UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-6332
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Rochester Portfolio Series
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(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
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(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
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Date of fiscal year end: December 31
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Date of reporting period: 06/30/2008
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ITEM 1. REPORTS TO STOCKHOLDERS.
JUNE 30, 2008
(LIMITED TERM NEW YORK MUNICIPAL FUND LOGO)
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Limited Term Management
New York Commentaries
Municipal Fund and
Semiannual
Report
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MANAGEMENT COMMENTARIES
An Interview with Your Fund's Managers
Listing of Top Holdings
SEMIANNUAL REPORT
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
(OPPENHEIMERFUNDS LOGO)
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Tobacco Master Settlement Agreement 19.0%
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Hospital/Health Care 12.0
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General Obligation 8.8
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Government Appropriation 8.3
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Marine/Aviation Facilities 7.5
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Electric Utilities 5.6
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Highways/Commuter Facilities 4.5
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Higher Education 4.0
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Multifamily Housing 3.5
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Municipal Leases 3.2
Portfolio holdings are subject to change. Percentages are as of June 30, 2008,
and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 11.2%
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AA 34.0
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A 15.0
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BBB 35.3
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BB or lower 4.5
Allocations are subject to change. Percentages are as of June 30, 2008, and are
dollar-weighted based on the total market value of investments. Market value,
the total value of the Fund's securities, does not include cash. Securities
rated by any rating organization are included in the equivalent Standard &
Poor's rating category in the allocation above. The allocation above also
includes unrated securities whose ratings have been assigned by the Manager;
these unrated securities, currently 8.0% of the Fund's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
17 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES
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Total returns include changes in share price and reinvestment of dividends
and capital gains distributions in a hypothetical investment for the
periods shown. Cumulative total returns are not annualized. 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.
THIS SEMIANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED BY THE CURRENT
PROSPECTUS OF LIMITED TERM NEW YORK MUNICIPAL FUND. BEFORE INVESTING IN
ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD CAREFULLY CONSIDER A FUND'S
INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. FUND PROSPECTUSES
CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE INFORMATION,
ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR
WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE
INVESTING.
The Fund's investment strategy and focus can change over time. The mention
of specific fund holdings does not constitute a recommendation by
OppenheimerFunds, Inc.
CLASS A shares of the Fund were first publicly offered on 9/18/91. Unless
otherwise noted, Class A returns include the current maximum initial sales
charge of 3.50%.
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. Unless
otherwise noted, Class C returns include the contingent deferred sales
charge of 1% for the 1-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.
18 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs:
(1) transaction costs, which may include sales charges (loads) on purchase
payments, contingent deferred sales charges on redemptions; and redemption
fees (if 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 June
30, 2008.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in
this section for the class of shares you hold, together with the amount
you invested, to estimate the expense that you paid over the period.
Simply divide your account value by $1,000.00 (for example, an $8,600.00
account value divided by $1,000.00 = 8.60), then multiply the result by
the number in the first section under the heading entitled "Expenses Paid
During Period" to estimate the expenses you paid on your account during
this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the
table provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio for each
class of shares, and an assumed rate of return of 5% per year for each
class before expenses, which is not the actual return. The hypothetical
account values and expenses may not be used to estimate the actual ending
account balance or expenses you paid for the period. You may use this
information to compare the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example for the class
of shares you hold with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such
as front-end or contingent deferred sales charges (loads), or a $12.00 fee
imposed annually on accounts valued at less than $500.00 (subject to
exceptions described in
19 | LIMITED TERM NEW YORK MUNICIPAL FUND
FUND EXPENSES Continued
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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 JANUARY 1, 2008 JUNE 30, 2008 JUNE 30, 2008
- ----------------------------------------------------------------------------------------------------------
Class A $ 1,000.00 $ 1,001.40 $ 4.64
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Class B 1,000.00 997.50 8.58
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Class C 1,000.00 997.60 8.43
HYPOTHETICAL
(5% return before expenses)
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Class A 1,000.00 1,020.24 4.68
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Class B 1,000.00 1,016.31 8.66
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Class C 1,000.00 1,016.46 8.51
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 182/366
(to reflect the one-half year period). Those annualized expense ratios, based on
the 6-month period ended June 30, 2008 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------------
Class A 0.93%
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Class B 1.72
- ---------------------------------
Class C 1.69
The expense ratios reflect reduction to custodian expenses. The "Financial
Highlights" tables in the Fund's financial statements, included in this report,
also show the gross expense ratios, without such waivers or reimbursements and
reduction to custodian expenses, if applicable.
20 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited
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PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
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MUNICIPAL BONDS AND NOTES--103.8%
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NEW YORK--84.2%
$ 20,000 Albany County, NY Airport Authority 1 5.125% 12/15/2019 12/15/2010 A $ 20,364
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1,500,000 Albany County, NY IDA
(Albany College of Pharmacy) 5.250 12/01/2019 12/01/2019 1,476,555
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5,000 Albany, NY GO 1 7.000 01/15/2010 01/01/2009 A 5,019
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250,000 Albany, NY Hsg. Authority 6.250 10/01/2012 2 10/01/2008 A 250,480
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200,000 Albany, NY Hsg. Authority (Lark Drive) 5.200 12/01/2013 12/01/2010 A 203,972
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150,000 Albany, NY Hsg. Authority (Lark Drive) 5.400 12/01/2018 12/01/2010 A 151,577
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1,365,000 Albany, NY IDA (Brighter Choice Charter School) 4.500 04/01/2018 04/11/2017 B 1,275,156
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5,335,000 Albany, NY IDA (Charitable Leadership) 5.500 07/01/2011 07/13/2010 B 5,459,999
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8,810,000 Albany, NY IDA (Charitable Leadership) 6.000 07/01/2019 2 07/01/2013 A 8,785,420
- --------------------------------------------------------------------------------------------------------------------------------
2,660,000 Albany, NY IDA (Daughters of Sarah
Nursing Home) 5.250 10/20/2021 04/20/2014 A 2,760,761
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1,260,000 Albany, NY IDA (H. Johnson Office Park) 5.750 03/01/2018 07/16/2014 B 1,239,613
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3,000,000 Albany, NY IDA (St. Peter's Hospital) 5.750 11/15/2022 11/15/2017 A 3,109,740
- --------------------------------------------------------------------------------------------------------------------------------
10,495,000 Albany, NY IDA (University at Albany
Foundation Student Hsg. Corp.) 3 7.000 4 11/01/2032 07/03/2008 C 10,495,000
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8,325,000 Albany, NY IDA (University at Albany
Foundation Student Hsg. Corp.) 1 7.000 4 11/01/2032 07/03/2008 C 8,325,000
- --------------------------------------------------------------------------------------------------------------------------------
8,870,000 Albany, NY IDA (University at Albany
Foundation Student Hsg. Corp.) 1 7.000 4 11/01/2032 07/03/2008 C 8,870,000
- --------------------------------------------------------------------------------------------------------------------------------
16,730,000 Albany, NY IDA (University at Albany
Foundation Student Hsg. Corp.) 1 7.000 4 11/01/2032 07/03/2008 C 16,730,000
- --------------------------------------------------------------------------------------------------------------------------------
1,935,000 Albany, NY Municipal Water Finance Authority 1 5.250 12/01/2017 12/01/2008 A 1,938,735
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200,000 Albany, NY Municipal Water Finance Authority 1 5.250 12/01/2019 12/01/2008 A 200,302
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2,915,000 Albany, NY Municipal Water Finance Authority 1 5.250 12/01/2020 12/01/2008 A 2,919,402
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240,000 Albany, NY Municipal Water Finance Authority 1 5.250 12/01/2021 12/01/2008 A 240,362
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3,235,000 Albany, NY Municipal Water Finance Authority 1 5.250 12/01/2022 12/01/2008 A 3,238,688
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2,590,000 Albany, NY Municipal Water Finance Authority 1 5.250 12/01/2023 12/01/2008 A 2,592,953
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890,000 Albany, NY Parking Authority 5.625 07/15/2020 2 07/15/2011 A 917,813
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445,000 Albany, NY Parking Authority 5.625 07/15/2025 2 07/15/2011 A 456,196
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140,000 Allegany County, NY IDA (Houghton College) 5.000 01/15/2010 01/15/2009 A 141,557
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4,380,000 Allegany County, NY IDA (Houghton College) 5.250 01/15/2018 01/15/2009 A 4,412,719
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1,550,000 Amherst, NY IDA (Daemen College) 5.750 10/01/2011 04/26/2010 B 1,622,602
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490,000 Amherst, NY IDA (Faculty-Student Assoc. of
SUNY at Buffalo) 5.750 04/01/2016 04/01/2012 A 496,292
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720,000 Amherst, NY IDA (Faculty-Student Assoc.
of SUNY at Buffalo) 5.750 04/01/2017 2 04/01/2012 A 726,077
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10,000 Arlington, NY Central School District 5.625 05/15/2022 05/15/2009 E 10,337
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6,940,000 Babylon, NY IDA (WSNCHS East, Inc.) 1 6.500 08/01/2019 2 08/01/2010 A 7,239,877
- --------------------------------------------------------------------------------------------------------------------------------
110,000 Batavia, NY GO 5.000 11/01/2015 11/01/2015 114,569
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110,000 Batavia, NY GO 5.000 11/01/2016 11/01/2015 A 113,731
F1 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 110,000 Batavia, NY GO 5.000% 11/01/2017 11/01/2015 A $ 112,961
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110,000 Batavia, NY GO 5.000 11/01/2018 11/01/2015 A 112,397
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110,000 Batavia, NY GO 5.000 11/01/2019 11/01/2015 A 112,000
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110,000 Batavia, NY GO 5.000 11/01/2020 11/01/2015 A 111,966
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6,000,000 Battery Park, NY City Authority, Series A 1 5.250 11/01/2022 11/01/2013 A 6,343,260
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810,000 Bethlehem, NY Water System 5.250 03/01/2018 03/01/2013 A 827,642
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500,000 Bethlehem, NY Water System 5.500 03/01/2022 03/01/2013 A 511,305
- ------------------------------------------------------------------------------------------------------------------------------
85,000 Blauvelt, NY Volunteer Fire Company 6.000 10/15/2008 10/15/2008 84,950
- ------------------------------------------------------------------------------------------------------------------------------
555,000 Brookhaven, NY IDA (Alternatives for Children) 7.000 02/01/2013 03/22/2011 B 562,060
- ------------------------------------------------------------------------------------------------------------------------------
965,000 Brookhaven, NY IDA (Dowling College) 6.500 11/01/2012 11/01/2012 998,119
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860,000 Brookhaven, NY IDA (Enecon Corp.) 5.800 11/01/2018 10/15/2014 B 810,326
- ------------------------------------------------------------------------------------------------------------------------------
130,000 Brookhaven, NY IDA (Stony Brook Foundation) 5.750 11/01/2008 11/01/2008 130,625
- ------------------------------------------------------------------------------------------------------------------------------
645,000 Broome County, NY COP 1 5.250 04/01/2022 2 10/01/2008 A 645,948
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Broome County, NY GO 1 5.400 04/15/2011 10/01/2008 A 10,077
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925,000 Bushnell Basin, NY Fire Assoc.
(Volunteer Fire Dept.) 5.250 11/01/2015 12/14/2013 B 874,995
- ------------------------------------------------------------------------------------------------------------------------------
320,000 Cattaraugus County, NY IDA
(Olean General Hospital) 1 5.250 08/01/2023 08/01/2010 A 323,507
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4,275,000 Cayuga County, NY COP
(Auburn Memorial Hospital) 1 6.000 01/01/2021 01/01/2009 A 4,281,413
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1,010,000 Chautauqua County, NY Tobacco Asset
Securitization Corp. 6.000 07/01/2012 07/01/2010 A 1,035,068
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1,075,000 Chautauqua County, NY Tobacco Asset
Securitization Corp. 6.250 07/01/2016 07/01/2010 A 1,100,886
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3,795,000 Chautauqua County, NY Tobacco Asset
Securitization Corp. 6.500 07/01/2024 07/01/2010 A 3,896,099
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18,160,000 Chautauqua County, NY Tobacco Asset
Securitization Corp. 6.750 07/01/2040 07/01/2010 A 18,657,584
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2,425,000 Clarence, NY IDA (Bristol Village) 6.000 01/20/2044 01/20/2013 A 2,543,728
- ------------------------------------------------------------------------------------------------------------------------------
45,000 Clifton Park, NY Water Authority 1 5.000 10/01/2029 08/24/2025 B 44,302
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4,435,000 Cortland County, NY IDA
(Cortland Memorial Hospital) 1 5.625 07/01/2024 2 07/01/2012 A 4,515,140
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50,000 Cortland, NY GO 1 5.625 05/01/2010 11/01/2008 A 50,499
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10,000 Deerfield, NY GO 5.250 06/15/2009 06/15/2009 10,234
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.250 06/15/2010 06/15/2010 10,312
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.250 06/15/2011 06/15/2011 10,359
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.250 06/15/2012 06/15/2012 10,393
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.250 06/15/2013 06/15/2013 10,412
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.500 06/15/2014 06/15/2014 10,551
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10,000 Deerfield, NY GO 5.500 06/15/2015 06/15/2015 10,559
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.500 06/15/2016 06/15/2016 10,544
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Deerfield, NY GO 5.500 06/15/2017 06/15/2016 A 10,487
F2 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 10,000 Deerfield, NY GO 5.500% 06/15/2018 06/15/2016 A $ 10,442
- -------------------------------------------------------------------------------------------------------------------------------
15,000 Deerfield, NY GO 5.500 06/15/2019 06/15/2016 A 15,629
- -------------------------------------------------------------------------------------------------------------------------------
15,000 Deerfield, NY GO 5.500 06/15/2020 06/15/2016 A 15,622
- -------------------------------------------------------------------------------------------------------------------------------
5,205,000 Dutchess County, NY IDA (Marist College) 5.150 07/01/2017 07/01/2013 A 5,392,744
- -------------------------------------------------------------------------------------------------------------------------------
25,000 East Hampton, NY Town GO 5.000 04/15/2018 10/15/2008 A 25,281
- -------------------------------------------------------------------------------------------------------------------------------
515,000 East Rochester, NY Hsg. Authority
(Gates Senior Hsg.) 5.200 04/20/2021 10/20/2013 A 528,452
- -------------------------------------------------------------------------------------------------------------------------------
2,800,000 East Rochester, NY Hsg. Authority
(Rochester St. Mary's Residence Facility) 5.375 12/20/2022 2 12/20/2015 A 2,919,672
- -------------------------------------------------------------------------------------------------------------------------------
8,300,000 East Rochester, NY Hsg. Authority
(St. John's Meadows) 1 5.000 08/15/2027 06/03/2022 B 8,238,912
- -------------------------------------------------------------------------------------------------------------------------------
210,000 East Syracuse, NY Hsg. Authority
(Bennett Manor Associates) 6.700 04/01/2021 04/01/2010 A 220,065
- -------------------------------------------------------------------------------------------------------------------------------
415,000 Elmira, NY GO 5.000 10/01/2015 10/01/2015 430,629
- -------------------------------------------------------------------------------------------------------------------------------
440,000 Elmira, NY GO 5.000 10/01/2016 10/01/2015 A 454,753
- -------------------------------------------------------------------------------------------------------------------------------
460,000 Elmira, NY GO 5.000 10/01/2017 10/01/2015 A 471,850
- -------------------------------------------------------------------------------------------------------------------------------
485,000 Elmira, NY GO 5.000 10/01/2018 10/01/2017 A 494,724
- -------------------------------------------------------------------------------------------------------------------------------
505,000 Elmira, NY GO 5.000 10/01/2019 10/01/2017 A 513,156
- -------------------------------------------------------------------------------------------------------------------------------
1,300,000 Erie County, NY IDA
(Buffalo City School District) 1 5.750 05/01/2025 05/01/2014 A 1,421,537
- -------------------------------------------------------------------------------------------------------------------------------
6,500,000 Erie County, NY IDA
(Buffalo City School District) 1 5.750 05/01/2026 05/01/2014 A 7,107,685
- -------------------------------------------------------------------------------------------------------------------------------
1,430,000 Erie County, NY IDA (Medaille College) 6.875 10/01/2013 03/17/2011 B 1,460,159
- -------------------------------------------------------------------------------------------------------------------------------
295,000 Erie County, NY IDA (Medaille College) 7.250 11/01/2010 11/19/2009 B 300,997
- -------------------------------------------------------------------------------------------------------------------------------
29,615,000 Erie County, NY Tobacco Asset
Securitization Corp. 5.000 06/01/2031 03/22/2017 B 25,917,567
- -------------------------------------------------------------------------------------------------------------------------------
9,750,000 Erie County, NY Tobacco Asset
Securitization Corp. 5.000 06/01/2038 08/15/2020 B 8,389,583
- -------------------------------------------------------------------------------------------------------------------------------
1,635,000 Erie County, NY Tobacco Asset
Securitization Corp. 5.750 07/15/2013 07/15/2010 E 1,744,104
- -------------------------------------------------------------------------------------------------------------------------------
7,305,000 Erie County, NY Tobacco Asset
Securitization Corp. 6.000 07/15/2020 07/15/2010 E 7,828,476
- -------------------------------------------------------------------------------------------------------------------------------
250,000 Essex County, NY IDA
(International Paper Company) 6.450 11/15/2023 11/15/2009 A 251,290
- -------------------------------------------------------------------------------------------------------------------------------
690,000 Essex County, NY IDA (North Country
Community College Foundation) 4.600 06/01/2015 12/25/2013 B 669,479
- -------------------------------------------------------------------------------------------------------------------------------
540,000 Franklin County, NY IDA (North Country
Community College Foundation) 4.600 06/01/2015 12/24/2013 B 523,940
- -------------------------------------------------------------------------------------------------------------------------------
31,250,000 Geneva, NY IDA (Colleges of the Seneca) 1 8.500 4 12/01/2037 02/01/2009 C 31,250,000
- -------------------------------------------------------------------------------------------------------------------------------
50,000 Gloversville, NY GO 5.800 03/15/2015 03/15/2009 A 50,827
- -------------------------------------------------------------------------------------------------------------------------------
500,000 Hamilton County, NY IDA
(Adirondack Historical Assoc.) 5.250 11/01/2018 11/01/2008 A 506,150
- -------------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2017 09/15/2016 A 74,639
- -------------------------------------------------------------------------------------------------------------------------------
500,000 Hempstead Village, NY GO 5.000 07/01/2018 07/01/2018 494,000
F3 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ----------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 75,000 Hempstead Village, NY GO 5.000% 09/15/2018 09/15/2016 A $ 74,081
- ----------------------------------------------------------------------------------------------------------------
1,195,000 Hempstead Village, NY GO 5.000 07/01/2019 07/01/2019 1,170,753
- ----------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2019 09/15/2019 73,452
- ----------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2020 09/15/2020 73,023
- ----------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2021 09/15/2021 72,290
- ----------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2022 09/15/2022 71,793
- ----------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2023 09/15/2023 71,572
- ----------------------------------------------------------------------------------------------------------------
1,635,000 Hempstead Village, NY GO 5.250 07/01/2023 07/01/2023 1,604,246
- ----------------------------------------------------------------------------------------------------------------
1,730,000 Hempstead Village, NY GO 5.250 07/01/2024 07/01/2024 1,694,258
- ----------------------------------------------------------------------------------------------------------------
1,700,000 Hempstead, NY IDA (Adelphi University) 1 5.750 06/01/2022 2 06/01/2012 A 1,771,162
- ----------------------------------------------------------------------------------------------------------------
1,350,000 Hempstead, NY IDA (Hofstra University) 1 5.800 07/01/2015 01/01/2009 A 1,371,236
- ----------------------------------------------------------------------------------------------------------------
2,740,000 Hempstead, NY IDA (Lynbrook Facilities) 6.000 11/01/2017 08/10/2013 B 2,656,759
- ----------------------------------------------------------------------------------------------------------------
525,000 Hempstead, NY IDA
(Peninsula Counseling Center) 5.500 11/01/2010 11/01/2009 B 519,047
- ----------------------------------------------------------------------------------------------------------------
900,000 Hempstead, NY IDA
(Peninsula Counseling Center) 5.500 11/01/2011 11/01/2011 886,491
- ----------------------------------------------------------------------------------------------------------------
620,000 Hempstead, NY IDA
(Peninsula Counseling Center) 5.750 11/01/2018 09/03/2015 B 598,808
- ----------------------------------------------------------------------------------------------------------------
60,000 Herkimer County, NY GO 5.000 09/15/2012 09/15/2008 A 61,660
- ----------------------------------------------------------------------------------------------------------------
40,000 Herkimer County, NY GO 5.000 09/15/2012 09/15/2008 A 40,178
- ----------------------------------------------------------------------------------------------------------------
465,000 Herkimer County, NY IDA (Burrows Paper) 8.000 01/01/2009 01/01/2009 466,269
- ----------------------------------------------------------------------------------------------------------------
370,000 Herkimer County, NY IDA (Herkimer County
College Foundation) 5.850 11/01/2010 11/15/2009 B 379,735
- ----------------------------------------------------------------------------------------------------------------
1,155,000 Herkimer, NY Hsg. Authority 7.150 03/01/2011 09/01/2008 A 1,158,719
- ----------------------------------------------------------------------------------------------------------------
275,000 Hudson, NY IDA (Hudson Fabrics) 6.000 11/01/2012 10/10/2010 B 261,520
- ----------------------------------------------------------------------------------------------------------------
3,345,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 5.500 12/01/2016 01/17/2013 B 3,081,180
- ----------------------------------------------------------------------------------------------------------------
395,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 5.500 12/01/2016 01/17/2013 B 363,846
- ----------------------------------------------------------------------------------------------------------------
10,000 Islip, NY Res Rec, Series D 1 6.500 07/01/2009 01/01/2009 A 10,080
- ----------------------------------------------------------------------------------------------------------------
