N-30D 1 edgar26704.txt MAIN BODY [GRAPHIC OMITTED] Semiannual Report June 30, 2001 Limited Term New York Municipal Fund Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested. This material must be preceded or accompanied by the current prospectus for Limited Term New York Municipal Fund. [LOGO] Oppenheimer Funds(R) The Right Way to Invest CONTENTS 4 Shareholder Letter 5 An Interview with Your Fund's Managers 15 Financial Statements 55 Officers and Trustees REPORT HIGHLIGHTS -------------------------------------------------------------------------------- Limited Term New York Municipal Fund (Class A shares) has received Morningstar's highest 5-star overall rating as of June 30, 2001. The Fund's current 3-year and 5-year ratings are five stars and five stars, respectively. 1,681 and 1,450 municipal funds were rated for these periods, respectively.(1) Despite six separate cuts in short-term interest rates by the Federal Reserve Board during the six-month period ended June 30, 2001, the Fund's Class A monthly distribution remained unchanged for this period. Limited Term New York Municipal Fund maintained a monthly distribution of 1.3 cents per share (Class A) during this reporting period. This distribution has remained at this level over the 14 months since it was last increased in April 2000.(2) As of June 30, 2001, Limited Term New York Municipal Fund's Class A shares provided a distribution yield of 4.76% (without sales charges) and a 30-day SEC yield of 4.21%.(3) The Fund's distribution yield exceeded the 4.42% average distribution yield computed by Lipper Analytical Services, Inc. for 106 longer-term (and typically more volatile) New York State municipal funds for the same period.(4) Limited Term New York Municipal Fund seeks to keep the average effective maturity of its portfolio at five years or less.(5) As a result, its share price fluctuated less than the typical long-term bond fund during this period. During the past six months, the Fund's Class A Net Asset Value remained within a range of four cents per share, or about 1%. (1) Please refer to footnote 4 on page 10. (2) The Fund's Board of Trustees may change the dividend rate at any time without notice to shareholders. There can be no assurances that the Fund will be able to maintain a consistent dividend level. (3) Distribution yield at Net Asset Value (NAV) is annualized (based on last distribution) and divided by the NAV on the Fund's 6/26/01 distribution date. Standardized yield (based on net investment income for the 30-day period ended 6/30/01) is annualized and divided by the period-end offering price. Distribution yield at NAV does not include sales charges. Falling share prices may artificially increase yields. (4) According to Lipper Analytical Services, Inc. Lipper calculations do not include sales charges which, if included, would affect results. (5) There can be no assurances that the Fund will maintain its targeted average effective portfolio maturity. 2 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- Dividend Distributions 7/1/00-6/30/01(6) Dividend per Share (in cents) Month Class A Class B Class C -------------------------------------------------------------------------------- July 1.3 1.1 1.1 -------------------------------------------------------------------------------- August 1.3 1.1 1.1 -------------------------------------------------------------------------------- September 1.3 1.1 1.1 -------------------------------------------------------------------------------- October 1.3 1.1 1.1 -------------------------------------------------------------------------------- November 1.3 1.1 1.1 -------------------------------------------------------------------------------- December 1.3 1.0 1.0 -------------------------------------------------------------------------------- January 1.3 1.1 1.1 -------------------------------------------------------------------------------- February 1.3 1.1 1.1 -------------------------------------------------------------------------------- March 1.3 1.1 1.1 -------------------------------------------------------------------------------- April 1.3 1.1 1.1 -------------------------------------------------------------------------------- May 1.3 1.1 1.1 -------------------------------------------------------------------------------- June 1.3 1.1 1.1 -------------------------------------------------------------------------------- (6) This assumes shares were purchased and held for the entire accrual period. Since distributions accrue daily, your actual distributions will vary depending on the date you purchased your shares and any account activity during the month. Income distributions include all accrued income earned by the Fund during the reporting period. The Fund attempts to pay distributions on Class A shares at a steady level on a month-to-month basis. There is no assurance that it will be able to do so. The Board of Trustees may change the targeted distribution rate at any time without prior notice to shareholders. Additionally, the amount of those distributions and the distributions paid on Class B and Class C shares may vary over time, depending on market conditions, the composition of the Fund's portfolio and expenses borne by the particular class of shares. Distributions on Class A shares will generally be higher than distributions for Class B and Class C shares, which normally have higher expenses than Class A. The Fund cannot guarantee that it will pay any distributions. The Fund's efforts to maintain a steady dividend for its Class A shares did not materially affect portfolio strategies during this reporting period. 3 LIMITED TERM NEW YORK MUNICIPAL FUND Dear Shareholder, It is a pleasure to greet you in my new role as Chairman, President and Chief Executive Officer of OppenheimerFunds. I'm honored to take on this new leadership role, after having served OppenheimerFunds in the capacity of President and Chief Operating Officer since August of 2000. I'd also like to acknowledge the contributions of Bridget A. Macaskill, whose vision and efforts have helped build OppenheimerFunds' reputation as a premier investment firm. During her tenure as Chief Executive Officer, Bridget made tremendous contributions to both the firm and to our fund shareholders. Her extraordinary commitment has positioned OppenheimerFunds for a very bright future, and I thank her for that. Our ongoing mission is to provide outstanding investment solutions for our customers. We will continue to strive to deliver products and services that help keep you at the forefront of the markets. In partnership with financial advisors, this approach has enabled OppenheimerFunds to help investors pursue their financial goals for more than 40 years. While the past year has proven to be challenging in the financial markets, we assure you that our commitment to investment excellence has never been stronger. With this commitment and a clear vision, we are confident that we will meet the challenges that lie ahead. Thank you for your ongoing confidence in OppenheimerFunds, The Right Way to Invest. Sincerely, /s/ John V. Murphy John V. Murphy July 23, 2001 [PHOTO] John V. Murphy Chairman, President and Chief Executive Officer OppenheimerFunds, Inc. 4 LIMITED TERM NEW YORK MUNICIPAL FUND AN INTERVIEW WITH YOUR FUND'S MANAGERS -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- As of June 30, 2001, the Fund's Class A distribution yield of 4.76%, at Net Asset Value, is 113 basis points higher than the average distribution yield in Lipper's "Other State Short-Intermediate Municipal Debt Funds" category.(2) -------------------------------------------------------------------------------- How has Limited Term New York Municipal Fund performed during the six-month period ended June 30, 2001? During this period, Limited Term New York Municipal Fund (the Fund) continued its strategic goal of maintaining a relatively stable share price, while offering better yield than many other fixed-income alternatives. But most significantly, the Fund's dividend distributions remained constant at 1.3 cents per Class A share for this reporting period, while yields on many other short-maturity income investments dropped sharply.(1) As of June 30, 2001, the Fund's Class A shares provided a distribution yield of 4.76% (computed without sales charges). Compared with the average distribution yield of 4.42% in Lipper's New York State Municipal Funds category(2)--which ranks longer-term, typically more volatile, funds--Limited Term New York Municipal Fund offered a higher cash yield with reduced risk. The first half of 2001 saw the Federal Reserve Board (the Fed) lower short-term interest rates six separate times, for a total of 275 basis points, or 2.75%. For many bond funds, and other fixed-income investments, declining short-term rates significantly impacted Net Asset Value (NAV), dividend distributions, or both. Notwithstanding declining interest rates, the NAV of Limited Term New York Municipal Fund's Class A shares has varied by only four cents per share, finishing this period at the middle of its range during the period. As of June 30, 2001, Limited Term New York Municipal Fund's (Class A) 30-day SEC yield was 4.21%--the equivalent of 6.51% in taxable yield for a New York State taxpayer in the 35.3% combined New York State and federal income tax bracket. If you are subject to higher combined tax rates, or are subject to additional local income taxes, the equivalent yield would make your investment in the Fund even more attractive. (For New York City residents in the highest tax bracket, the dividend is equivalent to a taxable yield of 7.72%.) (1) The Board of Trustees may change the Fund's dividend at any time without notice to shareholders. There can be no guarantee that the Fund will be able to maintain a consistent dividend level. (2) According to Lipper Analytical Services, Inc. Lipper calculations do not include sales charges which, if included, would reduce results. 5 LIMITED TERM NEW YORK MUNICIPAL FUND AN INTERVIEW WITH YOUR FUND'S MANAGERS Continued -------------------------------------------------------------------------------- The Fund's ability to maintain consistent monthly Class A distributions in this recent period of sharply declining short-term interest rates exemplifies how broad diversification and active portfolio management combined to benefit shareholders. Despite this declining-interest-rate environment, Limited Term New York Municipal Fund offered fixed-income investors a very attractive alternative to short-term taxable investments, without commensurately increasing their exposure to interest-rate risk. Describe the condition of the New York State municipal bond market during this period. The condition of the New York State municipal bond market has reflected that of the national municipal bond market during this reporting period. Short- and intermediate-term municipal bond yields have dropped sharply in the wake of the Fed's reductions in short-term interest rates. Yields on municipal bonds with 1- to 5-year maturities declined substantially, as did rates on short-term taxable bonds. In New York, issuance of new municipal bonds increased 15% overall compared to this period last year. The secondary market continues to offer a good supply of bonds issued in previous years. During this period we have made portfolio enhancements by buying bonds in the secondary market that are often overlooked by both competing fund managers and individual investors. We also purchased small, upstate issues, diversified over many different risk categories, intending to offer shareholders generous tax-free income without exposing the portfolio to undue interest-rate risk. And we continued to "scavenger hunt" the markets, buying bonds in smaller quantities that we believe offer good value and the potential, over time, for significant yield advantages as well. This, we believe, is part of how our unique approach to municipal bond portfolio management has enabled us to turn recent market fluctuation to the Fund's advantage. As we find what we believe are underappreciated credits--at very attractive prices--we have discovered additional opportunities to purchase bonds in small quantities, as well. Through these and other [PHOTO] Portfolio Management Team (l to r) Anthony A. Tanner, CFA Vice President and Portfolio Manager, Rochester Division Joined the Rochester Investment Team in June 1991 Ronald H. Fielding, CFA Senior Vice President, Portfolio Manager and Chief Strategist, Rochester Division Founded the Rochester Investment Team in May 1983 Daniel G. Loughran, CFA Vice President and Associate Portfolio Manager, Rochester Division Joined the Rochester Investment Team in October 1994 6 LIMITED TERM NEW YORK MUNICIPAL FUND time-tested strategies, we believe that the Fund's shareholders gain distinct advantages that would be difficult to realize through ownership of individual municipal bonds. How have you managed the portfolio to take advantage of these conditions? As mentioned earlier, overall weakness in the U.S. economy has led the Fed to lower short-term interest rates six times in this reporting period. These reductions have led to lower interest rates across the yield curve. Previous interest-rate increases were implemented to ward off inflation, which had been considered the most immediate threat to the economy. However, with this year's reductions in short-term interest rates, the Fed has stated its belief that weak expansion in consumption and declines in business capital spending are, among other factors, sufficient to keep inflation contained for the foreseeable future. While low inflation is generally good for fixed-income investors, this year's Fed interest-rate decreases have lead to acutely lower rates on short- and intermediate-term securities, as well. To offset these effects, other managers typically purchase securities to lengthen the maturity of their portfolios, which leads to high turnover rates and increased transaction fees. In Limited Term New York Municipal Fund, we seek to limit the dollar-weighted, effective average maturity of portfolio holdings to five years or less. To help meet this average maturity requirement, we maintain a "laddered" portfolio--holding bonds with effective maturities generally ranging from less than six months to 12 years. Keeping the portfolio diversified across maturities helps to produce higher yield than would holding only bonds with effective maturities near five years. In this manner, the currently large difference between yields on shorter-term and longer-term municipal securities has helped to generate attractive yield while keeping average maturity in the portfolio to 4.5 years as of June 30, 2001. This year's developments in short-term interest rates have provided a good environment to demonstrate what the Fund was designed to do in the first place; to provide investors with a municipal bond fund offering an attractive rate of tax-free income while seeking to dampen the effects of interest-rate volatility. 7 LIMITED TERM NEW YORK MUNICIPAL FUND AN INTERVIEW WITH YOUR FUND'S MANAGERS Continued -------------------------------------------------------------------------------- Another way that we have managed effective average maturity has been through the purchase of premium-coupon callable bonds. This strategy is based on the premise that a longer-maturity, above-market-coupon bond that can be redeemed--or "called"--before it matures generally has less price volatility than a bond that cannot be called before maturity. We have actively sought out longer-maturity, callable bonds with coupon rates higher than current market yields. These bonds are sometimes purchased at a higher price than their face value--or at a "premium." Interest payments received through these bonds help the Fund to generate attractive dividend distributions for shareholders, while the fact that the bonds are callable helps to dampen portfolio volatility. If these bonds are not redeemed by their issuer at the first possible date, the continuing interest payments can help the portfolio to generate an attractive yield. After adding this type of bond to the portfolio, we monitor it very closely to ensure that its yield and strategic advantages remain intact. In return, we can achieve a much higher yield than could be earned on a simple, non-callable bond with the same effective maturity. This strategy is intended to allow the portfolio to benefit from yield advantages offered by longer-term bonds while seeking to limit portfolio volatility. How has the Fund compared to other fixed- income alternatives? This year, many investors have seen firsthand one of the unseen risks of fixed-income investing--reinvestment risk. Specifically, this is the risk that maturing investment principal, when placed in a new investment, will earn less than it did in the original investment, due to falling interest rates. Owners of other types of short-term, fixed-income securities have experienced this type of reinvestment risk in 2001. Fixed-income investors can be greatly impacted by reinvestment risk, especially when the income from their investments is necessary to support their lifestyle or to supplement corporate retirement benefits or Social Security. [PHOTO] Credit Research Team (l to r) Christopher D. Weiler, CFA Assistant Vice President-- Credit Analysis, Rochester Division Joined the Rochester Investment Team in January 1999 Richard A. Stein, CFA Vice President-- Credit Analysis, Rochester Division Joined the Rochester Investment Team in May 1993 8 LIMITED TERM NEW YORK MUNICIPAL FUND Limited Term New York Municipal Fund provides individual investors with the potential to earn a high level of income exempt from federal, New York State and New York City personal income taxes.(3) However, that is only part of the story, for the Fund also seeks to provide a specific balance between risk and return. Under normal market conditions, 95% of the Fund's portfolio securities must be of investment-grade quality. But the Fund's yield-driven strategies have helped to generate very attractive yield while seeking an effective average maturity of five years or less. Furthermore, investing in a wide variety of carefully researched issues has helped the Fund to provide investors with a yield competitive with that of longer-term New York municipal funds. Is now a good time for me to consider adding to my investment in Limited Term New York Municipal Fund? In its pronouncement at the end of this reporting period, the Fed left open the possibility of further reductions in short-term interest rates. And while this year's reductions in short-term rates have negatively affected yields on many fixed-income investments, we continue to find plentiful opportunities to put new investment dollars to work. But we continue to believe that it is a mistake for investors to "time" their bond fund purchases (or sales) in reaction to forecasts of future interest-rate changes. This reporting period in particular offers a good example of how--and why--the Fund's management strategies are driven by far more than anticipated fluctuation in interest rates. We seek to address interest-rate risk by including bonds with specific characteristics that may make them less sensitive to interest rates, in an effort to help minimize portfolio volatility. But we diversify the portfolio's bond holdings over many different risk categories to minimize potentially adverse effects associated with any one particular risk. The combination of strategies outlined in this report is the reason that the Fund has maintained (3) A portion of the Fund's income distributions may be subject to income taxes. Capital gains distributions, if any, are taxable as capital gains. For investors subject to the alternative minimum tax, a portion of the Fund's distributions may increase that tax. 9 LIMITED TERM NEW YORK MUNICIPAL FUND An Interview WITH YOUR FUND'S MANAGERS Continued -------------------------------------------------------------------------------- relatively low price volatility and very attractive yield throughout recent steep declines in short-term interest rates. The first half of 2001 has provided a look at the benefits of these combined strategies over a short term. But we continue to believe that the benefits of the Fund's investment approach are even more compelling viewed over the long term. That's why the decision to invest in municipal bonds should be made in the context of your long-term investment strategy. To see if you should add to your Fund investment, you should consult your financial advisor. We feel that this portfolio continues to represent an outstanding opportunity for cautious New York investors to enjoy the benefits of investing for tax- free income while seeking to minimize volatility in their own investment portfolio. ***** Limited Term New York Municipal Fund (Class A shares) has received Morningstar's highest 5-star overall rating at June 30, 2001. The Fund's current 3- and 5-year ratings are five stars and five stars, respectively. 1,681 and 1,450 municipal funds were rated for these periods, respectively.(4) (4) For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating(TM) metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Limited Term New York Municipal Fund was rated against the following numbers of U.S.-domiciled municipal bond funds over the following time periods ended 6/30/01: 1,681 funds in the last three years, and 1,450 funds in the last five years. With respect to these municipal bond funds, Limited Term New York Municipal Fund received a Morningstar Rating of five stars and five stars for the 3- and 5-year periods, respectively. Morningstar Rating is for the A share class only; other classes may have different performance characteristics. Past performance is no guarantee of future results. 10 LIMITED TERM NEW YORK MUNICIPAL FUND PERFORMANCE UPDATE -------------------------------------------------------------------------------- Limited Term New York Municipal Fund has performed well over the past six months, with Class A shares providing a cumulative return of 2.79% without sales charges.(1) Class A return during the last 12-month period has been 7.19% without sales charges.(1) The Fund's positive returns can be largely attributed to management's focus on shorter-term issues that, in aggregate, have an effective average maturity of five years or less. In addition, the portfolio's diversification, currently almost 900 issues, helps to reduce the Fund's volatility. Limited Term New York Municipal Fund, Class A Shares The value of $10,000 invested since inception (September 18, 1991) without sales charges, and the Merrill Lynch Municipal Index (3-7 Years) [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL] [begin chart] Class A Amount invested: 10,000 Sales charge paid: 0.00% Date invested: 09/18/199(Inception) Value of Investment Merrill Lynch Date In Fund Municipal Index (3-7 Yrs) 09/18/1991 10,000 10,000 * 09/30/1991 10,084 10,097 12/31/1991 10,486 10,358 03/31/1992 10,619 10,395 06/30/1992 10,995 10,720 09/30/1992 11,287 10,924 12/31/1992 11,528 11,168 03/31/1993 11,791 11,472 06/30/1993 12,157 11,710 09/30/1993 12,491 11,919 12/31/1993 12,678 12,059 03/31/1994 12,310 11,641 06/30/1994 12,525 11,802 09/30/1994 12,659 11,932 12/31/1994 12,656 11,851 03/31/1995 13,024 12,254 06/30/1995 13,296 12,628 09/30/1995 13,606 12,843 12/31/1995 13,867 13,113 03/31/1996 13,901 13,132 06/30/1996 13,991 13,175 09/30/1996 14,263 13,409 12/31/1996 14,527 13,673 03/31/1997 14,635 13,661 06/30/1997 15,006 14,011 09/30/1997 15,403 14,307 12/31/1997 15,696 14,559 03/31/1998 15,901 14,714 06/30/1998 16,146 14,881 09/30/1998 16,476 15,291 12/31/1998 16,608 15,425 03/31/1999 16,713 15,565 06/30/1999 16,609 15,379 09/30/1999 16,546 15,507 12/31/1999 16,460 15,527 03/31/2000 16,758 15,711 06/30/2000 16,974 15,976 09/30/2000 17,286 16,303 12/31/2000 17,697 16,807 03/31/2001 17,975 17,280 06/30/2001 18,048 17,463 Class B Amount invested: 10,000 Date invested: 05/01/199(Inception) Value of Investment Merrill Lynch Date In Fund Municipal Index (3-7 Yrs) 05/01/1997 10,000 10,000 * 06/30/1997 10,230 10,236 09/30/1997 10,460 10,452 12/31/1997 10,670 10,636 03/31/1998 10,790 10,749 06/30/1998 10,901 10,871 09/30/1998 11,136 11,171 12/31/1998 11,203 11,269 03/31/1999 11,253 11,371 06/30/1999 11,128 11,235 09/30/1999 11,098 11,329 12/31/1999 11,017 11,343 03/31/2000 11,160 11,478 06/30/2000 11,283 11,671 09/30/2000 11,504 11,910 12/31/2000 11,753 12,278 03/31/2001 11,880 12,624 06/30/2001 11,957 12,758 Class C Amount invested: 10,000 Date invested: 05/01/199(Inception) Value of Investment Merrill Lynch Date In Fund Municipal Index (3-7 Yrs) 05/01/1997 10,000 10,000 * 06/30/1997 10,230 10,236 09/30/1997 10,460 10,452 12/31/1997 10,640 10,636 03/31/1998 10,760 10,749 06/30/1998 10,904 10,871 09/30/1998 11,140 11,171 12/31/1998 11,174 11,269 03/31/1999 11,258 11,371 06/30/1999 11,133 11,235 09/30/1999 11,069 11,329 12/31/1999 10,989 11,343 03/31/2000 11,167 11,478 06/30/2000 11,290 11,671 09/30/2000 11,476 11,910 12/31/2000 11,726 12,278 03/31/2001 11,889 12,624 06/30/2001 11,930 12,758 Class X Amount invested: 10,000 Date invested: 05/01/199(Inception) Value of Investment Merrill Lynch Date In Fund Municipal Index (3-7 Yrs) 05/01/1995 10,000 10,000 * 06/30/1995 10,223 10,236 09/30/1995 10,457 10,411 12/31/1995 10,645 10,630 03/31/1996 10,656 10,645 06/30/1996 10,745 10,680 09/30/1996 10,939 10,870 12/31/1996 11,127 11,083 03/31/1997 11,195 11,074 06/30/1997 11,463 11,358 09/30/1997 11,716 11,597 12/31/1997 11,960 11,802 03/31/1998 12,101 11,927 06/30/1998 12,234 12,063 09/30/1998 12,505 12,395 12/31/1998 12,587 12,503 03/31/1999 12,651 12,617 06/30/1999 12,556 12,466 09/30/1999 12,492 12,570 12/31/1999 12,410 12,586 03/31/2000 12,578 12,735 06/30/2000 12,762 12,950 09/30/2000 12,979 13,216 12/31/2000 13,268 13,624 03/31/2001 13,418 14,007 06/30/2001 13,507 14,156 [end chart] Results of a hypothetical $10,000 investment in Class A shares on September 18, 1991, including reinvested dividends. The Merrill Lynch Municipal Index (3-7 Years) is a subset of the Merrill Lynch Municipal Master Index, and consists of municipal bonds having remaining maturities of between three and seven years. The Index cannot be purchased directly by investors. Note: This chart is not drawn to scale. In reviewing performance and rankings, please remember that past performance does not guarantee future results. Investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's performance may, from time to time, be subject to substantial short-term changes, particularly during periods of market or interest-rate volatility. For updates on the Fund's performance, please contact your financial advisor, call us at 1.800.525.7048 or visit our website at www.oppenheimerfunds.com. (1) Includes reinvested dividends and changes in Net Asset Value per share without deducting sales charges. The performance would have been lower if sales charges had been taken into account. 