016 07/01/2008 b 5,442
- --------------------------------------------------------------------------------------------------------------------------
6,100,000 NYS UDC (Subordinated Lien) 5.500 07/01/2022 s 07/01/2008 b 6,606,361
- --------------------------------------------------------------------------------------------------------------------------
6,630,000 NYS UDC (Subordinated Lien) 5.600 07/01/2026 s 07/01/2008 b 7,147,405
- --------------------------------------------------------------------------------------------------------------------------
25,000 NYS UDC (Syracuse University Science
& Technology Center) 5.500 01/01/2014 07/01/2004 b 25,330
- --------------------------------------------------------------------------------------------------------------------------
680,000 NYS UDC (Syracuse University) 5.500 01/01/2014 07/01/2004 b 689,160
- --------------------------------------------------------------------------------------------------------------------------
155,000 NYS UDC, Series A 5.500 04/01/2016 s 04/01/2006 b 168,324
- --------------------------------------------------------------------------------------------------------------------------
15,000 NYS UDC, Series A 5.500 04/01/2019 04/01/2006 b 16,289
- --------------------------------------------------------------------------------------------------------------------------
1,260,000 Oneida County IDA (Bonide Products) 5.750 11/01/2007 03/01/2006 c 1,253,826
- --------------------------------------------------------------------------------------------------------------------------
2,285,000 Oneida County IDA (Faxton Hospital) 6.625 01/01/2015 s 01/01/2010 b 2,656,678
- --------------------------------------------------------------------------------------------------------------------------
600,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 06/01/2010 b 656,526
- --------------------------------------------------------------------------------------------------------------------------
1,000,000 Oneida County IDA (Presbyterian Home) 6.250 06/01/2015 06/01/2010 b 1,126,390
- --------------------------------------------------------------------------------------------------------------------------
3,895,000 Oneida Healthcare Corp. 5.500 02/01/2016 s 02/01/2013 b 4,237,565
- --------------------------------------------------------------------------------------------------------------------------
1,150,000 Oneida-Herkimer SWMA 6.600 04/01/2004 04/01/2004 1,164,122
- --------------------------------------------------------------------------------------------------------------------------
155,000 Oneida-Herkimer SWMA 6.750 04/01/2014 s 04/01/2005 b 157,404
- --------------------------------------------------------------------------------------------------------------------------
10,000 Oneonta Hsg. Devel. Corp. 5.450 07/01/2022 s 01/01/2006 b 10,164
- --------------------------------------------------------------------------------------------------------------------------
180,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 s 06/01/2004 b 183,501
- --------------------------------------------------------------------------------------------------------------------------
365,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 04/01/2004 b 382,885
- --------------------------------------------------------------------------------------------------------------------------
2,605,000 Onondaga County IDA (Le Moyne College) 5.000 12/01/2012 07/07/2010 g 2,778,337
- --------------------------------------------------------------------------------------------------------------------------
510,000 Onondaga County IDA (Le Moyne College) 5.500 03/01/2014 03/01/2009 b 537,540
- --------------------------------------------------------------------------------------------------------------------------
13,920,000 Onondaga County Res Rec 5.000 05/01/2006 05/19/2005 c 13,851,096
- --------------------------------------------------------------------------------------------------------------------------
26,615,000 Onondaga County Res Rec 5.000 05/01/2010 08/24/2008 c 25,565,837
- --------------------------------------------------------------------------------------------------------------------------
140,000 Orange County IDA
(Adult Homes at Erie Station) 6.000 08/01/2011 05/15/2008 139,478
- --------------------------------------------------------------------------------------------------------------------------
425,000 Orange County IDA (Glen Arden) 5.100 01/01/2004 01/01/2004 425,000
- --------------------------------------------------------------------------------------------------------------------------
210,000 Orange County IDA (Glen Arden) 5.350 01/01/2007 01/01/2007 213,074
- --------------------------------------------------------------------------------------------------------------------------
230,000 Orange County IDA (Glen Arden) 5.400 01/01/2008 01/01/2008 232,967
- --------------------------------------------------------------------------------------------------------------------------
295,000 Orange County IDA
(Kingston Manufacturing) i,t,u 7.250 11/01/2003 05/01/2004 159,300
- --------------------------------------------------------------------------------------------------------------------------
40,000 Orange County IDA (Mental Health) 6.000 05/01/2008 05/01/2006 b 43,460
- --------------------------------------------------------------------------------------------------------------------------
60,000 Orange County IDA (Mental Health) 6.125 05/01/2016 s 05/01/2008 b 63,344
- --------------------------------------------------------------------------------------------------------------------------
5,065,000 Orange County IDA (St. Luke's
Cornwall Hospital Obligated Group) 6.000 12/01/2016 s 12/01/2011 b 5,715,346
38 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,920,000 Orange County IDA (St. Luke's
Cornwall Hospital Obligated Group) 6.000% 12/01/2016 s 12/01/2011 b $ 2,166,528
- -------------------------------------------------------------------------------------------------------------------------
200,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 08/01/2007 b 217,826
- -------------------------------------------------------------------------------------------------------------------------
580,000 Oswego County Res Rec 6.500 06/01/2004 06/01/2004 591,606
- -------------------------------------------------------------------------------------------------------------------------
1,350,000 Otsego County IDA (Hartwick College) 6.000 07/01/2013 07/01/2012 b 1,429,623
- -------------------------------------------------------------------------------------------------------------------------
1,435,000 Otsego County IDA (Hartwick College) 6.000 07/01/2014 07/01/2012 b 1,507,539
- -------------------------------------------------------------------------------------------------------------------------
1,520,000 Otsego County IDA (Hartwick College) 6.000 07/01/2015 07/01/2012 b 1,585,193
- -------------------------------------------------------------------------------------------------------------------------
1,610,000 Otsego County IDA (Hartwick College) 6.000 07/01/2016 07/01/2012 b 1,670,166
- -------------------------------------------------------------------------------------------------------------------------
50,000 Philadelphia, NY GO 7.500 12/15/2009 12/15/2009 61,567
- -------------------------------------------------------------------------------------------------------------------------
21,985,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 06/01/2004 b 22,063,486
- -------------------------------------------------------------------------------------------------------------------------
52,470,000 Port Authority NY/NJ
(JFK International Air Terminal) 5.750 12/01/2022 s 12/01/2007 b 58,940,600
- -------------------------------------------------------------------------------------------------------------------------
7,700,000 Port Authority NY/NJ
(JFK International Air Terminal) 5.750 12/01/2025 s 12/01/2007 b 8,436,813
- -------------------------------------------------------------------------------------------------------------------------
28,990,000 Port Authority NY/NJ
(JFK International Air Terminal) 5.900 12/01/2017 s 12/01/2007 b 32,737,537
- -------------------------------------------------------------------------------------------------------------------------
5,955,000 Port Authority NY/NJ
(JFK International Air Terminal) 6.250 12/01/2010 12/01/2010 6,918,579
- -------------------------------------------------------------------------------------------------------------------------
13,275,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 10/01/2006 b 13,870,118
- -------------------------------------------------------------------------------------------------------------------------
18,700,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 s 10/01/2008 b 19,122,994
- -------------------------------------------------------------------------------------------------------------------------
12,100,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 04/25/2006 c 12,659,020
- -------------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 100th Series 5.625 12/15/2010 06/15/2005 b 21,358
- -------------------------------------------------------------------------------------------------------------------------
15,000 Port Authority NY/NJ, 100th Series 5.750 12/15/2015 06/15/2005 b 15,956
- -------------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 100th Series 5.750 12/15/2020 06/15/2005 b 26,586
- -------------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 100th Series 5.750 06/15/2030 06/15/2005 b 26,548
- -------------------------------------------------------------------------------------------------------------------------
140,000 Port Authority NY/NJ, 100th Series 5.750 06/15/2030 06/15/2005 b 148,795
- -------------------------------------------------------------------------------------------------------------------------
70,000 Port Authority NY/NJ, 100th Series 5.750 06/15/2030 06/15/2005 b 74,397
- -------------------------------------------------------------------------------------------------------------------------
200,000 Port Authority NY/NJ, 101st Series 5.750 09/15/2015 09/15/2005 b 213,946
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 104th Series 5.200 07/15/2017 01/15/2006 b 1,064,510
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 Port Authority NY/NJ, 105th Series 6.250 09/01/2006 03/01/2006 b 2,201,200
- -------------------------------------------------------------------------------------------------------------------------
3,425,000 Port Authority NY/NJ, 107th Series 5.250 10/15/2012 10/15/2006 b 3,581,797
- -------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 107th Series 5.375 10/15/2016 10/15/2006 b 10,433
- -------------------------------------------------------------------------------------------------------------------------
35,000 Port Authority NY/NJ, 109th Series 5.375 07/15/2027 01/15/2007 b 37,272
- -------------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 110th Series 5.375 07/01/2017 07/01/2007 b 20,859
- -------------------------------------------------------------------------------------------------------------------------
225,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2022 s 10/01/2007 b 234,641
- -------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 112th Series 5.000 06/01/2018 s 10/01/2007 b 30,493
- -------------------------------------------------------------------------------------------------------------------------
10,000,000 Port Authority NY/NJ, 119th Series 5.250 09/15/2012 09/15/2006 b 10,819,200
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 119th Series 5.500 09/15/2016 09/15/2006 b 1,086,910
- -------------------------------------------------------------------------------------------------------------------------
175,000 Port Authority NY/NJ, 119th Series 5.500 09/15/2019 09/15/2006 b 189,700
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 Port Authority NY/NJ, 122th Series 5.500 07/15/2011 07/15/2008 b 2,168,840
- -------------------------------------------------------------------------------------------------------------------------
500,000 Port Authority NY/NJ, 91st Series 5.125 11/15/2010 05/15/2004 b 506,595
- -------------------------------------------------------------------------------------------------------------------------
265,000 Port Authority NY/NJ, 91st Series 5.200 11/15/2016 11/16/2004 b 268,371
- -------------------------------------------------------------------------------------------------------------------------
875,000 Port Authority NY/NJ, 91st Series 5.200 11/15/2020 05/15/2004 b 884,441
- -------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 92nd Series 5.000 07/15/2018 01/15/2004 b 10,125
- -------------------------------------------------------------------------------------------------------------------------
50,000 Port Authority NY/NJ, 92nd Series 5.625 07/15/2021 01/15/2004 b 50,655
- -------------------------------------------------------------------------------------------------------------------------
200,000 Port Authority NY/NJ, 94th Series 6.000 12/01/2015 12/01/2004 b 209,972
39 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 15,000 Port Authority NY/NJ, 94th Series 6.000% 12/01/2016 12/01/2004 b $ 15,734
- -------------------------------------------------------------------------------------------------------------------------
900,000 Port Authority NY/NJ, 95th Series 5.500 09/01/2012 03/01/2006 b 967,491
- -------------------------------------------------------------------------------------------------------------------------
110,000 Port Authority NY/NJ, 95th Series 5.700 07/15/2007 07/15/2004 b 112,993
- -------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 95th Series 5.900 07/15/2010 07/15/2004 b 10,230
- -------------------------------------------------------------------------------------------------------------------------
5,000 Port Authority NY/NJ, 95th Series 6.000 07/15/2014 07/15/2004 b 5,165
- -------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 95th Series 6.000 07/15/2015 07/16/2006 b 10,333
- -------------------------------------------------------------------------------------------------------------------------
65,000 Port Authority NY/NJ, 95th Series 6.125 07/15/2022 07/15/2004 b 67,207
- -------------------------------------------------------------------------------------------------------------------------
3,455,000 Port Authority NY/NJ, 95th Series 6.125 07/15/2029 s 07/15/2004 b 3,571,364
- -------------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 96th Series 6.400 10/01/2016 10/01/2004 b 26,167
- -------------------------------------------------------------------------------------------------------------------------
6,450,000 Port Authority NY/NJ, 96th Series 6.600 10/01/2023 s 10/01/2004 b 6,762,245
- -------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 97th Series 6.500 07/15/2019 01/15/2005 b 10,576
- -------------------------------------------------------------------------------------------------------------------------
9,425,000 Port Authority NY/NJ, 98th Series 6.000 08/01/2011 02/01/2005 b 9,937,437
- -------------------------------------------------------------------------------------------------------------------------
10,710,000 Port Authority NY/NJ, 98th Series 6.125 08/01/2013 02/01/2005 b 11,301,192
- -------------------------------------------------------------------------------------------------------------------------
12,590,000 Port Authority NY/NJ, 98th Series 6.200 02/01/2015 02/01/2005 b 13,299,447
- -------------------------------------------------------------------------------------------------------------------------
7,665,000 Port Authority NY/NJ, 99th Series 5.900 11/01/2011 05/01/2005 b 8,133,638
- -------------------------------------------------------------------------------------------------------------------------
500,000 Port Chester Community Devel. Corp.
