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
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ROCHESTER PORTFOLIO SERIES
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(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
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(Address of principal executive offices) (Zip code)
ROBERT G. ZACK, ESQ.
OPPENHEIMERFUNDS, INC.
TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
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Date of fiscal year end: DECEMBER 31
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Date of reporting period: DECEMBER 31, 2006
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ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Tobacco Settlement Payments 28.2%
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Hospital/Health Care 10.8
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Marine/Aviation Facilities 9.0
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General Obligation 8.9
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Electric Utilities 6.2
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Special Assessment 4.8
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Highways/Railways 4.3
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Municipal Leases 4.3
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Single Family Housing 3.0
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Not-for-Profit Organization 3.0
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2006, and are based on the total market value of investments.
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CREDIT ALLOCATION
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AAA 30.3%
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AA 18.3
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A 13.0
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BBB 33.7
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BB 0.8
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B 0.7
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Not Rated 3.2
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2006, 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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12 | 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, 2006, FOLLOWED
BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE
BROAD-BASED MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. In 2006, Limited Term New York
Municipal Fund maintained a remarkably stable share price, with a net asset
value (NAV) trading range of $3.33 to $3.42 for Class A shares. This 9-cent
range represents NAV fluctuation of just 2.7%, compared to a 6.5% fluctuation of
the Bond Buyer 40, an index of long-term, tax-exempt municipal bonds.
The Fund outperformed many longer-term funds and fixed-income alternatives
on an after-tax basis. As of December 31, 2006, Limited Term New York Municipal
Fund's Class A shares provided a distribution yield of 4.61% without sales
charges. By comparison, AAA-rated securities with effective maturity of five
years generated an average yield of approximately 3.56% on the same date. Lipper
Inc., an independent mutual fund rating service, reported an average
distribution of 3.75% for its General Municipal Debt Funds category, which ranks
265 longer-term funds that should theoretically produce more favorable
distributions than shorter-term competitors. 1 Limited Term New York Municipal
Fund offered a higher cash yield than the average performer in this Lipper
category, and exhibited less volatility and risk than the Bond Buyer 40.
Tax-free income generated by the portfolio made up more than
three-quarters of the Fund's total return for the period, providing significant
benefit to our yield-oriented investors; price appreciation contributed the
balance. The Fund's Class A shares generated a 1-year total return of 5.30%,
without sales charge. By comparison, the Lehman Brothers Municipal Bond index
produced a return of 4.84% in 2006. 2 At year-end, the Fund led its Lipper
category in total return for periods of 1, 3, 5 and 10 years. 3 These results
clearly demonstrate how the Fund's income-oriented approach continued to provide
significant benefit to our investors in 2006.
1. Lipper Inc. Lipper calculations do not include sales charges which, if
included, would reduce results.
2. The Lehman Brothers Municipal Bond Index is an unmanaged index of a broad
range of investment-grade municipal bonds that measures the performance of the
general municipal bond market.
3. Lipper Inc., 12/31/06. Lipper rankings are based on total returns, but do not
consider sales charges. Lipper rankings are for the A share class only; other
classes may have different performance characteristics. PAST PERFORMANCE IS NO
GUARANTEE OF FUTURE RESULTS.
13 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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The monthly distribution rate for Class A shares, which was $0.011 when
the year began, rose to $0.0115 for the November payment. We believe this
increase demonstrates the benefits of investing with seasoned fund managers who
are skilled at finding bonds with generous yields even in challenging credit
markets. Distributions for other share classes were adjusted accordingly. For
the year, the Fund distributed 13.5 cents per Class A share.
The "Rochester style" of municipal bond fund investment management
continued to focus on identifying advantageous but generally under-appreciated
municipal securities. At year-end, the portfolio included approximately 1,341
holdings. Limited Term New York Municipal Fund generally maintains a minimum of
95% of assets invested in investment-grade municipal bonds. We actively seek out
such securities that we believe offer attractive, risk-adjusted investments at
prices and yields that we believe represent good value. With credit spreads
tightening throughout the year, prices of lower-rated municipal bonds generally
performed better than those of high-grade bonds.
We also continued to invest opportunistically in premium-coupon callable
bonds across all sectors in this period. When these types of bonds approach
their call dates, they tend to have less exposure to interest rate movement and
their prices are less volatile. Not all fund managers share our willingness to
conduct the time-intensive research required to identify market inefficiencies
that allow these bonds to be bought "cheaply," and not all believe that their
efforts will be sufficiently rewarded. However, in our experience, these
investments simultaneously reduce the Fund's interest-rate sensitivity and
provide the potential for high levels of tax-free income.
With generally higher prices of lower-rated and non-rated municipal
securities, the Fund shifted a larger percentage of assets to higher-quality
bonds during this period. For example, as of December 31, 2006, AAA- and
AA-rated paper represented 48.6% of the portfolio's market value, up from 42.3%
on the same date last year. The Fund's average credit quality held steady at
A-plus.
At year-end, tobacco bonds backed by the national Master Settlement
Agreement ("MSA") accounted for 28% of Fund investments and comprised the Fund's
largest single industry sector. These bonds are backed by the tobacco
manufacturers' annual payments to the participating states and territories each
April based on cigarette shipments in an earlier year; the payments made in
April 2006, for example, were based on 2003 shipments. Amid concerns that
non-participating manufacturers (NPMs) had made inroads into their market share,
some participating manufacturers placed a portion of their 2006 annual payments
into an escrow fund--in accordance with the MSA--pending a decision about
whether states were diligent in collecting payments from NPMs, as required. A
few participating manufacturers withheld funds altogether. States continued to
make all
14 | LIMITED TERM NEW YORK MUNICIPAL FUND
required payments on the tobacco bonds they have issued, and this NPM dispute
had no material impact this year on the market prices of the bonds we held.
Meanwhile, the litigation environment has continued to improve for the
tobacco industry and, by extension, for MSA bonds during this report period. In
July 2006, the Florida Supreme Court upheld an appellate court's reversal of a
$145 billion judgment against cigarette manufacturers in the long-running Engle
case. One month later, tobacco manufacturers received another reprieve, when a
U.S. judge determined that she could not authorize financial remedies despite
her finding that manufacturers had violated federal racketeering laws. As of the
end of 2006, all remedies had been stayed, pending potential appeals by the
tobacco manufacturers and the Department of Justice, which brought this case in
1999. We remain confident that the resolution of this case should not harm the
Fund's position in MSA bonds. Late in November, the U.S. Supreme Court declined
to review a 2005 ruling by the Illinois Supreme Court to reverse a $10.1 billion
judgment against Philip Morris USA that had initially been awarded in 2003.
Based on these court decisions as well as widespread market speculation
that MSA bonds might be "pre-refunded," the prices of these bonds rose during
the year and contributed positively to Fund performance. As discussed in the
June 30, 2006, report to shareholders, pre-refunding involves earmarking the
proceeds from a new municipal bond to pay off an earlier bond that is not yet
callable; proceeds from the new bond are escrowed in U.S. Government bonds.
Because a pre-refunding eliminates the credit or call uncertainty of the old
bond, its price generally rises significantly, to the shareholders' benefit. The
Fund's holdings in TSASC, Inc. (New York City) and Nassau County, New York, MSA
bonds were pre-refunded early in this report period, and the TSASC
pre-refunding, in particular, was an important driver of the Fund's 2006
performance. Importantly, the Fund was able to offset the gains these
transactions created with tax-loss carryforwards, which accrue whenever a fund
executes a swap to secure higher-yielding securities for its portfolios.
In general, 2006 was a banner year for pre-refundings for Limited Term New
York Municipal Fund, and the Rochester investment team's yield orientation and
attention to detail helped drive total return for the Fund.
Upgrades from credit rating agencies contributed to favorable results in
2006. Standard & Poor's ("S&P") raised New York City's general obligation bond
rating in May, contributing to higher prices for the City's bonds. In
anticipation of the de-coupling of Mount Sinai Hospital and New York University
Hospitals Center, Moody's Investors Services upgraded Mount Sinai to Baa2 with a
stable outlook, from Ba1. After the two hospitals completed their separation in
early October 2006, S&P also upgraded the bonds that remained an obligation of
Mount Sinai to BBB, from BB, with a positive outlook.
15 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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The airline sector continued to have a positive impact on the Fund's
performance this year. The Fund's airline-backed bonds, which constituted 2.8%
of the portfolio at the end of 2006, performed strongly, generally increasing in
price and generating above-average yields. Many of our airline-backed holdings
are secured by mortgages on terminal gates and other highly prized airport
properties that we believe would retain their value regardless of changes in the
financial health of any individual carrier.
At year-end, the portfolio included bonds backed by Delta Air Lines, which
remains under bankruptcy protection and received an unsolicited bid from US
Airways on November 15, 2006; that bid was rejected in late December although
the move is unlikely to end the anticipated industry consolidation. Importantly,
throughout 2006, Delta continued to pay all principal and interest on the bonds
the Fund holds (less than 1% of the total market value of the Fund's holdings),
and we believe these payments will continue regardless of the carrier's ultimate
outcome.
Even though the industry faced rising fuel costs during 2006, many
carriers reported increased passenger traffic, improved capacity utilization and
strong operational and financial performance. As a result, the Fund's holdings
in airline sector bonds were a positive contributor to total return this report
period. In particular, holdings backed by American Airlines (less than 1% of the
total market value of the Fund's holdings)--which successfully increased load
factors and traffic while reducing labor costs--delivered strong yields.
It was a turbulent but ultimately good year for bonds issued by the
Commonwealth of Puerto Rico. In May, in light of the government's deficit
spending, ratings agencies downgraded Puerto Rico's general obligation bonds and
eight other Commonwealth credits, amid warnings that further downgrades were
possible. As the government shut down non-essential services and announced plans
to raise taxes and reinforce its financial structure, we closely monitored the
developments. We also took advantage of market weakness to add positions in
these bonds at favorable prices. In July, Standard & Poor's removed the credits
from its negative watch list and reported a stable outlook instead. The
subsequent price appreciation of these bonds contributed to the strong
performance of the Fund this period.
The Fund continued to hold some high-yielding, tax-exempt bonds that were
issued to finance co-generation facilities owned and operated by the Calpine
Corporation, which filed voluntary petitions to restructure under Chapter 11 of
the U.S. Bankruptcy Code late in 2005. Although the bankruptcy filing adds a
degree of uncertainty surrounding the owner/operator, all scheduled principal
and interest payments on the bonds were made this year, and we remain optimistic
that future payments on the bonds will also be made on time. In fact,
shareholders continued to benefit this year from the bonds we held on Calpine
facilities,
16 | LIMITED TERM NEW YORK MUNICIPAL FUND
Port Authority of NY/NJ (KIAC) and Suffolk County IDA (Nissequogue Cogeneration
Partners). These bonds, project financings that are secured by mortgages on
co-generation facilities, constituted less than 2% of the total market value of
the Fund's holdings. Despite downgrades, prices on these bonds rose during the
year. This price appreciation, coupled with the bonds' favorable yields, helped
drive the Fund's total return for 2006.
The Fund increased its holdings in municipal inverse-floating-rate
securities during 2006. These holdings are generally highly liquid, tax-exempt
securities whose interest payments move inversely to short-term interest rates;
stated differently, an increase in short-term interest rates causes a decline in
income from these securities. This year, as the yield curve flattened and
long-term rates dropped, these securities generated less income than in previous
periods, but their yields remained higher than average market rates.
The average effective maturity of the Fund's portfolio is limited to five
years or less. The Fund uses a dollar-weighted approach to measuring the average
maturity of its securities and thus can hold securities with stated and
effective maturities of more or less than five years. The yields of
shorter-maturity issues were generally higher at the end of the year than at the
start, though the yield increase on five-year paper was minimal. Our preference
for longer-maturity, premium-coupon bonds with prices more reflective of
shorter-term redemption dates has rewarded shareholders with attractive yield
and limited price volatility.
Our approach to municipal bond investing is flexible and responsive to
market conditions; our strategies are intended to balance many different types
of risk to reduce overall portfolio risk. We continue to comb the market for
bonds that offer attractive yields, and to monitor developing market conditions.
Shareholders should note that market conditions during this report period did
not affect the Fund's overall investment strategies or cause it to pay any
capital gain distributions.
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, 2006. 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
17 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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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.
18 | LIMITED TERM NEW YORK MUNICIPAL FUND
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 Lehman Brothers Merrill Lynch Consumer Price
Municipal Fund (Class A) Municipal Bond Index Municipal Index (3-7 Years) Index
12/31/1996 9,650 10,000 10,000 10,000
03/31/1997 9,721 9,976 9,991 10,088
06/30/1997 9,969 10,320 10,248 10,107
09/30/1997 10,227 10,631 10,464 10,164
12/31/1997 10,423 10,919 10,648 10,170
03/31/1998 10,565 11,045 10,761 10,227
06/30/1998 10,728 11,213 10,884 10,277
09/30/1998 10,954 11,557 11,184 10,315
12/31/1998 11,042 11,627 11,281 10,334
03/31/1999 11,111 11,730 11,384 10,404
06/30/1999 11,041 11,523 11,248 10,479
09/30/1999 11,001 11,477 11,341 10,586
12/31/1999 10,946 11,388 11,356 10,612
03/31/2000 11,144 11,720 11,491 10,794
06/30/2000 11,281 11,898 11,684 10,870
09/30/2000 11,489 12,185 11,924 10,952
12/31/2000 11,763 12,718 12,292 10,971
03/31/2001 11,948 13,000 12,638 11,110
06/30/2001 12,092 13,085 12,772 11,223
09/30/2001 12,346 13,452 13,109 11,242
12/31/2001 12,334 13,370 13,027 11,141
03/31/2002 12,425 13,496 13,080 11,274
06/30/2002 12,663 13,990 13,658 11,343
09/30/2002 13,128 14,654 14,186 11,412
12/31/2002 13,114 14,654 14,343 11,406
03/31/2003 13,149 14,830 14,485 11,614
06/30/2003 13,294 15,213 14,782 11,583
09/30/2003 13,442 15,225 14,914 11,677
12/31/2003 13,744 15,433 14,948 11,620
03/31/2004 13,988 15,700 15,146 11,816
06/30/2004 13,678 15,328 14,835 11,961
09/30/2004 14,173 15,925 15,262 11,974
12/31/2004 14,400 16,124 15,383 11,999
03/31/2005 14,569 16,119 15,226 12,188
06/30/2005 14,990 16,591 15,529 12,264
09/30/2005 15,043 16,570 15,523 12,535
12/31/2005 15,138 16,691 15,579 12,409
03/31/2006 15,295 16,732 15,576 12,598
06/30/2006 15,355 16,738 15,608 12,793
09/30/2006 15,784 17,308 16,009 12,793
12/31/2006 15,941 17,499 16,112 12,724
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
12/31/06
1-Year 1.62% 5-Year 4.52% 10-Year 4.77%
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 22 FOR FURTHER INFORMATION.
19 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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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 Lehman Brothers Merrill Lynch Consumer Price
Municipal Fund (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 14,042 16,029 15,366 11,879
03/31/2005 14,207 16,023 15,209 12,066
06/30/2005 14,617 16,492 15,511 12,141
09/30/2005 14,670 16,472 15,506 12,409
12/31/2005 14,762 16,592 15,561 12,285
03/31/2006 14,916 16,633 15,559 12,472
06/30/2006 14,974 16,638 15,590 12,665
09/30/2006 15,392 17,205 15,991 12,665
12/31/2006 15,545 17,396 16,094 12,597
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
12/31/06
1-Year 0.48% 5-Year 4.28% Since Inception (5/1/97) 4.67%
20 | LIMITED TERM NEW YORK MUNICIPAL FUND
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 Lehman Brothers Merrill Lynch Consumer Price
Municipal Fund (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
03/31/2005 13,978 16,023 15,209 12,066
06/30/2005 14,313 16,492 15,511 12,141
09/30/2005 14,379 16,472 15,506 12,409
12/31/2005 14,442 16,592 15,561 12,285
03/31/2006 14,565 16,633 15,559 12,472
06/30/2006 14,551 16,638 15,590 12,665
09/30/2006 14,975 17,205 15,991 12,665
12/31/2006 15,095 17,396 16,094 12,597
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
12/31/06
1-Year 3.52% 5-Year 4.48% Since Inception (5/1/97) 4.35%
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 22 FOR FURTHER INFORMATION.
21 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES
- --------------------------------------------------------------------------------
Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 9/18/91. 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 10-year return for Class B uses Class A
perfomance 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.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
22 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if 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, 2006.
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
23 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
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
(7/1/06) (12/31/06) DECEMBER 31, 2006
- --------------------------------------------------------------------------------
Class A Actual $ 1,000.00 $ 1,038.10 $ 4.79
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,020.52 4.75
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,037.10 8.92
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,016.48 8.83
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 1,037.40 8.72
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,016.69 8.63
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 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended December 31, 2006 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------
Class A 0.93%
- ---------------------------
Class B 1.73
- ---------------------------
Class C 1.69
- --------------------------------------------------------------------------------
24 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS December 31, 2006
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--104.5%
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK--87.0%
$ 20,000 Albany County Airport Authority 5.125% 12/15/2019 12/15/2010 A $ 21,164
- ----------------------------------------------------------------------------------------------------------------------------
785,000 Albany County Airport Authority 5.300 12/15/2009 12/15/2007 A 811,227
- ----------------------------------------------------------------------------------------------------------------------------
160,000 Albany County Airport Authority 5.300 12/15/2015 1 12/15/2007 A 165,298
- ----------------------------------------------------------------------------------------------------------------------------
735,000 Albany County Airport Authority 5.375 12/15/2017 12/15/2007 A 759,035
- ----------------------------------------------------------------------------------------------------------------------------
2,350,000 Albany County Airport Authority 2 5.500 12/15/2019 1 12/15/2009 A 2,430,723
- ----------------------------------------------------------------------------------------------------------------------------
1,500,000 Albany County IDA
(Albany College of Pharmacy) 5.250 12/01/2019 12/01/2014 A 1,587,030
- ----------------------------------------------------------------------------------------------------------------------------
5,000 Albany GO 7.000 01/15/2010 07/01/2007 A 5,014
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Albany Hsg. Authority 6.250 10/01/2012 1 10/01/2007 A 252,905
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Albany IDA (Albany Law School) 5.750 10/01/2030 10/01/2010 A 106,524
- ----------------------------------------------------------------------------------------------------------------------------
5,335,000 Albany IDA (Charitable Leadership) 5.500 07/01/2011 07/13/2010 B 5,575,822
- ----------------------------------------------------------------------------------------------------------------------------
8,810,000 Albany IDA (Charitable Leadership) 6.000 07/01/2019 1 07/01/2013 A 9,483,613
- ----------------------------------------------------------------------------------------------------------------------------
2,660,000 Albany IDA
(Daughters of Sarah Nursing Home) 2 5.250 10/20/2021 04/20/2014 A 2,857,239
- ----------------------------------------------------------------------------------------------------------------------------
1,435,000 Albany IDA (H. Johnson Office Park) 4.750 03/01/2018 03/01/2008 C 1,438,559
- ----------------------------------------------------------------------------------------------------------------------------
125,000 Albany IDA
(University Heights-Albany Law School) 6.750 12/01/2019 1 12/01/2009 A 135,194
- ----------------------------------------------------------------------------------------------------------------------------
1,935,000 Albany Municipal Water Finance Authority 2 5.250 12/01/2017 06/01/2008 A 1,978,421
- ----------------------------------------------------------------------------------------------------------------------------
200,000 Albany Municipal Water Finance Authority 5.250 12/01/2019 06/01/2008 A 204,460
- ----------------------------------------------------------------------------------------------------------------------------
2,915,000 Albany Municipal Water Finance Authority 2 5.250 12/01/2020 06/01/2008 A 2,980,005
- ----------------------------------------------------------------------------------------------------------------------------
3,235,000 Albany Municipal Water Finance Authority 2 5.250 12/01/2022 06/01/2008 A 3,305,555
- ----------------------------------------------------------------------------------------------------------------------------
2,590,000 Albany Municipal Water Finance Authority 2 5.250 12/01/2023 06/01/2008 A 2,646,488
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Albany Parking Authority 2 5.625 07/15/2020 1 07/15/2011 A 2,132,880
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Albany Parking Authority 2 5.625 07/15/2025 1 07/15/2011 A 1,066,010
- ----------------------------------------------------------------------------------------------------------------------------
140,000 Allegany County IDA (Houghton College) 5.000 01/15/2010 01/15/2008 A 142,792
- ----------------------------------------------------------------------------------------------------------------------------
4,380,000 Allegany County IDA (Houghton College) 5.250 01/15/2018 01/15/2008 A 4,463,176
- ----------------------------------------------------------------------------------------------------------------------------
1,890,000 Amherst IDA (Daemen College) 2 5.750 10/01/2011 11/08/2009 B 1,983,139
- ----------------------------------------------------------------------------------------------------------------------------
490,000 Amherst IDA
(Faculty-Student Assoc. of SUNY at Buffalo) 5.750 04/01/2016 04/01/2012 A 526,956
- ----------------------------------------------------------------------------------------------------------------------------
420,000 Amherst IDA
(Faculty-Student Assoc. of SUNY at Buffalo) 5.750 04/01/2017 1 04/01/2012 A 450,895
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Arlington Central School District 5.000 12/15/2015 12/15/2009 A 52,035
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Arlington Central School District 5.625 05/15/2022 05/15/2007 A 10,477
- ----------------------------------------------------------------------------------------------------------------------------
6,940,000 Babylon IDA (WSNCHS East, Inc.) 2 6.500 08/01/2019 1 08/01/2010 A 7,475,699
- ----------------------------------------------------------------------------------------------------------------------------
110,000 Batavia GO 5.000 11/01/2015 11/01/2015 116,161
- ----------------------------------------------------------------------------------------------------------------------------
110,000 Batavia GO 5.000 11/01/2016 11/01/2015 A 115,838
- ----------------------------------------------------------------------------------------------------------------------------
110,000 Batavia GO 5.000 11/01/2017 11/01/2015 A 115,343
- ----------------------------------------------------------------------------------------------------------------------------
110,000 Batavia GO 5.000 11/01/2018 11/01/2015 A 115,071
- ----------------------------------------------------------------------------------------------------------------------------
110,000 Batavia GO 5.000 11/01/2019 11/01/2015 A 114,661
- ----------------------------------------------------------------------------------------------------------------------------
110,000 Batavia GO 5.000 11/01/2020 11/01/2015 A 114,171
25 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 6,000,000 Battery Park City Authority, Series A 2 5.250% 11/01/2022 11/01/2013 A $ 6,500,520
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Bethlehem Water System 5.500 03/01/2022 03/01/2013 A 538,365
- ----------------------------------------------------------------------------------------------------------------------------
165,000 Blauvelt Volunteer Fire Company 6.000 10/15/2008 04/02/2008 B 167,914
- ----------------------------------------------------------------------------------------------------------------------------
730,000 Brookhaven IDA (Alternatives for Children) 7.000 02/01/2013 05/09/2010 B 759,631
- ----------------------------------------------------------------------------------------------------------------------------
1,125,000 Brookhaven IDA (Dowling College) 6.500 11/01/2012 11/01/2012 1,175,018
- ----------------------------------------------------------------------------------------------------------------------------
255,000 Brookhaven IDA (Stony Brook Foundation) 5.750 11/01/2008 05/05/2008 B 257,820
- ----------------------------------------------------------------------------------------------------------------------------
645,000 Broome County COP 5.250 04/01/2022 1 04/01/2007 A 645,845
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Broome County GO 5.400 04/15/2011 04/15/2007 A 10,151
- ----------------------------------------------------------------------------------------------------------------------------
1,015,000 Bushnell Basin Fire Assoc.
