N-CSRS 1 d377254dncsrs.htm N-CSRS N-CSRS

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6332

Rochester Portfolio Series

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OppenheimerFunds, Inc.

Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: December 31

Date of reporting period: 6/29/2012

 

 

 

Item 1. Reports to Stockholders.

June 30, 2012

 

     
       Limited Term New York Municipal Fund  

Management

Commentary

and

Semiannual

Report

LOGO

 

LOGO

 

MANAGEMENT COMMENTARY

 

An Interview with Your Fund’s Portfolio Managers

 

SEMIANNUAL REPORT

 

Listing of Top Holdings

 

Listing of Investments

 

Financial Statements

 

“We hope that the recent strength of the municipal bond market has renewed investors’ confidence in the market’s powerful ability to help investors earn tax-advantaged income.”

 

Dan Loughran, Senior Vice President, Senior Portfolio Manager and Team Leader, OppenheimerFunds/Rochester

LOGO

TOP HOLDINGS AND ALLOCATIONS

 

Top Ten Categories

  
 

Tobacco-Master Settlement Agreement

    
 14.0
 % 

Hospital/Healthcare

    
 11.1
   

Marine/Aviation Facilities

    
 8.7
   

Highways/Commuter Facilities

    
 8.1
   

General Obligation

    
 7.9
   

Electric Utilities

    
 6.5
   

Government Appropriation

    
 5.3
   

Sales Tax Revenue

    
 5.1
   

Higher Education

    
 3.9
   
Education     3.3   
Portfolio holdings are subject to change. Percentages are as of June 29, 2012, and are based on total assets.    

Credit Rating Breakdown

    
NRSRO Only  Total
   

AAA

    
 5.8
 % 

AA

    
 22.3
   

A

    
 22.8
   

BBB

    
 40.0
   

BB or lower

    
 2.3
   

Unrated

    
 6.8
   
Total     100.0 % 
The percentages above are based on the market value of the Fund’s securities as of June 29, 2012, and are subject to change. All securities except for those labeled “unrated” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Manager”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality.         
For the purposes of this table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB. Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund’s prospectus or Statement of Additional Information.      

 

 

11

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES

 

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 and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary 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 2.25%. Prior to April 1, 2012, the maximum initial sales charge for Class A shares of the Fund was 3.50%.

 

Class B shares of the Fund were first publicly offered on 5/1/97. Unless otherwise noted, Class B returns include 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 shares 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.

 

Class Y shares of the Fund were first publicly offered on 3/30/11. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. There is no sales charge for Class Y shares.

 

 

12

LIMITED TERM NEW YORK MUNICIPAL FUND
  

FUND EXPENSE

 

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 (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 29, 2012.

 

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 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.

 

 

13

LIMITED TERM NEW YORK MUNICIPAL FUND
  

FUND EXPENSE

 

 

Actual   Beginning
Account
Value
January 1, 2012		     Ending
Account
Value
June 29, 2012		     Expenses
Paid During
6 Months Ended
June 29, 2012		  
Class A   $ 1,000.00      $ 1,036.30      $ 3.73   
Class B     1,000.00        1,035.10        7.98   
Class C     1,000.00        1,035.70        7.63   
Class Y     1,000.00        1,037.60        2.52   
Hypothetical
(5% return before expenses)		                  
Class A     1,000.00        1,021.07        3.70   
Class B     1,000.00        1,016.91        7.91   
Class C     1,000.00        1,017.26        7.56   
Class Y     1,000.00        1,022.25        2.50   

 

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended June 29, 2012 are as follows:

 

Class    Expense Ratios  
Class A      0.74 % 
Class B      1.58   
Class C      1.51   
Class Y      0.50   

 

The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without waivers or reimbursements and reduction to custodian expenses, if applicable.

 

 

14

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    June 29, 2012* / (Unaudited)

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  Municipal Bonds and Notes—103.6%                    
  New York—76.5%                                  
  $       200,000      Addison, NY Central School District1      5.000 %      06/01/2016         06/01/2016      $ 227,244   
  1,045,000      Addison, NY Central School District1      5.000        06/01/2018         06/01/2018        1,224,667   
  1,325,000      Addison, NY Central School District1      5.000        06/01/2020         06/01/2020        1,570,178   
  1,440,000      Addison, NY Central School District1      5.000        06/01/2021         06/01/2020 A      1,684,282   
  1,295,000      Addison, NY Central School District1      5.000        06/01/2022         06/01/2020 A      1,499,921   
  2,100,000      Albany County, NY IDA (Albany College of Pharmacy)1      5.250        12/01/2019         12/01/2014 A      2,218,125   
  50,000      Albany County, NY IDA (Wildwood Programs)      4.900        07/01/2021         08/04/2019 B      47,755   
  100,000      Albany, NY Capital Resource Corp. (St. Peter’s Hospital)1      6.000        11/15/2025         11/15/2020 A      118,101   
  140,000      Albany, NY Hsg. Authority (Lark Drive)      5.200        12/01/2013         07/29/2012 A      141,077   
  260,000      Albany, NY Hsg. Authority (Lark Drive)      5.400        12/01/2018         07/29/2012 A      261,776   
  1,365,000      Albany, NY IDA (Brighter Choice Charter School for Girls)1      4.500        04/01/2018         12/06/2016 A      1,375,961   
  1,200,000      Albany, NY IDA (Brighter Choice Charter School for Girls)1      4.550        04/01/2015         04/13/2014 B      1,220,436   
  1,852,485      Albany, NY IDA (Charitable Leadership)      5.500        07/01/2012         07/01/2012        926,243   
  8,704,210      Albany, NY IDA (Charitable Leadership)      6.000        07/01/2019         04/20/2016 B      4,368,817   
  2,660,000      Albany, NY IDA (Daughters of Sarah Nursing Home)1      5.250        10/20/2021         07/29/2012 A      2,719,797   
  300,000      Albany, NY IDA (Daughters of Sarah Nursing Home)1      5.375        10/20/2030         07/29/2012 A      306,573   
  840,000      Albany, NY IDA (H. Johnson Office Park)      5.750        03/01/2018         03/01/2018        848,618   
  2,095,000      Albany, NY IDA (St. Peter’s Hospital)1      5.250        11/15/2027         11/15/2017 A      2,254,702   
  3,710,000      Albany, NY IDA (St. Peter’s Hospital)1      5.250        11/15/2032         11/15/2017 A      3,959,052   
  3,000,000      Albany, NY IDA (St. Peter’s Hospital)1      5.750        11/15/2022         11/15/2017 A      3,421,020   
  90,000      Allegany County, NY IDA (Alfred University)1      5.000        08/01/2028         07/29/2012 A      90,079   
  10,000      Amherst, NY IDA (Beechwood Health Care Center)      4.875        01/01/2013         01/01/2013        10,048   
  100,000      Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)      5.125        08/01/2020         08/01/2012 A      101,651   
  810,000      Bethlehem, NY Water System1      5.250        03/01/2018         03/01/2013 A      826,378   
  905,000      Bethlehem, NY Water System1      5.375        03/01/2020         03/01/2013 A      921,453   

 

 

15

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $       500,000      Bethlehem, NY Water System1      5.500 %      03/01/2022         03/01/2013 A    $ 508,100   
  125,000      Brookhaven, NY IDA (Alternatives for Children)      7.000        02/01/2013         11/02/2012 B      127,049   
  220,000      Brookhaven, NY IDA (Dowling College)1      6.500        11/01/2012         11/01/2012        220,772   
  650,000      Brookhaven, NY IDA (Enecon Corp.)      5.800        11/01/2018         01/19/2016 B      657,488   
  2,325,000      Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1      5.750        07/15/2017         07/15/2017        2,660,846   
  1,400,000      Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1      5.750        07/15/2018         07/15/2018        1,613,038   
  1,355,000      Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1      5.750        07/15/2019         07/15/2019        1,567,654   
  1,550,000      Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1      5.750        07/15/2020         01/15/2020 A      1,775,045   
  1,550,000      Broome County, NY COP1      5.250        04/01/2022         07/29/2012 A      1,555,410   
  1,350,000      Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1      5.750        10/01/2026         04/01/2021 A      1,613,601   
  2,000,000      Build NYC Resource Corp. (Royal Charter Properties & Presbyterian Hospital)1      4.750        12/15/2026         12/15/2022 A      2,138,820   
  600,000      Build NYC Resource Corp. (YMCA of Greater New York)1      5.000        08/01/2021         08/01/2021        707,106   
  500,000      Build NYC Resource Corp. (YMCA of Greater New York)1      5.000        08/01/2022         08/01/2022        589,010   
  515,000      Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)      5.250        11/01/2015         05/15/2014 B      517,621   
  915,000      Canton, NY Human Services Initiatives      5.750        09/01/2032         09/01/2012 A      936,301   
  20,000      Cattaraugus County, NY IDA (St. Bonaventure University)      5.000        09/15/2012         07/29/2012 A      20,042   
  50,000      Cattaraugus County, NY IDA (St. Bonaventure University)      5.000        09/15/2013         07/29/2012 A      50,097   
  500,000      Cattaraugus County, NY IDA (St. Bonaventure University)1      5.000        05/01/2023         05/01/2016 A      517,605   
  3,240,000      Cayuga County, NY COP (Auburn Memorial Hospital)      6.000        01/01/2021         07/29/2012 A      3,244,212   
  260,000      Chautauqua County, NY Tobacco Asset Securitization Corp.1      6.000        07/01/2012         07/01/2012        260,003   
  1,075,000      Chautauqua County, NY Tobacco Asset Securitization Corp.1      6.250        07/01/2016         07/29/2012 A      1,075,097   
  3,805,000      Chautauqua County, NY Tobacco Asset Securitization Corp.1      6.500        07/01/2024         07/29/2012 A      3,805,989   
  18,160,000      Chautauqua County, NY Tobacco Asset Securitization Corp.1      6.750        07/01/2040         05/29/2034 B      17,307,025   

 

 

16

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $         50,000      Chestertown, NY Fire District1      5.125 %      05/15/2020         05/15/2013 A    $ 51,740   
  2,345,000      Clarence, NY IDA (Bristol Village)1      6.000        01/20/2044         01/19/2013 A      2,416,640   
  25,000      Clinton County, NY GO1      4.500        07/15/2014         07/29/2012 A      25,076   
  10,000      Cornwall on Hudson, NY1      5.000        07/15/2015         01/15/2013 A      10,209   
  4,475,000      Cortland County, NY IDA (Cortland Memorial Hospital)      5.625        07/01/2024         07/01/2013 A      4,523,375   
  10,000      Deerfield, NY GO      5.250        06/15/2013         06/15/2013        10,311   
  10,000      Deerfield, NY GO      5.500        06/15/2014         06/15/2014        10,631   
  10,000      Deerfield, NY GO      5.500        06/15/2015         06/15/2015        10,893   
  10,000      Deerfield, NY GO      5.500        06/15/2016         06/15/2016        11,121   
  10,000      Deerfield, NY GO      5.500        06/15/2017         06/15/2016 A      11,054   
  10,000      Deerfield, NY GO      5.500        06/15/2018         06/15/2016 A      10,976   
  15,000      Deerfield, NY GO      5.500        06/15/2019         06/15/2016 A      16,351   
  15,000      Deerfield, NY GO      5.500        06/15/2020         06/15/2016 A      16,251   
  3,250,000      Dutchess County, NY Local Devel. Corp. (Anderson Center Services)1      6.000        10/01/2030         02/24/2020 A      3,374,898   
  10,000      East Rochester, NY Hsg. Authority (Genesee Valley Nursing Home)1      5.200        12/20/2024         07/29/2012 A      10,117   
  2,500,000      East Rochester, NY Hsg. Authority (St. John’s Health Care)1      5.000        04/20/2027         10/20/2020 A      2,777,150   
  2,690,000      East Rochester, NY Hsg. Authority (Woodland Village)      5.150        08/01/2016         09/05/2014 B      2,740,357   
  175,000      East Syracuse, NY Hsg. Authority (Bennett Manor Associates)1      6.700        04/01/2021         07/29/2012 A      175,499   
  58,670,000      Erie County, NY IDA (Buffalo City School District)1      5.625        05/01/2028         05/01/2014 A      62,579,769   
  85,000      Erie County, NY IDA (Buffalo City School District)1      5.750        05/01/2024         05/01/2014 A      93,430   
  1,550,000      Erie County, NY IDA (Buffalo City School District)1      5.750        05/01/2025         05/01/2014 A      1,703,729   
  6,500,000      Erie County, NY IDA (Buffalo City School District)1      5.750        05/01/2026         05/01/2014 A      7,144,670   
  2,350,000      Erie County, NY IDA (Buffalo City School District)1      5.750        05/01/2029         05/01/2018 A      2,732,627   
  445,000      Erie County, NY IDA (Medaille College)      6.875        10/01/2013         04/05/2013 B      458,270   
  3,310,000      Erie County, NY IDA (School Facility)1      5.000        05/01/2025         05/01/2022 A      3,873,031   
  2,000,000      Erie County, NY IDA (School Facility)1      5.000        05/01/2026         05/01/2022 A      2,319,120   
  385,000      Erie County, NY Public Improvement District1      5.250        03/15/2020         03/15/2013 A      395,969   

 

 

17

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $   29,615,000      Erie County, NY Tobacco Asset Securitization Corp.1      5.000 %      06/01/2031         02/06/2023 B    $ 24,067,222   
  9,750,000      Erie County, NY Tobacco Asset Securitization Corp.1      5.000        06/01/2038         04/20/2028 B      7,469,768   
  250,000      Essex County, NY IDA (International Paper Company)1      6.450        11/15/2023         07/29/2012 A      250,898   
  530,000      Essex County, NY IDA (North Country Community College Foundation)1      4.600        06/01/2015         06/01/2015        571,473   
  415,000      Franklin County, NY IDA (North Country Community College Foundation)1      4.600        06/01/2015         06/01/2015        447,474   
  835,000      Franklin County, NY Solid Waste Management Authority1      5.000        06/01/2027         06/01/2022 A      930,683   
  2,725,000      Geneva, NY Devel. Corp. (Hobart & William Smith Colleges)1      5.000        09/01/2032         09/01/2022 A      3,093,393   
  750,000      Glen Cove, NY GO1      6.250        04/01/2024         04/01/2016 A      810,098   
  905,000      Glen Cove, NY GO1      6.250        04/01/2025         04/01/2016 A      973,590   
  1,105,000      Glen Cove, NY GO1      6.250        04/01/2026         04/01/2016 A      1,185,245   
  215,000      Gloversville, NY GO1      5.800        03/15/2013         09/15/2012 A      217,399   
  235,000      Gloversville, NY GO1      5.800        03/15/2014         09/15/2012 A      237,616   
  50,000      Gloversville, NY GO1      5.800        03/15/2015         09/15/2012 A      50,557   
  270,000      Gloversville, NY GO1      5.800        03/15/2017         09/15/2012 A      272,975   
  285,000      Gloversville, NY GO1      5.800        03/15/2018         09/15/2012 A      285,724   
  380,000      Hamilton County, NY IDA (Adirondack Historical Assoc.)1      5.250        11/01/2018         07/29/2012 A      380,825   
  75,000      Hempstead Village, NY GO1      5.000        09/15/2017         09/15/2016 A      84,271   
  500,000      Hempstead Village, NY GO1      5.000        07/01/2018         07/01/2014 A      527,170   
  75,000      Hempstead Village, NY GO1      5.000        09/15/2018         09/15/2016 A      83,313   
  1,195,000      Hempstead Village, NY GO1      5.000        07/01/2019         07/01/2014 A      1,252,480   
  75,000      Hempstead Village, NY GO1      5.000        09/15/2019         09/15/2016 A      82,303   
  75,000      Hempstead Village, NY GO1      5.000        09/15/2020         09/15/2016 A      81,590   
  75,000      Hempstead Village, NY GO1      5.000        09/15/2021         09/15/2016 A      80,825   
  75,000      Hempstead Village, NY GO1      5.000        09/15/2022         09/15/2016 A      80,462   
  75,000      Hempstead Village, NY GO1      5.000        09/15/2023         09/15/2016 A      79,907   
  1,925,000      Hempstead, NY IDA (Lynbrook Facilities)      6.000        11/01/2017         06/23/2015 B      1,827,403   
  560,000      Hempstead, NY IDA (Peninsula Counseling Center)      5.750        11/01/2018         02/01/2016 B      550,267   
  60,000      Herkimer County, NY GO1      5.000        09/15/2012         09/15/2012        60,481   
  40,000      Herkimer County, NY GO1      5.000        09/15/2012         09/15/2012        40,400   
  20,000      Hudson Falls, NY Central School District      4.750        06/15/2019         06/15/2019        22,618   

 

 

18

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $       100,000      Islip, NY GO1      4.500 %      05/15/2014         07/29/2012 A    $ 100,345   
  1,965,000      Islip, NY IDA (United Cerebral Palsy Assoc.)      5.500        12/01/2016         01/04/2015 B      1,935,741   
  230,000      Islip, NY IDA (United Cerebral Palsy Assoc.)      5.500        12/01/2016         01/06/2015 B      226,575   
  2,990,000      Islip, NY Res Rec, Series E1      5.625        07/01/2017         07/01/2014 A      3,262,808   
  1,175,000      Islip, NY Res Rec, Series E1      5.750        07/01/2019         07/01/2014 A      1,264,147   
  1,100,000      Islip, NY Res Rec, Series E1      5.750        07/01/2020         07/01/2014 A      1,176,384   
  1,315,000      Islip, NY Res Rec, Series E1      5.750        07/01/2021         07/01/2014 A      1,399,515   
  1,000,000      Islip, NY Res Rec, Series E1      5.750        07/01/2023         07/01/2014 A      1,056,930   
  250,000      Jamestown, NY GO      5.000        08/01/2024         08/01/2014 A      260,478   
  250,000      Jamestown, NY GO      5.000        08/01/2025         08/01/2014 A      260,225   
  2,450,000      Jefferson County, NY IDA (International Paper)1      5.200        12/01/2020         12/01/2013 A      2,556,526   
  230,000      L.I., NY Power Authority1      6.000        05/01/2033         05/01/2019 A      273,854   
  1,000,000      L.I., NY Power Authority, Series A1      5.000        12/01/2022         12/01/2016 A      1,132,010   
  5,000,000      L.I., NY Power Authority, Series A      5.000        12/01/2025         06/01/2016 A      5,564,250   
  10,000,000      L.I., NY Power Authority, Series A2      5.000        09/01/2026         09/01/2022 A      11,444,400   
  5,000,000      L.I., NY Power Authority, Series A      5.000        12/01/2026         06/01/2016 A      5,554,700   
  10,000,000      L.I., NY Power Authority, Series A1      5.000        12/01/2026         06/01/2016 A      11,109,400   
  225,000      L.I., NY Power Authority, Series A1      5.000        09/01/2027         07/29/2012 A      225,844   
  1,030,000      L.I., NY Power Authority, Series A1      5.100        09/01/2029         09/01/2014 A      1,108,754   
  4,905,000      L.I., NY Power Authority, Series A      5.125        09/01/2029         07/29/2012 A      4,923,835   
  100,000      L.I., NY Power Authority, Series A1      5.250        12/01/2020         06/01/2016 A      113,003   
  250,000      L.I., NY Power Authority, Series A1      5.500        04/01/2024         04/01/2019 A      297,593   
  1,700,000      L.I., NY Power Authority, Series A1      5.750        04/01/2039         04/01/2019 A      1,955,272   
  480,000      L.I., NY Power Authority, Series A1      6.250        04/01/2033         04/01/2019 A      576,677   
  10,000,000      L.I., NY Power Authority, Series B2      5.000        09/01/2027         09/01/2022 A      11,361,200   
  8,000,000      L.I., NY Power Authority, Series B2      5.000        09/01/2029         09/01/2022 A      8,993,680   
  100,000      L.I., NY Power Authority, Series C1      5.000        09/01/2027         09/01/2013 A      103,699   
  100,000      L.I., NY Power Authority, Series C1      5.000        09/01/2028         09/01/2013 A      103,699   
  185,000      Lackawanna, NY Hsg. Authority1      5.000        09/01/2015         09/01/2015        207,768   
  2,210,000      Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)1      5.875        07/01/2022         07/29/2012 A      2,211,326   
  1,010,000      Livingston County, NY IDA (Nicholas H. Noyes Memorial Hospital)1      6.000        07/01/2030         07/29/2012 A      1,010,283   
  70,000      Livonia, NY GO1      5.000        06/15/2020         06/15/2017 A      78,325   
  75,000      Livonia, NY GO1      5.000        06/15/2021         06/15/2017 A      83,124   

 

 

19

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $         80,000      Livonia, NY GO1      5.000 %      06/15/2022         06/15/2017 A    $ 87,749   
  85,000      Livonia, NY GO1      5.000        06/15/2023         06/15/2017 A      92,573   
  90,000      Livonia, NY GO1      5.000        06/15/2024         06/15/2017 A      97,385   
  75,000      Livonia, NY GO1      5.000        06/15/2025         06/15/2017 A      80,915   
  1,700,000      Long Beach, NY GO      4.150        04/19/2013         04/19/2013        1,709,061   
  35,000      Lyncourt, NY Fire District1      6.000        10/15/2016         10/15/2012 A      35,443   
  2,000,000      Lyons, NY Community Health Initiatives Corp.1      5.550        09/01/2024         09/01/2014 A      2,233,980   
  150,000      Madison County, NY IDA (Morrisville State College Foundation)1      5.000        06/01/2015         06/12/2014 B      152,237   
  2,065,000      Madison County, NY IDA (Morrisville State College Foundation)1      5.000        06/01/2022         06/01/2016 A      2,129,366   
  1,585,000      Madison County, NY IDA (Oneida Healthcare Center)      5.500        02/01/2016         07/29/2012 A      1,595,271   
  5,000      Monroe County, NY GO      5.000        06/01/2017         07/29/2012 A      5,014   
  25,000      Monroe County, NY GO      5.750        06/01/2015         07/29/2012 A      25,094   
  580,000      Monroe County, NY IDA (Highland Hospital of Rochester)1      5.000        08/01/2012         08/01/2012        582,140   
  1,375,000      Monroe County, NY IDA (Nazareth College of Rochester)1      5.250        10/01/2021         10/01/2012 A      1,383,979   
  660,000      Monroe County, NY IDA (Southview Towers)1      6.125        02/01/2020         07/29/2012 A      661,841   
  325,000      Monroe County, NY IDA (Summit at Brighton)      5.000        07/01/2016         08/04/2014 B      291,522   
  915,000      Monroe County, NY IDA (West End Business Center)      5.125        12/01/2014         12/17/2013 B      909,556   
  200,000      Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1      5.000        10/01/2026         10/01/2021 A      219,846   
  2,120,000      Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1      5.000        06/01/2021         06/01/2021        2,413,217   
  615,000      Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1      5.000        06/01/2023         06/01/2022 A      690,657   
  330,000      Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1      5.000        06/01/2024         06/01/2022 A      365,983   
  210,000      Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1      5.000        06/01/2025         06/01/2022 A      230,918   
  9,000,000      Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1      5.500        08/15/2023         07/20/2015 A      9,772,650   
  17,500,000      Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1      5.750        08/15/2030         02/15/2021 A      21,230,125   
  205,000      Monroe, NY Newpower Corp.1      4.800        01/01/2013         10/02/2012 B      206,470   