(Section 8), Series A 5.500 08/01/2017 s 08/01/2013 b 525,375
- -------------------------------------------------------------------------------------------------------------------------
400,000 Port Chester Community Devel. Corp.
- -------------------------------------------------------------------------------------------------------------------------
(Section 8), Series A 5.600 02/01/2024 08/01/2004 b 420,176
- -------------------------------------------------------------------------------------------------------------------------
45,000 Port Chester IDA (Nadel Industries) 6.750 02/01/2006 02/16/2005 c 47,267
- -------------------------------------------------------------------------------------------------------------------------
25,000 Port Chester IDA (Nadel Industries) 7.000 02/01/2016 02/01/2008 a 28,533
- -------------------------------------------------------------------------------------------------------------------------
1,690,000 Poughkeepsie IDA
(Eastman & Bixby Redevelopment Corp.) 5.900 08/01/2020 09/05/2009 g 1,820,755
- -------------------------------------------------------------------------------------------------------------------------
750,000 Putnam County IDA (Brewster Plastics) 7.375 12/01/2008 01/18/2007 c 753,578
- -------------------------------------------------------------------------------------------------------------------------
1,790,000 Rensselaer County Tobacco Asset
Securitization Corp. 5.200 06/01/2025 10/01/2009 c 1,684,855
- -------------------------------------------------------------------------------------------------------------------------
130,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011 07/01/2004 b 132,809
- -------------------------------------------------------------------------------------------------------------------------
395,000 Rensselaer Municipal Leasing Corp.
(Rensselaer County Nursing Home) 6.250 06/01/2004 06/01/2004 396,248
- -------------------------------------------------------------------------------------------------------------------------
60,000 Rensselaer Municipal Leasing Corp.
(Rensselaer County Nursing Home) 6.900 06/01/2024 06/01/2006 b 61,317
- -------------------------------------------------------------------------------------------------------------------------
1,700,000 Riverhead HDC (Riverpointe Apartments) 5.850 08/01/2010 06/27/2008 g 1,720,043
- -------------------------------------------------------------------------------------------------------------------------
795,000 Rochester Hsg. Authority
(Crossroads Apartments) 7.300 07/01/2005 10/07/2004 c 797,226
- -------------------------------------------------------------------------------------------------------------------------
6,000,000 Rochester Hsg. Authority
(Crossroads Apartments) 7.700 01/01/2017 s 07/24/2012 c 5,927,460
- -------------------------------------------------------------------------------------------------------------------------
470,000 Rochester Hsg. Authority
(Stonewood Village) 5.900 09/01/2009 04/25/2007 c 464,999
- -------------------------------------------------------------------------------------------------------------------------
11,200,000 Rockland County Tobacco Asset
Securitization Corp. 5.500 08/15/2025 06/12/2012 c 10,313,520
- -------------------------------------------------------------------------------------------------------------------------
270,000 Rockland Gardens Hsg. Corp. 10.500 05/01/2011 05/01/2004 b 273,753
- -------------------------------------------------------------------------------------------------------------------------
280,000 Rome Hsg. Corp. 7.000 01/01/2026 s 07/01/2004 b 282,517
- -------------------------------------------------------------------------------------------------------------------------
225,000 Roxbury CSD GO 6.400 06/15/2010 06/15/2005 b 238,064
- -------------------------------------------------------------------------------------------------------------------------
235,000 Roxbury CSD GO 6.400 06/15/2011 06/15/2005 b 247,676
- -------------------------------------------------------------------------------------------------------------------------
1,725,000 Saratoga County IDA
(Saratoga Hospital/Saratoga Care/
Benedict Community Health Center) 5.750 12/01/2023 12/01/2005 b 1,855,082
40 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$6,540,000 Saratoga County IDA
(Saratoga Hospital/Saratoga Care/
Benedict Community Health Center) 5.750% 12/01/2033 12/01/2005 b $ 7,033,181
- -------------------------------------------------------------------------------------------------------------------------
770,000 Saratoga County IDA (Saratoga Sheraton) 6.750 12/31/2007 08/17/2005 c 758,635
- -------------------------------------------------------------------------------------------------------------------------
7,000,000 Schenectady Tax Anticipation Notes 6.250 12/30/2004 12/30/2004 7,000,350
- -------------------------------------------------------------------------------------------------------------------------
220,000 Schuyler County IDA (Cargill) 7.900 04/01/2007 03/01/2004 b 226,952
- -------------------------------------------------------------------------------------------------------------------------
25,000 Scotia GO 6.100 01/15/2012 01/15/2004 b 25,850
- -------------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 37-A 5.750 04/01/2005 06/06/2004 b 20,717
- -------------------------------------------------------------------------------------------------------------------------
8,745,000 SONYMA, Series 24 6.050 04/01/2020 s 07/01/2010 b 9,192,831
- -------------------------------------------------------------------------------------------------------------------------
55,000 SONYMA, Series 27 5.650 04/01/2015 s 10/01/2005 b 56,158
- -------------------------------------------------------------------------------------------------------------------------
3,600,000 SONYMA, Series 27 5.800 10/01/2020 s 04/01/2010 b 3,871,584
- -------------------------------------------------------------------------------------------------------------------------
130,000 SONYMA, Series 27 5.875 04/01/2030 s 04/01/2010 b 141,071
- -------------------------------------------------------------------------------------------------------------------------
8,125,000 SONYMA, Series 29 5.400 10/01/2022 s 10/01/2010 b 8,455,850
- -------------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 29-A 6.100 10/01/2015 04/01/2006 b 52,588
- -------------------------------------------------------------------------------------------------------------------------
5,535,000 SONYMA, Series 29-C 5.600 04/01/2015 s 03/01/2006 b 5,651,622
- -------------------------------------------------------------------------------------------------------------------------
175,000 SONYMA, Series 29-C 5.650 04/01/2015 04/01/2004 b 178,693
- -------------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 30 5.800 10/01/2025 02/01/2006 b 20,358
- -------------------------------------------------------------------------------------------------------------------------
30,000 SONYMA, Series 30-C 5.500 04/01/2019 s 04/01/2004 b 30,482
- -------------------------------------------------------------------------------------------------------------------------
170,000 SONYMA, Series 30-C 5.850 10/01/2025 s 10/01/2005 b 172,696
- -------------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 30-C1 5.850 10/01/2025 10/01/2005 b 20,334
- -------------------------------------------------------------------------------------------------------------------------
65,000 SONYMA, Series 30-C2 5.800 10/01/2025 02/01/2006 b 66,163
- -------------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 31A 5.375 10/01/2017 10/01/2004 b 20,391
- -------------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series 33 5.300 10/01/2012 03/01/2004 b 25,532
- -------------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series 33 5.400 10/01/2017 03/01/2004 b 25,671
- -------------------------------------------------------------------------------------------------------------------------
40,000 SONYMA, Series 33 5.400 10/10/2017 03/01/2004 b 41,080
- -------------------------------------------------------------------------------------------------------------------------
5,000 SONYMA, Series 34 5.550 09/30/2025 s 03/01/2006 b 5,069
- -------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 39 5.750 10/01/2010 s 04/01/2006 b 102,471
- -------------------------------------------------------------------------------------------------------------------------
260,000 SONYMA, Series 39 6.000 10/01/2017 s 04/01/2006 b 266,154
- -------------------------------------------------------------------------------------------------------------------------
45,000 SONYMA, Series 41-A 6.050 10/01/2007 06/01/2004 b 46,429
- -------------------------------------------------------------------------------------------------------------------------
55,000 SONYMA, Series 41-B 6.250 10/01/2014 s 08/01/2006 b 56,677
- -------------------------------------------------------------------------------------------------------------------------
5,000 SONYMA, Series 43 5.900 04/01/2007 09/01/2004 b 5,199
- -------------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 48 6.000 04/01/2013 06/29/2007 b 52,089
- -------------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 48 6.000 04/01/2013 s 06/29/2007 b 20,836
- -------------------------------------------------------------------------------------------------------------------------
135,000 SONYMA, Series 48 6.050 04/01/2017 s 06/29/2007 b 140,374
- -------------------------------------------------------------------------------------------------------------------------
190,000 SONYMA, Series 48 6.100 04/01/2025 s 06/29/2007 b 196,876
- -------------------------------------------------------------------------------------------------------------------------
120,000 SONYMA, Series 48 6.100 04/01/2025 s 06/29/2007 b 124,343
- -------------------------------------------------------------------------------------------------------------------------
285,000 SONYMA, Series 49 5.800 10/01/2013 06/29/2005 b 297,212
- -------------------------------------------------------------------------------------------------------------------------
380,000 SONYMA, Series 50 6.250 04/01/2010 09/13/2007 b 385,708
- -------------------------------------------------------------------------------------------------------------------------
285,000 SONYMA, Series 52 6.100 04/01/2026 s 01/04/2008 b 296,771
- -------------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 53 5.750 10/01/2011 s 01/04/2008 b 52,756
- -------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 53 5.900 10/01/2017 01/04/2006 b 104,849
- -------------------------------------------------------------------------------------------------------------------------
595,000 SONYMA, Series 54 6.100 10/01/2015 04/01/2006 b 625,791
- -------------------------------------------------------------------------------------------------------------------------
85,000 SONYMA, Series 55 5.950 10/01/2017 s 04/01/2006 b 89,610
- -------------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series 56 5.875 10/01/2019 s 07/01/2008 b 10,093
41 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 100,000 SONYMA, Series 60 6.000% 10/01/2022 s 01/01/2009 b $ 105,223
- -------------------------------------------------------------------------------------------------------------------------
285,000 SONYMA, Series 63 6.000 04/01/2017 s 04/01/2009 b 302,257
- -------------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series 64 5.800 10/01/2017 04/01/2007 b 10,634
- -------------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 64 5.900 10/01/2027 s 04/01/2009 b 52,603
- -------------------------------------------------------------------------------------------------------------------------
150,000 SONYMA, Series 66 5.600 10/01/2017 07/01/2007 b 159,258
- -------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 67 5.600 10/01/2014 s 09/01/2009 b 105,958
- -------------------------------------------------------------------------------------------------------------------------
1,040,000 SONYMA, Series 67 5.700 10/01/2017 s 09/01/2007 b 1,104,355
- -------------------------------------------------------------------------------------------------------------------------
185,000 SONYMA, Series 67 5.800 10/01/2028 s 09/01/2009 b 195,791
- -------------------------------------------------------------------------------------------------------------------------
705,000 SONYMA, Series 70 5.375 10/01/2017 s 03/01/2010 b 740,870
- -------------------------------------------------------------------------------------------------------------------------
250,000 SONYMA, Series 73-B 5.450 10/01/2024 s 09/30/2009 b 258,768
- -------------------------------------------------------------------------------------------------------------------------
5,000 SONYMA, Series 73-B 5.850 10/01/2018 09/30/2009 b 5,364
- -------------------------------------------------------------------------------------------------------------------------
30,000 SONYMA, Series 77 5.900 04/01/2013 11/23/2009 b 31,310
- -------------------------------------------------------------------------------------------------------------------------
1,025,000 SONYMA, Series 78-B 5.900 10/01/2015 11/23/2009 b 1,088,735
- -------------------------------------------------------------------------------------------------------------------------
140,000 SONYMA, Series 80 5.100 10/01/2017 s 03/01/2009 b 147,126
- -------------------------------------------------------------------------------------------------------------------------
5,000,000 SONYMA, Series 82 5.550 10/01/2019 s 10/01/2009 b 5,251,150
- -------------------------------------------------------------------------------------------------------------------------
25,000,000 SONYMA, Series 83 5.450 04/01/2018 s 10/01/2009 b 26,458,250
- -------------------------------------------------------------------------------------------------------------------------
45,000 SONYMA, Series 83 5.550 10/01/2027 10/01/2009 b 46,907
- -------------------------------------------------------------------------------------------------------------------------
120,000 SONYMA, Series 84 5.900 04/01/2022 s 09/01/2009 b 127,016
- -------------------------------------------------------------------------------------------------------------------------
7,490,000 SONYMA, Series 84 5.950 04/01/2030 s 09/01/2009 b 7,883,525
- -------------------------------------------------------------------------------------------------------------------------
