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
(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, 2004 - December 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN INDUSTRIES
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Tobacco Settlements 24.1%
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Hospital/Health Care 8.6
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Electric Utilities 8.5
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Marine/Aviation Facilities 7.5
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Sales Tax Revenue 7.1
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General Obligation 5.8
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Special Assessment 5.4
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Municipal Leases 5.1
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Airlines 4.8
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Higher Education 3.6
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2004, and are based on total investments.
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
CREDIT ALLOCATION
AAA 23.5%
AA 15.2
A 19.6
BBB 37.6
BB 1.4
B 0.1
CCC 1.0
Other Securities 1.6
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2004, and are dollar-weighted based on total investments.
Securities rated by any rating organization are included in the equivalent
Standard & Poor's rating category. The allocation includes rated securities and
those not rated by a national rating organization but to which the ratings above
have been assigned by the Manager for internal purposes as being comparable, in
the Manager's judgment, to securities rated by a rating agency in the same
category.
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9 | LIMITED TERM NEW YORK MUNICIPAL FUND
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, 2004, 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 attractive
yields throughout the period while generating higher total returns than both of
its benchmarks, the Lehman Brothers Municipal Bond Index and the Merrill Lynch
3-7 Year Municipal Index. The Fund compared favorably to both indices largely
because it was more broadly diversified across the credit spectrum. We use our
extensive credit research capabilities to select misunderstood and little-known
securities whose above average yields are more than commensurate with what we
consider their true levels of risk. As credit spreads narrowed in 2004, holdings
in BBB-rated bonds particularly benefited the Fund; credit-sensitive bonds in
several sectors, including electric utilities, higher education and
manufacturing, appreciated.
While typically volatile, gains were also recognized by most of the Fund's
Master Settlement Agreement (MSA) bonds, which represented 24.1% of total
investments at December 31, 2004. These bonds are backed by states' and
territories' shares of income generated by a 1998 national settlement agreement
entered into between 46 states and major tobacco manufacturers. Most MSA bonds
are rated investment-grade, and carry higher yields than other comparably rated
securities. Thus, they are strong contributors to the Fund's above-average
yields. However rewarding, these bonds continue to be volatile due to ongoing
litigation involving the tobacco industry.
Through 2004, we maintained our positions in MSA bonds. In our view, the
price fluctuations do not accurately reflect the industry's ability to meet debt
obligations incurred under the Master Settlement Agreement. Furthermore, the
number of lawsuits against tobacco manufacturers has decreased since 2002, and
several recent court-case rulings were favorable to the industry's litigation
environment. Finally, more New York MSA bonds were retired than issued in 2004,
so we believe that the relative scarcity and attractive yields of MSA bonds will
make them increasingly attractive to investors.
During the year, several of the Fund's holdings were pre-refunded, giving
a boost to the Fund's total return. In a pre-refunding, a new bond issue
generates proceeds that are earmarked to pay off another, previously issued bond
- -thus the term "pre-refunded". With the added assurance of principal repayment,
the original bond becomes a more secure credit, while its coupon remains
unchanged, causing its market price to appreciate. Among the bonds pre-refunded
in 2004 was an issue by the U.S. territory of Puerto Rico, and one issued by the
New Rochelle Housing Authority.
10 | LIMITED TERM NEW YORK MUNICIPAL FUND
The Fund attempts to pay dividends on Class A shares at a constant level.
However there is no assurance it will be able to do so, and the dividend may be
changed at any time without prior notice to shareholders. This practice did not
affect the Fund's investment strategies or per share net asset values, or cause
it to pay any distributions of capital.
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, 2004. In the case of Class A shares, performance is
measured over a ten-fiscal-year period. In the case of Class B and Class C
shares, performance is measured from inception of the Classes on May 1, 1997.
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 and Class C shares, and reinvestments of all dividends and capital gains
distributions. Past performance cannot guarantee future results.
The Fund's performance is compared to the performance of that of the
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. The Consumer Price
Index is a non-securities index that measures changes in the inflation rate.
Index performance reflects the reinvestment of income but does not consider the
effect of transaction costs, and none of the data in the graphs shows the effect
of taxes. The Fund's performance reflects the effects of the Fund's business and
operating expenses. While index comparisons may be useful to provide a benchmark
for the Fund's performance, it must be noted that the Fund's investments are not
limited to the investments in the indices.
11 | 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
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Limited Term New York
Municipal Fund Lehman Brothers Merrill Lynch Consumer Price
(Class A) Municipal Bond Index Municipal Index (3-7 Years) Index
12/31/1994 9,650 10,000 10,000 10,000
03/31/1995 9,972 10,707 10,340 10,114
06/30/1995 10,178 10,965 10,655 10,187
09/30/1995 10,416 11,280 10,837 10,234
12/31/1995 10,616 11,746 11,065 10,254
03/31/1996 10,641 11,604 11,081 10,401
06/30/1996 10,716 11,693 11,117 10,468
09/30/1996 10,925 11,961 11,314 10,541
12/31/1996 11,128 12,266 11,537 10,595
03/31/1997 11,210 12,236 11,527 10,688
06/30/1997 11,495 12,658 11,823 10,708
09/30/1997 11,794 13,039 12,072 10,768
12/31/1997 12,019 13,393 12,285 10,775
03/31/1998 12,183 13,547 12,415 10,835
06/30/1998 12,371 13,754 12,556 10,888
09/30/1998 12,632 14,176 12,902 10,929
12/31/1998 12,733 14,261 13,015 10,949
03/31/1999 12,812 14,387 13,133 11,022
06/30/1999 12,731 14,133 12,976 11,102
09/30/1999 12,685 14,077 13,084 11,216
12/31/1999 12,622 13,968 13,101 11,242
03/31/2000 12,851 14,376 13,257 11,436
06/30/2000 13,009 14,593 13,480 11,516
09/30/2000 13,248 14,946 13,756 11,603
12/31/2000 13,565 15,600 14,181 11,623
03/31/2001 13,778 15,946 14,581 11,770
06/30/2001 13,943 16,050 14,735 11,890
09/30/2001 14,237 16,500 15,128 11,910
12/31/2001 14,222 16,399 15,029 11,804
03/31/2002 14,328 16,554 15,090 11,944
06/30/2002 14,602 17,160 15,757 12,017
09/30/2002 15,138 17,974 16,367 12,091
12/31/2002 15,123 17,974 16,547 12,084
03/31/2003 15,162 18,190 16,712 12,305
06/30/2003 15,330 18,660 17,054 12,271
09/30/2003 15,500 18,674 17,207 12,371
12/31/2003 15,849 18,929 17,245 12,311
03/31/2004 16,130 19,257 17,473 12,518
06/30/2004 15,773 18,801 17,115 12,672
09/30/2004 16,343 19,533 17,608 12,685
12/31/2004 16,605 19,778 17,748 12,712
AVERAGE ANNUAL TOTAL RETURN OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
12/31/04
1-Year 1.10% 5-Year 4.89% 10-Year 5.20%
12 | 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
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Limited Term New York
Municipal Fund Lehman Brothers Merrill Lynch Consumer Price
(Class B) Municipal Bond Index Municipal 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 11,504
03/31/2004 13,640 15,607 15,129 11,698
06/30/2004 13,339 15,237 14,819 11,841
09/30/2004 13,821 15,831 15,245 11,854
12/31/2004 14,043 16,029 15,366 11,879
AVERAGE ANNUAL TOTAL RETURN OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
12/31/04
1-Year -0.36% 5-Year 4.60% Since Inception(5/1/97) 4.53%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 3.50%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 4% (1-YEAR) AND 1% (5-YEAR); AND FOR CLASS C
SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, 10-YEAR
RETURNS FOR CLASS B SHARES USES CLASS A PERFORMANCE FOR THE PERIOD AFTER
CONVERSION. SEE PAGE 15 FOR FURTHER INFORMATION.
13 | 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
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Limited Term New York
Municipal Fund Lehman Brothers Merrill Lynch Consumer Price
(Class C) Municipal Bond Index Municipal 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 11,504
03/31/2004 13,520 15,607 15,129 11,698
06/30/2004 13,195 15,237 14,819 11,841
09/30/2004 13,647 15,831 15,245 11,854
12/31/2004 13,841 16,029 15,366 11,879
AVERAGE ANNUAL TOTAL RETURN OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
12/31/04
1-Year 3.00% 5-Year 4.85% Since Inception(5/1/97) 4.33%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 3.50%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 4% (1-YEAR) AND 1% (5-YEAR); AND FOR CLASS C
SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, 10-YEAR
RETURNS FOR CLASS B SHARES USES CLASS A PERFORMANCE FOR THE PERIOD AFTER
CONVERSION. SEE PAGE 15 FOR FURTHER INFORMATION.
14 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES
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Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 9/18/91. 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
currently closed to new investors. As of April 1, 2004, all outstanding Class X
shares converted to Class A shares.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
15 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended December 31, 2004.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line for the class of shares you hold, together with the amount you invested, to
estimate the expense that you paid over the period. Simply divide your account
value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00
= 8.60), then multiply the result by the number in the "actual" line under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the
table provide information about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratio for each class of shares, and
an assumed rate of return of 5% per year before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
16 | LIMITED TERM NEW YORK MUNICIPAL FUND
the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(7/1/04) (12/31/04) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Class A Actual $ 1,000.00 $ 1,052.80 $ 4.03
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,021.22 3.97
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,045.50 8.10
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,017.24 7.99
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 1,049.00 7.91
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,017.44 7.79
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/366
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended December 31, 2004 are as follows:
CLASS EXPENSE RATIOS
- -----------------------------
Class A 0.78%
- -----------------------------
Class B 1.57
- -----------------------------
Class C 1.53
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17 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS December 31, 2004
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--100.5%
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK--86.1%
$ 785,000 Albany County Airport Authority 5.300% 12/15/2009 12/15/2007 2 $ 847,321
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Albany County Airport Authority 5.300 12/15/2015 7 12/15/2009 2 64,188
- ----------------------------------------------------------------------------------------------------------------------------
90,000 Albany County Airport Authority 5.375 12/15/2017 12/15/2007 2 96,586
- ----------------------------------------------------------------------------------------------------------------------------
2,260,000 Albany County Airport Authority 5.500 12/15/2019 7 12/15/2009 2 2,434,924
- ----------------------------------------------------------------------------------------------------------------------------
1,500,000 Albany County IDA
(Albany College of Pharmacy) 5.250 12/01/2019 12/01/2014 2 1,579,935
- ----------------------------------------------------------------------------------------------------------------------------
5,000 Albany GO 7.000 01/15/2010 07/01/2005 2 5,020
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Albany Hsg. Authority 6.250 10/01/2012 7 10/01/2007 2 259,120
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Albany IDA (Albany Law School) 5.750 10/01/2030 10/01/2010 2 108,930
- ----------------------------------------------------------------------------------------------------------------------------
220,000 Albany IDA (Albany Medical Center) 5.600 05/01/2005 05/01/2005 220,803
- ----------------------------------------------------------------------------------------------------------------------------
5,335,000 Albany IDA (Charitable Leadership) 5.500 07/01/2011 07/13/2010 1 5,758,972
- ----------------------------------------------------------------------------------------------------------------------------
8,810,000 Albany IDA (Charitable Leadership) 6.000 07/01/2019 7 07/01/2013 2 9,522,377
- ----------------------------------------------------------------------------------------------------------------------------
2,660,000 Albany IDA
(Daughters of Sarah Nursing Home) 5.250 10/20/2021 04/20/2012 2 2,873,093
- ----------------------------------------------------------------------------------------------------------------------------
1,590,000 Albany IDA (H. Johnson Office Park) 4.750 03/01/2018 7 03/01/2008 3 1,592,910
- ----------------------------------------------------------------------------------------------------------------------------
35,000 Albany IDA (Port of Albany) 6.250 02/01/2005 02/01/2005 35,000
- ----------------------------------------------------------------------------------------------------------------------------
125,000 Albany IDA
(University Heights-Albany Law School) 6.750 12/01/2019 7 12/01/2009 2 145,825
- ----------------------------------------------------------------------------------------------------------------------------
1,655,000 Albany IDA
(University Heights-Albany Pharmacy) 6.750 12/01/2019 7 12/01/2009 2 1,983,335
- ----------------------------------------------------------------------------------------------------------------------------
40,000 Albany IDA
(University Heights-Albany Pharmacy) 6.750 12/01/2029 7 12/01/2009 2 47,936
- ----------------------------------------------------------------------------------------------------------------------------
1,935,000 Albany Municipal Water Finance Authority 5.250 12/01/2017 06/01/2008 2 2,089,374
- ----------------------------------------------------------------------------------------------------------------------------
2,915,000 Albany Municipal Water Finance Authority 5.250 12/01/2020 06/01/2008 2 3,120,537
- ----------------------------------------------------------------------------------------------------------------------------
3,235,000 Albany Municipal Water Finance Authority 5.250 12/01/2022 06/01/2008 2 3,463,100
- ----------------------------------------------------------------------------------------------------------------------------
2,590,000 Albany Municipal Water Finance Authority 5.250 12/01/2023 06/01/2008 2 2,772,621
- ----------------------------------------------------------------------------------------------------------------------------
20,000 Albany Parking Authority 0.000 8 09/15/2005 09/15/2005 19,645
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Albany Parking Authority 5.625 07/15/2020 7 07/15/2012 2 2,151,140
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Albany Parking Authority 5.625 07/15/2025 7 07/15/2012 2 1,062,370
- ----------------------------------------------------------------------------------------------------------------------------
140,000 Allegany County IDA
(Houghton College) 5.000 01/15/2010 01/15/2008 2 147,669
- ----------------------------------------------------------------------------------------------------------------------------
4,380,000 Allegany County IDA
(Houghton College) 5.250 01/15/2018 01/15/2010 2 4,522,481
- ----------------------------------------------------------------------------------------------------------------------------
2,505,000 Amherst IDA (Daemen College) 5.750 10/01/2011 12/21/2008 1 2,762,689
- ----------------------------------------------------------------------------------------------------------------------------
490,000 Amherst IDA
(Faculty-Student Assoc. of SUNY at Buffalo) 5.750 04/01/2016 04/01/2012 2 533,816
- ----------------------------------------------------------------------------------------------------------------------------
420,000 Amherst IDA
(Faculty-Student Assoc. of SUNY at Buffalo) 5.750 04/01/2017 7 04/01/2012 2 455,381
- ----------------------------------------------------------------------------------------------------------------------------
855,000 Andpress HDC (Andpress Plaza) 6.600 01/15/2023 7 02/15/2005 2 855,941
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Arlington Central School District 5.000 12/15/2015 12/15/2009 2 55,533
18 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,380,000 Arlington Central School District 5.000% 12/15/2020 12/15/2012 2 $ 1,470,790
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Arlington Central School District 5.625 05/15/2022 05/15/2007 2 11,269
- ----------------------------------------------------------------------------------------------------------------------------
6,940,000 Babylon IDA (WSNCHS East, Inc.) 6.500 08/01/2019 7 08/01/2010 2 8,025,138
- ----------------------------------------------------------------------------------------------------------------------------
320,000 Battery Park City Authority 5.650 12/01/2013 7 06/01/2005 2 320,634
- ----------------------------------------------------------------------------------------------------------------------------
2,435,000 Battery Park City Authority 5.750 06/01/2023 7 06/01/2005 2 2,462,735
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Bethlehem Water System 5.500 03/01/2022 03/01/2013 2 544,435
- ----------------------------------------------------------------------------------------------------------------------------
320,000 Blauvelt Volunteer Fire Company 6.000 10/15/2008 05/02/2007 1 319,581
- ----------------------------------------------------------------------------------------------------------------------------
885,000 Brookhaven IDA (Alternatives for Children) 7.000 02/01/2013 07/09/2009 1 909,028
- ----------------------------------------------------------------------------------------------------------------------------
1,415,000 Brookhaven IDA (Dowling College) 6.500 11/01/2012 11/01/2012 1,447,913
- ----------------------------------------------------------------------------------------------------------------------------
485,000 Brookhaven IDA (Stony Brook Foundation) 5.750 11/01/2008 05/27/2007 1 511,219
- ----------------------------------------------------------------------------------------------------------------------------
415,000 Broome County COP 5.250 04/01/2022 7 04/01/2005 2 424,267
- ----------------------------------------------------------------------------------------------------------------------------
440,000 Buffalo & Fort Erie Public Bridge Authority 5.750 01/01/2025 07/01/2005 2 445,531
- ----------------------------------------------------------------------------------------------------------------------------
20,000 Buffalo & Fort Erie Public Bridge Authority 6.000 01/01/2015 07/01/2005 2 20,262
- ----------------------------------------------------------------------------------------------------------------------------
375,000 Capital District Youth Center 6.000 02/01/2017 02/01/2007 2 396,158
- ----------------------------------------------------------------------------------------------------------------------------
200,000 Carnegie Redevelopment Corp. 9 6.250 09/01/2005 09/01/2005 199,706
- ----------------------------------------------------------------------------------------------------------------------------
1,550,000 Carnegie Redevelopment Corp. 9 6.500 09/01/2011 05/17/2009 1 1,534,624
- ----------------------------------------------------------------------------------------------------------------------------
435,000 Cattaraugus County IDA
(Jamestown Community College) 6.000 07/01/2012 7 07/01/2010 2 483,998
- ----------------------------------------------------------------------------------------------------------------------------
1,075,000 Chautaugua County Tobacco Asset
Securitization Corp. 6.250 07/01/2016 07/01/2012 2 1,115,108
- ----------------------------------------------------------------------------------------------------------------------------
1,840,000 Chautauqua County Tobacco Asset
Securitization Corp. 6.000 07/01/2012 03/30/2009 4 1,931,595
- ----------------------------------------------------------------------------------------------------------------------------
3,530,000 Chautauqua County Tobacco Asset
Securitization Corp. 6.500 07/01/2024 07/01/2012 2 3,592,763
- ----------------------------------------------------------------------------------------------------------------------------
18,160,000 Chautauqua County Tobacco Asset
Securitization Corp. 6.750 07/01/2040 07/01/2012 2 18,506,856
- ----------------------------------------------------------------------------------------------------------------------------
2,500,000 Clarence IDA (Bristol Village) 6.000 01/20/2044 01/20/2013 2 2,707,700
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Clifton Park GO 5.100 02/01/2011 02/01/2005 2 100,147
- ----------------------------------------------------------------------------------------------------------------------------
245,000 Clifton Springs Hospital & Clinic 7.000 01/01/2005 01/01/2005 245,000
- ----------------------------------------------------------------------------------------------------------------------------
4,195,000 Cortland County IDA
(Cortland Memorial Hospital) 5.625 07/01/2024 7 07/01/2012 2 4,563,153
- ----------------------------------------------------------------------------------------------------------------------------
30,000 Dutchess County GO 5.375 03/15/2014 03/15/2006 2 31,687
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 7 05/01/2005 2 1,013,740
- ----------------------------------------------------------------------------------------------------------------------------
5,205,000 Dutchess County IDA (Marist College) 5.150 07/01/2017 07/01/2013 2 5,521,412
- ----------------------------------------------------------------------------------------------------------------------------
2,735,000 Dutchess County IDA
(Vassar Brothers Hospital) 6.500 04/01/2020 7 04/01/2010 2 2,987,550
- ----------------------------------------------------------------------------------------------------------------------------
515,000 East Rochester Hsg. Authority
(Gates Senior Hsg.) 5.200 04/20/2021 10/20/2013 2 531,403
- ----------------------------------------------------------------------------------------------------------------------------
2,800,000 East Rochester Hsg. Authority
(Rochester St. Mary's Residence Facility) 5.375 12/20/2022 7 12/20/2015 2 3,005,212
- ----------------------------------------------------------------------------------------------------------------------------
585,000 East Rochester Hsg. Authority
(St. John's Meadows) 5.750 08/01/2037 7 08/01/2009 2 637,668
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
$ 210,000 East Syracuse Hsg. Authority
(Bennett Manor Associates) 6.700% 04/01/2021 04/01/2010 2 $ 231,825
- ----------------------------------------------------------------------------------------------------------------------------
1,875,000 Erie County GO 5.500 06/15/2025 06/15/2005 2 1,925,738
- ----------------------------------------------------------------------------------------------------------------------------
2,510,000 Erie County GO 5.625 06/15/2020 06/15/2005 2 2,586,279
- ----------------------------------------------------------------------------------------------------------------------------
1,300,000 Erie County IDA
(Buffalo City School District) 5.750 05/01/2025 05/01/2014 2 1,482,741
- ----------------------------------------------------------------------------------------------------------------------------
6,500,000 Erie County IDA
(Buffalo City School District) 5.750 05/01/2026 05/01/2014 2 7,375,680
- ----------------------------------------------------------------------------------------------------------------------------
2,090,000 Erie County IDA (Medaille College) 6.875 10/01/2013 12/20/2009 1 2,154,038
- ----------------------------------------------------------------------------------------------------------------------------
535,000 Erie County IDA (Medaille College) 7.250 11/01/2010 07/14/2008 1 551,285
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Erie County Tobacco Asset
Securitization Corp. 5.500 07/15/2012 07/15/2011 2 25,760
- ----------------------------------------------------------------------------------------------------------------------------
665,000 Erie County Tobacco Asset
Securitization Corp. 5.750 07/15/2013 07/15/2011 2 688,760
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Erie County Tobacco Asset
Securitization Corp. 5.750 07/15/2014 07/15/2011 2 513,395
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Erie County Tobacco Asset
Securitization Corp. 5.750 07/15/2015 07/15/2011 2 102,125
- ----------------------------------------------------------------------------------------------------------------------------
7,935,000 Erie County Tobacco Asset
Securitization Corp. 6.000 07/15/2020 09/16/2010 4 8,117,426
- ----------------------------------------------------------------------------------------------------------------------------
620,000 Erie County Tobacco Asset
Securitization Corp. 6.125 07/15/2030 06/07/2020 1 600,563
- ----------------------------------------------------------------------------------------------------------------------------
16,825,000 Erie County Tobacco Asset
Securitization Corp. 6.500 07/15/2024 07/15/2011 2 17,173,782
- ----------------------------------------------------------------------------------------------------------------------------
3,025,000 Erie County Tobacco Asset
Securitization Corp. 6.750 07/15/2040 7 07/15/2011 2 3,084,774
- ----------------------------------------------------------------------------------------------------------------------------
1,250,000 Essex County IDA
(International Paper Company) 5.800 12/01/2019 12/01/2007 2 1,289,900
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Fairport GO 5.000 05/15/2006 05/15/2005 2 25,055
- ----------------------------------------------------------------------------------------------------------------------------
1,090,000 Franklin County IDA COP 8.125 08/01/2006 04/27/2006 1 1,122,133
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Grand Central BID
(Grand Central District Management) 5.000 01/01/2021 01/01/2014 2 1,054,460
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Grand Central BID
(Grand Central District Management) 5.000 01/01/2022 01/01/2014 2 524,940
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Hempstead GO 5.000 07/01/2018 07/01/2014 2 517,200
- ----------------------------------------------------------------------------------------------------------------------------
1,195,000 Hempstead GO 5.000 07/01/2019 07/01/2014 2 1,229,595
- ----------------------------------------------------------------------------------------------------------------------------
1,635,000 Hempstead GO 5.250 07/01/2023 07/01/2014 2 1,698,193
- ----------------------------------------------------------------------------------------------------------------------------
1,730,000 Hempstead GO 5.250 07/01/2024 07/01/2014 2 1,788,837
- ----------------------------------------------------------------------------------------------------------------------------
1,700,000 Hempstead IDA (Adelphi University) 5.750 06/01/2022 7 06/01/2012 2 1,877,191
- ----------------------------------------------------------------------------------------------------------------------------
165,000 Hempstead IDA (Bristal Gardens) 7.000 11/01/2013 11/01/2011 1 164,941
- ----------------------------------------------------------------------------------------------------------------------------
225,000 Hempstead IDA (Bristal Gardens) 7.000 11/01/2013 11/01/2009 2 230,427
- ----------------------------------------------------------------------------------------------------------------------------
225,000 Hempstead IDA (Bristal Gardens) 7.000 11/01/2013 11/01/2009 2 230,427
- ----------------------------------------------------------------------------------------------------------------------------
320,000 Hempstead IDA (Bristal Gardens) 10 7.000 11/01/2013 08/24/2010 1 327,050
20 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,350,000 Hempstead IDA (Hofstra University) 5.800% 07/01/2015 07/01/2006 2 $ 1,446,201
- ----------------------------------------------------------------------------------------------------------------------------
1,685,000 Herkimer County IDA (Burrows Paper) 9 8.000 01/01/2009 07/31/2007 1 1,658,428
- ----------------------------------------------------------------------------------------------------------------------------
685,000 Herkimer County IDA (College Foundation) 5.850 11/01/2010 06/28/2008 1 745,294
- ----------------------------------------------------------------------------------------------------------------------------
1,910,000 Herkimer Hsg. Authority 7.150 03/01/2011 09/01/2006 2 1,928,661
- ----------------------------------------------------------------------------------------------------------------------------
15,000 Hudson HDC
(Providence Hall-Schuyler Court) 6.400 07/01/2012 7 07/01/2005 2 15,027
- ----------------------------------------------------------------------------------------------------------------------------
2,340,000 Hudson HDC
(Providence Hall-Schuyler Court) 6.500 01/01/2025 7 07/01/2005 2 2,358,580
- ----------------------------------------------------------------------------------------------------------------------------
230,000 Hudson IDA (Have, Inc.) 7.125 12/01/2007 12/21/2006 1 227,454
- ----------------------------------------------------------------------------------------------------------------------------
440,000 Hudson IDA (Hudson Fabrics) 6.000 11/01/2012 05/27/2009 1 442,240
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Islip Res Rec 6.500 07/01/2009 07/01/2005 2 26,033
- ----------------------------------------------------------------------------------------------------------------------------
2,990,000 Islip Res Rec, Series E 5.625 07/01/2017 07/01/2014 2 3,329,903
- ----------------------------------------------------------------------------------------------------------------------------
1,175,000 Islip Res Rec, Series E 5.750 07/01/2019 07/01/2014 2 1,315,060
- ----------------------------------------------------------------------------------------------------------------------------
2,485,000 Jamestown Hsg. Authority 6.125 07/01/2010 06/08/2008 1 2,457,690
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 08/01/2011 2 1,067,370
- ----------------------------------------------------------------------------------------------------------------------------
16,630,000 L.I. Power Authority 5.750 12/01/2024 7 06/01/2008 2 18,199,706
- ----------------------------------------------------------------------------------------------------------------------------
14,765,000 L.I. Power Authority, Series A 5.000 12/01/2018 06/01/2008 2 15,847,717
- ----------------------------------------------------------------------------------------------------------------------------
5,095,000 L.I. Power Authority, Series A 5.125 12/01/2016 06/01/2008 2 5,506,421
- ----------------------------------------------------------------------------------------------------------------------------
285,000 L.I. Power Authority, Series A 5.125 12/01/2022 7 06/01/2008 2 306,036
- ----------------------------------------------------------------------------------------------------------------------------
4,370,000 L.I. Power Authority, Series A 5.250 12/01/2026 7 06/01/2010 2 4,571,413
- ----------------------------------------------------------------------------------------------------------------------------
17,355,000 L.I. Power Authority, Series A 5.250 12/01/2026 06/01/2008 2 18,530,801
- ----------------------------------------------------------------------------------------------------------------------------
7,000,000 L.I. Power Authority, Series A 5.250 12/01/2026 06/01/2008 2 7,474,250
- ----------------------------------------------------------------------------------------------------------------------------
45,000 L.I. Power Authority, Series A 5.300 12/01/2019 06/01/2008 2 49,091
- ----------------------------------------------------------------------------------------------------------------------------
15,000 L.I. Power Authority, Series A 5.500 12/01/2023 06/01/2008 2 16,365
- ----------------------------------------------------------------------------------------------------------------------------
12,365,000 L.I. Power Authority, Series C 5.500 09/01/2020 03/01/2008 2 13,167,118
- ----------------------------------------------------------------------------------------------------------------------------
3,950,000 Lockport HDC 6.000 10/01/2018 7 10/01/2009 2 4,028,684
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Lowville GO 7.200 09/15/2007 09/15/2007 83,271
- ----------------------------------------------------------------------------------------------------------------------------
560,000 Madison County IDA (Morrisville College) 6.750 07/01/2007 04/17/2006 1 571,054
- ----------------------------------------------------------------------------------------------------------------------------
2,260,000 Madison County IDA
(Oneida Healthcare Center) 5.500 02/01/2016 02/01/2011 2 2,449,569
