UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-6332
Rochester Portfolio Series
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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: 12/31/2007
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ITEM 1. REPORTS TO STOCKHOLDERS.
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LIMITED TERM NEW YORK
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MUNICIPAL FUND
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DECEMBER 31, 2007
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Management
Limited Term Commentaries
New York and
Municipal Fund Annual Report
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MANAGEMENT COMMENTARIES
Market Recap and Outlook
Listing of Top Holdings
ANNUAL REPORT [GRAPHIC]
Fund Performance Discussion
Listing of Investments
Financial Statements
"AFTER 25 YEARS IN THE BUSINESS OF MUNICIPAL FUND MANAGEMENT, I STILL DON'T
PRETEND TO HAVE SEEN IT ALL. BUT, ALLOWING TAX-FREE YIELDS TO COMPOUND OVER TIME
HAS CLEARLY BEEN A WINNING STRATEGY FOR SHAREHOLDERS."
-- RONALD H. FIELDING, Chief Strategist, Senior Vice President
and Senior Portfolio Manager, OPPENHEIMERFUNDS/ROCHESTER
[LOGO] OPPENHEIMERFUNDS(R)
The Right Way to Invest
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Tobacco Master Settlement Agreement 20.2%
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Hospital/Health Care 11.3
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General Obligation 10.1
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Marine/Aviation Facilities 8.3
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Electric Utilities 6.0
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Government Appropriation 5.4
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Higher Education 4.0
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Multifamily Housing 4.0
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Municipal Leases 3.7
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Airlines 3.4
Portfolio holdings are subject to change. Percentages are as of December 31,
2007, and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 24.7%
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AA 21.2
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A 11.5
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BBB 37.8
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BB or lower 4.8
Allocations are subject to change. Percentages are as of December 31, 2007, and
are dollar-weighted based on the total market value of investments. Securities
rated by any rating organization are included in the equivalent Standard &
Poor's rating category in the allocation above. The allocation above also
includes unrated securities whose ratings have been assigned by the Manager;
these unrated securities, currently 9.4% of the Fund's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Market value, the total value of the Fund's securities, does not include cash.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
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16 | 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, 2007, FOLLOWED
BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE
BROAD-BASED MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We are pleased to report that
Limited Term New York Municipal Fund distributed high levels of tax-free income
to its shareholders during this reporting period, providing higher yields than
many fixed-income alternatives on an after-tax basis. As of December 31, 2007,
the Fund's Class A shares provided a distribution yield of 4.16% at net asset
value. Lipper Inc.--an independent mutual fund rating service--reported an
average distribution yield of 3% among the 16 funds in its Other States
Short-Intermediate Municipal Debt Funds category as of the same date. 1
Despite market challenges that put pressure on many funds' dividends, the
monthly dividend for Class A shares of Limited Term New York Municipal Fund held
steady throughout this reporting period, providing a total distribution of 13.8
cents per Class A share. The Fund paid a small amount of ordinary income this
reporting period and announced plans to accrue for a January 2008 payout of 1.2
cents per Class A share. Other share class distributions will be adjusted
similarly.
In this reporting period, bonds backed by proceeds from the tobacco Master
Settlement Agreement (MSA) comprised the largest category in the Fund's
portfolio. These so-called tobacco bonds are backed by state and/or U.S.
territory proceeds from a national litigation settlement with tobacco
manufacturers. The Fund benefited in the first half of this reporting period as
credit fundamentals remained strong, credit spreads continued to tighten, and
two large pre-refundings (by the tobacco authorities in California and New
Jersey) elevated bond prices. The sector experienced pricing pressure in the
latter half of the reporting period. The causes, we believe, included a general
widening of credit spreads, to which tobacco bonds are normally sensitive, and
an increase in the national supply of MSA bonds, a technical factor. In other
words, the price declines occurred for non-fundamental reasons and not because
anything changed regarding the MSA or the sector. We continue to believe that
this sector should provide long-term benefits to our yield-focused investors
and, as such, took advantage of market conditions this reporting period to buy
high-yielding MSA-backed securities.
1. Lipper Inc. Lipper calculations do not include sales charges which, if
included, would reduce results.
17 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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Additionally, we believe the risks of industry litigation have been
largely overstated. In the history of MSA-backed tobacco bonds, interest
payments and scheduled payments of principal on the bonds we hold have never
been interrupted--and many bonds have repaid principal earlier than their
scheduled final maturity. Some recent courtroom decisions, nonetheless, are
worth noting. In July 2007, a federal judge in the Southern District of New York
ruled that a smoker's claim for punitive damages cannot be awarded because New
York State, which had sued the tobacco industry in 1997, ultimately agreed to
participate in the MSA. In August 2007, the Illinois Supreme Court ruled that no
further consideration be given to a case challenging Philip Morris USA's
marketing of "light" cigarettes. The same month, the U.S. Court of Appeals for
the First Circuit ruled that a lower court had erred in dismissing a
class-action suit, brought by Maine residents, that challenged the use of the
terms "light" and "low tar" when selling and marketing materials used by Philip
Morris and others.
At the end of this reporting period, tobacco bonds accounted for about
one-fifth of the Fund's market value. The size of this position reflects our
belief that these bonds can continue to help the Fund deliver high levels of
tax-free income.
Airline facility bonds constituted less than 3.5% of the Fund at the end
of this reporting period, including a small position (well less than 1% of
assets) in bonds backed by Delta Air Lines. The carrier made all scheduled
payments of interest and principal throughout its Chapter 11 bankruptcy
protection and has continued to honor its financial obligations since it emerged
from bankruptcy on April 30, 2007. Overall, we believe this sector can provide
long-term benefit to the Fund, especially if the improving world economy creates
the expected gains in passenger travel and pricing flexibility.
The Fund remained invested in the securities in the single-family and
multifamily housing sectors this reporting period. The overall credit quality of
these investments was largely unaffected by the developments in the sub-prime
mortgage market this reporting period. Investors should note that the Fund's
single-family housing bonds are high-grade securities that have been issued by
state agencies. Additionally, the Fund does not invest in the securities created
from pools of sub-prime mortgages nor in collateralized debt obligations (CDOs)
and thus has no direct exposure to these credits. As of December 31, 2007, the
overall credit quality of the Fund remained at A-plus and 95.2% of the
portfolio's securities were investment grade.
Many bond insurers faced renewed scrutiny from the credit ratings
organizations this reporting period, based on their exposure to sub-prime
mortgages. Less than 1% of the Fund's assets were insured by ACA Financial
Guaranty Corporation; in December, after S&P sharply downgraded the insurer,
these assets were re-evaluated by our in-house
18 | LIMITED TERM NEW YORK MUNICIPAL FUND
credit research team and each holding was assigned an internal rating. Investors
should note that the underlying borrowers for all ACA-insured bonds held by the
Fund have consistently made their interest and principal payments without any
apparent support from the insurer.
The Fund continues to hold high-yielding bolds that financed energy
co-generation facilities owned and operated by the Calpine Corporation. The
company filed for bankruptcy protection late in 2005 but always remained current
with its scheduled principal and interest payments. In this reporting period,
Calpine announced plans to emerge from bankruptcy and affirmed the lease on its
facilities. We believe that the company's recent announcements represent a clear
indication that any lingering concerns about debt service on the two bonds this
Fund holds--Port Authority of NY/NJ (KIAC) and Suffolk County IDA (Nissequogue
Co-generation Partners)--are unwarranted.
The Fund continued to invest in municipal inverse-floating-rate securities
this reporting period. These are tax-exempt securities whose interest payments
move inversely to changes in short-term interest rates. They generally provide
higher tax-free yields than regular fixed-rated bonds of comparable maturity and
credit quality, often with greater price volatility.
On November 5, the U.S. Supreme Court heard DEPARTMENT OF REVENUE OF
KENTUCKY V. DAVIS, which addresses the question of whether Kentucky can tax the
income that state residents earn on out-of-state municipal securities if the
income that residents earn from in-state municipal securities is exempt from
taxation. The Court's decision, which is expected by June 2008, could have
implications for New York and many other states. Significantly, the exemption
from federal income taxes, which provides investors with the greatest benefit,
is not in question. We cannot confidently predict what the Court will decide.
However, we will continue to serve our shareholders by focusing on how best to
create tax-free yield advantages in any current and future market scenario. We
remain committed to helping fixed-income investors achieve their financial goals
for tax-free income and will continue to offer a full complement of municipal
bond funds to serve our shareholders' diverse needs.
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. The Fund uses a dollar-weighted
approach to measure the average maturity of its securities. While the average
effective maturity of the Fund's portfolio is limited to 5 years or less, the
Fund can hold securities with stated and effective maturities of more or less
than 5 years. Shareholders should also note that market conditions during this
reporting period did not affect the Fund's overall investment strategies or
cause it to pay any
19 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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capital gain distributions. In closing, we believe that the Fund's structure and
composition as well as our time-tested strategies will continue to benefit
long-term investors through interest rate and economic cycles.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until December 31, 2007. In the case of Class A, Class B and Class C
shares, performance is measured over a ten-fiscal-year period. The Fund's
performance reflects the deduction of the maximum initial sales charge on Class
A shares, the applicable contingent deferred sales charge on Class B and Class C
shares, and reinvestments of all dividends and capital gains distributions. Past
performance cannot guarantee future results.
The Fund's performance is compared to the performance of that of the
Lehman Brothers Municipal Bond Index, the Merrill Lynch Municipal Index (3-7
Years) and the Consumer Price Index. The Lehman Brothers Municipal Bond Index is
an unmanaged index of a broad range of investment grade municipal bonds that is
widely regarded as a measure of the performance of the general municipal bond
market. The Merrill Lynch Municipal Index (3-7 Years) consists of municipal
bonds having remaining maturities of between 3 and 7 years. The Consumer Price
Index is a non-securities index that measures changes in the inflation rate.
Index performance reflects the reinvestment of income but does not consider the
effect of transaction costs, and none of the data in the graphs shows the effect
of taxes. The Fund's performance reflects the effects of the Fund's business and
operating expenses. While index comparisons may be useful to provide a benchmark
for the Fund's performance, it must be noted that the Fund's investments are not
limited to the investments in the indices.
20 | 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 Lehman Brothers Merrill Lynch
New York Municipal Municipal Bond Municipal Index Consumer Price
Fund (Class A) Index (3-7 Years) Index
12/31/1997 $ 9,650 $10,000 $10,000 $10,000
03/31/1998 $ 9,782 $10,115 $10,106 $10,056
06/30/1998 $ 9,933 $10,269 $10,221 $10,105
09/30/1998 $10,142 $10,584 $10,503 $10,143
12/31/1998 $10,223 $10,648 $10,595 $10,161
03/31/1999 $10,287 $10,742 $10,691 $10,229
06/30/1999 $10,222 $10,553 $10,562 $10,304
09/30/1999 $10,185 $10,511 $10,650 $10,409
12/31/1999 $10,134 $10,429 $10,664 $10,434
03/31/2000 $10,318 $10,734 $10,791 $10,614
06/30/2000 $10,445 $10,896 $10,972 $10,688
09/30/2000 $10,637 $11,160 $11,197 $10,769
12/31/2000 $10,891 $11,648 $11,543 $10,787
03/31/2001 $11,063 $11,906 $11,868 $10,924
06/30/2001 $11,195 $11,983 $11,994 $11,035
09/30/2001 $11,431 $12,320 $12,310 $11,054
12/31/2001 $11,419 $12,245 $12,233 $10,955
03/31/2002 $11,504 $12,360 $12,279 $11,085
06/30/2002 $11,724 $12,812 $12,822 $11,153
09/30/2002 $12,154 $13,421 $13,322 $11,221
12/31/2002 $12,142 $13,421 $13,469 $11,215
03/31/2003 $12,174 $13,582 $13,603 $11,420
06/30/2003 $12,308 $13,932 $13,881 $11,389
09/30/2003 $12,445 $13,943 $14,006 $11,482
12/31/2003 $12,725 $14,134 $14,037 $11,426
03/31/2004 $12,951 $14,378 $14,223 $11,618
06/30/2004 $12,664 $14,038 $13,932 $11,761
09/30/2004 $13,122 $14,585 $14,333 $11,773
12/31/2004 $13,332 $14,767 $14,446 $11,798
03/31/2005 $13,489 $14,762 $14,298 $11,984
06/30/2005 $13,878 $15,194 $14,583 $12,058
09/30/2005 $13,928 $15,175 $14,577 $12,325
12/31/2005 $14,016 $15,286 $14,628 $12,201
03/31/2006 $14,161 $15,324 $14,627 $12,387
06/30/2006 $14,217 $15,329 $14,657 $12,579
09/30/2006 $14,614 $15,851 $15,034 $12,579
12/31/2006 $14,759 $16,026 $15,130 $12,511
03/31/2007 $14,874 $16,156 $15,267 $12,731
06/30/2007 $14,894 $16,048 $15,241 $12,917
09/30/2007 $14,915 $16,341 $15,621 $12,926
12/31/2007 $15,016 $16,565 $15,929 $13,021
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
12/31/07
1-Year -1.82% 5-Year 3.60% 10-Year 4.15%
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 24 FOR FURTHER INFORMATION.
21 | 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 Lehman Brothers Merrill Lynch
New York Municipal Municipal Bond Municipal Index Consumer Price
Fund (Class B) Index (3-7 Years) Index
12/31/1997 $10,000 $10,000 $10,000 $10,000
03/31/1998 $10,117 $10,115 $10,106 $10,056
06/30/1998 $10,223 $10,269 $10,221 $10,105
09/30/1998 $10,449 $10,584 $10,503 $10,143
12/31/1998 $10,512 $10,648 $10,595 $10,161
03/31/1999 $10,558 $10,742 $10,691 $10,229
06/30/1999 $10,439 $10,553 $10,562 $10,304
09/30/1999 $10,413 $10,511 $10,650 $10,409
12/31/1999 $10,340 $10,429 $10,664 $10,434
03/31/2000 $10,475 $10,734 $10,791 $10,614
06/30/2000 $10,583 $10,896 $10,972 $10,688
09/30/2000 $10,791 $11,160 $11,197 $10,769
12/31/2000 $11,027 $11,648 $11,543 $10,787
03/31/2001 $11,145 $11,906 $11,868 $10,924
06/30/2001 $11,292 $11,983 $11,994 $11,035
09/30/2001 $11,474 $12,320 $12,310 $11,054
12/31/2001 $11,475 $12,245 $12,233 $10,955
03/31/2002 $11,538 $12,360 $12,279 $11,085
06/30/2002 $11,737 $12,812 $12,822 $11,153
09/30/2002 $12,109 $13,421 $13,322 $11,221
12/31/2002 $12,109 $13,421 $13,469 $11,215
03/31/2003 $12,080 $13,582 $13,603 $11,420
06/30/2003 $12,227 $13,932 $13,881 $11,389
09/30/2003 $12,301 $13,943 $14,006 $11,482
12/31/2003 $12,600 $14,134 $14,037 $11,426
03/31/2004 $12,823 $14,378 $14,223 $11,618
06/30/2004 $12,539 $14,038 $13,932 $11,761
09/30/2004 $12,992 $14,585 $14,333 $11,773
12/31/2004 $13,201 $14,767 $14,446 $11,798
03/31/2005 $13,356 $14,762 $14,298 $11,984
06/30/2005 $13,741 $15,194 $14,583 $12,058
09/30/2005 $13,791 $15,175 $14,577 $12,325
12/31/2005 $13,877 $15,286 $14,628 $12,201
03/31/2006 $14,022 $15,324 $14,627 $12,387
06/30/2006 $14,076 $15,329 $14,657 $12,579
09/30/2006 $14,470 $15,851 $15,034 $12,579
12/31/2006 $14,613 $16,026 $15,130 $12,511
03/31/2007 $14,727 $16,156 $15,267 $12,731
06/30/2007 $14,747 $16,048 $15,241 $12,917
09/30/2007 $14,768 $16,341 $15,621 $12,926
12/31/2007 $14,868 $16,565 $15,929 $13,021
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
12/31/07
1-Year -2.96% 5-Year 3.35% 10-Year 4.05%
22 | 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 Lehman Brothers Merrill Lynch
New York Municipal Municipal Bond Municipal Index Consumer Price
Fund (Class C) Index (3-7 Years) Index
12/31/1997 $10,000 $10,000 $10,000 $10,000
03/31/1998 $10,118 $10,115 $10,106 $10,056
06/30/1998 $10,255 $10,269 $10,221 $10,105
09/30/1998 $10,483 $10,584 $10,503 $10,143
12/31/1998 $10,515 $10,648 $10,595 $10,161
03/31/1999 $10,593 $10,742 $10,691 $10,229
06/30/1999 $10,474 $10,553 $10,562 $10,304
09/30/1999 $10,416 $10,511 $10,650 $10,409
12/31/1999 $10,344 $10,429 $10,664 $10,434
03/31/2000 $10,511 $10,734 $10,791 $10,614
06/30/2000 $10,621 $10,896 $10,972 $10,688
09/30/2000 $10,797 $11,160 $11,197 $10,769
12/31/2000 $11,034 $11,648 $11,543 $10,787
03/31/2001 $11,187 $11,906 $11,868 $10,924
06/30/2001 $11,299 $11,983 $11,994 $11,035
09/30/2001 $11,516 $12,320 $12,310 $11,054
12/31/2001 $11,482 $12,245 $12,233 $10,955
03/31/2002 $11,546 $12,360 $12,279 $11,085
06/30/2002 $11,745 $12,812 $12,822 $11,153
09/30/2002 $12,154 $13,421 $13,322 $11,221
12/31/2002 $12,118 $13,421 $13,469 $11,215
03/31/2003 $12,127 $13,582 $13,603 $11,420
06/30/2003 $12,238 $13,932 $13,881 $11,389
09/30/2003 $12,351 $13,943 $14,006 $11,482
12/31/2003 $12,605 $14,134 $14,037 $11,426
03/31/2004 $12,805 $14,378 $14,223 $11,618
06/30/2004 $12,497 $14,038 $13,932 $11,761
09/30/2004 $12,926 $14,585 $14,333 $11,773
12/31/2004 $13,109 $14,767 $14,446 $11,798
03/31/2005 $13,239 $14,762 $14,298 $11,984
06/30/2005 $13,556 $15,194 $14,583 $12,058
09/30/2005 $13,619 $15,175 $14,577 $12,325
12/31/2005 $13,679 $15,286 $14,628 $12,201
03/31/2006 $13,795 $15,324 $14,627 $12,387
06/30/2006 $13,781 $15,329 $14,657 $12,579
09/30/2006 $14,183 $15,851 $15,034 $12,579
12/31/2006 $14,297 $16,026 $15,130 $12,511
03/31/2007 $14,383 $16,156 $15,267 $12,731
06/30/2007 $14,375 $16,048 $15,241 $12,917
09/30/2007 $14,368 $16,341 $15,621 $12,926
12/31/2007 $14,436 $16,565 $15,929 $13,021
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
12/31/07
1-Year -0.01% 5-Year 3.56% 10-Year 3.74%
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 24 FOR FURTHER INFORMATION.
23 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES
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Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 9/18/91. The average
annual total returns are shown net of the applicable 3.50% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 5/1/97. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 4% (1-year) and 1% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the 10-year return for Class B uses Class A
performance for the period after conversion. Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 5/1/97. 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.
24 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees (if
applicable); and (2) ongoing costs, including management fees; distribution and
service fees; and other Fund expenses. These examples are intended to help you
understand your ongoing costs (in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended December 31, 2007.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in this
section for the class of shares you hold, together with the amount you invested,
to estimate the expense that you paid over the period. Simply divide your
account value by $1,000.00 (for example, an $8,600.00 account value divided by
$1,000.00 = 8.60), then multiply the result by the number in the first section
under the heading entitled "Expenses Paid During Period" to estimate the
expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the table
provides information about hypothetical account values and hypothetical expenses
based on the Fund's actual expense ratio for each class of shares, and an
assumed rate of return of 5% per year for each class before expenses, which is
not the actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
25 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND EXPENSES Continued
- --------------------------------------------------------------------------------
the Statement of Additional Information). Therefore, the "hypothetical" section
of the table is useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL JULY 1, 2007 DECEMBER 31, 2007 DECEMBER 31, 2007
- --------------------------------------------------------------------------------
Class A $1,000.00 $1,008.20 $4.77
- --------------------------------------------------------------------------------
Class B 1,000.00 1,007.10 8.89
- --------------------------------------------------------------------------------
Class C 1,000.00 1,004.30 8.78
HYPOTHETICAL
(5% return before expenses)
- --------------------------------------------------------------------------------
Class A 1,000.00 1,020.47 4.80
- --------------------------------------------------------------------------------
Class B 1,000.00 1,016.38 8.93
- --------------------------------------------------------------------------------
Class C 1,000.00 1,016.48 8.83
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,
excluding indirect expenses from affiliated fund, based on the 6-month period
ended December 31, 2007 are as follows:
CLASS EXPENSE RATIOS
- --------------------------
Class A 0.94%
- --------------------------
Class B 1.75
- --------------------------
Class C 1.73
The expense ratios reflect reduction to custodian. The "Financial Highlights"
tables in the Fund's financial statements, included in this report, also show
the gross expense ratios, without such waivers or reimbursements and reduction
to custodian expenses, if applicable.
- --------------------------------------------------------------------------------
26 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS December 31, 2007
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--103.6%
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK--84.0%
$ 20,000 Albany County, NY Airport Authority 5.125% 12/15/2019 12/15/2010 A $ 21,059
- -----------------------------------------------------------------------------------------------------------------------------------
785,000 Albany County, NY Airport Authority 5.300 12/15/2009 12/15/2008 A 801,791
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 Albany County, NY Airport Authority 5.300 12/15/2015 12/15/2008 A 163,355
- -----------------------------------------------------------------------------------------------------------------------------------
795,000 Albany County, NY Airport Authority 5.375 12/15/2017 12/15/2008 A 811,616
- -----------------------------------------------------------------------------------------------------------------------------------
2,405,000 Albany County, NY Airport Authority 5.500 12/15/2019 12/15/2008 A 2,455,361
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Albany County, NY IDA (Albany College of
Pharmacy) 5.250 12/01/2019 12/01/2014 A 1,515,960
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Albany, NY GO 7.000 01/15/2010 07/01/2008 A 5,016
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Albany, NY Hsg. Authority 6.250 10/01/2012 1 04/01/2008 A 250,478
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Albany, NY Hsg. Authority (Lark Drive) 5.200 12/01/2013 12/01/2010 A 206,528
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 Albany, NY Hsg. Authority (Lark Drive) 5.400 12/01/2018 12/01/2010 A 153,846
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Albany, NY IDA (Albany Law School) 5.750 10/01/2030 10/01/2010 A 101,639
- -----------------------------------------------------------------------------------------------------------------------------------
1,365,000 Albany, NY IDA (Brighter Choice
Charter School) 4.500 04/01/2018 04/11/2017 B 1,278,882
- -----------------------------------------------------------------------------------------------------------------------------------
5,335,000 Albany, NY IDA (Charitable Leadership) 5.500 07/01/2011 07/13/2010 B 5,463,520
- -----------------------------------------------------------------------------------------------------------------------------------
8,810,000 Albany, NY IDA (Charitable Leadership) 6.000 07/01/2019 1 07/01/2013 A 8,968,580
- -----------------------------------------------------------------------------------------------------------------------------------
2,660,000 Albany, NY IDA (Daughters of Sarah
Nursing Home) 5.250 10/20/2021 04/20/2014 A 2,809,332
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Albany, NY IDA (H. Johnson Office Park) 4.750 03/01/2018 03/01/2008 C 1,348,650
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Albany, NY IDA (University Heights-Albany
Law School) 6.750 12/01/2019 1 12/01/2009 A 135,028
- -----------------------------------------------------------------------------------------------------------------------------------
1,935,000 Albany, NY Municipal Water
Finance Authority 5.250 12/01/2017 06/01/2008 A 1,952,163
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Albany, NY Municipal Water
Finance Authority 5.250 12/01/2019 06/01/2008 A 201,578
- -----------------------------------------------------------------------------------------------------------------------------------
2,915,000 Albany, NY Municipal Water
Finance Authority 5.250 12/01/2020 06/01/2008 A 2,937,999
- -----------------------------------------------------------------------------------------------------------------------------------
3,235,000 Albany, NY Municipal Water
Finance Authority 2 5.250 12/01/2022 06/01/2008 A 3,258,195
- -----------------------------------------------------------------------------------------------------------------------------------
2,590,000 Albany, NY Municipal Water
Finance Authority 5.250 12/01/2023 06/01/2008 A 2,608,570
- -----------------------------------------------------------------------------------------------------------------------------------
1,110,000 Albany, NY Parking Authority 5.625 07/15/2020 1 07/15/2011 A 1,214,174
- -----------------------------------------------------------------------------------------------------------------------------------
890,000 Albany, NY Parking Authority 5.625 07/15/2020 1 07/15/2011 A 929,258
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 Albany, NY Parking Authority 5.625 07/15/2025 1 07/15/2011 A 460,811
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Allegany County, NY IDA (Houghton College) 5.000 01/15/2010 01/15/2008 A 141,513
- -----------------------------------------------------------------------------------------------------------------------------------
4,380,000 Allegany County, NY IDA (Houghton College) 5.250 01/15/2018 01/15/2008 A 4,425,771
- -----------------------------------------------------------------------------------------------------------------------------------
1,550,000 Amherst, NY IDA (Daemen College) 5.750 10/01/2011 04/26/2010 B 1,625,423
- -----------------------------------------------------------------------------------------------------------------------------------
9,800,000 Amherst, NY IDA (Daemen College) 3 6.000 4 10/01/2036 01/10/2008 C 9,800,000
- -----------------------------------------------------------------------------------------------------------------------------------
490,000 Amherst, NY IDA (Faculty-Student Assoc.
of SUNY at Buffalo) 5.750 04/01/2016 04/01/2012 A 494,263
27 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 720,000 Amherst, NY IDA (Faculty-Student Assoc.
of SUNY at Buffalo) 5.750% 04/01/2017 1 04/01/2012 A $ 725,177
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Arlington, NY Central School District 5.000 12/15/2015 12/15/2009 A 51,987
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Arlington, NY Central School District 5.625 05/15/2022 05/15/2009 E 10,364
- -----------------------------------------------------------------------------------------------------------------------------------
6,940,000 Babylon, NY IDA (WSNCHS East, Inc.) 6.500 08/01/2019 1 08/01/2010 A 7,331,694
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Batavia, NY GO 5.000 11/01/2015 11/01/2015 117,306
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Batavia, NY GO 5.000 11/01/2016 11/01/2015 A 116,623
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Batavia, NY GO 5.000 11/01/2017 11/01/2015 A 115,944
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Batavia, NY GO 5.000 11/01/2018 11/01/2015 A 115,181
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Batavia, NY GO 5.000 11/01/2019 11/01/2015 A 114,512
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Batavia, NY GO 5.000 11/01/2020 11/01/2015 A 113,922
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Battery Park, NY City Authority, Series A 5.250 11/01/2022 11/01/2013 A 6,454,320
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Bethlehem, NY Water System 5.500 03/01/2022 03/01/2013 A 524,905
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 Blauvelt, NY Volunteer Fire Company 6.000 10/15/2008 10/15/2008 85,270
- -----------------------------------------------------------------------------------------------------------------------------------
645,000 Brookhaven, NY IDA (Alternatives for
Children) 7.000 02/01/2013 03/22/2011 B 649,683
- -----------------------------------------------------------------------------------------------------------------------------------
965,000 Brookhaven, NY IDA (Dowling College) 6.500 11/01/2012 11/01/2012 1,012,671
- -----------------------------------------------------------------------------------------------------------------------------------
860,000 Brookhaven, NY IDA (Enecon Corp.) 5.800 11/01/2018 10/15/2014 B 834,707
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Brookhaven, NY IDA (Stony Brook
Foundation) 5.750 11/01/2008 11/01/2008 130,540
- -----------------------------------------------------------------------------------------------------------------------------------
645,000 Broome County, NY COP 5.250 04/01/2022 1 04/01/2008 A 645,974
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Broome County, NY GO 5.400 04/15/2011 04/15/2008 A 10,065
- -----------------------------------------------------------------------------------------------------------------------------------
925,000 Bushnell Basin, NY Fire Assoc.