930,000 SONYMA, Series 90 5.750 10/01/2021 10/01/2004 g 934,371
- -------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 93 5.800 04/01/2013 10/01/2009 b 108,756
- -------------------------------------------------------------------------------------------------------------------------
19,980,000 SONYMA, Series 94 5.900 10/01/2030 s 04/01/2010 b 21,073,505
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 SONYMA, Series 95 5.500 10/01/2017 s 04/01/2010 b 2,135,260
- -------------------------------------------------------------------------------------------------------------------------
6,100,000 SONYMA, Series 97 5.400 10/01/2021 s 04/01/2011 b 6,378,404
- -------------------------------------------------------------------------------------------------------------------------
85,000 Springville HDC (Springbrook) 5.950 01/01/2010 07/18/2007 g 86,884
- -------------------------------------------------------------------------------------------------------------------------
620,000 St. Lawrence IDA (PACES) 5.875 06/30/2007 01/27/2006 c 609,764
- -------------------------------------------------------------------------------------------------------------------------
35,000 Suffolk County GO 5.000 10/15/2020 10/15/2005 b 35,792
- -------------------------------------------------------------------------------------------------------------------------
660,000 Suffolk County IDA (ACLD) 5.750 03/01/2006 03/12/2005 c 659,234
- -------------------------------------------------------------------------------------------------------------------------
940,000 Suffolk County IDA (ALIA--CCDRCA) 7.000 06/01/2016 05/07/2010 g 985,411
- -------------------------------------------------------------------------------------------------------------------------
1,135,000 Suffolk County IDA (ALIA--FREE) 7.000 06/01/2016 05/08/2010 g 1,189,832
- -------------------------------------------------------------------------------------------------------------------------
940,000 Suffolk County IDA (ALIA--IGHL) 6.500 12/01/2013 05/07/2010 943,873
- -------------------------------------------------------------------------------------------------------------------------
535,000 Suffolk County IDA (ALIA--WORCA) 7.000 06/01/2016 05/05/2010 g 560,846
- -------------------------------------------------------------------------------------------------------------------------
25,000 Suffolk County IDA (Dowling College) 6.400 12/01/2005 12/01/2005 25,519
- -------------------------------------------------------------------------------------------------------------------------
240,000 Suffolk County IDA (Dowling College) 6.500 12/01/2006 12/01/2006 244,788
- -------------------------------------------------------------------------------------------------------------------------
50,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 12/29/2016 c 49,446
- -------------------------------------------------------------------------------------------------------------------------
575,000 Suffolk County IDA
(Family Residences), Series A 6.375 12/01/2018 10/20/2012 577,616
- -------------------------------------------------------------------------------------------------------------------------
3,760,000 Suffolk County IDA
(Family Residences), Series A 6.375 12/01/2018 01/12/2013 3,777,108
- -------------------------------------------------------------------------------------------------------------------------
1,365,000 Suffolk County IDA
(Huntington First Aid Squad) 6.025 11/01/2008 12/15/2006 c 1,381,462
- -------------------------------------------------------------------------------------------------------------------------
290,000 Suffolk County IDA
(Mattituck-Laurel Library) 6.000 09/01/2019 s 09/01/2010 b 339,210
- -------------------------------------------------------------------------------------------------------------------------
165,000 Suffolk County IDA
(Peconic Landing Retirement Home) 7.000 10/01/2030 10/01/2005 d 164,815
42 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 250,000 Suffolk County IDA (Rimland Facilities) i 3.000% v 12/01/2004 09/04/2004 c $ 249,375
- ---------------------------------------------------------------------------------------------------------------------------
100,000 Suffolk County Water Authority 5.750 06/01/2010 06/01/2004 b 101,876
- ---------------------------------------------------------------------------------------------------------------------------
30,000 Sullivan County GO 5.100 03/15/2011 03/15/2004 b 30,535
- ---------------------------------------------------------------------------------------------------------------------------
40,000 Syracuse GO, Series A 6.000 02/01/2014 s 02/01/2004 b 40,963
- ---------------------------------------------------------------------------------------------------------------------------
75,000 Syracuse GO, Series B 6.000 02/01/2009 02/01/2004 b 76,774
- ---------------------------------------------------------------------------------------------------------------------------
2,470,000 Syracuse IDA (Crouse Irving
Health Hospital) i 5.125 01/01/2009 08/26/2006 c 1,809,818
- ---------------------------------------------------------------------------------------------------------------------------
185,000 Syracuse IDA (One Center Armory Garage) 6.750 12/01/2017 12/01/2004 b 190,458
- ---------------------------------------------------------------------------------------------------------------------------
970,000 Syracuse SCHC (East Hill Village
Apartments) 6.125 11/01/2010 11/11/2007 c 953,743
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Tobacco Settlement Financing Corp.
(TASC) 5.000 06/01/2011 06/01/2006 b 1,040,450
- ---------------------------------------------------------------------------------------------------------------------------
4,000,000 Tobacco Settlement Financing Corp.
(TASC) 5.250 06/01/2012 06/01/2006 b 4,175,360
- ---------------------------------------------------------------------------------------------------------------------------
11,405,000 Tobacco Settlement Financing Corp.
(TASC) 5.250 06/01/2013 06/01/2008 b 12,078,351
- ---------------------------------------------------------------------------------------------------------------------------
26,540,000 Tobacco Settlement Financing Corp.
(TASC) 5.250 06/01/2021 06/01/2013 b 28,231,394
- ---------------------------------------------------------------------------------------------------------------------------
5,000,000 Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2014 06/01/2009 b 5,390,850
- ---------------------------------------------------------------------------------------------------------------------------
8,250,000 Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2015 06/01/2010 b 9,044,145
- ---------------------------------------------------------------------------------------------------------------------------
11,900,000 Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2016 06/01/2008 b 12,723,837
- ---------------------------------------------------------------------------------------------------------------------------
5,000,000 Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2017 06/01/2011 b 5,352,800
- ---------------------------------------------------------------------------------------------------------------------------
21,000,000 Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2018 06/01/2012 b 22,464,540
- ---------------------------------------------------------------------------------------------------------------------------
20,500,000 Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2019 06/01/2013 b 21,969,235
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2020 06/01/2013 b 1,069,300
- ---------------------------------------------------------------------------------------------------------------------------
18,395,000 Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2021 06/01/2013 b 19,597,297
- ---------------------------------------------------------------------------------------------------------------------------
27,465,000 Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2022 06/01/2013 b 29,195,570
- ---------------------------------------------------------------------------------------------------------------------------
900,000 Tompkins County IDA (Kendall at Ithaca) 5.750 07/01/2018 07/01/2008 b 932,760
- ---------------------------------------------------------------------------------------------------------------------------
2,000,000 Tompkins County IDA (Kendall at Ithaca) 6.000 07/01/2024 07/01/2008 b 2,082,160
- ---------------------------------------------------------------------------------------------------------------------------
290,000 Tompkins Healthcare Corp.
(Reconstruction Home) 10.800 02/01/2028 s 02/01/2005 b 331,464
- ---------------------------------------------------------------------------------------------------------------------------
2,680,000 Tonawanda HDC (Tonawanda Towers) 6.150 10/01/2011 01/13/2008 g 2,725,024
- ---------------------------------------------------------------------------------------------------------------------------
580,000 TSASC, Inc. (TFABs) 3.750 07/15/2008 07/15/2008 567,924
- ---------------------------------------------------------------------------------------------------------------------------
500,000 TSASC, Inc. (TFABs) 5.125 07/15/2009 07/15/2004 e 512,355
- ---------------------------------------------------------------------------------------------------------------------------
2,325,000 TSASC, Inc. (TFABs) 5.250 07/15/2011 07/15/2005 e 2,392,541
- ---------------------------------------------------------------------------------------------------------------------------
2,150,000 TSASC, Inc. (TFABs) 5.375 07/15/2011 07/15/2006 e 2,223,122
- ---------------------------------------------------------------------------------------------------------------------------
2,440,000 TSASC, Inc. (TFABs) 5.375 07/15/2012 07/15/2006 e 2,533,989
- ---------------------------------------------------------------------------------------------------------------------------
225,000 TSASC, Inc. (TFABs) 5.400 07/15/2012 07/15/2007 e 233,658
- ---------------------------------------------------------------------------------------------------------------------------
2,825,000 TSASC, Inc. (TFABs) 5.500 07/15/2013 07/15/2007 e 2,946,080
- ---------------------------------------------------------------------------------------------------------------------------
41,710,000 TSASC, Inc. (TFABs) 5.500 07/15/2024 08/22/2013 c 41,268,708
- ---------------------------------------------------------------------------------------------------------------------------
2,800,000 TSASC, Inc. (TFABs) 5.700 07/15/2014 07/15/2009 b 2,886,240
- ---------------------------------------------------------------------------------------------------------------------------
1,645,000 TSASC, Inc. (TFABs) 5.875 07/15/2016 07/15/2009 b 1,702,246
- ---------------------------------------------------------------------------------------------------------------------------
3,500,000 TSASC, Inc. (TFABs) 5.900 07/15/2017 07/15/2009 b 3,626,595
- ---------------------------------------------------------------------------------------------------------------------------
575,000 TSASC, Inc. (TFABs) 6.000 07/15/2018 07/15/2009 b 595,700
- ---------------------------------------------------------------------------------------------------------------------------
2,070,000 TSASC, Inc. (TFABs) 6.000 07/15/2018 07/15/2009 b 2,144,520
- ---------------------------------------------------------------------------------------------------------------------------
4,425,000 TSASC, Inc. (TFABs) 6.000 07/15/2019 07/15/2009 b 4,559,697
- ---------------------------------------------------------------------------------------------------------------------------
4,420,000 TSASC, Inc. (TFABs) 6.000 07/15/2019 07/15/2009 b 4,554,545
- ---------------------------------------------------------------------------------------------------------------------------
4,910,000 TSASC, Inc. (TFABs) 6.000 07/15/2020 07/15/2009 b 5,032,357
- ---------------------------------------------------------------------------------------------------------------------------
2,170,000 TSASC, Inc. (TFABs) 6.000 07/15/2020 07/15/2009 b 2,224,076
- ---------------------------------------------------------------------------------------------------------------------------
2,030,000 TSASC, Inc. (TFABs) 6.000 07/15/2021 07/15/2009 b 2,069,443
43 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$46,175,000 TSASC, Inc. (TFABs) 6.250% 07/15/2027 07/15/2009 b $ 47,442,504
- -------------------------------------------------------------------------------------------------------------------------
18,440,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 s 07/15/2009 b 18,946,178
- -------------------------------------------------------------------------------------------------------------------------
63,870,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 s 07/15/2009 b 66,053,077
- -------------------------------------------------------------------------------------------------------------------------
80,000 Tupper Lake HDC 8.125 10/01/2010 04/01/2004 b 80,928
- -------------------------------------------------------------------------------------------------------------------------
690,000 Ulster County IDA (Benedictine Hospital) 6.050 06/01/2005 12/05/2004 c 686,826
- -------------------------------------------------------------------------------------------------------------------------
10,650,000 Ulster County Tobacco Asset
Securitization Corp. 6.750 06/01/2030 s 06/01/2011 b 11,036,702
- -------------------------------------------------------------------------------------------------------------------------
230,000 United Nations Devel. Corp., Series B 5.000 07/01/2007 07/01/2004 b 230,501
- -------------------------------------------------------------------------------------------------------------------------
2,050,000 United Nations Devel. Corp., Series B 5.300 07/01/2010 07/01/2004 b 2,053,465
- -------------------------------------------------------------------------------------------------------------------------
25,000 United Nations Devel. Corp., Series B 5.300 07/01/2011 07/01/2004 b 25,037
- -------------------------------------------------------------------------------------------------------------------------
350,000 United Nations Devel. Corp., Series C 5.500 07/01/2017 s 07/01/2004 b 358,418
- -------------------------------------------------------------------------------------------------------------------------
15,000 Upper Mohawk Valley Regional Water