 

 

20

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    7,800,000      Monroe, NY Newpower Corp.1      6.375 %      01/01/2024         01/01/2013 A    $ 7,859,280   
  280,000      Mount Vernon, NY IDA (Kings Court)1      5.125        12/01/2023         12/01/2013 A      288,691   
  975,000      Mount Vernon, NY IDA (Macedonia Towers)1      5.125        12/01/2023         12/01/2013 A      1,002,524   
  300,000      Nassau County, NY IDA (ACDS)      5.950        11/01/2022         11/01/2022        292,908   
  440,000      Nassau County, NY IDA (ACDS)      6.000        12/01/2019         09/21/2016 B      438,909   
  280,000      Nassau County, NY IDA (ALIA-ACDS)      7.000        11/01/2016         11/01/2012 A      284,315   
  410,000      Nassau County, NY IDA (ALIA-CMA)      7.000        11/01/2016         11/01/2012 A      416,318   
  320,000      Nassau County, NY IDA (ALIA-CRR)      7.000        11/01/2016         11/01/2012 A      324,931   
  70,000      Nassau County, NY IDA (ALIA-FREE)      7.000        11/01/2016         11/01/2012 A      71,079   
  290,000      Nassau County, NY IDA (ALIA-HKSB)      7.000        11/01/2016         11/01/2012 A      294,469   
  1,700,000      Nassau County, NY IDA (CSMR)      5.950        11/01/2022         11/01/2022        1,659,812   
  1,170,000      Nassau County, NY IDA (CSMR)      6.000        12/01/2019         09/19/2016 B      1,167,098   
  200,000      Nassau County, NY IDA (Epilepsy Foundation of L.I.)      5.950        11/01/2022         11/01/2022        195,272   
  525,000      Nassau County, NY IDA (Epilepsy Foundation of L.I.)      6.000        12/01/2019         10/31/2015 A      526,307   
  210,000      Nassau County, NY IDA (Hispanic Counseling Center)      6.000        11/01/2017         11/01/2017        210,071   
  16,985,000      Nassau County, NY IDA (Keyspan-Glenwood Energy Center)1      5.250        06/01/2027         06/01/2013 A      17,550,940   
  200,000      Nassau County, NY IDA (Life’s WORCA)      5.950        11/01/2022         11/01/2022        195,272   
  500,000      Nassau County, NY IDA (New York Institute of Technology)1      5.000        03/01/2021         03/01/2020 A      567,910   
  500,000      Nassau County, NY IDA (PLUS Group Home)      6.150        11/01/2022         11/01/2022        495,670   
  80,000      Nassau County, NY IDA (United Veteran’s Beacon House)      6.000        11/01/2017         11/01/2017        80,027   
  360,000      Nassau County, NY IDA (WORCA)      6.000        12/01/2019         09/16/2016 B      359,093   
  80,000      Nassau County, NY IDA, Series C      6.000        12/01/2019         10/25/2016 B      79,798   
  21,000,000      Nassau County, NY Tobacco Settlement Corp.1      5.250        06/01/2026         04/13/2024 B      19,174,680   
  75,000      Nassau, NY IDA (EBS North Hills LLC)      7.000        11/01/2013         11/01/2012 A      78,574   
  45,000      Nassau, NY IDA (EBS North Hills LLC)      7.000        11/01/2013         11/01/2012 A      47,144   
  50,000      Nassau, NY IDA (EBS North Hills LLC)      7.000        11/01/2013         11/01/2012 A      52,383   

 

 

21

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $         50,000      Nassau, NY IDA (EBS North Hills LLC)      7.000 %      11/01/2013         11/01/2012 A    $ 52,383   
  13,010,000      New Rochelle, NY IDA (College of New Rochelle)1      5.250        07/01/2027         01/01/2013 A      13,102,631   
  5,230,000      New Rochelle, NY IDA (College of New Rochelle)1      5.500        07/01/2019         12/18/2012 A      5,302,645   
  960,000      Newburgh, NY IDA (Bourne & Kenney Redevel. Company)1      5.650        08/01/2020         07/29/2012 A      962,794   
  2,535,000      Newburgh, NY IDA (Bourne & Kenney Redevel. Company)1      5.750        02/01/2032         07/29/2012 A      2,538,549   
  260,000      Niagara County, NY IDA (Affinity Foxwood Place)1      4.350        01/20/2017         01/20/2017        270,332   
  400,000      Niagara County, NY IDA (American Ref-Fuel Company)1      5.550        11/15/2024         07/29/2012 A      405,608   
  900,000      Niagara County, NY IDA (Niagara Falls Memorial Medical Center)      5.750        06/01/2018         04/09/2014 A      912,897   
  7,750,000      Niagara County, NY IDA (Solid Waste Disposal)1      5.450        11/15/2026         11/15/2012 C      7,849,045   
  9,535,000      Niagara County, NY IDA (Solid Waste Disposal)1      5.550        11/15/2024         11/15/2012 A      9,617,096   
  12,450,000      Niagara County, NY IDA (Solid Waste Disposal)1      5.625        11/15/2024         07/29/2012 A      12,624,798   
  1,175,000      Niagara County, NY Tobacco Asset Securitization Corp.1      5.875        05/15/2022         11/15/2012 A      1,174,918   
  1,105,000      Niagara County, NY Tobacco Asset Securitization Corp.1      6.250        05/15/2034         01/12/2027 B      1,057,375   
  945,000      Niagara County, NY Tobacco Asset Securitization Corp.1      6.250        05/15/2040         01/27/2031 B      888,158   
  11,995,000      Niagara County, NY Tobacco Asset Securitization Corp.1      6.750        05/15/2029         07/29/2012 A      11,996,439   
  20,000      Niagara County, NY Tobacco Asset Securitization Corp. (TASC)1      5.750        05/15/2021         11/15/2012 A      19,998   
  2,045,000      Niagara Falls, NY City School District (High School Facility)1      5.000        06/15/2021         06/15/2015 A      2,214,817   
  870,000      Niagara Falls, NY City School District (High School Facility)1      5.000        06/15/2022         06/15/2015 A      942,245   
  200,000      Niagara Falls, NY City School District (High School Facility)1      5.000        06/15/2025         06/15/2015 A      214,770   
  1,000,000      Niagara Falls, NY Public Water Authority      5.500        07/15/2034         07/15/2015 A      1,042,430   
  320,000      Niagara, NY Area Devel. Corp. (Niagara University)1      5.000        05/01/2026         05/01/2022 A      346,938   
  1,000,000      Niagara, NY Area Devel. Corp. (Niagara University)1      5.000        05/01/2030         05/01/2022 A      1,076,830   

 

 

22

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    4,875,000      Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1      0.429 %3      04/01/2024         07/26/2012 A    $ 4,149,600   
  2,425,000      Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1      0.429 3      04/01/2024         07/04/2012 A      2,064,645   
  250,000      Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1      0.429 3      04/01/2024         07/26/2012 A      212,825   
  40,000      Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)      5.000        04/01/2013         07/29/2012 A      40,040   
  60,000      Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1      5.500        04/01/2016         07/29/2012 A      60,717   
  3,345,000      Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1      5.500        04/01/2017         07/29/2012 A      3,384,973   
  10,000      Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1      5.500        04/01/2019         07/29/2012 A      10,120   
  18,405,000      Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1      5.625        04/01/2029         07/29/2012 A      18,605,615   
  360,000      Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1      5.750        04/01/2019         07/29/2012 A      364,302   
  75,000      Niagara, NY Frontier Transportation Authority International Airport      5.000        04/01/2018         07/29/2012 A      75,022   
  1,145,000      North Babylon, NY Volunteer Fire Company      5.750        08/01/2022         07/29/2012 A      1,145,023   
  630,000      NY Capital District Youth Center1      6.000        02/01/2017         08/01/2012 A      632,495   
  65,000      NY Counties Tobacco Trust I1      5.875        06/01/2014         11/29/2012 A      64,996   
  4,670,000      NY Counties Tobacco Trust I1      6.300        06/01/2019         07/29/2012 A      4,670,887   
  4,360,000      NY Counties Tobacco Trust I1      6.500        06/01/2035         12/09/2018 B      4,273,280   
  3,295,000      NY Counties Tobacco Trust I1      6.625        06/01/2042         12/25/2023 B      3,244,191   
  10,895,000      NY Counties Tobacco Trust II (TASC)1      5.250        06/01/2025         08/08/2012 B      10,542,220   
  865,000      NY Counties Tobacco Trust II (TASC)1      5.625        06/01/2035         09/29/2020 B      726,687   
  1,055,000      NY Counties Tobacco Trust II (TASC)1      5.750        06/01/2013         12/01/2012 A      1,054,926   
  1,925,000      NY Counties Tobacco Trust II (TASC)1      5.750        06/01/2014         06/01/2014        1,922,786   
  800,000      NY Counties Tobacco Trust II (TASC)1      5.750        06/01/2043         02/28/2027 B      641,232   

 

 

23

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    2,120,000      NY Counties Tobacco Trust II (TASC)1      6.000 %      06/01/2015         11/29/2012 A    $ 2,119,958   
  2,330,000      NY Counties Tobacco Trust II (TASC)1      6.000        06/01/2016         11/29/2012 A      2,329,744   
  7,760,000      NY Counties Tobacco Trust III1      5.750        06/01/2033         08/23/2013 B      7,722,209   
  18,575,000      NY Counties Tobacco Trust III1      6.000        06/01/2043         06/01/2013 A      18,584,473   
  2,610,000      NY Counties Tobacco Trust IV1      4.250        06/01/2021         01/15/2013 B      2,576,931   
  4,520,000      NY Counties Tobacco Trust IV (TASC)1      4.750        06/01/2026         08/18/2018 B      4,123,144   
  38,400,000      NY Counties Tobacco Trust IV (TASC)1      6.250        06/01/2041         06/01/2020 A           38,788,224   
  500,000      NY Grand Central BID (Grand Central District Management)1      5.000        01/01/2022         01/01/2014 A      527,070   
  110,000      NY MTA Commuter Facilities (Grand Central Terminal)1      5.500        07/01/2012         07/01/2012        110,030   
  25,000      NY MTA Commuter Facilities, Series 71      5.625        07/01/2016         07/29/2012 A      26,118   
  5,000      NY MTA Commuter Facilities, Series B      5.000        07/01/2017         07/29/2012 A      5,233   
  50,000      NY MTA Commuter Facilities, Series B      5.125        07/01/2024         07/29/2012 A      52,404   
  5,000      NY MTA Commuter Facilities, Series D1      5.000        07/01/2016         07/29/2012 A      5,230   
  300,000      NY MTA, Series 2008C1      6.250        11/15/2023         11/15/2018 A      380,919   
  20,000      NY MTA, Series A1      5.000        11/15/2020         11/15/2012 A      20,272   
  50,000      NY MTA, Series A1      5.000        11/15/2022         11/15/2012 A      50,719   
  54,445,000      NY MTA, Series A1      5.000        11/15/2025         11/15/2012 A      55,242,075   
  10,785,000      NY MTA, Series A1      5.000        11/15/2026         05/15/2016 A      12,082,651   
  7,150,000      NY MTA, Series A1      5.000        11/15/2026         11/15/2017 A      7,968,604   
  125,000      NY MTA, Series A1      5.000        11/15/2030         11/15/2012 A      126,796   
  270,000      NY MTA, Series A1      5.000        11/15/2030         11/15/2012 A      274,180   
  10,735,000      NY MTA, Series A1      5.000        11/15/2030         11/15/2012 A      10,886,793   
  4,180,000      NY MTA, Series A1      5.125        11/15/2021         11/15/2012 A      4,240,443   
  25,075,000      NY MTA, Series A1      5.125        11/15/2031         11/15/2012 A      25,446,110   
  300,000      NY MTA, Series A1      5.250        11/15/2024         11/15/2012 A      304,743   
  12,475,000      NY MTA, Series A1      5.250        11/15/2029         05/15/2016 A      13,841,761   
  10,825,000      NY MTA, Series A1      5.250        11/15/2031         11/15/2012 A      10,992,355   
  1,150,000      NY MTA, Series A1      5.500        11/15/2019         11/15/2012 A      1,170,907   
  13,180,000      NY MTA, Series A1      5.750        11/15/2032         11/15/2012 A      13,428,838   
  150,000      NY MTA, Series A1      5.750        11/15/2032         11/15/2012 A      152,664   
  455,000      NY MTA, Series A1      5.750        11/15/2032         11/15/2012 A      463,081   

 

 

24

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $       100,000      NY MTA, Series B1      5.000 %      11/15/2023         11/15/2016 A    $ 114,496   
  5,000,000      NY MTA, Series B1      5.000        11/15/2025         11/15/2015 A      5,547,150   
  130,000      NY MTA, Series B1      5.000        11/15/2028         11/15/2013 A      136,349   
  16,500,000      NY MTA, Series B1      5.250        11/15/2025         11/15/2013 A      17,332,260   
  6,500,000      NY MTA, Series B1      5.250        11/15/2027         11/15/2019 A      7,496,125   
  13,000,000      NY MTA, Series C1      5.000        11/15/2028         11/15/2022 A      14,726,530   
  10,000,000      NY MTA, Series C1      5.000        11/15/2029         11/15/2022 A      11,263,000   
  5,000,000      NY MTA, Series C1      5.000        11/15/2030         11/15/2022 A      5,613,050   
  3,500,000      NY MTA, Series C1      5.000        11/15/2031         11/15/2022 A      3,929,135   
  5,000,000      NY MTA, Series D1      5.000        11/01/2024         11/01/2022 A      5,816,850   
  6,000,000      NY MTA, Series D2      5.000        11/15/2024         11/15/2017 A      6,517,560   
  4,000,000      NY MTA, Series D1      5.000        11/01/2025         11/01/2022 A      4,622,880   
  20,000,000      NY MTA, Series D2      5.000        11/15/2026         11/15/2022 A      22,926,800   
  25,000,000      NY MTA, Series D2      5.000        11/15/2027         11/15/2019 A      27,509,750   
  22,000,000      NY MTA, Series D2      5.000        11/15/2028         11/15/2022 A      24,921,820   
  20,000,000      NY MTA, Series D2      5.000        11/15/2029         11/15/2022 A      22,526,000   
  5,000,000      NY MTA, Series D1      5.000        11/15/2031         11/15/2021 A      5,588,600   
  11,800,000      NY MTA, Series D-11      5.000        11/01/2026         11/01/2022 A      13,522,328   
  5,075,000      NY MTA, Series D-11      5.000        11/01/2028         11/01/2022 A      5,746,879   
  50,000      NY MTA, Series E1      5.250        11/15/2031         11/15/2012 A      50,764   
  100,000      NY MTA, Series E1      5.250        11/15/2031         11/15/2012 A      101,546   
  50,000      NY MTA, Series E1      5.500        11/15/2021         11/15/2012 A      50,798   
  2,230,000      NY MTA, Series F1      5.000        11/15/2030         11/15/2015 A      2,347,610   
  8,990,000      NY MTA, Series F1      5.000        11/15/2031         11/15/2012 A      9,154,787   
  11,575,000      NY MTA, Series F1      5.000        11/15/2031         11/15/2012 A      11,787,170   
  35,000      NY New Hartford-Sunset Wood Funding Corp.      5.950        08/01/2027         08/01/2012 A      35,069   
  4,180,000      NY Oneida Healthcare Corp. (Oneida Health Systems)1      5.300        02/01/2021         07/29/2012 A      4,205,582   
  2,735,000      NY Oneida Healthcare Corp. (Oneida Health Systems)1      5.500        02/01/2016         07/29/2012 A      2,754,610   
  10,000,000      NY Sales Tax Asset Receivable Corp.1      5.000        10/15/2026         10/15/2014 A           10,853,700   
  8,000,000      NY Seneca Nation Indians Capital Improvements1      5.000        12/01/2023         06/01/2017 A      8,087,600   
  10,450,000      NY Seneca Nation Indians Capital Improvements1      5.250        12/01/2016         06/14/2015 B      10,676,661   
  500,000      NY Tobacco Settlement Financing Corp. (TASC)1      5.250        06/01/2020         06/01/2013 A      522,070   
  2,220,000      NY Tobacco Settlement Financing Corp. (TASC)1      5.250        06/01/2021         06/01/2013 A      2,317,991   

 

 

25

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    1,415,000      NY Tobacco Settlement Financing Corp. (TASC)1      5.500 %      06/01/2018         07/29/2012 A    $ 1,420,349   
  20,500,000      NY Tobacco Settlement Financing Corp. (TASC)1      5.500        06/01/2019         06/01/2013 A      21,452,020   
  11,000,000      NY Tobacco Settlement Financing Corp. (TASC)1      5.500        06/01/2020         06/01/2013 A      11,510,840   
  18,395,000      NY Tobacco Settlement Financing Corp. (TASC)1      5.500        06/01/2021         06/01/2013 A      19,249,264   
  25,000      NY Triborough Bridge & Tunnel Authority1      5.000        11/15/2021         11/15/2012 A      25,410   
  40,000      NY Triborough Bridge & Tunnel Authority1      5.000        01/01/2024         07/29/2012 A      40,154   
  4,525,000      NY Triborough Bridge & Tunnel Authority1      5.000        01/01/2025         01/01/2022 A      5,369,456   
  20,000,000      NY Triborough Bridge & Tunnel Authority1      5.000        11/15/2025         11/15/2012 A      20,312,000   
  24,890,000      NY Triborough Bridge & Tunnel Authority1      5.000        11/15/2026         11/15/2012 A      25,246,674   
  210,000      NY Triborough Bridge & Tunnel Authority1      5.000        11/15/2028         11/15/2013 A      221,323   
  2,000,000      NY Triborough Bridge & Tunnel Authority1      5.000        11/15/2032         11/15/2012 A      2,027,880   
  1,000,000      NY Triborough Bridge & Tunnel Authority1      5.000        11/15/2033         11/15/2018 A      1,127,960   
  200,000      NY Triborough Bridge & Tunnel Authority1      5.250        11/15/2022         11/15/2012 A      203,448   
  10,000,000      NY Triborough Bridge & Tunnel Authority1      5.250        11/15/2023         11/15/2012 A      10,172,400   
  2,720,000      NY Triborough Bridge & Tunnel Authority1      5.250        11/15/2030         11/15/2013 A      2,870,171   
  40,000      NY Triborough Bridge & Tunnel Authority, Series B1      5.000        11/15/2020         11/15/2012 A      40,680   
  3,000,000      NY Triborough Bridge & Tunnel Authority, Series B1      5.000        11/15/2027         11/15/2012 A      3,044,130   
  1,230,000      NY Triborough Bridge & Tunnel Authority, Series B1      5.000        11/15/2032         11/15/2012 A      1,247,675   
  157,030,000      NY TSASC, Inc. (TFABs)1      4.750        06/01/2022         01/21/2015 B         156,287,248   
  91,000,000      NY TSASC, Inc. (TFABs)1      5.000        06/01/2026         06/05/2022 B      86,865,870   
  14,740,000      NY TSASC, Inc. (TFABs)1      5.000        06/01/2034         06/26/2028 B      11,033,480   
  160,000      NY Valley Health Devel. Corp.1      6.750        05/20/2022         07/29/2012 A      165,243   
  10,000,000      NYC Capital Resources Corp. (Albee Retail Devel.)      7.250        11/01/2042         11/01/2012 A      10,021,200   
  45,175,000      NYC GO1      4.900 3      12/15/2028         12/15/2013 A      47,620,323   
  50,000,000      NYC GO1      4.950 3      12/15/2033         12/15/2013 A      52,742,500   

 

 