- ----------------------------------------------------------------------------------------------------------------------------
190,000 Medina Hsg. Corp. 8.250 08/15/2011 7 02/15/2005 2 190,414
- ----------------------------------------------------------------------------------------------------------------------------
605,000 Middletown IDA
(Southwinds Retirement Home) 5.875 03/01/2007 03/16/2006 1 598,956
- ----------------------------------------------------------------------------------------------------------------------------
5,300,000 Monroe County COP 8.050 01/01/2011 7 07/01/2005 2 5,541,415
- ----------------------------------------------------------------------------------------------------------------------------
695,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 7 06/15/2005 2 708,622
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Monroe County IDA
(Collegiate Hsg. Foundation--RIT) 5.000 04/01/2010 04/01/2010 25,402
- ----------------------------------------------------------------------------------------------------------------------------
420,000 Monroe County IDA
(Dayton Rogers Manufacturing) 5.850 12/01/2006 06/05/2006 1 411,596
- ----------------------------------------------------------------------------------------------------------------------------
1,285,000 Monroe County IDA
(DePaul Community Facilities) 6.500 02/01/2024 7 02/01/2005 2 1,300,536
- ----------------------------------------------------------------------------------------------------------------------------
590,000 Monroe County IDA (DePaul Properties) 5.900 09/01/2007 09/16/2006 1 577,769
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
$ 60,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 5.800% 04/01/2005 04/01/2005 $ 60,254
- ----------------------------------------------------------------------------------------------------------------------------
65,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 5.900 04/01/2006 04/01/2006 66,274
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 6.100 04/01/2008 04/01/2007 2 78,412
- ----------------------------------------------------------------------------------------------------------------------------
110,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 6.200 04/01/2009 04/01/2007 2 114,802
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Monroe County IDA
(Nazareth College of Rochester) 5.250 04/01/2018 04/01/2008 2 109,864
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Monroe County IDA
(Nazareth College of Rochester) 5.250 10/01/2021 10/01/2011 2 80,952
- ----------------------------------------------------------------------------------------------------------------------------
555,000 Monroe County IDA (Piano Works) 6.625 11/01/2006 05/07/2006 1 556,704
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Monroe County Tobacco Asset
Securitization Corp. 5.875 06/01/2014 06/01/2011 2 258,270
- ----------------------------------------------------------------------------------------------------------------------------
18,155,000 Monroe County Tobacco Asset
Securitization Corp. 6.150 06/01/2025 04/22/2010 4 18,191,855
- ----------------------------------------------------------------------------------------------------------------------------
11,165,000 Monroe County Tobacco Asset
Securitization Corp. 6.375 06/01/2019 7 06/01/2011 2 11,540,367
- ----------------------------------------------------------------------------------------------------------------------------
4,895,000 Monroe County Tobacco Asset
Securitization Corp. 6.375 06/01/2035 08/22/2021 1 4,878,357
- ----------------------------------------------------------------------------------------------------------------------------
3,000,000 Monroe County Tobacco Asset
Securitization Corp. 6.625 06/01/2042 7 06/01/2011 2 3,027,030
- ----------------------------------------------------------------------------------------------------------------------------
20,000 Monroe County Water Authority 5.250 08/01/2011 02/01/2005 2 20,152
- ----------------------------------------------------------------------------------------------------------------------------
285,000 Monroe Newpower Corp. 4.500 01/01/2011 10/01/2010 1 297,167
- ----------------------------------------------------------------------------------------------------------------------------
155,000 Monroe Newpower Corp. 4.700 01/01/2012 10/01/2011 1 162,629
- ----------------------------------------------------------------------------------------------------------------------------
410,000 Monroe Newpower Corp. 4.800 01/01/2013 10/01/2012 1 430,836
- ----------------------------------------------------------------------------------------------------------------------------
7,800,000 Monroe Newpower Corp. 6.375 01/01/2024 07/01/2009 2 8,467,524
- ----------------------------------------------------------------------------------------------------------------------------
730,000 Montgomery County IDA (ASMF) 9,11,12 6.500 06/15/2005 06/15/2005 72,270
- ----------------------------------------------------------------------------------------------------------------------------
280,000 Mount Vernon IDA (Kings Court) 5.125 12/01/2023 12/01/2015 2 289,094
- ----------------------------------------------------------------------------------------------------------------------------
975,000 Mount Vernon IDA (Macedonia Towers) 5.125 12/01/2023 12/01/2015 2 1,006,668
- ----------------------------------------------------------------------------------------------------------------------------
375,000 Mount Vernon IDA (Meadowview) 6.000 06/01/2009 07/14/2007 1 380,190
- ----------------------------------------------------------------------------------------------------------------------------
270,000 Mount Vernon IDA (Section 8), Series A 3.250 12/01/2007 12/01/2007 267,143
- ----------------------------------------------------------------------------------------------------------------------------
280,000 Mount Vernon IDA (Section 8), Series A 3.500 06/01/2008 06/01/2008 276,576
- ----------------------------------------------------------------------------------------------------------------------------
5,275,000 Mount Vernon IDA (Section 8), Series A 5.250 12/01/2014 7 06/01/2008 2 5,406,348
- ----------------------------------------------------------------------------------------------------------------------------
30,000 MTA Commuter Facilities
(Grand Central Terminal) 5.500 07/01/2012 07/01/2005 5 30,816
- ----------------------------------------------------------------------------------------------------------------------------
25,000 MTA Commuter Facilities, Series 7 5.625 07/01/2016 7 07/01/2005 5 26,208
- ----------------------------------------------------------------------------------------------------------------------------
6,600,000 MTA Commuter Facilities, Series A 6.500 07/01/2016 07/01/2007 5 7,282,440
- ----------------------------------------------------------------------------------------------------------------------------
10,000 MTA Commuter Facilities, Series B 5.000 07/01/2017 07/01/2009 5 10,752
- ----------------------------------------------------------------------------------------------------------------------------
5,000 MTA Commuter Facilities, Series D 5.000 07/01/2016 07/01/2007 5 5,336
- ----------------------------------------------------------------------------------------------------------------------------
185,000 MTA Service Contract, Series 3 7.375 07/01/2008 02/01/2007 1 202,612
- ----------------------------------------------------------------------------------------------------------------------------
8,500,000 MTA Service Contract, Series A 5.125 01/01/2024 07/01/2012 2 8,903,920
22 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 15,350,000 MTA Service Contract, Series A 5.750% 07/01/2031 07/01/2012 2 $ 17,369,907
- ----------------------------------------------------------------------------------------------------------------------------
7,135,000 MTA, Series A 6.500 07/01/2016 07/01/2007 5 7,872,759
- ----------------------------------------------------------------------------------------------------------------------------
55,000 MTA, Series B 5.000 07/01/2020 7 07/01/2007 2 58,641
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 MTA, Series B-2 5.000 07/01/2017 07/01/2007 2 2,150,400
- ----------------------------------------------------------------------------------------------------------------------------
50,000 MTA, Series E 5.500 11/15/2021 11/15/2012 2 56,216
- ----------------------------------------------------------------------------------------------------------------------------
25,000,000 MTA, Series U 5.750 11/15/2032 11/15/2012 2 28,122,250
- ----------------------------------------------------------------------------------------------------------------------------
15,000,000 Municipal Assistance Corp. for
New York, NY 6.000 07/01/2008 07/01/2007 2 16,653,450
- ----------------------------------------------------------------------------------------------------------------------------
710,000 Nassau County GO Combined Sewer
Districts, Series F 7.000 03/01/2015 03/01/2010 2 838,801
- ----------------------------------------------------------------------------------------------------------------------------
720,000 Nassau County GO Combined Sewer
Districts, Series F 7.000 03/01/2016 03/01/2010 2 850,615
- ----------------------------------------------------------------------------------------------------------------------------
730,000 Nassau County GO Combined Sewer
Districts, Series F 7.000 03/01/2017 03/01/2010 2 862,429
- ----------------------------------------------------------------------------------------------------------------------------
740,000 Nassau County GO Combined Sewer
Districts, Series F 7.000 03/01/2018 03/01/2010 2 874,243
- ----------------------------------------------------------------------------------------------------------------------------
745,000 Nassau County GO Combined Sewer
Districts, Series F 7.000 03/01/2019 03/01/2010 2 880,150
- ----------------------------------------------------------------------------------------------------------------------------
90,000 Nassau County GO Combined Sewer
Districts, Series F 7.000 03/01/2020 03/01/2010 2 106,350
- ----------------------------------------------------------------------------------------------------------------------------
705,000 Nassau County GO General Improvement,
Series F 7.000 03/01/2014 03/01/2010 2 833,225
- ----------------------------------------------------------------------------------------------------------------------------
715,000 Nassau County IDA (ACDS) 10 6.000 12/01/2019 12/02/2016 2 723,759
- ----------------------------------------------------------------------------------------------------------------------------
535,000 Nassau County IDA (ALIA-ACDS) 7.000 10/01/2016 11/01/2011 2 575,842
- ----------------------------------------------------------------------------------------------------------------------------
1,100,000 Nassau County IDA (ALIA-ACLD) 5.750 09/01/2011 03/12/2009 1 1,118,315
- ----------------------------------------------------------------------------------------------------------------------------
800,000 Nassau County IDA (ALIA-CMA) 7.000 10/01/2016 11/01/2011 2 861,072
- ----------------------------------------------------------------------------------------------------------------------------
615,000 Nassau County IDA (ALIA-CRR) 7.000 10/01/2016 11/01/2011 2 661,949
- ----------------------------------------------------------------------------------------------------------------------------
135,000 Nassau County IDA (ALIA-FREE) 7.000 10/01/2016 11/01/2011 2 145,306
- ----------------------------------------------------------------------------------------------------------------------------
560,000 Nassau County IDA (ALIA-HKSB) 7.000 10/01/2016 11/01/2011 2 602,750
- ----------------------------------------------------------------------------------------------------------------------------
2,550,000 Nassau County IDA (CSMR) 10 6.000 12/01/2019 12/03/2016 2 2,581,238
- ----------------------------------------------------------------------------------------------------------------------------
320,000 Nassau County IDA
(Engel Burman Senior Hsg.) 6.750 05/01/2017 11/01/2011 2 321,850
- ----------------------------------------------------------------------------------------------------------------------------
215,000 Nassau County IDA
(Engel Burman Senior Hsg.) 10 6.750 05/01/2017 11/01/2011 2 216,243
- ----------------------------------------------------------------------------------------------------------------------------
370,000 Nassau County IDA
(Engel Burman Senior Hsg.) 10 6.750 05/01/2017 11/01/2011 2 371,857
- ----------------------------------------------------------------------------------------------------------------------------
395,000 Nassau County IDA
(Engel Burman Senior Hsg.) 10 6.750 05/01/2017 11/01/2011 2 396,932
- ----------------------------------------------------------------------------------------------------------------------------
570,000 Nassau County IDA
(Engel Burman Senior Hsg.) 10 6.750 05/01/2017 11/01/2011 2 573,072
- ----------------------------------------------------------------------------------------------------------------------------
890,000 Nassau County IDA
(Epilepsy Foundation of Long Island) 10 6.000 12/01/2019 12/05/2016 2 900,903
- ----------------------------------------------------------------------------------------------------------------------------
290,000 Nassau County IDA (North Shore CFGA) 5.750 05/01/2008 12/01/2006 1 295,516
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
$ 650,000 Nassau County IDA (United Cerebral Palsy) 5.750% 11/01/2007 11/15/2006 1 $ 650,728
- ----------------------------------------------------------------------------------------------------------------------------
1,860,000 Nassau County IDA (United Cerebral Palsy) 5.750 11/01/2009 11/08/2007 1 1,838,033
- ----------------------------------------------------------------------------------------------------------------------------
565,000 Nassau County IDA (WORCA) 10 6.000 12/01/2019 12/01/2016 2 571,921
- ----------------------------------------------------------------------------------------------------------------------------
155,000 Nassau County IDA, Series C 10 6.000 12/01/2019 12/04/2016 2 156,899
- ----------------------------------------------------------------------------------------------------------------------------
2,440,000 Nassau County Tobacco Settlement Corp. 5.500 07/15/2013 07/15/2010 2 2,553,240
- ----------------------------------------------------------------------------------------------------------------------------
615,000 Nassau County Tobacco Settlement Corp. 5.500 07/15/2014 07/15/2005 6 641,408
- ----------------------------------------------------------------------------------------------------------------------------
645,000 Nassau County Tobacco Settlement Corp. 5.625 07/15/2015 07/15/2006 6 676,083
- ----------------------------------------------------------------------------------------------------------------------------
3,115,000 Nassau County Tobacco Settlement Corp. 5.700 07/15/2015 07/15/2007 6 3,271,030
- ----------------------------------------------------------------------------------------------------------------------------
590,000 Nassau County Tobacco Settlement Corp. 5.750 07/15/2016 07/15/2007 6 618,922
- ----------------------------------------------------------------------------------------------------------------------------
3,550,000 Nassau County Tobacco Settlement Corp. 5.875 07/15/2016 07/15/2008 6 3,730,695
- ----------------------------------------------------------------------------------------------------------------------------
725,000 Nassau County Tobacco Settlement Corp. 6.000 07/15/2017 07/15/2009 6 762,207
- ----------------------------------------------------------------------------------------------------------------------------
5,440,000 Nassau County Tobacco Settlement Corp. 6.125 07/15/2018 07/15/2010 2 5,592,483
- ----------------------------------------------------------------------------------------------------------------------------
125,000 Nassau County Tobacco Settlement Corp. 6.200 07/15/2018 07/15/2010 2 128,346
- ----------------------------------------------------------------------------------------------------------------------------
2,215,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2019 7 07/15/2010 2 2,284,817
- ----------------------------------------------------------------------------------------------------------------------------
4,530,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2019 07/15/2010 2 4,672,786
- ----------------------------------------------------------------------------------------------------------------------------
3,610,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 07/15/2010 2 3,706,495
- ----------------------------------------------------------------------------------------------------------------------------
4,125,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 7 07/15/2010 2 4,235,261
- ----------------------------------------------------------------------------------------------------------------------------
2,240,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2021 07/15/2010 2 2,299,875
- ----------------------------------------------------------------------------------------------------------------------------
4,925,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2021 07/15/2010 2 5,068,219
- ----------------------------------------------------------------------------------------------------------------------------
1,320,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2022 07/15/2010 2 1,356,498
- ----------------------------------------------------------------------------------------------------------------------------
22,770,000 Nassau County Tobacco Settlement Corp. 6.400 07/15/2033 07/15/2010 2 23,171,663
- ----------------------------------------------------------------------------------------------------------------------------
15,050,000 Nassau County Tobacco Settlement Corp. 6.500 07/15/2027 07/15/2010 2 15,413,909
- ----------------------------------------------------------------------------------------------------------------------------
48,000,000 Nassau County Tobacco Settlement Corp. 6.600 07/15/2039 07/15/2010 2 49,202,400
- ----------------------------------------------------------------------------------------------------------------------------
70,000 Nassau Healthcare Corp. 5.750 08/01/2029 08/01/2009 2 80,784
- ----------------------------------------------------------------------------------------------------------------------------
345,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2010 1 359,704
- ----------------------------------------------------------------------------------------------------------------------------
160,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2010 1 160,226
- ----------------------------------------------------------------------------------------------------------------------------
210,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2010 1 210,296
- ----------------------------------------------------------------------------------------------------------------------------
305,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2010 1 305,442
- ----------------------------------------------------------------------------------------------------------------------------
225,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2010 1 225,317
- ----------------------------------------------------------------------------------------------------------------------------
225,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2010 1 225,317
- ----------------------------------------------------------------------------------------------------------------------------
1,295,000 New Rochelle IDA
(College of New Rochelle) 5.500 07/01/2019 07/01/2009 2 1,375,795
- ----------------------------------------------------------------------------------------------------------------------------
455,000 New Rochelle Municipal Hsg.
Authority, Series A 5.000 12/01/2008 04/01/2007 1 478,605
- ----------------------------------------------------------------------------------------------------------------------------
5,115,000 New Rochelle Municipal Hsg.
Authority, Series A 5.550 12/01/2014 12/01/2008 5 5,823,376
- ----------------------------------------------------------------------------------------------------------------------------
85,000 New Rochelle Municipal Hsg.
Authority, Series B 6.500 12/01/2014 12/01/2008 5 97,925
- ----------------------------------------------------------------------------------------------------------------------------
35,000 Newark-Wayne Community Hospital 5.600 01/15/2008 07/15/2005 2 35,092
- ----------------------------------------------------------------------------------------------------------------------------
1,675,000 Newark-Wayne Community Hospital 7.600 09/01/2015 05/23/2011 1 1,668,702
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Newburgh GO 7.600 04/01/2008 04/01/2005 2 60,814
24 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,500,000 Newburgh IDA (Bourne & Kenney
Redevelopment Company) 5.650% 08/01/2020 7 08/01/2009 2 $ 1,586,505
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Niagara County GO 5.875 07/15/2009 07/01/2005 2 25,538
- ----------------------------------------------------------------------------------------------------------------------------
150,000 Niagara County IDA
(American Ref-Fuel Company) 5.550 11/15/2024 11/15/2011 2 161,054
- ----------------------------------------------------------------------------------------------------------------------------
13,750,000 Niagara County IDA
(Niagara Falls Memorial Medical Center) 5.500 11/01/2035 12/28/2007 3 13,776,263
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 Niagara County IDA (Solid Waste Disposal) 5.450 11/15/2025 11/15/2011 2 5,425,750
- ----------------------------------------------------------------------------------------------------------------------------
7,175,000 Niagara County IDA (Solid Waste Disposal) 5.550 11/15/2024 11/15/2011 2 7,675,098
- ----------------------------------------------------------------------------------------------------------------------------
9,850,000 Niagara County IDA (Solid Waste Disposal) 5.625 11/15/2024 11/15/2012 2 10,588,947
- ----------------------------------------------------------------------------------------------------------------------------
170,000 Niagara County Tobacco Asset
Securitization Corp. 5.375 05/15/2018 05/15/2009 6 165,828
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Niagara County Tobacco Asset
Securitization Corp. 5.500 05/15/2019 05/15/2011 1 97,684
- ----------------------------------------------------------------------------------------------------------------------------
1,175,000 Niagara County Tobacco Asset
Securitization Corp. 5.875 05/15/2022 05/15/2011 2 1,182,027
- ----------------------------------------------------------------------------------------------------------------------------
11,995,000 Niagara County Tobacco Asset
Securitization Corp. 6.750 05/15/2029 7 05/15/2011 2 12,242,097
- ----------------------------------------------------------------------------------------------------------------------------
7,680,000 Niagara Falls City School District 5.875 06/15/2019 06/15/2008 2 8,523,648
- ----------------------------------------------------------------------------------------------------------------------------
1,195,000 Niagara Falls CSD COP
(High School Facility) 6.500 06/15/2019 06/15/2009 2 1,302,060
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Niagara Falls HDC (Niagara Towers) 5.150 10/01/2010 10/01/2008 2 10,453
- ----------------------------------------------------------------------------------------------------------------------------
1,030,000 Niagara Falls Public Water Authority,
Series A 5.500 07/15/2025 07/15/2006 2 1,071,210
- ----------------------------------------------------------------------------------------------------------------------------
3,370,000 Niagara Falls Public Water Authority,
Series A 5.500 07/15/2027 07/15/2006 2 3,504,834
- ----------------------------------------------------------------------------------------------------------------------------
1,055,000 Niagara Falls Public Water Authority,
Series A 5.500 07/15/2028 07/15/2006 2 1,097,211
- ----------------------------------------------------------------------------------------------------------------------------
3,000,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.625 04/01/2029 7 04/01/2009 2 3,177,240
- ----------------------------------------------------------------------------------------------------------------------------
85,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.750 04/01/2019 04/01/2009 2 94,736
- ----------------------------------------------------------------------------------------------------------------------------
5,080,000 NY Counties Tobacco Trust I (TASC) 5.800 06/01/2023 11/03/2005 4 5,191,455
- ----------------------------------------------------------------------------------------------------------------------------
14,295,000 NY Counties Tobacco Trust I (TASC) 6.300 06/01/2019 7 06/01/2011 2 14,670,959
- ----------------------------------------------------------------------------------------------------------------------------
12,490,000 NY Counties Tobacco Trust I (TASC) 6.500 06/01/2035 08/21/2018 1 12,489,126
- ----------------------------------------------------------------------------------------------------------------------------
10,125,000 NY Counties Tobacco Trust I (TASC) 6.625 06/01/2042 7 06/01/2011 2 10,189,800
- ----------------------------------------------------------------------------------------------------------------------------
28,225,000 NY Counties Tobacco Trust II (TASC) 5.250 06/01/2025 06/07/2010 1 27,553,810
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NY Counties Tobacco Trust II (TASC) 5.500 06/01/2011 06/01/2011 155,231
- ----------------------------------------------------------------------------------------------------------------------------
155,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 04/21/2019 1 142,307
- ----------------------------------------------------------------------------------------------------------------------------
1,055,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2013 06/01/2012 2 1,090,279
- ----------------------------------------------------------------------------------------------------------------------------
1,925,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2014 06/01/2012 2 1,970,353
- ----------------------------------------------------------------------------------------------------------------------------
2,120,000 NY Counties Tobacco Trust II (TASC) 6.000 06/01/2015 06/01/2012 2 2,188,942
- ----------------------------------------------------------------------------------------------------------------------------
2,330,000 NY Counties Tobacco Trust II (TASC) 6.000 06/01/2016 06/01/2012 2 2,391,489
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
$ 16,120,000 NY Counties Tobacco Trust III 5.000% 06/01/2027 05/01/2008 1 $ 16,599,248
- ----------------------------------------------------------------------------------------------------------------------------
4,980,000 NY Counties Tobacco Trust III 5.750 06/01/2033 09/26/2012 1 4,817,453
- ----------------------------------------------------------------------------------------------------------------------------
16,000,000 NY Counties Tobacco Trust III 6.000 06/01/2043 04/03/2017 1 15,307,360
- ----------------------------------------------------------------------------------------------------------------------------
950,000 NYC DA (New School for Social Research) 5.750 09/01/2015 09/01/2005 2 991,382
- ----------------------------------------------------------------------------------------------------------------------------
75,000 NYC Educational Construction Fund 5.500 04/01/2026 04/01/2006 2 79,574
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYC Educational Construction Fund 5.625 04/01/2013 04/01/2005 2 152,940
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.000 03/15/2021 03/15/2011 2 515,245
- ----------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC GO 5.000 08/01/2021 08/01/2014 2 3,131,040
- ----------------------------------------------------------------------------------------------------------------------------
4,975,000 NYC GO 5.000 11/01/2021 11/01/2014 2 5,196,736
- ----------------------------------------------------------------------------------------------------------------------------
6,750,000 NYC GO 5.000 11/01/2023 11/01/2014 2 7,023,578
- ----------------------------------------------------------------------------------------------------------------------------
8,360,000 NYC GO 5.125 08/01/2022 02/01/2009 2 8,890,526
- ----------------------------------------------------------------------------------------------------------------------------
125,000 NYC GO 5.125 08/01/2025 08/01/2010 2 128,306
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.125 08/01/2025 02/01/2008 2 25,608
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.250 08/01/2017 02/01/2008 2 26,614
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYC GO 5.250 08/01/2021 08/01/2007 2 158,588
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.250 11/15/2021 7 11/15/2007 2 26,516
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.250 08/15/2024 08/15/2014 2 1,061,610
- ----------------------------------------------------------------------------------------------------------------------------
5,110,000 NYC GO 5.250 08/15/2026 08/15/2014 2 5,408,424
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 01/15/2028 01/15/2013 2 52,197
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYC GO 5.300 01/15/2026 01/15/2013 2 142,410
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO 5.375 08/01/2015 08/01/2008 2 2,155,920
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.375 11/15/2017 11/15/2007 2 10,683
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.375 08/01/2022 08/01/2007 2 26,671
- ----------------------------------------------------------------------------------------------------------------------------
85,000 NYC GO 5.500 08/01/2022 08/01/2007 2 90,781
- ----------------------------------------------------------------------------------------------------------------------------
7,700,000 NYC GO 5.500 06/01/2023 06/01/2013 2 8,371,979
- ----------------------------------------------------------------------------------------------------------------------------
14,765,000 NYC GO 5.500 05/15/2024 7 05/15/2010 2 15,824,832
- ----------------------------------------------------------------------------------------------------------------------------
1,260,000 NYC GO 5.500 02/15/2026 02/15/2008 2 1,312,807
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 5.500 02/15/2026 02/15/2006 2 36,512
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.600 12/01/2010 06/01/2005 2 15,138
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 5.700 08/15/2010 08/15/2005 2 103,135
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.750 05/15/2012 05/15/2005 2 10,104
- ----------------------------------------------------------------------------------------------------------------------------
10,750,000 NYC GO 5.750 10/15/2012 10/15/2007 2 11,866,818
- ----------------------------------------------------------------------------------------------------------------------------
560,000 NYC GO 5.750 02/01/2014 7 02/01/2006 2 590,050
- ----------------------------------------------------------------------------------------------------------------------------
310,000 NYC GO 5.750 02/01/2014 7 02/01/2006 2 324,716
- ----------------------------------------------------------------------------------------------------------------------------
4,925,000 NYC GO 5.750 02/01/2014 02/01/2006 2 5,175,633
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 5.750 02/01/2015 02/01/2006 2 104,423
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 5.750 02/01/2015 02/01/2006 2 105,216
- ----------------------------------------------------------------------------------------------------------------------------
80,000 NYC GO 5.750 02/01/2017 02/01/2006 5 84,128
- ----------------------------------------------------------------------------------------------------------------------------
1,035,000 NYC GO 5.750 03/01/2018 03/01/2013 2 1,161,756
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.750 08/01/2018 08/01/2012 2 563,315
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.750 08/01/2018 08/01/2012 2 563,315
26 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 225,000 NYC GO 5.750% 02/01/2019 02/01/2006 2 $ 235,076
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.750 02/01/2020 02/01/2006 2 26,220
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.750 02/01/2020 02/01/2006 2 10,448
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.750 03/01/2020 03/01/2013 2 560,085
- ----------------------------------------------------------------------------------------------------------------------------
5,810,000 NYC GO 5.750 03/01/2021 03/01/2013 2 6,489,770
- ----------------------------------------------------------------------------------------------------------------------------
7,195,000 NYC GO 5.750 03/15/2022 03/15/2012 2 8,027,533
- ----------------------------------------------------------------------------------------------------------------------------
130,000 NYC GO 5.875 08/15/2013 08/15/2006 2 138,532
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.875 02/01/2016 08/01/2006 2 47,642
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.875 02/01/2016 08/01/2006 2 10,723
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.875 03/15/2018 03/15/2006 2 5,296
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYC GO 5.875 03/15/2018 03/15/2006 2 141,589
- ----------------------------------------------------------------------------------------------------------------------------
180,000 NYC GO 5.875 02/15/2019 02/15/2006 2 188,489
- ----------------------------------------------------------------------------------------------------------------------------
10,520,000 NYC GO 5.875 06/01/2019 06/01/2012 2 11,938,622
- ----------------------------------------------------------------------------------------------------------------------------
7,015,000 NYC GO 5.875 08/01/2019 08/01/2012 2 7,977,388
- ----------------------------------------------------------------------------------------------------------------------------