Finance Authority 5.125 10/01/2016 10/01/2007 b 16,435
- -------------------------------------------------------------------------------------------------------------------------
295,000 Utica GO 6.200 01/15/2014 01/15/2010 b 336,669
- -------------------------------------------------------------------------------------------------------------------------
320,000 Utica GO 6.250 01/15/2015 01/15/2010 b 370,080
- -------------------------------------------------------------------------------------------------------------------------
230,000 Utica IDA (Utica College Civic Facility) 5.300 08/01/2008 03/04/2006 c 233,020
- -------------------------------------------------------------------------------------------------------------------------
2,155,000 Utica IDA (Utica College Civic Facility) 6.375 12/01/2011 09/23/2008 c 2,166,809
- -------------------------------------------------------------------------------------------------------------------------
75,000 Utica SCHC (Steinhorst Apartments) 6.500 04/15/2008 08/07/2005 g 78,289
- -------------------------------------------------------------------------------------------------------------------------
30,000 Valley Health Development Corp. 6.750 05/20/2022 05/20/2010 b 34,192
- -------------------------------------------------------------------------------------------------------------------------
50,000 Westchester County GO 6.850 11/15/2014 11/15/2004 b 52,754
- -------------------------------------------------------------------------------------------------------------------------
265,000 Westchester County IDA
(Beth Abraham Hospital) 7.250 12/01/2009 09/02/2007 c 273,411
- -------------------------------------------------------------------------------------------------------------------------
50,000 Westchester County IDA
(Children's Village) 5.100 03/15/2009 03/15/2009 52,013
- ---------------------------------------------------------------------------------------------------------------------------
170,000 Westchester County IDA (JDAM) 6.250 04/01/2005 10/06/2004 c 175,141
- ---------------------------------------------------------------------------------------------------------------------------
70,000 Westchester County IDA (JDAM) 6.500 04/01/2009 s 04/01/2006 b 72,944
- -------------------------------------------------------------------------------------------------------------------------
1,130,000 Westchester County IDA (JDAM) 6.750 04/01/2016 s 04/01/2006 b 1,187,246
- -------------------------------------------------------------------------------------------------------------------------
2,330,000 Westchester County IDA
(Rippowam-Cisqua School) 5.750 06/01/2029 06/01/2009 b 2,384,895
- -------------------------------------------------------------------------------------------------------------------------
3,980,000 Westchester County IDA
(Schnurmacher Center) 6.000 11/01/2011 08/22/2008 3,985,015
- -------------------------------------------------------------------------------------------------------------------------
35,000 Westchester County IDA
(Westchester Airport Association) 5.850 08/01/2014 02/01/2004 b 35,875
- -------------------------------------------------------------------------------------------------------------------------
330,000 Westchester County IDA
(Westchester Airport) 5.950 08/01/2024 s 02/01/2004 b 334,604
- -------------------------------------------------------------------------------------------------------------------------
100,000 Westchester County IDA
(Westchester Resco Company) 5.500 07/01/2009 07/01/2008 b 106,145
- -------------------------------------------------------------------------------------------------------------------------
18,000,000 Westchester County Tobacco Asset
Securitization Corp. t 0.000 v 07/15/2039 s 07/15/2018 b 13,313,700
- -------------------------------------------------------------------------------------------------------------------------
37,110,000 Westchester County Tobacco Asset
Securitization Corp. 6.750 07/15/2029 s 07/15/2010 b 38,347,990
- -------------------------------------------------------------------------------------------------------------------------
10,000 Western Nassau County Water Authority 5.500 05/01/2016 05/01/2006 b 10,882
- -------------------------------------------------------------------------------------------------------------------------
345,000 Western Nassau County Water Authority 5.650 05/01/2026 05/01/2006 b 376,378
- -------------------------------------------------------------------------------------------------------------------------
260,000 Yonkers IDA (Community Devel.
Properties) 6.250 02/01/2016 02/01/2011 b 279,414
- -------------------------------------------------------------------------------------------------------------------------
3,140,000 Yonkers IDA (Community Devel.
Properties) 6.625 02/01/2026 s 02/01/2011 b 3,353,269
- -------------------------------------------------------------------------------------------------------------------------
935,000 Yonkers IDA (Hudson Scenic Studio) 5.875 11/01/2007 05/28/2006 c 942,508
- -------------------------------------------------------------------------------------------------------------------------
240,000 Yonkers IDA (Michael
Malotz Skilled Nursing Pavilion) 5.450 02/01/2029 02/01/2009 b 251,794
44 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 145,000 Yonkers IDA (Philipsburgh Hall
Associates) 6.750% 11/01/2008 12/29/2006 c $ 144,511
- -----------------------------------------------------------------------------------------------------------------------------
2,750,000 Yonkers IDA (St. John's Riverside
Hospital) 6.800 07/01/2016 02/18/2010 g 2,753,520
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 Yonkers IDA
(St. Joseph's Hospital), Series 98-B 5.900 03/01/2008 03/01/2006 c 961,920
----------------
2,924,397,286
- -----------------------------------------------------------------------------------------------------------------------------
OTHER STATES--0.6%
22,215,000 NJ Tobacco Settlement Financing Corp.
(TASC) 5.750 06/01/2032 06/15/2011 c 20,423,582
- -----------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--13.1%
5,000,000 Guam Airport Authority, Series C 5.375 10/01/2019 10/01/2013 b 5,400,500
- -----------------------------------------------------------------------------------------------------------------------------
6,000,000 Guam Airport Authority, Series C 5.375 10/01/2020 10/01/2013 b 6,436,200
- -----------------------------------------------------------------------------------------------------------------------------
760,000 Guam EDA (TASC) 5.000 05/15/2022 10/25/2005 g 761,398
- -----------------------------------------------------------------------------------------------------------------------------
1,950,000 Guam EDA (TASC) 5.400 05/15/2031 08/06/2010 c 1,862,250
- -----------------------------------------------------------------------------------------------------------------------------
215,000 Guam EDA (TASC) 5.500 05/15/2041 10/20/2015 c 197,931
- -----------------------------------------------------------------------------------------------------------------------------
3,030,000 Guam GO, Series A 5.900 09/01/2005 03/01/2004 b 3,033,848
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 Guam GO, Series A 6.000 09/01/2006 03/01/2004 b 1,000,010
- -----------------------------------------------------------------------------------------------------------------------------
580,000 Guam Power Authority, Series A 5.250 10/01/2013 10/01/2005 b 580,766
- -----------------------------------------------------------------------------------------------------------------------------
555,000 Guam Power Authority, Series A 5.250 10/01/2023 04/01/2004 b 567,365
- -----------------------------------------------------------------------------------------------------------------------------
85,000 Northern Mariana Islands, Series A 6.000 06/01/2014 s 06/01/2010 b 93,349
- -----------------------------------------------------------------------------------------------------------------------------
3,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 s 06/01/2010 b 3,204,330
- -----------------------------------------------------------------------------------------------------------------------------
375,000 Puerto Rico Children's Trust Fund (TASC) 4.100 05/15/2013 05/15/2013 341,171
- -----------------------------------------------------------------------------------------------------------------------------
2,500,000 Puerto Rico Children's Trust Fund (TASC) 5.000 05/15/2008 05/15/2008 2,579,725
- -----------------------------------------------------------------------------------------------------------------------------
159,965,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 01/27/2012 c 154,193,463
- -----------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico Children's Trust Fund (TASC) 5.750 07/01/2020 01/30/2008 g 27,997
- -----------------------------------------------------------------------------------------------------------------------------
740,000 Puerto Rico Children's Trust Fund (TASC) 6.000 07/01/2026 s 07/01/2010 a 880,563
- -----------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2018 07/01/2008 b 5,407,250
- -----------------------------------------------------------------------------------------------------------------------------
486,915 Puerto Rico Dept. of Corrections
Furniture Lease i,u 7.000 04/25/2004 04/25/2004 486,453
- -----------------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Electric Power Authority,
Series EE 5.250 07/01/2014 07/01/2008 b 11,181
- -----------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Electric Power Authority,
Series T 5.500 07/01/2020 s 07/01/2004 b 51,118
- -----------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico Electric Power Authority,
Series T 6.000 07/01/2016 s 07/01/2004 b 26,119
- -----------------------------------------------------------------------------------------------------------------------------
30,000 Puerto Rico Electric Power Authority,
Series T 6.000 07/01/2016 s 07/01/2004 b 31,343
- -----------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Electric Power Authority,
Series U 6.000 07/01/2014 s 07/01/2004 b 2,081,380
- -----------------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico Electric Power Authority,
Series X 5.500 07/01/2025 s 07/01/2005 b 77,741
- -----------------------------------------------------------------------------------------------------------------------------
1,890,000 Puerto Rico Electric Power Authority,
Series Z 5.250 07/01/2021 s 07/01/2005 b 1,964,939
- -----------------------------------------------------------------------------------------------------------------------------
35,000 Puerto Rico Electric Power Authority,
Series Z 5.250 07/01/2021 07/01/2005 b 36,556
- -----------------------------------------------------------------------------------------------------------------------------
1,425,000 Puerto Rico Electric Power Authority,
Series Z 5.500 07/01/2010 07/01/2005 b 1,530,878
45 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 50,000 Puerto Rico Electric Power Authority,
Series Z 5.500% 07/01/2014 07/01/2005 b $ 53,382
- ---------------------------------------------------------------------------------------------------------------------------
90,000 Puerto Rico Electric Power Authority,
Series Z 5.500 07/01/2016 s 07/01/2005 b 96,005
- ---------------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico GO 5.000 07/01/2019 07/01/2008 b 102,487
- ---------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico GO 5.250 07/01/2027 s 07/01/2011 b 5,380,400
- ---------------------------------------------------------------------------------------------------------------------------
135,000 Puerto Rico GO 5.375 07/01/2022 s 07/01/2005 b 145,226
- ---------------------------------------------------------------------------------------------------------------------------
30,000 Puerto Rico GO 5.375 07/01/2025 07/01/2007 b 33,476
- ---------------------------------------------------------------------------------------------------------------------------
4,130,000 Puerto Rico GO 5.375 07/01/2028 07/01/2011 b 4,314,570
- ---------------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico HBFA 5.850 10/01/2009 04/01/2007 b 57,490
- ---------------------------------------------------------------------------------------------------------------------------
470,000 Puerto Rico HBFA 6.100 10/01/2015 04/01/2007 b 488,208
- ---------------------------------------------------------------------------------------------------------------------------
560,000 Puerto Rico HBFA 6.250 04/01/2029 s 04/01/2007 b 580,709
- ---------------------------------------------------------------------------------------------------------------------------
90,000 Puerto Rico HFC 5.100 12/01/2018 12/01/2010 b 93,758
- ---------------------------------------------------------------------------------------------------------------------------
60,000 Puerto Rico HFC 7.250 10/01/2004 04/01/2004 b 60,235
- ---------------------------------------------------------------------------------------------------------------------------
95,000 Puerto Rico HFC 7.300 04/01/2006 04/01/2004 b 95,314
- ---------------------------------------------------------------------------------------------------------------------------
70,000 Puerto Rico HFC 7.300 10/01/2006 04/01/2004 b 70,227
- ---------------------------------------------------------------------------------------------------------------------------
30,000 Puerto Rico HFC 7.400 04/01/2007 04/01/2004 b 30,093
- ---------------------------------------------------------------------------------------------------------------------------
2,455,000 Puerto Rico HFC 7.500 10/01/2015 s 04/01/2004 b 2,459,223
- ---------------------------------------------------------------------------------------------------------------------------
5,045,000 Puerto Rico HFC 7.500 04/01/2022 s 04/01/2004 b 5,253,106
- ---------------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico Highway &
Transportation Authority, Series E 5.750 07/01/2024 07/01/2012 b 7,666,750
- ---------------------------------------------------------------------------------------------------------------------------
40,000 Puerto Rico Highway &
Transportation Authority, Series X
Transportation Authority 5.000 07/01/2022 07/01/2005 b 201,162
- ---------------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico Highway &
Transportation Authority, Series Y 5.500 07/01/2018 07/01/2006 b 107,956