2,990,000 Islip, NY Res Rec, Series E 1 5.625 07/01/2017 07/01/2014 A 3,130,709
- ----------------------------------------------------------------------------------------------------------------
1,175,000 Islip, NY Res Rec, Series E 1 5.750 07/01/2019 07/01/2014 A 1,225,114
- ----------------------------------------------------------------------------------------------------------------
250,000 Jamestown, NY GO 5.000 08/01/2024 08/01/2014 A 256,983
- ----------------------------------------------------------------------------------------------------------------
250,000 Jamestown, NY GO 5.000 08/01/2025 08/01/2014 A 256,180
- ----------------------------------------------------------------------------------------------------------------
1,180,000 Jamestown, NY Hsg. Authority 6.125 07/01/2010 09/27/2009 B 1,161,545
- ----------------------------------------------------------------------------------------------------------------
1,000,000 Kenmore, NY Hsg. Authority (SUNY at Buffalo) 1 5.500 08/01/2024 08/01/2011 A 1,007,840
- ----------------------------------------------------------------------------------------------------------------
2,210,000 Livingston County, NY IDA
(Nicholas H. Noyes Memorial Hospital) 5.875 07/01/2022 05/25/2019 B 2,121,467
- ----------------------------------------------------------------------------------------------------------------
1,010,000 Livingston County, NY IDA
(Nicholas H. Noyes Memorial Hospital) 6.000 07/01/2030 04/22/2027 B 957,531
- ----------------------------------------------------------------------------------------------------------------
70,000 Livonia, NY GO 5.000 06/15/2020 06/15/2017 A 72,634
- ----------------------------------------------------------------------------------------------------------------
75,000 Livonia, NY GO 5.000 06/15/2021 06/15/2017 A 77,375
- ----------------------------------------------------------------------------------------------------------------
80,000 Livonia, NY GO 5.000 06/15/2022 06/15/2017 A 81,737
- ----------------------------------------------------------------------------------------------------------------
85,000 Livonia, NY GO 5.000 06/15/2023 06/15/2017 A 86,658
F4 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ----------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 90,000 Livonia, NY GO 5.000% 06/15/2024 06/15/2017 A $ 91,625
- ----------------------------------------------------------------------------------------------------------------
75,000 Livonia, NY GO 5.000 06/15/2025 06/15/2017 A 76,080
- ----------------------------------------------------------------------------------------------------------------
2,065,000 Madison County, NY IDA (Morrisville State
College Foundation) 1 5.000 06/01/2022 06/01/2016 A 2,056,719
- ----------------------------------------------------------------------------------------------------------------
2,260,000 Madison County, NY IDA
(Oneida Healthcare Center) 1 5.500 02/01/2016 02/01/2011 A 2,316,816
- ----------------------------------------------------------------------------------------------------------------
145,000 Medina, NY Hsg. Corp. 8.250 08/15/2011 2 08/15/2008 A 145,001
- ----------------------------------------------------------------------------------------------------------------
2,515,000 Monroe County, NY COP 8.050 01/01/2011 2 01/01/2009 A 2,520,885
- ----------------------------------------------------------------------------------------------------------------
50,000 Monroe County, NY GO 5.000 06/01/2017 12/01/2008 A 50,278
- ----------------------------------------------------------------------------------------------------------------
265,000 Monroe County, NY GO 5.250 02/01/2016 08/01/2008 A 266,855
- ----------------------------------------------------------------------------------------------------------------
75,000 Monroe County, NY GO 5.350 03/01/2012 09/01/2008 A 75,524
- ----------------------------------------------------------------------------------------------------------------
440,000 Monroe County, NY IDA (Canal Ponds) 7.000 06/15/2013 2 12/15/2008 A 446,301
- ----------------------------------------------------------------------------------------------------------------
1,285,000 Monroe County, NY IDA
(DePaul Community Facilities) 6.500 02/01/2024 2 08/01/2008 A 1,287,339
- ----------------------------------------------------------------------------------------------------------------
75,000 Monroe County, NY IDA
(Nazareth College of Rochester) 5.250 10/01/2021 10/01/2011 A 77,235
- ----------------------------------------------------------------------------------------------------------------
1,100,000 Monroe County, NY IDA
(Nazareth College of Rochester) 7.000 4 04/01/2022 04/01/2012 A 1,100,000
- ----------------------------------------------------------------------------------------------------------------
25,000 Monroe County, NY IDA
(Rochester Institute of Technology) 5.000 04/01/2010 04/01/2010 25,344
- ----------------------------------------------------------------------------------------------------------------
310,000 Monroe County, NY IDA (Summit at Brighton) 5.000 07/01/2016 10/26/2012 B 288,102
- ----------------------------------------------------------------------------------------------------------------
1,860,000 Monroe County, NY IDA
(West End Business Center) 5.125 12/01/2014 05/29/2011 B 1,768,042
- ----------------------------------------------------------------------------------------------------------------
12,240,000 Monroe County, NY Tobacco Asset
Securitization Corp. (TASC) 1 6.150 06/01/2025 01/26/2010 D 13,018,954
- ----------------------------------------------------------------------------------------------------------------
60,000 Monroe County, NY Water Authority 1 5.250 08/01/2011 08/01/2008 A 60,133
- ----------------------------------------------------------------------------------------------------------------
285,000 Monroe, NY Newpower Corp. 4.500 01/01/2011 10/01/2010 B 283,170
- ----------------------------------------------------------------------------------------------------------------
155,000 Monroe, NY Newpower Corp. 4.700 01/01/2012 10/01/2011 B 153,548
- ----------------------------------------------------------------------------------------------------------------
410,000 Monroe, NY Newpower Corp. 4.800 01/01/2013 10/01/2012 B 406,191
- ----------------------------------------------------------------------------------------------------------------
7,800,000 Monroe, NY Newpower Corp. 6.375 01/01/2024 07/01/2009 A 7,881,432
- ----------------------------------------------------------------------------------------------------------------
280,000 Mount Vernon, NY IDA (Kings Court) 5.125 12/01/2023 01/21/2022 B 271,684
- ----------------------------------------------------------------------------------------------------------------
975,000 Mount Vernon, NY IDA (Macedonia Towers) 5.125 12/01/2023 01/18/2022 B 946,043
- ----------------------------------------------------------------------------------------------------------------
100,000 Mount Vernon, NY IDA (Meadowview) 6.000 06/01/2009 12/06/2008 B 99,866
- ----------------------------------------------------------------------------------------------------------------
5,275,000 Mount Vernon, NY IDA (Section 8), Series A 5.250 12/01/2014 2 12/01/2008 A 5,403,235
- ----------------------------------------------------------------------------------------------------------------
50,000 Municipal Assistance Corp. for Troy, NY 1 5.000 01/15/2016 01/15/2009 A 50,459
- ----------------------------------------------------------------------------------------------------------------
1,950,000 Nassau County, NY (CSMR) 5.950 11/01/2022 09/14/2016 B 1,838,226
- ----------------------------------------------------------------------------------------------------------------
300,000 Nassau County, NY Bridge Authority 1 5.250 10/01/2026 10/01/2008 A 304,812
- ----------------------------------------------------------------------------------------------------------------
305,000 Nassau County, NY IDA (ACDS) 5.950 11/01/2022 09/14/2016 B 287,517
- ----------------------------------------------------------------------------------------------------------------
605,000 Nassau County, NY IDA (ACDS) 6.000 12/01/2019 04/02/2017 B 568,458
- ----------------------------------------------------------------------------------------------------------------
440,000 Nassau County, NY IDA (ALIA-ACDS) 7.000 10/01/2016 11/01/2011 A 445,865
- ----------------------------------------------------------------------------------------------------------------
680,000 Nassau County, NY IDA (ALIA-ACLD) 5.750 09/01/2011 06/03/2010 B 670,759
- ----------------------------------------------------------------------------------------------------------------
655,000 Nassau County, NY IDA (ALIA-CMA) 7.000 10/01/2016 11/01/2011 A 663,731
F5 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 505,000 Nassau County, NY IDA (ALIA-CRR) 7.000% 10/01/2016 11/01/2011 A $ 511,732
- -------------------------------------------------------------------------------------------------------------------
110,000 Nassau County, NY IDA (ALIA-FREE) 7.000 10/01/2016 11/01/2011 A 111,466
- -------------------------------------------------------------------------------------------------------------------
460,000 Nassau County, NY IDA (ALIA-HKSB) 7.000 10/01/2016 11/01/2011 A 466,132
- -------------------------------------------------------------------------------------------------------------------
1,745,000 Nassau County, NY IDA (CSMR) 6.000 12/01/2019 12/27/2016 B 1,639,602
- -------------------------------------------------------------------------------------------------------------------
240,000 Nassau County, NY IDA (Epilepsy
Foundation of L.I.) 5.950 11/01/2022 08/23/2016 B 226,243
- -------------------------------------------------------------------------------------------------------------------
740,000 Nassau County, NY IDA (Epilepsy
Foundation of L.I.) 6.000 12/01/2019 11/17/2016 B 694,919
- -------------------------------------------------------------------------------------------------------------------
320,000 Nassau County, NY IDA (Hispanic
Counseling Center) 6.000 11/01/2017 08/21/2013 B 307,814
- -------------------------------------------------------------------------------------------------------------------
260,000 Nassau County, NY IDA (Life's WORCA) 5.950 11/01/2022 09/04/2016 B 245,097
- -------------------------------------------------------------------------------------------------------------------
500,000 Nassau County, NY IDA (PLUS Group Home) 6.150 11/01/2022 09/23/2016 B 471,420
- -------------------------------------------------------------------------------------------------------------------
755,000 Nassau County, NY IDA (United Cerebral Palsy) 5.750 11/01/2009 02/06/2009 B 751,565
- -------------------------------------------------------------------------------------------------------------------
130,000 Nassau County, NY IDA (United Veteran's
Beacon House) 6.000 11/01/2017 08/08/2013 B 125,050
- -------------------------------------------------------------------------------------------------------------------
490,000 Nassau County, NY IDA (WORCA) 6.000 12/01/2019 12/23/2016 B 460,149
- -------------------------------------------------------------------------------------------------------------------
140,000 Nassau County, NY IDA, Series C 6.000 12/01/2019 12/22/2016 B 131,471
- -------------------------------------------------------------------------------------------------------------------
680,000 Nassau County, NY Interim Finance Authority 1 5.125 11/15/2021 11/15/2008 A 680,714
- -------------------------------------------------------------------------------------------------------------------
80,000 Nassau County, NY Interim Finance Authority 1 5.375 11/15/2012 11/15/2008 A 80,166
- -------------------------------------------------------------------------------------------------------------------
35,000 Nassau County, NY Interim Finance Authority 1 5.375 11/15/2013 11/15/2008 A 35,073
- -------------------------------------------------------------------------------------------------------------------
21,000,000 Nassau County, NY Tobacco Settlement Corp. 0.000 5 06/01/2026 12/03/2017 B 18,964,260
- -------------------------------------------------------------------------------------------------------------------
725,000 Nassau County, NY Tobacco Settlement Corp. 1 6.000 07/15/2017 07/15/2009 E 763,287
- -------------------------------------------------------------------------------------------------------------------
2,255,000 Nassau County, NY Tobacco Settlement Corp. 1 6.250 07/15/2021 07/15/2009 A 2,379,859
- -------------------------------------------------------------------------------------------------------------------
4,925,000 Nassau County, NY Tobacco Settlement Corp. 1 6.300 07/15/2021 07/15/2009 A 5,200,258
- -------------------------------------------------------------------------------------------------------------------
1,320,000 Nassau County, NY Tobacco Settlement Corp. 1 6.300 07/15/2022 07/15/2009 A 1,393,775
- -------------------------------------------------------------------------------------------------------------------
245,000 Nassau, NY IDA (EBS North Hills LLC) 7.000 11/01/2013 01/03/2011 B 269,245
- -------------------------------------------------------------------------------------------------------------------
110,000 Nassau, NY IDA (EBS North Hills LLC) 7.000 11/01/2013 01/03/2011 B 120,604
- -------------------------------------------------------------------------------------------------------------------
150,000 Nassau, NY IDA (EBS North Hills LLC) 7.000 11/01/2013 01/08/2011 B 164,987
- -------------------------------------------------------------------------------------------------------------------
165,000 Nassau, NY IDA (EBS North Hills LLC) 7.000 11/01/2013 01/03/2011 B 181,287
- -------------------------------------------------------------------------------------------------------------------
165,000 Nassau, NY IDA (EBS North Hills LLC) 7.000 11/01/2013 01/03/2011 B 181,287
- -------------------------------------------------------------------------------------------------------------------
1,200,000 New Rochelle, NY IDA (College of
New Rochelle) 5.500 07/01/2019 07/01/2009 A 1,223,232
- -------------------------------------------------------------------------------------------------------------------
80,000 New Rochelle, NY Municipal Hsg. Authority,
Series B 6.500 12/01/2014 12/01/2008 E 83,739
- -------------------------------------------------------------------------------------------------------------------
15,000 New Windsor, NY GO 5.300 05/01/2010 11/01/2008 A 15,140
- -------------------------------------------------------------------------------------------------------------------
1,275,000 Newburgh, NY IDA (Bourne & Kenney
Redevel. Company) 5.650 08/01/2020 2 08/01/2009 A 1,290,836
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Newburgh, NY IDA (Bourne & Kenney
Redevel. Company) 5.750 02/01/2032 08/01/2009 A 1,003,580
- -------------------------------------------------------------------------------------------------------------------
150,000 Niagara County, NY IDA (American
Ref-Fuel Company) 5.550 11/15/2024 11/15/2015 C 145,242
- -------------------------------------------------------------------------------------------------------------------
1,300,000 Niagara County, NY IDA (Niagara Falls
Memorial Medical Center) 5.250 06/01/2018 10/04/2016 B 1,184,573
F6 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 13,360,000 Niagara County, NY IDA (Niagara Falls
Memorial Medical Center) 5.500% 11/01/2035 01/03/2025 B $ 11,079,314
- -------------------------------------------------------------------------------------------------------------------
6,250,000 Niagara County, NY IDA (Solid Waste Disposal) 5.450 11/15/2025 11/15/2012 C 6,155,438
- -------------------------------------------------------------------------------------------------------------------
9,460,000 Niagara County, NY IDA (Solid Waste Disposal) 5.550 11/15/2024 11/15/2024 9,340,709
- -------------------------------------------------------------------------------------------------------------------
12,450,000 Niagara County, NY IDA (Solid Waste Disposal) 5.625 11/15/2024 11/15/2014 C 12,264,744
- -------------------------------------------------------------------------------------------------------------------
170,000 Niagara County, NY Tobacco Asset
Securitization Corp. 5.375 05/15/2018 05/15/2009 B 162,571
- -------------------------------------------------------------------------------------------------------------------
175,000 Niagara County, NY Tobacco Asset
Securitization Corp. 5.500 05/15/2019 05/15/2011 A 175,070
- -------------------------------------------------------------------------------------------------------------------
90,000 Niagara County, NY Tobacco Asset
Securitization Corp. 5.500 05/15/2020 05/15/2011 A 89,878
- -------------------------------------------------------------------------------------------------------------------
1,175,000 Niagara County, NY Tobacco Asset
Securitization Corp. 5.875 05/15/2022 05/15/2011 A 1,184,999
- -------------------------------------------------------------------------------------------------------------------
1,060,000 Niagara County, NY Tobacco Asset
Securitization Corp. 6.250 05/15/2034 11/15/2010 A 1,074,893
- -------------------------------------------------------------------------------------------------------------------
945,000 Niagara County, NY Tobacco Asset
Securitization Corp. 6.250 05/15/2040 05/15/2010 A 955,782
- -------------------------------------------------------------------------------------------------------------------
11,995,000 Niagara County, NY Tobacco Asset
Securitization Corp. 6.750 05/15/2029 2 05/15/2010 A 12,340,096
- -------------------------------------------------------------------------------------------------------------------
5,000 Niagara Falls, NY HDC (Niagara Towers) 5.150 10/01/2010 10/01/2008 A 5,037
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Niagara Falls, NY Public Water Authority 5.500 07/15/2034 07/15/2015 A 1,044,600
- -------------------------------------------------------------------------------------------------------------------
60,000 Niagara, NY Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.000 04/01/2013 10/01/2008 A 60,195
- -------------------------------------------------------------------------------------------------------------------
8,245,000 Niagara, NY Frontier Transportation Authority
(Buffalo Niagara International Airport) 1 5.625 04/01/2029 2 04/01/2009 A 8,257,697
- -------------------------------------------------------------------------------------------------------------------
210,000 Niagara, NY Frontier Transportation Authority
(Buffalo Niagara International Airport) 1 5.750 04/01/2019 04/01/2009 A 215,775
- -------------------------------------------------------------------------------------------------------------------
610,000 North Babylon, NY Volunteer Fire Company 1 5.750 08/01/2022 08/01/2008 A 617,241
- -------------------------------------------------------------------------------------------------------------------
25,000 North Elba, NY GO 1 5.400 06/01/2009 12/01/2008 A 25,339
- -------------------------------------------------------------------------------------------------------------------
25,000 North Hempstead, NY GO 1 5.375 05/15/2016 11/15/2008 A 25,246
- -------------------------------------------------------------------------------------------------------------------
345,000 NY Capital District Youth Center 1 6.000 02/01/2017 08/01/2008 A 348,654
- -------------------------------------------------------------------------------------------------------------------
1,100,000 NY Carnegie Redevel. Corp. 3 6.500 09/01/2011 11/17/2009 B 1,068,738
- -------------------------------------------------------------------------------------------------------------------
9,625,000 NY Counties Tobacco Trust I 1 6.300 06/01/2019 2 06/01/2010 E 10,375,365
- -------------------------------------------------------------------------------------------------------------------
4,670,000 NY Counties Tobacco Trust I 6.300 06/01/2019 2 06/01/2010 A 4,769,891
- -------------------------------------------------------------------------------------------------------------------
4,335,000 NY Counties Tobacco Trust I 6.500 06/01/2035 06/01/2010 A 4,425,645
- -------------------------------------------------------------------------------------------------------------------
3,295,000 NY Counties Tobacco Trust I 6.625 06/01/2042 2 06/01/2010 A 3,370,390
- -------------------------------------------------------------------------------------------------------------------
18,875,000 NY Counties Tobacco Trust II (TASC) 5.250 06/01/2025 12/17/2011 B 17,900,861
- -------------------------------------------------------------------------------------------------------------------
150,000 NY Counties Tobacco Trust II (TASC) 5.500 06/01/2011 06/01/2011 151,400
- -------------------------------------------------------------------------------------------------------------------
865,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 06/04/2018 B 843,306
- -------------------------------------------------------------------------------------------------------------------
1,055,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2013 06/01/2011 A 1,076,554
- -------------------------------------------------------------------------------------------------------------------
1,925,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2014 06/01/2011 A 1,956,840
- -------------------------------------------------------------------------------------------------------------------
750,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 09/02/2025 B 737,753
- -------------------------------------------------------------------------------------------------------------------
2,120,000 NY Counties Tobacco Trust II (TASC) 6.000 06/01/2015 06/01/2011 A 2,168,336
F7 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ---------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,330,000 NY Counties Tobacco Trust II (TASC) 6.000% 06/01/2016 06/01/2011 A $ 2,374,876
- ---------------------------------------------------------------------------------------------------------------------
7,855,000 NY Counties Tobacco Trust III 5.000 06/01/2027 11/19/2009 B 7,731,991
- ---------------------------------------------------------------------------------------------------------------------
4,980,000 NY Counties Tobacco Trust III 3 5.750 06/01/2033 09/26/2012 B 4,914,812
- ---------------------------------------------------------------------------------------------------------------------
16,575,000 NY Counties Tobacco Trust III 6.000 06/01/2043 06/01/2013 A 16,671,964
- ---------------------------------------------------------------------------------------------------------------------
4,020,000 NY Counties Tobacco Trust IV 4.250 06/01/2021 03/14/2012 B 3,741,977
- ---------------------------------------------------------------------------------------------------------------------
38,400,000 NY Counties Tobacco Trust IV (TASC) 0.000 5 06/01/2041 08/03/2019 B 36,120,192
- ---------------------------------------------------------------------------------------------------------------------
4,520,000 NY Counties Tobacco Trust IV (TASC) 4.750 06/01/2026 10/12/2009 B 4,004,449
- ---------------------------------------------------------------------------------------------------------------------
38,400,000 NY Counties Tobacco Trust IV (TASC) 6.650 4 06/01/2041 06/01/2010 A 4,345,344
- ---------------------------------------------------------------------------------------------------------------------
500,000 NY Grand Central BID
(Grand Central District Management) 5.000 01/01/2022 01/01/2014 A 515,260
- ---------------------------------------------------------------------------------------------------------------------
25,000 NY MTA Commuter Facilities
(Grand Central Terminal) 5.400 07/01/2011 01/01/2009 A 25,061
- ---------------------------------------------------------------------------------------------------------------------
85,000 NY MTA Commuter Facilities
(Grand Central Terminal) 5.500 07/01/2012 01/01/2009 E 85,216
- ---------------------------------------------------------------------------------------------------------------------
25,000 NY MTA Commuter Facilities, Series 7 1 5.625 07/01/2016 2 01/01/2009 E 26,054
- ---------------------------------------------------------------------------------------------------------------------
5,000 NY MTA Commuter Facilities, Series B 1 5.000 07/01/2017 07/01/2009 E 5,059
- ---------------------------------------------------------------------------------------------------------------------
50,000 NY MTA Commuter Facilities, Series B 1 5.125 07/01/2024 01/01/2009 A 50,555
---------------------------------------------------------------------------------------------------------------------
5,000 NY MTA Commuter Facilities, Series D 1 5.000 07/01/2016 01/01/2009 E 5,224
- ---------------------------------------------------------------------------------------------------------------------
55,000 NY MTA Service Contract, Series 3 7.375 07/01/2008 07/01/2008 55,009
- ---------------------------------------------------------------------------------------------------------------------
24,395,000 NY MTA Service Contract, Series A 1 5.125 01/01/2024 07/01/2012 A 25,147,830
- ---------------------------------------------------------------------------------------------------------------------
80,000,000 NY MTA Service Contract, Series A 1 5.125 01/01/2029 07/01/2012 A 80,878,400
- ---------------------------------------------------------------------------------------------------------------------
15,350,000 NY MTA Service Contract, Series A 1 5.750 07/01/2031 07/01/2012 A 16,253,041
- ---------------------------------------------------------------------------------------------------------------------
56,800,000 NY MTA, Series A 1 5.000 11/15/2025 11/15/2012 A 56,818,744
- ---------------------------------------------------------------------------------------------------------------------
540,000 NY MTA, Series A 1 5.000 11/15/2026 11/15/2016 A 546,604
- ---------------------------------------------------------------------------------------------------------------------
11,425,000 NY MTA, Series A 1 5.125 11/15/2031 11/15/2012 A 11,477,555
- ---------------------------------------------------------------------------------------------------------------------
11,075,000 NY MTA, Series A 1 5.500 11/15/2026 11/15/2012 A 11,698,744
- ---------------------------------------------------------------------------------------------------------------------
25,000,000 NY MTA, Series A 1 5.750 11/15/2032 11/15/2012 A 26,481,500
- ---------------------------------------------------------------------------------------------------------------------
50,000 NY MTA, Series E 1 5.500 11/15/2021 11/15/2012 A 52,616
- ---------------------------------------------------------------------------------------------------------------------
25,000,000 NY MTA, Series F 1 5.000 11/15/2035 12/20/2033 B 24,961,500
- ---------------------------------------------------------------------------------------------------------------------
50,000 NY New Hartford-Sunset Wood Funding Corp. 5.950 08/01/2027 08/01/2008 A 50,479
- ---------------------------------------------------------------------------------------------------------------------
1,345,000 NY Newark-Wayne Community Hospital 7.600 09/01/2015 09/01/2008 A 1,346,157
- ---------------------------------------------------------------------------------------------------------------------
50,000 NY Oneida Healthcare Corp.
(Oneida Health Systems) 1 5.300 02/01/2021 02/01/2011 A 50,200
- ---------------------------------------------------------------------------------------------------------------------
3,895,000 NY Oneida Healthcare Corp.