26

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $           5,000      NYC GO      5.000 %      08/01/2015         07/29/2012 A    $ 5,019   
  200,000      NYC GO      5.000        08/01/2020         08/01/2014 A      219,448   
  225,000      NYC GO1      5.000        08/01/2020         08/01/2014 A      244,879   
  5,000      NYC GO1      5.000        08/01/2022         07/29/2012 A      5,019   
  500,000      NYC GO1      5.000        08/01/2022         08/01/2015 A      561,690   
  40,000      NYC GO1      5.000        09/15/2022         09/15/2013 A      42,320   
  29,000,000      NYC GO4      5.000        06/01/2023         06/01/2023        32,339,350   
  615,000      NYC GO1      5.000        08/01/2023         08/01/2015 A      689,673   
  8,065,000      NYC GO1      5.000        08/01/2023         08/01/2019 A      9,377,417   
  10,000,000      NYC GO4      5.000        08/15/2023         08/15/2023        10,877,539   
  4,945,000      NYC GO1      5.000        09/01/2023         09/01/2015 A      5,560,702   
  11,340,000      NYC GO4      5.000        12/01/2023         12/01/2023        12,465,835   
  21,015,000      NYC GO1      5.000        08/01/2024         08/01/2016 A      23,952,687   
  2,000,000      NYC GO1      5.000        08/01/2024         02/01/2016 A      2,246,280   
  3,650,000      NYC GO1      5.000        12/01/2024         12/01/2014 A      3,994,341   
  10,000,000      NYC GO1      5.000        11/01/2025         11/01/2014 A      10,911,300   
  1,100,000      NYC GO1      5.000        08/01/2027         02/01/2022 A      1,284,910   
  19,505,000      NYC GO1      5.000        08/01/2028         08/01/2019 A      22,038,700   
  3,000,000      NYC GO1      5.000        08/01/2029         08/01/2022 A      3,486,270   
  485,000      NYC GO1      5.000        10/15/2029         10/15/2013 A      510,385   
  515,000      NYC GO      5.000        10/15/2029         10/15/2013 A      546,688   
  10,000,000      NYC GO1      5.000        04/01/2030         04/01/2015 A      10,975,300   
  1,000,000      NYC GO1      5.000        08/01/2030         08/01/2015 A      1,108,030   
  5,000      NYC GO      5.000        10/15/2033         10/15/2013 A      5,308   
  80,000      NYC GO1      5.000        10/15/2033         10/15/2013 A      83,604   
  35,000      NYC GO      5.125        08/01/2013         07/29/2012 A      35,147   
  5,000      NYC GO      5.125        08/01/2018         07/29/2012 A      5,019   
  10,000      NYC GO1      5.125        08/01/2022         07/29/2012 A      10,038   
  6,500,000      NYC GO1      5.125        12/01/2024         12/01/2017 A      7,731,880   
  10,000      NYC GO      5.125        08/01/2025         07/29/2012 A      10,036   
  15,000      NYC GO      5.125        08/01/2025         07/29/2012 A      15,053   
  5,000      NYC GO      5.125        08/01/2025         07/29/2012 A      5,018   
  5,000      NYC GO1      5.250        08/01/2012         07/29/2012 A      5,021   
  5,000      NYC GO      5.250        08/01/2015         07/29/2012 A      5,020   
  10,000      NYC GO1      5.250        01/15/2023         01/15/2013 A      10,277   
  15,000      NYC GO1      5.250        01/15/2023         01/15/2013 A      15,375   
      5,720,000      NYC GO1      5.250        08/15/2024         08/15/2014 A      6,224,733   
  10,000      NYC GO1      5.250        06/01/2027         07/29/2012 A      10,037   

 

 

27

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $       110,000      NYC GO      5.250 %      01/15/2028         01/15/2013 A    $ 113,018   
  110,000      NYC GO1      5.250        01/15/2028         01/15/2013 A      112,668   
  9,500,000      NYC GO1      5.250        04/01/2028         04/01/2019 A           10,850,900   
  80,000      NYC GO1      5.250        01/15/2033         01/15/2013 A      82,213   
  2,105,000      NYC GO1      5.250        01/15/2033         01/15/2013 A      2,158,972   
  5,000      NYC GO      5.300        08/01/2024         07/29/2012 A      5,019   
  70,000      NYC GO1      5.300        01/15/2026         01/15/2013 A      71,646   
  50,000      NYC GO1      5.375        03/01/2027         03/01/2013 A      51,750   
  55,000      NYC GO1      5.375        08/01/2027         07/29/2012 A      55,214   
  100,000      NYC GO1      5.500        08/01/2022         07/29/2012 A      100,415   
  70,000      NYC GO1      5.500        08/01/2022         07/29/2012 A      70,291   
  670,000      NYC GO1      5.500        06/01/2023         06/01/2013 A      702,843   
  140,000      NYC GO1      5.500        06/01/2023         06/01/2013 A      146,208   
  10,000      NYC GO1      5.500        02/15/2026         07/29/2012 A      10,040   
  5,000      NYC GO1      5.500        02/15/2026         07/29/2012 A      5,020   
  75,000      NYC GO1      5.500        06/01/2028         07/29/2012 A      75,311   
  15,000      NYC GO      5.500        11/15/2037         07/29/2012 A      15,062   
  30,000      NYC GO1      5.600        12/01/2013         12/01/2012 A      30,698   
  570,000      NYC GO1      5.750        03/01/2018         03/01/2013 A      591,375   
  35,000      NYC GO      5.750        08/01/2018         08/01/2012 A      35,174   
  465,000      NYC GO1      5.750        08/01/2018         08/01/2012 A      467,181   
  55,000      NYC GO1      5.750        08/01/2018         08/01/2012 A      55,274   
  255,000      NYC GO1      5.750        08/01/2018         08/01/2012 A      256,196   
  20,000      NYC GO      5.875        08/01/2015         07/29/2012 A      20,092   
  375,000      NYC GO1      5.875        06/01/2019         07/29/2012 A      376,688   
  85,000      NYC GO1      5.875        08/01/2019         08/01/2012 A      85,434   
  5,365,000      NYC GO1      5.875        08/01/2019         08/01/2012 A      5,390,752   
  5,000      NYC GO1      6.000        02/15/2024         07/29/2012 A      5,022   
  590,000      NYC GO      6.350        05/15/2014         07/29/2012 A      592,962   
  5,000      NYC GO      7.000        02/01/2018         07/29/2012 A      5,027   
  45,000      NYC GO1      7.750        08/15/2027         08/15/2012 A      45,408   
  198,697      NYC HDC (Bay Towers)      6.500        08/15/2017         07/29/2012 A      199,389   
  2,371,070      NYC HDC (East Midtown Plaza)      6.500        11/15/2018         07/29/2012 A      2,377,638   
  23,630      NYC HDC (Essex Terrace)      6.500        07/15/2018         07/29/2012 A      23,695   
  178,196      NYC HDC (Kingsbridge Arms)      6.500        08/15/2017         07/29/2012 A      178,832   
  4,725,000      NYC HDC (Multifamily Hsg.)1      4.750        11/01/2030         05/01/2020 A      5,150,297   
  1,850,000      NYC HDC (Multifamily Hsg.)1      4.750        11/01/2030         05/01/2020 A      2,016,519   
  1,500,000      NYC HDC (Multifamily Hsg.)1      5.000        11/01/2030         05/01/2018 A      1,549,320   

 

 

28

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $       565,000      NYC HDC (Multifamily Hsg.)1      5.050 %      11/01/2023         11/01/2012 A    $ 567,701   
  30,000      NYC HDC (Multifamily Hsg.)1      5.100        11/01/2018         05/01/2018 A      32,745   
  515,000      NYC HDC (Multifamily Hsg.)1      5.100        11/01/2027         05/01/2017 A      544,077   
  260,000      NYC HDC (Multifamily Hsg.)1      5.200        11/01/2035         05/01/2018 A      269,441   
  4,785,000      NYC HDC (Multifamily Hsg.)1      5.500        11/01/2028         05/01/2018 A      5,113,538   
  200,000      NYC HDC (Multifamily Hsg.)1      6.250        11/01/2023         11/01/2018 A      227,722   
  150,000      NYC HDC (Multifamily Hsg.), Series E1      6.250        05/01/2036         07/29/2012 A      150,246   
  13,000,000      NYC HDC, Series A1      5.000        07/01/2025         07/01/2015 A           13,749,580   
  125,000      NYC HDC, Series A1      5.250        05/01/2030         05/01/2014 A      133,061   
  2,215,000      NYC HDC, Series C1      5.000        11/01/2026         11/01/2015 A      2,301,385   
  11,460,000      NYC Health & Hospital Corp.1      5.000        02/15/2024         02/15/2020 A      13,016,153   
  35,000      NYC Health & Hospital Corp. (Health System)1      5.000        02/15/2023         02/15/2013 A      35,823   
  27,300,000      NYC Health & Hospital Corp. (Health System)1      5.000        02/15/2030         02/15/2020 A      30,376,983   
  50,000      NYC Health & Hospital Corp. (HHC Capital Corp.)1      5.000        02/15/2023         02/15/2013 A      50,771   
  9,400,000      NYC IDA (AIRIS JFK I/JFK International Airport)1      5.500        07/01/2028         09/16/2023 B      9,105,592   
  5,770,000      NYC IDA (AIRIS JFK I/JFK International Airport)      6.000        07/01/2015         07/24/2012 A      5,777,674   
  650,000      NYC IDA (Beth Abraham Health Services)      6.000        02/15/2013         02/15/2013        656,676   
  270,000      NYC IDA (Beth Abraham Health Services)      6.000        11/15/2013         05/23/2013 B      275,994   
  130,000      NYC IDA (Beth Abraham Health Services)      6.000        11/15/2013         05/17/2013 B      132,886   
  490,000      NYC IDA (Calhoun School)      6.250        12/01/2016         01/19/2015 B      517,146   
  3,540,000      NYC IDA (Calhoun School)      6.250        12/01/2017         12/01/2012 A      3,559,789   
  375,000      NYC IDA (Center for Elimination of Family Violence)      6.250        11/01/2016         12/20/2014 B      380,141   
  5,705,000      NYC IDA (Chapin School)      4.800        11/01/2018         07/16/2015 A      5,895,091   
  430,000      NYC IDA (Comprehensive Care Management)      5.625        11/01/2015         05/30/2014 B      440,582   
  330,000      NYC IDA (Comprehensive Care Management)      5.625        11/01/2015         05/20/2014 B      338,121   
  1,800,000      NYC IDA (Comprehensive Care Management)      5.750        08/01/2018         06/20/2014 A      1,825,812   
  1,955,000      NYC IDA (Comprehensive Care Management)      5.750        11/01/2018         06/20/2014 A      1,983,035   
  2,040,000      NYC IDA (Comprehensive Care Management)      5.750        05/01/2019         07/10/2014 A      2,063,399   

 

 

29

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $       595,000      NYC IDA (Family Support Systems)5      6.500 %      11/01/2014         11/15/2013 B    $ 446,351   
  430,000      NYC IDA (Gourmet Boutique)      5.250        11/01/2013         04/28/2013 B      417,405   
  1,095,000      NYC IDA (Guttmacher Institute)      5.250        12/01/2016         11/17/2014 B      1,077,644   
  225,000      NYC IDA (Horace Mann School)1      5.000        07/01/2018         07/29/2012 A      225,675   
  560,000      NYC IDA (Horace Mann School)1      5.000        07/01/2023         07/29/2012 A      561,775   
  400,000      NYC IDA (Independent Living Assoc.)      6.200        07/01/2020         02/06/2016 A      401,768   
  2,880,000      NYC IDA (Lycee Francais De New York)1      5.375        06/01/2023         12/01/2012 A      2,933,510   
  2,355,000      NYC IDA (Lycee Francais De New York)1      5.500        06/01/2013         12/01/2012 A      2,403,395   
  730,000      NYC IDA (Lycee Francais De New York)1      5.500        06/01/2015         12/01/2012 A      743,636   
  2,880,000      NYC IDA (Lycee Francais De New York)1      5.500        06/01/2016         12/01/2012 A      2,928,067   
  2,000,000      NYC IDA (Lycee Francais De New York)1      5.500        06/01/2017         12/01/2012 A      2,031,280   
  3,210,000      NYC IDA (Lycee Francais De New York)1      5.500        06/01/2018         12/01/2012 A      3,257,348   
  485,000      NYC IDA (Manhattan Community Access Corp.)      5.250        12/01/2016         11/17/2014 B      484,932   
  2,620,000      NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)      5.375        11/01/2016         12/10/2014 B      2,680,915   
  310,000      NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)      5.375        11/01/2018         01/05/2016 B      314,619   
  1,520,000      NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)      5.375        11/01/2018         01/17/2016 B      1,542,648   
  250,000      NYC IDA (Marymount School of New York)1      5.125        09/01/2021         09/01/2012 A      255,438   
  670,000      NYC IDA (Metro Biofuels)      5.500        11/01/2013         05/08/2013 B      659,387   
  1,500,000      NYC IDA (Metropolitan College of New York)      5.750        03/01/2020         11/25/2014 A      1,552,260   
  4,585,000      NYC IDA (Montefiore Medical Center Corp.)1      5.125        11/01/2025         07/29/2012 A      4,594,124   
  5,865,000      NYC IDA (Montefiore Medical Center Corp.)1      5.125        11/01/2035         07/29/2012 A      5,873,152   
  805,000      NYC IDA (New York Institute of Technology)1      5.250        03/01/2018         03/01/2013 A      818,830   
  400,000      NYC IDA (Nightingale-Bamford School)1      5.250        01/15/2019         01/15/2013 A      408,324   
  75,000      NYC IDA (Polytechnic University)1      4.550        11/01/2018         11/01/2017 A      79,703   
  250,000      NYC IDA (Queens Baseball Stadium)1      5.000        01/01/2025         01/01/2017 A      251,400   

 

 

30

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    5,000,000      NYC IDA (Queens Baseball Stadium)1      5.000 %      01/01/2026         01/01/2017 A    $ 5,007,950   
  3,285,000      NYC IDA (Queens Baseball Stadium)1      5.000        01/01/2031         01/01/2017 A      3,306,024   
  200,000      NYC IDA (Queens Baseball Stadium)1      6.125        01/01/2029         01/01/2019 A      224,072   
  810,000      NYC IDA (Reece School)      6.500        12/01/2017         08/11/2015 B      824,839   
  2,710,000      NYC IDA (Rosco, Inc.)      5.625        06/01/2022         05/29/2018 B      2,733,848   
  1,000,000      NYC IDA (Royal Charter NY Presbyterian)      5.750        12/15/2029         07/29/2012 A      1,023,890   
  4,400,000      NYC IDA (Samaritan Aids Services)1      5.000        11/01/2024         07/29/2012 A      4,408,448   
  100,000      NYC IDA (SFTU/YAI/CRV Obligated Group)      4.400        07/01/2012         07/01/2012        99,995   
  230,000      NYC IDA (Showman Fabricators)      7.125        11/01/2013         05/06/2013 B      226,407   
  30,000      NYC IDA (Special Needs Facilities Pooled Program)      4.150        07/01/2014         02/04/2013 A      30,334   
  200,000      NYC IDA (Special Needs Facilities Pooled Program)      5.800        07/01/2023         10/13/2021 B      192,698   
  715,000      NYC IDA (Stallion)      5.000        11/01/2016         10/17/2014 B      652,416   
  375,000      NYC IDA (Stallion)      5.500        11/01/2017         06/18/2015 B      347,366   
  1,170,000      NYC IDA (Studio School)      6.250        11/01/2018         01/29/2016 B      779,267   
  8,605,000      NYC IDA (Terminal One Group Assoc.)1      5.500        01/01/2017         01/01/2016 C      9,481,505   
  11,820,000      NYC IDA (Terminal One Group Assoc.)1      5.500        01/01/2018         01/01/2016 C      12,969,731   
  14,620,000      NYC IDA (Terminal One Group Assoc.)1      5.500        01/01/2019         01/01/2016 C      15,903,782   
  15,245,000      NYC IDA (Terminal One Group Assoc.)1      5.500        01/01/2020         01/01/2016 C      16,451,489   
  9,750,000      NYC IDA (Terminal One Group Assoc.)1      5.500        01/01/2021         01/01/2016 C      10,454,633   
  48,790,000      NYC IDA (Terminal One Group Assoc.)1      5.500        01/01/2024         01/01/2016 C      51,390,019   
  300,000      NYC IDA (The Child School)      7.000        06/01/2013         03/03/2013 B      305,688   
  105,000      NYC IDA (Trinity Episcopal School Corp.)1      5.250        06/15/2017         07/29/2012 A      105,375   
  5,940,000      NYC IDA (Unicef)      5.050        11/01/2018         01/13/2016 B      5,855,652   
  825,000      NYC IDA (United Nations School)      6.350        12/01/2015         07/29/2012 A      828,267   
  1,000,000      NYC IDA (Urban Resource Institute)1      5.250        03/01/2023         03/01/2013 A      1,017,180   
  295,000      NYC IDA (Urban Resource Institute)      6.500        11/01/2013         05/05/2013 B      294,985   
  620,000      NYC IDA (Vaughn College Aeronautics)1      5.000        12/01/2016         12/01/2016        652,327   

 

 

31

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    1,940,000      NYC IDA (Vaughn College Aeronautics)1      5.000 %      12/01/2016         12/01/2016      $ 2,041,152   
  3,400,000      NYC IDA (Visy Paper)      7.800        01/01/2016         07/26/2012 A      3,405,474   
  765,000      NYC IDA (Vocational Instruction)5      7.250        02/01/2013         02/01/2013        693,694   
  3,430,000      NYC IDA (Yankee Stadium)1      2.973 3      03/01/2016         03/01/2013 A      3,407,568   
  700,000      NYC IDA (Yankee Stadium)1      3.093 3      03/01/2020         03/01/2020        656,649   
  8,655,000      NYC IDA (Yankee Stadium)1,2      3.143 3      03/01/2022         08/01/2012 A      7,852,422   
  6,350,000      NYC IDA (Yankee Stadium)1      3.153 3      03/01/2023         03/01/2023        5,610,289   
  195,000      NYC IDA (Yankee Stadium)1      3.163 3      03/01/2024         08/01/2012 A      167,852   
  200,000      NYC IDA (Yankee Stadium)1      3.173 3      03/01/2025         08/01/2012 A      168,760   
  985,000      NYC IDA (Yankee Stadium)1      3.183 3      03/01/2026         08/01/2012 A      814,989   
  1,000,000      NYC IDA (Yankee Stadium)1      3.193 3      03/01/2027         08/01/2012 A      814,100   
  3,840,000      NYC IDA (Yeled Yalda Early Childhood)      5.350        11/01/2017         06/20/2015 B      3,847,987   
  6,555,000      NYC IDA (YMCA of Greater New York)1      5.000        08/01/2036         08/01/2016 A      6,818,577   
  5,405,000      NYC IDA (YMCA of Greater New York)1      5.250        08/01/2021         07/29/2012 A      5,429,323   
  4,125,000      NYC IDA (YMCA of Greater New York)1      5.800        08/01/2016         07/29/2012 A      4,145,584   
  300,000      NYC Municipal Water Finance Authority1      5.000        06/15/2025         06/15/2015 A      334,227   
  6,175,000      NYC Municipal Water Finance Authority1      5.000        06/15/2027         06/15/2015 A      6,879,506   
  5,000,000      NYC Municipal Water Finance Authority1      5.000        06/15/2029         06/15/2016 A      5,593,800   
  30,000,000      NYC Municipal Water Finance Authority1      5.000        06/15/2030         06/15/2020 A      34,346,400   
  20,000,000      NYC Municipal Water Finance Authority1      5.000        06/15/2031         06/15/2021 A      22,927,800   
  5,000,000      NYC Municipal Water Finance Authority1      5.000        06/15/2033         06/15/2022 A      5,732,550   
  8,195,000      NYC Municipal Water Finance Authority1      5.000        06/15/2034         06/15/2022 A      9,350,741   
  625,000      NYC Municipal Water Finance Authority1      5.000        06/15/2034         06/15/2013 A      648,713   
  6,000,000      NYC Municipal Water Finance Authority1      5.000        06/15/2038         06/15/2017 A      6,650,220   
  10,000,000      NYC Municipal Water Finance Authority1      5.000        06/15/2038         06/15/2015 A      11,059,000   
  40,000      NYC Municipal Water Finance Authority1      5.125        06/15/2034         07/29/2012 A      40,172   
  30,000      NYC Municipal Water Finance Authority1      5.750        06/15/2013         07/29/2012 A      30,977   

 

 

32

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    1,615,000      NYC Municipal Water Finance Authority1      5.750 %      06/15/2040         06/15/2018 A    $ 1,952,212   
  410,000      NYC Municipal Water Finance Authority1      5.750        06/15/2040         06/15/2018 A      493,054   
  12,450,000      NYC Sales Tax Asset Receivables Corp., Series A1      5.000        10/15/2032         10/15/2014 A      13,575,480   
  100,000      NYC Transitional Finance Authority1      5.000        02/01/2031         02/01/2013 A      102,186   
  150,000      NYC Transitional Finance Authority1      5.375        01/15/2030         01/15/2019 A      172,224   
  20,000,000      NYC Transitional Finance Authority1      5.500        11/01/2028         11/01/2015 A      22,428,600   
  7,010,000      NYC Transitional Finance Authority (Building Aid)1      5.250        07/15/2037         07/15/2021 A      7,968,477   
  10,000,000      NYC Transitional Finance Authority (Future Tax)1      5.000        05/01/2025         05/01/2018 A      11,577,700   
  11,850,000      NYC Transitional Finance Authority (Future Tax)1      5.000        11/01/2025         05/01/2017 A      13,578,678   
  2,675,000      NYC Transitional Finance Authority (Future Tax)1      5.000        05/01/2026         05/01/2018 A      3,087,351   
  7,000,000      NYC Transitional Finance Authority (Future Tax)1      5.000        05/01/2027         05/01/2018 A      8,050,490   
  1,650,000      NYC Transitional Finance Authority (Future Tax)1      5.000        11/01/2027         11/01/2021 A      1,942,710   
  4,715,000      NYC Transitional Finance Authority (Future Tax)1      5.000        05/01/2028         05/01/2018 A      5,408,671   
  12,605,000      NYC Transitional Finance Authority (Future Tax)1      5.000        02/01/2033         02/01/2014 A      13,373,149   
  8,920,000      NYC Transitional Finance Authority (Future Tax)1      5.000        05/01/2034         05/01/2022 A      10,132,585   
  10,000,000      NYC Transitional Finance Authority (Future Tax)1      5.250        11/01/2027         11/01/2018 A      12,000,100   
  20,000      NYS DA (4201 School Programs)      5.000        07/01/2018         07/29/2012 A      20,073   
  10,000      NYS DA (4201 School Programs)1      5.000        07/01/2018         07/29/2012 A      10,029   
  250,000      NYS DA (Augustana Lutheran Home)1      5.500        02/01/2041         07/29/2012 A      253,408   
  25,000      NYS DA (Brookdale Hospital Medical Center)      5.200        02/15/2016         07/29/2012 A      25,095   
  50,000      NYS DA (Brookdale Hospital Medical Center)1      5.300        02/15/2017         07/29/2012 A      50,168   
  65,000      NYS DA (Brookdale Hospital Medical Center)1      5.300        02/15/2017         07/29/2012 A      65,218   
  100,000      NYS DA (Brooklyn Hospital Center)      5.100        02/01/2019         07/29/2012 A      100,298   
  260,000      NYS DA (Brooklyn Law School)1      5.125        07/01/2030         07/01/2013 A      269,968   
  20,000      NYS DA (Buena Vida Nursing Home)      5.000        07/01/2018         07/26/2012 A      20,075   
  75,000      NYS DA (Canisius College)1      5.000        07/01/2019         07/01/2015 A      78,905   