8,075,000 NYC GO 5.875 06/01/2020 06/01/2012 2 9,163,914
- ----------------------------------------------------------------------------------------------------------------------------
9,770,000 NYC GO 5.875 06/01/2021 06/01/2012 2 11,078,008
- ----------------------------------------------------------------------------------------------------------------------------
480,000 NYC GO 5.875 08/01/2024 7 08/01/2006 2 511,690
- ----------------------------------------------------------------------------------------------------------------------------
2,110,000 NYC GO 5.875 08/01/2024 7 08/01/2006 2 2,263,524
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.900 08/01/2010 08/01/2006 2 10,731
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.900 08/01/2010 08/01/2006 2 15,951
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 9 6.000 08/01/2006 02/01/2005 5 50,172
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 08/01/2006 02/01/2005 2 10,104
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 08/01/2007 02/01/2005 2 10,179
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 05/15/2010 05/15/2005 2 15,156
- ----------------------------------------------------------------------------------------------------------------------------
140,000 NYC GO 6.000 08/01/2011 02/01/2005 5 140,392
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 9 6.000 08/01/2012 02/01/2005 5 30,103
- ----------------------------------------------------------------------------------------------------------------------------
450,000 NYC GO 9 6.000 08/01/2015 02/01/2005 5 451,548
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 08/01/2016 7 08/01/2006 2 5,371
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 08/01/2016 7 08/01/2006 2 5,303
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 08/01/2016 08/01/2006 2 15,909
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 10/15/2016 10/15/2007 2 11,103
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 6.000 08/01/2017 08/01/2007 2 54,017
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 08/01/2017 08/01/2007 2 10,803
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 6.000 05/15/2018 05/15/2010 2 112,298
- ----------------------------------------------------------------------------------------------------------------------------
110,000 NYC GO 6.000 02/01/2022 08/01/2006 2 116,756
- ----------------------------------------------------------------------------------------------------------------------------
1,210,000 NYC GO 6.000 05/15/2022 05/15/2010 2 1,361,964
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 6.000 08/01/2026 7 08/01/2006 2 53,055
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 6.000 08/01/2026 7 08/01/2006 2 48,358
- ----------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO 6.000 08/15/2026 7 08/15/2008 2 95,594
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 10/15/2026 10/15/2007 2 11,103
- ----------------------------------------------------------------------------------------------------------------------------
195,000 NYC GO 6.000 10/15/2026 7 08/01/2006 2 216,512
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
$ 205,000 NYC GO 6.125% 08/01/2025 7 08/01/2007 2 $ 224,028
- ----------------------------------------------------------------------------------------------------------------------------
310,000 NYC GO 6.125 08/01/2025 08/01/2007 2 336,502
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.125 08/01/2025 08/01/2007 2 5,533
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 6.125 08/01/2025 08/01/2007 2 54,641
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.125 08/01/2025 7 08/01/2007 2 5,533
- ----------------------------------------------------------------------------------------------------------------------------
190,000 NYC GO 6.250 08/01/2011 08/01/2006 2 204,913
- ----------------------------------------------------------------------------------------------------------------------------
1,920,000 NYC GO 6.250 08/01/2012 08/01/2006 2 2,070,701
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.250 04/15/2017 04/15/2007 2 5,399
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.250 04/15/2017 04/15/2007 2 16,495
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.250 04/15/2027 04/15/2007 2 16,215
- ----------------------------------------------------------------------------------------------------------------------------
535,000 NYC GO 6.250 04/15/2027 04/15/2007 2 581,834
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.250 04/15/2027 04/15/2007 2 10,992
- ----------------------------------------------------------------------------------------------------------------------------
205,000 NYC GO 6.250 04/15/2027 04/15/2007 2 225,336
- ----------------------------------------------------------------------------------------------------------------------------
1,100,000 NYC GO 6.350 05/15/2014 05/15/2008 2 1,252,559
- ----------------------------------------------------------------------------------------------------------------------------
255,000 NYC GO 6.350 05/15/2014 05/15/2008 2 284,065
- ----------------------------------------------------------------------------------------------------------------------------
830,000 NYC GO 6.500 05/15/2017 05/15/2010 2 952,159
- ----------------------------------------------------------------------------------------------------------------------------
160,000 NYC GO 9 7.000 12/01/2006 06/01/2005 2 163,365
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2009 02/01/2005 2 5,019
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 12/01/2010 06/01/2005 2 5,093
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2011 02/01/2005 2 5,020
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 7.000 02/01/2012 02/01/2005 2 30,111
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 7.000 10/01/2015 04/01/2005 5 25,319
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYC GO 7.000 10/01/2016 04/01/2005 5 70,953
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2018 02/01/2005 2 5,017
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 9 7.000 10/01/2018 04/01/2005 5 35,447
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.000 10/01/2019 04/01/2005 5 15,192
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.200 02/01/2005 02/01/2005 2 5,021
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 7.250 10/01/2005 04/01/2005 5 40,533
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 9 7.250 02/01/2007 02/01/2005 5 100,540
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.250 02/01/2007 02/01/2005 2 5,020
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.250 08/15/2017 02/15/2005 5 15,098
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.500 02/01/2005 02/01/2005 2 15,065
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.500 08/15/2005 02/15/2005 2 5,031
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.500 02/01/2007 02/01/2005 2 15,062
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.500 02/01/2009 02/01/2005 2 15,062
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 7.650 02/01/2007 02/01/2005 2 40,171
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 7.750 08/15/2027 02/15/2005 2 30,179
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 7.750 08/15/2028 02/15/2005 2 20,119
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO DIAMONDS 0.000 13 02/15/2008 02/15/2005 2 100,619
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO DIAMONDS 0.000 13 02/01/2025 02/01/2006 2 96,212
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO DIAMONDS 0.000 13 08/01/2025 7 08/01/2007 2 22,226
28 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 90,000 NYC GO RIBS 9.350% 14 08/29/2008 02/01/2005 2 $ 91,830
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 9.360 14 07/29/2010 02/01/2005 2 51,017
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO RIBS 9.448 14 08/22/2013 02/01/2005 2 102,041
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 9.448 14 08/27/2015 02/01/2005 2 50,959
- ----------------------------------------------------------------------------------------------------------------------------
450,000 NYC GO RIBS 10.120 14 09/01/2011 02/01/2005 2 452,876
- ----------------------------------------------------------------------------------------------------------------------------
175,000 NYC HDC (Barclay Avenue) 5.750 04/01/2007 04/01/2006 2 183,038
- ----------------------------------------------------------------------------------------------------------------------------
900,000 NYC HDC (Multifamily Hsg.), Series A 5.375 11/01/2023 05/01/2012 2 937,818
- ----------------------------------------------------------------------------------------------------------------------------
865,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2009 05/01/2008 2 871,358
- ----------------------------------------------------------------------------------------------------------------------------
175,000 NYC HDC (Multifamily Hsg.), Series A 5.625 05/01/2012 05/01/2008 2 175,828
- ----------------------------------------------------------------------------------------------------------------------------
460,000 NYC HDC (Multifamily Hsg.), Series A 5.750 11/01/2018 7 05/01/2007 2 475,433
- ----------------------------------------------------------------------------------------------------------------------------
5,265,000 NYC HDC (Multifamily Hsg.), Series B 5.875 11/01/2018 7 05/01/2009 2 5,502,662
- ----------------------------------------------------------------------------------------------------------------------------
655,000 NYC HDC (Multifamily Hsg.), Series D 5.500 11/01/2019 11/01/2006 2 673,163
- ----------------------------------------------------------------------------------------------------------------------------
1,200,000 NYC HDC (Multifamily Hsg.), Series E 6.250 05/01/2036 11/01/2009 2 1,298,484
- ----------------------------------------------------------------------------------------------------------------------------
27,655,000 NYC Health & Hospital Corp. 5.250 02/15/2017 7 02/15/2010 2 28,803,512
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC Health & Hospital Corp. 5.450 02/15/2026 02/15/2012 2 10,413
- ----------------------------------------------------------------------------------------------------------------------------
1,135,000 NYC IDA (Acme Architectural Products) 5.875 11/01/2009 12/14/2007 1 1,081,507
- ----------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC IDA
(Airis JFK I/JFK International Airport) 6.000 07/01/2015 07/01/2011 2 10,369,600
- ----------------------------------------------------------------------------------------------------------------------------
165,000 NYC IDA (ALA Realty) 7.000 12/01/2005 12/01/2005 165,978
- ----------------------------------------------------------------------------------------------------------------------------
75,000 NYC IDA
(Anti-Defamation League Foundation) 5.500 06/01/2022 06/01/2007 2 80,752
- ----------------------------------------------------------------------------------------------------------------------------
435,000 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/2008 07/07/2007 1 435,383
- ----------------------------------------------------------------------------------------------------------------------------
4,645,000 NYC IDA (Beth Abraham Health Services) 6.000 02/15/2013 08/27/2009 1 4,823,740
- ----------------------------------------------------------------------------------------------------------------------------
1,015,000 NYC IDA (Beth Abraham Health Services) 6.000 11/15/2013 06/28/2009 1 1,055,570
- ----------------------------------------------------------------------------------------------------------------------------
485,000 NYC IDA (Beth Abraham Health Services) 6.000 11/15/2013 07/04/2009 1 504,385
- ----------------------------------------------------------------------------------------------------------------------------
115,000 NYC IDA
(Brooklyn Heights Montessori School) 7.500 01/01/2007 07/10/2006 1 122,894
- ----------------------------------------------------------------------------------------------------------------------------
6,290,000 NYC IDA (Calhoun School) 6.250 12/01/2017 10/13/2012 1 6,328,998
- ----------------------------------------------------------------------------------------------------------------------------
415,000 NYC IDA (Chardan Corp.) 6.250 11/01/2008 05/31/2007 1 410,564
- ----------------------------------------------------------------------------------------------------------------------------
235,000 NYC IDA (College of Aeronautics) 5.500 05/01/2012 05/01/2008 2 248,223
- ----------------------------------------------------------------------------------------------------------------------------
550,000 NYC IDA (College of Aeronautics) 5.500 05/01/2013 05/01/2010 2 578,309
- ----------------------------------------------------------------------------------------------------------------------------
1,435,000 NYC IDA (College of Mount St. Vincent) 7.000 05/01/2008 05/01/2005 2 1,465,508
- ----------------------------------------------------------------------------------------------------------------------------
360,000 NYC IDA (College of New Rochelle) 6.200 09/01/2010 7 09/01/2005 2 373,288
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (College of New Rochelle) 6.300 09/01/2015 7 09/01/2005 2 516,295
- ----------------------------------------------------------------------------------------------------------------------------
370,000 NYC IDA
(Comprehensive Care Management) 5.750 11/01/2008 05/30/2007 1 373,807
- ----------------------------------------------------------------------------------------------------------------------------
145,000 NYC IDA
(Comprehensive Care Management) 5.750 11/01/2008 05/30/2007 1 146,475
- ----------------------------------------------------------------------------------------------------------------------------
220,000 NYC IDA
(Comprehensive Care Management) 7.250 12/01/2006 06/09/2006 1 227,968
- ----------------------------------------------------------------------------------------------------------------------------
50,167 NYC IDA (Cummins Engine) 6.500 03/01/2005 03/01/2005 50,176
- ----------------------------------------------------------------------------------------------------------------------------
470,000 NYC IDA (Essie Cosmetics) 5.500 11/01/2008 05/22/2007 1 460,638
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
$ 1,015,000 NYC IDA (Family Support Systems) 6.500% 11/01/2014 12/01/2010 1 $ 1,015,000
- ----------------------------------------------------------------------------------------------------------------------------
585,000 NYC IDA (Gabrielli Truck Sales) 7.250 12/01/2007 12/19/2006 1 604,176
- ----------------------------------------------------------------------------------------------------------------------------
26,110,000 NYC IDA (Japan Airlines) 6.000 11/01/2015 05/01/2005 2 26,708,702
- ----------------------------------------------------------------------------------------------------------------------------
210,000 NYC IDA (Julia Gray) 6.500 11/01/2007 11/18/2006 1 210,760
- ----------------------------------------------------------------------------------------------------------------------------
280,000 NYC IDA (Koenig Iron Works) 7.375 12/01/2010 08/11/2008 1 292,048
- ----------------------------------------------------------------------------------------------------------------------------
2,355,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2013 12/01/2012 2 2,573,732
- ----------------------------------------------------------------------------------------------------------------------------
730,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2015 12/01/2012 2 788,327
- ----------------------------------------------------------------------------------------------------------------------------
2,880,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2016 12/01/2012 2 3,097,699
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2017 12/01/2012 2 2,140,140
- ----------------------------------------------------------------------------------------------------------------------------
3,210,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2018 12/01/2012 2 3,421,667
- ----------------------------------------------------------------------------------------------------------------------------
250,000 NYC IDA (Marymount School of NY) 5.125 09/01/2021 09/01/2013 2 257,565
- ----------------------------------------------------------------------------------------------------------------------------
455,000 NYC IDA (MediSys Health Network) 5.750 03/15/2006 12/24/2005 1 450,505
- ----------------------------------------------------------------------------------------------------------------------------
350,000 NYC IDA (Morrisons Pastry) 5.750 11/01/2009 11/16/2006 1 348,390
- ----------------------------------------------------------------------------------------------------------------------------
4,180,000 NYC IDA (National Compressor Exchange) 6.250 11/01/2027 11/01/2007 5 4,253,359
- ----------------------------------------------------------------------------------------------------------------------------
2,005,000 NYC IDA (Polytechnic University) 5.750 11/01/2010 11/01/2010 2,009,251
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Polytechnic University) 5.750 11/01/2012 11/01/2012 495,150
- ----------------------------------------------------------------------------------------------------------------------------
1,810,000 NYC IDA (Polytechnic University) 5.250 11/01/2008 11/01/2008 1,800,262
- ----------------------------------------------------------------------------------------------------------------------------
400,000 NYC IDA (Precision Gear) 5.875 11/01/2009 12/17/2007 1 398,072
- ----------------------------------------------------------------------------------------------------------------------------
335,000 NYC IDA (Precision Gear) 5.875 11/01/2009 12/09/2007 1 333,385
- ----------------------------------------------------------------------------------------------------------------------------
110,000 NYC IDA (Precision Gear) 6.500 11/01/2008 06/04/2007 1 111,529
- ----------------------------------------------------------------------------------------------------------------------------
115,000 NYC IDA (Promotional Slideguide) 7.000 12/01/2005 12/01/2005 119,871
- ----------------------------------------------------------------------------------------------------------------------------
80,000 NYC IDA (Rockefeller Foundation) 5.375 07/01/2023 07/01/2005 2 81,510
- ----------------------------------------------------------------------------------------------------------------------------
3,965,000 NYC IDA (Rosco, Inc.) 6.125 06/01/2022 06/01/2007 3 4,057,226
- ----------------------------------------------------------------------------------------------------------------------------
1,075,000 NYC IDA (Showman Fabricators) 7.125 11/01/2013 01/18/2010 1 1,067,368
- ----------------------------------------------------------------------------------------------------------------------------
935,000 NYC IDA
(Special Needs Facilities Pooled Program) 5.950 07/01/2008 01/26/2007 1 928,324
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYC IDA (Streamline Plastics) 7.125 12/01/2005 12/01/2005 40,218
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC IDA (Terminal One Group Association) 5.800 01/01/2005 01/01/2005 25,000
- ----------------------------------------------------------------------------------------------------------------------------
475,000 NYC IDA (Terminal One Group Association) 5.900 01/01/2006 07/01/2005 2 480,643
- ----------------------------------------------------------------------------------------------------------------------------
1,650,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2007 07/01/2005 2 1,669,437
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2008 07/01/2005 2 65,753
- ----------------------------------------------------------------------------------------------------------------------------
59,220,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2015 7 07/01/2005 2 59,964,395
- ----------------------------------------------------------------------------------------------------------------------------
13,555,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2019 7 01/01/2006 2 13,915,563
- ----------------------------------------------------------------------------------------------------------------------------
2,800,000 NYC IDA (Terminal One Group Association) 6.100 01/01/2009 01/01/2006 2 2,832,116
- ----------------------------------------------------------------------------------------------------------------------------
30,410,000 NYC IDA (Terminal One Group Association) 6.125 01/01/2024 01/01/2006 2 31,218,906
- ----------------------------------------------------------------------------------------------------------------------------
2,230,000 NYC IDA (The Child School) 7.000 06/01/2013 11/06/2009 1 2,270,965
- ----------------------------------------------------------------------------------------------------------------------------
410,000 NYC IDA (Ulano) 6.250 11/01/2006 05/06/2006 1 404,682
- ----------------------------------------------------------------------------------------------------------------------------
160,000 NYC IDA (United Nations School) 6.050 12/01/2005 12/01/2005 164,946
- ----------------------------------------------------------------------------------------------------------------------------
170,000 NYC IDA (United Nations School) 6.100 12/01/2006 12/01/2006 179,872
- ----------------------------------------------------------------------------------------------------------------------------
180,000 NYC IDA (United Nations School) 6.150 12/01/2007 12/01/2007 190,343
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Urban Resource Institute) 5.250 03/01/2023 03/01/2013 2 1,078,710
30 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,405,000 NYC IDA (Urban Resource Institute) 6.500% 11/01/2013 03/20/2009 1 $ 1,426,412
- ----------------------------------------------------------------------------------------------------------------------------
400,000 NYC IDA (Visy Paper) 7.550 01/01/2005 01/01/2005 400,000
- ----------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC IDA (Visy Paper) 7.800 01/01/2016 01/01/2008 2 4,192,400
- ----------------------------------------------------------------------------------------------------------------------------
1,005,000 NYC IDA (Vocational Instruction) 7.250 02/01/2013 06/21/2009 1 1,025,311
- ----------------------------------------------------------------------------------------------------------------------------
255,000 NYC IDA (World Casing Corp.) 5.950 11/01/2007 11/15/2006 1 244,772
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (YMCA of Greater NY) 5.250 08/01/2021 02/01/2011 2 517,455
- ----------------------------------------------------------------------------------------------------------------------------
6,710,000 NYC IDA (YMCA of Greater NY) 5.800 08/01/2016 7 01/01/2009 2 7,167,958
- ----------------------------------------------------------------------------------------------------------------------------
700,000 NYC IDA (Zeluck, Inc.) 6.250 11/01/2011 11/01/2007 2 723,835
- ----------------------------------------------------------------------------------------------------------------------------
16,350,000 NYC IDA Special Facilities
(JFK International Airport) 8.000 08/01/2012 08/01/2012 13,590,611
- ----------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC Municipal Water Finance Authority 5.125 06/15/2015 06/15/2007 2 4,267,840
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYC Municipal Water Finance Authority 5.125 06/15/2017 7 06/15/2007 2 69,417
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.125 06/15/2021 06/15/2007 2 52,730
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC Municipal Water Finance Authority 5.125 06/15/2021 06/15/2007 2 10,546
- ----------------------------------------------------------------------------------------------------------------------------
55,000 NYC Municipal Water Finance Authority 5.125 06/15/2022 06/15/2008 2 58,002
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC Municipal Water Finance Authority 5.200 06/15/2013 06/15/2007 2 10,727
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC Municipal Water Finance Authority 5.250 06/15/2018 06/15/2008 2 16,075
- ----------------------------------------------------------------------------------------------------------------------------
425,000 NYC Municipal Water Finance Authority 5.250 06/15/2029 7 06/15/2007 2 447,381
- ----------------------------------------------------------------------------------------------------------------------------
1,400,000 NYC Municipal Water Finance Authority 5.500 06/15/2017 06/15/2007 2 1,477,196
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC Municipal Water Finance Authority 5.500 06/15/2024 06/15/2006 2 104,762
- ----------------------------------------------------------------------------------------------------------------------------
1,425,000 NYC Municipal Water Finance Authority 5.500 06/15/2024 7 06/15/2006 2 1,507,921
- ----------------------------------------------------------------------------------------------------------------------------
585,000 NYC Municipal Water Finance Authority 5.500 06/15/2024 7 06/15/2006 2 612,343
- ----------------------------------------------------------------------------------------------------------------------------
1,085,000 NYC Municipal Water Finance Authority 5.500 06/15/2027 06/15/2007 2 1,156,426
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC Municipal Water Finance Authority 5.500 06/15/2033 06/15/2010 2 1,081,260
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC Municipal Water Finance Authority 5.625 06/15/2019 06/15/2006 2 105,632
- ----------------------------------------------------------------------------------------------------------------------------
55,000 NYC Municipal Water Finance Authority 5.625 06/15/2019 7 06/15/2006 2 58,130
- ----------------------------------------------------------------------------------------------------------------------------
855,000 NYC Municipal Water Finance Authority 5.750 06/15/2013 7 06/15/2005 2 916,449
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.750 06/15/2013 7 06/15/2005 5 53,594
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC Municipal Water Finance Authority 5.750 06/15/2026 06/15/2007 2 107,663
- ----------------------------------------------------------------------------------------------------------------------------
55,000 NYC Municipal Water Finance Authority 5.750 06/15/2029 06/15/2007 2 60,148
- ----------------------------------------------------------------------------------------------------------------------------
4,100,000 NYC TFA, Series B 5.000 11/01/2027 11/01/2012 2 4,224,271
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC TFA, Series C 5.000 05/01/2026 7 05/01/2010 2 15,375
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC TFA, Series C 5.250 05/01/2013 05/01/2008 2 1,102,620
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYC TFA, Series C 5.500 05/01/2025 05/01/2009 5 48,729
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC TFA, Series E 5.000 02/01/2024 02/01/2013 2 2,087,040
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC TFA, Series E 5.000 02/01/2026 02/01/2013 2 2,071,860
- ----------------------------------------------------------------------------------------------------------------------------
460,000 NYC Transit Authority MTA, Series A 5.400 01/01/2019 7 01/01/2010 2 522,330
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC Transitional Finance Authority 5.500 11/01/2024 05/01/2010 2 27,552
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC Trust for Cultural Resources
(American Museum of Natural History) 5.650 04/01/2022 04/01/2007 2 16,059
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
$ 3,740,000 NYC Trust for Cultural Resources
(American Museum of Natural History) 5.650% 04/01/2027 7 04/01/2007 2 $ 3,988,037
- ----------------------------------------------------------------------------------------------------------------------------
750,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.000 07/01/2022 7 07/01/2010 2 815,880
- ----------------------------------------------------------------------------------------------------------------------------
2,465,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.125 07/01/2030 7 07/01/2011 2 2,673,169
- ----------------------------------------------------------------------------------------------------------------------------
570,000 NYC Trust for Cultural Resources
(Museum of Modern Art) 5.500 01/01/2016 01/01/2007 2 615,116
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYS DA (Albany Memorial Hospital) 5.500 07/01/2010 7 07/01/2005 2 46,506
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Amsterdam Memorial Hospital) 6.000 08/01/2025 08/01/2006 2 26,687
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Audit & Control) 5.500 04/01/2023 04/01/2009 2 27,454
- ----------------------------------------------------------------------------------------------------------------------------
250,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 7 02/01/2012 2 264,258
- ----------------------------------------------------------------------------------------------------------------------------
95,000 NYS DA (Bethel Springvale Home) 6.000 02/01/2035 7 02/01/2006 2 100,042
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA
(Bishop Henry B. Hucles Nursing Home) 5.625 07/01/2018 7 07/01/2008 2 68,752
- ----------------------------------------------------------------------------------------------------------------------------
170,000 NYS DA
(Bishop Henry B. Hucles Nursing Home) 6.000 07/01/2024 07/01/2006 2 180,742
- ----------------------------------------------------------------------------------------------------------------------------
1,295,000 NYS DA (Canisius College) 5.600 07/01/2023 07/01/2005 2 1,340,079
- ----------------------------------------------------------------------------------------------------------------------------
1,120,000 NYS DA (Catskill Regional Medical Center) 5.250 02/15/2023 02/15/2015 2 1,217,552
- ----------------------------------------------------------------------------------------------------------------------------
1,350,000 NYS DA (Chapel Oaks) 5.375 07/01/2017 7 07/01/2010 2 1,473,998
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (City University) 0.000 8 07/01/2005 07/01/2005 4,951
- ----------------------------------------------------------------------------------------------------------------------------
2,150,000 NYS DA (City University) 5.000 07/01/2017 07/01/2008 2 2,270,615
- ----------------------------------------------------------------------------------------------------------------------------
1,400,000 NYS DA (City University) 5.250 07/01/2012 07/01/2008 2 1,528,016
- ----------------------------------------------------------------------------------------------------------------------------
155,000 NYS DA (City University) 5.250 07/01/2017 01/01/2008 2 164,176
- ----------------------------------------------------------------------------------------------------------------------------
11,020,000 NYS DA (City University) 5.375 07/01/2024 01/01/2008 5 12,211,152
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (City University) 5.500 07/01/2019 07/01/2009 2 16,709
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (City University) 5.500 07/01/2024 07/01/2006 2 5,295
- ----------------------------------------------------------------------------------------------------------------------------
550,000 NYS DA (City University) 6.000 07/01/2010 07/01/2006 2 582,742
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (College of Saint Rose) 6.000 07/01/2011 7 07/01/2005 2 5,016
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Cooper Union for
Advancement of Science & Art) 6.250 07/01/2029 07/01/2009 2 28,519
- ----------------------------------------------------------------------------------------------------------------------------
1,500,000 NYS DA (Court Facilities) 5.375 05/15/2021 05/15/2013 2 1,613,925
- ----------------------------------------------------------------------------------------------------------------------------
5,100,000 NYS DA (Court Facilities) 5.375 05/15/2023 05/15/2013 2 5,491,068
- ----------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS DA (Court Facilities) 5.500 05/15/2020 05/15/2013 2 4,371,040
- ----------------------------------------------------------------------------------------------------------------------------
200,000 NYS DA (Court Facilities) 5.750 05/15/2017 05/15/2010 2 225,980
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYS DA (Dept. of Education) 5.750 07/01/2021 07/01/2006 2 47,993
- ----------------------------------------------------------------------------------------------------------------------------
90,000 NYS DA (Dept. of Health) 5.500 07/01/2021 07/01/2007 2 94,426
- ----------------------------------------------------------------------------------------------------------------------------
260,000 NYS DA (Dept. of Health) 5.500 07/01/2025 07/01/2006 2 277,805
- ----------------------------------------------------------------------------------------------------------------------------
885,000 NYS DA (Dept. of Health) 5.500 07/01/2025 07/01/2006 2 936,498
- ----------------------------------------------------------------------------------------------------------------------------
420,000 NYS DA (Dept. of Health) 5.500 07/01/2025 07/01/2006 2 444,091
- ----------------------------------------------------------------------------------------------------------------------------
280,000 NYS DA (Dept. of Health) 5.750 07/01/2017 7 07/01/2006 2 300,202
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Dept. of Health) 5.750 07/01/2017 07/01/2006 2 32,165
32 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,525,000 NYS DA (Ellis Hospital) 5.050% 08/15/2024 08/15/2014 2 $ 2,639,383
- ----------------------------------------------------------------------------------------------------------------------------
165,000 NYS DA (Ellis Hospital) 5.500 08/01/2015 08/01/2005 2 169,425
- ----------------------------------------------------------------------------------------------------------------------------
105,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 08/01/2005 2 108,759
- ----------------------------------------------------------------------------------------------------------------------------