(Oneida Health Systems) 1 5.500 02/01/2016 2 02/01/2011 A 3,992,920
- ---------------------------------------------------------------------------------------------------------------------
32,000,000 NY Sales Tax Asset Receivables Corp., Series A 1 5.250 10/15/2027 10/15/2014 A 33,282,240
- ---------------------------------------------------------------------------------------------------------------------
5,000,000 NY Seneca Nation Indians Capital Improvements 5.250 12/01/2016 06/14/2015 B 4,823,450
- ---------------------------------------------------------------------------------------------------------------------
70,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.000 06/01/2011 12/01/2008 A 70,094
- ---------------------------------------------------------------------------------------------------------------------
5,290,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.250 06/01/2013 12/01/2008 A 5,298,147
- ---------------------------------------------------------------------------------------------------------------------
4,420,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.250 06/01/2013 12/01/2008 A 4,426,807
- ---------------------------------------------------------------------------------------------------------------------
2,220,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.250 06/01/2021 06/01/2013 A 2,299,587
- ---------------------------------------------------------------------------------------------------------------------
19,550,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.500 06/01/2014 06/01/2009 A 19,893,103
F8 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ---------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 8,250,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.500% 06/01/2015 06/01/2010 A $ 8,470,028
- ---------------------------------------------------------------------------------------------------------------------
11,900,000 NY Tobacco Settlement Financing Corp.(TASC) 1 5.500 06/01/2016 12/01/2008 A 12,217,373
- ---------------------------------------------------------------------------------------------------------------------
5,020,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.500 06/01/2017 06/01/2011 A 5,212,768
- ---------------------------------------------------------------------------------------------------------------------
21,000,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.500 06/01/2018 06/01/2012 A 21,999,600
- ---------------------------------------------------------------------------------------------------------------------
20,500,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.500 06/01/2019 06/01/2013 A 21,570,305
- ---------------------------------------------------------------------------------------------------------------------
11,000,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.500 06/01/2020 06/01/2013 A 11,524,590
- ---------------------------------------------------------------------------------------------------------------------
18,395,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.500 06/01/2021 06/01/2013 A 19,214,497
- ---------------------------------------------------------------------------------------------------------------------
14,965,000 NY Tobacco Settlement Financing Corp. (TASC) 1 5.500 06/01/2022 06/01/2013 A 15,598,169
- ---------------------------------------------------------------------------------------------------------------------
40,000 NY Triborough Bridge & Tunnel Authority 1 5.000 01/01/2024 01/01/2009 A 40,039
- ---------------------------------------------------------------------------------------------------------------------
1,335,000 NY Triborough Bridge & Tunnel Authority,
Series A 5.000 01/01/2024 01/01/2009 E 1,336,442
- ---------------------------------------------------------------------------------------------------------------------
845,000 NY Triborough Bridge & Tunnel Authority,
Series A 5.200 01/01/2020 01/01/2009 A 881,284
- ---------------------------------------------------------------------------------------------------------------------
275,000 NY TSASC, Inc. (TFABs) 4.250 07/15/2010 07/15/2010 283,957
- ---------------------------------------------------------------------------------------------------------------------
190,745,000 NY TSASC, Inc. (TFABs) 6 4.750 06/01/2022 10/09/2011 B 175,901,224
- ---------------------------------------------------------------------------------------------------------------------
91,000,000 NY TSASC, Inc. (TFABs) 6 5.000 06/01/2026 06/28/2016 B 82,535,180
- ---------------------------------------------------------------------------------------------------------------------
14,740,000 NY TSASC, Inc. (TFABs) 5.000 06/01/2034 04/20/2020 B 12,795,941
- ---------------------------------------------------------------------------------------------------------------------
430,000 NY TSASC, Inc. (TFABs) 1 5.250 07/15/2011 07/15/2011 458,642
- ---------------------------------------------------------------------------------------------------------------------
815,000 NY TSASC, Inc. (TFABs) 1 5.500 07/15/2013 07/15/2012 A 881,121
- ---------------------------------------------------------------------------------------------------------------------
23,140,000 NY TSASC, Inc. (TFABs) 1 5.500 07/15/2024 02/19/2012 D 24,692,694
- ---------------------------------------------------------------------------------------------------------------------
45,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2012 01/01/2009 A 45,093
- ---------------------------------------------------------------------------------------------------------------------
1,575,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2013 01/01/2009 A 1,578,245
- ---------------------------------------------------------------------------------------------------------------------
1,500,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2014 01/01/2009 A 1,503,090
- ---------------------------------------------------------------------------------------------------------------------
1,590,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2015 01/01/2009 A 1,593,275
- ---------------------------------------------------------------------------------------------------------------------
10,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2016 01/01/2009 A 10,020
- ---------------------------------------------------------------------------------------------------------------------
5,755,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2018 01/01/2009 A 5,762,251
- ---------------------------------------------------------------------------------------------------------------------
6,530,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2019 01/01/2009 A 6,538,228
- ---------------------------------------------------------------------------------------------------------------------
6,900,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2020 01/01/2009 A 6,908,694
- ---------------------------------------------------------------------------------------------------------------------
2,970,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2021 01/01/2009 A 2,973,742
- ---------------------------------------------------------------------------------------------------------------------
3,050,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2022 01/01/2009 A 3,053,843
- ---------------------------------------------------------------------------------------------------------------------
2,185,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2023 01/01/2009 A 2,187,753
- ---------------------------------------------------------------------------------------------------------------------
3,020,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2024 01/01/2009 A 3,023,805
- ---------------------------------------------------------------------------------------------------------------------
100,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2025 01/01/2009 A 100,024
- ---------------------------------------------------------------------------------------------------------------------
225,000 NY United Nations Devel. Corp., Series A 5.250 07/01/2026 01/01/2009 A 225,043
- ---------------------------------------------------------------------------------------------------------------------
180,000 NY Valley Health Devel. Corp. 6.750 05/20/2022 05/20/2010 A 196,875
- ---------------------------------------------------------------------------------------------------------------------
29,000,000 NYC GO 7 5.000 06/01/2023 06/01/2015 A 29,714,270
- ---------------------------------------------------------------------------------------------------------------------
10,000,000 NYC GO 7 5.000 08/15/2023 08/15/2014 A 10,221,600
- ---------------------------------------------------------------------------------------------------------------------
11,340,000 NYC GO 7 5.000 12/01/2023 12/01/2014 A 11,601,897
- ---------------------------------------------------------------------------------------------------------------------
10,000,000 NYC GO 7 5.000 04/01/2030 04/01/2015 A 10,109,450
- ---------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 0.000 5 03/15/2029 03/30/2025 B 46,767
- ---------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.000 08/01/2015 08/01/2008 A 15,177
- ---------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 1 5.000 08/15/2016 08/15/2008 A 20,252
F9 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 90,000 NYC GO 1 5.000% 05/15/2018 11/15/2008 A $ 91,012
- ------------------------------------------------------------------------------------------------
350,000 NYC GO 1 5.000 08/01/2018 08/01/2008 A 353,675
- ------------------------------------------------------------------------------------------------
15,000 NYC GO 1 5.000 08/01/2018 08/01/2008 A 15,169
- ------------------------------------------------------------------------------------------------
50,000 NYC GO 1 5.000 08/15/2018 08/15/2008 A 50,539
- ------------------------------------------------------------------------------------------------
1,055,000 NYC GO 1 5.000 12/01/2018 12/01/2014 A 1,097,928
- ------------------------------------------------------------------------------------------------
90,000 NYC GO 1 5.000 08/15/2019 08/15/2008 A 90,959
- ------------------------------------------------------------------------------------------------
425,000 NYC GO 1 5.000 08/01/2020 08/01/2014 A 438,103
- ------------------------------------------------------------------------------------------------
570,000 NYC GO 1 5.000 03/15/2021 03/15/2009 A 577,416
- ------------------------------------------------------------------------------------------------
4,000,000 NYC GO 1 5.000 08/01/2021 08/01/2015 A 4,123,480
- ------------------------------------------------------------------------------------------------
110,000 NYC GO 1 5.000 08/01/2022 02/01/2009 A 111,218
- ------------------------------------------------------------------------------------------------
55,000 NYC GO 1 5.000 08/01/2022 08/01/2008 A 55,598
- ------------------------------------------------------------------------------------------------
10,000 NYC GO 1 5.000 08/01/2022 08/01/2008 A 10,109
- ------------------------------------------------------------------------------------------------
1,000,000 NYC GO 1 5.000 08/01/2022 08/01/2015 A 1,027,570
- ------------------------------------------------------------------------------------------------
65,000 NYC GO 1 5.000 08/01/2022 08/01/2010 A 65,586
- ------------------------------------------------------------------------------------------------
25,000 NYC GO 1 5.000 08/01/2022 08/01/2008 A 25,196
- ------------------------------------------------------------------------------------------------
1,500,000 NYC GO 1 5.000 08/01/2022 08/01/2015 A 1,541,355
- ------------------------------------------------------------------------------------------------
10,000 NYC GO 5.000 08/01/2022 08/01/2008 A 10,110
- ------------------------------------------------------------------------------------------------
175,000 NYC GO 1 5.000 08/15/2022 08/15/2008 A 176,605
- ------------------------------------------------------------------------------------------------
40,000 NYC GO 1 5.000 09/15/2022 09/15/2013 A 40,842
- ------------------------------------------------------------------------------------------------
2,500,000 NYC GO 1 5.000 11/01/2022 11/01/2014 A 2,562,550
- ------------------------------------------------------------------------------------------------
15,000 NYC GO 1 5.000 05/15/2023 11/15/2008 A 15,163
- ------------------------------------------------------------------------------------------------
1,000,000 NYC GO 1 5.000 08/01/2023 08/01/2015 A 1,025,130
- ------------------------------------------------------------------------------------------------
250,000 NYC GO 1 5.000 08/01/2023 08/01/2008 A 252,058
- ------------------------------------------------------------------------------------------------
615,000 NYC GO 1 5.000 08/01/2023 08/01/2015 A 630,455
- ------------------------------------------------------------------------------------------------
4,000,000 NYC GO 1 5.000 08/01/2023 08/01/2015 A 4,100,520
- ------------------------------------------------------------------------------------------------
125,000 NYC GO 1 5.000 08/01/2023 08/01/2008 A 126,466
- ------------------------------------------------------------------------------------------------
6,750,000 NYC GO 1 5.000 11/01/2023 11/01/2014 A 6,903,968
- ------------------------------------------------------------------------------------------------
2,000,000 NYC GO 1 5.000 01/01/2024 01/01/2017 A 2,055,780
- ------------------------------------------------------------------------------------------------
90,000 NYC GO 5.000 04/15/2024 04/15/2009 A 91,230
- ------------------------------------------------------------------------------------------------
5,000,000 NYC GO 1 5.000 06/01/2024 06/01/2016 A 5,131,300
- ------------------------------------------------------------------------------------------------
1,150,000 NYC GO 1 5.000 08/01/2024 08/01/2015 A 1,177,508
- ------------------------------------------------------------------------------------------------
3,040,000 NYC GO 1 5.000 08/01/2024 08/01/2015 A 3,112,717
- ------------------------------------------------------------------------------------------------
8,000,000 NYC GO 1 5.000 08/01/2024 02/01/2016 A 8,202,640
- ------------------------------------------------------------------------------------------------
5,000,000 NYC GO 1 5.000 08/01/2024 08/01/2016 A 5,147,200
- ------------------------------------------------------------------------------------------------
5,000,000 NYC GO 1 5.000 09/01/2024 09/01/2015 A 5,120,650
- ------------------------------------------------------------------------------------------------
3,650,000 NYC GO 1 5.000 12/01/2024 12/01/2014 A 3,730,227
- ------------------------------------------------------------------------------------------------
6,000,000 NYC GO 1 5.000 06/01/2025 06/01/2015 A 6,133,500
- ------------------------------------------------------------------------------------------------
1,000,000 NYC GO 1 5.000 08/01/2025 08/01/2015 A 1,022,700
- ------------------------------------------------------------------------------------------------
5,335,000 NYC GO 1 5.000 09/01/2025 09/01/2015 A 5,457,172
- ------------------------------------------------------------------------------------------------
1,000,000 NYC GO 1 5.000 12/01/2025 12/01/2014 A 1,020,860
- ------------------------------------------------------------------------------------------------
5,000,000 NYC GO 1 5.000 04/01/2026 04/01/2015 A 5,100,050
F10 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- --------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 6,920,000 NYC GO 1 5.000% 08/01/2026 08/01/2015 A $ 7,064,490
- --------------------------------------------------------------------------------------------------
5,000,000 NYC GO 1 5.000 08/01/2026 08/01/2015 A 5,104,400
- --------------------------------------------------------------------------------------------------
4,000,000 NYC GO 1 5.000 08/01/2026 08/01/2015 A 4,083,520
- --------------------------------------------------------------------------------------------------
8,760,000 NYC GO 1 5.000 08/01/2026 02/01/2016 A 8,953,771
- --------------------------------------------------------------------------------------------------
5,000,000 NYC GO 1 5.000 08/01/2026 08/01/2017 A 5,128,300
- --------------------------------------------------------------------------------------------------
1,830,000 NYC GO 1 5.000 11/01/2027 11/01/2014 A 1,860,671
- --------------------------------------------------------------------------------------------------
7,125,000 NYC GO 1 5.000 08/01/2028 08/01/2016 A 7,252,751
- --------------------------------------------------------------------------------------------------
90,000 NYC GO 1 5.000 03/15/2029 03/15/2009 A 90,514
- --------------------------------------------------------------------------------------------------
495,000 NYC GO 1 5.000 03/15/2029 03/15/2011 A 497,703
- --------------------------------------------------------------------------------------------------
10,000 NYC GO 5.000 04/15/2029 04/15/2011 A 10,046
- --------------------------------------------------------------------------------------------------
65,000 NYC GO 1 5.125 08/01/2011 08/01/2008 A 65,769
- --------------------------------------------------------------------------------------------------
115,000 NYC GO 1 5.125 08/01/2018 08/01/2008 A 116,278
- --------------------------------------------------------------------------------------------------
10,000 NYC GO 1 5.125 03/15/2019 03/15/2009 A 10,342
- --------------------------------------------------------------------------------------------------
8,360,000 NYC GO 1 5.125 08/01/2022 02/01/2009 A 8,427,214
- --------------------------------------------------------------------------------------------------
5,000 NYC GO 5.125 03/15/2025 03/15/2012 A 5,167
- --------------------------------------------------------------------------------------------------
45,000 NYC GO 1 5.125 08/01/2025 08/01/2008 A 45,486
- --------------------------------------------------------------------------------------------------
505,000 NYC GO 1 5.125 08/01/2025 08/01/2008 A 507,404
- --------------------------------------------------------------------------------------------------
35,000 NYC GO 1 5.125 08/01/2025 08/01/2008 A 35,298
- --------------------------------------------------------------------------------------------------
25,000 NYC GO 1 5.125 05/15/2029 05/15/2009 A 25,353
- --------------------------------------------------------------------------------------------------
50,000 NYC GO 1 5.200 08/01/2021 08/01/2008 A 50,560
- --------------------------------------------------------------------------------------------------
20,000 NYC GO 5.200 08/01/2021 08/01/2008 A 20,231
- --------------------------------------------------------------------------------------------------
50,000 NYC GO 1 5.250 08/01/2011 08/01/2008 A 50,576
- --------------------------------------------------------------------------------------------------
25,000 NYC GO 1 5.250 05/01/2012 11/01/2008 A 25,224
- --------------------------------------------------------------------------------------------------
5,000 NYC GO 1 5.250 08/01/2012 08/01/2008 A 5,060
- --------------------------------------------------------------------------------------------------
50,000 NYC GO 5.250 08/15/2013 08/15/2008 A 50,655
- --------------------------------------------------------------------------------------------------
5,000 NYC GO 1 5.250 08/01/2014 08/01/2008 A 5,060
- --------------------------------------------------------------------------------------------------
10,000 NYC GO 1 5.250 08/01/2015 08/01/2008 A 10,120
- --------------------------------------------------------------------------------------------------
390,000 NYC GO 1 5.250 08/01/2016 08/01/2008 A 394,672
- --------------------------------------------------------------------------------------------------
5,000 NYC GO 5.250 08/01/2016 08/01/2008 A 5,061
- --------------------------------------------------------------------------------------------------
90,000 NYC GO 1 5.250 08/01/2019 08/01/2008 A 91,013
- --------------------------------------------------------------------------------------------------
10,000 NYC GO 1 5.250 05/01/2021 11/01/2008 A 10,056
- --------------------------------------------------------------------------------------------------
5,000 NYC GO 1 5.250 11/15/2021 2 11/15/2008 A 5,056
- --------------------------------------------------------------------------------------------------
5,000 NYC GO 1 5.250 01/15/2023 01/15/2013 A 5,408
- --------------------------------------------------------------------------------------------------
20,000 NYC GO 1 5.250 01/15/2023 01/15/2013 A 20,634
- --------------------------------------------------------------------------------------------------
15,000 NYC GO 1 5.250 08/15/2023 08/15/2008 A 15,172
- --------------------------------------------------------------------------------------------------
1,000,000 NYC GO 1 5.250 08/15/2024 08/15/2014 A 1,035,380
- --------------------------------------------------------------------------------------------------
5,110,000 NYC GO 1 5.250 08/15/2026 08/15/2014 A 5,279,754
- --------------------------------------------------------------------------------------------------
140,000 NYC GO 5.250 06/01/2027 06/01/2012 A 142,972
- --------------------------------------------------------------------------------------------------
220,000 NYC GO 1 5.250 01/15/2028 01/15/2013 A 225,614
- --------------------------------------------------------------------------------------------------
20,000 NYC GO 1 5.250 01/15/2033 01/15/2013 A 21,633
- --------------------------------------------------------------------------------------------------
180,000 NYC GO 1 5.250 01/15/2033 01/15/2013 A 184,225
F11 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 20,000 NYC GO 1 5.300% 08/01/2024 08/01/2008 A $ 20,191
- ------------------------------------------------------------------------------------------------------------------------------
65,000 NYC GO 1 5.300 01/15/2026 01/15/2013 A 70,443
- ------------------------------------------------------------------------------------------------------------------------------
70,000 NYC GO 1 5.300 01/15/2026 01/15/2013 A 72,803
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC GO 1 5.375 08/01/2015 08/01/2008 A 2,024,400
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.375 08/01/2017 08/01/2010 A 5,326
- ------------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.375 08/01/2017 08/01/2010 A 47,196
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 1 5.375 08/01/2019 08/01/2009 A 10,282
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 1 5.375 08/01/2020 08/01/2009 A 5,141
- ------------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 5.375 03/01/2027 03/01/2013 A 38,100
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 1 5.375 03/01/2027 03/01/2013 A 51,524
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 1 5.375 08/01/2027 08/01/2008 A 5,066
- ------------------------------------------------------------------------------------------------------------------------------
580,000 NYC GO 1 5.375 08/01/2027 08/01/2008 A 586,496
- ------------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 1 5.500 08/01/2010 08/01/2008 E 60,736
- ------------------------------------------------------------------------------------------------------------------------------
110,000 NYC GO 1 5.500 08/01/2022 08/01/2008 A 111,266
- ------------------------------------------------------------------------------------------------------------------------------
810,000 NYC GO 1 5.500 06/01/2023 06/01/2013 A 844,636
- ------------------------------------------------------------------------------------------------------------------------------
1,630,000 NYC GO 1 5.500 05/15/2024 2 05/15/2010 A 1,676,064
- ------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 1 5.500 02/15/2026 08/15/2008 A 20,384
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO 1 5.500 02/15/2026 08/15/2008 A 50,119
- ------------------------------------------------------------------------------------------------------------------------------
180,000 NYC GO 1 5.500 11/15/2037 11/15/2008 A 181,004
- ------------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 1 5.500 11/15/2037 11/15/2008 A 101,127
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.600 12/01/2009 12/01/2008 A 10,122
- ------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 5.600 12/01/2010 12/01/2008 A 15,156
- ------------------------------------------------------------------------------------------------------------------------------
30,000 NYC GO 1 5.600 12/01/2013 12/01/2008 A 30,367
- ------------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 1 5.625 08/15/2008 08/15/2008 45,135
- ------------------------------------------------------------------------------------------------------------------------------
185,000 NYC GO 1 5.625 08/15/2009 08/15/2008 A 185,514
- ------------------------------------------------------------------------------------------------------------------------------
95,000 NYC GO 5.625 10/01/2020 10/01/2008 A 95,193
- ------------------------------------------------------------------------------------------------------------------------------
220,000 NYC GO 1 5.700 08/15/2010 08/15/2008 A 220,601
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 1 5.750 05/15/2012 11/15/2008 A 10,027
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 1 5.750 05/15/2012 11/15/2008 A 10,026
- ------------------------------------------------------------------------------------------------------------------------------
465,000 NYC GO 1 5.750 03/01/2018 03/01/2013 A 513,672
- ------------------------------------------------------------------------------------------------------------------------------
570,000 NYC GO 1 5.750 03/01/2018 03/01/2013 A 612,317
- ------------------------------------------------------------------------------------------------------------------------------
310,000 NYC GO 1 5.750 08/01/2018 08/01/2012 A 331,579
- ------------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 1 5.750 08/01/2018 08/01/2012 A 534,805
- ------------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 1 5.750 03/01/2020 03/01/2013 A 552,335
- ------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 1 5.875 08/01/2015 08/01/2008 A 20,254
- ------------------------------------------------------------------------------------------------------------------------------
7,155,000 NYC GO 1 5.875 06/01/2019 06/01/2012 A 7,666,439
- ------------------------------------------------------------------------------------------------------------------------------
4,770,000 NYC GO 1 5.875 08/01/2019 08/01/2012 A 5,124,363
- ------------------------------------------------------------------------------------------------------------------------------
5,495,000 NYC GO 1 5.875 06/01/2020 06/01/2012 A 5,887,783
- ------------------------------------------------------------------------------------------------------------------------------
6,645,000 NYC GO 1 5.875 06/01/2021 06/01/2012 A 7,119,985
- ------------------------------------------------------------------------------------------------------------------------------
60,000 NYC GO 1 6.000 05/15/2011 11/15/2008 A 60,171
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 1 6.000 02/01/2012 08/01/2008 A 5,015
F12 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000 NYC GO 1 6.000% 08/01/2017 08/01/2008 A $ 5,064
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 1 6.000 05/15/2018 05/15/2010 A 10,528
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 1 6.000 02/01/2022 08/01/2008 A 5,010
- ------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 1 6.000 05/15/2022 05/15/2010 A 15,778
- ------------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 1 6.000 02/15/2024 08/15/2008 A 35,068
- ------------------------------------------------------------------------------------------------------------------------------
255,000 NYC GO 1 6.350 05/15/2014 11/15/2008 A 258,348
- ------------------------------------------------------------------------------------------------------------------------------
1,130,000 NYC GO 1 6.500 05/15/2017 05/15/2010 A 1,199,834
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 1 7.000 02/01/2009 08/01/2008 A 5,020
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 1 7.000 12/01/2010 12/01/2008 A 5,094
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2011 08/01/2008 A 5,020
- ------------------------------------------------------------------------------------------------------------------------------
80,000 NYC GO 1 7.000 02/01/2012 08/01/2008 A 80,306
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 1 7.000 02/01/2018 08/01/2008 A 5,018
- ------------------------------------------------------------------------------------------------------------------------------
15,000 NYC GO 1 7.500 02/01/2009 08/01/2008 A 15,065
- ------------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 1 7.750 08/15/2027 08/15/2008 A 45,209
- ------------------------------------------------------------------------------------------------------------------------------
450,000 NYC GO RIBS 7.620 8 09/01/2011 08/01/2008 A 452,781
- ------------------------------------------------------------------------------------------------------------------------------
90,000 NYC GO RIBS 8.085 8 08/29/2008 08/01/2008 A 90,528
- ------------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO RIBS 8.085 8 08/13/2009 08/01/2008 A 100,541
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 8.085 8 07/29/2010 08/01/2008 A 50,257
- ------------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO RIBS 8.183 8 08/22/2013 08/01/2008 A 100,524
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYC GO RIBS 8.183 8 08/27/2015 08/01/2008 A 50,262
- ------------------------------------------------------------------------------------------------------------------------------
565,000 NYC HDC (Multifamily Hsg.) 1 5.050 11/01/2023 11/01/2012 A 568,893
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC HDC (Multifamily Hsg.) 5.100 11/01/2027 06/19/2023 B 2,433,300
- ------------------------------------------------------------------------------------------------------------------------------
4,610,000 NYC HDC (Multifamily Hsg.) 1 5.250 11/01/2030 05/01/2014 A 4,665,043
- ------------------------------------------------------------------------------------------------------------------------------
20,000 NYC HDC (Multifamily Hsg.) 1 5.250 11/01/2031 11/01/2010 A 20,103
- ------------------------------------------------------------------------------------------------------------------------------
400,000 NYC HDC (Multifamily Hsg.) 1 5.600 11/01/2019 11/01/2009 A 406,768
- ------------------------------------------------------------------------------------------------------------------------------
900,000 NYC HDC (Multifamily Hsg.), Series A 1 5.375 11/01/2023 05/01/2012 A 904,230
- ------------------------------------------------------------------------------------------------------------------------------
1,950,000 NYC HDC (Multifamily Hsg.), Series E 1 6.250 05/01/2036 11/01/2009 A 2,004,327
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYC HDC (The Animal Medical Center) 5.500 12/01/2033 12/01/2010 A 50,584
- ------------------------------------------------------------------------------------------------------------------------------
185,000 NYC HDC, Series A 1 5.000 07/01/2010 07/01/2010 190,955
- ------------------------------------------------------------------------------------------------------------------------------
27,850,000 NYC HDC, Series A 1 5.000 07/01/2025 07/01/2015 A 28,120,145
- ------------------------------------------------------------------------------------------------------------------------------
25,105,000 NYC HDC, Series A 1 5.250 05/01/2030 05/01/2014 A 25,303,832
- ------------------------------------------------------------------------------------------------------------------------------
2,215,000 NYC HDC, Series C 1 5.000 11/01/2026 07/16/2022 B 2,127,463
- ------------------------------------------------------------------------------------------------------------------------------
23,500,000 NYC Health & Hospital Corp. 1 5.000 02/15/2020 02/15/2009 A 23,645,700
- ------------------------------------------------------------------------------------------------------------------------------
27,750,000 NYC Health & Hospital Corp. 1 5.250 02/15/2017 2 02/15/2010 A 27,956,460
- ------------------------------------------------------------------------------------------------------------------------------
1,010,000 NYC Health & Hospital Corp. 1 5.450 02/15/2026 02/15/2012 A 1,019,009
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC Health & Hospital Corp.(Health System) 1 5.250 02/15/2022 02/15/2013 A 3,063,960
- ------------------------------------------------------------------------------------------------------------------------------
470,000 NYC IDA (Acme Architectural Products) 5.875 11/01/2009 03/04/2009 B 463,556
- ------------------------------------------------------------------------------------------------------------------------------
9,400,000 NYC IDA (AIRIS JFK I/JFK International Airport) 5.500 07/01/2028 09/16/2023 B 7,934,446
- ------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYC IDA (AIRIS JFK I/JFK International Airport) 6.000 07/01/2015 03/09/2013 B 9,761,700
- ------------------------------------------------------------------------------------------------------------------------------
100,000 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/2008 12/01/2008 99,982
- ------------------------------------------------------------------------------------------------------------------------------
2,890,000 NYC IDA (Beth Abraham Health Services) 6.000 02/15/2013 12/10/2010 B 2,916,155
F13 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 730,000 NYC IDA (Beth Abraham Health Services) 6.000% 11/15/2013 06/28/2010 B $ 737,526
- -------------------------------------------------------------------------------------------------------------------------------
350,000 NYC IDA (Beth Abraham Health Services) 6.000 11/15/2013 10/04/2010 B 353,609
- -------------------------------------------------------------------------------------------------------------------------------
790,000 NYC IDA (Calhoun School) 6.250 12/01/2016 11/22/2012 B 834,896
- -------------------------------------------------------------------------------------------------------------------------------
5,255,000 NYC IDA (Calhoun School) 6.250 12/01/2017 12/01/2008 A 5,272,499
- -------------------------------------------------------------------------------------------------------------------------------
605,000 NYC IDA (Center for Elimination of Family
Violence) 6.250 11/01/2016 03/25/2013 B 589,403
- -------------------------------------------------------------------------------------------------------------------------------
7,625,000 NYC IDA (Chapin School) 4.800 11/01/2018 09/21/2014 B 7,394,725
- -------------------------------------------------------------------------------------------------------------------------------
115,000 NYC IDA (Chardan Corp.) 6.250 11/01/2008 11/01/2008 116,561
- -------------------------------------------------------------------------------------------------------------------------------
235,000 NYC IDA (College of New Rochelle) 6.200 09/01/2010 2 09/01/2008 A 235,559
- -------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (College of New Rochelle) 6.300 09/01/2015 2 09/01/2008 A 500,835
- -------------------------------------------------------------------------------------------------------------------------------
780,000 NYC IDA (Comprehensive Care Management) 5.625 11/01/2015 12/30/2011 B 753,480
- -------------------------------------------------------------------------------------------------------------------------------
595,000 NYC IDA (Comprehensive Care Management) 5.625 11/01/2015 03/21/2012 B 574,770
- -------------------------------------------------------------------------------------------------------------------------------
100,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/2008 11/01/2008 99,758
- -------------------------------------------------------------------------------------------------------------------------------
40,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/2008 11/01/2008 39,876
- -------------------------------------------------------------------------------------------------------------------------------
2,705,000 NYC IDA (Comprehensive Care Management) 5.750 08/01/2018 12/04/2014 B 2,522,331
- -------------------------------------------------------------------------------------------------------------------------------
2,770,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/2018 12/04/2014 B 2,579,701
- -------------------------------------------------------------------------------------------------------------------------------
2,885,000 NYC IDA (Comprehensive Care Management) 5.750 05/01/2019 12/03/2015 B 2,697,215
- -------------------------------------------------------------------------------------------------------------------------------
125,000 NYC IDA (Essie Cosmetics) 5.500 11/01/2008 11/01/2008 124,938
- -------------------------------------------------------------------------------------------------------------------------------
785,000 NYC IDA (Family Support Systems) 6.500 11/01/2014 02/02/2012 B 775,125
- -------------------------------------------------------------------------------------------------------------------------------
3,340,000 NYC IDA (Gateway School of New York) 5.300 06/01/2019 05/01/2015 B 3,157,469
- -------------------------------------------------------------------------------------------------------------------------------
935,000 NYC IDA (Global Country World Peace) 6.250 11/01/2015 01/19/2013 B 878,059
- -------------------------------------------------------------------------------------------------------------------------------
875,000 NYC IDA (Global Country World Peace) 6.250 11/01/2025 12/20/2012 B 821,713
- -------------------------------------------------------------------------------------------------------------------------------
1,310,000 NYC IDA (Gourmet Boutique) 5.250 05/01/2013 08/21/2010 B 1,236,692
- -------------------------------------------------------------------------------------------------------------------------------
1,795,000 NYC IDA (Guttmacher Institute) 5.250 12/01/2016 12/29/2012 B 1,651,454
- -------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 05/04/2015 B 461,965
- -------------------------------------------------------------------------------------------------------------------------------
33,525,000 NYC IDA (Japan Airlines) 6.000 11/01/2015 11/01/2008 A 33,931,323
- -------------------------------------------------------------------------------------------------------------------------------
16,350,000 NYC IDA (JFK International Airport) 8.000 08/01/2012 08/01/2012 16,150,530
- -------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC IDA (Liberty-7 World Trade Center) 6.250 03/01/2015 03/01/2012 A 2,491,675
- -------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYC IDA (Liberty-7 World Trade Center) 3 6.500 03/01/2035 03/01/2009 A 5,002,150
- -------------------------------------------------------------------------------------------------------------------------------
2,355,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2013 12/01/2012 A 2,378,315
- -------------------------------------------------------------------------------------------------------------------------------
730,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2015 12/01/2012 A 733,511
- -------------------------------------------------------------------------------------------------------------------------------
2,880,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2016 12/01/2012 A 2,878,934
- -------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2017 12/01/2012 A 1,985,320
- -------------------------------------------------------------------------------------------------------------------------------
3,210,000 NYC IDA (Lycee Francais De New York) 5.500 06/01/2018 06/01/2018 3,165,285
- -------------------------------------------------------------------------------------------------------------------------------