 

 

33

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    1,300,000      NYS DA (Canisius College)1      5.000 %      07/01/2022         07/01/2015 A    $ 1,348,399   
  400,000      NYS DA (Canisius College)1      5.250        07/01/2030         07/29/2012 A      400,372   
  50,000      NYS DA (Carmel Richmond Nursing Home)1      5.000        07/01/2015         07/29/2012 A      50,023   
  50,000      NYS DA (Carmel Richmond Nursing Home)1      5.000        07/01/2018         06/28/2017 B      50,002   
  1,120,000      NYS DA (Catskill Regional Medical Center)1      5.250        02/15/2023         02/15/2015 A      1,187,491   
  1,350,000      NYS DA (Chapel Oaks)      5.375        07/01/2017         07/29/2012 A      1,355,454   
  3,290,000      NYS DA (Chapel Oaks)1      5.450        07/01/2026         07/29/2012 A      3,296,679   
  270,000      NYS DA (Culinary Institute of America)1      5.000        07/01/2022         07/29/2012 A      270,410   
  25,000      NYS DA (D’Youville College)      4.700        07/01/2012         07/01/2012        25,005   
  350,000      NYS DA (Dept. of Health)1      5.000        07/01/2021         07/01/2014 A      378,567   
  30,000      NYS DA (Dept. of Health)      5.000        07/01/2028         07/29/2012 A      30,094   
  880,000      NYS DA (Dept. of Health)1      5.250        07/01/2023         07/01/2014 A      926,429   
  2,465,000      NYS DA (Ellis Hospital)      5.050        08/15/2024         08/15/2014 A      2,647,262   
  40,000      NYS DA (Ellis Hospital)1      5.500        08/01/2015         07/29/2012 A      40,130   
  150,000      NYS DA (Ellis Hospital)1      5.600        08/01/2025         07/29/2012 A      150,290   
  175,000      NYS DA (Ellis Hospital)1      5.625        08/01/2035         07/29/2012 A      175,275   
  630,000      NYS DA (FNHC/KR/MMWNHC Obligated Group)1      5.750        07/01/2017         07/24/2012 A      632,174   
  50,000      NYS DA (Fordham University)      5.000        07/01/2014         07/29/2012 A      50,176   
  30,000      NYS DA (Fordham University)1      5.000        07/01/2028         07/29/2012 A      30,041   
  2,880,000      NYS DA (Frances Schervier Home & Hospital Obligated Group)1      5.500        07/01/2017         07/25/2012 A      2,885,789   
  10,125,000      NYS DA (Frances Schervier Home & Hospital Obligated Group)1      5.500        07/01/2027         07/29/2012 A      10,145,351   
  50,000      NYS DA (Frances Schervier Home & Hospital Obligated Group)1      5.500        07/01/2027         07/29/2012 A      50,047   
  85,000      NYS DA (Green Chimneys School)      5.500        07/01/2018         07/26/2012 A      86,828   
  1,000,000      NYS DA (Health Center/BFCC/USBFCC Obligated Group)1      5.000        11/15/2019         07/29/2012 A      1,002,900   
  1,060,000      NYS DA (Health Quest Systems)1      5.250        07/01/2027         07/01/2017 A      1,170,865   
  10,815,000      NYS DA (Hospital)1      6.450        08/15/2024         08/15/2012 A      10,883,351   
  2,140,000      NYS DA (Interagency Council Pooled Loan Program)      7.000        07/01/2021         07/01/2021        2,283,380   
  220,000      NYS DA (Jawonio/United Cerebral Palsy Assoc. of NYC Obligated Group)      5.125        07/01/2021         07/29/2012 A      222,416   
  100,000      NYS DA (Jewish Board of Family and Children’s Services)1      5.000        07/01/2023         07/01/2013 A      101,534   

 

 

34

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $           5,000      NYS DA (Jewish Home Lifecare Harry & Jeanette Weinberg Campus Bronx)      5.950 %      02/01/2016         07/29/2012 A    $ 5,060   
  80,000      NYS DA (John T. Mather Memorial Hospital)      5.250        07/01/2015         07/22/2012 A      80,158   
  200,000      NYS DA (John T. Mather Memorial Hospital)      5.375        07/01/2019         07/29/2012 A      200,276   
  1,720,000      NYS DA (John T. Mather Memorial Hospital)      5.750        07/01/2025         07/29/2012 A      1,721,514   
  15,220,000      NYS DA (Kaleida Health)      5.050        02/15/2025         02/15/2014 A      15,743,264   
  105,000      NYS DA (L.I. University)1      5.000        09/01/2016         07/29/2012 A      105,263   
  1,015,000      NYS DA (L.I. University)1      5.250        09/01/2028         07/29/2012 A      1,015,822   
  30,000      NYS DA (La Salle School)      5.000        07/01/2018         07/26/2012 A      30,093   
  520,000      NYS DA (Le Moyne College)      5.000        07/01/2018         07/26/2012 A      521,607   
  1,100,000      NYS DA (Leake & Watts Services)1      5.000        07/01/2023         07/01/2014 A      1,147,641   
  16,800,000      NYS DA (Maimonides Medical Center)1      5.750        08/01/2029         08/01/2014 A      18,075,792   
  40,000      NYS DA (Manhattan College)      5.500        07/01/2014         07/29/2012 A      40,334   
  100,000      NYS DA (Manhattan College)      5.500        07/01/2019         07/29/2012 A      100,715   
  40,000      NYS DA (March of Dimes)      5.600        07/01/2012         07/01/2012        40,010   
  615,000      NYS DA (Master BOCES Program)1      5.250        08/15/2023         08/15/2013 A      645,049   
  15,000      NYS DA (Memorial Hospital of William F. & Gertrude F. Jones)1      5.250        08/01/2025         07/29/2012 A      15,025   
  5,000      NYS DA (Mental Health Services Facilities)1      5.000        08/15/2017         07/29/2012 A      5,017   
  30,000      NYS DA (Mental Health Services Facilities)      5.000        02/15/2023         07/29/2012 A      30,105   
  14,000,000      NYS DA (Mental Health Services Facilities)1      5.000        02/15/2028         02/15/2014 A      14,828,940   
  5,000      NYS DA (Mental Health Services Facilities)1      5.250        08/15/2013         07/29/2012 A      5,019   
  225,000      NYS DA (Mental Health Services Facilities)1      5.250        02/15/2023         02/15/2014 A      239,108   
  100,000      NYS DA (Mental Health Services Facilities)1      6.250        02/15/2031         08/15/2018 A      116,724   
  4,720,000      NYS DA (Miriam Osborn Memorial Home Assoc.)1      6.875        07/01/2019         07/26/2012 A      4,735,812   
  3,365,000      NYS DA (Montefiore Medical Center)1      5.000        08/01/2021         02/01/2018 A      3,792,759   
  200,000      NYS DA (Montefiore Medical Center)1      5.000        02/01/2028         02/01/2015 A      217,340   
  150,000      NYS DA (Mount Sinai School of Medicine)1      5.000        07/01/2022         07/01/2020 A      171,210   

 

 

35

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $  11,875,000      NYS DA (Mount Sinai School of Medicine)1      5.000 %      07/01/2035         07/01/2017 A    $ 12,488,581   
  5,000,000      NYS DA (Municipal Health Facilities)1      5.000        01/15/2032         01/15/2018 A      5,319,200   
  1,265,000      NYS DA (New York & Presbyterian Hospital)1      5.250        02/15/2031         08/15/2014 A      1,367,111   
  350,000      NYS DA (New York Medical College)1      5.000        07/01/2021         07/29/2012 A      351,050   
  115,000      NYS DA (New York Methodist Hospital)1      5.250        07/01/2018         07/01/2014 A      121,044   
  2,250,000      NYS DA (New York Methodist Hospital)1      5.250        07/01/2024         07/01/2014 A      2,314,620   
  8,610,000      NYS DA (North General Hospital)1      5.000        02/15/2025         02/15/2013 A      8,703,591   
  4,525,000      NYS DA (North General Hospital)1      5.750        02/15/2015         02/15/2013 A      4,652,696   
  4,600,000      NYS DA (North General Hospital)1      5.750        02/15/2016         02/15/2013 A      4,723,372   
  5,665,000      NYS DA (North General Hospital)1      5.750        02/15/2019         02/15/2013 A      5,789,290   
  3,750,000      NYS DA (North General Hospital)1      5.750        02/15/2020         02/15/2013 A      3,826,725   
  770,000      NYS DA (Northeast Parent & Child)      5.500        07/01/2018         07/26/2012 A      771,278   
  7,000,000      NYS DA (NSLIJ/NSUH/LIJMC Obligated Group)1      5.000        05/01/2032         05/01/2021 A      7,727,580   
  1,850,000      NYS DA (NYU Hospitals Center)1      5.000        07/01/2020         07/01/2016 A      2,066,709   
  20,580,000      NYS DA (NYU Hospitals Center)1      5.000        07/01/2026         07/01/2017 A      21,816,446   
  13,480,000      NYS DA (NYU Hospitals Center)1      5.000        07/01/2026         07/01/2016 A      14,417,804   
  4,845,000      NYS DA (NYU Hospitals Center)1      5.250        07/01/2024         08/08/2016 A      5,256,680   
  50,000      NYS DA (NYU Hospitals Center)1      5.625        07/01/2037         07/01/2017 A      54,041   
  14,170,000      NYS DA (NYU)1      5.250        07/01/2027         07/01/2019 A      16,625,236   
  1,140,000      NYS DA (Ozanam Hall of Queens Nursing Home)1      5.000        11/01/2014         11/01/2014        1,165,148   
  1,250,000      NYS DA (Ozanam Hall of Queens Nursing Home)1      5.000        11/01/2015         11/01/2015        1,280,788   
  2,995,000      NYS DA (Ozanam Hall of Queens Nursing Home)1      5.000        11/01/2026         12/06/2024 B      2,853,277   
  6,800,000      NYS DA (Pace University)      2.000 3      07/01/2029         07/06/2012 A      6,800,000   
  23,000,000      NYS DA (Personal Income Tax)1,2      5.000        12/15/2027         12/15/2022 A      27,342,630   
  10,000,000      NYS DA (Personal Income Tax)1      5.000        12/15/2028         12/15/2022 A      11,799,000   
  15,000,000      NYS DA (Personal Income Tax)1      5.000        12/15/2029         12/15/2022 A      17,668,950   
  36,300,000      NYS DA (Personal Income Tax)1      5.000        12/15/2030         12/15/2022 A      42,403,845   
  22,920,000      NYS DA (Personal Income Tax)1      5.000        03/15/2031         09/15/2016 A      25,806,545   
  3,680,000      NYS DA (Providence Rest)      5.000        07/01/2021         07/13/2020 B      3,586,307   
  1,250,000      NYS DA (Providence Rest)      5.125        07/01/2030         08/06/2028 B      1,144,725   
  2,000,000      NYS DA (Providence Rest)      5.250        07/01/2025         01/23/2024 B      1,934,140   

 

 

36

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    8,730,000      NYS DA (Rochester General Hospital)      5.000 %      12/01/2025         12/01/2015 A    $ 8,855,363   
  2,150,000      NYS DA (Rochester Institute of Technology)1      6.000        07/01/2033         07/01/2018 A      2,501,418   
  100,000      NYS DA (School District Financing)1      4.750        10/01/2013         10/01/2012 A      101,081   
  4,145,000      NYS DA (School District Financing)1      5.000        10/01/2030         10/01/2012 A      4,188,647   
  865,000      NYS DA (School District Financing)1      5.250        10/01/2023         10/01/2012 A      874,870   
  21,000,000      NYS DA (School District Financing)1      5.375        10/01/2022         10/01/2012 A           21,225,540   
  290,000      NYS DA (School District Financing)1      5.500        10/01/2017         10/01/2012 A      293,057   
  70,000      NYS DA (School District Financing)1      5.500        10/01/2017         10/01/2012 A      70,811   
  14,805,000      NYS DA (School District Financing)1      5.750        10/01/2017         10/01/2012 A      14,985,917   
  5,300,000      NYS DA (School District Financing)1      5.750        10/01/2022         10/01/2012 A      5,368,635   
  6,180,000      NYS DA (School District Financing)1      5.750        10/01/2030         10/01/2012 A      6,255,272   
  100,000      NYS DA (School District Financing)1      6.500        10/01/2017         10/01/2012 A      101,412   
  1,300,000      NYS DA (School Districts Financing Program), Series B1      6.000        10/01/2022         10/01/2012 A      1,317,836   
  15,480,000      NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)1      5.000        07/01/2021         07/01/2014 A      16,056,785   
  20,000      NYS DA (Special Act School Districts)      5.250        07/01/2013         07/29/2012 A      20,078   
  25,000      NYS DA (Special Act School Districts)1      5.250        07/01/2015         07/29/2012 A      25,098   
  135,000      NYS DA (Special Act School Districts)1      5.750        07/01/2019         07/29/2012 A      135,493   
  320,000      NYS DA (Special Act School Districts)      5.875        07/01/2013         07/29/2012 A      321,309   
  15,000      NYS DA (Special Act School Districts)      6.000        07/01/2016         07/29/2012 A      15,055   
  925,000      NYS DA (Special Act School Districts)1      6.000        07/01/2019         07/29/2012 A      928,561   
  2,480,000      NYS DA (Special Surgery Hospital)1      6.000        08/15/2038         08/15/2019 A      2,985,027   
  2,500,000      NYS DA (Special Surgery Hospital)1      6.250        08/15/2034         10/30/2018 A      3,067,300   
  5,250,000      NYS DA (SS Joachim & Anne Residence)1      5.250        07/01/2027         07/29/2012 A      5,250,578   
  115,000      NYS DA (St. Barnabas Hospital)      5.000        02/01/2031         08/01/2012 A      115,371   
  3,500,000      NYS DA (St. Barnabas Hospital)      5.125        02/01/2022         08/01/2012 A      3,511,200   
  2,180,000      NYS DA (St. Barnabas Hospital)      5.350        08/01/2017         07/29/2012 A      2,186,998   
  150,000      NYS DA (St. John’s University)1      5.000        07/01/2013         07/29/2012 A      150,492   
  3,000,000      NYS DA (St. Joseph’s College)1      5.250        07/01/2025         07/01/2017 A      3,222,750   
  4,530,000      NYS DA (St. Joseph’s Hospital Health Center)1      5.250        07/01/2018         07/26/2012 A      4,537,610   
  3,685,000      NYS DA (St. Lawrence)1      5.400        08/15/2026         08/15/2017 A      4,157,233   

 

 

37

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $100,860,000      NYS DA (St. Luke’s Roosevelt Hospital)      4.800 %      08/15/2025         08/07/2015 A    $ 107,381,608   
  45,000      NYS DA (St. Thomas Aquinas College)      5.000        07/01/2014         07/29/2012 A      45,120   
  110,000      NYS DA (St. Thomas Aquinas College)      5.250        07/01/2028         07/29/2012 A      110,076   
  345,000      NYS DA (Suffern Free Library Assoc.)1      5.000        07/01/2020         07/29/2012 A      346,494   
  295,000      NYS DA (Suffern Free Library)1      5.000        07/01/2023         07/29/2012 A      296,277   
  2,820,000      NYS DA (The Bronx-Lebanon Hospital Center)1      6.250        08/15/2022         02/15/2014 A      2,967,514   
  250,000      NYS DA (The Bronx-Lebanon Hospital Center)1      6.250        02/15/2035         02/15/2019 A      293,653   
  80,000      NYS DA (The Children’s Home of Kingston)      5.250        07/01/2017         07/25/2012 A      80,318   
  6,730,000      NYS DA (The New School)1      5.000        07/01/2023         04/07/2021 A      7,834,393   
  2,150,000      NYS DA (United Cerebral Palsy Assoc. of Nassau County)1      5.500        07/01/2024         07/29/2012 A      2,154,472   
  1,700,000      NYS DA (United Cerebral Palsy Assoc. of NYC)      5.750        07/01/2018         07/29/2012 A      1,720,060   
  370,000      NYS DA (United Cerebral Palsy Assoc. of NYC/United Cerebral Palsy Assoc. Obligated Group)      5.000        07/01/2013         07/29/2012 A      374,492   
  5,000      NYS DA (Upstate Community Colleges)      5.000        07/01/2028         07/29/2012 A      5,015   
  70,000      NYS DA (Upstate Community Colleges)      5.000        07/01/2028         07/29/2012 A      70,207   
  1,905,000      NYS DA (Upstate Community Colleges)1      5.125        07/01/2021         07/01/2014 A      2,053,323   
  1,165,000      NYS DA (Upstate Community Colleges)1      5.125        07/01/2022         07/01/2014 A      1,250,884   
  125,000      NYS DA (Upstate Community Colleges)1      5.250        07/01/2020         07/01/2014 A      133,714   
  10,000      NYS DA (Vassar Brothers)1      5.375        07/01/2025         07/29/2012 A      10,035   
  10,000      NYS DA (W.K. Nursing Home)      5.950        02/01/2016         07/29/2012 A      10,034   
  50,000      NYS DA (W.K. Nursing Home)      6.050        02/01/2026         07/29/2012 A      50,111   
  50,000      NYS DA (White Plains Hospital)      5.375        02/15/2043         08/15/2014 A      53,968   
  2,500,000      NYS DA (Willow Towers)1      5.400        02/01/2034         08/01/2012 A      2,534,675   
  2,040,000      NYS DA (Winthrop University Hospital)1      5.500        07/01/2023         07/01/2013 A      2,078,148   
  310,000      NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)      5.250        07/01/2015         07/29/2012 A      310,834   

 

 

38

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $       230,000      NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)1      5.250 %      07/01/2016         07/29/2012 A    $ 230,561   
  235,000      NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)1      5.250        07/01/2018         07/29/2012 A      235,501   
  100,000      NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)1      5.250        07/01/2019         07/29/2012 A      100,191   
  285,000      NYS DA (Wyckoff Heights Medical Center)      5.200        02/15/2013         07/29/2012 A      285,963   
  1,000,000      NYS DA (Wyckoff Heights Medical Center)      5.200        02/15/2014         07/29/2012 A      1,004,070   
  20,000      NYS DA (Wyckoff Heights Medical Center)      5.200        02/15/2014         07/29/2012 A      20,067   
  45,000      NYS DA (Wyckoff Heights Medical Center)      5.200        02/15/2014         07/29/2012 A      45,164   
  250,000      NYS DA (Wyckoff Heights Medical Center)      5.200        02/15/2015         07/29/2012 A      250,983   
  1,120,000      NYS DA (Wyckoff Heights Medical Center)      5.300        08/15/2021         07/29/2012 A      1,124,312   
  26,280,000      NYS DA (Wyckoff Heights Medical Center)1      5.300        08/15/2021         07/29/2012 A      26,360,942   
  1,415,000      NYS DA (Yeshiva University)1      5.000        09/01/2027         09/01/2019 A      1,566,971   
  40,570,000      NYS DA, Series B1      6.650        08/15/2030         08/15/2012 A      40,832,488   
  5,000      NYS EFC      5.600        09/15/2013         07/29/2012 A      5,022   
  20,000      NYS EFC (Clean Water & Drinking Revolving Funds)1      4.875        06/15/2020         07/29/2012 A      20,781   
  80,000      NYS EFC (Clean Water & Drinking Revolving Funds)1      5.000        06/15/2028         07/29/2012 A      80,295   
  2,960,000      NYS EFC (Clean Water & Drinking Revolving Funds)1      5.000        06/15/2028         06/15/2013 A      3,075,795   
  1,440,000      NYS EFC (Clean Water & Drinking Revolving Funds)1      5.000        07/15/2033         07/15/2013 A      1,497,586   
  4,500,000      NYS EFC (Clean Water & Drinking Revolving Funds)1      5.000        02/15/2034         08/15/2014 A      4,878,360   
  25,000      NYS EFC (Clean Water & Drinking Revolving Funds)1      5.250        06/15/2020         07/29/2012 A      25,102   
  980,000      NYS EFC (L.I. Water Corp.)1      5.250        08/01/2027         07/29/2012 A      980,990   
  6,720,000      NYS EFC (NYC Municipal Water Finance Authority)1      5.000        06/15/2034         06/15/2014 A      7,242,346   
  20,000      NYS EFC (NYC Municipal Water Finance Authority)1      5.875        06/15/2014         07/29/2012 A      20,094   
  7,500,000      NYS EFC (NYS Water Services)1      5.950        01/15/2020         07/29/2012 A      7,596,000   
  910,000      NYS EFC (NYS Water Services)1      6.875        06/15/2014         07/29/2012 A      915,023   

 

 