(Volunteer Fire Dept.) 5.250 11/01/2015 12/14/2013 B 1,033,534
- ----------------------------------------------------------------------------------------------------------------------------
375,000 Capital District Youth Center 6.000 02/01/2017 02/01/2007 A 383,070
- ----------------------------------------------------------------------------------------------------------------------------
1,350,000 Carnegie Redevel. Corp. 3 6.500 09/01/2011 11/17/2009 B 1,353,578
- ----------------------------------------------------------------------------------------------------------------------------
320,000 Cattaraugus County IDA
(Olean General Hospital) 5.250 08/01/2023 08/01/2010 A 330,912
- ----------------------------------------------------------------------------------------------------------------------------
1,450,000 Chautauqua County Tobacco Asset
Securitization Corp. 6.000 07/01/2012 02/12/2010 D 1,553,298
- ----------------------------------------------------------------------------------------------------------------------------
1,075,000 Chautauqua County Tobacco Asset
Securitization Corp. 6.250 07/01/2016 07/01/2010 A 1,147,896
- ----------------------------------------------------------------------------------------------------------------------------
3,770,000 Chautauqua County Tobacco Asset
Securitization Corp. 6.500 07/01/2024 07/01/2010 A 4,043,363
- ----------------------------------------------------------------------------------------------------------------------------
18,160,000 Chautauqua County Tobacco Asset
Securitization Corp. 6.750 07/01/2040 07/01/2010 A 19,634,774
- ----------------------------------------------------------------------------------------------------------------------------
2,455,000 Clarence IDA (Bristol Village) 2 6.000 01/20/2044 01/20/2013 A 2,734,993
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Clifton Park GO 5.100 02/01/2011 02/01/2007 A 100,112
- ----------------------------------------------------------------------------------------------------------------------------
45,000 Clifton Park Water Authority 5.000 10/01/2029 10/01/2009 A 46,439
- ----------------------------------------------------------------------------------------------------------------------------
4,195,000 Cortland County IDA
(Cortland Memorial Hospital) 5.625 07/01/2024 1 07/01/2012 A 4,544,234
- ----------------------------------------------------------------------------------------------------------------------------
5,000 Deerfield GO 5.250 06/15/2008 06/15/2008 5,074
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield GO 5.250 06/15/2009 06/15/2009 10,231
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield GO 5.250 06/15/2010 06/15/2010 10,304
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield GO 5.250 06/15/2011 06/15/2011 10,369
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield GO 5.250 06/15/2012 06/15/2012 10,428
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield GO 5.250 06/15/2013 06/15/2013 10,482
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield GO 5.500 06/15/2014 06/15/2014 10,671
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield GO 5.500 06/15/2015 06/15/2015 10,719
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield GO 5.500 06/15/2016 06/15/2016 10,784
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield GO 5.500 06/15/2017 06/15/2016 A 10,776
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield GO 5.500 06/15/2018 06/15/2016 A 10,751
- ----------------------------------------------------------------------------------------------------------------------------
15,000 Deerfield GO 5.500 06/15/2019 06/15/2016 A 16,091
- ----------------------------------------------------------------------------------------------------------------------------
15,000 Deerfield GO 5.500 06/15/2020 06/15/2016 A 16,032
- ----------------------------------------------------------------------------------------------------------------------------
1,750,000 Dutchess County IDA (Bard College) 2 5.375 06/01/2027 06/01/2007 A 1,797,583
- ----------------------------------------------------------------------------------------------------------------------------
295,000 Dutchess County IDA (Bard College) 5.500 08/01/2020 08/01/2010 A 312,662
26 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,000,000 Dutchess County IDA (Bard College) 7.000% 11/01/2017 1 05/01/2007 A $ 1,002,710
- ----------------------------------------------------------------------------------------------------------------------------
5,205,000 Dutchess County IDA (Marist College) 5.150 07/01/2017 07/01/2013 A 5,482,999
- ----------------------------------------------------------------------------------------------------------------------------
2,525,000 Dutchess County IDA
(Vassar Brothers Hospital) 2 6.500 04/01/2020 1 04/01/2010 A 2,695,993
- ----------------------------------------------------------------------------------------------------------------------------
25,000 East Hampton Town GO 5.000 04/15/2018 04/15/2008 A 25,675
- ----------------------------------------------------------------------------------------------------------------------------
515,000 East Rochester Hsg. Authority
(Gates Senior Hsg.) 5.200 04/20/2021 10/20/2013 A 542,892
- ----------------------------------------------------------------------------------------------------------------------------
2,800,000 East Rochester Hsg. Authority
(Rochester St. Mary's Residence Facility) 2 5.375 12/20/2022 1 12/20/2015 A 3,030,748
- ----------------------------------------------------------------------------------------------------------------------------
730,000 East Rochester Hsg. Authority
(St. John's Meadows) 5.750 08/01/2037 1 08/01/2007 A 752,988
- ----------------------------------------------------------------------------------------------------------------------------
210,000 East Syracuse Hsg. Authority
(Bennett Manor Associates) 6.700 04/01/2021 04/01/2010 A 226,325
- ----------------------------------------------------------------------------------------------------------------------------
415,000 Elmira GO 5.000 10/01/2015 10/01/2015 436,539
- ----------------------------------------------------------------------------------------------------------------------------
440,000 Elmira GO 5.000 10/01/2016 10/01/2016 463,584
- ----------------------------------------------------------------------------------------------------------------------------
460,000 Elmira GO 5.000 10/01/2017 10/01/2017 482,416
- ----------------------------------------------------------------------------------------------------------------------------
485,000 Elmira GO 5.000 10/01/2018 10/01/2017 A 507,262
- ----------------------------------------------------------------------------------------------------------------------------
505,000 Elmira GO 5.000 10/01/2019 10/01/2017 A 526,144
- ----------------------------------------------------------------------------------------------------------------------------
1,300,000 Erie County IDA
(Buffalo City School District) 2 5.750 05/01/2025 05/01/2014 A 1,461,837
- ----------------------------------------------------------------------------------------------------------------------------
6,500,000 Erie County IDA
(Buffalo City School District) 2 5.750 05/01/2026 05/01/2014 A 7,309,185
- ----------------------------------------------------------------------------------------------------------------------------
1,730,000 Erie County IDA (Medaille College) 6.875 10/01/2013 10/16/2010 B 1,800,878
- ----------------------------------------------------------------------------------------------------------------------------
380,000 Erie County IDA (Medaille College) 7.250 11/01/2010 06/04/2009 B 394,254
- ----------------------------------------------------------------------------------------------------------------------------
29,615,000 Erie County Tobacco Asset
Securitization Corp. 5.000 06/01/2031 06/01/2015 A 30,257,053
- ----------------------------------------------------------------------------------------------------------------------------
9,750,000 Erie County Tobacco Asset
Securitization Corp. 5.000 06/01/2038 06/01/2015 A 9,934,178
- ----------------------------------------------------------------------------------------------------------------------------
1,635,000 Erie County Tobacco Asset
Securitization Corp. 2 5.750 07/15/2013 07/15/2010 E 1,760,552
- ----------------------------------------------------------------------------------------------------------------------------
7,595,000 Erie County Tobacco Asset
Securitization Corp. 6.000 07/15/2020 07/15/2010 E 8,240,803
- ----------------------------------------------------------------------------------------------------------------------------
690,000 Essex County IDA (North Country
Community College Foundation) 4.600 06/01/2015 12/25/2013 B 694,526
- ----------------------------------------------------------------------------------------------------------------------------
540,000 Franklin County IDA (North Country
Community College Foundation) 4.600 06/01/2015 12/24/2013 B 543,542
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Grand Central BID
(Grand Central District Management) 5.000 01/01/2021 01/01/2014 A 1,052,140
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Grand Central BID
(Grand Central District Management) 5.000 01/01/2022 01/01/2014 A 525,450
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Hamilton County IDA
(Adirondack Historical Assoc.) 5.250 11/01/2018 11/01/2008 A 517,240
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Hempstead GO 5.000 07/01/2018 07/01/2014 A 519,325
27 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,195,000 Hempstead GO 5.000% 07/01/2019 07/01/2014 A $ 1,238,857
- ----------------------------------------------------------------------------------------------------------------------------
1,635,000 Hempstead GO 5.250 07/01/2023 07/01/2014 A 1,723,012
- ----------------------------------------------------------------------------------------------------------------------------
1,730,000 Hempstead GO 5.250 07/01/2024 07/01/2014 A 1,820,877
- ----------------------------------------------------------------------------------------------------------------------------
1,700,000 Hempstead IDA (Adelphi University) 5.750 06/01/2022 1 06/01/2012 A 1,854,479
- ----------------------------------------------------------------------------------------------------------------------------
1,350,000 Hempstead IDA (Hofstra University) 5.800 07/01/2015 07/01/2007 A 1,377,743
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village GO 5.000 09/15/2017 09/15/2016 A 80,018
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village GO 5.000 09/15/2018 09/15/2016 A 79,709
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village GO 5.000 09/15/2019 09/15/2016 A 79,463
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village GO 5.000 09/15/2020 09/15/2016 A 79,219
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village GO 5.000 09/15/2021 09/15/2016 A 79,036
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village GO 5.000 09/15/2022 09/15/2016 A 78,914
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village GO 5.000 09/15/2023 09/15/2016 A 78,854
- ----------------------------------------------------------------------------------------------------------------------------
895,000 Herkimer County IDA (Burrows Paper) 8.000 01/01/2009 07/07/2008 B 892,745
- ----------------------------------------------------------------------------------------------------------------------------
480,000 Herkimer County IDA (Herkimer County
College Foundation) 5.850 11/01/2010 05/28/2009 B 495,830
- ----------------------------------------------------------------------------------------------------------------------------
1,500,000 Herkimer Hsg. Authority 7.150 03/01/2011 03/01/2007 A 1,503,210
- ----------------------------------------------------------------------------------------------------------------------------
125,000 Hudson IDA (Have, Inc.) 7.125 12/01/2007 12/01/2007 124,863
- ----------------------------------------------------------------------------------------------------------------------------
350,000 Hudson IDA (Hudson Fabrics) 6.000 11/01/2012 04/10/2010 B 357,574
- ----------------------------------------------------------------------------------------------------------------------------
3,500,000 Islip IDA (United Cerebral Palsy Assoc.) 4 5.500 12/01/2016 01/17/2013 B 3,484,880
- ----------------------------------------------------------------------------------------------------------------------------
410,000 Islip IDA (United Cerebral Palsy Assoc.) 5.500 12/01/2016 01/17/2013 B 410,135
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Islip Res Rec, Series D 6.500 07/01/2009 07/01/2007 A 25,007
- ----------------------------------------------------------------------------------------------------------------------------
2,990,000 Islip Res Rec, Series E 5.625 07/01/2017 07/01/2014 A 3,307,957
- ----------------------------------------------------------------------------------------------------------------------------
1,175,000 Islip Res Rec, Series E 5.750 07/01/2019 07/01/2014 A 1,301,407
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Jamestown GO 5.000 08/01/2024 08/01/2014 A 260,153
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Jamestown GO 5.000 08/01/2025 08/01/2014 A 259,660
- ----------------------------------------------------------------------------------------------------------------------------
1,770,000 Jamestown Hsg. Authority 6.125 07/01/2010 02/01/2009 B 1,749,751
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 08/01/2011 A 1,053,410
- ----------------------------------------------------------------------------------------------------------------------------
27,305,000 L.I. Power Authority, Series A 5.125 12/01/2022 1 06/01/2008 A 28,176,576
- ----------------------------------------------------------------------------------------------------------------------------
2,210,000 Livingston County IDA (Nicholas H. Noyes
Memorial Hospital) 2 5.875 07/01/2022 07/01/2010 A 2,293,030
- ----------------------------------------------------------------------------------------------------------------------------
1,010,000 Livingston County IDA (Nicholas H. Noyes
Memorial Hospital) 2 6.000 07/01/2030 07/01/2010 A 1,048,673
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Lowville GO 7.200 09/15/2007 09/15/2007 76,672
- ----------------------------------------------------------------------------------------------------------------------------
2,065,000 Madison County IDA (Morrisville State
College Foundation) 5.000 06/01/2022 06/01/2016 A 2,206,473
- ----------------------------------------------------------------------------------------------------------------------------
2,260,000 Madison County IDA
(Oneida Healthcare Center) 5.500 02/01/2016 02/01/2011 A 2,400,030
- ----------------------------------------------------------------------------------------------------------------------------
140,000 Medina Hsg. Corp. 8.250 08/15/2011 1 02/15/2007 A 140,304
- ----------------------------------------------------------------------------------------------------------------------------
215,000 Middletown IDA
(Southwinds Retirement Home) 5.875 03/01/2007 03/01/2007 215,043
- ----------------------------------------------------------------------------------------------------------------------------
3,810,000 Monroe County COP 2 8.050 01/01/2011 1 07/01/2007 A 3,810,800
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Monroe County GO 5.000 06/01/2017 06/01/2007 A 50,685
28 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 100,000 Monroe County GO 5.350% 03/01/2012 03/01/2007 A $ 101,207
- ----------------------------------------------------------------------------------------------------------------------------
40,000 Monroe County GO 6.100 03/01/2008 03/01/2007 A 40,169
- ----------------------------------------------------------------------------------------------------------------------------
575,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 1 06/15/2007 A 596,804
- ----------------------------------------------------------------------------------------------------------------------------
1,285,000 Monroe County IDA
(DePaul Community Facilities) 6.500 02/01/2024 1 02/01/2007 A 1,287,930
- ----------------------------------------------------------------------------------------------------------------------------
210,000 Monroe County IDA (DePaul Properties) 5.900 09/01/2007 09/01/2007 209,328
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Monroe County IDA
(Nazareth College of Rochester) 5.250 10/01/2021 10/01/2011 A 80,636
- ----------------------------------------------------------------------------------------------------------------------------
1,475,000 Monroe County IDA
(Parma Senior Hsg. Assoc.) 6.500 12/01/2010 06/01/2007 A 1,476,239
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Monroe County IDA
(Rochester Institute of Technology) 5.000 04/01/2010 04/01/2010 25,460
- ----------------------------------------------------------------------------------------------------------------------------
365,000 Monroe County IDA (Summit at Brighton) 5.000 07/01/2016 07/01/2011 A 368,000
- ----------------------------------------------------------------------------------------------------------------------------
2,235,000 Monroe County IDA
(West End Business Center) 5.125 12/01/2014 05/29/2011 B 2,265,865
- ----------------------------------------------------------------------------------------------------------------------------
15,415,000 Monroe County Tobacco Asset
Securitization Corp. ( TASC) 6.150 06/01/2025 10/17/2009 D 16,489,888
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Monroe County Water Authority 5.250 08/01/2011 02/01/2007 A 60,077
- ----------------------------------------------------------------------------------------------------------------------------
285,000 Monroe Newpower Corp. 4.500 01/01/2011 10/01/2010 B 285,983
- ----------------------------------------------------------------------------------------------------------------------------
155,000 Monroe Newpower Corp. 4.700 01/01/2012 10/01/2011 B 157,103
- ----------------------------------------------------------------------------------------------------------------------------
410,000 Monroe Newpower Corp. 4.800 01/01/2013 10/01/2012 B 418,245
- ----------------------------------------------------------------------------------------------------------------------------
7,800,000 Monroe Newpower Corp. 6.375 01/01/2024 07/01/2009 A 8,263,320
- ----------------------------------------------------------------------------------------------------------------------------
280,000 Mount Vernon IDA (Kings Court) 5.125 12/01/2023 12/01/2015 A 289,094
- ----------------------------------------------------------------------------------------------------------------------------
975,000 Mount Vernon IDA (Macedonia Towers) 5.125 12/01/2023 12/01/2015 A 1,006,668
- ----------------------------------------------------------------------------------------------------------------------------
285,000 Mount Vernon IDA (Meadowview) 6.000 06/01/2009 06/16/2008 B 291,347
- ----------------------------------------------------------------------------------------------------------------------------
5,275,000 Mount Vernon IDA (Section 8), Series A 5.250 12/01/2014 1 06/01/2008 A 5,453,453
- ----------------------------------------------------------------------------------------------------------------------------
30,000 MTA Commuter Facilities
(Grand Central Terminal) 5.500 07/01/2012 07/01/2007 E 30,048
- ----------------------------------------------------------------------------------------------------------------------------
25,000 MTA Commuter Facilities, Series 7 5.625 07/01/2016 1 07/01/2007 E 25,746
- ----------------------------------------------------------------------------------------------------------------------------
10,000 MTA Commuter Facilities, Series B 5.000 07/01/2017 07/01/2009 E 10,270
- ----------------------------------------------------------------------------------------------------------------------------
120,000 MTA Commuter Facilities, Series B 5.125 07/01/2024 07/01/2007 A 123,259
- ----------------------------------------------------------------------------------------------------------------------------
5,000 MTA Commuter Facilities, Series D 5.000 07/01/2016 07/01/2007 E 5,186
- ----------------------------------------------------------------------------------------------------------------------------
100,000 MTA Service Contract, Series 3 7.375 07/01/2008 01/06/2008 B 103,438
- ----------------------------------------------------------------------------------------------------------------------------
8,500,000 MTA Service Contract, Series A 5.125 01/01/2024 07/01/2012 A 9,028,700
- ----------------------------------------------------------------------------------------------------------------------------
15,350,000 MTA Service Contract, Series A 5.750 07/01/2031 07/01/2012 A 16,824,368
- ----------------------------------------------------------------------------------------------------------------------------
16,710,000 MTA, Series A 5.000 11/15/2026 11/15/2016 A 17,801,831
- ----------------------------------------------------------------------------------------------------------------------------
4,100,000 MTA, Series A 5.125 11/15/2031 11/15/2012 A 4,334,889
- ----------------------------------------------------------------------------------------------------------------------------
11,075,000 MTA, Series A 5.500 11/15/2026 11/15/2012 A 12,045,724
- ----------------------------------------------------------------------------------------------------------------------------
25,000,000 MTA, Series A 5.750 11/15/2032 11/15/2012 A 27,407,250
- ----------------------------------------------------------------------------------------------------------------------------
55,000 MTA, Series B 5.000 07/01/2020 1 07/01/2007 A 56,483
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 MTA, Series B-2 5.000 07/01/2017 07/01/2007 A 2,054,060
- ----------------------------------------------------------------------------------------------------------------------------
50,000 MTA, Series E 5.500 11/15/2021 11/15/2012 A 54,699
29 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 50,000 Municipal Assistance Corp. for Troy 5.000% 01/15/2016 07/15/2007 A $ 50,802
- ---------------------------------------------------------------------------------------------------------------------------
300,000 Nassau County Bridge Authority 5.250 10/01/2026 10/01/2007 A 309,159
- ---------------------------------------------------------------------------------------------------------------------------
645,000 Nassau County IDA (ACDS) 6.000 12/01/2019 12/02/2016 A 665,640
- ---------------------------------------------------------------------------------------------------------------------------
475,000 Nassau County IDA (ALIA-ACDS) 7.000 10/01/2016 11/01/2011 A 512,264
- ---------------------------------------------------------------------------------------------------------------------------
830,000 Nassau County IDA (ALIA-ACLD) 5.750 09/01/2011 02/03/2010 B 852,983
- ---------------------------------------------------------------------------------------------------------------------------
705,000 Nassau County IDA (ALIA-CMA) 7.000 10/01/2016 11/01/2011 A 760,307
- ---------------------------------------------------------------------------------------------------------------------------
545,000 Nassau County IDA (ALIA-CRR) 7.000 10/01/2016 11/01/2011 A 587,755
- ---------------------------------------------------------------------------------------------------------------------------
120,000 Nassau County IDA (ALIA-FREE) 7.000 10/01/2016 11/01/2011 A 129,414
- ---------------------------------------------------------------------------------------------------------------------------
495,000 Nassau County IDA (ALIA-HKSB) 7.000 10/01/2016 11/01/2011 A 533,833
- ---------------------------------------------------------------------------------------------------------------------------
1,870,000 Nassau County IDA (CSMR) 6.000 12/01/2019 12/03/2016 A 1,929,840
- ---------------------------------------------------------------------------------------------------------------------------
320,000 Nassau County IDA
(Engel Burman Senior Hsg.) 6.750 05/01/2017 11/01/2011 A,B 333,699
- ---------------------------------------------------------------------------------------------------------------------------
215,000 Nassau County IDA
(Engel Burman Senior Hsg.) 6.750 05/01/2017 11/01/2011 A,B 224,204
- ---------------------------------------------------------------------------------------------------------------------------
370,000 Nassau County IDA
(Engel Burman Senior Hsg.) 6.750 05/01/2017 11/01/2011 A 385,840
- ---------------------------------------------------------------------------------------------------------------------------
395,000 Nassau County IDA
(Engel Burman Senior Hsg.) 6.750 05/01/2017 11/01/2011 A 411,910
- ---------------------------------------------------------------------------------------------------------------------------
570,000 Nassau County IDA
(Engel Burman Senior Hsg.) 6.750 05/01/2017 11/01/2011 A 594,402
- ---------------------------------------------------------------------------------------------------------------------------
795,000 Nassau County IDA
(Epilepsy Foundation of Long Island) 6.000 12/01/2019 12/05/2016 A 820,599
- ---------------------------------------------------------------------------------------------------------------------------
155,000 Nassau County IDA (North Shore CFGA) 5.750 05/01/2008 11/05/2007 B 156,945
- ---------------------------------------------------------------------------------------------------------------------------
230,000 Nassau County IDA (United Cerebral Palsy) 5.750 11/01/2007 11/01/2007 232,008
- ---------------------------------------------------------------------------------------------------------------------------
1,125,000 Nassau County IDA (United Cerebral Palsy) 5.750 11/01/2009 11/06/2008 B 1,132,515
- ---------------------------------------------------------------------------------------------------------------------------
520,000 Nassau County IDA (WORCA) 6.000 12/01/2019 12/01/2016 A 539,568
- ---------------------------------------------------------------------------------------------------------------------------
145,000 Nassau County IDA, Series C 6.000 12/01/2019 12/04/2016 A 149,669
- ---------------------------------------------------------------------------------------------------------------------------
650,000 Nassau County Interim Finance Authority 5.125 11/15/2021 05/15/2007 A 657,306
- ---------------------------------------------------------------------------------------------------------------------------
80,000 Nassau County Interim Finance Authority 5.375 11/15/2012 05/15/2007 A 80,908
- ---------------------------------------------------------------------------------------------------------------------------
35,000 Nassau County Interim Finance Authority 5.375 11/15/2013 05/15/2007 A 35,397
- ---------------------------------------------------------------------------------------------------------------------------
21,000,000 Nassau County Tobacco Settlement Corp. 0.000 5 06/01/2026 12/03/2015 B 19,185,180
- ---------------------------------------------------------------------------------------------------------------------------
3,115,000 Nassau County Tobacco Settlement Corp. 5.700 07/15/2015 07/15/2007 F 3,303,831
- ---------------------------------------------------------------------------------------------------------------------------
590,000 Nassau County Tobacco Settlement Corp. 5.750 07/15/2016 07/15/2007 F 626,474
- ---------------------------------------------------------------------------------------------------------------------------
3,550,000 Nassau County Tobacco Settlement Corp. 5.875 07/15/2016 07/15/2008 F 3,780,182
- ---------------------------------------------------------------------------------------------------------------------------
725,000 Nassau County Tobacco Settlement Corp. 6.000 07/15/2017 07/15/2009 F 774,191
- ---------------------------------------------------------------------------------------------------------------------------
25,000 Nassau County Tobacco Settlement Corp. 6.000 07/15/2018 07/15/2009 A 26,696
- ---------------------------------------------------------------------------------------------------------------------------
5,440,000 Nassau County Tobacco Settlement Corp. 6.125 07/15/2018 07/15/2009 A 5,824,826
- ---------------------------------------------------------------------------------------------------------------------------
125,000 Nassau County Tobacco Settlement Corp. 6.200 07/15/2018 07/15/2009 A 134,059
- ---------------------------------------------------------------------------------------------------------------------------
2,215,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2019 1 07/15/2009 A 2,378,090
- ---------------------------------------------------------------------------------------------------------------------------
4,530,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2019 07/15/2009 A 4,863,544
- ---------------------------------------------------------------------------------------------------------------------------
3,620,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 07/15/2009 A 3,886,541
- ---------------------------------------------------------------------------------------------------------------------------
4,125,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 1 07/15/2009 A 4,428,724
30 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,255,000 Nassau County Tobacco Settlement Corp. 6.250% 07/15/2021 07/15/2009 A $ 2,421,036
- ---------------------------------------------------------------------------------------------------------------------------
4,925,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2021 07/15/2009 A 5,293,292
- ---------------------------------------------------------------------------------------------------------------------------
1,320,000 Nassau County Tobacco Settlement Corp. 6.300 07/15/2022 07/15/2009 A 1,418,710
- ---------------------------------------------------------------------------------------------------------------------------
18,175,000 Nassau County Tobacco Settlement Corp. 6.400 07/15/2033 07/15/2009 A 19,576,111
- ---------------------------------------------------------------------------------------------------------------------------
15,050,000 Nassau County Tobacco Settlement Corp. 6.500 07/15/2027 07/15/2009 A 16,244,970
- ---------------------------------------------------------------------------------------------------------------------------
5,000,000 Nassau County Tobacco Settlement Corp. 6.600 07/15/2039 07/15/2009 A 5,409,050
- ---------------------------------------------------------------------------------------------------------------------------
12,000,000 Nassau County Tobacco Settlement Corp.
(TASC) 5.000 06/01/2035 06/01/2016 A 12,284,880
- ---------------------------------------------------------------------------------------------------------------------------
300,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 12/28/2010 B 316,251
- ---------------------------------------------------------------------------------------------------------------------------
140,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 12/28/2010 B 147,584
- ---------------------------------------------------------------------------------------------------------------------------
180,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 12/28/2010 B 189,751
- ---------------------------------------------------------------------------------------------------------------------------
260,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 12/28/2010 B 274,149
- ---------------------------------------------------------------------------------------------------------------------------
195,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2011 B 205,563
- ---------------------------------------------------------------------------------------------------------------------------
195,000 Nassau IDA (EBS North Hills LLC) 7.000 11/01/2013 03/28/2011 B 205,563
- ---------------------------------------------------------------------------------------------------------------------------
50,000 New Hartford-Sunset Wood Funding Corp. 5.950 08/01/2027 08/01/2007 A 51,370
- ---------------------------------------------------------------------------------------------------------------------------
1,290,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 07/01/2009 A 1,351,314
- ---------------------------------------------------------------------------------------------------------------------------
245,000 New Rochelle Municipal Hsg. Authority,
Series A 5.000 12/01/2008 03/09/2008 B 248,273
- ---------------------------------------------------------------------------------------------------------------------------
80,000 New Rochelle Municipal Hsg. Authority,
Series B 6.500 12/01/2014 12/01/2008 E 85,599
- ---------------------------------------------------------------------------------------------------------------------------
1,465,000 Newark-Wayne Community Hospital 7.600 09/01/2015 03/01/2007 A 1,467,139
- ---------------------------------------------------------------------------------------------------------------------------
10,000 Newburgh GO 7.600 04/01/2008 04/01/2007 A 10,099
- ---------------------------------------------------------------------------------------------------------------------------
1,380,000 Newburgh IDA (Bourne & Kenney
Redevel. Company) 5.650 08/01/2020 1 08/01/2009 A 1,431,943
- ---------------------------------------------------------------------------------------------------------------------------
150,000 Niagara County IDA
(American Ref-Fuel Company) 5.550 11/15/2024 11/15/2011 A 156,747
- ---------------------------------------------------------------------------------------------------------------------------
13,560,000 Niagara County IDA
(Niagara Falls Memorial Medical Center) 5.500 11/01/2035 12/28/2007 C 13,995,005
- ---------------------------------------------------------------------------------------------------------------------------
5,000,000 Niagara County IDA (Solid Waste Disposal) 5.450 11/15/2025 11/15/2012 A 5,236,100
- ---------------------------------------------------------------------------------------------------------------------------
19,710,000 Niagara County IDA (Solid Waste Disposal) 5.550 11/15/2024 11/15/2011 A 20,885,702
- ---------------------------------------------------------------------------------------------------------------------------
9,850,000 Niagara County IDA (Solid Waste Disposal) 5.625 11/15/2024 11/15/2012 A 10,356,487
- ---------------------------------------------------------------------------------------------------------------------------
170,000 Niagara County Tobacco Asset
Securitization Corp. 5.375 05/15/2018 05/15/2009 F 176,713
- ---------------------------------------------------------------------------------------------------------------------------
175,000 Niagara County Tobacco Asset
Securitization Corp. 5.500 05/15/2019 05/15/2011 A 182,226
- ---------------------------------------------------------------------------------------------------------------------------
90,000 Niagara County Tobacco Asset
Securitization Corp. 5.500 05/15/2020 05/15/2011 A 93,796
- ---------------------------------------------------------------------------------------------------------------------------
1,175,000 Niagara County Tobacco Asset
Securitization Corp. 5.875 05/15/2022 05/15/2011 A 1,236,923
- ---------------------------------------------------------------------------------------------------------------------------
1,045,000 Niagara County Tobacco Asset
Securitization Corp. 6.250 05/15/2034 11/15/2010 A 1,113,071
- ---------------------------------------------------------------------------------------------------------------------------
945,000 Niagara County Tobacco Asset
Securitization Corp. 6.250 05/15/2040 05/15/2010 A 1,006,557
31 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 11,995,000 Niagara County Tobacco Asset
Securitization Corp. 6.750% 05/15/2029 1 05/15/2010 A $12,954,720
- ---------------------------------------------------------------------------------------------------------------------------
10,000 Niagara Falls HDC (Niagara Towers) 5.150 10/01/2010 10/01/2008 A 10,176
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 Niagara Falls Public Water Authority 5.500 07/15/2034 07/15/2015 A 1,113,690
- ---------------------------------------------------------------------------------------------------------------------------
25,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.000 04/01/2013 04/01/2008 A 25,554
- ---------------------------------------------------------------------------------------------------------------------------
5,360,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.625 04/01/2029 1 04/01/2009 A 5,613,099
- ---------------------------------------------------------------------------------------------------------------------------
210,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.750 04/01/2019 04/01/2009 A 220,943
- ---------------------------------------------------------------------------------------------------------------------------
610,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 08/01/2007 A 634,955
- ---------------------------------------------------------------------------------------------------------------------------
25,000 North Elba GO 5.400 06/01/2009 06/01/2007 A 25,187
- ---------------------------------------------------------------------------------------------------------------------------
935,000 NY Counties Tobacco Trust I 5.800 06/01/2023 11/08/2007 D 1,009,080
- ---------------------------------------------------------------------------------------------------------------------------
225,000 NY Counties Tobacco Trust I 5.800 06/01/2023 11/08/2007 D 230,164
- ---------------------------------------------------------------------------------------------------------------------------
9,625,000 NY Counties Tobacco Trust I 6.300 06/01/2019 1 06/01/2010 E 10,537,258
- ---------------------------------------------------------------------------------------------------------------------------
4,670,000 NY Counties Tobacco Trust I 6.300 06/01/2019 1 06/01/2010 A 4,989,381
- ---------------------------------------------------------------------------------------------------------------------------
8,650,000 NY Counties Tobacco Trust I 6.500 06/01/2035 06/01/2010 E 9,522,785
- ---------------------------------------------------------------------------------------------------------------------------
4,210,000 NY Counties Tobacco Trust I 6.500 06/01/2035 06/01/2010 A 4,520,235
- ---------------------------------------------------------------------------------------------------------------------------
3,295,000 NY Counties Tobacco Trust I 6.625 06/01/2042 1 06/01/2010 A 3,561,664
- ---------------------------------------------------------------------------------------------------------------------------
23,755,000 NY Counties Tobacco Trust II (TASC) 5.250 06/01/2025 03/17/2011 D 24,516,348
- ---------------------------------------------------------------------------------------------------------------------------
150,000 NY Counties Tobacco Trust II (TASC) 5.500 06/01/2011 06/01/2011 159,809
- ---------------------------------------------------------------------------------------------------------------------------
865,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 06/01/2012 A 907,688
- ---------------------------------------------------------------------------------------------------------------------------
1,055,000 NY Counties Tobacco Trust II (TASC) 2 5.750 06/01/2013 06/01/2011 A 1,133,260
- ---------------------------------------------------------------------------------------------------------------------------
1,925,000 NY Counties Tobacco Trust II (TASC) 2 5.750 06/01/2014 06/01/2011 A 2,058,942
- ---------------------------------------------------------------------------------------------------------------------------
750,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 06/01/2012 A 790,080
- ---------------------------------------------------------------------------------------------------------------------------
2,120,000 NY Counties Tobacco Trust II (TASC) 2 6.000 06/01/2015 06/01/2011 A 2,280,696
- ---------------------------------------------------------------------------------------------------------------------------
2,330,000 NY Counties Tobacco Trust II (TASC) 6.000 06/01/2016 06/01/2011 A 2,496,875
- ---------------------------------------------------------------------------------------------------------------------------
12,180,000 NY Counties Tobacco Trust III 5.000 06/01/2027 05/19/2009 D 12,471,589
- ---------------------------------------------------------------------------------------------------------------------------
4,980,000 NY Counties Tobacco Trust III 5.750 06/01/2033 09/26/2012 D 5,302,555
- ---------------------------------------------------------------------------------------------------------------------------
16,535,000 NY Counties Tobacco Trust III 6.000 06/01/2043 06/01/2013 A 17,871,855
- ---------------------------------------------------------------------------------------------------------------------------
4,905,000 NY Counties Tobacco Trust IV 4.250 06/01/2021 12/14/2011 B 4,849,083
- ---------------------------------------------------------------------------------------------------------------------------