11 LIMITED TERM NEW YORK MUNICIPAL FUND PERFORMANCE UPDATE Continued Limited Term New York Municipal Fund is for cautious New York investors seeking income that's exempt from federal, New York State and New York City personal income taxes. What we look for... o Issues that provide high triple-tax-free income. o Shorter effective maturities to limit volatility caused by changes in interest rates. o Value-oriented issues with price-appreciation potential. o A diversity of issues across the state. o Municipal regions with improving credit quality. -------------------------------------------------------------------------------- Yields As of 6/30/01(1) Distribution Yield At NAV At MOP (without (with sales Standardized sales charges) charges) Yield -------------------------------------------------------------------------------- Class A 4.76% 4.59% 4.21% -------------------------------------------------------------------------------- Class B 3.89% 3.89% 3.61% -------------------------------------------------------------------------------- Class C 3.89% 3.89% 3.60% -------------------------------------------------------------------------------- Class X 4.16% 4.16% 3.86% -------------------------------------------------------------------------------- (1) Distribution Yield at Maximum Offering Price (MOP) (based on last distribution) and standardized yield (based on net investment income for the 30-day period ended 6/30/01) are annualized and divided by the period-end offering price. Distribution yield at Net Asset Value (NAV) does not include sales charges. Falling share prices may artificially increase yields. 12 LIMITED TERM NEW YORK MUNICIPAL FUND Top Five Sectors(2) Hospital/Healthcare 13.7% -------------------------------------------------------------------------------- Special Assessment 13.4% -------------------------------------------------------------------------------- Marine/Aviation Facilities 12.1% -------------------------------------------------------------------------------- General Obligation 10.9% -------------------------------------------------------------------------------- Municipal Leases 7.6% -------------------------------------------------------------------------------- Hospital/Healthcare in Detail Standard Hospital Backing 8.2% Insured (Private Municipal Bond Insurance) 2.1% Insured (FHA or SONYMA Insurance) 1.7% Backed, NYS Appropriations 0.9% Prerefunded 0.7% Backed, Financial Institution Letter of Credit 0.1% TOTAL 13.7% -------------------------------------------------------------------------------- Regarding the Fund's largest municipal sector, Hospital/Healthcare, investors should note that many of these holdings have "belt-and-suspenders" credit support from both the hospitals' revenues and a variety of backup guarantees. Credit Allocation(1) [PIE CHART OMITTED] AAA 16.2% AA 15.0% A 33.1% BBB 31.3% BB 0.5% B 0.0% CCC 0.1% Not Rated 3.8% (1) Portfolio data are as of 6/30/01, and are subject to change. Portfolio data are dollar-weighted based on total market value of investments. Securities rated by any rating organization are included in the equivalent Standard and Poor's rating category. The allocation includes securities rated by a national rating organization and those that are not rated but to which the ratings given above have been assigned by the Manager as being comparable, in the Manager's judgement, to securities rated by a rating agency in the same category. See page 39 for further explanation. (2) Sector weightings are as of 6/30/01, and are subject to change. 13 LIMITED TERM NEW YORK MUNICIPAL FUND PERFORMANCE UPDATE Continued -------------------------------------------------------------------------------- Total Returns (as of 6/30/011) Cumulative Average Annual NAV MOP NAV MOP (without (with sales (without (with sales sales charges) charges) sales charges) charges) -------------------------------------------------------------------------------- A Shares -------------------------------------------------------------------------------- 6-Month 2.79% -0.81% -- -- -------------------------------------------------------------------------------- 1-Year 7.19% 3.43% 7.19% 3.43% -------------------------------------------------------------------------------- 3-Year 12.71% 8.76% 4.07% 2.84% -------------------------------------------------------------------------------- 5-Year 30.11% 25.56% 5.41% 4.66% -------------------------------------------------------------------------------- Life (9/18/91) 80.48% 74.16% 6.22% 5.83% B Shares -------------------------------------------------------------------------------- 6-Month 2.40% -1.60% -- -- -------------------------------------------------------------------------------- 1-Year 6.70% 2.70% 6.70% 2.70% -------------------------------------------------------------------------------- 3-Year 10.46% 8.49% 3.37% 2.75% -------------------------------------------------------------------------------- Life (5/1/97) 19.57% 18.57% 4.39% 4.18% C Shares -------------------------------------------------------------------------------- 6-Month 2.41% 1.41% -- -- -------------------------------------------------------------------------------- 1-Year 6.39% 5.39% 6.39% 5.39% -------------------------------------------------------------------------------- 3-Year 10.19% 10.19% 3.29% 3.29% -------------------------------------------------------------------------------- Life (5/1/97) 19.30% 19.30% 4.33% 4.33% X Shares -------------------------------------------------------------------------------- 6-Month 2.51% 0.01% -- -- -------------------------------------------------------------------------------- 1-Year 6.60% 4.10% 6.60% 4.10% -------------------------------------------------------------------------------- 3-Year 11.24% 9.76% 3.61% 3.15% -------------------------------------------------------------------------------- 5-Year 26.69% 26.69% 4.85% 4.85% -------------------------------------------------------------------------------- Life (5/1/95) 35.08% 35.08% 5.00% 5.00% -------------------------------------------------------------------------------- (1) Total returns include changes in share price and assume reinvestment of dividends and capital gains in a hypothetical investment for the periods shown. MOP stands for Maximum Offering Price and calculations for Class A returns at MOP include the current maximum initial sales charge of 3.50%. Class B returns at MOP include the applicable contingent deferred sales charge of 4% (1-year), 2% (3-year) and 1% (life-of-class). Class C returns at MOP include the contingent deferred sales charge of 1%. Class X returns at MOP show results of hypothetical investments on 12/31/00, 6/30/00, 6/30/98, 6/30/96 and 5/1/95, after deduction of the applicable contingent deferred sales charge of 2.50% (1-year), 1.50% (3-year) and 0% (5-year and life-of-class). An explanation of the different performance calculations is in the Fund's Prospectus. Class B and C shares are subject to an annual 0.75% asset-based sales charge. Class X shares are subject to an annual 0.50% asset-based sales charge. The Fund no longer offers Class X shares. NAV stands for Net Asset Value, and returns at NAV do not reflect payment of any sales charge. The Fund's performance may, from time to time, be subject to substantial short- term changes, particularly during periods of market or interest-rate volatility. For updates on the Fund's performance, please contact your financial advisor, call us at 1.800.525.7048 or visit our website at www.oppenheimerfunds.com. Investment returns and the principal value of an investment in the Fund will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. 14 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ============================================================================================== Municipal Bonds and Notes--99.1% ---------------------------------------------------------------------------------------------- New York--80.2% $ 5,000 Albany GO 7.000% 01/15/2010 07/15/2001(b) $ 5,093 ---------------------------------------------------------------------------------------------- 301,615 Albany Hsg. Authority 0.000 10/01/2012 10/01/2002(a) 99,195 ---------------------------------------------------------------------------------------------- 250,000 Albany Hsg. Authority 6.250 10/01/2012(s) 10/01/2007(b) 267,817 ---------------------------------------------------------------------------------------------- 810,000 Albany IDA (Albany Medical Center) 5.600 05/01/2005 11/27/2003(c) 798,830 ---------------------------------------------------------------------------------------------- 1,800,000 Albany IDA (H. Johnson Office Park) 5.250 03/01/2018(s) 03/01/2003(f) 1,803,366 ---------------------------------------------------------------------------------------------- 125,000 Albany IDA (Port of Albany) 6.250 02/01/2005 08/24/2003(c) 125,529 ---------------------------------------------------------------------------------------------- 50,000 Albany IDA (Spectrapark) 7.500 12/01/2003 12/01/2001(b) 50,649 ---------------------------------------------------------------------------------------------- 3,525,000 Albany IDA (Spectrapark) 7.600 12/01/2009(s) 12/01/2001(b) 3,624,757 ---------------------------------------------------------------------------------------------- 75,000 Albany IDA (University Heights-Albany Law School) 6.750 12/01/2019(s) 12/01/2009(b) 85,842 ---------------------------------------------------------------------------------------------- 1,655,000 Albany IDA (University Heights-Albany Pharmacy) 6.750 12/01/2019(s) 12/01/2009(b) 1,894,247 ---------------------------------------------------------------------------------------------- 1,000,000 Albany Municipal Water Finance Authority 6.375 12/01/2017(s) 12/01/2009(b) 1,124,710 ---------------------------------------------------------------------------------------------- 40,000 Albany Parking Authority 0.000 09/15/2002 09/15/2002 38,406 ---------------------------------------------------------------------------------------------- 25,000 Albany Parking Authority 0.000 09/15/2003 09/15/2003 23,051 ---------------------------------------------------------------------------------------------- 625,000 Albany Parking Authority 0.000 09/15/2004 09/15/2004 550,275 ---------------------------------------------------------------------------------------------- 20,000 Albany Parking Authority 0.000 09/15/2005 09/15/2005 16,785 ---------------------------------------------------------------------------------------------- 1,000,000 Albany Parking Authority 6.700 11/01/2006(s) 11/01/2001(b) 1,041,300 ---------------------------------------------------------------------------------------------- 1,610,000 Albany Parking Authority 6.850 11/01/2012(s) 11/01/2001(b) 1,673,740 ---------------------------------------------------------------------------------------------- 5,040,000 Albany Parking Authority 7.150 09/15/2016(s) 09/15/2001(b) 5,171,494 ---------------------------------------------------------------------------------------------- 3,550,000 Allegany County IDA (Atlantic Richfield) 6.625 09/01/2016 09/01/2002(b) 3,734,884 ---------------------------------------------------------------------------------------------- 1,500,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 09/17/2021(c) 1,415,790 ---------------------------------------------------------------------------------------------- 1,750,000 Amherst IDA (Daemen College) 5.750 10/01/2011 12/30/2007(c) 1,758,575 ---------------------------------------------------------------------------------------------- 960,000 Andpress HDC (Andpress Plaza) 6.600 01/15/2023(s) 08/01/2003(b) 984,499 ---------------------------------------------------------------------------------------------- 6,940,000 Babylon IDA (WSNCHS East, Inc.) 6.500 08/01/2019(s) 08/01/2010(b) 7,792,440 ---------------------------------------------------------------------------------------------- 150,000 Babylon IDA (WWH Ambulance) 7.000 09/15/2001 09/15/2001 150,340 ---------------------------------------------------------------------------------------------- 100,000 Baldwinsville Devel. Corp. 7.200 06/01/2010(s) 01/01/2002(b) 101,248 ---------------------------------------------------------------------------------------------- 200,000 Battery Park City Authority 5.650 12/01/2013(s) 12/01/2001(b) 200,100 ---------------------------------------------------------------------------------------------- 45,000 Battery Park City Authority 5.800 11/01/2022(s) 11/01/2005(b) 46,278 ---------------------------------------------------------------------------------------------- 575,000 Blauvelt Volunteer Fire Company 6.000 10/15/2008 07/27/2005(c) 569,428 ---------------------------------------------------------------------------------------------- 40,000 Brookhaven GO 6.400 10/01/2010 10/01/2002(b) 42,406 ---------------------------------------------------------------------------------------------- 195,000 Brookhaven IDA (Dowling College) 6.300 03/01/2002 03/01/2002 196,260 ---------------------------------------------------------------------------------------------- 205,000 Brookhaven IDA (Dowling College) 6.400 03/01/2003 03/01/2003 207,579 ---------------------------------------------------------------------------------------------- 875,000 Brookhaven IDA (Stony Brook Foundation) 5.750 11/01/2008 08/13/2005(c) 882,569 ---------------------------------------------------------------------------------------------- 505,000 Buffalo GO 6.000 12/01/2015 12/01/2009(b) 580,412 ---------------------------------------------------------------------------------------------- 50,000 Buffalo GO 6.250 02/01/2014 08/01/2001(b) 50,655 ---------------------------------------------------------------------------------------------- 920,000 Carnegie Redevelopment Corp. 6.250 09/01/2005 10/19/2003(c) 921,822 ---------------------------------------------------------------------------------------------- 1,550,000 Carnegie Redevelopment Corp. 6.500 09/01/2011 05/17/2009(c) 1,558,199 ---------------------------------------------------------------------------------------------- 435,000 Cattaraugus County IDA (Jamestown Community College) 6.000 07/01/2012 01/27/2011(c) 462,944 ---------------------------------------------------------------------------------------------- 60,000 Cayuga County COP (Auburn Memorial Hospital) 6.000 01/01/2021(s) 01/01/2006(b) 62,113 ---------------------------------------------------------------------------------------------- 2,035,000 Chautauqua County Tobacco Asset Securitization Corp. 6.000 07/01/2012 10/15/2008(c) 2,095,297
15 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 795,000 Clifton Springs Hospital & Clinic 7.000% 01/01/2005 09/17/2003(c) $ 788,990 ---------------------------------------------------------------------------------------------- 275,000 Dutchess County IDA (Bard College) 6.500 11/01/2003 11/01/2003 294,860 ---------------------------------------------------------------------------------------------- 1,000,000 Dutchess County IDA (Bard College) 7.000 11/01/2017(s) 11/01/2003(b) 1,069,270 ---------------------------------------------------------------------------------------------- 1,175,000 Dutchess County Res Rec (Solid Waste) 6.800 01/01/2010(s) 12/01/2002(g) 1,261,468 ---------------------------------------------------------------------------------------------- 50,000 East Irondequoit CSD GO 6.125 05/15/2008 05/15/2002(b) 52,267 ---------------------------------------------------------------------------------------------- 50,000 East Rochester UFSD GO 6.750 06/15/2011 06/15/2003(b) 54,166 ---------------------------------------------------------------------------------------------- 290,000 Elmira HDC 7.500 08/01/2008 08/01/2001(b) 294,190 ---------------------------------------------------------------------------------------------- 20,000 Elmira HDC 7.500 08/01/2009 08/01/2001(b) 20,289 ---------------------------------------------------------------------------------------------- 260,000 Erie County IDA (FMC Corp.) 6.000 02/01/2003 08/02/2002(c) 260,871 ---------------------------------------------------------------------------------------------- 730,000 Erie County IDA (Medaille College) 7.250 11/01/2010 03/24/2007(c) 738,278 ---------------------------------------------------------------------------------------------- 130,000 Erie County IDA (Medaille College) 7.400 12/30/2002 06/30/2002(c) 131,703 ---------------------------------------------------------------------------------------------- 285,000 Erie County IDA (Mercy Hospital) 5.900 06/01/2003 12/05/2002(c) 277,721 ---------------------------------------------------------------------------------------------- 8,650,000 Erie County Tobacco Asset Securitization Corp. 6.000 07/15/2020 10/03/2009(e) 8,909,413 ---------------------------------------------------------------------------------------------- 16,825,000 Erie County Tobacco Asset Securitization Corp. 6.500 07/15/2024 07/15/2011(b) 17,836,351 ---------------------------------------------------------------------------------------------- 2,945,000 Erie County Tobacco Asset Securitization Corp. 6.750 07/15/2040(s) 07/15/2011(b) 3,147,528 ---------------------------------------------------------------------------------------------- 1,000,000 Essex County IDA (International Paper Co.) 5.800 12/01/2019 12/01/2007(b) 1,010,240 ---------------------------------------------------------------------------------------------- 725,000 Franklin County IDA (Correctional Facilities) 6.375 11/01/2002 05/09/2002(c) 735,940 ---------------------------------------------------------------------------------------------- 460,000 Franklin County IDA (Correctional Facilities) 6.750 11/01/2012(s) 11/01/2002(b) 491,004 ---------------------------------------------------------------------------------------------- 2,035,000 Franklin County IDA COP 8.125 08/01/2006 11/11/2004(c) 2,227,938 ---------------------------------------------------------------------------------------------- 1,775,000 Franklin County SWMA 6.000 06/01/2005 04/02/2004(c) 1,788,561 ---------------------------------------------------------------------------------------------- 1,350,000 Franklin County SWMA 6.125 06/01/2009 12/28/2007(c) 1,356,061 ---------------------------------------------------------------------------------------------- 70,000 Franklin County SWMA 6.250 06/01/2015(s) 06/01/2005(b) 70,687 ---------------------------------------------------------------------------------------------- 830,000 Hamilton EHC (Hamilton Apartments) 11.250 01/01/2015(s) 05/01/2002(b) 859,482 ---------------------------------------------------------------------------------------------- 1,180,000 Hempstead IDA (South Shore Y JCC) 5.950 11/01/2007 01/24/2005(c) 1,133,968 ---------------------------------------------------------------------------------------------- 3,000,000 Herkimer County IDA (Burrows Paper) 8.000 01/01/2009 10/28/2005(c) 2,888,370 ---------------------------------------------------------------------------------------------- 1,020,000 Herkimer County IDA (College Foundation) 5.850 11/01/2010 10/26/2006(c) 1,051,345 ---------------------------------------------------------------------------------------------- 2,485,000 Herkimer Hsg. Authority 7.150 03/01/2011(s) 08/31/2005(g) 2,518,299 ---------------------------------------------------------------------------------------------- 15,000 Hudson HDC (Providence Hall-Schuyler Court) 6.400 07/01/2012(s) 01/01/2003(b) 15,363 ---------------------------------------------------------------------------------------------- 25,000 Hudson HDC (Providence Hall-Schuyler Court) 6.500 01/01/2025(s) 01/01/2003(b) 25,578 ---------------------------------------------------------------------------------------------- 365,000 Hudson IDA (Have, Inc.) 7.125 12/01/2007 03/20/2005(c) 362,255 ---------------------------------------------------------------------------------------------- 3,545,000 Jamestown Hsg. Authority 6.125 07/01/2010(s) 12/24/2006(c) 3,614,340 ---------------------------------------------------------------------------------------------- 2,000,000 Jefferson County IDA (Champion International) 7.200 12/01/2020 11/15/2002(b) 2,085,560 ---------------------------------------------------------------------------------------------- 85,000 Lillian Cooper HDC 7.000 01/01/2022(s) 01/01/2002(b) 86,214 ---------------------------------------------------------------------------------------------- 25,000 Lillian Cooper HDC 7.375 01/01/2023(s) 07/01/2002(b) 25,442 ---------------------------------------------------------------------------------------------- 22,125 Locke Fire District #1(i) 7.500 07/01/2002 02/16/2002(c) 23,081 ---------------------------------------------------------------------------------------------- 1,300,000 Lockport HDC 6.000 10/01/2018 03/28/2014(c) 1,277,939 ---------------------------------------------------------------------------------------------- 1,195,000 Madison County IDA (Morrisville College) 6.750 07/01/2007 10/31/2004(c) 1,190,555