125,000 NYS DA (Ellis Hospital) 5.625 08/01/2035 7 08/01/2007 2 129,500
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Episcopal Health) 5.700 08/01/2009 02/01/2005 2 5,063
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (Episcopal Health) 5.900 08/01/2020 7 02/01/2005 2 70,741
- ----------------------------------------------------------------------------------------------------------------------------
310,000 NYS DA (Fairport Baptist Homes) 6.000 02/01/2037 02/01/2007 2 334,090
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA
(FNHC/KR/MMWNHC Obligated Group) 5.500 07/01/2010 7 07/01/2007 2 36,207
- ----------------------------------------------------------------------------------------------------------------------------
335,000 NYS DA
(FNHC/KR/MMWNHC Obligated Group) 5.750 07/01/2017 07/01/2005 2 346,524
- ----------------------------------------------------------------------------------------------------------------------------
3,835,000 NYS DA (Frances Schervier Home
& Hospital Obligated Group) 5.500 07/01/2017 7 07/01/2009 2 4,148,550
- ----------------------------------------------------------------------------------------------------------------------------
10,000,000 NYS DA (Frances Schervier Home
& Hospital Obligated Group) 5.500 07/01/2027 7 07/01/2009 2 10,778,400
- ----------------------------------------------------------------------------------------------------------------------------
90,000 NYS DA (Frances Schervier Home
& Hospital Obligated Group) 5.500 07/01/2027 7 07/01/2009 2 96,334
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (German Masonic Home) 5.950 08/01/2026 7 08/01/2008 2 52,371
- ----------------------------------------------------------------------------------------------------------------------------
270,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 07/01/2006 2 289,111
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Hamilton College) 5.125 07/01/2016 07/01/2009 2 16,368
- ----------------------------------------------------------------------------------------------------------------------------
2,135,000 NYS DA (Highland Community Devel. Corp.) 5.500 07/01/2023 07/16/2008 3 2,188,589
- ----------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (Hospital Special Surgery) 5.000 02/01/2018 02/01/2008 2 77,717
- ----------------------------------------------------------------------------------------------------------------------------
2,255,000 NYS DA (Hunts Point Multi-Service Center) 5.625 07/01/2022 01/01/2008 2 2,464,174
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (Jewish Geriatric) 7.150 08/01/2014 02/01/2005 2 66,544
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYS DA (Jewish Geriatric) 7.350 08/01/2029 02/01/2005 2 153,566
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (JGB Health Facilities) 7.000 07/01/2009 7 07/01/2005 2 20,684
- ----------------------------------------------------------------------------------------------------------------------------
105,000 NYS DA (John T. Mather Memorial Hospital) 5.375 07/01/2019 07/01/2008 2 110,456
- ----------------------------------------------------------------------------------------------------------------------------
1,585,000 NYS DA (John T. Mather Memorial Hospital) 5.750 07/01/2025 07/01/2006 2 1,676,011
- ----------------------------------------------------------------------------------------------------------------------------
2,910,000 NYS DA (Kaleida Health) 5.050 02/15/2025 02/15/2014 2 3,028,728
- ----------------------------------------------------------------------------------------------------------------------------
1,020,000 NYS DA ( L.I. University) 5.125 09/01/2010 09/01/2009 2 1,123,816
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA ( L.I. University) 5.250 09/01/2011 09/01/2009 2 1,091,750
- ----------------------------------------------------------------------------------------------------------------------------
6,375,000 NYS DA ( L.I. University) 5.500 09/01/2026 09/01/2006 2 6,770,824
- ----------------------------------------------------------------------------------------------------------------------------
205,000 NYS DA (Lakeside Home) 6.000 02/01/2037 02/01/2007 2 220,375
- ----------------------------------------------------------------------------------------------------------------------------
710,000 NYS DA (Le Moyne College) 5.000 07/01/2018 07/01/2005 2 725,634
- ----------------------------------------------------------------------------------------------------------------------------
1,100,000 NYS DA (Leake & Watts Services) 5.000 07/01/2023 07/01/2014 2 1,158,223
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Leake & Watts Services) 6.000 07/01/2014 07/01/2005 2 35,811
- ----------------------------------------------------------------------------------------------------------------------------
540,000 NYS DA (Leake & Watts Services) 6.000 07/01/2023 07/01/2005 2 552,431
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Lenox Hill Hospital) 5.750 07/01/2016 07/01/2011 2 10,808
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Lenox Hill Hospital) 5.750 07/01/2017 07/01/2012 2 2,152,180
- ----------------------------------------------------------------------------------------------------------------------------
520,000 NYS DA (Long Beach Medical Center) 5.625 08/01/2022 08/01/2005 2 538,907
- ----------------------------------------------------------------------------------------------------------------------------
3,235,000 NYS DA (Master BOCES Program) 5.000 08/15/2023 08/15/2014 2 3,423,536
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
$ 615,000 NYS DA (Master BOCES Program) 5.250% 08/15/2023 08/15/2013 2 $ 664,741
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Menorah Campus) 6.100 02/01/2037 02/01/2007 2 108,269
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Mental Health Services Facilities) 5.125 08/15/2027 08/15/2007 5 10,258
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Mental Health Services Facilities) 5.250 08/15/2016 02/15/2008 2 5,268
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Mental Health Services Facilities) 5.250 08/15/2016 02/15/2008 2 5,250
- ----------------------------------------------------------------------------------------------------------------------------
185,000 NYS DA (Mental Health Services Facilities) 5.250 02/15/2018 02/15/2007 2 198,255
- ----------------------------------------------------------------------------------------------------------------------------
1,500,000 NYS DA (Mental Health Services Facilities) 5.250 02/15/2023 02/15/2014 2 1,604,760
- ----------------------------------------------------------------------------------------------------------------------------
3,270,000 NYS DA (Mental Health Services Facilities) 5.250 08/15/2024 08/15/2009 2 3,519,076
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Mental Health Services Facilities) 5.375 02/15/2026 02/15/2008 2 26,135
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Mental Health Services Facilities) 5.625 02/15/2021 02/15/2007 2 43,570
- ----------------------------------------------------------------------------------------------------------------------------
450,000 NYS DA (Mental Health Services Facilities) 5.750 08/15/2011 02/15/2007 5 485,393
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Mental Health Services Facilities) 5.750 08/15/2012 02/15/2007 2 108,299
- ----------------------------------------------------------------------------------------------------------------------------
95,000 NYS DA (Mental Health Services Facilities) 5.750 02/15/2027 02/15/2007 2 103,788
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Mental Health Services Facilities) 5.750 02/15/2027 02/15/2007 2 5,387
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Mercy College) 5.700 07/01/2017 07/01/2005 2 51,850
- ----------------------------------------------------------------------------------------------------------------------------
180,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2017 02/01/2005 2 189,410
- ----------------------------------------------------------------------------------------------------------------------------
5,060,000 NYS DA (Miriam Osborn
Memorial Home Association) 6.875 07/01/2019 7 07/01/2010 2 5,744,264
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2023 02/01/2015 2 5,277,450
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Montefiore Medical Center) 5.250 02/01/2015 02/01/2007 2 1,070,740
- ----------------------------------------------------------------------------------------------------------------------------
270,000 NYS DA (Montefiore Medical Center) 5.500 08/01/2038 08/01/2009 2 283,433
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Mount Sinai School of Medicine) 5.000 07/01/2015 07/01/2005 2 50,878
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Mount Sinai School of Medicine) 5.000 07/01/2016 07/01/2005 2 30,361
- ----------------------------------------------------------------------------------------------------------------------------
495,000 NYS DA (Mount Sinai School of Medicine) 5.000 07/01/2021 07/01/2005 2 505,563
- ----------------------------------------------------------------------------------------------------------------------------
6,500,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.500 07/01/2017 07/01/2010 2 6,891,170
- ----------------------------------------------------------------------------------------------------------------------------
1,750,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.750 07/01/2020 07/01/2010 2 1,884,120
- ----------------------------------------------------------------------------------------------------------------------------
5,770,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) RITES 9 9.467 14 07/01/2015 07/01/2010 2 6,575,261
- ----------------------------------------------------------------------------------------------------------------------------
5,665,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) RITES 9 9.467 14 07/01/2016 07/01/2010 2 6,396,918
- ----------------------------------------------------------------------------------------------------------------------------
12,000,000 NYS DA (Mt. Sinai/NYU Health) 6.000 07/01/2026 02/01/2005 2 12,012,360
- ----------------------------------------------------------------------------------------------------------------------------
6,500,000 NYS DA (Mt. Sinai/NYU Health) 6.250 07/01/2022 02/01/2005 2 6,509,230
- ----------------------------------------------------------------------------------------------------------------------------
320,000 NYS DA (Municipal Health Facilities) 5.500 05/15/2024 05/15/2006 2 337,626
- ----------------------------------------------------------------------------------------------------------------------------
400,000 NYS DA (New School for Social Research) 5.750 07/01/2026 07/01/2007 2 435,560
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Niagara Lutheran Devel.) 5.450 08/01/2017 08/01/2007 2 15,837
- ----------------------------------------------------------------------------------------------------------------------------
4,200,000 NYS DA (North General Hospital) 5.750 02/15/2019 02/15/2013 2 4,685,184
- ----------------------------------------------------------------------------------------------------------------------------
3,750,000 NYS DA (North General Hospital) 5.750 02/15/2020 02/15/2013 2 4,174,950
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (North Shore University Hospital) 5.200 11/01/2017 11/01/2008 2 5,458,000
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA
(Nottingham Retirement Community) 6.050 07/01/2015 07/01/2005 2 51,535
34 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,435,000 NYS DA
(Nottingham Retirement Community) 6.125% 07/01/2025 7 07/01/2005 2 $ 2,524,267
- ----------------------------------------------------------------------------------------------------------------------------
1,375,000 NYS DA (NY Hospital Medical Center) 5.550 08/15/2029 7 08/15/2011 2 1,526,319
- ----------------------------------------------------------------------------------------------------------------------------
2,030,000 NYS DA (Nyack Hospital) 6.000 07/01/2006 01/04/2006 1 2,053,792
- ----------------------------------------------------------------------------------------------------------------------------
2,325,000 NYS DA (Nyack Hospital) 6.250 07/01/2013 05/10/2009 1 2,296,124
- ----------------------------------------------------------------------------------------------------------------------------
220,000 NYS DA (Our Lady Geriatric Center) 6.050 08/01/2035 08/01/2005 2 228,422
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYS DA (Our Lady of Consolation
Geriatric Care Center) 5.900 08/01/2020 08/01/2005 2 46,398
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Park Ridge Hsg.) 6.375 08/01/2020 7 08/01/2010 2 2,216,060
- ----------------------------------------------------------------------------------------------------------------------------
1,570,000 NYS DA (Park Ridge Hsg.) 6.500 08/01/2025 7 08/01/2010 2 1,770,882
- ----------------------------------------------------------------------------------------------------------------------------
7,225,000 NYS DA (Personal Income Tax) 5.000 03/15/2027 03/15/2013 2 7,442,617
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Personal Income Tax) 5.375 03/15/2022 03/15/2013 2 2,182,580
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Pratt Institute) 6.000 07/01/2024 07/01/2010 2 113,179
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Resurrection Rest Home
Castleton on Hudson, NY) 6.050 08/01/2035 7 08/01/2005 2 51,914
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Rochester General Hospital) 5.700 08/01/2033 02/01/2005 2 35,435
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYS DA
(Rosalind & Joseph Gurwin Geriatric) 5.700 02/01/2037 02/01/2007 2 48,376
- ----------------------------------------------------------------------------------------------------------------------------
5,100,000 NYS DA
(Ryan-Clinton Community Health Center) 6.100 07/01/2019 7 01/01/2010 2 5,655,849
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (School District Financing) 5.750 10/01/2022 7 10/01/2012 2 5,746,600
- ----------------------------------------------------------------------------------------------------------------------------
15,000,000 NYS DA
(SCSMC/SV/CHSLI Obligated Group) 6.500 07/01/2020 7 07/01/2010 2 16,708,200
- ----------------------------------------------------------------------------------------------------------------------------
1,465,000 NYS DA (Service Contract) 5.250 04/01/2012 04/01/2008 2 1,589,789
- ----------------------------------------------------------------------------------------------------------------------------
315,000 NYS DA (Service Contract) 5.250 04/01/2017 04/01/2008 2 337,639
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Service Contract) 5.250 07/01/2019 07/01/2007 2 25,942
- ----------------------------------------------------------------------------------------------------------------------------
15,480,000 NYS DA (SFH/GSHMC/MMC/SCHRC
Obligated Group) 5.000 07/01/2021 07/01/2014 2 15,802,758
- ----------------------------------------------------------------------------------------------------------------------------
5,925,000 NYS DA (Siena College) 5.750 07/01/2026 07/01/2007 2 6,451,733
- ----------------------------------------------------------------------------------------------------------------------------
300,000 NYS DA (Special Act School Districts) 5.875 07/01/2013 07/01/2005 2 311,427
- ----------------------------------------------------------------------------------------------------------------------------
290,000 NYS DA (Special Act School Districts) 6.000 07/01/2019 07/01/2005 2 301,180
- ----------------------------------------------------------------------------------------------------------------------------
85,000 NYS DA (St. Agnes Hospital) 5.300 02/15/2019 02/15/2008 2 92,389
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 08/01/2007 2 106,712
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (St. Charles Hospital
and Rehabilitation Center) 5.500 07/01/2022 07/01/2009 2 43,980
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (St. Francis Hospital) 5.500 07/01/2029 07/01/2011 2 108,593
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (St. John's University) 5.250 07/01/2018 07/01/2008 2 21,815
- ----------------------------------------------------------------------------------------------------------------------------
110,000 NYS DA (St. John's University) 5.250 07/01/2025 07/01/2008 2 117,361
- ----------------------------------------------------------------------------------------------------------------------------
2,650,000 NYS DA (St. John's University) 5.600 07/01/2016 07/01/2006 2 2,829,432
- ----------------------------------------------------------------------------------------------------------------------------
5,005,000 NYS DA (St. Joseph's Hospital Health Center) 5.250 07/01/2018 7 07/01/2009 2 5,248,593
- ----------------------------------------------------------------------------------------------------------------------------
2,005,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 7 07/01/2010 2 2,116,358
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
$ 175,000 NYS DA (St. Vincent's Hospital
& Medical Center) 5.750% 08/01/2015 7 08/01/2007 2 $ 181,783
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA
(St. Vincent's Hospital & Medical Center) 5.800 08/01/2025 08/01/2005 2 36,406
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA
(St. Vincent's Hospital & Medical Center) 5.800 08/01/2025 08/01/2005 2 51,901
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA
(St. Vincent's Hospital & Medical Center) 7.375 08/01/2011 02/01/2005 2 10,040
- ----------------------------------------------------------------------------------------------------------------------------
2,440,000 NYS DA
(St. Vincent's Hospital & Medical Center) 7.400 08/01/2030 7 02/01/2005 2 2,548,336
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (State University Athletic Facilities) 5.250 07/01/2018 07/01/2008 2 32,722
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA
(State University Dormitory Facilities) 5.250 07/01/2014 07/01/2005 2 15,530
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA
(State University Educational Facilities) 0.000 8 05/15/2007 05/15/2007 46,952
- ----------------------------------------------------------------------------------------------------------------------------
3,265,000 NYS DA
(State University Educational Facilities) 5.125 05/15/2021 05/15/2009 2 3,482,253
- ----------------------------------------------------------------------------------------------------------------------------
9,700,000 NYS DA
(State University Educational Facilities) 5.375 05/15/2011 05/15/2008 2 10,437,103
- ----------------------------------------------------------------------------------------------------------------------------
3,750,000 NYS DA
(State University Educational Facilities) 6.000 05/15/2016 05/15/2010 2 4,292,963
- ----------------------------------------------------------------------------------------------------------------------------
2,325,000 NYS DA
(State University Educational Facilities) 6.000 05/15/2017 05/15/2005 2 2,382,079
- ----------------------------------------------------------------------------------------------------------------------------
515,000 NYS DA
(State University Educational Facilities) 6.000 05/15/2017 05/15/2005 2 528,030
- ----------------------------------------------------------------------------------------------------------------------------
300,000 NYS DA
(State University Educational Facilities) 6.000 05/15/2017 05/15/2005 2 307,800
- ----------------------------------------------------------------------------------------------------------------------------
155,000 NYS DA (Suffolk County Judicial Facilities) 9.250 04/15/2006 7 04/15/2005 2 168,440
- ----------------------------------------------------------------------------------------------------------------------------
3,500,000 NYS DA (Teresian House) 5.250 07/01/2017 7 07/01/2009 2 3,652,425
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (The Highlands Living) 6.600 02/01/2034 02/01/2005 2 10,235
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (United Cerebral Palsy
Association of Nassau County) 6.000 07/01/2007 07/01/2005 2 50,157
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYS DA (United Cerebral Palsy
Association of Nassau County) 6.200 07/01/2012 07/01/2005 2 46,179
- ----------------------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (United Cerebral Palsy of NYC) 5.750 07/01/2018 7 07/01/2012 2 1,409,788
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (United Health Services) 5.500 08/01/2017 02/01/2008 2 20,490
- ----------------------------------------------------------------------------------------------------------------------------
1,905,000 NYS DA (Upstate Community Colleges) 5.125 07/01/2021 07/01/2014 2 2,038,026
- ----------------------------------------------------------------------------------------------------------------------------
1,165,000 NYS DA (Upstate Community Colleges) 5.125 07/01/2022 07/01/2014 2 1,241,657
- ----------------------------------------------------------------------------------------------------------------------------
185,000 NYS DA (Upstate Community Colleges) 5.250 07/01/2023 07/01/2006 2 187,701
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Upstate Community Colleges) 5.875 07/01/2016 7 07/01/2007 2 38,007
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYS DA (W.K. Nursing Home) 6.125 02/01/2036 08/01/2006 2 48,112
- ----------------------------------------------------------------------------------------------------------------------------
680,000 NYS DA (Wesley Gardens) 6.125 08/01/2035 08/01/2006 2 725,968
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 02/15/2008 2 21,609
36 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,230,000 NYS DA Service Contract (CCFDP) 5.375% 04/01/2020 04/01/2012 2 $ 2,400,104
- ----------------------------------------------------------------------------------------------------------------------------
2,350,000 NYS DA Service Contract (CCFDP) 5.375 04/01/2021 04/01/2012 2 2,523,172
- ----------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA, Series B 5.625 02/15/2021 02/15/2007 2 188,221
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC (Clean Water &
Drinking Revolving Funds) 5.000 06/15/2019 06/15/2008 2 16,051
- ----------------------------------------------------------------------------------------------------------------------------
3,185,000 NYS EFC (Clean Water &
Drinking Revolving Funds) 5.000 06/15/2019 06/15/2008 2 3,421,677
- ----------------------------------------------------------------------------------------------------------------------------
115,000 NYS EFC (Consolidated Water Company) 7.150 11/01/2014 7 05/01/2005 2 115,721
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS EFC (L.I. Water Corp.) 5.250 08/01/2027 08/01/2005 2 51,080
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS EFC
(NYC Municipal Water Finance Authority) 5.875 06/15/2014 06/15/2005 2 10,231
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC (NYS Water Services) 5.750 11/15/2010 05/15/2005 2 15,345
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYS EFC (NYS Water Services) 6.500 03/15/2007 03/15/2005 2 140,913
- ----------------------------------------------------------------------------------------------------------------------------
85,000 NYS EFC (NYS Water Services) 6.600 06/15/2005 06/15/2005 2 85,325
- ----------------------------------------------------------------------------------------------------------------------------
2,670,000 NYS EFC (NYS Water Services) 6.875 06/15/2010 7 06/15/2005 2 2,772,368
- ----------------------------------------------------------------------------------------------------------------------------
1,705,000 NYS EFC (NYS Water Services) 6.875 06/15/2014 7 06/15/2005 2 1,737,207
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYS EFC (NYS Water Services) 6.900 05/15/2015 05/15/2005 2 153,567
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS EFC (NYS Water Services) 6.900 11/15/2015 7 05/15/2005 2 30,713
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS EFC (NYS Water Services) 7.200 03/15/2011 7 03/15/2005 2 26,228
- ----------------------------------------------------------------------------------------------------------------------------
640,000 NYS EFC (NYS Water Services) 7.250 06/15/2010 7 06/15/2005 2 642,714
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS EFC (NYS Water Services) 7.500 03/15/2011 7 03/15/2005 2 20,088
- ----------------------------------------------------------------------------------------------------------------------------
1,450,000 NYS EFC (NYS Water Services) 7.500 06/15/2012 7 06/15/2005 2 1,453,277
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYS EFC (NYS Water Services) 7.500 06/15/2012 7 06/15/2005 2 47,196
- ----------------------------------------------------------------------------------------------------------------------------
525,000 NYS EFC (Occidental Petroleum) 6.100 11/01/2030 11/01/2007 2 541,118
- ----------------------------------------------------------------------------------------------------------------------------
1,425,000 NYS EFC (Personal Income Tax) 5.250 01/01/2022 01/01/2013 2 1,543,389
- ----------------------------------------------------------------------------------------------------------------------------
8,200,000 NYS EFC (Pilgrim State Sewage Treatment) 6.300 03/15/2016 03/15/2005 2 8,655,510
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS EFC (Riverbank State Park) 5.125 04/01/2022 04/01/2007 2 10,212
- ----------------------------------------------------------------------------------------------------------------------------
205,000 NYS EFC (Spring Valley Water Company) 5.650 11/01/2023 05/01/2005 2 207,497
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS EFC (Spring Valley Water Company) 6.300 08/01/2024 02/01/2005 2 2,109,200
- ----------------------------------------------------------------------------------------------------------------------------
4,250,000 NYS EFC (Waste Management) 4.450 07/01/2017 07/01/2009 3 4,389,910
- ----------------------------------------------------------------------------------------------------------------------------
7,200,000 NYS ERDA (Brooklyn Union Gas) 5.500 01/01/2021 01/01/2008 2 7,531,920
- ----------------------------------------------------------------------------------------------------------------------------
9,575,000 NYS ERDA (Brooklyn Union Gas) 5.600 06/01/2025 07/14/2005 2 9,738,828
- ----------------------------------------------------------------------------------------------------------------------------
27,745,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 02/01/2005 2 28,806,246
- ----------------------------------------------------------------------------------------------------------------------------
12,305,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 05/13/2005 2 12,473,702
- ----------------------------------------------------------------------------------------------------------------------------
130,640,000 NYS ERDA (Con Ed) 4.700 06/01/2036 10/03/2005 2 131,361,133
- ----------------------------------------------------------------------------------------------------------------------------
4,360,000 NYS ERDA (Con Ed) 6.100 08/15/2020 07/01/2005 2 4,517,701
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS ERDA (Con Ed) 6.100 08/15/2020 07/01/2005 2 15,587
- ----------------------------------------------------------------------------------------------------------------------------
255,000 NYS ERDA (Con Ed) 6.100 08/15/2020 07/01/2005 2 264,897
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 06/01/2005 2 72,520
- ----------------------------------------------------------------------------------------------------------------------------
550,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2005 2 562,249
- ----------------------------------------------------------------------------------------------------------------------------
320,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2005 2 327,126
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
$ 35,000 NYS ERDA (LILCO) 5.150% 03/01/2016 03/01/2005 2 $ 35,635
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2005 2 5,105,050
- ----------------------------------------------------------------------------------------------------------------------------
4,705,000 NYS ERDA (NYSEG) 6.150 07/01/2026 07/01/2005 2 4,885,296
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS GO 5.000 09/15/2017 09/15/2008 2 5,403
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS GO 5.300 07/15/2015 07/15/2006 2 26,129
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS GO 5.300 07/15/2017 07/15/2006 2 41,806
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS GO 5.500 07/15/2024 07/15/2006 2 26,265
- ----------------------------------------------------------------------------------------------------------------------------
120,000 NYS GO 5.625 10/01/2020 10/01/2005 2 123,892
- ----------------------------------------------------------------------------------------------------------------------------
2,325,000 NYS GO 5.875 08/01/2024 7 08/01/2006 2 2,463,338
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS GO 6.600 12/01/2014 06/01/2005 2 40,724
- ----------------------------------------------------------------------------------------------------------------------------
1,625,000 NYS HFA (Economic Devel. & Hsg.) 5.250 03/15/2016 03/15/2013 2 1,789,076
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (General Hsg.) 6.600 11/01/2005 05/01/2005 2 10,118
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (General Hsg.) 6.600 11/01/2006 05/01/2005 2 30,353
- ----------------------------------------------------------------------------------------------------------------------------
330,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005 7 05/01/2005 2 337,349
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2012 05/01/2005 5 5,689
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2010 05/01/2005 5 17,102
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2005 05/01/2005 5 30,917
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2010 05/01/2005 5 5,736
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2014 05/01/2005 2 41,409
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2005 05/01/2005 5 5,196
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2009 05/01/2005 5 5,906
- ----------------------------------------------------------------------------------------------------------------------------
575,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017 05/01/2005 5 709,803
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 7 05/01/2005 2 70,187
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Monroe County Health Facilities) 7.625 05/01/2005 7 05/01/2005 2 25,435
- ----------------------------------------------------------------------------------------------------------------------------
120,000 NYS HFA (Multifamily Hsg.) 0.000 8 11/01/2008 11/01/2005 2 98,830
- ----------------------------------------------------------------------------------------------------------------------------
175,000 NYS HFA (Multifamily Hsg.) 0.000 8 11/01/2009 11/01/2005 2 136,217
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Multifamily Hsg.) 0.000 8 11/01/2010 11/01/2005 2 25,679
- ----------------------------------------------------------------------------------------------------------------------------
165,000 NYS HFA (Multifamily Hsg.) 0.000 8 11/01/2011 11/01/2005 2 114,373
- ----------------------------------------------------------------------------------------------------------------------------
95,000 NYS HFA (Multifamily Hsg.) 0.000 8 11/01/2012 11/01/2005 2 61,976
- ----------------------------------------------------------------------------------------------------------------------------
610,000 NYS HFA (Multifamily Hsg.) 0.000 8 11/01/2013 11/01/2005 2 375,821
- ----------------------------------------------------------------------------------------------------------------------------
5,825,000 NYS HFA (Multifamily Hsg.) 0.000 8 11/01/2014 11/01/2005 2 3,372,908
- ----------------------------------------------------------------------------------------------------------------------------
11,425,000 NYS HFA (Multifamily Hsg.) 0.000 8 11/01/2015 11/01/2005 2 6,244,562
- ----------------------------------------------------------------------------------------------------------------------------
560,000 NYS HFA (Multifamily Hsg.) 5.850 08/15/2013 7 02/15/2005 2 560,991
- ----------------------------------------------------------------------------------------------------------------------------
95,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 7 02/15/2005 2 95,204
- ----------------------------------------------------------------------------------------------------------------------------
130,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2027 7 02/15/2009 2 135,737
- ----------------------------------------------------------------------------------------------------------------------------
55,000 NYS HFA (Multifamily Hsg.) 6.050 08/15/2032 02/15/2007 2 57,155
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2016 7 08/15/2008 2 1,040,090
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2028 08/15/2006 2 51,873
- ----------------------------------------------------------------------------------------------------------------------------
400,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 11/15/2006 2 421,564
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 7 02/15/2005 2 30,048
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2014 7 02/15/2005 2 20,431
38 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 35,000 NYS HFA (Multifamily Hsg.) 6.250% 08/15/2014 02/15/2005 2 $ 35,755
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2014 08/15/2005 2 66,405
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2023 7 02/15/2005 2 150,177
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2025 02/15/2005 2 152,315
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2027 7 08/15/2008 2 140,156
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS HFA (Multifamily Hsg.) 6.300 08/15/2026 08/15/2005 2 66,784
- ----------------------------------------------------------------------------------------------------------------------------
855,000 NYS HFA (Multifamily Hsg.) 6.350 08/15/2023 7 02/15/2005 2 874,383