(Volunteer Fire Dept.) 5.250 11/01/2015 12/14/2013 B 900,848
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 Cattaraugus County, NY IDA
(Olean General Hospital) 5.250 08/01/2023 08/01/2010 A 325,974
- -----------------------------------------------------------------------------------------------------------------------------------
4,275,000 Cayuga County, NY COP
(Auburn Memorial Hospital) 6.000 01/01/2021 07/01/2008 A 4,280,387
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Chautauqua County, NY Tobacco Asset
Securitization Corp. 6.000 07/01/2012 07/01/2010 A 1,296,800
- -----------------------------------------------------------------------------------------------------------------------------------
1,075,000 Chautauqua County, NY Tobacco Asset
Securitization Corp. 6.250 07/01/2016 07/01/2010 A 1,114,711
- -----------------------------------------------------------------------------------------------------------------------------------
3,780,000 Chautauqua County, NY Tobacco Asset
Securitization Corp. 6.500 07/01/2024 07/01/2010 A 3,931,578
- -----------------------------------------------------------------------------------------------------------------------------------
18,160,000 Chautauqua County, NY Tobacco Asset
Securitization Corp. 6.750 07/01/2040 07/01/2010 A 18,913,277
- -----------------------------------------------------------------------------------------------------------------------------------
2,440,000 Clarence, NY IDA (Bristol Village) 6.000 01/20/2044 01/20/2013 A 2,626,806
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Clifton Park, NY Water Authority 5.000 10/01/2029 10/01/2009 A 45,875
- -----------------------------------------------------------------------------------------------------------------------------------
4,195,000 Cortland County, NY IDA
(Cortland Memorial Hospital) 5.625 07/01/2024 1 07/01/2012 A 4,335,994
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Cortland, NY GO 5.625 05/01/2010 05/01/2008 A 50,415
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Deerfield, NY GO 5.250 06/15/2008 06/15/2008 5,034
28 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 10,000 Deerfield, NY GO 5.250% 06/15/2009 06/15/2009 $ 10,201
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.250 06/15/2010 06/15/2010 10,307
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.250 06/15/2011 06/15/2011 10,404
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.250 06/15/2012 06/15/2012 10,466
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.250 06/15/2013 06/15/2013 10,554
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.500 06/15/2014 06/15/2014 10,749
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.500 06/15/2015 06/15/2015 10,791
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.500 06/15/2016 06/15/2016 10,814
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.500 06/15/2017 06/15/2016 A 10,784
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.500 06/15/2018 06/15/2016 A 10,722
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Deerfield, NY GO 5.500 06/15/2019 06/15/2016 A 16,018
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Deerfield, NY GO 5.500 06/15/2020 06/15/2016 A 15,942
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 Dutchess County, NY IDA (Bard College) 5.500 08/01/2020 08/01/2010 A 315,582
- -----------------------------------------------------------------------------------------------------------------------------------
5,205,000 Dutchess County, NY IDA (Marist College) 5.150 07/01/2017 07/01/2013 A 5,448,178
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 East Hampton, NY Town GO 5.000 04/15/2018 04/15/2008 A 25,368
- -----------------------------------------------------------------------------------------------------------------------------------
515,000 East Rochester, NY Hsg. Authority
(Gates Senior Hsg.) 5.200 04/20/2021 10/20/2013 A 534,807
- -----------------------------------------------------------------------------------------------------------------------------------
2,800,000 East Rochester, NY Hsg. Authority
(Rochester St. Mary's Residence Facility) 5.375 12/20/2022 1 12/20/2015 A 2,961,560
- -----------------------------------------------------------------------------------------------------------------------------------
8,300,000 East Rochester, NY Hsg. Authority
(St. John's Meadows) 5.000 08/15/2027 08/15/2020 A 8,322,659
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 East Syracuse, NY Hsg. Authority
(Bennett Manor Associates) 6.700 04/01/2021 04/01/2010 A 222,812
- -----------------------------------------------------------------------------------------------------------------------------------
415,000 Elmira, NY GO 5.000 10/01/2015 10/01/2015 440,635
- -----------------------------------------------------------------------------------------------------------------------------------
440,000 Elmira, NY GO 5.000 10/01/2016 10/01/2016 467,082
- -----------------------------------------------------------------------------------------------------------------------------------
460,000 Elmira, NY GO 5.000 10/01/2017 10/01/2015 A 485,203
- -----------------------------------------------------------------------------------------------------------------------------------
485,000 Elmira, NY GO 5.000 10/01/2018 10/01/2017 A 507,887
- -----------------------------------------------------------------------------------------------------------------------------------
505,000 Elmira, NY GO 5.000 10/01/2019 10/01/2017 A 525,473
- -----------------------------------------------------------------------------------------------------------------------------------
1,300,000 Erie County, NY IDA
(Buffalo City School District) 5.750 05/01/2025 05/01/2014 A 1,442,194
- -----------------------------------------------------------------------------------------------------------------------------------
6,500,000 Erie County, NY IDA
(Buffalo City School District) 5.750 05/01/2026 05/01/2014 A 7,210,970
- -----------------------------------------------------------------------------------------------------------------------------------
1,535,000 Erie County, NY IDA (Medaille College) 6.875 10/01/2013 03/17/2011 B 1,574,373
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 Erie County, NY IDA (Medaille College) 7.250 11/01/2010 11/19/2009 B 302,171
- -----------------------------------------------------------------------------------------------------------------------------------
29,615,000 Erie County, NY Tobacco Asset
Securitization Corp. 5.000 06/01/2031 03/22/2017 B 28,068,801
- -----------------------------------------------------------------------------------------------------------------------------------
9,750,000 Erie County, NY Tobacco Asset
Securitization Corp. 5.000 06/01/2038 08/15/2020 B 9,177,090
- -----------------------------------------------------------------------------------------------------------------------------------
1,635,000 Erie County, NY Tobacco Asset
Securitization Corp. 5.750 07/15/2013 07/15/2010 E 1,756,137
- -----------------------------------------------------------------------------------------------------------------------------------
7,305,000 Erie County, NY Tobacco Asset
Securitization Corp. 6.000 07/15/2020 07/15/2010 E 7,890,496
29 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 250,000 Essex County, NY IDA
(International Paper Company) 6.450% 11/15/2023 11/15/2009 A $ 256,208
- -----------------------------------------------------------------------------------------------------------------------------------
690,000 Essex County, NY IDA (North Country
Community College Foundation) 4.600 06/01/2015 12/25/2013 B 679,126
- -----------------------------------------------------------------------------------------------------------------------------------
540,000 Franklin County, NY IDA (North Country
Community College Foundation) 4.600 06/01/2015 12/24/2013 B 531,490
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Hamilton County, NY IDA
(Adirondack Historical Assoc.) 5.250 11/01/2018 11/01/2008 A 512,180
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2017 09/15/2016 A 76,722
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Hempstead Village, NY GO 5.000 07/01/2018 07/01/2014 A 506,500
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2018 09/15/2016 A 76,239
- -----------------------------------------------------------------------------------------------------------------------------------
1,195,000 Hempstead Village, NY GO 5.000 07/01/2019 07/01/2014 A 1,205,217
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2019 09/15/2016 A 75,812
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2020 09/15/2016 A 75,389
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2021 09/15/2021 74,884
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2022 09/15/2022 74,417
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2023 09/15/2023 73,912
- -----------------------------------------------------------------------------------------------------------------------------------
1,635,000 Hempstead Village, NY GO 5.250 07/01/2023 07/01/2014 A 1,646,183
- -----------------------------------------------------------------------------------------------------------------------------------
1,730,000 Hempstead Village, NY GO 5.250 07/01/2024 07/01/2014 A 1,736,142
- -----------------------------------------------------------------------------------------------------------------------------------
1,700,000 Hempstead, NY IDA (Adelphi University) 5.750 06/01/2022 1 06/01/2012 A 1,778,642
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Hempstead, NY IDA (Hofstra University) 5.800 07/01/2015 07/01/2008 A 1,368,009
- -----------------------------------------------------------------------------------------------------------------------------------
2,740,000 Hempstead, NY IDA (Lynbrook Facilities) 6.000 11/01/2017 08/10/2013 B 2,727,807
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Herkimer County, NY GO 5.000 09/15/2012 03/15/2008 A 62,039
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Herkimer County, NY GO 5.000 09/15/2012 03/15/2008 A 40,153
- -----------------------------------------------------------------------------------------------------------------------------------
465,000 Herkimer County, NY IDA (Burrows Paper) 8.000 01/01/2009 07/01/2008 A 465,967
- -----------------------------------------------------------------------------------------------------------------------------------
370,000 Herkimer County, NY IDA (Herkimer
County College Foundation) 5.850 11/01/2010 11/15/2009 B 377,352
- -----------------------------------------------------------------------------------------------------------------------------------
1,275,000 Herkimer, NY Hsg. Authority 7.150 03/01/2011 03/01/2008 A 1,278,302
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Hudson, NY IDA (Hudson Fabrics) 6.000 11/01/2012 10/10/2010 B 292,254
- -----------------------------------------------------------------------------------------------------------------------------------
3,500,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 5.500 12/01/2016 01/17/2013 B 3,326,540
- -----------------------------------------------------------------------------------------------------------------------------------
410,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 5.500 12/01/2016 01/17/2013 B 389,680
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Islip, NY Res Rec, Series D 6.500 07/01/2009 07/01/2008 A 15,216
- -----------------------------------------------------------------------------------------------------------------------------------
2,990,000 Islip, NY Res Rec, Series E 5.625 07/01/2017 07/01/2014 A 3,259,220
- -----------------------------------------------------------------------------------------------------------------------------------
1,175,000 Islip, NY Res Rec, Series E 5.750 07/01/2019 07/01/2014 A 1,278,941
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Jamestown, NY GO 5.000 08/01/2024 08/01/2014 A 258,990
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Jamestown, NY GO 5.000 08/01/2025 08/01/2014 A 258,123
- -----------------------------------------------------------------------------------------------------------------------------------
1,385,000 Jamestown, NY Hsg. Authority 6.125 07/01/2010 09/27/2009 B 1,366,164
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Kenmore, NY Hsg. Authority (SUNY at
Buffalo) 5.500 08/01/2024 08/01/2011 A 1,019,450
- -----------------------------------------------------------------------------------------------------------------------------------
2,210,000 Livingston County, NY IDA
(Nicholas H. Noyes Memorial Hospital) 5.875 07/01/2022 07/01/2010 A 2,210,000
30 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,010,000 Livingston County, NY IDA (Nicholas H.
Noyes Memorial Hospital) 6.000% 07/01/2030 04/22/2027 B $ 1,006,909
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Livonia, NY GO 5.000 06/15/2020 06/15/2017 A 73,856
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Livonia, NY GO 5.000 06/15/2021 06/15/2017 A 78,715
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Livonia, NY GO 5.000 06/15/2022 06/15/2017 A 83,395
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 Livonia, NY GO 5.000 06/15/2023 06/15/2017 A 88,275
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 Livonia, NY GO 5.000 06/15/2024 06/15/2017 A 93,117
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Livonia, NY GO 5.000 06/15/2025 06/15/2017 A 77,249
- -----------------------------------------------------------------------------------------------------------------------------------
2,065,000 Madison County, NY IDA (Morrisville State
College Foundation) 5.000 06/01/2022 06/01/2016 A 2,154,993
- -----------------------------------------------------------------------------------------------------------------------------------
2,260,000 Madison County, NY IDA
(Oneida Healthcare Center) 5.500 02/01/2016 02/01/2011 A 2,343,869
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Medina, NY Hsg. Corp. 8.250 08/15/2011 1 02/15/2008 A 145,278
- -----------------------------------------------------------------------------------------------------------------------------------
2,965,000 Monroe County, NY COP 8.050 01/01/2011 1 07/01/2008 A 2,986,941
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Monroe County, NY GO 5.000 06/01/2017 06/01/2008 A 50,536
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 Monroe County, NY GO 5.250 02/01/2016 02/01/2008 A 268,040
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Monroe County, NY GO 5.350 03/01/2012 03/01/2008 A 75,858
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Monroe County, NY GO 6.100 03/01/2008 03/01/2008 40,203
- -----------------------------------------------------------------------------------------------------------------------------------
510,000 Monroe County, NY IDA (Canal Ponds) 7.000 06/15/2013 1 06/15/2008 A 516,446
- -----------------------------------------------------------------------------------------------------------------------------------
1,285,000 Monroe County, NY IDA (DePaul
Community Facilities) 6.500 02/01/2024 1 02/01/2008 A 1,287,506
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Monroe County, NY IDA
(Nazareth College of Rochester) 5.250 10/01/2021 10/01/2011 A 80,025
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Monroe County, NY IDA (Rochester
Institute of Technology) 5.000 04/01/2010 04/01/2010 25,202
- -----------------------------------------------------------------------------------------------------------------------------------
340,000 Monroe County, NY IDA (Summit at
Brighton) 5.000 07/01/2016 10/26/2012 B 324,802
- -----------------------------------------------------------------------------------------------------------------------------------
2,055,000 Monroe County, NY IDA (West End
Business Center) 5.125 12/01/2014 05/29/2011 B 2,009,708
- -----------------------------------------------------------------------------------------------------------------------------------
13,810,000 Monroe County, NY Tobacco Asset
Securitization Corp. (TASC) 6.150 06/01/2025 01/26/2010 D 14,671,606
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Monroe County, NY Water Authority 5.250 08/01/2011 02/01/2008 A 60,105
- -----------------------------------------------------------------------------------------------------------------------------------
285,000 Monroe, NY Newpower Corp. 4.500 01/01/2011 10/01/2010 B 282,127
- -----------------------------------------------------------------------------------------------------------------------------------
155,000 Monroe, NY Newpower Corp. 4.700 01/01/2012 10/01/2011 B 154,861
- -----------------------------------------------------------------------------------------------------------------------------------
410,000 Monroe, NY Newpower Corp. 4.800 01/01/2013 10/01/2012 B 408,688
- -----------------------------------------------------------------------------------------------------------------------------------
7,800,000 Monroe, NY Newpower Corp. 6.375 01/01/2024 07/01/2009 A 8,069,334
- -----------------------------------------------------------------------------------------------------------------------------------
280,000 Mount Vernon, NY IDA (Kings Court) 5.125 12/01/2023 12/01/2015 A 280,420
- -----------------------------------------------------------------------------------------------------------------------------------
975,000 Mount Vernon, NY IDA (Macedonia
Towers) 5.125 12/01/2023 12/01/2015 A 976,463
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 Mount Vernon, NY IDA (Meadowview) 6.000 06/01/2009 12/06/2008 B 185,771
- -----------------------------------------------------------------------------------------------------------------------------------
5,275,000 Mount Vernon, NY IDA (Section 8),
Series A 5.250 12/01/2014 1 06/01/2008 A 5,406,664
31 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 50,000 Municipal Assistance Corp. for Troy, NY 5.000% 01/15/2016 01/15/2008 A $ 50,451
- -----------------------------------------------------------------------------------------------------------------------------------
1,965,000 Nassau County, NY (CSMR) 5.950 11/01/2022 11/01/2022 1,960,716
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Nassau County, NY Bridge Authority 5.250 10/01/2026 04/01/2008 A 306,366
- -----------------------------------------------------------------------------------------------------------------------------------
305,000 Nassau County, NY IDA (ACDS) 5.950 11/01/2022 11/01/2022 304,335
- -----------------------------------------------------------------------------------------------------------------------------------
605,000 Nassau County, NY IDA (ACDS) 6.000 12/01/2019 04/02/2017 B 592,035
- -----------------------------------------------------------------------------------------------------------------------------------
440,000 Nassau County, NY IDA (ALIA-ACDS) 7.000 10/01/2016 11/01/2011 A 457,327
- -----------------------------------------------------------------------------------------------------------------------------------
680,000 Nassau County, NY IDA (ALIA-ACLD) 5.750 09/01/2011 06/03/2010 B 680,768
- -----------------------------------------------------------------------------------------------------------------------------------
655,000 Nassau County, NY IDA (ALIA-CMA) 7.000 10/01/2016 11/01/2011 A 680,794
- -----------------------------------------------------------------------------------------------------------------------------------
505,000 Nassau County, NY IDA (ALIA-CRR) 7.000 10/01/2016 11/01/2011 A 524,887
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Nassau County, NY IDA (ALIA-FREE) 7.000 10/01/2016 11/01/2011 A 114,332
- -----------------------------------------------------------------------------------------------------------------------------------
460,000 Nassau County, NY IDA (ALIA-HKSB) 7.000 10/01/2016 11/01/2011 A 478,115
- -----------------------------------------------------------------------------------------------------------------------------------
1,745,000 Nassau County, NY IDA (CSMR) 6.000 12/01/2019 12/27/2016 B 1,707,605
- -----------------------------------------------------------------------------------------------------------------------------------
740,000 Nassau County, NY IDA (Epilepsy
Foundation of L.I.) 6.000 12/01/2019 11/17/2016 B 723,905
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Nassau County, NY IDA (Epilepsy
Foundation of L.I. ) 5.950 11/01/2022 11/01/2022 249,455
- -----------------------------------------------------------------------------------------------------------------------------------
335,000 Nassau County, NY IDA (Hispanic
Counseling Center) 6.000 11/01/2017 11/01/2017 334,350
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 Nassau County, NY IDA (Life's WORCA) 5.950 11/01/2022 11/01/2022 264,422
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Nassau County, NY IDA (North Shore
CFGA) 5.750 05/01/2008 05/01/2008 80,093
- -----------------------------------------------------------------------------------------------------------------------------------
505,000 Nassau County, NY IDA (PLUS Group
Home) 6.150 11/01/2022 11/01/2022 503,864
- -----------------------------------------------------------------------------------------------------------------------------------
755,000 Nassau County, NY IDA (United Cerebral
Palsy) 5.750 11/01/2009 02/06/2009 B 755,491
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Nassau County, NY IDA (United Veteran's
Beacon House) 6.000 11/01/2017 11/01/2017 129,748
- -----------------------------------------------------------------------------------------------------------------------------------
490,000 Nassau County, NY IDA (WORCA) 6.000 12/01/2019 12/23/2016 B 479,343
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Nassau County, NY IDA, Series C 6.000 12/01/2019 12/22/2016 B 136,955
- -----------------------------------------------------------------------------------------------------------------------------------
680,000 Nassau County, NY Interim Finance
Authority 5.125 11/15/2021 05/15/2008 A 680,932
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Nassau County, NY Interim Finance
Authority 5.375 11/15/2012 05/15/2008 A 80,148
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Nassau County, NY Interim Finance
Authority 5.375 11/15/2013 05/15/2008 A 35,065
- -----------------------------------------------------------------------------------------------------------------------------------
21,000,000 Nassau County, NY Tobacco Settlement Corp. 0.000 5 06/01/2026 12/03/2017 B 19,207,020
- -----------------------------------------------------------------------------------------------------------------------------------
725,000 Nassau County, NY Tobacco Settlement Corp. 6.000 07/15/2017 07/15/2009 E 765,230
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Nassau County, NY Tobacco Settlement Corp. 6.000 07/15/2018 07/15/2009 A 26,387
- -----------------------------------------------------------------------------------------------------------------------------------
4,125,000 Nassau County, NY Tobacco Settlement Corp. 6.250 07/15/2020 1 07/15/2009 A 4,369,324
- -----------------------------------------------------------------------------------------------------------------------------------
2,255,000 Nassau County, NY Tobacco Settlement Corp. 6.250 07/15/2021 07/15/2009 A 2,388,564
- -----------------------------------------------------------------------------------------------------------------------------------
4,925,000 Nassau County, NY Tobacco Settlement Corp. 6.300 07/15/2021 07/15/2009 A 5,220,352
- -----------------------------------------------------------------------------------------------------------------------------------
1,320,000 Nassau County, NY Tobacco Settlement Corp. 6.300 07/15/2022 07/15/2009 A 1,399,160
32 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 15,050,000 Nassau County, NY Tobacco Settlement Corp. 6.500% 07/15/2027 07/15/2009 A $ 15,997,548
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Nassau County, NY Tobacco Settlement Corp. 6.600 07/15/2039 07/15/2009 A 5,322,250
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 Nassau, NY IDA (EBS North Hills LLC) 7.000 11/01/2013 01/03/2011 B 268,127
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Nassau, NY IDA (EBS North Hills LLC) 7.000 11/01/2013 01/03/2011 B 121,416
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 Nassau, NY IDA (EBS North Hills LLC) 7.000 11/01/2013 01/08/2011 B 176,171
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Nassau, NY IDA (EBS North Hills LLC) 7.000 11/01/2013 01/03/2011 B 177,065
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Nassau, NY IDA (EBS North Hills LLC) 7.000 11/01/2013 01/03/2011 B 177,065
- -----------------------------------------------------------------------------------------------------------------------------------
1,235,000 New Rochelle, NY IDA (College of New
Rochelle) 5.500 07/01/2019 07/01/2009 A 1,269,358
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 New Rochelle, NY Municipal Hsg. Authority,
Series B 6.500 12/01/2014 12/01/2008 E 84,442
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 New Windsor, NY GO 5.300 05/01/2010 05/01/2008 A 15,109
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Newburgh, NY GO 7.600 04/01/2008 04/01/2008 10,112
- -----------------------------------------------------------------------------------------------------------------------------------
1,310,000 Newburgh, NY IDA (Bourne & Kenney
Redevel. Company) 5.650 08/01/2020 1 08/01/2009 A 1,338,322
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Newburgh, NY IDA (Bourne & Kenney
Redevel. Company) 6 5.750 02/01/2032 08/01/2009 A 1,023,540
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 Niagara County, NY IDA (American Ref-Fuel
Company) 5.550 11/15/2024 11/15/2011 A 150,840
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Niagara County, NY IDA (Niagara Falls
Memorial Medical Center) 5.250 06/01/2018 10/04/2016 B 1,271,241
- -----------------------------------------------------------------------------------------------------------------------------------
13,360,000 Niagara County, NY IDA (Niagara Falls
Memorial Medical Center) 5.500 11/01/2035 01/03/2025 B 11,734,890
- -----------------------------------------------------------------------------------------------------------------------------------
6,250,000 Niagara County, NY IDA (Solid Waste
Disposal) 5.450 11/15/2025 11/15/2012 A 6,293,375
- -----------------------------------------------------------------------------------------------------------------------------------
9,360,000 Niagara County, NY IDA (Solid Waste
Disposal) 5.550 11/15/2024 11/15/2011 A 9,472,694
- -----------------------------------------------------------------------------------------------------------------------------------
12,450,000 Niagara County, NY IDA (Solid Waste
Disposal) 5.625 11/15/2024 11/15/2012 A 12,595,914
- -----------------------------------------------------------------------------------------------------------------------------------
170,000 Niagara County, NY Tobacco Asset
Securitization Corp. 5.375 05/15/2018 05/15/2009 F 167,521
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Niagara County, NY Tobacco Asset
Securitization Corp. 5.500 05/15/2019 05/15/2011 A 177,256
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 Niagara County, NY Tobacco Asset
Securitization Corp. 5.500 05/15/2020 05/15/2011 A 91,069
- -----------------------------------------------------------------------------------------------------------------------------------
1,175,000 Niagara County, NY Tobacco Asset
Securitization Corp. 5.875 05/15/2022 05/15/2011 A 1,201,238
- -----------------------------------------------------------------------------------------------------------------------------------
1,045,000 Niagara County, NY Tobacco Asset
Securitization Corp. 6.250 05/15/2034 11/15/2010 A 1,075,702
- -----------------------------------------------------------------------------------------------------------------------------------
945,000 Niagara County, NY Tobacco Asset
Securitization Corp. 6.250 05/15/2040 05/15/2010 A 969,825
- -----------------------------------------------------------------------------------------------------------------------------------
11,995,000 Niagara County, NY Tobacco Asset
Securitization Corp. 6.750 05/15/2029 1 05/15/2010 A 12,506,107
33 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000 Niagara Falls, NY HDC (Niagara Towers) 5.150% 10/01/2010 10/01/2008 A $ 5,056
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Niagara Falls, NY Public Water Authority 5.500 07/15/2034 07/15/2015 A 1,076,420
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Niagara, NY Frontier Transportation
Authority (Buffalo Niagara International
Airport) 5.000 04/01/2013 04/01/2008 A 35,432
- -----------------------------------------------------------------------------------------------------------------------------------
7,630,000 Niagara, NY Frontier Transportation
Authority (Buffalo Niagara International
Airport) 5.625 04/01/2029 1 04/01/2009 A 7,832,500
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 Niagara, NY Frontier Transportation
Authority (Buffalo Niagara International
Airport) 5.750 04/01/2019 04/01/2009 A 217,898
- -----------------------------------------------------------------------------------------------------------------------------------
610,000 North Babylon, NY Volunteer Fire Company 5.750 08/01/2022 02/01/2008 A 624,414
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 North Elba, NY GO 5.400 06/01/2009 06/01/2008 A 25,237
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 North Hempstead, NY GO 5.375 05/15/2016 05/15/2008 A 25,209
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 NY Capital District Youth Center 6.000 02/01/2017 02/01/2008 A 379,316
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 NY Carnegie Redevel. Corp. 3 6.500 09/01/2011 11/17/2009 B 1,083,544
- -----------------------------------------------------------------------------------------------------------------------------------
9,625,000 NY Counties Tobacco Trust I 6.300 06/01/2019 1 06/01/2010 E 10,431,768
- -----------------------------------------------------------------------------------------------------------------------------------
4,670,000 NY Counties Tobacco Trust I 6.300 06/01/2019 1 06/01/2010 A 4,838,073
- -----------------------------------------------------------------------------------------------------------------------------------
8,650,000 NY Counties Tobacco Trust I 6.500 06/01/2035 06/01/2010 E 9,415,006
- -----------------------------------------------------------------------------------------------------------------------------------
4,310,000 NY Counties Tobacco Trust I 6.500 06/01/2035 06/01/2010 A 4,465,117
- -----------------------------------------------------------------------------------------------------------------------------------
3,295,000 NY Counties Tobacco Trust I 6.625 06/01/2042 1 06/01/2010 A 3,418,991
- -----------------------------------------------------------------------------------------------------------------------------------
21,415,000 NY Counties Tobacco Trust II (TASC) 5.250 06/01/2025 12/17/2011 B 21,044,735
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 NY Counties Tobacco Trust II (TASC) 5.500 06/01/2011 06/01/2011 153,432
- -----------------------------------------------------------------------------------------------------------------------------------
865,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 06/01/2012 A 873,019
- -----------------------------------------------------------------------------------------------------------------------------------
1,055,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2013 06/01/2011 A 1,095,227
- -----------------------------------------------------------------------------------------------------------------------------------
1,925,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2014 06/01/2011 A 1,989,873
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 06/01/2012 A 759,128
- -----------------------------------------------------------------------------------------------------------------------------------
2,120,000 NY Counties Tobacco Trust II (TASC) 6.000 06/01/2015 06/01/2011 A 2,207,620
- -----------------------------------------------------------------------------------------------------------------------------------
2,330,000 NY Counties Tobacco Trust II (TASC) 6.000 06/01/2016 06/01/2011 A 2,417,375
- -----------------------------------------------------------------------------------------------------------------------------------
10,175,000 NY Counties Tobacco Trust III 5.000 06/01/2027 11/19/2009 D 10,186,498
- -----------------------------------------------------------------------------------------------------------------------------------
4,980,000 NY Counties Tobacco Trust III 5.750 06/01/2033 09/26/2012 D 5,017,450
- -----------------------------------------------------------------------------------------------------------------------------------
16,575,000 NY Counties Tobacco Trust III 6.000 06/01/2043 06/01/2013 A 17,008,436
- -----------------------------------------------------------------------------------------------------------------------------------
4,490,000 NY Counties Tobacco Trust IV 4.250 06/01/2021 03/14/2012 B 4,236,135
- -----------------------------------------------------------------------------------------------------------------------------------
38,400,000 NY Counties Tobacco Trust IV (TASC) 0.000 5 06/01/2041 08/03/2019 B 35,472,768
- -----------------------------------------------------------------------------------------------------------------------------------
4,520,000 NY Counties Tobacco Trust IV (TASC) 4.750 06/01/2026 10/12/2009 B 4,152,931
- -----------------------------------------------------------------------------------------------------------------------------------
38,400,000 NY Counties Tobacco Trust IV (TASC) 6.650 06/01/2041 06/01/2010 A 5,271,168
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NY Grand Central BID (Grand Central
District Management) 5.000 01/01/2022 01/01/2014 A 529,500
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 NY MTA Commuter Facilities (Grand
Central Terminal) 5.500 07/01/2012 07/01/2008 E 85,119
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NY MTA Commuter Facilities, Series 7 5.625 07/01/2016 1 07/01/2008 E 25,891
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NY MTA Commuter Facilities, Series B 5.000 07/01/2017 07/01/2009 E 5,107
34 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 50,000 NY MTA Commuter Facilities, Series B 5.125% 07/01/2024 07/01/2008 A $ 51,063
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NY MTA Commuter Facilities, Series D 5.000 07/01/2016 07/01/2008 E 5,246
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 NY MTA Service Contract, Series 3 7.375 07/01/2008 07/01/2008 56,042
- -----------------------------------------------------------------------------------------------------------------------------------
8,500,000 NY MTA Service Contract, Series A 5.125 01/01/2024 07/01/2012 A 8,939,535
- -----------------------------------------------------------------------------------------------------------------------------------
15,350,000 NY MTA Service Contract, Series A 5.750 07/01/2031 07/01/2012 A 16,544,537
- -----------------------------------------------------------------------------------------------------------------------------------
540,000 NY MTA, Series A 5.000 11/15/2026 11/15/2016 A 558,943
- -----------------------------------------------------------------------------------------------------------------------------------
4,100,000 NY MTA, Series A 5.125 11/15/2031 11/15/2012 A 4,188,273
- -----------------------------------------------------------------------------------------------------------------------------------
11,075,000 NY MTA, Series A 5.500 11/15/2026 11/15/2012 A 11,884,361
- -----------------------------------------------------------------------------------------------------------------------------------
25,000,000 NY MTA, Series A 5.750 11/15/2032 11/15/2012 A 26,883,750
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NY MTA, Series E 5.500 11/15/2021 11/15/2012 A 54,267
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NY New Hartford-Sunset Wood Funding
Corp. 5.950 08/01/2027 02/01/2008 A 50,939
- -----------------------------------------------------------------------------------------------------------------------------------
1,345,000 NY Newark-Wayne Community Hospital 7.600 09/01/2015 03/01/2008 A 1,346,076
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NY Oneida Healthcare Corp. (Oneida
Health Systems) 5.300 02/01/2021 02/01/2011 A 51,055
- -----------------------------------------------------------------------------------------------------------------------------------
3,895,000 NY Oneida Healthcare Corp. (Oneida
Health Systems) 5.500 02/01/2016 1 02/01/2011 A 4,039,543
- -----------------------------------------------------------------------------------------------------------------------------------
32,000,000 NY Sales Tax Asset Receivables Corp.,
Series A 5.250 10/15/2027 10/15/2014 A 34,013,440
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NY Seneca Nation Indians Capital
Improvements 2 5.250 12/01/2016 06/14/2015 B 5,072,650
- -----------------------------------------------------------------------------------------------------------------------------------
575,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.000 06/01/2011 06/01/2008 A 575,765
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.250 06/01/2012 06/01/2008 A 135,211
- -----------------------------------------------------------------------------------------------------------------------------------
11,905,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.250 06/01/2013 06/01/2008 A 11,987,621
- -----------------------------------------------------------------------------------------------------------------------------------
4,420,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.250 06/01/2013 06/01/2008 A 4,448,995
- -----------------------------------------------------------------------------------------------------------------------------------
2,220,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.250 06/01/2021 06/01/2013 A 2,361,081
- -----------------------------------------------------------------------------------------------------------------------------------
19,550,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2014 06/01/2009 A 20,072,963
- -----------------------------------------------------------------------------------------------------------------------------------
8,250,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2015 06/01/2010 A 8,589,075
- -----------------------------------------------------------------------------------------------------------------------------------
11,900,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2016 06/01/2008 A 12,375,048
- -----------------------------------------------------------------------------------------------------------------------------------
5,020,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2017 06/01/2011 A 5,288,369
- -----------------------------------------------------------------------------------------------------------------------------------
21,000,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2018 06/01/2012 A 22,381,170
- -----------------------------------------------------------------------------------------------------------------------------------
20,500,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2019 06/01/2013 A 21,957,755
35 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 11,000,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.500% 06/01/2020 06/01/2013 A $ 11,782,210
- -----------------------------------------------------------------------------------------------------------------------------------
18,395,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2021 06/01/2013 A 19,684,673
- -----------------------------------------------------------------------------------------------------------------------------------
14,965,000 NY Tobacco Settlement Financing Corp.