39

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $           5,000      NYS EFC (Pollution Control)1      6.500 %      06/15/2014         07/29/2012 A    $ 5,026   
  1,100,000      NYS EFC (Spring Valley Water Company)      5.650        11/01/2023         07/27/2012 A      1,104,653   
  10,000      NYS EFC (Spring Valley Water Company)1      6.150        08/01/2024         07/27/2012 A      10,046   
  5,800,000      NYS EFC (Spring Valley Water Company)1      6.300        08/01/2024         07/27/2012 A      5,827,434   
  37,235,000      NYS ERDA (Brooklyn Union Gas Company)1      5.500        01/01/2021         07/29/2012 A      37,369,418   
  3,000,000      NYS ERDA (Brooklyn Union Gas Company) Linked SAVRS & RIBS1      6.368 3      04/01/2020         04/01/2013 A      3,011,250   
  120,000      NYS ERDA (Central Hudson Gas & Electric Co.)1      6.500        12/01/2028         12/01/2013 A      124,465   
  10,650,000      NYS ERDA (Con Ed)1      0.350 3      10/01/2036         10/01/2012 A      6,772,335   
  2,300,000      NYS ERDA (Con Ed)1      1.450 3      06/01/2036         06/01/2036        2,305,934   
  5,245,000      NYS ERDA (LILCO)1      5.150        03/01/2016         07/29/2012 A      5,259,266   
  13,845,000      NYS ERDA (LILCO)1      5.150        03/01/2016         07/29/2012 A      13,882,658   
  4,740,000      NYS ERDA (LILCO)1      5.150        03/01/2016         07/29/2012 A      4,752,893   
  1,295,000      NYS ERDA (LILCO)1      5.150        03/01/2016         07/29/2012 A      1,298,522   
  20,655,000      NYS ERDA (LILCO)1      5.300        11/01/2023         09/01/2012 A      20,714,693   
  200,000      NYS ERDA (LILCO)1      5.300        10/01/2024         09/01/2012 A      200,522   
  770,000      NYS ERDA (Niagara Mohawk Power Corp.)1      5.150        11/01/2025         07/29/2012 A      771,209   
  1,275,000      NYS ERDA (NYS Electric & Gas Corp.)1      5.350        12/01/2028         05/09/2013 A      1,284,728   
  3,250,000      NYS HFA (Affordable Hsg.)1      5.250        11/01/2027         11/01/2017 A      3,460,568   
  550,000      NYS HFA (Division Street)1      5.000        02/15/2026         09/28/2015 A      573,073   
  715,000      NYS HFA (Golden Age Apartments)1      5.000        02/15/2037         10/19/2015 A      731,974   
  3,000,000      NYS HFA (Horizons at Wawayanda)1      5.350        06/01/2025         08/01/2017 A      3,237,120   
  7,635,000      NYS HFA (Hospital & Nursing Home)1      5.150        11/01/2016         07/29/2012 A      7,669,358   
  40,000      NYS HFA (Hospital & Nursing Home)      5.500        11/01/2012         11/01/2012        40,604   
  65,000      NYS HFA (Hospital & Nursing Home)      5.500        11/01/2013         11/01/2013        68,944   
  10,000      NYS HFA (Hospital & Nursing Home)      6.000        11/01/2013         11/01/2013        10,743   
  35,000      NYS HFA (Hospital & Nursing Home)      6.000        11/01/2014         11/01/2014        39,492   
  25,000      NYS HFA (Loewn Devel. of Wappingers Falls)1      5.250        08/15/2019         07/29/2012 A      25,041   
  345,000      NYS HFA (Multifamily Hsg.)1      5.300        08/15/2022         08/15/2012 A      345,776   
  1,340,000      NYS HFA (Multifamily Hsg.)1      5.300        08/15/2024         07/29/2012 A      1,341,635   

 

 

40

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $       250,000      NYS HFA (Multifamily Hsg.)1      5.350 %      08/15/2020         07/29/2012 A    $ 253,918   
  300,000      NYS HFA (Multifamily Hsg.)1      5.350        08/15/2031         07/29/2012 A      304,026   
  40,000      NYS HFA (Multifamily Hsg.)1      5.400        02/15/2016         07/29/2012 A      40,086   
  1,025,000      NYS HFA (Multifamily Hsg.)1      5.550        08/15/2019         07/26/2012 A      1,028,987   
  1,160,000      NYS HFA (Multifamily Hsg.)1      5.600        08/15/2019         07/29/2012 A      1,162,239   
  1,240,000      NYS HFA (Multifamily Hsg.)1      5.600        02/15/2026         07/29/2012 A      1,241,612   
  1,730,000      NYS HFA (Multifamily Hsg.)1      5.600        08/15/2033         08/15/2012 A      1,749,117   
  115,000      NYS HFA (Multifamily Hsg.)1      6.250        08/15/2025         07/29/2012 A      115,228   
  320,000      NYS HFA (Multifamily Hsg.)1      6.750        11/15/2036         07/29/2012 A      335,766   
  10,000      NYS HFA (Multifamily Hsg.)      6.800        11/01/2014         07/29/2012 A      10,043   
  90,000      NYS HFA (Multifamily Hsg.)1      6.850        11/01/2019         07/29/2012 A      90,304   
  115,000      NYS HFA (Newburgh Interfaith Emergency Hsg.)      7.050        11/01/2012         07/29/2012 A      115,608   
  35,000      NYS HFA (Nonprofit Hsg.)      6.200        11/01/2012         07/29/2012 A      35,504   
  25,000      NYS HFA (Nonprofit Hsg.)      6.200        11/01/2013         07/29/2012 A      25,351   
  25,000      NYS HFA (Nursing Home & Health Care)1      5.100        11/01/2012         07/29/2012 A      25,074   
  2,535,000      NYS HFA (Senior Devel. Hsg.)1      5.100        11/15/2023         11/28/2016 A      2,723,528   
  1,360,000      NYS HFA (Simeon Dewitt)1      8.000        11/01/2018         07/29/2012 A      1,397,563   
  195,000      NYS HFA (Tiffany Gardens)1      4.500        08/15/2015         03/05/2014 B      202,695   
  40,000,000      NYS HFA, Series A      0.950 3      11/01/2041         07/06/2012 A      40,000,000   
  1,550,000      NYS HFA, Series A      6.100        11/01/2015         07/29/2012 A      1,557,130   
  350,000      NYS HFA, Series A1      6.125        11/01/2020         07/29/2012 A      350,837   
  110,000      NYS Medcare (Hospital & Nursing Home)1      7.400        11/01/2016         07/29/2012 A      110,561   
  45,000      NYS Medcare (Hospital & Nursing Home)1      9.375        11/01/2016         07/29/2012 A      45,333   
  25,000      NYS Municipal Bond Bank Agency (Buffalo)      5.250        05/15/2031         07/29/2012 A      25,085   
  1,710,000      NYS Municipal Bond Bank Agency (Special School Purpose)1      5.250        06/01/2017         06/01/2013 A      1,784,180   
  10,710,000      NYS Municipal Bond Bank Agency (Special School Purpose)1      5.250        12/01/2019         06/01/2013 A      11,170,530   
  2,930,000      NYS Municipal Bond Bank Agency (Special School Purpose)1      5.500        06/01/2015         06/01/2013 A      3,064,956   
  10,000,000      NYS Thruway Authority2      5.000        01/01/2027         01/01/2022 A      11,390,500   
  10,000,000      NYS Thruway Authority2      5.000        01/01/2028         01/01/2022 A      11,338,100   
  15,000,000      NYS Thruway Authority2      5.000        01/01/2029         01/01/2022 A      16,929,000   
  100,000      NYS Thruway Authority1      5.000        04/01/2029         04/01/2019 A      113,550   
  10,000,000      NYS Thruway Authority2      5.000        01/01/2030         01/01/2022 A      11,216,900   
  4,000,000      NYS UDC (Subordinated Lien)1      5.125        07/01/2020         07/01/2014 A      4,255,920   

 

 

41

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    1,000,000      NYS UDC (Subordinated Lien)1      5.125 %      07/01/2021         07/01/2014 A    $ 1,060,320   
  4,145,000      NYS UDC (Subordinated Lien)      5.500        07/01/2016         07/25/2012 A      4,162,036   
  6,750,000      NYS UDC (Subordinated Lien)1      5.500        07/01/2022         07/29/2012 A      6,773,220   
  6,810,000      NYS UDC (Subordinated Lien)1      5.600        07/01/2026         07/29/2012 A      6,834,107   
  3,000,000      NYS UDC, Series A-221      5.000        01/01/2020         01/01/2020        3,620,880   
  4,175,000      NYS UDC, Series D1      5.625        01/01/2028         01/01/2019 A      4,758,790   
  70,000      Oneida County, NY IDA (Mohawk Valley Handicapped Services)      5.300        03/15/2019         05/29/2016 B      69,936   
  1,190,000      Oneida County, NY IDA (Presbyterian Home)1      5.250        03/01/2019         09/01/2012 A      1,196,438   
  1,615,000      Oneida County, NY IDA (Presbyterian Home)1      6.100        06/01/2020         07/29/2012 A      1,620,152   
  645,000      Oneida County, NY IDA (Presbyterian Home)1      6.250        06/01/2015         07/29/2012 A      647,786   
  440,000      Onondaga County, NY IDA (Le Moyne College)      5.500        03/01/2014         07/29/2012 A      441,289   
  1,000,000      Onondaga, NY Civic Devel Corp. (Upstate Properties)1      5.500        12/01/2031         12/01/2021 A      1,130,590   
  100,000      Orange County, NY IDA (Crystal Run Village)      4.750        07/01/2016         07/01/2016        94,817   
  165,000      Orange County, NY IDA (Orange Mental Retardation Properties)1      6.125        05/01/2016         07/29/2012 A      165,653   
  3,505,000      Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)      6.000        12/01/2016         07/29/2012 A      3,548,848   
  1,300,000      Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)      6.000        12/01/2016         07/29/2012 A      1,316,263   
  1,875,000      Orange County, NY IDA (St. Luke’s Cornwall Hospital)      5.375        12/01/2021         07/29/2012 A      1,901,850   
  520,000      Otsego County, NY IDA (AOFMHS)1      5.350        10/01/2017         07/29/2012 A      522,070   
  710,000      Otsego County, NY IDA (Bassett Healthcare Project)1      5.375        11/01/2020         11/01/2012 A      713,933   
  3,625,000      Otsego County, NY IDA (Mary Imogene Bassett Hospital)1      5.350        11/01/2020         11/01/2012 A      3,644,756   
  25,000      Plattsburgh, NY Fire District No. 3      6.250        10/15/2014         10/15/2012 A      25,432   
  750,000      Port Authority NY/NJ (Continental Airlines)      9.125        12/01/2015         07/29/2012 A      768,758   
  96,345,000      Port Authority NY/NJ (JFK International Air Terminal)      5.750        12/01/2022         07/29/2012 A      96,367,159   
  43,220,000      Port Authority NY/NJ (JFK International Air Terminal)      5.750        12/01/2025         07/29/2012 A      43,225,619   
  67,765,000      Port Authority NY/NJ (JFK International Air Terminal)      5.900        12/01/2017         07/29/2012 A      67,859,193   

 

 

42

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $  18,355,000      Port Authority NY/NJ (JFK International Air Terminal)1      6.250 %      12/01/2014         12/01/2014      $ 19,276,972   
  39,000,000      Port Authority NY/NJ (JFK International Air Terminal)1      6.500        12/01/2028         12/01/2015 A      42,042,780   
  29,175,000      Port Authority NY/NJ (KIAC)      6.750        10/01/2019         09/29/2012 A      29,171,791   
  10,000      Port Authority NY/NJ, 116th Series1      5.000        10/01/2012         07/29/2012 A      10,040   
  100,000      Port Authority NY/NJ, 116th Series      5.000        10/01/2013         07/29/2012 A      100,391   
  160,000      Port Authority NY/NJ, 116th Series      5.250        10/01/2014         07/29/2012 A      160,662   
  55,000      Port Authority NY/NJ, 116th Series1      5.250        10/01/2015         07/29/2012 A      55,228   
  30,000      Port Authority NY/NJ, 124th Series1      4.800        08/01/2018         07/29/2012 A      30,074   
  1,695,000      Port Authority NY/NJ, 124th Series1      5.000        08/01/2019         07/29/2012 A      1,700,085   
  40,000      Port Authority NY/NJ, 124th Series1      5.000        08/01/2021         07/29/2012 A      40,120   
  265,000      Port Authority NY/NJ, 124th Series1      5.000        08/01/2022         07/29/2012 A      265,795   
  325,000      Port Authority NY/NJ, 124th Series1      5.000        08/01/2024         07/29/2012 A      325,975   
  100,000      Port Authority NY/NJ, 124th Series1      5.000        08/01/2025         07/29/2012 A      100,305   
  60,000      Port Authority NY/NJ, 124th Series      5.000        08/01/2031         07/29/2012 A      60,174   
  25,000      Port Authority NY/NJ, 125th Series1      5.000        10/15/2025         07/15/2012 A      25,304   
  15,000      Port Authority NY/NJ, 125th Series1      5.000        10/15/2027         07/15/2012 A      15,182   
  10,000      Port Authority NY/NJ, 131st Series1      5.000        12/15/2026         06/15/2013 A      10,434   
  25,000      Port Authority NY/NJ, 132nd Series1      5.000        09/01/2029         09/01/2013 A      26,399   
  18,855,000      Port Authority NY/NJ, 136th Series1      5.375        11/01/2025         05/01/2014 A      20,267,994   
  350,000      Port Authority NY/NJ, 140th Series1      5.000        12/01/2027         06/01/2015 A      383,429   
  5,745,000      Port Authority NY/NJ, 141st Series1      5.000        09/01/2021         09/01/2015 A      6,279,113   
  14,110,000      Port Authority NY/NJ, 141st Series1      5.000        09/01/2022         09/01/2015 A      15,358,030   
  6,000,000      Port Authority NY/NJ, 141st Series1      5.000        09/01/2025         09/01/2015 A      6,520,500   
  10,000,000      Port Authority NY/NJ, 141st Series1      5.000        09/01/2026         09/01/2015 A      10,821,800   
  17,800,000      Port Authority NY/NJ, 143rd Series1      5.000        10/01/2030         04/01/2016 A      19,404,492   
  2,100,000      Port Authority NY/NJ, 151st Series1      6.000        09/15/2028         03/15/2018 A      2,513,910   
  250,000      Port Authority NY/NJ, 152nd Series1      5.000        11/01/2023         05/01/2018 A      281,535   
  5,730,000      Port Authority NY/NJ, 152nd Series1      5.750        11/01/2030         05/01/2018 A      6,704,788   
  7,080,000      Port Authority NY/NJ, 169th Series1      5.000        10/15/2019         10/15/2019        8,481,840   
  11,870,000      Port Authority NY/NJ, 172nd Series1      5.000        10/01/2024         04/01/2022 A      13,784,868   
  7,005,000      Port Authority NY/NJ, 172nd Series1      5.000        10/01/2025         04/01/2022 A      8,082,649   
  10,000,000      Port Authority NY/NJ, 172nd Series1      5.000        10/01/2028         04/01/2022 A      11,314,000   
  2,780,000      Port Authority NY/NJ, 37th Series1      5.500        07/15/2019         07/15/2014 A      3,026,058   
  1,050,000      Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1      5.900        08/01/2020         07/29/2012 A      1,052,688   
  1,200,000      Rensselaer County, NY IDA (Franciscan Heights)1      5.375        12/01/2025         12/01/2014 A      1,248,756   

 

 

43

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    4,555,000      Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)1      5.000 %      03/01/2036         03/01/2016 A    $ 4,706,545   
  235,000      Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)1      5.125        08/01/2027         07/29/2012 A      235,235   
  265,000      Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)1      5.125        08/01/2029         07/29/2012 A      265,246   
  50,000      Rensselaer County, NY IDA (Rensselaer Polytechnical Institute)1      5.500        08/01/2022         07/29/2012 A      50,091   
  1,175,000      Rensselaer County, NY Tobacco Asset Securitization Corp.1      5.200        06/01/2025         06/01/2025        1,126,919   
  1,490,000      Rensselaer County, NY Tobacco Asset Securitization Corp.1      5.750        06/01/2043         04/02/2026 B      1,298,371   
  230,000      Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)1      5.000        06/01/2019         06/01/2014 A      241,208   
  5,845,000      Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)1      5.875        06/01/2022         06/01/2014 A      6,174,307   
  4,500,000      Rockland County, NY GO      3.750        06/28/2013         06/28/2013        4,545,270   
  25,000      Rockland County, NY Solid Waste Management Authority      5.625        12/15/2014         07/29/2012 A      25,094   
  6,860,000      Rockland County, NY Tobacco Asset Securitization Corp.1      5.500        08/15/2025         10/26/2013 B      6,733,913   
  55,000      Rome, NY HDC, Series A1      6.250        01/01/2024         07/29/2012 A      55,124   
  500,000      Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)1      5.000        12/01/2014         12/01/2014        536,000   
  3,725,000      Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)1      5.750        12/01/2023         07/29/2012 A      3,731,556   
  6,540,000      Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)1      5.750        12/01/2033         07/29/2012 A      6,548,306   
  3,405,000      Schenectady, NY Metroplex Devel. Authority, Series A1      5.375        12/15/2021         12/15/2012 A      3,470,887   
  50,000      Seneca County, NY IDA (New York Chiropractic College)1      4.000        10/01/2015         10/01/2015        53,577   
  5,000      SONYMA, Series 1011      5.250        04/01/2022         07/29/2012 A      5,007   
  4,550,000      SONYMA, Series 1011      5.350        10/01/2026         07/29/2012 A      4,555,824   
  5,000      SONYMA, Series 1051      4.250        10/01/2017         07/29/2012 A      5,009   
  15,000,000      SONYMA, Series 1131      5.250        10/01/2034         04/01/2014 A      15,467,250   
  5,000,000      SONYMA, Series 116      4.300        10/01/2019         04/01/2014 A      5,166,300   
  795,000      SONYMA, Series 1331      4.950        10/01/2021         04/01/2015 A      829,686   
  580,000      SONYMA, Series 1451      4.950        10/01/2023         04/01/2017 A      616,256   

 

 

44

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    7,995,000      SONYMA, Series 294      5.450 %      10/01/2031         10/01/2031      $ 8,062,680   
  400,000      SONYMA, Series 311      5.200        10/01/2021         07/29/2012 A      400,620   
  540,000      SONYMA, Series 311      5.300        10/01/2031         07/29/2012 A      540,497   
  1,305,000      SONYMA, Series 441      4.000        10/01/2021         10/01/2019 A      1,387,985   
  7,950,000      SONYMA, Series 691      5.500        10/01/2028         07/29/2012 A      7,958,825   
  35,000      SONYMA, Series 701      5.375        10/01/2017         07/29/2012 A      35,091   
  2,235,000      SONYMA, Series 711      5.400        04/01/2029         07/29/2012 A      2,237,727   
  170,000      SONYMA, Series 73-A1      5.300        10/01/2028         07/29/2012 A      170,162   
  28,270,000      SONYMA, Series 771      5.150        04/01/2029         07/29/2012 A      28,295,726   
  705,000      SONYMA, Series 791      5.300        04/01/2029         07/29/2012 A      705,677   
  35,000      SONYMA, Series 821      5.650        04/01/2030         07/29/2012 A      35,042   
  105,000      SONYMA, Series 981      5.050        10/01/2017         07/29/2012 A      105,263   
  385,000      Spring Valley, NY (Quality Redevel.)1      5.000        06/15/2021         06/15/2017 A      424,162   
  405,000      Spring Valley, NY (Quality Redevel.)1      5.000        06/15/2022         06/15/2017 A      442,738   
  300,000      Spring Valley, NY GO1      5.000        05/01/2020         05/01/2015 A      320,073   
  310,000      Spring Valley, NY GO1      5.000        05/01/2021         05/01/2015 A      328,668   
  325,000      Spring Valley, NY GO1      5.000        05/01/2022         05/01/2015 A      342,960   
  335,000      Spring Valley, NY GO1      5.000        05/01/2023         05/01/2015 A      351,710   
  350,000      Spring Valley, NY GO1      5.000        05/01/2024         05/01/2015 A      365,866   
  365,000      Spring Valley, NY GO1      5.000        05/01/2025         05/01/2015 A      380,710   
  1,050,000      St. Lawrence County, NY IDA (Clarkson University)1      5.250        09/01/2033         03/01/2022 A      1,173,564   
  2,730,000      St. Lawrence County, NY IDA (Curran Renewable Energy)      6.200        12/01/2017         06/02/2015 B      2,545,179   
  13,225,000      Suffolk County, NY Economic
Devel. Corp. (Catholic Health Services)1		      5.000        07/01/2028         07/01/2021 A      14,838,318   
  465,000      Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)      6.750        06/01/2027         06/01/2024 A      469,515   
  13,050,000      Suffolk County, NY GO      2.000        07/12/2012         07/12/2012        13,055,481   
  380,000      Suffolk County, NY IDA (ALIA-CCDRCA)      7.000        06/01/2016         06/01/2013 A      384,180   
  460,000      Suffolk County, NY IDA (ALIA-Civic Facility)      6.000        11/01/2017         07/17/2015 B      460,156   
  115,000      Suffolk County, NY IDA (ALIA-Civic Facility)      6.000        11/01/2017         05/01/2015 B      115,039   
  200,000      Suffolk County, NY IDA
(ALIA-IGHL)		      5.950        11/01/2022         12/23/2018 B      195,272   
  110,000      Suffolk County, NY IDA
(ALIA-IGHL)		      6.500        12/01/2013         06/09/2013 B      112,373   

 

 