795,000 NYC IDA (Manhattan Community Access Corp.) 5.250 12/01/2016 12/24/2012 B 734,604
- -------------------------------------------------------------------------------------------------------------------------------
4,230,000 NYC IDA (Margaret Tietz Nursing &
Rehabilitation Center) 5.375 11/01/2016 03/18/2013 B 4,078,524
- -------------------------------------------------------------------------------------------------------------------------------
415,000 NYC IDA (Margaret Tietz Nursing &
Rehabilitation Center) 5.375 11/01/2018 09/13/2014 B 396,109
- -------------------------------------------------------------------------------------------------------------------------------
2,020,000 NYC IDA (Margaret Tietz Nursing &
Rehabilitation Center) 5.375 11/01/2018 10/05/2014 B 1,928,050
F14 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 250,000 NYC IDA (Marymount School of New York) 5.125% 09/01/2021 07/30/2017 B $ 238,125
- ------------------------------------------------------------------------------------------------------------------------------
1,545,000 NYC IDA (Metro Biofuels) 5.500 11/01/2013 12/12/2011 B 1,516,510
- ------------------------------------------------------------------------------------------------------------------------------
1,800,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 03/14/2018 B 1,674,576
- ------------------------------------------------------------------------------------------------------------------------------
4,585,000 NYC IDA (MMC Corp.) 5.125 11/01/2025 11/01/2010 A 4,648,594
- ------------------------------------------------------------------------------------------------------------------------------
5,865,000 NYC IDA (Montefiore Medical Center Corp.) 5.125 11/01/2035 11/01/2010 A 5,904,999
- ------------------------------------------------------------------------------------------------------------------------------
1,810,000 NYC IDA (Polytechnic University) 5.250 11/01/2008 11/01/2008 1,831,412
- ------------------------------------------------------------------------------------------------------------------------------
2,005,000 NYC IDA (Polytechnic University) 5.750 11/01/2010 11/01/2010 2,142,182
- ------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Polytechnic University) 5.750 11/01/2012 11/01/2010 A 538,905
- ------------------------------------------------------------------------------------------------------------------------------
145,000 NYC IDA (Precision Gear) 5.875 11/01/2009 01/04/2009 B 143,498
- ------------------------------------------------------------------------------------------------------------------------------
175,000 NYC IDA (Precision Gear) 5.875 11/01/2009 05/02/2009 B 173,507
- ------------------------------------------------------------------------------------------------------------------------------
30,000 NYC IDA (Precision Gear) 6.500 11/01/2008 11/01/2008 29,985
- ------------------------------------------------------------------------------------------------------------------------------
250,000 NYC IDA (Queens Baseball Stadium) 1 5.000 01/01/2025 01/01/2025 247,233
- ------------------------------------------------------------------------------------------------------------------------------
1,200,000 NYC IDA (Reece School) 6.500 12/01/2017 12/14/2013 B 1,186,200
- ------------------------------------------------------------------------------------------------------------------------------
405,000 NYC IDA (Reece School) 6.500 12/01/2017 12/18/2013 B 400,343
- ------------------------------------------------------------------------------------------------------------------------------
75,000 NYC IDA (Riverdale Country School) 3 7.250 4 06/01/2034 06/01/2009 C 75,000
- ------------------------------------------------------------------------------------------------------------------------------
325,000 NYC IDA (Rockefeller Foundation) 1 5.375 07/01/2023 01/01/2009 A 325,283
- ------------------------------------------------------------------------------------------------------------------------------
3,410,000 NYC IDA (Rosco, Inc.) 5.625 06/01/2022 12/01/2008 C 3,342,925
- ------------------------------------------------------------------------------------------------------------------------------
4,100,000 NYC IDA (Samaritan Aids Services) 5.000 11/01/2024 11/01/2011 A 4,168,962
- ------------------------------------------------------------------------------------------------------------------------------
735,000 NYC IDA (Showman Fabricators) 7.125 11/01/2013 03/24/2011 B 705,152
- ------------------------------------------------------------------------------------------------------------------------------
100,000 NYC IDA (Special Needs Facilities
Pooled Program) 4.150 07/01/2014 04/08/2012 B 90,343
- ------------------------------------------------------------------------------------------------------------------------------
200,000 NYC IDA (Special Needs Facilities
Pooled Program) 5.800 07/01/2023 10/12/2021 B 188,444
- ------------------------------------------------------------------------------------------------------------------------------
255,000 NYC IDA (Special Needs Facilities
Pooled Program) 5.950 07/01/2008 07/01/2008 255,028
- ------------------------------------------------------------------------------------------------------------------------------
1,170,000 NYC IDA (Stallion) 5.000 11/01/2016 11/03/2013 B 1,070,141
- ------------------------------------------------------------------------------------------------------------------------------
575,000 NYC IDA (Stallion) 5.500 11/01/2017 11/01/2017 552,437
- ------------------------------------------------------------------------------------------------------------------------------
1,265,000 NYC IDA (Studio School) 6.250 11/01/2018 11/12/2016 B 1,158,006
- ------------------------------------------------------------------------------------------------------------------------------
5,855,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2017 01/01/2016 A 6,069,644
- ------------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2018 01/01/2016 A 6,185,760
- ------------------------------------------------------------------------------------------------------------------------------
11,670,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2019 01/01/2016 A 11,965,251
- ------------------------------------------------------------------------------------------------------------------------------
8,000,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2020 01/01/2016 A 8,177,440
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2021 01/01/2016 A 2,034,400
- ------------------------------------------------------------------------------------------------------------------------------
37,000,000 NYC IDA (Terminal One Group Assoc.) 5.500 01/01/2024 01/01/2016 A 37,498,760
- ------------------------------------------------------------------------------------------------------------------------------
1,475,000 NYC IDA (The Child School) 7.000 06/01/2013 12/26/2010 B 1,492,376
- ------------------------------------------------------------------------------------------------------------------------------
7,910,000 NYC IDA (Unicef) 5.050 11/01/2018 09/30/2014 B 7,274,827
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Urban Resource Institute) 1 5.250 03/01/2023 03/01/2013 A 1,030,100
- ------------------------------------------------------------------------------------------------------------------------------
955,000 NYC IDA (Urban Resource Institute) 6.500 11/01/2013 04/09/2011 B 938,278
- ------------------------------------------------------------------------------------------------------------------------------
925,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2016 09/15/2013 B 879,462
- ------------------------------------------------------------------------------------------------------------------------------
3,010,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2016 10/21/2012 B 2,861,818
- ------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC IDA (Visy Paper) 7.800 01/01/2016 01/01/2009 A 4,005,480
- ------------------------------------------------------------------------------------------------------------------------------
765,000 NYC IDA (Vocational Instruction) 9 6.000 02/01/2013 10/21/2010 B 639,892
F15 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,820,000 NYC IDA (Yeled Yalda Early Childhood) 5.350% 11/01/2017 10/02/2013 B $ 5,380,997
- ------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (YMCA of Greater New York) 1 5.250 08/01/2021 02/01/2011 A 507,380
- ------------------------------------------------------------------------------------------------------------------------------
6,490,000 NYC IDA (YMCA of Greater New York) 5.800 08/01/2016 2 01/01/2009 A 6,699,497
- ------------------------------------------------------------------------------------------------------------------------------
400,000 NYC IDA (Zeluck, Inc.) 6.250 11/01/2011 11/01/2008 A 400,848
- ------------------------------------------------------------------------------------------------------------------------------
20,000 NYC Municipal Water Finance Authority 1 4.875 06/15/2021 12/15/2008 A 20,178
- ------------------------------------------------------------------------------------------------------------------------------
65,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2027 12/15/2008 A 65,592
- ------------------------------------------------------------------------------------------------------------------------------
90,000 NYC Municipal Water Finance Authority 5.000 06/15/2027 12/15/2008 A 90,828
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2027 12/15/2008 A 50,171
- ------------------------------------------------------------------------------------------------------------------------------
15,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2027 12/15/2008 A 15,051
- ------------------------------------------------------------------------------------------------------------------------------
140,000 NYC Municipal Water Finance Authority 5.000 06/15/2029 06/15/2009 A 140,722
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC Municipal Water Finance Authority 1 5.125 06/15/2031 06/15/2011 A 2,021,860
- ------------------------------------------------------------------------------------------------------------------------------
855,000 NYC Municipal Water Finance Authority 5.750 06/15/2013 2 12/15/2008 A 891,543
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 1 5.750 06/15/2013 2 12/15/2008 E 52,137
- ------------------------------------------------------------------------------------------------------------------------------
35,000 NYC Transitional Finance Authority 1 5.000 05/01/2026 2 11/01/2008 A 35,376
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC Transitional Finance Authority, Series E 1 5.000 02/01/2026 02/01/2013 A 2,043,440
- ------------------------------------------------------------------------------------------------------------------------------
31,000,000 NYC Trust for Cultural Resources
(Manhattan School of Music) 3 5.500 4 10/01/2029 2 12/01/2008 C 31,000,000
- ------------------------------------------------------------------------------------------------------------------------------
3,880,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.000 07/01/2022 2 03/01/2020 B 3,746,528
- ------------------------------------------------------------------------------------------------------------------------------
2,720,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.125 07/01/2030 2 04/03/2027 B 2,548,722
- ------------------------------------------------------------------------------------------------------------------------------
250,000 NYC Trust for Cultural Resources
(Museum of Modern Art) 1 5.125 07/01/2031 07/01/2012 A 252,745
- ------------------------------------------------------------------------------------------------------------------------------
595,000 NYC Trust for Cultural Resources
(Museum of Modern Art) 1 5.500 01/01/2016 01/01/2009 A 602,253
- ------------------------------------------------------------------------------------------------------------------------------
1,035,000 NYC Trust for Cultural Resources
(Museum of Modern Art) 1 5.500 01/01/2021 01/01/2009 A 1,045,774
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Amsterdam Memorial Hospital) 6.000 08/01/2025 08/01/2008 A 25,050
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Audit & Control) 1 5.500 04/01/2023 04/01/2009 A 25,546
- ------------------------------------------------------------------------------------------------------------------------------
250,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 2 02/01/2012 A 254,103
- ------------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Brookdale Hospital Medical Center) 1 5.200 02/15/2016 02/15/2010 A 15,240
- ------------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (Brookdale Hospital Medical Center) 1 5.300 02/15/2017 08/15/2008 A 66,040
- ------------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (Brooklyn Hospital Center) 5.100 02/01/2019 02/01/2009 A 61,100
- ------------------------------------------------------------------------------------------------------------------------------
4,475,000 NYS DA (Cabrini Westchester) 1 5.100 02/15/2026 02/15/2017 A 4,682,685
- ------------------------------------------------------------------------------------------------------------------------------
1,300,000 NYS DA (Canisius College) 5.000 07/01/2022 07/01/2015 A 1,325,376
- ------------------------------------------------------------------------------------------------------------------------------
1,120,000 NYS DA (Catskill Regional Medical Center) 1 5.250 02/15/2023 02/15/2015 A 1,145,066
- ------------------------------------------------------------------------------------------------------------------------------
1,350,000 NYS DA (Chapel Oaks) 5.375 07/01/2017 2 01/01/2009 A 1,379,822
- ------------------------------------------------------------------------------------------------------------------------------
960,000 NYS DA (City University) 1 5.000 07/01/2017 01/01/2009 A 970,291
- ------------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (City University) 1 5.000 07/01/2026 07/01/2010 A 65,455
- ------------------------------------------------------------------------------------------------------------------------------
60,000 NYS DA (City University) 1 5.250 07/01/2012 01/01/2009 A 60,688
- ------------------------------------------------------------------------------------------------------------------------------
145,000 NYS DA (City University) 1 5.250 07/01/2025 01/01/2009 A 148,029
- ------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Culinary Institute of America) 1 5.000 07/01/2022 07/01/2009 A 20,261
F16 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 350,000 NYS DA (Dept. of Health) 1 5.000% 07/01/2021 07/01/2014 A $ 361,438
- -------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Dept. of Health) 1 5.000 07/01/2024 01/01/2009 A 10,097
- -------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Dept. of Health) 1 5.000 07/01/2028 07/01/2009 A 35,185
- -------------------------------------------------------------------------------------------------------------------------------
880,000 NYS DA (Dept. of Health) 1 5.250 07/01/2023 07/01/2014 A 916,731
- -------------------------------------------------------------------------------------------------------------------------------
4,620,000 NYS DA (Dept. of Health) 1 5.250 07/01/2024 07/01/2015 A 4,778,466
- -------------------------------------------------------------------------------------------------------------------------------
820,000 NYS DA (Dept. of Health) 1 5.500 07/01/2021 01/01/2009 A 828,905
- -------------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Eger Health Care Center &
Rehabilitation Center) 5.100 02/01/2028 02/01/2010 A 50,194
- -------------------------------------------------------------------------------------------------------------------------------
2,525,000 NYS DA (Ellis Hospital) 1 5.050 08/15/2024 08/15/2014 A 2,584,918
- -------------------------------------------------------------------------------------------------------------------------------
165,000 NYS DA (Ellis Hospital) 1 5.500 08/01/2015 08/01/2008 A 165,368
- -------------------------------------------------------------------------------------------------------------------------------
150,000 NYS DA (Ellis Hospital) 1 5.600 08/01/2025 08/01/2008 A 150,186
- -------------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA (Ellis Hospital) 1 5.625 08/01/2035 2 08/01/2008 A 175,221
- -------------------------------------------------------------------------------------------------------------------------------
135,000 NYS DA (Episcopal Health) 1 5.900 08/01/2020 2 08/01/2008 A 135,167
- -------------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (FNHC/KR/MMWNHC Obligated Group) 5.500 07/01/2010 2 01/01/2009 A 75,163
- -------------------------------------------------------------------------------------------------------------------------------
600,000 NYS DA (FNHC/KR/MMWNHC Obligated Group) 5.750 07/01/2017 01/01/2009 A 600,996
- -------------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Fordham University) 1 5.000 07/01/2028 07/01/2010 A 30,113
- -------------------------------------------------------------------------------------------------------------------------------
3,835,000 NYS DA (Frances Schervier Home & Hospital
Obligated Group) 1 5.500 07/01/2017 2 01/01/2009 A 3,881,749
- -------------------------------------------------------------------------------------------------------------------------------
10,055,000 NYS DA (Frances Schervier Home & Hospital
Obligated Group) 1 5.500 07/01/2027 2 01/01/2009 A 10,080,238
- -------------------------------------------------------------------------------------------------------------------------------
240,000 NYS DA (Frances Schervier Home & Hospital
Obligated Group) 1 5.500 07/01/2027 2 01/01/2009 A 240,509
- -------------------------------------------------------------------------------------------------------------------------------
55,000 NYS DA (German Masonic Home) 1 5.950 08/01/2026 2 08/01/2008 A 55,069
- -------------------------------------------------------------------------------------------------------------------------------
165,000 NYS DA (German Masonic Home) 1 6.000 08/01/2036 08/01/2008 A 165,180
- -------------------------------------------------------------------------------------------------------------------------------
415,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 01/01/2009 A 415,851
- -------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (GSHMC/CHSLI Obligated Group) 1 5.750 07/01/2014 07/01/2009 A 1,023,520
- -------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (Hamilton College) 5.125 07/01/2016 07/01/2009 A 5,161
- -------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Health Center/BFCC/USBFCC
Obligated Group) 5.000 11/15/2019 11/15/2011 A 1,028,720
- -------------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Hebrew Hospital Home of Westchester) 1 5.625 08/01/2016 08/01/2008 A 30,334
- -------------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (Hospital for Special Surgery) 1 5.000 02/01/2018 08/01/2008 A 75,833
- -------------------------------------------------------------------------------------------------------------------------------
140,000 NYS DA (Hospital for Special Surgery) 1 5.000 02/01/2028 02/01/2010 A 140,332
- -------------------------------------------------------------------------------------------------------------------------------
17,315,000 NYS DA (Hospital) 1 6.450 08/15/2024 08/15/2012 A 17,967,602
- -------------------------------------------------------------------------------------------------------------------------------
2,155,000 NYS DA (Hunts Point Multi-Service Center) 5.625 07/01/2022 01/01/2009 A 2,201,160
- -------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Ideal Senior Living Center Hsg.) 1 5.900 08/01/2026 08/01/2008 A 100,190
- -------------------------------------------------------------------------------------------------------------------------------
1,240,000 NYS DA (Ideal Senior Living Center Hsg.) 1 5.900 08/01/2026 08/01/2008 A 1,241,972
- -------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (John T. Mather Memorial Hospital) 5.250 07/01/2015 01/01/2009 A 35,048
- -------------------------------------------------------------------------------------------------------------------------------
130,000 NYS DA (John T. Mather Memorial Hospital) 5.375 07/01/2019 01/01/2009 A 130,177
- -------------------------------------------------------------------------------------------------------------------------------
1,590,000 NYS DA (John T. Mather Memorial Hospital) 5.750 07/01/2025 01/01/2009 A 1,592,719
F17 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$15,210,000 NYS DA (Kaleida Health) 5.050% 02/15/2025 02/15/2014 A $ 15,567,739
- ------------------------------------------------------------------------------------------------------------------------------
965,000 NYS DA (L.I. University) 5.125 09/01/2010 09/01/2009 E 990,119
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Le Moyne College) 5.000 07/01/2009 01/01/2009 A 10,024
- ------------------------------------------------------------------------------------------------------------------------------
725,000 NYS DA (Le Moyne College) 5.000 07/01/2018 01/01/2009 A 725,906
- ------------------------------------------------------------------------------------------------------------------------------
1,100,000 NYS DA (Leake & Watts Services) 5.000 07/01/2023 07/01/2014 A 1,128,655
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.750 07/01/2016 07/01/2012 A 10,151
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.750 07/01/2017 07/01/2012 A 2,025,960
- ------------------------------------------------------------------------------------------------------------------------------
460,000 NYS DA (Long Beach Medical Center) 1 5.550 08/01/2015 08/01/2008 A 461,049
- ------------------------------------------------------------------------------------------------------------------------------
605,000 NYS DA (Long Beach Medical Center) 1 5.625 08/01/2022 08/01/2008 A 617,880
- ------------------------------------------------------------------------------------------------------------------------------
2,200,000 NYS DA (Maimonides Medical Center) 1 5.750 08/01/2024 08/01/2008 A 2,203,102
- ------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (March of Dimes) 1 5.600 07/01/2012 01/01/2009 A 100,234
- ------------------------------------------------------------------------------------------------------------------------------
615,000 NYS DA (Master BOCES Program) 1 5.250 08/15/2023 08/15/2013 A 647,392
- ------------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA (Menorah Campus) 6.100 02/01/2037 08/01/2008 A 177,095
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Mental Health Services Facilities) 1 5.000 02/15/2025 02/15/2015 A 2,046,280
- ------------------------------------------------------------------------------------------------------------------------------
225,000 NYS DA (Mental Health Services Facilities) 1 5.250 02/15/2023 02/15/2014 A 233,406
- ------------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Mental Health Services Facilities) 5.250 08/15/2024 08/15/2009 A 41,831
- ------------------------------------------------------------------------------------------------------------------------------
445,000 NYS DA (Mental Health) 5.000 02/15/2023 08/15/2008 A 448,631
- ------------------------------------------------------------------------------------------------------------------------------
220,000 NYS DA (Mental Health) 5.000 02/15/2029 02/15/2011 A 221,276
- ------------------------------------------------------------------------------------------------------------------------------
800,000 NYS DA (Millard Fillmore Hospital) 1 5.375 02/01/2017 08/01/2008 A 817,600
- ------------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (Millard Fillmore Hospital) 1 5.375 02/01/2032 08/01/2008 A 70,816
- ------------------------------------------------------------------------------------------------------------------------------
5,360,000 NYS DA (Miriam Osborn Memorial Home Assoc.) 6.875 07/01/2019 2 07/01/2010 A 5,548,726
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2022 02/01/2015 A 996,050
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2023 10/11/2021 B 4,947,600
- ------------------------------------------------------------------------------------------------------------------------------
4,500,000 NYS DA (Montefiore Medical Center) 5.000 02/01/2028 03/07/2024 B 4,315,320
- ------------------------------------------------------------------------------------------------------------------------------
765,000 NYS DA (Montefiore Medical Center) 1 5.250 08/01/2019 08/01/2010 A 786,030
- ------------------------------------------------------------------------------------------------------------------------------
430,000 NYS DA (Montefiore Medical Center) 5.500 08/01/2038 08/01/2009 A 436,863
- ------------------------------------------------------------------------------------------------------------------------------
75,000 NYS DA (Mount Sinai School of Medicine) 1 5.000 07/01/2015 01/01/2009 A 75,058
- ------------------------------------------------------------------------------------------------------------------------------
80,000 NYS DA (Mount Sinai School of Medicine) 1 5.000 07/01/2016 01/01/2009 A 80,054
- ------------------------------------------------------------------------------------------------------------------------------
1,125,000 NYS DA (Mount Sinai School of Medicine) 1 5.000 07/01/2021 01/01/2009 A 1,125,866
- ------------------------------------------------------------------------------------------------------------------------------
2,235,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 6.500 07/01/2016 07/01/2010 E 2,416,795
- ------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 5.000 07/01/2013 01/01/2009 A 4,000,960
- ------------------------------------------------------------------------------------------------------------------------------
15,230,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 5.500 07/01/2026 01/01/2009 A 15,228,477
- ------------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 6.000 07/01/2013 07/01/2010 A 41,448
- ------------------------------------------------------------------------------------------------------------------------------
150,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 6.500 07/01/2025 07/01/2011 A 154,556
- ------------------------------------------------------------------------------------------------------------------------------
7,710,000 NYS DA (Mt. Sinai Hospital) 6.500 07/01/2015 07/01/2010 A 8,030,582
- ------------------------------------------------------------------------------------------------------------------------------
9,095,000 NYS DA (Mt. Sinai Hospital) 6.500 07/01/2016 07/01/2010 A 9,446,613
F18 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,330,000 NYS DA (Mt. Sinai Hospital) 6.625% 07/01/2019 07/01/2010 A $ 1,376,843
- -------------------------------------------------------------------------------------------------------------------------------
8,750,000 NYS DA (Mt. Sinai/NYU Health) 5.500 07/01/2026 01/01/2009 A 8,749,125
- -------------------------------------------------------------------------------------------------------------------------------
295,000 NYS DA (Mt. Sinai/NYU Health) 6.000 07/01/2010 07/01/2010 307,809
- -------------------------------------------------------------------------------------------------------------------------------
200,000 NYS DA (Mt. Sinai/NYU Health) 6.100 07/01/2012 07/01/2010 A 208,322
- -------------------------------------------------------------------------------------------------------------------------------
4,925,000 NYS DA (Mt. Sinai/NYU Health) 6.500 07/01/2017 07/01/2010 A 5,103,975
- -------------------------------------------------------------------------------------------------------------------------------
645,000 NYS DA (Mt. Sinai/NYU Health) 6.750 07/01/2020 07/01/2010 A 669,355
- -------------------------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Municipal Health Facilities) 5.000 01/15/2023 01/15/2009 A 25,243
- -------------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Municipal Health Facilities) 5.500 05/15/2016 11/15/2008 A 40,092
- -------------------------------------------------------------------------------------------------------------------------------
320,000 NYS DA (Municipal Health Facilities) 1 5.500 05/15/2024 11/15/2008 A 320,438
- -------------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (New York & Presbyterian Hospital) 1 5.000 02/01/2019 08/01/2008 A 15,167
- -------------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (New York Downtown Hospital) 1 5.300 02/15/2020 08/15/2008 A 30,472
- -------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (New York Hospital Medical Center of
Queens) 1 5.450 08/15/2019 08/15/2009 A 20,623
- -------------------------------------------------------------------------------------------------------------------------------
1,415,000 NYS DA (New York Hospital Medical Center
of Queens) 1 5.550 08/15/2029 2 08/15/2009 A 1,460,450
- -------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (New York Medical College) 1 5.000 07/01/2021 01/01/2009 A 100,919
- -------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (New York Methodist Hospital) 5.250 07/01/2024 03/02/2022 B 981,960
- -------------------------------------------------------------------------------------------------------------------------------
4,200,000 NYS DA (North General Hospital) 1 5.750 02/15/2019 02/15/2013 A 4,489,758
- -------------------------------------------------------------------------------------------------------------------------------
3,750,000 NYS DA (North General Hospital) 1 5.750 02/15/2020 02/15/2013 A 3,998,138
- -------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (North Shore University Hospital) 5.000 11/01/2023 11/01/2008 A 35,212
- -------------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Northeast Parent & Child) 1 5.500 07/01/2018 07/01/2009 A 41,198
- -------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (NSUH/NSUH-Glen Cove/
NSUH-Plainview Obligated Group) 5.000 11/01/2023 11/01/2008 A 5,105
- -------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (NSUH/NSUH-Glen Cove/
NSUH-Plainview Obligated Group) 5.000 11/01/2023 11/01/2008 A 5,045
- -------------------------------------------------------------------------------------------------------------------------------
10,455,000 NYS DA (NSUH/NSUH-Glen Cove/
NSUH-Plainview Obligated Group) 5.200 11/01/2017 11/01/2008 A 10,618,098
- -------------------------------------------------------------------------------------------------------------------------------
1,400,000 NYS DA (NYU Hospitals Center) 5.250 07/01/2024 01/27/2018 B 1,337,266
- -------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2021 11/01/2016 A 2,571,050
- -------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Park Ridge Hsg.) 6.375 08/01/2020 2 08/01/2010 A 2,079,840
- -------------------------------------------------------------------------------------------------------------------------------
1,595,000 NYS DA (Park Ridge Hsg.) 6.500 08/01/2025 2 08/01/2010 A 1,654,637
- -------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Pratt Institute) 1 6.000 07/01/2024 07/01/2010 A 101,477
- -------------------------------------------------------------------------------------------------------------------------------
18,220,000 NYS DA (Pratt Institute) 3 6.750 4 07/01/2034 01/01/2009 C 18,220,000
- -------------------------------------------------------------------------------------------------------------------------------
3,680,000 NYS DA (Providence Rest) 5.000 07/01/2021 07/12/2020 B 3,231,334
- -------------------------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (Providence Rest) 5.125 07/01/2030 08/06/2028 B 1,028,188
- -------------------------------------------------------------------------------------------------------------------------------
120,000 NYS DA (Resurrection Rest Home Castleton
on Hudson) 1 6.050 08/01/2035 2 08/01/2008 A 120,229
- -------------------------------------------------------------------------------------------------------------------------------
8,730,000 NYS DA (Rochester General Hospital) 1 5.000 12/01/2025 10/25/2021 B 8,501,885
- -------------------------------------------------------------------------------------------------------------------------------
50,000 NYS DA (Rochester Institute of Technology) 5.250 07/01/2025 07/01/2012 A 51,015
- -------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Rockefeller University) 5.000 07/01/2028 01/01/2009 A 20,121
- -------------------------------------------------------------------------------------------------------------------------------
5,100,000 NYS DA (Ryan-Clinton Community Health Center) 6.100 07/01/2019 2 01/01/2010 A 5,336,691
F19 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000,000 NYS DA (School District Financing) 1 5.750% 10/01/2022 2 10/01/2012 A $ 5,334,700
- -------------------------------------------------------------------------------------------------------------------------------
120,000 NYS DA (SCHRC) 1 5.500 07/01/2022 07/01/2009 A 122,726
- -------------------------------------------------------------------------------------------------------------------------------
3,460,000 NYS DA (SCHRC/CHSLI Obligated Group) 1 5.700 07/01/2013 07/01/2009 A 3,503,700
- -------------------------------------------------------------------------------------------------------------------------------
3,820,000 NYS DA (SCHRC/CHSLI Obligated Group) 1 5.750 07/01/2014 07/01/2009 A 3,862,402
- -------------------------------------------------------------------------------------------------------------------------------
1,370,000 NYS DA (SCHRC/CHSLI Obligated Group) 1 5.800 07/01/2015 07/01/2009 A 1,383,084
- -------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 5.750 07/01/2020 07/01/2010 A 10,140
- -------------------------------------------------------------------------------------------------------------------------------
15,000,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 6.500 07/01/2020 2 07/01/2010 A 15,498,750
- -------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Service Contract) 1 5.250 07/01/2019 01/01/2009 A 100,165
- -------------------------------------------------------------------------------------------------------------------------------
15,480,000 NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group) 5.000 07/01/2021 07/01/2014 A 15,436,037
- -------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Skidmore College) 5.000 07/01/2028 07/01/2010 A 35,145
- -------------------------------------------------------------------------------------------------------------------------------
200,000 NYS DA (Southside Hospital) 1 5.000 02/15/2018 08/15/2008 A 202,178
- -------------------------------------------------------------------------------------------------------------------------------
135,000 NYS DA (Southside Hospital) 1 5.200 02/15/2021 02/15/2009 A 137,153
- -------------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (Special Act School Districts) 1 5.625 07/01/2009 01/01/2009 A 65,180
- -------------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (Special Act School Districts) 1 5.700 07/01/2010 01/01/2009 A 30,074
- -------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Special Act School Districts) 1 5.750 07/01/2011 01/01/2009 A 10,025
- -------------------------------------------------------------------------------------------------------------------------------
320,000 NYS DA (Special Act School Districts) 1 5.875 07/01/2013 01/01/2009 A 320,851
- -------------------------------------------------------------------------------------------------------------------------------
15,000 NYS DA (Special Act School Districts) 1 6.000 07/01/2016 01/01/2009 A 15,042
- -------------------------------------------------------------------------------------------------------------------------------
510,000 NYS DA (Special Act School Districts) 1 6.000 07/01/2019 01/01/2009 A 511,148
- -------------------------------------------------------------------------------------------------------------------------------
3,400,000 NYS DA (St. Barnabas Hospital) 1 5.350 08/01/2017 02/01/2009 A 3,407,208
- -------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (St. Barnabas Hospital) 1 5.450 08/01/2035 08/01/2008 A 100,114
- -------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (St. Francis Hospital) 1 5.500 07/01/2029 07/01/2009 A 100,356
- -------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (St. John's Health Care Corp.) 1 6.250 02/01/2036 08/01/2008 A 35,036
- -------------------------------------------------------------------------------------------------------------------------------
5,090,000 NYS DA (St. Joseph's Hospital Health Center) 1 5.250 07/01/2018 2 01/01/2009 A 5,148,077
- -------------------------------------------------------------------------------------------------------------------------------
3,685,000 NYS DA (St. Lawrence) 1 5.400 08/15/2026 08/15/2017 A 3,947,851
- -------------------------------------------------------------------------------------------------------------------------------
76,960,000 NYS DA (St. Luke's Roosevelt Hospital) 7 4.800 08/15/2025 08/15/2015 A 77,816,950
- -------------------------------------------------------------------------------------------------------------------------------
24,000,000 NYS DA (St. Luke's Roosevelt Hospital) 1 4.800 08/15/2025 08/15/2015 A 24,267,120
- -------------------------------------------------------------------------------------------------------------------------------
2,005,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 2 07/01/2009 A 2,046,704
- -------------------------------------------------------------------------------------------------------------------------------
80,000 NYS DA (State University Athletic Facilities) 1 5.250 07/01/2018 01/01/2009 A 81,476
- -------------------------------------------------------------------------------------------------------------------------------
375,000 NYS DA (State University Educational Facilities) 5.125 05/15/2021 11/15/2008 A 379,159
- -------------------------------------------------------------------------------------------------------------------------------
255,000 NYS DA (State University Educational Facilities) 5.125 05/15/2021 11/15/2008 A 257,899
- -------------------------------------------------------------------------------------------------------------------------------
30,000 NYS DA (State University Educational
Facilities) 1 5.250 05/15/2011 05/15/2009 A 30,357
- -------------------------------------------------------------------------------------------------------------------------------
9,700,000 NYS DA (State University Educational
Facilities) 1 5.375 05/15/2011 11/15/2008 A 9,814,072
- -------------------------------------------------------------------------------------------------------------------------------
10,000 NYS DA (Staten Island University Hospital) 1 5.000 07/01/2017 01/01/2009 A 10,105
- -------------------------------------------------------------------------------------------------------------------------------
345,000 NYS DA (Suffern Free Library Assoc.) 1 5.000 07/01/2020 01/01/2009 A 351,093
- -------------------------------------------------------------------------------------------------------------------------------
5,000 NYS DA (The Highlands Living) 6.600 02/01/2034 08/01/2008 A 5,021
- -------------------------------------------------------------------------------------------------------------------------------
2,815,000 NYS DA (The Rosalind & Joseph Gurwin Jewish
Geriatric Center of Long Island) 1 5.400 02/01/2015 08/01/2008 A 2,848,836
- -------------------------------------------------------------------------------------------------------------------------------
170,000 NYS DA (The Rosalind & Joseph Gurwin Jewish
Geriatric Center of Long Island) 1 5.700 02/01/2037 08/01/2008 A 171,601
- -------------------------------------------------------------------------------------------------------------------------------
2,145,000 NYS DA (United Cerebral Palsy Assoc.