(TASC) 5.500 06/01/2022 06/01/2013 A 15,984,117
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NY Triborough Bridge & Tunnel Authority 5.000 01/01/2024 07/01/2008 A 40,049
- -----------------------------------------------------------------------------------------------------------------------------------
1,335,000 NY Triborough Bridge & Tunnel Authority,
Series A 5.000 01/01/2024 07/01/2008 E 1,336,642
- -----------------------------------------------------------------------------------------------------------------------------------
845,000 NY Triborough Bridge & Tunnel Authority,
Series A 5.200 01/01/2020 07/01/2008 A 874,457
- -----------------------------------------------------------------------------------------------------------------------------------
135,160,000 NY TSASC, Inc. (TFABs) 4.750 06/01/2022 10/09/2011 B 131,779,648
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2012 07/01/2008 A 45,073
- -----------------------------------------------------------------------------------------------------------------------------------
1,575,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2013 07/01/2008 A 1,577,567
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2014 07/01/2008 A 1,502,445
- -----------------------------------------------------------------------------------------------------------------------------------
1,565,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2015 07/01/2008 A 1,567,551
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2016 07/01/2008 A 10,016
- -----------------------------------------------------------------------------------------------------------------------------------
5,755,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2018 07/01/2008 A 5,761,503
- -----------------------------------------------------------------------------------------------------------------------------------
6,530,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2019 07/01/2008 A 6,537,379
- -----------------------------------------------------------------------------------------------------------------------------------
6,900,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2020 07/01/2008 A 6,907,797
- -----------------------------------------------------------------------------------------------------------------------------------
2,970,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2021 07/01/2008 A 2,973,356
- -----------------------------------------------------------------------------------------------------------------------------------
3,050,000 NY United Nations Devel. Corp., Series A 2 5.250 07/01/2022 07/01/2008 A 3,053,447
- -----------------------------------------------------------------------------------------------------------------------------------
2,185,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2023 07/01/2008 A 2,187,469
- -----------------------------------------------------------------------------------------------------------------------------------
3,020,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2024 07/01/2008 A 3,023,413
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2025 07/01/2008 A 100,111
- -----------------------------------------------------------------------------------------------------------------------------------
225,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2026 07/01/2008 A 225,250
- -----------------------------------------------------------------------------------------------------------------------------------
180,000 NY Valley Health Devel. Corp. 6.750 05/20/2022 05/20/2010 A 198,392
- -----------------------------------------------------------------------------------------------------------------------------------
29,000,000 NYC GO 7 5.000 06/01/2023 06/01/2015 A 30,024,860
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 0.000 5 03/15/2029 03/30/2025 B 47,189
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.000 08/01/2015 08/01/2008 A 15,304
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.000 08/15/2016 08/15/2008 A 20,419
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.000 05/15/2018 05/15/2008 A 15,240
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.000 05/15/2018 05/15/2008 A 5,089
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 NYC GO 5.000 08/01/2018 02/01/2008 A 449,828
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.000 08/01/2018 02/01/2008 A 20,226
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.000 08/15/2018 08/15/2008 A 50,833
- -----------------------------------------------------------------------------------------------------------------------------------
1,055,000 NYC GO 5.000 12/01/2018 12/01/2014 A 1,116,855
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO 5.000 08/15/2019 08/15/2008 A 91,499
- -----------------------------------------------------------------------------------------------------------------------------------
425,000 NYC GO 5.000 08/01/2020 08/01/2014 A 445,111
- -----------------------------------------------------------------------------------------------------------------------------------
570,000 NYC GO 5.000 03/15/2021 03/15/2009 A 579,850
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC GO 5.000 08/01/2021 08/01/2015 A 4,172,840
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 NYC GO 5.000 08/01/2022 02/01/2009 A 111,766
36 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 85,000 NYC GO 5.000% 08/01/2022 02/01/2008 A $ 85,946
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.000 08/01/2022 02/01/2008 A 25,260
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.000 08/01/2022 08/01/2008 A 10,182
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 08/01/2022 08/01/2015 A 1,039,930
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYC GO 5.000 08/01/2022 08/01/2010 A 65,863
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.000 08/01/2022 08/01/2008 A 25,455
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 NYC GO 5.000 08/01/2022 08/01/2015 A 1,559,895
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.000 08/01/2022 08/01/2008 A 10,182
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 5.000 08/15/2022 08/15/2008 A 30,690
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 NYC GO 5.000 08/15/2022 08/15/2008 A 177,916
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 5.000 09/15/2022 09/15/2013 A 41,248
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC GO 5.000 11/01/2022 11/01/2014 A 2,591,275
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.000 05/15/2023 05/15/2008 A 15,228
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 08/01/2023 08/01/2015 A 1,036,010
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 NYC GO 5.000 08/01/2023 08/01/2008 A 253,233
- -----------------------------------------------------------------------------------------------------------------------------------
615,000 NYC GO 5.000 08/01/2023 08/01/2015 A 637,146
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.000 08/01/2023 02/01/2008 A 50,564
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC GO 5.000 08/01/2023 08/01/2015 A 4,144,040
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.000 08/01/2023 02/01/2008 A 10,117
- -----------------------------------------------------------------------------------------------------------------------------------
1,105,000 NYC GO 5.000 08/01/2023 02/01/2008 A 1,117,464
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC GO 5.000 08/15/2023 08/15/2014 A 10,320,700
- -----------------------------------------------------------------------------------------------------------------------------------
6,750,000 NYC GO 5.000 11/01/2023 11/01/2014 A 6,972,278
- -----------------------------------------------------------------------------------------------------------------------------------
11,340,000 NYC GO 5.000 12/01/2023 12/01/2014 A 11,789,518
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO 5.000 01/01/2024 01/01/2017 A 2,075,580
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO 5.000 04/15/2024 04/15/2009 A 92,393
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 06/01/2024 06/01/2016 A 5,178,700
- -----------------------------------------------------------------------------------------------------------------------------------
1,150,000 NYC GO 5.000 08/01/2024 08/01/2015 A 1,187,674
- -----------------------------------------------------------------------------------------------------------------------------------
3,040,000 NYC GO 5.000 08/01/2024 08/01/2015 A 3,139,590
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 NYC GO 5.000 08/01/2024 02/01/2016 A 8,276,480
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 08/01/2024 08/01/2016 A 5,181,600
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 09/01/2024 09/01/2015 A 5,165,200
- -----------------------------------------------------------------------------------------------------------------------------------
3,650,000 NYC GO 5.000 12/01/2024 12/01/2014 A 3,785,853
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC GO 5.000 06/01/2025 06/01/2015 A 6,173,820
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 08/01/2025 08/01/2015 A 1,029,520
- -----------------------------------------------------------------------------------------------------------------------------------
5,335,000 NYC GO 5.000 09/01/2025 09/01/2015 A 5,493,823
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 12/01/2025 12/01/2014 A 1,035,410
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 04/01/2026 04/01/2015 A 5,132,600
- -----------------------------------------------------------------------------------------------------------------------------------
6,920,000 NYC GO 5.000 08/01/2026 08/01/2015 A 7,110,854
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.000 08/01/2026 08/01/2015 A 5,137,900
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC GO 5.000 08/01/2026 08/01/2015 A 4,110,320
- -----------------------------------------------------------------------------------------------------------------------------------
8,760,000 NYC GO 5.000 08/01/2026 02/01/2016 A 9,014,828
37 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000,000 NYC GO 5.000% 08/01/2026 08/01/2017 A $ 5,167,100
- -----------------------------------------------------------------------------------------------------------------------------------
1,830,000 NYC GO 5.000 11/01/2027 11/01/2014 A 1,874,012
- -----------------------------------------------------------------------------------------------------------------------------------
7,125,000 NYC GO 5.000 08/01/2028 08/01/2016 A 7,317,304
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO 5.000 03/15/2029 03/15/2009 A 91,491
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 NYC GO 5.000 03/15/2029 03/15/2009 A 136,362
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.000 04/15/2029 04/15/2009 A 10,170
- -----------------------------------------------------------------------------------------------------------------------------------
6,450,000 NYC GO 5.000 03/01/2030 03/01/2015 A 6,576,033
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC GO 5.000 04/01/2030 04/01/2015 A 10,197,200
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 NYC GO 5.100 08/15/2027 08/15/2014 A 277,852
- -----------------------------------------------------------------------------------------------------------------------------------
195,000 NYC GO 5.125 08/01/2011 02/01/2008 A 197,250
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.125 11/15/2011 11/15/2008 A 20,234
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 NYC GO 5.125 08/01/2018 08/01/2008 A 116,952
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.125 03/15/2019 03/15/2009 A 10,359
- -----------------------------------------------------------------------------------------------------------------------------------
8,360,000 NYC GO 5.125 08/01/2022 02/01/2009 A 8,470,854
- -----------------------------------------------------------------------------------------------------------------------------------
195,000 NYC GO 5.125 03/15/2025 03/15/2012 A 209,771
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.125 03/15/2025 03/15/2012 A 5,255
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.125 08/01/2025 08/01/2008 A 45,819
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 5.125 08/01/2025 08/01/2008 A 30,687
- -----------------------------------------------------------------------------------------------------------------------------------
505,000 NYC GO 5.125 08/01/2025 08/01/2008 A 513,423
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 NYC GO 5.125 08/01/2025 02/01/2008 A 186,928
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.125 03/01/2028 03/01/2008 A 10,137
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.125 05/15/2029 05/15/2009 A 25,709
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.125 05/15/2029 05/15/2009 A 15,591
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.200 08/01/2021 08/01/2008 A 50,879
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.200 08/01/2021 08/01/2008 A 20,412
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 08/01/2011 02/01/2008 A 50,575
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 5.250 05/01/2012 05/01/2008 A 25,177
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.250 08/01/2012 02/01/2008 A 5,059
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 08/15/2013 08/15/2008 A 51,124
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 02/01/2014 02/01/2008 A 50,596
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 5.250 08/01/2014 02/01/2008 A 35,413
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.250 08/01/2014 08/01/2008 A 5,058
- -----------------------------------------------------------------------------------------------------------------------------------
245,000 NYC GO 5.250 08/01/2015 02/01/2008 A 247,889
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.250 08/01/2015 02/01/2008 A 10,116
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.250 08/01/2016 02/01/2008 A 20,236
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 5.250 08/01/2017 02/01/2008 A 75,884
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO 5.250 08/01/2019 08/01/2008 A 91,618
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 5.250 08/01/2020 02/01/2008 A 75,884
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.250 08/01/2020 02/01/2008 A 15,177
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.250 05/01/2021 05/01/2008 A 10,056
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYC GO 5.250 11/15/2021 1 05/15/2008 A 40,444
38 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000 NYC GO 5.250% 01/15/2023 01/15/2013 A $ 5,465
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.250 01/15/2023 01/15/2013 A 20,875
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.250 08/15/2023 08/15/2008 A 15,277
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.250 08/15/2024 08/15/2014 A 1,046,860
- -----------------------------------------------------------------------------------------------------------------------------------
5,110,000 NYC GO 5.250 08/15/2026 08/15/2014 A 5,325,642
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 NYC GO 5.250 06/01/2027 06/01/2012 A 144,017
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 NYC GO 5.250 01/15/2028 01/15/2013 A 227,511
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.250 01/15/2033 01/15/2013 A 21,859
- -----------------------------------------------------------------------------------------------------------------------------------
180,000 NYC GO 5.250 01/15/2033 01/15/2013 A 187,074
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.300 08/01/2024 08/01/2008 A 20,368
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYC GO 5.300 01/15/2026 01/15/2013 A 71,191
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 NYC GO 5.300 01/15/2026 01/15/2013 A 74,082
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.350 08/01/2013 02/01/2008 A 20,259
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO 5.375 08/01/2015 08/01/2008 A 2,044,860
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.375 08/01/2017 08/01/2010 A 5,336
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.375 08/01/2017 08/01/2010 A 47,799
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYC GO 5.375 11/15/2017 05/15/2008 A 65,711
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 NYC GO 5.375 08/01/2019 02/01/2008 A 136,605
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.375 08/01/2019 02/01/2008 A 50,595
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.375 08/01/2019 08/01/2009 A 10,342
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.375 08/01/2020 08/01/2009 A 5,171
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 5.375 03/01/2027 03/01/2013 A 38,530
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.375 03/01/2027 03/01/2013 A 52,052
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.375 08/01/2027 08/01/2008 A 5,122
- -----------------------------------------------------------------------------------------------------------------------------------
580,000 NYC GO 5.375 08/01/2027 08/01/2008 A 591,449
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 NYC GO 5.375 11/15/2027 05/15/2008 A 354,162
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 NYC GO 5.500 08/01/2010 02/01/2008 E 80,948
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 NYC GO 5.500 08/01/2022 02/01/2008 A 111,253
- -----------------------------------------------------------------------------------------------------------------------------------
810,000 NYC GO 5.500 06/01/2023 06/01/2013 A 855,895
- -----------------------------------------------------------------------------------------------------------------------------------
6,825,000 NYC GO 5.500 06/01/2023 06/01/2013 A 7,584,350
- -----------------------------------------------------------------------------------------------------------------------------------
1,630,000 NYC GO 5.500 05/15/2024 1 05/15/2010 A 1,709,022
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.500 02/15/2026 02/15/2008 A 20,352
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.500 02/15/2026 02/15/2008 A 50,149
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 5.500 11/15/2037 05/15/2008 A 75,854
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 5.500 11/15/2037 05/15/2008 A 101,149
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.600 12/01/2009 06/01/2008 A 10,099
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.600 12/01/2010 06/01/2008 A 15,143
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 5.600 12/01/2013 06/01/2008 A 30,298
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.625 08/15/2008 02/15/2008 A 45,094
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 NYC GO 5.625 08/15/2009 02/15/2008 A 185,381
39 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 95,000 NYC GO 5.625% 10/01/2020 04/01/2008 A $ 95,177
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 NYC GO 5.700 08/15/2010 02/15/2008 A 220,464
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.750 05/15/2012 05/15/2008 A 10,021
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.750 05/15/2012 05/15/2008 A 10,021
- -----------------------------------------------------------------------------------------------------------------------------------
1,910,000 NYC GO 5.750 08/01/2012 02/01/2008 A 1,933,016
- -----------------------------------------------------------------------------------------------------------------------------------
465,000 NYC GO 5.750 03/01/2018 03/01/2013 A 520,140
- -----------------------------------------------------------------------------------------------------------------------------------
570,000 NYC GO 5.750 03/01/2018 03/01/2013 A 620,548
- -----------------------------------------------------------------------------------------------------------------------------------
190,000 NYC GO 5.750 08/01/2018 08/01/2012 A 210,625
- -----------------------------------------------------------------------------------------------------------------------------------
310,000 NYC GO 5.750 08/01/2018 08/01/2012 A 335,197
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.750 08/01/2018 08/01/2012 A 540,640
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.750 03/01/2020 03/01/2013 A 559,290
- -----------------------------------------------------------------------------------------------------------------------------------
5,010,000 NYC GO 5.750 03/01/2021 03/01/2013 E 5,604,086
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYC GO 5.875 08/01/2015 02/01/2008 A 65,790
- -----------------------------------------------------------------------------------------------------------------------------------
7,155,000 NYC GO 5.875 06/01/2019 06/01/2012 A 7,753,158
- -----------------------------------------------------------------------------------------------------------------------------------
4,770,000 NYC GO 5.875 08/01/2019 08/01/2012 A 5,182,557
- -----------------------------------------------------------------------------------------------------------------------------------
5,495,000 NYC GO 5.875 06/01/2020 06/01/2012 A 5,954,382
- -----------------------------------------------------------------------------------------------------------------------------------
6,645,000 NYC GO 5.875 06/01/2021 06/01/2012 A 7,200,522
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 6.000 05/15/2011 05/15/2008 A 60,137
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 02/01/2012 02/01/2008 A 5,049
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYC GO 6.000 04/15/2012 04/15/2008 A 25,280
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 08/01/2017 02/01/2008 A 5,061
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 6.000 05/15/2018 05/15/2010 A 10,609
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 6.000 02/01/2022 02/01/2008 A 5,047
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 NYC GO 6.000 05/15/2022 05/15/2010 A 123,841
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 6.000 05/15/2022 05/15/2010 A 15,896
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 6.000 02/15/2024 02/15/2008 A 35,095
- -----------------------------------------------------------------------------------------------------------------------------------
255,000 NYC GO 6.350 05/15/2014 05/15/2008 A 260,470
- -----------------------------------------------------------------------------------------------------------------------------------
1,130,000 NYC GO 6.500 05/15/2017 05/15/2010 A 1,211,518
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2009 02/01/2008 A 5,016
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 12/01/2010 06/01/2008 A 5,078
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2011 02/01/2008 A 5,016
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 NYC GO 7.000 02/01/2012 02/01/2008 A 80,248
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2018 02/01/2008 A 5,013
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.500 02/01/2009 02/01/2008 A 15,053
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 7.750 08/15/2027 02/15/2008 A 45,216
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO RIBS 7.332 8 08/13/2009 02/01/2008 A 100,409
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 7.332 8 07/29/2010 02/01/2008 A 50,205
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO RIBS 7.535 8 08/29/2008 02/01/2008 A 90,372
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO RIBS 7.633 8 08/22/2013 02/01/2008 A 100,416
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 7.633 8 08/27/2015 02/01/2008 A 50,208
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 NYC GO RIBS 8.120 8 09/01/2011 02/01/2008 A 452,093
40 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 17,800,000 NYC HDC 6.500% 4 11/01/2040 01/11/2008 A $ 17,800,000
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYC HDC (125 West 31st Street Hsg.) 6.250 4 05/15/2038 01/15/2008 C 20,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
565,000 NYC HDC (Multifamily Hsg.) 5.050 11/01/2023 11/01/2012 A 577,470
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC HDC (Multifamily Hsg.) 5.100 11/01/2027 06/19/2023 B 2,489,025
- -----------------------------------------------------------------------------------------------------------------------------------
18,340,000 NYC HDC (Multifamily Hsg.) 3 5.250 4 11/01/2015 11/01/2015 18,340,000
- -----------------------------------------------------------------------------------------------------------------------------------
4,610,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 05/01/2014 A 4,753,555
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2031 11/01/2010 A 20,211
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 NYC HDC (Multifamily Hsg.) 5.600 11/01/2019 11/01/2009 A 411,596
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 NYC HDC (Multifamily Hsg.), Series A 5.375 11/01/2023 05/01/2012 A 912,906
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 NYC HDC (Multifamily Hsg.), Series A 5.500 11/01/2009 05/01/2008 A 452,759
- -----------------------------------------------------------------------------------------------------------------------------------
845,000 NYC HDC (Multifamily Hsg.), Series A 5.625 05/01/2012 05/01/2008 A 852,951
- -----------------------------------------------------------------------------------------------------------------------------------
1,950,000 NYC HDC (Multifamily Hsg.), Series E 6.250 05/01/2036 11/01/2009 A 2,025,660
- -----------------------------------------------------------------------------------------------------------------------------------
17,510,000 NYC HDC, Series A 7 5.000 07/01/2025 05/01/2012 A 18,192,015
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 NYC HDC, Series A 5.000 07/01/2010 07/01/2010 192,872
- -----------------------------------------------------------------------------------------------------------------------------------
10,340,000 NYC HDC, Series A 2 5.000 07/01/2025 07/01/2015 A 10,742,743
- -----------------------------------------------------------------------------------------------------------------------------------
2,215,000 NYC HDC, Series C 5.000 11/01/2026 07/06/2022 B 2,189,550
- -----------------------------------------------------------------------------------------------------------------------------------
27,750,000 NYC Health & Hospital Corp. 5.250 02/15/2017 1 02/15/2010 A 28,198,995
- -----------------------------------------------------------------------------------------------------------------------------------
1,010,000 NYC Health & Hospital Corp. 5.450 02/15/2026 02/15/2012 A 1,027,655
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC Health & Hospital Corp. (Health
System) 5.250 02/15/2022 02/15/2013 A 3,187,710
- -----------------------------------------------------------------------------------------------------------------------------------
480,000 NYC IDA (Acme Architectural Products) 5.875 11/01/2009 03/04/2009 B 476,021
- -----------------------------------------------------------------------------------------------------------------------------------
9,400,000 NYC IDA (AIRIS JFK I/JFK International
Airport) 5.500 07/01/2028 09/16/2023 B 8,849,818
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC IDA (AIRIS JFK I/JFK International
Airport) 2 6.000 07/01/2015 07/01/2011 A 10,094,000
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/2008 12/01/2008 100,495
- -----------------------------------------------------------------------------------------------------------------------------------
3,370,000 NYC IDA (Beth Abraham Health Services) 6.000 02/15/2013 12/10/2010 B 3,422,067
- -----------------------------------------------------------------------------------------------------------------------------------
730,000 NYC IDA (Beth Abraham Health Services) 6.000 11/15/2013 06/28/2010 B 742,673
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 NYC IDA (Beth Abraham Health Services) 6.000 11/15/2013 10/04/2010 B 356,076
- -----------------------------------------------------------------------------------------------------------------------------------
790,000 NYC IDA (Calhoun School) 6.250 12/01/2016 11/22/2012 B 819,349
- -----------------------------------------------------------------------------------------------------------------------------------
5,255,000 NYC IDA (Calhoun School) 6.250 12/01/2017 06/01/2008 A 5,273,077
- -----------------------------------------------------------------------------------------------------------------------------------
605,000 NYC IDA (Center for Elimination of Family
Violence) 6.250 11/01/2016 03/25/2013 B 609,289
- -----------------------------------------------------------------------------------------------------------------------------------
7,625,000 NYC IDA (Chapin School) 4.800 11/01/2018 09/21/2014 B 7,398,766
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 NYC IDA (Chardan Corp.) 6.250 11/01/2008 11/01/2008 117,742
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 NYC IDA (College of New Rochelle) 6.200 09/01/2010 1 03/01/2008 A 235,512
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (College of New Rochelle) 6.300 09/01/2015 1 03/01/2008 A 500,890
- -----------------------------------------------------------------------------------------------------------------------------------
780,000 NYC IDA (Comprehensive Care Management) 5.625 11/01/2015 12/30/2011 B 755,625
- -----------------------------------------------------------------------------------------------------------------------------------
595,000 NYC IDA (Comprehensive Care Management) 5.625 11/01/2015 03/21/2012 B 576,406
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/2008 11/01/2008 99,784
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/2008 11/01/2008 39,860
41 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,705,000 NYC IDA (Comprehensive Care Management) 5.750% 08/01/2018 12/04/2014 B $ 2,610,974
- -----------------------------------------------------------------------------------------------------------------------------------
2,770,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/2018 12/04/2014 B 2,672,108
- -----------------------------------------------------------------------------------------------------------------------------------
2,885,000 NYC IDA (Comprehensive Care Management) 5.750 05/01/2019 12/03/2015 B 2,793,546
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 NYC IDA (Essie Cosmetics) 5.500 11/01/2008 11/01/2008 125,033
- -----------------------------------------------------------------------------------------------------------------------------------
785,000 NYC IDA (Family Support Systems) 6.500 11/01/2014 05/01/2008 A 785,510
- -----------------------------------------------------------------------------------------------------------------------------------
3,340,000 NYC IDA (Gateway School of New York) 5.300 06/01/2019 05/01/2015 B 3,279,412
- -----------------------------------------------------------------------------------------------------------------------------------
935,000 NYC IDA (Global Country World Peace) 6.250 11/01/2015 01/19/2013 B 905,052
- -----------------------------------------------------------------------------------------------------------------------------------
875,000 NYC IDA (Global Country World Peace) 6.250 11/01/2025 12/20/2012 B 846,974
- -----------------------------------------------------------------------------------------------------------------------------------
1,530,000 NYC IDA (Gourmet Boutique) 5.250 05/01/2013 08/21/2010 B 1,477,582
- -----------------------------------------------------------------------------------------------------------------------------------
1,795,000 NYC IDA (Guttmacher Institute) 5.250 12/01/2016 12/29/2012 B 1,704,909
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 05/04/2015 B 481,305
- -----------------------------------------------------------------------------------------------------------------------------------
33,190,000 NYC IDA (Japan Airlines) 6.000 11/01/2015 05/01/2008 A 33,550,443
- -----------------------------------------------------------------------------------------------------------------------------------
16,350,000 NYC IDA (JFK International Airport) 8.000 08/01/2012 08/01/2012 17,396,891
- -----------------------------------------------------------------------------------------------------------------------------------
2,355,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2013 12/01/2012 A 2,409,259
- -----------------------------------------------------------------------------------------------------------------------------------
730,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2015 12/01/2012 A 743,950
- -----------------------------------------------------------------------------------------------------------------------------------
2,880,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2016 12/01/2012 A 2,923,776
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2017 12/01/2012 A 2,022,620
- -----------------------------------------------------------------------------------------------------------------------------------
3,210,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2018 12/01/2012 A 3,232,470
- -----------------------------------------------------------------------------------------------------------------------------------
795,000 NYC IDA (Manhattan Community Access
Corp.) 5.250 12/01/2016 12/24/2012 B 758,549
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 NYC IDA (Marymount School of New York) 5.125 09/01/2021 07/30/2017 B 236,800
- -----------------------------------------------------------------------------------------------------------------------------------
1,545,000 NYC IDA (Metro Biofuels) 6 5.500 11/01/2013 12/12/2011 B 1,545,000
- -----------------------------------------------------------------------------------------------------------------------------------
1,800,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 03/14/2018 B 1,733,562
- -----------------------------------------------------------------------------------------------------------------------------------
4,585,000 NYC IDA (MMC Corp.) 5.125 11/01/2025 11/01/2010 A 4,675,416
- -----------------------------------------------------------------------------------------------------------------------------------
5,865,000 NYC IDA (Montefiore Medical Center Corp.) 5.125 11/01/2035 11/01/2010 A 5,949,456
- -----------------------------------------------------------------------------------------------------------------------------------