45

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $       300,000      Suffolk County, NY IDA (ALIA-NYS ARC)      5.950 %      11/01/2022         11/28/2019 B    $ 292,908   
  300,000      Suffolk County, NY IDA (ALIA-WORCA)      5.950        11/01/2022         03/31/2019 B      292,908   
  215,000      Suffolk County, NY IDA (ALIA-WORCA)      7.000        06/01/2016         06/01/2013 A      217,365   
  300,000      Suffolk County, NY IDA (Catholic Charities)      6.000        10/01/2020         02/13/2017 B      298,101   
  300,000      Suffolk County, NY IDA (DDI)      6.000        10/01/2020         02/13/2017 B      298,101   
  300,000      Suffolk County, NY IDA (DDI)      6.000        10/01/2020         02/16/2017 B      298,101   
  1,180,000      Suffolk County, NY IDA (Dowling College)      4.750        06/01/2026         06/01/2026        1,075,334   
  1,065,000      Suffolk County, NY IDA (Dowling College)      5.000        06/01/2018         06/01/2016 A      1,068,344   
  3,180,000      Suffolk County, NY IDA (Dowling College)1      6.700        12/01/2020         07/29/2012 A      3,181,749   
  12,000,000      Suffolk County, NY IDA (Engel Berman at East Northport)      7.125        11/01/2049         11/01/2012 A      12,072,000   
  24,135,000      Suffolk County, NY IDA (Engel Berman at East Northport)      7.125        11/01/2049         11/01/2012 A      24,279,751   
  90,000      Suffolk County, NY IDA (Family Residences)      6.000        10/01/2015         05/12/2014 B      90,481   
  320,000      Suffolk County, NY IDA (Family Residences), Series A      6.375        12/01/2018         03/09/2015 A      322,611   
  2,185,000      Suffolk County, NY IDA (Family Residences), Series A      6.375        12/01/2018         03/08/2015 A      2,202,830   
  600,000      Suffolk County, NY IDA (Independent Group Home Living)      6.000        10/01/2020         02/17/2017 B      596,202   
  205,000      Suffolk County, NY IDA (L.I. Network Community Services)      7.000        02/01/2014         11/19/2012 A      211,556   
  240,000      Suffolk County, NY IDA (Mattituck-Laurel Library)1      6.000        09/01/2019         09/01/2012 A      241,702   
  250,000      Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)      6.250        11/01/2016         11/30/2014 B      259,048   
  90,000      Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)      6.250        11/01/2016         11/01/2012 A      90,280   
  700,000      Suffolk County, NY IDA (New York Institute of Technology)1      5.250        03/01/2017         03/01/2015 A      755,300   
  1,000,000      Suffolk County, NY IDA (New York Institute of Technology)1      5.250        03/01/2018         03/01/2015 A      1,069,180   
  500,000      Suffolk County, NY IDA (New York Institute of Technology)1      5.250        03/01/2019         03/01/2015 A      532,095   
  720,000      Suffolk County, NY IDA (New York Institute of Technology)1      5.250        03/01/2020         03/01/2015 A      762,487   

 

 

46

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    1,000,000      Suffolk County, NY IDA (New York Institute of Technology)1      5.250 %      03/01/2021         03/01/2015 A    $ 1,054,320   
  1,650,000      Suffolk County, NY IDA (Nissequogue Cogeneration Partners)      5.500        01/01/2023         04/23/2019 B      1,649,852   
  505,000      Suffolk County, NY IDA (Pederson-Krager Center)      6.375        11/01/2015         06/02/2014 B      507,177   
  335,000      Suffolk County, NY IDA (Pederson-Krager Center)      6.400        02/01/2015         02/17/2014 B      334,672   
  25,000      Suffolk County, NY IDA (South Country Library)1      4.750        01/01/2019         07/29/2012 A      25,055   
  200,000      Suffolk County, NY IDA (Suffolk Hotels)      6.000        10/01/2020         02/06/2017 B      198,734   
  500,000      Suffolk County, NY IDA (WORCA)      6.000        10/01/2020         02/21/2017 B      496,835   
  25,000      Syracuse, NY Hsg. Authority1      5.400        09/01/2017         09/01/2012 A      25,881   
  50,000      Syracuse, NY Hsg. Authority1      5.400        09/01/2020         09/01/2012 A      51,713   
  30,000      Syracuse, NY Hsg. Authority1      5.400        09/01/2021         09/01/2012 A      31,014   
  25,000      Syracuse, NY IDA (Jewish Home of Central New York)      7.375        03/01/2021         08/22/2017 B      24,427   
  450,000      Syracuse, NY IDA (One Center Armory Garage)      6.750        12/01/2017         07/29/2012 A      450,455   
  975,000      Tompkins County, NY IDA (Kendall at Ithaca)1      5.750        07/01/2018         07/29/2012 A      1,001,627   
  2,000,000      Tompkins County, NY IDA (Kendall at Ithaca)1      6.000        07/01/2024         07/29/2012 A      2,001,420   
  95,000      Tompkins, NY Health Care Corp. (Reconstruction Home)1      5.875        02/01/2033         07/29/2012 A      95,196   
  375,000      Tompkins, NY Health Care Corp. (Reconstruction Home)1      10.800        02/01/2028         08/01/2012 A      388,673   
  20,465,000      Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1      5.000        09/01/2030         09/01/2020 A      22,545,472   
  1,000,000      Troy, NY IDA (Rensselaer Polytechnic Institute)1      5.000        09/01/2031         09/01/2021 A      1,096,610   
  10,000      Ulster County, NY GO1      5.400        11/15/2013         11/15/2012 A      10,193   
  10,000      Ulster County, NY GO1      5.400        11/15/2015         11/15/2012 A      10,193   
  25,000      Ulster County, NY GO1      5.500        11/15/2012         11/15/2012        25,501   
  155,000      Ulster County, NY Res Rec1      5.000        03/01/2016         03/01/2016        169,812   
  160,000      Ulster County, NY Res Rec1      5.000        03/01/2017         03/01/2016 A      174,293   
  170,000      Ulster County, NY Res Rec1      5.000        03/01/2018         03/01/2016 A      184,034   
  360,000      Ulster County, NY Tobacco Asset Securitization Corp.1      6.000        06/01/2040         01/25/2029 B      322,117   
  70,000      Ulster County, NY Tobacco Asset Securitization Corp.1      6.250        06/01/2025         11/16/2016 D      69,451   
  830,000      Ulster County, NY Tobacco Asset Securitization Corp.1      6.450        06/01/2040         09/21/2027 B      752,719   

 

 

47

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $  10,445,000      Ulster County, NY Tobacco Asset Securitization Corp.1      6.750 %      06/01/2030         09/29/2020 B    $ 10,327,807   
  50,000      Utica, NY GO1      5.000        06/15/2021         06/15/2013 A      52,249   
  125,000      Utica, NY IDA (Munson-Williams-Proctor Arts Institute)1      5.375        07/15/2019         07/29/2012 A      125,460   
  75,000      Utica, NY IDA (Munson-Williams-Proctor Arts Institute)1      5.400        07/15/2030         07/29/2012 A      75,128   
  20,000      Utica, NY IDA (Munson-Williams-Proctor Arts Institute)1      5.500        07/15/2016         07/26/2012 A      20,076   
  25,000      Utica, NY IDA (Munson-Williams-Proctor Arts Institute)1      5.500        07/15/2029         07/29/2012 A      25,046   
  3,000,000      Utica, NY IDA (Utica College Civic Facility)      6.850        12/01/2031         12/01/2012 A      3,063,810   
  100,000      Westchester County, NY GO1      5.375        12/15/2012         12/15/2012        102,398   
  50,000      Westchester County, NY GO1      5.375        12/15/2013         12/15/2012 A      51,107   
  3,730,000      Westchester County, NY Healthcare Corp., Series A1      5.000        11/01/2021         11/01/2021        4,278,870   
  60,000      Westchester County, NY IDA (Clearview School)      6.600        01/01/2014         04/02/2013 B      61,319   
  295,000      Westchester County, NY IDA (Guiding Eyes for the Blind)1      4.500        08/01/2012         08/01/2012        295,472   
  705,000      Westchester County, NY IDA (JDAM)1      6.750        04/01/2016         10/01/2012 A      707,968   
  280,000      Westchester County, NY IDA (Purchase College Foundation Hsg. Corp.)      5.500        12/01/2015         12/01/2012 A      286,314   
  1,865,000      Westchester County, NY IDA (Rippowam-Cisqua School)1      5.750        06/01/2029         07/29/2012 A      1,866,548   
  85,000      Westchester County, NY IDA (Westchester Airport Assoc.)      5.850        08/01/2014         07/29/2012 A      85,313   
  690,000      Westchester County, NY IDA (Westchester Airport Assoc.)1      5.950        08/01/2024         07/29/2012 A      691,235   
  100,000      Westchester County, NY IDA (Winward School)      5.200        10/01/2021         07/29/2012 A      100,129   
  5,595,000      Westchester County, NY Tobacco Asset Securitization Corp.1      4.500        06/01/2021         07/05/2012 B      5,582,635   
  10,700,000      Westchester County, NY Tobacco Asset Securitization Corp.1      5.000        06/01/2026         05/30/2018 B      10,541,426   
  85,000      White Plains, NY HDC (Battle Hill)1      6.650        02/01/2025         10/22/2019 B      86,034   
  2,000,000      Wyandanch, NY Union Free High School District2      3.250        06/28/2013         06/28/2013        2,010,460   
  1,000,000      Yonkers, NY EDC (Charter School of Educational Excellence)1      6.000        10/15/2030         05/05/2020 A      1,030,160   
  2,000,000      Yonkers, NY GO1      5.000        10/01/2023         10/01/2021 A      2,238,680   

 

 

48

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  New York Continued                                  
  $    1,000,000      Yonkers, NY GO1      5.000 %      10/01/2024         10/01/2021 A    $ 1,104,920   
  60,000      Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)1      5.450        02/01/2029         07/29/2012 A      60,106   
  295,000      Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)1      5.650        02/01/2039         07/29/2012 A      295,484   
  1,455,000      Yonkers, NY IDA (Monastery Manor Associates)1      5.000        04/01/2025         04/01/2015 A      1,509,257   
  1,250,000      Yonkers, NY IDA (Sarah Lawrence College)1      5.750        06/01/2024         06/01/2019 A      1,425,238   
  600,000      Yonkers, NY IDA (Sarah Lawrence College)1      6.000        06/01/2029         06/01/2019 A      681,030   
  1,115,000      Yonkers, NY IDA (St. John’s Riverside Hospital)1      6.800        07/01/2016         07/24/2012 A      1,116,606   
                                        4,013,584,570   
  U.S. Possessions—27.1%                                  
  9,210,000      Guam Airport Authority, Series C1      5.375        10/01/2019         10/01/2013 A      9,432,053   
  6,000,000      Guam Airport Authority, Series C1      5.375        10/01/2020         10/01/2013 A      6,130,740   
  192,000      Guam EDA (TASC)      5.300        05/15/2014         05/15/2014        208,900   
  3,200,000      Guam Education Financing Foundation COP (Guam Public School Facilities)      4.500        10/01/2026         10/01/2026        2,993,056   
  1,435,000      Guam Government Business Privilege1      5.000        01/01/2027         01/01/2022 A      1,594,902   
  3,255,000      Guam Government Business Privilege1      5.000        01/01/2028         01/01/2022 A      3,584,666   
  1,200,000      Guam Government Business Privilege1      5.000        01/01/2031         01/01/2022 A      1,309,488   
  6,000,000      Guam Government Business Privilege1      5.000        01/01/2032         01/01/2022 A      6,512,580   
  5,000,000      Guam Government Waterworks Authority & Wastewater System1      5.250        07/01/2025         07/01/2020 A      5,134,700   
  50,000      Guam International Airport Authority1      4.500        10/01/2014         10/01/2013 A      51,198   
  10,000      Guam International Airport Authority1      5.000        10/01/2023         10/01/2013 A      10,116   
  25,000      Guam International Airport Authority1      5.250        10/01/2016         10/01/2013 A      25,808   
  50,000      Guam International Airport Authority1      5.375        10/01/2017         10/01/2013 A      51,499   
  1,390,000      Guam Power Authority, Series A1      5.000        10/01/2018         07/29/2012 A      1,390,361   
  75,000      Guam Power Authority, Series A1      5.000        10/01/2024         07/29/2012 A      75,013   
  230,000      Guam Power Authority, Series A      5.250        10/01/2013         07/29/2012 A      230,531   
  15,000      Guam Power Authority, Series A      5.250        10/01/2013         07/29/2012 A      15,035   

 

 

49

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  U.S. Possessions Continued                                  
  $         50,000      Guam Power Authority, Series A1      5.250 %      10/01/2014         07/29/2012 A    $ 50,029   
  655,000      Guam Power Authority, Series A      5.250        10/01/2023         07/29/2012 A      655,026   
  710,000      Guam Power Authority, Series A      5.250        10/01/2023         07/29/2012 A      710,028   
  40,000      Guam Power Authority, Series A1      5.250        10/01/2034         07/29/2012 A      40,004   
  185,000      Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)1      5.250        06/01/2032         04/13/2018 B      174,313   
  9,150,000      Puerto Rico Aqueduct & Sewer Authority1      5.500        07/01/2028         07/01/2022 A      9,831,035   
  375,000      Puerto Rico Children’s Trust Fund (TASC)1      4.100        05/15/2013         07/29/2012 A      375,915   
  200,000      Puerto Rico Children’s Trust Fund (TASC)1      4.250        05/15/2014         07/29/2012 A      200,436   
  206,395,000      Puerto Rico Children’s Trust Fund (TASC)1      5.375        05/15/2033         11/15/2012 A      206,382,616   
  68,875,000      Puerto Rico Children’s Trust Fund (TASC)1      5.500        05/15/2039         11/15/2012 A      68,869,490   
  30,755,000      Puerto Rico Children’s Trust Fund (TASC)1      5.625        05/15/2043         11/15/2012 A      30,752,232   
  100,000      Puerto Rico Commonwealth GO1      4.425 3      07/01/2021         01/01/2013 A      90,790   
  17,500,000      Puerto Rico Commonwealth GO1      4.750        12/01/2015         12/01/2012 A      17,894,625   
  25,000      Puerto Rico Commonwealth GO1      5.000        07/01/2028         07/29/2012 A      25,005   
  2,660,000      Puerto Rico Commonwealth GO1      5.125        07/01/2031         07/29/2012 A      2,660,505   
  7,000,000      Puerto Rico Commonwealth GO1      5.250        01/01/2015         07/05/2014 B      7,409,570   
  880,000      Puerto Rico Commonwealth GO1      5.250        07/01/2018         07/01/2013 A      924,299   
  900,000      Puerto Rico Commonwealth GO1      5.250        07/01/2019         07/01/2013 A      945,774   
  500,000      Puerto Rico Commonwealth GO1      5.250        07/01/2020         07/01/2014 A      527,790   
  2,430,000      Puerto Rico Commonwealth GO1      5.250        07/01/2021         07/01/2014 A      2,560,175   
  1,850,000      Puerto Rico Commonwealth GO1      5.250        07/01/2022         07/01/2016 A      1,981,091   
  4,795,000      Puerto Rico Commonwealth GO1      5.250        07/01/2022         07/01/2014 A      5,040,312   
  4,575,000      Puerto Rico Commonwealth GO1      5.250        07/01/2023         07/01/2014 A      4,790,757   
  11,000,000      Puerto Rico Commonwealth GO1      5.250        07/01/2023         07/01/2013 A      11,553,740   
  14,850,000      Puerto Rico Commonwealth GO1      5.250        07/01/2024         07/01/2013 A      15,216,498   
  21,785,000      Puerto Rico Commonwealth GO1      5.250        07/01/2025         07/01/2016 A      23,060,512   
  9,750,000      Puerto Rico Commonwealth GO1      5.250        07/01/2027         07/01/2016 A      10,283,715   
  15,000      Puerto Rico Commonwealth GO1      5.250        07/01/2029         07/01/2017 A      15,368   
  5,000,000      Puerto Rico Commonwealth GO1      5.250        07/01/2030         07/01/2017 A      5,115,800   
  2,840,000      Puerto Rico Commonwealth GO1      5.250        07/01/2030         07/01/2016 A      2,893,818   
  14,750,000      Puerto Rico Commonwealth GO1      5.250        07/01/2032         07/01/2017 A      15,006,060   
  11,735,000      Puerto Rico Commonwealth GO1      5.250        07/01/2032         07/01/2016 A      11,901,872   
  1,400,000      Puerto Rico Commonwealth GO1      5.375        07/01/2030         07/01/2021 A      1,466,122   

 

 

50

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  U.S. Possessions Continued                                  
  $    3,000,000      Puerto Rico Commonwealth GO1      5.500 %      07/01/2019         07/01/2019      $ 3,374,880   
  13,100,000      Puerto Rico Commonwealth GO1      5.500        07/01/2023         07/01/2018 A      13,977,831   
  1,320,000      Puerto Rico Commonwealth GO1      6.000        07/01/2027         07/01/2018 A      1,471,246   
  10,000,000      Puerto Rico Commonwealth GO1      6.000        07/01/2029         07/01/2016 A      10,975,800   
  1,950,000      Puerto Rico Commonwealth GO1      6.500        07/01/2037         07/01/2019 A      2,196,461   
  28,360,000      Puerto Rico Electric Power Authority, Series AAA1      5.250        07/01/2022         07/01/2020 A      31,516,752   
  10,920,000      Puerto Rico Electric Power Authority, Series AAA1      5.250        07/01/2023         07/01/2020 A      12,027,834   
  11,490,000      Puerto Rico Electric Power Authority, Series AAA1      5.250        07/01/2024         07/01/2020 A      12,523,066   
  12,095,000      Puerto Rico Electric Power Authority, Series AAA1      5.250        07/01/2025         07/01/2020 A      13,139,161   
  24,000,000      Puerto Rico Electric Power Authority, Series AAA1      5.250        07/01/2027         07/01/2020 A      25,647,840   
  33,580,000      Puerto Rico Electric Power Authority, Series AAA1      5.250        07/01/2028         07/01/2020 A      35,686,138   
  4,905,000      Puerto Rico Electric Power Authority, Series CCC1      5.250        07/01/2028         07/01/2020 A      5,212,642   
  5,000,000      Puerto Rico Electric Power Authority, Series JJ1      5.375        07/01/2017         07/01/2017        5,678,950   
  12,500,000      Puerto Rico Electric Power Authority, Series WW1      5.250        07/01/2025         07/01/2018 A      13,566,375   
  85,000      Puerto Rico HFA1      5.000        12/01/2020         12/01/2013 A      89,061   
  125,000      Puerto Rico HFC1      5.100        12/01/2018         12/01/2012 A      125,163   
  5,400,000      Puerto Rico Highway & Transportation Authority1      3.771 3      07/01/2028         07/01/2028        4,539,294   
  100,000      Puerto Rico Highway & Transportation Authority1      5.000        07/01/2018         01/01/2013 A      101,451   
  90,000      Puerto Rico Highway & Transportation Authority1      5.000        07/01/2022         01/01/2013 A      91,071   
  50,000      Puerto Rico Highway & Transportation Authority1      5.000        07/01/2028         01/01/2013 A      50,284   
  425,000      Puerto Rico Highway & Transportation Authority1      5.000        07/01/2028         01/01/2013 A      425,723   
  90,000      Puerto Rico Highway & Transportation Authority1      5.000        07/01/2028         07/01/2013 A      90,302   
  45,000      Puerto Rico Highway & Transportation Authority1      5.250        07/01/2014         01/01/2013 A      45,841   
  425,000      Puerto Rico Highway & Transportation Authority1      5.750        07/01/2019         07/01/2013 A      444,907   
  230,000      Puerto Rico Highway & Transportation Authority1      5.750        07/01/2020         07/01/2013 A      240,773   

 

 

51

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  U.S. Possessions Continued                                  
  $    5,060,000      Puerto Rico Highway & Transportation Authority1      5.750 %      07/01/2021         07/01/2013 A    $ 5,292,811   
  7,995,000      Puerto Rico Highway & Transportation Authority1      5.750        07/01/2022         07/01/2013 A      8,354,615   
  7,000,000      Puerto Rico Highway & Transportation Authority1      5.750        07/01/2024         07/29/2012 A      7,017,850   
  2,145,000      Puerto Rico Highway & Transportation Authority, Series G1      5.250        07/01/2018         07/01/2013 A      2,252,979   
  785,000      Puerto Rico Highway & Transportation Authority, Series G1      5.250        07/01/2019         07/01/2013 A      824,517   
  390,000      Puerto Rico Highway & Transportation Authority, Series G1      5.250        07/01/2019         07/01/2013 A      401,232   
  100,000      Puerto Rico Highway & Transportation Authority, Series I1      5.000        07/01/2023         07/01/2014 A      104,810   
  4,355,000      Puerto Rico Highway & Transportation Authority, Series K1      5.000        07/01/2021         07/01/2015 A      4,556,941   
  11,000,000      Puerto Rico Highway & Transportation Authority, Series K1      5.000        07/01/2022         07/01/2015 A      11,446,160   
  12,275,000      Puerto Rico Highway & Transportation Authority, Series K1      5.000        07/01/2023         07/01/2015 A      12,664,977   
  12,760,000      Puerto Rico Highway & Transportation Authority, Series K1      5.000        07/01/2024         07/01/2015 A      13,127,105   
  14,545,000      Puerto Rico Highway & Transportation Authority, Series K1      5.000        07/01/2025         07/01/2015 A      14,938,588   
  16,725,000      Puerto Rico Highway & Transportation Authority, Series K1      5.000        07/01/2026         07/01/2015 A      17,163,195   
  1,000,000      Puerto Rico Highway & Transportation Authority, Series K1      5.000        07/01/2027         07/01/2015 A      1,026,490   
  160,000      Puerto Rico Industrial Devel. Company, Series B      5.375        07/01/2016         07/29/2012 A      160,360   
  780,000      Puerto Rico Infrastructure1      5.000        07/01/2019         07/01/2016 A      831,636   
  5,000,000      Puerto Rico Infrastructure1      5.500        07/01/2021         07/01/2021        5,647,200   
  17,500,000      Puerto Rico Infrastructure1      6.000        12/15/2026         12/15/2021 A      20,081,075   
  145,000      Puerto Rico Infrastructure (Mepsi Campus)      5.600        10/01/2014         10/11/2013 B      149,560   
  1,055,000      Puerto Rico Infrastructure (Mepsi Campus)      6.250        10/01/2024         07/19/2017 A      1,109,723   
  2,500,000      Puerto Rico Infrastructure Financing Authority1      5.250        12/15/2026         12/15/2021 A      2,628,750   
  4,250,000      Puerto Rico Infrastructure Financing Authority1      5.500        07/01/2023         07/01/2023        4,792,853   
  2,500,000      Puerto Rico ITEMECF (Ana G. Mendez University)1      5.000        04/01/2016         04/01/2016        2,716,075   
  2,000,000      Puerto Rico ITEMECF (Ana G. Mendez University)1      5.000        04/01/2017         04/01/2017        2,172,260   