16 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 675,000 Madison County IDA (Oneida Healthcare Center) 5.300% 07/01/2005 01/21/2004(c) $ 668,108 ---------------------------------------------------------------------------------------------- 235,000 Medina Hsg. Corp. 8.250 08/15/2011(s) 08/15/2001(b) 240,295 ---------------------------------------------------------------------------------------------- 480,000 Middleton IDA (Fleurchem, Inc.) 7.125 12/01/2008 10/23/2005(c) 483,197 ---------------------------------------------------------------------------------------------- 1,220,000 Middletown IDA (Southwinds Retirement Home) 5.875 03/01/2007 08/24/2004(c) 1,182,997 ---------------------------------------------------------------------------------------------- 310,000 Middletown IDA (Southwinds Retirement Home) 7.250 03/01/2003 09/05/2002(c) 325,525 ---------------------------------------------------------------------------------------------- 5,000 Monroe County Airport Authority (GRIA) 0.000 01/01/2004 01/01/2004 4,565 ---------------------------------------------------------------------------------------------- 7,420,000 Monroe County COP 8.050 01/01/2011(s) 01/01/2002(b) 7,592,886 ---------------------------------------------------------------------------------------------- 30,000 Monroe County GO 6.100 05/01/2003 11/01/2001(b) 30,605 ---------------------------------------------------------------------------------------------- 2,215,000 Monroe County IDA (Al Sigl Center) 6.125 12/15/2008 10/05/2005(c) 2,284,130 ---------------------------------------------------------------------------------------------- 825,000 Monroe County IDA (Al Sigl Center) 6.375 12/15/2005 01/28/2004(c) 818,466 ---------------------------------------------------------------------------------------------- 1,135,000 Monroe County IDA (Al Sigl Center) 6.750 12/15/2010 02/01/2009(c) 1,115,853 ---------------------------------------------------------------------------------------------- 100,000 Monroe County IDA (Cohber Press) 7.550 12/01/2001 12/01/2001 100,046 ---------------------------------------------------------------------------------------------- 1,125,000 Monroe County IDA (Dayton Rogers Manufacturing) 5.850 12/01/2006 07/30/2004(c) 1,082,047 ---------------------------------------------------------------------------------------------- 1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024(s) 02/01/2004(b) 1,351,691 ---------------------------------------------------------------------------------------------- 1,230,000 Monroe County IDA (DePaul Properties) 5.900 09/01/2007 11/27/2004(c) 1,194,047 ---------------------------------------------------------------------------------------------- 120,000 Monroe County IDA (Geva Theatre) 7.750 04/01/2002 04/01/2002 120,274 ---------------------------------------------------------------------------------------------- 285,000 Monroe County IDA (Geva Theatre) 7.750 04/01/2003 04/01/2003 285,650 ---------------------------------------------------------------------------------------------- 1,465,000 Monroe County IDA (Piano Works) 6.625 11/01/2006 07/11/2004(c) 1,474,947 ---------------------------------------------------------------------------------------------- 125,000 Monroe County IDA (West End Business) 6.750 12/01/2004 07/22/2003(c) 125,899 ---------------------------------------------------------------------------------------------- 12,475,000 Monroe County Tobacco Asset Securitization Corp. 6.150 06/01/2025 01/22/2009(c) 12,928,716 ---------------------------------------------------------------------------------------------- 11,165,000 Monroe County Tobacco Asset Securitization Corp. 6.375 06/01/2019(s) 06/01/2011(b) 11,777,177 ---------------------------------------------------------------------------------------------- 2,000,000 Monroe County Tobacco Asset Securitization Corp. 6.375 06/01/2035(s) 06/01/2011(b) 2,101,900 ---------------------------------------------------------------------------------------------- 730,000 Montgomery County IDA (ASMF)(i,t,u) 6.500 01/15/2003 01/15/2003 481,800 ---------------------------------------------------------------------------------------------- 1,000,000 MTA Commuter Facilities, Series A 6.125 07/01/2012(s) 07/01/2002(b) 1,045,490 ---------------------------------------------------------------------------------------------- 6,600,000 MTA Commuter Facilities, Series A 6.500 07/01/2016 07/01/2007(b) 7,217,166 ---------------------------------------------------------------------------------------------- 2,000,000 MTA Dedicated Tax Fund, Series A 6.125 04/01/2015 04/01/2010(b) 2,235,180 ---------------------------------------------------------------------------------------------- 50,000 MTA Service Contract, Series 5 6.000 07/01/2018(s) 01/01/2002(b) 50,050 ---------------------------------------------------------------------------------------------- 75,000 MTA Service Contract, Series 5 6.000 07/01/2018(s) 01/01/2002(b) 75,070 ---------------------------------------------------------------------------------------------- 20,000 MTA Service Contract, Series 5 6.500 07/01/2016(s) 01/01/2002(b) 20,424 ---------------------------------------------------------------------------------------------- 125,000 MTA Service Contract, Series 5 6.500 07/01/2016(s) 01/01/2002(b) 127,797 ---------------------------------------------------------------------------------------------- 1,000,000 MTA Service Contract, Series 5 7.000 07/01/2012(s) 01/01/2002(b) 1,022,960 ---------------------------------------------------------------------------------------------- 115,000 MTA, Series 5 6.000 07/01/2018(s) 01/01/2002(b) 115,107 ---------------------------------------------------------------------------------------------- 7,135,000 MTA, Series A 6.500 07/01/2016 07/01/2007(b) 7,802,194 ---------------------------------------------------------------------------------------------- 15,000 MTA, Series K 6.000 07/01/2016(s) 07/01/2002(b) 15,208 ---------------------------------------------------------------------------------------------- 65,000 MTA, Series M 6.000 07/01/2014(s) 07/01/2005(b) 67,824 ---------------------------------------------------------------------------------------------- 20,000 Nassau County GO 6.375 05/15/2013 05/15/2002b 20,905 ---------------------------------------------------------------------------------------------- 710,000 Nassau County GO Combined Sewer Districts, Series F 7.000 03/01/2015 03/01/2010(b) 829,834
17 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 720,000 Nassau County GO Combined Sewer Districts, Series F 7.000% 03/01/2016 03/01/2010(b) $ 839,282 ---------------------------------------------------------------------------------------------- 730,000 Nassau County GO Combined Sewer Districts, Series F 7.000 03/01/2017 03/01/2010(b) 848,114 ---------------------------------------------------------------------------------------------- 740,000 Nassau County GO Combined Sewer Districts, Series F 7.000 03/01/2018 03/01/2010(b) 859,155 ---------------------------------------------------------------------------------------------- 745,000 Nassau County GO Combined Sewer Districts, Series F 7.000 03/01/2019 03/01/2010(b) 862,092 ---------------------------------------------------------------------------------------------- 90,000 Nassau County GO Combined Sewer Districts, Series F 7.000 03/01/2020 03/01/2010(b) 103,318 ---------------------------------------------------------------------------------------------- 1,300,000 Nassau County GO General Improvement, Series F 6.500 03/01/2018 03/01/2010(b) 1,465,477 ---------------------------------------------------------------------------------------------- 1,635,000 Nassau County GO General Improvement, Series F 6.500 03/01/2019 03/01/2010(b) 1,836,922 ---------------------------------------------------------------------------------------------- 705,000 Nassau County GO General Improvement, Series F 7.000 03/01/2014 03/01/2010(b) 827,853 ---------------------------------------------------------------------------------------------- 3,435,000 Nassau County GO General Improvement, Series F 7.000 03/01/2016 03/01/2010(b) 4,004,076 ---------------------------------------------------------------------------------------------- 245,000 Nassau County IDA (ACLD) 7.250 10/01/2004 04/27/2003(c) 247,815 ---------------------------------------------------------------------------------------------- 470,000 Nassau County IDA (NSCFGA) 5.750 05/01/2008 07/25/2005(c) 448,765 ---------------------------------------------------------------------------------------------- 1,370,000 Nassau County IDA (United Cerebral Palsy) 5.750 11/01/2007 01/18/2005(c) 1,355,231 ---------------------------------------------------------------------------------------------- 3,260,000 Nassau County IDA (United Cerebral Palsy) 5.750 11/01/2009 12/01/2005(c) 3,197,930 ---------------------------------------------------------------------------------------------- 680,000 Nassau County Tobacco Settlement Corp. 5.300 07/15/2012 07/15/2003(e) 706,799 ---------------------------------------------------------------------------------------------- 545,000 Nassau County Tobacco Settlement Corp. 5.400 07/15/2013 07/15/2004(e) 567,792 ---------------------------------------------------------------------------------------------- 615,000 Nassau County Tobacco Settlement Corp. 5.500 07/15/2014 07/15/2005(e) 642,091 ---------------------------------------------------------------------------------------------- 645,000 Nassau County Tobacco Settlement Corp. 5.625 07/15/2015 07/15/2006(e) 676,334 ---------------------------------------------------------------------------------------------- 590,000 Nassau County Tobacco Settlement Corp. 5.750 07/15/2016 07/15/2007(e) 620,721 ---------------------------------------------------------------------------------------------- 250,000 Nassau County Tobacco Settlement Corp. 6.250 07/15/2020 07/15/2012(e) 259,515 ---------------------------------------------------------------------------------------------- 7,975,000 Nassau County Tobacco Settlement Corp. 6.400 07/15/2033(s) 07/15/2010(b) 8,362,106 ---------------------------------------------------------------------------------------------- 2,000,000 Nassau County Tobacco Settlement Corp. 6.500 07/15/2027(s) 07/15/2010(b) 2,111,060 ---------------------------------------------------------------------------------------------- 245,000 New Rochelle IDA (College of New Rochelle) 6.000 07/01/2002 07/01/2002(c) 248,570 ---------------------------------------------------------------------------------------------- 85,000 New Rochelle Municipal Hsg. Authority 6.500 12/01/2014(s) 12/01/2011(b) 88,119 ---------------------------------------------------------------------------------------------- 210,000 Newark SCHC (Newark Rose Garden Apartments) 9.000 03/01/2011(s) 03/01/2011(b) 215,512 ---------------------------------------------------------------------------------------------- 2,025,000 Newark-Wayne Community Hospital 7.600 09/01/2015(s) 01/04/2010(c) 1,962,711 ---------------------------------------------------------------------------------------------- 700,000 Niagara County IDA (Sevenson Hotel) 5.750 05/01/2003 10/30/2002(c) 696,059 ---------------------------------------------------------------------------------------------- 5,000,000 Niagara County IDA (Solid Waste Disposal) 5.450 11/15/2025 11/15/2012(d) 5,037,650 ---------------------------------------------------------------------------------------------- 7,000,000 Niagara County IDA (Solid Waste Disposal) 5.550 11/15/2024 11/15/2013(d) 7,052,360 ---------------------------------------------------------------------------------------------- 1,175,000 Niagara County Tobacco Asset Securitization Corp. 5.875 05/15/2022 05/15/2011(b) 1,200,967 ---------------------------------------------------------------------------------------------- 11,995,000 Niagara County Tobacco Asset Securitization Corp. 6.750 05/15/2029(s) 05/15/2011(b) 12,991,425 ---------------------------------------------------------------------------------------------- 1,195,000 Niagara Falls CSD COP (High School Facility) 6.500 06/15/2019 06/15/2009(b) 1,288,138 ---------------------------------------------------------------------------------------------- 3,125,000 NY Counties Tobacco Trust I (TASC) 5.800 06/01/2023 04/11/2004(c) 3,211,437 ---------------------------------------------------------------------------------------------- 14,195,000 NY Counties Tobacco Trust I (TASC) 6.300 06/01/2019(s) 06/01/2011(b) 14,915,254 ---------------------------------------------------------------------------------------------- 305,000 NY Counties Tobacco Trust I (TASC) 6.500 06/01/2035(s) 06/01/2011(b) 323,160
18 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF investments Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $13,240,000 NY Counties Tobacco Trust I (TASC) RITES(i) 12.187%(r) 06/01/2028 03/22/2011(e) $14,860,841 ---------------------------------------------------------------------------------------------- 20,000 NYC GO 5.500 10/01/2014 10/01/2005(b) 20,520 ---------------------------------------------------------------------------------------------- 10,000 NYC GO 5.500 10/01/2016 10/01/2005(b) 10,194 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 5.600 12/01/2010 12/01/2001(b) 15,074 ---------------------------------------------------------------------------------------------- 10,000 NYC GO 5.625 10/01/2012 10/01/2003(b) 10,349 ---------------------------------------------------------------------------------------------- 20,000 NYC GO 5.625 10/01/2013 10/01/2005(b) 20,649 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 5.625 08/01/2014 08/01/2006(b) 15,543 ---------------------------------------------------------------------------------------------- 20,000 NYC GO 5.750 08/15/2012 08/15/2005(b) 20,730 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 5.750 05/15/2013 05/15/2005(b) 15,481 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 5.750 02/01/2015(s) 02/01/2008(b) 5,244 ---------------------------------------------------------------------------------------------- 25,000 NYC GO 5.750 08/01/2015 08/01/2005(b) 25,873 ---------------------------------------------------------------------------------------------- 60,000 NYC GO 5.800 08/01/2013 08/01/2005(b) 62,104 ---------------------------------------------------------------------------------------------- 50,000 NYC GO 6.000 08/01/2006 08/01/2001(a) 51,797 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 6.000 08/01/2006 08/01/2001(b) 15,041 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 6.000 08/01/2008 08/01/2001(b) 5,014 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 6.000 05/15/2010 05/15/2003(b) 15,928 ---------------------------------------------------------------------------------------------- 30,000 NYC GO 6.000 08/01/2010 08/01/2003(b) 32,010 ---------------------------------------------------------------------------------------------- 55,000 NYC GO 6.000 02/01/2011 02/01/2006(b) 59,163 ---------------------------------------------------------------------------------------------- 30,000 NYC GO 6.000 02/15/2011 02/15/2005(b) 31,791 ---------------------------------------------------------------------------------------------- 130,000 NYC GO 6.000 08/01/2011 08/01/2001(a) 130,354 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 6.000 08/01/2011 08/01/2001(b) 5,014 ---------------------------------------------------------------------------------------------- 25,000 NYC GO 6.000 08/01/2011 08/01/2003(b) 26,675 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 6.000 02/15/2012 02/15/2005(b) 5,487 ---------------------------------------------------------------------------------------------- 40,000 NYC GO 6.000 02/15/2012 02/15/2005(b) 42,264 ---------------------------------------------------------------------------------------------- 30,000 NYC GO 6.000 08/01/2012 08/01/2001(a) 30,239 ---------------------------------------------------------------------------------------------- 115,000 NYC GO 6.000 08/01/2012 08/01/2003(b) 119,863 ---------------------------------------------------------------------------------------------- 10,000 NYC GO 6.000 02/15/2014 02/15/2005(b) 10,518 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 6.000 02/15/2015 02/15/2005(b) 15,741 ---------------------------------------------------------------------------------------------- 450,000 NYC GO 6.000 08/01/2015 08/01/2001(a) 451,305 ---------------------------------------------------------------------------------------------- 10,000 NYC GO 6.000 08/01/2016(s) 08/01/2006(b) 10,646 ---------------------------------------------------------------------------------------------- 10,000 NYC GO 6.000 05/15/2019 05/15/2003(b) 10,323 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 6.000 08/15/2026(s) 08/15/2008(b) 15,890 ---------------------------------------------------------------------------------------------- 65,000 NYC GO 6.125 08/01/2011 08/01/2004(b) 70,569 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 6.250 10/01/2008 10/01/2002(b) 15,853 ---------------------------------------------------------------------------------------------- 75,000 NYC GO 6.250 08/01/2010 08/01/2004(b) 81,697 ---------------------------------------------------------------------------------------------- 2,000,000 NYC GO 6.250 08/01/2012 08/01/2006(b) 2,179,060 ---------------------------------------------------------------------------------------------- 4,050,000 NYC GO 6.250 08/01/2013 08/01/2006(b) 4,399,110 ---------------------------------------------------------------------------------------------- 70,000 NYC GO 6.250 08/01/2016 08/01/2002(b) 72,077 ---------------------------------------------------------------------------------------------- 110,000 NYC GO 6.250 08/01/2019 08/01/2004(b) 113,157 ---------------------------------------------------------------------------------------------- 75,000 NYC GO 6.250 08/01/2021 08/01/2002(b) 77,104 ---------------------------------------------------------------------------------------------- 415,000 NYC GO 6.375 08/01/2006 08/01/2002(b) 436,028 ---------------------------------------------------------------------------------------------- 1,460,000 NYC GO 6.375 08/01/2007 08/01/2002(b) 1,516,940 ---------------------------------------------------------------------------------------------- 4,000,000 NYC GO 6.375 08/15/2009 08/15/2005(b) 4,420,880 ---------------------------------------------------------------------------------------------- 1,495,000 NYC GO 6.375 08/01/2010 08/01/2005(b) 1,635,037 ---------------------------------------------------------------------------------------------- 815,000 NYC GO 6.375 08/15/2010 08/15/2005(b) 900,754
19 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 5,400,000 NYC GO 6.375% 08/01/2012 08/15/2005(b) $5,874,228 ---------------------------------------------------------------------------------------------- 95,000 NYC GO 6.500 08/01/2005 08/01/2002(b) 99,940 ---------------------------------------------------------------------------------------------- 20,000 NYC GO 6.500 08/01/2006 08/01/2002(b) 21,040 ---------------------------------------------------------------------------------------------- 95,000 NYC GO 6.500 08/01/2008 08/01/2002(b) 99,940 ---------------------------------------------------------------------------------------------- 8,715,000 NYC GO 6.500 08/01/2011 08/01/2002(b) 9,168,180 ---------------------------------------------------------------------------------------------- 70,000 NYC GO 6.500 08/01/2012 08/01/2002(b) 73,261 ---------------------------------------------------------------------------------------------- 55,000 NYC GO 6.500 08/01/2013 08/01/2002(b) 57,472 ---------------------------------------------------------------------------------------------- 20,000 NYC GO 6.500 08/01/2014 08/01/2002(b) 20,899 ---------------------------------------------------------------------------------------------- 103,000 NYC GO 6.500 08/01/2014 08/15/2005(b) 112,659 ---------------------------------------------------------------------------------------------- 40,000 NYC GO 6.500 08/01/2016 08/01/2005(b) 43,751 ---------------------------------------------------------------------------------------------- 7,500,000 NYC GO 6.500 05/15/2017 05/15/2010(b) 8,452,875 ---------------------------------------------------------------------------------------------- 95,000 NYC GO 6.500 08/01/2019(s) 08/01/2005(b) 101,399 ---------------------------------------------------------------------------------------------- 4,605,000 NYC GO 6.600 10/01/2016 10/01/2002(b) 4,885,583 ---------------------------------------------------------------------------------------------- 70,000 NYC GO 6.600 10/01/2016 10/01/2002(b) 72,540 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 6.750 10/01/2006 10/01/2002(b) 5,315 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 02/01/2002 08/01/2001(a) 5,028 ---------------------------------------------------------------------------------------------- 20,000 NYC GO 7.000 08/15/2002 08/15/2001(a) 20,103 ---------------------------------------------------------------------------------------------- 35,000 NYC GO 7.000 02/01/2003 08/01/2001(a) 35,132 ---------------------------------------------------------------------------------------------- 260,000 NYC GO 7.000 02/01/2006 02/01/2002(b) 270,067 ---------------------------------------------------------------------------------------------- 160,000 NYC GO 7.000 12/01/2006 12/01/2001(b) 162,899 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 02/01/2009 08/01/2001(b) 5,018 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 10/01/2010 10/01/2002(b) 5,330 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 12/01/2010 12/01/2001(b) 5,086 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 02/01/2011 08/01/2001(b) 5,018 ---------------------------------------------------------------------------------------------- 30,000 NYC GO 7.000 02/01/2012 08/01/2001(b) 30,097 ---------------------------------------------------------------------------------------------- 25,000 NYC GO 7.000 10/01/2015 10/01/2001(a) 25,155 ---------------------------------------------------------------------------------------------- 25,000 NYC GO 7.000 02/01/2016 02/01/2002(b) 25,997 ---------------------------------------------------------------------------------------------- 1,495,000 NYC GO 7.000 02/01/2016 02/01/2002(b) 1,585,507 ---------------------------------------------------------------------------------------------- 70,000 NYC GO 7.000 10/01/2016 10/01/2001(a) 70,436 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 7.000 02/01/2017 02/01/2002(b) 15,908 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.000 02/01/2018 02/01/2002(a) 5,200 ---------------------------------------------------------------------------------------------- 120,000 NYC GO 7.000 02/01/2018 02/01/2002(b) 124,290 ---------------------------------------------------------------------------------------------- 35,000 NYC GO 7.000 10/01/2018 10/01/2001(a) 35,337 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 7.000 10/01/2019 10/01/2001(a) 15,509 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 7.000 02/01/2022 02/01/2002(a) 15,598 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.100 02/01/2004 08/01/2001(b) 5,015 ---------------------------------------------------------------------------------------------- 175,000 NYC GO 7.100 02/01/2009 02/01/2002(b) 182,075 ---------------------------------------------------------------------------------------------- 20,000 NYC GO 7.100 02/01/2010 02/01/2002(b) 20,809 ---------------------------------------------------------------------------------------------- 25,000 NYC GO 7.200 08/01/2001 08/01/2001(a) 25,099 ---------------------------------------------------------------------------------------------- 30,000 NYC GO 7.200 08/01/2002 08/01/2001(b) 30,341 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.200 02/01/2005 08/01/2001(b) 5,019 ---------------------------------------------------------------------------------------------- 50,000 NYC GO 7.250 12/01/2001 12/01/2001 50,957 ---------------------------------------------------------------------------------------------- 40,000 NYC GO 7.250 10/01/2005 10/01/2001(a) 40,462 ---------------------------------------------------------------------------------------------- 100,000 NYC GO 7.250 02/01/2007 08/01/2001(a) 100,400
20 LIMITED TERM NEW YORK MUNICIPAL FUND