of Nassau County) 1 5.500 07/01/2024 01/01/2009 A 2,147,789
F20 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- -------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,250,000 NYS DA (United Cerebral Palsy Assoc. of NYC) 1 5.750% 07/01/2018 2 07/01/2012 A $ 1,337,725
- --------------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA (United Health Services Hospitals) 1 5.375 08/01/2027 08/01/2008 A 178,278
- --------------------------------------------------------------------------------------------------------------------------------
9,705,000 NYS DA (United Health Services Hospitals) 1 5.500 08/01/2017 02/01/2010 A 9,914,919
- --------------------------------------------------------------------------------------------------------------------------------
45,000 NYS DA (University of Rochester) 1 5.000 07/01/2027 07/01/2010 A 45,195
- --------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Upstate Community Colleges) 1 5.000 07/01/2028 07/01/2009 A 20,200
- --------------------------------------------------------------------------------------------------------------------------------
1,905,000 NYS DA (Upstate Community Colleges) 1 5.125 07/01/2021 07/01/2014 A 1,975,637
- --------------------------------------------------------------------------------------------------------------------------------
1,165,000 NYS DA (Upstate Community Colleges) 1 5.125 07/01/2022 07/01/2014 A 1,204,167
- --------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (W.K. Nursing Home) 6.050 02/01/2026 08/01/2008 A 35,048
- --------------------------------------------------------------------------------------------------------------------------------
2,645,000 NYS DA (W.K. Nursing Home) 6.125 02/01/2036 08/01/2008 A 2,648,148
- --------------------------------------------------------------------------------------------------------------------------------
615,000 NYS DA (Wesley Gardens) 1 6.125 08/01/2035 08/01/2008 A 616,255
- --------------------------------------------------------------------------------------------------------------------------------
500,000 NYS DA (Willow Towers) 5.250 02/01/2022 08/01/2012 A 519,710
- --------------------------------------------------------------------------------------------------------------------------------
285,000 NYS DA (Wyckoff Heights Medical Center) 1 5.200 02/15/2013 08/15/2008 A 289,854
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Wyckoff Heights Medical Center) 1 5.200 02/15/2014 08/15/2008 A 1,016,840
- --------------------------------------------------------------------------------------------------------------------------------
1,020,000 NYS DA (Wyckoff Heights Medical Center) 1 5.300 08/15/2021 08/15/2008 A 1,036,789
- --------------------------------------------------------------------------------------------------------------------------------
2,230,000 NYS DA Service Contract (CCFDP) 1 5.375 04/01/2020 04/01/2012 A 2,394,797
- --------------------------------------------------------------------------------------------------------------------------------
2,350,000 NYS DA Service Contract (CCFDP) 1 5.375 04/01/2021 04/01/2012 A 2,523,665
- --------------------------------------------------------------------------------------------------------------------------------
39,570,000 NYS DA, Series B 1 6.650 08/15/2030 08/15/2012 A 40,944,266
- --------------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC 5.600 09/15/2013 09/15/2008 A 15,039
- --------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS EFC 1 5.650 02/15/2017 08/15/2008 A 1,022,630
- --------------------------------------------------------------------------------------------------------------------------------
3,195,000 NYS EFC (Clean Water & Drinking Revolving
Funds) 1 5.000 06/15/2019 12/15/2008 A 3,231,423
- --------------------------------------------------------------------------------------------------------------------------------
955,000 NYS EFC (L.I. Water Corp.) 1 5.250 08/01/2027 08/01/2027 928,050
- --------------------------------------------------------------------------------------------------------------------------------
20,000 NYS EFC (NYC Municipal Water Finance Authority) 5.875 06/15/2014 12/15/2008 A 20,768
- --------------------------------------------------------------------------------------------------------------------------------
25,000 NYS EFC (NYS Water Services) 5.700 07/15/2012 01/15/2009 A 25,067
- --------------------------------------------------------------------------------------------------------------------------------
860,000 NYS EFC (NYS Water Services) 1 6.875 06/15/2010 2 12/15/2008 A 863,302
- --------------------------------------------------------------------------------------------------------------------------------
1,705,000 NYS EFC (NYS Water Services) 1 6.875 06/15/2014 2 12/15/2008 A 1,711,479
- --------------------------------------------------------------------------------------------------------------------------------
270,000 NYS EFC (NYS Water Services) 7.250 06/15/2010 2 12/15/2008 A 271,121
- --------------------------------------------------------------------------------------------------------------------------------
490,000 NYS EFC (NYS Water Services) 1 7.500 06/15/2012 2 12/15/2008 A 513,486
- --------------------------------------------------------------------------------------------------------------------------------
15,000 NYS EFC (NYS Water Services) 1 7.500 06/15/2012 2 12/15/2008 A 15,696
- --------------------------------------------------------------------------------------------------------------------------------
500,000 NYS EFC (Pollution Control) 1 5.550 08/15/2014 08/15/2008 A 511,260
- --------------------------------------------------------------------------------------------------------------------------------
930,000 NYS EFC (Spring Valley Water Company) 5.650 11/01/2023 11/01/2008 A 934,492
- --------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS EFC (Spring Valley Water Company) 1 6.300 08/01/2024 08/01/2008 A 2,011,120
- --------------------------------------------------------------------------------------------------------------------------------
1,260,000 NYS EFC (State Water Revolving Fund) 1 5.800 01/15/2014 01/15/2009 A 1,263,591
- --------------------------------------------------------------------------------------------------------------------------------
4,250,000 NYS EFC (Waste Management) 4.450 07/01/2017 07/01/2009 C 4,259,308
- --------------------------------------------------------------------------------------------------------------------------------
33,870,000 NYS ERDA (Brooklyn Union Gas Company) 1 5.500 01/01/2021 01/01/2009 A 34,019,028
- --------------------------------------------------------------------------------------------------------------------------------
10,650,000 NYS ERDA (Con Ed) 3 2.870 4 10/01/2036 10/01/2036 10,607,400
- --------------------------------------------------------------------------------------------------------------------------------
132,710,000 NYS ERDA (Con Ed) 4.700 06/01/2036 10/03/2008 A 132,771,047
- --------------------------------------------------------------------------------------------------------------------------------
1,030,000 NYS ERDA (LILCO) 1 5.150 03/01/2016 09/01/2008 A 1,032,070
- --------------------------------------------------------------------------------------------------------------------------------
4,475,000 NYS ERDA (LILCO) 1 5.150 03/01/2016 09/01/2008 A 4,479,341
- --------------------------------------------------------------------------------------------------------------------------------
4,245,000 NYS ERDA (LILCO) 1 5.150 03/01/2016 09/01/2008 A 4,248,566
F21 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 8,795,000 NYS ERDA (LILCO) 1 5.150% 03/01/2016 09/01/2008 A $ 8,802,388
- ------------------------------------------------------------------------------------------------------------------------------
5,720,000 NYS ERDA (Niagara Mohawk Power Corp.) 3 4.965 4 12/01/2026 08/01/2008 C 5,720,000
- ------------------------------------------------------------------------------------------------------------------------------
2,140,000 NYS ERDA (Niagara Mohawk Power Corp.) 1 5.150 11/01/2025 11/01/2008 A 2,162,342
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS GO 1 5.000 09/15/2017 09/15/2008 A 5,074
- ------------------------------------------------------------------------------------------------------------------------------
100,000 NYS GO 1 5.250 10/01/2012 10/01/2008 A 100,221
- ------------------------------------------------------------------------------------------------------------------------------
15,000 NYS GO 1 5.250 11/15/2017 11/15/2008 A 15,147
- ------------------------------------------------------------------------------------------------------------------------------
35,000 NYS GO 1 5.250 05/01/2018 11/01/2008 A 35,236
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS GO 1 5.250 11/15/2021 11/15/2008 A 5,031
- ------------------------------------------------------------------------------------------------------------------------------
80,000 NYS GO 1 5.300 07/15/2015 01/15/2009 A 80,182
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYS GO 1 5.300 07/15/2017 01/15/2009 A 10,022
- ------------------------------------------------------------------------------------------------------------------------------
100,000 NYS GO 1 5.375 10/01/2011 10/01/2008 A 100,231
- ------------------------------------------------------------------------------------------------------------------------------
35,000 NYS GO 1 5.500 07/15/2024 01/15/2009 A 35,054
- ------------------------------------------------------------------------------------------------------------------------------
485,000 NYS GO 5.500 07/15/2024 01/15/2009 A 485,679
- ------------------------------------------------------------------------------------------------------------------------------
40,000 NYS GO 1 6.600 12/01/2014 12/01/2008 A 40,723
- ------------------------------------------------------------------------------------------------------------------------------
820,000 NYS HFA (Golden Age Apartments) 5.000 02/15/2037 03/01/2023 B 758,951
- ------------------------------------------------------------------------------------------------------------------------------
2,565,000 NYS HFA (Hospital & Nursing Home) 1 5.150 11/01/2016 11/01/2009 A 2,570,592
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2012 11/01/2008 E 5,410
- ------------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2010 11/01/2008 E 15,974
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2010 11/01/2008 E 5,341
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2013 11/01/2008 A 11,159
- ------------------------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2014 11/01/2008 E 39,624
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2009 11/01/2008 E 5,290
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Loewn Devel. of Wappingers Falls) 5.250 08/15/2019 02/15/2009 A 25,116
- ------------------------------------------------------------------------------------------------------------------------------
65,000 NYS HFA (Meadow Manor) 1 7.750 11/01/2019 2 11/01/2008 A 66,301
- ------------------------------------------------------------------------------------------------------------------------------
345,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2022 08/15/2012 A 347,136
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Multifamily Hsg.) 5.400 02/15/2016 02/15/2011 A 50,597
- ------------------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2011 08/15/2009 A 40,374
- ------------------------------------------------------------------------------------------------------------------------------
465,000 NYS HFA (Multifamily Hsg.) 5.850 08/15/2013 2 08/15/2008 A 473,886
- ------------------------------------------------------------------------------------------------------------------------------
455,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 2 08/15/2008 A 460,369
- ------------------------------------------------------------------------------------------------------------------------------
275,000 NYS HFA (Multifamily Hsg.) 6.000 08/15/2027 2 08/15/2008 A 278,592
- ------------------------------------------------------------------------------------------------------------------------------
240,000 NYS HFA (Multifamily Hsg.) 6.050 08/15/2032 08/15/2008 A 240,782
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2028 08/15/2008 A 50,058
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Multifamily Hsg.) 1 6.250 08/15/2014 2 08/15/2008 A 10,016
- ------------------------------------------------------------------------------------------------------------------------------
15,000 NYS HFA (Multifamily Hsg.) 1 6.250 08/15/2014 08/15/2008 A 15,024
- ------------------------------------------------------------------------------------------------------------------------------
140,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2025 08/15/2008 A 141,641
- ------------------------------------------------------------------------------------------------------------------------------
165,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2027 2 08/15/2008 A 165,165
- ------------------------------------------------------------------------------------------------------------------------------
280,000 NYS HFA (Multifamily Hsg.) 1 6.350 08/15/2023 2 08/15/2008 A 283,934
- ------------------------------------------------------------------------------------------------------------------------------
395,000 NYS HFA (Multifamily Hsg.) 6.625 08/15/2012 08/15/2008 A 395,581
- ------------------------------------------------------------------------------------------------------------------------------
1,365,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 2 08/15/2008 A 1,366,297
- ------------------------------------------------------------------------------------------------------------------------------
450,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 11/15/2008 A 457,178
- ------------------------------------------------------------------------------------------------------------------------------
90,000 NYS HFA (Multifamily Hsg.) 6.850 11/01/2019 2 11/01/2008 A 92,924
F22 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 890,000 NYS HFA (Newburgh Interfaith Emergency Hsg.) 7.050% 11/01/2012 11/01/2008 A $ 914,600
- ------------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Nonprofit Hsg.) 1 6.200 11/01/2008 11/01/2008 30,310
- ------------------------------------------------------------------------------------------------------------------------------
30,000 NYS HFA (Nonprofit Hsg.) 1 6.200 11/01/2009 11/01/2008 A 30,741
- ------------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Nonprofit Hsg.) 1 6.200 11/01/2010 11/01/2008 A 10,247
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Nonprofit Hsg.) 1 6.200 11/01/2011 11/01/2008 A 51,235
- ------------------------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Nonprofit Hsg.) 1 6.200 11/01/2012 11/01/2008 A 40,572
- ------------------------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Nonprofit Hsg.) 1 6.200 11/01/2013 11/01/2008 A 25,617
- ------------------------------------------------------------------------------------------------------------------------------
9,000 NYS HFA (Nonprofit Hsg.) 1 6.875 11/01/2010 11/01/2008 A 9,103
- ------------------------------------------------------------------------------------------------------------------------------
445,000 NYS HFA (Nonprofit Hsg.) 1 8.400 11/01/2008 11/01/2008 452,414
- ------------------------------------------------------------------------------------------------------------------------------
2,180,000 NYS HFA (Phillips Village) 7.750 08/15/2017 08/15/2008 A 2,222,815
- ------------------------------------------------------------------------------------------------------------------------------
3,125,000 NYS HFA (Senior Devel. Hsg.) 5.100 11/15/2023 05/14/2017 B 3,088,438
- ------------------------------------------------------------------------------------------------------------------------------
700,000 NYS HFA (Service Contract) 1 5.250 09/15/2014 09/15/2008 A 707,749
- ------------------------------------------------------------------------------------------------------------------------------
55,000 NYS HFA (Service Contract) 1 5.375 03/15/2023 09/15/2008 A 55,031
- ------------------------------------------------------------------------------------------------------------------------------
695,000 NYS HFA (Service Contract) 1 5.500 09/15/2018 09/15/2008 A 702,569
- ------------------------------------------------------------------------------------------------------------------------------
1,990,000 NYS HFA (Service Contract) 1 5.500 09/15/2022 2 09/15/2008 A 2,011,253
- ------------------------------------------------------------------------------------------------------------------------------
11,700,000 NYS HFA (Service Contract) 1 5.500 09/15/2022 09/15/2008 A 11,825,190
- ------------------------------------------------------------------------------------------------------------------------------
50,000 NYS HFA (Service Contract) 1 6.000 03/15/2026 09/15/2008 A 50,145
- ------------------------------------------------------------------------------------------------------------------------------
1,760,000 NYS HFA (Simeon Dewitt) 1 8.000 11/01/2018 2 11/01/2008 A 1,798,016
- ------------------------------------------------------------------------------------------------------------------------------
385,000 NYS HFA (Tiffany Gardens) 4.500 08/15/2015 04/28/2012 B 386,779
- ------------------------------------------------------------------------------------------------------------------------------
275,000 NYS HFA (Wyndham Lawn Home for Children) 5.900 08/15/2017 08/15/2008 A 278,567
- ------------------------------------------------------------------------------------------------------------------------------
115,000 NYS HFA, Series A 5.800 11/01/2009 11/01/2008 A 115,328
- ------------------------------------------------------------------------------------------------------------------------------
130,000 NYS HFA, Series A 5.875 11/01/2010 11/01/2008 A 130,358
- ------------------------------------------------------------------------------------------------------------------------------
12,185,000 NYS HFA, Series A 1 6.100 11/01/2015 2 11/01/2008 A 12,222,652
- ------------------------------------------------------------------------------------------------------------------------------
6,425,000 NYS HFA, Series A 1 6.125 11/01/2020 2 11/01/2008 A 6,437,465
- ------------------------------------------------------------------------------------------------------------------------------
3,650,000 NYS HFA, Series C 1 5.500 09/15/2018 09/15/2008 A 3,689,712
- ------------------------------------------------------------------------------------------------------------------------------
165,000 NYS LGSC (SCSB) 3 6.375 12/15/2009 03/22/2009 B 164,906
- ------------------------------------------------------------------------------------------------------------------------------
500,000 NYS Medcare (Hospital & Nursing Home) 1 5.400 08/15/2033 2 08/15/2008 A 500,540
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS Medcare (Hospital & Nursing Home) 1 6.100 08/15/2015 08/15/2008 A 5,013
- ------------------------------------------------------------------------------------------------------------------------------
380,000 NYS Medcare (Hospital & Nursing Home) 1 6.200 08/15/2013 08/15/2008 A 381,113
- ------------------------------------------------------------------------------------------------------------------------------
1,200,000 NYS Medcare (Hospital & Nursing Home) 1 6.300 08/15/2023 08/15/2008 A 1,202,592
- ------------------------------------------------------------------------------------------------------------------------------
300,000 NYS Medcare (Hospital & Nursing Home) 7.000 08/15/2032 08/15/2008 A 300,753
- ------------------------------------------------------------------------------------------------------------------------------
175,000 NYS Medcare (Hospital & Nursing Home) 1 7.400 11/01/2016 2 11/01/2008 A 175,663
- ------------------------------------------------------------------------------------------------------------------------------
110,000 NYS Medcare (Hospital & Nursing Home) 1 9.375 11/01/2016 2 11/01/2008 A 111,722
- ------------------------------------------------------------------------------------------------------------------------------
150,000 NYS Medcare (M.G. Nursing Home) 1 6.375 02/15/2035 08/15/2008 A 150,326
- ------------------------------------------------------------------------------------------------------------------------------
10,710,000 NYS Municipal Bond Bank Agency
(Special School Purpose) 1 5.250 12/01/2019 06/01/2013 A 11,202,339
- ------------------------------------------------------------------------------------------------------------------------------
2,930,000 NYS Municipal Bond Bank Agency
(Special School Purpose) 1 5.500 06/01/2015 06/01/2013 A 3,138,850
- ------------------------------------------------------------------------------------------------------------------------------
2,285,000 NYS Power Authority 1 5.250 11/15/2030 11/15/2010 A 2,347,266
- ------------------------------------------------------------------------------------------------------------------------------
5,000 NYS Power Authority 5.875 01/01/2010 01/01/2009 A 5,171
- ------------------------------------------------------------------------------------------------------------------------------
10,000,000 NYS UDC (Personal Income Tax) 5.250 03/15/2034 03/15/2014 A 10,262,800
F23 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$55,305,000 NYS UDC (South Mall) CAB 5.601% 10 01/01/2011 12/12/2009 B $ 48,755,782
- ---------------------------------------------------------------------------------------------------------------------------------
445,000 NYS UDC (South Mall) CAB 1 5.851 10 01/01/2011 12/12/2009 B 390,243
- ---------------------------------------------------------------------------------------------------------------------------------
410,000 NYS UDC (South Mall) CAB 1 6.033 10 01/01/2011 12/12/2009 B 358,926
- ---------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS UDC (Subordinated Lien) 1 5.125 07/01/2020 07/01/2014 A 4,159,000
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS UDC (Subordinated Lien) 1 5.125 07/01/2021 07/01/2014 A 1,036,020
- ---------------------------------------------------------------------------------------------------------------------------------
140,000 NYS UDC (Subordinated Lien) 5.375 07/01/2022 01/01/2009 A 140,248
- ---------------------------------------------------------------------------------------------------------------------------------
6,750,000 NYS UDC (Subordinated Lien) 1 5.500 07/01/2016 01/01/2009 A 6,805,688
- ---------------------------------------------------------------------------------------------------------------------------------
24,550,000 NYS UDC (Subordinated Lien) 1 5.500 07/01/2016 2 01/01/2009 A 24,611,375
- ---------------------------------------------------------------------------------------------------------------------------------
6,665,000 NYS UDC (Subordinated Lien) 1 5.500 07/01/2022 2 01/01/2009 A 6,674,931
- ---------------------------------------------------------------------------------------------------------------------------------
6,720,000 NYS UDC (Subordinated Lien) 1 5.600 07/01/2026 2 01/01/2009 A 6,730,550
- ---------------------------------------------------------------------------------------------------------------------------------
70,000 Oneida County, NY GO 1 5.400 03/15/2011 09/15/2008 A 70,356
- ---------------------------------------------------------------------------------------------------------------------------------
2,285,000 Oneida County, NY IDA (Faxton Hospital) 1 6.625 01/01/2015 2 01/01/2010 A 2,404,140
- ---------------------------------------------------------------------------------------------------------------------------------
600,000 Oneida County, NY IDA (Presbyterian Home) 6.100 06/01/2020 06/01/2010 A 622,902
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 Oneida County, NY IDA (Presbyterian Home) 6.250 06/01/2015 06/01/2010 A 1,048,450
- ---------------------------------------------------------------------------------------------------------------------------------
15,000 Onondaga County, NY GO 5.000 02/15/2011 08/15/2008 A 15,029
- ---------------------------------------------------------------------------------------------------------------------------------
365,000 Onondaga County, NY IDA (Coltec Industries) 9.875 10/01/2010 10/01/2008 A 369,807
- ---------------------------------------------------------------------------------------------------------------------------------
920,000 Onondaga County, NY IDA (Le Moyne College) 5.500 03/01/2014 03/01/2009 A 933,772
- ---------------------------------------------------------------------------------------------------------------------------------
3,100,000 Onondaga County, NY IDA (Solvay Paperboard) 6.800 11/01/2014 2 11/01/2010 A 3,120,894
- ---------------------------------------------------------------------------------------------------------------------------------
13,965,000 Onondaga County, NY Res Rec 5.000 05/01/2010 10/24/2009 B 13,708,882
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 Ontario County, NY GO 5.550 08/15/2009 08/15/2008 A 25,098
- ---------------------------------------------------------------------------------------------------------------------------------
60,000 Orange County, NY IDA (Orange Mental
Retardation Properties) 6.125 05/01/2016 2 11/01/2008 A 60,141
- ---------------------------------------------------------------------------------------------------------------------------------
5,065,000 Orange County, NY IDA (St. Luke's Cornwall
Hospital Obligated Group) 1 6.000 12/01/2016 2 12/01/2011 A 5,424,260
- ---------------------------------------------------------------------------------------------------------------------------------
1,920,000 Orange County, NY IDA (St. Luke's Cornwall
Hospital Obligated Group) 1 6.000 12/01/2016 2 12/01/2011 A 2,056,186
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 Oswego County, NY IDA (Seneca Hill Manor) 5.550 08/01/2022 08/01/2008 A 50,908
- ---------------------------------------------------------------------------------------------------------------------------------
250,000 Oswego County, NY IDA (Seneca Hill Manor) 5.650 08/01/2037 08/01/2008 A 255,403
- ---------------------------------------------------------------------------------------------------------------------------------
80,000 Otsego County, NY IDA (Bassett
Healthcare Project) 1 5.375 11/01/2020 11/01/2008 A 81,312
- ---------------------------------------------------------------------------------------------------------------------------------
575,000 Otsego County, NY IDA (Mary Imogene
Bassett Hospital) 1 5.350 11/01/2020 11/01/2008 A 584,361
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 Oyster Bay, NY GO 5.000 12/01/2018 12/01/2008 A 35,248
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 Philadelphia, NY GO 7.500 12/15/2009 12/15/2009 53,399
- ---------------------------------------------------------------------------------------------------------------------------------
18,355,000 Port Authority NY/NJ (JFK International
Air Terminal) 7 6.250 06/01/2012 06/01/2012 19,752,536
- ---------------------------------------------------------------------------------------------------------------------------------
88,370,000 Port Authority NY/NJ (JFK International
Air Terminal) 1 5.750 12/01/2022 2 12/01/2008 A 88,412,418
- ---------------------------------------------------------------------------------------------------------------------------------
43,050,000 Port Authority NY/NJ (JFK International
Air Terminal) 1 5.750 12/01/2025 12/01/2008 A 42,674,174
- ---------------------------------------------------------------------------------------------------------------------------------
36,490,000 Port Authority NY/NJ (JFK International
Air Terminal) 1 5.900 12/01/2017 2 12/01/2008 A 36,960,721
- ---------------------------------------------------------------------------------------------------------------------------------
24,410,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 10/01/2008 A 24,231,563
F24 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$27,840,000 Port Authority NY/NJ (KIAC) 6.750% 10/01/2019 2 10/01/2008 A $ 27,861,437
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 103rd Series 1 5.250 12/15/2012 12/15/2008 A 20,039
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 116th Series 1 5.000 10/01/2012 10/02/2008 A 10,016
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Port Authority NY/NJ, 116th Series 1 5.000 10/01/2013 10/01/2008 A 100,156
- ------------------------------------------------------------------------------------------------------------------------------
140,000 Port Authority NY/NJ, 116th Series 1 5.250 10/01/2014 10/01/2008 A 140,253
- ------------------------------------------------------------------------------------------------------------------------------
55,000 Port Authority NY/NJ, 116th Series 1 5.250 10/01/2015 10/01/2008 A 55,100
- ------------------------------------------------------------------------------------------------------------------------------
815,000 Port Authority NY/NJ, 122nd Series 1 5.000 07/15/2018 07/15/2010 A 819,377
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 122nd Series 1 5.000 07/15/2020 07/15/2010 A 30,057
- ------------------------------------------------------------------------------------------------------------------------------
55,000 Port Authority NY/NJ, 122nd Series 1 5.000 07/15/2031 08/23/2029 B 53,532
- ------------------------------------------------------------------------------------------------------------------------------
165,000 Port Authority NY/NJ, 122nd Series 1 5.000 07/15/2031 08/23/2029 B 161,898
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Port Authority NY/NJ, 122nd Series 1 5.500 07/15/2011 01/15/2009 A 2,024,440
- ------------------------------------------------------------------------------------------------------------------------------
170,000 Port Authority NY/NJ, 122nd Series 1 5.500 07/15/2015 01/15/2009 A 172,077
- ------------------------------------------------------------------------------------------------------------------------------
65,000 Port Authority NY/NJ, 123rd Series 1 5.000 07/15/2028 07/15/2010 A 65,424
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 124th Series 1 4.800 08/01/2018 08/02/2008 A 30,021
- ------------------------------------------------------------------------------------------------------------------------------
1,695,000 Port Authority NY/NJ, 124th Series 1 5.000 08/01/2019 08/01/2008 A 1,701,255
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 124th Series 1 5.000 08/01/2021 08/01/2010 A 20,003
- ------------------------------------------------------------------------------------------------------------------------------
265,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2022 08/01/2010 A 265,093
- ------------------------------------------------------------------------------------------------------------------------------
325,000 Port Authority NY/NJ, 124th Series 1 5.000 08/01/2024 08/01/2024 319,348
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Port Authority NY/NJ, 124th Series 1 5.000 08/01/2025 08/01/2025 99,654
- ------------------------------------------------------------------------------------------------------------------------------
60,000 Port Authority NY/NJ, 124th Series 1 5.000 08/01/2031 09/08/2029 B 58,316
- ------------------------------------------------------------------------------------------------------------------------------
15,000 Port Authority NY/NJ, 126th Series 1 5.000 11/15/2024 05/20/2024 B 14,883
- ------------------------------------------------------------------------------------------------------------------------------
85,000 Port Authority NY/NJ, 126th Series 1 5.125 11/15/2032 05/20/2032 B 83,888
- ------------------------------------------------------------------------------------------------------------------------------
230,000 Port Authority NY/NJ, 127th Series 1 5.000 12/15/2022 12/15/2022 229,057
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 127th Series 1 5.000 12/15/2024 12/15/2024 29,800
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 Port Authority NY/NJ, 131st Series 1 5.000 12/15/2020 06/15/2013 A 1,508,715
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Port Authority NY/NJ, 131st Series 1 5.000 12/15/2026 12/15/2026 9,917
- ------------------------------------------------------------------------------------------------------------------------------
11,860,000 Port Authority NY/NJ, 139th Series 1 4.625 10/01/2019 10/01/2019 11,542,626
- ------------------------------------------------------------------------------------------------------------------------------
13,745,000 Port Authority NY/NJ, 141st Series 1 5.000 09/01/2021 09/01/2015 A 13,768,641
- ------------------------------------------------------------------------------------------------------------------------------
14,110,000 Port Authority NY/NJ, 141st Series 1 5.000 09/01/2022 09/01/2015 A 14,094,761
- ------------------------------------------------------------------------------------------------------------------------------
16,455,000 Port Authority NY/NJ, 141st Series 1 5.000 09/01/2025 09/01/2025 16,341,461
- ------------------------------------------------------------------------------------------------------------------------------
18,040,000 Port Authority NY/NJ, 141st Series 1 5.000 09/01/2027 09/01/2027 17,711,492
- ------------------------------------------------------------------------------------------------------------------------------
9,000,000 Port Authority NY/NJ, 143rd Series 1 5.000 10/01/2021 04/01/2016 A 9,056,790
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Port Authority NY/NJ, 147th Series 1 5.000 10/15/2026 10/15/2026 1,976,240
- ------------------------------------------------------------------------------------------------------------------------------
13,000,000 Port Authority NY/NJ, 151st Series 1 5.750 03/15/2035 03/15/2018 A 13,710,840
- ------------------------------------------------------------------------------------------------------------------------------
1,390,000 Poughkeepsie, NY IDA (Eastman & Bixby
Redevel. Corp.) 5.900 08/01/2020 08/01/2010 A 1,413,672
- ------------------------------------------------------------------------------------------------------------------------------
170,000 Putnam County, NY IDA (Brewster Plastics) 7.375 12/01/2008 12/01/2008 169,449
- ------------------------------------------------------------------------------------------------------------------------------
1,200,000 Rensselaer County, NY IDA (Franciscan Heights) 5.375 12/01/2025 12/01/2014 A 1,224,396
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Rensselaer County, NY IDA (Rensselaer
Polytechnical Institute) 1 5.125 08/01/2029 08/01/2011 A 40,151
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Rensselaer County, NY IDA (Rensselaer
Polytechnical Institute) 1 5.500 08/01/2022 08/01/2009 A 50,844
F25 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,470,000 Rensselaer County, NY Tobacco Asset
Securitization Corp. 5.200% 06/01/2025 03/04/2011 B $ 2,329,259
- ------------------------------------------------------------------------------------------------------------------------------
1,490,000 Rensselaer County, NY Tobacco Asset
Securitization Corp. 5.750 06/01/2043 09/04/2024 B 1,465,668
- ------------------------------------------------------------------------------------------------------------------------------
85,000 Rensselaer, NY Hsg. Authority (Renwyck) 7.650 01/01/2011 01/01/2009 A 86,486
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Rensselaer, NY Municipal Leasing Corp.