1,810,000 NYC IDA (Polytechnic University) 5.250 11/01/2008 11/01/2008 1,845,078
- -----------------------------------------------------------------------------------------------------------------------------------
2,005,000 NYC IDA (Polytechnic University) 5.750 11/01/2010 11/01/2010 2,150,503
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Polytechnic University) 5.750 11/01/2012 11/01/2010 A 540,875
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 NYC IDA (Precision Gear) 5.875 11/01/2009 05/02/2009 B 174,785
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 NYC IDA (Precision Gear) 5.875 11/01/2009 01/04/2009 B 144,459
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYC IDA (Precision Gear) 6.500 11/01/2009 05/02/2009 B 30,110
- -----------------------------------------------------------------------------------------------------------------------------------
1,200,000 NYC IDA (Reece School) 6.500 12/01/2017 12/14/2013 B 1,193,448
- -----------------------------------------------------------------------------------------------------------------------------------
405,000 NYC IDA (Reece School) 6.500 12/01/2017 12/18/2013 B 402,789
- -----------------------------------------------------------------------------------------------------------------------------------
225,000 NYC IDA (Rockefeller Foundation) 5.375 07/01/2023 07/01/2008 A 225,263
- -----------------------------------------------------------------------------------------------------------------------------------
3,560,000 NYC IDA (Rosco, Inc.) 5.625 06/01/2022 06/01/2008 C 3,540,527
- -----------------------------------------------------------------------------------------------------------------------------------
4,100,000 NYC IDA (Samaritan Aids Services) 5.000 11/01/2024 11/01/2011 A 4,193,644
- -----------------------------------------------------------------------------------------------------------------------------------
790,000 NYC IDA (Showman Fabricators) 7.125 11/01/2013 03/24/2011 B 775,259
- -----------------------------------------------------------------------------------------------------------------------------------
255,000 NYC IDA (Special Needs Facilities Pooled
Program) 5.950 07/01/2008 07/01/2008 258,063
- -----------------------------------------------------------------------------------------------------------------------------------
1,170,000 NYC IDA (Stallion) 5.000 11/01/2016 11/01/2016 1,107,581
- -----------------------------------------------------------------------------------------------------------------------------------
575,000 NYC IDA (Stallion) 5.500 11/01/2017 11/01/2017 568,388
42 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,265,000 NYC IDA (Studio School) 6.250% 11/01/2018 11/12/2016 B $ 1,200,827
- -----------------------------------------------------------------------------------------------------------------------------------
5,855,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2017 01/01/2016 A 6,196,347
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2018 01/01/2016 A 6,312,900
- -----------------------------------------------------------------------------------------------------------------------------------
11,670,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2019 01/01/2016 A 12,215,339
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2020 01/01/2016 A 8,330,640
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2021 01/01/2016 A 2,071,940
- -----------------------------------------------------------------------------------------------------------------------------------
28,500,000 NYC IDA (Terminal One Group Assoc.) 6 5.500 01/01/2024 01/01/2016 A 29,184,855
- -----------------------------------------------------------------------------------------------------------------------------------
1,595,000 NYC IDA (The Child School) 7.000 06/01/2013 12/26/2010 B 1,652,835
- -----------------------------------------------------------------------------------------------------------------------------------
7,910,000 NYC IDA (Unicef) 5.050 11/01/2018 09/30/2014 B 7,562,672
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Urban Resource Institute) 5.250 03/01/2023 03/01/2013 A 1,064,970
- -----------------------------------------------------------------------------------------------------------------------------------
1,025,000 NYC IDA (Urban Resource Institute) 6.500 11/01/2013 11/01/2008 A 1,027,050
- -----------------------------------------------------------------------------------------------------------------------------------
925,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2016 09/15/2013 B 911,569
- -----------------------------------------------------------------------------------------------------------------------------------
3,010,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2016 10/21/2012 B 2,966,295
- -----------------------------------------------------------------------------------------------------------------------------------
4,200,000 NYC IDA (Visy Paper) 7.800 01/01/2016 07/01/2008 A 4,209,576
- -----------------------------------------------------------------------------------------------------------------------------------
765,000 NYC IDA (Vocational Instruction) 7.250 02/01/2013 10/21/2010 B 643,212
- -----------------------------------------------------------------------------------------------------------------------------------
5,820,000 NYC IDA (Yeled Yalda Early Childhood) 5.350 11/01/2017 10/02/2013 B 5,572,359
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (YMCA of Greater New York) 5.250 08/01/2021 02/01/2011 A 511,605
- -----------------------------------------------------------------------------------------------------------------------------------
6,490,000 NYC IDA (YMCA of Greater New York) 5.800 08/01/2016 1 01/01/2009 A 6,705,079
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 NYC IDA (Zeluck, Inc.) 6.250 11/01/2011 05/01/2008 A 400,732
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYC Municipal Water Finance Authority 4.875 06/15/2021 06/15/2008 A 20,310
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYC Municipal Water Finance Authority 5.000 06/15/2027 06/15/2008 A 66,000
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYC Municipal Water Finance Authority 5.000 06/15/2027 06/15/2008 A 66,000
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.000 06/15/2027 06/15/2008 A 50,765
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYC Municipal Water Finance Authority 5.000 06/15/2027 06/15/2008 A 15,231
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 06/15/2009 A 143,472
- -----------------------------------------------------------------------------------------------------------------------------------
15,010,000 NYC Municipal Water Finance Authority 5.000 06/15/2034 06/15/2013 A 15,405,664
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2039 06/15/2012 A 20,410,600
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 06/15/2011 A 2,080,140
- -----------------------------------------------------------------------------------------------------------------------------------
855,000 NYC Municipal Water Finance Authority 5.750 06/15/2013 1 06/15/2008 A 898,237
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.750 06/15/2013 1 06/15/2008 E 52,529
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYC Transitional Finance Authority 5.000 05/01/2026 1 05/01/2008 A 30,508
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYC Transitional Finance Authority 5.000 05/01/2026 1 05/01/2008 A 35,486
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC Transitional Finance Authority, Series E 5.000 02/01/2026 02/01/2013 A 2,069,240
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYC Trust for Cultural Resources (American
Museum of Natural History) 5.250 07/01/2019 07/01/2009 A 10,435
- -----------------------------------------------------------------------------------------------------------------------------------
31,000,000 NYC Trust for Cultural Resources
(Manhatta School of Music) 3 6.000 4 10/01/2029 1 01/10/2008 C 31,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
3,880,000 NYC Trust for Cultural Resources (Museum
of American Folk Art) 6 6.000 07/01/2022 1 03/01/2020 B 3,884,229
- -----------------------------------------------------------------------------------------------------------------------------------
2,720,000 NYC Trust for Cultural Resources (Museum
of American Folk Art) 6.125 07/01/2030 1 04/23/2027 B 2,680,832
43 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 250,000 NYC Trust for Cultural Resources (Museum
of Modern Art) 5.125% 07/01/2031 07/01/2012 A $ 259,435
- -----------------------------------------------------------------------------------------------------------------------------------
595,000 NYC Trust for Cultural Resources (Museum
of Modern Art) 5.500 01/01/2016 07/01/2008 A 602,104
- -----------------------------------------------------------------------------------------------------------------------------------
1,035,000 NYC Trust for Cultural Resources (Museum
of Modern Art) 5.500 01/01/2021 07/01/2008 A 1,047,161
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Amsterdam Memorial Hospital) 6.000 08/01/2025 02/01/2008 A 25,294
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Audit & Control) 5.500 04/01/2023 04/01/2009 A 25,841
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1 02/01/2012 A 260,488
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Brookdale Hospital Medical Center) 5.200 02/15/2016 02/15/2010 A 15,249
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (Brookdale Hospital Medical Center) 5.300 02/15/2017 02/15/2008 A 66,080
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (Brooklyn Hospital Center) 5.100 02/01/2019 02/01/2009 A 61,598
- -----------------------------------------------------------------------------------------------------------------------------------
1,300,000 NYS DA (Canisius College) 5.000 07/01/2022 07/01/2015 A 1,364,181
- -----------------------------------------------------------------------------------------------------------------------------------
1,120,000 NYS DA (Catskill Regional Medical Center) 5.250 02/15/2023 02/15/2015 A 1,189,922
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 NYS DA (Chapel Oaks) 2 5.375 07/01/2017 1 07/01/2008 A 1,390,271
- -----------------------------------------------------------------------------------------------------------------------------------
960,000 NYS DA (City University) 5.000 07/01/2017 07/01/2008 A 974,880
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (City University) 5.000 07/01/2026 07/01/2008 A 66,624
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (City University) 5.250 07/01/2012 07/01/2008 A 61,137
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 NYS DA (City University) 5.250 07/01/2025 07/01/2008 A 149,002
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Culinary Institute of America) 5.000 07/01/2022 07/01/2009 A 20,592
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 NYS DA (Dept. of Health) 5.000 07/01/2021 07/01/2014 A 365,481
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Dept. of Health) 5.000 07/01/2024 07/01/2008 A 10,130
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Dept. of Health) 5.000 07/01/2028 07/01/2009 A 35,865
- -----------------------------------------------------------------------------------------------------------------------------------
880,000 NYS DA (Dept. of Health) 5.250 07/01/2023 07/01/2014 A 928,761
- -----------------------------------------------------------------------------------------------------------------------------------
4,620,000 NYS DA (Dept. of Health) 5.250 07/01/2024 07/01/2015 A 4,894,289
- -----------------------------------------------------------------------------------------------------------------------------------
820,000 NYS DA (Dept. of Health) 5.500 07/01/2021 07/01/2008 A 836,835
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Eger Health Care Center &
Rehabilitation Center) 5.100 02/01/2028 02/01/2010 A 51,049
- -----------------------------------------------------------------------------------------------------------------------------------
2,525,000 NYS DA (Ellis Hospital) 5.050 08/15/2024 08/15/2014 A 2,605,825
- -----------------------------------------------------------------------------------------------------------------------------------
180,000 NYS DA (Ellis Hospital) 5.500 08/01/2015 02/01/2008 A 180,315
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 02/01/2008 A 150,236
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA (Ellis Hospital) 5.625 08/01/2035 1 02/01/2008 A 175,278
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 NYS DA (Episcopal Health) 5.900 08/01/2020 1 02/01/2008 A 160,227
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 NYS DA (FNHC/KR/MMWNHC Obligated
Group) 5.500 07/01/2010 1 07/01/2008 A 150,240
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 NYS DA (FNHC/KR/MMWNHC Obligated
Group) 5.750 07/01/2017 07/01/2008 A 612,642
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Fordham University) 5.000 07/01/2028 07/01/2008 A 30,476
- -----------------------------------------------------------------------------------------------------------------------------------
3,835,000 NYS DA (Frances Schervier Home & Hospital
Obligated Group) 5.500 07/01/2017 1 07/01/2008 A 3,917,913
- -----------------------------------------------------------------------------------------------------------------------------------
10,055,000 NYS DA (Frances Schervier Home & Hospital
Obligated Group) 5.500 07/01/2027 1 07/01/2008 A 10,103,767
44 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 240,000 NYS DA (Frances Schervier Home &
Hospital Obligated Group) 5.500% 07/01/2027 1 07/01/2008 A $ 241,541
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (German Masonic Home) 5.950 08/01/2026 1 08/01/2008 A 60,614
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 NYS DA (German Masonic Home) 6.000 08/01/2036 02/01/2008 A 150,245
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 07/01/2008 A 449,966
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Hamilton College) 5.125 07/01/2016 07/01/2009 A 10,421
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Hamilton College) 5.125 07/01/2016 07/01/2009 A 5,191
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Health Center/BFCC/USBFCC
Obligated Group) 5.000 11/15/2019 11/15/2011 A 1,048,110
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Health) 5.750 02/15/2012 02/15/2008 A 20,439
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Hebrew Hospital Home of
Westchester) 5.625 08/01/2016 02/01/2008 A 35,417
- -----------------------------------------------------------------------------------------------------------------------------------
1,960,000 NYS DA (Highland Community Devel. Corp.) 5.500 07/01/2023 07/16/2008 C 1,975,602
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (Hospital for Special Surgery) 5.000 02/01/2018 02/01/2008 A 75,842
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 NYS DA (Hospital for Special Surgery) 5.000 02/01/2028 02/01/2008 A 141,527
- -----------------------------------------------------------------------------------------------------------------------------------
17,315,000 NYS DA (Hospital) 6.450 08/15/2024 08/15/2012 A 18,619,166
- -----------------------------------------------------------------------------------------------------------------------------------
2,255,000 NYS DA (Hunts Point Multi-Service Center) 2 5.625 07/01/2022 07/01/2008 A 2,303,821
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Ideal Senior Living Center Hsg.) 5.900 08/01/2026 02/01/2008 A 100,669
- -----------------------------------------------------------------------------------------------------------------------------------
1,240,000 NYS DA (Ideal Senior Living Center Hsg.) 5.900 08/01/2026 02/01/2008 A 1,248,469
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (John T. Mather Memorial Hospital) 5.250 07/01/2015 07/01/2008 A 35,236
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 NYS DA (John T. Mather Memorial Hospital) 5.375 07/01/2019 07/01/2008 A 130,879
- -----------------------------------------------------------------------------------------------------------------------------------
1,585,000 NYS DA (John T. Mather Memorial Hospital) 5.750 07/01/2025 07/01/2008 A 1,599,027
- -----------------------------------------------------------------------------------------------------------------------------------
15,210,000 NYS DA (Kaleida Health) 5.050 02/15/2025 02/15/2014 A 15,722,425
- -----------------------------------------------------------------------------------------------------------------------------------
965,000 NYS DA (L.I. University) 2 5.125 09/01/2010 09/01/2009 E 992,889
- -----------------------------------------------------------------------------------------------------------------------------------
325,000 NYS DA (Lakeside Home) 6.000 02/01/2037 02/01/2008 A 329,066
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Le Moyne College) 5.000 07/01/2009 07/01/2008 A 10,015
- -----------------------------------------------------------------------------------------------------------------------------------
725,000 NYS DA (Le Moyne College) 5.000 07/01/2018 07/01/2008 A 725,950
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 NYS DA (Leake & Watts Services) 5.000 07/01/2023 07/01/2014 A 1,144,209
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Lenox Hill Hospital Obligated
Group) 5.750 07/01/2016 07/01/2012 A 10,275
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Lenox Hill Hospital Obligated
Group) 5.750 07/01/2017 07/01/2012 A 2,058,980
- -----------------------------------------------------------------------------------------------------------------------------------
465,000 NYS DA (Long Beach Medical Center) 5.550 08/01/2015 02/01/2008 A 475,904
- -----------------------------------------------------------------------------------------------------------------------------------
605,000 NYS DA (Long Beach Medical Center) 5.625 08/01/2022 02/01/2008 A 616,519
- -----------------------------------------------------------------------------------------------------------------------------------
2,200,000 NYS DA (Maimonides Medical Center) 5.750 08/01/2024 02/01/2008 A 2,203,784
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (March of Dimes) 5.600 07/01/2012 07/01/2008 A 75,152
- -----------------------------------------------------------------------------------------------------------------------------------
615,000 NYS DA (Master BOCES Program) 5.250 08/15/2023 08/15/2013 A 658,770
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA (Menorah Campus) 6.100 02/01/2037 02/01/2008 A 178,815
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2025 02/15/2015 A 2,075,680
- -----------------------------------------------------------------------------------------------------------------------------------
225,000 NYS DA (Mental Health Services Facilities) 5.250 02/15/2023 02/15/2014 A 236,819
- -----------------------------------------------------------------------------------------------------------------------------------
245,000 NYS DA (Mental Health Services Facilities) 5.250 08/15/2024 08/15/2009 A 256,410
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Mental Health Services Facilities) 5.250 08/15/2024 08/15/2009 A 41,420
45 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 15,000 NYS DA (Mental Health Services Facilities) 5.750% 08/15/2012 02/15/2008 A $ 15,329
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 NYS DA (Mental Health) 5.000 02/15/2023 08/15/2008 A 453,135
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 NYS DA (Mental Health) 5.000 02/15/2029 02/15/2009 A 223,128
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Mental Health) 5.375 02/15/2026 02/15/2008 A 5,009
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Mental Health) 5.500 08/15/2017 02/15/2008 A 5,097
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Mental Health) 5.625 02/15/2021 02/15/2008 A 10,207
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 NYS DA (Mental Health) 5.750 08/15/2011 02/15/2008 E 56,209
- -----------------------------------------------------------------------------------------------------------------------------------
800,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2017 02/01/2008 A 817,280
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2032 02/01/2008 A 71,490
- -----------------------------------------------------------------------------------------------------------------------------------
5,360,000 NYS DA (Miriam Osborn Memorial Home
Assoc.) 2 6.875 07/01/2019 1 07/01/2010 A 5,640,918
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2022 02/01/2015 A 1,046,980
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2023 02/01/2015 A 5,216,250
- -----------------------------------------------------------------------------------------------------------------------------------
4,500,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2028 02/01/2015 A 4,639,140
- -----------------------------------------------------------------------------------------------------------------------------------
790,000 NYS DA (Montefiore Medical Center) 5.250 08/01/2019 08/01/2010 A 818,258
- -----------------------------------------------------------------------------------------------------------------------------------
430,000 NYS DA (Montefiore Medical Center) 5.500 08/01/2038 08/01/2009 A 445,639
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (Mount Sinai School of Medicine) 5.000 07/01/2015 07/01/2008 A 75,079
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (Mount Sinai School of Medicine) 5.000 07/01/2016 07/01/2008 A 70,244
- -----------------------------------------------------------------------------------------------------------------------------------
1,025,000 NYS DA (Mount Sinai School of Medicine) 5.000 07/01/2021 07/01/2008 A 1,026,128
- -----------------------------------------------------------------------------------------------------------------------------------
21,540,000 NYS DA (Mount St. Mary College) 3 6.000 4 07/01/2035 01/10/2008 C 21,540,000
- -----------------------------------------------------------------------------------------------------------------------------------
11,540,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 7 6.500 07/01/2015 07/01/2010 A 12,170,661
- -----------------------------------------------------------------------------------------------------------------------------------
11,330,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 7 6.500 07/01/2016 07/01/2010 A 11,921,709
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 5.000 07/01/2013 07/01/2008 A 4,012,040
- -----------------------------------------------------------------------------------------------------------------------------------
7,280,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 5.500 07/01/2026 07/01/2008 A 7,320,404
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 6.000 07/01/2013 07/01/2010 A 41,873
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 6 6.500 07/01/2025 07/01/2011 A 156,320
- -----------------------------------------------------------------------------------------------------------------------------------
1,330,000 NYS DA (Mt. Sinai Hospital) 6.625 07/01/2019 07/01/2010 A 1,396,912
- -----------------------------------------------------------------------------------------------------------------------------------
5,750,000 NYS DA (Mt. Sinai/NYU Health) 6 5.500 07/01/2026 07/01/2008 A 5,767,825
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 NYS DA (Mt. Sinai/NYU Health) 6.000 07/01/2010 07/01/2010 307,942
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 NYS DA (Mt. Sinai/NYU Health) 6.100 07/01/2012 07/01/2010 A 210,124
- -----------------------------------------------------------------------------------------------------------------------------------
4,925,000 NYS DA (Mt. Sinai/NYU Health) 6.500 07/01/2017 07/01/2010 A 5,173,860
- -----------------------------------------------------------------------------------------------------------------------------------
645,000 NYS DA (Mt. Sinai/NYU Health) 6.750 07/01/2020 07/01/2010 A 678,553
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Municipal Health Facilities) 5.000 01/15/2023 01/15/2009 A 25,582
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Municipal Health Facilities) 5.500 05/15/2016 05/15/2008 A 40,340
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 NYS DA (Municipal Health Facilities) 5.500 05/15/2024 05/15/2008 A 322,323
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (New York & Presbyterian Hospital) 5.000 02/01/2019 02/01/2008 A 15,168
46 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 30,000 NYS DA (New York Downtown Hospital) 5.300% 02/15/2020 02/15/2008 A $ 30,491
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (New York Hospital Medical
Center of Queens) 5.450 08/15/2019 08/15/2009 A 20,815
- -----------------------------------------------------------------------------------------------------------------------------------
1,415,000 NYS DA (New York Hospital Medical Center) 5.550 08/15/2029 1 08/15/2009 A 1,472,506
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (New York Medical College) 5.000 07/01/2021 07/01/2008 A 101,792
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (New York Methodist Hospital) 5.250 07/01/2024 07/01/2014 A 1,002,450
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Niagara Lutheran Devel.) 5.450 08/01/2017 02/01/2008 A 5,109
- -----------------------------------------------------------------------------------------------------------------------------------
4,200,000 NYS DA (North General Hospital) 5.750 02/15/2019 02/15/2013 A 4,562,292
- -----------------------------------------------------------------------------------------------------------------------------------
3,750,000 NYS DA (North General Hospital) 5.750 02/15/2020 02/15/2013 A 4,062,788
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (North Shore University Hospital) 5.000 11/01/2023 11/01/2008 A 25,684
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (North Shore University Hospital) 5.000 11/01/2023 11/01/2008 A 35,539
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Northeast Parent & Child) 5.500 07/01/2018 07/01/2009 A 41,602
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (NSUH/NSUH-Glen
Cove/NSUH-Plainview Obligated Group) 5.000 11/01/2023 11/01/2008 A 5,137
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (NSUH/NSUH-Glen
Cove/NSUH-Plainview Obligated Group) 5.000 11/01/2023 11/01/2008 A 5,105
- -----------------------------------------------------------------------------------------------------------------------------------
10,455,000 NYS DA (NSUH/NSUH-Glen
Cove/NSUH-Plainview Obligated Group) 5.200 11/01/2017 11/01/2008 A 10,709,057
- -----------------------------------------------------------------------------------------------------------------------------------
1,400,000 NYS DA (NYU Hospitals Center) 5.250 07/01/2024 01/27/2018 B 1,348,410
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Ozanam Hall of Queens Nursing
Home) 5.000 11/01/2021 11/01/2016 A 2,600,300
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Park Ridge Hsg.) 6.375 08/01/2020 1 08/01/2010 A 2,106,420
- -----------------------------------------------------------------------------------------------------------------------------------
1,595,000 NYS DA (Park Ridge Hsg.) 6.500 08/01/2025 1 08/01/2010 A 1,675,165
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Pratt Institute) 6.000 07/01/2024 07/01/2010 A 104,179
- -----------------------------------------------------------------------------------------------------------------------------------
6,195,000 NYS DA (Pratt Institute) 3 6.000 4 07/01/2034 01/10/2008 C 6,195,000
- -----------------------------------------------------------------------------------------------------------------------------------
3,680,000 NYS DA (Providence Rest) 2 5.000 07/01/2021 07/12/2020 B 3,402,123
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (Providence Rest) 5.125 07/01/2030 08/06/2028 B 1,090,175
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 NYS DA (Resurrection Rest Home Castleton
on Hudson) 6.050 08/01/2035 1 02/01/2008 A 120,212
- -----------------------------------------------------------------------------------------------------------------------------------
8,730,000 NYS DA (Rochester General Hospital) 5.000 12/01/2025 10/25/2021 B 8,668,366
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Rochester Institute of Technology) 5.250 07/01/2025 07/01/2012 A 52,804
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Rockefeller University) 5.000 07/01/2028 07/01/2008 A 20,321
- -----------------------------------------------------------------------------------------------------------------------------------
5,100,000 NYS DA (Ryan-Clinton Community Health
Center) 6.100 07/01/2019 1 01/01/2010 A 5,390,904
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (School District Financing) 2 5.750 10/01/2022 1 10/01/2012 A 5,453,800
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 NYS DA (SCHRC) 5.500 07/01/2022 07/01/2009 A 124,492
- -----------------------------------------------------------------------------------------------------------------------------------
345,000 NYS DA (SCHRC/CHSLI Obligated Group) 5.800 07/01/2015 07/01/2009 A 360,860
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 5.750 07/01/2020 07/01/2010 A 15,389
- -----------------------------------------------------------------------------------------------------------------------------------
15,000,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 6.500 07/01/2020 1 07/01/2010 A 15,689,400
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Service Contract) 5.250 07/01/2019 07/01/2008 A 20,190
- -----------------------------------------------------------------------------------------------------------------------------------
15,480,000 NYS DA (SFH/GSHMC/MMC/SCHRC
Obligated Group) 5.000 07/01/2021 07/01/2014 A 15,599,506
47 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 35,000 NYS DA (Skidmore College) 5.000% 07/01/2028 07/01/2008 A $ 35,555
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 NYS DA (Southside Hospital) 5.000 02/15/2018 02/15/2008 A 203,214
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (Special Act School Districts) 5.625 07/01/2009 07/01/2008 A 65,134
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Special Act School Districts) 5.700 07/01/2010 07/01/2008 A 30,063
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Special Act School Districts) 5.750 07/01/2011 07/01/2008 A 10,022
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 NYS DA (Special Act School Districts) 5.875 07/01/2013 07/01/2008 A 320,720
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Special Act School Districts) 6.000 07/01/2016 07/01/2008 A 15,035
- -----------------------------------------------------------------------------------------------------------------------------------
510,000 NYS DA (Special Act School Districts) 6.000 07/01/2019 07/01/2008 A 511,122
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 02/01/2008 A 101,029
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 02/15/2008 A 30,515
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (St. Francis Hospital) 5.500 07/01/2029 07/01/2009 A 103,564
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (St. John's Health Care Corp.) 6.250 02/01/2036 02/01/2008 A 35,088
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (St. John's University) 5.250 07/01/2018 07/01/2008 A 20,434
- -----------------------------------------------------------------------------------------------------------------------------------
5,040,000 NYS DA (St. Joseph's Hospital Health Center) 5.250 07/01/2018 1 07/01/2008 A 5,147,906
- -----------------------------------------------------------------------------------------------------------------------------------
3,685,000 NYS DA (St. Lawrence) 5.400 08/15/2026 08/15/2017 A 4,056,080
- -----------------------------------------------------------------------------------------------------------------------------------
101,000,000 NYS DA (St. Lukes Roosevelt Hospital) 7 4.800 08/15/2025 08/15/2015 A 102,925,060
- -----------------------------------------------------------------------------------------------------------------------------------
2,005,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 1 07/01/2009 A 2,056,729
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 NYS DA (State University Athletic Facilities) 5.250 07/01/2018 07/01/2008 A 81,532
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 NYS DA (State University Educational
Facilities) 5.125 05/15/2021 05/15/2008 A 380,404
- -----------------------------------------------------------------------------------------------------------------------------------
255,000 NYS DA (State University Educational
Facilities) 5.125 05/15/2021 05/01/2008 A 259,157
- -----------------------------------------------------------------------------------------------------------------------------------
9,700,000 NYS DA (State University Educational
Facilities) 5.375 05/15/2011 05/15/2008 A 9,868,586
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Staten Island University Hospital) 5.000 07/01/2017 07/01/2008 A 10,155
- -----------------------------------------------------------------------------------------------------------------------------------
345,000 NYS DA (Suffern Free Library Assoc.) 5.000 07/01/2020 07/01/2008 A 354,646
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (The Highlands Living) 6.600 02/01/2034 02/01/2008 A 5,036
- -----------------------------------------------------------------------------------------------------------------------------------
3,035,000 NYS DA (The Rosalind & Joseph Gurwin
Jewish Geriatric Center of Long Island) 5.400 02/01/2015 02/01/2008 A 3,120,830
- -----------------------------------------------------------------------------------------------------------------------------------
170,000 NYS DA (The Rosalind & Joseph Gurwin
Jewish Geriatric Center of Long Island) 5.700 02/01/2037 02/01/2008 A 173,645
- -----------------------------------------------------------------------------------------------------------------------------------
2,145,000 NYS DA (United Cerebral Palsy Assoc. of
Nassau County) 5.500 07/01/2024 07/01/2008 A 2,166,514
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (United Cerebral Palsy Assoc.