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 5,000 NYC GO 7.250% 02/01/2007 08/01/2001(b) $ 5,019 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 7.250 08/15/2017 08/15/2001(a) 15,086 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.500 08/15/2001 08/15/2001 5,029 ---------------------------------------------------------------------------------------------- 120,000 NYC GO 7.500 08/15/2003 08/15/2001(b) 120,696 ---------------------------------------------------------------------------------------------- 20,000 NYC GO 7.500 12/01/2003 12/01/2001(a) 20,404 ---------------------------------------------------------------------------------------------- 10,135,000 NYC GO 7.500 02/01/2004 02/01/2002(b) 10,556,819 ---------------------------------------------------------------------------------------------- 2,000,000 NYC GO 7.500 02/01/2004 02/01/2002(b) 2,082,640 ---------------------------------------------------------------------------------------------- 25,000 NYC GO 7.500 12/01/2004 12/01/2001(a) 25,505 ---------------------------------------------------------------------------------------------- 160,000 NYC GO 7.500 02/01/2005 02/01/2002(b) 166,659 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.500 08/15/2005 08/15/2001(b) 5,029 ---------------------------------------------------------------------------------------------- 2,445,000 NYC GO 7.500 02/01/2006 02/01/2002(b) 2,546,761 ---------------------------------------------------------------------------------------------- 160,000 NYC GO 7.500 02/01/2007 02/01/2002(b) 166,659 ---------------------------------------------------------------------------------------------- 25,000 NYC GO 7.500 02/01/2008 02/01/2002(b) 26,621 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.500 02/01/2008 02/01/2002(b) 5,213 ---------------------------------------------------------------------------------------------- 785,000 NYC GO 7.500 02/01/2009 02/01/2002(b) 817,672 ---------------------------------------------------------------------------------------------- 40,000 NYC GO 7.650 02/01/2007 02/01/2002(b) 41,700 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.700 02/01/2009 02/01/2002(b) 5,214 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 7.750 08/15/2005 08/15/2001(b) 5,107 ---------------------------------------------------------------------------------------------- 75,000 NYC GO 7.750 08/15/2006 08/15/2001(b) 76,579 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 7.750 08/15/2007 08/15/2001(b) 15,316 ---------------------------------------------------------------------------------------------- 20,000 NYC GO 7.750 08/15/2014 08/15/2001(b) 20,421 ---------------------------------------------------------------------------------------------- 20,000 NYC GO 7.750 08/15/2028 08/15/2001(b) 20,112 ---------------------------------------------------------------------------------------------- 15,000 NYC GO 8.000 08/01/2001 08/01/2001 15,068 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 8.000 08/01/2003 08/01/2001(b) 5,022 ---------------------------------------------------------------------------------------------- 60,000 NYC GO 8.000 08/01/2003 08/01/2001(b) 61,166 ---------------------------------------------------------------------------------------------- 5,000 NYC GO 8.250 08/01/2011 08/01/2001(b) 5,099 ---------------------------------------------------------------------------------------------- 1,355,000 NYC GO CAB 0.000(v) 05/15/2014 05/15/2008(b) 1,304,784 ---------------------------------------------------------------------------------------------- 5,000,000 NYC GO CARS 8.820(r) 09/01/2011 08/01/2002(b) 5,356,250 ---------------------------------------------------------------------------------------------- 10,000 NYC GO DIAMONDS 0.000(v) 08/01/2007 08/01/2002(b) 9,642 ---------------------------------------------------------------------------------------------- 1,950,000 NYC GO LIMO 0.000(v) 02/01/2007 02/01/2002(b) 1,926,619 ---------------------------------------------------------------------------------------------- 115,000 NYC GO PRAMS 0.000(v) 10/01/2006 10/01/2002(b) 111,777 ---------------------------------------------------------------------------------------------- 375,000 NYC HDC (Barclay Avenue) 5.750 04/01/2007 09/06/2004(c) 397,729 ---------------------------------------------------------------------------------------------- 1,715,000 NYC HDC (Multifamily Hsg.), Series A 6.550 10/01/2015(s) 04/01/2003(b) 1,790,426 ---------------------------------------------------------------------------------------------- 1,970,000 NYC HDC (Pass Through Certificate)(i) 6.500 09/20/2003 05/18/2003(c) 2,075,789 ---------------------------------------------------------------------------------------------- 1,835,000 NYC IDA (Acme Architectural Products) 5.875 11/01/2009 03/21/2006(c) 1,731,506 ---------------------------------------------------------------------------------------------- 730,000 NYC IDA (ALA Realty) 7.000 12/01/2005 01/15/2004(c) 742,140 ---------------------------------------------------------------------------------------------- 630,000 NYC IDA (Atlantic Veal & Lamb) 7.250 12/01/2008 10/18/2005(c) 641,050 ---------------------------------------------------------------------------------------------- 295,000 NYC IDA (Brooklyn Heights Montessori School) 7.500 01/01/2007 09/23/2004(c) 298,897 ---------------------------------------------------------------------------------------------- 745,000 NYC IDA (Chardan Corp.) 6.250 11/01/2008 08/21/2005(c) 741,677 ---------------------------------------------------------------------------------------------- 450,000 NYC IDA (College of Aeronautics) 5.500 05/01/2013 05/01/2010(b) 447,835 ---------------------------------------------------------------------------------------------- 200,000 NYC IDA (College of Mount St. Vincent) 7.000 05/01/2008 04/02/2003(g) 211,404 ---------------------------------------------------------------------------------------------- 360,000 NYC IDA (College of New Rochelle) 6.200 09/01/2010(s) 09/01/2005(b) 388,354 ---------------------------------------------------------------------------------------------- 660,000 NYC IDA (Comprehensive Care Management) 5.750 11/01/2008 08/23/2005(c) 623,317
21 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 260,000 NYC IDA (Comprehensive Care Management) 5.750% 11/01/2008 08/15/2005(c) $ 245,908 ---------------------------------------------------------------------------------------------- 565,000 NYC IDA (Comprehensive Care Management) 7.250 12/01/2006 08/25/2004(c) 560,226 ---------------------------------------------------------------------------------------------- 659,341 NYC IDA (Cummins Engine) 6.500 03/01/2005 03/07/2003(c) 656,941 ---------------------------------------------------------------------------------------------- 395,000 NYC IDA (Elmhurst Parking Garage) 7.400 07/30/2002 02/04/2002(c) 406,273 ---------------------------------------------------------------------------------------------- 840,000 NYC IDA (Essie Cosmetics) 5.500 11/01/2008 08/18/2005(c) 796,782 ---------------------------------------------------------------------------------------------- 45,000 NYC IDA (Federation Protestant Welfare) 6.950 11/01/2011 11/01/2001(b) 46,432 ---------------------------------------------------------------------------------------------- 1,095,000 NYC IDA (Friends Seminary School) 6.250 09/15/2010 09/28/2006(c) 1,105,173 ---------------------------------------------------------------------------------------------- 1,195,000 NYC IDA (Gabrielli Truck Sales) 7.250 12/01/2007 03/16/2005(c) 1,203,831 ---------------------------------------------------------------------------------------------- 20,390,000 NYC IDA (Japan Airlines) 6.000 11/01/2015(s) 07/27/2004(g) 21,353,427 ---------------------------------------------------------------------------------------------- 805,000 NYC IDA (JBFS) 6.500 12/15/2002 06/21/2002(c) 808,598 ---------------------------------------------------------------------------------------------- 435,000 NYC IDA (Julia Gray) 6.500 11/01/2007 01/31/2005(c) 433,969 ---------------------------------------------------------------------------------------------- 400,000 NYC IDA (Koenig Manufacturing) 7.375 12/01/2010 02/03/2007(c) 407,680 ---------------------------------------------------------------------------------------------- 1,095,000 NYC IDA (Little Red Schoolhouse) 5.750 11/01/2007 01/24/2005(c) 1,043,119 ---------------------------------------------------------------------------------------------- 755,000 NYC IDA (MediSys Health Network) 5.750 03/15/2006 11/16/2004(c) 737,273 ---------------------------------------------------------------------------------------------- 740,000 NYC IDA (Morrisons Pastry) 5.750 11/01/2009 01/16/2005(c) 700,987 ---------------------------------------------------------------------------------------------- 550,000 NYC IDA (NY Blood Center) 6.800 05/01/2002 05/01/2002(c) 568,188 ---------------------------------------------------------------------------------------------- 2,030,000 NYC IDA (NYC Outward Bound Center) 6.750 11/01/2010(s) 11/01/2001(b) 2,062,378 ---------------------------------------------------------------------------------------------- 195,000 NYC IDA (Ohel Children's Home & Family Services) 7.125 03/15/2003 09/18/2002(c) 208,003 ---------------------------------------------------------------------------------------------- 2,080,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 08/21/2017(c) 2,156,918 ---------------------------------------------------------------------------------------------- 640,000 NYC IDA (Precision Gear) 5.875 11/01/2009 04/01/2006(c) 609,613 ---------------------------------------------------------------------------------------------- 545,000 NYC IDA (Precision Gear) 5.875 11/01/2009 03/08/2006(c) 519,123 ---------------------------------------------------------------------------------------------- 195,000 NYC IDA (Precision Gear) 6.500 11/01/2008 09/05/2005(c) 194,780 ---------------------------------------------------------------------------------------------- 495,000 NYC IDA (Promotional Slideguide) 7.000 12/01/2005 01/25/2004(c) 500,381 ---------------------------------------------------------------------------------------------- 2,150,000 NYC IDA (Special Needs Facilities Pooled Program) 5.950 07/01/2008 01/27/2005(c) 2,042,005 ---------------------------------------------------------------------------------------------- 165,000 NYC IDA (Streamline Plastics) 7.125 12/01/2005 01/25/2004(c) 166,996 ---------------------------------------------------------------------------------------------- 18,070,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2015(s) 01/01/2004(b) 18,838,156 ---------------------------------------------------------------------------------------------- 215,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2019(s) 01/01/2006(b) 222,482 ---------------------------------------------------------------------------------------------- 500,000 NYC IDA (Terminal One Group Association) 6.125 01/01/2024(s) 01/01/2006(b) 522,350 ---------------------------------------------------------------------------------------------- 1,090,000 NYC IDA (Ulano) 6.250 11/01/2006 07/06/2004(c) 1,066,663 ---------------------------------------------------------------------------------------------- 160,000 NYC IDA (United Nations School) 6.050 12/01/2005 12/01/2005 172,328 ---------------------------------------------------------------------------------------------- 170,000 NYC IDA (United Nations School) 6.100 12/01/2006 12/01/2006 184,696 ---------------------------------------------------------------------------------------------- 180,000 NYC IDA (United Nations School) 6.150 12/01/2007 12/01/2007 196,331 ---------------------------------------------------------------------------------------------- 500,000 NYC IDA (USTA National Tennis Center) 6.375 11/15/2014(s) 11/15/2004(b) 548,195 ---------------------------------------------------------------------------------------------- 2,000,000 NYC IDA (Visy Paper) 7.550 01/01/2005 08/01/2003(c) 2,042,720 ---------------------------------------------------------------------------------------------- 4,000,000 NYC IDA (Visy Paper) 7.800 01/01/2016 10/03/2007(g) 4,200,400 ---------------------------------------------------------------------------------------------- 530,000 NYC IDA (World Casing Corp.) 5.950 11/01/2007 01/25/2005(c) 521,610 ---------------------------------------------------------------------------------------------- 20,000 NYC Municipal Water Finance Authority 5.500 06/15/2019(s) 06/15/2005(b) 20,358 ---------------------------------------------------------------------------------------------- 855,000 NYC Municipal Water Finance Authority 5.750 06/15/2013(s) 12/15/2001(a) 924,845 ---------------------------------------------------------------------------------------------- 50,000 NYC Municipal Water Finance Authority 5.750 06/15/2013(s) 12/15/2001(a) 55,511
22 LIMITED TERM NEW YORK MUNICIPAL FUND
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 40,000 NYC Municipal Water Finance Authority 5.750% 06/15/2018(s) 06/15/2004(b) $ 40,920 ---------------------------------------------------------------------------------------------- 25,000 NYC Public Hsg. Authority 6.000 01/01/2004 01/01/2002(b) 25,543 ---------------------------------------------------------------------------------------------- 1,850,000 NYS COP 7.625 03/01/2009(s) 09/01/2001(b) 1,900,856 ---------------------------------------------------------------------------------------------- 30,000 NYS DA (Bishop Henry B. Hucles Nursing Home) 5.625 07/01/2018(s) 07/01/2008(b) 30,643 ---------------------------------------------------------------------------------------------- 265,000 NYS DA (Brooklyn Law School) 6.375 07/01/2007(s) 01/01/2002(b) 271,066 ---------------------------------------------------------------------------------------------- 215,000 NYS DA (Brooklyn Law School) 6.400 07/01/2011(s) 01/01/2002(b) 219,898 ---------------------------------------------------------------------------------------------- 15,000,000 NYS DA (Catholic Health Services) 6.500 07/01/2020(s) 07/01/2010(b) 16,431,600 ---------------------------------------------------------------------------------------------- 15,000 NYS DA (City University) 0.000 07/01/2004 09/25/2003(c) 13,159 ---------------------------------------------------------------------------------------------- 60,000 NYS DA (City University) 0.000 07/01/2004 09/25/2003(c) 52,375 ---------------------------------------------------------------------------------------------- 35,000 NYS DA (City University) 0.000 07/01/2005 11/25/2003(c) 28,653 ---------------------------------------------------------------------------------------------- 75,000 NYS DA (City University) 5.500 07/01/2012(s) 07/01/2005(b) 77,457 ---------------------------------------------------------------------------------------------- 1,900,000 NYS DA (City University) 6.000 07/01/2010 07/01/2006(b) 2,068,055 ---------------------------------------------------------------------------------------------- 20,000 NYS DA (College of Saint Rose) 6.000 07/01/2011(s) 07/01/2002(b) 21,043 ---------------------------------------------------------------------------------------------- 5,000 NYS DA (College of Saint Rose) 6.000 07/01/2011(s) 07/01/2002(b) 5,250 ---------------------------------------------------------------------------------------------- 10,000 NYS DA (Dept. of Education) 6.125 07/01/2019(s) 07/01/2006(b) 10,539 ---------------------------------------------------------------------------------------------- 5,000 NYS DA (Dept. of Health) 5.500 07/01/2014 07/01/2006(b) 5,153 ---------------------------------------------------------------------------------------------- 50,000 NYS DA (Dept. of Health) 5.900 07/01/2009 07/01/2004(b) 53,000 ---------------------------------------------------------------------------------------------- 25,000 NYS DA (Dept. of Health) 7.400 07/01/2004 01/01/2002(b) 25,455 ---------------------------------------------------------------------------------------------- 40,000 NYS DA (Jewish Geriatric) 7.150 08/01/2014 08/01/2004(b) 44,401 ---------------------------------------------------------------------------------------------- 50,000 NYS DA (Jewish Geriatric) 7.350 08/01/2029 08/01/2004(b) 55,789 ---------------------------------------------------------------------------------------------- 35,000 NYS DA (JGB Health Facilities) 7.000 07/01/2009(s) 01/01/2002(b) 35,551 ---------------------------------------------------------------------------------------------- 3,925,000 NYS DA (KMH Homes) 6.950 08/01/2031 08/01/2001(b) 4,014,254 ---------------------------------------------------------------------------------------------- 25,000 NYS DA (Manhattan College) 6.500 07/01/2019(s) 07/01/2002(b) 26,427 ---------------------------------------------------------------------------------------------- 20,000 NYS DA (Marist College) 7.125 07/01/2010(s) 01/01/2002(b) 20,368 ---------------------------------------------------------------------------------------------- 5,060,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2019(s) 07/01/2010(b) 5,616,752 ---------------------------------------------------------------------------------------------- 4,750,000 NYS DA (Mount Sinai School of Medicine) 6.750 07/01/2009(s) 01/01/2002(b) 4,860,200 ---------------------------------------------------------------------------------------------- 760,000 NYS DA (Mount Sinai School of Medicine) 6.750 07/01/2015(s) 01/01/2002(b) 777,396 ---------------------------------------------------------------------------------------------- 885,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.000 07/01/2013 07/01/2011(b) 921,807 ---------------------------------------------------------------------------------------------- 3,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.000 07/01/2014 07/01/2011(b) 3,103,740 ---------------------------------------------------------------------------------------------- 14,540,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2015 07/01/2010(b) 15,630,064 ---------------------------------------------------------------------------------------------- 11,830,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2016 07/01/2011(b) 12,679,276 ---------------------------------------------------------------------------------------------- 12,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.500 07/01/2017 07/01/2011(b) 12,832,920 ---------------------------------------------------------------------------------------------- 5,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.625 07/01/2018 07/01/2011(b) 5,388,500 ---------------------------------------------------------------------------------------------- 5,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.625 07/01/2019 07/01/2011(b) 5,372,650 ---------------------------------------------------------------------------------------------- 1,750,000 NYS DA (MSH/NYU Hospital Center/HJDOI Obligated Group) 6.750 07/01/2020 07/01/2010(b) 1,898,225
23 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 70,000 NYS DA (New Hope Community) 5.700% 07/01/2017(s) 07/01/2005(b) $ 71,797 ---------------------------------------------------------------------------------------------- 50,000 NYS DA (Nursing Homes) 5.500 07/01/2010(s) 07/01/2007(b) 52,458 ---------------------------------------------------------------------------------------------- 2,680,000 NYS DA (Nyack Hospital) 6.000 07/01/2006 08/11/2004(c) 2,572,800 ---------------------------------------------------------------------------------------------- 2,325,000 NYS DA (Nyack Hospital) 6.250 07/01/2013 05/10/2009(c) 2,021,192 ---------------------------------------------------------------------------------------------- 10,000 NYS DA (NYS Association for Retarded Children) 7.100 07/01/2003 01/01/2002(b) 10,085 ---------------------------------------------------------------------------------------------- 25,000 NYS DA (NYS Association for Retarded Children) 7.600 07/01/2018(s) 01/01/2002(b) 25,214 ---------------------------------------------------------------------------------------------- 2,000,000 NYS DA (Park Ridge Hsg.) 6.375 08/01/2020(s) 08/01/2010(b) 2,186,240 ---------------------------------------------------------------------------------------------- 1,470,000 NYS DA (Park Ridge Hsg.) 6.500 08/01/2025(s) 08/01/2010(b) 1,616,721 ---------------------------------------------------------------------------------------------- 685,000 NYS DA (Pooled Capital Program) 7.800 12/01/2005(s) 12/01/2001(b) 701,762 ---------------------------------------------------------------------------------------------- 20,000 NYS DA (St. Vincent's Hospital) 5.750 08/01/2015(s) 08/01/2007(b) 21,008 ---------------------------------------------------------------------------------------------- 25,000 NYS DA (St. Vincent's Hospital) 7.375 08/01/2011 08/01/2001(b) 25,593 ---------------------------------------------------------------------------------------------- 1,150,000 NYS DA (State University Educational Facilities) 5.750 05/15/2010 05/15/2006(b) 1,238,389 ---------------------------------------------------------------------------------------------- 965,000 NYS DA (State University Educational Facilities) 6.000 05/15/2017 05/15/2002(b) 965,830 ---------------------------------------------------------------------------------------------- 105,000 NYS DA (State University Educational Facilities) 6.000 05/15/2017 05/15/2002(b) 105,097 ---------------------------------------------------------------------------------------------- 330,000 NYS DA (Suffolk County Judicial Facilities) 9.000 10/15/2001(s) 10/15/2001(b) 337,458 ---------------------------------------------------------------------------------------------- 10,000 NYS DA (Suffolk County Judicial Facilities) 9.000 10/15/2001(s) 10/15/2001(b) 10,182 ---------------------------------------------------------------------------------------------- 155,000 NYS DA (Suffolk County Judicial Facilities) 9.250 04/15/2006(s) 10/15/2001(b) 166,802 ---------------------------------------------------------------------------------------------- 30,000 NYS DA (Suffolk County Judicial Facilities) 9.500 04/15/2014(s) 10/15/2001(b) 34,364 ---------------------------------------------------------------------------------------------- 3,500,000 NYS DA (Teresian House) 5.250 07/01/2017 11/02/2013(c) 3,486,875 ---------------------------------------------------------------------------------------------- 145,000 NYS DA (University of Rochester) 6.500 07/01/2009(s) 01/01/2002(b) 145,429 ---------------------------------------------------------------------------------------------- 20,000 NYS DA (University of Rochester) 6.500 07/01/2009(s) 01/01/2002(b) 20,059 ---------------------------------------------------------------------------------------------- 60,000 NYS DA (Upstate Community Colleges) 5.500 07/01/2014(s) 07/01/2005(b) 61,503 ---------------------------------------------------------------------------------------------- 55,000 NYS DA (Upstate Community Colleges) 5.625 07/01/2012(s) 07/01/2004(b) 56,667 ---------------------------------------------------------------------------------------------- 35,000 NYS DA (Upstate Community Colleges) 5.875 07/01/2016(s) 07/01/2009(b) 37,297 ---------------------------------------------------------------------------------------------- 20,000 NYS DA (WHELC) 5.800 02/01/2028 08/01/2005(b) 20,526 ---------------------------------------------------------------------------------------------- 195,000 NYS EFC (Consolidated Water) 7.150 11/01/2014(s) 11/01/2006(b) 200,661 ---------------------------------------------------------------------------------------------- 20,000 NYS EFC (New Rochelle Water) 6.400 12/01/2024 06/01/2002(b) 20,331 ---------------------------------------------------------------------------------------------- 85,000 NYS EFC (NYS Water Services) 6.600 06/15/2005 12/15/2001(b) 86,965 ---------------------------------------------------------------------------------------------- 25,000 NYS EFC (NYS Water Services) 6.600 03/15/2012 03/15/2002(b) 25,567 ---------------------------------------------------------------------------------------------- 2,025,000 NYS EFC (NYS Water Services) 6.700 09/15/2004 09/15/2001(b) 2,071,818 ---------------------------------------------------------------------------------------------- 200,000 NYS EFC (NYS Water Services) 6.850 03/15/2003 03/15/2002(b) 202,636 ---------------------------------------------------------------------------------------------- 2,770,000 NYS EFC (NYS Water Services) 6.875 06/15/2010(s) 12/15/2001(b) 2,939,662 ---------------------------------------------------------------------------------------------- 1,705,000 NYS EFC (NYS Water Services) 6.875 06/15/2014(s) 11/15/2004(b) 1,871,101 ---------------------------------------------------------------------------------------------- 545,000 NYS EFC (NYS Water Services) 6.900 05/15/2015(s) 05/22/2004(g) 606,825 ---------------------------------------------------------------------------------------------- 750,000 NYS EFC (NYS Water Services) 6.900 11/15/2015(s) 11/15/2004(b) 835,080 ---------------------------------------------------------------------------------------------- 5,000 NYS EFC (NYS Water Services) 7.050 06/15/2004 12/15/2001(b) 5,117 ---------------------------------------------------------------------------------------------- 210,000 NYS EFC (NYS Water Services) 7.200 03/15/2011(s) 03/15/2002(b) 212,837 ---------------------------------------------------------------------------------------------- 640,000 NYS EFC (NYS Water Services) 7.250 06/15/2010(s) 12/15/2001(b) 655,085 ---------------------------------------------------------------------------------------------- 400,000 NYS EFC (NYS Water Services) 7.500 03/15/2011(s) 03/15/2002(b) 401,496 ---------------------------------------------------------------------------------------------- 14,915,000 NYS EFC (NYS Water Services) 7.500 06/15/2012(s) 12/15/2001(b) 15,358,721 ---------------------------------------------------------------------------------------------- 30,000 NYS EFC (NYS Water Services) 7.500 06/15/2012(s) 12/15/2001(b) 30,967
24 LIMITED TERM NEW YORK MUNICIPAL FUND