- ---------------------------------------------------------------------------------------------------------------------------
245,000 Puerto Rico IMEPCF
(American Home Products) 5.100 12/01/2018 12/01/2008 b 252,433
- ---------------------------------------------------------------------------------------------------------------------------
6,540,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 05/15/2004 b 6,878,772
- ---------------------------------------------------------------------------------------------------------------------------
7,175,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 05/15/2004 b 7,381,066
- ---------------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Infrastructure 5.000 07/01/2016 01/01/2008 b 10,932
- ---------------------------------------------------------------------------------------------------------------------------
8,000,000 Puerto Rico Infrastructure 5.000 07/01/2021 01/01/2008 b 8,567,520
- ---------------------------------------------------------------------------------------------------------------------------
1,670,000 Puerto Rico Infrastructure 7.500 07/01/2009 s 07/01/2004 b 1,713,838
- ---------------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico ITEMECF
(Ana G. Mendez University) 5.375 02/01/2019 02/01/2009 b 56,879
- ---------------------------------------------------------------------------------------------------------------------------
16,425,000 Puerto Rico ITEMECF
(Congeneration Facilities) 6.625 06/01/2026 s 06/01/2010 b 17,123,884
- ---------------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico ITEMECF (Dr. Pila Hospital) 6.125 08/01/2025 08/01/2005 c 1,619,535
- ---------------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.125 11/15/2025 11/15/2010 b 83,176
- ---------------------------------------------------------------------------------------------------------------------------
750,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.375 11/15/2015 11/15/2010 b 860,558
- ---------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.500 11/15/2020 11/15/2010 b 2,282,540
- ---------------------------------------------------------------------------------------------------------------------------
1,190,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.375 07/01/2006 07/15/2005 c 1,177,208
46 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 1,890,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.500% 07/01/2012 12/15/2009 c $ 1,801,208
- -------------------------------------------------------------------------------------------------------------------------
1,045,000 Puerto Rico ITEMECF
(Ryder Memorial Hospital) 6.400 05/01/2009 05/01/2004 b 1,068,983
- -------------------------------------------------------------------------------------------------------------------------
1,075,000 Puerto Rico Municipal Finance
Agency RITES i 9.831 r 08/01/2013 02/01/2009 1,416,538
- -------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Municipal Finance Agency,
Series A 5.500 07/01/2021 07/01/2007 b 55,231
- -------------------------------------------------------------------------------------------------------------------------
140,000 Puerto Rico Port Authority, Series C 7.300 07/01/2007 s 07/01/2004 b 143,542
- -------------------------------------------------------------------------------------------------------------------------
150,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 s 07/01/2004 b 153,398
- -------------------------------------------------------------------------------------------------------------------------
465,000 Puerto Rico Port Authority, Series D 7.000 07/01/2014 s 07/01/2004 b 480,787
- -------------------------------------------------------------------------------------------------------------------------
40,000 Puerto Rico Public Building Authority,
Series M 5.500 07/01/2021 07/01/2005 a 42,503
- -------------------------------------------------------------------------------------------------------------------------
65,000 Puerto Rico Public Buildings Authority 5.125 07/01/2024 07/01/2012 b 67,170
- -------------------------------------------------------------------------------------------------------------------------
15,000 Puerto Rico Public Buildings Authority,
Series A 5.500 07/01/2021 07/01/2005 a 16,164
- -------------------------------------------------------------------------------------------------------------------------
35,000 Puerto Rico Public Buildings Authority,
Series A 5.500 07/01/2025 07/01/2005 a 37,716
- -------------------------------------------------------------------------------------------------------------------------
5,000 Puerto Rico Public Buildings Authority,
Series B 5.250 07/01/2021 07/01/2007 b 5,190
- -------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Public Finance Corp.,
Series A 5.375 08/01/2024 08/01/2011 b 5,434,800
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Public Finance Corp.,
Series E 5.500 08/01/2029 02/01/2012 b 1,056,340
- -------------------------------------------------------------------------------------------------------------------------
35,400,000 Puerto Rico Public Finance Corp.,
Series E 5.700 08/01/2025 02/01/2010 b 37,709,142
- -------------------------------------------------------------------------------------------------------------------------
64,220,000 Puerto Rico Public Finance Corp.,
Series E 5.750 08/01/2030 02/01/2007 b 68,942,739
- -------------------------------------------------------------------------------------------------------------------------
205,000 Puerto Rico Urban Renewal & Hsg. Corp. 7.875 10/01/2004 s 04/01/2004 b 210,207
- -------------------------------------------------------------------------------------------------------------------------
1,850,000 Tobacco Settlement Financing Corp.
(TASC) 5.000 05/15/2021 10/04/2009 1,759,739
- -------------------------------------------------------------------------------------------------------------------------
10,000 University of Puerto Rico 5.250 06/01/2025 06/01/2007 b 10,519
- -------------------------------------------------------------------------------------------------------------------------
225,000 University of Puerto Rico 5.500 06/01/2012 s 05/01/2004 b 228,634
- -------------------------------------------------------------------------------------------------------------------------
45,000 V.I. Hsg. Finance Authority, Series A 6.500 03/01/2025 s 03/01/2005 b 46,274
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Port Authority, Series A 5.250 09/01/2018 09/01/2010 b 1,059,750
- -------------------------------------------------------------------------------------------------------------------------
10,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2015 10/01/2010 b 10,414,300
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.625 10/01/2010 05/29/2008 c 1,088,880
- -------------------------------------------------------------------------------------------------------------------------
25,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 10/01/2010 b 25,897
- -------------------------------------------------------------------------------------------------------------------------
19,800,000 V.I. Public Finance Authority, Series A 6.125 10/01/2029 s 10/01/2010 b 22,314,798
- -------------------------------------------------------------------------------------------------------------------------
7,220,000 V.I. Public Finance Authority, Series A 6.375 10/01/2019 s 01/01/2010 b 8,033,333
- -------------------------------------------------------------------------------------------------------------------------
9,500,000 V.I. Public Finance Authority, Series A 6.500 10/01/2024 s 10/01/2010 b 10,521,725
- -------------------------------------------------------------------------------------------------------------------------
900,000 V.I. Tobacco Settlement Financing Corp.
(TASC) t 0.000 v 05/15/2008 05/15/2008 742,643
- -------------------------------------------------------------------------------------------------------------------------
1,470,000 V.I. Water & Power Authority 5.375 07/01/2010 07/01/2008 b 1,555,451
----------------
444,648,239
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $3,327,062,551)--99.8% 3,389,469,107
- -------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES--0.2 5,948,261
----------------
NET ASSETS--100.0% $3,395,417,368
================
47 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
*Call Date, Put Date or Average Life of Sinking Fund, if applicable, as
detailed.
A. Date of prefunded call, or maturity date if escrowed to maturity.
B. Optional call date; corresponds to the most conservative yield calculation.
C. Average life due to mandatory, or expected, sinking fund principal payments
prior to maturity.
D. Date of mandatory put.
E. Date of planned principal payment.
G. Average life due to mandatory, or expected, sinking fund principal payments
prior to the applicable optional call date.
I. Identifies issues considered to be illiquid. See Note 5 of Notes to Financial
Statements.
R. Represents the current interest rate for a variable rate bond known as an
"inverse floater". See Note 1 of Notes to Financial Statements.
S. Security also has mandatory sinking fund principal payments prior to maturity
and an average life which is shorter than the stated final maturity.
T. Non-income accruing security.
U. Issue is in default. See Note 1 of Notes to Financial Statements.
V. Represents the current interest rate for a variable or increasing rate
security.
W. When-issued security to be delivered and settled after December 31, 2003. See
Note 1 of Notes to Financial Statements.
Z. Represents a zero coupon bond.
48 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
PORTFOLIO ABBREVIATIONS DECEMBER 31, 2003
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACDS Association for Children with Down Syndrome
ACLD Adults and Children with Learning and Developmental Disabilities
ALIA Alliance of Long Island Agencies
ASMF Amsterdam Sludge Management Facility
BID Business Improvement District
CAB Capital Appreciation Bond
CCDRCA Catholic Charities of the Diocese of Rockville Centre and Affiliates
CCFDP Child Care Facilities Development Program
CFGA Child and Family Guidance Association
CMA Community Mainstreaming Associates
COP Certificates of Participation
CRR Center for Rapid Recovery
CSD Central School District
Con Ed Consolidated Edison Company
DA Dormitory Authority
DIAMONDS Direct Investment of Accrued Municipals
EDA Economic Development Authority
EFC Environmental Facilities Corporation
EHC Elderly Housing Corporation
ERDA Energy Research and Development Authority
FHA Federal Housing Authority
FNHC Ferncliff Nursing Home Company
FREE Family Residences and Essential Enterprises
GO General Obligation
GRIA Greater Rochester International Airport
HBFA Housing Bank and Finance Agency
HDC Housing Development Corporation
HELP Homeless Economic Loan Program
HFA Housing Finance Agency
HFC Housing Finance Corporation
HJDOI Hospital for Joint Diseases Orthopaedic Institute
HKSB Helen Keller Services for the Blind
IDA Industrial Development Agency
IGHL Independent Group Home for Living
IMEPCF Industrial, Medical and Environmental Pollution Control Facilities
IRS Inverse Rate Security
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
JDAM Julia Dyckman Andrus Memorial
KR Kateri Residence
LEVRRS Leveraged Reverse Rate Security
LGAC Local Government Assistance Corporation
LGSC Local Government Services Corporation
L.I. Long Island
LILCO Long Island Lighting Corporation
MMWNHC Mary Manning Walsh Nursing Home Company
MSH Mount Sinai Hospital
MSH/NYU Mount Sinai Hospital/New York University
MTA Metropolitan Transportation Authority
NIMO Niagara Mohawk Power Corporation
NY/NJ New York/New Jersey
NYC New York City
NYS New York State
NYSEG New York State Electric and Gas
NYU New York University
PACES Potsdam Auxiliary and College Educational Service
RG&E Rochester Gas and Electric
RIBS Residual Interest Bonds
RIT Rochester Institute of Technology
RITES Residual Interest Tax Exempt Security
Res Rec Resource Recovery Facility
SCHC Senior Citizen Housing Corporation
SCSB Schuyler Community Services Board
SONYMA State of New York Mortgage Agency
SUNY State University of New York
SWMA Solid Waste Management Authority
TASC Tobacco Settlement Asset-Backed Bonds
TFA Transitional Finance Authority
TFABs Tobacco Flexible Amortization Bonds
UDC Urban Development Corporation
USTA United States Tennis Association
WHELC Wartburg Home of the Evangelical Lutheran Church
WORCA Working Organization for Retarded Children and Adults
YMCA Young Men's Christian Association
V.I. United States Virgin Islands
49 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INDUSTRY CONCENTRATIONS DECEMBER 31, 2003
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY MARKET VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Settlements $ 780,260,053 23.0%
Hospital/Health Care 310,800,352 9.2
Electric Utilities 291,298,790 8.6
Marine/Aviation Facilities 217,127,044 6.4
Sales Tax Revenue 209,423,984 6.2
General Obligation 195,067,583 5.8
Municipal Leases 177,145,972 5.2
Special Assessment 175,610,384 5.2
Multifamily Housing 164,105,596 4.8
Airlines 163,612,448 4.8
Higher Education 129,789,853 3.8
Single Family Housing 107,254,866 3.2
Not-for-Profit Organization 88,381,731 2.6
Water Utilities 72,454,757 2.1
Highways/Railways 70,383,086 2.1
Resource Recovery 63,496,237 1.9
Gas Utilities 44,436,379 1.3
Education 29,003,635 0.9
Adult Living Facilities 28,217,375 0.8
Manufacturing, Non-Durable Goods 25,688,835 0.8
Manufacturing, Durable Goods 15,424,540 0.5
Parking Fee Revenue 8,107,486 0.2
Paper, Containers & Packaging 7,824,252 0.2
Pollution Control 6,411,613 0.2
Sewer Utilities 5,846,887 0.2
Special Tax 1,536,734 --
Hotels, Restaurants & Leisure 758,635 --
------------------------------
Total $3,389,469,107 100.0%
==============================
- --------------------------------------------------------------------------------
SUMMARY OF RATINGS DECEMBER 31, 2003 / UNAUDITED
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY RATING CATEGORY, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
RATINGS PERCENT
- ------------------------------------------------------------------------------
AAA 24.0%
AA 16.4
A 24.6
BBB 30.5
BB 2.2
B 0.1
CCC 0.4
CC 0.0
C 0.0
D 0.0
Not Rated 1.8
-------
Total 100.0%
=======
Bonds rated by any nationally recognized statistical rating organization are
included in the equivalent Standard & Poor's rating category. As a general
matter, unrated bonds may be backed by mortgage liens or equipment liens on the
underlying property, and also may be guaranteed. Bonds which are backed by a