of NYC) 5.750 07/01/2018 1 07/01/2012 A 1,372,750
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA (United Health Services Hospitals) 5.375 08/01/2027 02/01/2008 A 178,726
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (United Health Services Hospitals) 5.500 08/01/2017 02/01/2010 A 20,451
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 NYS DA (University of Rochester) 5.000 07/01/2027 07/01/2008 A 45,713
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Upstate Community Colleges) 5.000 07/01/2028 07/01/2009 A 20,379
- -----------------------------------------------------------------------------------------------------------------------------------
1,905,000 NYS DA (Upstate Community Colleges) 5.125 07/01/2021 07/01/2014 A 1,998,250
- -----------------------------------------------------------------------------------------------------------------------------------
1,165,000 NYS DA (Upstate Community Colleges) 5.125 07/01/2022 07/01/2014 A 1,218,660
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (W.K. Nursing Home) 6.050 02/01/2026 02/01/2008 A 35,785
48 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,445,000 NYS DA (W.K. Nursing Home) 6.125% 02/01/2036 02/01/2008 A $ 2,451,137
- -----------------------------------------------------------------------------------------------------------------------------------
620,000 NYS DA (Wesley Gardens) 6.125 08/01/2035 02/01/2008 A 627,316
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NYS DA (Willow Towers) 5.250 02/01/2022 08/01/2012 A 526,330
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 NYS DA (Wyckoff Heights Medical Center) 5.200 02/15/2013 02/15/2008 A 254,363
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Wyckoff Heights Medical Center) 5.200 02/15/2014 02/15/2008 A 1,017,220
- -----------------------------------------------------------------------------------------------------------------------------------
1,020,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 02/15/2008 A 1,037,646
- -----------------------------------------------------------------------------------------------------------------------------------
2,230,000 NYS DA Service Contract (CCFDP) 5.375 04/01/2020 04/01/2012 A 2,422,583
- -----------------------------------------------------------------------------------------------------------------------------------
2,350,000 NYS DA Service Contract (CCFDP) 5.375 04/01/2021 04/01/2012 A 2,552,946
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA, Series B 5.500 08/15/2017 02/15/2008 A 15,327
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA, Series B 5.625 02/15/2021 02/15/2008 A 35,762
- -----------------------------------------------------------------------------------------------------------------------------------
39,570,000 NYS DA, Series B 6.650 08/15/2030 08/15/2012 A 42,790,998
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC 5.600 09/15/2013 03/15/2008 A 15,030
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS EFC 5.650 02/15/2017 02/15/2008 A 1,022,030
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC (Clean Water & Drinking
Revolving Funds) 5.000 06/15/2019 06/15/2008 A 15,264
- -----------------------------------------------------------------------------------------------------------------------------------
3,195,000 NYS EFC (Clean Water & Drinking
Revolving Funds) 5.000 06/15/2019 06/15/2008 A 3,251,711
- -----------------------------------------------------------------------------------------------------------------------------------
930,000 NYS EFC (L.I. Water Corp.) 5.250 08/01/2027 02/01/2008 A 930,744
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS EFC (NYC Municipal Water Finance
Authority) 5.875 06/15/2014 06/15/2008 A 20,674
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYS EFC (NYS Water Services) 5.700 07/15/2012 01/15/2008 A 25,052
- -----------------------------------------------------------------------------------------------------------------------------------
1,410,000 NYS EFC (NYS Water Services) 6.875 06/15/2010 1 06/15/2008 A 1,422,732
- -----------------------------------------------------------------------------------------------------------------------------------
1,705,000 NYS EFC (NYS Water Services) 6.875 06/15/2014 1 06/15/2008 A 1,710,234
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 NYS EFC (NYS Water Services) 7.250 06/15/2010 1 06/15/2008 A 446,504
- -----------------------------------------------------------------------------------------------------------------------------------
700,000 NYS EFC (NYS Water Services) 7.500 06/15/2012 1 06/15/2008 A 731,731
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC (NYS Water Services) 7.500 06/15/2012 1 06/15/2008 A 15,287
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NYS EFC (Pollution Control) 5.550 08/15/2014 02/15/2008 A 510,895
- -----------------------------------------------------------------------------------------------------------------------------------
870,000 NYS EFC (Spring Valley Water Company) 5.650 11/01/2023 05/01/2008 A 878,161
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS EFC (Spring Valley Water Company) 6.300 08/01/2024 02/01/2008 A 2,018,620
- -----------------------------------------------------------------------------------------------------------------------------------
1,260,000 NYS EFC (State Water Revolving Fund) 5.800 01/15/2014 01/15/2008 A 1,262,759
- -----------------------------------------------------------------------------------------------------------------------------------
4,250,000 NYS EFC (Waste Management) 4.450 07/01/2017 07/01/2009 C 4,257,013
- -----------------------------------------------------------------------------------------------------------------------------------
10,175,000 NYS ERDA (Brooklyn Union Gas Company) 5.500 01/01/2021 07/01/2008 A 10,191,280
- -----------------------------------------------------------------------------------------------------------------------------------
132,710,000 NYS ERDA (Con Ed) 4.700 06/01/2036 04/03/2008 A 132,794,934
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 06/01/2008 A 70,277
- -----------------------------------------------------------------------------------------------------------------------------------
8,770,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2008 A 8,837,968
- -----------------------------------------------------------------------------------------------------------------------------------
1,030,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2008 A 1,031,720
- -----------------------------------------------------------------------------------------------------------------------------------
4,475,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2008 A 4,493,258
- -----------------------------------------------------------------------------------------------------------------------------------
4,245,000 NYS ERDA (LILCO) 5.150 03/01/2016 03/01/2008 A 4,277,899
- -----------------------------------------------------------------------------------------------------------------------------------
2,140,000 NYS ERDA (Niagara Mohawk) 5.150 11/01/2025 11/01/2008 A 2,207,175
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS GO 5.000 09/15/2017 09/15/2008 A 5,115
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 NYS GO 5.250 10/01/2012 04/01/2008 A 100,175
49 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 15,000 NYS GO 5.250% 11/15/2017 05/15/2008 A $ 15,116
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS GO 5.250 05/01/2018 05/01/2008 A 35,220
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS GO 5.250 11/15/2021 05/15/2008 A 5,032
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 NYS GO 5.300 07/15/2015 01/15/2008 A 80,542
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS GO 5.300 07/15/2017 01/15/2008 A 10,067
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS GO 5.500 07/15/2024 01/15/2008 A 35,231
- -----------------------------------------------------------------------------------------------------------------------------------
485,000 NYS GO 5.500 07/15/2024 07/15/2008 A 488,216
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYS GO 6.600 12/01/2014 06/01/2008 A 40,575
- -----------------------------------------------------------------------------------------------------------------------------------
830,000 NYS HFA (Golden Age Apartments) 5.000 02/15/2037 03/01/2023 B 799,763
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Hospital & Nursing Home) 5.150 11/01/2016 11/01/2009 A 15,082
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2012 05/01/2008 E 5,479
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2010 05/01/2008 E 16,013
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2010 05/01/2008 E 5,362
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2013 02/01/2008 A 11,345
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2014 05/01/2008 E 40,264
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2009 05/01/2008 E 5,329
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Loewn Devel. of Wappingers Falls) 5.250 08/15/2019 02/15/2009 A 25,397
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 1 05/01/2008 A 66,204
- -----------------------------------------------------------------------------------------------------------------------------------
345,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2022 08/15/2012 A 349,985
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Multifamily Hsg.) 5.400 02/15/2016 02/15/2011 A 51,365
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2011 08/15/2009 A 40,439
- -----------------------------------------------------------------------------------------------------------------------------------
465,000 NYS HFA (Multifamily Hsg.) 5.850 08/15/2013 1 02/15/2008 A 474,886
- -----------------------------------------------------------------------------------------------------------------------------------
435,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 1 02/15/2008 A 439,220
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2027 1 02/15/2008 A 218,763
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 NYS HFA (Multifamily Hsg.) 6.050 08/15/2032 02/15/2008 A 242,218
- -----------------------------------------------------------------------------------------------------------------------------------
925,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2016 1 08/15/2008 A 931,706
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2028 02/15/2008 A 50,398
- -----------------------------------------------------------------------------------------------------------------------------------
465,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 05/15/2008 A 480,940
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2014 02/15/2008 A 15,026
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2014 1 02/15/2008 A 10,018
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2025 02/15/2008 A 141,537
- -----------------------------------------------------------------------------------------------------------------------------------
165,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2027 1 02/15/2008 A 166,140
- -----------------------------------------------------------------------------------------------------------------------------------
280,000 NYS HFA (Multifamily Hsg.) 6.350 08/15/2023 1 02/15/2008 A 283,514
- -----------------------------------------------------------------------------------------------------------------------------------
395,000 NYS HFA (Multifamily Hsg.) 6.625 08/15/2012 02/15/2008 A 395,648
- -----------------------------------------------------------------------------------------------------------------------------------
1,365,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 1 02/15/2008 A 1,366,611
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 05/15/2008 A 457,506
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 NYS HFA (Multifamily Hsg.) 6.850 11/01/2019 1 05/01/2008 A 92,722
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2008 05/01/2008 A 30,576
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2009 05/01/2008 A 30,607
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2010 11/01/2008 A 10,202
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2011 05/01/2008 A 51,012
50 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 40,000 NYS HFA (Nonprofit Hsg.) 3 6.200% 11/01/2012 05/01/2008 A $ 40,498
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2013 05/01/2008 A 25,506
- -----------------------------------------------------------------------------------------------------------------------------------
6,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 05/01/2008 A 6,169
- -----------------------------------------------------------------------------------------------------------------------------------
9,000 NYS HFA (Nonprofit Hsg.) 6.875 11/01/2010 05/01/2008 A 9,274
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2008 05/01/2008 A 452,267
- -----------------------------------------------------------------------------------------------------------------------------------
4,275,000 NYS HFA (NYC Health Facilities) 6.000 05/01/2008 05/01/2008 4,309,200
- -----------------------------------------------------------------------------------------------------------------------------------
2,255,000 NYS HFA (Phillips Village) 7.750 08/15/2017 02/15/2008 A 2,295,139
- -----------------------------------------------------------------------------------------------------------------------------------
3,175,000 NYS HFA (Senior Devel. Hsg.) 5.100 11/15/2023 11/15/2017 A 3,200,305
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 NYS HFA (Service Contract) 5.375 03/15/2023 03/15/2008 A 55,080
- -----------------------------------------------------------------------------------------------------------------------------------
580,000 NYS HFA (Service Contract) 5.500 09/15/2018 03/15/2008 A 588,323
- -----------------------------------------------------------------------------------------------------------------------------------
1,890,000 NYS HFA (Service Contract) 5.500 09/15/2022 1 03/15/2008 A 1,916,101
- -----------------------------------------------------------------------------------------------------------------------------------
560,000 NYS HFA (Service Contract) 6.000 03/15/2026 03/15/2008 A 566,642
- -----------------------------------------------------------------------------------------------------------------------------------
1,865,000 NYS HFA (Simeon Dewitt) 8.000 11/01/2018 1 05/01/2008 A 1,902,356
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 NYS HFA (Tiffany Gardens) 4.500 08/15/2015 04/28/2012 B 408,316
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 NYS HFA (Wyndham Lawn Home for
Children) 5.900 08/15/2017 02/15/2008 A 286,360
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 NYS HFA, Series A 5.800 11/01/2009 05/01/2008 A 115,399
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 NYS HFA, Series A 5.875 11/01/2010 05/01/2008 A 131,102
- -----------------------------------------------------------------------------------------------------------------------------------
12,125,000 NYS HFA, Series A 6.100 11/01/2015 1 05/01/2008 A 12,242,128
- -----------------------------------------------------------------------------------------------------------------------------------
6,370,000 NYS HFA, Series A 6.125 11/01/2020 1 05/01/2008 A 6,416,310
- -----------------------------------------------------------------------------------------------------------------------------------
3,650,000 NYS HFA, Series C 5.500 09/15/2018 03/15/2008 A 3,702,049
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 NYS LGAC 4.875 04/01/2020 04/01/2008 A 55,736
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 NYS LGAC 5.000 04/01/2021 04/01/2008 A 35,486
- -----------------------------------------------------------------------------------------------------------------------------------
165,000 NYS LGSC (SCSB) 3 6.375 12/15/2009 03/22/2009 B 166,572
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NYS Medcare (Hospital & Nursing Home) 5.400 08/15/2033 1 02/15/2008 A 505,095
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Hospital & Nursing Home) 6.100 08/15/2015 02/15/2008 A 5,016
- -----------------------------------------------------------------------------------------------------------------------------------
550,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2013 02/15/2008 A 551,227
- -----------------------------------------------------------------------------------------------------------------------------------
1,200,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 02/15/2008 A 1,202,436
- -----------------------------------------------------------------------------------------------------------------------------------
305,000 NYS Medcare (Hospital & Nursing Home) 7.000 08/15/2032 02/15/2008 A 306,647
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 1 05/01/2008 A 175,830
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 1 05/01/2008 A 111,652
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 02/15/2008 A 150,306
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 NYS Medcare (Montefiore Medical Center) 5.700 02/15/2012 02/15/2008 A 80,157
- -----------------------------------------------------------------------------------------------------------------------------------
7,100,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2015 02/15/2008 A 7,285,878
- -----------------------------------------------------------------------------------------------------------------------------------
8,920,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 1 02/15/2008 A 9,118,916
- -----------------------------------------------------------------------------------------------------------------------------------
615,000 NYS Medcare (Montefiore Medical Center) 6 6.000 02/15/2035 02/15/2008 A 616,033
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 NYS Medcare (St. Peter's Hospital) 5.375 11/01/2013 05/01/2008 A 90,396
- -----------------------------------------------------------------------------------------------------------------------------------
280,000 NYS Medcare (St. Peter's Hospital) 5.375 11/01/2020 05/01/2008 A 281,232
- -----------------------------------------------------------------------------------------------------------------------------------
10,710,000 NYS Municipal Bond Bank Agency
(Special School Purpose) 5.250 12/01/2019 06/01/2013 A 11,471,588
51 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,930,000 NYS Municipal Bond Bank Agency
(Special School Purpose) 5.500% 06/01/2015 06/01/2013 A $ 3,186,316
- -----------------------------------------------------------------------------------------------------------------------------------
2,285,000 NYS Power Authority 5.250 11/15/2030 11/15/2010 A 2,374,184
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 NYS Power Authority 5.875 01/01/2010 07/01/2008 A 5,126
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS Thruway Authority 5.250 04/01/2012 04/01/2008 A 15,229
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NYS Thruway Authority 5.250 04/01/2013 04/01/2008 A 507,605
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NYS Thruway Authority 5.250 04/01/2015 04/01/2008 A 20,304
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 NYS Thruway Authority Service Contract
(Highway & Bridge) 5.375 04/01/2013 04/01/2008 A 15,234
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 NYS Thruway Authority, Series B 5.250 04/01/2014 04/01/2008 A 55,837
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYS UDC (Personal Income Tax) 5.250 03/15/2034 03/15/2014 A 10,493,600
- -----------------------------------------------------------------------------------------------------------------------------------
55,305,000 NYS UDC (South Mall) CAB 6 5.601 9 01/01/2011 12/12/2009 B 46,354,992
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 NYS UDC (South Mall) CAB 6 5.851 9 01/01/2011 12/12/2009 B 370,885
- -----------------------------------------------------------------------------------------------------------------------------------
410,000 NYS UDC (South Mall) CAB 6 6.033 9 01/01/2011 12/12/2009 B 341,715
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS UDC (Subordinated Lien) 5.125 07/01/2020 07/01/2014 A 4,207,400
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS UDC (Subordinated Lien) 5.125 07/01/2021 07/01/2014 A 1,047,800
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 NYS UDC (Subordinated Lien) 5.375 07/01/2022 07/01/2008 A 141,425
- -----------------------------------------------------------------------------------------------------------------------------------
15,510,000 NYS UDC (Subordinated Lien) 5.500 07/01/2016 1 07/01/2008 A 15,695,189
- -----------------------------------------------------------------------------------------------------------------------------------
4,765,000 NYS UDC (Subordinated Lien) 5.500 07/01/2016 07/01/2008 A 4,815,128
- -----------------------------------------------------------------------------------------------------------------------------------
6,495,000 NYS UDC (Subordinated Lien) 5.500 07/01/2022 1 07/01/2008 A 6,549,818
- -----------------------------------------------------------------------------------------------------------------------------------
2,210,000 NYS UDC (Subordinated Lien) 5.500 07/01/2026 07/01/2008 A 2,238,929
- -----------------------------------------------------------------------------------------------------------------------------------
6,720,000 NYS UDC (Subordinated Lien) 5.600 07/01/2026 1 07/01/2008 A 6,780,010
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Oneida County, NY GO 5.400 03/15/2011 03/15/2008 A 70,325
- -----------------------------------------------------------------------------------------------------------------------------------
2,285,000 Oneida County, NY IDA (Faxton Hospital) 6.625 01/01/2015 1 01/01/2010 A 2,423,471
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 Oneida County, NY IDA (Presbyterian
Home) 6.100 06/01/2020 06/01/2010 A 630,138
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Oneida County, NY IDA (Presbyterian
Home) 6.250 06/01/2015 06/01/2010 A 1,060,790
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Onondaga County, NY GO 5.000 02/15/2011 02/15/2008 A 15,034
- -----------------------------------------------------------------------------------------------------------------------------------
215,000 Onondaga County, NY IDA (Coltec
Industries) 7.250 06/01/2008 1 06/01/2008 215,570
- -----------------------------------------------------------------------------------------------------------------------------------
365,000 Onondaga County, NY IDA (Coltec
Industries) 9.875 10/01/2010 04/01/2008 A 369,344
- -----------------------------------------------------------------------------------------------------------------------------------
920,000 Onondaga County, NY IDA (Le Moyne
College) 5.500 03/01/2014 03/01/2009 A 940,599
- -----------------------------------------------------------------------------------------------------------------------------------
17,245,000 Onondaga County, NY Res Rec 5.000 05/01/2010 10/24/2009 B 17,032,887
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Ontario County, NY GO 5.550 08/15/2009 02/15/2008 A 25,073
- -----------------------------------------------------------------------------------------------------------------------------------
230,000 Orange County, NY IDA (Glen Arden) 5.400 01/01/2008 01/01/2008 230,000
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Orange County, NY IDA (Orange Mental
Retardation Properties) 6.000 05/01/2008 05/01/2008 40,346
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Orange County, NY IDA (Orange Mental
Retardation Properties) 6.125 05/01/2016 1 05/01/2008 A 60,430
52 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,065,000 Orange County, NY IDA (St. Luke's Cornwall
Hospital Obligated Group) 6.000% 12/01/2016 1 12/01/2011 A $ 5,473,948
- -----------------------------------------------------------------------------------------------------------------------------------
1,920,000 Orange County, NY IDA (St. Luke's Cornwall
Hospital Obligated Group) 6.000 12/01/2016 1 12/01/2011 A 2,075,021
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Oswego County, NY IDA (Seneca Hill Manor) 5.550 08/01/2022 02/01/2008 A 51,078
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Oswego County, NY IDA (Seneca Hill Manor) 5.650 08/01/2037 02/01/2008 A 255,368
- -----------------------------------------------------------------------------------------------------------------------------------
575,000 Otsego County, NY IDA (Mary Imogene
Bassett Hospital) 5.350 11/01/2020 11/01/2008 A 590,105
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Oyster Bay, NY GO 5.000 12/01/2018 06/01/2008 A 35,245
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Philadelphia, NY GO 7.500 12/15/2009 12/15/2009 53,816
- -----------------------------------------------------------------------------------------------------------------------------------
22,055,000 Port Authority NY/NJ (Delta Air Lines) 3 6.950 06/01/2008 06/01/2008 22,099,110
- -----------------------------------------------------------------------------------------------------------------------------------
18,355,000 Port Authority NY/NJ (JFK International
Air Terminal) 7 6.250 12/01/2014 06/01/2012 A 20,901,246
- -----------------------------------------------------------------------------------------------------------------------------------
62,985,000 Port Authority NY/NJ (JFK International
Air Terminal) 5.750 12/01/2022 1 06/01/2008 A 64,326,581
- -----------------------------------------------------------------------------------------------------------------------------------
41,850,000 Port Authority NY/NJ (JFK International
Air Terminal) 5.750 12/01/2025 06/01/2008 A 41,907,335
- -----------------------------------------------------------------------------------------------------------------------------------
32,140,000 Port Authority NY/NJ (JFK International
Air Terminal) 5.900 12/01/2017 1 06/01/2008 A 32,831,653
- -----------------------------------------------------------------------------------------------------------------------------------
24,410,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 10/01/2008 A 24,473,710
- -----------------------------------------------------------------------------------------------------------------------------------
27,805,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 1 10/01/2008 A 27,873,400
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 103rd Series 5.250 12/15/2012 06/16/2008 A 20,035
- -----------------------------------------------------------------------------------------------------------------------------------
15,260,000 Port Authority NY/NJ, 109th Series 5.375 07/15/2022 01/16/2008 A 15,351,865
- -----------------------------------------------------------------------------------------------------------------------------------
585,000 Port Authority NY/NJ, 109th Series 5.375 07/15/2027 01/16/2008 A 588,522
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Port Authority NY/NJ, 109th Series 5.375 01/15/2032 01/16/2008 A 176,054
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Port Authority NY/NJ, 109th Series 5.500 07/15/2017 01/16/2008 A 50,304
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 116th Series 5.000 10/01/2012 10/02/2008 A 10,015
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Port Authority NY/NJ, 116th Series 5.000 10/01/2013 04/02/2008 A 100,154
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Port Authority NY/NJ, 116th Series 5.250 10/01/2014 04/02/2008 A 140,245
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Port Authority NY/NJ, 116th Series 5.250 10/01/2015 04/02/2008 A 55,096
- -----------------------------------------------------------------------------------------------------------------------------------
390,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2018 07/15/2010 A 395,628
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2020 07/15/2010 A 30,381
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2031 07/15/2010 A 55,103
- -----------------------------------------------------------------------------------------------------------------------------------
165,000 Port Authority NY/NJ, 122nd Series 5.000 07/15/2031 07/15/2010 A 165,309
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Port Authority NY/NJ, 122nd Series 5.500 07/15/2011 07/15/2008 A 2,042,180
- -----------------------------------------------------------------------------------------------------------------------------------
170,000 Port Authority NY/NJ, 122nd Series 5.500 07/15/2015 07/15/2008 A 173,585
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Port Authority NY/NJ, 123rd Series 5.000 07/15/2028 07/15/2008 A 65,700
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 124th Series 4.800 08/01/2018 08/02/2008 A 30,358
- -----------------------------------------------------------------------------------------------------------------------------------
950,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2019 08/01/2008 A 964,155
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2021 08/01/2008 A 20,298
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2022 08/01/2008 A 267,671
- -----------------------------------------------------------------------------------------------------------------------------------
325,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2024 08/01/2008 A 327,766
53 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 100,000 Port Authority NY/NJ, 124th Series 5.000% 08/01/2025 08/01/2008 A $ 100,645
- ------------------------------------------------------------------------------------------------------------------------------------
320,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2031 08/01/2010 A 320,602
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2031 08/01/2008 A 60,113
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Port Authority NY/NJ, 126th Series 5.000 11/15/2024 05/15/2012 A 15,220
- -----------------------------------------------------------------------------------------------------------------------------------
230,000 Port Authority NY/NJ, 127th Series 5.000 12/15/2022 06/15/2012 A 235,341
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 127th Series 5.000 12/15/2024 06/15/2012 A 30,529
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Port Authority NY/NJ, 131st Series 2 5.000 12/15/2020 06/15/2013 A 1,552,080
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 131st Series 5.000 12/15/2026 06/15/2014 A 10,149
- -----------------------------------------------------------------------------------------------------------------------------------
11,860,000 Port Authority NY/NJ, 139th Series 7 4.625 10/01/2019 04/01/2017 A 12,104,553
- -----------------------------------------------------------------------------------------------------------------------------------
13,745,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2021 09/01/2015 A 14,122,850
- -----------------------------------------------------------------------------------------------------------------------------------
14,110,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2022 09/01/2015 A 14,442,855
- -----------------------------------------------------------------------------------------------------------------------------------
16,455,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2025 09/01/2015 A 16,684,054
- -----------------------------------------------------------------------------------------------------------------------------------
18,040,000 Port Authority NY/NJ, 141st Series 5.000 09/01/2027 09/01/2015 A 18,210,298
- -----------------------------------------------------------------------------------------------------------------------------------
9,000,000 Port Authority NY/NJ, 143rd Series 5.000 10/01/2021 04/01/2016 A 9,294,120
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Port Authority NY/NJ, 147th Series 2 5.000 10/15/2026 04/15/2017 A 2,028,060
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Port Authority NY/NJ, 190th Series 5.500 07/15/2016 01/15/2008 A 100,607
- -----------------------------------------------------------------------------------------------------------------------------------
38,660,000 Port Authority NY/NJ, 37th Series 5.250 07/15/2034 07/15/2014 A 39,402,272
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Port Chester, NY IDA (Nadel Industries) 7.000 02/01/2016 02/01/2008 E 25,081
- -----------------------------------------------------------------------------------------------------------------------------------
1,430,000 Poughkeepsie, NY IDA (Eastman & Bixby
Redevel. Corp.) 5.900 08/01/2020 08/01/2010 A 1,485,041
- -----------------------------------------------------------------------------------------------------------------------------------
170,000 Putnam County, NY IDA (Brewster Plastics) 7.375 12/01/2008 12/01/2008 169,721
- -----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Rensselaer County, NY IDA (Franciscan
Heights) 5.375 12/01/2025 12/01/2014 A 1,251,984
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Rensselaer County, NY IDA (Rensselaer
Polytechnical Institute) 5.125 08/01/2029 08/01/2009 A 40,278
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Rensselaer County, NY IDA (Rensselaer
Polytechnical Institute) 5.500 08/01/2022 08/01/2009 A 51,205
- -----------------------------------------------------------------------------------------------------------------------------------
2,825,000 Rensselaer County, NY Tobacco Asset
Securitization Corp. 2 5.200 06/01/2025 03/04/2011 B 2,744,827
- -----------------------------------------------------------------------------------------------------------------------------------
1,490,000 Rensselaer County, NY Tobacco Asset
Securitization Corp. 5.750 06/01/2043 06/01/2012 A 1,508,133
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Rensselaer, NY Hsg. Authority (Renwyck) 7.650 01/01/2011 07/01/2008 A 96,663
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Rensselaer, NY Municipal Leasing Corp.