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 50,000 NYS EFC (State Park Infrastructure) 5.750% 03/15/2013(s) 03/15/2004(b) $ 51,315 ---------------------------------------------------------------------------------------------- 22,810,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 05/06/2002(b) 23,593,067 ---------------------------------------------------------------------------------------------- 13,505,000 NYS ERDA (Brooklyn Union Gas) 6.750 02/01/2024 05/12/2002(b) 14,088,551 ---------------------------------------------------------------------------------------------- 25,000 NYS ERDA (Con Ed) 6.000 03/15/2028 03/15/2005(b) 25,757 ---------------------------------------------------------------------------------------------- 25,000 NYS ERDA (Con Ed) 6.375 12/01/2027 12/01/2001(b) 25,368 ---------------------------------------------------------------------------------------------- 200,000 NYS ERDA (Con Ed) 6.375 12/01/2027 12/01/2001(b) 202,992 ---------------------------------------------------------------------------------------------- 20,000,000 NYS ERDA (Con Ed) 7.125 12/01/2029 12/01/2004(b) 22,094,800 ---------------------------------------------------------------------------------------------- 2,995,000 NYS ERDA (LILCO) 6.900 08/01/2022 02/01/2002(b) 3,183,984 ---------------------------------------------------------------------------------------------- 1,995,000 NYS ERDA (LILCO) 7.150 09/01/2019 06/15/2002(b) 2,090,560 ---------------------------------------------------------------------------------------------- 12,750,000 NYS ERDA (LILCO) 7.150 06/01/2020 06/15/2002(b) 13,360,725 ---------------------------------------------------------------------------------------------- 680,000 NYS ERDA (LILCO) 7.150 12/01/2020 06/15/2002(b) 712,572 ---------------------------------------------------------------------------------------------- 920,000 NYS ERDA (LILCO) 7.150 02/01/2022 06/15/2002(b) 964,068 ---------------------------------------------------------------------------------------------- 21,500,000 NYS ERDA (NIMO) 6.625 10/01/2013 10/01/2001(b) 22,108,880 ---------------------------------------------------------------------------------------------- 45,000 NYS ERDA (RG&E) 6.350 05/15/2032 05/15/2002(b) 46,358 ---------------------------------------------------------------------------------------------- 3,575,000 NYS ERDA (RG&E) 6.500 05/15/2032 05/15/2002(b) 3,684,574 ---------------------------------------------------------------------------------------------- 40,000 NYS GO 6.600 12/01/2014 12/01/2001(b) 40,940 ---------------------------------------------------------------------------------------------- 114,000 NYS HFA (General Hsg.) 6.500 11/01/2003 11/01/2001(b) 115,360 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (General Hsg.) 6.600 11/01/2005 11/01/2001(b) 10,120 ---------------------------------------------------------------------------------------------- 30,000 NYS HFA (General Hsg.) 6.600 11/01/2006 11/01/2001(b) 30,360 ---------------------------------------------------------------------------------------------- 1,435,000 NYS HFA (Health Facility) 6.000 05/01/2007 05/01/2007 1,559,615 ---------------------------------------------------------------------------------------------- 2,165,000 NYS HFA (Health Facility) 6.000 05/01/2008 05/01/2006(b) 2,338,200 ---------------------------------------------------------------------------------------------- 1,300,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005(s) 11/01/2001(b) 1,363,466 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (HELP-Westchester Hsg.) 7.550 11/01/2002 05/01/2002(b) 10,017 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2005 11/01/2001(a) 5,392 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Hospital & Nursing Home) 5.500 11/01/2012 11/01/2001(a) 5,438 ---------------------------------------------------------------------------------------------- 15,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2010 11/01/2001(a) 16,831 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (Hospital & Nursing Home) 5.875 11/01/2011 11/01/2001(a) 11,218 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2003 11/01/2001(a) 5,305 ---------------------------------------------------------------------------------------------- 30,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2005 11/01/2001(a) 32,766 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Hospital & Nursing Home) 5.900 11/01/2010 11/01/2001(a) 5,620 ---------------------------------------------------------------------------------------------- 35,000 NYS HFA (Hospital & Nursing Home) 6.000 11/01/2014 11/01/2001(b) 38,899 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (Hospital & Nursing Home) 6.375 11/01/2001 11/01/2001 10,125 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2004 11/01/2001(a) 11,081 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2005 11/01/2001(a) 5,662 ---------------------------------------------------------------------------------------------- 410,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2007 11/01/2001(a) 452,271 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2009 11/01/2001(a) 5,952 ---------------------------------------------------------------------------------------------- 3,000 NYS HFA (Hospital & Nursing Home) 6.875 11/01/2010 11/01/2001(a) 3,600 ---------------------------------------------------------------------------------------------- 590,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017 11/01/2001(a) 700,831 ---------------------------------------------------------------------------------------------- 75,000 NYS HFA (Meadow Manor) 7.750 11/01/2019(s) 11/01/2001(b) 75,268 ---------------------------------------------------------------------------------------------- 175,000 NYS HFA (Monroe County Health Facilities) 7.625 05/01/2005(s) 05/01/2002(b) 179,364 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2010 11/01/2006(b) 6,026 ---------------------------------------------------------------------------------------------- 200,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2011 11/01/2006(b) 113,576 ---------------------------------------------------------------------------------------------- 130,000 NYS HFA (Multifamily Hsg.) 0.000 11/01/2013 11/01/2006(b) 65,008 ---------------------------------------------------------------------------------------------- 30,000 NYS HFA (Multifamily Hsg.) 5.850 08/15/2013(s) 02/15/2005(b) 30,496
25 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 5,000 NYS HFA (Multifamily Hsg.) 6.000% 08/15/2003 08/15/2003 $ 5,206 ---------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Multifamily Hsg.) 6.100 08/15/2016(s) 08/15/2008(b) 1,026,020 ---------------------------------------------------------------------------------------------- 35,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012(s) 08/15/2002(b) 36,036 ---------------------------------------------------------------------------------------------- 150,000 NYS HFA (Multifamily Hsg.) 6.250 08/15/2023(s) 08/15/2004(b) 153,396 ---------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Multifamily Hsg.) 6.450 08/15/2014(s) 08/15/2002(b) 1,033,480 ---------------------------------------------------------------------------------------------- 725,000 NYS HFA (Multifamily Hsg.) 6.625 08/15/2012 02/15/2003(b) 753,340 ---------------------------------------------------------------------------------------------- 1,620,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025(s) 02/15/2003(b) 1,682,597 ---------------------------------------------------------------------------------------------- 350,000 NYS HFA (Multifamily Hsg.) 6.850 11/01/2019(s) 11/01/2004(b) 371,364 ---------------------------------------------------------------------------------------------- 30,000 NYS HFA (Multifamily Hsg.) 6.900 08/15/2007(s) 08/15/2002(b) 31,318 ---------------------------------------------------------------------------------------------- 200,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012(s) 08/15/2002(b) 207,948 ---------------------------------------------------------------------------------------------- 75,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2011(s) 08/15/2001(b) 76,640 ---------------------------------------------------------------------------------------------- 20,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2022 08/15/2002(b) 20,680 ---------------------------------------------------------------------------------------------- 1,000,000 NYS HFA (Multifamily Hsg.) 7.000 08/15/2023(s) 08/15/2001(b) 1,021,860 ---------------------------------------------------------------------------------------------- 255,000 NYS HFA (Multifamily Hsg.) 7.100 08/15/2035(s) 08/15/2001(b) 260,610 ---------------------------------------------------------------------------------------------- 40,000 NYS HFA (Multifamily Hsg.) 7.300 11/01/2004 11/01/2001(b) 40,419 ---------------------------------------------------------------------------------------------- 394,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028(s) 11/01/2001(b) 410,871 ---------------------------------------------------------------------------------------------- 105,000 NYS HFA (Multifamily Hsg.) 7.450 11/01/2028(s) 11/01/2001(b) 109,252 ---------------------------------------------------------------------------------------------- 1,980,000 NYS HFA (Multifamily Hsg.) 7.750 11/01/2020(s) 11/01/2001(b) 2,088,544 ---------------------------------------------------------------------------------------------- 160,000 NYS HFA (Multifamily Hsg.) 8.000 11/01/2008(s) 11/01/2001(b) 163,827 ---------------------------------------------------------------------------------------------- 15,000 NYS HFA (Multifamily Hsg.) 8.300 05/15/2005(s) 11/01/2001(b) 15,053 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Nonprofit Hsg.) 6.000 11/01/2012 11/01/2001(b) 5,056 ---------------------------------------------------------------------------------------------- 45,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2004 11/01/2001(b) 45,967 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2005 11/01/2001(b) 10,215 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2006 11/01/2001(b) 10,215 ---------------------------------------------------------------------------------------------- 25,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2007 11/01/2001(b) 25,537 ---------------------------------------------------------------------------------------------- 45,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2008 11/01/2001(b) 45,967 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2009 11/01/2001(b) 10,215 ---------------------------------------------------------------------------------------------- 75,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2011 11/01/2001(b) 76,611 ---------------------------------------------------------------------------------------------- 55,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2012 11/01/2001(b) 56,181 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (Nonprofit Hsg.) 6.200 11/01/2013 11/01/2001(b) 10,215 ---------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2002 11/01/2001(b) 20,235 ---------------------------------------------------------------------------------------------- 30,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2004 11/01/2001(b) 30,343 ---------------------------------------------------------------------------------------------- 145,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2005 11/01/2001(b) 146,733 ---------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2006 11/01/2001(b) 20,228 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2007 11/01/2001(b) 5,057 ---------------------------------------------------------------------------------------------- 35,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2008 11/01/2001(b) 35,412 ---------------------------------------------------------------------------------------------- 80,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2009 11/01/2001(b) 80,913 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2011 11/01/2001(b) 5,057 ---------------------------------------------------------------------------------------------- 55,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2013 11/01/2001(b) 57,273 ---------------------------------------------------------------------------------------------- 15,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2001 11/01/2001 15,114 ---------------------------------------------------------------------------------------------- 60,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2002 11/01/2002 60,760 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Nonprofit Hsg.) 6.500 11/01/2003 11/01/2001(b) 5,060 ---------------------------------------------------------------------------------------------- 35,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2001 11/01/2001 35,420 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2002 11/01/2001(b) 10,227 ---------------------------------------------------------------------------------------------- 230,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2003 11/01/2003 235,055
26 LIMITED TERM NEW YORK MUNICIPAL FUND
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 75,000 NYS HFA (Nonprofit Hsg.) 6.600% 11/01/2005 11/01/2001(b) $ 76,649 ---------------------------------------------------------------------------------------------- 50,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2005 11/01/2001(b) 50,601 ---------------------------------------------------------------------------------------------- 45,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2006 11/01/2001(b) 45,989 ---------------------------------------------------------------------------------------------- 15,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2006 11/01/2001(b) 15,180 ---------------------------------------------------------------------------------------------- 180,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2007 11/01/2001(b) 183,956 ---------------------------------------------------------------------------------------------- 115,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2007 11/01/2001(b) 116,381 ---------------------------------------------------------------------------------------------- 25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2008 11/01/2001(b) 25,550 ---------------------------------------------------------------------------------------------- 70,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2008 11/01/2001(b) 72,875 ---------------------------------------------------------------------------------------------- 10,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 11/01/2001(b) 10,120 ---------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2009 11/01/2001(b) 20,440 ---------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2010 11/01/2001(b) 20,440 ---------------------------------------------------------------------------------------------- 65,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2011 11/01/2003(b) 66,429 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2011 11/01/2001(b) 5,060 ---------------------------------------------------------------------------------------------- 25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2012 11/01/2001(b) 25,543 ---------------------------------------------------------------------------------------------- 25,000 NYS HFA (Nonprofit Hsg.) 6.600 11/01/2013 11/01/2001(b) 25,543 ---------------------------------------------------------------------------------------------- 20,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2001 11/01/2001(b) 20,256 ---------------------------------------------------------------------------------------------- 100,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2004 11/01/2001(b) 104,127 ---------------------------------------------------------------------------------------------- 5,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2005 11/01/2001(b) 5,111 ---------------------------------------------------------------------------------------------- 25,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2007 11/01/2001(b) 25,553 ---------------------------------------------------------------------------------------------- 15,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2008 11/01/2001(b) 15,332 ---------------------------------------------------------------------------------------------- 85,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2009 11/01/2001(b) 86,879 ---------------------------------------------------------------------------------------------- 45,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2010 11/01/2003(b) 45,995 ---------------------------------------------------------------------------------------------- 1,420,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2011 11/01/2001(b) 1,466,320 ---------------------------------------------------------------------------------------------- 30,000 NYS HFA (Nonprofit Hsg.) 6.750 11/01/2012 11/01/2001(b) 30,655 ---------------------------------------------------------------------------------------------- 61,000 NYS HFA (Nonprofit Hsg.) 6.875 11/01/2010 11/01/2001(b) 61,786 ---------------------------------------------------------------------------------------------- 1,080,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2001 11/01/2001(b) 1,098,630 ---------------------------------------------------------------------------------------------- 1,165,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2002 11/01/2001(b) 1,211,309 ---------------------------------------------------------------------------------------------- 1,265,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2003 11/01/2001(b) 1,315,284 ---------------------------------------------------------------------------------------------- 1,360,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2004 11/01/2001(b) 1,414,060 ---------------------------------------------------------------------------------------------- 1,480,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2005 11/01/2001(b) 1,538,830 ---------------------------------------------------------------------------------------------- 1,600,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2006 11/01/2001(b) 1,663,600 ---------------------------------------------------------------------------------------------- 1,745,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2007 11/01/2001(b) 1,814,364 ---------------------------------------------------------------------------------------------- 1,895,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2008 11/01/2001(b) 1,970,326 ---------------------------------------------------------------------------------------------- 195,000 NYS HFA (Phillips Village) 6.700 02/15/2002 02/15/2002 196,453 ---------------------------------------------------------------------------------------------- 250,000 NYS HFA (Phillips Village) 6.700 08/15/2002 08/15/2002 253,363 ---------------------------------------------------------------------------------------------- 175,000 NYS HFA (Phillips Village) 6.900 02/15/2004 02/15/2004 179,438 ---------------------------------------------------------------------------------------------- 85,000 NYS HFA (Phillips Village) 6.900 08/15/2004 08/15/2004 87,539 ---------------------------------------------------------------------------------------------- 385,000 NYS HFA (Simeon Dewitt) 8.000 11/01/2018(s) 11/01/2001(b) 388,007 ---------------------------------------------------------------------------------------------- 125,000 NYS HFA, Series A 6.100 11/01/2015(s) 05/01/2008(b) 131,998 ---------------------------------------------------------------------------------------------- 5,000 NYS LGAC 5.375 04/01/2014(s) 04/01/2006(b) 5,139 ---------------------------------------------------------------------------------------------- 615,000 NYS LGSC (SCSB) 6.375 12/15/2009 04/30/2006(c) 606,544 ---------------------------------------------------------------------------------------------- 5,000 NYS Medcare (Aurelia Osborn Fox Memorial Hospital) 6.500 11/01/2019 11/01/2001(a) 5,164 ---------------------------------------------------------------------------------------------- 500,000 NYS Medcare (Beth Israel Medical Center) 7.000 11/01/2001 11/01/2001 494,815 ---------------------------------------------------------------------------------------------- 950,000 NYS Medcare (Beth Israel Medical Center) 7.125 11/01/2006 12/20/2004(c) 737,913
27 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 545,000 NYS Medcare (Beth Israel Medical Center) 7.200% 11/01/2014 09/12/2011(c) $ 419,307 ---------------------------------------------------------------------------------------------- 435,000 NYS Medcare (Beth Israel Medical Center)(i) 7.400 11/01/2004(s) 11/01/2001(b) 445,549 ---------------------------------------------------------------------------------------------- 20,000 NYS Medcare (Buffalo General Hospital) 6.000 08/15/2014(s) 08/15/2004(b) 21,174 ---------------------------------------------------------------------------------------------- 35,000 NYS Medcare (Buffalo General Hospital) 6.125 08/15/2024 08/15/2006(b) 36,750 ---------------------------------------------------------------------------------------------- 10,000 NYS Medcare (Central Suffolk Hospital) 5.875 11/01/2005 12/12/2003(c) 9,793 ---------------------------------------------------------------------------------------------- 80,000 NYS Medcare (Hospital & Nursing Home) 5.650 08/15/2013 08/15/2005(b) 83,654 ---------------------------------------------------------------------------------------------- 3,170,000 NYS Medcare (Hospital & Nursing Home) 5.950 08/15/2009 10/22/2002(c) 3,298,892 ---------------------------------------------------------------------------------------------- 560,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2014 02/15/2004(a) 591,018 ---------------------------------------------------------------------------------------------- 2,165,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2014(s) 02/15/2006(b) 2,263,637 ---------------------------------------------------------------------------------------------- 25,000 NYS Medcare (Hospital & Nursing Home) 6.125 02/15/2015(s) 02/15/2006(b) 26,670 ---------------------------------------------------------------------------------------------- 2,910,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2013(s) 02/15/2005(b) 3,042,260 ---------------------------------------------------------------------------------------------- 160,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2022 08/15/2002(b) 165,211 ---------------------------------------------------------------------------------------------- 200,000 NYS Medcare (Hospital & Nursing Home) 6.250 08/15/2012(s) 08/15/2004(a) 217,916 ---------------------------------------------------------------------------------------------- 95,000 NYS Medcare (Hospital & Nursing Home) 6.250 02/15/2015 08/15/2005(b) 102,344 ---------------------------------------------------------------------------------------------- 200,000 NYS Medcare (Hospital & Nursing Home) 6.400 11/01/2014(s) 05/01/2002(b) 208,904 ---------------------------------------------------------------------------------------------- 570,000 NYS Medcare (Hospital & Nursing Home) 6.500 08/15/2012(s) 08/15/2002(b) 599,520 ---------------------------------------------------------------------------------------------- 715,000 NYS Medcare (Hospital & Nursing Home) 6.500 02/15/2019(s) 02/15/2004(b) 746,067 ---------------------------------------------------------------------------------------------- 20,000 NYS Medcare (Hospital & Nursing Home) 6.550 08/15/2012 08/15/2002(b) 21,058 ---------------------------------------------------------------------------------------------- 1,535,000 NYS Medcare (Hospital & Nursing Home) 6.850 02/15/2012(s) 02/15/2002(b) 1,596,369 ---------------------------------------------------------------------------------------------- 2,615,000 NYS Medcare (Hospital & Nursing Home) 6.875 02/15/2032 02/15/2002(b) 2,716,044 ---------------------------------------------------------------------------------------------- 35,000 NYS Medcare (Hospital & Nursing Home) 7.000 11/01/2005 11/01/2001(b) 35,815 ---------------------------------------------------------------------------------------------- 685,000 NYS Medcare (Hospital & Nursing Home) 7.200 11/01/2001 11/01/2001(b) 694,248 ---------------------------------------------------------------------------------------------- 85,000 NYS Medcare (Hospital & Nursing Home) 7.250 11/01/2002 11/01/2001(b) 86,127 ---------------------------------------------------------------------------------------------- 395,000 NYS Medcare (Hospital & Nursing Home) 7.250 11/01/2003 11/01/2001(b) 400,151 ---------------------------------------------------------------------------------------------- 15,000 NYS Medcare (Hospital & Nursing Home) 7.300 08/15/2011 08/15/2001(b) 15,385 ---------------------------------------------------------------------------------------------- 85,000 NYS Medcare (Hospital & Nursing Home) 7.300 08/15/2011 08/15/2001(b) 87,149 ---------------------------------------------------------------------------------------------- 310,000 NYS Medcare (Hospital & Nursing Home) 7.350 02/15/2029 08/15/2001(b) 311,522 ---------------------------------------------------------------------------------------------- 95,000 NYS Medcare (Hospital & Nursing Home) 7.350 02/15/2029 08/15/2001(b) 97,850 ---------------------------------------------------------------------------------------------- 1,825,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016(s) 11/01/2001(b) 1,902,563 ---------------------------------------------------------------------------------------------- 1,205,000 NYS Medcare (Hospital & Nursing Home) 7.450 08/15/2031 08/15/2001(a) 1,236,222 ---------------------------------------------------------------------------------------------- 5,175,000 NYS Medcare (Hospital & Nursing Home) 7.450 08/15/2031 08/15/2001(a) 5,302,409 ---------------------------------------------------------------------------------------------- 25,000 NYS Medcare (Hospital & Nursing Home) 7.750 08/15/2010(s) 08/15/2001(b) 25,750 ---------------------------------------------------------------------------------------------- 175,000 NYS Medcare (Hospital & Nursing Home) 8.625 02/15/2006 02/15/2002(b) 175,786 ---------------------------------------------------------------------------------------------- 825,000 NYS Medcare (Hospital & Nursing Home) 9.000 02/15/2026 02/15/2002(b) 846,368 ---------------------------------------------------------------------------------------------- 815,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016(s) 11/01/2001(b) 873,762 ---------------------------------------------------------------------------------------------- 2,095,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006(s) 11/01/2001(b) 2,233,689 ---------------------------------------------------------------------------------------------- 1,915,000 NYS Medcare (Huntington Hospital) 6.500 11/01/2014 08/29/2011(c) 1,906,344 ---------------------------------------------------------------------------------------------- 1,060,000 NYS Medcare (Insured Mortgage Nursing) 6.500 11/01/2015 11/01/2002(b) 1,121,777 ---------------------------------------------------------------------------------------------- 1,865,000 NYS Medcare (Long Term Health Care) 6.450 11/01/2014(s) 05/01/2002(b) 1,948,794 ---------------------------------------------------------------------------------------------- 130,000 NYS Medcare (Long Term Health Care) 6.800 11/01/2014(s) 05/01/2002(b) 136,325 ---------------------------------------------------------------------------------------------- 130,000 NYS Medcare (Long Term Health Care) 7.100 11/01/2012(s) 05/01/2002(b) 133,013 ---------------------------------------------------------------------------------------------- 235,000 NYS Medcare (Long Term Health Care) 7.300 11/01/2005(s) 11/01/2001(b) 238,184 ---------------------------------------------------------------------------------------------- 35,000 NYS Medcare (Long Term Health Care) 7.375 11/01/2011(s) 11/01/2001(b) 35,476 ---------------------------------------------------------------------------------------------- 5,000 NYS Medcare (Mental Health) 0.000 08/15/2001 08/15/2001 4,980