38,400,000 NY Counties Tobacco Trust IV (TASC) 0.000 5 06/01/2041 08/03/2019 B 31,725,312
- ---------------------------------------------------------------------------------------------------------------------------
4,520,000 NY Counties Tobacco Trust IV (TASC) 4.750 06/01/2026 10/12/2009 B,D 4,574,918
- ---------------------------------------------------------------------------------------------------------------------------
38,400,000 NY Counties Tobacco Trust IV (TASC) 6.650 06/01/2041 06/01/2010 A 6,719,232
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 0.000 5 03/15/2029 03/15/2011 A 45,228
- ---------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 0.000 5 11/15/2037 11/15/2007 A 19,371
- ---------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.000 08/01/2015 08/01/2008 A 15,409
- ---------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.000 08/15/2016 08/15/2008 A 20,553
- ---------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.000 05/15/2018 05/15/2008 A 20,545
- ---------------------------------------------------------------------------------------------------------------------------
235,000 NYC GO 5.000 08/01/2018 02/01/2008 A 239,822
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.000 08/15/2018 08/15/2008 A 51,279
32 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,055,000 NYC GO 5.000% 12/01/2018 12/01/2014 A $ 1,128,956
- ---------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO 5.000 08/15/2019 08/15/2008 A 92,245
- ---------------------------------------------------------------------------------------------------------------------------
425,000 NYC GO 5.000 08/01/2020 08/01/2014 A 451,422
- ---------------------------------------------------------------------------------------------------------------------------
570,000 NYC GO 5.000 03/15/2021 03/15/2009 A 585,612
- ---------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC GO 5.000 08/01/2021 08/01/2015 A 4,244,880
- ---------------------------------------------------------------------------------------------------------------------------
110,000 NYC GO 5.000 08/01/2022 02/01/2009 A 112,825
- ---------------------------------------------------------------------------------------------------------------------------
85,000 NYC GO 5.000 08/01/2022 02/01/2008 A 86,946
- ---------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.000 08/01/2022 02/01/2008 A 25,458
- ---------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.000 08/01/2022 08/01/2008 A 10,287
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 08/01/2022 08/01/2015 A 1,059,740
- ---------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.000 08/01/2022 08/01/2010 A 25,551
- ---------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.000 08/01/2022 08/01/2008 A 25,717
- ---------------------------------------------------------------------------------------------------------------------------
1,500,000 NYC GO 5.000 08/01/2022 08/01/2015 A 1,589,610
- ---------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.000 08/01/2022 08/01/2008 A 10,287
- ---------------------------------------------------------------------------------------------------------------------------
205,000 NYC GO 5.000 08/15/2022 08/15/2008 A 209,574
- ---------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 5.000 09/15/2022 09/15/2013 A 41,936
- ---------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC GO 5.000 11/01/2022 11/01/2014 A 2,641,675
- ---------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.000 05/15/2023 05/15/2008 A 15,393
- ---------------------------------------------------------------------------------------------------------------------------
1,115,000 NYC GO 5.000 08/01/2023 02/01/2008 A 1,136,207
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 08/01/2023 08/01/2015 A 1,059,000
- ---------------------------------------------------------------------------------------------------------------------------
250,000 NYC GO 5.000 08/01/2023 08/01/2008 A 255,470
- ---------------------------------------------------------------------------------------------------------------------------
615,000 NYC GO 5.000 08/01/2023 08/01/2015 A 651,285
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.000 08/01/2023 02/01/2008 A 51,145
- ---------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC GO 5.000 08/01/2023 08/01/2015 A 4,236,000
- ---------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC GO 5.000 08/15/2023 08/15/2014 A 10,533,700
- ---------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC GO 5.000 09/01/2023 09/01/2015 A 3,178,350
- ---------------------------------------------------------------------------------------------------------------------------
6,750,000 NYC GO 5.000 11/01/2023 11/01/2014 A 7,127,933
- ---------------------------------------------------------------------------------------------------------------------------
11,340,000 NYC GO 5.000 12/01/2023 12/01/2014 A 12,071,430
- ---------------------------------------------------------------------------------------------------------------------------
8,500,000 NYC GO 5.000 04/01/2024 04/01/2016 A 9,026,575
- ---------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO 5.000 04/15/2024 04/15/2009 A 93,173
- ---------------------------------------------------------------------------------------------------------------------------
15,000,000 NYC GO 5.000 06/01/2024 06/01/2016 A 15,943,350
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 08/01/2024 08/01/2015 A 1,058,260
- ---------------------------------------------------------------------------------------------------------------------------
3,040,000 NYC GO 5.000 08/01/2024 08/01/2015 A 3,217,110
- ---------------------------------------------------------------------------------------------------------------------------
8,000,000 NYC GO 5.000 08/01/2024 02/01/2016 A 8,488,400
- ---------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 09/01/2024 09/01/2015 A 5,293,550
- ---------------------------------------------------------------------------------------------------------------------------
3,635,000 NYC GO 5.000 12/01/2024 12/01/2014 A 3,869,458
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 4 5.000 01/01/2025 01/01/2017 A 1,064,380
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 4 5.000 02/01/2025 02/01/2017 A 1,064,780
- ---------------------------------------------------------------------------------------------------------------------------
8,150,000 NYC GO 5.000 03/01/2025 03/01/2015 A 8,593,686
- ---------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC GO 5.000 06/01/2025 06/01/2015 A 6,335,160
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 08/01/2025 08/01/2015 A 1,056,780
33 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,335,000 NYC GO 5.000% 09/01/2025 09/01/2015 A $ 5,640,269
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 12/01/2025 12/01/2014 A 1,061,020
- ---------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 04/01/2026 04/01/2015 A 5,267,400
- ---------------------------------------------------------------------------------------------------------------------------
6,920,000 NYC GO 5.000 08/01/2026 08/01/2015 A 7,302,676
- ---------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 08/01/2026 08/01/2015 A 5,276,500
- ---------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC GO 5.000 08/01/2026 08/01/2015 A 4,221,200
- ---------------------------------------------------------------------------------------------------------------------------
1,830,000 NYC GO 5.000 11/01/2027 11/01/2014 A 1,922,452
- ---------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO 5.000 03/15/2029 03/15/2009 A 92,426
- ---------------------------------------------------------------------------------------------------------------------------
135,000 NYC GO 5.000 03/15/2029 03/15/2009 A 138,351
- ---------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.000 04/15/2029 04/15/2009 A 10,276
- ---------------------------------------------------------------------------------------------------------------------------
6,450,000 NYC GO 5.000 03/01/2030 03/01/2015 A 6,777,467
- ---------------------------------------------------------------------------------------------------------------------------
270,000 NYC GO 5.100 08/15/2027 08/15/2014 A 285,004
- ---------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.125 08/01/2018 08/01/2008 A 25,678
- ---------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.125 03/15/2019 03/15/2009 A 10,430
- ---------------------------------------------------------------------------------------------------------------------------
8,360,000 NYC GO 5.125 08/01/2022 02/01/2009 A 8,532,885
- ---------------------------------------------------------------------------------------------------------------------------
200,000 NYC GO 5.125 03/15/2025 03/15/2012 A 212,022
- ---------------------------------------------------------------------------------------------------------------------------
80,000 NYC GO 5.125 08/01/2025 02/01/2008 A 81,597
- ---------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.125 08/01/2025 08/01/2008 A 46,319
- ---------------------------------------------------------------------------------------------------------------------------
395,000 NYC GO 5.125 08/01/2025 08/01/2008 A 404,547
- ---------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.125 03/01/2028 03/01/2008 A 10,281
- ---------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 5.125 05/15/2029 05/15/2009 A 41,475
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.200 08/01/2021 08/01/2008 A 51,375
- ---------------------------------------------------------------------------------------------------------------------------
70,000 NYC GO 5.200 03/15/2028 03/15/2009 A 73,102
- ---------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.250 05/01/2012 05/01/2007 A 25,133
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 08/15/2013 08/15/2008 A 51,634
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 02/01/2014 02/01/2008 A 51,223
- ---------------------------------------------------------------------------------------------------------------------------
175,000 NYC GO 5.250 08/01/2015 08/01/2007 A 178,148
- ---------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.250 08/01/2015 02/01/2008 A 25,633
- ---------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.250 08/01/2015 08/01/2007 A 45,810
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 08/01/2016 08/01/2007 A 50,900
- ---------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.250 08/01/2016 02/01/2008 A 20,489
- ---------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.250 08/01/2016 02/01/2008 A 5,140
- ---------------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 5.250 08/01/2017 02/01/2008 A 76,778
- ---------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO 5.250 08/01/2019 08/01/2008 A 92,627
- ---------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.250 08/01/2019 08/01/2008 A 5,180
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 08/01/2020 08/01/2007 A 50,975
- ---------------------------------------------------------------------------------------------------------------------------
310,000 NYC GO 5.250 08/01/2020 08/01/2007 A 315,251
- ---------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.250 05/01/2021 05/01/2007 A 10,053
- ---------------------------------------------------------------------------------------------------------------------------
355,000 NYC GO 5.250 08/01/2021 08/01/2007 A 361,014
- ---------------------------------------------------------------------------------------------------------------------------
2,785,000 NYC GO 5.250 08/01/2021 08/01/2007 A 2,839,280
- ---------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.250 08/01/2021 08/01/2007 A 5,097
34 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 40,000 NYC GO 5.250% 11/15/2021 1 11/15/2007 A $ 40,812
- ---------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.250 01/15/2023 01/15/2013 A 26,601
- ---------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.250 08/15/2023 08/15/2008 A 15,445
- ---------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.250 08/15/2024 08/15/2014 A 1,074,290
- ---------------------------------------------------------------------------------------------------------------------------
5,110,000 NYC GO 5.250 08/15/2026 08/15/2014 A 5,482,672
- ---------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.250 06/01/2027 06/01/2012 A 21,617
- ---------------------------------------------------------------------------------------------------------------------------
160,000 NYC GO 5.250 06/01/2027 06/01/2012 A 168,819
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 01/15/2028 01/15/2013 A 53,009
- ---------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.250 01/15/2033 01/15/2013 A 21,738
- ---------------------------------------------------------------------------------------------------------------------------
180,000 NYC GO 5.250 01/15/2033 01/15/2013 A 190,732
- ---------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.300 08/01/2024 08/01/2008 A 20,599
- ---------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 5.300 01/15/2026 01/15/2013 A 43,584
- ---------------------------------------------------------------------------------------------------------------------------
95,000 NYC GO 5.300 01/15/2026 01/15/2013 A 101,282
- ---------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.350 08/01/2013 02/01/2008 A 20,528
- ---------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO 5.375 08/01/2015 08/01/2008 A 2,065,640
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.375 08/01/2017 08/01/2010 A 53,306
- ---------------------------------------------------------------------------------------------------------------------------
155,000 NYC GO 5.375 08/01/2017 08/01/2007 A 157,818
- ---------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 5.375 11/15/2017 11/15/2007 A 40,886
- ---------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.375 08/01/2019 08/01/2009 A 10,430
- ---------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.375 08/01/2019 02/01/2008 A 25,615
- ---------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.375 08/01/2019 02/01/2008 A 51,411
- ---------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.375 08/01/2020 08/01/2009 A 5,215
- ---------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.375 08/01/2022 08/01/2007 A 25,449
- ---------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.375 08/01/2022 08/01/2007 A 25,499
- ---------------------------------------------------------------------------------------------------------------------------
205,000 NYC GO 5.375 03/01/2027 03/01/2013 A 224,553
- ---------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 5.375 03/01/2027 03/01/2013 A 107,082
- ---------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.375 08/01/2027 08/01/2008 A 5,190
- ---------------------------------------------------------------------------------------------------------------------------
580,000 NYC GO 5.375 08/01/2027 08/01/2008 A 600,033
- ---------------------------------------------------------------------------------------------------------------------------
350,000 NYC GO 5.375 11/15/2027 11/15/2007 A 358,239
- ---------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 5.400 08/01/2011 08/01/2007 A 35,674
- ---------------------------------------------------------------------------------------------------------------------------
280,000 NYC GO 5.500 08/01/2022 08/01/2007 A 285,410
- ---------------------------------------------------------------------------------------------------------------------------
1,120,000 NYC GO 5.500 06/01/2023 06/01/2013 A 1,214,618
- ---------------------------------------------------------------------------------------------------------------------------
6,515,000 NYC GO 5.500 06/01/2023 06/01/2013 A 7,189,498
- ---------------------------------------------------------------------------------------------------------------------------
1,630,000 NYC GO 5.500 05/15/2024 1 05/15/2010 A 1,727,621
- ---------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.500 02/15/2026 02/15/2007 A 20,006
- ---------------------------------------------------------------------------------------------------------------------------
1,115,000 NYC GO 5.500 02/15/2026 02/15/2007 A 1,133,386
- ---------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.500 11/15/2037 11/15/2007 A 10,238
- ---------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.600 12/01/2009 06/01/2007 A 10,071
- ---------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.600 12/01/2010 06/01/2007 A 15,116
- ---------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 5.600 12/01/2013 06/01/2007 A 30,220
- ---------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.625 08/15/2008 02/15/2007 A 45,296
35 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 185,000 NYC GO 5.625% 08/15/2009 02/15/2007 A $ 186,215
- ----------------------------------------------------------------------------------------------------------------------------
95,000 NYC GO 5.625 10/01/2020 04/01/2007 A 95,631
- ----------------------------------------------------------------------------------------------------------------------------
220,000 NYC GO 5.700 08/15/2010 02/15/2007 A 221,459
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.750 05/15/2012 05/15/2007 A 10,016
- ----------------------------------------------------------------------------------------------------------------------------
1,910,000 NYC GO 5.750 08/01/2012 08/01/2007 A 1,949,862
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYC GO 5.750 03/01/2018 03/01/2013 A 72,536
- ----------------------------------------------------------------------------------------------------------------------------
970,000 NYC GO 5.750 03/01/2018 03/01/2013 A 1,064,750
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.750 08/01/2018 08/01/2012 A 546,555
- ----------------------------------------------------------------------------------------------------------------------------
190,000 NYC GO 5.750 08/01/2018 08/01/2012 A 210,558
- ----------------------------------------------------------------------------------------------------------------------------
310,000 NYC GO 5.750 08/01/2018 08/01/2012 A 338,213
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.750 03/01/2020 03/01/2013 A 557,970
- ----------------------------------------------------------------------------------------------------------------------------
5,010,000 NYC GO 5.750 03/01/2021 03/01/2013 E 5,590,859
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.875 11/01/2011 11/01/2008 A 15,248
- ----------------------------------------------------------------------------------------------------------------------------
55,000 NYC GO 5.875 08/01/2015 08/01/2007 A 56,181
- ----------------------------------------------------------------------------------------------------------------------------
7,155,000 NYC GO 5.875 06/01/2019 06/01/2012 A 7,846,674
- ----------------------------------------------------------------------------------------------------------------------------
505,000 NYC GO 5.875 08/01/2019 08/01/2012 E 562,812
- ----------------------------------------------------------------------------------------------------------------------------
4,770,000 NYC GO 5.875 08/01/2019 08/01/2012 A 5,243,852
- ----------------------------------------------------------------------------------------------------------------------------
5,495,000 NYC GO 5.875 06/01/2020 06/01/2012 A 6,026,202
- ----------------------------------------------------------------------------------------------------------------------------
6,645,000 NYC GO 5.875 06/01/2021 06/01/2012 A 7,287,372
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 05/15/2010 05/15/2007 A 15,026
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 6.000 05/15/2011 05/15/2007 A 50,086
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 02/01/2012 02/01/2007 A 5,083
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 6.000 04/15/2012 04/15/2007 A 25,403
- ----------------------------------------------------------------------------------------------------------------------------
140,000 NYC GO 6.000 08/01/2013 08/01/2007 A 143,100
- ----------------------------------------------------------------------------------------------------------------------------
580,000 NYC GO 6.000 08/01/2017 08/01/2007 A 593,149
- ----------------------------------------------------------------------------------------------------------------------------
670,000 NYC GO 6.000 08/01/2017 08/01/2007 A 685,189
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 05/15/2018 05/15/2010 A 10,782
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 02/01/2022 02/01/2007 A 5,083
- ----------------------------------------------------------------------------------------------------------------------------
115,000 NYC GO 6.000 05/15/2022 05/15/2010 A 124,699
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 05/15/2022 05/15/2010 A 16,148
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 6.000 02/15/2024 02/15/2007 A 35,584
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.125 08/01/2025 1 08/01/2007 A 10,233
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 6.125 08/01/2025 08/01/2007 A 25,577
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.125 08/01/2025 08/01/2007 A 5,117
- ----------------------------------------------------------------------------------------------------------------------------
825,000 NYC GO 6.250 08/01/2009 02/01/2007 A 838,951
- ----------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 6.250 08/01/2009 02/01/2007 A 61,021
- ----------------------------------------------------------------------------------------------------------------------------
255,000 NYC GO 6.350 05/15/2014 05/15/2008 A 265,985
- ----------------------------------------------------------------------------------------------------------------------------
1,130,000 NYC GO 6.500 05/15/2017 05/15/2010 A 1,236,130
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2009 02/01/2007 A 5,014
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 12/01/2010 06/01/2007 A 5,065
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2011 02/01/2007 A 5,014
36 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 30,000 NYC GO 7.000% 02/01/2012 02/01/2007 A $ 30,080
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2018 02/01/2007 A 5,013
- ----------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 7.250 02/01/2007 02/01/2007 60,188
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.250 02/01/2007 02/01/2007 5,015
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.500 02/01/2007 02/01/2007 15,045
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.500 02/01/2009 02/01/2007 A 15,045
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 7.650 02/01/2007 02/01/2007 40,124
- ----------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 7.750 08/15/2027 02/15/2007 A 45,219
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO DIAMONDS 0.000 5 08/01/2025 1 08/01/2007 A 24,567
- ----------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO RIBS 7.986 6 08/29/2008 02/01/2007 A 90,270
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO RIBS 7.986 6 08/13/2009 02/01/2007 A 100,298
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 7.986 6 07/29/2010 02/01/2007 A 50,149
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO RIBS 8.084 6 08/22/2013 02/01/2007 A 100,306
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 8.084 6 08/27/2015 02/01/2007 A 50,153
- ----------------------------------------------------------------------------------------------------------------------------
450,000 NYC GO RIBS 8.170 6 09/01/2011 02/01/2007 A 451,818
- ----------------------------------------------------------------------------------------------------------------------------
29,000,000 NYC GO 7 5.000 06/01/2023 06/01/2015 30,683,305
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYC HDC (Barclay Avenue) 5.750 04/01/2007 04/01/2007 35,105
- ----------------------------------------------------------------------------------------------------------------------------
4,610,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 05/01/2014 A 4,857,649
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2031 11/01/2010 A 20,625
- ----------------------------------------------------------------------------------------------------------------------------
900,000 NYC HDC (Multifamily Hsg.), Series A 5.375 11/01/2023 05/01/2012 A 934,569
- ----------------------------------------------------------------------------------------------------------------------------
450,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2009 05/01/2008 A 451,530
- ----------------------------------------------------------------------------------------------------------------------------
845,000 NYC HDC (Multifamily Hsg.), Series A 5.625 05/01/2012 05/01/2008 A 858,689
- ----------------------------------------------------------------------------------------------------------------------------
1,200,000 NYC HDC (Multifamily Hsg.), Series E 2 6.250 05/01/2036 11/01/2009 A 1,284,600
- ----------------------------------------------------------------------------------------------------------------------------
17,510,000 NYC HDC, Series A 7 5.000 07/01/2025 07/01/2015 18,690,349
- ----------------------------------------------------------------------------------------------------------------------------
185,000 NYC HDC, Series A 5.000 07/01/2010 07/01/2010 193,179
- ----------------------------------------------------------------------------------------------------------------------------
4,450,000 NYC HDC, Series A 5.000 07/01/2025 07/01/2015 A 4,749,975
- ----------------------------------------------------------------------------------------------------------------------------
2,215,000 NYC HDC, Series C 2 5.000 11/01/2026 11/01/2015 A 2,287,563
- ----------------------------------------------------------------------------------------------------------------------------
27,700,000 NYC Health & Hospital Corp. 5.250 02/15/2017 1 02/15/2010 A 28,561,747
- ----------------------------------------------------------------------------------------------------------------------------
1,010,000 NYC Health & Hospital Corp. 5.450 02/15/2026 02/15/2012 A 1,064,459
- ----------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC Health & Hospital Corp. (Health System) 5.250 02/15/2022 02/15/2013 A 3,213,660
- ----------------------------------------------------------------------------------------------------------------------------
705,000 NYC IDA (Acme Architectural Products) 5.875 11/01/2009 10/14/2008 B 707,623
- ----------------------------------------------------------------------------------------------------------------------------
9,400,000 NYC IDA (AIRIS JFK I/JFK International Airport) 5.500 07/01/2028 07/01/2011 A 9,711,798
- ----------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC IDA (AIRIS JFK I/JFK International Airport) 6.000 07/01/2015 07/01/2011 A 10,512,000
- ----------------------------------------------------------------------------------------------------------------------------
75,000 NYC IDA (Anti-Defamation League Foundation) 5.500 06/01/2022 06/01/2007 A 77,072
- ----------------------------------------------------------------------------------------------------------------------------
195,000 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/2008 04/07/2008 B 199,140
- ----------------------------------------------------------------------------------------------------------------------------
3,820,000 NYC IDA (Beth Abraham Health Services) 6.000 02/15/2013 10/10/2010 B 3,995,758
- ----------------------------------------------------------------------------------------------------------------------------
830,000 NYC IDA (Beth Abraham Health Services) 6.000 11/15/2013 04/28/2010 B 871,608
- ----------------------------------------------------------------------------------------------------------------------------
400,000 NYC IDA (Beth Abraham Health Services) 6.000 11/15/2013 08/04/2010 B 420,052
37 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 60,000 NYC IDA (Brooklyn Heights
Montessori School) 7.500% 01/01/2007 01/01/2007 $ 60,011
- ----------------------------------------------------------------------------------------------------------------------------
855,000 NYC IDA (Calhoun School) 6.250 12/01/2016 12/01/2016 898,733
- ----------------------------------------------------------------------------------------------------------------------------
5,620,000 NYC IDA (Calhoun School) 6.250 12/01/2017 07/17/2013 B 5,636,523
- ----------------------------------------------------------------------------------------------------------------------------
655,000 NYC IDA (Center for Elimination
of Family Violence) 6.250 11/01/2016 10/21/2012 B 665,860
- ----------------------------------------------------------------------------------------------------------------------------
7,625,000 NYC IDA (Chapin School) 4.800 11/01/2018 08/01/2017 A 7,607,768
- ----------------------------------------------------------------------------------------------------------------------------
220,000 NYC IDA (Chardan Corp.) 6.250 11/01/2008 04/30/2008 B 220,062
- ----------------------------------------------------------------------------------------------------------------------------
235,000 NYC IDA (College of Aeronautics) 5.500 05/01/2012 05/01/2008 A 244,764
- ----------------------------------------------------------------------------------------------------------------------------
550,000 NYC IDA (College of Aeronautics) 5.500 05/01/2013 05/01/2008 A 572,853
- ----------------------------------------------------------------------------------------------------------------------------
300,000 NYC IDA (College of New Rochelle) 6.200 09/01/2010 1 03/01/2007 A 303,525
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (College of New Rochelle) 6.300 09/01/2015 1 03/01/2007 A 505,820
- ----------------------------------------------------------------------------------------------------------------------------
855,000 NYC IDA
(Comprehensive Care Management) 5.625 11/01/2015 11/01/2015 870,424
- ----------------------------------------------------------------------------------------------------------------------------
650,000 NYC IDA
(Comprehensive Care Management) 5.625 11/01/2015 11/01/2015 661,726
- ----------------------------------------------------------------------------------------------------------------------------
195,000 NYC IDA
(Comprehensive Care Management) 5.750 11/01/2008 04/30/2008 B 197,071
- ----------------------------------------------------------------------------------------------------------------------------
75,000 NYC IDA
(Comprehensive Care Management) 5.750 11/01/2008 04/30/2008 B 75,787
- ----------------------------------------------------------------------------------------------------------------------------
2,900,000 NYC IDA
(Comprehensive Care Management) 5.750 08/01/2018 12/04/2014 B 2,951,417
- ----------------------------------------------------------------------------------------------------------------------------
2,945,000 NYC IDA
(Comprehensive Care Management) 5.750 11/01/2018 12/04/2014 B 2,997,215
- ----------------------------------------------------------------------------------------------------------------------------
3,070,000 NYC IDA
(Comprehensive Care Management) 5.750 05/01/2019 12/03/2015 D 3,144,171
- ----------------------------------------------------------------------------------------------------------------------------
245,000 NYC IDA (Essie Cosmetics) 5.500 11/01/2008 04/22/2008 B 245,576
- ----------------------------------------------------------------------------------------------------------------------------
870,000 NYC IDA (Family Support Systems) 6.500 11/01/2014 05/01/2007 A 872,445
- ----------------------------------------------------------------------------------------------------------------------------
210,000 NYC IDA (Gabrielli Truck Sales) 7.250 12/01/2007 12/01/2007 212,879
- ----------------------------------------------------------------------------------------------------------------------------
1,025,000 NYC IDA (Global Country World Peace) 6.250 11/01/2015 12/19/2012 B 1,035,066
- ----------------------------------------------------------------------------------------------------------------------------
955,000 NYC IDA (Global Country World Peace) 6.250 11/01/2025 10/20/2012 B 955,067
- ----------------------------------------------------------------------------------------------------------------------------
1,530,000 NYC IDA (Gourmet Boutique) 5.250 05/01/2013 11/23/2011 B 1,526,129
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 12/19/2014 D 508,875
- ----------------------------------------------------------------------------------------------------------------------------
35,625,000 NYC IDA (Japan Airlines) 6.000 11/01/2015 05/01/2007 A 35,874,375
- ----------------------------------------------------------------------------------------------------------------------------
75,000 NYC IDA (Julia Gray) 6.500 11/01/2007 11/01/2007 75,312
- ----------------------------------------------------------------------------------------------------------------------------
2,355,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2013 12/01/2012 A 2,523,783
- ----------------------------------------------------------------------------------------------------------------------------
730,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2015 12/01/2012 A 778,370
- ----------------------------------------------------------------------------------------------------------------------------
2,880,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2016 12/01/2012 A 3,066,797
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2017 12/01/2012 A 2,125,840
- ----------------------------------------------------------------------------------------------------------------------------
3,210,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2018 12/01/2012 A 3,408,539
- ----------------------------------------------------------------------------------------------------------------------------
250,000 NYC IDA (Marymount School of NY) 5.125 09/01/2021 09/01/2013 A 259,853
- ----------------------------------------------------------------------------------------------------------------------------
1,900,000 NYC IDA
(Metropolitan College of New York) 5.750 03/01/2020 12/14/2017 B 1,890,291
38 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 4,585,000 NYC IDA (MMC Corp.) 5.125% 11/01/2025 11/01/2010 A $4,744,329
- ----------------------------------------------------------------------------------------------------------------------------
5,865,000 NYC IDA (MMC Corp.) 5.125 11/01/2035 11/01/2010 A 6,054,088
- ----------------------------------------------------------------------------------------------------------------------------
125,000 NYC IDA (Morrisons Pastry) 5.750 11/01/2009 11/01/2007 B 125,151
- ----------------------------------------------------------------------------------------------------------------------------
1,810,000 NYC IDA (Polytechnic University) 5.250 11/01/2008 11/01/2008 1,822,942
- ----------------------------------------------------------------------------------------------------------------------------
2,005,000 NYC IDA (Polytechnic University) 5.750 11/01/2010 11/01/2010 2,064,188
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Polytechnic University) 5.750 11/01/2012 11/01/2010 A 519,800
- ----------------------------------------------------------------------------------------------------------------------------
255,000 NYC IDA (Precision Gear) 5.875 11/01/2009 11/07/2008 B 258,700
- ----------------------------------------------------------------------------------------------------------------------------
210,000 NYC IDA (Precision Gear) 5.875 11/01/2009 09/09/2008 B 212,245
- ----------------------------------------------------------------------------------------------------------------------------
60,000 NYC IDA (Precision Gear) 6.500 11/01/2008 11/11/2008 61,130
- ----------------------------------------------------------------------------------------------------------------------------
1,200,000 NYC IDA (Reece School) 6.500 12/01/2017 12/14/2013 B 1,218,336
- ----------------------------------------------------------------------------------------------------------------------------
405,000 NYC IDA (Reece School) 6.500 12/01/2017 12/18/2013 B 405,045
- ----------------------------------------------------------------------------------------------------------------------------
225,000 NYC IDA (Rockefeller Foundation) 5.375 07/01/2023 07/01/2007 A 226,226
- ----------------------------------------------------------------------------------------------------------------------------
3,705,000 NYC IDA (Rosco, Inc.) 6.125 06/01/2022 06/01/2007 C 3,742,087
- ----------------------------------------------------------------------------------------------------------------------------
4,100,000 NYC IDA (Samaritan Aids Services) 5.000 11/01/2024 11/01/2011 A 4,252,069
- ----------------------------------------------------------------------------------------------------------------------------
890,000 NYC IDA (Showman Fabricators) 7.125 11/01/2013 11/24/2010 B 901,721
- ----------------------------------------------------------------------------------------------------------------------------
495,000 NYC IDA
(Special Needs Facilities Pooled Program) 5.950 07/01/2008 01/05/2008 B 505,073
- ----------------------------------------------------------------------------------------------------------------------------
1,265,000 NYC IDA (Studio School) 6.250 11/01/2018 11/01/2018 1,265,595
- ----------------------------------------------------------------------------------------------------------------------------
5,855,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2017 01/01/2016 A 6,388,742
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC IDA (Terminal One Group Assoc.) 2 5.500 01/01/2018 01/01/2016 A 5,436,300
- ----------------------------------------------------------------------------------------------------------------------------
11,670,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2019 01/01/2016 A 12,679,222
- ----------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC IDA (Terminal One Group Assoc.) 2 5.500 01/01/2020 01/01/2016 A 2,720,100
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Terminal One Group Assoc.) 2 5.500 01/01/2021 01/01/2016 A 2,176,080
- ----------------------------------------------------------------------------------------------------------------------------
22,500,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2024 01/01/2016 A 24,376,050
- ----------------------------------------------------------------------------------------------------------------------------
1,830,000 NYC IDA (The Child School) 7.000 06/01/2013 12/06/2010 B 1,971,349
- ----------------------------------------------------------------------------------------------------------------------------
180,000 NYC IDA (United Nations School) 6.150 12/01/2007 12/01/2007 183,402
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Urban Resource Institute) 5.250 03/01/2023 03/01/2013 A 1,073,930
- ----------------------------------------------------------------------------------------------------------------------------
1,160,000 NYC IDA (Urban Resource Institute) 6.500 11/01/2013 11/04/2010 B 1,204,463
- ----------------------------------------------------------------------------------------------------------------------------
925,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2016 11/01/2016 941,262
- ----------------------------------------------------------------------------------------------------------------------------
3,225,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2016 12/01/2016 3,281,696
- ----------------------------------------------------------------------------------------------------------------------------
4,600,000 NYC IDA (Visy Paper) 7.800 01/01/2016 07/01/2007 A 4,658,834
- ----------------------------------------------------------------------------------------------------------------------------
815,000 NYC IDA (Vocational Instruction) 7.250 02/01/2013 04/21/2010 B 785,880
- ----------------------------------------------------------------------------------------------------------------------------
90,000 NYC IDA (World Casing Corp.) 5.950 11/01/2007 11/01/2007 89,921
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (YMCA of Greater NY) 5.250 08/01/2021 02/01/2011 A 519,040
- ----------------------------------------------------------------------------------------------------------------------------
6,490,000 NYC IDA (YMCA of Greater NY) 5.800 08/01/2016 1 01/01/2009 A 6,674,641
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Zeluck, Inc.) 6.250 11/01/2011 11/01/2007 A 503,135
- ----------------------------------------------------------------------------------------------------------------------------
16,350,000 NYC IDA Special Facilities
(JFK International Airport) 8.000 08/01/2012 08/01/2012 18,740,697
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYC Municipal Water Finance Authority 4.875 06/15/2021 06/15/2008 A 20,463
- ----------------------------------------------------------------------------------------------------------------------------
685,000 NYC Municipal Water Finance Authority 5.000 06/15/2021 06/15/2007 A 696,083
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYC Municipal Water Finance Authority 5.000 06/15/2027 06/15/2008 A 35,844
39 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 65,000 NYC Municipal Water Finance Authority 5.000% 06/15/2027 06/15/2008 A $ 66,610