(Rensselaer County Nursing Home) 6.900 06/01/2024 06/01/2008 A 55,419
- -----------------------------------------------------------------------------------------------------------------------------------
1,195,000 Riverhead, NY HDC (Riverpointe
Apartments) 2 5.850 08/01/2010 09/10/2009 D 1,198,776
- -----------------------------------------------------------------------------------------------------------------------------------
165,000 Rochester, NY Hsg. Authority (Stonewood
Village) 5.900 09/01/2009 03/31/2009 B 164,558
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Rockland County, NY Solid Waste
Management Authority 5.625 12/15/2014 06/15/2008 A 35,412
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Rockland County, NY Solid Waste
Management Authority 5.750 12/15/2018 12/15/2009 A 56,990
54 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 10,045,000 Rockland County, NY Tobacco Asset
Securitization Corp. 5.500% 08/15/2025 08/15/2012 A $ 10,057,255
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 Rockland, NY Gardens Hsg. Corp. 10.500 05/01/2011 05/01/2008 A 160,566
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Rome, NY HDC, Series A 6.250 01/01/2024 07/01/2008 A 82,179
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Roslyn, NY Union Free School District 5.300 01/15/2012 01/15/2008 A 50,088
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Roslyn, NY Union Free School District 5.375 01/15/2014 01/15/2008 A 200,370
- -----------------------------------------------------------------------------------------------------------------------------------
225,000 Roxbury, NY Central School District GO 6.400 06/15/2010 06/15/2008 A 227,759
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 Roxbury, NY Central School District GO 6.400 06/15/2011 06/15/2008 A 237,834
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Saratoga County, NY IDA (Saratoga
Hospital/Saratoga Care/Benedict
Community Health Center) 5.000 12/01/2014 12/01/2014 511,625
- -----------------------------------------------------------------------------------------------------------------------------------
3,725,000 Saratoga County, NY IDA (Saratoga
Hospital/Saratoga Care/Benedict
Community Health Center) 5.750 12/01/2023 06/01/2008 A 3,727,384
- -----------------------------------------------------------------------------------------------------------------------------------
6,540,000 Saratoga County, NY IDA (Saratoga
Hospital/Saratoga Care/Benedict
Community Health Center) 5.750 12/01/2033 06/01/2008 A 6,542,747
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Scotia, NY GO 6.100 01/15/2012 01/15/2008 A 25,360
- -----------------------------------------------------------------------------------------------------------------------------------
870,000 SONYMA, Series 101 5.000 10/01/2018 10/01/2011 A 882,250
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series 101 5.250 04/01/2022 10/01/2011 A 25,299
- -----------------------------------------------------------------------------------------------------------------------------------
2,030,000 SONYMA, Series 101 5.350 10/01/2026 10/01/2011 A 2,057,872
- -----------------------------------------------------------------------------------------------------------------------------------
1,530,000 SONYMA, Series 145 4.950 10/01/2023 12/03/2020 B 1,528,562
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 SONYMA, Series 27 5.250 04/01/2013 04/01/2010 A 35,834
- -----------------------------------------------------------------------------------------------------------------------------------
11,465,000 SONYMA, Series 29 5.400 10/01/2022 1 10/01/2010 A 11,633,421
- -----------------------------------------------------------------------------------------------------------------------------------
9,625,000 SONYMA, Series 29 5.450 10/01/2031 10/01/2010 A 10,209,334
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 SONYMA, Series 31 5.200 10/01/2021 04/01/2011 A 404,672
- -----------------------------------------------------------------------------------------------------------------------------------
485,000 SONYMA, Series 31 5.300 10/01/2031 04/01/2011 A 486,179
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 SONYMA, Series 63 5.600 10/01/2010 04/01/2009 A 142,881
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 63 5.700 04/01/2011 04/01/2008 A 101,807
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 SONYMA, Series 63 5.700 10/01/2011 04/01/2008 A 86,723
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 SONYMA, Series 65 5.300 10/01/2009 07/01/2008 A 76,592
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 SONYMA, Series 65 5.550 10/01/2012 07/01/2008 A 15,315
- -----------------------------------------------------------------------------------------------------------------------------------
280,000 SONYMA, Series 66 5.600 10/01/2017 07/01/2008 A 280,330
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 SONYMA, Series 67 5.600 10/01/2014 03/01/2008 A 86,353
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 67 5.600 10/01/2014 1 09/01/2009 A 101,595
- -----------------------------------------------------------------------------------------------------------------------------------
1,065,000 SONYMA, Series 67 5.700 10/01/2017 1 03/01/2008 A 1,081,731
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 SONYMA, Series 67 5.800 10/01/2028 1 09/01/2009 A 252,745
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 67 5.800 10/01/2028 09/01/2009 A 20,220
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 69 5.400 10/01/2019 03/01/2008 A 50,554
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 SONYMA, Series 70 5.375 10/01/2017 03/01/2008 A 121,445
- -----------------------------------------------------------------------------------------------------------------------------------
2,365,000 SONYMA, Series 70 5.375 10/01/2017 1 03/01/2008 A 2,453,073
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series 71 4.900 04/01/2009 04/01/2009 10,162
55 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 270,000 SONYMA, Series 71 5.350% 10/01/2018 07/01/2008 A $ 273,591
- -----------------------------------------------------------------------------------------------------------------------------------
4,695,000 SONYMA, Series 71 5.400 04/01/2029 07/01/2008 A 4,760,073
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 SONYMA, Series 73 5.300 10/01/2028 09/01/2010 A 210,993
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 SONYMA, Series 73-A 5.250 10/01/2017 09/01/2008 A 273,807
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 SONYMA, Series 73-B 5.450 10/01/2024 1 09/30/2011 A 70,657
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 SONYMA, Series 77 5.600 04/01/2010 11/23/2009 A 15,391
- -----------------------------------------------------------------------------------------------------------------------------------
395,000 SONYMA, Series 77 5.700 04/01/2011 11/23/2009 A 407,889
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series 79 5.250 10/01/2021 03/01/2009 A 10,108
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 SONYMA, Series 79 5.250 10/01/2021 03/01/2009 A 55,595
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 SONYMA, Series 79 5.300 04/01/2029 03/01/2009 A 300,021
- -----------------------------------------------------------------------------------------------------------------------------------
2,140,000 SONYMA, Series 80 5.100 10/01/2017 1 03/01/2009 A 2,186,138
- -----------------------------------------------------------------------------------------------------------------------------------
5,350,000 SONYMA, Series 82 5.550 10/01/2019 1 10/01/2009 A 5,426,131
- -----------------------------------------------------------------------------------------------------------------------------------
25,000,000 SONYMA, Series 83 5.450 04/01/2018 1 10/01/2009 A 25,559,750
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 SONYMA, Series 83 5.550 10/01/2027 10/01/2009 A 45,630
- -----------------------------------------------------------------------------------------------------------------------------------
215,000 SONYMA, Series 85 5.400 04/01/2012 09/01/2009 A 221,160
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 SONYMA, Series 88 5.500 04/01/2025 11/01/2009 A 185,181
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 91 5.300 10/01/2009 07/01/2008 A 102,122
- -----------------------------------------------------------------------------------------------------------------------------------
2,390,000 SONYMA, Series 92 5.750 04/01/2020 10/01/2009 A 2,460,744
- -----------------------------------------------------------------------------------------------------------------------------------
2,015,000 SONYMA, Series 95 5.500 10/01/2017 1 04/01/2010 A 2,077,969
- -----------------------------------------------------------------------------------------------------------------------------------
6,150,000 SONYMA, Series 97 2 5.400 10/01/2021 1 04/01/2011 A 6,245,448
- -----------------------------------------------------------------------------------------------------------------------------------
660,000 SONYMA, Series 98 5.050 10/01/2017 04/01/2011 A 680,275
- -----------------------------------------------------------------------------------------------------------------------------------
385,000 Spring Valley, NY (Quality Redevel.) 5.000 06/15/2021 06/15/2017 A 398,186
- -----------------------------------------------------------------------------------------------------------------------------------
405,000 Spring Valley, NY (Quality Redevel.) 5.000 06/15/2022 06/15/2017 A 416,988
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Spring Valley, NY GO 5.000 05/01/2020 05/15/2015 A 312,495
- -----------------------------------------------------------------------------------------------------------------------------------
310,000 Spring Valley, NY GO 5.000 05/01/2021 05/15/2015 A 319,182
- -----------------------------------------------------------------------------------------------------------------------------------
325,000 Spring Valley, NY GO 5.000 05/01/2022 05/15/2015 A 333,401
- -----------------------------------------------------------------------------------------------------------------------------------
335,000 Spring Valley, NY GO 5.000 05/01/2023 05/15/2015 A 342,611
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 Spring Valley, NY GO 5.000 05/01/2024 05/15/2015 A 356,864
- -----------------------------------------------------------------------------------------------------------------------------------
365,000 Spring Valley, NY GO 5.000 05/01/2025 05/15/2015 A 371,023
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Springville, NY HDC (Springbrook) 5.950 01/01/2010 03/03/2009 D 40,273
- -----------------------------------------------------------------------------------------------------------------------------------
3,640,000 St. Lawrence County, NY IDA (Curran
Renewable Energy) 6.200 12/01/2017 06/01/2014 B 3,642,584
- -----------------------------------------------------------------------------------------------------------------------------------
730,000 Suffolk County, NY IDA (ALIA-CCDRCA) 7.000 06/01/2016 06/01/2011 A 757,017
- -----------------------------------------------------------------------------------------------------------------------------------
505,000 Suffolk County, NY IDA (ALIA-Civic Facility) 5.950 11/01/2022 11/01/2022 498,359
- -----------------------------------------------------------------------------------------------------------------------------------
180,000 Suffolk County, NY IDA (ALIA-Civic Facility) 6.000 11/01/2017 11/01/2017 178,106
- -----------------------------------------------------------------------------------------------------------------------------------
740,000 Suffolk County, NY IDA (ALIA-Civic Facility) 6.000 11/01/2017 11/01/2017 732,215
- -----------------------------------------------------------------------------------------------------------------------------------
885,000 Suffolk County, NY IDA (ALIA-FREE) 7.000 06/01/2016 06/01/2011 A 917,754
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 11/01/2022 11/01/2022 291,121
- -----------------------------------------------------------------------------------------------------------------------------------
685,000 Suffolk County, NY IDA (ALIA-IGHL) 6.500 12/01/2013 06/07/2011 B 692,754
- -----------------------------------------------------------------------------------------------------------------------------------
800,000 Suffolk County, NY IDA (ALIA-LIHIA) 5.950 11/01/2022 11/01/2022 789,480
- -----------------------------------------------------------------------------------------------------------------------------------
315,000 Suffolk County, NY IDA (ALIA-NYS ARC) 5.950 11/01/2022 11/01/2022 310,858
56 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 305,000 Suffolk County, NY IDA (ALIA-WORCA) 5.950% 11/01/2022 11/01/2022 $ 300,989
- -----------------------------------------------------------------------------------------------------------------------------------
415,000 Suffolk County, NY IDA (ALIA-WORCA) 7.000 06/01/2016 06/01/2011 A 430,359
- -----------------------------------------------------------------------------------------------------------------------------------
325,000 Suffolk County, NY IDA (Catholic Charities) 6.000 10/01/2020 12/27/2014 B 313,583
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 12/27/2014 B 308,758
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 12/27/2014 B 308,758
- -----------------------------------------------------------------------------------------------------------------------------------
1,065,000 Suffolk County, NY IDA (Dowling College) 5.000 06/01/2018 06/01/2018 1,015,435
- -----------------------------------------------------------------------------------------------------------------------------------
165,000 Suffolk County, NY IDA (Family Residences) 6.000 10/01/2015 08/12/2012 B 160,880
- -----------------------------------------------------------------------------------------------------------------------------------
455,000 Suffolk County, NY IDA (Family Residences),
Series A 6.375 12/01/2018 12/20/2013 B 469,455
- -----------------------------------------------------------------------------------------------------------------------------------
3,070,000 Suffolk County, NY IDA (Family Residences),
Series A 6.375 12/01/2018 10/03/2014 B 3,167,534
- -----------------------------------------------------------------------------------------------------------------------------------
305,000 Suffolk County, NY IDA (Huntington First
Aid Squad) 6.025 11/01/2008 11/01/2008 306,562
- -----------------------------------------------------------------------------------------------------------------------------------
755,000 Suffolk County, NY IDA (Independent
Group Home Living) 6.000 10/01/2020 06/27/2015 B 728,477
- -----------------------------------------------------------------------------------------------------------------------------------
575,000 Suffolk County, NY IDA (L.I. Network
Community Services) 7.000 02/01/2014 08/01/2010 B 575,121
- -----------------------------------------------------------------------------------------------------------------------------------
290,000 Suffolk County, NY IDA (Mattituck-Laurel
Library) 6.000 09/01/2019 1 09/01/2010 A 311,663
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Suffolk County, NY IDA (Nassau-Suffolk
Services for Autism) 6.250 11/01/2016 03/22/2013 B 388,060
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Suffolk County, NY IDA (Nassau-Suffolk
Services for Autism) 6.250 11/01/2016 04/13/2013 B 140,672
- -----------------------------------------------------------------------------------------------------------------------------------
880,000 Suffolk County, NY IDA (Nissequogue
Cogeneration Partners) 4.875 01/01/2008 01/01/2008 880,000
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Suffolk County, NY IDA (Pederson-Krager
Center) 6.375 11/01/2015 08/07/2012 B 871,461
- -----------------------------------------------------------------------------------------------------------------------------------
780,000 Suffolk County, NY IDA (Pederson-Krager
Center) 6.400 02/01/2015 10/23/2011 B 758,183
- -----------------------------------------------------------------------------------------------------------------------------------
245,000 Suffolk County, NY IDA (Suffolk Hotels) 6.000 10/01/2020 12/27/2014 B 236,393
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Suffolk County, NY IDA (WORCA) 6.000 10/01/2020 06/27/2015 B 482,435
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Suffolk County, NY Water Authority 5.750 06/01/2010 06/01/2008 E 105,369
- -----------------------------------------------------------------------------------------------------------------------------------
2,515,000 Sullivan County, NY IDA (Center for
Discovery) 5.625 06/01/2013 12/21/2010 B 2,447,472
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Sullivan County, NY IDA (Center for
Discovery) 2 5.875 07/01/2022 11/11/2016 B 4,730,500
- -----------------------------------------------------------------------------------------------------------------------------------
6,435,000 Sullivan County, NY IDA (Center for
Discovery) 6.375 02/01/2020 12/09/2014 B 6,349,221
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Syracuse, NY Hsg. Authority 5.400 09/01/2021 09/01/2015 A 31,910
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 Syracuse, NY IDA (Crouse Irving Companies) 5.250 01/01/2017 01/01/2010 A 244,531
- -----------------------------------------------------------------------------------------------------------------------------------
465,000 Syracuse, NY IDA (Crouse Irving Health
Hospital) 5.125 01/01/2009 01/01/2009 459,281
57 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 670,000 Syracuse, NY IDA (One Center Armory
Garage) 6.750% 12/01/2017 06/01/2008 A $ 678,449
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Tompkins County, NY IDA (Kendall at Ithaca) 5.750 07/01/2018 07/01/2008 A 904,725
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Tompkins County, NY IDA (Kendall at Ithaca) 2 6.000 07/01/2024 07/01/2008 A 2,010,300
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Tompkins, NY Health Care Corp.
(Reconstruction Home) 5.875 02/01/2033 02/01/2008 A 130,225
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 Tompkins, NY Health Care Corp.
(Reconstruction Home) 10.800 02/01/2028 1 02/01/2008 A 287,377
- -----------------------------------------------------------------------------------------------------------------------------------
68,545,000 TSASC, Inc. (TFABs) 7 4.750 06/01/2022 10/09/2011 B 66,830,907
- -----------------------------------------------------------------------------------------------------------------------------------
50,000,000 TSASC, Inc. (TFABs) 7 5.000 06/01/2026 05/28/2016 B 48,367,750
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 TSASC, Inc. (TFABs) 4.250 07/15/2010 07/15/2010 282,832
- -----------------------------------------------------------------------------------------------------------------------------------
41,000,000 TSASC, Inc. (TFABs) 5.000 06/01/2026 06/28/2016 B 39,661,350
- -----------------------------------------------------------------------------------------------------------------------------------
14,740,000 TSASC, Inc. (TFABs) 5.000 06/01/2034 04/20/2020 B 13,924,583
- -----------------------------------------------------------------------------------------------------------------------------------
430,000 TSASC, Inc. (TFABs) 5.250 07/15/2011 07/15/2011 460,831
- -----------------------------------------------------------------------------------------------------------------------------------
815,000 TSASC, Inc. (TFABs) 5.500 07/15/2013 07/15/2012 A 891,251
- -----------------------------------------------------------------------------------------------------------------------------------
23,140,000 TSASC, Inc. (TFABs) 5.500 07/15/2024 02/19/2012 D 24,923,400
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Ulster County, NY GO 5.400 11/15/2013 05/15/2008 A 10,085
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Ulster County, NY GO 5.400 11/15/2015 05/15/2008 A 10,085
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Ulster County, NY IDA (Benedictine
Hospital) 6.250 06/01/2008 06/01/2008 101,053
- -----------------------------------------------------------------------------------------------------------------------------------
155,000 Ulster County, NY Res Rec 5.000 03/01/2016 03/01/2016 163,412
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 Ulster County, NY Res Rec 5.000 03/01/2017 03/01/2016 A 167,669
- -----------------------------------------------------------------------------------------------------------------------------------
170,000 Ulster County, NY Res Rec 5.000 03/01/2018 03/01/2016 A 176,865
- -----------------------------------------------------------------------------------------------------------------------------------
830,000 Ulster County, NY Tobacco Asset
Securitization Corp. 0.000 5 06/01/2040 09/14/2026 B 745,755
- -----------------------------------------------------------------------------------------------------------------------------------
360,000 Ulster County, NY Tobacco Asset
Securitization Corp. 6.000 06/01/2040 06/01/2012 A 368,582
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Ulster County, NY Tobacco Asset
Securitization Corp. 6.250 06/01/2025 06/01/2012 A 26,103
- -----------------------------------------------------------------------------------------------------------------------------------
10,795,000 Ulster County, NY Tobacco Asset
Securitization Corp. 6.750 06/01/2030 1 06/01/2011 A 11,362,817
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 Utica, NY GO 6.200 01/15/2014 01/15/2010 A 315,851
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 Utica, NY GO 6.250 01/15/2015 01/15/2010 A 342,931
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Utica, NY IDA (Munson-Williams-Proctor
Arts Institute) 5.500 07/15/2029 07/15/2009 A 26,139
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Utica, NY IDA (Utica College Civic Facility) 5.300 08/01/2008 08/01/2008 40,042
- -----------------------------------------------------------------------------------------------------------------------------------
1,205,000 Utica, NY IDA (Utica College Civic Facility) 6.375 12/01/2011 06/29/2010 B 1,225,521
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Utica, NY SCHC (Multifamily), Series A 5.550 12/01/2017 06/01/2008 A 259,030
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Victor, NY GO 4.800 12/15/2017 06/15/2008 A 15,116
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Westchester County, NY GO 5.375 12/15/2012 06/15/2008 A 100,896
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Westchester County, NY GO 5.375 12/15/2013 06/15/2008 A 50,448
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Westchester County, NY Healthcare Corp.,
Series B 5.375 11/01/2020 11/10/2010 A 47,298
58 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 105,000 Westchester County, NY IDA (Beth
Abraham Hospital) 7.250% 12/01/2009 03/02/2009 B $ 106,173
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Westchester County, NY IDA (Children's
Village) 5.100 03/15/2009 03/15/2009 50,413
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 Westchester County, NY IDA (Clearview
School) 6.600 01/01/2014 12/27/2010 B 242,657
- -----------------------------------------------------------------------------------------------------------------------------------
1,365,000 Westchester County, NY IDA (Guiding Eyes
for the Blind) 2 4.500 08/01/2012 08/31/2010 B 1,359,308
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Westchester County, NY IDA (JDAM) 6.500 04/01/2009 1 04/01/2008 A 30,014
- -----------------------------------------------------------------------------------------------------------------------------------
1,130,000 Westchester County, NY IDA (JDAM) 6.750 04/01/2016 1 07/01/2008 A 1,134,045
- -----------------------------------------------------------------------------------------------------------------------------------
2,155,000 Westchester County, NY IDA
(Rippowam-Cisqua School) 5.750 06/01/2029 02/07/2021 B 2,096,729
- -----------------------------------------------------------------------------------------------------------------------------------
2,225,000 Westchester County, NY IDA
(Schnurmacher Center) 6.000 11/01/2011 04/03/2009 B 2,236,325
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Westchester County, NY IDA (Westchester
Airport Assoc.) 2 5.850 08/01/2014 02/01/2008 A 130,257
- -----------------------------------------------------------------------------------------------------------------------------------
590,000 Westchester County, NY IDA (Westchester
Airport Assoc.) 2 5.950 08/01/2024 1 02/01/2008 A 592,679
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Westchester County, NY IDA (Westchester
Resco Company) 5.500 07/01/2009 07/01/2008 A 251,745
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Westchester County, NY IDA (Winward
School) 5.200 10/01/2021 10/01/2011 A 30,374
- -----------------------------------------------------------------------------------------------------------------------------------
18,000,000 Westchester County, NY Tobacco Asset
Securitization Corp. 0.000 5 07/15/2039 1 07/15/2017 E 20,894,760
- -----------------------------------------------------------------------------------------------------------------------------------
12,700,000 Westchester County, NY Tobacco Asset
Securitization Corp. 4.500 06/01/2021 08/03/2010 B 12,006,961
- -----------------------------------------------------------------------------------------------------------------------------------
8,600,000 Westchester County, NY Tobacco Asset
Securitization Corp. 2 5.000 06/01/2026 07/07/2014 B 8,310,352
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 White Plains, NY HDC (Battle Hill) 6.650 02/01/2025 02/01/2008 A 96,531
- -----------------------------------------------------------------------------------------------------------------------------------
190,000 Yonkers, NY IDA (Michael Malotz Skilled
Nursing Pavilion) 5.450 02/01/2029 02/01/2009 A 193,906
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 Yonkers, NY IDA (Michael Malotz Skilled
Nursing Pavilion) 5.650 02/01/2039 02/01/2009 A 92,023
- -----------------------------------------------------------------------------------------------------------------------------------
1,455,000 Yonkers, NY IDA (Monastery Manor
Associates) 5.000 04/01/2025 04/01/2015 A 1,476,985
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Yonkers, NY IDA (Philipsburgh Hall
Associates) 6.750 11/01/2008 11/01/2008 29,606
- -----------------------------------------------------------------------------------------------------------------------------------
2,145,000 Yonkers, NY IDA (St. John's Riverside
Hospital) 2 6.800 07/01/2016 07/01/2011 A 2,187,299
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Yonkers, NY IDA (St. Joseph's Hospital),
Series 98-B 5.900 03/01/2008 03/01/2008 199,974
--------------
3,382,509,747
59 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--19.6%
$ 5,000,000 Guam Airport Authority, Series C 5.375% 10/01/2019 10/01/2013 A $ 5,242,350
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Guam Airport Authority, Series C 5.375 10/01/2020 10/01/2013 A 6,271,920
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Guam EDA (TASC) 5.000 05/15/2022 12/12/2008 D 137,142
- -----------------------------------------------------------------------------------------------------------------------------------
192,000 Guam EDA (TASC) 5.300 5 05/15/2014 05/15/2014 211,751
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Guam Education Financing Foundation COP 5.000 10/01/2023 10/01/2016 A 3,078,900
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Guam International Airport Authority 5.000 10/01/2023 10/01/2013 A 10,154
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Guam Power Authority, Series A 5.000 10/01/2024 10/01/2009 A 25,792
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Guam Power Authority, Series A 5.250 10/01/2013 04/01/2008 A 40,069
- -----------------------------------------------------------------------------------------------------------------------------------
460,000 Guam Power Authority, Series A 5.250 10/01/2013 10/01/2008 A 460,106
- -----------------------------------------------------------------------------------------------------------------------------------
655,000 Guam Power Authority, Series A 5.250 10/01/2023 04/01/2008 A 658,517
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Guam Power Authority, Series A 5.250 10/01/2034 10/01/2009 A 41,373
- -----------------------------------------------------------------------------------------------------------------------------------
1,900,000 Northern Mariana Islands Commonwealth,
Series A 6.750 10/01/2033 10/01/2013 A 2,220,150
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Northern Mariana Islands Commonwealth,
Series A 6.750 10/01/2033 10/01/2013 A 105,752
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Northern Mariana Islands Ports Authority,
Series A 6.000 06/01/2014 1 06/01/2010 A 133,449
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2015 07/01/2008 A 220,662
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2015 07/01/2008 A 60,541
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 07/01/2008 A 100,794
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 07/01/2008 A 120,983
- -----------------------------------------------------------------------------------------------------------------------------------
1,370,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 07/01/2008 A 1,406,552
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 Puerto Rico Children's Trust Fund (TASC) 4.100 05/15/2013 05/15/2013 367,631
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Puerto Rico Children's Trust Fund (TASC) 4.250 05/15/2014 05/15/2014 195,460
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Puerto Rico Children's Trust Fund (TASC) 5.000 05/15/2008 05/15/2008 2,508,975
- -----------------------------------------------------------------------------------------------------------------------------------
208,220,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 05/22/2013 B 204,249,245
- -----------------------------------------------------------------------------------------------------------------------------------
68,875,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 08/02/2020 B 67,211,669
- -----------------------------------------------------------------------------------------------------------------------------------
30,755,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 09/24/2022 B 30,265,380
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Puerto Rico Children's Trust Fund (TASC) 5.750 07/01/2020 09/07/2009 D 15,617
- -----------------------------------------------------------------------------------------------------------------------------------
2,400,000 Puerto Rico Commonwealth GO 2 5.000 07/01/2018 07/01/2008 A 2,448,552
- -----------------------------------------------------------------------------------------------------------------------------------
6,250,000 Puerto Rico Commonwealth GO 5.000 07/01/2024 07/01/2014 A 6,258,563
- -----------------------------------------------------------------------------------------------------------------------------------
5,970,000 Puerto Rico Commonwealth GO 2 5.000 07/01/2025 07/01/2025 5,945,881
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 06/21/2026 B 49,613
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Commonwealth GO 5.000 07/01/2028 08/05/2026 B 49,338
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico Commonwealth GO 5.250 01/01/2015 01/01/2015 7,310,100
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2017 07/01/2013 A 4,388,360
- -----------------------------------------------------------------------------------------------------------------------------------
4,940,000 Puerto Rico Commonwealth GO 5.250 07/01/2019 07/01/2013 A 5,424,812
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Puerto Rico Commonwealth GO 5.250 07/01/2019 07/01/2013 A 920,898
- -----------------------------------------------------------------------------------------------------------------------------------
2,430,000 Puerto Rico Commonwealth GO 5.250 07/01/2021 07/01/2014 A 2,482,950
- -----------------------------------------------------------------------------------------------------------------------------------
2,315,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 07/01/2013 A 2,354,216
- -----------------------------------------------------------------------------------------------------------------------------------
3,400,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 07/01/2014 A 3,466,504