- ----------------------------------------------------------------------------------------------------------------------------
735,000 NYS HFA (Multifamily Hsg.) 6.450 08/15/2014 7 02/15/2005 2 736,227
- ----------------------------------------------------------------------------------------------------------------------------
1,090,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 7 02/15/2005 2 1,091,472
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 02/15/2005 2 25,035
- ----------------------------------------------------------------------------------------------------------------------------
665,000 NYS HFA (Multifamily Hsg.) 6.625 08/15/2012 02/15/2005 2 666,563
- ----------------------------------------------------------------------------------------------------------------------------
1,620,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 7 02/15/2005 2 1,623,208
- ----------------------------------------------------------------------------------------------------------------------------
330,000 NYS HFA (Multifamily Hsg.) 6.850 11/01/2019 7 05/01/2005 2 337,197
- ----------------------------------------------------------------------------------------------------------------------------
295,000 NYS HFA (Multifamily Hsg.) 6.900 08/15/2007 7 02/15/2005 2 295,794
- ----------------------------------------------------------------------------------------------------------------------------
85,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 7 02/15/2005 2 87,083
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2012 02/15/2005 2 100,282
- ----------------------------------------------------------------------------------------------------------------------------
515,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2022 02/15/2005 2 517,482
- ----------------------------------------------------------------------------------------------------------------------------
350,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 7 02/15/2005 2 350,532
- ----------------------------------------------------------------------------------------------------------------------------
525,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 05/01/2005 2 535,133
- ----------------------------------------------------------------------------------------------------------------------------
2,270,000 NYS HFA (Multifamily Hsg.) 7.750 11/01/2020 7 05/01/2005 2 2,367,292
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2005 05/01/2005 2 10,113
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2006 05/01/2005 2 25,550
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2007 05/01/2005 2 20,225
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2008 05/01/2005 2 40,450
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2009 05/01/2005 2 10,112
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2011 05/01/2005 2 65,733
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2012 05/01/2005 2 50,574
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2013 05/01/2005 2 15,293
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2005 05/01/2005 2 5,059
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2006 05/01/2005 2 10,112
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2009 05/01/2005 2 20,300
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2010 05/01/2005 2 10,195
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2012 05/01/2005 2 35,420
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2013 05/01/2005 2 5,170
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 05/01/2005 2 10,340
- ----------------------------------------------------------------------------------------------------------------------------
9,000 NYS HFA (Nonprofit Hsg.) 6.875 11/01/2010 05/01/2005 2 9,306
- ----------------------------------------------------------------------------------------------------------------------------
545,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2005 05/01/2005 2 554,897
- ----------------------------------------------------------------------------------------------------------------------------
1,525,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2006 05/01/2005 2 1,552,694
- ----------------------------------------------------------------------------------------------------------------------------
640,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2007 05/01/2005 2 651,622
- ----------------------------------------------------------------------------------------------------------------------------
705,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2008 05/01/2005 2 728,103
- ----------------------------------------------------------------------------------------------------------------------------
1,435,000 NYS HFA (NYC Health Facilities) 6.000 05/01/2007 05/01/2007 1,522,377
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
$ 4,165,000 NYS HFA (NYC Health Facilities) 6.000% 05/01/2008 05/01/2006 2 $ 4,407,611
- ----------------------------------------------------------------------------------------------------------------------------
2,400,000 NYS HFA (Phillips Village) 7.750 08/15/2017 02/15/2005 2 2,457,336
- ----------------------------------------------------------------------------------------------------------------------------
160,000 NYS HFA (Service Contract) 5.500 09/15/2022 7 03/15/2010 2 172,437
- ----------------------------------------------------------------------------------------------------------------------------
560,000 NYS HFA (Service Contract) 6.000 03/15/2026 09/15/2006 2 599,698
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Service Contract) 6.375 09/15/2015 09/15/2005 2 26,261
- ----------------------------------------------------------------------------------------------------------------------------
2,085,000 NYS HFA (Simeon Dewitt) 8.000 11/01/2018 7 05/01/2005 2 2,101,826
- ----------------------------------------------------------------------------------------------------------------------------
60,000 NYS HFA, Series A 5.800 11/01/2009 05/01/2006 2 62,346
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYS HFA, Series A 5.875 11/01/2010 05/01/2006 2 140,050
- ----------------------------------------------------------------------------------------------------------------------------
5,660,000 NYS HFA, Series A 6.100 11/01/2015 7 05/01/2008 2 5,953,867
- ----------------------------------------------------------------------------------------------------------------------------
4,885,000 NYS HFA, Series A 6.125 11/01/2020 7 05/01/2006 2 5,141,853
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS LGAC 5.375 04/01/2016 04/01/2007 2 53,118
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS LGAC 5.375 04/01/2019 04/01/2007 2 32,141
- ----------------------------------------------------------------------------------------------------------------------------
11,415,000 NYS LGAC 5.400 04/01/2015 04/01/2007 2 12,249,893
- ----------------------------------------------------------------------------------------------------------------------------
380,000 NYS LGSC (SCSB) 9 6.375 12/15/2009 01/22/2008 1 388,702
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS Medcare (Adult Day Care) 6.375 11/15/2020 11/15/2005 2 10,521
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYS Medcare
(Brookdale Family Care Centers) 6.375 11/15/2019 11/15/2005 2 158,043
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Central Suffolk Hospital) 5.875 11/01/2005 05/01/2005 2 5,034
- ----------------------------------------------------------------------------------------------------------------------------
2,845,000 NYS Medcare (FHA Insured Mtg.) 6.050 02/15/2015 08/15/2005 2 2,959,710
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS Medcare (FHA Insured Mtg.) 6.150 02/15/2035 02/15/2005 2 51,197
- ----------------------------------------------------------------------------------------------------------------------------
250,000 NYS Medcare (FHA Insured Mtg.) 6.200 02/15/2035 08/15/2005 2 260,133
- ----------------------------------------------------------------------------------------------------------------------------
750,000 NYS Medcare (Healthcare) 6.350 11/01/2014 7 05/01/2005 2 788,663
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Hospital & Nursing Home) 5.400 08/15/2033 7 08/15/2005 2 25,300
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS Medcare (Hospital & Nursing Home) 9 5.500 02/15/2022 02/15/2005 2 30,925
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS Medcare (Hospital & Nursing Home) 5.800 02/15/2007 02/15/2005 2 20,453
- ----------------------------------------------------------------------------------------------------------------------------
130,000 NYS Medcare (Hospital & Nursing Home) 6.100 02/15/2033 7 02/15/2005 2 130,546
- ----------------------------------------------------------------------------------------------------------------------------
720,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2014 7 02/15/2006 2 733,918
- ----------------------------------------------------------------------------------------------------------------------------
1,915,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2013 02/15/2005 2 1,923,483
- ----------------------------------------------------------------------------------------------------------------------------
1,855,000 NYS Medcare (Hospital & Nursing Home) 6.200 02/15/2021 02/15/2005 2 1,897,350
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 02/15/2005 2 138,146
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 02/15/2005 2 25,081
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS Medcare (Hospital & Nursing Home) 6.250 02/15/2015 08/15/2005 2 72,953
- ----------------------------------------------------------------------------------------------------------------------------
225,000 NYS Medcare (Hospital & Nursing Home) 6.250 02/15/2027 02/15/2005 2 230,166
- ----------------------------------------------------------------------------------------------------------------------------
325,000 NYS Medcare (Hospital & Nursing Home) 7.000 08/15/2032 02/15/2005 2 335,465
- ----------------------------------------------------------------------------------------------------------------------------
740,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 7 05/01/2005 2 761,830
- ----------------------------------------------------------------------------------------------------------------------------
1,085,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 7 05/01/2005 2 1,139,087
- ----------------------------------------------------------------------------------------------------------------------------
335,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 7 05/01/2005 2 353,191
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYS Medcare (Insured Mtg. Nursing) 6.150 02/15/2025 02/15/2005 2 138,232
- ----------------------------------------------------------------------------------------------------------------------------
510,000 NYS Medcare (Long Term Health Care) 6.400 11/01/2014 7 05/01/2005 2 518,971
- ----------------------------------------------------------------------------------------------------------------------------
1,915,000 NYS Medcare (Long Term Health Care) 6.450 11/01/2014 7 05/01/2005 2 1,971,301
- ----------------------------------------------------------------------------------------------------------------------------
90,000 NYS Medcare (Long Term Health Care) 6.700 11/01/2007 05/01/2005 2 90,325
40 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,150,000 NYS Medcare (Long Term Health Care) 6.800% 11/01/2014 7 05/01/2005 2 $ 1,154,244
- ----------------------------------------------------------------------------------------------------------------------------
130,000 NYS Medcare (Long Term Health Care) 7.100 11/01/2012 7 05/01/2005 2 130,508
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS Medcare (Long Term Health Care) 7.300 11/01/2005 7 05/01/2005 2 65,272
- ----------------------------------------------------------------------------------------------------------------------------
115,000 NYS Medcare (Long Term Health Care) 7.375 11/01/2011 7 05/01/2005 2 118,956
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYS Medcare (Long Term Health Care) 7.625 11/01/2010 05/01/2005 2 45,194
- ----------------------------------------------------------------------------------------------------------------------------
85,000 NYS Medcare (Montefiore Medical Center) 5.700 02/15/2012 02/15/2007 2 87,046
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2015 02/15/2005 2 71,691
- ----------------------------------------------------------------------------------------------------------------------------
6,170,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 7 12/15/2005 2 6,316,044
- ----------------------------------------------------------------------------------------------------------------------------
200,000 NYS Medcare (Montefiore Medical Center) 6.000 02/15/2035 02/15/2005 2 204,816
- ----------------------------------------------------------------------------------------------------------------------------
195,000 NYS Medcare (Secured Hospital) 6.250 02/15/2024 7 02/15/2005 2 197,974
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (St. James Mercy Hospital) 6.250 02/15/2025 08/15/2005 2 26,076
- ----------------------------------------------------------------------------------------------------------------------------
12,320,000 NYS Medcare (St. Luke's Hospital) 5.600 08/15/2013 7 08/15/2005 2 12,724,096
- ----------------------------------------------------------------------------------------------------------------------------
470,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/2018 7 08/15/2005 2 480,152
- ----------------------------------------------------------------------------------------------------------------------------
815,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/2018 02/15/2005 2 844,585
- ----------------------------------------------------------------------------------------------------------------------------
180,000 NYS Medcare (St. Luke's Hospital) 5.700 02/15/2029 7 02/15/2005 2 182,250
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS Medcare (St. Luke's Hospital) 5.700 02/15/2029 02/15/2005 2 65,808
- ----------------------------------------------------------------------------------------------------------------------------
110,000 NYS Medcare (St. Luke's Hospital) 5.700 02/15/2029 02/15/2005 2 111,367
- ----------------------------------------------------------------------------------------------------------------------------
250,000 NYS Medcare (St. Peter's Hospital) 5.375 11/01/2020 05/01/2005 2 252,980
- ----------------------------------------------------------------------------------------------------------------------------
1,870,000 NYS Muni Bond Bank Agency
(Special Program-City of Buffalo) 6.875 03/15/2006 7 03/15/2005 2 1,914,319
- ----------------------------------------------------------------------------------------------------------------------------
10,710,000 NYS Municipal Bond Bank Agency
(Special School Purpose) 5.250 12/01/2019 06/01/2013 2 11,586,828
- ----------------------------------------------------------------------------------------------------------------------------
2,930,000 NYS Municipal Bond Bank Agency
(Special School Purpose) 5.500 06/01/2015 06/01/2013 2 3,281,805
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS Power Authority, Series A 5.000 11/15/2018 12/15/2005 2 40,780
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS Power Authority, Series A 5.000 11/15/2019 12/15/2005 2 50,975
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS Power Authority, Series F 5.500 01/01/2010 07/01/2005 5 5,359
- ----------------------------------------------------------------------------------------------------------------------------
1,015,000 NYS Thruway Authority Service Contract
(Highway & Bridge) 6.000 04/01/2011 04/01/2007 2 1,110,583
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS Thruway Authority, Series A 5.000 04/01/2023 04/01/2014 2 1,060,340
- ----------------------------------------------------------------------------------------------------------------------------
3,500,000 NYS Thruway Authority, Series A 5.000 03/15/2024 09/15/2014 2 3,699,640
- ----------------------------------------------------------------------------------------------------------------------------
645,000 NYS Thruway Authority, Series B 5.000 01/01/2020 7 07/01/2005 2 652,359
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS Thruway Authority, Series B 5.125 04/01/2015 7 04/01/2005 2 10,267
- ----------------------------------------------------------------------------------------------------------------------------
14,915,000 NYS Thruway Authority, Series B 5.250 04/01/2024 04/01/2009 2 16,077,177
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS Thruway Authority, Series C 5.250 04/01/2015 04/01/2008 2 21,704
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYS Thruway Authority, Series D 5.500 01/01/2017 01/01/2007 2 534,375
- ----------------------------------------------------------------------------------------------------------------------------
675,000 NYS Thruway Authority, Series E 5.250 01/01/2015 01/01/2008 2 727,569
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS UDC (Cornell Center) 6.000 01/01/2014 07/01/2005 2 20,588
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS UDC (Correctional Facilities) 0.000 8 01/01/2007 01/01/2007 28,453
- ----------------------------------------------------------------------------------------------------------------------------
75,000 NYS UDC (Correctional Facilities) 5.000 01/01/2020 7 01/01/2008 2 79,669
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS UDC (Correctional Facilities) 5.875 01/01/2019 01/01/2009 5 5,700,250
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
$ 5,000 NYS UDC
(Higher Education Technology Grants) 5.750% 04/01/2015 04/01/2005 2 $ 5,144
- ----------------------------------------------------------------------------------------------------------------------------
10,000,000 NYS UDC (Personal Income Tax) 5.250 03/15/2034 03/15/2014 2 10,614,500
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS UDC (Personal Income Tax) 5.500 03/15/2021 03/15/2013 2 5,777,450
- ----------------------------------------------------------------------------------------------------------------------------
1,145,000 NYS UDC (Senior Lien) 5.375 07/01/2022 07/01/2006 2 1,216,986
- ----------------------------------------------------------------------------------------------------------------------------
14,900,000 NYS UDC (Senior Lien) 5.500 07/01/2016 7 07/01/2006 2 15,877,887
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS UDC (South Mall) CAB 0.000 8 01/01/2005 01/01/2005 65,000
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS UDC (South Mall) CAB 0.000 8 01/01/2005 01/01/2005 20,000
- ----------------------------------------------------------------------------------------------------------------------------
106,185,000 NYS UDC (South Mall) CAB 0.000 8 01/01/2011 01/01/2011 76,967,135
- ----------------------------------------------------------------------------------------------------------------------------
1,020,000 NYS UDC (South Mall) CAB 0.000 8 01/01/2011 04/08/2008 1 741,713
- ----------------------------------------------------------------------------------------------------------------------------
895,000 NYS UDC (South Mall) CAB 0.000 8 01/01/2011 04/08/2008 1 648,732
- ----------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS UDC (Subordinated Lien) 5.125 07/01/2020 07/01/2014 2 4,282,520
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS UDC (Subordinated Lien) 5.125 07/01/2021 07/01/2014 2 1,065,800
- ----------------------------------------------------------------------------------------------------------------------------
4,525,000 NYS UDC (Subordinated Lien) 5.500 07/01/2016 07/01/2008 2 4,784,871
- ----------------------------------------------------------------------------------------------------------------------------
6,100,000 NYS UDC (Subordinated Lien) 5.500 07/01/2022 7 07/01/2008 2 6,454,044
- ----------------------------------------------------------------------------------------------------------------------------
5,395,000 NYS UDC (Subordinated Lien) 5.500 07/01/2026 07/01/2006 2 5,706,076
- ----------------------------------------------------------------------------------------------------------------------------
6,630,000 NYS UDC (Subordinated Lien) 5.600 07/01/2026 7 07/01/2008 2 7,023,491
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS UDC (Syracuse University
Science & Technology Center) 5.500 01/01/2014 07/01/2005 2 25,064
- ----------------------------------------------------------------------------------------------------------------------------
680,000 NYS UDC (Syracuse University) 5.500 01/01/2014 07/01/2005 2 681,911
- ----------------------------------------------------------------------------------------------------------------------------
215,000 NYS UDC, Series A 5.500 04/01/2016 7 04/01/2006 2 227,679
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS UDC, Series A 5.500 04/01/2019 04/01/2006 2 74,092
- ----------------------------------------------------------------------------------------------------------------------------
975,000 Oneida County IDA (Bonide Products) 5.750 11/01/2007 08/17/2006 1 970,856
- ----------------------------------------------------------------------------------------------------------------------------
2,285,000 Oneida County IDA (Faxton Hospital) 6.625 01/01/2015 7 01/01/2010 2 2,593,704
- ----------------------------------------------------------------------------------------------------------------------------
600,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 06/01/2010 2 656,586
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Oneida County IDA (Presbyterian Home) 6.250 06/01/2015 06/01/2010 2 1,109,770
- ----------------------------------------------------------------------------------------------------------------------------
3,895,000 Oneida Healthcare Corp. 5.500 02/01/2016 7 02/01/2011 2 4,221,713
- ----------------------------------------------------------------------------------------------------------------------------
155,000 Oneida-Herkimer SWMA 6.750 04/01/2014 7 04/01/2005 2 156,093
- ----------------------------------------------------------------------------------------------------------------------------
190,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 7 06/01/2005 2 193,268
- ----------------------------------------------------------------------------------------------------------------------------
365,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 04/01/2005 2 383,068
- ----------------------------------------------------------------------------------------------------------------------------
2,605,000 Onondaga County IDA (Le Moyne College) 5.000 12/01/2012 07/22/2010 4 2,766,015
- ----------------------------------------------------------------------------------------------------------------------------
920,000 Onondaga County IDA (Le Moyne College) 5.500 03/01/2014 03/01/2009 2 973,213
- ----------------------------------------------------------------------------------------------------------------------------
8,700,000 Onondaga County Res Rec 5.000 05/01/2006 11/02/2005 1 8,662,851
- ----------------------------------------------------------------------------------------------------------------------------
26,615,000 Onondaga County Res Rec 5.000 05/01/2010 08/24/2008 1 25,431,963
- ----------------------------------------------------------------------------------------------------------------------------
125,000 Orange County IDA
(Adult Homes at Erie Station) 6.000 08/01/2011 10/25/2008 1 128,678
- ----------------------------------------------------------------------------------------------------------------------------
210,000 Orange County IDA (Glen Arden) 5.350 01/01/2007 01/01/2007 208,045
- ----------------------------------------------------------------------------------------------------------------------------
230,000 Orange County IDA (Glen Arden) 5.400 01/01/2008 01/01/2008 226,138
- ----------------------------------------------------------------------------------------------------------------------------
40,000 Orange County IDA (Mental Health) 6.000 05/01/2008 05/01/2006 2 42,321
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Orange County IDA (Mental Health) 6.125 05/01/2016 7 05/01/2008 2 62,514
42 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,065,000 Orange County IDA (St. Luke's
Cornwall Hospital Obligated Group) 6.000% 12/01/2016 7 12/01/2011 2 $ 5,741,329
- ----------------------------------------------------------------------------------------------------------------------------
1,920,000 Orange County IDA (St. Luke's
Cornwall Hospital Obligated Group) 6.000 12/01/2016 7 12/01/2011 2 2,176,378
- ----------------------------------------------------------------------------------------------------------------------------
200,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 08/01/2007 2 216,904
- ----------------------------------------------------------------------------------------------------------------------------
575,000 Otsego County IDA
(Mary Imogene Bassett Hospital) 5.350 11/01/2020 11/01/2008 2 604,871
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Philadelphia, NY GO 7.500 12/15/2009 12/15/2009 59,716
- ----------------------------------------------------------------------------------------------------------------------------
21,985,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 06/01/2008 21,949,604
- ----------------------------------------------------------------------------------------------------------------------------
59,450,000 Port Authority NY/NJ
(JFK International Air Terminal) 5.750 12/01/2022 7 12/01/2007 2 64,503,845
- ----------------------------------------------------------------------------------------------------------------------------
9,180,000 Port Authority NY/NJ
(JFK International Air Terminal) 5.750 12/01/2025 12/01/2007 2 9,780,464
- ----------------------------------------------------------------------------------------------------------------------------
28,990,000 Port Authority NY/NJ
(JFK International Air Terminal) 5.900 12/01/2017 7 12/01/2007 2 31,727,816
- ----------------------------------------------------------------------------------------------------------------------------
5,955,000 Port Authority NY/NJ
(JFK International Air Terminal) 6.250 12/01/2010 12/01/2010 6,774,051
- ----------------------------------------------------------------------------------------------------------------------------
14,275,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 10/01/2006 2 14,917,090
- ----------------------------------------------------------------------------------------------------------------------------
21,400,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 7 10/01/2008 2 22,297,730
- ----------------------------------------------------------------------------------------------------------------------------
9,300,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 10/14/2006 1 9,714,315
- ----------------------------------------------------------------------------------------------------------------------------
9,175,000 Port Authority NY/NJ RITES 9 9.867 14 06/01/2012 06/01/2012 12,194,860
- ----------------------------------------------------------------------------------------------------------------------------
900,000 Port Authority NY/NJ, 95th Series 5.500 09/01/2012 03/01/2006 2 937,413
- ----------------------------------------------------------------------------------------------------------------------------
340,000 Port Authority NY/NJ, 97th Series 6.500 07/15/2019 01/15/2005 343,934
- ----------------------------------------------------------------------------------------------------------------------------
9,425,000 Port Authority NY/NJ, 98th Series 6.000 08/01/2011 02/01/2005 2 9,545,734
- ----------------------------------------------------------------------------------------------------------------------------
10,710,000 Port Authority NY/NJ, 98th Series 6.125 08/01/2013 02/01/2005 2 10,848,587
- ----------------------------------------------------------------------------------------------------------------------------
12,590,000 Port Authority NY/NJ, 98th Series 6.200 02/01/2015 02/01/2005 2 12,754,677
- ----------------------------------------------------------------------------------------------------------------------------
200,000 Port Authority NY/NJ, 99th Series 5.750 11/01/2014 05/01/2005 2 204,124
- ----------------------------------------------------------------------------------------------------------------------------
7,665,000 Port Authority NY/NJ, 99th Series 5.900 11/01/2011 05/01/2005 2 7,826,118
- ----------------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 100th Series 5.625 12/15/2010 06/15/2005 2 20,515
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 100th Series 5.750 12/15/2015 06/15/2005 2 25,648
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 100th Series 5.750 12/15/2020 06/15/2005 2 25,622
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Port Authority NY/NJ, 100th Series 5.750 12/15/2020 06/15/2005 2 51,230
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Port Authority NY/NJ, 100th Series 5.750 06/15/2030 06/15/2005 2 61,444
- ----------------------------------------------------------------------------------------------------------------------------
10,465,000 Port Authority NY/NJ, 100th Series 5.750 06/15/2030 06/15/2005 2 10,717,939
- ----------------------------------------------------------------------------------------------------------------------------
90,000 Port Authority NY/NJ, 100th Series 5.750 06/15/2030 06/15/2005 2 92,175
- ----------------------------------------------------------------------------------------------------------------------------
135,000 Port Authority NY/NJ, 100th Series 5.750 06/15/2030 06/15/2005 2 138,263
- ----------------------------------------------------------------------------------------------------------------------------
200,000 Port Authority NY/NJ, 101st Series 5.750 09/15/2015 09/15/2005 2 205,896
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 104th Series 5.200 07/15/2017 01/15/2006 2 1,038,190
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Port Authority NY/NJ, 105th Series 6.250 09/01/2006 03/01/2006 2 2,108,900
- ----------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 106th Series 6.000 07/01/2015 07/01/2006 2 31,686
- ----------------------------------------------------------------------------------------------------------------------------
3,455,000 Port Authority NY/NJ, 107th Series 5.250 10/15/2012 10/15/2006 2 3,626,023
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Port Authority NY/NJ, 107th Series 5.375 10/15/2013 10/15/2006 2 52,593
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
$ 10,000 Port Authority NY/NJ, 107th Series 5.375% 10/15/2016 10/15/2006 2 $ 10,316
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 107th Series 5.375 10/15/2016 10/15/2006 2 26,122
- ----------------------------------------------------------------------------------------------------------------------------
175,000 Port Authority NY/NJ, 108th Series 5.500 07/15/2013 01/15/2007 2 185,887
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Port Authority NY/NJ, 109th Series 5.375 07/15/2027 01/15/2007 2 63,154
- ----------------------------------------------------------------------------------------------------------------------------
135,000 Port Authority NY/NJ, 109th Series 5.375 01/15/2032 01/15/2007 2 141,823
- ----------------------------------------------------------------------------------------------------------------------------
45,000 Port Authority NY/NJ, 110th Series 5.375 07/01/2017 07/01/2007 2 47,488
- ----------------------------------------------------------------------------------------------------------------------------
225,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2022 7 10/01/2007 2 237,346
- ----------------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 112th Series 5.000 12/01/2017 06/01/2005 2 20,341
- ----------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 112th Series 5.000 06/01/2018 7 06/02/2007 2 30,511
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Port Authority NY/NJ, 112th Series 5.250 12/01/2012 06/01/2005 2 102,118
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Port Authority NY/NJ, 112th Series 5.250 12/01/2013 06/01/2005 2 51,059
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Port Authority NY/NJ, 112th Series 5.250 12/01/2013 06/01/2005 2 2,041,100
- ----------------------------------------------------------------------------------------------------------------------------
135,000 Port Authority NY/NJ, 114th Series 5.500 08/01/2013 08/01/2005 2 138,718
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 116th Series 5.250 10/01/2015 11/01/2005 2 25,840
- ----------------------------------------------------------------------------------------------------------------------------
10,000,000 Port Authority NY/NJ, 119th Series 5.250 09/15/2012 09/15/2006 2 10,504,000
- ----------------------------------------------------------------------------------------------------------------------------
7,250,000 Port Authority NY/NJ, 119th Series 5.500 09/15/2016 09/15/2006 2 7,596,043
- ----------------------------------------------------------------------------------------------------------------------------
200,000 Port Authority NY/NJ, 119th Series 5.500 09/15/2017 09/15/2006 2 209,546
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Port Authority NY/NJ, 119th Series 5.500 09/15/2019 09/15/2006 2 261,933
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Port Authority NY/NJ, 122th Series 5.500 07/15/2011 07/15/2008 2 2,169,840
- ----------------------------------------------------------------------------------------------------------------------------
13,620,000 Port Authority NY/NJ, 122th Series 5.500 07/15/2014 07/15/2008 2 14,800,445
- ----------------------------------------------------------------------------------------------------------------------------
14,315,000 Port Authority NY/NJ, 122th Series 5.500 07/15/2015 07/15/2008 2 15,307,030
- ----------------------------------------------------------------------------------------------------------------------------
1,500,000 Port Authority NY/NJ, 131st Series 5.000 12/15/2020 06/15/2013 2 1,577,130
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Port Chester Community Devel. Corp.