(Rensselaer County Nursing Home) 6.900 06/01/2024 12/01/2008 A 50,333
- ------------------------------------------------------------------------------------------------------------------------------
1,060,000 Riverhead, NY HDC (Riverpointe Apartments) 5.850 08/01/2010 09/10/2009 D 1,060,541
- ------------------------------------------------------------------------------------------------------------------------------
165,000 Rochester, NY Hsg. Authority (Stonewood Village) 5.900 09/01/2009 09/01/2008 A 164,992
- ------------------------------------------------------------------------------------------------------------------------------
35,000 Rockland County, NY Solid Waste Management
Authority 5.625 12/15/2014 12/15/2008 A 35,430
- ------------------------------------------------------------------------------------------------------------------------------
55,000 Rockland County, NY Solid Waste
Management Authority 1 5.750 12/15/2018 12/15/2009 A 56,734
- ------------------------------------------------------------------------------------------------------------------------------
10,045,000 Rockland County, NY Tobacco Asset
Securitization Corp. 5.500 08/15/2025 09/17/2014 B 9,741,038
- ------------------------------------------------------------------------------------------------------------------------------
80,000 Rome, NY HDC, Series A 1 6.250 01/01/2024 01/01/2009 A 81,674
- ------------------------------------------------------------------------------------------------------------------------------
500,000 Saratoga County, NY IDA (Saratoga
Hospital/Saratoga Care/Benedict Community
Health Center) 5.000 12/01/2014 12/01/2014 511,270
- ------------------------------------------------------------------------------------------------------------------------------
3,725,000 Saratoga County, NY IDA (Saratoga
Hospital/Saratoga Care/Benedict Community
Health Center) 1 5.750 12/01/2023 12/01/2008 A 3,726,453
- ------------------------------------------------------------------------------------------------------------------------------
6,540,000 Saratoga County, NY IDA (Saratoga
Hospital/Saratoga Care/Benedict Community
Health Center) 1 5.750 12/01/2033 12/01/2008 A 6,541,439
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Scotia, NY GO 6.100 01/15/2012 01/15/2009 A 25,473
- ------------------------------------------------------------------------------------------------------------------------------
870,000 SONYMA, Series 101 5.000 10/01/2018 10/06/2017 B 871,871
- ------------------------------------------------------------------------------------------------------------------------------
25,000 SONYMA, Series 101 5.250 04/01/2022 10/01/2011 A 25,083
- ------------------------------------------------------------------------------------------------------------------------------
2,380,000 SONYMA, Series 101 5.350 10/01/2026 10/01/2011 A 2,389,639
- ------------------------------------------------------------------------------------------------------------------------------
1,530,000 SONYMA, Series 145 4.950 10/01/2023 12/03/2020 B 1,487,894
- ------------------------------------------------------------------------------------------------------------------------------
35,000 SONYMA, Series 27 5.250 04/01/2013 04/01/2010 A 35,434
- ------------------------------------------------------------------------------------------------------------------------------
11,465,000 SONYMA, Series 29 5.400 10/01/2022 2 10/01/2010 A 11,553,281
- ------------------------------------------------------------------------------------------------------------------------------
9,260,000 SONYMA, Series 29 5.450 10/01/2031 10/01/2010 A 9,567,895
- ------------------------------------------------------------------------------------------------------------------------------
400,000 SONYMA, Series 31 5.200 10/01/2021 04/01/2011 A 400,676
- ------------------------------------------------------------------------------------------------------------------------------
485,000 SONYMA, Series 31 5.300 10/01/2031 08/13/2027 B 474,805
- ------------------------------------------------------------------------------------------------------------------------------
140,000 SONYMA, Series 63 5.600 10/01/2010 04/01/2009 A 141,595
- ------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 63 5.700 04/01/2011 10/01/2008 A 101,045
- ------------------------------------------------------------------------------------------------------------------------------
85,000 SONYMA, Series 63 1 5.700 10/01/2011 10/01/2008 A 85,920
- ------------------------------------------------------------------------------------------------------------------------------
75,000 SONYMA, Series 65 1 5.300 10/01/2009 01/01/2009 A 75,879
- ------------------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series 65 5.550 10/01/2012 01/01/2009 A 10,109
- ------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 67 1 5.600 10/01/2014 2 09/01/2009 A 100,856
- ------------------------------------------------------------------------------------------------------------------------------
195,000 SONYMA, Series 67 5.600 10/01/2014 09/01/2008 A 196,778
F26 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,065,000 SONYMA, Series 67 5.700% 10/01/2017 2 09/01/2008 A $ 1,073,382
- ------------------------------------------------------------------------------------------------------------------------------
245,000 SONYMA, Series 67 5.800 10/01/2028 2 09/01/2009 A 247,925
- ------------------------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 67 1 5.800 10/01/2028 09/01/2009 A 20,234
- ------------------------------------------------------------------------------------------------------------------------------
50,000 SONYMA, Series 69 5.400 10/01/2019 09/01/2008 A 50,285
- ------------------------------------------------------------------------------------------------------------------------------
150,000 SONYMA, Series 69 1 5.400 10/01/2019 03/01/2009 A 150,641
- ------------------------------------------------------------------------------------------------------------------------------
11,320,000 SONYMA, Series 70 5.375 10/01/2017 2 09/01/2008 A 11,306,756
- ------------------------------------------------------------------------------------------------------------------------------
120,000 SONYMA, Series 70 1 5.375 10/01/2017 09/01/2008 A 121,297
- ------------------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series 71 4.900 04/01/2009 01/01/2009 A 10,117
- ------------------------------------------------------------------------------------------------------------------------------
270,000 SONYMA, Series 71 5.350 10/01/2018 07/01/2010 A 271,944
- ------------------------------------------------------------------------------------------------------------------------------
4,870,000 SONYMA, Series 71 5.400 04/01/2029 07/01/2010 A 4,920,356
- ------------------------------------------------------------------------------------------------------------------------------
270,000 SONYMA, Series 73-A 5.250 10/01/2017 09/01/2008 A 271,628
- ------------------------------------------------------------------------------------------------------------------------------
60,000 SONYMA, Series 73-B 5.450 10/01/2024 2 09/30/2011 A 60,627
- ------------------------------------------------------------------------------------------------------------------------------
15,000 SONYMA, Series 77 5.600 04/01/2010 11/23/2009 A 15,340
- ------------------------------------------------------------------------------------------------------------------------------
375,000 SONYMA, Series 77 5.700 04/01/2011 11/23/2009 A 384,713
- ------------------------------------------------------------------------------------------------------------------------------
10,000 SONYMA, Series 79 5.250 10/01/2021 03/01/2009 A 10,019
- ------------------------------------------------------------------------------------------------------------------------------
55,000 SONYMA, Series 79 1 5.250 10/01/2021 03/01/2009 A 55,036
- ------------------------------------------------------------------------------------------------------------------------------
765,000 SONYMA, Series 79 5.300 04/01/2029 03/01/2009 A 773,660
- ------------------------------------------------------------------------------------------------------------------------------
2,140,000 SONYMA, Series 80 5.100 10/01/2017 2 03/01/2009 A 2,173,512
- ------------------------------------------------------------------------------------------------------------------------------
5,350,000 SONYMA, Series 82 5.550 10/01/2019 2 10/01/2009 A 5,378,997
- ------------------------------------------------------------------------------------------------------------------------------
15,840,000 SONYMA, Series 83 5.450 04/01/2018 2 10/01/2009 A 16,047,979
- ------------------------------------------------------------------------------------------------------------------------------
45,000 SONYMA, Series 83 5.550 10/01/2027 10/01/2009 A 45,278
- ------------------------------------------------------------------------------------------------------------------------------
215,000 SONYMA, Series 85 5.400 04/01/2012 09/01/2009 A 219,352
- ------------------------------------------------------------------------------------------------------------------------------
100,000 SONYMA, Series 91 5.300 10/01/2009 01/01/2009 A 101,178
- ------------------------------------------------------------------------------------------------------------------------------
4,550,000 SONYMA, Series 92 5.750 04/01/2020 10/01/2009 A 4,640,682
- ------------------------------------------------------------------------------------------------------------------------------
6,150,000 SONYMA, Series 97 5.400 10/01/2021 2 04/01/2011 A 6,185,363
- ------------------------------------------------------------------------------------------------------------------------------
660,000 SONYMA, Series 98 5.050 10/01/2017 04/01/2011 A 674,692
- ------------------------------------------------------------------------------------------------------------------------------
385,000 Spring Valley, NY (Quality Redevel.) 5.000 06/15/2021 06/15/2017 A 384,992
- ------------------------------------------------------------------------------------------------------------------------------
405,000 Spring Valley, NY (Quality Redevel.) 5.000 06/15/2022 06/15/2017 A 403,380
- ------------------------------------------------------------------------------------------------------------------------------
300,000 Spring Valley, NY GO 5.000 05/01/2020 05/15/2015 A 301,359
- ------------------------------------------------------------------------------------------------------------------------------
310,000 Spring Valley, NY GO 5.000 05/01/2021 05/15/2015 A 310,691
- ------------------------------------------------------------------------------------------------------------------------------
325,000 Spring Valley, NY GO 5.000 05/01/2022 05/15/2015 A 324,977
- ------------------------------------------------------------------------------------------------------------------------------
335,000 Spring Valley, NY GO 5.000 05/01/2023 05/01/2015 A 334,283
- ------------------------------------------------------------------------------------------------------------------------------
350,000 Spring Valley, NY GO 5.000 05/01/2024 05/01/2015 A 349,216
- ------------------------------------------------------------------------------------------------------------------------------
365,000 Spring Valley, NY GO 5.000 05/01/2025 05/01/2025 362,923
- ------------------------------------------------------------------------------------------------------------------------------
3,640,000 St. Lawrence County, NY IDA
(Curran Renewable Energy) 6.200 12/01/2017 06/01/2014 B 3,540,883
- ------------------------------------------------------------------------------------------------------------------------------
670,000 Suffolk County, NY IDA (ALIA-CCDRCA) 7.000 06/01/2016 06/01/2011 A 678,342
- ------------------------------------------------------------------------------------------------------------------------------
500,000 Suffolk County, NY IDA (ALIA-Civic Facility) 5.950 11/01/2022 11/01/2022 470,895
- ------------------------------------------------------------------------------------------------------------------------------
170,000 Suffolk County, NY IDA (ALIA-Civic Facility) 6.000 11/01/2017 11/01/2017 162,928
- ------------------------------------------------------------------------------------------------------------------------------
710,000 Suffolk County, NY IDA (ALIA-Civic Facility) 6.000 11/01/2017 11/01/2017 680,464
- ------------------------------------------------------------------------------------------------------------------------------
810,000 Suffolk County, NY IDA (ALIA-FREE) 7.000 06/01/2016 06/01/2011 A 820,085
F27 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- --------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 285,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950% 11/01/2022 11/01/2022 $ 268,410
- --------------------------------------------------------------------------------------------------------------------
535,000 Suffolk County, NY IDA (ALIA-IGHL) 6.500 12/01/2013 06/07/2011 B 529,698
- --------------------------------------------------------------------------------------------------------------------
800,000 Suffolk County, NY IDA (ALIA-LIHIA) 5.950 11/01/2022 11/01/2022 753,432
- --------------------------------------------------------------------------------------------------------------------
310,000 Suffolk County, NY IDA (ALIA-NYS ARC) 5.950 11/01/2022 11/01/2022 291,955
- --------------------------------------------------------------------------------------------------------------------
300,000 Suffolk County, NY IDA (ALIA-WORCA) 5.950 11/01/2022 11/01/2022 282,537
- --------------------------------------------------------------------------------------------------------------------
380,000 Suffolk County, NY IDA (ALIA-WORCA) 7.000 06/01/2016 06/01/2011 A 384,731
- --------------------------------------------------------------------------------------------------------------------
325,000 Suffolk County, NY IDA (Catholic Charities) 6.000 10/01/2020 12/27/2014 B 310,112
- --------------------------------------------------------------------------------------------------------------------
320,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 12/27/2014 B 305,341
- --------------------------------------------------------------------------------------------------------------------
320,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 12/27/2014 B 305,341
- --------------------------------------------------------------------------------------------------------------------
1,065,000 Suffolk County, NY IDA (Dowling College) 5.000 06/01/2018 06/01/2018 992,601
- --------------------------------------------------------------------------------------------------------------------
165,000 Suffolk County, NY IDA (Family Residences) 6.000 10/01/2015 08/12/2012 B 159,926
- --------------------------------------------------------------------------------------------------------------------
455,000 Suffolk County, NY IDA (Family Residences),
Series A 6.375 12/01/2018 12/20/2013 B 456,192
- --------------------------------------------------------------------------------------------------------------------
3,070,000 Suffolk County, NY IDA (Family Residences),
Series A 6.375 12/01/2018 10/03/2014 B 3,078,043
- --------------------------------------------------------------------------------------------------------------------
305,000 Suffolk County, NY IDA (Huntington
First Aid Squad) 6.025 11/01/2008 11/01/2008 305,067
- --------------------------------------------------------------------------------------------------------------------
720,000 Suffolk County, NY IDA (Independent
Group Home Living) 6.000 10/01/2020 06/27/2015 B 687,017
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Suffolk County, NY IDA (Keyspan-Port
Jefferson Center) 1 5.250 06/01/2027 06/01/2027 1,940,420
- --------------------------------------------------------------------------------------------------------------------
540,000 Suffolk County, NY IDA (L.I. Network
Community Services) 7.000 02/01/2014 08/01/2010 B 540,076
- --------------------------------------------------------------------------------------------------------------------
290,000 Suffolk County, NY IDA
(Mattituck-Laurel Library) 6.000 09/01/2019 2 09/01/2010 A 307,661
- --------------------------------------------------------------------------------------------------------------------
400,000 Suffolk County, NY IDA (Nassau-Suffolk
Services for Autism) 6.250 11/01/2016 03/22/2013 B 376,084
- --------------------------------------------------------------------------------------------------------------------
145,000 Suffolk County, NY IDA (Nassau-Suffolk
Services for Autism) 6.250 11/01/2016 04/13/2013 B 136,330
- --------------------------------------------------------------------------------------------------------------------
900,000 Suffolk County, NY IDA
(Pederson-Krager Center) 6.375 11/01/2015 08/07/2012 B 850,455
- --------------------------------------------------------------------------------------------------------------------
700,000 Suffolk County, NY IDA
(Pederson-Krager Center) 6.400 02/01/2015 10/23/2011 B 665,434
- --------------------------------------------------------------------------------------------------------------------
245,000 Suffolk County, NY IDA (Suffolk Hotels) 6.000 10/01/2020 12/27/2014 B 233,777
- --------------------------------------------------------------------------------------------------------------------
500,000 Suffolk County, NY IDA (WORCA) 6.000 10/01/2020 06/27/2015 B 477,095
- --------------------------------------------------------------------------------------------------------------------
100,000 Suffolk County, NY Water Authority 1 5.750 06/01/2010 12/01/2008 E 105,149
- --------------------------------------------------------------------------------------------------------------------
2,150,000 Sullivan County, NY IDA (Center for
Discovery) 5.625 06/01/2013 12/21/2010 B 2,057,077
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Sullivan County, NY IDA (Center for
Discovery) 5.875 07/01/2022 11/11/2016 B 4,542,200
- --------------------------------------------------------------------------------------------------------------------
6,100,000 Sullivan County, NY IDA (Center for 6.375 02/01/2020 12/09/2014 B 5,805,919
Discovery)
- --------------------------------------------------------------------------------------------------------------------
30,000 Syracuse, NY Hsg. Authority 5.400 09/01/2021 09/01/2015 A 31,308
- --------------------------------------------------------------------------------------------------------------------
260,000 Syracuse, NY IDA (Crouse Irving Companies) 1 5.250 01/01/2017 01/01/2010 A 262,990
- --------------------------------------------------------------------------------------------------------------------
465,000 Syracuse, NY IDA (Crouse Irving Health
Hospital) 5.125 01/01/2009 01/01/2009 464,377
- --------------------------------------------------------------------------------------------------------------------
670,000 Syracuse, NY IDA (One Center Armory Garage) 6.750 12/01/2017 12/01/2008 A 673,216
F28 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- --------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 900,000 Tompkins County, NY IDA (Kendall at
Ithaca) 5.750% 07/01/2018 01/01/2009 A $ 900,405
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Tompkins County, NY IDA (Kendall at
Ithaca) 6.000 07/01/2024 01/01/2009 A 2,000,880
- --------------------------------------------------------------------------------------------------------------------
125,000 Tompkins, NY Health Care Corp.
(Reconstruction Home) 5.875 02/01/2033 08/01/2008 A 125,234
- --------------------------------------------------------------------------------------------------------------------
260,000 Tompkins, NY Health Care Corp.