letter of credit or by other financial institutions or agencies may be assigned
an investment-grade rating by the Manager, which reflects the quality of the
guarantor, institution or agency. Unrated bonds may also be assigned a rating
when the issuer has rated bonds outstanding with comparable credit
characteristics, or when, in the opinion of the Manager, the bond itself
possesses credit characteristics which allow for rating. The unrated bonds in
the portfolio are predominantly smaller issuers which have not applied for a
bond rating. Only those unrated bonds which subsequent to purchase have not been
designated investment grade by the Manager are included in the "Not Rated"
category.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 2003
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
ASSETS
- -----------------------------------------------------------------------------------------------------------------
Investments, at value (cost $3,327,062,551)--see accompanying statement $3,389,469,107
- -----------------------------------------------------------------------------------------------------------------
Cash 1,141,012
- -----------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 58,703,616
Investments sold 40,046,094
Shares of beneficial interest sold 8,106,312
Other 50,346
---------------
Total assets 3,497,516,487
- -----------------------------------------------------------------------------------------------------------------
LIABILITIES
- -----------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Notes payable to bank (interest rate 1.750% at December 31, 2003) 89,800,000
Shares of beneficial interest redeemed 6,149,617
Investments purchased (including $2,791,820 purchased on a when-issued or
forward commitment basis) 3,529,886
Distribution and service plan fees 2,094,204
Trustees' compensation 231,937
Transfer and shareholder servicing agent fees 119,281
Shareholder reports 69,096
Other 105,098
---------------
Total liabilities 102,099,119
- -----------------------------------------------------------------------------------------------------------------
NET ASSETS $3,395,417,368
===============
- -----------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -----------------------------------------------------------------------------------------------------------------
Paid-in capital $3,360,922,574
- -----------------------------------------------------------------------------------------------------------------
Accumulated net investment income 4,568,758
- -----------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (32,480,520)
- -----------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 62,406,556
---------------
NET ASSETS $3,395,417,368
===============
51 | 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
$1,944,384,855 and 584,921,949 shares of beneficial interest outstanding) $3.32
Maximum offering price per share (net asset value plus sales charge of 3.50% of
offering price) $3.44
- -----------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $444,537,274
and 133,889,898 shares of beneficial interest outstanding) $3.32
- -----------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$1,006,103,246 and 303,610,085 shares of beneficial interest outstanding) $3.31
- -----------------------------------------------------------------------------------------------------------------
Class X Shares:
Net asset value and redemption price per share (based on net assets of $391,993
and 117,761 shares of beneficial interest outstanding) $3.33
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2003
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ------------------------------------------------------------------------------------------------------------
Interest $ 173,915,766
- ------------------------------------------------------------------------------------------------------------
EXPENSES
- ------------------------------------------------------------------------------------------------------------
Management fees 13,256,882
- ------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 4,693,628
Class B 4,293,949
Class C 9,770,143
Class X 18,771
- ------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 656,182
Class B 286,764
Class C 430,752
Class X 2,670
- ------------------------------------------------------------------------------------------------------------
Accounting service fees 993,895
- ------------------------------------------------------------------------------------------------------------
Interest expense 891,535
- ------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 215,091
- ------------------------------------------------------------------------------------------------------------
Trustees' compensation 164,823
- ------------------------------------------------------------------------------------------------------------
Shareholder reports 159,924
- ------------------------------------------------------------------------------------------------------------
Other 107,826
---------------
Total expenses 35,942,835
Less reduction to custodian expenses (18,384)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class A (1,285)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class B (63)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class C (170)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class X (27)
---------------
Net expenses 35,922,906
- ------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 137,992,860
- ------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ------------------------------------------------------------------------------------------------------------
Net realized loss on investments (3,202,984)
- ------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments 7,061,558
- ------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $141,851,434
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 2003 2002
- -----------------------------------------------------------------------------------------------------
OPERATIONS
- -----------------------------------------------------------------------------------------------------
Net investment income $ 137,992,860 $ 101,193,411
- -----------------------------------------------------------------------------------------------------
Net realized loss (3,202,984) (2,778,018)
- -----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 7,061,558 40,533,262
---------------------------------------
Net increase in net assets resulting from operations 141,851,434 138,948,655
- -----------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -----------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (83,295,410) (71,242,725)
Class B (15,496,250) (10,501,117)
Class C (35,571,960) (22,784,301)
Class X (175,786) (731,746)
- -----------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 72,734,760 722,304,877
Class B 59,240,647 226,278,537
Class C 109,135,439 624,270,800
Class X (12,341,666) (12,906,454)
- -----------------------------------------------------------------------------------------------------
NET ASSETS
- -----------------------------------------------------------------------------------------------------
Total increase 236,081,208 1,593,636,526
- -----------------------------------------------------------------------------------------------------
Beginning of period 3,159,336,160 1,565,699,634
---------------------------------------
End of period [including accumulated net investment
income of $4,568,758 and $1,115,304, respectively] $3,395,417,368 $3,159,336,160
=======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54 | LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED DECEMBER 31, 2003 2002 2001 2000 1999
- --------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.31 $ 3.27 $ 3.27 $ 3.19 $ 3.37
- --------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .14 .15 .16 .16 .15
Net realized and unrealized gain (loss) .01 .05 -- .07 (.18)
----------------------------------------------------------------
Total from investment operations .15 .20 .16 .23 (.03)
- --------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.14) (.16) (.16) (.15) (.15)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.32 $3.31 $3.27 $3.27 $3.19
================================================================
- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 1 4.80% 6.33% 4.85% 7.47% (0.87)%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,944,385 $1,868,271 $1,124,846 $927,079 $1,025,714
- --------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,894,331 $1,472,317 $ 996,671 $945,492 $1,060,745
- --------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 2
Net investment income 4.51% 4.65% 4.95% 4.88% 4.64%
Total expenses 0.76% 0.74% 0.78% 0.85% 0.81%
Expenses after expense reimbursement
or fee waiver and reduction to
custodian expenses N/A 3,4 N/A 3,5 0.74% 3,6 0.78% 3,6 0.77% 3,6
- --------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 28% 19% 23% 37% 37%
1. 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.
2. Annualized for periods of less than one full year.
3. Reduction to custodian expenses less than 0.01%.
4. Voluntary waiver of transfer agent fees less than 0.01%.
5. Interest expense was less than 0.01%.
6. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55 | LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS CONTINUED
- --------------------------------------------------------------------------------
CLASS B YEAR ENDED DECEMBER 31, 2003 2002 2001 2000 1999
- -----------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $3.31 $3.27 $3.27 $3.19 $3.37
- -----------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .12 .13 .13 .13 .13
Net realized and unrealized gain (loss) .01 .05 -- .08 (.18)
-----------------------------------------------------------------
Total from investment operations .13 .18 .13 .21 (.05)
- -----------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.12) (.14) (.13) (.13) (.13)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.32 $3.31 $3.27 $3.27 $3.19
=================================================================
- -----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 1 3.99% 5.53% 4.06% 6.65% (1.64)%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $444,537 $383,690 $153,471 $92,786 $88,758
- -----------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $429,564 $261,858 $113,976 $86,107 $78,263
- -----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 2
Net investment income 3.72% 3.85% 4.17% 4.09% 3.84%
Total expenses 1.55% 1.51% 1.54% 1.63% 1.59%
Expenses after expense reimbursement
or fee waiver and reduction to
custodian expenses N/A 3,4 N/A 3,5 1.50% 3,6 1.56% 3,6 1.55% 3,6
- -----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 28% 19% 23% 37% 37%
1. 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.
2. Annualized for periods of less than one full year.
3. Reduction to custodian expenses less than 0.01%.
4. Voluntary waiver of transfer agent fees less than 0.01%.
5. Interest expense was less than 0.01%.
6. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56 | LIMITED TERM NEW YORK MUNICIPAL FUND
CLASS C YEAR ENDED DECEMBER 31, 2003 2002 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.30 $ 3.26 $ 3.26 $ 3.18 $ 3.36
- ------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .12 .13 .13 .13 .13
Net realized and unrealized gain (loss) .01 .05 -- .08 (.18)
------------------------------------------------------------------
Total from investment operations .13 .18 .13 .21 (.05)
- ------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.12) (.14) (.13) (.13) (.13)
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.31 $3.30 $3.26 $3.26 $3.18
==================================================================
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 1 4.02% 5.54% 4.06% 6.67% (1.63)%
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,006,103 $894,469 $261,857 $101,858 $119,329
- ------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 977,323 $574,124 $150,504 $105,452 $116,249
- ------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 2
Net investment income 3.74% 3.82% 4.13% 4.11% 3.86%
Total expenses 1.52% 1.51% 1.53% 1.62% 1.57%
Expenses after expense reimbursement
or fee waiver and reduction to
custodian expenses N/A 3,4 N/A 3,5 1.49% 3,6 1.55% 3,6 1.53% 3,6
- ------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 28% 19% 23% 37% 37%
1. 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.
2. Annualized for periods of less than one full year.
3. Reduction to custodian expenses less than 0.01%.
4. Voluntary waiver of transfer agent fees less than 0.01%.
5. Interest expense was less than 0.01%.
6. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57 | LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS CONTINUED
- --------------------------------------------------------------------------------
CLASS X YEAR ENDED DECEMBER 31, 2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.34 $ 3.28 $ 3.28 $ 3.20 $ 3.38
- ---------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .31 .15 .15 .14 .13
Net realized and unrealized gain (loss) (.15) .04 (.01) .08 (.18)
---------------------------------------------------------------
Total from investment operations .16 .19 .14 .22 (.05)
- ---------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.17) (.13) (.14) (.14) (.13)
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $3.33 $3.34 $3.28 $3.28 $3.20
===============================================================
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 1 5.08% 5.77% 4.30% 6.88% (1.39)%
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 392 $12,906 $25,526 $32,651 $39,496
- ---------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $2,488 $18,112 $29,642 $34,684 $44,237
- ---------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 2
Net investment income 3.96% 3.74% 4.46% 4.34% 4.11%
Total expenses 1.34% 1.30% 1.31% 1.39% 1.34%
Expenses after expense reimbursement
or fee waiver and reduction to
custodian expenses N/A 3,4 N/A 3,5 1.27% 3,6 1.32% 3,6 1.30% 3,6
- ---------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 28% 19% 23% 37% 37%
1. 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.
2. Annualized for periods of less than one full year.
3. Reduction to custodian expenses less than 0.01%.
4. Voluntary waiver of transfer agent fees less than 0.01%.
5. Interest expense was less than 0.01%.
6. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58 | 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 advisor is OppenheimerFunds, Inc. (the
Manager).