(Section 8), Series A 5.500 08/01/2017 7 02/01/2005 2 523,610
- ----------------------------------------------------------------------------------------------------------------------------
400,000 Port Chester Community Devel. Corp.
(Section 8), Series A 5.600 02/01/2024 02/01/2005 2 418,916
- ----------------------------------------------------------------------------------------------------------------------------
30,000 Port Chester IDA (Nadel Industries) 6.750 02/01/2006 08/08/2005 1 30,654
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Port Chester IDA (Nadel Industries) 7.000 02/01/2016 02/01/2008 5 27,581
- ----------------------------------------------------------------------------------------------------------------------------
1,630,000 Poughkeepsie IDA
(Eastman & Bixby Redevelopment Corp.) 5.900 08/01/2020 08/01/2010 2 1,750,799
- ----------------------------------------------------------------------------------------------------------------------------
620,000 Putnam County IDA (Brewster Plastics) 7.375 12/01/2008 07/01/2007 1 622,009
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Rensselaer County IDA (Franciscan Heights) 5.375 12/01/2025 12/01/2014 2 1,055,810
- ----------------------------------------------------------------------------------------------------------------------------
3,780,000 Rensselaer County Tobacco Asset
Securitization Corp. 5.200 06/01/2025 03/10/2010 1 3,602,113
- ----------------------------------------------------------------------------------------------------------------------------
120,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011 07/01/2005 2 121,460
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Rensselaer Municipal Leasing Corp.
(Rensselaer County Nursing Home) 6.900 06/01/2024 06/01/2006 2 61,075
- ----------------------------------------------------------------------------------------------------------------------------
1,700,000 Riverhead HDC (Riverpointe Apartments) 5.850 08/01/2010 11/06/2008 4 1,713,804
- ----------------------------------------------------------------------------------------------------------------------------
275,000 Rochester Hsg. Authority
(Crossroads Apartments) 7.300 07/01/2005 07/01/2005 276,810
- ----------------------------------------------------------------------------------------------------------------------------
6,000,000 Rochester Hsg. Authority
(Crossroads Apartments) 7.700 01/01/2017 7 01/01/2006 2 6,230,580
44 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 400,000 Rochester Hsg. Authority
(Stonewood Village) 5.900% 09/01/2009 10/09/2007 1 $ 380,788
- ----------------------------------------------------------------------------------------------------------------------------
11,940,000 Rockland County Tobacco Asset
Securitization Corp. 5.500 08/15/2025 06/12/2012 1 11,497,623
- ----------------------------------------------------------------------------------------------------------------------------
245,000 Rockland Gardens Hsg. Corp. 10.500 05/01/2011 05/01/2005 2 247,149
- ----------------------------------------------------------------------------------------------------------------------------
80,000 Rome HDC, Series A 6.250 01/01/2024 07/01/2008 2 85,399
- ----------------------------------------------------------------------------------------------------------------------------
265,000 Rome Hsg. Corp. 7.000 01/01/2026 7 07/01/2005 2 265,382
- ----------------------------------------------------------------------------------------------------------------------------
225,000 Roxbury CSD GO 6.400 06/15/2010 06/15/2005 2 232,344
- ----------------------------------------------------------------------------------------------------------------------------
235,000 Roxbury CSD GO 6.400 06/15/2011 06/15/2005 2 242,424
- ----------------------------------------------------------------------------------------------------------------------------
32,000,000 Sales Tax Asset Receivables Corp., Series A 5.250 10/15/2027 10/15/2014 2 34,445,760
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Saratoga County IDA (Saratoga Hospital) 5.000 12/01/2014 12/01/2014 529,570
- ----------------------------------------------------------------------------------------------------------------------------
1,725,000 Saratoga County IDA
(Saratoga Hospital/Saratoga Care/
Benedict Community Health Center) 5.750 12/01/2023 12/01/2005 2 1,783,443
- ----------------------------------------------------------------------------------------------------------------------------
6,540,000 Saratoga County IDA
(Saratoga Hospital/Saratoga Care/
Benedict Community Health Center) 5.750 12/01/2033 12/01/2005 2 6,759,155
- ----------------------------------------------------------------------------------------------------------------------------
530,000 Saratoga County IDA (Saratoga Sheraton) 6.750 12/31/2007 08/24/2006 1 522,887
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Schenectady Tax Anticipation Notes 5.900 12/30/2005 05/27/2005 2,000,680
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Scotia GO 6.100 01/15/2012 07/15/2005 2 25,481
- ----------------------------------------------------------------------------------------------------------------------------
1,680,000 SONYMA, Series 24 5.875 10/01/2015 07/01/2010 2 1,795,248
- ----------------------------------------------------------------------------------------------------------------------------
3,600,000 SONYMA, Series 27 5.800 10/01/2020 7 04/01/2010 2 3,808,080
- ----------------------------------------------------------------------------------------------------------------------------
130,000 SONYMA, Series 27 5.875 04/01/2030 7 04/01/2010 2 138,401
- ----------------------------------------------------------------------------------------------------------------------------
8,125,000 SONYMA, Series 29 5.400 10/01/2022 7 10/01/2010 2 8,469,094
- ----------------------------------------------------------------------------------------------------------------------------
45,000 SONYMA, Series 30 5.800 10/01/2025 02/01/2006 2 45,487
- ----------------------------------------------------------------------------------------------------------------------------
115,000 SONYMA, Series 30-C2 5.800 10/01/2025 02/01/2006 2 116,244
- ----------------------------------------------------------------------------------------------------------------------------
400,000 SONYMA, Series 31 5.200 10/01/2021 04/01/2011 2 412,376
- ----------------------------------------------------------------------------------------------------------------------------
285,000 SONYMA, Series 49 5.800 10/01/2013 06/29/2005 2 293,120
- ----------------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series 49 5.850 10/01/2017 06/29/2005 2 25,777
- ----------------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 53 5.750 10/01/2011 7 01/04/2008 2 51,974
- ----------------------------------------------------------------------------------------------------------------------------
70,000 SONYMA, Series 53 5.900 10/01/2017 01/04/2006 2 72,212
- ----------------------------------------------------------------------------------------------------------------------------
80,000 SONYMA, Series 55 5.950 10/01/2017 7 04/01/2006 2 82,988
- ----------------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series 64 5.800 10/01/2017 04/01/2007 2 26,347
- ----------------------------------------------------------------------------------------------------------------------------
250,000 SONYMA, Series 64 5.900 10/01/2027 7 04/01/2009 2 260,513
- ----------------------------------------------------------------------------------------------------------------------------
150,000 SONYMA, Series 66 5.600 10/01/2017 07/01/2007 2 158,277
- ----------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 67 5.600 10/01/2014 7 09/01/2009 2 104,924
- ----------------------------------------------------------------------------------------------------------------------------
1,065,000 SONYMA, Series 67 5.700 10/01/2017 7 09/01/2007 2 1,108,346
- ----------------------------------------------------------------------------------------------------------------------------
200,000 SONYMA, Series 67 5.800 10/01/2028 7 09/01/2008 2 209,774
- ----------------------------------------------------------------------------------------------------------------------------
40,000 SONYMA, Series 67 5.800 10/01/2028 09/01/2007 2 41,617
- ----------------------------------------------------------------------------------------------------------------------------
845,000 SONYMA, Series 70 5.375 10/01/2017 7 03/01/2010 2 885,095
- ----------------------------------------------------------------------------------------------------------------------------
190,000 SONYMA, Series 73-B 5.450 10/01/2024 7 09/30/2011 2 191,283
- ----------------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 77 5.900 04/01/2013 11/23/2009 2 20,606
45 | 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
$ 165,000 SONYMA, Series 80 5.100% 10/01/2017 7 03/01/2009 2 $ 172,943
- ----------------------------------------------------------------------------------------------------------------------------
5,350,000 SONYMA, Series 82 5.550 10/01/2019 7 10/01/2009 2 5,612,846
- ----------------------------------------------------------------------------------------------------------------------------
25,000,000 SONYMA, Series 83 5.450 04/01/2018 7 10/01/2009 2 26,497,000
- ----------------------------------------------------------------------------------------------------------------------------
45,000 SONYMA, Series 83 5.550 10/01/2027 10/01/2009 2 46,639
- ----------------------------------------------------------------------------------------------------------------------------
120,000 SONYMA, Series 84 5.900 04/01/2022 7 09/01/2009 2 125,423
- ----------------------------------------------------------------------------------------------------------------------------
6,315,000 SONYMA, Series 84 5.950 04/01/2030 7 09/01/2009 2 6,585,219
- ----------------------------------------------------------------------------------------------------------------------------
165,000 SONYMA, Series 90 5.750 10/01/2021 09/27/2005 4 166,153
- ----------------------------------------------------------------------------------------------------------------------------
19,810,000 SONYMA, Series 94 5.900 10/01/2030 7 04/01/2010 2 20,708,978
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 SONYMA, Series 95 5.500 10/01/2017 7 04/01/2010 2 2,134,800
- ----------------------------------------------------------------------------------------------------------------------------
6,100,000 SONYMA, Series 97 5.400 10/01/2021 7 04/01/2011 2 6,394,081
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Springville HDC (Springbrook) 5.950 01/01/2010 10/31/2007 4 76,275
- ----------------------------------------------------------------------------------------------------------------------------
480,000 St. Lawrence County IDA (PACES) 5.875 06/30/2007 07/15/2006 1 473,947
- ----------------------------------------------------------------------------------------------------------------------------
450,000 Suffolk County IDA (ACLD) 5.750 03/01/2006 09/03/2005 1 450,261
- ----------------------------------------------------------------------------------------------------------------------------
895,000 Suffolk County IDA (ALIA-CCDRCA) 7.000 06/01/2016 06/01/2011 2 960,791
- ----------------------------------------------------------------------------------------------------------------------------
1,080,000 Suffolk County IDA (ALIA-FREE) 7.000 06/01/2016 06/01/2011 2 1,159,391
- ----------------------------------------------------------------------------------------------------------------------------
940,000 Suffolk County IDA (ALIA-IGHL) 6.500 12/01/2013 05/07/2010 1 979,997
- ----------------------------------------------------------------------------------------------------------------------------
510,000 Suffolk County IDA (ALIA-WORCA) 7.000 06/01/2016 06/01/2011 2 547,490
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Suffolk County IDA (Dowling College) 6.400 12/01/2005 12/01/2005 25,271
- ----------------------------------------------------------------------------------------------------------------------------
240,000 Suffolk County IDA (Dowling College) 6.500 12/01/2006 12/01/2006 244,862
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 06/01/2006 2 50,067
- ----------------------------------------------------------------------------------------------------------------------------
550,000 Suffolk County IDA (Family Residences),
Series A 6.375 12/01/2018 10/20/2012 1 575,922
- ----------------------------------------------------------------------------------------------------------------------------
3,605,000 Suffolk County IDA (Family Residences),
Series A 6.375 12/01/2018 06/12/2013 1 3,774,904
- ----------------------------------------------------------------------------------------------------------------------------
1,125,000 Suffolk County IDA
(Huntington First Aid Squad) 6.025 11/01/2008 12/15/2006 1 1,160,010
- ----------------------------------------------------------------------------------------------------------------------------
735,000 Suffolk County IDA
(L.I. Network Community Services) 7.000 02/01/2014 02/01/2010 1 748,318
- ----------------------------------------------------------------------------------------------------------------------------
290,000 Suffolk County IDA
(Mattituck-Laurel Library) 6.000 09/01/2019 7 09/01/2010 2 333,941
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Suffolk County IDA
(Nissequogue Cogeneration Partners) 4.875 01/01/2008 02/11/2007 1 51,105
- ----------------------------------------------------------------------------------------------------------------------------
165,000 Suffolk County IDA
(Peconic Landing Retirement Home) 7.000 10/01/2030 10/01/2005 3 166,124
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Suffolk County Water Authority 5.750 06/01/2010 06/01/2005 2 112,539
- ----------------------------------------------------------------------------------------------------------------------------
30,000 Sullivan County GO 5.100 03/15/2011 03/15/2005 2 30,184
- ----------------------------------------------------------------------------------------------------------------------------
125,000 Syracuse IDA (Crouse Irving Companies) 5.250 01/01/2017 01/01/2010 2 129,921
- ----------------------------------------------------------------------------------------------------------------------------
1,730,000 Syracuse IDA
(Crouse Irving Health Hospital) 5.125 01/01/2009 07/25/2007 1 1,437,007
- ----------------------------------------------------------------------------------------------------------------------------
765,000 Syracuse IDA
(One Center Armory Garage) 6.750 12/01/2017 06/01/2005 2 793,994
46 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 855,000 Syracuse SCHC
(East Hill Village Apartments) 6.125% 11/01/2010 04/18/2008 1 $ 840,559
- ----------------------------------------------------------------------------------------------------------------------------
3,000,000 Tobacco Settlement Financing Corp. (TASC) 5.250 06/01/2012 06/01/2006 2 3,117,270
- ----------------------------------------------------------------------------------------------------------------------------
11,905,000 Tobacco Settlement Financing Corp. (TASC) 5.250 06/01/2013 06/01/2008 2 12,758,350
- ----------------------------------------------------------------------------------------------------------------------------
4,420,000 Tobacco Settlement Financing Corp. (TASC) 5.250 06/01/2013 06/01/2008 2 4,801,976
- ----------------------------------------------------------------------------------------------------------------------------
2,220,000 Tobacco Settlement Financing Corp. (TASC) 5.250 06/01/2021 06/01/2013 2 2,396,002
- ----------------------------------------------------------------------------------------------------------------------------
21,235,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2010 06/01/2005 2 21,521,248
- ----------------------------------------------------------------------------------------------------------------------------
19,550,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2014 06/01/2009 2 21,282,717
- ----------------------------------------------------------------------------------------------------------------------------
8,250,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2015 06/01/2010 2 9,113,115
- ----------------------------------------------------------------------------------------------------------------------------
11,900,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2016 06/01/2008 2 12,963,622
- ----------------------------------------------------------------------------------------------------------------------------
5,020,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2017 06/01/2011 2 5,512,211
- ----------------------------------------------------------------------------------------------------------------------------
21,000,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2018 06/01/2012 2 23,194,920
- ----------------------------------------------------------------------------------------------------------------------------
20,500,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2019 06/01/2013 2 22,732,450
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2020 06/01/2013 2 1,099,890
- ----------------------------------------------------------------------------------------------------------------------------
18,395,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 06/01/2013 2 20,163,863
- ----------------------------------------------------------------------------------------------------------------------------
14,965,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2022 06/01/2013 2 16,304,068
- ----------------------------------------------------------------------------------------------------------------------------
900,000 Tompkins County IDA (Kendall at Ithaca) 5.750 07/01/2018 07/01/2008 2 935,469
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Tompkins County IDA (Kendall at Ithaca) 6.000 07/01/2024 07/01/2008 2 2,086,300
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Tompkins Health Care Corp.
(Reconstruction Home) 5.875 02/01/2033 02/01/2005 2 25,317
- ----------------------------------------------------------------------------------------------------------------------------
280,000 Tompkins Health Care Corp.
(Reconstruction Home) 10.800 02/01/2028 7 08/01/2005 2 316,904
- ----------------------------------------------------------------------------------------------------------------------------
2,410,000 Tonawanda HDC (Tonawanda Towers) 6.150 10/01/2011 10/01/2007 2 2,564,577
- ----------------------------------------------------------------------------------------------------------------------------
350,000 Triborough Bridge & Tunnel Authority,
Series A 5.000 01/01/2024 07/01/2005 5 357,098
- ----------------------------------------------------------------------------------------------------------------------------
580,000 TSASC, Inc. (TFABs) 3.750 07/15/2008 07/15/2008 567,762
- ----------------------------------------------------------------------------------------------------------------------------
80,000 TSASC, Inc. (TFABs) 4.000 07/15/2009 07/15/2009 77,766
- ----------------------------------------------------------------------------------------------------------------------------
45,000 TSASC, Inc. (TFABs) 4.250 07/15/2010 07/15/2010 43,511
- ----------------------------------------------------------------------------------------------------------------------------
60,000 TSASC, Inc. (TFABs) 4.500 07/15/2012 07/15/2012 58,207
- ----------------------------------------------------------------------------------------------------------------------------
75,000 TSASC, Inc. (TFABs) 5.000 07/15/2014 07/15/2014 73,331
- ----------------------------------------------------------------------------------------------------------------------------
2,325,000 TSASC, Inc. (TFABs) 5.250 07/15/2011 07/15/2005 6 2,395,424
- ----------------------------------------------------------------------------------------------------------------------------
430,000 TSASC, Inc. (TFABs) 5.250 07/15/2011 07/15/2011 430,460
- ----------------------------------------------------------------------------------------------------------------------------
2,150,000 TSASC, Inc. (TFABs) 5.375 07/15/2011 07/15/2006 6 2,214,866
- ----------------------------------------------------------------------------------------------------------------------------
2,440,000 TSASC, Inc. (TFABs) 5.375 07/15/2012 07/15/2006 6 2,524,400
- ----------------------------------------------------------------------------------------------------------------------------
225,000 TSASC, Inc. (TFABs) 5.400 07/15/2012 07/15/2007 6 232,774
- ----------------------------------------------------------------------------------------------------------------------------
2,825,000 TSASC, Inc. (TFABs) 5.500 07/15/2013 07/15/2007 6 2,933,876
- ----------------------------------------------------------------------------------------------------------------------------
320,000 TSASC, Inc. (TFABs) 5.500 07/15/2013 07/15/2008 6 332,333
- ----------------------------------------------------------------------------------------------------------------------------
690,000 TSASC, Inc. (TFABs) 5.500 07/15/2013 07/15/2012 2 697,190
- ----------------------------------------------------------------------------------------------------------------------------
43,390,000 TSASC, Inc. (TFABs) 5.500 07/15/2024 07/19/2014 1 42,735,679
- ----------------------------------------------------------------------------------------------------------------------------
315,000 TSASC, Inc. (TFABs) 5.600 07/15/2014 07/15/2008 6 328,318
- ----------------------------------------------------------------------------------------------------------------------------
5,315,000 TSASC, Inc. (TFABs) 5.700 07/15/2014 07/15/2009 4 5,472,218
47 | 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
$ 150,000 TSASC, Inc. (TFABs) 5.750% 07/15/2015 07/15/2009 4 $ 154,796
- ----------------------------------------------------------------------------------------------------------------------------
250,000 TSASC, Inc. (TFABs) 5.875 07/15/2015 07/15/2010 2 255,853
- ----------------------------------------------------------------------------------------------------------------------------
6,575,000 TSASC, Inc. (TFABs) 5.875 07/15/2016 07/15/2010 2 6,697,427
- ----------------------------------------------------------------------------------------------------------------------------
3,500,000 TSASC, Inc. (TFABs) 5.900 07/15/2017 07/15/2010 2 3,569,300
- ----------------------------------------------------------------------------------------------------------------------------
275,000 TSASC, Inc. (TFABs) 5.900 07/15/2017 07/15/2010 2 280,445
- ----------------------------------------------------------------------------------------------------------------------------
1,100,000 TSASC, Inc. (TFABs) 6.000 07/15/2018 07/15/2010 2 1,119,107
- ----------------------------------------------------------------------------------------------------------------------------
2,470,000 TSASC, Inc. (TFABs) 6.000 07/15/2018 07/15/2010 2 2,512,904
- ----------------------------------------------------------------------------------------------------------------------------
4,900,000 TSASC, Inc. (TFABs) 6.000 07/15/2019 07/15/2010 2 4,985,113
- ----------------------------------------------------------------------------------------------------------------------------
4,495,000 TSASC, Inc. (TFABs) 6.000 07/15/2019 07/15/2010 2 4,573,078
- ----------------------------------------------------------------------------------------------------------------------------
5,185,000 TSASC, Inc. (TFABs) 6.000 07/15/2020 07/15/2010 2 5,275,063
- ----------------------------------------------------------------------------------------------------------------------------
2,255,000 TSASC, Inc. (TFABs) 6.000 07/15/2020 07/15/2010 2 2,294,169
- ----------------------------------------------------------------------------------------------------------------------------
2,300,000 TSASC, Inc. (TFABs) 6.000 07/15/2021 07/15/2012 2 2,334,500
- ----------------------------------------------------------------------------------------------------------------------------
46,905,000 TSASC, Inc. (TFABs) 6.250 07/15/2027 07/15/2010 2 47,603,415
- ----------------------------------------------------------------------------------------------------------------------------
17,220,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 7 07/15/2010 2 17,435,939
- ----------------------------------------------------------------------------------------------------------------------------
64,865,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 7 07/15/2010 2 66,055,921
- ----------------------------------------------------------------------------------------------------------------------------
355,000 Ulster County IDA (Benedictine Hospital) 6.050 06/01/2005 06/01/2005 354,897
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Ulster County IDA (Benedictine Hospital) 6.250 06/01/2008 06/16/2007 1 99,872
- ----------------------------------------------------------------------------------------------------------------------------
10,650,000 Ulster County Tobacco Asset
Securitization Corp. 6.750 06/01/2030 7 06/01/2012 2 10,866,621
- ----------------------------------------------------------------------------------------------------------------------------
500,000 United Nations Devel. Corp., Series A 5.250 07/01/2014 01/01/2008 2 530,495
- ----------------------------------------------------------------------------------------------------------------------------
2,930,000 United Nations Devel. Corp., Series A 5.250 07/01/2018 01/01/2008 2 3,088,923
- ----------------------------------------------------------------------------------------------------------------------------
4,000,000 United Nations Devel. Corp., Series A 5.250 07/01/2019 01/01/2008 2 4,216,960
- ----------------------------------------------------------------------------------------------------------------------------
2,400,000 United Nations Devel. Corp., Series A 5.250 07/01/2020 01/01/2008 2 2,533,680
- ----------------------------------------------------------------------------------------------------------------------------
2,450,000 United Nations Devel. Corp., Series A 5.250 07/01/2021 01/01/2008 2 2,586,465
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 United Nations Devel. Corp., Series A 5.250 07/01/2022 01/01/2008 2 2,119,640
- ----------------------------------------------------------------------------------------------------------------------------
2,040,000 United Nations Devel. Corp., Series A 5.250 07/01/2023 01/01/2008 2 2,153,628
- ----------------------------------------------------------------------------------------------------------------------------
3,020,000 United Nations Devel. Corp., Series A 5.250 07/01/2024 01/01/2008 2 3,188,214
- ----------------------------------------------------------------------------------------------------------------------------
15,000 Upper Mohawk Valley Regional
Water Finance Authority 5.125 10/01/2016 10/01/2007 2 16,119
- ----------------------------------------------------------------------------------------------------------------------------
295,000 Utica GO 6.200 01/15/2014 01/15/2010 2 329,509
- ----------------------------------------------------------------------------------------------------------------------------
320,000 Utica GO 6.250 01/15/2015 01/15/2010 2 355,706
- ----------------------------------------------------------------------------------------------------------------------------
145,000 Utica IDA (Utica College Civic Facility) 5.300 08/01/2008 02/23/2007 1 147,403
- ----------------------------------------------------------------------------------------------------------------------------
1,940,000 Utica IDA (Utica College Civic Facility) 6.375 12/01/2011 02/25/2009 1 1,993,816
- ----------------------------------------------------------------------------------------------------------------------------
1,770,000 Utica IDA (Utica College Civic Facility) 6.875 12/01/2034 06/01/2009 2 1,879,457
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Utica SCHC (Steinhorst Apartments) 6.500 04/15/2008 05/02/2006 4 61,929
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Utica Senior Citizens Hsg. (Multifamily) 5.550 12/01/2017 12/01/2005 2 264,463
- ----------------------------------------------------------------------------------------------------------------------------
180,000 Valley Health Development Corp. 6.750 05/20/2022 05/20/2010 2 209,873
- ----------------------------------------------------------------------------------------------------------------------------
230,000 Westchester County IDA
(Beth Abraham Hospital) 7.250 12/01/2009 02/02/2008 1 240,302
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Westchester County IDA
(Children's Village) 5.100 03/15/2009 03/15/2009 51,874
48 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,055,000 Westchester County IDA
(Guiding Eyes for the Blind) 4.500% 08/01/2012 04/21/2009 1 $ 2,095,689
- ----------------------------------------------------------------------------------------------------------------------------
85,000 Westchester County IDA (JDAM) 6.250 04/01/2005 04/01/2005 85,439
- ----------------------------------------------------------------------------------------------------------------------------
70,000 Westchester County IDA (JDAM) 6.500 04/01/2009 7 04/01/2006 2 72,545
- ----------------------------------------------------------------------------------------------------------------------------
1,130,000 Westchester County IDA (JDAM) 6.750 04/01/2016 7 04/01/2006 2 1,177,189
- ----------------------------------------------------------------------------------------------------------------------------
2,290,000 Westchester County IDA
(Rippowam-Cisqua School) 5.750 06/01/2029 06/01/2011 2 2,334,724
- ----------------------------------------------------------------------------------------------------------------------------
3,580,000 Westchester County IDA
(Schnurmacher Center) 6.000 11/01/2011 01/25/2009 1 3,705,622
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Westchester County IDA
(Westchester Airport Association) 5.850 08/01/2014 02/01/2005 2 51,020
- ----------------------------------------------------------------------------------------------------------------------------
380,000 Westchester County IDA
(Westchester Airport Association) 5.950 08/01/2024 7 02/01/2005 2 384,009
- ----------------------------------------------------------------------------------------------------------------------------
145,000 Westchester County IDA
(Westchester Resco Company) 5.500 07/01/2009 07/01/2008 2 152,537
- ----------------------------------------------------------------------------------------------------------------------------
18,000,000 Westchester County Tobacco Asset
Securitization Corp. 0.000 13 07/15/2039 7 07/15/2018 2 14,182,740
- ----------------------------------------------------------------------------------------------------------------------------
37,110,000 Westchester County Tobacco Asset
Securitization Corp. 6.750 07/15/2029 7 07/15/2011 2 37,872,982
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Western Nassau County Water Authority 5.500 05/01/2016 05/01/2006 2 10,614
- ----------------------------------------------------------------------------------------------------------------------------
705,000 Western Nassau County Water Authority 5.650 05/01/2026 05/01/2006 2 745,411
- ----------------------------------------------------------------------------------------------------------------------------
400,000 Yonkers IDA (Community Devel. Properties) 6.250 02/01/2016 02/01/2011 2 437,208
- ----------------------------------------------------------------------------------------------------------------------------
3,140,000 Yonkers IDA (Community Devel. Properties) 6.625 02/01/2026 7 02/01/2011 2 3,383,319
- ----------------------------------------------------------------------------------------------------------------------------
720,000 Yonkers IDA (Hudson Scenic Studio) 5.875 11/01/2007 11/16/2006 1 724,010
- ----------------------------------------------------------------------------------------------------------------------------
220,000 Yonkers IDA
(Michael Malotz Skilled Nursing Pavilion) 5.450 02/01/2029 02/01/2009 2 229,852
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Yonkers IDA
(Michael Malotz Skilled Nursing Pavilion) 5.650 02/01/2039 02/01/2009 2 26,328
- ----------------------------------------------------------------------------------------------------------------------------
105,000 Yonkers IDA (Philipsburgh Hall Associates) 6.750 11/01/2008 05/28/2007 1 104,551
- ----------------------------------------------------------------------------------------------------------------------------
2,610,000 Yonkers IDA (St. John's Riverside Hospital) 6.800 07/01/2016 10/12/2011 4 2,698,061
- ----------------------------------------------------------------------------------------------------------------------------
800,000 Yonkers IDA (St. Joseph's Hospital),
Series 98-B 5.900 03/01/2008 08/30/2006 1 747,408
--------------
3,110,218,468
- ----------------------------------------------------------------------------------------------------------------------------
OTHER STATES--0.6%
21,560,000 NJ Tobacco Settlement Financing Corp.