 

 

52

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  U.S. Possessions Continued                                  
  $    1,155,000      Puerto Rico ITEMECF (Ana G. Mendez University)1      5.000 %      04/01/2018         04/01/2018      $ 1,247,666   
  1,165,000      Puerto Rico ITEMECF (Ana G. Mendez University)1      5.000        04/01/2019         04/01/2019        1,248,973   
  650,000      Puerto Rico ITEMECF (Ana G. Mendez University)1      5.000        04/01/2021         04/01/2021        684,801   
  650,000      Puerto Rico ITEMECF (Ana G. Mendez University)1      5.000        04/01/2022         04/01/2022        680,622   
  34,610,000      Puerto Rico ITEMECF (Cogeneration Facilities)1      6.625        06/01/2026         07/29/2012 A      34,743,249   
  35,000      Puerto Rico ITEMECF (Guaynabo Municipal Government Center)1      5.625        07/01/2015         07/23/2012 A      35,114   
  15,645,000      Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1      6.250        07/01/2026         07/01/2016 A      17,621,120   
  75,000      Puerto Rico ITEMECF (Hospital de la Concepcion)1      6.125        11/15/2025         07/29/2012 A      75,289   
  615,000      Puerto Rico ITEMECF (Hospital de la Concepcion)1      6.375        11/15/2015         07/29/2012 A      617,534   
  2,000,000      Puerto Rico ITEMECF (Hospital de la Concepcion)      6.500        11/15/2020         07/29/2012 A      2,008,440   
  100,000      Puerto Rico ITEMECF (InterAmerican University)1      5.000        10/01/2015         07/29/2012 A      100,318   
  155,000      Puerto Rico ITEMECF (InterAmerican University)1      5.000        10/01/2022         07/29/2012 A      155,167   
  2,575,000      Puerto Rico ITEMECF (Ryder Memorial Hospital)1      6.700        05/01/2024         07/29/2012 A      2,575,747   
  2,190,000      Puerto Rico ITEMECF (University Plaza)1      5.625        07/01/2015         01/01/2013 A      2,228,106   
  2,215,000      Puerto Rico ITEMECF (University Plaza)1      5.625        07/01/2016         01/01/2013 A      2,253,541   
  2,345,000      Puerto Rico ITEMECF (University Plaza)1      5.625        07/01/2017         01/01/2013 A      2,385,803   
  355,000      Puerto Rico ITEMECF (University Plaza)1      5.625        07/01/2018         01/01/2013 A      361,177   
  1,875,000      Puerto Rico ITEMECF (University Plaza)1      5.625        07/01/2019         01/01/2013 A      1,907,625   
  9,400,000      Puerto Rico Municipal Finance Agency, Series A1      5.250        08/01/2023         08/01/2015 A      9,674,010   
  10,000,000      Puerto Rico Municipal Finance Agency, Series A1      5.250        08/01/2024         08/01/2015 A      10,253,000   
  305,000      Puerto Rico Municipal Finance Agency, Series A1      5.500        07/01/2017         07/29/2012 A      305,881   
  70,000      Puerto Rico Municipal Finance Agency, Series B      5.750        08/01/2012         07/29/2012 A      70,291   
  25,000      Puerto Rico Municipal Finance Agency, Series B1      5.750        08/01/2013         07/29/2012 A      25,078   

 

 

53

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  U.S. Possessions Continued                                  
  $       545,000      Puerto Rico Public Buildings Authority1      5.125 %      07/01/2024         07/29/2012 A    $ 545,262   
  14,280,000      Puerto Rico Public Buildings Authority1      5.250        07/01/2029         07/01/2014 A      14,427,227   
  5,000,000      Puerto Rico Public Buildings Authority1      5.500        07/01/2016         07/01/2016        5,577,450   
  2,060,000      Puerto Rico Public Buildings Authority1      5.500        07/01/2021         07/01/2017 A      2,191,222   
  3,255,000      Puerto Rico Public Buildings Authority1      5.500        07/01/2025         07/01/2017 A      3,391,287   
  13,195,000      Puerto Rico Public Buildings Authority1      5.500        07/01/2026         07/01/2017 A      13,723,592   
  1,250,000      Puerto Rico Public Buildings Authority1      5.500        07/01/2035         07/01/2017 C      1,382,000   
  1,400,000      Puerto Rico Public Buildings Authority1      5.750        07/01/2034         07/01/2017 C      1,563,912   
  8,795,000      Puerto Rico Public Buildings Authority1      7.000        07/01/2021         07/01/2014 A      9,643,366   
  31,150,000      Puerto Rico Public Buildings Authority1      7.000        07/01/2025         06/01/2014 A      33,672,216   
  825,000      Puerto Rico Public Buildings Authority, Series G1      5.250        07/01/2019         07/11/2012 A      826,403   
  205,030,000      Puerto Rico Public Finance Corp., Series A1      6.500        08/01/2028         08/01/2016 A      225,354,624   
  19,000,000      Puerto Rico Sales Tax Financing Corp., Series A1      5.625        08/01/2030         02/01/2015 A      20,084,520   
  2,100,000      Puerto Rico Sales Tax Financing Corp., Series A1      6.125        08/01/2029         02/01/2014 A      2,293,116   
  73,575,000      Puerto Rico Sales Tax Financing Corp., Series A1      6.125        08/01/2029         02/01/2014 A      78,934,203   
  4,080,000      University of Puerto Rico1      5.000        06/01/2025         06/01/2016 A      4,172,045   
  2,750,000      University of Puerto Rico1      5.000        06/01/2026         06/01/2016 A      2,802,195   
  7,470,000      University of Puerto Rico, Series P1      5.000        06/01/2021         06/01/2016 A      7,794,123   
  8,500,000      University of Puerto Rico, Series P1      5.000        06/01/2022         06/01/2016 A      8,825,465   
  3,725,000      University of Puerto Rico, Series P1      5.000        06/01/2024         06/01/2016 A      3,824,011   
  5,645,000      University of Puerto Rico, Series P1      5.000        06/01/2030         06/01/2016 A      5,707,829   
  3,515,000      University of Puerto Rico, Series Q1      5.000        06/01/2021         06/01/2016 A      3,667,516   
  8,410,000      University of Puerto Rico, Series Q1      5.000        06/01/2023         06/01/2016 A      8,681,979   
  100,000      University of Puerto Rico, Series Q1      5.000        06/01/2024         06/01/2016 A      102,658   
  300,000      University of Puerto Rico, Series Q1      5.000        06/01/2030         06/01/2016 A      303,339   
  70,000      V.I. HFA, Series A      6.500        03/01/2025         07/29/2012 A      70,091   
  25,000      V.I. Port Authority, Series A1      5.000        09/01/2023         07/29/2012 A      25,031   
  2,705,000      V.I. Port Authority, Series A1      5.250        09/01/2018         07/29/2012 A      2,711,249   

 

 

54

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Principal
Amount		          Coupon     Maturity      Effective
Maturity**		     Value  
                                           
  U.S. Possessions Continued                                  
  $    3,330,000      V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1      5.000 %      10/01/2023         10/01/2016 A    $ 3,568,595   
  850,000      V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1      5.000        10/01/2024         10/01/2016 A      905,743   
  3,670,000      V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1      5.000        10/01/2025         10/01/2016 A      3,894,347   
  1,715,000      V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1      5.000        10/01/2026         10/01/2016 A      1,813,921   
  50,000      V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1      5.000        10/01/2027         10/01/2016 A      52,525   
  830,000      V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1      5.000        10/01/2031         10/01/2014 A      857,373   
  1,350,000      V.I. Public Finance Authority (Matching Fund Loan Note)1      5.000        10/01/2025         10/01/2020 A      1,469,286   
  1,075,000      V.I. Public Finance Authority (Matching Fund Loan Note)1      5.250        10/01/2021         10/01/2014 A      1,139,522   
  620,000      V.I. Public Finance Authority (Matching Fund Loan Note)1      6.750        10/01/2037         10/01/2019 A      726,745   
  1,000,000      V.I. Public Finance Authority, Series A1      5.250        10/01/2016         10/01/2014 A      1,077,210   
  2,000,000      V.I. Public Finance Authority, Series A1      5.250        10/01/2022         10/01/2014 A      2,105,620   
  2,000,000      V.I. Public Finance Authority, Series A1      5.250        10/01/2023         10/01/2014 A      2,105,620   
  11,005,000      V.I. Public Finance Authority, Series A1      6.375        10/01/2019         07/29/2012 A      11,041,977   
  665,000      V.I. Public Finance Authority, Series A-11      4.500        10/01/2024         10/01/2019 A      700,797   
  2,000,000      V.I. Public Finance Authority, Series B1      5.000        10/01/2025         10/01/2019 A      2,158,060   
  20,000      V.I. Public Finance Authority, Series C1      5.000        10/01/2022         10/01/2019 A      21,597   
  80,000      V.I. Tobacco Settlement Financing Corp. (TASC)      4.950        05/15/2014         07/29/2012 A      80,221   
  980,000      V.I. Tobacco Settlement Financing Corp. (TASC)1      5.000        05/15/2021         02/14/2013 B      959,332   
  1,440,000      V.I. Tobacco Settlement Financing Corp. (TASC)1      5.000        05/15/2031         06/10/2018 B      1,289,002   
  225,000      V.I. Water & Power Authority1      5.000        07/01/2018         07/01/2013 A      230,902   
  4,250,000      V.I. Water & Power Authority      5.500        07/01/2017         07/29/2012 A      4,259,393   
                                        1,424,870,847   
  Total Investments, at Value (Cost $5,314,164,529)—103.6%                 5,438,455,417   
  Liabilities in Excess of Other Assets—(3.6)                 (189,732,040 ) 
                                     
  Net Assets—100.0%                             $ 5,248,723,377   
                                     

 

 

55

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF INVESTMENTS    Unaudited / Continued

 

 

Footnotes to Statement of Investments

*June 29, 2012 represents the last business day of the Fund’s 2012 semiannual period. See Note 1 of the accompanying Notes.

**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.

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 6 of the accompanying Notes.

2. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 29, 2012. See Note 1 of the accompanying Notes.

3. Represents the current interest rate for a variable or increasing rate security.

4. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1 of the accompanying Notes.

5. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

 

To simplify the listings of securities, abbreviations are used per the table below:

 

ACDS   Assoc. for Children with Down Syndrome
ALIA   Alliance of Long Island Agencies
AOFMHS   Aurelia Osborn Fox Memorial Hospital Society
ARC   Assoc. of Retarded Citizens
BFCC   Brookdale Family Care Center
BID   Business Improvement District
BOCES   Board of Cooperative Educational Services
CCDRCA   Catholic Charities of the Diocese of Rockville Centre and Affiliates
CMA   Community Mainstreaming Associates, Inc.
COP   Certificates of Participation
CRR   Center for Rapid Recovery
CRV   Crystal Run Village
CSMR   Community Services for the Mentally Retarded
Con Ed   Consolidated Edison Company
DA   Dormitory Authority
DDI   Developmental Disabilities Institute
DRIVERS   Derivative Inverse Tax Exempt Receipts
EDA   Economic Devel. Authority
EDC   Economic Devel. Corp.
EFC   Environmental Facilities Corp.
ERDA   Energy Research and Devel. Authority
FNHC   Ferncilff Nursing Home Company
FREE   Family Residences and Essential Enterprises
GO   General Obligation
GSHMC   Good Samaritan Hospital Medical Center
HDC   Housing Devel. Corp.
HFA   Housing Finance Agency
HFC   Housing Finance Corp.
HKSB   Helen Keller Services for the Blind
IDA   Industrial Devel. Agency
IGHL   Independent Group Home for Living
ITEMECF   Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JDAM   Julia Dyckman Andrus Memorial
JFK   John Fitzgerald Kennedy
KR   Kateri Residence
L.I.   Long Island
LIJMC   Long Island Jewish Medical Center
LILCO   Long Island Lighting Corp.
MMC   Mercy Medical Center
MMWNHC   Mary Manning Walsh Nursing Home Company
MTA   Metropolitan Transportation Authority
NSLIJ   North Shore Long Island Jewish
NSUH   North Shore University Hospital
NY/NJ   New York/New Jersey
NYC   New York City
NYS   New York State
NYU   New York University
RIBS   Residual Interest Bonds
Res Rec   Resource Recovery Facility
ROLs   Residual Option Longs
SAVRS   Select Auction Variable Rate Securities
SCHRC   St. Charles Hospital and Rehabilitation Center
SFH   St. Francis Hospital
SFTU   Services for the Underserved
SONYMA   State of New York Mortgage Agency
TASC   Tobacco Settlement Asset-Backed Bonds
TFABs   Tobacco Flexible Amortization Bonds
UBF   University of Buffalo Foundation
UDC   Urban Development Corporation
 

 

 

56

LIMITED TERM NEW YORK MUNICIPAL FUND
  

USBFCC   Urban Strategies Brookdale Family Care Center
V.I.   United States Virgin Islands
WORCA   Working Organization for Retarded Children and Adults
YAI   Young Adult Institute
YMCA   Young Men’s Christian Assoc.
 

 

See accompanying Notes to Financial Statements.

 

 

57

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF ASSETS AND LIABILITIES    June 29, 20121 (Unaudited)

 

Assets      
Investments, at value (cost $5,314,164,529)—see accompanying statement of investments   $ 5,438,455,417   
Receivables and other assets:        
Investments sold     184,497,618   
Interest     73,329,630   
Shares of beneficial interest sold     16,918,064   
Other    
 565,684
   
Total assets     5,713,766,413   
Liabilities      
Bank overdraft     2,611,650   
Payables and other liabilities:        
Investments purchased (including $214,932,071 purchased on a when-issued or delayed delivery basis)     227,021,000   
Payable on borrowings (See Note 6)     184,100,000   
Payable for short-term floating rate notes issued (See Note 1)     41,970,000   
Shares of beneficial interest redeemed     4,933,260   
Dividends     2,317,982   
Distribution and service plan fees     1,000,314   
Trustees’ compensation     749,963   
Transfer and shareholder servicing agent fees     127,182   
Shareholder communications     23,582   
Interest expense on borrowings     18,641   
Other    
 169,462
   
Total liabilities     465,043,036   
Net Assets   $
 5,248,723,377
   
Composition of Net Assets      
Paid-in capital   $ 5,193,824,314   
Accumulated net investment loss     (8,165,436 ) 
Accumulated net realized loss on investments     (61,226,389 ) 
Net unrealized appreciation on investments    
 124,290,888
   
Net Assets   $
 5,248,723,377
   

 

 

58

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Net Asset Value Per Share      
Class A Shares:        
Net asset value and redemption price per share (based on net assets of $3,602,691,816 and 1,067,760,606 shares of beneficial interest outstanding)   $ 3.37   
Maximum offering price per share (net asset value plus sales charge of 2.25% of offering price)   $ 3.45   
Class B Shares:        
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $33,356,216 and 9,899,407 shares of beneficial interest outstanding)		   $ 3.37   
Class C Shares:        
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $1,458,586,671 and 434,290,272 shares of beneficial interest outstanding)		   $ 3.36   
Class Y Shares:        
Net asset value, redemption price and offering price per share (based on net assets of $154,088,674 and 45,661,072 shares of beneficial interest outstanding)   $ 3.37   

 

1. June 29, 2012 represents the last business day of the Fund’s 2012 semiannual period. See Note 1 of the accompanying Notes.

 

See accompanying Notes to Financial Statements.

 

 

59

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF OPERATIONS    For the Six Months Ended June 29, 20121 (Unaudited)

 

Investment Income      
Interest   $ 115,356,309   
Expenses      
Management fees     9,826,163   
Distribution and service plan fees:        
Class A     4,195,814   
Class B     169,615   
Class C     6,942,815   
Transfer and shareholder servicing agent fees:        
Class A     455,578   
Class B     18,032   
Class C     267,610   
Class Y     22,548   
Shareholder communications:        
Class A     25,491   
Class B     1,365   
Class C     11,313   
Class Y     1,979   
Accounting service fees     743,231   
Borrowing fees     520,625   
Interest expense and fees on short-term floating rate notes issued (See Note 1)     328,790   
Trustees’ compensation     36,822   
Interest expense     29,618   
Custodian fees and expenses     16,471   
Administration service fees     750   
Other    
 130,033
   
Total expenses     23,744,663   
Net Investment Income     91,611,646   
Realized and Unrealized Gain      
Net realized gain on investments     3,537,523   
Net change in unrealized appreciation/depreciation on investments     80,784,211   
Net Increase in Net Assets Resulting from Operations   $
 175,933,380
   

1. June 29, 2012 represents the last business day of the Fund’s 2012 semiannual period. See Note 1 of the accompanying Notes.

 

See accompanying Notes to Financial Statements.

 

 

60

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENTS OF CHANGES IN NET ASSETS

 

    Six Months
Ended
June 29, 20121
(Unaudited)		     Year
Ended
December 30,
20111		  
Operations            
Net investment income   $ 91,611,646      $ 180,339,948   
Net realized gain     3,537,523        1,519,760   
Net change in unrealized appreciation/depreciation    
 80,784,211
   
    
 129,407,671
   
Net increase in net assets resulting from operations     175,933,380        311,267,379   
Dividends and/or Distributions to Shareholders                
Dividends from net investment income:                
Class A     (70,253,566 )      (136,160,143 ) 
Class B     (564,136 )      (1,349,775 ) 
Class C     (23,583,554 )      (46,086,400 ) 
Class Y    
 (2,752,052
 ) 
    
 (505,405
 ) 
      (97,153,308 )      (184,101,723 ) 
Beneficial Interest Transactions            
Net increase (decrease) in net assets resulting from beneficial interest transactions:                
Class A     294,106,278        43,327,434   
Class B     (2,410,039 )      (9,274,385 ) 
Class C     117,290,222        (10,011,299 ) 
Class Y    
 97,930,854
   
    
 54,145,454
   
      506,917,315        78,187,204   
Net Assets            
Total increase     585,697,387        205,352,860   
Beginning of period    
 4,663,025,990
   
    
 4,457,673,130
   
End of period (including accumulated net investment loss of
$8,165,436 and $2,623,774, respectively)		   $
 5,248,723,377
   
   $
 4,663,025,990
   

1. June 29, 2012 and December 30, 2011 represents the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

 

See accompanying Notes to Financial Statements.

 

 

61

LIMITED TERM NEW YORK MUNICIPAL FUND
  

STATEMENT OF CASH FLOWS    For the Six Months Ended June 29, 20121 (Unaudited)

 

Cash Flows from Operating Activities      
Net increase in net assets from operations   $ 175,933,380   
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:		        

Purchase of investment securities

     (823,921,057 ) 

Proceeds from disposition of investment securities

     308,038,356   

Short-term investment securities, net

     (162,401,615 ) 

Premium amortization

     15,490,520   

Discount accretion

     (491,387 ) 

Net realized gain on investments

     (3,537,523 ) 

Net change in unrealized appreciation/depreciation on investments

     (80,784,211 ) 
Change in assets:        

Increase in other assets

     (301,421 ) 

Increase in interest receivable

     (3,082,679 ) 

Increase in receivable for securities sold

     (161,622,618 ) 
Change in liabilities:        

Increase in payable for securities purchased

     209,809,303   

Decrease in other liabilities

     (15,446 ) 
Net cash used in operating activities     (526,886,398 ) 
Cash Flows from Financing Activities      
Proceeds from bank borrowings     367,500,000   
Payments on bank borrowings     (201,100,000 ) 
Payments on short-term floating rate notes issued     (53,870,000 ) 
Proceeds from shares sold     849,544,969   
Proceeds from bank overdraft     2,611,650   
Payments on shares redeemed     (427,630,964 ) 
Cash distributions paid    
 (12,061,850
 ) 
Net cash provided by financing activities     524,993,805   
Net decrease in cash     (1,892,593 ) 
Cash, beginning balance    
 1,892,593
   
Cash, ending balance   $
 —
   
Supplemental disclosure of cash flow information:        
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $82,773,476.        
Cash paid for interest on bank borrowings—$12,528.        
Cash paid for interest on short-term floating rate notes issued—$328,790.        

 

1. June 29, 2012 represents the last business day of the Fund’s 2012 semiannual period. See Note 1 of the accompanying Notes.

 

See accompanying Notes to Financial Statements.

 

 

62

LIMITED TERM NEW YORK MUNICIPAL FUND
  

FINANCIAL HIGHLIGHTS    

 

    Six Months
Ended
June 29, 20121		     Year Ended
December 30,		     Year Ended December 31,  
Class A   (Unaudited)     20111     2010     2009     2008     2007  
                                           
Per Share Operating Data                                    
Net asset value, beginning of period   $ 3.32      $ 3.22      $ 3.25      $ 2.85      $ 3.32      $ 3.40   
Income (loss) from investment operations:                                           
Net investment income2     .07        .14        .14        .14        .14        .14   
Net realized and unrealized gain (loss)    
 .05
   
    
 .10
   
    
 (.03
 ) 
    
 .40
   
    
 (.47
 ) 
    
 (.08
 ) 
Total from investment operations     .12        .24        .11        .54        (.33 )      .06   
Dividends and/or distributions to shareholders:                           
Dividends from net investment income     (.07 )      (.14 )      (.14 )      (.14 )      (.14 )      (.14 ) 
Net asset value, end of period   $
 3.37
   
   $
 3.32
   
   $
 3.22
   
   $
 3.25
   
   $
 2.85
   
   $
 3.32
   
Total Return, at Net Asset Value3     3.63 %      7.76 %      3.51 %      19.45 %      (10.18 )%      1.74 % 
                                                 
Ratios/Supplemental Data                                    
Net assets, end of period (in thousands)     $3,602,692        $3,253,871        $3,121,033        $2,801,988        $2,355,062        $2,745,029   
Average net assets (in thousands)     $3,415,163        $3,074,407        $3,000,461        $2,558,997        $2,765,248        $2,721,428   
Ratios to average net assets:4                                                
Net investment income     3.92 %      4.34 %      4.35 %      4.50 %      4.55 %      4.18 % 
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings     0.71 %      0.72 %      0.72 %      0.75 %      0.74 %      0.71 % 
Interest and fees from borrowings     0.02 %      0.03 %      0.04 %      0.26 %      0.09 %      0.03 % 
Interest and fees on short-term floating rate notes issued5    
 0.01
 % 
    
 0.02
 % 
    
 0.03
 % 
    
 0.04
 % 
    
 0.10
 % 
    
 0.21
 % 
Total expenses     0.74 %      0.77 %      0.79 %      1.05 %      0.93 %      0.95 % 
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses     0.74 %      0.77 %      0.79 %      1.05 %      0.93 %      0.95 % 
Portfolio turnover rate     7 %       15 %       14 %       12 %       19 %      18 %  

 

1. June 29, 2012 and December 30, 2011 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial 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.