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.000 06/15/2027 06/15/2008 A 51,239
- ----------------------------------------------------------------------------------------------------------------------------
105,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 06/15/2009 A 108,616
- ----------------------------------------------------------------------------------------------------------------------------
15,010,000 NYC Municipal Water Finance Authority 5.000 06/15/2034 06/15/2013 A 15,700,310
- ----------------------------------------------------------------------------------------------------------------------------
85,000 NYC Municipal Water Finance Authority 5.125 06/15/2017 1 06/15/2007 A 86,435
- ----------------------------------------------------------------------------------------------------------------------------
200,000 NYC Municipal Water Finance Authority 5.125 06/15/2021 06/15/2007 A 203,368
- ----------------------------------------------------------------------------------------------------------------------------
225,000 NYC Municipal Water Finance Authority 5.125 06/15/2021 06/15/2007 A 228,789
- ----------------------------------------------------------------------------------------------------------------------------
3,085,000 NYC Municipal Water Finance Authority 5.125 06/15/2021 06/15/2007 A 3,136,951
- ----------------------------------------------------------------------------------------------------------------------------
55,000 NYC Municipal Water Finance Authority 5.125 06/15/2021 06/15/2007 A 55,926
- ----------------------------------------------------------------------------------------------------------------------------
175,000 NYC Municipal Water Finance Authority 5.125 06/15/2021 06/15/2007 A 177,797
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYC Municipal Water Finance Authority 5.125 06/15/2022 06/15/2008 A 66,057
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYC Municipal Water Finance Authority 5.125 06/15/2030 06/15/2007 A 66,021
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.125 06/15/2030 06/15/2008 A 50,786
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 06/15/2011 A 2,089,920
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC Municipal Water Finance Authority 5.200 06/15/2013 06/15/2007 A 10,168
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYC Municipal Water Finance Authority 5.250 06/15/2018 06/15/2007 A 35,606
- ----------------------------------------------------------------------------------------------------------------------------
390,000 NYC Municipal Water Finance Authority 5.375 06/15/2007 06/15/2007 390,550
- ----------------------------------------------------------------------------------------------------------------------------
855,000 NYC Municipal Water Finance Authority 5.750 06/15/2013 1 06/15/2007 A 891,808
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.750 06/15/2013 1 06/15/2007 E 52,153
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYC Transitional Finance Authority 5.000 05/01/2026 1 05/01/2008 A 66,529
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC Transitional Finance Authority, Series E 5.000 02/01/2026 02/01/2013 A 2,098,800
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYC Trust for Cultural Resources
(American Museum of Natural History) 5.250 07/01/2019 07/01/2009 A 10,487
- ----------------------------------------------------------------------------------------------------------------------------
200,000 NYC Trust for Cultural Resources
(American Museum of Natural History) 5.600 04/01/2018 04/01/2007 A 203,008
- ----------------------------------------------------------------------------------------------------------------------------
4,945,000 NYC Trust for Cultural Resources
(American Museum of Natural History) 5.650 04/01/2022 04/01/2007 A 5,019,571
- ----------------------------------------------------------------------------------------------------------------------------
15,250,000 NYC Trust for Cultural Resources
(American Museum of Natural History) 5.650 04/01/2027 1 04/01/2007 A 15,475,090
- ----------------------------------------------------------------------------------------------------------------------------
750,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.000 07/01/2022 1 07/01/2010 A 809,610
- ----------------------------------------------------------------------------------------------------------------------------
2,540,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.125 07/01/2030 1 07/01/2010 A 2,750,033
- ----------------------------------------------------------------------------------------------------------------------------
250,000 NYC Trust for Cultural Resources
(Museum of Modern Art) 5.125 07/01/2031 07/01/2012 A 264,408
- ----------------------------------------------------------------------------------------------------------------------------
595,000 NYC Trust for Cultural Resources
(Museum of Modern Art) 5.500 01/01/2016 07/01/2007 A 607,757
- ----------------------------------------------------------------------------------------------------------------------------
1,010,000 NYC Trust for Cultural Resources
(Museum of Modern Art) 5.500 01/01/2021 07/01/2007 A 1,031,735
- ----------------------------------------------------------------------------------------------------------------------------
120,000 NYS DA (Albany Memorial Hospital) 5.500 07/01/2010 1 07/01/2007 A 120,748
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Amsterdam Memorial Hospital) 6.000 08/01/2016 02/01/2007 A 20,435
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Amsterdam Memorial Hospital) 6.000 08/01/2025 02/01/2007 A 25,540
40 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 25,000 NYS DA (Audit & Control) 5.500% 04/01/2023 04/01/2009 A $ 26,250
- ----------------------------------------------------------------------------------------------------------------------------
250,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1 02/01/2012 A 266,588
- ----------------------------------------------------------------------------------------------------------------------------
4,625,000 NYS DA (Barnard College) 5.250 07/01/2026 07/01/2007 A 4,705,013
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Brookdale Hospital Medical Center) 5.200 02/15/2016 02/15/2010 A 15,422
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (Brookdale Hospital) 5.300 02/15/2017 02/15/2008 A 66,887
- ----------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (Brooklyn Hospital Center) 5.100 02/01/2019 02/01/2009 A 62,131
- ----------------------------------------------------------------------------------------------------------------------------
1,300,000 NYS DA (Canisius College) 5.000 07/01/2022 07/01/2015 A 1,381,861
- ----------------------------------------------------------------------------------------------------------------------------
1,120,000 NYS DA (Catskill Regional Medical Center) 5.250 02/15/2023 02/15/2015 A 1,217,496
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (Champlain Valley Physicians) 5.000 07/01/2017 07/01/2007 A 71,740
- ----------------------------------------------------------------------------------------------------------------------------
1,350,000 NYS DA (Chapel Oaks) 5.375 07/01/2017 1 07/01/2008 A 1,406,444
- ----------------------------------------------------------------------------------------------------------------------------
960,000 NYS DA (City University) 5.000 07/01/2017 07/01/2008 A 983,213
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (City University) 5.000 07/01/2026 07/01/2008 A 41,398
- ----------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (City University) 5.250 07/01/2012 07/01/2008 A 61,841
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (City University) 5.250 07/01/2025 07/01/2008 A 104,307
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Cooper Union for Advancement
of Science & Art) 6.250 07/01/2029 07/01/2009 A 26,843
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Culinary Institute of America) 5.000 07/01/2022 07/01/2009 A 20,770
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Dept. of Education) 5.650 07/01/2014 07/01/2007 A 10,300
- ----------------------------------------------------------------------------------------------------------------------------
350,000 NYS DA (Dept. of Health) 5.000 07/01/2021 07/01/2014 A 369,366
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Dept. of Health) 5.000 07/01/2024 07/01/2008 A 10,212
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Dept. of Health) 5.000 07/01/2028 07/01/2009 A 36,244
- ----------------------------------------------------------------------------------------------------------------------------
880,000 NYS DA (Dept. of Health) 5.250 07/01/2023 07/01/2014 A 949,238
- ----------------------------------------------------------------------------------------------------------------------------
4,620,000 NYS DA (Dept. of Health) 5.250 07/01/2024 07/01/2015 A 5,027,669
- ----------------------------------------------------------------------------------------------------------------------------
820,000 NYS DA (Dept. of Health) 5.500 07/01/2021 07/01/2007 A 842,394
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Eger Health Care Center &
Rehabilitation Center) 5.100 02/01/2028 02/01/2010 A 51,558
- ----------------------------------------------------------------------------------------------------------------------------
2,525,000 NYS DA (Ellis Hospital) 5.050 08/15/2024 08/15/2014 A 2,663,547
- ----------------------------------------------------------------------------------------------------------------------------
145,000 NYS DA (Ellis Hospital) 5.500 08/01/2015 08/01/2007 A 145,135
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 02/01/2007 A 136,500
- ----------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA (Ellis Hospital) 5.625 08/01/2035 1 08/01/2007 A 176,908
- ----------------------------------------------------------------------------------------------------------------------------
125,000 NYS DA (Episcopal Health) 5.900 08/01/2020 1 02/01/2007 A 125,189
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYS DA (FNHC/KR/MMWNHC
Obligated Group) 5.500 07/01/2010 1 07/01/2007 A 151,092
- ----------------------------------------------------------------------------------------------------------------------------
460,000 NYS DA (FNHC/KR/MMWNHC
Obligated Group) 5.750 07/01/2017 07/01/2007 A 464,034
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Fordham University) 5.000 07/01/2028 07/01/2008 A 30,765
- ----------------------------------------------------------------------------------------------------------------------------
3,835,000 NYS DA (Frances Schervier Home &
Hospital Obligated Group) 5.500 07/01/2017 1 07/01/2007 A 3,941,306
- ----------------------------------------------------------------------------------------------------------------------------
10,055,000 NYS DA (Frances Schervier Home &
Hospital Obligated Group) 5.500 07/01/2027 1 07/01/2007 A 10,343,780
- ----------------------------------------------------------------------------------------------------------------------------
240,000 NYS DA (Frances Schervier Home &
Hospital Obligated Group) 5.500 07/01/2027 1 07/01/2007 A 246,648
41 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 50,000 NYS DA (German Masonic Home) 5.950% 08/01/2026 1 08/01/2008 A $ 51,080
- ----------------------------------------------------------------------------------------------------------------------------
115,000 NYS DA (German Masonic Home) 6.000 08/01/2036 02/01/2007 A 118,756
- ----------------------------------------------------------------------------------------------------------------------------
470,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 07/01/2007 A 480,312
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Hamilton College) 5.125 07/01/2016 07/01/2009 A 15,659
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Health Center/BFCC/USBFCC
Obligated Group) 5.000 11/15/2019 11/15/2011 A 1,050,880
- ----------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (Hebrew Hospital
Home of Westchester) 5.625 08/01/2016 08/01/2007 A 61,075
- ----------------------------------------------------------------------------------------------------------------------------
2,010,000 NYS DA (Highland Community Devel. Corp.) 5.500 07/01/2023 07/16/2008 C 2,010,181
- ----------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (Hospital for Special Surgery) 5.000 02/01/2018 02/01/2008 A 76,705
- ----------------------------------------------------------------------------------------------------------------------------
140,000 NYS DA (Hospital for Special Surgery) 5.000 02/01/2028 02/01/2008 A 142,979
- ----------------------------------------------------------------------------------------------------------------------------
17,315,000 NYS DA (Hospital) 6.450 08/15/2024 08/15/2012 A 19,470,025
- ----------------------------------------------------------------------------------------------------------------------------
2,255,000 NYS DA (Hunts Point Multi-Service Center) 5.625 07/01/2022 01/01/2008 A 2,341,164
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Ideal Senior Living Center Hsg.) 5.900 08/01/2026 02/01/2007 A 101,154
- ----------------------------------------------------------------------------------------------------------------------------
1,220,000 NYS DA (Ideal Senior Living Center Hsg.) 5.900 08/01/2026 02/01/2007 A 1,234,311
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Interfaith Medical Center) 5.300 02/15/2019 02/15/2008 A 51,432
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Interfaith Medical Center) 5.400 02/15/2028 02/15/2008 A 20,645
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (John T. Mather Memorial Hospital) 5.250 07/01/2015 07/01/2007 A 35,740
- ----------------------------------------------------------------------------------------------------------------------------
130,000 NYS DA (John T. Mather Memorial Hospital) 5.375 07/01/2019 07/01/2008 A 132,753
- ----------------------------------------------------------------------------------------------------------------------------
1,585,000 NYS DA (John T. Mather Memorial Hospital) 5.750 07/01/2025 07/01/2007 A 1,619,188
- ----------------------------------------------------------------------------------------------------------------------------
4,910,000 NYS DA (Kaleida Health) 5.050 02/15/2025 02/15/2014 A 5,168,561
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA ( L.I. Jewish Medical Center) 5.000 07/01/2018 07/01/2008 A 51,157
- ----------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA ( L.I. Jewish Medical Center) 5.000 07/01/2025 07/01/2008 A 179,828
- ----------------------------------------------------------------------------------------------------------------------------
965,000 NYS DA ( L.I. University) 5.125 09/01/2010 09/01/2009 E 1,010,480
- ----------------------------------------------------------------------------------------------------------------------------
55,000 NYS DA ( L.I. University) 5.125 09/01/2010 09/01/2009 E 58,240
- ----------------------------------------------------------------------------------------------------------------------------
250,000 NYS DA (Lakeside Home) 6.000 02/01/2037 02/01/2007 A 255,440
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Le Moyne College) 5.000 07/01/2009 07/01/2007 A 10,011
- ----------------------------------------------------------------------------------------------------------------------------
725,000 NYS DA (Le Moyne College) 5.000 07/01/2018 07/01/2007 A 725,783
- ----------------------------------------------------------------------------------------------------------------------------
1,100,000 NYS DA (Leake & Watts Services) 5.000 07/01/2023 07/01/2014 A 1,160,863
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Lenox Hill Hospital
Obligated Group) 5.750 07/01/2016 07/01/2012 A 10,626
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Lenox Hill Hospital
Obligated Group) 5.750 07/01/2017 07/01/2012 A 2,120,660
- ----------------------------------------------------------------------------------------------------------------------------
475,000 NYS DA (Long Beach Medical Center) 5.550 08/01/2015 02/01/2007 A 484,723
- ----------------------------------------------------------------------------------------------------------------------------
600,000 NYS DA (Long Beach Medical Center) 5.625 08/01/2022 02/01/2007 A 609,732
- ----------------------------------------------------------------------------------------------------------------------------
2,200,000 NYS DA (Maimonides Medical Center) 5.750 08/01/2024 02/01/2007 A 2,247,586
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (March of Dimes) 5.600 07/01/2012 07/01/2007 A 15,024
- ----------------------------------------------------------------------------------------------------------------------------
615,000 NYS DA (Master BOCES Program) 5.250 08/15/2023 08/15/2013 A 664,913
- ----------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA (Menorah Campus) 6.100 02/01/2037 02/01/2007 A 178,815
- ----------------------------------------------------------------------------------------------------------------------------
445,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2023 08/15/2008 A 457,874
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2025 02/15/2015 A 2,123,980
42 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 220,000 NYS DA (Mental Health Services Facilities) 5.000% 02/15/2029 02/15/2009 A $ 225,799
- ----------------------------------------------------------------------------------------------------------------------------
535,000 NYS DA (Mental Health Services Facilities) 5.250 02/15/2018 02/15/2007 A 546,684
- ----------------------------------------------------------------------------------------------------------------------------
225,000 NYS DA (Mental Health Services Facilities) 5.250 02/15/2023 02/15/2014 A 241,922
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Mental Health Services Facilities) 5.375 02/15/2026 02/15/2007 A 30,459
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Mental Health Services Facilities) 5.500 08/15/2017 02/15/2007 A 25,547
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Mental Health Services Facilities) 5.625 02/15/2021 02/15/2007 A 40,895
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (Mental Health Services Facilities) 5.625 02/15/2021 02/15/2007 A 66,431
- ----------------------------------------------------------------------------------------------------------------------------
450,000 NYS DA (Mental Health Services Facilities) 5.750 08/15/2011 02/15/2007 E 460,008
- ----------------------------------------------------------------------------------------------------------------------------
120,000 NYS DA (Mental Health Services Facilities) 5.750 08/15/2012 02/15/2007 A 122,677
- ----------------------------------------------------------------------------------------------------------------------------
95,000 NYS DA (Mental Health Services Facilities) 5.750 02/15/2027 02/15/2007 A 97,142
- ----------------------------------------------------------------------------------------------------------------------------
285,000 NYS DA (Mental Health) 5.250 08/15/2024 08/15/2009 A 298,321
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Mental Health) 5.750 08/15/2012 02/15/2007 A 20,446
- ----------------------------------------------------------------------------------------------------------------------------
800,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2017 02/01/2007 A 824,968
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2032 02/01/2007 A 72,185
- ----------------------------------------------------------------------------------------------------------------------------
5,360,000 NYS DA (Miriam Osborn Memorial
Home Assoc.) 6.875 07/01/2019 1 07/01/2010 A 5,933,145
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2022 02/01/2015 A 1,061,750
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2023 02/01/2015 A 5,312,250
- ----------------------------------------------------------------------------------------------------------------------------
4,500,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2028 02/01/2015 A 4,755,645
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Montefiore Medical Center) 5.250 08/01/2019 08/01/2010 A 31,330
- ----------------------------------------------------------------------------------------------------------------------------
350,000 NYS DA (Montefiore Medical Center) 5.500 08/01/2038 08/01/2009 A 367,791
- ----------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (Mount Sinai School of Medicine) 5.000 07/01/2015 07/01/2007 A 75,066
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (Mount Sinai School of Medicine) 5.000 07/01/2016 07/01/2007 A 70,228
- ----------------------------------------------------------------------------------------------------------------------------
1,025,000 NYS DA (Mount Sinai School of Medicine) 5.000 07/01/2021 07/01/2007 A 1,026,005
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA ( MSH/NYU Hospital
Center/HJDOI Obligated Group) 6.000 07/01/2013 07/01/2010 A 42,589
- ----------------------------------------------------------------------------------------------------------------------------
11,540,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 7 6.500 07/01/2015 07/01/2010 12,447,679
- ----------------------------------------------------------------------------------------------------------------------------
11,330,000 NSY DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 7 6.500 07/01/2016 07/01/2010 12,224,957
- ----------------------------------------------------------------------------------------------------------------------------
1,750,000 NYS DA (Mt. Sinai/NYU Health) 5.500 07/01/2026 07/01/2008 A 1,786,575
- ----------------------------------------------------------------------------------------------------------------------------
295,000 NYS DA (Mt. Sinai/NYU Health) 6.000 07/01/2010 07/01/2010 312,783
- ----------------------------------------------------------------------------------------------------------------------------
200,000 NYS DA (Mt. Sinai/NYU Health) 6.100 07/01/2012 07/01/2010 A 213,996
- ----------------------------------------------------------------------------------------------------------------------------
1,575,000 NYS DA (Mt. Sinai/NYU Health) 6.500 07/01/2017 07/01/2010 A 1,728,500
- ----------------------------------------------------------------------------------------------------------------------------
4,925,000 NYS DA (Mt. Sinai/NYU Health) 6.500 07/01/2017 07/01/2010 A 5,308,214
- ----------------------------------------------------------------------------------------------------------------------------
645,000 NYS DA (Mt. Sinai/NYU Health) 6.750 07/01/2020 07/01/2010 A 699,612
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Municipal Health Facilities) 5.000 01/15/2023 01/15/2009 A 25,836
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Municipal Health Facilities) 5.500 05/15/2016 05/15/2007 A 20,427
- ----------------------------------------------------------------------------------------------------------------------------
320,000 NYS DA (Municipal Health Facilities) 5.500 05/15/2024 05/15/2007 A 326,864
- ----------------------------------------------------------------------------------------------------------------------------
5,700,000 NYS DA (New York Medical College) 4.750 07/01/2027 07/01/2008 A 5,809,668
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (New York Medical College) 5.000 07/01/2021 07/01/2008 A 102,900
43 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 10,000 NYS DA (Niagara Lutheran Devel.) 5.450% 08/01/2017 08/01/2007 A $ 10,302
- ----------------------------------------------------------------------------------------------------------------------------
4,200,000 NYS DA (North General Hospital) 5.750 02/15/2019 02/15/2013 A 4,628,106
- ----------------------------------------------------------------------------------------------------------------------------
3,750,000 NYS DA (North General Hospital) 5.750 02/15/2020 02/15/2013 A 4,132,238
- ----------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (North Shore University Hospital) 5.000 11/01/2023 11/01/2008 A 61,878
- ----------------------------------------------------------------------------------------------------------------------------
19,000,000 NYS DA (North Shore University Hospital) 5.200 11/01/2017 11/01/2008 A 19,672,220
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Northeast Parent & Child) 5.500 07/01/2018 07/01/2009 A 42,146
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (NY & Presbyterian Hospital) 5.000 02/01/2019 02/01/2008 A 10,227
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (NY Downtown Hospital) 5.300 02/15/2020 02/15/2008 A 30,862
- ----------------------------------------------------------------------------------------------------------------------------
1,385,000 NYS DA (NY Hospital Medical Center) 5.550 08/15/2029 1 08/15/2009 A 1,456,660
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (NY Methodist Hospital) 5.250 07/01/2024 07/01/2014 A 1,058,750
- ----------------------------------------------------------------------------------------------------------------------------
2,325,000 NYS DA (Nyack Hospital) 6.250 07/01/2013 01/25/2007 B 2,375,406
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Our Lady of Consolation
Geriatric Care Center) 5.900 08/01/2020 02/01/2007 A 35,405
- ----------------------------------------------------------------------------------------------------------------------------
270,000 NYS DA (Our Lady of Consolation
Geriatric Care Center) 6.050 08/01/2035 02/01/2007 A 273,140
- ----------------------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Ozanam Hall of Queens
Nursing Home) 5.000 11/01/2021 11/01/2016 A 2,642,125
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Park Ridge Hsg.) 6.375 08/01/2020 1 08/01/2010 A 2,148,200
- ----------------------------------------------------------------------------------------------------------------------------
1,595,000 NYS DA (Park Ridge Hsg.) 6.500 08/01/2025 1 08/01/2010 A 1,709,043
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Pratt Institute) 6.000 07/01/2024 07/01/2010 A 106,832
- ----------------------------------------------------------------------------------------------------------------------------
3,680,000 NYS DA (Providence Rest) 5.000 07/01/2021 07/01/2015 A 3,857,854
- ----------------------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (Providence Rest) 5.125 07/01/2030 07/01/2015 A 1,314,175
- ----------------------------------------------------------------------------------------------------------------------------
120,000 NYS DA (Resurrection Rest Home
Castleton on Hudson) 6.050 08/01/2035 1 02/01/2007 A 121,396
- ----------------------------------------------------------------------------------------------------------------------------
8,730,000 NYS DA (Rochester General Hospital) 5.000 12/01/2025 12/01/2015 A 9,215,039
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Rochester Institute of Technology) 5.250 07/01/2025 07/01/2012 A 53,392
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Rockefeller University) 5.000 07/01/2028 07/01/2008 A 20,510
- ----------------------------------------------------------------------------------------------------------------------------
5,100,000 NYS DA (Ryan-Clinton Community
Health Center) 6.100 07/01/2019 1 01/01/2010 A 5,469,852
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (School District Financing) 5.750 10/01/2022 1 10/01/2012 A 5,523,950
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (SCSMC/SV/CHSLI
Obligated Group) 5.750 07/01/2020 07/01/2010 A 15,788
- ----------------------------------------------------------------------------------------------------------------------------
15,000,000 NYS DA (SCSMC/SV/CHSLI
Obligated Group) 6.500 07/01/2020 1 07/01/2010 A 16,256,100
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Service Contract) 5.250 07/01/2019 07/01/2007 A 25,532
- ----------------------------------------------------------------------------------------------------------------------------
15,480,000 NYS DA (SFH/GSHMC/MMC/SCHRC
Obligated Group) 5.000 07/01/2021 07/01/2014 A 16,068,240
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Skidmore College) 5.000 07/01/2028 07/01/2008 A 35,893
- ----------------------------------------------------------------------------------------------------------------------------
200,000 NYS DA (Southside Hospital) 5.000 02/15/2018 02/15/2008 A 205,008
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (Special Act School Districts) 5.625 07/01/2009 07/01/2007 A 65,644
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Special Act School Districts) 5.700 07/01/2010 07/01/2007 A 30,302
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Special Act School Districts) 5.750 07/01/2011 07/01/2007 A 10,103
44 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 320,000 NYS DA (Special Act School Districts) 5.875% 07/01/2013 07/01/2007 A $ 323,469
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Special Act School Districts) 6.000 07/01/2016 07/01/2007 A 15,176
- ----------------------------------------------------------------------------------------------------------------------------
460,000 NYS DA (Special Act School Districts) 6.000 07/01/2019 07/01/2007 A 465,502
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 08/01/2007 A 101,982
- ----------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (St. Charles Hospital and
Rehabilitation Center) 5.500 07/01/2022 07/01/2009 A 78,923
- ----------------------------------------------------------------------------------------------------------------------------
345,000 NYS DA (St. Charles Hospital and
Rehabilitation Center/Catholic Health
Services of Long Island Obligated Group) 5.800 07/01/2015 07/01/2009 A 364,534
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 02/15/2008 A 30,950
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (St. Francis Hospital) 5.500 07/01/2029 07/01/2009 A 105,083
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (St. John's Health Care Corp.) 6.250 02/01/2036 02/01/2007 A 35,849
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (St. John's University) 5.250 07/01/2018 07/01/2008 A 20,661
- ----------------------------------------------------------------------------------------------------------------------------
970,000 NYS DA (St. John's University) 5.250 07/01/2025 07/01/2008 A 1,000,419
- ----------------------------------------------------------------------------------------------------------------------------
2,880,000 NYS DA (St. John's University) 5.600 07/01/2016 07/01/2007 A 2,941,978
- ----------------------------------------------------------------------------------------------------------------------------
5,040,000 NYS DA (St. Joseph's Hospital Health Center) 5.250 07/01/2018 1 07/01/2007 A 5,178,852
- ----------------------------------------------------------------------------------------------------------------------------
2,005,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 1 07/01/2009 A 2,079,706
- ----------------------------------------------------------------------------------------------------------------------------
80,000 NYS DA (State University Athletic Facilities) 5.250 07/01/2018 07/01/2008 A 82,646
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (State University
Educational Facilities) 3.149 8 05/15/2007 05/15/2007 49,325
- ----------------------------------------------------------------------------------------------------------------------------
3,000,000 NYS DA (State University
Educational Facilities) 5.125 05/15/2021 05/01/2008 A 3,091,860
- ----------------------------------------------------------------------------------------------------------------------------
3,660,000 NYS DA (State University
Educational Facilities) 5.125 05/15/2021 05/15/2008 A 3,792,309
- ----------------------------------------------------------------------------------------------------------------------------
375,000 NYS DA (State University
Educational Facilities) 5.125 05/15/2021 05/15/2008 A 383,831
- ----------------------------------------------------------------------------------------------------------------------------
9,700,000 NYS DA (State University
Educational Facilities) 5.375 05/15/2011 05/15/2008 A 9,999,439
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Staten Island University Hospital) 5.000 07/01/2017 07/01/2008 A 10,248
- ----------------------------------------------------------------------------------------------------------------------------
345,000 NYS DA (Suffern Free Library Assoc.) 5.000 07/01/2020 07/01/2008 A 358,272
- ----------------------------------------------------------------------------------------------------------------------------
3,605,000 NYS DA (Teresian House) 5.250 07/01/2017 07/01/2007 A 3,698,730
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (The Highlands Living) 6.600 02/01/2034 02/01/2007 A 5,037
- ----------------------------------------------------------------------------------------------------------------------------
3,460,000 NYS DA (The Rosalind & Joseph Gurwin
Jewish Geriatric Center of Long Island) 5.400 02/01/2015 02/01/2007 A 3,541,241
- ----------------------------------------------------------------------------------------------------------------------------
170,000 NYS DA (The Rosalind & Joseph Gurwin
Jewish Geriatric Center of Long Island) 5.700 02/01/2037 02/01/2007 A 173,682
- ----------------------------------------------------------------------------------------------------------------------------
2,140,000 NYS DA (United Cerebral Palsy Assoc. of
Nassau County) 5.500 07/01/2024 02/01/2007 A 2,186,010
- ----------------------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (United Cerebral Palsy
Assoc. of NYC) 5.750 07/01/2018 1 07/01/2012 A 1,386,463
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (United Health Services) 5.500 08/01/2017 02/01/2010 A 20,358
- ----------------------------------------------------------------------------------------------------------------------------
265,000 NYS DA (University of Rochester) 5.000 07/01/2027 07/01/2008 A 271,760
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Upstate Community Colleges) 5.000 07/01/2028 07/01/2009 A 20,608
45 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,905,000 NYS DA (Upstate Community Colleges) 5.125% 07/01/2021 07/01/2014 A $ 2,024,367
- ----------------------------------------------------------------------------------------------------------------------------
1,165,000 NYS DA (Upstate Community Colleges) 5.125 07/01/2022 07/01/2014 A 1,235,681
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Upstate Community Colleges) 5.875 07/01/2016 1 07/01/2007 A 36,087
- ----------------------------------------------------------------------------------------------------------------------------
245,000 NYS DA (Vassar College) 5.000 07/01/2025 07/01/2007 A 248,151
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (W.K. Nursing Home) 6.050 02/01/2026 02/01/2007 A 35,725
- ----------------------------------------------------------------------------------------------------------------------------
2,445,000 NYS DA (W.K. Nursing Home) 6.125 02/01/2036 08/01/2007 A 2,493,533
- ----------------------------------------------------------------------------------------------------------------------------
645,000 NYS DA (Wesley Gardens) 6.125 08/01/2035 02/01/2007 A 658,971
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYS DA (Willow Towers) 5.250 02/01/2022 08/01/2012 A 535,405
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Wyckoff Heights Medical Center) 5.200 02/15/2014 02/15/2008 A 1,029,690
- ----------------------------------------------------------------------------------------------------------------------------
1,020,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 02/15/2008 A 1,053,456
- ----------------------------------------------------------------------------------------------------------------------------
101,000,000 NYS DA (St. Lukes Roosevelt Hospital) 7 4.800 08/15/2025 08/15/2015 104,477,935
- ----------------------------------------------------------------------------------------------------------------------------
11,365,000 NYS DA (State University
Dormitory Facilities) 7 4.125 07/01/2016 07/01/2015 11,585,611
- ----------------------------------------------------------------------------------------------------------------------------
2,230,000 NYS DA Service Contract (CCFDP) 5.375 04/01/2020 04/01/2012 A 2,372,274
- ----------------------------------------------------------------------------------------------------------------------------
2,350,000 NYS DA Service Contract (CCFDP) 5.375 04/01/2021 04/01/2012 A 2,498,779
- ----------------------------------------------------------------------------------------------------------------------------
140,000 NYS DA, Series B 5.500 08/15/2017 02/15/2007 A 143,111
- ----------------------------------------------------------------------------------------------------------------------------
275,000 NYS DA, Series B 5.625 02/15/2021 02/15/2007 A 281,160
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC 5.600 09/15/2013 03/15/2007 A 15,024
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS EFC 2 5.650 02/15/2017 08/15/2007 A 1,032,800
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC (Clean Water & Drinking
Revolving Funds) 5.000 06/15/2019 06/15/2008 A 15,433
- ----------------------------------------------------------------------------------------------------------------------------
3,195,000 NYS EFC (Clean Water & Drinking
Revolving Funds) 5.000 06/15/2019 06/15/2008 A 3,289,540
- ----------------------------------------------------------------------------------------------------------------------------
735,000 NYS EFC ( L.I. Water Corp.) 4 5.250 08/01/2027 02/01/2007 A 735,691
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS EFC (NYC Municipal Water
Finance Authority) 5.875 06/15/2014 06/15/2007 A 20,708
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS EFC (NYS Water Services) 5.700 07/15/2012 07/15/2007 A 25,290
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYS EFC (NYS Water Services) 6.500 03/15/2007 03/15/2007 135,316
- ----------------------------------------------------------------------------------------------------------------------------
2,015,000 NYS EFC (NYS Water Services) 6.875 06/15/2010 1 06/15/2007 A 2,033,780
- ----------------------------------------------------------------------------------------------------------------------------
1,705,000 NYS EFC (NYS Water Services) 6.875 06/15/2014 1 06/15/2007 A 1,709,399
- ----------------------------------------------------------------------------------------------------------------------------
640,000 NYS EFC (NYS Water Services) 7.250 06/15/2010 1 06/15/2007 A 641,869
- ----------------------------------------------------------------------------------------------------------------------------
930,000 NYS EFC (NYS Water Services) 7.500 06/15/2012 1 06/15/2007 A 953,827
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS EFC (NYS Water Services) 7.500 06/15/2012 1 06/15/2007 A 25,398
- ----------------------------------------------------------------------------------------------------------------------------
1,425,000 NYS EFC (Personal Income Tax) 2 5.250 01/01/2022 01/01/2013 A 1,531,063
- ----------------------------------------------------------------------------------------------------------------------------
7,300,000 NYS EFC (Pilgrim State Sewage Treatment) 6.300 03/15/2016 03/15/2007 A 7,333,580
- ----------------------------------------------------------------------------------------------------------------------------
500,000 NYS EFC (Pollution Control) 5.550 08/15/2014 08/15/2007 A 516,745
- ----------------------------------------------------------------------------------------------------------------------------
90,000 NYS EFC (Riverbank State Park) 5.125 04/01/2022 04/01/2007 A 90,323
- ----------------------------------------------------------------------------------------------------------------------------
120,000 NYS EFC (Riverbank State Park) 5.500 04/01/2016 04/01/2007 A 122,938
- ----------------------------------------------------------------------------------------------------------------------------
560,000 NYS EFC (Spring Valley Water Company) 5.650 11/01/2023 05/01/2007 A 564,514
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS EFC (Spring Valley Water Company) 6.300 08/01/2024 02/01/2007 A 2,009,200
- ----------------------------------------------------------------------------------------------------------------------------
1,260,000 NYS EFC (State Water Revolving Fund) 5.800 01/15/2014 07/15/2007 A 1,274,729
- ----------------------------------------------------------------------------------------------------------------------------
4,250,000 NYS EFC (Waste Management) 2 4.450 07/01/2017 07/01/2009 C 4,280,048
46 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 13,000,000 NYS ERDA (Brooklyn Union Gas Company) 4.700% 02/01/2024 02/01/2016 A $ 13,329,290
- ----------------------------------------------------------------------------------------------------------------------------
9,950,000 NYS ERDA (Brooklyn Union Gas Company) 5.500 01/01/2021 01/01/2008 A 10,064,226
- ----------------------------------------------------------------------------------------------------------------------------
132,585,000 NYS ERDA (Con Ed) 4.700 06/01/2036 04/03/2007 A 132,642,012
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 06/01/2007 A 71,253