(TASC) 5.750 06/01/2032 08/20/2013 1 20,601,227
- ----------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--13.8%
5,000,000 Guam Airport Authority, Series C 5.375 10/01/2019 10/01/2013 2 5,401,050
- ----------------------------------------------------------------------------------------------------------------------------
6,000,000 Guam Airport Authority, Series C 5.375 10/01/2020 10/01/2013 2 6,463,080
- ----------------------------------------------------------------------------------------------------------------------------
600,000 Guam EDA (TASC) 5.000 05/15/2022 09/12/2006 4 604,392
- ----------------------------------------------------------------------------------------------------------------------------
1,950,000 Guam EDA (TASC) 5.400 05/15/2031 08/06/2010 1 1,838,870
- ----------------------------------------------------------------------------------------------------------------------------
215,000 Guam EDA (TASC) 5.500 05/15/2041 10/20/2015 1 195,489
- ----------------------------------------------------------------------------------------------------------------------------
3,030,000 Guam GO, Series A 5.900 09/01/2005 03/01/2005 2 3,033,394
49 | 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
$ 1,000,000 Guam GO, Series A 6.000% 09/01/2006 09/01/2006 $ 999,860
- ----------------------------------------------------------------------------------------------------------------------------
580,000 Guam Power Authority, Series A 5.250 10/01/2013 10/01/2005 2 582,129
- ----------------------------------------------------------------------------------------------------------------------------
555,000 Guam Power Authority, Series A 5.250 10/01/2023 04/01/2005 2 561,566
- ----------------------------------------------------------------------------------------------------------------------------
85,000 Northern Mariana Islands, Series A 6.000 06/01/2014 7 06/01/2010 2 91,729
- ----------------------------------------------------------------------------------------------------------------------------
3,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 7 06/01/2010 2 3,204,390
- ----------------------------------------------------------------------------------------------------------------------------
375,000 Puerto Rico Children's Trust Fund (TASC) 4.100 05/15/2013 05/15/2013 354,210
- ----------------------------------------------------------------------------------------------------------------------------
200,000 Puerto Rico Children's Trust Fund (TASC) 4.250 05/15/2014 05/15/2014 188,660
- ----------------------------------------------------------------------------------------------------------------------------
2,500,000 Puerto Rico Children's Trust Fund (TASC) 5.000 05/15/2008 05/15/2008 2,588,000
- ----------------------------------------------------------------------------------------------------------------------------
200,160,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 11/15/2012 1 191,184,826
- ----------------------------------------------------------------------------------------------------------------------------
20,000 Puerto Rico Children's Trust Fund (TASC) 5.750 07/01/2020 06/23/2008 4 21,702
- ----------------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Commonwealth GO 5.000 07/01/2018 07/01/2008 2 4,325,640
- ----------------------------------------------------------------------------------------------------------------------------
5,250,000 Puerto Rico Commonwealth GO 5.000 07/01/2025 07/01/2014 2 5,459,370
- ----------------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2017 07/01/2013 2 4,354,280
- ----------------------------------------------------------------------------------------------------------------------------
2,310,000 Puerto Rico Commonwealth GO 5.250 07/01/2023 07/01/2014 2 2,475,950
- ----------------------------------------------------------------------------------------------------------------------------
1,925,000 Puerto Rico Commonwealth GO 5.250 07/01/2027 7 07/01/2011 2 2,070,549
- ----------------------------------------------------------------------------------------------------------------------------
2,740,000 Puerto Rico Commonwealth GO 5.375 07/01/2028 07/01/2011 2 2,915,716
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico Electric Power Authority,
Series AA 5.375 07/01/2027 07/01/2007 2 106,522
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Electric Power Authority,
Series EE 5.250 07/01/2014 07/01/2008 2 11,002
- ----------------------------------------------------------------------------------------------------------------------------
1,940,000 Puerto Rico Electric Power Authority,
Series Z 5.250 07/01/2021 7 07/01/2005 2 1,959,963
- ----------------------------------------------------------------------------------------------------------------------------
65,000 Puerto Rico Electric Power Authority,
Series Z 5.250 07/01/2021 07/01/2005 2 65,720
- ----------------------------------------------------------------------------------------------------------------------------
1,425,000 Puerto Rico Electric Power Authority,
Series Z 5.500 07/01/2010 07/01/2005 2 1,475,602
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Electric Power Authority,
Series Z 5.500 07/01/2011 07/01/2005 2 51,840
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico GO 5.000 07/01/2019 07/01/2008 2 104,475
- ----------------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico HBFA 5.850 10/01/2009 04/01/2005 2 56,347
- ----------------------------------------------------------------------------------------------------------------------------
780,000 Puerto Rico HBFA 6.100 10/01/2015 04/01/2005 2 798,580
- ----------------------------------------------------------------------------------------------------------------------------
575,000 Puerto Rico HBFA 6.250 04/01/2029 7 04/01/2005 2 589,059
- ----------------------------------------------------------------------------------------------------------------------------
80,000 Puerto Rico HFC 5.100 12/01/2018 12/01/2010 2 83,273
- ----------------------------------------------------------------------------------------------------------------------------
70,000 Puerto Rico HFC 7.300 04/01/2006 04/01/2005 2 70,214
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Puerto Rico HFC 7.300 10/01/2006 04/01/2005 2 60,181
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico HFC 7.400 04/01/2007 04/01/2005 2 25,075
- ----------------------------------------------------------------------------------------------------------------------------
1,865,000 Puerto Rico HFC 7.500 10/01/2015 7 04/01/2005 2 1,868,488
- ----------------------------------------------------------------------------------------------------------------------------
3,820,000 Puerto Rico HFC 7.500 04/01/2022 7 04/01/2005 2 3,857,321
- ----------------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico Highway & Transportation
Authority, Series E 5.750 07/01/2024 07/01/2012 2 7,912,800
- ----------------------------------------------------------------------------------------------------------------------------
40,000 Puerto Rico Highway & Transportation
Authority, Series X 5.000 07/01/2022 07/01/2005 2 40,348
50 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* MARKET VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 100,000 Puerto Rico Highway & Transportation
Authority, Series Y 5.500% 07/01/2018 07/01/2006 2 $ 105,621
- ----------------------------------------------------------------------------------------------------------------------------
80,000 Puerto Rico Highway & Transportation
Authority, Series Y 5.500 07/01/2018 07/01/2006 2 84,594
- ----------------------------------------------------------------------------------------------------------------------------
1,545,000 Puerto Rico IMEPCF
(American Home Products) 5.100 12/01/2018 06/01/2005 2 1,587,009
- ----------------------------------------------------------------------------------------------------------------------------
6,540,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 05/15/2005 2 6,841,494
- ----------------------------------------------------------------------------------------------------------------------------
7,175,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 05/15/2005 2 7,340,097
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Infrastructure 5.000 07/01/2016 01/01/2008 2 10,716
- ----------------------------------------------------------------------------------------------------------------------------
8,000,000 Puerto Rico Infrastructure 5.000 07/01/2021 01/01/2008 2 8,483,920
- ----------------------------------------------------------------------------------------------------------------------------
35,000 Puerto Rico Infrastructure 5.500 10/01/2040 10/01/2010 5 38,128
- ----------------------------------------------------------------------------------------------------------------------------
635,000 Puerto Rico Infrastructure 7.500 07/01/2009 7 06/01/2005 2 651,256
- ----------------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico ITEMECF
(Ana G. Mendez University) 5.375 02/01/2019 02/01/2011 2 57,401
- ----------------------------------------------------------------------------------------------------------------------------
18,425,000 Puerto Rico ITEMECF
(Congeneration Facilities) 6.625 06/01/2026 7 06/01/2010 2 19,973,253
- ----------------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico ITEMECF (Dr. Pila Hospital) 6.125 08/01/2025 08/01/2005 2 1,553,430
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico ITEMECF
(Hospital Auxilio Mutuo) 5.500 07/01/2026 07/01/2007 2 26,799
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF
(Hospital Auxilio Mutuo) 6.250 07/01/2016 07/01/2005 2 511,620
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.125 11/15/2025 11/15/2010 2 84,863
- ----------------------------------------------------------------------------------------------------------------------------
750,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.375 11/15/2015 11/15/2010 2 846,750
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.500 11/15/2020 11/15/2010 2 2,313,640
- ----------------------------------------------------------------------------------------------------------------------------
815,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.375 07/01/2006 01/04/2006 1 811,968
- ----------------------------------------------------------------------------------------------------------------------------
1,860,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.500 07/01/2012 01/14/2010 1 1,844,804
- ----------------------------------------------------------------------------------------------------------------------------
1,045,000 Puerto Rico ITEMECF
(Ryder Memorial Hospital) 6.400 05/01/2009 05/01/2005 2 1,051,813
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico ITEMECF
(Teachers Retirement) 5.500 07/01/2021 07/01/2006 2 26,464
- ----------------------------------------------------------------------------------------------------------------------------
1,075,000 Puerto Rico Municipal Finance
Agency RITES 9 8.945 14 08/01/2013 02/01/2009 1,359,456
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Municipal Finance Agency,
Series A 5.500 07/01/2017 07/01/2007 2 54,134
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Municipal Finance Agency,
Series A 5.500 07/01/2021 07/01/2007 2 53,723
- ----------------------------------------------------------------------------------------------------------------------------
105,000 Puerto Rico Port Authority, Series C 7.300 07/01/2007 7 07/01/2005 2 107,555
- ----------------------------------------------------------------------------------------------------------------------------
150,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 7 07/01/2005 2 151,325
- ----------------------------------------------------------------------------------------------------------------------------
515,000 Puerto Rico Port Authority, Series D 7.000 07/01/2014 7 07/01/2005 2 524,013
51 | 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
$ 25,000 Puerto Rico Public Buildings Authority,
Series B 5.250% 07/01/2021 07/01/2007 2 $ 27,184
- -----------------------------------------------------------------------------------------------------------------------------
2,065,000 Puerto Rico Public Buildings Authority,
Series D 5.125 07/01/2024 07/01/2012 2 2,162,447
- -----------------------------------------------------------------------------------------------------------------------------
745,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 02/01/2012 2 845,135
- -----------------------------------------------------------------------------------------------------------------------------
255,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 02/01/2012 2 269,994
- -----------------------------------------------------------------------------------------------------------------------------
35,700,000 Puerto Rico Public Finance Corp., Series E 5.700 08/01/2025 02/01/2010 2 40,285,665
- -----------------------------------------------------------------------------------------------------------------------------
64,220,000 Puerto Rico Public Finance Corp., Series E 5.750 08/01/2030 02/01/2007 2 68,670,446
- -----------------------------------------------------------------------------------------------------------------------------
215,000 University of Puerto Rico 5.500 06/01/2012 7 06/01/2005 2 215,548
- -----------------------------------------------------------------------------------------------------------------------------
255,000 University of Puerto Rico, Series M 5.250 06/01/2025 06/01/2007 2 261,018
- -----------------------------------------------------------------------------------------------------------------------------
25,000 University of Puerto Rico, Series M 5.500 06/01/2015 06/01/2005 2 25,695
- -----------------------------------------------------------------------------------------------------------------------------
50,000 University of Puerto Rico, Series O 5.375 06/01/2030 06/01/2005 2 50,991
- -----------------------------------------------------------------------------------------------------------------------------
45,000 V.I. Hsg. Finance Authority, Series A 6.500 03/01/2025 7 03/01/2005 2 45,968
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Port Authority, Series A 5.250 09/01/2018 09/01/2010 2 1,062,120
- -----------------------------------------------------------------------------------------------------------------------------
2,650,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 07/01/2014 2 2,815,837
- -----------------------------------------------------------------------------------------------------------------------------
2,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2022 10/01/2014 2 2,116,380
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2023 10/01/2014 2 1,056,570
- -----------------------------------------------------------------------------------------------------------------------------
10,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2015 10/01/2010 2 10,501,400
- -----------------------------------------------------------------------------------------------------------------------------
180,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 10/01/2008 2 196,042
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.625 10/01/2010 05/29/2008 1 1,065,380
- -----------------------------------------------------------------------------------------------------------------------------
45,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 10/01/2010 2 46,972
- -----------------------------------------------------------------------------------------------------------------------------
21,030,000 V.I. Public Finance Authority, Series A 6.125 10/01/2029 7 10/01/2010 2 23,678,939
- -----------------------------------------------------------------------------------------------------------------------------
9,820,000 V.I. Public Finance Authority, Series A 6.375 10/01/2019 7 01/01/2010 2 11,339,252
- -----------------------------------------------------------------------------------------------------------------------------
12,000,000 V.I. Public Finance Authority, Series A 6.500 10/01/2024 7 10/01/2010 2 13,849,320
- -----------------------------------------------------------------------------------------------------------------------------
900,000 V.I. Tobacco Settlement Financing Corp.
(TASC) 0.000 13 05/15/2008 05/15/2008 777,033
- -----------------------------------------------------------------------------------------------------------------------------
1,755,000 V.I. Tobacco Settlement Financing Corp.
(TASC) 5.000 05/15/2021 12/28/2009 1 1,629,640
- -----------------------------------------------------------------------------------------------------------------------------
1,440,000 V.I. Tobacco Settlement Financing Corp.
(TASC) 5.000 05/15/2031 09/01/2015 1,280,822
- -----------------------------------------------------------------------------------------------------------------------------
1,470,000 V.I. Water & Power Authority 5.375 07/01/2010 07/01/2008 2 1,560,761
---------------
500,384,067
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $3,562,595,812)--100.5% 3,631,203,762
- -----------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.5) (18,385,157)
---------------
NET ASSETS--100.0% $3,612,818,605
===============
52 | LIMITED TERM NEW YORK MUNICIPAL FUND
FOOTNOTES TO STATEMENT OF INVESTMENTS
*Call Date, Put Date or Average Life of Sinking Fund, if applicable, as
detailed.
1. Average life due to mandatory, or expected, sinking fund principal payments
prior to maturity.
2. Optional call date; corresponds to the most conservative yield calculation.
3. Date of mandatory put.
4. Average life due to mandatory, or expected, sinking fund principal payments
prior to the applicable optional call date.
5. Date of prefunded call, or maturity date if escrowed to maturity.
6. Date of planned principal payment.
7. Security also has mandatory sinking fund principal payments prior to maturity
and an average life which is shorter than the stated final maturity.
8. Represents a zero coupon bond.
9. Illiquid security. The aggregate value of illiquid securities as of December
31, 2004 was $31,242,325, which represents 0.86% of the Fund's net assets. See
Note 5 of Notes to Financial Statements.
10. When-issued security or forward commitment to be delivered and settled after
December 31, 2004. See Note 1 of Notes to Financial Statements.
11. Issue is in default. See Note 1 of Notes to Financial Statements.
12. Non-income-producing security.
13. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
14. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of Notes to Financial Statements.
53 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PORTFOLIO ABBREVIATIONS December 31, 2004
- --------------------------------------------------------------------------------
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
BOCES Board of Cooperative Education Services
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
CHSLI Catholic Health Services of Long Island
CMA Community Mainstreaming Associates, Inc.
Con Ed Consolidated Edison Company
COP Certificates of Participation
CRR Center for Rapid Recovery
CSD Central School District
CSMR Community Services for the Mentally Retarded
DA Dormitory Authority
DIAMONDS Direct Investment of Accrued Municipals
EDA Economic Development Authority
EFC Environmental Facilities Corp.
ERDA Energy Research and Development Authority
FHA Federal Housing Agency
FNHC Ferncilff Nursing Home Company
FREE Family Residences and Essential Enterprises
GO General Obligation
GSHMC Good Samaritan Hospital Medical Center
HBFA Housing Bank and Finance Agency
HDC Housing Development Corp.
HELP Homeless Economic Loan Program
HFA Housing Finance Agency/Authority
HFC Housing Finance Corp.
HJDOI Hospital for Joint Diseases Orthopedic 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
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
JDAM Julia Dyckman Andrus Memorial
JFK John Fitzgerald Kennedy
KR Kateri Residence
L.I. Long Island
LGAC Local Government Assistance Corp.
LGSC Local Government Services Corporation
LILCO Long Island Lighting Corporation
MMC Mercy Medical Center
MMWNHC Mary Manning Walsh Nursing Home Company
MSH/NYU Mount Sinai Hospital/New York University
MTA Metropolitan Transportation Authority
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
Res Rec Resource Recovery Facility
RIBS Residual Interest Bonds
RIT Rochester Institute of Technology
RITES Residual Interest Tax Exempt Security
SCHC Senior Citizen Housing Corporation
SCHRC St. Charles Hospital and Rehabilitation Center
SCSB Schuyler Community Services Board
SCSMC St. Catherine of Sienna Medical Center
SFH St. Francis Hospital
SONYMA State of New York Mortgage Agency
SUNY State University of New York
SV Sienna Village
SWMA Solid Waste Management Authority
TASC Tobacco Settlement Asset-Backed Bonds
TFA Transitional Finance Authority
TFABs Tobacco Flexible Amortization Bonds
UDC Urban Development Corp.
V.I. United States Virgin Islands
WORCA Working Organization for Retarded Children and Adults
YMCA Young Men's Christian Association
54 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
INDUSTRY CONCENTRATIONS December 31, 2004
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY MARKET VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Settlements $ 876,732,666 24.1%
Hospital/Health Care 311,528,254 8.6
Electric Utilities 308,591,059 8.5
Marine/Aviation Facilities 272,786,943 7.5
Sales Tax Revenue 256,053,220 7.1
General Obligation 209,081,699 5.8
Special Assessment 194,742,147 5.4
Municipal Leases 185,359,764 5.1
Airlines 172,420,730 4.8
Higher Education 131,058,831 3.6
Multifamily Housing 119,906,622 3.3
Highways/Railways 101,775,215 2.8
Single Family Housing 88,154,541 2.4
Not-for-Profit Organization 87,365,427 2.4
Resource Recovery 66,888,084 1.8
Gas Utilities 58,623,216 1.6
Education 52,841,055 1.5
Water Utilities 43,448,505 1.2
Manufacturing, Non-Durable Goods 24,350,547 0.7
Adult Living Facilities 23,389,952 0.6
Manufacturing, Durable Goods 14,122,962 0.4
Pollution Control 12,106,388 0.3
Paper, Containers & Packaging 7,540,728 0.2
Sewer Utilities 5,673,255 0.2
Parking Fee Revenue 4,531,572 0.1
Special Tax 1,607,493 0.0
Hotels, Restaurants & Leisure 522,887 0.0
---------------------------------
Total $ 3,631,203,762 100.0%
=================================
55 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SUMMARY OF RATINGS December 31, 2004 / Unaudited
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY RATINGS CATEGORY, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
RATINGS PERCENT
- --------------------------------------------------------------------------------
AAA 23.5%
AA 15.2
A 19.6
BBB 37.6
BB 1.4
B 0.1
CCC 1.0
Not Rated 1.6
-------
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.
56 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES December 31, 2004
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------
Investments, at value (cost $3,562,595,812)--see
accompanying statement of investments $ 3,631,203,762
- ------------------------------------------------------------------------------------------------------
Cash 913,532
- ------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 56,415,800
Investments sold 10,207,759
Shares of beneficial interest sold 7,344,072
Other 51,253
----------------
Total assets 3,706,136,178
- ------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Notes payable to bank (interest rate 3.0000% at December 31, 2004) 76,600,000
Investments purchased (including $6,745,000 purchased on a
when-issued basis or forward commitment) 8,336,925
Shares of beneficial interest redeemed 5,312,021
Distribution and service plan fees 2,215,236
Trustees' compensation 325,372
Interest expense 179,012
Transfer and shareholder servicing agent fees 121,792
Shareholder communications 83,830
Dividends 1,240
Other 142,145
----------------
Total liabilities 93,317,573
- ------------------------------------------------------------------------------------------------------
NET ASSETS $ 3,612,818,605
================
- ------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------
Paid-in capital $ 3,573,724,401
- ------------------------------------------------------------------------------------------------------
Accumulated net investment income 2,837,970
- ------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (32,351,716)
- ------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 68,607,950
----------------
NET ASSETS $ 3,612,818,605
================
57 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Continued
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -----------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$2,155,310,037 and 647,419,764 shares of beneficial interest outstanding) $3.33
Maximum offering price per share (net asset value plus sales charge of 3.50% of
offering price) $3.45
- -----------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $417,473,222
and 125,568,210 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
$1,040,035,346 and 313,441,727 shares of beneficial interest outstanding) $3.32
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF OPERATIONS For the Year Ended December 31, 2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 176,208,578
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 13,890,900
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 5,008,564
Class B 4,274,044
Class C 10,088,107
Class X 454
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 646,111
Class B 256,898
Class C 429,054
Class X 228
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 93,432
Class B 43,295
Class C 10,756
- --------------------------------------------------------------------------------
Interest expense 1,219,472
- --------------------------------------------------------------------------------
Accounting service fees 1,042,720
- --------------------------------------------------------------------------------
Custodian fees and expenses 196,974
- --------------------------------------------------------------------------------
Trustees' compensation 166,284
- --------------------------------------------------------------------------------
Other 283,600
--------------
Total expenses 37,650,893
Less reduction to custodian expenses (5,483)
Less payments and waivers of expenses (5)
--------------
Net expenses 37,645,405
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 138,563,173
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- --------------------------------------------------------------------------------
Net realized gain on investments 128,804
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on investments 6,201,394
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 144,893,371
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
59 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 2004 2003
- ------------------------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------------------------
Net investment income $ 138,563,173 $ 137,992,860
- ------------------------------------------------------------------------------------------------------
Net realized gain (loss) 128,804 (3,202,984)
- ------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 6,201,394 7,061,558
--------------------------------------
Net increase in net assets resulting from operations 144,893,371 141,851,434
- ------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (88,363,361) (83,295,410)
Class B (15,346,700) (15,496,250)
Class C (36,490,842) (35,571,960)
Class X (5,943) (175,786)
- ------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 206,797,085 72,734,760
Class B (27,305,785) 59,240,647
Class C 33,616,814 109,135,439
Class X (393,402) (12,341,666)
- ------------------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------------------
Total increase 217,401,237 236,081,208
- ------------------------------------------------------------------------------------------------------
Beginning of period 3,395,417,368 3,159,336,160
--------------------------------------
End of period (including accumulated net investment income of
$2,837,970 and $4,568,758, respectively) $ 3,612,818,605 $ 3,395,417,368
======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
60 | LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED DECEMBER 31, 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.32 $ 3.31 $ 3.27 $ 3.27 $ 3.19
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .14 1 .14 .15 .16 .16
Net realized and unrealized gain .01 .01 .05 -- .07
------------------------------------------------------------------------------
Total from investment operations .15 .15 .20 .16 .23
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.14) (.14) (.16) (.16) (.15)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.33 $ 3.32 $ 3.31 $ 3.27 $ 3.27
==============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.77% 4.80% 6.33% 4.85% 7.47%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $2,155,310 $1,944,385 $1,868,271 $1,124,846 $927,079
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $2,029,517 $1,894,331 $1,472,317 $ 996,671 $945,492
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.30% 4.51% 4.65% 4.95% 4.88%
Total expenses 0.77% 0.76% 0.74% 0.78% 0.85%
Expenses after payments and waivers and
reduction to custodian expenses N/A 4 N/A 4,5 N/A 4,6 0.74% 4,7 0.78% 4,7
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 28% 19% 23% 37%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one year.