(Reconstruction Home) 1 10.800 02/01/2028 2 08/01/2008 A 279,474
- --------------------------------------------------------------------------------------------------------------------
10,000 Ulster County, NY GO 1 5.400 11/15/2013 11/15/2008 A 10,100
- --------------------------------------------------------------------------------------------------------------------
10,000 Ulster County, NY GO 1 5.400 11/15/2015 11/15/2008 A 10,100
- --------------------------------------------------------------------------------------------------------------------
25,000 Ulster County, NY GO 1 5.500 11/15/2012 11/15/2008 A 25,262
- --------------------------------------------------------------------------------------------------------------------
155,000 Ulster County, NY Res Rec 1 5.000 03/01/2016 03/01/2016 159,686
- --------------------------------------------------------------------------------------------------------------------
160,000 Ulster County, NY Res Rec 1 5.000 03/01/2017 03/01/2016 A 163,610
- --------------------------------------------------------------------------------------------------------------------
170,000 Ulster County, NY Res Rec 1 5.000 03/01/2018 03/01/2016 A 172,858
- --------------------------------------------------------------------------------------------------------------------
830,000 Ulster County, NY Tobacco Asset
Securitization Corp. 0.000 5 06/01/2040 09/14/2026 B 738,576
- --------------------------------------------------------------------------------------------------------------------
360,000 Ulster County, NY Tobacco Asset
Securitization Corp. 6.000 06/01/2040 06/01/2012 A 362,347
- --------------------------------------------------------------------------------------------------------------------
25,000 Ulster County, NY Tobacco Asset
Securitization Corp. 6.250 06/01/2025 06/01/2012 A 25,650
- --------------------------------------------------------------------------------------------------------------------
10,795,000 Ulster County, NY Tobacco Asset
Securitization Corp. 6.750 06/01/2030 2 06/01/2011 A 11,172,177
- --------------------------------------------------------------------------------------------------------------------
295,000 Utica, NY GO 6.200 01/15/2014 01/15/2010 A 314,237
- --------------------------------------------------------------------------------------------------------------------
320,000 Utica, NY GO 6.250 01/15/2015 01/15/2010 A 341,107
- --------------------------------------------------------------------------------------------------------------------
25,000 Utica, NY IDA (Munson-Williams-Proctor
Arts Institute) 5.500 07/15/2029 07/15/2009 A 25,348
- --------------------------------------------------------------------------------------------------------------------
40,000 Utica, NY IDA (Utica College Civic
Facility) 5.300 08/01/2008 08/01/2008 40,036
- --------------------------------------------------------------------------------------------------------------------
1,205,000 Utica, NY IDA (Utica College Civic
Facility) 6.375 12/01/2011 06/29/2010 B 1,226,509
- --------------------------------------------------------------------------------------------------------------------
250,000 Utica, NY SCHC (Multifamily), Series A 5.550 12/01/2017 12/01/2008 A 258,828
- --------------------------------------------------------------------------------------------------------------------
15,000 Victor, NY GO 4.800 12/15/2017 12/15/2008 A 15,158
- --------------------------------------------------------------------------------------------------------------------
100,000 Westchester County, NY GO 5.375 12/15/2012 12/15/2008 A 101,167
- --------------------------------------------------------------------------------------------------------------------
50,000 Westchester County, NY GO 5.375 12/15/2013 12/15/2008 A 50,584
- --------------------------------------------------------------------------------------------------------------------
45,000 Westchester County, NY Healthcare Corp.,
Series B 5.375 11/01/2020 11/10/2010 A 46,746
- --------------------------------------------------------------------------------------------------------------------
105,000 Westchester County, NY IDA
(Beth Abraham Hospital) 7.250 12/01/2009 03/02/2009 B 105,573
- --------------------------------------------------------------------------------------------------------------------
50,000 Westchester County, NY IDA
(Children's Village) 5.100 03/15/2009 03/15/2009 50,050
- --------------------------------------------------------------------------------------------------------------------
220,000 Westchester County, NY IDA (Clearview
School) 6.600 01/01/2014 12/27/2010 B 217,166
- --------------------------------------------------------------------------------------------------------------------
1,365,000 Westchester County, NY IDA
(Guiding Eyes for the Blind) 4.500 08/01/2012 08/31/2010 B 1,372,385
- --------------------------------------------------------------------------------------------------------------------
15,000 Westchester County, NY IDA (JDAM) 6.500 04/01/2009 2 10/01/2008 A 15,036
- --------------------------------------------------------------------------------------------------------------------
1,130,000 Westchester County, NY IDA (JDAM) 6.750 04/01/2016 2 10/01/2008 A 1,133,266
- --------------------------------------------------------------------------------------------------------------------
2,100,000 Westchester County, NY IDA
(Rippowam-Cisqua School) 5.750 06/01/2029 02/07/2021 B 1,922,256
F29 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ----------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,225,000 Westchester County, NY IDA
(Schnurmacher Center) 6.000% 11/01/2011 04/03/2009 B $ 2,228,627
- ----------------------------------------------------------------------------------------------------------------------
130,000 Westchester County, NY IDA
(Westchester Airport Assoc.) 1 5.850 08/01/2014 08/01/2008 A 130,345
- ----------------------------------------------------------------------------------------------------------------------
690,000 Westchester County, NY IDA
(Westchester Airport Assoc.) 1 5.950 08/01/2024 2 08/01/2008 A 691,311
- ----------------------------------------------------------------------------------------------------------------------
250,000 Westchester County, NY IDA
(Westchester Resco Company) 5.500 07/01/2009 01/01/2009 A 250,338
- ----------------------------------------------------------------------------------------------------------------------
25,000 Westchester County, NY IDA
(Westchester Resco Company) 1 5.750 07/01/2009 01/01/2009 A 25,072
- ----------------------------------------------------------------------------------------------------------------------
70,000 Westchester County, NY IDA
(Winward School) 1 5.200 10/01/2021 10/01/2011 A 69,835
- ----------------------------------------------------------------------------------------------------------------------
18,000,000 Westchester County, NY Tobacco Asset
Securitization Corp. 0.000 5 07/15/2039 2 07/15/2017 E 20,956,860
- ----------------------------------------------------------------------------------------------------------------------
11,090,000 Westchester County, NY Tobacco Asset
Securitization Corp. 4.500 06/01/2021 08/03/2010 B 10,345,972
- ----------------------------------------------------------------------------------------------------------------------
8,600,000 Westchester County, NY Tobacco Asset
Securitization Corp. 5.000 06/01/2026 07/07/2014 B 7,792,030
- ----------------------------------------------------------------------------------------------------------------------
95,000 White Plains, NY HDC (Battle Hill) 6.650 02/01/2025 08/01/2008 A 96,661
- ----------------------------------------------------------------------------------------------------------------------
180,000 Yonkers, NY IDA (Michael Malotz Skilled
Nursing Pavilion) 1 5.450 02/01/2029 02/01/2009 A 182,065
- ----------------------------------------------------------------------------------------------------------------------
90,000 Yonkers, NY IDA (Michael Malotz Skilled
Nursing Pavilion) 5.650 02/01/2039 02/01/2009 A 91,166
- ----------------------------------------------------------------------------------------------------------------------
1,455,000 Yonkers, NY IDA (Monastery Manor Associates) 5.000 04/01/2025 05/06/2023 B 1,424,198
- ----------------------------------------------------------------------------------------------------------------------
30,000 Yonkers, NY IDA (Philipsburgh Hall
Associates) 6.750 11/01/2008 11/01/2008 29,820
- ----------------------------------------------------------------------------------------------------------------------
1,965,000 Yonkers, NY IDA (St. John's Riverside
Hospital) 6.800 07/01/2016 07/01/2011 A 1,980,465
----------------
3,495,414,176
- ----------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--19.6%
5,000,000 Guam Airport Authority, Series C 1 5.375 10/01/2019 10/01/2013 A 4,990,350
- ----------------------------------------------------------------------------------------------------------------------
6,000,000 Guam Airport Authority, Series C 1 5.375 10/01/2020 10/01/2020 5,944,800
- ----------------------------------------------------------------------------------------------------------------------
130,000 Guam EDA (TASC) 5.000 05/15/2022 12/12/2008 D 136,483
- ----------------------------------------------------------------------------------------------------------------------
192,000 Guam EDA (TASC) 5.300 05/15/2014 05/15/2014 209,063
- ----------------------------------------------------------------------------------------------------------------------
3,000,000 Guam Education Financing Foundation COP 1 5.000 10/01/2023 11/05/2021 B 2,937,120
- ----------------------------------------------------------------------------------------------------------------------
10,000 Guam International Airport Authority 1 5.000 10/01/2023 10/01/2023 9,487
- ----------------------------------------------------------------------------------------------------------------------
25,000 Guam Power Authority, Series A 1 5.000 10/01/2024 07/23/2023 B 24,400
- ----------------------------------------------------------------------------------------------------------------------
460,000 Guam Power Authority, Series A 5.250 10/01/2013 10/01/2008 A 460,005
- ----------------------------------------------------------------------------------------------------------------------
40,000 Guam Power Authority, Series A 1 5.250 10/01/2013 10/01/2008 A 40,032
- ----------------------------------------------------------------------------------------------------------------------
655,000 Guam Power Authority, Series A 1 5.250 10/01/2023 10/01/2008 A 654,980
- ----------------------------------------------------------------------------------------------------------------------
710,000 Guam Power Authority, Series A 1 5.250 10/01/2023 10/01/2008 A 705,527
- ----------------------------------------------------------------------------------------------------------------------
40,000 Guam Power Authority, Series A 1 5.250 10/01/2034 11/06/2032 B 39,325
- ----------------------------------------------------------------------------------------------------------------------
1,900,000 Northern Mariana Islands Commonwealth,
Series A 6.750 10/01/2033 10/01/2013 A 2,165,069
F30 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ---------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 100,000 Northern Mariana Islands Commonwealth,
Series A 6.750% 10/01/2033 10/01/2013 A $ 101,683
- ---------------------------------------------------------------------------------------------------------------------
375,000 Puerto Rico Children's Trust Fund (TASC) 4.100 05/15/2013 05/15/2013 361,639
- ---------------------------------------------------------------------------------------------------------------------
200,000 Puerto Rico Children's Trust Fund (TASC) 4.250 05/15/2014 05/15/2014 192,140
- ---------------------------------------------------------------------------------------------------------------------
206,810,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 05/22/2013 B 195,036,307
- ---------------------------------------------------------------------------------------------------------------------
68,875,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 08/02/2020 B 65,068,968
- ---------------------------------------------------------------------------------------------------------------------
30,755,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 09/24/2022 B 29,333,504
- ---------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Children's Trust Fund (TASC) 5.750 07/01/2020 09/07/2009 D 10,410
- ---------------------------------------------------------------------------------------------------------------------
6,250,000 Puerto Rico Commonwealth GO 5.000 07/01/2024 07/01/2024 6,010,250
- ---------------------------------------------------------------------------------------------------------------------
5,970,000 Puerto Rico Commonwealth GO 5.000 07/01/2025 07/01/2025 5,856,092
- ---------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 06/21/2026 B 49,012
- ---------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Commonwealth GO 5.000 07/01/2028 08/05/2026 B 48,948
- ---------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico Commonwealth GO 5.250 01/01/2015 01/01/2015 7,241,290
- ---------------------------------------------------------------------------------------------------------------------
900,000 Puerto Rico Commonwealth GO 5.250 07/01/2019 07/01/2013 A 900,198
- ---------------------------------------------------------------------------------------------------------------------
2,430,000 Puerto Rico Commonwealth GO 5.250 07/01/2021 07/01/2021 2,417,558
- ---------------------------------------------------------------------------------------------------------------------
2,315,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 07/01/2022 2,299,142
- ---------------------------------------------------------------------------------------------------------------------
3,400,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 07/01/2022 3,376,710
- ---------------------------------------------------------------------------------------------------------------------
7,350,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 07/01/2022 7,299,653
- ---------------------------------------------------------------------------------------------------------------------
4,575,000 Puerto Rico Commonwealth GO 5.250 07/01/2023 07/01/2023 4,537,531
- ---------------------------------------------------------------------------------------------------------------------
7,395,000 Puerto Rico Commonwealth GO 5.250 07/01/2023 07/01/2023 7,334,435
- ---------------------------------------------------------------------------------------------------------------------
11,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2023 07/01/2023 10,909,910
- ---------------------------------------------------------------------------------------------------------------------
15,850,000 Puerto Rico Commonwealth GO 5.250 07/01/2024 07/01/2024 15,664,238
- ---------------------------------------------------------------------------------------------------------------------
21,785,000 Puerto Rico Commonwealth GO 5.250 07/01/2025 07/01/2025 21,495,913
- ---------------------------------------------------------------------------------------------------------------------
1,925,000 Puerto Rico Commonwealth GO 1 5.250 07/01/2027 2 07/01/2011 A 1,991,355
- ---------------------------------------------------------------------------------------------------------------------
4,750,000 Puerto Rico Commonwealth GO 5.250 07/01/2027 07/01/2027 4,677,088
- ---------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 07/01/2030 4,872,700
- ---------------------------------------------------------------------------------------------------------------------
2,840,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 05/08/2029 B 2,767,694
- ---------------------------------------------------------------------------------------------------------------------
14,750,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 07/01/2032 14,376,825
- ---------------------------------------------------------------------------------------------------------------------
11,735,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 10/01/2031 B 11,438,105
- ---------------------------------------------------------------------------------------------------------------------
6,060,000 Puerto Rico Commonwealth GO 5.375 07/01/2028 07/01/2011 A 6,034,245
- ---------------------------------------------------------------------------------------------------------------------
18,600,000 Puerto Rico Commonwealth GO 5.500 07/01/2023 07/01/2018 A 18,842,730
- ---------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Electric Power Authority,
Series EE 1 5.250 07/01/2014 01/01/2009 A 10,164
- ---------------------------------------------------------------------------------------------------------------------
4,200,000 Puerto Rico Electric Power Authority,
Series UU 2.507 4 07/01/2031 07/04/2028 B 3,355,800
- ---------------------------------------------------------------------------------------------------------------------
250,000 Puerto Rico HFA (Single Family) 1 5.000 12/01/2020 12/01/2013 A 256,318
- ---------------------------------------------------------------------------------------------------------------------
110,000 Puerto Rico HFC 5.100 12/01/2018 12/01/2010 A 110,218
- ---------------------------------------------------------------------------------------------------------------------
1,745,000 Puerto Rico HFC (Homeowner Mtg.) 5.200 12/01/2032 12/01/2008 A 1,759,431
- ---------------------------------------------------------------------------------------------------------------------
445,000 Puerto Rico HFC, Series B 1 5.300 12/01/2028 06/01/2011 A 444,430
- ---------------------------------------------------------------------------------------------------------------------
90,000 Puerto Rico Highway &
Transportation Authority 5.000 07/01/2022 01/21/2021 B 87,181
F31 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ---------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 35,000 Puerto Rico Highway & Transportation
Authority 5.000% 07/01/2028 02/20/2026 B $ 34,264
- ---------------------------------------------------------------------------------------------------------------------
230,000 Puerto Rico Highway & Transportation
Authority 5.750 07/01/2020 07/01/2013 A 234,952
- ---------------------------------------------------------------------------------------------------------------------
5,000 Puerto Rico Highway & Transportation
Authority, Series A 5.000 07/01/2028 07/01/2010 A 5,010
- ---------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico Highway & Transportation
Authority, Series E 5.750 07/01/2024 07/01/2012 A 7,222,320
- ---------------------------------------------------------------------------------------------------------------------
4,355,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2021 07/01/2021 4,247,301
- ---------------------------------------------------------------------------------------------------------------------
11,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2022 07/01/2022 10,676,600
- ---------------------------------------------------------------------------------------------------------------------
12,275,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2023 07/01/2023 11,872,503
- ---------------------------------------------------------------------------------------------------------------------
12,760,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2024 07/01/2024 12,310,465
- ---------------------------------------------------------------------------------------------------------------------
4,545,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2025 07/01/2025 4,458,281
- ---------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2026 07/01/2026 1,960,460
- ---------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2027 07/01/2027 978,400
- ---------------------------------------------------------------------------------------------------------------------
16,800,000 Puerto Rico Highway & Transportation
Authority, Series N 3,7 2.337 4 07/01/2045 07/04/2043 A 12,432,000
- ---------------------------------------------------------------------------------------------------------------------
19,000,000 Puerto Rico Highway & Transportation
Authority, Series N 4.200 4 07/01/2038 07/01/2038 19,000,000
- ---------------------------------------------------------------------------------------------------------------------
6,550,000 Puerto Rico IMEPCF (PepsiCo) 1 6.250 11/15/2013 11/15/2008 A 6,930,228
- ---------------------------------------------------------------------------------------------------------------------
7,175,000 Puerto Rico IMEPCF (PepsiCo) 1 6.250 11/15/2013 11/15/2008 A 7,341,675
- ---------------------------------------------------------------------------------------------------------------------
780,000 Puerto Rico Infrastructure 5.000 07/01/2019 07/01/2019 765,453
- ---------------------------------------------------------------------------------------------------------------------
35,000 Puerto Rico Infrastructure 5.500 10/01/2040 10/01/2010 E 36,254
- ---------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico ITEMECF
(Ana G. Mendez University) 5.375 02/01/2019 02/01/2011 A 54,734
- ---------------------------------------------------------------------------------------------------------------------
18,425,000 Puerto Rico ITEMECF
(Cogeneration Facilities) 6.625 06/01/2026 2 06/01/2010 A 18,824,270
- ---------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico ITEMECF
(Dr. Pila Hospital) 6.125 08/01/2025 08/01/2008 A 1,502,655
- ---------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico ITEMECF
(Guaynabo Municipal Government Center) 5.625 07/01/2015 01/01/2009 A 75,050
- ---------------------------------------------------------------------------------------------------------------------
95,000 Puerto Rico ITEMECF
(Hospital Auxilio Mutuo) 1 5.500 07/01/2026 01/01/2009 A 95,777
- ---------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF
(Hospital Auxilio Mutuo) 1 6.250 07/01/2016 01/01/2009 A 501,425
- ---------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 1 6.125 11/15/2025 11/15/2010 A 79,256
F32 | LIMITED TERM NEW YORK MUNICIPAL FUND
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ----------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 750,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 1 6.375% 11/15/2015 11/15/2010 A $ 794,063
- ----------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico ITEMECF
(Hospital de la Concepcion) 1 6.500 11/15/2020 11/15/2010 A 2,132,180
- ----------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico ITEMECF
(InterAmerican University) 1 5.000 10/01/2022 10/01/2008 A 25,178
- ----------------------------------------------------------------------------------------------------------------------
1,275,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.500 07/01/2012 08/16/2010 B 1,265,514
- ----------------------------------------------------------------------------------------------------------------------
235,000 Puerto Rico ITEMECF
(Ryder Memorial Hospital) 6.400 05/01/2009 11/05/2008 B 234,079
- ----------------------------------------------------------------------------------------------------------------------
9,400,000 Puerto Rico Municipal Finance Agency,
Series A 5.250 08/01/2023 08/01/2023 9,322,262
- ----------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Municipal Finance Agency,
Series A 5.250 08/01/2024 08/01/2024 4,940,950
- ----------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico Municipal Finance Agency,
Series A 5.500 07/01/2017 01/01/2009 A 25,242
- ----------------------------------------------------------------------------------------------------------------------
285,000 Puerto Rico Port Authority, Series D 1 6.000 07/01/2021 2 01/01/2009 A 286,037
- ----------------------------------------------------------------------------------------------------------------------
380,000 Puerto Rico Port Authority, Series D 1 7.000 07/01/2014 2 01/01/2009 A 381,847
- ----------------------------------------------------------------------------------------------------------------------
5,080,000 Puerto Rico Public Buildings Authority 6 5.000 07/01/2036 07/01/2012 A 5,099,152
- ----------------------------------------------------------------------------------------------------------------------
545,000 Puerto Rico Public Buildings Authority 5.125 07/01/2024 01/04/2024 B 531,353
- ----------------------------------------------------------------------------------------------------------------------
16,720,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 07/01/2014 A 18,024,327
- ----------------------------------------------------------------------------------------------------------------------
14,280,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 03/01/2028 B 13,925,285
- ----------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Public Buildings Authority 5.500 07/01/2022 07/01/2014 A 10,879,600
- ----------------------------------------------------------------------------------------------------------------------
13,195,000 Puerto Rico Public Buildings Authority 5.500 07/01/2026 07/01/2017 A 13,297,393
- ----------------------------------------------------------------------------------------------------------------------
825,000 Puerto Rico Public Buildings Authority,
Series G 5.250 07/01/2019 07/01/2012 A 825,149
- ----------------------------------------------------------------------------------------------------------------------
30,785,000 Puerto Rico Public Finance Corp.,
Series A 1,6 5.250 08/01/2029 02/01/2012 A 31,008,191
- ----------------------------------------------------------------------------------------------------------------------
3,095,000 Puerto Rico Public Finance Corp.,
Series A 6 5.250 08/01/2030 02/01/2012 A 3,115,427
- ----------------------------------------------------------------------------------------------------------------------
10,400,000 Puerto Rico Public Finance Corp.,
Series AA 5.250 08/01/2031 02/01/2012 A 10,404,576
- ----------------------------------------------------------------------------------------------------------------------
21,160,000 Puerto Rico Public Finance Corp.,
Series A 5.750 08/01/2027 02/01/2012 C 21,135,031
- ----------------------------------------------------------------------------------------------------------------------
2,750,000 University of Puerto Rico 5.000 06/01/2026 06/01/2026 2,695,688
- ----------------------------------------------------------------------------------------------------------------------
140,000 University of Puerto Rico 5.500 06/01/2012 2 12/01/2008 A 140,224
- ----------------------------------------------------------------------------------------------------------------------
7,125,000 University of Puerto Rico, Series P 5.000 06/01/2021 06/01/2021 6,925,286
- ----------------------------------------------------------------------------------------------------------------------
8,500,000 University of Puerto Rico, Series P 5.000 06/01/2022 06/01/2022 8,234,545
- ----------------------------------------------------------------------------------------------------------------------
8,410,000 University of Puerto Rico, Series Q 5.000 06/01/2023 06/01/2023 8,126,499
- ----------------------------------------------------------------------------------------------------------------------
300,000 University of Puerto Rico, Series Q 5.000 06/01/2030 12/22/2028 B 291,429
- ----------------------------------------------------------------------------------------------------------------------
25,000 V.I. HFA, Series A 6.500 03/01/2025 2 09/01/2008 A 25,011
- ----------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Port Authority, Series A 1 5.250 09/01/2018 09/01/2010 A 1,006,210
- ----------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority (Hovensa
Refinery) 4.700 07/01/2022 10/01/2018 B 851,000
- ----------------------------------------------------------------------------------------------------------------------
2,650,000 V.I. Public Finance Authority (Hovensa
Refinery) 5.875 07/01/2022 10/01/2018 B 2,578,609
- ----------------------------------------------------------------------------------------------------------------------
1,075,000 V.I. Public Finance Authority
(Matching Fund Loan Note) 5.250 10/01/2021 10/01/2021 1,065,798
- ----------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2016 10/01/2014 A 1,016,960
- ----------------------------------------------------------------------------------------------------------------------
2,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2022 10/01/2022 1,972,220
- ----------------------------------------------------------------------------------------------------------------------
2,000,000 V.I. Public Finance Authority, Series A 5.250 10/01/2023 10/01/2023 1,968,920
- ----------------------------------------------------------------------------------------------------------------------
10,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2015 10/01/2008 A 10,114,400
F33 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL EFFECTIVE
AMOUNT COUPON MATURITY MATURITY* VALUE
- ------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 180,000 V.I. Public Finance Authority, Series
A 1 5.500% 10/01/2022 10/01/2008 A $ 181,766
- ------------------------------------------------------------------------------------------------------------------------
705,000 V.I. Public Finance Authority, Series A 5.625 10/01/2010 10/14/2009 B 723,168
- ------------------------------------------------------------------------------------------------------------------------
290,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 10/01/2010 A 291,157
- ------------------------------------------------------------------------------------------------------------------------
10,820,000 V.I. Public Finance Authority, Series A 6.375 10/01/2019 2 01/01/2010 A 11,411,259
- ------------------------------------------------------------------------------------------------------------------------
2,665,000 V.I. Public Finance Authority, Series E 5.875 10/01/2018 10/01/2008 A 2,680,324
- ------------------------------------------------------------------------------------------------------------------------
1,015,000 V.I. Tobacco Settlement Financing Corp.
(TASC) 4.750 05/15/2012 12/28/2009 B 1,008,220
- ------------------------------------------------------------------------------------------------------------------------
80,000 V.I. Tobacco Settlement Financing Corp.
(TASC) 4.950 5 05/15/2014 05/15/2014 79,473
- ------------------------------------------------------------------------------------------------------------------------
1,330,000 V.I. Tobacco Settlement Financing Corp.
(TASC) 5.000 05/15/2021 12/09/2010 B 1,257,395
- ------------------------------------------------------------------------------------------------------------------------
1,440,000 V.I. Tobacco Settlement Financing Corp.
(TASC) 5.000 05/15/2031 04/12/2015 B 1,243,051
- ------------------------------------------------------------------------------------------------------------------------
1,470,000 V.I. Water & Power Authority 5.375 07/01/2010 01/01/2009 A 1,485,832
-----------------
811,553,069
- ------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $4,358,398,643)--103.8% 4,306,967,245
- ------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(3.8) (158,568,726)
-----------------
NET ASSETS--100.0% $ 4,148,398,519
=================
F34 | LIMITED TERM NEW YORK MUNICIPAL FUND
FOOTNOTES TO STATEMENT OF INVESTMENTS
* Call Date, Put Date or Average Life of Sinking Fund, if applicable, as
detailed.
A. Optional call date; corresponds to the most conservative yield
calculation.
B. Average life due to mandatory, or expected, sinking fund principal
payments prior to maturity.
C. Date of mandatory put.
D. Average life due to mandatory, or expected, sinking fund principal
payments prior to the applicable optional call date.
E. Date of prefunded call, or maturity date if escrowed to maturity.
1. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
2. Security also has mandatory sinking fund principal payments prior to maturity
and an average life which is shorter than the stated final maturity.
3. Illiquid security. The aggregate value of illiquid securities as of June 30,
2008 was $99,700,006, which represents 2.40% 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
June 30, 2008. 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. Subject to a deferred-interest forebearance agreement. Rate shown is current
rate.
10. Zero coupon bond reflects effective yield on the date of purchase.
- --------------------------------------------------------------------------------
VALUATION INPUTS
- --------------------------------------------------------------------------------
Various data inputs are used in determining the value of each of the Fund's
investments as of the reporting period end. These data inputs are categorized in
the following hierarchy under applicable financial accounting standards:
1) Level 1--quoted prices in active markets for identical assets or
liabilities (including securities actively traded on a securities
exchange)
2) Level 2--inputs other than quoted prices that are observable for the
asset (such as quoted prices for similar assets and market-corroborated
inputs such as interest rates, prepayment speeds, credit risks, etc.)
3) Level 3--unobservable inputs (including the Manager's own judgments
about assumptions that market participants would use in pricing the
asset).
The market value of the Fund's investments was determined based on the following
inputs as of June 30, 2008:
INVESTMENTS IN OTHER FINANCIAL
SECURITIES INSTRUMENTS*
- ---------------------------------------------------------------------------
Level 1--Quoted Prices $ -- $ --
Level 2--Other Significant Observable
Inputs 4,284,229,361 --
Level 3--Significant Unobservable
Inputs 22,737,884 --
-----------------------------------
Total $ 4,306,967,245 $ --
===================================
*Other financial instruments include options written, currency contracts,
futures, forwards and swap contracts. Currency contracts and forwards are
reported at their unrealized appreciation/depreciation at measurement date,
which represents the change in the contract's value from trade date. Futures are
reported at their variation margin at measurement date, which represents the
amount due to/from the Fund at that date. Options and swaps are reported at
their market value at measurement date.
SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN
DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE
VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD.
F35 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACDS Assoc. for Children with Down JDAM Julia Dyckman Andrus Memorial
Syndrome JFK John Fitzgerald Kennedy
ACLD Adults and Children with Learning KR Kateri Residence
and Developmental Disabilities L.I. Long Island
ALIA Alliance of Long Island Agencies LGSC Local Government Services Corp.
ARC Assoc. of Retarded Citizens LIHIA Long Island Head Injury Assoc.
BFCC Brookdale Family Care Center LILCO Long Island Lighting Corp.