60 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 7,350,000 Puerto Rico Commonwealth GO 5.250% 07/01/2022 07/01/2016 A $ 7,529,634
- -----------------------------------------------------------------------------------------------------------------------------------
7,395,000 Puerto Rico Commonwealth GO 5.250 07/01/2023 07/01/2016 A 7,555,102
- -----------------------------------------------------------------------------------------------------------------------------------
11,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2023 07/01/2013 A 11,165,110
- -----------------------------------------------------------------------------------------------------------------------------------
4,575,000 Puerto Rico Commonwealth GO 5.250 07/01/2023 07/01/2014 A 4,654,331
- -----------------------------------------------------------------------------------------------------------------------------------
15,850,000 Puerto Rico Commonwealth GO 5.250 07/01/2024 07/01/2013 A 16,057,477
- -----------------------------------------------------------------------------------------------------------------------------------
4,435,000 Puerto Rico Commonwealth GO 5.250 07/01/2024 07/01/2016 A 4,518,688
- -----------------------------------------------------------------------------------------------------------------------------------
21,785,000 Puerto Rico Commonwealth GO 5.250 07/01/2025 07/01/2016 A 22,105,675
- -----------------------------------------------------------------------------------------------------------------------------------
4,750,000 Puerto Rico Commonwealth GO 5.250 07/01/2027 07/01/2016 A 4,800,303
- -----------------------------------------------------------------------------------------------------------------------------------
1,925,000 Puerto Rico Commonwealth GO 5.250 07/01/2027 1 07/01/2011 A 2,013,743
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 07/01/2017 A 5,042,800
- -----------------------------------------------------------------------------------------------------------------------------------
2,840,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 07/01/2016 A 2,862,266
- -----------------------------------------------------------------------------------------------------------------------------------
14,750,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 07/01/2017 A 14,821,243
- -----------------------------------------------------------------------------------------------------------------------------------
11,735,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 07/01/2016 A 11,786,869
- -----------------------------------------------------------------------------------------------------------------------------------
5,500,000 Puerto Rico Commonwealth GO 5.250 07/01/2037 07/01/2017 A 5,502,035
- -----------------------------------------------------------------------------------------------------------------------------------
6,060,000 Puerto Rico Commonwealth GO 5.375 07/01/2028 07/01/2011 A 6,127,327
- -----------------------------------------------------------------------------------------------------------------------------------
195,000 Puerto Rico Electric Power Authority 5.000 07/01/2028 07/01/2008 A 199,906
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Puerto Rico Electric Power Authority,
Series DD 5.000 07/01/2028 07/01/2010 A 5,125
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Electric Power Authority,
Series DD 5.000 07/01/2028 07/01/2008 A 10,252
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Puerto Rico Electric Power Authority,
Series DD 5.000 07/01/2028 07/01/2008 A 5,126
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Electric Power Authority,
Series EE 5.250 07/01/2014 07/01/2008 A 10,250
- -----------------------------------------------------------------------------------------------------------------------------------
4,200,000 Puerto Rico Electric Power Authority,
Series UU 4.205 4 07/01/2031 07/04/2028 B 3,779,370
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Puerto Rico HFA (Single Family) 5.000 12/01/2020 12/01/2013 A 260,573
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Puerto Rico HFC 5.100 12/01/2018 12/01/2010 A 115,693
- -----------------------------------------------------------------------------------------------------------------------------------
1,830,000 Puerto Rico HFC (Homeowner Mtg.) 5.200 12/01/2032 12/01/2008 A 1,856,041
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 Puerto Rico HFC, Series B 5.300 12/01/2028 06/01/2011 A 449,472
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 Puerto Rico Highway & Transportation
Authority 5.000 07/01/2022 07/01/2008 A 90,325
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Puerto Rico Highway & Transportation
Authority 5.000 07/01/2028 02/20/2026 B 34,536
- -----------------------------------------------------------------------------------------------------------------------------------
230,000 Puerto Rico Highway & Transportation
Authority 5.750 07/01/2020 07/01/2013 A 242,553
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Puerto Rico Highway & Transportation
Authority, Series A 5.000 07/01/2028 07/01/2008 A 5,077
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico Highway & Transportation
Authority, Series E 5.750 07/01/2024 07/01/2012 A 7,488,040
- -----------------------------------------------------------------------------------------------------------------------------------
355,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2021 07/01/2015 A 359,093
61 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 11,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000% 07/01/2022 07/01/2015 A $ 11,106,150
- -----------------------------------------------------------------------------------------------------------------------------------
12,275,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2023 07/01/2015 A 12,362,766
- -----------------------------------------------------------------------------------------------------------------------------------
12,760,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2024 07/01/2015 A 12,819,462
- -----------------------------------------------------------------------------------------------------------------------------------
4,545,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2025 07/01/2015 A 4,549,227
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2026 07/01/2026 1,996,420
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2027 07/01/2027 994,460
- -----------------------------------------------------------------------------------------------------------------------------------
16,800,000 Puerto Rico Highway & Transportation
Authority, Series N 7 4.035 4 07/01/2045 08/04/2043 B 14,782,263
- -----------------------------------------------------------------------------------------------------------------------------------
6,550,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 05/15/2008 A 6,877,828
- -----------------------------------------------------------------------------------------------------------------------------------
7,175,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 05/15/2008 A 7,410,555
- -----------------------------------------------------------------------------------------------------------------------------------
780,000 Puerto Rico Infrastructure 5.000 07/01/2019 07/01/2016 A 793,237
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Puerto Rico Infrastructure 5.500 10/01/2040 10/01/2010 E 36,933
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico ITEMECF (Ana G. Mendez
University) 5.375 02/01/2019 02/01/2011 A 55,479
- -----------------------------------------------------------------------------------------------------------------------------------
18,425,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 1 06/01/2010 A 19,246,202
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico ITEMECF (Dr. Pila Hospital) 6.125 08/01/2025 02/01/2008 A 1,503,015
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Puerto Rico ITEMECF (Guaynabo Municipal
Government Center) 5.625 07/01/2015 07/01/2008 A 80,418
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Puerto Rico ITEMECF (Hospital Auxilio
Mutuo) 5.500 07/01/2026 07/01/2008 A 71,149
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF (Hospital Auxilio
Mutuo) 6.250 07/01/2016 07/01/2008 A 501,240
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico ITEMECF (Hospital de la
Concepcion) 6.125 11/15/2025 11/15/2010 A 79,729
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Puerto Rico ITEMECF (Hospital de la
Concepcion) 6.375 11/15/2015 11/15/2010 A 813,473
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico ITEMECF (Hospital de la
Concepcion) 6.500 11/15/2020 11/15/2010 A 2,148,460
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico ITEMECF (InterAmerican
University) 5.000 10/01/2022 10/01/2008 A 25,486
- -----------------------------------------------------------------------------------------------------------------------------------
1,545,000 Puerto Rico ITEMECF (Mennonite General
Hospital) 6.500 07/01/2012 08/16/2010 B 1,526,414
- -----------------------------------------------------------------------------------------------------------------------------------
460,000 Puerto Rico ITEMECF (Ryder Memorial
Hospital) 6.400 05/01/2009 11/05/2008 B 459,572
- -----------------------------------------------------------------------------------------------------------------------------------
9,400,000 Puerto Rico Municipal Finance Agency,
Series A 5.250 08/01/2023 08/01/2015 A 9,584,992
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Municipal Finance Agency,
Series A 5.250 08/01/2024 08/01/2015 A 5,085,750
62 | LIMITED TERM NEW YORK MUNICIPAL FUND
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 25,000 Puerto Rico Municipal Finance Agency,
Series A 5.500% 07/01/2017 07/01/2008 A $ 25,423
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 1 07/01/2008 A 160,467
- -----------------------------------------------------------------------------------------------------------------------------------
430,000 Puerto Rico Port Authority, Series D 7.000 07/01/2014 1 07/01/2008 A 431,845
- -----------------------------------------------------------------------------------------------------------------------------------
31,000,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 07/01/2014 A 31,212,040
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 07/01/2014 A 2,752,255
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Public Buildings Authority 5.500 07/01/2022 07/01/2014 A 11,107,700
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Public Buildings Authority 5.500 07/01/2023 07/01/2014 A 2,221,540
- -----------------------------------------------------------------------------------------------------------------------------------
9,000,000 Puerto Rico Public Buildings Authority 5.500 07/01/2024 07/01/2014 A 9,996,930
- -----------------------------------------------------------------------------------------------------------------------------------
13,195,000 Puerto Rico Public Buildings Authority 5.500 07/01/2026 07/01/2017 A 13,775,316
- -----------------------------------------------------------------------------------------------------------------------------------
2,065,000 Puerto Rico Public Buildings Authority,
Series D 5.125 07/01/2024 07/01/2012 A 2,077,349
- -----------------------------------------------------------------------------------------------------------------------------------
825,000 Puerto Rico Public Buildings Authority,
Series G 5.250 07/01/2019 07/01/2012 A 841,038
- -----------------------------------------------------------------------------------------------------------------------------------
9,910,000 Puerto Rico Public Finance Corp., Series A 5.750 08/01/2027 02/01/2012 C 10,376,365
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 University of Puerto Rico 5.000 06/01/2026 06/01/2026 2,728,633
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 University of Puerto Rico 5.500 06/01/2012 1 06/01/2008 A 160,256
- -----------------------------------------------------------------------------------------------------------------------------------
7,125,000 University of Puerto Rico, Series P 5.000 06/01/2021 06/01/2016 A 7,190,479
- -----------------------------------------------------------------------------------------------------------------------------------
8,500,000 University of Puerto Rico, Series P 5.000 06/01/2022 06/01/2016 A 8,560,605
- -----------------------------------------------------------------------------------------------------------------------------------
8,410,000 University of Puerto Rico, Series Q 5.000 06/01/2023 06/01/2016 A 8,446,920
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 University of Puerto Rico, Series Q 5.000 06/01/2030 12/22/2028 B 294,630
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 V.I. HFA, Series A 6.500 03/01/2025 1 03/01/2008 A 25,017
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Port Authority, Series A 2 5.250 09/01/2018 09/01/2010 A 1,034,990
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority (Hovensa
Refinery) 4.700 07/01/2022 10/01/2018 B 892,310
- -----------------------------------------------------------------------------------------------------------------------------------
2,650,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 07/01/2014 A 2,702,974
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2016 10/01/2014 A 1,044,350
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2022 10/01/2014 A 2,033,920
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2023 10/01/2014 A 2,027,040
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2015 10/01/2008 A 10,187,900
- -----------------------------------------------------------------------------------------------------------------------------------
180,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 10/01/2008 A 183,289
- -----------------------------------------------------------------------------------------------------------------------------------
705,000 V.I. Public Finance Authority, Series A 5.625 10/01/2010 10/14/2009 B 724,106
- -----------------------------------------------------------------------------------------------------------------------------------
285,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 10/01/2010 A 285,188
- -----------------------------------------------------------------------------------------------------------------------------------
11,310,000 V.I. Public Finance Authority, Series A 6.125 10/01/2029 1 10/01/2010 A 12,316,364
- -----------------------------------------------------------------------------------------------------------------------------------
10,820,000 V.I. Public Finance Authority, Series A 6.375 10/01/2019 1 01/01/2010 A 11,686,466
- -----------------------------------------------------------------------------------------------------------------------------------
2,665,000 V.I. Public Finance Authority, Series E 2 5.875 10/01/2018 10/01/2008 A 2,702,976
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 V.I. Tobacco Settlement Financing
Corp. (TASC) 4.300 5 05/15/2008 05/15/2008 900,765
- -----------------------------------------------------------------------------------------------------------------------------------
1,015,000 V.I. Tobacco Settlement Financing
Corp. (TASC) 4.750 5 05/15/2012 12/28/2009 D 1,023,912
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 V.I. Tobacco Settlement Financing
Corp. (TASC) 4.950 5 05/15/2014 05/11/2011 A 80,575
63 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL MATURITY
AMOUNT COUPON MATURITY (UNAUDITED)* VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 1,480,000 V.I. Tobacco Settlement Financing Corp.
(TASC) 2 5.000% 05/15/2021 12/09/2010 B $ 1,404,446
- -----------------------------------------------------------------------------------------------------------------------------------
1,440,000 V.I. Tobacco Settlement Financing Corp.
(TASC) 5.000 05/15/2031 04/12/2015 B 1,315,282
- -----------------------------------------------------------------------------------------------------------------------------------
1,470,000 V.I. Water & Power Authority 5.375 07/01/2010 07/01/2008 A 1,489,542
--------------
789,246,639
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $4,152,674,105)--103.6% 4,171,756,386
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(3.6) (146,552,355)
--------------
NET ASSETS--100.0% $4,025,204,031
==============
INDUSTRY CLASSIFICATIONS ARE UNAUDITED.
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, 2007 was $110,264,724, which represents 2.74% of the Fund's net assets. See
Note 5 of accompanying Notes.
4. Represents the current interest rate for a variable or increasing rate
security.
5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
6. When-issued security or delayed delivery to be delivered and settled after
December 31, 2007. 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. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
9. Zero coupon bond reflects effective yield on the date of purchase.
64 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
PORTFOLIO ABBREVIATIONS December 31, 2007
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACDS Assoc. for Children with Down Syndrome
ACLD Adults and Children with Learning and Developmental Disabilities
ALIA Alliance of Long Island Agencies
ARC Assoc. of Retarded Citizens
BFCC Brookdale Family Care Center
BID Business Improvement District
BOCES Board of Cooperative Educational Services
CAB Capital Appreciation Bond
CCDRCA Catholic Charities of the Diocese of Rockville Centre and Affiliates
CCFDP Child Care Facilities Devel. Program
CFGA Child and Family Guidance Assoc.
CHSLI Catholic Health Services of Long Island
CMA Community Mainstreaming Associates, Inc.
COP Certificates of Participation
CRR Center for Rapid Recovery
CSMR Community Services for the Mentally Retarded
Con Ed Consolidated Edison Company
DA Dormitory Authority
DDI Developmental Disabilities Institute
EDA Economic Devel. Authority
EFC Environmental Facilities Corp.
ERDA Energy Research and Devel. Authority
FNHC Ferncilff Nursing Home Company
FREE Family Residences and Essential Enterprises
GO General Obligation
GSHMC Good Samaritan Hospital Medical Center
HDC Housing Devel. Corp.
HFA Housing Finance Agency/Authority
HFC Housing Finance Corp.
HJDOI Hospital for Joint Diseases Orthopedic Institute
HKSB Helen Keller Services for the Blind
IDA Industrial Devel. Agency
IGHL Independent Group Home for Living
IMEPCF Industrial, Medical and Environmental Pollution Control Facilities
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
JDAM Julia Dyckman Andrus Memorial
JFK John Fitzgerald Kennedy
KR Kateri Residence
L.I. Long Island
LGAC Local Government Assistance Corp.
LGSC Local Government Services Corp.
LIHIA Long Island Head Injury Assoc.
LILCO Long Island Lighting Corp.
MMC Mercy Medical Center
MMWNHC Mary Manning Walsh Nursing Home Company
MSH/NYU Mount Sinai Hospital/New York University
MTA Metropolitan Transportation Authority
NSUH North Shore University Hospital
NY/NJ New York/New Jersey
NYC New York City
NYS New York State
NYU New York University
RIBS Residual Interest Bonds
RITES Residual Interest Tax Exempt Security
Res Rec Resource Recovery Facility
ROLs Residual Option Longs
SCHC Senior Citizen Housing Corp.
SCHRC St. Charles Hospital and Rehabilitation Center
SCSB Schuyler Community Services Board
SCSMC St. Catherine of Sienna Medical Center
SFH St. Francis Hospital
SONYMA State of New York Mortgage Agency
SUNY State University of New York
SV Sienna Village
TASC Tobacco Settlement Asset-Backed Bonds
TFABs Tobacco Flexible Amortization Bonds
UDC Urban Devel. Corp.
USBFCC Urban Strategies Brookdale Family Care Center
V.I. United States Virgin Islands
WORCA Working Organization for Retarded Children and Adults
YMCA Young Men's Christian Assoc.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
65 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES December 31, 2007
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------
Investments, at value (cost $4,152,674,105)--see
accompanying statement of investments $ 4,171,756,386
- --------------------------------------------------------------------------------
Cash 1,363,210
- --------------------------------------------------------------------------------
Receivables and other assets:
Interest 53,133,914
Investments sold 23,648,886
Shares of beneficial interest sold 12,713,562
Other 84,489
----------------
Total assets 4,262,700,447
- --------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes
issued (See Note 1) 178,865,000
Payable on borrowings (See Note 6) 33,700,000
Investments purchased (including $9,213,991 purchased
on a when-issued or delayed delivery basis) 11,762,066
Shares of beneficial interest redeemed 9,957,892
Distribution and service plan fees 2,234,049
Trustees' compensation 609,458
Transfer and shareholder servicing agent fees 169,522
Interest expense on borrowings 61,516
Shareholder communications 44,483
Dividends 605
Other 91,825
----------------
Total liabilities 237,496,416
- --------------------------------------------------------------------------------
NET ASSETS $ 4,025,204,031
================
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------
Paid-in capital $ 3,999,804,950
- --------------------------------------------------------------------------------
Accumulated net investment income 10,327,231
- --------------------------------------------------------------------------------
Accumulated net realized loss on investments (4,010,431)
- --------------------------------------------------------------------------------
Net unrealized appreciation on investments 19,082,281
----------------
NET ASSETS $ 4,025,204,031
================
66 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share
(based on net assets of $2,745,029,068 and 826,412,397
shares of beneficial interest outstanding) $ 3.32
Maximum offering price per share (net asset value plus
sales charge of 3.50% of offering price) $ 3.44
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price
per share (based on net assets of $228,022,260 and
68,759,067 shares of beneficial interest outstanding) $ 3.32
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price
per share (based on net assets of $1,052,152,703 and
317,981,163 shares of beneficial interest outstanding) $ 3.31
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
67 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF OPERATIONS For the Year Ended December 31, 2007
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 208,956,825
- --------------------------------------------------------------------------------
Other income 1,573
----------------
Total investment income 208,958,398
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 16,252,131
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 6,421,603
Class B 2,726,695
Class C 10,761,297
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 837,865
Class B 180,815
Class C 454,585
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 74,930
Class B 7,884
Class C 44,686
- --------------------------------------------------------------------------------
Interest expense and fees on short-term floating
rate notes issued (See Note 1) 8,715,140
- --------------------------------------------------------------------------------
Accounting service fees 1,224,295
- --------------------------------------------------------------------------------
Interest expense on borrowings 1,026,764
- --------------------------------------------------------------------------------
Trustees' compensation 211,195
- --------------------------------------------------------------------------------
Custodian fees and expenses 107,273
- --------------------------------------------------------------------------------
Administration service fees 1,500
- --------------------------------------------------------------------------------
Other 357,080
----------------
Total expenses 49,405,738
Less reduction to custodian expenses (55,467)
----------------
Net expenses 49,350,271
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 159,608,127
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- --------------------------------------------------------------------------------
Net realized gain on investments 699,756
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (101,414,564)
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 58,893,319
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
68 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 2007 2006
- --------------------------------------------------------------------------------------------------
OPERATIONS
- --------------------------------------------------------------------------------------------------
Net investment income $ 159,608,127 $ 159,630,692
- --------------------------------------------------------------------------------------------------
Net realized gain 699,756 3,814,943
- --------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (101,414,564) 43,852,868
----------------------------------
Net increase in net assets resulting from operations 58,893,319 207,298,503
- --------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (111,845,105) (107,345,837)
Class B (9,139,799) (11,134,838)
Class C (36,158,775) (36,565,214)
----------------------------------
(157,143,679) (155,045,889)
- --------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial
interest transactions:
Class A 26,146,638 160,158,935
Class B (83,701,041) (64,819,345)
Class C (27,123,556) (48,015,573)
----------------------------------
(84,677,959) 47,324,017
- --------------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------------
Total increase (decrease) (182,928,319) 99,576,631
- --------------------------------------------------------------------------------------------------
Beginning of period 4,208,132,350 4,108,555,719
----------------------------------
End of period (including accumulated net investment income of
$10,327,231 and $7,862,783, respectively) $ 4,025,204,031 $ 4,208,132,350
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
69 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF CASH FLOWS For the Year Ended December 31, 2007
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- --------------------------------------------------------------------------------------
Net increase in net assets from operations $ 58,893,319
- --------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash provided by operating activities:
Purchase of investment securities (618,180,691)
Proceeds from disposition of investment securities 873,753,390
Short-term investment securities, net (143,553,105)
Premium amortization 17,701,218
Discount accretion (5,688,948)
Net realized gain on investments (699,756)
Net change in unrealized appreciation on investments 101,414,564
Decrease in interest receivable 3,222,802
Decrease in receivable for securities sold 544,125
Increase in other assets (16,953)
Decrease in payable for securities purchased (1,679,185)
Decrease in payable for accrued expenses (386,522)
----------------
Net cash provided by operating activities 285,324,258
- --------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- --------------------------------------------------------------------------------------
Proceeds from bank borrowings 676,100,000
Payments on bank borrowings (706,100,000)
Payments from short-term floating rate notes issued (10,820,367)
Proceeds from shares sold 938,768,060
Payment on shares redeemed (1,140,626,236)
Cash distributions paid (42,590,120)
----------------
Net cash used in financing activities (285,268,663)
- --------------------------------------------------------------------------------------
Net increase in cash 55,595
- --------------------------------------------------------------------------------------
Cash, beginning balance 1,307,615
----------------
Cash, ending balance $ 1,363,210
================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $114,552,954.
Cash paid for interest on bank borrowings--$1,101,053.
Cash paid for interest on short-term floating rate notes issued--$8,715,140.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
70 | LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED DECEMBER 31, 2007 2006 2005 2004 2003
- ----------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.40 $ 3.36 $ 3.33 $ 3.32 $ 3.31
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .14 1 .14 1 .14 1 .14 1 .14
Net realized and unrealized gain (loss) (.08) .03 .03 .01 .01
--------------------------------------------------------------------------------
Total from investment operations .06 .17 .17 .15 .15
- ----------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.14) (.13) (.14) (.14) (.14)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.32 $ 3.40 $ 3.36 $ 3.33 $ 3.32
================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 1.74% 5.30% 5.13% 4.77% 4.80%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 2,745,029 $ 2,784,037 $ 2,589,629 $ 2,155,310 $ 1,944,385
- ----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 2,721,428 $ 2,696,464 $ 2,380,822 $ 2,029,517 $ 1,894,331
- ----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.18% 4.10% 4.12% 4.30% 4.51%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.74% 0.79% 0.79% 0.77% 0.76%
Interest and fees on short-term
floating rate notes issued 4 0.21% 0.18% 0.03% 0.01% 0.00%
--------------------------------------------------------------------------------
Total expenses 0.95% 5 0.97% 5 0.82% 5 0.78% 5 0.76% 5,6
- ----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 18% 23% 19% 16% 28%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one year.
Returns do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
71 | LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS B YEAR ENDED DECEMBER 31, 2007 2006 2005 2004 2003
- --------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.40 $ 3.36 $ 3.32 $ 3.32 $ 3.31
- --------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .11 1 .11 1 .11 1 .12 1 .12
Net realized and unrealized gain (loss) (.08) .04 .04 -- .01
------------------------------------------------------------------------------
Total from investment operations .03 .15 .15 .12 .13
- --------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.11) (.11) (.11) (.12) (.12)
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.32 $ 3.40 $ 3.36 $ 3.32 $ 3.32
==============================================================================
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 0.95% 4.48% 4.62% 3.65% 3.99%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 228,022 $ 318,452 $ 379,045 $ 417,473 $ 444,537
- --------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 272,855 $ 346,849 $ 398,461 $ 427,486 $ 429,564
- --------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.38% 3.31% 3.34% 3.52% 3.72%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.54% 1.59% 1.58% 1.55% 1.55%
Interest and fees on short-term
floating rate notes issued 4 0.21% 0.18% 0.03% 0.01% 0.00%
------------------------------------------------------------------------------
Total expenses 1.75% 5 1.77% 5 1.61% 5 1.56% 5,6 1.55% 5,6
- --------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 18% 23% 19% 16% 28%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one year.
Returns do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
72 | LIMITED TERM NEW YORK MUNICIPAL FUND
CLASS C YEAR ENDED DECEMBER 31, 2007 2006 2005 2004 2003
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 3.39 $ 3.35 $ 3.32 $ 3.31 $ 3.30
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .11 1 .11 1 .11 1 .12 1 .12
Net realized and unrealized gain (loss) (.08) .04 .03 .01 .01
-------------------------------------------------------------------------------
Total from investment operations .03 .15 .14 .13 .13
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.11) (.11) (.11) (.12) (.12)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.31 $ 3.39 $ 3.35 $ 3.32 $ 3.31
===============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 0.97% 4.52% 4.35% 4.00% 4.02%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 1,052,153 $ 1,105,643 $ 1,139,882 $ 1,040,035 $ 1,006,103
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 1,076,271 $ 1,127,896 $ 1,095,066 $ 1,009,112 $ 977,323
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.40% 3.34% 3.36% 3.55% 3.74%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.52% 1.56% 1.56% 1.52% 1.52%
Interest and fees on short-term
floating rate notes issued 4 0.21% 0.18% 0.03% 0.01% 0.00%
-------------------------------------------------------------------------------
Total expenses 1.73% 5 1.74% 5 1.59% 5 1.53% 5 1.52% 5,6
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 18% 23% 19% 16% 28%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one year.