4. Annualized for periods less than one full year.

5. 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 accompanying Notes to Financial Statements.

 

 

63

LIMITED TERM NEW YORK MUNICIPAL FUND
  

FINANCIAL HIGHLIGHTS    Continued

 

    Six Months
Ended
June 29, 20121		     Year Ended
December 30,		     Year Ended December 31,  
Class B   (Unaudited)     20111     2010     2009     2008     2007  
                                           
Per Share Operating Data                                    
Net asset value, beginning of period   $ 3.31      $ 3.22      $ 3.25      $ 2.85      $ 3.32      $ 3.40   
Income (loss) from investment operations:                                                
Net investment income2     .05        .11        .12        .11        .12        .11   
Net realized and unrealized gain (loss)    
 .06
   
    
 .10
   
    
 (.03
 ) 
    
 .41
   
    
 (.47
 ) 
    
 (.08
 ) 
Total from investment operations     .11        .21        .09        .52        (.35 )      .03   
Dividends and/or distributions to shareholders:                                   
Dividends from net investment income     (.05 )      (.12 )      (.12 )      (.12 )      (.12 )      (.11 ) 
Net asset value, end of period   $
 3.37
   
   $
 3.31
   
   $
 3.22
   
   $
 3.25
   
   $
 2.85
   
   $
 3.32
   
Total Return, at Net Asset Value3     3.51 %      6.52 %      2.62 %      18.39 %      (10.90 )%      0.95 % 
                                                 
Ratios/Supplemental Data                                    
Net assets, end of period (in thousands)     $33,356        $35,183        $43,448        $59,451        $  90,497        $228,022   
Average net assets (in thousands)     $34,099        $37,587        $49,788        $71,243        $157,158        $272,855   
Ratios to average net assets:4                                                
Net investment income     3.09 %      3.48 %      3.50 %      3.64 %      3.72 %      3.38 % 
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings     1.55 %      1.59 %      1.58 %      1.66 %      1.54 %      1.51 % 
Interest and fees from borrowings     0.02 %      0.03 %      0.04 %      0.26 %      0.09 %      0.03 % 
Interest and fees on short-term floating rate notes issued5    
 0.01
 % 
    
 0.02
 % 
    
 0.03
 % 
    
 0.04
 % 
    
 0.10
 % 
    
 0.21
 % 
Total expenses     1.58 %       1.64 %       1.65 %       1.96 %       1.73 %      1.75 %  
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses     1.58 %       1.64 %       1.65 %       1.96 %       1.73 %      1.75 %  
Portfolio turnover rate     7 %      15 %      14 %      12 %      19 %      18 % 

 

1. June 29, 2012 and December 30, 2011 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial 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.

4. Annualized for periods less than one full year.

5. 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 accompanying Notes to Financial Statements.

 

 

64

LIMITED TERM NEW YORK MUNICIPAL FUND
  

    Six Months
Ended
June 29, 20121		     Year Ended
December 30,		     Year Ended December 31,  
Class C   (Unaudited)     20111     2010     2009     2008     2007  
                                           
Per Share Operating Data                                    
Net asset value, beginning of period   $ 3.30      $ 3.21      $ 3.24      $ 2.84      $ 3.31      $ 3.39   
Income (loss) from investment operations:                                           
Net investment income2     .05        .12        .12        .12        .12        .11   
Net realized and unrealized gain (loss)    
 .07
   
    
 .09
   
    
 (.03
 ) 
    
 .40
   
    
 (.47
 ) 
    
 (.08
 ) 
Total from investment operations     .12        .21        .09        .52        (.35 )      .03   
Dividends and/or distributions to shareholders:                                   
Dividends from net investment income     (.06 )      (.12 )      (.12 )      (.12 )      (.12 )      (.11 ) 
Net asset value, end of period   $
 3.36
   
   $
 3.30
   
   $
 3.21
   
   $
 3.24
   
   $
 2.84
   
   $
 3.31
   
Total Return, at Net Asset Value3     3.57 %      6.65 %      2.74 %      18.63 %      (10.89 )%      0.97 % 
                                                 
Ratios/Supplemental Data                                    
Net assets, end of period (in thousands)     $1,458,586        $1,319,078        $1,293,192        $1,137,285      $   919,680        $1,052,153   
Average net assets (in thousands)     $1,396,958        $1,251,673        $1,250,552        $1,021,648        $1,054,502        $1,076,271   
Ratios to average net assets:4                                                
Net investment income     3.16 %      3.58 %      3.59 %      3.75 %      3.78 %      3.40 % 
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings     1.48 %      1.49 %      1.48 %      1.50 %      1.51 %      1.49 % 
Interest and fees from borrowings     0.02 %      0.03 %      0.04 %      0.26 %      0.09 %      0.03 % 
Interest and fees on short-term floating rate notes issued5    
 0.01
 % 
    
 0.02
 % 
    
 0.03
 % 
    
 0.04
 % 
    
 0.10
 % 
    
 0.21
 % 
Total expenses     1.51 %       1.54 %       1.55 %       1.80 %       1.70 %      1.73 %  
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses     1.51 %       1.54 %       1.55 %       1.80 %       1.70 %      1.73 %  
Portfolio turnover rate     7 %      15 %      14 %      12 %      19 %      18 % 

 

1. June 29, 2012 and December 30, 2011 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial 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.

4. Annualized for periods less than one full year.

5. 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 accompanying Notes to Financial Statements.

 

 

65

LIMITED TERM NEW YORK MUNICIPAL FUND
  

FINANCIAL HIGHLIGHTS    Continued

 

Class Y   Six Months
Ended
June 29, 20121
(Unaudited) 		    Period Ended
December 30,
20111,2		  
           
Per Share Operating Data            
Net asset value, beginning of period   $ 3.32      $ 3.18   
Income (loss) from investment operations:                
Net investment income3     .07        .11   
Net realized and unrealized gain    
 .05
   
    
 .14
   
Total from investment operations     .12        .25   
Dividends and/or distributions to shareholders:                
Dividends from net investment income     (.07 )      (.11 ) 
Net asset value, end of period   $
 3.37
   
   $
 3.32
   
Total Return, at Net Asset Value4     3.76 %      7.99 % 
                 
Ratios/Supplemental Data            
Net assets, end of period (in thousands)     $154,089        $54,894   
Average net assets (in thousands)     $128,935        $15,811   
Ratios to average net assets:5                
Net investment income     4.14 %      4.37 % 
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings     0.47 %      0.46 % 
Interest and fees from borrowings     0.02 %      0.03 % 
Interest and fees on short-term floating rate notes issued6    
 0.01
 % 
    
 0.02
 % 
Total expenses     0.50 %      0.51 % 
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses     0.50 %      0.51 % 
Portfolio turnover rate     7 %       15 %  

 

1. June 29, 2012 and December 30, 2011 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. For the period from March 30, 2011 (inception of offering) to December 30, 2011.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Assumes an initial 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.

5. Annualized for periods less than one full year.

6. 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 accompanying Notes to Financial Statements.

 

 

66

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES TO FINANCIAL STATEMENTS    June 29, 2012 / 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 C and Class Y shares. Class B shares are no longer offered for new purchase after June 29, 2012. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. 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 shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. 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.

 

Semiannual and Annual Periods. The last day of the Fund’s semiannual period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

 

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

 

 

67

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

 

 

1. Significant Accounting Policies Continued

 

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 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 29, 2012, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:

     When-Issued or
Delayed Delivery
Basis Transactions		  
Purchased securities    $ 214,932,071   

 

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. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the underlying municipal bond. The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear

 

 

68

LIMITED TERM NEW YORK MUNICIPAL FUND
  

short-term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund may have the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. Through the exercise of either of these rights, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The

 

 

69

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

 

 

1. Significant Accounting Policies Continued

 

value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the

 

 

70

LIMITED TERM NEW YORK MUNICIPAL FUND
  

short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. 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 related inverse floating rate securities, if it deems it appropriate to do so. As of June 29, 2012, the Fund’s maximum exposure under such agreements is estimated at $21,750,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At June 29, 2012, municipal bond holdings with a value of $63,745,404 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $41,970,000 in short-term floating rate securities issued and outstanding at that date.

 

At June 29, 2012, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal
Amount		    Inverse Floater1    Coupon
Rate2		      Maturity
Date		     Value  
$3,335,000    NYC GO DRIVERS      13.477 %       8/15/23      $ 4,212,539   
  3,780,000    NYC GO DRIVERS      13.483         12/1/23        4,905,835   
  7,250,000    NYC GO ROLs3      17.893         6/1/23        10,589,350   
  2,000,000    SONYMA, Series 29 DRIVERS      19.351         10/1/31        2,067,680   
                          
                           $ 21,775,404   
                          

1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

2. Represents the current interest rate for the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

 

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

 

 

71

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

 

 

1. Significant Accounting Policies Continued

 

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 5% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $41,970,000 or 0.73% of its total assets as of June 29, 2012.

 

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of June 29, 2012 is as follows:

Cost    $ 1,360,000   
Market Value    $ 1,140,045   
Market Value as a % of Net Assets      0.02 % 

 

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

 

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

 

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended December 30, 2011, the Fund utilized $37,051 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 30, 2011 capital loss carryforwards are included in the table below.

 

 

72

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

Expiring         
2016      $ 53,401,694   
2017        16,519,543   
2018        813,470   
      
Total      $ 70,734,707   
      

 

As of June 29, 2012, it is estimated that the capital loss carryforwards would be $67,197,184 expiring by 2018. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, 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 29, 2012, it is estimated that the Fund will utilize $3,537,523 of capital loss carryforward to offset realized capital gains.

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 29, 2012 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      $ 5,271,225,337 1 
      
Gross unrealized appreciation      $ 153,517,509   
Gross unrealized depreciation        (29,250,790 ) 
      
Net unrealized appreciation      $ 124,266,719   
      

1. The Federal tax cost of securities does not include cost of $42,963,361, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above.

 

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution

 

 

73

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

 

 

1. Significant Accounting Policies Continued

 

method with respect to their benefits under the Plan. During the six months ended June 29, 2012, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased (Decreased)      $ —   
Payments Made to Retired Trustees        65,513   
Accumulated Liability as of June 29, 2012        561,960   

 

The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with 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. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

 

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 overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. 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.

 

 

74

LIMITED TERM NEW YORK MUNICIPAL FUND
  

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.

 

2. 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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

 

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, 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 security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the

 

 

75

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

 

 

2. Securities Valuation Continued

 

security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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 and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type    Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities    Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans    Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds    Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

 

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review,

 

 

76

LIMITED TERM NEW YORK MUNICIPAL FUND
  

approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

 

Classifications

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. 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—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)   Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)   Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

 

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

 

 

77

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

 

 

2. Securities Valuation Continued

 

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 29, 2012 based on valuation input level:

     Level 1—
Unadjusted
Quoted Prices		      Level 2—
Other Significant
Observable Inputs		      Level 3—
Significant
Unobservable
Inputs		      Value  
Assets Table                                    
Investments, at Value:                                    
Municipal Bonds and Notes                                    

New York

    $ —       $ 4,000,385,165       $ 13,199,405       $ 4,013,584,570   

U.S. Possessions

      —         1,424,870,847         —         1,424,870,847   
    
Total Assets    $ —       $ 5,425,256,012       $ 13,199,405       $ 5,438,455,417   
    

 

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

There have been no significant changes to the fair valuation methodologies of the Fund during the period.

 

3. 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 29, 2012        Year Ended December 30, 20111  
    Shares        Amount        Shares        Amount  
Class A                                         
Sold     166,353,275         $ 557,337,389           182,618,067         $ 592,543,007   
Dividends and/or
distributions reinvested		     16,932,627           60,031,817           34,367,172           111,483,662   
Redeemed     (96,064,076 )         (323,262,928 )         (205,013,005 )         (660,699,235 ) 
   
Net increase     87,221,826         $ 294,106,278           11,972,234         $ 43,327,434   
   
Class B                                         
Sold     1,032,985         $ 3,454,732           2,051,664         $ 6,616,372   
Dividends and/or
distributions reinvested		     139,340           488,213           361,025           1,167,087   
Redeemed     (1,890,035 )         (6,352,984 )         (5,296,683 )         (17,057,844 ) 
   
Net decrease     (717,710 )       $ (2,410,039 )         (2,883,994 )       $ (9,274,385 ) 
   
Class C                                         
Sold     53,912,795         $ 177,413,232           58,234,097         $ 188,369,482   
Dividends and/or
distributions reinvested		     4,965,948           20,011,081           11,815,668           38,121,281   
Redeemed     (23,898,818 )         (80,134,091 )         (73,792,489 )         (236,502,062 ) 
   
Net increase (decrease)     34,979,925         $ 117,290,222           (3,742,724 )       $ (10,011,299 ) 
   

 

 

78

LIMITED TERM NEW YORK MUNICIPAL FUND
  

    Six Months Ended June 29, 2012        Year Ended December 30, 20111  
    Shares        Amount        Shares        Amount  
Class Y                                         
Sold     34,344,204         $ 115,022,525           16,898,364         $ 55,318,703   
Dividends and/or
distributions reinvested		     514,316           2,242,365           104,996           346,173   
Redeemed     (5,738,584 )         (19,334,036 )         (462,224 )         (1,519,422 ) 
   
Net increase     29,119,936         $ 97,930,854           16,541,136         $ 54,145,454   
   

1. For the year ended December 30, 2011, for Class A, Class B and Class C shares, and for the period from March 30, 2011 (inception of offering) to December 30, 2011, for Class Y shares.

 

4. 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 29, 2012, were as follows:

       Purchases        Sales  
Investment securities      $ 823,921,057         $ 308,038,356   

 

5. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule         
Up to $100 million        0.50 % 
Next $150 million        0.45   
Next $1.75 billion        0.40   
Next $3 billion        0.39   
Over $5 billion        0.38   

 

Accounting Service Fees. Accounting service fees paid to the Manager were in accordance with the accounting services agreement with the Fund which provides for an annual fee of $12,000 for the first $30 million of average daily net assets and $9,000 for each additional $30 million of average daily net assets. During the six months ended June 29, 2012, the Fund paid $743,231 to the Manager for accounting 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 29, 2012, the Fund paid $773,548 to OFS for services to the Fund.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

 

 

79

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

 

 

5. Fees and Other Transactions with Affiliates Continued

 

 

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 daily 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 daily net assets. 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. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 29, 2012 were as follows:

Class C      $ 41,388,726   

 

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.

Six Months Ended   

Class A

Front-End
Sales Charges
Retained by
Distributor

      Class A
Contingent
Deferred
Sales Charges
Retained by
Distributor		     

Class B

Contingent
Deferred
Sales Charges
Retained by
Distributor

      Class C
Contingent
Deferred
Sales Charges
Retained by
Distributor		  
June 29, 2012    $ 297,907       $ 56,902       $ 14,920       $ 47,892   

 

 

80

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C and Y shares to 0.35% of average annual net assets per class; this limit also applied to Class A shares prior to March 1, 2012. Effective March 1, 2012, OFS has voluntarily agreed to limit its fees for Class A shares to 0.30% of average annual net assets of the class.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

 

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. The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 1 (Inverse Floating Rate Securities) for additional information.

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 conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.4197% as of June 29, 2012). 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 structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its

 

 

81

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

 

 

6. Borrowings Continued

 

participation in the borrowing facility during the six months ended June 29, 2012 equal 0.02% of the Fund’s average net assets on an annualized basis. 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 29, 2012, the Fund had borrowings outstanding at an interest rate of 0.4197%. Details of the borrowings for the six months ended June 29, 2012 are as follows:

Average Daily Loan Balance    $ 16,989,011   
Average Daily Interest Rate      0.304 % 
Fees Paid    $ 569,773   
Interest Paid    $ 12,528   

 

7. Reverse Repurchase Agreements

The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the six months ended June 29, 2012 are included in expenses on the Fund’s Statement of Operations and equal less than 0.005% of the Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the

 

 

82

LIMITED TERM NEW YORK MUNICIPAL FUND
  

counterparty may request additional securities from the Fund. The Fund has the right to declare the first or fifteenth day of any calendar month as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

Securities subject to reverse repurchase agreements are separately noted in the Statement of Investments. The Fund executed no transactions under the Facility during the six months ended June 29, 2012.

 

8. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor (the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities laws and various states’ securities, consumer protection and common law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve

 

 

83

LIMITED TERM NEW YORK MUNICIPAL FUND
  

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

 

 

8. Pending Litigation Continued

 

purported preference and fraudulent transfer claims by the Trustee. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

The Manager believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

 

 

84

LIMITED TERM NEW YORK MUNICIPAL FUND
  

CREDIT ALLOCATION    Unaudited

 

 

This table provides further information regarding the “Unrated” securities category shown in the “Credit Allocation-Credit Rating Breakdown” table located earlier in this report. The third column below titled “Unrated by a NRSRO; Internally Rated by the Manager” shows the credit allocation of Unrated securities as determined by the Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”). These internally rated securities are not rated by any nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s.

The Manager determines the credit allocation of these securities using its own credit analysis to assign ratings using a rating scale or categories similar to that used by S&P. The Manager is not required to, and does not attempt to, employ the same credit analysis process, procedures or methodologies used by S&P or any other NRSRO in assigning a credit rating to an Unrated security. There can be no assurance, nor is it intended, that the Manager’s credit analysis process is consistent or comparable with the credit analysis process that would be used by S&P or any other NRSRO if it were to rate the same security. Securities rated investment-grade or above by the Manager may or may not be the equivalent to an investment grade or above rating assigned by an NRSRO. More information about the Manager’s internal credit analysis process for Unrated (or internally-rated) securities and securities ratings is contained in the Fund’s Prospectus and Statement of Additional Information.

The second column below titled “NRSRO-Rated” shows the ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, the Manager converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used.

The credit allocations below are as of June 29, 2012 and are subject to change. The percentages are based on total assets and the market value of the Fund’s securities as of June 29, 2012 and are subject to change; market value does not include cash. AAA, AA, A, and BBB are investment-grade ratings.

     NRSRO-Rated      Unrated by
a NRSRO;
Internally
Rated by
the Manager		      Total  
AAA      5.8 %       0.0 %       5.8 % 
AA      22.3         0.0         22.3   
A      22.8         0.2         23.0   
BBB      40.0         5.3         45.3   
BB or lower      2.3         1.3         3.6   
    
  
  
Total      93.2 %       6.8 %       100.0 % 
    
  
  

 

 

85

LIMITED TERM NEW YORK MUNICIPAL FUND
  

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS    Unaudited

 

 

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at 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.CALL OPP (225.5677), 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 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.

 

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus, or, if available, the fund’s summary prospectus, annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus, or, if available, the summary prospectus, reports and privacy policy within 30 days of receiving your request to stop householding.

 

 

86

LIMITED TERM NEW YORK MUNICIPAL FUND
  

LIMITED TERM NEW YORK MUNICIPAL FUND

 

Trustees and Officers   Brian F. Wruble, Chairman of the Board of Trustees and Trustee
    David K. Downes, Trustee
    Matthew P. Fink, Trustee
    Phillip A. Griffiths, Trustee
    Mary F. Miller, Trustee
    Joel W. Motley, Trustee
    Mary Ann Tynan, Trustee
    Joseph M. Wikler, Trustee
    Peter I. Wold, Trustee
    William F. Glavin, Jr., Trustee, President and Principal Executive Officer
    Daniel G. Loughran, Vice President
    Scott S. Cottier, Vice President
    Troy E. Willis, Vice President
    Mark R. DeMitry, Vice President
    Michael L. Camarella, Vice President
    Richard Stein, Vice President
    Arthur S. Gabinet, Secretary and Chief Legal Officer
    Christina M. Nasta, Vice President and Chief Business Officer
    Mark S. Vandehey, Vice President and Chief Compliance Officer
    Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
Manager   OppenheimerFunds, Inc.
Distributor   OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent   OppenheimerFunds Services
Independent
Registered Public Accounting Firm		   KPMG LLP
Legal Counsel   Kramer Levin Naftalis & Frankel LLP

The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

 

©2012 OppenheimerFunds, Inc. All rights reserved.

 

 

 

87

LIMITED TERM NEW YORK MUNICIPAL FUND
  

PRIVACY POLICY

 

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

 

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

l  

Applications or other forms

l  

When you create a user ID and password for online account access

l  

When you enroll in eDocs Direct, our electronic document delivery service

l  

Your transactions with us, our affiliates or others

l  

A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

l  

When you set up challenge questions to reset your password online

 

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

 

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

 

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

 

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

 

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

 

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

 

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

 

 

88

LIMITED TERM NEW YORK MUNICIPAL FUND
  

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

 

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

 

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

l  

All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

l  

Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

l  

You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

 

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

 

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

 

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

 

 

89

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.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) 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 Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

 

1. The Fund’s Governance 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 6/29/2012, 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/ William F. Glavin, Jr.
  William F. Glavin, Jr.
  Principal Executive Officer
Date:   8/9/2012

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/ William F. Glavin, Jr.
  William F. Glavin, Jr.
  Principal Executive Officer
Date:   8/9/2012
By:   /s/ Brian W. Wixted
  Brian W. Wixted
  Principal Financial Officer
Date:   8/9/2012