28 LIMITED TERM NEW YORK MUNICIPAL FUND
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------- New York Continued $ 5,000 NYS Medcare (Mental Health) 0.000% 02/15/2003 08/15/2001(b) 4,583 ---------------------------------------------------------------------------------------------- 5,000 NYS Medcare (Mental Health) 0.000 08/15/2003 08/15/2001(b) 4,417 ---------------------------------------------------------------------------------------------- 75,000 NYS Medcare (Mental Health) 5.550 08/15/2001 08/15/2001(b) 75,171 ---------------------------------------------------------------------------------------------- 10,000 NYS Medcare (Mental Health) 5.700 02/15/2003 02/15/2002(b) 10,021 ---------------------------------------------------------------------------------------------- 10,000 NYS Medcare (Mental Health) 6.100 08/15/2013(s) 08/15/2002(b) 10,486 ---------------------------------------------------------------------------------------------- 5,000 NYS Medcare (Mental Health) 6.375 08/15/2010 02/15/2002(a) 5,214 ---------------------------------------------------------------------------------------------- 5,000 NYS Medcare (Mental Health) 6.375 08/15/2014 08/15/2004(b) 5,557 ---------------------------------------------------------------------------------------------- 5,000 NYS Medcare (Mental Health) 6.500 08/15/2024 08/15/2004(a) 5,293 ---------------------------------------------------------------------------------------------- 5,000 NYS Medcare (Mental Health) 7.100 02/15/2002 08/15/2001(b) 5,027 ---------------------------------------------------------------------------------------------- 10,000 NYS Medcare (Mental Health) 7.200 02/15/2004 08/15/2001(b) 10,044 ---------------------------------------------------------------------------------------------- 200,000 NYS Medcare (Mental Health) 7.375 02/15/2014(s) 08/15/2001(b) 200,940 ---------------------------------------------------------------------------------------------- 15,000 NYS Medcare (Mental Health) 7.400 02/15/2002 02/15/2002(b) 15,205 ---------------------------------------------------------------------------------------------- 10,000 NYS Medcare (Mental Health) 7.400 08/15/2002 02/15/2002(b) 10,136 ---------------------------------------------------------------------------------------------- 5,000 NYS Medcare (Mental Health) 7.400 02/15/2003 08/15/2001(b) 5,125 ---------------------------------------------------------------------------------------------- 115,000 NYS Medcare (Mental Health) 7.600 02/15/2002 08/15/2001(b) 117,737 ---------------------------------------------------------------------------------------------- 10,000 NYS Medcare (Mental Health) 7.625 08/15/2007 08/15/2001(a) 10,261 ---------------------------------------------------------------------------------------------- 10,000 NYS Medcare (Mental Health) 7.700 08/15/2003(s) 08/15/2001(b) 10,235 ---------------------------------------------------------------------------------------------- 5,000 NYS Medcare (Mental Health) 7.750 08/15/2010(s) 02/15/2002(b) 5,069 ---------------------------------------------------------------------------------------------- 20,000 NYS Medcare (Mental Health) 7.750 08/15/2010(s) 02/15/2002(b) 20,761 ---------------------------------------------------------------------------------------------- 250,000 NYS Medcare (Mental Health) 8.875 08/15/2007(s) 08/15/2001(b) 259,700 ---------------------------------------------------------------------------------------------- 85,000 NYS Medcare (Montefiore Medical Center) 5.700 02/15/2012 02/15/2007(b) 89,765 ---------------------------------------------------------------------------------------------- 40,000 NYS Medcare (North Shore University Hospital) 7.125 11/01/2008(s) 11/01/2001(b) 40,935 ---------------------------------------------------------------------------------------------- 75,000 NYS Medcare (Our Lady of Mercy Medical Center) 6.250 08/15/2015(s) 02/15/2005(b) 78,127 ---------------------------------------------------------------------------------------------- 30,000 NYS Medcare (Our Lady of Victory Hospital) 6.625 11/01/2016(s) 11/01/2001(b) 30,911 ---------------------------------------------------------------------------------------------- 215,000 NYS Medcare(v)(Our Lady Victory Hospital) 7.000 11/01/2004(s) 11/01/2001(b) 217,860 ---------------------------------------------------------------------------------------------- 30,000 NYS Medcare (Secured Hospital) 6.125 08/15/2013(s) 02/15/2004(b) 31,616 ---------------------------------------------------------------------------------------------- 235,000 NYS Medcare (Sisters of Charity Hospital) 6.600 11/01/2007(s) 11/01/2001(b) 242,548 ---------------------------------------------------------------------------------------------- 130,000 NYS Medcare (Sisters of Charity Hospital) 6.600 11/01/2010(s) 11/01/2001(b) 134,176 ---------------------------------------------------------------------------------------------- 35,000 NYS Medcare (Sisters of Charity Hospital) 6.625 11/01/2018(s) 11/01/2001(b) 36,018 ---------------------------------------------------------------------------------------------- 80,000 NYS Medcare (St. Luke's Hospital) 5.600 08/15/2013(s) 08/15/2005(b) 84,528 ---------------------------------------------------------------------------------------------- 70,000 NYS Medcare (St. Luke's Hospital) 5.625 08/15/2018(s) 08/15/2005(b) 71,779 ---------------------------------------------------------------------------------------------- 1,540,000 NYS Medcare (St. Luke's Hospital) 7.500 11/01/2011(s) 11/01/2001(b) 1,572,725 ---------------------------------------------------------------------------------------------- 2,630,000 NYS Muni Bond Bank Agency (Special Program-City of Buffalo) 6.875 03/15/2006(s) 09/15/2001(b) 2,701,431 ---------------------------------------------------------------------------------------------- 10,000 NYS Power Authority 5.500 01/01/2010(s) 01/01/2002(a) 10,712 ---------------------------------------------------------------------------------------------- 275,000 NYS Thruway Authority 0.000 01/01/2004 01/01/2004 250,833 ---------------------------------------------------------------------------------------------- 250,000 NYS Thruway Authority 0.000 01/01/2005 01/01/2005 218,305 ---------------------------------------------------------------------------------------------- 385,000 NYS Thruway Authority 0.000 01/01/2006 01/01/2006 321,155 ---------------------------------------------------------------------------------------------- 50,000 NYS Thruway Authority 5.500 04/01/2015(s) 04/01/2007(b) 51,929 ---------------------------------------------------------------------------------------------- 45,000 NYS Thruway Authority 5.750 04/01/2016(s) 04/01/2008(b) 47,108
29 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ------------------------------------------------------------------------------------------------- New York Continued $ 25,000 NYS UDC (Correctional Facilities) 0.000% 01/01/2003 01/01/2003 $ 23,835 ------------------------------------------------------------------------------------------------- 30,000 NYS UDC (Correctional Facilities) 0.000 01/01/2007 01/01/2007 23,793 ------------------------------------------------------------------------------------------------- 23,815,000 NYS UDC (Correctional Facilities) 5.375 01/01/2023(s) 01/01/2006(b) 23,880,968 ------------------------------------------------------------------------------------------------- 90,000 NYS UDC (Correctional Facilities) 5.750 01/01/2013(s) 01/01/2005(b) 93,203 ------------------------------------------------------------------------------------------------- 85,000 NYS UDC (Correctional Facilities) 5.750 01/01/2013(s) 01/01/2005(b) 87,812 ------------------------------------------------------------------------------------------------- 15,000 NYS UDC (Correctional Facilities) 6.750 01/01/2026 01/01/2002(b) 15,526 ------------------------------------------------------------------------------------------------- 35,000 NYS UDC (South Mall) CAB 0.000 01/01/2003 01/01/2003 33,265 ------------------------------------------------------------------------------------------------- 130,000 NYS UDC (South Mall) CAB 0.000 01/01/2005 06/24/2004(c) 110,652 ------------------------------------------------------------------------------------------------- 50,000 NYS UDC (South Mall) CAB 0.000 01/01/2005 06/24/2004(c) 42,622 ------------------------------------------------------------------------------------------------- 1,025,000 NYS UDC (South Mall) CAB 0.000 01/01/2011 04/08/2008(c) 593,321 ------------------------------------------------------------------------------------------------- 710,000 NYS UDC (South Mall) CAB 0.000 01/01/2011 04/08/2008(c) 419,504 ------------------------------------------------------------------------------------------------- 6,000,000 NYS UDC (Sub Lien) 5.500 07/01/2022(s) 07/01/2008(b) 6,099,240 ------------------------------------------------------------------------------------------------- 6,630,000 NYS UDC (Sub Lien) 5.600 07/01/2026(s) 07/01/2008(b) 6,757,959 ------------------------------------------------------------------------------------------------- 1,900,000 Oneida County IDA (Bonide Products) 5.750 11/01/2007 01/19/2005(c) 1,852,785 ------------------------------------------------------------------------------------------------- 2,285,000 Oneida County IDA (Faxton Hospital) 6.625 01/01/2015(s) 01/01/2010(b) 2,584,404 ------------------------------------------------------------------------------------------------- 1,000,000 Oneida County IDA (Presbyterian Home) 6.250 06/01/2015 06/01/2010(b) 1,095,860 ------------------------------------------------------------------------------------------------- 85,000 Oneida Healthcare Corp. 7.100 08/01/2011 08/01/2001(b) 86,944 ------------------------------------------------------------------------------------------------- 1,150,000 Oneida-Herkimer SWMA 6.600 04/01/2004 04/01/2004 1,223,416 ------------------------------------------------------------------------------------------------- 155,000 Oneida-Herkimer SWMA 6.750 04/01/2014(s) 04/01/2005(b) 157,902 ------------------------------------------------------------------------------------------------- 85,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008(s) 12/01/2001(b) 86,029 ------------------------------------------------------------------------------------------------- 510,000 Onondaga County IDA (LeMoyne College) 5.500 03/01/2014 04/08/2012(c) 511,285 ------------------------------------------------------------------------------------------------- 100,000 Onondaga County Res Rec 6.400 05/01/2002 05/01/2002 101,461 ------------------------------------------------------------------------------------------------- 11,885,000 Onondaga County Res Rec 6.875 05/01/2006 05/01/2002(b) 12,257,951 ------------------------------------------------------------------------------------------------- 14,595,000 Onondaga County Res Rec 7.000 05/01/2015(s) 05/01/2004(b) 14,986,438 ------------------------------------------------------------------------------------------------- 130,000 Orange County IDA (Glen Arden) 5.400 01/01/2008 01/01/2008 127,967 ------------------------------------------------------------------------------------------------- 825,000 Orange County IDA (Kingston Manufacturing)(i) 7.250 11/01/2003 11/18/2002(c) 803,641 ------------------------------------------------------------------------------------------------- 40,000 Orange County IDA (Mental Health) 6.000 05/01/2008 05/01/2006(b) 43,307 ------------------------------------------------------------------------------------------------- 60,000 Orange County IDA (Mental Health) 6.125 05/01/2016(s) 05/01/2008(b) 62,437 ------------------------------------------------------------------------------------------------- 1,805,000 Oswego County Res Rec 6.500 06/01/2004 05/23/2003(c) 1,884,709 ------------------------------------------------------------------------------------------------- 50,000 Philadelphia, NY GO 7.500 12/15/2009 12/15/2009 59,854 ------------------------------------------------------------------------------------------------- 18,040,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 06/01/2002(b) 18,743,560 ------------------------------------------------------------------------------------------------- 4,165,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 10/01/2008(b) 4,430,560 ------------------------------------------------------------------------------------------------- 275,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019(s) 10/01/2008(b) 285,973 ------------------------------------------------------------------------------------------------- 14,850,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 05/02/2005(c) 15,686,798 ------------------------------------------------------------------------------------------------- 15,000 Port Authority NY/NJ, 100th Series 5.750 12/15/2015 06/15/2005(b) 15,740 ------------------------------------------------------------------------------------------------- 5,000 Port Authority NY/NJ, 32nd Series 5.000 02/01/2003(s) 08/01/2001(b) 5,010 ------------------------------------------------------------------------------------------------- 75,000 Port Authority NY/NJ, 74th Series 6.750 08/01/2026(s) 08/01/2001(b) 75,954 ------------------------------------------------------------------------------------------------- 50,000 Port Authority NY/NJ, 76th Series 6.500 11/01/2011 11/01/2001(b) 51,051 ------------------------------------------------------------------------------------------------- 8,790,000 Port Authority NY/NJ, 76th Series 6.500 11/01/2026 11/01/2001(b) 8,960,262 ------------------------------------------------------------------------------------------------- 90,000 Port Authority NY/NJ, 76th Series 6.500 11/01/2026(s) 11/01/2001(b) 91,614 ------------------------------------------------------------------------------------------------- 30,000 Port Authority NY/NJ, 83rd Series 6.375 10/15/2017(s) 10/15/2002(b) 31,280 ------------------------------------------------------------------------------------------------- 10,000 Port Authority NY/NJ, 95th Series 6.000 07/15/2015 07/16/2006(b) 10,412 ------------------------------------------------------------------------------------------------- 3,300,000 Port Authority NY/NJ, 96th Series 6.600 10/01/2023(s) 10/01/2004(b) 3,552,054 ------------------------------------------------------------------------------------------------- 10,000 Port Authority NY/NJ, 97th Series 6.500 07/15/2019 01/15/2005(b) 10,835
30 LIMITED TERM NEW YORK MUNICIPAL FUND
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------------------- New York Continued $ 50,000 Portchester CDC (Southport) 7.300% 08/01/2011(s) 02/01/2002(b) $ 50,068 ---------------------------------------------------------------------------------------------------------- 1,745,000 Poughkeepsie IDA (Eastman & Bixby Redevelopment Corp.) 5.900 08/01/2020 05/16/2009(g) 1,813,910 ---------------------------------------------------------------------------------------------------------- 1,085,000 Putnam County IDA (Brewster Plastics) 7.375 12/01/2008 10/14/2005(c) 1,108,360 ---------------------------------------------------------------------------------------------------------- 160,000 Rensselaer Hsg. Authority (Renwyck) 7.650 01/01/2011(s) 12/13/2002(g) 169,808 ---------------------------------------------------------------------------------------------------------- 1,115,000 Rensselaer Municipal Leasing Corp. (Rensselaer County Nursing Home) 6.250 06/01/2004 06/16/2003(c) 1,145,819 ---------------------------------------------------------------------------------------------------------- 60,000 Rensselaer Municipal Leasing Corp. (Rensselaer County Nursing Home) 6.900 06/01/2024 06/01/2006(b) 60,617 ---------------------------------------------------------------------------------------------------------- 1,700,000 Riverhead HDC (Riverpointe Apartments) 5.850 08/01/2010 06/27/2008(g) 1,759,636 ---------------------------------------------------------------------------------------------------------- 1,950,000 Rochester Hsg. Authority (Crossroads Apartments) 7.300 07/01/2005 11/03/2003(c) 2,046,915 ---------------------------------------------------------------------------------------------------------- 640,000 Rochester Hsg. Authority (Stonewood Village) 5.900 09/01/2009 03/05/2005(g) 647,603 ---------------------------------------------------------------------------------------------------------- 265,000 Rockland County IDA (Dominican College) 7.000 03/01/2003 09/06/2002(c) 276,077 ---------------------------------------------------------------------------------------------------------- 305,000 Rockland Gardens Hsg. Corp. 10.500 05/01/2011 05/01/2011(b) 312,363 ---------------------------------------------------------------------------------------------------------- 50,000 Rome GO 6.900 12/15/2007 12/15/2003(b) 53,926 ---------------------------------------------------------------------------------------------------------- 240,000 Rome Hsg. Corp. 7.000 01/01/2026(s) 07/01/2002(b) 248,450 ---------------------------------------------------------------------------------------------------------- 225,000 Roxbury CSD GO 6.400 06/15/2010 06/15/2005(b) 241,191 ---------------------------------------------------------------------------------------------------------- 235,000 Roxbury CSD GO 6.400 06/15/2011 06/15/2005(b) 251,471 ---------------------------------------------------------------------------------------------------------- 1,490,000 Saratoga County IDA (Saratoga Sheraton) 6.750 12/31/2007(s) 05/21/2004(g) 1,500,832 ---------------------------------------------------------------------------------------------------------- 60,000 Schodack IDA (Hamilton Printing) 7.625 07/01/2001 07/01/2001 60,014 ---------------------------------------------------------------------------------------------------------- 120,000 Schuyler County IDA (Cargill) 7.900 04/01/2007 04/01/2007(b) 120,467 ---------------------------------------------------------------------------------------------------------- 25,000 Scotia GO 6.100 01/15/2012 07/15/2003(b) 26,515 ---------------------------------------------------------------------------------------------------------- 30,000 SONYMA, Series 27 5.650 04/01/2015(s) 10/01/2005(b) 30,725 ---------------------------------------------------------------------------------------------------------- 130,000 SONYMA, Series 27 6.900 04/01/2015(s) 04/01/2002(b) 134,596 ---------------------------------------------------------------------------------------------------------- 950,000 SONYMA, Series 28 6.650 04/01/2022 04/01/2002(c) 958,189 ---------------------------------------------------------------------------------------------------------- 50,000 SONYMA, Series 29-A 6.100 10/01/2015(s) 03/05/2008(g) 52,712 ---------------------------------------------------------------------------------------------------------- 25,000 SONYMA, Series 29-B 6.450 04/01/2015(s) 03/01/2003(b) 25,598 ---------------------------------------------------------------------------------------------------------- 670,000 SONYMA, Series 30-B 6.000 04/01/2019(s) 03/01/2005(b) 698,227 ---------------------------------------------------------------------------------------------------------- 10,000 SONYMA, Series 34 5.550 09/30/2025 04/10/2025(c) 10,031 ---------------------------------------------------------------------------------------------------------- 640,000 SONYMA, Series 36-A 6.125 10/01/2020(s) 06/06/2006(b) 661,914 ---------------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series 39 5.750 10/01/2010(s) 04/01/2006(b) 104,994 ---------------------------------------------------------------------------------------------------------- 155,000 SONYMA, Series 39 6.000 10/01/2017(s) 04/01/2006(b) 160,414 ---------------------------------------------------------------------------------------------------------- 2,125,000 SONYMA, Series 40-A 6.350 04/01/2021 06/01/2006(b) 2,202,308 ---------------------------------------------------------------------------------------------------------- 710,000 SONYMA, Series 40-A 6.700 04/01/2025(s) 06/01/2004(b) 739,749 ---------------------------------------------------------------------------------------------------------- 20,000 SONYMA, Series 41-A 6.450 10/01/2014(s) 06/01/2004(b) 20,913 ---------------------------------------------------------------------------------------------------------- 40,000 SONYMA, Series 41-A 6.450 10/01/2014(s) 06/01/2004(b) 41,937 ---------------------------------------------------------------------------------------------------------- 50,000 SONYMA, Series 41-B 6.250 10/01/2014(s) 08/01/2006(b) 52,536 ---------------------------------------------------------------------------------------------------------- 180,000 SONYMA, Series 42 6.400 10/01/2020(s) 09/01/2004(b) 190,539 ---------------------------------------------------------------------------------------------------------- 50,000 SONYMA, Series 43 6.100 04/01/2009 09/01/2004(b) 53,346 ---------------------------------------------------------------------------------------------------------- 25,000 SONYMA, Series 43 6.100 10/01/2009 09/01/2004(b) 26,673 ---------------------------------------------------------------------------------------------------------- 785,000 SONYMA, Series 43 6.450 10/01/2017(s) 09/01/2004(b) 831,456 ---------------------------------------------------------------------------------------------------------- 125,000 SONYMA, Series 46 6.500 04/01/2013(s) 03/28/2007(b) 133,224 ---------------------------------------------------------------------------------------------------------- 140,000 SONYMA, Series 46 6.600 10/01/2019(s) 03/28/2005(b) 147,606 ---------------------------------------------------------------------------------------------------------- 19,430,000 SONYMA, Series 46 6.650 10/01/2025(s) 03/28/2007(b) 20,311,928