- ----------------------------------------------------------------------------------------------------------------------------
1,005,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2007 A 1,006,206
- ----------------------------------------------------------------------------------------------------------------------------
4,465,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2007 A 4,482,681
- ----------------------------------------------------------------------------------------------------------------------------
4,230,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2007 A 4,230,381
- ----------------------------------------------------------------------------------------------------------------------------
8,725,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2007 A 8,725,785
- ----------------------------------------------------------------------------------------------------------------------------
2,130,000 NYS ERDA (NIMO), Series A 5.150 11/01/2025 11/01/2008 A 2,220,717
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS GO 5.000 09/15/2017 09/15/2008 A 5,161
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS GO 5.250 11/15/2021 05/15/2007 A 5,068
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS GO 5.300 07/15/2015 07/15/2007 A 5,056
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS GO 5.300 07/15/2017 07/15/2007 A 10,114
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS GO 5.500 07/15/2024 07/15/2007 A 20,230
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS GO 6.600 12/01/2014 06/01/2007 A 40,484
- ----------------------------------------------------------------------------------------------------------------------------
1,625,000 NYS HFA (Economic Devel. & Hsg.) 5.250 03/15/2016 03/15/2013 A 1,769,641
- ----------------------------------------------------------------------------------------------------------------------------
850,000 NYS HFA (Golden Age Apartments) 5.000 02/15/2037 02/15/2016 A 866,490
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2012 05/01/2007 E 5,453
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2010 05/01/2007 E 16,043
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2010 05/01/2007 E 5,380
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2013 02/01/2008 A 11,265
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2014 05/01/2007 E 40,112
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2009 05/01/2007 E 5,410
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Loewn Devel. of Wappingers Falls) 5.250 08/15/2019 02/15/2009 A 25,636
- ----------------------------------------------------------------------------------------------------------------------------
70,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 1 05/01/2007 A 70,201
- ----------------------------------------------------------------------------------------------------------------------------
345,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2022 08/15/2012 A 359,283
- ----------------------------------------------------------------------------------------------------------------------------
525,000 NYS HFA (Multifamily Hsg.) 5.850 08/15/2013 1 02/15/2007 A 533,437
- ----------------------------------------------------------------------------------------------------------------------------
85,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 1 02/15/2007 A 85,639
- ----------------------------------------------------------------------------------------------------------------------------
185,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2027 1 02/15/2008 A 192,074
- ----------------------------------------------------------------------------------------------------------------------------
65,000 NYS HFA (Multifamily Hsg.) 6.050 08/15/2032 02/15/2007 A 66,390
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2016 1 08/15/2008 A 1,019,380
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2028 02/15/2007 A 51,054
- ----------------------------------------------------------------------------------------------------------------------------
465,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 05/15/2007 A 479,573
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 1 02/15/2007 A 20,028
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2014 1 02/15/2007 A 5,008
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2014 02/15/2007 A 15,024
- ----------------------------------------------------------------------------------------------------------------------------
250,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2023 1 02/15/2007 A 254,955
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2023 02/15/2007 A 30,041
- ----------------------------------------------------------------------------------------------------------------------------
330,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2025 02/15/2007 A 341,494
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2027 1 02/15/2007 A 137,850
- ----------------------------------------------------------------------------------------------------------------------------
280,000 NYS HFA (Multifamily Hsg.) 6.350 08/15/2023 1 02/15/2007 A 282,951
47 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 130,000 NYS HFA (Multifamily Hsg.) 6.450% 08/15/2014 1 02/15/2007 A $ 132,986
- ----------------------------------------------------------------------------------------------------------------------------
135,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 1 02/15/2007 A 138,042
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 02/15/2007 A 5,008
- ----------------------------------------------------------------------------------------------------------------------------
455,000 NYS HFA (Multifamily Hsg.) 6.625 08/15/2012 02/15/2007 A 455,655
- ----------------------------------------------------------------------------------------------------------------------------
1,365,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 1 02/15/2007 A 1,367,034
- ----------------------------------------------------------------------------------------------------------------------------
450,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 05/15/2007 A 456,422
- ----------------------------------------------------------------------------------------------------------------------------
230,000 NYS HFA (Multifamily Hsg.) 6.850 11/01/2019 1 05/01/2007 A 235,840
- ----------------------------------------------------------------------------------------------------------------------------
105,000 NYS HFA (Multifamily Hsg.) 6.900 08/15/2007 1 02/15/2007 A 105,198
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 1 02/15/2007 A 30,456
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2012 02/15/2007 A 101,239
- ----------------------------------------------------------------------------------------------------------------------------
130,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2022 02/15/2007 A 131,611
- ----------------------------------------------------------------------------------------------------------------------------
1,350,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 1 02/15/2007 A 1,365,323
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2007 05/01/2007 A 15,214
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2008 05/01/2007 A 30,467
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2009 05/01/2007 A 5,078
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2011 05/01/2007 A 50,779
- ----------------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2012 05/01/2007 A 40,313
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2013 05/01/2007 A 25,389
- ----------------------------------------------------------------------------------------------------------------------------
6,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 05/01/2007 A 6,140
- ----------------------------------------------------------------------------------------------------------------------------
9,000 NYS HFA (Nonprofit Hsg.) 6.875 11/01/2010 05/01/2007 A 9,230
- ----------------------------------------------------------------------------------------------------------------------------
405,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2007 05/01/2007 A 411,152
- ----------------------------------------------------------------------------------------------------------------------------
445,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2008 05/01/2007 A 451,760
- ----------------------------------------------------------------------------------------------------------------------------
1,435,000 NYS HFA (NYC Health Facilities) 2 6.000 05/01/2007 05/01/2007 1,445,662
- ----------------------------------------------------------------------------------------------------------------------------
4,275,000 NYS HFA (NYC Health Facilities) 6.000 05/01/2008 05/01/2007 A 4,346,564
- ----------------------------------------------------------------------------------------------------------------------------
2,400,000 NYS HFA (Phillips Village) 7.750 08/15/2017 02/15/2007 A 2,445,264
- ----------------------------------------------------------------------------------------------------------------------------
55,000 NYS HFA (Service Contract) 5.375 03/15/2023 03/15/2007 A 55,074
- ----------------------------------------------------------------------------------------------------------------------------
190,000 NYS HFA (Service Contract) 5.500 09/15/2018 03/15/2008 A 196,084
- ----------------------------------------------------------------------------------------------------------------------------
1,860,000 NYS HFA (Service Contract) 5.500 09/15/2022 1 03/15/2008 A 1,917,195
- ----------------------------------------------------------------------------------------------------------------------------
560,000 NYS HFA (Service Contract) 6.000 03/15/2026 03/15/2007 A 572,180
- ----------------------------------------------------------------------------------------------------------------------------
1,910,000 NYS HFA (Simeon Dewitt) 8.000 11/01/2018 1 05/01/2007 A 1,933,684
- ----------------------------------------------------------------------------------------------------------------------------
400,000 NYS HFA (Tiffany Gardens) 4.500 08/15/2015 03/01/2012 B 402,340
- ----------------------------------------------------------------------------------------------------------------------------
275,000 NYS HFA (Wyndham Lawn
Home for Children) 5.900 08/15/2017 02/15/2007 A 285,524
- ----------------------------------------------------------------------------------------------------------------------------
90,000 NYS HFA, Series A 5.800 11/01/2009 05/01/2007 A 90,994
- ----------------------------------------------------------------------------------------------------------------------------
130,000 NYS HFA, Series A 5.875 11/01/2010 05/01/2007 A 132,805
- ----------------------------------------------------------------------------------------------------------------------------
11,905,000 NYS HFA, Series A 6.100 11/01/2015 1 05/01/2007 A 12,164,053
- ----------------------------------------------------------------------------------------------------------------------------
6,380,000 NYS HFA, Series A 6.125 11/01/2020 1 05/01/2007 A 6,519,850
- ----------------------------------------------------------------------------------------------------------------------------
3,650,000 NYS HFA, Series C 5.500 09/15/2018 03/15/2008 A 3,765,121
- ----------------------------------------------------------------------------------------------------------------------------
55,000 NYS LGAC 4.875 04/01/2020 04/01/2008 A 56,277
- ----------------------------------------------------------------------------------------------------------------------------
35,000 NYS LGAC 5.000 04/01/2021 04/01/2008 A 35,905
- ----------------------------------------------------------------------------------------------------------------------------
80,000 NYS LGAC 5.375 04/01/2016 04/01/2007 A 81,145
48 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 130,000 NYS LGAC 5.375% 04/01/2019 04/01/2007 A $ 131,876
- ----------------------------------------------------------------------------------------------------------------------------
11,415,000 NYS LGAC 5.400 04/01/2015 04/01/2007 A 11,577,892
- ----------------------------------------------------------------------------------------------------------------------------
240,000 NYS LGSC (SCSB) 3 6.375 12/15/2009 12/22/2008 B 247,423
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYS Local Government Assistance Corp. 5.375 04/01/2019 04/01/2007 A 152,165
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS Medcare (FHA Insured Mtg.) 6.150 02/15/2035 02/15/2007 A 50,156
- ----------------------------------------------------------------------------------------------------------------------------
635,000 NYS Medcare (Healthcare) 6.350 11/01/2014 1 05/01/2007 A 641,579
- ----------------------------------------------------------------------------------------------------------------------------
215,000 NYS Medcare (Hospital & Nursing Home) 5.400 08/15/2033 1 02/15/2007 A 216,793
- ----------------------------------------------------------------------------------------------------------------------------
10,000 NYS Medcare (Hospital & Nursing Home) 6.100 08/15/2015 02/15/2007 A 10,217
- ----------------------------------------------------------------------------------------------------------------------------
720,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2015 02/15/2007 A 721,930
- ----------------------------------------------------------------------------------------------------------------------------
870,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2013 02/15/2007 A 871,523
- ----------------------------------------------------------------------------------------------------------------------------
95,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 02/15/2007 A 95,695
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 02/15/2007 A 15,032
- ----------------------------------------------------------------------------------------------------------------------------
1,200,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 02/15/2007 A 1,202,304
- ----------------------------------------------------------------------------------------------------------------------------
310,000 NYS Medcare (Hospital & Nursing Home) 7.000 08/15/2032 02/15/2007 A 311,798
- ----------------------------------------------------------------------------------------------------------------------------
210,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 1 05/01/2007 A 210,554
- ----------------------------------------------------------------------------------------------------------------------------
300,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 1 05/01/2007 A 311,520
- ----------------------------------------------------------------------------------------------------------------------------
1,595,000 NYS Medcare (Insured Mtg. Nursing) 6.150 02/15/2025 02/15/2007 A 1,599,976
- ----------------------------------------------------------------------------------------------------------------------------
150,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 08/15/2007 A 151,784
- ----------------------------------------------------------------------------------------------------------------------------
85,000 NYS Medcare (Montefiore Medical Center) 5.700 02/15/2012 02/15/2007 A 85,199
- ----------------------------------------------------------------------------------------------------------------------------
6,820,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2015 02/15/2007 A 6,862,830
- ----------------------------------------------------------------------------------------------------------------------------
8,140,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 1 02/15/2007 A 8,150,582
- ----------------------------------------------------------------------------------------------------------------------------
520,000 NYS Medcare (Montefiore Medical Center) 6.000 02/15/2035 02/15/2007 A 521,503
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (St. Peter's Hospital) 5.250 11/01/2007 05/01/2007 A 25,029
- ----------------------------------------------------------------------------------------------------------------------------
275,000 NYS Medcare (St. Peter's Hospital) 5.375 11/01/2020 05/01/2007 A 277,426
- ----------------------------------------------------------------------------------------------------------------------------
10,710,000 NYS Municipal Bond Bank Agency
(Special School Purpose) 5.250 12/01/2019 06/01/2013 A 11,458,736
- ----------------------------------------------------------------------------------------------------------------------------
2,930,000 NYS Municipal Bond Bank Agency
(Special School Purpose) 5.500 06/01/2015 06/01/2013 A 3,202,138
- ----------------------------------------------------------------------------------------------------------------------------
5,000 NYS Power Authority 5.875 01/01/2010 07/01/2007 A 5,155
- ----------------------------------------------------------------------------------------------------------------------------
25,000 NYS Thruway Authority 5.000 04/01/2017 04/01/2007 A 25,582
- ----------------------------------------------------------------------------------------------------------------------------
15,000 NYS Thruway Authority 5.250 04/01/2012 04/01/2008 A 15,449
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS Thruway Authority 5.250 04/01/2015 04/01/2008 A 20,584
- ----------------------------------------------------------------------------------------------------------------------------
1,230,000 NYS Thruway Authority 6.000 04/01/2012 04/01/2007 A 1,261,365
- ----------------------------------------------------------------------------------------------------------------------------
27,310,000 NYS Thruway Authority 7 4.000 01/01/2015 01/01/2015 27,768,808
- ----------------------------------------------------------------------------------------------------------------------------
1,020,000 NYS Thruway Authority Service Contract
(Highway & Bridge) 2 6.000 04/01/2011 04/01/2007 A 1,046,306
- ----------------------------------------------------------------------------------------------------------------------------
1,330,000 NYS Thruway Authority Service Contract
(Highway & Bridge) 2 6.000 04/01/2011 04/01/2007 A 1,364,301
- ----------------------------------------------------------------------------------------------------------------------------
5,170,000 NYS Thruway Authority Service Contract
(Highway & Bridge) 2 6.000 04/01/2012 04/01/2007 A 5,303,334
- ----------------------------------------------------------------------------------------------------------------------------
55,000 NYS Thruway Authority, Series B 5.250 04/01/2014 04/01/2008 A 56,607
49 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 400,000 NYS Thruway Authority, Series E 5.000% 01/01/2025 01/01/2008 A $ 408,740
- ----------------------------------------------------------------------------------------------------------------------------
3,550,000 NYS Thruway Authority, Series E 5.000 01/01/2025 01/01/2008 A 3,627,568
- ----------------------------------------------------------------------------------------------------------------------------
585,000 NYS Thruway Authority, Series E 5.250 01/01/2015 01/01/2008 A 599,918
- ----------------------------------------------------------------------------------------------------------------------------
20,000 NYS UDC (Correctional Facilities) 5.000 01/01/2014 01/01/2008 A 20,656
- ----------------------------------------------------------------------------------------------------------------------------
370,000 NYS UDC (Correctional Facilities) 5.000 01/01/2019 01/01/2008 A 380,223
- ----------------------------------------------------------------------------------------------------------------------------
100,000 NYS UDC (Correctional Facilities) 5.000 01/01/2020 1 01/01/2008 A 103,244
- ----------------------------------------------------------------------------------------------------------------------------
50,000 NYS UDC (Correctional Facilities) 5.000 01/01/2020 01/01/2008 A 51,325
- ----------------------------------------------------------------------------------------------------------------------------
30,000 NYS UDC (Correctional Facilities) 5.892 8 01/01/2007 01/01/2007 29,994
- ----------------------------------------------------------------------------------------------------------------------------
10,000,000 NYS UDC (Personal Income Tax) 5.250 03/15/2034 03/15/2014 A 10,751,100
- ----------------------------------------------------------------------------------------------------------------------------
76,865,000 NYS UDC (South Mall) CAB 5.572 8 01/01/2011 05/27/2009 B 60,369,002
- ----------------------------------------------------------------------------------------------------------------------------
565,000 NYS UDC (South Mall) CAB 5.923 8 01/01/2011 05/27/2009 B 439,745
- ----------------------------------------------------------------------------------------------------------------------------
620,000 NYS UDC (South Mall) CAB 5.978 8 01/01/2011 05/27/2009 B 482,552
- ----------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS UDC (Subordinated Lien) 5.125 07/01/2020 07/01/2014 A 4,266,560
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS UDC (Subordinated Lien) 5.125 07/01/2021 07/01/2014 A 1,065,310
- ----------------------------------------------------------------------------------------------------------------------------
1,255,000 NYS UDC (Subordinated Lien) 5.375 07/01/2022 07/01/2007 A 1,281,819
- ----------------------------------------------------------------------------------------------------------------------------
4,725,000 NYS UDC (Subordinated Lien) 5.500 07/01/2016 07/01/2008 A 4,825,217
- ----------------------------------------------------------------------------------------------------------------------------
15,350,000 NYS UDC (Subordinated Lien) 5.500 07/01/2016 1 07/01/2007 A 15,679,104
- ----------------------------------------------------------------------------------------------------------------------------
6,495,000 NYS UDC (Subordinated Lien) 2 5.500 07/01/2022 1 07/01/2007 A 6,632,434
- ----------------------------------------------------------------------------------------------------------------------------
3,235,000 NYS UDC (Subordinated Lien) 5.500 07/01/2026 07/01/2007 A 3,328,847
- ----------------------------------------------------------------------------------------------------------------------------
2,210,000 NYS UDC (Subordinated Lien) 5.500 07/01/2026 07/01/2007 A 2,257,184
- ----------------------------------------------------------------------------------------------------------------------------
6,720,000 NYS UDC (Subordinated Lien) 5.600 07/01/2026 1 07/01/2007 A 6,862,733
- ----------------------------------------------------------------------------------------------------------------------------
70,000 Oneida County GO 5.400 03/15/2011 03/15/2007 A 70,258
- ----------------------------------------------------------------------------------------------------------------------------
345,000 Oneida County IDA (Bonide Products) 5.750 11/01/2007 11/01/2007 346,753
- ----------------------------------------------------------------------------------------------------------------------------
2,285,000 Oneida County IDA (Faxton Hospital) 6.625 01/01/2015 1 01/01/2010 A 2,480,665
- ----------------------------------------------------------------------------------------------------------------------------
600,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 06/01/2010 A 642,060
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Oneida County IDA (Presbyterian Home) 6.250 06/01/2015 06/01/2010 A 1,075,270
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Oneida Healthcare Corp.
(Oneida Health Systems) 5.300 02/01/2021 02/01/2011 A 52,596
- ----------------------------------------------------------------------------------------------------------------------------
3,895,000 Oneida Healthcare Corp.
(Oneida Health Systems) 5.500 02/01/2016 1 02/01/2011 A 4,136,334
- ----------------------------------------------------------------------------------------------------------------------------
195,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 1 06/01/2007 A 197,367
- ----------------------------------------------------------------------------------------------------------------------------
365,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 04/01/2007 A 369,964
- ----------------------------------------------------------------------------------------------------------------------------
2,605,000 Onondaga County IDA (Le Moyne College) 5.000 12/01/2012 07/22/2010 D 2,704,589
- ----------------------------------------------------------------------------------------------------------------------------
920,000 Onondaga County IDA (Le Moyne College) 5.500 03/01/2014 03/01/2009 A 953,847
- ----------------------------------------------------------------------------------------------------------------------------
23,570,000 Onondaga County Res Rec 5.000 05/01/2010 04/24/2009 B 23,564,108
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Ontario County GO 5.550 08/15/2009 02/15/2007 A 25,060
- ----------------------------------------------------------------------------------------------------------------------------
210,000 Orange County IDA (Glen Arden) 5.350 01/01/2007 01/01/2007 210,008
- ----------------------------------------------------------------------------------------------------------------------------
230,000 Orange County IDA (Glen Arden) 5.400 01/01/2008 01/01/2008 231,854
- ----------------------------------------------------------------------------------------------------------------------------
40,000 Orange County IDA
(Orange Mental Retardation Properties) 6.000 05/01/2008 05/01/2007 A 40,862
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Orange County IDA
(Orange Mental Retardation Properties) 6.125 05/01/2016 1 05/01/2007 A 61,280
50 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* 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 1 12/01/2011 A $ 5,584,872
- ----------------------------------------------------------------------------------------------------------------------------
1,920,000 Orange County IDA
(St. Luke's Cornwall Hospital
Obligated Group) 6.000 12/01/2016 1 12/01/2011 A 2,117,069
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Oswego County IDA
(Seneca Hill Manor) 5.650 08/01/2037 08/01/2007 A 257,430
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Oswego GO 5.600 01/15/2011 07/15/2007 A 25,022
- ----------------------------------------------------------------------------------------------------------------------------
575,000 Otsego County IDA
(Mary Imogene Bassett Hospital) 5.350 11/01/2020 11/01/2008 A 598,012
- ----------------------------------------------------------------------------------------------------------------------------
35,000 Oyster Bay GO 5.000 12/01/2018 06/01/2007 A 35,448
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Philadelphia, NY GO 7.500 12/15/2009 12/15/2009 54,972
- ----------------------------------------------------------------------------------------------------------------------------
21,985,000 Port Authority NY/NJ
(Delta Air Lines) 3 6.950 06/01/2008 06/01/2007 A 22,152,086
- ----------------------------------------------------------------------------------------------------------------------------
62,640,000 Port Authority NY/NJ
(JFK International Air Terminal) 5.750 12/01/2022 1 12/01/2007 A 64,970,834
- ----------------------------------------------------------------------------------------------------------------------------
40,490,000 Port Authority NY/NJ
(JFK International Air Terminal) 5.750 12/01/2025 12/01/2007 A 41,213,961
- ----------------------------------------------------------------------------------------------------------------------------
32,140,000 Port Authority NY/NJ
(JFK International Air Terminal) 5.900 12/01/2017 1 12/01/2007 A 33,382,211
- ----------------------------------------------------------------------------------------------------------------------------
24,410,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 10/01/2008 A 24,849,868
- ----------------------------------------------------------------------------------------------------------------------------
27,570,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 1 10/01/2008 A 28,030,695
- ----------------------------------------------------------------------------------------------------------------------------
3,500,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 10/01/2007 3,539,795
- ----------------------------------------------------------------------------------------------------------------------------
11,860,000 Port Authority NY/NJ, 139th Series 7 4.625 10/01/2019 04/01/2015 12,254,819
- ----------------------------------------------------------------------------------------------------------------------------
18,355,000 Port Authority NY/NJ (JFK International
Air Terminal) 7 6.250 12/01/2014 06/01/2012 21,150,164
- ----------------------------------------------------------------------------------------------------------------------------
3,455,000 Port Authority NY/NJ, 107th Series 5.250 10/15/2012 04/15/2007 A 3,492,418
- ----------------------------------------------------------------------------------------------------------------------------
70,000 Port Authority NY/NJ, 107th Series 5.375 10/15/2013 04/15/2007 A 70,765
- ----------------------------------------------------------------------------------------------------------------------------
40,000 Port Authority NY/NJ, 107th Series 5.375 10/15/2014 04/15/2007 A 40,437
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 107th Series 5.375 10/15/2016 04/15/2007 A 10,110
- ----------------------------------------------------------------------------------------------------------------------------
140,000 Port Authority NY/NJ, 107th Series 5.375 10/15/2016 04/15/2007 A 141,530
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Port Authority NY/NJ, 108th Series 5.400 07/15/2010 07/15/2007 A 50,564
- ----------------------------------------------------------------------------------------------------------------------------
120,000 Port Authority NY/NJ, 108th Series 5.400 07/15/2012 07/15/2007 A 121,352
- ----------------------------------------------------------------------------------------------------------------------------
275,000 Port Authority NY/NJ, 108th Series 5.500 07/15/2013 07/15/2007 A 278,121
- ----------------------------------------------------------------------------------------------------------------------------
110,000 Port Authority NY/NJ, 108th Series 5.500 07/15/2014 07/15/2007 A 111,249
- ----------------------------------------------------------------------------------------------------------------------------
8,150,000 Port Authority NY/NJ, 108th Series 5.875 01/15/2017 07/15/2007 A 8,244,948
- ----------------------------------------------------------------------------------------------------------------------------
15,055,000 Port Authority NY/NJ, 109th Series 5.375 07/15/2022 07/15/2007 A 15,226,627
- ----------------------------------------------------------------------------------------------------------------------------
505,000 Port Authority NY/NJ, 109th Series 5.375 07/15/2027 07/15/2007 A 510,696
- ----------------------------------------------------------------------------------------------------------------------------
175,000 Port Authority NY/NJ, 109th Series 5.375 01/15/2032 07/15/2007 A 176,960
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Port Authority NY/NJ, 109th Series 5.500 07/15/2017 07/15/2007 A 50,574
- ----------------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 110th Series 5.000 07/01/2015 07/01/2008 A 20,299
- ----------------------------------------------------------------------------------------------------------------------------
70,000 Port Authority NY/NJ, 110th Series 5.000 07/01/2015 07/01/2007 A 71,124
51 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 20,000 Port Authority NY/NJ, 110th Series 5.125% 07/01/2012 07/01/2007 A $ 20,319
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Port Authority NY/NJ, 110th Series 5.250 07/01/2013 07/01/2007 A 101,650
- ----------------------------------------------------------------------------------------------------------------------------
85,000 Port Authority NY/NJ, 110th Series 5.300 07/01/2016 07/01/2007 A 86,394
- ----------------------------------------------------------------------------------------------------------------------------
150,000 Port Authority NY/NJ, 110th Series 5.375 07/01/2017 07/01/2007 A 152,496
- ----------------------------------------------------------------------------------------------------------------------------
245,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2022 1 10/01/2007 A 249,648
- ----------------------------------------------------------------------------------------------------------------------------
135,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2027 10/01/2007 A 137,160
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Port Authority NY/NJ, 116th Series 5.000 10/01/2013 04/02/2007 A 100,610
- ----------------------------------------------------------------------------------------------------------------------------
135,000 Port Authority NY/NJ, 116th Series 5.250 10/01/2014 04/02/2007 A 135,851
- ----------------------------------------------------------------------------------------------------------------------------
55,000 Port Authority NY/NJ, 116th Series 5.250 10/01/2015 04/02/2007 A 55,343
- ----------------------------------------------------------------------------------------------------------------------------
11,000,000 Port Authority NY/NJ, 119th Series 5.250 09/15/2012 03/15/2007 A 11,120,120
- ----------------------------------------------------------------------------------------------------------------------------
7,250,000 Port Authority NY/NJ, 119th Series 5.500 09/15/2016 03/15/2007 A 7,330,765
- ----------------------------------------------------------------------------------------------------------------------------
245,000 Port Authority NY/NJ, 119th Series 5.500 09/15/2017 03/15/2007 A 247,729
- ----------------------------------------------------------------------------------------------------------------------------
745,000 Port Authority NY/NJ, 119th Series 5.500 09/15/2019 03/15/2007 A 753,299
- ----------------------------------------------------------------------------------------------------------------------------
2,025,000 Port Authority NY/NJ, 119th Series 5.750 09/15/2011 03/15/2007 A 2,047,984
- ----------------------------------------------------------------------------------------------------------------------------
7,740,000 Port Authority NY/NJ, 119th Series 5.875 09/15/2015 03/15/2007 A 7,828,700
- ----------------------------------------------------------------------------------------------------------------------------
150,000 Port Authority NY/NJ, 120th Series 5.375 10/15/2016 10/15/2007 A 153,249
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 120th Series 5.500 10/15/2017 10/15/2007 A 10,228
- ----------------------------------------------------------------------------------------------------------------------------
7,000,000 Port Authority NY/NJ, 120th Series 5.500 10/15/2035 10/15/2007 A 7,159,460
- ----------------------------------------------------------------------------------------------------------------------------
6,230,000 Port Authority NY/NJ, 120th Series 5.750 10/15/2011 10/15/2007 A 6,390,672
- ----------------------------------------------------------------------------------------------------------------------------
7,000,000 Port Authority NY/NJ, 120th Series 5.750 10/15/2026 10/15/2007 A 7,175,840
- ----------------------------------------------------------------------------------------------------------------------------
40,000 Port Authority NY/NJ, 121st Series 5.000 10/15/2021 10/15/2007 A 40,823
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 121st Series 5.000 10/15/2022 10/15/2007 A 25,498
- ----------------------------------------------------------------------------------------------------------------------------
1,125,000 Port Authority NY/NJ, 121st Series 5.125 10/15/2030 10/15/2007 A 1,147,410
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Port Authority NY/NJ, 121st Series 5.250 10/15/2025 10/15/2007 A 76,602
- ----------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2020 07/15/2010 A 30,627
- ----------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2031 07/15/2008 A 30,600
- ----------------------------------------------------------------------------------------------------------------------------
35,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2031 07/15/2008 A 35,679
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Port Authority NY/NJ, 122nd Series 5.500 07/15/2011 07/15/2008 A 2,066,000
- ----------------------------------------------------------------------------------------------------------------------------
13,620,000 Port Authority NY/NJ, 122nd Series 5.500 07/15/2014 07/15/2008 A 14,069,460
- ----------------------------------------------------------------------------------------------------------------------------
14,315,000 Port Authority NY/NJ, 122nd Series 5.500 07/15/2015 07/15/2008 A 14,799,420
- ----------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 124th Series 4.800 08/01/2018 08/02/2008 A 30,554
- ----------------------------------------------------------------------------------------------------------------------------
950,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2019 08/01/2008 A 970,568
- ----------------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2021 08/01/2008 A 20,414
- ----------------------------------------------------------------------------------------------------------------------------
300,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2024 08/01/2008 A 305,892
- ----------------------------------------------------------------------------------------------------------------------------
295,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2031 08/01/2008 A 300,794
- ----------------------------------------------------------------------------------------------------------------------------
15,000 Port Authority NY/NJ, 126th Series 5.000 11/15/2024 05/15/2012 A 15,662
- ----------------------------------------------------------------------------------------------------------------------------
230,000 Port Authority NY/NJ, 127th Series 5.000 12/15/2022 06/15/2012 A 241,185
- ----------------------------------------------------------------------------------------------------------------------------
1,500,000 Port Authority NY/NJ, 131st Series 5.000 12/15/2020 06/15/2013 A 1,576,995
- ----------------------------------------------------------------------------------------------------------------------------
13,745,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2021 09/01/2015 A 14,526,266
- ----------------------------------------------------------------------------------------------------------------------------
14,110,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2022 09/01/2015 A 14,880,547
- ----------------------------------------------------------------------------------------------------------------------------
16,455,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2025 09/01/2015 A 17,341,431
52 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 9,000,000 Port Authority NY/NJ, 143rd Series 5.000% 10/01/2021 04/01/2016 A $ 9,568,170
- ----------------------------------------------------------------------------------------------------------------------------
15,000 Port Authority NY/NJ, 170th Series 5.250 10/15/2008 04/15/2007 A 15,162
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Port Chester IDA (Nadel Industries) 7.000 02/01/2016 02/01/2008 E 25,608
- ----------------------------------------------------------------------------------------------------------------------------
1,500,000 Poughkeepsie IDA (Eastman & Bixby
Redevel. Corp.) 5.900 08/01/2020 08/01/2010 A 1,590,330
- ----------------------------------------------------------------------------------------------------------------------------
480,000 Putnam County IDA (Brewster Plastics) 7.375 12/01/2008 04/23/2008 B 483,686
- ----------------------------------------------------------------------------------------------------------------------------
1,200,000 Rensselaer County IDA (Franciscan Heights) 5.375 12/01/2025 12/01/2014 A 1,281,228
- ----------------------------------------------------------------------------------------------------------------------------
40,000 Rensselaer County IDA
(Rensselaer Polytechnical Institute) 5.125 08/01/2029 08/01/2009 A 41,232
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Rensselaer County IDA
(Rensselaer Polytechnical Institute) 5.500 08/01/2022 08/01/2009 A 52,233
- ----------------------------------------------------------------------------------------------------------------------------
3,155,000 Rensselaer County Tobacco
Asset Securitization Corp. 5.200 06/01/2025 12/04/2010 D 3,248,640
- ----------------------------------------------------------------------------------------------------------------------------
1,490,000 Rensselaer County Tobacco
Asset Securitization Corp. 5.750 06/01/2043 06/01/2012 A 1,570,982
- ----------------------------------------------------------------------------------------------------------------------------
115,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011 07/01/2007 A 116,654
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Rensselaer Municipal Leasing Corp.