Returns do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
73 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Limited Term New York Municipal Fund (the "Fund") is a separate series of
Rochester Portfolio Series, a diversified, open-end management investment
company registered under the Investment Company Act of 1940, as amended. The
Fund's investment objective is to seek as high a level of income exempt from
federal income tax and New York State and New York City personal income taxes as
is consistent with its investment policies and prudent investment management.
The Fund's investment adviser is 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 72 months after the
date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for trading. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities traded on a registered U.S.
securities exchange 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 whose principal exchange is NASDAQ(R) are valued based on the closing
price reported by NASDAQ prior to the time when the Fund's assets are valued. In
the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the 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, collateralized
mortgage obligations and other asset-backed securities will be valued at the
mean between the "bid" and "asked" prices. Securities for which market
quotations are not readily available are valued at their fair value. 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
74 | LIMITED TERM NEW YORK MUNICIPAL FUND
determined in good faith using consistently applied procedures under the
supervision of the Board of Trustees. Shares of a registered investment company
that are not traded on an exchange are valued at the acquired investment
company's net asset value per share. "Money market-type" debt instruments with
remaining maturities of sixty days or less are valued at cost adjusted by the
amortization of discount or premium to maturity (amortized cost), which
approximates market value.
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase
securities on a "when-issued" basis, and may purchase or sell securities on a
"delayed delivery" basis. "When-issued" or "delayed delivery" refers to
securities whose terms and indenture are available and for which a market
exists, but which are not available for immediate delivery. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis
normally takes place within six months and possibly as long as two years or more
after the trade date. During this period, such securities do not earn interest,
are subject to market fluctuation and may increase or decrease in value prior to
their delivery. The purchase of securities on a when-issued basis may increase
the volatility of the Fund's net asset value to the extent the Fund executes
such transactions while remaining substantially fully invested. When the Fund
engages in when-issued or delayed delivery transactions, it relies on the buyer
or seller, as the case may be, to complete the transaction. Their failure to do
so may cause the Fund to lose the opportunity to obtain or dispose of the
security at a price and yield it considers advantageous. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase.
As of December 31, 2007, the Fund had purchased securities issued on a
when-issued or delayed delivery basis and sold securities issued on a delayed
delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY
BASIS TRANSACTIONS
-------------------------------------------------------
Purchased securities $9,213,991
- --------------------------------------------------------------------------------
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 $160,199,727 as of December 31, 2007, which
represents 3.76% of the Fund's total assets.
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
75 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
(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 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, 2007, municipal bond holdings
with a value of $338,221,024 shown on the Fund's Statement of Investments are
held by such Trusts and serve as collateral for the $178,865,000 in short-term
floating rate notes issued and outstanding at that date.
At December 31, 2007, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- --------------------------------------------------------------------------------------
$ 7,250,000 NYC GO RITES 4.472% 6/1/23 $ 8,274,860
8,755,000 NYC HDC RITES 4.917 7/1/25 9,437,015
50,500,000 NYS DA RITES 4.567 8/15/25 52,425,060
5,770,000 NYS DA (MSH/NYU Hospital
Center/HJDOI Obligated Group) RITES 7.767 7/1/15 6,400,661
5,665,000 NYS DA (MSH/NYU Hospital
Center/HJDOI Obligated Group) RITES 7.767 7/1/16 6,256,709
9,175,000 Port Authority NY/NJ RITES 7.045 6/1/12 11,721,246
5,930,000 Port Authority NY/NJ RITES 4.257 10/1/19 6,174,553
4,755,000 Puerto Rico Highway & Transportation
Authority ROLs 4.046 7/1/45 2,737,263
34,275,000 TSASC, Inc. (TFABs) RITES 3.723 6/1/22 32,560,907
25,000,000 TSASC, Inc. (TFABs) RITES 4.155 6/1/26 23,367,750
------------
$159,356,024
============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 65 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater."
76 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
CONCENTRATION RISK. There are certain risks arising from geographic
concentration in any state. Certain economic, regulatory or political
developments occurring in the state may impair the ability of certain issuers of
municipal securities to pay principal and interest on their obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders. Therefore, no federal income or excise tax provision is
required. The Fund files income tax returns in U.S. federal and applicable state
jurisdictions. The statute of limitations on the Fund's tax return filings
remain open for the three preceding fiscal reporting period ends.
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
-------------------------------------------------------------------------
$11,647,479 $-- $1,944,352 $17,016,199
1. As of December 31, 2007, the Fund had $1,944,352 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, 2007,
details of the capital loss carryforward were as follows:
EXPIRING
-------------------------
2011 $ 1,944,352
2. During the fiscal year ended December 31, 2007, the Fund utilized $647,547 of
capital loss carryforward to offset capital gains realized in that fiscal year.
3. 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.
77 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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, 2007
and December 31, 2006 was as follows:
YEAR ENDED YEAR ENDED
DECEMBER 31, 2007 DECEMBER 31, 2006
-----------------------------------------------------------------
Distributions paid from:
Ordinary income $ 2,113,037 $ 2,103,375
Exempt-interest dividends 155,030,643 152,942,514
--------------------------------
Total $157,143,680 $155,045,889
================================
The aggregate cost of securities and other investments and the composition of
unrealized appreciation and depreciation of securities and other investments for
federal income tax purposes as of December 31, 2007 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable, is attributable to the tax deferral of losses
or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities $3,974,220,630
==============
Gross unrealized appreciation $ 57,719,656
Gross unrealized depreciation (40,703,457)
--------------
Net unrealized appreciation $ 17,016,199
==============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. On November 19, 2007, the Fund's Board of Trustees voted
to freeze participation in the retirement plan for the Board's independent
trustees by not adding new participants to the plan after December 31, 2007.
Active independent trustees who have accrued benefits under the plan prior to
the freeze date will elect a distribution method with respect to their benefits.
Benefits already accrued under the plan for Trustees who were participants prior
to that freeze date are not affected.
During the year ended December 31, 2007, the Fund's projected benefit
obligations, payments to retired trustees and accumulated liability were as
follows:
Projected Benefit Obligations Increased $ 82,109
Payments Made to Retired Trustees 17,379
Accumulated Liability as of December 31, 2007 561,930
78 | LIMITED TERM NEW YORK MUNICIPAL FUND
The Board of Trustees has adopted a compensation deferral plan for independent
trustees that enables trustees to elect to defer receipt of all or a portion of
the annual compensation they are entitled to receive from the Fund. For purposes
of determining the amount owed to the Trustee under the plan, deferred amounts
are treated as though equal dollar amounts had been invested in shares of the
Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases
shares of the funds selected for deferral by the Trustee in amounts equal to his
or her deemed investment, resulting in a Fund asset equal to the deferred
compensation liability. Such assets are included as a component of "Other"
within the asset section of the Statement of Assets and Liabilities. Deferral of
trustees' fees under the plan will not affect the net assets of the Fund, and
will not materially affect the Fund's assets, liabilities or net investment
income per share. Amounts will be deferred until distributed in accordance to
the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations and
may differ from U.S. generally accepted accounting principles, are recorded on
the ex-dividend date. Income distributions, if any, are declared daily and paid
monthly. Capital gain distributions, if any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income is recognized on an accrual basis. Discount
and premium, which are included in interest income on the Statement of
Operations, are amortized or accreted daily.
- --------------------------------------------------------------------------------
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.
79 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
OTHER. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
YEAR ENDED DECEMBER 31, 2007 YEAR ENDED DECEMBER 31, 2006
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------
CLASS A
Sold 226,258,213 $ 758,534,521 173,487,431 $ 585,095,577
Dividends and/or
distributions reinvested 23,926,697 80,243,124 22,252,589 75,080,525
Redeemed (241,991,540) (812,631,007) (148,275,861) (500,017,167)
---------------------------------------------------------------
Net increase 8,193,370 $ 26,146,638 47,464,159 $ 160,158,935
===============================================================
- ---------------------------------------------------------------------------------------------------
CLASS B
Sold 1,635,985 $ 5,476,765 3,638,956 $ 12,243,715
Dividends and/or
distributions reinvested 1,971,698 6,611,007 2,170,671 7,311,869
Redeemed (28,573,122) (95,788,813) (25,053,087) (84,374,929)
---------------------------------------------------------------
Net decrease (24,965,439) $ (83,701,041) (19,243,460) $ (64,819,345)
===============================================================
- ---------------------------------------------------------------------------------------------------
CLASS C
Sold 53,675,266 $ 179,391,537 53,552,565 $ 179,923,090
Dividends and/or
distributions reinvested 8,286,573 27,698,823 8,008,146 26,921,818
Redeemed (70,087,523) (234,213,916) (75,879,992) (254,860,481)
---------------------------------------------------------------
Net decrease (8,125,684) $ (27,123,556) (14,319,281) $ (48,015,573)
===============================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended December 31, 2007, were as
follows:
PURCHASES SALES
------------------------------------------------------
Investment securities $618,180,691 $873,753,390
80 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the
Manager a management fee based on the daily net assets of the Fund at an annual
rate as shown in the following table:
FEE SCHEDULE
---------------------------------
Up to $100 million 0.50%
Next $150 million 0.45
Next $1.75 billion 0.40
Next $3 billion 0.39
Over $5 billion 0.38
- --------------------------------------------------------------------------------
ACCOUNTING SERVICE FEES. Accounting service fees paid to the Manager were in
accordance with the accounting services agreement with the Fund which provides
for an annual fee of $12,000 for the first $30 million of average daily net
assets and $9,000 for each additional $30 million of average daily net assets.
During the year ended December 31, 2007, the Fund paid $1,224,307 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, 2007, the Fund
paid $1,440,376 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 (the
"Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of
1940. Under the Plan, the Fund reimburses the Distributor for a portion of its
costs incurred for services provided to accounts that hold Class A shares.
Reimbursement is made periodically at an annual rate of up to 0.25% of the
average annual net assets of Class A shares of the Fund. The Distributor
currently uses all of those fees to pay dealers, brokers, banks and other
financial institutions periodically for providing personal service and
maintenance of accounts of their customers that hold Class A shares. Any
unreimbursed expenses the Distributor incurs with respect to Class A shares in
any fiscal year cannot be recovered in subsequent periods. Fees incurred by the
Fund under the Plan are detailed in the Statement of Operations.
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DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans (the "Plans") for Class B and Class C
shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the
Distributor for its services in connection with the distribution of those shares
and servicing accounts. Under the Plans, the Fund pays the Distributor an annual
asset-based sales charge of 0.75% on
81 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
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4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
Class B and Class C shares. The Distributor also receives a service fee of 0.25%
per year under each plan. If either the Class B or Class C plan is terminated by
the Fund or by the shareholders of a class, the Board of Trustees and its
independent trustees must determine whether the Distributor shall be entitled to
payment from the Fund of all or a portion of the service fee and/or asset-based
sales charge in respect to shares sold prior to the effective date of such
termination. The Distributor's aggregate uncompensated expenses under the Plans
at December 31, 2007 for Class C shares was $27,099,562. Fees incurred by the
Fund under the Plans are detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
("CDSC") do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT 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, 2007 $809,943 $111,731 $231,133 $114,160
- --------------------------------------------------------------------------------
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, 2007, investments in securities included issues that are
illiquid. Investments may be illiquid because they do not have an active trading
market, making it difficult to value them or dispose of them promptly at an
acceptable price. The Fund will not invest more than 15% of its net assets
(determined at the time of purchase and reviewed periodically) in illiquid
securities. Securities that are illiquid are marked with an applicable footnote
on the Statement of Investments.
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to one third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings 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 use of leverage will
subject the Fund to greater costs than funds that do not borrow for leverage,
and may also make the Fund's share price more sensitive
82 | LIMITED TERM NEW YORK MUNICIPAL FUND
to interest changes. The interest on borrowed money is an expense that might
reduce the Fund's yield. Expenses incurred by the Fund with respect to interest
on borrowings and commitment fees are disclosed separately or as other expenses
on the Statement of Operations.
The Fund entered into a Revolving Credit and Security Agreement (the
"Agreement") with a conduit lender and a bank which enables it to participate
with certain other Oppenheimer funds in a committed, secured borrowing facility
that permits borrowings of up to $850 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 (5.1906% as of December 31, 2007). The Fund pays
additional fees of 0.30% annually to its lender on its outstanding borrowings to
manage and administer the facility and is allocated its pro-rata share of a
0.13% annual commitment fee for a liquidity backstop facility with respect to
the $850 million facility size. The Fund has the right to prepay such loans and
terminate its participation in the conduit loan facility at any time upon prior
notice.
For the year ended December 31, 2007, the Fund had borrowings outstanding at an
interest rate of 5.1906%. Details of the borrowings for the year ended December
31, 2007 are as follows:
Average Daily Loan Balance $ 18,995,890
Average Daily Interest Rate 5.310%
Fees Paid $ 165,661
Interest Paid $ 1,101,053
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENT
In September 2006, Financial Accounting Standards Board ("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, 2007, 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.
83 | LIMITED TERM NEW YORK MUNICIPAL FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF LIMITED TERM NEW YORK MUNICIPAL FUND:
We have audited the accompanying statement of assets and liabilities of Limited
Term New York Municipal Fund, including the statement of investments, as of
December 31, 2007, and the related statement 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, 2007, 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, 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 12, 2008
84 | LIMITED TERM NEW YORK MUNICIPAL FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2008, if applicable, shareholders of record received information
regarding all taxable dividends and distributions paid to them by the Fund
during calendar year 2007 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, 2007 are eligible for the corporate dividend-received deduction.
98.66% 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 (80.3%), New Jersey (0.4%), Puerto Rico
(17.0%), Guam (0.5%), Virgin Islands (1.8%).
During 2007, 20.31% 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
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 managers and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
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 Ron H.
Fielding, Daniel G. Loughran, Scott Cottier, Troy Willis, Mark DeMitry, and
Marcus Franz, the portfolio managers for the Fund, and the Manager's Rochester
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 regular quarterly 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 other retail
front-end and no-load "other states" short/intermediate 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 considered the comparability of the fees charged and the services provided
to the Fund to the fees and services for other clients or accounts advised by
the Manager. The independent consultant provided comparative data in regard to
the fees and expenses of the Fund, other "other states" short/intermediate
municipal debt funds and California short/intermediate municipal debt funds, and
other funds with comparable asset levels and distribution
88 | LIMITED TERM NEW YORK MUNICIPAL FUND
features. The Board noted that the Fund's contractual and actual management fees
and total expenses are lower than its peer group median.
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
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER
NAME, POSITION(S) HELD WITH THE TRUSTEESHIPS/DIRECTORSHIPS HELD; NUMBER OF PORTFOLIOS
FUND, LENGTH OF SERVICE, AGE IN THE FUND COMPLEX CURRENTLY OVERSEEN
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON
TRUSTEES WAY, CENTENNIAL, COLORADO 80112-3924. EACH TRUSTEE SERVES FOR AN
INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION, RETIREMENT,
DEATH OR REMOVAL.
THOMAS W. COURTNEY, Principal of Courtney Associates, Inc. (venture capital firm)
Chairman of the Board (since 1982); General Partner of Trivest Venture Fund (private
(since 2001), Trustee venture capital fund); President of Investment Counseling
(since 1995) Federated Investors, Inc. (1973-1982); Trustee of the
Age: 74 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 &
Trustee (since 1992) Berman Income Funds and Neuberger Berman Trust, (open-end
Age: 78 investment companies) (1995-present); Director of Neuberger
Berman Equity Funds (open-end investment company) (since
November 2000); Trustee, Neuberger Berman Mutual Funds (open-end
investment company) (since October 1994); Mr. Cannon held the
following positions at CDC Investment Advisors (registered
investment adviser): Chairman and Treasurer (December
1993-February 1996), Independent Consultant and Chief Investment
Officer (1996-June 2000) and Consultant and Director (December
1993-February 1999). Oversees 3 portfolios in the
OppenheimerFunds complex.
DAVID K. DOWNES, President, Chief Executive Officer and Board Member of CRAFund
Trustee (since 2005) Advisors, Inc. (investment management company) (since January
Age: 68 2004); President of The Community 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) (1993-2003); President, Chief Executive Officer
and Trustee of Delaware Investment Family of Funds (1993-2003);
President and Board Member of Lincoln National Convertible
Securities Funds, Inc. and the Lincoln National Income Funds,
TDC (1993-2003); Chairman and Chief Executive Officer of
Retirement Financial Services, Inc. (registered transfer agent
and investment adviser and subsidiary of Delaware Investments
U.S., Inc.) (1993-2003); President and Chief Executive Officer
of Delaware Service Company, Inc. (1995-2003); Chief
Administrative Officer, Chief Financial Officer, Vice Chairman
and Director of Equitable Capital Management Corporation
(investment subsidiary of Equitable Life Assurance Society)
(1985-1992); Corporate Controller of Merrill Lynch & Company
(financial services holding company) (1977-1985); held the
following positions at the Colonial Penn Group, Inc. (insurance
company): Corporate Budget Director (1974-1977), Assistant
Treasurer (1972-1974) and Director of Corporate Taxes
(1969-1972); held the following positions at Price Waterhouse &
Company (financial services firm): Tax Manager (1967-1969), Tax
Senior (1965-1967) and Staff Accountant (1963-1965); United
States Marine Corps (1957-1959). Oversees 63 portfolios in the
OppenheimerFunds complex.
90 | LIMITED TERM NEW YORK MUNICIPAL FUND
ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 63
Trustee (since 1998) portfolios in the OppenheimerFunds complex.
Age: 74
LACY B. HERRMANN, Founder and Chairman Emeritus of Aquila Group of Funds
Trustee (since 1995) (open-end investment company) (since December 2004); Chairman
Age: 78 of Aquila Management Corporation and Aquila Investment
Management LLC (since August 1984); Chief Executive Officer and
President of Aquila Management Corporation (August
1984-December 1994); Vice President, Director and Secretary of
Aquila Distributors, Inc. (distributor of Aquila Management
Corporation); Treasurer of Aquila Distributors, Inc.; President
and 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
Trustee (since 2001) September 1995); Director of Special Value Opportunities Fund,
Age: 64 LLC (registered investment company) (since September 2004);
Member of Zurich Financial Services Investment Advisory Board
(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); 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 63 portfolios in the
OppenheimerFunds complex.
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INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225
AND OFFICER LIBERTY STREET, 11TH FLOOR, NEW YORK, NEW YORK 10281-1008. MR.
MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE TERM, OR UNTIL
HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER
FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT,
DEATH OR REMOVAL. MR. MURPHY IS AN INTERESTED TRUSTEE DUE TO
HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director of the Manager
President (since 2001) and (since June 2001); President of the Manager (September
Trustee (since 2005) 2000-March 2007); President and director or trustee of other
Age: 58 Oppenheimer funds; President and Director of Oppenheimer
Acquisition Corp. ("OAC") (the Manager's parent holding company)
and of Oppenheimer Partnership Holdings, Inc. (holding
company subsidiary of the Manager) (since July 2001); Director
of OppenheimerFunds Distributor, Inc. (subsidiary of the
Manager) (November 2001-December 2006); Chairman and Director
of Shareholder Services, Inc. and of Shareholder Financial
Services, Inc. (transfer agent subsidiaries of the Manager)
(since July 2001); President and Director of OppenheimerFunds
Legacy Program (charitable trust program established by the
Manager) (since July 2001); Director of the following
investment advisory subsidiaries of the Manager: OFI
Institutional Asset Management, Inc., Centennial Asset
Management Corporation, Trinity Investment Management
Corporation and Tremont Capital Management, Inc.
91 | LIMITED TERM NEW YORK MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
JOHN V. MURPHY, (since November 2001), HarbourView Asset Management Corporation
Continued and OFI Private Investments, Inc. (since July 2001); President
(since November 2001) and Director (since July 2001) of
Oppenheimer Real Asset Management, Inc.; Executive Vice
President of Massachusetts Mutual Life Insurance Company (OAC's
parent company) (since February 1997); Director of DLB
Acquisition Corporation (holding company parent of Babson
Capital Management LLC) (since June 1995); Chairman (since
October 2007) and Member of the Investment Company Institute's
Board of Governors (since October 2003). Oversees 102
portfolios in the OppenheimerFunds complex.
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OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS
THE FUND FOLLOWS: FOR MESSRS. 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, NY 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 (since January 1996).
Vice President and Senior Chief Strategist, a Senior Portfolio Manager, an officer and a
Portfolio Manager trader for the Fund and other Oppenheimer funds.
(since 1996)
Age: 58
DANIEL G. LOUGHRAN, Senior Vice President of the Manager (since August 2007); Vice
Vice President (since 2005) President of the Manager (April 2001-July 2007) and a Portfolio
and Senior Portfolio Manager Manager with the Manager (since 1999). Team leader, a Senior
(since 2001) Portfolio Manager, an officer and a trader for the Fund and
Age: 44 other Oppenheimer funds.
SCOTT S. COTTIER, Vice President of the Manager (since September 2002). Portfolio
Vice President (since 2005) Manager and trader at Victory Capital Management (from 1999 to
and Senior Portfolio Manager 2002). Senior Portfolio Manager, an officer and a trader for
(since 2002) the Fund and other Oppenheimer funds.
Age: 36
TROY E. WILLIS, Assistant Vice President of the Manager (since July 2005).
Vice President (since 2005) Portfolio Manager of the Fund (from May 2003 to December 2005).
and Senior Portfolio Manager Corporate Attorney for Southern Resource Group (from 1999 to
(since 2006) 2003). Senior Portfolio Manager, an officer and a trader for
Age: 35 the Fund and other Oppenheimer funds.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the
Vice President and Chief Manager (since March 2004); Chief Compliance Officer of
Compliance Officer OppenheimerFunds Distributor, Inc., Centennial Asset Management
(since 2004) and Shareholder Services, Inc. (since March 2004); Vice
Age: 57 President of OppenheimerFunds Distributor, Inc., Centennial
Asset Management Corporation and Shareholder Services, Inc.
(since June 1983); Former Vice President and Director of
Internal Audit of the Manager (1997-February 2004). An officer
of 102 portfolios in the OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March
Treasurer and Principal 1999); Treasurer of the following: HarbourView Asset Management
Financial & Accounting Corporation, Shareholder Financial Services, Inc., Shareholder
Officer (since 1999) Services, Inc., Oppenheimer Real Asset Management, Inc. and
Age: 48 Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI
Private Investments, Inc. (since March 2000),
92 | LIMITED TERM NEW YORK MUNICIPAL FUND
BRIAN W. WIXTED, OppenheimerFunds International Ltd. and OppenheimerFunds plc
Continued (since May 2000), OFI Institutional Asset Management, Inc. (since
November 2000), and OppenheimerFunds Legacy Program (charitable
trust program established by the Manager) (since June 2003);
Treasurer and Chief Financial Officer of OFI Trust Company (trust
company subsidiary of the Manager) (since May 2000); Assistant
Treasurer of the following: OAC (since March 1999), Centennial
Asset Management Corporation (March 1999-October 2003) and
OppenheimerFunds Legacy Program (April 2000-June 2003). An
officer of 102 portfolios in the OppenheimerFunds complex.
BRIAN S. PETERSEN, Vice President of the Manager (since February 2007); Assistant
Assistant Treasurer Vice President of the Manager (August 2002-February 2007);
(since 2004) Manager/Financial Product Accounting of the Manager (November
Age: 37 1998-July 2002). An officer of 102 portfolios in the
OppenheimerFunds complex.
BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004);
Assistant Treasurer Director of Financial Reporting and Compliance of First Data
(since 2005) Corporation (April 2003-July 2004); Manager of Compliance of
Age: 37 Berger Financial Group LLC (May 2001-March 2003). An officer of
102 portfolios in the OppenheimerFunds complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel
Secretary (since 2001) (since March 2002) of the Manager; General Counsel and Director
Age: 59 of the Distributor (since December 2001); General Counsel of
Centennial Asset Management Corporation (since December 2001);
Senior Vice President and General Counsel of HarbourView Asset
Management Corporation (since December 2001); Secretary and
General Counsel of OAC (since November 2001); Assistant Secretary
(since September 1997) and Director (since November 2001) of
OppenheimerFunds International Ltd. and OppenheimerFunds plc;
Vice President and Director of Oppenheimer Partnership Holdings,
Inc. (since December 2002); Director of Oppenheimer Real Asset
Management, Inc. (since November 2001); Senior Vice President,
General Counsel and Director of Shareholder Financial Services,
Inc. and Shareholder Services, Inc. (since December 2001); Senior
Vice President, General Counsel and Director of OFI Private
Investments, Inc. and OFI Trust Company (since November 2001);
Vice President of OppenheimerFunds Legacy Program (since June
2003); Senior Vice President and General Counsel of OFI
Institutional Asset Management, Inc. (since November 2001);
Director of OppenheimerFunds (Asia) Limited (since December
2003); Senior Vice President (May 1985-December 2003). An officer
of 102 portfolios in the OppenheimerFunds complex.
LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May
Assistant Secretary 2004); First Vice President (April 2001-April 2004), Associate
(since 2004) General Counsel (December 2000-April 2004) of UBS Financial
Age: 40 Services, Inc. An officer of 102 portfolios in the
OppenheimerFunds complex.
PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager
Assistant Secretary (since September 2004); First Vice President (2000-September
(since 2004) 2004), Director (2000-September 2004) and Vice President
Age: 44 (1998-2000) of Merrill Lynch Investment Management. An officer of
102 portfolios in the OppenheimerFunds complex.
93 | LIMITED TERM NEW YORK MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant
Assistant Secretary Secretary (since October 2003) of the Manager; Vice President
(since 2001) (since 1999) and Assistant Secretary (since October 2003) of the
Age: 42 Distributor; Assistant Secretary of 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 102
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 David Downes, the
Board's Audit Committee Chairman, is an audit committee financial expert and
that Mr. Downes is "independent" for purposes of this Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $47,000 in fiscal 2007 and $38,000 in fiscal 2006.
(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 $256,236 in fiscal 2007 and $216,204 in fiscal 2006 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
(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 to the registrant during the last two fiscal
years to the registrant's investment adviser or any entity controlling,
controlled by, or under common control with the adviser that provides ongoing
services to the registrant.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $1,342 in fiscal 2007 and no such fees in fiscal 2006 to the
registrant.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
(e) (1) During its regularly scheduled periodic meetings, the registrant's
audit committee will pre-approve all audit, audit-related, tax and other
services to be provided by the principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its Chairman
for any subsequent new engagements that arise between regularly scheduled
meeting dates provided that any fees such pre-approved are presented to
the audit committee at its next regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe waived
provided that: 1) the aggregate amount of all such services provided
constitutes no more than five percent of the total amount of fees paid by
the registrant to it principal accountant during the fiscal year in which
services are provided 2) such services were not recognized by the
registrant at the time of engagement as non-audit services and 3) such
services are promptly brought to the attention of the audit committee of
the registrant and approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed $257,578 in fiscal 2007 and $216,204 in fiscal
2006 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.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of 12/31/2007, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the registrant in the reports that it files under the Securities
Exchange Act of 1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and principal financial
officer, to allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported, within the time periods specified
in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Exhibit attached hereto.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Rochester Portfolio Series
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 02/07/2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 02/07/2008
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 02/07/2008