31 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ---------------------------------------------------------------------------------------------------------- New York Continued $ 65,000 SONYMA, Series 47 6.375% 10/01/2017(s) 03/28/2007(b) $ 68,545 ---------------------------------------------------------------------------------------------------------- 50,000 SONYMA, Series 48 6.000 04/01/2013 06/29/2007(b) 52,724 ---------------------------------------------------------------------------------------------------------- 20,000 SONYMA, Series 48 6.000 04/01/2013(s) 06/29/2007(b) 21,165 ---------------------------------------------------------------------------------------------------------- 25,000 SONYMA, Series 48 6.100 04/01/2025(s) 06/29/2007(b) 25,902 ---------------------------------------------------------------------------------------------------------- 20,000 SONYMA, Series 48 6.100 04/01/2025(s) 06/29/2007(b) 20,826 ---------------------------------------------------------------------------------------------------------- 510,000 SONYMA, Series 50 6.250 04/01/2010 09/13/2007(b) 524,168 ---------------------------------------------------------------------------------------------------------- 5,580,000 SONYMA, Series 50 6.625 04/01/2025(s) 09/13/2007(b) 5,843,041 ---------------------------------------------------------------------------------------------------------- 45,000 SONYMA, Series 51 6.400 10/01/2017(s) 09/13/2007(b) 46,813 ---------------------------------------------------------------------------------------------------------- 10,000 SONYMA, Series 52 6.100 04/01/2026(s) 01/04/2008(b) 10,381 ---------------------------------------------------------------------------------------------------------- 50,000 SONYMA, Series 53 5.750 10/01/2011(s) 01/04/2008(b) 53,134 ---------------------------------------------------------------------------------------------------------- 290,000 SONYMA, Series 54 6.100 10/01/2015(s) 03/05/2008 g 305,051 ---------------------------------------------------------------------------------------------------------- 665,000 SONYMA, Series 56 5.875 10/01/2019(s) 07/01/2008(b) 683,613 ---------------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series 56 6.500 10/01/2026(s) 07/01/2008(b) 106,164 ---------------------------------------------------------------------------------------------------------- 3,000,000 SONYMA, Series 90 5.750 10/01/2021 01/20/2004(c) 3,113,010 ---------------------------------------------------------------------------------------------------------- 5,000 SONYMA, Series MM-1 7.600 10/01/2002 02/04/2002(b) 5,076 ---------------------------------------------------------------------------------------------------------- 60,000 SONYMA, Series MM-1 7.650 10/01/2003 02/04/2002(b) 61,063 ---------------------------------------------------------------------------------------------------------- 10,000 SONYMA, Series MM-2 7.550 04/01/2002 10/01/2001(b) 10,091 ---------------------------------------------------------------------------------------------------------- 75,000 SONYMA, Series MM-2 7.650 04/01/2004 10/01/2001(b) 76,256 ---------------------------------------------------------------------------------------------------------- 40,000 SONYMA, Series QQ 7.600 10/01/2012 04/01/2002(b) 40,398 ---------------------------------------------------------------------------------------------------------- 1,430,000 SONYMA, Series QQ 7.700 10/01/2012 04/01/2002(b) 1,445,187 ---------------------------------------------------------------------------------------------------------- 25,000 SONYMA, Series TT 6.850 10/01/2001 10/01/2001 25,100 ---------------------------------------------------------------------------------------------------------- 20,000 SONYMA, Series TT 6.950 04/01/2002 04/01/2002 20,240 ---------------------------------------------------------------------------------------------------------- 125,000 SONYMA, Series TT 7.150 04/01/2004 04/01/2002(b) 127,619 ---------------------------------------------------------------------------------------------------------- 10,000 SONYMA, Series TT 7.200 04/01/2005 04/01/2002(b) 10,209 ---------------------------------------------------------------------------------------------------------- 25,000 SONYMA, Series TT 7.200 10/01/2005 04/01/2002(b) 25,522 ---------------------------------------------------------------------------------------------------------- 25,000 SONYMA, Series VV 6.800 10/01/2002 10/01/2001(b) 25,718 ---------------------------------------------------------------------------------------------------------- 60,000 SONYMA, Series VV 6.900 04/01/2003 04/01/2003 61,231 ---------------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series VV 7.000 04/01/2004 10/01/2001(b) 102,234 ---------------------------------------------------------------------------------------------------------- 100,000 SONYMA, Series VV 7.000 10/01/2004 10/01/2001(b) 102,089 ---------------------------------------------------------------------------------------------------------- 120,000 SONYMA, Series VV 7.250 10/01/2007(s) 10/01/2001(b) 122,722 ---------------------------------------------------------------------------------------------------------- 110,000 Springville HDC (Springbrook) 5.950 01/01/2010 07/29/2006(c) 112,130 ---------------------------------------------------------------------------------------------------------- 1,040,000 St. Casimer's EHC 7.375 09/01/2010(s) 09/01/2001(b) 1,062,755 ---------------------------------------------------------------------------------------------------------- 880,000 St. Lawrence IDA (PACES) 5.875 06/30/2007 03/03/2005(c) 842,459 ---------------------------------------------------------------------------------------------------------- 1,065,000 Suffolk County IDA (ACLD) 5.750 03/01/2006 03/26/2004(c) 1,032,294 ---------------------------------------------------------------------------------------------------------- 1,025,000 Suffolk County IDA (ALIA--CCDRCA) 7.000 06/01/2016 10/11/2010(c) 1,026,035 ---------------------------------------------------------------------------------------------------------- 1,230,000 Suffolk County IDA (ALIA--FREE) 7.000 06/01/2016 10/11/2010(c) 1,231,242 ---------------------------------------------------------------------------------------------------------- 580,000 Suffolk County IDA (ALIA--WORCA) 7.000 06/01/2016 10/11/2010(c) 580,586 ---------------------------------------------------------------------------------------------------------- 240,000 Suffolk County IDA (Dowling College) 6.500 12/01/2006 12/01/2006 246,194 ---------------------------------------------------------------------------------------------------------- 50,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 12/29/2016(c) 45,571 ---------------------------------------------------------------------------------------------------------- 2,015,000 Suffolk County IDA (Huntington First Aid Squad) 6.025 11/01/2008 08/21/2005(c) 1,932,869 ---------------------------------------------------------------------------------------------------------- 290,000 Suffolk County IDA (Mattituck-Laurel Library) 6.000 09/01/2019(s) 09/01/2010(b) 317,318 ---------------------------------------------------------------------------------------------------------- 30,000 Suffolk County IDA (OBPWC) 7.000 11/01/2002 05/02/2002(c) 29,832 ---------------------------------------------------------------------------------------------------------- 760,000 Suffolk County IDA (Rimland Facilities)(i) 5.062(v) 12/01/2004 12/01/2001(b) 760,000
32 LIMITED TERM NEW YORK MUNICIPAL FUND
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ------------------------------------------------------------------------------------------------------------ New York Continued $ 40,000 Suffolk County Water Authority 5.625% 06/01/2016(s) 06/01/2004(b) $ 40,850 ------------------------------------------------------------------------------------------------------------ 2,190,000 Sunnybrook EHC 11.250 12/01/2014(s) 04/01/2002(b) 2,338,526 ------------------------------------------------------------------------------------------------------------ 3,120,000 Syracuse COP (Hancock International Airport) 6.500 01/01/2017(s) 01/01/2002(b) 3,224,988 ------------------------------------------------------------------------------------------------------------ 1,105,000 Syracuse COP (Hancock International Airport) 6.600 01/01/2005 01/01/2002(b) 1,140,084 ------------------------------------------------------------------------------------------------------------ 1,825,000 Syracuse COP (Hancock International Airport) 6.625 01/01/2012(s) 01/01/2002(b) 1,877,724 ------------------------------------------------------------------------------------------------------------ 3,650,000 Syracuse COP (Hancock International Airport) 6.625 01/01/2012(s) 01/01/2002(b) 3,780,159 ------------------------------------------------------------------------------------------------------------ 1,210,000 Syracuse COP (Hancock International Airport) 6.700 01/01/2007 01/01/2002(b) 1,246,808 ------------------------------------------------------------------------------------------------------------ 3,145,000 Syracuse IDA (Crouse Irving Health Hospital)i 5.125 01/01/2009 10/05/2005(c) 1,823,345 ------------------------------------------------------------------------------------------------------------ 675,000 Syracuse IDA (Pavilion on James Senior Hsg.) 6.500 08/01/2007 10/28/2004(c) 680,063 ------------------------------------------------------------------------------------------------------------ 155,000 Syracuse IDA (Rockwest Center I)i 7.250 06/01/2003 12/06/2002(c) 152,481 ------------------------------------------------------------------------------------------------------------ 930,000 Syracuse IDA (Rockwest Center II)i 7.000 12/01/2005 12/01/2005 511,500 ------------------------------------------------------------------------------------------------------------ 1,220,000 Syracuse SCHC (East Hill Village Apartments) 6.125 11/01/2010 10/25/2006(c) 1,273,936 ------------------------------------------------------------------------------------------------------------ 195,000 Tompkins County IDA (Kendall at Ithaca) 7.875 06/01/2015(s) 06/01/2005(b) 200,144 ------------------------------------------------------------------------------------------------------------ 295,000 Tompkins Healthcare Corp. (Reconstruction Home) 10.800 02/01/2028 08/01/2005(b) 352,985 ------------------------------------------------------------------------------------------------------------ 3,400,000 Tonawanda HDC (Tonawanda Towers) 6.150 10/01/2011 10/15/2006(g) 3,488,026 ------------------------------------------------------------------------------------------------------------ 90,000 Triborough Bridge & Tunnel Authority 6.500 01/01/2019(s) 01/01/2002(b) 92,702 ------------------------------------------------------------------------------------------------------------ 13,300,000 TSASC, Inc. (TFABs) 6.250 07/15/2027(s) 07/15/2010(b) 13,901,692 ------------------------------------------------------------------------------------------------------------ 2,500,000 TSASC, Inc. (TFABs) 5.900 07/15/2017 07/15/2011(e) 2,598,400 ------------------------------------------------------------------------------------------------------------ 4,000,000 TSASC, Inc. (TFABs) 6.000 07/15/2019 07/15/2013(e) 4,142,320 ------------------------------------------------------------------------------------------------------------ 3,525,000 TSASC, Inc. (TFABs) 6.000 07/15/2020 07/15/2013(e) 3,642,806 ------------------------------------------------------------------------------------------------------------ 75,000 Tupper Lake HDC 8.125 10/01/2010 10/01/2001(b) 75,238 ------------------------------------------------------------------------------------------------------------ 1,300,000 Ulster County IDA (Benedictine Hospital) 6.050 06/01/2005 12/29/2003(c) 1,265,745 ------------------------------------------------------------------------------------------------------------ 7,000,000 Ulster County Tobacco Asset Securitization Corp. 6.750 06/01/2030(s) 06/01/2012(b) 7,511,560 ------------------------------------------------------------------------------------------------------------ 515,000 Union Hsg. Authority (Methodist Homes) 6.800 11/01/2004 06/08/2003(c) 523,266 ------------------------------------------------------------------------------------------------------------ 8,000,000 United Nations Devel. Corp., Series(b) 5.600 07/01/2026 01/01/2002(b) 8,000,560 ------------------------------------------------------------------------------------------------------------ 465,000 Utica IDA (Utica College) 5.300 08/01/2008 05/18/2004(c) 472,194 ------------------------------------------------------------------------------------------------------------ 100,000 Utica SCHC (Steinhorst Apartments) 6.500 04/15/2008(s) 10/05/2004(g) 106,920 ------------------------------------------------------------------------------------------------------------ 10,000 Valley Health Devel. Corp. 7.850 08/01/2035(s) 08/01/2001(b) 10,344 ------------------------------------------------------------------------------------------------------------ 95,000 Watervliet EHC 8.000 11/15/2001 11/15/2001(b) 95,306 ------------------------------------------------------------------------------------------------------------ 100,000 Watervliet EHC 8.000 11/15/2002 11/15/2002(b) 100,322 ------------------------------------------------------------------------------------------------------------ 360,000 Westchester County IDA (Beth Abraham Hospital) 7.250 12/01/2009 06/06/2006(c) 360,418 ------------------------------------------------------------------------------------------------------------ 535,000 Westchester County IDA (JBFS) 6.500 12/15/2002 06/20/2002(c) 538,959 ------------------------------------------------------------------------------------------------------------ 315,000 Westchester County IDA (JDAM) 6.250 04/01/2005 10/26/2003(c) 316,937 ------------------------------------------------------------------------------------------------------------ 1,010,000 Westchester County IDA (JDAM) 6.750 04/01/2016 06/29/2013(c) 1,003,718 ------------------------------------------------------------------------------------------------------------ 1,505,000 Yonkers IDA (Hudson Scenic Studio) 5.875 11/01/2007 01/24/2005(c) 1,446,847 ------------------------------------------------------------------------------------------------------------ 1,025,000 Yonkers IDA (Philipsburgh Hall) 6.500 11/01/2001 11/01/2001 1,024,959
33 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ----------------------------------------------------------------------------------------------------------------------------- New York Continued $ 185,000 Yonkers IDA (Philipsburgh Hall) 6.750% 11/01/2008 08/23/2005(c) $ 187,751 ----------------------------------------------------------------------------------------------------------------------------- 2,850,000 Yonkers IDA (St. John's Riverside Hospital) 6.625 02/01/2026(s) 02/01/2011(b) 2,978,250 ----------------------------------------------------------------------------------------------------------------------------- 3,000,000 Yonkers IDA (St. John's Riverside Hospital) 6.800 07/01/2016 09/17/2010(c) 3,020,760 ----------------------------------------------------------------------------------------------------------------------------- 1,000,000 Yonkers IDA (St. Joseph's Hospital), Series 98-B 5.900 03/01/2008 03/01/2006(c) 974,590 ----------- 998,266,987 ----------------------------------------------------------------------------------------------------------------------------- Other States--4.9% 6,195,000 Alliance Airport Authority, TX (American Airlines) 7.500 12/01/2029(s) 12/01/2001(b) 6,331,166 ----------------------------------------------------------------------------------------------------------------------------- 15,000 Chicago, IL O'Hare International Airport, Series A 7.250 01/01/2009(s) 01/01/2002(b) 15,182 ----------------------------------------------------------------------------------------------------------------------------- 265,000 Dallas-Fort Worth, TX International Airport (American Airlines) 7.250 11/01/2030 11/01/2002(b) 277,317 ----------------------------------------------------------------------------------------------------------------------------- 225,000 Dallas-Fort Worth, TX International Airport (Delta Air Lines) 7.125 11/01/2026 11/01/2001(b) 226,710 ----------------------------------------------------------------------------------------------------------------------------- 235,000 Dallas-Fort Worth, TX International Airport (Delta Air Lines) 7.625 11/01/2021 11/01/2001(b) 241,740 ----------------------------------------------------------------------------------------------------------------------------- 5,000 Denver, CO City & County Airport, Series A 8.750 11/15/2023(s) 11/15/2001(b) 5,190 ----------------------------------------------------------------------------------------------------------------------------- 3,370,000 Gulf Coast Waste Disposal Authority, TX (Champion International Corp.) 7.250 04/01/2017 04/01/2002(b) 3,482,255 ----------------------------------------------------------------------------------------------------------------------------- 16,800,000 Gulf Coast Waste Disposal Authority, TX (Champion International Corp.) 7.450 05/01/2026 04/01/2002(b) 17,370,360 ----------------------------------------------------------------------------------------------------------------------------- 2,500,000 IL DFA Pollution Control (Commonwealth Edison Corp.) 7.250 06/01/2011 12/01/2001(b) 2,553,925 ----------------------------------------------------------------------------------------------------------------------------- 10,000 Josephine County, OR School District 6.500 08/01/2009 08/01/2001(b) 10,032 ----------------------------------------------------------------------------------------------------------------------------- 4,760,00 Kenton County, KY Airport (Delta Air Lines) 7.125 02/01/2021 02/01/2002(b) 4,905,370 ----------------------------------------------------------------------------------------------------------------------------- 100,000 Kenton County, KY Airport (Delta Air Lines) 7.250 02/01/2022 02/01/2002(b) 103,125 ----------------------------------------------------------------------------------------------------------------------------- 11,550,000 Kenton County, KY Airport (Delta Air Lines) 7.500 02/01/2012 02/01/2002(b) 11,948,013 ----------------------------------------------------------------------------------------------------------------------------- 120,000 Kenton County, KY Airport (Delta Air Lines) 7.500 02/01/2020 02/01/2002(b) 124,135 ----------------------------------------------------------------------------------------------------------------------------- 1,000,000 Lawrenceburg, IN Pollution Control (Indiana Michigan Power Company) 7.000 04/01/2015 04/01/2002(b) 1,037,660 ----------------------------------------------------------------------------------------------------------------------------- 5,000 MA HFA (Single Family Hsg.), Series 22 6.100 06/01/2016(s) 06/01/2002(b) 5,061 ----------------------------------------------------------------------------------------------------------------------------- 25,000 MD Community Devel. Hsg. (People's Resource Center) 6.800 04/01/2024(s) 04/01/2002(b) 25,710 ----------------------------------------------------------------------------------------------------------------------------- 15,000 ME H&HE Facilities Authority (Bowdoin College) 7.100 10/01/2011(s) 10/01/2001(b) 15,452 ----------------------------------------------------------------------------------------------------------------------------- 1,500,000 Meridian Metropolitan District, CO GO 7.500 12/01/2011(s) 12/01/2001(b) 1,537,020 ----------------------------------------------------------------------------------------------------------------------------- 15,000 Montgomery County, MD HOC (Multifamily Mortgage), Series C 7.150 07/01/2023(s) 07/01/2002(b) 15,457 ----------------------------------------------------------------------------------------------------------------------------- 10,000 NH Hsg. Finance Authority (Single Family Residential Mortgage) 7.550 07/01/2011(s) 01/01/2002(b) 10,210 ----------------------------------------------------------------------------------------------------------------------------- 2,515,000 NH IDA (Public Service Company) 7.650 05/01/2021 11/01/2002(b) 2,569,022 ----------------------------------------------------------------------------------------------------------------------------- 3,965,000 NJ EDA (Elizabethtown Water Company) 6.700 08/01/2021 08/01/2001(b) 4,048,899 ----------------------------------------------------------------------------------------------------------------------------- 2,000,000 NJ EDA (Jersey Central Power & Light) 7.100 07/01/2015 01/01/2002(b) 2,085,000 ----------------------------------------------------------------------------------------------------------------------------- 15,000 Pope County, AR (Arkansas Power & Light Company) 8.000 11/01/2020 11/01/2001(b) 15,324
34 LIMITED TERM NEW YORK MUNICIPAL FUND
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ------------------------------------------------------------------------------------------------------------ Other States Continued $ 10,000 Pulaski County, AR (Arkansas Children's Hospital) 6.100% 03/01/2013(s) 03/01/2005(b) $ 10,128 ------------------------------------------------------------------------------------------------------------ 1,950,000 St. Charles Parish, LA (Louisiana Power & Light Company) 7.500 06/01/2021 12/01/2001(b) 1,993,134 ------------------------------------------------------------------------------------------------------------ 5,000 University of AL (University of Alabama-Birmingham) 6.750 07/01/2007(s) 01/01/2002(b) 5,096 ---------- 60,967,693 ------------------------------------------------------------------------------------------------------------ U.S. Possessions--14.0% 11,580,000 Guam Airport Authority, Series B 6.400 10/01/2005(s) 03/16/2003(g) 12,246,429 ------------------------------------------------------------------------------------------------------------ 15,335,000 Guam Airport Authority, Series B 6.600 10/01/2010(s) 10/01/2003(b) 16,199,741 ------------------------------------------------------------------------------------------------------------ 18,115,000 Guam Airport Authority, Series B 6.700 10/01/2023(s) 10/01/2005(b) 19,178,351 ------------------------------------------------------------------------------------------------------------ 1,100,000 Guam EDA (TASC) 5.000 05/15/2022 11/22/2004(c) 1,091,904 ------------------------------------------------------------------------------------------------------------ 1,450,000 Guam EDA (TASC) 5.400 05/15/2031 07/14/2010(c) 1,462,282 ------------------------------------------------------------------------------------------------------------ 2,500,000 Guam EDA (TASC) 5.500 05/15/2041(s) 09/22/2015(c) 2,504,550 ------------------------------------------------------------------------------------------------------------ 14,075,000 Guam GO, Series A 5.375 11/15/2013(s) 11/15/2005(b) 14,150,301 ------------------------------------------------------------------------------------------------------------ 500,000 Guam GO, Series A 5.400 11/15/2018 12/22/2016(c) 498,015 ------------------------------------------------------------------------------------------------------------ 2,470,000 Guam GO, Series A 5.625 09/01/2002 09/01/2001(b) 2,479,386 ------------------------------------------------------------------------------------------------------------ 3,630,000 Guam GO, Series A 5.700 09/01/2003 03/01/2003(b) 3,642,088 ------------------------------------------------------------------------------------------------------------ 5,250,000 Guam GO, Series A 5.750 09/01/2004 09/01/2001(b) 5,265,435 ------------------------------------------------------------------------------------------------------------ 1,975,000 Guam GO, Series A 5.900 09/01/2005 09/01/2001(b) 1,980,550 ------------------------------------------------------------------------------------------------------------ 1,000,000 Guam GO, Series A 6.000 09/01/2006 09/01/2001(b) 1,002,700 ------------------------------------------------------------------------------------------------------------ 80,000 Guam Highway, Series A 6.300 05/01/2012(s) 05/01/2002(b) 83,962 ------------------------------------------------------------------------------------------------------------ 100,000 Guam Water System 7.000 07/01/2002 01/01/2002(b) 103,090 ------------------------------------------------------------------------------------------------------------ 1,005,000 Guam Water System 7.000 07/01/2009 01/01/2002(b) 1,036,316 ------------------------------------------------------------------------------------------------------------ 3,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020(s) 06/01/2010(b) 3,075,810 ------------------------------------------------------------------------------------------------------------ 78,332 Puerto Rico Aquadilla Bus Lease(i) 8.500 02/02/2002 11/03/2001(c) 78,637 ------------------------------------------------------------------------------------------------------------ 187,835 Puerto Rico Aquadilla Equipment Lease(i) 8.000 01/26/2002 10/27/2001(c) 189,011 ------------------------------------------------------------------------------------------------------------ 57,821 Puerto Rico Aquadilla Truck Lease(i) 8.500 10/15/2001 10/15/2001(c) 58,019 ------------------------------------------------------------------------------------------------------------ 1,368,052 Puerto Rico Dept. of Corrections Equipment Lease(i) 9.000 01/08/2003 04/18/2002(c) 1,397,452 ------------------------------------------------------------------------------------------------------------ 1,365,774 Puerto Rico Dept. of Corrections Furniture Lease(i) 7.000 04/25/2004 02/11/2003(c) 1,367,072 ------------------------------------------------------------------------------------------------------------ 25,000 Puerto Rico Electric Power Authority 6.000 07/01/2016(s) 07/01/2004(b) 26,347 ------------------------------------------------------------------------------------------------------------ 30,000 Puerto Rico Electric Power Authority 6.000 07/01/2016(s) 07/01/2004(b) 31,677 ------------------------------------------------------------------------------------------------------------ 5,000,000 Puerto Rico GO 5.250 07/01/2027(s) 07/01/2011(b) 5,063,250 ------------------------------------------------------------------------------------------------------------ 105,000 Puerto Rico GO 6.000 07/01/2014(s) 07/01/2002(b) 108,578 ------------------------------------------------------------------------------------------------------------ 5,000 Puerto Rico GO 6.000 07/01/2014(s) 07/01/2002(b) 5,205 ------------------------------------------------------------------------------------------------------------ 1,800,000 Puerto Rico GO YCN(i) 8.684(r) 07/01/2008(s) 07/01/2002(b) 1,917,000 ------------------------------------------------------------------------------------------------------------ 400,000 Puerto Rico GO YCN 8.882(r) 07/01/2020(s) 07/01/2004(b) 432,500 ------------------------------------------------------------------------------------------------------------ 55,000 Puerto Rico HBFA 5.850 10/01/2009 04/01/2007(b) 58,529 ------------------------------------------------------------------------------------------------------------ 480,000 Puerto Rico HBFA 6.100 10/01/2015 04/01/2007(b) 503,198 ------------------------------------------------------------------------------------------------------------ 90,000 Puerto Rico HBFA (Affordable Hsg. Mortgage) 6.250 04/01/2029(s) 04/01/2007(b) 93,507 ------------------------------------------------------------------------------------------------------------ 1,673,020 Puerto Rico Health Dept. Equipment Lease(i,u) 7.099 07/23/2003 04/22/2002(c) 1,671,666 ------------------------------------------------------------------------------------------------------------ 125,000 Puerto Rico HFC 6.000 02/01/2009(s) 02/01/2002(b) 128,521 ------------------------------------------------------------------------------------------------------------ 135,000 Puerto Rico HFC 6.650 10/15/2010(s) 10/01/2001(b) 138,136