(Rensselaer County Nursing Home) 6.900 06/01/2024 06/01/2007 A 60,640
- ----------------------------------------------------------------------------------------------------------------------------
1,455,000 Riverhead HDC (Riverpointe Apartments) 5.850 08/01/2010 04/09/2009 D 1,467,571
- ----------------------------------------------------------------------------------------------------------------------------
5,500,000 Rochester Hsg. Authority
(Crossroads Apartments) 7.700 01/01/2017 1 12/01/2008 A 5,571,610
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Rochester Hsg. Authority
(Stonewood Village) 5.900 09/01/2009 09/22/2008 B 241,580
- ----------------------------------------------------------------------------------------------------------------------------
10,705,000 Rockland County Tobacco Asset
Securitization Corp. 5.500 08/15/2025 08/15/2012 A 11,190,793
- ----------------------------------------------------------------------------------------------------------------------------
190,000 Rockland Gardens Hsg. Corp. 10.500 05/01/2011 05/01/2007 A 190,718
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Rome HDC (Park Drive Manor) 7.000 01/01/2026 1 07/01/2007 A 250,413
- ----------------------------------------------------------------------------------------------------------------------------
80,000 Rome HDC, Series A 6.250 01/01/2024 07/01/2008 A 83,506
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Roslyn Union Free School District 5.300 01/15/2012 07/15/2007 A 25,157
- ----------------------------------------------------------------------------------------------------------------------------
200,000 Roslyn Union Free School District 5.375 01/15/2014 07/15/2007 A 201,280
- ----------------------------------------------------------------------------------------------------------------------------
225,000 Roxbury CSD GO 6.400 06/15/2010 06/15/2007 A 227,390
- ----------------------------------------------------------------------------------------------------------------------------
235,000 Roxbury CSD GO 6.400 06/15/2011 06/15/2007 A 237,477
- ----------------------------------------------------------------------------------------------------------------------------
32,000,000 Sales Tax Asset Receivables Corp., Series A 5.250 10/15/2027 10/15/2014 A 34,776,640
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Saratoga County IDA (Saratoga
Hospital/Saratoga Care/Benedict
Community Health Center) 5.000 12/01/2014 12/01/2014 523,510
- ----------------------------------------------------------------------------------------------------------------------------
3,725,000 Saratoga County IDA (Saratoga
Hospital/Saratoga Care/Benedict
Community Health Center) 5.750 12/01/2023 06/01/2007 A 3,730,588
- ----------------------------------------------------------------------------------------------------------------------------
6,540,000 Saratoga County IDA (Saratoga
Hospital/Saratoga Care/Benedict
Community Health Center) 5.750 12/01/2033 06/01/2007 A 6,549,810
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Scotia GO 6.100 01/15/2012 07/15/2007 A 25,288
53 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 850,000 SONYMA, Series 101 5.000% 10/01/2018 10/01/2011 A $ 869,601
- ------------------------------------------------------------------------------------------------------------------------------
22,985,000 SONYMA, Series 106 5.250 04/01/2034 04/01/2012 A 23,711,556
- ------------------------------------------------------------------------------------------------------------------------------
4,585,000 SONYMA, Series 109 4.800 10/01/2023 10/01/2013 A 4,660,056
- ------------------------------------------------------------------------------------------------------------------------------
23,500,000 SONYMA, Series 137 4 4.700 10/01/2031 10/01/2015 A 23,624,080
- ------------------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series 27 5.250 04/01/2013 04/01/2010 A 25,769
- ------------------------------------------------------------------------------------------------------------------------------
8,150,000 SONYMA, Series 29 5.400 10/01/2022 1 10/01/2010 A 8,409,659
- ------------------------------------------------------------------------------------------------------------------------------
10,150,000 SONYMA, Series 29 5.450 10/01/2031 10/01/2010 A 10,451,760
- ------------------------------------------------------------------------------------------------------------------------------
400,000 SONYMA, Series 31 5.200 10/01/2021 04/01/2011 A 410,052
- ------------------------------------------------------------------------------------------------------------------------------
485,000 SONYMA, Series 31 5.300 10/01/2031 04/01/2011 A 496,950
- ------------------------------------------------------------------------------------------------------------------------------
65,000 SONYMA, Series 63 5.600 10/01/2010 04/01/2009 A 66,485
- ------------------------------------------------------------------------------------------------------------------------------
150,000 SONYMA, Series 66 5.600 10/01/2017 07/01/2007 A 154,094
- ------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 67 5.600 10/01/2014 1 09/01/2009 A 102,239
- ------------------------------------------------------------------------------------------------------------------------------
45,000 SONYMA, Series 67 5.600 10/01/2014 09/01/2007 A 45,995
- ------------------------------------------------------------------------------------------------------------------------------
1,065,000 SONYMA, Series 67 5.700 10/01/2017 1 09/01/2007 A 1,088,600
- ------------------------------------------------------------------------------------------------------------------------------
200,000 SONYMA, Series 67 5.800 10/01/2028 1 09/01/2009 A 203,002
- ------------------------------------------------------------------------------------------------------------------------------
40,000 SONYMA, Series 67 5.800 10/01/2028 09/01/2009 A 40,600
- ------------------------------------------------------------------------------------------------------------------------------
2,365,000 SONYMA, Series 70 5.375 10/01/2017 1 03/01/2008 A 2,400,522
- ------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 70 5.375 10/01/2017 03/01/2008 A 102,447
- ------------------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series 71 4.900 04/01/2009 04/01/2009 A 10,207
- ------------------------------------------------------------------------------------------------------------------------------
3,770,000 SONYMA, Series 71 5.400 04/01/2029 07/01/2008 A 3,830,886
- ------------------------------------------------------------------------------------------------------------------------------
120,000 SONYMA, Series 73 5.300 10/01/2028 09/01/2008 A 122,486
- ------------------------------------------------------------------------------------------------------------------------------
150,000 SONYMA, Series 73-A 5.250 10/01/2017 09/01/2008 A 153,359
- ------------------------------------------------------------------------------------------------------------------------------
105,000 SONYMA, Series 73-B 5.450 10/01/2024 1 09/30/2011 A 105,768
- ------------------------------------------------------------------------------------------------------------------------------
15,000 SONYMA, Series 77 5.600 04/01/2010 11/23/2009 A 15,366
- ------------------------------------------------------------------------------------------------------------------------------
400,000 SONYMA, Series 77 5.700 04/01/2011 11/23/2009 A 414,156
- ------------------------------------------------------------------------------------------------------------------------------
55,000 SONYMA, Series 79 5.300 04/01/2029 03/01/2009 A 56,120
- ------------------------------------------------------------------------------------------------------------------------------
2,140,000 SONYMA, Series 80 5.100 10/01/2017 1 03/01/2009 A 2,203,430
- ------------------------------------------------------------------------------------------------------------------------------
5,350,000 SONYMA, Series 82 5.550 10/01/2019 1 10/01/2009 A 5,497,714
- ------------------------------------------------------------------------------------------------------------------------------
25,000,000 SONYMA, Series 83 5.450 04/01/2018 1 10/01/2009 A 25,859,250
- ------------------------------------------------------------------------------------------------------------------------------
45,000 SONYMA, Series 83 5.550 10/01/2027 10/01/2009 A 46,252
- ------------------------------------------------------------------------------------------------------------------------------
885,000 SONYMA, Series 88 5.500 04/01/2025 11/01/2009 A 891,788
- ------------------------------------------------------------------------------------------------------------------------------
190,000 SONYMA, Series 89 5.650 04/01/2012 11/01/2009 A 194,600
- ------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 91 5.300 10/01/2009 07/01/2007 A 102,592
- ------------------------------------------------------------------------------------------------------------------------------
500,000 SONYMA, Series 93 5.550 04/01/2010 10/01/2009 A 507,895
- ------------------------------------------------------------------------------------------------------------------------------
2,430,000 SONYMA, Series 93 5.600 10/01/2017 10/01/2009 A 2,447,618
- ------------------------------------------------------------------------------------------------------------------------------
145,000 SONYMA, Series 93 5.650 10/01/2011 10/01/2009 A 147,878
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 SONYMA, Series 95 5.500 10/01/2017 1 04/01/2010 A 2,087,300
- ------------------------------------------------------------------------------------------------------------------------------
6,100,000 SONYMA, Series 97 5.400 10/01/2021 1 04/01/2011 A 6,306,912
- ------------------------------------------------------------------------------------------------------------------------------
625,000 SONYMA, Series 98 5.050 10/01/2017 04/01/2011 A 646,650
- ------------------------------------------------------------------------------------------------------------------------------
300,000 Spring Valley GO 5.000 05/01/2020 05/15/2015 A 318,891
- ------------------------------------------------------------------------------------------------------------------------------
310,000 Spring Valley GO 5.000 05/01/2021 05/15/2015 A 325,720
54 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 325,000 Spring Valley GO 5.000% 05/01/2022 05/15/2015 A $ 340,782
- ------------------------------------------------------------------------------------------------------------------------------
335,000 Spring Valley GO 5.000 05/01/2023 05/15/2015 A 350,551
- ------------------------------------------------------------------------------------------------------------------------------
350,000 Spring Valley GO 5.000 05/01/2024 05/15/2015 A 365,999
- ------------------------------------------------------------------------------------------------------------------------------
365,000 Spring Valley GO 5.000 05/01/2025 05/15/2015 A 381,425
- ------------------------------------------------------------------------------------------------------------------------------
55,000 Springville HDC (Springbrook) 5.950 01/01/2010 09/21/2008 D 55,837
- ------------------------------------------------------------------------------------------------------------------------------
330,000 St. Lawrence County IDA (PACES) 5.875 06/30/2007 06/30/2007 331,096
- ------------------------------------------------------------------------------------------------------------------------------
790,000 Suffolk County IDA (ALIA-CCDRCA) 7.000 06/01/2016 06/01/2011 A 848,468
- ------------------------------------------------------------------------------------------------------------------------------
955,000 Suffolk County IDA (ALIA-FREE) 7.000 06/01/2016 06/01/2011 A 1,025,680
- ------------------------------------------------------------------------------------------------------------------------------
775,000 Suffolk County IDA (ALIA-IGHL) 6.500 12/01/2013 04/07/2011 B 817,834
- ------------------------------------------------------------------------------------------------------------------------------
450,000 Suffolk County IDA (ALIA-WORCA) 7.000 06/01/2016 06/01/2011 A 483,305
- ------------------------------------------------------------------------------------------------------------------------------
350,000 Suffolk County IDA (Catholic Charities) 6.000 10/01/2020 12/27/2014 D 357,445
- ------------------------------------------------------------------------------------------------------------------------------
330,000 Suffolk County IDA (DDI) 6.000 10/01/2020 12/27/2014 D 337,019
- ------------------------------------------------------------------------------------------------------------------------------
330,000 Suffolk County IDA (DDI) 6.000 10/01/2020 12/27/2014 D 337,019
- ------------------------------------------------------------------------------------------------------------------------------
765,000 Suffolk County IDA (Dowling College) 5.000 06/01/2018 06/01/2016 A 810,663
- ------------------------------------------------------------------------------------------------------------------------------
180,000 Suffolk County IDA (Family Residences) 6.000 10/01/2015 04/12/2012 B 183,080
- ------------------------------------------------------------------------------------------------------------------------------
490,000 Suffolk County IDA (Family Residences), Series A 6.375 12/01/2018 10/20/2013 B 527,299
- ------------------------------------------------------------------------------------------------------------------------------
3,260,000 Suffolk County IDA (Family Residences), Series A 6.375 12/01/2018 08/03/2014 B 3,508,151
- ------------------------------------------------------------------------------------------------------------------------------
595,000 Suffolk County IDA (Huntington First Aid Squad) 6.025 11/01/2008 11/15/2007 B 608,007
- ------------------------------------------------------------------------------------------------------------------------------
760,000 Suffolk County IDA (Independent Group Home Living) 6.000 10/01/2020 12/27/2014 B 776,165
- ------------------------------------------------------------------------------------------------------------------------------
645,000 Suffolk County IDA ( L.I. Network Community Services) 7.000 02/01/2014 02/01/2010 B 668,252
- ------------------------------------------------------------------------------------------------------------------------------
290,000 Suffolk County IDA (Mattituck-Laurel Library) 6.000 09/01/2019 1 09/01/2010 A 315,694
- ------------------------------------------------------------------------------------------------------------------------------
435,000 Suffolk County IDA (Nassau-Suffolk
Services for Autism) 6.250 11/01/2016 10/14/2012 B 442,212
- ------------------------------------------------------------------------------------------------------------------------------
155,000 Suffolk County IDA (Nassau-Suffolk
Services for Autism) 6.250 11/01/2016 11/01/2007 A,B 155,279
- ------------------------------------------------------------------------------------------------------------------------------
840,000 Suffolk County IDA (Nissequogue
Cogeneration Partners) 4.875 01/01/2008 01/01/2008 838,387
- ------------------------------------------------------------------------------------------------------------------------------
985,000 Suffolk County IDA (Pederson-Krager Center) 6.375 11/01/2015 03/07/2012 B 1,008,325
- ------------------------------------------------------------------------------------------------------------------------------
855,000 Suffolk County IDA (Pederson-Krager Center) 6.400 02/01/2015 06/23/2011 B 875,272
- ------------------------------------------------------------------------------------------------------------------------------
265,000 Suffolk County IDA (Suffolk Hotels) 6.000 10/01/2020 07/27/2014 B,D 270,637
- ------------------------------------------------------------------------------------------------------------------------------
500,000 Suffolk County IDA (WORCA) 6.000 10/01/2020 12/27/2014 B 510,635
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Suffolk County Water Authority 5.750 06/01/2010 06/01/2007 E 105,656
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Sullivan County GO 5.100 03/15/2011 03/15/2007 A 30,036
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Sullivan County GO 5.125 03/15/2012 03/15/2007 A 40,049
- ------------------------------------------------------------------------------------------------------------------------------
2,855,000 Sullivan County IDA (Center for Discovery) 5.625 06/01/2013 06/01/2013 2,899,395
- ------------------------------------------------------------------------------------------------------------------------------
6,750,000 Sullivan County IDA (Center for Discovery) 6.375 02/01/2020 07/28/2014 D 6,889,793
55 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 30,000 Syracuse Hsg. Authority 5.400% 09/01/2021 09/01/2015 A $ 32,229
- ------------------------------------------------------------------------------------------------------------------------------
240,000 Syracuse IDA (Crouse Irving Companies) 5.250 01/01/2017 01/01/2010 A 246,398
- ------------------------------------------------------------------------------------------------------------------------------
910,000 Syracuse IDA (Crouse Irving Health Hospital) 5.125 01/01/2009 07/06/2008 B 899,198
- ------------------------------------------------------------------------------------------------------------------------------
690,000 Syracuse IDA (One Center Armory Garage) 6.750 12/01/2017 06/01/2007 A 697,307
- ------------------------------------------------------------------------------------------------------------------------------
605,000 Syracuse SCHC (East Hill Village Apartments) 6.125 11/01/2010 03/12/2009 B 601,074
- ------------------------------------------------------------------------------------------------------------------------------
260,000 Tobacco Settlement Financing Corp. (TASC) 5.000 06/01/2011 06/01/2007 A 260,289
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Tobacco Settlement Financing Corp. (TASC) 5.250 06/01/2012 06/01/2007 A 3,003,900
- ------------------------------------------------------------------------------------------------------------------------------
11,905,000 Tobacco Settlement Financing Corp. (TASC) 5.250 06/01/2013 06/01/2008 A 12,157,386
- ------------------------------------------------------------------------------------------------------------------------------
4,420,000 Tobacco Settlement Financing Corp. (TASC) 5.250 06/01/2013 06/01/2008 A 4,520,422
- ------------------------------------------------------------------------------------------------------------------------------
2,220,000 Tobacco Settlement Financing Corp. (TASC) 5.250 06/01/2021 06/01/2013 A 2,381,572
- ------------------------------------------------------------------------------------------------------------------------------
800,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2010 06/01/2007 A 801,208
- ------------------------------------------------------------------------------------------------------------------------------
19,550,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2014 06/01/2009 A 20,336,888
- ------------------------------------------------------------------------------------------------------------------------------
8,250,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2015 06/01/2010 A 8,751,600
- ------------------------------------------------------------------------------------------------------------------------------
11,900,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2016 06/01/2008 A 12,556,761
- ------------------------------------------------------------------------------------------------------------------------------
5,020,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2017 06/01/2011 A 5,363,167
- ------------------------------------------------------------------------------------------------------------------------------
21,000,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2018 06/01/2012 A 22,685,670
- ------------------------------------------------------------------------------------------------------------------------------
20,500,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2019 06/01/2013 A 22,365,090
- ------------------------------------------------------------------------------------------------------------------------------
11,000,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2020 06/01/2013 A 11,987,800
- ------------------------------------------------------------------------------------------------------------------------------
18,395,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 06/01/2013 A 20,024,981
- ------------------------------------------------------------------------------------------------------------------------------
14,965,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2022 06/01/2013 A 16,273,390
- ------------------------------------------------------------------------------------------------------------------------------
900,000 Tompkins County IDA (Kendall at Ithaca) 5.750 07/01/2018 07/01/2008 A 918,693
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Tompkins County IDA (Kendall at Ithaca) 6.000 07/01/2024 07/01/2008 A 2,051,540
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Tompkins Health Care Corp.
(Reconstruction Home) 5.875 02/01/2033 02/01/2007 A 30,048
- ------------------------------------------------------------------------------------------------------------------------------
270,000 Tompkins Health Care Corp.
(Reconstruction Home) 10.800 02/01/2028 1 02/01/2007 A 295,647
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Triborough Bridge & Tunnel Authority 5.000 01/01/2024 07/01/2007 A 40,044
- ------------------------------------------------------------------------------------------------------------------------------
1,310,000 Triborough Bridge & Tunnel Authority,
Series A 5.000 01/01/2024 07/01/2007 E 1,311,428
- ------------------------------------------------------------------------------------------------------------------------------
845,000 Triborough Bridge & Tunnel Authority,
Series A 5.200 01/01/2020 07/01/2007 A 853,949
- ------------------------------------------------------------------------------------------------------------------------------
275,000 TSASC, Inc. (TFABs) 4.250 07/15/2010 07/15/2010 280,481
- ------------------------------------------------------------------------------------------------------------------------------
144,685,000 TSASC, Inc. (TFABs) 4.750 06/01/2022 04/09/2011 D 147,311,033
- ------------------------------------------------------------------------------------------------------------------------------
7,500,000 TSASC, Inc. (TFABs) 5.000 06/01/2026 05/28/2016 D 7,689,525
- ------------------------------------------------------------------------------------------------------------------------------
24,240,000 TSASC, Inc. (TFABs) 5.000 06/01/2034 06/01/2016 A 24,778,370
- ------------------------------------------------------------------------------------------------------------------------------
430,000 TSASC, Inc. (TFABs) 5.250 07/15/2011 07/15/2011 458,840
- ------------------------------------------------------------------------------------------------------------------------------
815,000 TSASC, Inc. (TFABs) 5.500 07/15/2013 07/15/2012 A 889,833
- ------------------------------------------------------------------------------------------------------------------------------
23,930,000 TSASC, Inc. (TFABs) 5.500 07/15/2024 01/25/2012 D 25,815,923
- ------------------------------------------------------------------------------------------------------------------------------
250,000 TSASC, Inc. (TFABs) 5.875 07/15/2015 07/15/2009 A 266,210
- ------------------------------------------------------------------------------------------------------------------------------
275,000 TSASC, Inc. (TFABs) 5.900 07/15/2017 07/15/2009 A 292,996
- ------------------------------------------------------------------------------------------------------------------------------
37,080,000 TSASC, Inc. (TFABs) 6.250 07/15/2027 07/15/2009 A 39,810,200
- ------------------------------------------------------------------------------------------------------------------------------
65,080,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 1 07/15/2009 A 70,059,271
56 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 73,440,000 TSASC, Inc. (TFABs) 7 4.750% 06/01/2022 04/09/2011 $ 74,772,936
- ------------------------------------------------------------------------------------------------------------------------------
50,000,000 TSASC, Inc. (TFABs) 7 5.000 06/01/2026 05/28/2016 51,263,500
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Ulster County GO 5.400 11/15/2015 05/15/2007 A 10,067
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Ulster County IDA (Benedictine Hospital) 6.250 06/01/2008 12/07/2007 B 101,992
- ------------------------------------------------------------------------------------------------------------------------------
155,000 Ulster County Res Rec 5.000 03/01/2016 03/01/2016 162,448
- ------------------------------------------------------------------------------------------------------------------------------
160,000 Ulster County Res Rec 5.000 03/01/2017 03/01/2016 A 166,950
- ------------------------------------------------------------------------------------------------------------------------------
170,000 Ulster County Res Rec 5.000 03/01/2018 03/01/2016 A 176,773
- ------------------------------------------------------------------------------------------------------------------------------
830,000 Ulster County Tobacco Asset
Securitization Corp. 0.000 5 06/01/2040 06/01/2017 A 765,310
- ------------------------------------------------------------------------------------------------------------------------------
360,000 Ulster County Tobacco Asset
Securitization Corp. 6.000 06/01/2040 06/01/2012 A 384,588
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Ulster County Tobacco Asset
Securitization Corp. 6.250 06/01/2025 06/01/2012 A 10,818
- ------------------------------------------------------------------------------------------------------------------------------
10,795,000 Ulster County Tobacco Asset
Securitization Corp. 6.750 06/01/2030 1 06/01/2011 A 11,871,909
- ------------------------------------------------------------------------------------------------------------------------------
45,000 United Nations Devel. Corp., Series A 5.250 07/01/2012 01/01/2008 A 45,656
- ------------------------------------------------------------------------------------------------------------------------------
1,575,000 United Nations Devel. Corp., Series A 5.250 07/01/2013 01/01/2008 A 1,597,948
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 United Nations Devel. Corp., Series A 5.250 07/01/2014 01/01/2008 A 1,521,855
- ------------------------------------------------------------------------------------------------------------------------------
1,565,000 United Nations Devel. Corp., Series A 5.250 07/01/2015 01/01/2008 A 1,587,802
- ------------------------------------------------------------------------------------------------------------------------------
5,700,000 United Nations Devel. Corp., Series A 5.250 07/01/2018 01/01/2008 A 5,774,613
- ------------------------------------------------------------------------------------------------------------------------------
6,530,000 United Nations Devel. Corp., Series A 5.250 07/01/2019 01/01/2008 A 6,615,478
- ------------------------------------------------------------------------------------------------------------------------------
6,900,000 United Nations Devel. Corp., Series A 5.250 07/01/2020 01/01/2008 A 6,990,321
- ------------------------------------------------------------------------------------------------------------------------------
2,970,000 United Nations Devel. Corp., Series A 5.250 07/01/2021 01/01/2008 A 3,008,877
- ------------------------------------------------------------------------------------------------------------------------------
3,050,000 United Nations Devel. Corp., Series A 5.250 07/01/2022 01/01/2008 A 3,089,925
- ------------------------------------------------------------------------------------------------------------------------------
2,040,000 United Nations Devel. Corp., Series A 5.250 07/01/2023 01/01/2008 A 2,066,704
- ------------------------------------------------------------------------------------------------------------------------------
3,020,000 United Nations Devel. Corp., Series A 5.250 07/01/2024 01/01/2008 A 3,059,532
- ------------------------------------------------------------------------------------------------------------------------------
200,000 United Nations Devel. Corp., Series A 5.250 07/01/2026 07/01/2008 A 202,578
- ------------------------------------------------------------------------------------------------------------------------------
295,000 Utica GO 6.200 01/15/2014 01/15/2010 A 312,898
- ------------------------------------------------------------------------------------------------------------------------------
320,000 Utica GO 6.250 01/15/2015 01/15/2010 A 342,371
- ------------------------------------------------------------------------------------------------------------------------------
75,000 Utica IDA (Utica College Civic Facility) 5.300 08/01/2008 02/05/2008 B 75,353
- ------------------------------------------------------------------------------------------------------------------------------
1,465,000 Utica IDA (Utica College Civic Facility) 6.375 12/01/2011 01/13/2010 B 1,508,745
- ------------------------------------------------------------------------------------------------------------------------------
250,000 Utica SCHC (Multifamily), Series A 5.550 12/01/2017 06/01/2007 A 258,648
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Utica SCHC (Steinhorst Apartments) 6.500 04/15/2008 04/15/2007 A 20,111
- ------------------------------------------------------------------------------------------------------------------------------
180,000 Valley Health Devel. Corp. 6.750 05/20/2022 05/20/2010 A 203,445
- ------------------------------------------------------------------------------------------------------------------------------
15,000 Victor GO 4.800 12/15/2017 06/15/2007 A 15,180
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Westchester County GO 5.375 12/15/2013 06/16/2007 A 50,578
- ------------------------------------------------------------------------------------------------------------------------------
45,000 Westchester County Healthcare Corp. 5.375 11/01/2020 11/10/2010 A 47,647
- ------------------------------------------------------------------------------------------------------------------------------
150,000 Westchester County IDA
(Beth Abraham Hospital) 7.250 12/01/2009 12/02/2008 B 154,265
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Westchester County IDA (Children's Village) 5.100 03/15/2009 03/15/2009 51,397
- ------------------------------------------------------------------------------------------------------------------------------
275,000 Westchester County IDA (Clearview School) 6.600 01/01/2014 11/27/2010 B 288,646
57 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,605,000 Westchester County IDA
(Guiding Eyes for the Blind) 4.500% 08/01/2012 03/16/2010 B $ 1,581,888
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Westchester County IDA (JDAM) 6.500 04/01/2009 1 04/01/2008 A 50,283
- ------------------------------------------------------------------------------------------------------------------------------
1,130,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1 07/01/2008 A 1,146,295
- ------------------------------------------------------------------------------------------------------------------------------
2,200,000 Westchester County IDA
(Rippowam-Cisqua School) 5.750 06/01/2029 06/01/2011 A 2,275,658
- ------------------------------------------------------------------------------------------------------------------------------
2,705,000 Westchester County IDA
(Schnurmacher Center) 6.000 11/01/2011 01/03/2009 B 2,804,977
- ------------------------------------------------------------------------------------------------------------------------------
130,000 Westchester County IDA
(Westchester Airport Assoc.) 5.850 08/01/2014 02/01/2007 A 131,989
- ------------------------------------------------------------------------------------------------------------------------------
505,000 Westchester County IDA
(Westchester Airport Assoc.) 5.950 08/01/2024 1 02/01/2007 A 507,252
- ------------------------------------------------------------------------------------------------------------------------------
250,000 Westchester County IDA
(Westchester Resco Company) 5.500 07/01/2009 07/01/2007 A 253,893
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Westchester County IDA (Winward School) 5.200 10/01/2021 10/01/2011 A 31,404
- ------------------------------------------------------------------------------------------------------------------------------
18,000,000 Westchester County Tobacco Asset
Securitization Corp. 0.000 5 07/15/2039 1 07/15/2017 E 19,896,660
- ------------------------------------------------------------------------------------------------------------------------------
14,200,000 Westchester County Tobacco Asset
Securitization Corp. 4.500 06/01/2021 02/03/2010 B 14,059,846
- ------------------------------------------------------------------------------------------------------------------------------
8,500,000 Westchester County Tobacco Asset
Securitization Corp. 5.000 06/01/2026 07/07/2014 D 8,690,230
- ------------------------------------------------------------------------------------------------------------------------------
255,000 Yonkers IDA (Hudson Scenic Studio) 5.875 11/01/2007 11/01/2007 256,137
- ------------------------------------------------------------------------------------------------------------------------------
185,000 Yonkers IDA (Michael Malotz Skilled
Nursing Pavilion) 5.450 02/01/2029 02/01/2009 A 191,821
- ------------------------------------------------------------------------------------------------------------------------------
90,000 Yonkers IDA (Michael Malotz Skilled
Nursing Pavilion) 5.650 02/01/2039 02/01/2009 A 93,699
- ------------------------------------------------------------------------------------------------------------------------------
1,455,000 Yonkers IDA (Monastery Manor Associates) 5.000 04/01/2025 04/01/2015 A 1,519,908
- ------------------------------------------------------------------------------------------------------------------------------
55,000 Yonkers IDA (Philipsburgh Hall Associates) 6.750 11/01/2008 05/18/2008 B 53,645
- ------------------------------------------------------------------------------------------------------------------------------
2,310,000 Yonkers IDA (St. John's Riverside Hospital) 6.800 07/01/2016 07/01/2011 A,D 2,479,901
- ------------------------------------------------------------------------------------------------------------------------------
400,000 Yonkers IDA (St. Joseph's Hospital),
Series 98-B 5.900 03/01/2008 08/31/2007 B 400,756
--------------
3,659,191,749
- ------------------------------------------------------------------------------------------------------------------------------
OTHER STATES--0.4%
15,000,000 NJ Tobacco Settlement Financing
Corp. (TASC) 5.750 06/01/2032 04/29/2011 D 15,937,050
- ------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--17.1%
5,000,000 Guam Airport Authority, Series C 5.375 10/01/2019 10/01/2013 A 5,345,150
- ------------------------------------------------------------------------------------------------------------------------------
6,000,000 Guam Airport Authority, Series C 5.375 10/01/2020 10/01/2013 A 6,410,160
- ------------------------------------------------------------------------------------------------------------------------------
192,000 Guam EDA (TASC) 0.000 5 05/15/2014 05/15/2014 188,239
- ------------------------------------------------------------------------------------------------------------------------------
320,000 Guam EDA (TASC) 5.000 05/15/2022 10/12/2007 D 323,930
- ------------------------------------------------------------------------------------------------------------------------------
1,950,000 Guam EDA (TASC) 2 5.400 05/15/2031 08/06/2010 D 2,011,815
- ------------------------------------------------------------------------------------------------------------------------------
215,000 Guam EDA (TASC) 5.500 05/15/2041 05/15/2011 A 222,875
58 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 25,000 Guam Power Authority, Series A 5.000% 10/01/2024 10/01/2009 A $ 25,947
- ----------------------------------------------------------------------------------------------------------------------------
520,000 Guam Power Authority, Series A 5.250 10/01/2013 04/01/2007 A 520,265
- ----------------------------------------------------------------------------------------------------------------------------
45,000 Guam Power Authority, Series A 5.250 10/01/2013 04/01/2007 A 45,056
- ----------------------------------------------------------------------------------------------------------------------------
655,000 Guam Power Authority, Series A 5.250 10/01/2023 04/01/2007 A 655,039
- ----------------------------------------------------------------------------------------------------------------------------
40,000 Guam Power Authority, Series A 5.250 10/01/2034 10/01/2009 A 41,819
- ----------------------------------------------------------------------------------------------------------------------------
125,000 Northern Mariana Islands Ports Authority,
Series A 6.000 06/01/2014 1 06/01/2010 A 131,800
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Northern Mariana Islands Ports Authority,
Series A 6.750 10/01/2033 10/01/2013 A 2,241,540
- ----------------------------------------------------------------------------------------------------------------------------
3,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 1 06/01/2010 A 3,161,070
- ----------------------------------------------------------------------------------------------------------------------------
220,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2015 07/01/2007 A 223,071
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2015 07/01/2007 A 60,965
- ----------------------------------------------------------------------------------------------------------------------------
1,040,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 07/01/2008 A 1,061,164
- ----------------------------------------------------------------------------------------------------------------------------
90,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 07/01/2007 A 91,437
- ----------------------------------------------------------------------------------------------------------------------------
120,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 07/01/2007 A 121,916
- ----------------------------------------------------------------------------------------------------------------------------
375,000 Puerto Rico Children's Trust Fund (TASC) 4.100 05/15/2013 05/15/2013 373,009
- ----------------------------------------------------------------------------------------------------------------------------
200,000 Puerto Rico Children's Trust Fund (TASC) 4.250 05/15/2014 05/15/2012 A 200,326
- ----------------------------------------------------------------------------------------------------------------------------
2,500,000 Puerto Rico Children's Trust Fund (TASC) 2 5.000 05/15/2008 05/15/2008 2,528,225
- ----------------------------------------------------------------------------------------------------------------------------
212,125,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 05/15/2012 A,D 222,336,698
- ----------------------------------------------------------------------------------------------------------------------------
52,245,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 05/15/2012 A 54,751,193
- ----------------------------------------------------------------------------------------------------------------------------
44,565,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 05/15/2012 A 46,901,097
- ----------------------------------------------------------------------------------------------------------------------------
20,000 Puerto Rico Children's Trust Fund (TASC) 5.750 07/01/2020 04/15/2009 D 20,818
- ----------------------------------------------------------------------------------------------------------------------------
1,250,000 Puerto Rico Commonwealth GO 4.875 07/01/2023 07/01/2008 A 1,279,813
- ----------------------------------------------------------------------------------------------------------------------------
3,900,000 Puerto Rico Commonwealth GO 5.000 07/01/2018 07/01/2008 A 4,010,760
- ----------------------------------------------------------------------------------------------------------------------------
6,250,000 Puerto Rico Commonwealth GO 5.000 07/01/2024 07/01/2014 A 6,534,250
- ----------------------------------------------------------------------------------------------------------------------------
5,970,000 Puerto Rico Commonwealth GO 5.000 07/01/2025 07/01/2023 A 6,233,695
- ----------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 07/01/2022 A 50,956
- ----------------------------------------------------------------------------------------------------------------------------
65,000 Puerto Rico Commonwealth GO 5.000 07/01/2028 07/01/2013 A 66,214
- ----------------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico Commonwealth GO 5.250 01/01/2015 01/01/2015 7,522,410
- ----------------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2017 07/01/2013 A 4,263,880
- ----------------------------------------------------------------------------------------------------------------------------
5,840,000 Puerto Rico Commonwealth GO 5.250 07/01/2019 07/01/2013 A 6,237,295
- ----------------------------------------------------------------------------------------------------------------------------
2,430,000 Puerto Rico Commonwealth GO 5.250 07/01/2021 07/01/2014 A 2,616,284
- ----------------------------------------------------------------------------------------------------------------------------
3,400,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 07/01/2014 A 3,653,810
- ----------------------------------------------------------------------------------------------------------------------------
2,100,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 07/01/2016 A 2,279,067
- ----------------------------------------------------------------------------------------------------------------------------
4,575,000 Puerto Rico Commonwealth GO 5.250 07/01/2023 07/01/2014 A 4,910,439
- ----------------------------------------------------------------------------------------------------------------------------
15,850,000 Puerto Rico Commonwealth GO 5.250 07/01/2024 07/01/2013 A 16,858,377
- ----------------------------------------------------------------------------------------------------------------------------
7,395,000 Puerto Rico Commonwealth GO 5.250 07/01/2026 07/01/2016 A 7,995,400
- ----------------------------------------------------------------------------------------------------------------------------
1,925,000 Puerto Rico Commonwealth GO 5.250 07/01/2027 1 07/01/2011 A 2,037,959
- ----------------------------------------------------------------------------------------------------------------------------
8,320,000 Puerto Rico Commonwealth GO 5.250 07/01/2027 07/01/2016 A 8,981,939
- ----------------------------------------------------------------------------------------------------------------------------