The Fund offers Class A, Class B and Class C shares. As of January 6, 1998,
the Fund is no longer offering Class X shares (Class X shares were designated
as Class B shares prior to May 1, 1997). Class A shares are sold at their
offering price, which is normally net asset value plus a front-end sales
charge. Class B and Class C shares are sold without a front-end sales charge
but may be subject to a contingent deferred sales charge (CDSC). Class X shares
may also be subject to a 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 by minor amounts due to each class having its
own expenses directly attributable to that class. Classes A, B, C and X have
separate distribution and/or service plans. Class B and Class X shares will
automatically convert to Class A shares six years after the date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. Securities listed or traded on National Stock Exchanges
or other domestic or foreign exchanges are valued based on the last sale price
of the security traded on that exchange prior to the time when the Fund's
assets are valued. Securities traded on NASDAQ are valued based on the closing
price provided 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 closing bid and asked
prices, and if not, at the closing bid price. Securities (including restricted
securities) for which quotations are not readily available are valued primarily
using dealer-supplied valuations, a portfolio pricing service authorized by the
Board of Trustees, or at their fair value. Fair value is determined in good
faith using consistently applied procedures under the supervision of the Board
of Trustees. Short-term "money market type" debt securities with remaining
maturities of sixty days or less are valued at amortized cost (which
approximates market value).
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN ISSUED OR FORWARD COMMITMENT BASIS. Delivery and payment
for securities that have been purchased by the Fund on a when issued basis can
take place a month or more after the trade date. Normally the settlement date
occurs within six months after the trade date; however, the Fund may, from time
to time, purchase securities whose settlement date extends six months or more
beyond trade date. During this period, such securities do not earn interest,
are subject to market fluctuation and
59 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
may increase or decrease in value prior to their delivery. The Fund maintains
segregated assets with a market value equal to or greater than the amount of
its commitments.
These transactions 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. As of December 31,
2003, the Fund had entered into when issued purchase commitments or forward
commitments of $2,791,820.
- --------------------------------------------------------------------------------
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 intends to invest no more than 5% of its total assets in inverse floaters.
Inverse floaters amount to $28,990,158 as of December 31, 2003. Including the
effect of leverage, inverse floaters represent 0.87% of the Fund's total assets
as of December 31, 2003.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be
subject to a greater degree of credit risk, market fluctuations and loss of
income and principal, and may be more sensitive to economic conditions than
lower-yielding, higher-rated fixed-income securities. The Fund may acquire
securities in default, and is not obligated to dispose of securities whose
issuers subsequently default. As of December 31, 2003, securities with an
aggregate market value of $1,079,577, representing 0.03% of the Fund's net
assets, were in default.
There are certain risks arising from geographic concentration in any State.
Certain revenue or tax related events in a state may impair the ability of
certain issuers of municipal securities to pay principal and interest on their
obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
The tax components of capital shown in the table below 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.
60 | LIMITED TERM NEW YORK MUNICIPAL FUND
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2 TAX PURPOSES
- --------------------------------------------------------------------------------
$4,960,951 $-- $32,480,522 $62,406,556
1. As of December 31, 2003, the Fund had $32,480,522 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, 2003,
details of the capital loss carryforward(s) were as follows:
EXPIRING
----------------------
2004 $ 244,677
2006 484,870
2007 15,555,960
2008 7,670,334
2009 2,543,678
2010 2,629,825
2011 3,351,178
-----------
Total $32,480,522
-----------
2. During the fiscal years ended December 31, 2003 and December 31, 2002, the
Fund did not utilize any capital loss carryforwards. During the fiscal year
ended December 31, 2003, $2,250,684 of unused capital loss carryforwards
expired.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund. Accordingly,
the following amounts have been reclassified for December 31, 2003. Net assets
of the Fund were unaffected by the reclassifications.
REDUCTION TO
ACCUMULATED NET
REDUCTION TO REALIZED LOSS ON
PAID-IN CAPITAL INVESTMENTS
- -----------------------------------------------------
$2,250,684 $2,250,684
The tax character of distributions paid during the years ended December 31,
2003 and December 31, 2002 was as follows:
YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------------------------------------------------------
Distributions paid from:
Exempt-interest dividends $134,539,406 $105,259,889
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, 2003 are noted below. The
primary difference between book and tax appreciation or depreciation of
securities and other investments, if applicable, is attributable to the tax
deferral of losses or tax realization of financial statement unrealized gain or
loss.
61 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
Federal tax cost of securities $3,327,062,551
===============
Gross unrealized appreciation $ 78,973,419
Gross unrealized depreciation (16,566,863)
---------------
Net unrealized appreciation $ 62,406,556
===============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for
the Fund's independent trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the year ended
December 31, 2003, the Fund's projected benefit obligations were increased by
$70,706 and payments of $3,503 were made to retired trustees, resulting in an
accumulated liability of $211,584 as of December 31, 2003.
The Board of Trustees has adopted a deferred compensation 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. Under the plan, deferred amounts are treated as though equal dollar
amounts had been invested in shares of the Fund or are invested in other
Oppenheimer funds selected by the Trustee. 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 Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable,
represents earnings on cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
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 income and
expenses during the reporting period. Actual results could differ from those
estimates.
62 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
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, 2003 YEAR ENDED DECEMBER 31, 2002
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------
CLASS A
Sold 185,921,557 $ 609,285,843 291,519,858 $ 958,293,867
Dividends and/or
distributions reinvested 17,241,051 56,457,329 14,161,468 46,538,461
Redeemed (181,874,534) (593,008,412) (85,934,132) (282,527,451)
------------------------------------------------------------
Net increase 21,288,074 $ 72,734,760 219,747,194 $ 722,304,877
============================================================
- -------------------------------------------------------------------------------------
CLASS B
Sold 41,613,688$ 136,156,391 75,324,857 $ 247,324,876
Dividends and/or
distributions reinvested 3,308,044 10,825,717 2,218,844 7,282,494
Redeemed (26,921,732) (87,741,461) (8,624,172) (28,328,833)
------------------------------------------------------------
Net increase 18,000,000 $ 59,240,647 68,919,529 $ 226,278,537
============================================================
- --------------------------------------------------------------------------------------
CLASS C
Sold 111,157,316 $ 363,373,918 209,666,907 $ 687,569,238
Dividends and/or
distributions reinvested 7,876,817 25,718,393 5,095,024 16,699,520
Redeemed (86,073,213) (279,956,872) (24,386,390) (79,997,958)
------------------------------------------------------------
Net increase 32,960,920 $ 109,135,439 190,375,541 $624,270,800
============================================================
- --------------------------------------------------------------------------------------
CLASS X
Sold -- $ -- -- $ --
Dividends and/or
distributions reinvested 31,891 105,156 136,933 450,397
Redeemed (3,774,736) (12,446,822) (4,060,493) (13,356,851)
------------------------------------------------------------
Net decrease (3,742,845) $(12,341,666) (3,923,560) $ (12,906,454)
============================================================
- --------------------------------------------------------------------------------
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, 2003, were
$1,282,714,194 and $940,499,270, respectively.
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.50% of the first $100 million of average daily net assets,
0.45% of the next $150 million, 0.40% of the next $1.75 billion, and 0.39% of
average daily net assets in excess of $2 billion.
63 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
ACCOUNTING FEES. Accounting 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 net assets and $9,000 for each
additional $30 million of net assets. During the year ended, the Fund paid
$993,895 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, 2003, the Fund
paid $1,291,628 to OFS for services to the Fund.
OFS has voluntarily agreed to limit transfer and shareholder servicing agent
fees for all classes, up to an annual rate of 0.35% of average net assets per
class. This undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
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 for Class
A shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
quarterly 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 the fees it receives
from the Fund to pay brokers, dealers and other financial institutions for
personal services and account maintenance services they provide for their
customers who 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 years. Fees incurred by the Fund under the plan are detailed in the
Statement of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS X SHARES. The
Fund has adopted Distribution and Service Plans for Class B, Class C and Class
X shares to compensate the Distributor for its services in connection with the
distribution of these shares and servicing accounts. Under the plans, the Fund
pays the Distributor an annual asset-based sales charge of 0.75% per year on
Class B shares and on Class C shares and 0.50% per year on Class X shares. The
Distributor also receives a service fee of 0.25% per year under each plan. If
either the Class B, Class C or Class X 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 plan at December 31,
2003 for Class B and Class C shares was $7,068,378 and $15,825,106,
respectively. Fees incurred by the Fund under the plans are detailed in the
Statement of Operations.
64 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
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 table below for the period indicated.
CLASS A CLASS B CLASS C CLASS X
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------------------
December 31, 2003 $801,242 $180,171 $996,625 $521,743 $--
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of December 31, 2003, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. The
Fund intends to invest no more than 15% of its net assets (determined at the
time of purchase and reviewed periodically) in illiquid securities. The
aggregate value of illiquid securities subject to this limitation as of
December 31, 2003 was $34,122,777, which represents 1% of the Fund's net
assets.
- --------------------------------------------------------------------------------
6. BANK BORROWINGS
The Fund may borrow up to 10% of its total assets from a bank to purchase
portfolio securities, or for temporary and emergency purposes. The purchase of
securities with borrowed funds creates leverage in the Fund. The Fund has
entered into an agreement which enables it to participate with certain other
Oppenheimer funds in a committed, unsecured line of credit with a bank, which
permits borrowings up to $540 million, collectively. Interest is charged to
each fund, based on its borrowings, at a rate equal to the Federal Funds Rate
plus 0.75%. The rate of 0.625% was effective from January 1, 2003 to November
8, 2003; thereafter, the rate is 0.75%. The Fund also pays a commitment fee
equal to its pro rata share of the average unutilized amount of the credit
facility at a rate of 0.09% per annum.
The Fund had borrowings outstanding of $89,800,000 at December 31, 2003 at
an interest rate of 1.75%. For the year ended December 31, 2003, the average
monthly loan balance was $49,028,792 at an average daily interest rate of
1.784%. The Fund had gross borrowings and gross loan repayments of $806,700,000
and $726,000,000, respectively, during the year ended December 31, 2003. The
maximum amount of borrowings outstanding at any month-end was $110,400,000. The
Fund paid commitment fees of $16,259 and interest of $871,399 during the year
ended December 31, 2003.
65 | LIMITED TERM NEW YORK MUNICIPAL FUND
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF ROCHESTER PORTFOLIO SERIES:
We have audited the accompanying statement of assets and liabilities of Limited
Term New York Municipal Fund (the sole portfolio constituting Rochester
Portfolio Series), including the statement of investments, as of December 31,
2003, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the four years in the
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. The financial highlights for the period ended December 31, 1999, were
audited by other auditors whose report dated January 24, 2000, expressed an
unqualified opinion on this information.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. 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, 2003, 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, 2003, the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and the financial highlights for
each of the four years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
KPMG LLP
Denver, Colorado
January 23, 2004
66 | LIMITED TERM NEW YORK MUNICIPAL FUND
FEDERAL INCOME TAX INFORMATION UNAUDITED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2004, if applicable, shareholders of record received information
regarding any taxable dividends and distributions paid to them by the Fund
during calendar year 2003. 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 year ended December 31,
2003 are eligible for the corporate dividend-received deduction. 100% of the
dividends were derived from interest on municipal bonds and are not subject to
federal income taxes; 98.6% of the dividends are not subject to New York State
and New York City income taxes. For the state income tax reporting purposes of
non-New York State shareholders, the distribution breaks down as follows: New
York State (84.1%), New Jersey (0.6%), Louisiana (0.5%), Florida (0.1%), Maine
(0.1%), Nevada (0.1%), Puerto Rico (9.8%), Guam (3.1%), Virgin Islands (1.6%).
During 2003, 24.8% 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.
PORTFOLIO PROXY VOTING
POLICIES AND PROCEDURES UNAUDITED
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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 1.800.225.5677, (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 will be required to file new 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 first such filing is due no later than August 31, 2004,
for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX
filing will be available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov.