Returns do not reflect the deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
6. Interest expense was less than 0.01%.
7. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
61 | LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS B YEAR ENDED DECEMBER 31, 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.32 $ 3.31 $ 3.27 $ 3.27 $ 3.19
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .12 1 .12 .13 .13 .13
Net realized and unrealized gain -- .01 .05 -- .08
------------------------------------------------------------------------------
Total from investment operations .12 .13 .18 .13 .21
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.12) (.12) (.14) (.13) (.13)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.32 $ 3.32 $ 3.31 $ 3.27 $ 3.27
==============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 3.65% 3.99% 5.53% 4.06% 6.65%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 417,473 $ 444,537 $ 383,690 $ 153,471 $ 92,786
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 427,486 $ 429,564 $ 261,858 $ 113,976 $ 86,107
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.52% 3.72% 3.85% 4.17% 4.09%
Total expenses 1.55% 1.55% 1.51% 1.54% 1.63%
Expenses after payments and waivers and
reduction to custodian expenses N/A 4,5 N/A 4,5 N/A 4,6 1.50% 4,7 1.56% 4,7
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 28% 19% 23% 37%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one year.
Returns do not reflect the deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
6. Interest expense was less than 0.01%.
7. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
62 | LIMITED TERM NEW YORK MUNICIPAL FUND
CLASS C YEAR ENDED DECEMBER 31, 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.31 $ 3.30 $ 3.26 $ 3.26 $ 3.18
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .12 1 .12 .13 .13 .13
Net realized and unrealized gain .01 .01 .05 -- .08
------------------------------------------------------------------------------
Total from investment operations .13 .13 .18 .13 .21
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.12) (.12) (.14) (.13) (.13)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.32 $ 3.31 $ 3.30 $ 3.26 $ 3.26
==============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.00% 4.02% 5.54% 4.06% 6.67%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,040,035 $1,006,103 $ 894,469 $ 261,857 $101,858
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,009,112 $ 977,323 $ 574,124 $150,504 $105,452
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.55% 3.74% 3.82% 4.13% 4.11%
Total expenses 1.52% 1.52% 1.51% 1.53% 1.62%
Expenses after payments and waivers and
reduction to custodian expenses N/A 4 N/A 4,5 N/A 4,6 1.49% 4,7 1.55% 4,7
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 17% 28% 19% 23% 37%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one year.
Returns do not reflect the deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
6. Interest expense was less than 0.01%.
7. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
63 | 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 April 1, 2004,
all outstanding Class X shares converted to Class A shares. Class A shares are
sold at their offering price, which is normally net asset value plus a front-end
sales charge. Class B and Class C shares are sold without a front-end sales
charge but may be subject to a contingent deferred sales charge (CDSC). All
classes of shares have identical rights and voting privileges with respect to
the Fund in general and exclusive voting rights on matters that affect that
class alone. Earnings, net assets and net asset value per share may differ due
to each class having its own expenses, such as transfer and shareholder
servicing agent fees and shareholder communications, directly attributable to
that class. Class A, B and C have separate distribution and/or service plans.
Class B shares will automatically convert to Class A shares six years after the
date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. 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.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of 60 days and all mortgage-backed securities will be valued at the
mean between the "bid" and "asked" prices. Securities may be valued primarily
using dealer-supplied valuations or a portfolio pricing service authorized by
the Board of Trustees. Securities (including restricted securities) for which
market quotations are not readily available are valued at their fair value.
Foreign and domestic securities whose values have been materially affected by
what the Manager identifies as a significant event occurring before the Fund's
assets are valued but after the close of their respective exchanges will be fair
valued. 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).
64 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis or
forward commitment can take place up to ten days 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 may
increase or decrease in value prior to their delivery. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The purchase of securities on a when-issued
basis or forward commitment may increase the volatility of the Fund's net asset
value to the extent the Fund executes such transactions while remaining
substantially fully invested. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase. As of December 31, 2004, the Fund had purchased
$6,745,000 of securities on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
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 will invest no more than 5% of its total assets in inverse floaters.
Inverse floaters amount to $27,275,218 as of December 31, 2004. Including the
effect of leverage, inverse floaters represent 0.67% of the Fund's total assets
as of December 31, 2004.
- --------------------------------------------------------------------------------
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, 2004, securities with an
aggregate market value of $72,270, representing less than 0.01% 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
65 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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.
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
-------------------------------------------------------------------------------
$3,572,846 $-- $28,573,742 $64,829,974
1. As of December 31, 2004, the Fund had $28,573,742 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, 2004,
details of the capital loss carryforwards were as follows:
EXPIRING
----------------------
2007 $ 12,378,727
2008 7,670,334
2009 2,543,678
2010 2,629,825
2011 3,351,178
------------
Total $ 28,573,742
============
2. During the fiscal year ended December 31, 2004, the Fund utilized $3,906,780
of capital loss carryforward to offset capital gains realized in that fiscal
year.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund. Accordingly, the
following amounts have been reclassified for December 31, 2004. Net assets of
the Fund were unaffected by the reclassifications.
66 | LIMITED TERM NEW YORK MUNICIPAL FUND
REDUCTION TO
ACCUMULATED
INCREASE TO NET INVESTMENT
PAID-IN CAPITAL INCOME 3
----------------------------------
$87,115 $87,115
3. $87,115 was distributed in connection with Fund share redemptions.
The tax character of distributions paid during the years ended December 31, 2004
and December 31, 2003 was as follows:
YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------------------------------------------------------
Distributions paid from:
Exempt-interest dividends $140,206,846 $134,539,406
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, 2004 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.
Federal tax cost of securities $3,566,373,787
===============
Gross unrealized appreciation $ 80,967,007
Gross unrealized depreciation (16,137,033)
---------------
Net unrealized appreciation $ 64,829,974
===============
- --------------------------------------------------------------------------------
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, 2004, the Fund's projected benefit obligations were increased by $78,544 and
payments of $3,503 were made to retired trustees, resulting in an accumulated
liability of $286,625 as of December 31, 2004.
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.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the Plan.
67 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts at a rate equal to the Federal
Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item, if
applicable, represents earnings on cash balances maintained by the Fund during
the period. Such interest expense and other custodian fees may be paid with
these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with U.S. generally
accepted accounting principles 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.
- --------------------------------------------------------------------------------
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, 2004 YEAR ENDED DECEMBER 31, 2003
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------
CLASS A
Sold 171,718,815 $ 565,943,463 185,921,557 $ 609,285,843
Converted from Class X 114,318 384,111 -- --
Dividends and/or
distributions reinvested 16,514,282 54,475,122 17,241,051 56,457,329
Redeemed (125,849,600) (414,005,611) (181,874,534) (593,008,412)
--------------------------------------------------------------------
Net increase 62,497,815 $ 206,797,085 21,288,074 $ 72,734,760
====================================================================
68 | LIMITED TERM NEW YORK MUNICIPAL FUND
YEAR ENDED DECEMBER 31, 2004 YEAR ENDED DECEMBER 31, 2003
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------
CLASS B
Sold 17,494,275 $ 57,512,626 41,613,688 $ 136,156,391
Dividends and/or
distributions reinvested 2,923,582 9,631,131 3,308,044 10,825,717
Redeemed (28,739,545) (94,449,542) (26,921,732) (87,741,461)
--------------------------------------------------------------------
Net increase (decrease) (8,321,688) $ (27,305,785) 18,000,000 $ 59,240,647
====================================================================
- ---------------------------------------------------------------------------------------------------------------
CLASS C
Sold 76,703,395 $ 252,748,926 111,157,316 $ 363,373,918
Dividends and/or
distributions reinvested 6,087,142 20,008,009 7,876,817 25,718,393
Redeemed (72,958,895) (239,140,121) (86,073,213) (279,956,872)
--------------------------------------------------------------------
Net increase 9,831,642 $ 33,616,814 32,960,920 $ 109,135,439
====================================================================
- ---------------------------------------------------------------------------------------------------------------
CLASS X
Sold -- $ -- -- $ --
Dividends and/or
distributions reinvested 877 2,939 31,891 105,156
Converted to Class A (114,318) (384,111) -- --
Redeemed (4,320) (12,230) (3,774,736) (12,446,822)
--------------------------------------------------------------------
Net decrease (117,761) $ (393,402) (3,742,845) $ (12,341,666)
====================================================================
- --------------------------------------------------------------------------------
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, 2004, were
$787,894,913 and $539,098,318, 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. Effective January 1, 2005, the
Fund pays the Manager an advisory 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, 0.39% of the next $3 billion and 0.38% of average
daily net assets in excess of $5 billion.
- --------------------------------------------------------------------------------
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 average daily net assets and $9,000 for
each additional $30 million of average daily net assets. During the year ended
December 31, 2004, the Fund paid $1,042,720 to the Manager for accounting and
pricing services.
- --------------------------------------------------------------------------------
ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for
preparing and filing the Fund's tax returns.
69 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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, 2004, the Fund paid
$1,329,775 to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan 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 all of those fees to
pay dealers, brokers, banks and other financial institutions quarterly for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
years. Fees incurred by the Fund under the Plan are detailed in the Statement of
Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans for Class B and Class C shares to
compensate the Distributor for its services in connection with the distribution
of those shares and servicing accounts. Under the plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% per year on Class B and
Class C shares. The Distributor also receives a service fee of up to 0.25% per
year under each plan. If either the Class B or Class C plan is terminated by the
Fund or by the shareholders of a class, the Board of Trustees and its
independent trustees must determine whether the Distributor shall be entitled to
payment from the Fund of all or a portion of the service fee and/or asset-based
sales charge in respect to shares sold prior to the effective date of such
termination. The Distributor's aggregate uncompensated expenses under the plan
at December 31, 2004 for Class B and Class C were $3,986,029 and $17,499,485,
respectively. Fees incurred by the Fund under the plans are detailed in the
Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the table below for the period indicated.
70 | LIMITED TERM NEW YORK MUNICIPAL FUND
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------------------
December 31, 2004 $1,032,487 $26,254 $803,375 $226,138
- --------------------------------------------------------------------------------
PAYMENTS AND WAIVERS OF EXPENSES. OFS has voluntarily agreed to limit transfer
and shareholder servicing agent fees for all classes to 0.35% of average annual
net assets per class. During the year ended December 31, 2004, OFS waived $4,
and $1 for Class B and Class X shares, respectively. This undertaking may be
amended or withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of December 31, 2004, 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 will not invest more than 15% of its net assets (determined at the time of
purchase and reviewed periodically) in illiquid securities.
- --------------------------------------------------------------------------------
6. BANK BORROWINGS
The Fund may borrow up to 10% of its total assets from a bank to purchase
portfolio securities, to meet redemption obligations 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 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. This agreement terminated on January 21,
2005.
The Fund had borrowings outstanding of $76,600,000 at December 31, 2004 at
an interest rate of 3.0%. For the year ended December 31, 2004, the average
month-end balance was $53,921,153 at an average daily interest rate of 2.16%.
The Fund had gross borrowings and gross loan repayments of $631,200,000 and
$644,400,000, respectively, during the year ended December 31, 2004. The maximum
amount of borrowings outstanding at any month-end was $86,100,000. The Fund paid
commitment fees of $25,306 and interest of $1,194,166 during the year ended
December 31, 2004.
Effective January 21, 2005 the Fund has entered into a Revolving Credit
and Security Agreement with a conduit lender and a bank which enables it to
participate with a certain other Oppenheimer fund in a committed, unsecured
borrowing facility that permits borrowings of up to $300 million, collectively.
Interest is charged to the Fund, based on its borrowings, at current commercial
paper issuance rates (2.30% as of January 21, 2005).
71 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. BANK BORROWINGS Continued
The Fund pays additional fees of 0.30% per annum on its outstanding borrowings
and is allocated its pro-rata share of a 0.13% per annum commitment fee with
respect to the facility size.
- --------------------------------------------------------------------------------
7. LITIGATION
A consolidated amended complaint has been filed as putative derivative and class
actions against the Manager, OFS and the Distributor (collectively, the
"Oppenheimer defendants"), as well as 51 of the Oppenheimer funds (as "Nominal
Defendants") including the Fund, 31 present and former Directors or Trustees and
9 present and former officers of the funds. This complaint, filed in the U.S.
District Court for the Southern District of New York on January 10, 2005,
consolidates into a single action and amends six individual previously-filed
putative derivative and class action complaints. Like those prior complaints,
the complaint alleges that the Manager charged excessive fees for distribution
and other costs, improperly used assets of the funds in the form of directed
brokerage commissions and 12b-1 fees to pay brokers to promote sales of the
funds, and failed to properly disclose the use of assets of the funds to make
those payments in violation of the Investment Company Act of 1940 and the
Investment Advisers Act of 1940. Also, like those prior complaints, the
complaint further alleges that by permitting and/or participating in those
actions, the Directors/Trustees and the Officers breached their fiduciary duties
to shareholders of the funds under the Investment Company Act of 1940 and at
common law. The complaint seeks unspecified compensatory and punitive damages,
rescission of the funds' investment advisory agreements, an accounting of all
fees paid, and an award of attorneys' fees and litigation expenses.
The Oppenheimer defendants believe that the allegations contained in the
Complaints are without merit and that they, the funds named as Nominal
Defendants, and the Directors/Trustees of those funds have meritorious defenses
against the claims asserted. The Oppenheimer defendants intend to defend these
lawsuits vigorously and to contest any claimed liability, and they have retained
legal counsel to defend such suits. The Oppenheimer defendants believe that it
is premature to render any opinion as to the likelihood of an outcome
unfavorable to them and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.
72 | LIMITED TERM NEW YORK MUNICIPAL FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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,
2004, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the years in the two-year period
then ended, and the financial highlights for each of the years in the five-year
period then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 2004, 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, 2004, the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the five-year period then ended, in conformity with U.S.
generally accepted accounting principles.
KPMG LLP
Denver, Colorado
February 8, 2005
73 | LIMITED TERM NEW YORK MUNICIPAL FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2005, if applicable, shareholders of record received information
regarding all taxable dividends and distributions paid to them by the Fund
during calendar year 2004. Regulations of the U.S. Treasury Department require
the Fund to report this information to the Internal Revenue Service.
100% of the dividends were derived from interest on municipal bonds and
are not subject to federal income taxes; 99.3% 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 (85.8%), New Jersey (0.7%), Puerto Rico (11.1%),
Guam (0.6%), Virgin Islands (1.8%).
During 2004, 23.4% 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.
74 | LIMITED TERM NEW YORK MUNICIPAL FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file 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 Fund's Form N-PX
filing is available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.525.7048, and (ii) on the SEC's website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at www.sec.gov. Those
forms may be reviewed and copied at the SEC's Public Reference Room in
Washington D.C. Information on the operation of the Public Reference Room may be
obtained by calling 1-800-SEC-0330.
75 | LIMITED TERM NEW YORK MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS
FUND, LENGTH OF SERVICE,AGE 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 RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
THOMAS W. COURTNEY, Principal of Courtney Associates, Inc. (venture capital firm); former General
Chairman of the Board Partner of Trivest Venture Fund (private venture capital fund); former President
of Trustees, Trustee of Investment Counseling Federated Investors, Inc.; Trustee of the following
(since 1995) open-end investment companies: Cash Assets Trust, PIMCO ADVISORS VIT, Tax Free
Age: 71 Trust of Arizona and 4 funds for the Hawaiian Tax Free Trust. Oversees 11
portfolios in the OppenheimerFunds complex.
JOHN CANNON, Director, Neuberger Berman Income Managers Trust, Neuberger & Berman Income
Trustee (since 1992) Funds and Neuberger Berman Trust, (1995-present); Neuberger Berman Equity Funds
Age: 75 (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 (1996-present) (a financial and
Trustee (since 1995) venture capital consulting firm); Trustee of Pimco Advisors VIT (open-end
Age: 73 investment company). Formerly a director or trustee of the following open-end
investment companies: OCC Cash Reserves, Inc. (1989-December 2002), Capital Cash
Management Trust (1979-December 2004), Prime Cash Fund and Narragansett Insured
Tax-Free Income Fund (1996-December 2004). Oversees 10 portfolios in the
OppenheimerFunds complex.
ROBERT G. GALLI, A trustee or director of other Oppenheimer funds. Oversees 35 portfolios in the
Trustee (since 1998) OppenheimerFunds complex.
Age: 71
LACY B. HERRMANN, Chairman and Chief Executive Officer of Aquila Management Corporation, the
Trustee (since 1995) sponsoring organization and manager, administrator and/or sub-adviser to the
Age: 75 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, 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.
Formerly Chairman of the Board of Trustees and President of Hawaiian Tax-Free
Trust. Oversees 11 portfolios in the OppenheimerFunds complex.
76 | LIMITED TERM NEW YORK MUNICIPAL FUND
BRIAN WRUBLE, General Partner (since September 1995) of Odyssey Partners, L.P. (hedge funds in
Trustee (since 2001) distribution since 1/1/97); Director (since September 2004) of Special Value
Age: 61 Opportunities Fund, LLC; Investment Advisory Board (since October 2004) of
Zurich Financial Services; Board of Governing Trustees (since August 1990) of
The Jackson Laboratory (genetics laboratory, non profit); Trustee (since May
1992) of Institute for Advanced Study (educational institute); Formerly Special
Limited Partner (1999-2004) and Managing Principal (through December 1998) of
Odyssey Investment Partners, LLC (private equity investment); Trustee
(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, 11TH FLOOR, NEW YORK,
NY 10281-1008, AND FOR MR. WIXTED AND MR. VANDEHEY, 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 RESIGNATION, DEATH OR
REMOVAL.
JOHN V. MURPHY, Chairman, Chief Executive Officer and director (since June 2001) and President
President (since 2001) (since September 2000) of the Manager; President and a director or trustee of
Age: 55 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 following investment advisory subsidiaries of
the Manager: OFI Institutional Asset Management, Inc., Centennial Asset
Management Corporation, Trinity Investment Management Corporation and Tremont
Capital Management, Inc. (since November 2001), HarbourView Asset Management
Corporation and OFI Private Investments, Inc. (since July 2001); President
(since November 1, 2001) and a director (since July 2001) of Oppenheimer Real
Asset Management, Inc.; 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 Babson Capital Management LLC); a member of the
Investment Company Institute's Board of Governors (elected to serve from October
3, 2003 through September 30, 2006). 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 62 portfolios as
Trustee/Director and 21 additional portfolios as Officer in the
OppenheimerFunds complex.
77 | LIMITED TERM NEW YORK MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
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RONALD H. FIELDING, Senior Vice President (since January 1996) of the Manager; Chairman of the
Vice President (since 1996) Rochester Division of the Manager (since January 1996); an officer of 9
Age: 55 portfolios in the OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer
Treasurer (since 1999) of HarbourView Asset Management Corporation, Shareholder Financial Services,
Age: 45 Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation,
and Oppenheimer Partnership Holdings, Inc. (since March 1999), of OFI Private
Investments, Inc. (since March 2000), of OppenheimerFunds International Ltd. and
OppenheimerFunds plc (since May 2000), of OFI Institutional Asset Management,
Inc. (since November 2000), and of OppenheimerFunds Legacy Program (a Colorado
non-profit corporation) (since June 2003); Treasurer and Chief Financial Officer
(since May 2000) of OFI Trust Company (a trust company subsidiary of the
Manager); Assistant Treasurer (since March 1999) of Oppenheimer Acquisition
Corp. Formerly Assistant Treasurer of Centennial Asset Management Corporation
(March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June
2003); Principal and Chief Operating Officer (March 1995-March 1999) at Bankers
Trust Company-Mutual Fund Services Division. An officer of 83 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 November
Age: 56 2001) of the Distributor; General Counsel (since November 2001) of Centennial
Asset Management Corporation; Senior Vice President and General Counsel (since
November 2001) of HarbourView Asset Management Corporation; Secretary and
General Counsel (since November 2001) of Oppenheimer Acquisition Corp.;
Assistant Secretary and a director (since October 1997) of OppenheimerFunds
International Ltd. and OppenheimerFunds plc; Vice President and a director
(since November 2001) of Oppenheimer Partnership Holdings, Inc.; a director
(since November 2001) of Oppenheimer Real Asset Management, Inc.; Senior Vice
President, General Counsel and a director (since November 2001) of Shareholder
Financial Services, Inc., Shareholder Services, Inc., OFI Private Investments,
Inc. and OFI Trust Company; Vice President (since November 2001) of
OppenheimerFunds Legacy Program; Senior Vice President and General Counsel
(since November 2001) of OFI Institutional Asset Management, Inc.; a director
(since June 2003) of OppenheimerFunds (Asia) Limited. Formerly Senior Vice
President (May 1985-December 2003), 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); and
OppenheimerFunds International Ltd. (October 1997-November 2001). An officer of
83 portfolios in the OppenheimerFunds complex.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer (since March 2004) of the
Vice President and Manager; Vice President (since June 1983) of OppenheimerFunds Distributor, Inc.,
Chief Compliance Officer Centennial Asset Management Corporation and Shareholder Services, Inc. Formerly
(since 2004) (until February 2004) Vice President and Director of Internal Audit of the
Age: 54 Manager. An officer of 83 portfolios in the Oppenheimer funds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST, BY
CALLING 1.800.525.7048.
78 | LIMITED TERM NEW YORK MUNICIPAL FUND
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the registrant has determined that the registrant
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 $35,000 in fiscal 2004 and $30,000 in
fiscal 2003.
(b) Audit-Related 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 $39,500 in fiscal 2004 and no such fees
in fiscal 2003 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 include: internal control reviews.
(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 $6,000 in fiscal 2004 and $5,000 in
fiscal 2003 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 include: 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 $408 in fiscal 2004 and $550 in fiscal
2003.
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 services provided to the registrant's Board
of Trustees with respect to the annual renewal of the registrant's
investment advisory agreement.
(e) (1) During its regularly scheduled periodic meetings, the
registrant's audit committee will pre-approve all audit,
audit-related, tax and other services to be provided by the
principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its
Chairman for any subsequent new engagements that arise between
regularly scheduled meeting dates provided that any fees such
pre-approved are presented to the audit committee at its next
regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe
waived provided that: 1) the aggregate amount of all such services
provided constitutes no more than five percent of the total amount
of fees paid by the registrant to it principal accountant during the
fiscal year in which services are provided 2) such services were not
recognized by the registrant at the time of engagement as non-audit
services and 3) such services are promptly brought to the attention
of the audit committee of the registrant and approved prior to the
completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed $45,908 in fiscal 2004 and $5,550 in
fiscal 2003 to the registrant and the registrant's investment
adviser or any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the
registrant related to non-audit fees. Those billings did not include
any prohibited non-audit services as defined by the Securities
Exchange Act of 1934.
(h) The registrant's audit committee of the board of trustees has
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser, and any entity
controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is
compatible with maintaining the principal account's independence. No
such services were rendered.
ITEM 5. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Board is responsible for approving nominees for election as trustees.
To assist in this task, the Board has designated the Audit Committee as the
nominating committee for the Board. It reviews and recommends nominees to the
Board. The Committee is comprised entirely of disinterested trustees as defined
in Section 2(a)(19) of the Investment Company Act of 1940.
The Audit Committee charter describes the responsibilities of the
Committee in nominating candidates for election as independent Trustees of the
Registrant. The Registrant's Board has adopted a written charter for the
Committee. A current copy of the Audit Committee charter is available to
shareholders on the OppenheimerFunds website at WWW.OPPENHEIMERFUNDS.COM.
Under the current policy, if the Board determines that a vacancy exists or
is likely to exist on the Board, the Audit Committee of the Board will consider
candidates for Board membership including recommended by Registrant
shareholders. The Audit Committee will consider nominees recommended by
independent Board members or recommended by any other Board members including
Board members affiliated with the Registrant's investment advisors. The
Committee may, upon Board approval, retain an executive search firm to assist in
screening potential candidates. Upon Board approval, the Audit Committee may
also use the services of legal, financial, or other external counsel that it
deems necessary or desirable in the screening process. Shareholders wishing to
submit a nominee for election to the Board may do so by mailing their submission
to the offices of OppenheimerFunds, Inc., 6803 South Tucson Way, Centennial, CO
80112, to the attention of the Board of Trustees of the named Registrant, c/o
the Secretary of the Registrant.
The Committee's process for identifying and evaluating nominees for
trustees includes a number of factors. In screening candidates for board
membership, whether the candidate is suggested by Board members, shareholders or
others, the Committee considers the candidate's professional experience,
soundness of judgment, integrity, ability to make independent, analytical
inquiries, collegiality, willingness and ability to devote the time required to
perform Board activities adequately, ability to represent the interests of all
shareholders of the Registrant, and diversity relative to the board's
composition. Candidates are expected to provide a mix of attributes, experience,
perspective and skills necessary to effectively advance the interests of
shareholders.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-3(c) under the Investment Company
Act of 1940 (17 CFR 270.30a-3(c)) as of December 31, 2004,
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 changes in registrant's internal controls over
financial reporting that occurred during the registrant's last
fiscal quarter 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)(NOT
APPLICABLE TO SEMIANNUAL REPORTS)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)