6,060,000 Puerto Rico Commonwealth GO 5.375 07/01/2028 07/01/2011 A 6,385,119
- ----------------------------------------------------------------------------------------------------------------------------
195,000 Puerto Rico Electric Power Authority 5.000 07/01/2028 07/01/2008 A 200,866
59 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 175,000 Puerto Rico Electric Power Authority,
Series AA 5.375% 07/01/2027 07/01/2007 A $ 179,013
- ----------------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico Electric Power Authority,
Series DD 5.000 07/01/2028 07/01/2010 A 56,321
- ----------------------------------------------------------------------------------------------------------------------------
15,000 Puerto Rico Electric Power Authority,
Series DD 5.000 07/01/2028 07/01/2008 A 15,451
- ----------------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Electric Power Authority,
Series EE 5.250 07/01/2014 07/01/2008 A 10,382
- ----------------------------------------------------------------------------------------------------------------------------
250,000 Puerto Rico HFA (Single Family) 5.000 12/01/2020 12/01/2013 A 264,283
- ----------------------------------------------------------------------------------------------------------------------------
120,000 Puerto Rico HFC 5.100 12/01/2018 12/01/2010 A 121,264
- ----------------------------------------------------------------------------------------------------------------------------
1,380,000 Puerto Rico HFC (Homeowner Mtg.) 5.200 12/01/2032 12/01/2008 A 1,404,109
- ----------------------------------------------------------------------------------------------------------------------------
280,000 Puerto Rico Highway & Transportation
Authority 5.000 07/01/2016 07/01/2007 A 284,505
- ----------------------------------------------------------------------------------------------------------------------------
60,000 Puerto Rico Highway & Transportation
Authority 5.000 07/01/2022 07/01/2008 A 61,217
- ----------------------------------------------------------------------------------------------------------------------------
30,000 Puerto Rico Highway & Transportation
Authority 5.000 07/01/2028 07/01/2008 A 30,761
- ----------------------------------------------------------------------------------------------------------------------------
35,000 Puerto Rico Highway & Transportation
Authority 5.000 07/01/2028 07/01/2025 A 35,653
- ----------------------------------------------------------------------------------------------------------------------------
230,000 Puerto Rico Highway & Transportation
Authority 5.750 07/01/2020 07/01/2013 A 254,727
- ----------------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico Highway & Transportation
Authority, Series E 5.750 07/01/2024 07/01/2012 A 7,614,390
- ----------------------------------------------------------------------------------------------------------------------------
355,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2021 07/01/2015 A 374,745
- ----------------------------------------------------------------------------------------------------------------------------
11,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2022 07/01/2015 A 11,587,730
- ----------------------------------------------------------------------------------------------------------------------------
12,275,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2023 07/01/2015 A 12,903,971
- ----------------------------------------------------------------------------------------------------------------------------
1,760,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2024 07/01/2015 A 1,848,898
- ----------------------------------------------------------------------------------------------------------------------------
4,545,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2025 07/01/2015 A 4,767,978
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2026 07/01/2015 A 2,095,220
- ----------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2027 07/01/2015 A 1,046,880
- ----------------------------------------------------------------------------------------------------------------------------
11,190,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2030 07/01/2015 A 11,706,530
- ----------------------------------------------------------------------------------------------------------------------------
1,655,000 Puerto Rico IMEPCF
(American Home Products) 2 5.100 12/01/2018 06/01/2007 A 1,681,596
- ----------------------------------------------------------------------------------------------------------------------------
6,550,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 05/15/2007 A 6,741,129
- ----------------------------------------------------------------------------------------------------------------------------
7,175,000 Puerto Rico IMEPCF (PepsiCo) 2 6.250 11/15/2013 05/15/2007 A 7,258,804
- ----------------------------------------------------------------------------------------------------------------------------
35,000 Puerto Rico Infrastructure 5.500 10/01/2040 10/01/2010 E 37,563
60 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 55,000 Puerto Rico ITEMECF
(Ana G. Mendez University) 5.375% 02/01/2019 02/01/2011 A $ 56,253
- ----------------------------------------------------------------------------------------------------------------------------
18,425,000 Puerto Rico ITEMECF
(Cogeneration Facilities) 6.625 06/01/2026 1 06/01/2010 A 20,008,629
- ----------------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico ITEMECF (Dr. Pila Hospital) 6.125 08/01/2025 02/01/2007 A 1,503,120
- ----------------------------------------------------------------------------------------------------------------------------
70,000 Puerto Rico ITEMECF
(Hospital Auxilio Mutuo) 5.500 07/01/2026 07/01/2007 A 71,645
- ----------------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF
(Hospital Auxilio Mutuo) 6.250 07/01/2016 07/01/2007 A 501,065
- ----------------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.125 11/15/2025 11/15/2010 A 81,636
- ----------------------------------------------------------------------------------------------------------------------------
750,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.375 11/15/2015 11/15/2010 A 819,788
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 6.500 11/15/2020 11/15/2010 A 2,206,740
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico ITEMECF
(InterAmerican University) 5.000 10/01/2022 10/01/2008 A 25,729
- ----------------------------------------------------------------------------------------------------------------------------
1,800,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.500 07/01/2012 07/01/2008 A 1,814,310
- ----------------------------------------------------------------------------------------------------------------------------
670,000 Puerto Rico ITEMECF
(Ryder Memorial Hospital) 6.400 05/01/2009 05/01/2007 A 670,308
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico ITEMECF
(Teachers Retirement) 5.500 07/01/2021 07/01/2007 A 25,535
- ----------------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico ITEMECF
(Teachers Retirement) 5.500 07/01/2021 07/01/2007 A 102,142
- ----------------------------------------------------------------------------------------------------------------------------
2,150,000 Puerto Rico Municipal Finance
Agency, Series A 7 5.750 08/01/2013 02/01/2009 2,289,696
- ----------------------------------------------------------------------------------------------------------------------------
2,500,000 Puerto Rico Municipal Finance
Agency, Series A 5.250 08/01/2023 08/01/2015 A 2,692,200
- ----------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Municipal Finance
Agency, Series A 5.250 08/01/2024 08/01/2015 A 5,376,950
- ----------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico Municipal Finance
Agency, Series A 5.500 07/01/2017 07/01/2007 A 25,593
- ----------------------------------------------------------------------------------------------------------------------------
40,000 Puerto Rico Port Authority, Series C 7.300 07/01/2007 1 07/01/2007 A 40,500
- ----------------------------------------------------------------------------------------------------------------------------
160,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 1 07/01/2007 A 160,840
- ----------------------------------------------------------------------------------------------------------------------------
475,000 Puerto Rico Port Authority, Series D 7.000 07/01/2014 1 07/01/2007 A 478,852
- ----------------------------------------------------------------------------------------------------------------------------
31,000,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 07/01/2014 A 33,148,920
- ----------------------------------------------------------------------------------------------------------------------------
2,750,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 07/01/2014 A 2,933,315
- ----------------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Public Buildings Authority 5.500 07/01/2022 07/01/2014 A 10,960,900
- ----------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Public Buildings Authority 5.500 07/01/2023 07/01/2014 A 2,192,180
- ----------------------------------------------------------------------------------------------------------------------------
9,000,000 Puerto Rico Public Buildings Authority 5.500 07/01/2024 07/01/2014 A 9,870,930
- ----------------------------------------------------------------------------------------------------------------------------
2,065,000 Puerto Rico Public Buildings Authority,
Series D 5.125 07/01/2024 07/01/2012 A 2,159,577
61 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY* VALUE
AMOUNT COUPON MATURITY (UNAUDITED) SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 825,000 Puerto Rico Public Buildings Authority,
Series G 5.250% 07/01/2019 07/01/2012 A $ 873,419
- ------------------------------------------------------------------------------------------------------------------------------
9,910,000 Puerto Rico Public Finance Corp. 5.750 08/01/2027 02/01/2012 C 10,689,124
- ------------------------------------------------------------------------------------------------------------------------------
255,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 02/01/2012 A 270,756
- ------------------------------------------------------------------------------------------------------------------------------
185,000 University of Puerto Rico 5.500 06/01/2012 1 06/01/2007 A 185,211
- ------------------------------------------------------------------------------------------------------------------------------
625,000 University of Puerto Rico, Series M 5.250 06/01/2025 03/12/2007 A 631,744
- ------------------------------------------------------------------------------------------------------------------------------
25,000 University of Puerto Rico, Series M 5.500 06/01/2015 03/12/2007 A 25,282
- ------------------------------------------------------------------------------------------------------------------------------
450,000 University of Puerto Rico, Series O 5.375 06/01/2030 06/01/2007 A 450,284
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 University of Puerto Rico, Series P 5.000 06/01/2023 06/01/2016 A 5,294,450
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 University of Puerto Rico, Series P 5.000 06/01/2024 06/01/2016 A 5,290,500
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 University of Puerto Rico, Series P 5.000 06/01/2026 06/01/2016 A 5,274,600
- ------------------------------------------------------------------------------------------------------------------------------
25,000 V.I. HFA, Series A 6.500 03/01/2025 1 03/01/2007 A 25,054
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Port Authority, Series A 5.250 09/01/2018 09/01/2010 A 1,051,060
- ------------------------------------------------------------------------------------------------------------------------------
2,650,000 V.I. Public Finance Authority (Hovensa) 2 5.875 07/01/2022 07/01/2014 A 2,910,866
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2016 10/01/2014 A 1,073,410
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2022 10/01/2014 A 2,127,440
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2023 10/01/2014 A 1,063,720
- ------------------------------------------------------------------------------------------------------------------------------
10,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2015 10/01/2008 A 10,318,700
- ------------------------------------------------------------------------------------------------------------------------------
180,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 10/01/2008 A 186,419
- ------------------------------------------------------------------------------------------------------------------------------
915,000 V.I. Public Finance Authority, Series A 5.625 10/01/2010 04/26/2009 B 939,824
- ------------------------------------------------------------------------------------------------------------------------------
285,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 10/01/2010 A 294,850
- ------------------------------------------------------------------------------------------------------------------------------
21,310,000 V.I. Public Finance Authority, Series A 6.125 10/01/2029 1 10/01/2010 A 23,314,206
- ------------------------------------------------------------------------------------------------------------------------------
10,820,000 V.I. Public Finance Authority, Series A 6.375 10/01/2019 1 01/01/2010 A 11,833,942
- ------------------------------------------------------------------------------------------------------------------------------
12,000,000 V.I. Public Finance Authority, Series A 6.500 10/01/2024 1 10/01/2010 A 13,260,600
- ------------------------------------------------------------------------------------------------------------------------------
2,665,000 V.I. Public Finance Authority, Series E 5.875 10/01/2018 10/01/2008 A 2,775,651
- ------------------------------------------------------------------------------------------------------------------------------
900,000 V.I. Tobacco Settlement Financing
Corp. (TASC) 0.000 5 05/15/2008 05/15/2008 866,538
- ------------------------------------------------------------------------------------------------------------------------------
1,015,000 V.I. Tobacco Settlement Financing
Corp. (TASC) 0.000 5 05/15/2012 12/28/2009 B 987,534
- ------------------------------------------------------------------------------------------------------------------------------
80,000 V.I. Tobacco Settlement Financing
Corp. (TASC) 0.000 5 05/15/2014 05/15/2014 78,109
- ------------------------------------------------------------------------------------------------------------------------------
1,575,000 V.I. Tobacco Settlement Financing
Corp. (TASC) 5.000 05/15/2021 08/09/2010 D 1,601,145
- ------------------------------------------------------------------------------------------------------------------------------
1,440,000 V.I. Tobacco Settlement Financing
Corp. (TASC) 5.000 05/15/2031 05/15/2011 A,B 1,463,040
- ------------------------------------------------------------------------------------------------------------------------------
1,470,000 V.I. Water & Power Authority 5.375 07/01/2010 07/01/2008 A 1,503,151
--------------
721,374,259
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $4,276,006,213)--104.5% 4,396,503,058
- ------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(4.5) (188,370,708)
--------------
NET ASSETS--100.0% $4,208,132,350
==============
62 | 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.
A. Optional call date; corresponds to the most conservative yield calculation.
B. Average life due to mandatory, or expected, sinking fund principal payments
prior to maturity.
C. Date of mandatory put.
D. Average life due to mandatory, or expected, sinking fund principal payments
prior to the applicable optional call date.
E. Date of prefunded call, or maturity date if escrowed to maturity.
F. Date of planned principal payment.
1. Security also has mandatory sinking fund principal payments prior to maturity
and an average life which is shorter than the stated final maturity.
2. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
3. Illiquid security. The aggregate value of illiquid securities as of December
31, 2006 was $23,753,087, which represents 0.56% of the Fund's net assets. See
Note 5 of accompanying Notes.
4. When-issued security or forward commitment to be delivered and settled after
December 31, 2006. See Note 1 of accompanying Notes.
5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
6. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
7. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
8. Zero coupon bond reflects effective yield on the date of purchase.
- --------------------------------------------------------------------------------
PORTFOLIO ABBREVIATIONS December 31, 2006
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACDS Assoc. for Children with Down EDA Economic Devel. Authority
Syndrome EFC Environmental Facilities Corp.
ACLD Adults and Children with Learning ERDA Energy Research and Devel. Authority
and Developmental Disabilities FHA Federal Housing Agency/Authority
ALIA Alliance of Long Island Agencies FNHC Ferncilff Nursing Home Company
BFCC Brookdale Family Care Center FREE Family Residences and Essential
BID Business Improvement District Enterprises
BOCES Board of Cooperative Educational GO General Obligation
Services GSHMC Good Samaritan Hospital Medical
CAB Capital Appreciation Bond Center
CCDRCA Catholic Charities of the Diocese HDC Housing Devel. Corp.
of Rockville Centre and Affiliates HFA Housing Finance Agency/Authority
CCFDP Child Care Facilities Devel. HFC Housing Finance Corp.
Program HJDOI Hospital for Joint Diseases Orthopedic
CFGA Child and Family Guidance Assoc. Institute
CHSLI Catholic Health Services of Long HKSB Helen Keller Services for the Blind
Island IDA Industrial Devel. Agency
CMA Community Mainstreaming IGHL Independent Group Home for Living
Associates, Inc. IMEPCF Industrial, Medical and Environmental
COP Certificates of Participation Pollution Control Facilities
CRR Center for Rapid Recovery ITEMECF Industrial, Tourist, Educational,
CSD Central School District Medical and Environmental Community Facilities
CSMR Community Services for the JDAM Julia Dyckman Andrus Memorial
Mentally Retarded JFK John Fitzgerald Kennedy
Con Ed Consolidated Edison Company KR Kateri Residence
DA Dormitory Authority L.I. Long Island
DDI Developmental Disabilities LGAC Local Government Assistance Corp.
Institute
DIAMONDS Direct Investment of Accrued
Municipals
63 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PORTFOLIO ABBREVIATIONS Continued
- --------------------------------------------------------------------------------
LGSC Local Government Services Corp. SCHC Senior Citizen Housing Corp.
LILCO Long Island Lighting Corp. SCHRC St. Charles Hospital
MMC Mercy Medical Center and Rehabilitation Center
MMWNHC Mary Manning Walsh Nursing Home SCSB Schuyler Community Services Board
Company SCSMC St. Catherine of Sienna Medical Center
MSH/NYU Mount Sinai Hospital/New York SFH St. Francis Hospital
University SONYMA State of New York Mortgage Agency
MTA Metropolitan Transportation Authority SUNY State University of New York
NIMO Niagara Mohawk Power Corp. SV Sienna Village
NY/NJ New York/New Jersey TASC Tobacco Settlement Asset-Backed Bonds
NYC New York City TFABs Tobacco Flexible Amortization Bonds
NYS New York State UDC Urban Devel. Corp.
NYU New York University USBFCC Urban Strategies Brookdale
PACES Potsdam Auxiliary and College Family Care Center
Educational Service V.I. United States Virgin Islands
RIBS Residual Interest Bonds WORCA Working Organization for Retarded
RITES Residual Interest Tax Exempt Security Children and Adults
ROLs Residual Option Longs YMCA Young Men's Christian Assoc.
Res Rec Resource Recovery Facility
- --------------------------------------------------------------------------------
INDUSTRY CONCENTRATIONS December 31, 2006
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY MARKET VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Settlement Payments $ 1,240,085,542 28.2%
Hospital/Health Care 477,130,522 10.8
Marine/Aviation Facilities 395,748,425 9.0
General Obligation 389,456,437 8.9
Electric Utilities 271,134,848 6.2
Special Assessment 209,450,687 4.8
Highways/Railways 188,532,298 4.3
Municipal Leases 188,044,179 4.3
Single Family Housing 133,827,242 3.0
Not-for-Profit Organization 130,940,554 3.0
Airlines 124,154,910 2.8
Higher Education 123,962,842 2.8
Sales Tax Revenue 117,298,723 2.7
Multifamily Housing 110,419,714 2.5
Resource Recovery 65,593,579 1.5
Education 62,813,588 1.4
Water Utilities 60,059,252 1.4
Manufacturing, Non-Durable Goods 24,554,440 0.6
Gas Utilities 23,464,769 0.5
Adult Living Facilities 23,051,847 0.5
Special Tax 12,282,163 0.3
Pollution Control 8,223,714 0.2
Manufacturing, Durable Goods 6,671,080 0.1
Paper, Containers & Packaging 5,551,579 0.1
Parking Fee Revenue 4,050,124 0.1
---------------------------
Total $ 4,396,503,058 100.0%
===========================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
64 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES December 31, 2006
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------------
Investments, at value (cost $4,276,006,213)--see accompanying
statement of investments $ 4,396,503,058
- --------------------------------------------------------------------------------------
Cash 1,307,615
- --------------------------------------------------------------------------------------
Receivables and other assets:
Interest 56,356,716
Investments sold 24,193,011
Shares of beneficial interest sold 8,078,799
Other 67,536
-----------------
Total assets 4,486,506,735
- --------------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 189,685,367
Payable on borrowings (See Note 6) 63,700,000
Investments purchased on a when-issued basis or forward commitment 13,441,251
Shares of beneficial interest redeemed 7,950,392
Distribution and service plan fees 2,626,803
Trustees' compensation 522,889
Transfer and shareholder servicing agent fees 136,633
Interest expense 135,805
Shareholder communications 94,744
Other 80,501
-----------------
Total liabilities 278,374,385
- --------------------------------------------------------------------------------------
NET ASSETS $ 4,208,132,350
=================
- --------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------------
Paid-in capital $ 4,084,482,909
- --------------------------------------------------------------------------------------
Accumulated net investment income 7,862,783
- --------------------------------------------------------------------------------------
Accumulated net realized loss on investments (4,710,187)
- --------------------------------------------------------------------------------------
Net unrealized appreciation on investments 120,496,845
-----------------
NET ASSETS $ 4,208,132,350
=================
65 | 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 $2,784,037,313 and
818,219,027 shares of beneficial interest outstanding) $3.40
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price) $3.52
- ------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $318,451,727 and 93,724,506 shares
of beneficial interest outstanding) $3.40
- ------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $1,105,643,310 and 326,106,847 shares
of beneficial interest outstanding) $3.39
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
66 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF OPERATIONS For the Year Ended December 31, 2006
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ----------------------------------------------------------------------------------------------------
Interest $ 211,339,481
- ----------------------------------------------------------------------------------------------------
Other income 1,618
---------------
Total Investment Income 211,341,099
- ----------------------------------------------------------------------------------------------------
EXPENSES
- ----------------------------------------------------------------------------------------------------
Management fees 16,641,635
- ----------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 6,670,698
Class B 3,468,296
Class C 11,276,609
- ----------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 787,599
Class B 216,323
Class C 462,819
- ----------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 122,292
Class B 50,932
Class C 45,567
- ----------------------------------------------------------------------------------------------------
Interest expense and fees from short-term floating rate notes issued(See Note 1) 7,312,208
- ----------------------------------------------------------------------------------------------------
Interest expense 2,663,387
- ----------------------------------------------------------------------------------------------------
Accounting service fees 1,254,256
- ----------------------------------------------------------------------------------------------------
Trustees' compensation 229,772
- ----------------------------------------------------------------------------------------------------
Custodian fees and expenses 24,185
- ----------------------------------------------------------------------------------------------------
Administration service fees 1,500
- ----------------------------------------------------------------------------------------------------
Other 486,147
----------------
Total expenses 51,714,225
Less reduction to custodian expenses (3,818)
----------------
Net expenses 51,710,407
- ----------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 159,630,692
- ----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- ----------------------------------------------------------------------------------------------------
Net realized gain on investments 3,814,943
- ----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments 43,852,868
- ----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 207,298,503
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
67 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 2006 2005
- -----------------------------------------------------------------------------------------------------
OPERATIONS
- -----------------------------------------------------------------------------------------------------
Net investment income $ 159,630,692 $ 148,194,862
- -----------------------------------------------------------------------------------------------------
Net realized gain 3,814,943 23,392,878 1
- -----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 43,852,868 8,469,735 1
-------------------------------------
Net increase in net assets resulting from operations 207,298,503 180,057,475
- -----------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -----------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (107,345,837) (97,113,843)
Class B (11,134,838) (13,300,725)
Class C (36,565,214) (36,618,215)
-------------------------------------
(155,045,889) (147,032,783)
- -----------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 160,158,935 414,607,965
Class B (64,819,345) (42,265,134)
Class C (48,015,573) 90,369,591
-------------------------------------
47,324,017 462,712,422
- -----------------------------------------------------------------------------------------------------
NET ASSETS
- -----------------------------------------------------------------------------------------------------
Total increase 99,576,631 495,737,114
- -----------------------------------------------------------------------------------------------------
Beginning of period 4,108,555,719 3,612,818,605
-------------------------------------
End of period (including accumulated net investment
income of $7,862,783 and $3,277,980, respectively) $ 4,208,132,350 $ 4,108,555,719
=====================================
1. Amounts include immaterial adjustments, see Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
68 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF CASH FLOWS For the Year Ended December 31, 2006
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ----------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 207,298,503
- ----------------------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities:
Purchase of investment securities (1,063,467,787)
Proceeds from disposition of investment securities 954,492,604
Short-term investment securities, net 33,936,942
Premium amortization 21,057,977
Discount accretion (6,192,879)
Net realized gain on investments (3,814,943)
Net change in unrealized appreciation on investments (43,852,868)
Decrease in interest receivable 4,095,007
Increase in receivable for securities sold (4,743,590)
Increase in other assets (27,639)
Decrease in payable for securities purchased (5,187,226)
Decrease in payable for accrued expenses (331,617)
----------------
Net cash used in operating activities 93,262,484
- ----------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ----------------------------------------------------------------------------------------------------
Proceeds from bank borrowing 792,500,000
Payments on bank borrowing (900,300,000)
Proceeds from short-term floating rate notes issued 120,975,367
Proceeds from shares sold 777,731,810
Payment on shares redeemed (838,583,927)
Cash distributions paid (45,735,821)
----------------
Net cash provided by financing activities (93,412,571)
- ----------------------------------------------------------------------------------------------------
Net decrease in cash (150,087)
- ----------------------------------------------------------------------------------------------------
Cash, beginning balance 1,457,702
----------------
Cash, ending balance $ 1,307,615
================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $109,314,212.
Cash paid for interest on bank borrowings--$2,942,433.
Cash paid for interest on short-term notes issued--$7,312,208.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
69 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED DECEMBER 31, 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.36 $ 3.33 $ 3.32 $ 3.31 $ 3.27
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .14 1 .14 1 .14 1 .14 .15
Net realized and unrealized gain .03 .03 .01 .01 .05
-----------------------------------------------------------------------------------------
Total from investment operations .17 .17 .15 .15 .20
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.13) (.14) (.14) (.14) (.16)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.40 $ 3.36 $ 3.33 $ 3.32 $ 3.31
=========================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 5.30% 5.13% 4.77% 4.80% 6.33%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 2,784,037 $ 2,589,629 $ 2,155,310 $ 1,944,385 $ 1,868,271
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 2,696,464 $ 2,380,822 $ 2,029,517 $ 1,894,331 $ 1,472,317
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.10% 4.12% 4.30% 4.51% 4.65%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.79% 0.79% 0.77% 0.76% 0.74%
Interest and fees on short-term
floating rate notes issued 7 0.18% 0.03% 8 0.01% 8 0.00% 8 0.00% 8
-----------------------------------------------------------------------------------------
Total expenses 0.97% 4 0.82% 4,8 0.78% 4,8 0.76% 4,5,8 0.74 4,6,8
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 23% 19% 9 16% 9 28% 9 21% 9
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. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
8. Amounts have been adjusted to reflect the inclusion of interest expense and
fees related to the Fund's investment in certain inverse floating rate
securities. These adjustments are not considered material to previously issued
financial statements. See Note 1 of accompanying Notes.
9. Portfolio turnover has been adjusted by the Fund to account for transfers of
certain municipal bond securities to trusts in connection with its investments
in inverse floating rate securities as secured borrowings. This adjustment is
not considered material to previously issued financial statements. See Note 1 of
accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
70 | LIMITED TERM NEW YORK MUNICIPAL FUND
CLASS B YEAR ENDED DECEMBER 31, 2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.36 $ 3.32 $ 3.32 $ 3.31 $ 3.27
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .11 1 .11 1 .12 1 .12 .13
Net realized and unrealized gain .04 .04 -- .01 .05
----------------------------------------------------------------------------
Total from investment operations .15 .15 .12 .13 .18
- -------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.11) (.11) (.12) (.12) (.14)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.40 $ 3.36 $ 3.32 $ 3.32 $ 3.31
============================================================================
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.48% 4.62% 3.65% 3.99% 5.53%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $318,452 $379,045 $417,473 $444,537 $383,690
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $346,849 $398,461 $427,486 $429,564 $261,858
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.31% 3.34% 3.52% 3.72% 3.85%
Expenses excluding interest
and fees on short-term
floating rate notes issued 1.59% 1.58% 1.55% 1.55% 1.51%
Interest and fees on short-term
floating rate notes issued 7 0.18% 0.03% 8 0.01% 8 0.00% 8 0.00% 8
----------------------------------------------------------------------------
Total expenses 1.77% 4 1.61% 4,8 1.56% 4,5,8 1.55% 4,5,8 1.51% 4,6,8
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 23% 19% 9 16% 9 28% 9 21% 9
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. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
8. Amounts have been adjusted to reflect the inclusion of interest expense and
fees related to the Fund's investment in certain inverse floating rate
securities. These adjustments are not considered material to previously issued
financial statements. See Note 1 of accompanying Notes.
9. Portfolio turnover has been adjusted by the Fund to account for transfers of
certain municipal bond securities to trusts in connection with its investments
in inverse floating rate securities as secured borrowings. This adjustment is
not considered material to previously issued financial statements. See Note 1 of
accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
71 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS C YEAR ENDED DECEMBER 31, 2006 2005 2004 2003 2002
- --------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.35 $ 3.32 $ 3.31 $ 3.30 $ 3.26
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .11 1 .11 1 .12 1 .12 .13
Net realized and unrealized gain .04 .03 .01 .01 .05
-----------------------------------------------------------------------------------
Total from investment operations .15 .14 .13 .13 .18
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and/or
distributions to shareholders:
Dividends from net investment income (.11) (.11) (.12) (.12) (.14)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.39 $ 3.35 $ 3.32 $ 3.31 $ 3.30
===================================================================================
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.52% 4.35% 4.00% 4.02% 5.54%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,105,643 $1,139,882 $1,040,035 $1,006,103 $894,469
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,127,896 $1,095,066 $1,009,112 $ 977,323 $574,124
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.34% 3.36% 3.55% 3.74% 3.82%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.56% 1.56% 1.52% 1.52% 1.51%
Interest and fees on short-term
floating rate notes issued 7 0.18% 0.03% 8 0.01% 8 0.00% 8 0.00% 8
-----------------------------------------------------------------------------------
Total expenses 1.74% 4 1.59% 4,8 1.53% 4,8 1.52% 4,5,8 1.51% 4,6,8
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 23% 19% 9 16% 9 28% 9 21% 9
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. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
8. Amounts have been adjusted to reflect the inclusion of interest expense and
fees related to the Fund's investment in certain inverse floating rate
securities. These adjustments are not considered material to previously issued
financial statements. See Note 1 of accompanying Notes.
9. Portfolio turnover has been adjusted by the Fund to account for transfers of
certain municipal bond securities to trusts in connection with its investments
in inverse floating rate securities as secured borrowings. This adjustment is
not considered material to previously issued financial statements. See Note 1 of
accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
72 | 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. 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 may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic 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(R) are valued based on the
closing price provided by NASDAQ prior to the time when the Fund's assets are
valued. In the absence of a sale, the security is valued at the last sale price
on the prior trading day, if it is within the spread of the closing "bid" and
"asked" prices, and if not, at the closing bid price. Securities traded on
foreign exchanges are valued based on the last sale price on the principal
exchange on which the security is traded, as identified by the portfolio pricing
service, prior to the time when the Fund's assets are valued. In the absence of
a sale, the security is valued at the official closing price on the principal
exchange. Corporate, government and municipal debt instruments having a
remaining maturity in excess of sixty days and all mortgage-backed securities
will be valued at the mean between the "bid" and "asked" prices. Futures
contracts traded on a commodities or futures exchange will be valued at the
final settlement price or official closing price on the principal exchange as
reported by such principal exchange at its trading session ending at, or most
recently prior to, the time when the Fund's assets are valued. Options are
valued daily based upon the last sale price on the principal exchange on which
the option is traded. Securities (including restricted securities) for which
market quotations are not readily available are valued at their fair value.
Foreign and
73 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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. Investments in open-end
registered investment companies (including affiliated funds) are valued at that
fund's net asset value. Short-term "money market type" debt securities with
remaining maturities of sixty days or less are valued at amortized cost (which
approximates market value).
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis or
forward commitment take place generally at least 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, 2006, the Fund had purchased
$13,441,251 of securities issued 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 not invest more than 5% of its total assets in inverse floaters.
Inverse floaters amount to $190,767,386 as of December 31, 2006, which
represents 4.25% of the Fund's total assets.
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
(referred to as an "inverse floating rate security") to the Fund. The terms of
these inverse floating rate securities grant the Fund the right to require that
the Trust issuing the inverse floating rate security compel a tender of the
short-term floating rate notes to facilitate the Fund's repurchase of the
underlying municipal bond. Following such a request, the Fund pays the sponsor
the principal amount due to the holders of the
74 | LIMITED TERM NEW YORK MUNICIPAL FUND
short-term floating rate notes issued by the Trust and exchanges the inverse
floating rate security for the underlying municipal bond. These transactions are
considered secured borrowings for financial reporting purposes. As a result of
such accounting treatments, the Fund includes the municipal bond position on its
Statement of Investments (but does not separately include the inverse floating
rate securities received). The Fund also includes the value of the municipal
bond and a payable amount equal to the short-term floating rate notes issued by
the Trust on its Statement of Assets and Liabilities. The interest rates on
these short-term floating rate notes reset periodically, usually weekly. The
holders of these short-term floating rate notes have the option to tender their
investment, to the sponsor or the Trust's liquidity provider, for redemption at
par at each reset date. Income from the municipal bond position and the interest
expense on the payable for the short-term floating rate notes issued by the
Trust are recorded on the Fund's Statement of Operations. At December 31, 2006
municipal bond holdings with a value of $379,609,759 shown on the Fund's
Statement of Investments are held by such Trusts and serve as collateral for the
$189,685,367 in short-term floating rate notes issued and outstanding at that
date.
At December 31, 2006, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY VALUE AS OF
AMOUNT INVERSE FLOATER 1 RATE 2 DATE DECEMBER 31, 2006
- ---------------------------------------------------------------------------------------------
$ 7,250,000 NYC GO RITES 3.210% 6/1/23 $ 8,933,305
8,755,000 NYC HDC RITES 4.500 7/1/25 9,935,349
5,665,000 NYS DA (MSH/NYU Hospital
Center/HJDOI Obligated Group) RITES 7.269 7/1/16 6,559,957
5,770,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) RITES 7.269 7/1/15 6,677,679
50,500,000 NYS DA RITES 4.160 8/15/25 53,977,935
5,680,000 NYS DA ROLs 4.185 7/1/16 5,900,611
13,655,000 NYS Thruway Authority ROLs 3.931 1/1/15 14,113,808
9,175,000 Port Authority NY/NJ RITES 6.630 6/1/12 11,970,164
5,930,000 Port Authority NY/NJ RITES 3.840 10/1/19 6,324,819
1,075,000 Puerto Rico Municipal Finance
Agency RITES 6.292 8/1/13 1,214,696
36,720,000 TSASC, Inc. (TFABs) RITES 3.620 6/1/22 38,052,569
25,000,000 TSASC, Inc. (TFABs) RITES 4.050 6/1/26 26,263,500
-----------------
$ 189,924,392
=================
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on pages 63 and 64.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater."
Certain previously reported amounts have been adjusted by the Fund to account
for transfers of certain municipal bond securities to trusts in connection with
its investments in inverse floating rate securities as secured borrowings as
such transfers do not qualify as sales under Statement of Financial Accounting
Standard No. 140, ACCOUNTING FOR
75 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENTS OF LIABILITIES.
The changes relate to the reported amounts of realized and unrealized gains, and
to the Fund's expense ratios and portfolio turnover rates. These adjustments
have no effect on the Fund's previously reported net assets, net asset values
per share or total return and are not considered material to previously issued
financial statements. The December 31, 2006 Statement of Assets and Liabilities
includes a decrease to "Accumulated net realized loss on investments," an
increase to "Cost of investments" and a decrease to "Net unrealized appreciation
on investments," in the amount of $1,422,493 related to reversals of losses
previously realized in the Fund's fiscal years prior to 2005.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. There are certain risks arising from geographic
concentration in any state. Certain revenue or tax related events in a state may
impair the ability of certain issuers of municipal securities to pay principal
and interest on their obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
The tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses the
Fund may be able to offset against income and gains realized in future years and
unrealized appreciation or depreciation of securities and other investments for
federal income tax purposes.