67 | LIMITED TERM NEW YORK MUNICIPAL FUND
TRUSTEES AND OFFICERS UNAUDITED
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NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER
FUND, LENGTH OF SERVICE, AGE TRUSTEESHIPS/DIRECTORSHIPS HELD BY TRUSTEE; NUMBER OF PORTFOLIOS IN FUND
COMPLEX CURRENTLY OVERSEEN BY TRUSTEE
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY,
TRUSTEES CENTENNIAL, CO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM,
UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
THOMAS W. COURTNEY, Principal of Courtney Associates, Inc. (venture capital firm); former
Chairman of the Board of Trustees, General Partner of Trivest Venture Fund (private venture capital fund);
Trustee (since 1995) former President of Investment Counseling Federated Investors, Inc.;
Age: 70 Trustee of the following open-end investment companies: Cash Assets
Trust, PIMCO ADVISORS VIT, Tax Free Trust of Arizona and 4 funds for the
Hawaiian Tax Free Trust. Oversees 10 portfolios in the OppenheimerFunds
complex.
JOHN CANNON, Director, Neuberger Berman Income Managers Trust, Neuberger & Berman
Trustee (since 1992) Income Funds and Neuberger Berman Trust, (1995-present); Neuberger Berman
Age: 73 Equity Funds (November 2000-present); Trustee, Neuberger Berman Mutual
Funds (October 1994-present); formerly Chairman and Treasurer, CDC
Associates, a registered investment adviser (December 1993-February
1996); Independent Consultant; Chief Investment Officer, CDC Associates
(1996-June 2000); Consultant and director, CDC Associates (December
1993-February 1999). Oversees 3 portfolios in the OppenheimerFunds
complex.
PAUL Y. CLINTON, Principal of Clinton Management Associates, a financial and venture
Trustee (since 1995) capital consulting firm; Trustee of the following open-end investment
Age: 72 companies: Trustee of Capital Cash Management Trust, Prime Cash Fund,
PIMCO ADVISORS VIT and Narragansett Insured Tax-Free Income Fund.
Oversees 10 portfolios in the OppenheimerFunds complex.
ROBERT G. GALLI, A trustee or director of other Oppenheimer funds. Oversees 35 portfolios
Trustee (since 1998) in the OppenheimerFunds complex.
Age: 70
LACY B. HERRMANN, Chairman and Chief Executive Officer of Aquila Management Corporation,
Trustee (since 1995) the sponsoring organization and manager, administrator and/or sub-adviser
Age: 74 to the following open-end investment companies, and Chairman of the Board
of Trustees and President of each: Churchill Cash Reserves Trust,
Aquila-Cascadia Equity Fund, Cash Assets Trust, Prime Cash Fund,
Narragansett Insured Tax-Free Income Fund, Tax-Free Fund For Utah,
Churchill Tax-Free Fund of Kentucky, Tax-Free Fund of Colorado, Tax-Free
Trust of Oregon, Tax-Free Trust of Arizona, Hawaiian Tax-Free Trust, and
Aquila Rocky Mountain Equity Fund and PIMCO ADVISORS VIT; Vice President,
Director, Secretary, and formerly Treasurer of Aquila Distributors, Inc.,
distributor of the above funds; President and Chairman of the Board of
Trustees of Capital Cash Management Trust ("CCMT"), and an Officer and
Trustee/Director of its predecessors; President and Director of STCM
Management Company, Inc., sponsor and adviser to CCMT; Chairman,
President and a Director of InCap Management Corporation, formerly
sub-adviser and administrator of Prime Cash Fund and Short Term Asset
Reserves; Trustee Emeritus of Brown University. Oversees 10 portfolios in
the OppenheimerFunds complex.
68 | LIMITED TERM NEW YORK MUNICIPAL FUND
BRIAN WRUBLE, Special Limited Partner (since January 1999) of Odyssey Investment
Trustee (since 2001) Partners, LLC (private equity investment); General Partner (since
Age: 60 September 1996) of Odyssey Partners, L.P. (hedge fund in distribution
since 1/1/97); Board of Governing Trustees (since August 1990) of The
Jackson Laboratory (non-profit); Trustee (since May 1992) of Institute
for Advanced Study (educational institute); formerly Trustee (May 2000 -
2002) of Research Foundation of AIMR (investment research, non-profit);
Governor, Jerome Levy Economics Institute of Bard College (economics
research) (August 1990-September 2001); Director of Ray & Berendtson,
Inc. (executive search firm) (May 2000-April 2002). Oversees 10
portfolios in the OppenheimerFunds complex.
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OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MESSRS.
MURPHY AND ZACK, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW
YORK, NY 10281-1008, FOR MR. WIXTED, 6803 S. TUCSON WAY, CENTENNIAL, CO
80112-3924, FOR MR. FIELDING, 350 LINDEN OAKS, ROCHESTER, NY 14625. EACH
OFFICER SERVES FOR AN ANNUAL TERM OR UNTIL HIS OR HER EARLIER
RESIGNATION, DEATH OR REMOVAL.
RONALD H. FIELDING, Vice President Senior Vice President (since January 1996) of the Manager; Chairman of
(since 1996) the Rochester Division of the Manager (since January 1996); an officer of
Age: 54 9 portfolios in the OppenheimerFunds complex.
JOHN V. MURPHY, Chairman, Chief Executive Officer and director (since June 2001) and
President (since 2001) President (since September 2000) of the Manager; President and a director
Age: 54 or trustee of other Oppenheimer funds; President and a director (since
July 2001) of Oppenheimer Acquisition Corp. (the Manager's parent holding
company) and of Oppenheimer Partnership Holdings, Inc. (a holding company
subsidiary of the Manager); a director (since November 2001) of
OppenheimerFunds Distributor, Inc. (a subsidiary of the Manager);
Chairman and a director (since July 2001) of Shareholder Services, Inc.
and of Shareholder Financial Services, Inc. (transfer agent subsidiaries
of the Manager); President and a director (since July 2001) of
OppenheimerFunds Legacy Program (a charitable trust program established
by the Manager); a director of the investment advisory subsidiaries of
the Manager: OFI Institutional Asset Management, Inc. and Centennial
Asset Management Corporation (since November 2001), HarbourView Asset
Management Corporation and OFI Private Investments, Inc. (since July
2001); President (since November 1, 2001) and a director (since July
2001) of Oppenheimer Real Asset Management, Inc.; a director (since
November 2001) of Trinity Investment Management Corp. and Tremont
Advisers, Inc. (Investment advisory affiliates of the Manager); Executive
Vice President (since February 1997) of Massachusetts Mutual Life
Insurance Company (the Manager's parent company); a director (since June
1995) of DLB Acquisition Corporation (a holding company that owns the
shares of David L. Babson & Company, Inc.); formerly, Chief Operating
Officer (September 2000-June 2001) of the Manager; President and trustee
(November 1999-November 2001) of MML Series Investment Fund and
MassMutual Institutional Funds (open-end investment companies); a
director (September 1999-August 2000) of C.M. Life Insurance Company;
President, Chief Executive Officer and director (September 1999-August
2000) of MML Bay State Life Insurance Company; a director (June 1989-June
1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a wholly-owned
subsidiary of Emerald Isle Bancorp). Oversees 72 portfolios as
Trustee/Officer and 10 portfolios as Officer in the OppenheimerFunds
complex.
69 | LIMITED TERM NEW YORK MUNICIPAL FUND
TRUSTEES AND OFFICERS UNAUDITED / CONTINUED
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BRIAN W. WIXTED, Senior Vice President and Treasurer (since March 1999) of the Manager;
Treasurer (since 1999) Treasurer (since March 1999) of HarbourView Asset Management Corporation,
Age: 44 Shareholder Services, Inc., Oppenheimer Real Asset Management
Corporation, Shareholder Financial Services, Inc., Oppenheimer
Partnership Holdings, Inc., OFI Private Investments, Inc. (since March
2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc
(since May 2000) and OFI Institutional Asset Management, Inc. (since
November 2000) (offshore fund management subsidiaries of the Manager);
Treasurer and Chief Financial Officer (since May 2000) of Oppenheimer
Trust Company (a trust company subsidiary of the Manager); Assistant
Treasurer (since March 1999) of Oppenheimer Acquisition Corp. and
OppenheimerFunds Legacy Program (since April 2000); formerly Principal
and Chief Operating Officer (March 1995-March 1999), Bankers Trust
Company-Mutual Fund Services Division. An officer of 82 portfolios in the
OppenheimerFunds complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since
Secretary (since 2001) February 2002) of the Manager; General Counsel and a director (since
Age: 55 November 2001) of OppenheimerFunds Distributor, Inc.; Senior Vice
President and General Counsel (since November 2001) of HarbourView Asset
Management Corporation; Vice President and a director (since November
2000) of Oppenheimer Partnership Holdings, Inc.; Senior Vice President,
General Counsel and a director (since November 2001) of Shareholder
Services, Inc., Shareholder Financial Services, Inc., OFI Private
Investments, Inc., Oppenheimer Trust Company and OFI Institutional Asset
Management, Inc.; General Counsel (since November 2001) of Centennial
Asset Management Corporation; a director (since November 2001) of
Oppenheimer Real Asset Management, Inc.; Assistant Secretary and a
director (since November 2001) of OppenheimerFunds International Ltd.;
Vice President (since November 2001) of OppenheimerFunds Legacy Program;
Secretary (since November 2001) of Oppenheimer Acquisition Corp.;
formerly Senior Vice President (May 1985-January 2004) Acting General
Counsel (November 2001-February 2002) and Associate General Counsel (May
1981-October 2001) of the Manager; Assistant Secretary of Shareholder
Services, Inc. (May 1985-November 2001), Shareholder Financial Services,
Inc. (November 1989-November 2001); OppenheimerFunds International Ltd.
and OppenheimerFunds plc (October 1997-November 2001). An officer of 82
portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST.
70 | 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 Fund has determined that the Fund does not
have an audit committee financial expert serving on its Audit Committee. In this
regard, no member of the Audit Committee was identified as having all of the
technical attributes identified in Instruction 2(b) to Item 3 of Form N-CSR to
qualify as an "audit committee financial expert," whether through the type of
specialized education or experience described in that Instruction. The Board has
concluded that while the members of the Audit Committee collectively have the
necessary attributes and experience required to serve effectively as an Audit
Committee, no single member possesses all of the required technical attributes
through the particular methods of education or experience set forth in the
Instructions to be designated as an audit committee financial expert.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a) Audit Fees
The principal accountant for the audit of the registrant's annual
financial statements billed $26,000 in fiscal 2003 and $23,750 in
fiscal 2002.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual
financial statements billed $0 in fiscal 2003 and $3,932 in
fiscal 2002.
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.
Such fees would include, among others: due diligence related to
mergers and acquisitions, accounting consultations and audits in
connection with acquisitions, internal control reviews and
consultation concerning financial accounting and reporting
standards.
(c) Tax Fees
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 $5,000 in fiscal 2003 and $0 in
fiscal 2002 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 fees would include, among others: tax compliance, tax
planning and tax advice. Tax compliance generally involves
preparation of original and amended tax returns, claims for a
refund and tax payment-planning services. Tax planning and tax
advice includes assistance with tax audits and appeals, tax advice
related to mergers and acquisitions and requests for rulings or
technical advice from taxing authorities.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual
financial statements billed $550 in fiscal 2003 and $646 in
fiscal 2002.
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.
Such fees would include the cost to the principal accountant of
attending audit committee meetings and consultations regarding the
registrant's retirement plan with respect to its trustees.
(i) (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.
Pre-approval of non-audit services is 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%
(j) Not applicable as less than 50%.
(k) The principal accountant for the audit of the registrant's annual
financial statements billed $5,550 in fiscal 2003 and $4,578 in
fiscal 2002 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.
(l) 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 account's independence. No such services
were rendered.
ITEM 5. NOT APPLICABLE
ITEM 6. RESERVED
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable for fiscal periods ending December 31, 2003.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(c)) as of December 31, 2003, registrant's
principal executive officer and principal financial officer found
registrant's disclosure controls and procedures to provide reasonable
assurances that information required to be disclosed by 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.
(b) There have been no significant changes in registrant's internal
controls over financial reporting that occurred during the registrant's
second fiscal half-year that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)