BID Business Improvement District MMC Mercy Medical Center
BOCES Board of Cooperative Educational MMWNHC Mary Manning Walsh Nursing Home
Services Company
CAB Capital Appreciation Bond MSH/NYU Mount Sinai Hospital/New York
CCDRCA Catholic Charities of the Diocese of University
Rockville Centre and Affiliates MTA Metropolitan Transportation
CCFDP Child Care Facilities Devel. Authority
Program NSUH North Shore University Hospital
CHSLI Catholic Health Services of Long NY/NJ New York/New Jersey
Island NYC New York City
CMA Community Mainstreaming NYS New York State
Associates, Inc. NYU New York University
COP Certificates of Participation RIBS Residual Interest Bonds
CRR Center for Rapid Recovery RITES Residual Interest Tax Exempt Security
CSMR Community Services for the Mentally Res Rec Resource Recovery Facility
Retarded SCHC Senior Citizen Housing Corp.
Con Ed Consolidated Edison Company ROLs Residual Options Longs
DA Dormitory Authority SCHRC St. Charles Hospital and
DDI Developmental Disabilities Rehabilitation Center
Institute SCSB Schuyler Community Services Board
EDA Economic Devel. Authority SCSMC St. Catherine of Sienna Medical Center
EFC Environmental Facilities Corp. SFH St. Francis Hospital
ERDA Energy Research and Devel. SONYMA State of New York Mortgage Agency
Authority SUNY State University of New York
FNHC Ferncilff Nursing Home Company SV Sienna Village
FREE Family Residences and Essential TASC Tobacco Settlement Asset-Backed
Enterprises Bonds
GO General Obligation TFABs Tobacco Flexible Amortization Bonds
GSHMC Good Samaritan Hospital Medical UDC Urban Devel. Corp.
Center USBFCC Urban Strategies Brookdale Family
HDC Housing Devel. Corp. Care Center
HFA Housing Finance Agency V.I. United States Virgin Islands
HFC Housing Finance Corp. WORCA Working Organization for Retarded
HJDOI Hospital for Joint Diseases Children and Adults
Orthopedic Institute YMCA Young Men's Christian Assoc.
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
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F36 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
June 30, 2008
- --------------------------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------------------------
Investments, at value (cost $4,358,398,643)--see accompanying statement of
investments $ 4,306,967,245
- --------------------------------------------------------------------------------------------------
Cash 1,828,374
- --------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold (including $61,447,429 sold on a when-issued or delayed
delivery basis) 67,895,504
Interest 58,556,606
Shares of beneficial interest sold 16,241,618
Other 246,607
-------------------
Total assets 4,451,735,954
- --------------------------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased on a when-issued or delayed delivery basis 137,830,020
Payable for short-term floating rate notes issued (See Note 1) 104,115,000
Payable on borrowings (See Note 6) 44,800,000
Shares of beneficial interest redeemed 10,170,379
Dividends 3,117,028
Distribution and service plan fees 2,296,569
Trustees' compensation 647,423
Interest expense on borrowings 126,762
Transfer and shareholder servicing agent fees 115,431
Shareholder communications 21,015
Other 97,808
-------------------
Total liabilities 303,337,435
- --------------------------------------------------------------------------------------------------
NET ASSETS $ 4,148,398,519
===================
- --------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------------------------
Paid-in capital $ 4,207,970,050
- --------------------------------------------------------------------------------------------------
Accumulated net investment income 8,521,372
- --------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (16,661,505)
- --------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (51,431,398)
-------------------
NET ASSETS $ 4,148,398,519
===================
F37 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ---------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$2,887,459,798 and 887,575,720 shares of beneficial interest outstanding) $ 3.25
Maximum offering price per share (net asset value plus sales charge of 3.50%
of offering price) $ 3.37
- ---------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$164,162,746 and 50,538,022 shares of beneficial interest outstanding) $ 3.25
- ---------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$1,096,775,975 and 338,479,558 shares of beneficial interest outstanding) $ 3.24
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F38 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended June 30, 2008
- --------------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------------
Interest $ 108,458,603
- --------------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------------
Management fees 8,041,458
- --------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 3,472,157
Class B 952,115
Class C 5,287,401
- --------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 366,516
Class B 61,862
Class C 208,897
- --------------------------------------------------------------------------------------
Shareholder communications:
Class A 49,736
Class B 9,658
Class C 20,764
- --------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued
(See Note 1) 2,739,946
- --------------------------------------------------------------------------------------
Interest expense on borrowings 817,032
- --------------------------------------------------------------------------------------
Accounting service fees 605,742
- --------------------------------------------------------------------------------------
Trustees' compensation 203,833
- --------------------------------------------------------------------------------------
Custodian fees and expenses 66,163
- --------------------------------------------------------------------------------------
Administration service fees 750
- --------------------------------------------------------------------------------------
Other 462,923
-----------------
Total expenses 23,366,953
Less reduction to custodian expenses (608)
-----------------
Net expenses 23,366,345
- --------------------------------------------------------------------------------------
NET INVESTMENT INCOME 85,092,258
- --------------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS
- --------------------------------------------------------------------------------------
Net realized loss on investments (12,651,074)
- --------------------------------------------------------------------------------------
Net change in unrealized depreciation on investments (70,513,679)
- --------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,927,505
=================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F39 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, 2008 DECEMBER 31,
(UNAUDITED) 2007
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------------
Net investment income $ 85,092,258 $ 159,608,127
- ---------------------------------------------------------------------------------------------
Net realized gain (loss) (12,651,074) 699,756
- ---------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (70,513,679) (101,414,564)
--------------------------------------
Net increase in net assets resulting from operations 1,927,505 58,893,319
- ---------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (63,139,880) (111,845,105)
Class B (3,615,958) (9,139,799)
Class C (20,142,279) (36,158,775)
--------------------------------------
(86,898,117) (157,143,679)
- ---------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ---------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from beneficial interest transactions:
Class A 200,785,390 26,146,638
Class B (59,763,372) (83,701,041)
Class C 67,143,082 (27,123,556)
--------------------------------------
208,165,100 (84,677,959)
- ---------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------
Total increase (decrease) 123,194,488 (182,928,319)
- ---------------------------------------------------------------------------------------------
Beginning of period 4,025,204,031 4,208,132,350
--------------------------------------
End of period (including accumulated net investment
income of $8,521,372 and $10,327,231, respectively) $ 4,148,398,519 $ 4,025,204,031
======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F40 | LIMITED TERM NEW YORK MUNICIPAL FUND
STATEMENT OF CASH FLOWS
- --------------------------------------------------------------------------------
For the Six Months Ended June 30, 2008
- --------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- --------------------------------------------------------------------------------------
Net increase in net assets from operations $ 1,927,505
- --------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (403,386,593)
Proceeds from disposition of investment securities 323,738,951
Short-term investment securities, net (143,788,046)
Premium amortization 7,700,932
Discount accretion (2,640,856)
Net realized loss on investments 12,651,074
Net change in unrealized depreciation on investments 70,513,679
Increase in interest receivable (5,422,692)
Increase in receivable for securities sold (44,246,618)
Increase in other assets (162,118)
Increase in payable for securities purchased 126,067,954
Increase in payable for accrued expenses 94,155
----------------
Net cash used in operating activities (56,952,673)
- --------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- --------------------------------------------------------------------------------------
Proceeds from bank borrowings 685,700,000
Payments on bank borrowings (674,600,000)
Payments on short-term floating rate notes issued (74,750,000)
Proceeds from shares sold 653,228,332
Payment on shares redeemed (510,285,658)
Cash distributions paid (21,874,837)
----------------
Net cash provided by financing activities 57,417,837
- --------------------------------------------------------------------------------------
Net increase in cash 465,164
- --------------------------------------------------------------------------------------
Cash, beginning balance 1,363,210
----------------
Cash, ending balance $ 1,828,374
================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $61,906,857.
Cash paid for interest on bank borrowings--$751,786.
Cash paid for interest on short-term floating rate notes issued--$2,739,946.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
F41 | LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2008 YEAR ENDED DECEMBER 31,
CLASS A (UNAUDITED) 2007 2006 2005 2004 2003
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of
period $ 3.32 $ 3.40 $ 3.36 $ 3.33 $ 3.32 $ 3.31
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .07 1 .14 1 .14 1 .14 1 .14 1 .14
Net realized and unrealized gain
(loss) (.07) (.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 (.07) (.14) (.13) (.14) (.14) (.14)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.25 $ 3.32 $ 3.40 $ 3.36 $ 3.33 $ 3.32
================================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE 2 0.14% 1.74% 5.30% 5.13% 4.77% 4.80%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in
thousands) $ 2,887,460 $ 2,745,029 $2,784,037 $ 2,589,629 $ 2,155,310 $ 1,944,385
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $ 2,793,789 $ 2,721,428 $2,696,464 $ 2,380,822 $ 2,029,517 $ 1,894,331
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net
assets: 3
Net investment income 4.46% 4.18% 4.10% 4.12% 4.30% 4.51%
Expenses excluding interest
and fees on short-term
floating rate notes issued 0.79% 0.74% 0.79% 0.79% 0.77% 0.76%
Interest and fees on short-term
floating rate notes issued 4 0.14% 0.21% 0.18% 0.03% 0.01% 0.00%
------------------------------------------------------------------------------------------------
Total expenses 0.93% 5 0.95% 5 0.97% 5 0.82% 5 0.78% 5 0.76% 5,6
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 9% 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.
F42 | LIMITED TERM NEW YORK MUNICIPAL FUND
SIX MONTHS
ENDED
JUNE 30, 2008 YEAR ENDED DECEMBER 31,
CLASS B (UNAUDITED) 2007 2006 2005 2004 2003
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning
of period $ 3.32 $ 3.40 $ 3.36 $ 3.32 $ 3.32 $ 3.31
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .06 1 .11 1 .11 1 .11 1 .12 1 .12
Net realized and unrealized gain
(loss) (.07) (.08) .04 .04 -- .01
-------------------------------------------------------------------------------------------------
Total from investment operations (.01) .03 .15 .15 .12 .13
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net
investment income (.06) (.11) (.11) (.11) (.12) (.12)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 3.25 $ 3.32 $ 3.40 $ 3.36 $ 3.32 $ 3.32
=================================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE 2 (0.25)% 0.95% 4.48% 4.62% 3.65% 3.99%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in
thousands) $ 164,163 $ 228,022 $ 318,452 $ 379,045 $ 417,473 $ 444,537
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $ 191,843 $ 272,855 $ 346,849 $ 398,461 $ 427,486 $ 429,564
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average
net assets: 3
Net investment income 3.67% 3.38% 3.31% 3.34% 3.52% 3.72%
Expenses excluding interest
and fees
on short-term floating rate
notes issued 1.58% 1.54% 1.59% 1.58% 1.55% 1.55%
Interest and fees on
short-term floating rate
notes issued 4 0.14% 0.21% 0.18% 0.03% 0.01% 0.00%
-------------------------------------------------------------------------------------------------
Total expenses 1.72% 5 1.75% 5 1.77% 5 1.61% 5 1.56% 5,6 1.55% 5,6
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 9% 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.
F43 | LIMITED TERM NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2008 YEAR ENDED DECEMBER 31,
CLASS C (UNAUDITED) 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning
of period $ 3.31 $ 3.39 $ 3.35 $ 3.32 $ 3.31 $ 3.30
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .06 1 .11 1 .11 1 .11 1 .12 1 .12
Net realized and unrealized
gain (loss) (.07) (.08) .04 .03 .01 .01
----------------------------------------------------------------------------------------------------
Total from investment
operations (.01) .03 .15 .14 .13 .13
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net
investment income (.06) (.11) (.11) (.11) (.12) (.12)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $ 3.24 $ 3.31 $ 3.39 $ 3.35 $ 3.32 $ 3.31
====================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE 2 (0.24)% 0.97% 4.52% 4.35% 4.00% 4.02%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in thousands) $ 1,096,776 $ 1,052,153 $1,105,643 $ 1,139,882 $ 1,040,035 $1,006,103
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $ 1,065,401 $ 1,076,271 $1,127,896 $ 1,095,066 $ 1,009,112 $ 977,323
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net
assets: 3
Net investment income 3.70% 3.40% 3.34% 3.36% 3.55% 3.74%
Expenses excluding interest
and fees on short-term
floating rate notes issued 1.55% 1.52% 1.56% 1.56% 1.52% 1.52%
Interest and fees on
short-term floating rate
notes issued 4 0.14% 0.21% 0.18% 0.03% 0.01% 0.00%
----------------------------------------------------------------------------------------------------
Total expenses 1.69% 5 1.73% 5 1.74% 5 1.59% 5 1.53% 5 1.52% 5,6
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 9% 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.
F44 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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.
Effective for fiscal periods beginning after November 15, 2007, FASB
Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS,
establishes a hierarchy for measuring fair value of assets and liabilities. As
required by the standard, each investment asset or liability of the Fund is
assigned a level at measurement date based on the significance and source of the
inputs to its valuation. Quoted prices in active markets for identical
securities are classified as "Level 1", inputs other than quoted prices for an
asset that are observable are classified as "Level 2" and unobservable inputs,
including the Manager's judgment about the assumptions that a market participant
would use in pricing an asset or liability are classified as "Level 3". The
inputs used for valuing securities are not necessarily an indication of the
risks associated with investing in those securities. A table summarizing the
Fund's investments under these levels of classification is included following
the Statement of Investments.
Securities are valued using quoted market prices, when available, as
supplied primarily either by portfolio pricing services approved by the Board of
Trustees or dealers. These securities are typically classified within Level 1 or
2; however, they may be designated as Level 3 if the dealer or portfolio pricing
service values a security through an internal model with significant
unobservable market data inputs.
F45 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
Securities traded on a registered U.S. securities exchange are valued
based on the last sale price of the security reported on the principal exchange
on which traded, prior to the time when the Fund's assets are valued. Securities
whose principal exchange is NAS-DAQ(R) are valued based on the official closing
prices reported by NASDAQ prior to the time when the Fund's assets are valued.
In the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the current day's closing "bid"
and "asked" prices, and if not, at the current day's closing bid price. A
foreign security traded on a foreign exchange is valued based on the last sale
price on the principal exchange on which the security is traded, as identified
by the portfolio pricing service used by the Manager, prior to the time when the
Fund's assets are valued. In the absence of a sale, the security is valued at
the most recent official closing price on the principal exchange on which it is
traded.
Shares of a registered investment company that are not traded on an
exchange are valued at that investment company's net asset value per share.
Corporate, government and municipal debt instruments having a remaining
maturity in excess of sixty days and all mortgage-backed securities,
collateralized mortgage obligations and other asset-backed securities are valued
at the mean between the "bid" and "asked" prices.
"Money market-type" debt instruments with remaining maturities of sixty
days or less are valued at cost adjusted by the amortization of discount or
premium to maturity (amortized cost), which approximates market value. These
securities are typically designated as Level 2.
In the absence of a readily available quoted market price, including for
securities whose values have been materially affected by what the Manager
identifies as a significant event occurring before the Fund's assets are valued
but after the close of the securities' respective exchanges, the Manager, acting
through its internal valuation committee, in good faith determines the fair
valuation of that asset using consistently applied procedures under the
supervision of the Board of Trustees (which reviews those fair valuations by the
Manager). Those procedures include certain standardized methodologies to fair
value securities. Such methodologies include, but are not limited to, pricing
securities initially at cost and subsequently adjusting the value based on:
changes in company specific fundamentals, changes in an appropriate securities
index, or changes in the value of similar securities which may be adjusted for
any discounts related to resale restrictions. When possible, such methodologies
use observable market inputs such as quoted prices of similar securities,
observable interest rates, currency rates and yield curves. The methodologies
used for valuing securities are not necessarily an indication of the risks
associated with investing in those securities.
Fair valued securities may be classified as "Level 3" if the valuation
primarily reflects the Manager's own assumptions about the inputs that market
participants would use in valuing such securities.
F46 | LIMITED TERM NEW YORK MUNICIPAL FUND
There have been no significant changes to the fair valuation methodologies
during the period.
- --------------------------------------------------------------------------------
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 June 30, 2008, the Fund had purchased securities issued on a when-issued
or delayed delivery basis and sold securities issued on a delayed delivery basis
as follows:
WHEN-ISSUED OR DELAYED DELIVERY
BASIS TRANSACTIONS
-----------------------------------------------------------
Purchased securities $ 137,830,020
Sold securities 61,447,429
- --------------------------------------------------------------------------------
INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate
securities that pay interest at a rate that varies inversely with short-term
interest rates. Certain of these securities may be leveraged, whereby the
interest rate varies inversely at a multiple of the change in short-term rates.
As interest rates rise, inverse floaters produce less current income. The price
of such securities is more volatile than comparable fixed rate securities. The
Fund may invest up to 5% of its total assets (which includes the effects of
leverage) in inverse floaters. Inverse floaters, including the effects of
leverage, amount to $104,148,102 as of June 30, 2008, which represents 2.34% of
the Fund's total assets.
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
(referred to as an "inverse floating rate security") to the Fund. The terms of
these inverse floating rate securities grant the Fund the right to require that
the Trust issuing the inverse floating rate security compel a tender of the
short-term floating rate notes to facilitate the Fund's
F47 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 do 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 June 30, 2008,
municipal bond holdings with a value of $171,648,703 shown on the Fund's
Statement of Investments are held by such Trusts and serve as collateral for the
$104,115,000 in short-term floating rate notes issued and outstanding at that
date.
At June 30, 2008, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL INVERSE COUPON MATURITY
AMOUNT FLOATER 1 RATE 2 DATES VALUE
- -------------------------------------------------------------------------------------------------------
$ 7,250,000 NYC GO RITES 14.992% 6/1/23 $ 7,964,270
2,835,000 NYC GO ROLs 14.470 12/1/23 3,096,897
2,500,000 NYC GO ROLs 3 14.470 4/1/30 2,609,450
2,500,000 NYC GO ROLs 14.470 8/15/23 2,721,600
38,480,000 NYS DA RITES 7.952 8/15/25 39,336,950
9,175,000 Port Authority NY/NJ RITES 7.803 12/1/14 10,572,536
5,600,000 Puerto Rico Highway & Transportation
Authority ROLs 3 1.890 7/1/45 1,232,000
------------------
$ 67,533,703
==================
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page F36 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater".
3. Security is subject to a shortfall and forbearance agreement.
The Fund enters into shortfall and forbearance agreements with the sponsors of
certain inverse floaters held by the Fund. These agreements commit the Fund to
reimburse the sponsor of the inverse floater, in certain circumstances, for the
amount of the difference between the liquidation value of the underlying
security (which is the basis of the inverse floater) and the principal amount
due to the holders of the short-term floating rate notes issued by the Trust in
conjunction with the inverse floating rate security. Under the standard terms of
an inverse floating rate security, absent such a shortfall and forbearance
F48 | LIMITED TERM NEW YORK MUNICIPAL FUND
agreement, the Fund would not be required to make such a reimbursement. The
Manager monitors the Fund's potential exposure with respect to these agreements
on a daily basis and intends to take action to terminate the Fund's investment
in such inverse floating rate securities, if it deems it appropriate to do so.
As of June 30, 2008, in addition to the exposure detailed in the preceding
table, the Fund's maximum exposure under such agreements is estimated at
approximately $18,700,000.
- --------------------------------------------------------------------------------
CONCENTRATION RISK. There are certain risks arising from geographic
concentration in any state. Certain economic, regulatory or political
developments occurring in the state may impair the ability of certain issuers of
municipal securities to pay principal and interest on their obligations.
The Fund has entered into forbearance agreements with certain obligors
under which the Fund has agreed to temporarily forego payment of the original
coupon interest rates. As of June 30, 2008, securities with an aggregate market
value of $639,892, representing 0.02% of the Fund's net assets, were subject to
these deferred-interest forbearance agreements. Interest is owed to the Fund
under these agreements in the amount of $1,594.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders. Therefore, no federal income or excise tax provision is
required. The Fund files income tax returns in U.S. federal and applicable state
jurisdictions. The statute of limitations on the Fund's tax return filings
generally remain open for the three preceding fiscal reporting period ends.
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.
As of December 31, 2007, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
--------------------------------------
2011 $ 1,944,352
As of June 30, 2008, the Fund had available for federal income tax purposes an
estimated capital loss carryforward of $14,595,426 expiring by 2016. This
estimated capital loss carry-forward represents carryforward as of the end of
the last fiscal year, increased for losses deferred under tax accounting rules
to the current fiscal year and is increased or decreased by capital losses or
gains realized in the first six months of the current fiscal year. During the
six months ended June 30, 2008, it is estimated that the Fund will not utilize
any capital loss carryforward to offset realized capital gains.
F49 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / 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 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 June 30, 2008 are noted in the following
table. The primary difference between book and tax appreciation or depreciation
of securities and other investments, if applicable, is attributable to the tax
deferral of losses or tax realization of financial statement unrealized gain or
loss.
Federal tax cost of securities $ 4,358,484,206
====================
Gross unrealized appreciation $ 31,272,533
Gross unrealized depreciation (82,789,494)
--------------------
Net unrealized depreciation $ (51,516,961)
====================
- --------------------------------------------------------------------------------
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 six months ended June 30, 2008, the Fund's projected benefit
obligations, payments to retired trustees and accumulated liability were as
follows:
Projected Benefit Obligations Increased $ 145,844
Payments Made to Retired Trustees 5,902
Accumulated Liability as of June 30, 2008 701,872
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
F50 | LIMITED TERM NEW YORK MUNICIPAL FUND
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.
- --------------------------------------------------------------------------------
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.
F51 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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:
SIX MONTHS ENDED JUNE 30, 2008 YEAR ENDED DECEMBER 31, 2007
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------------
CLASS A
Sold 149,139,850 $ 490,664,501 226,258,213 $ 758,534,521
Dividends and/or distributions
reinvested 13,470,162 44,258,966 23,926,697 80,243,124
Redeemed (101,446,689) (334,138,077) (241,991,540) (812,631,007)
-------------------------------------------------------------------------
Net increase 61,163,323 $ 200,785,390 8,193,370 $ 26,146,638
=========================================================================
- ------------------------------------------------------------------------------------------------------------
CLASS B
Sold 1,796,610 $ 5,891,107 1,635,985 $ 5,476,765
Dividends and/or distributions
reinvested 784,601 2,577,371 1,971,698 6,611,007
Redeemed (20,802,256) (68,231,850) (28,573,122) (95,788,813)
-------------------------------------------------------------------------
Net decrease (18,221,045) $ (59,763,372) (24,965,439) $ (83,701,041)
=========================================================================
- ------------------------------------------------------------------------------------------------------------
CLASS C
Sold 48,881,903 $ 160,200,780 53,675,266 $ 179,391,537
Dividends and/or distributions
reinvested 4,602,303 15,070,520 8,286,573 27,698,823
Redeemed (32,985,811) (108,128,218) (70,087,523) (234,213,916)
-------------------------------------------------------------------------
Net increase (decrease) 20,498,395 $ 67,143,082 (8,125,684) $ (27,123,556)
=========================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended June 30, 2008, were as
follows:
PURCHASES SALES
----------------------------------------------------------------
Investment securities $ 403,386,593 $ 323,738,951
- --------------------------------------------------------------------------------
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
F52 | LIMITED TERM NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
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 six months ended June 30, 2008, the Fund paid $605,742 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 six months ended June 30, 2008, the
Fund paid $691,366 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.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans (the "Plans") for Class B and Class C
shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the
Distributor for its services in connection with the distribution of those shares
and servicing accounts. Under the Plans, the Fund pays the Distributor an annual
asset-based sales charge of 0.75% on Class B and Class C shares. The Distributor
also receives a service fee of 0.25% per year under each plan. If either the
Class B or Class C plan is terminated by the Fund or by the shareholders of a
class, the Board of Trustees and its independent trustees must determine whether
the Distributor shall be entitled to payment from the Fund of all or a portion
of the service fee and/or asset-based sales charge in respect to shares sold
prior to the effective date of such termination. The Distributor's aggregate
uncompensated expenses under the Plans at June 30, 2008 for Class C shares was
$29,641,076. Fees incurred by the Fund under the Plans are detailed in the
Statement of Operations.
F53 | LIMITED TERM NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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
SIX MONTHS ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------------------
June 30, 2008 $ 531,973 $ 122,668 $ 73,644 $ 78,310
- ----------------------------------------------------------------------------------------------
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 June 30, 2008, investments in securities included issues that are
illiquid. Investments may be illiquid because they do not have an active trading
market, making it difficult to value them or dispose of them promptly at an
acceptable price. The Fund will not invest more than 15% of its net assets
(determined at the time of purchase and reviewed periodically) in illiquid
securities. Securities that are illiquid are marked with an applicable footnote
on the Statement of Investments.
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to one third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings 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 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 $1.25 billion, collectively. To secure the
loan, the Fund pledges investment securities in accordance with the terms of the
Agreement. Interest is charged to the Fund, based on its borrowings, at current
commercial paper issuance rates (2.7043% as of June 30, 2008).
F54 | LIMITED TERM NEW YORK MUNICIPAL FUND
The Fund pays additional fees annually to its lender on its outstanding
borrowings to manage and administer the facility and is allocated its pro-rata
share of an annual commitment fee on the amount of the unused portion of the
total facility size. The Fund has the right to prepay such loans and terminate
its participation in the conduit loan facility at any time upon prior notice.
As of June 30, 2008, the Fund had borrowings outstanding at an interest rate of
2.7043%. Details of the borrowings for the six months ended June 30, 2008 are as
follows:
Average Daily Loan Balance $ 47,346,154
Average Daily Interest Rate 3.538%
Fees Paid $ 232,028
Interest Paid $ 751,786
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENT
In March 2008, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 161, "Disclosures about
Derivative Instruments and Hedging Activities." This standard requires enhanced
disclosures about derivative and hedging activities, including qualitative
disclosures about how and why the Fund uses derivative instruments, how these
activities are accounted for, and their effect on the Fund's financial position,
financial performance and cash flows. SFAS No. 161 is effective for financial
statements issued for fiscal years beginning after November 15, 2008 and interim
periods within those fiscal years. At this time, management is evaluating the
implications of SFAS No. 161 and its impact on the Fund's financial statements
and related disclosures.
F55 | LIMITED TERM NEW YORK MUNICIPAL FUND
THIS PAGE INTENTIONALLY LEFT BLANK.
F56 | 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.
21 | LIMITED TERM NEW YORK MUNICIPAL FUND
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
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:
- the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
- a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
- any other information that the Funds would be required to include in
a proxy statement concerning the person if he or she was nominated;
and
- the name and address of the person submitting the recommendation
and, if that person is a shareholder, the period for which that
person held Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under
the Investment Company Act of 1940. In addition, certain other
relationships with Massachusetts Mutual Life Insurance Company or its
subsidiaries, with registered broker-dealers, or with the Funds' outside
legal counsel may cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving
as a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of 06/30/2008, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the registrant in the reports that it files under the Securities
Exchange Act of 1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and principal financial
officer, to allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported, within the time periods specified
in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(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: 08/07/2008
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: 08/07/2008
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 08/07/2008