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 1,2,3 TAX PURPOSES
-------------------------------------------------------------------------
$8,813,733 $-- $2,591,899 $118,378,555
1. As of December 31, 2006, the Fund had $2,591,899 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, 2006,
details of the capital loss carryforward were as follows:
EXPIRING
---------------------
2011 $2,591,899
76 | LIMITED TERM NEW YORK MUNICIPAL FUND
2. During the fiscal year ended December 31, 2006, the Fund utilized $3,551,944
of capital loss carryforward to offset capital gains realized in that fiscal
year.
3. During the fiscal year ended December 31, 2005, the Fund utilized $22,429,899
of capital loss carryforward to offset capital gains realized in that fiscal
year.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
The tax character of distributions paid during the years ended December 31, 2006
and December 31, 2005 was as follows:
YEAR ENDED YEAR ENDED
DECEMBER 31, 2006 DECEMBER 31, 2005
-----------------------------------------------------------------
Distributions paid from:
Ordinary income $ 2,103,375 $ --
Exempt-interest dividends 152,942,514 147,032,783
-------------------------------------
Total $ 155,045,889 $ 147,032,783
=====================================
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, 2006 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 $ 4,088,439,136
===============
Gross unrealized appreciation $ 125,578,906
Gross unrealized depreciation (7,200,351)
---------------
Net unrealized appreciation $ 118,378,555
===============
- --------------------------------------------------------------------------------
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, 2006, the Fund's projected benefit obligations were increased by $118,626
and payments of $12,418 were made to retired trustees, resulting in an
accumulated liability of $497,200 as of December 31, 2006.
The Board of Trustees has adopted a compensation deferral plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though
77 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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.
- --------------------------------------------------------------------------------
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, to the extent they are not
offset by positive cash balances maintained by the Fund, at a rate equal to the
Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item,
if applicable, represents earnings on cash balances maintained by the Fund
during the period. Such interest expense and other custodian fees may be paid
with these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with 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.
78 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
YEAR ENDED DECEMBER 31, 2006 YEAR ENDED DECEMBER 31, 2005
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------
CLASS A
Sold 173,487,431 $ 585,095,577 208,078,237 $ 699,163,973
Dividends and/or
distributions reinvested 22,252,589 75,080,525 20,067,351 67,408,549
Redeemed (148,275,861) (500,017,167) (104,810,484) (351,964,557)
---------------------------------------------------------------
Net increase 47,464,159 $ 160,158,935 123,335,104 $ 414,607,965
===============================================================
- -----------------------------------------------------------------------------------------------
CLASS B
Sold 3,638,956 $ 12,243,715 8,770,420 $ 29,410,244
Dividends and/or
distributions reinvested 2,170,671 7,311,869 2,508,730 8,412,733
Redeemed (25,053,087) (84,374,929) (23,879,394) (80,088,111)
---------------------------------------------------------------
Net decrease (19,243,460) $ (64,819,345) (12,600,244) $ (42,265,134)
===============================================================
- -----------------------------------------------------------------------------------------------
CLASS C
Sold 53,552,565 $ 179,923,090 71,465,180 $ 239,258,691
Dividends and/or
distributions reinvested 8,008,146 26,921,818 7,919,686 26,513,365
Redeemed (75,879,992) (254,860,481) (52,400,465) (175,402,465)
---------------------------------------------------------------
Net increase (decrease) (14,319,281) $ (48,015,573) 26,984,401 $ 90,369,591
===============================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations and money market funds, for the year ended December
31, 2006, were as follows:
PURCHASES SALES
- ------------------------------------------------------
Investment securities $1,063,467,787 $954,492,604
- --------------------------------------------------------------------------------
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 average net assets as shown in the following table:
FEE SCHEDULE
------------------------------------------
Up to $100 million 0.50%
Next $150 million 0.45
Next $1.75 billion 0.40
Next $3 billion 0.39
Over $5 billion 0.38
79 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
ACCOUNTING FEES. Accounting fees paid to the Manager were in accordance with the
accounting services agreement with the Fund which provides for an annual fee of
$12,000 for the first $30 million of average daily net assets and $9,000 for
each additional $30 million of average daily net assets. During the year ended
December 31, 2006, the Fund paid $1,254,256 to the Manager for accounting and
pricing services.
- --------------------------------------------------------------------------------
ADMINISTRATION SERVICE FEES. The Fund pays the Manager a fee of $1,500 per year
for preparing and filing the Fund's tax returns.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended December 31, 2006, the Fund paid
$1,465,018 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
periodically at an annual rate of up to 0.25% of the average annual net assets
of Class A shares of the Fund. The Distributor currently uses all of those fees
to pay dealers, brokers, banks and other financial institutions periodically for
providing personal 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
periods. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans 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% on Class B and Class C
shares. The Distributor also receives a service fee of up to 0.25% 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
determines its uncompensated expenses under the plan at calendar quarter ends.
The Distributor's aggregate uncompensated expenses under the plan at December
31, 2006 for Class C shares were $24,041,754. Fees incurred by the Fund under
the plans are detailed in the Statement of Operations.
80 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
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, 2006 $822,691 $88,926 $598,604 $153,493
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. This undertaking may be amended or
withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of December 31, 2006, 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. Securities that are
illiquid are marked with the applicable footnote on the Statement of
Investments.
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to one-third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings 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 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. To secure the loan, the Fund
pledges investment securities in accordance with the terms of the Agreement.
Interest is charged to the Fund, based on its borrowings, at current commercial
paper issuance rates (5.2833% as of December 31, 2006). The Fund pays additional
fees of 0.30% per annum to the lender on its outstanding borrowings to manage
and administer the facility and is allocated its pro-rata share of a 0.13% per
annum commitment fee for a liquidity backstop facility with respect to the $300
million facility size.
81 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. BORROWINGS Continued
For the year ended December 31, 2006, the average daily loan balance was
$56,118,904 at an average daily interest rate of 4.9590%. The Fund had
borrowings outstanding of $63,700,000 at December 31, 2006 at an interest rate
of 5.2833%. The Fund had gross borrowings and gross loan repayments of
$792,500,000 and $900,300,000, respectively, during the year ended December 31,
2006. The maximum amount of borrowings outstanding at any month-end during the
year ended December 31, 2006 was $171,500,000. The Fund paid $326,266 in fees
and $2,942,433 in interest during the year ended December 31, 2006.
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions
taken in the course of preparing the Fund's tax returns to determine whether it
is "more-likely-than-not" that tax positions taken in the Fund's tax return will
be ultimately sustained. A tax liability and expense must be recorded in respect
of any tax position that, in Management's judgment, will not be fully realized.
FIN 48 is effective for fiscal years beginning after December 15, 2006. As of
December 31, 2006, the Manager has evaluated the implications of FIN 48 and does
not currently anticipate a material impact to the Fund's financial statements.
The Manager will continue to monitor the Fund's tax positions prospectively for
potential future impacts.
In September 2006, the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of December 31, 2006, the Manager does not believe the
adoption of SFAS No. 157 will materially impact the financial statement amounts;
however, additional disclosures may be required about the inputs used to develop
the measurements and the effect of certain of the measurements on changes in net
assets for the period.
- --------------------------------------------------------------------------------
8. LITIGATION
A consolidated amended complaint was filed as a putative class action against
the Manager and the Transfer Agent and other defendants (including 51 of the
Oppenheimer funds including the Fund) in the U.S. District Court for the
Southern District of New York on January 10, 2005 and was amended on March 4,
2005. The complaint alleged, among other things, that the Manager charged
excessive fees for distribution and other costs, and that by permitting and/or
participating in those actions, the Directors/Trustees and the Officers of the
funds breached their fiduciary duties to fund shareholders under the Investment
82 | LIMITED TERM NEW YORK MUNICIPAL FUND
Company Act of 1940 and at common law. The plaintiffs sought unspecified
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.
In response to the defendants' motions to dismiss the suit, seven of the
eight counts in the complaint, including the claims against certain of the
Oppenheimer funds, as nominal defendants, and against certain present and former
Directors, Trustees and Officers of the funds, and the Distributor, as
defendants, were dismissed with prejudice, by court order dated March 10, 2006,
and the remaining count against the Manager and the Transfer Agent was dismissed
with prejudice by court order dated April 5, 2006. The plaintiffs filed an
appeal of those dismissals on May 11, 2006.
The Manager believes that the allegations contained in the complaint are
without merit and that there are substantial grounds to sustain the district
court's rulings. The Manager also believes that it is premature to render any
opinion as to the likelihood of an outcome unfavorable to it, the funds, the
Directors/Trustees or the Officers on the appeal of the decisions of the
district court, and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.
83 | 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,
2006, and the related statements of operations and cash flows for the year then
ended, the statements of changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of the years
in the five-year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 2006, 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, 2006, the results of its
operations and its cash flows for the year then ended, the changes in its net
assets for each of the years in the two-year period then ended, and the
financial highlights for each of the years in the five-year period then ended,
in conformity with U.S. generally accepted accounting principles.
KPMG LLP
Denver, Colorado
February 8, 2007
84 | LIMITED TERM NEW YORK MUNICIPAL FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2007, if applicable, shareholders of record received information
regarding all taxable dividends and distributions paid to them by the Fund
during calendar year 2006. Regulations of the U.S. Treasury Department require
the Fund to report this information to the Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended
December 31, 2006 are eligible for the corporate dividend-received deduction.
98.64% of the dividends were derived from interest on municipal bonds and are
not subject to federal income taxes; 100% of the tax-exempt dividends are not
subject to New York State and New York City income taxes. For the state income
tax reporting purposes of non-New York State shareholders, the distribution
breaks down as follows: New York State (83.2%), New Jersey (0.5%), Puerto Rico
(14.1%), Guam (0.4%), Virgin Islands (1.8%).
During 2006, 19.99% 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.
85 | LIMITED TERM NEW YORK MUNICIPAL FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
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The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30th, no later than August 31st of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
86 | LIMITED TERM NEW YORK MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
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- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information, that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who provide such services. The Manager's duties
include providing the Fund with the services of the portfolio manager and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
87 | LIMITED TERM NEW YORK MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took account of the fact that the Manager has had over forty
years of experience as an investment adviser and that its assets under
management rank it among the top mutual fund managers in the United States. The
Board evaluated the Manager's administrative, accounting, legal and compliance
services, and information the Board has received regarding the experience and
professional qualifications of the Manager's personnel and the size and
functions of its staff. In its evaluation of the quality of the portfolio
management services provided, the Board considered the experience of Ronald H.
Fielding and the Manager's Municipal Bond investment team and analysts. The
Board members also considered their experiences with the Manager and its
officers and other personnel through their service on the boards of the Fund and
other funds advised by the Manager. The Board considered information regarding
the quality of services provided by affiliates of the Manager, which its members
have become knowledgeable about in connection with the renewal of the Fund's
service agreements. In light of the foregoing, the Board concluded that the Fund
benefits from the services provided under the Agreement and from the Manager's
experience, reputation, personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the investment performance of the Fund and the
Manager at each Board meeting, including comparative performance information.
The Board also reviewed information, prepared by the Manager and by the
independent consultant, comparing the Fund's historical performance to relevant
market indices and to the performance of all other retail front-end load and
no-load short/intermediate "other states" municipal debt funds advised by the
Manager and by other investment advisers. The Board noted that the Fund's
one-year, three-year, five-year and ten-year performance were better than its
peer group median.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also evaluated the comparability of the fees charged and the services provided
to the Fund to the fees and services for other clients or accounts advised by
the Manager. The independent consultant provided comparative data in regard to
the fees and expenses of the Fund, other short/intermediate "other states"
municipal debt funds, and other California short municipal debt funds and other
funds with comparable asset levels and distribution features. The Board noted
that the Fund's contractual and actual management fees and total expenses are
lower than its peer group median.
88 | LIMITED TERM NEW YORK MUNICIPAL FUND
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, the extent to
which those economies of scale benefit the Fund's shareholders and the current
level of Fund assets in relation to the Fund's breakpoint schedule for its
management fees. The Board also noted the Fund's breakpoints, which are intended
to share economies of scale that may exist as the Fund grows with its
shareholders.
BENEFITS TO THE MANAGER. The Board considered information regarding the
Manager's costs in serving as the Fund's investment adviser, including the costs
associated with the personnel and systems necessary to manage the Fund, and
information regarding the Manager's profitability from its relationship with the
Fund. The Board considered that the Manager must be able to pay and retain
experienced professional personnel at competitive rates to provide services to
the Fund and that maintaining the financial viability of the Manager is
important in order for the Manager to continue to provide significant services
to the Fund and its shareholders. In addition to considering the profits
realized by the Manager, the Board considered information regarding the direct
and indirect benefits the Manager receives as a result of its relationship with
the Fund, including compensation paid to the Manager's affiliates for services
provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the Agreement for
another year. In arriving at this decision, the Board did not single out any
factor or factors as being more important than others, but considered all of the
factors together. The Board judged the terms and conditions of the Agreement,
including the management fee, in light of all of the surrounding circumstances.
89 | LIMITED TERM NEW YORK MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited
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NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS
FUND, LENGTH OF SERVICE, AGE HELD; NUMBER OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL,
TRUSTEES COLORADO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR
HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
THOMAS W. COURTNEY, Principal of Courtney Associates, Inc. (venture capital firm) (since 1982);
Chairman of the Board (since General Partner of Trivest Venture Fund (private venture capital fund); President
2001), Trustee (since 1995) of Investment Counseling Federated Investors, Inc. (1973-1982); Trustee of the
Age: 73 following open-end investment companies: Cash Assets Trust (1984), Premier VIT
(formerly PIMCO Advisors VIT), Tax Free Trust of Arizona (since 1984) and four
funds for the Hawaiian Tax Free Trust. Oversees 10 portfolios in the
OppenheimerFunds complex.
JOHN CANNON, Director of Neuberger Berman Income Managers Trust, Neuberger & Berman Income
Trustee (since 1992) Funds and Neuberger Berman Trust, (open-end investment companies) (1995-present);
Age: 77 Director of Neuberger Berman Equity Funds (open-end investment company) (since
November 2000); Trustee, Neuberger Berman Mutual Funds (open-end investment
company) (since October 1994); Mr. Cannon held the following positions at CDC
Investment Advisors (registered investment adviser): Chairman and Treasurer
(December 1993-February 1996), Independent Consultant and Chief Investment
Officer (1996-June 2000) and Consultant and Director (December 1993-February
1999). Oversees 3 portfolios in the OppenheimerFunds complex.
DAVID K. DOWNES, President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc.
Trustee (since 2005) (investment management company) (since January 2004); President of The Community
Age: 67 Reinvestment Act Qualified Investment Fund (investment management company) (since
January 2004); Independent Chairman of the Board of Trustees of Quaker Investment
Trust (registered investment company) (since January 2004); Director of Internet
Capital Group (information technology company) (since October 2003); Chief
Operating Officer and Chief Financial Officer of Lincoln National Investment
Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded
company) and Delaware Investments U.S., Inc. (investment management subsidiary of
Lincoln National Corporation) (1995-2003); President, Chief Executive Officer and
Trustee of Delaware Investment Family of Funds (1995-2003); President and Board
Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln
National Income Funds, TDC (1995-2003); Chairman and Chief Executive Officer of
Retirement Financial Services, Inc. (registered transfer agent and investment
adviser and subsidiary of Delaware Investments U.S., Inc.) (1995-2003); President
and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief
Administrative Officer, Chief Financial Officer, Vice Chairman and Director of
Equitable Capital Management Corporation (investment subsidiary of Equitable Life
Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company
(financial services holding company) (1977-1985); held the following positions at
the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director
(1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes
(1969-1972); held the following positions at Price Waterhouse & Company
(financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and
Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 10
portfolios in the OppenheimerFunds complex.
ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 59 portfolios in the
Trustee (since 1998) OppenheimerFunds complex.
Age: 73
90 | LIMITED TERM NEW YORK MUNICIPAL FUND
LACY B. HERRMANN, Founder and Chairman Emeritus of Aquila Group of Funds (open-end investment
Trustee (since 1995) company) (since December 2004); Chairman of Aquila Management Corporation and
Age: 77 Aquila Investment Management LLC (since August 1984); Chief Executive Officer and
President of Aquila Management Corporation (August 1984-December 1994); Vice
President, Director and Secretary of Aquila Distributors, Inc. (distributor of
Aquila Management Corporation); Treasurer of Aquila Distributors, Inc.; President
and Chairman of the Board of Trustees of Capital Cash Management Trust ("CCMT");
President and Director of STCM Management Company, Inc. (sponsor and adviser to
CCMT); Chairman, President and Director of InCap Management Corporation;
Sub-Advisor and Administrator of Prime Cash Fund & Short Term Asset Reserves;
Director of OCC Cash Reserves, Inc. (open-end investment company) (June
2003-December 2004); Trustee of Premier VIT (formerly PIMCO Advisors VIT)
(investment company) (since 1994); Trustee of OCC Accumulation Trust (open-end
investment company) (until December 2004); Trustee Emeritus of Brown University
(since June 1983). Oversees 10 portfolios in the OppenheimerFunds complex.
BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995);
Trustee (since 2001) Director of Special Value Opportunities Fund, LLC (registered investment company)
Age: 63 (since September 2004); Investment Advisory Board Member of Zurich Financial
Services (insurance) (since October 2004); Board of Governing Trustees of The
Jackson Laboratory (non-profit) (since August 1990); Trustee of the Institute
for Advanced Study (non-profit educational institute) (since May 1992); Special
Limited Partner of Odyssey Investment Partners, LLC (private equity investment)
(January 1999-September 2004) and Managing Principal (1997-December 1998);
Trustee of Research Foundation of AIMR (2000-2002) (investment research,
non-profit); Governor, Jerome Levy Economics Institute of Bard College (August
1990-September 2001) (economics research); Director of Ray & Berendtson, Inc.
(May 2000-April 2002) (executive search firm). Oversees 59 portfolios in the
OppenheimerFunds complex.
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INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH
AND OFFICER FLOOR, NEW YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN
INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS
AN OFFICER FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR
REMOVAL. MR. MURPHY IS AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH
OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director (since June 2001) and President
President (since 2001) (since September 2000) of the Manager; President and director or trustee of other
and Trustee (since 2005) Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp.
Age: 57 ("OAC") (the Manager's parent holding company) and of Oppenheimer Partnership
Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001);
Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (since
November 2001); Chairman and Director of Shareholder Services, Inc. and of
Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager)
(since July 2001); President and Director of OppenheimerFunds Legacy Program
(charitable trust program established by the Manager) (since July 2001); Director
of the following investment advisory subsidiaries of the Manager: OFI
Institutional Asset Management, Inc., Centennial Asset Management Corporation,
Trinity Investment Management Corporation and Tremont Capital Management, Inc.
(since November 2001), HarbourView Asset Management Corporation and OFI Private
Investments, Inc. (since July 2001); President (since November 1, 2001) and
Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive
Vice President of Massachusetts Mutual Life Insurance Company (OAC's parent
company) (since February 1997); Director of DLB Acquisition Corporation (holding
company parent
91 | LIMITED TERM NEW YORK MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
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JOHN V. MURPHY, of Babson Capital Management LLC) (since June 1995); Member of the Investment
Continued Company Institute's Board of Governors (since October 3, 2003); Chief Operating
Officer of the Manager (September 2000-June 2001); President and Trustee of MML
Series Investment Fund and MassMutual Select Funds (open-end investment
companies) (November 1999-November 2001); Director of C.M. Life Insurance Company
(September 1999-August 2000); President, Chief Executive Officer and Director of
MML Bay State Life Insurance Company (September 1999-August 2000); Director of
Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary of
Emerald Isle Bancorp) (June 1989-June 1998). Oversees 96 portfolios in the
OppenheimerFunds complex.
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OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS.
THE FUND ZACK, GILLESPIE AND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY
STREET, NEW YORK, NEW YORK 10281-1008, FOR MESSRS. VANDEHEY, WIXTED, PETERSEN,
SZILAGYI AND MS. IVES, 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112-3924, FOR
MESSRS. FIELDING, LOUGHRAN, COTTIER AND WILLIS, 350 LINDEN OAKS, ROCHESTER, NEW
YORK 14625. EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
RONALD H. FIELDING, Senior Vice President of the Manager and Chairman of the Rochester Division of
Vice President and Senior the Manager (since January 1996). Chief Strategist, a Senior Portfolio Manager,
Portfolio Manager an officer and a trader for the Fund and other Oppenheimer funds.
(since 1996)
Age: 57
DANIEL G. LOUGHRAN, Vice President of the Manager (since April 2001) and a portfolio manager with the
Vice President (since 2005) Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a
and Senior Portfolio trader for the Fund and other Oppenheimer funds.
Manager (since 2001)
Age: 43
SCOTT S. COTTIER, Vice President of the Manager (since September 2002). Portfolio Manager and
Vice President (since 2005) trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio
and Senior Portfolio Manager Manager, an officer and a trader for the Fund and other Oppenheimer funds.
(since 2002)
Age: 35
TROY E. WILLIS, Assistant Vice President of the Manager (since July 2005). Portfolio Manager of
Vice President (since 2005) the Fund (from May 2003 to December 2005). Corporate Attorney for Southern
and Senior Portfolio Manager Resource Group (from 1999 to 2003). Senior Portfolio Manager, an officer and a
(since 2006) trader for the Fund and other Oppenheimer funds.
Age: 34
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since March
Vice President and 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset
Chief Compliance Officer Management Corporation and Shareholder Services, Inc. (since June 1983). Former
(since 2004) Vice President and Director of Internal Audit of the Manager (1997- February
Age: 56 2004). An officer of 96 portfolios in the OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer
Treasurer (since 1999) of the following: HarbourView Asset Management Corporation, Shareholder Financial
Age: 47 Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management
Corporation, and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI
Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd.
(since May 2000), OppenheimerFunds plc (since May 2000), OFI Institutional Asset
Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program
(charitable trust program established by the Manager) (since June 2003);
Treasurer
92 | LIMITED TERM NEW YORK MUNICIPAL FUND
BRIAN W. WIXTED, and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the
Continued Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March
1999), Centennial Asset Management Corporation (March 1999-October 2003) and
OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief
Operating Officer of Bankers Trust Company-Mutual Fund Services Division (March
1995-March 1999). An officer of 96 portfolios in the OppenheimerFunds complex.
BRIAN S. PETERSEN, Assistant Vice President of the Manager (since August 2002); Manager/Financial
Assistant Treasurer Product Accounting of the Manager (November 1998-July 2002). An officer of 96
(since 2004) portfolios in the OppenheimerFunds complex.
Age: 36
BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial
Assistant Treasurer Reporting and Compliance of First Data Corporation (April 2003-July 2004);
(since 2005) Manager of Compliance of Berger Financial Group LLC (May 2001-March 2003);
Age: 36 Director of Mutual Fund Operations at American Data Services, Inc. (September
2000-May 2001). An officer of 96 portfolios in the OppenheimerFunds complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March
Secretary (since 2001) 2002) of the Manager; General Counsel and Director of the Distributor (since
Age: 58 December 2001); General Counsel of Centennial Asset Management Corporation (since
December 2001); Senior Vice President and General Counsel of HarbourView Asset
Management Corporation (since December 2001); Secretary and General Counsel of
OAC (since November 2001); Assistant Secretary (since September 1997) and
Director (since November 2001) of OppenheimerFunds International Ltd. and
OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership
Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset
Management, Inc. (since November 2001); Senior Vice President, General Counsel
and Director of Shareholder Financial Services, Inc. and Shareholder Services,
Inc. (since December 2001); Senior Vice President, General Counsel and Director
of OFI Private Investments, Inc. and OFI Trust Company (since November 2001);
Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice
President and General Counsel of OFI Institutional Asset Management, Inc. (since
November 2001); Director of OppenheimerFunds (Asia) Limited (since December
2003); 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 the following: Shareholder Services,
Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November
1989-November 2001), and OppenheimerFunds International Ltd. (September
1997-November 2001). An officer of 96 portfolios in the OppenheimerFunds complex.
KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary
Assistant Secretary (since October 2003) of the Manager; Vice President (since 1999) and Assistant
(since 2001) Secretary (since October 2003) of the Distributor; Assistant Secretary of
Age: 41 Centennial Asset Management Corporation (since October 2003); Vice President and
Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant
Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services,
Inc. (since December 2001); Assistant Counsel of the Manager (August 1994-October
2003). An officer of 96 portfolios in the OppenheimerFunds complex.
93 | LIMITED TERM NEW YORK MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
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LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice
Assistant Secretary President (April 2001-April 2004), Associate General Counsel (December 2000-April
(since 2004) 2004), Corporate Vice President (May 1999-April 2001) and Assistant General
Age: 39 Counsel (May 1999-December 2000) of UBS Financial Services Inc. (formerly,
PaineWebber Incorporated). An officer of 96 portfolios in the OppenheimerFunds
complex.
PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September
Assistant Secretary 2004); Mr. Gillespie held the following positions at Merrill Lynch Investment
(since 2004) Management: First Vice President (2001-September 2004); Director (2000-September
Age: 43 2004) and Vice President (1998-2000). An officer of 96 portfolios in the
OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE, UPON
REQUEST, BY CALLING 1.800.525.7048.
94 | 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 Edward L. Cameron,
the Chairman of the Board's Audit Committee, and George C. Bowen, a member of
the Board's Audit Committee, are audit committee financial experts and that
Messrs. Cameron and Bowen are "independent" for purposes of this Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $38,000 in fiscal 2006 and $38,000 in fiscal 2005.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed $225,954 for fiscal 2006 and $156,805 for fiscal 2005 to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: internal control reviews and professional services
relating to FAS 123R review.
(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 no such fees in fiscal 2006 and $6,536 in fiscal 2005 to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: Preparation of form 5500.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
(e) (1) During its regularly scheduled periodic meetings, the registrant's
audit committee will pre-approve all audit, audit-related, tax and other
services to be provided by the principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its Chairman
for any subsequent new engagements that arise between regularly scheduled
meeting dates provided that any fees such pre-approved are presented to
the audit committee at its next regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe waived
provided that: 1) the aggregate amount of all such services provided
constitutes no more than five percent of the total amount of fees paid by
the registrant to it principal accountant during the fiscal year in which
services are provided 2) such services were not recognized by the
registrant at the time of engagement as non-audit services and 3) such
services are promptly brought to the attention of the audit committee of
the registrant and approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed $225,954 in fiscal 2006 and $163,341 in fiscal
2005 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) No such services were rendered.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUND'S AUDIT COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's Audit Committee (the "Committee") will evaluate potential
Board candidates to assess their qualifications. The Committee shall have
the authority, upon approval of the Board, to retain an executive search
firm to assist in this effort. The Committee may consider recommendations
by business and personal contacts of current Board members and by
executive search firms which the Committee may engage from time to time
and may also consider shareholder recommendations. The Committee may
consider the advice and recommendation of the Funds' investment manager
and its affiliates in making the selection.
2. The Committee shall screen candidates for Board membership. The Committee
has not established specific qualifications that it believes must be met
by a trustee nominee. In evaluating trustee nominees, the Committee
considers, among other things, an individual's background, skills, and
experience; whether the individual is an "interested person" as defined in
the Investment Company Act of 1940; and whether the individual would be
deemed an "audit committee financial expert" within the meaning of
applicable SEC rules. The Committee also considers whether the
individual's background, skills, and experience will complement the
background, skills, and experience of other nominees and will contribute
to the Board. There are no differences in the manner in which the
Committee evaluates nominees for trustees based on whether the nominee is
recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the Board at
such times as the Committee meets to consider new nominees for the Board.
The Committee shall have the sole discretion to determine the candidates
to present to the Board and, in such cases where required, to
shareholders. Recommendations for trustee nominees should, at a minimum,
be accompanied by the following:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o any other information that the Funds would be required to include in
a proxy statement concerning the person if he or she was nominated;
and
o the name and address of the person submitting the recommendation
and, if that person is a shareholder, the period for which that
person held Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under
the Investment Company Act of 1940. In addition, certain other
relationships with Massachusetts Mutual Life Insurance Company or its
subsidiaries, with registered broker-dealers, or with the Funds' outside
legal counsel may cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving
as a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
The registrant's principal executive officer and principal financial officer
have concluded, based on their evaluation of the registrant's disclosure
controls and procedures (as defined in rule 30a-3(c) under the Investment
Company Act of 1940 (17 CFR 270.30a-3(c)) as of January 19, 2007, which is a
date within 90 days of the filing date of this report on Form N-CSR, that, as of
said date, the design and operation of such controls and procedures are
effective to provide reasonable assurances that information required to be
disclosed by the registrant in the reports that it files under the Securities
Exchange Act of 1934 (i) 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 (ii) 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.
Prior to the evaluation of its internal controls in connection with the
certifications in this report, the registrant's management became aware that
other investment companies (not affiliated with the registrant) that invested in
certain municipal securities referred to as "inverse floaters" and that had
transferred certain municipal bonds to special purpose trusts for the purpose of
investing in such inverse floaters, accounting for such transfers as "sales" in
accordance with common practice in the mutual fund industry, had restated their
financial statements to apply the
provisions of Statement of Financial Accounting Standards No. 140, "Accounting
for Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities," ("FAS 140") to the transfers of such municipal bonds in connection
with their investments in inverse floaters, in response to comments by their
independent public accountants about the sale accounting treatment that had
previously been applied by such investment companies to such transfers. As of
and prior to September 30, 2006, the registrant's most recent prior reporting
period for purposes of evaluating its internal controls, the registrant had
likewise accounted for such transfers as "sales." Registrant's management notes
that other investment companies that invested in similar securities over the
same time periods had been accounting for such transfers in a similar manner as
the registrant. After a review of this treatment with the registrant's
independent public accountants, registrant applied FAS 140 to such transfers in
its financial statements for the fiscal year ended December 31, 2006, although
the registrant was not required to restate its financial statements for previous
fiscal periods.
Prior to the evaluation by registrant's officers of the design and operation of
the registrant's disclosure controls and procedures as of January 19, 2007, the
operation of registrant's disclosure controls and procedures and its controls
and procedures over financial reporting was modified to enhance the review and
analysis of the relevant terms and conditions for transfers of securities in
connection with inverse floating rate obligations.
Management of the registrant is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. The registrant's internal
control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with U.S. generally
accepted accounting principles. Such internal control includes policies and
procedures that provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the registrant's
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, including changes in accounting
principles or the interpretations thereof, or that the degree of compliance with
the policies or procedures may deteriorate over time.
A control deficiency exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their assigned
duties, to prevent or detect misstatements on a timely basis. A significant
deficiency is a control deficiency, or combination of control deficiencies, that
adversely affects the registrant's ability to initiate, authorize, record,
process or report financial data reliably in accordance with generally accepted
accounting principles such that there is more than a remote likelihood that a
misstatement of the registrant's annual or interim financial statements that is
more than inconsequential will not be prevented or detected. A material weakness
is a significant deficiency, or combination of significant deficiencies, that
results in more than a remote likelihood that a material misstatement of the
annual or interim financial statements will not be prevented or detected. The
registrant's
independent public accountants have advised the registrant that its policies and
procedures related to the review and analysis of the relevant terms and
conditions of certain transfers of securities were not effective in
appropriately determining whether the transfers qualified for sale accounting
under the provisions of FAS 140. The control deficiency was described by the
independent auditors as a material weakness in internal control over financial
reporting as of December 31, 2006. However, it is registrant's management view
that at the time sale accounting treatment was applied to such transfers,
registrant believed that treatment was correct and in accordance with accounting
practices followed in the mutual fund industry with respect to such transfers,
as reported upon in such funds' audited financial statements. Registrant's
management also noted that the application of FAS 140 to such transfers in the
registrant's financial statements did not impact the net asset values of the
registrant's shares or the registrant's total returns for any period.
There have been no changes in the registrant's internal control over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting. However, as discussed above, prior to the evaluation by registrant's
officers of the design and operation of the registrant's disclosure controls and
procedures as of January 19, 2007, the registrant revised and enhanced controls
over the application of FAS 140.
ITEM 12. EXHIBITS.
(a) (1) Exhibit attached hereto.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Rochester Portfolio Series
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: February 8, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: February 8, 2007
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: February 8, 2007