35 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF INVESTMENTS Unaudited/Continued --------------------------------------------------------------------------------
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 ----------------------------------------------------------------------------------------------------------------------------- U.S. Possessions Continued ----------------------------------------------------------------------------------------------------------------------------- $ 10,000 Puerto Rico HFC 6.750% 10/15/2013(s) 10/01/2001(b) $ 10,228 ----------------------------------------------------------------------------------------------------------------------------- 85,000 Puerto Rico HFC 6.850 10/15/2023(s) 10/10/2001(b) 87,094 ----------------------------------------------------------------------------------------------------------------------------- 10,000 Puerto Rico HFC 7.100 04/01/2002 04/01/2002(b) 10,121 ----------------------------------------------------------------------------------------------------------------------------- 595,000 Puerto Rico HFC 7.200 04/01/2003 04/01/2002(b) 602,229 ----------------------------------------------------------------------------------------------------------------------------- 80,000 Puerto Rico HFC 7.250 10/01/2004 04/01/2002(b) 80,975 ----------------------------------------------------------------------------------------------------------------------------- 85,000 Puerto Rico HFC 7.300 04/01/2006 04/01/2002(b) 86,040 ----------------------------------------------------------------------------------------------------------------------------- 120,000 Puerto Rico HFC 7.300 10/01/2006 04/01/2002(b) 121,468 ----------------------------------------------------------------------------------------------------------------------------- 50,000 Puerto Rico HFC 7.400 04/01/2007 04/01/2002(b) 50,616 ----------------------------------------------------------------------------------------------------------------------------- 3,480,000 Puerto Rico HFC 7.500 10/01/2015(s) 04/01/2002(b) 3,606,742 ----------------------------------------------------------------------------------------------------------------------------- 7,045,000 Puerto Rico HFC 7.500 04/01/2022(s) 04/01/2002(b) 7,301,579 ----------------------------------------------------------------------------------------------------------------------------- 1,365,000 Puerto Rico Highway & Transportation Authority 6.625 07/01/2012(s) 07/01/2002(b) 1,428,991 ----------------------------------------------------------------------------------------------------------------------------- 6,250,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 11/15/2002(b) 6,655,500 ----------------------------------------------------------------------------------------------------------------------------- 7,175,000 Puerto Rico IMEPCF (PepsiCo) 6.250 11/15/2013 11/15/2002(b) 7,640,514 ----------------------------------------------------------------------------------------------------------------------------- 310,000 Puerto Rico IMEPCF (Squibb) 6.500 07/01/2004(s) 01/01/2002(b) 310,961 ----------------------------------------------------------------------------------------------------------------------------- 3,525,000 Puerto Rico Infrastructure 7.500 07/01/2009(s) 01/01/2002(b) 3,572,588 ----------------------------------------------------------------------------------------------------------------------------- 65,000 Puerto Rico Infrastructure 7.700 07/01/2001 07/01/2001 65,017 ----------------------------------------------------------------------------------------------------------------------------- 5,000 Puerto Rico Infrastructure 7.700 07/01/2001 07/01/2001 5,001 ----------------------------------------------------------------------------------------------------------------------------- 1,915,000 Puerto Rico Infrastructure 7.750 07/01/2008(s) 01/01/2002(b) 1,943,151 ----------------------------------------------------------------------------------------------------------------------------- 3,140,000 Puerto Rico Infrastructure 7.900 07/01/2007(s) 01/01/2002(b) 3,185,844 ----------------------------------------------------------------------------------------------------------------------------- 750,000 Puerto Rico ITEMECF (Hospital de la Concepcion) 6.375 11/15/2015 11/15/2010(b) 840,398 ----------------------------------------------------------------------------------------------------------------------------- 2,000,000 Puerto Rico ITEMECF (Hospital de la Concepcion) 6.500 11/15/2020 11/15/2010(b) 2,226,100 ----------------------------------------------------------------------------------------------------------------------------- 2,180,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.375 07/01/2006 08/13/2004(c) 2,210,019 ----------------------------------------------------------------------------------------------------------------------------- 1,950,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2012 10/09/2009(c) 1,919,970 ----------------------------------------------------------------------------------------------------------------------------- 905,000 Puerto Rico ITEMECF (Polytech University) 5.700 08/01/2013 07/15/2009(c) 906,910 ----------------------------------------------------------------------------------------------------------------------------- 1,045,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.400 05/01/2009(s) 02/26/2006(g) 1,071,240 ----------------------------------------------------------------------------------------------------------------------------- 267,524 Puerto Rico Natural Resources Dept. Equipment Lease(i,u) 7.250 11/23/2001 11/23/2001(c) 266,620 ----------------------------------------------------------------------------------------------------------------------------- 264,595 Puerto Rico Natural Resources Dept. Equipment Lease(i,u) 7.250 01/25/2002 01/25/2002(c) 264,648 ----------------------------------------------------------------------------------------------------------------------------- 762,741 Puerto Rico Natural Resources Dept. Equipment Lease(i) 7.250 10/26/2003 09/25/2002(c) 764,129 ----------------------------------------------------------------------------------------------------------------------------- 62,460 Puerto Rico Office of the Governor Computer Lease(i) 6.906 09/30/2002 09/08/2001(c) 62,511 ----------------------------------------------------------------------------------------------------------------------------- 60,000 Puerto Rico Port Authority 5.700 07/01/2003(s) 01/01/2002(b) 60,061 ----------------------------------------------------------------------------------------------------------------------------- 5,000 Puerto Rico Port Authority 5.750 07/01/2002(s) 01/01/2002(b) 5,011 ----------------------------------------------------------------------------------------------------------------------------- 30,000 Puerto Rico Port Authority 6.000 07/01/2021(s) 01/01/2002(b) 30,047 ----------------------------------------------------------------------------------------------------------------------------- 440,000 Puerto Rico Port Authority 7.000 07/01/2014(s) 01/01/2002(b) 450,111 ----------------------------------------------------------------------------------------------------------------------------- 195,000 Puerto Rico Port Authority 7.300 07/01/2007(s) 01/01/2002(b) 197,301 ----------------------------------------------------------------------------------------------------------------------------- 3,000,000 Puerto Rico Port Authority (American Airlines) 6.250 06/01/2026 06/01/2008(b) 3,071,610
36 LIMITED TERM NEW YORK MUNICIPAL FUND
Principal Effective Market Value Amount Coupon Maturity Maturity* See Note 1 --------------------------------------------------------------------------------------------------------------- U.S. Possessions Continued $1,100,000 Puerto Rico Port Authority (American Airlines) 6.300% 06/01/2023 06/01/2005(b) $ 1,118,293 --------------------------------------------------------------------------------------------------------------- 220,000 Puerto Rico Public Buildings Authority 6.000 07/01/2012(s) 01/01/2002(b) 220,460 --------------------------------------------------------------------------------------------------------------- 8,680,000 Puerto Rico Public Buildings Authority 6.000 07/01/2012(s) 01/01/2002(b) 8,698,141 --------------------------------------------------------------------------------------------------------------- 274,092 Puerto Rico State Courts Telephone System Lease(i) 7.250 06/04/2002 03/06/2002(c) 272,554 --------------------------------------------------------------------------------------------------------------- 1,345,000 Puerto Rico Urban Renewal 7.875 10/01/2004(s) 10/01/2001(b) 1,366,789 --------------------------------------------------------------------------------------------------------------- 18,311 Puerto Rico Vocational Rehab. Vehicle Lease(i) 8.000 02/17/2002 11/18/2001(c) 18,335 --------------------------------------------------------------------------------------------------------------- 240,000 University of Puerto Rico 5.500 06/01/2012(s) 12/01/2001(b) 242,167 --------------------------------------------------------------------------------------------------------------- 60,000 V.I. HFA 6.500 03/01/2025(s) 03/01/2005(b) 61,737 --------------------------------------------------------------------------------------------------------------- 2,750,000 V.I. Public Finance Authority 6.125 10/01/2029(s) 10/01/2011(b) 2,864,455 --------------------------------------------------------------------------------------------------------------- 250,000 V.I. Public Finance Authority 6.500 10/01/2024(s) 10/01/2011(b) 269,473 -------------- 174,473,226 --------------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $1,212,727,503)--99.1% 1,233,707,906 --------------------------------------------------------------------------------------------------------------- Other Assets Net of Liabilities--0.9% 11,596,329 -------------- Net Assets--100.0% $1,245,304,235 ==============
Footnotes to Statement of Investments * Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed: a. Date of prerefunded call, or maturity date if escrowed to maturity. b. Optional call date; corresponds to the most conservative yield calculation. c. Average life due to mandatory (sinking fund) principal payments prior to maturity. d. Date of mandatory put. e. Date of planned principal payment. f. Effective maturity corresponding to variable coupon payment date. g. Average life due to mandatory (sinking fund) principal payments prior to the applicable optional call date. i. Illiquid security--See Note 5 of Notes to Financial Statements. r. Represents the current interest rate for a variable rate bond known as an inverse floater--See Note 1 of Notes to Financial Statements. s. Security also has mandatory sinking fund principal payments prior to maturity and an average life which is shorter than the stated final maturity. t. Non-income-accruing security. u. Issuer is in default. v. Represents the current interest rate for a variable or increasing rate security. See accompanying Notes to Financial Statements. 37 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- FOOTNOTES TO STATEMENT OF INVESTMENTS Continued -------------------------------------------------------------------------------- ================================================================================ Portfolio Abbreviations June 30, 2001 / Unaudited -------------------------------------------------------------------------------- To simplify the listing of securities in the Statement of Investments, abbreviations are used per the table below: ACLD Adults and Children with Learning and Developmental Disabilities ALIA Alliance of Long Island Agencies ASMF Amsterdam Sludge Management Facility CAB Capital Appreciation Bond CARS Complimentary Auction Rate Security CCDRCA Catholic Charities of the Diocese of Rockville Centre and Affiliates CDC Community Development Corporation Con Ed Consolidated Edison Company COP Certificates of Participation CSD Central School District DA Dormitory Authority DFA Development Finance Authority DIAMONDS Direct Investment of Accrued Municipals EDA Economic Development Authority EFC Environmental Facilities Corporation EHC Elderly Housing Corporation ERDA Energy Research and Development Authority FREE Family Residences and Essential Enterprises GO General Obligation GRIA Greater Rochester International Airport H&HE Health and Higher Educational HBFA Housing Bank and Finance Agency HDC Housing Development Corporation HELP Homeless Economic Loan Program HFA Housing Finance Agency HFC Housing Finance Corporation HJDOI Hospital for Joint Diseases Orthopaedic Institute HOC Housing Opportunities Commission IDA Industrial Development Agency IMEPCF Industrial, Medical and Environmental Pollution Control Facilities ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community Facilities JBFS Jewish Board of Family Services JCC Jewish Community Center JDAM Julia Dyckman Andrus Memorial LGAC Local Government Assistance Corporation LGSC Local Government Services Corporation LILCO Long Island Lighting Corporation LIMO Limited Interest Municipal Obligation MSH Mount Sinai Hospital MTA Metropolitan Transportation Authority NIMO Niagara Mohawk Power Corporation NSCFGA North Shore Child and Family Guidance Association NYC New York City NYS New York State NYU New York University OBPWC Ocean Bay Park Water Corporation PACES Potsdam Auxiliary and College Educational Service PRAMS Prudential Receipts of Accrual Municipal Securities Res Rec Resource Recovery Facility RG&E Rochester Gas and Electric RITES Residual Interest Tax Exempt Security SCHC Senior Citizen Housing Corporation SCSB Schuyler Community Services Board SONYMA State of New York Mortgage Agency SWMA Solid Waste Management Authority TASC Tobacco Settlement Asset-Backed Bonds TFABs Tobacco Flexible Amortization Bonds UDC Urban Development Corporation UFSD Union Free School District USTA United States Tennis Association V.I. United States Virgin Islands WHELC Wartburg Home of the Evangelical Lutheran Church WORCA Working Organization for Retarded Children and Adults WWH Wyandach/Wheatley Heights YCN Yield Curve Note 38 LIMITED TERM NEW YORK MUNICIPAL FUND ================================================================================ Industry Concentrations June 30, 2001 / Unaudited -------------------------------------------------------------------------------- Distribution of investments by industry of issue, as a percentage of total investments at value, is as follows: Industry Market Value Percent -------------------------------------------------------------------------------- Hospital/Healthcare $ 168,740,133 13.7% Special Assessment 165,101,957 13.4 Marine/Aviation Facilities 149,349,184 12.1 General Obligation 135,082,693 10.9 Municipal Leases 93,285,793 7.6 Electric Utilities 91,382,792 7.4 Multifamily Housing 75,758,456 6.1 Resource Recovery 68,395,951 5.5 Single Family Housing 41,831,546 3.4 Gas Utilities 37,681,618 3.1 Water Utilities 32,950,202 2.7 Nonprofit Organization 32,729,936 2.7 Pollution Control 26,841,761 2.2 Higher Education 23,660,056 1.9 Manufacturing, Non-Durable Goods 22,320,810 1.8 Highways/Railways 22,205,494 1.8 Sales Tax Revenue 11,994,629 1.0 Other 34,394,895 2.7 ---------------------------- $1,233,707,906 100.0% ============================ ================================================================================ Summary of Ratings June 30, 2001 / Unaudited -------------------------------------------------------------------------------- Distribution of investments by rating category, as a percentage of total investments at value, is as follows: Rating Percent -------------------------------------------------------------------------------- AAA 16.2% AA 15.0 A 33.1 BBB 31.3 BB 0.5 B 0.0 CCC 0.1 CC 0.0 C 0.0 Not Rated 3.8 ----- 100.0% ===== Bonds rated by any nationally recognized statistical rating organization are included in the equivalent Standard & Poor's rating category. As a general matter, unrated bonds may be backed by mortgage liens or equipment liens on the underlying property, and also may be guaranteed. Bonds which are backed by a letter of credit or by other financial institutions or agencies may be assigned an investment-grade rating by the Manager, which reflects the quality of the guarantor, institution or agency. Unrated bonds may also be assigned a rating when the issuer has rated bonds outstanding with comparable credit characteristics, or when, in the opinion of the Manager, the bond itself possesses credit characteristics which allow for rating. The unrated bonds in the portfolio are predominantly smaller issuers which have not applied for a bond rating. Only those unrated bonds which subsequent to purchase have not been designated investment grade by the Manager are included in the "Not Rated" category. 39 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES Unaudited -------------------------------------------------------------------------------- June 30, 2001 ========================================================================================== Assets ------------------------------------------------------------------------------------------ Investments, at value (cost $1,212,727,503)--see accompanying statement $ 1,233,707,906 ------------------------------------------------------------------------------------------ Cash 793,714 ------------------------------------------------------------------------------------------ Receivables and other assets: Investments sold 78,748,508 Interest 23,825,382 Shares of beneficial interest sold 8,028,531 Other 166 --------------- Total assets 1,345,104,207 ========================================================================================= Liabilities ----------------------------------------------------------------------------------------- Payables and other liabilities: Investments Purchased 65,358,292 Note payable to bank (interest rate 4.6875% at June 30, 2001) 32,400,000 Shares of beneficial interest redeemed 838,610 Dividends 678,708 Trustees' compensation 237,989 Transfer and shareholder servicing agent fees 34,586 Other 251,787 --------------- Total liabilities 99,799,972 ========================================================================================= Net Assets $ 1,245,304,235 =============== ========================================================================================= Composition of Net Assets ----------------------------------------------------------------------------------------- Paid-in capital $ 1,252,754,698 ----------------------------------------------------------------------------------------- Undistributed (overdistributed) net investment income 2,713,936 ----------------------------------------------------------------------------------------- Accumulated net realized gain (loss) on investment transactions (31,144,802) ----------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) on investments 20,980,403 --------------- Net Assets $ 1,245,304,235 =============== ========================================================================================= Net Asset Value Per Share ----------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $974,571,538 and 296,868,280 shares of beneficial interest outstanding) $3.28 Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price) $3.40 ----------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $110,020,181 and 33,548,248 shares of beneficial interest outstanding) $3.28 ----------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $130,597,450 and 39,885,605 shares of beneficial interest outstanding) $3.27 ----------------------------------------------------------------------------------------- Class X Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $30,115,066 and 9,151,696 shares of beneficial interest outstanding) $3.29 -----------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements. 40 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- STATEMENT OF OPERATIONS Unaudited -------------------------------------------------------------------------------- For the Six Months Ended June 30, 2001 ================================================================================== Investment Income ---------------------------------------------------------------------------------- Interest $ 33,983,442 ================================================================================== Expenses ---------------------------------------------------------------------------------- Management fees 2,419,961 ---------------------------------------------------------------------------------- Distribution and service plan fees: Class A 1,124,012 Class B 490,602 Class C 553,563 Class X 118,293 ---------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 183,385 Class B 26,150 Class C 25,943 Class X 9,667 ---------------------------------------------------------------------------------- Interest expense 295,613 ---------------------------------------------------------------------------------- Accounting service fees 176,473 ---------------------------------------------------------------------------------- Custodian fees and expenses 58,820 ---------------------------------------------------------------------------------- Other 122,978 ------------ Total expenses 5,605,460 Less reduction to custodian expenses (10,820) ------------ Net expenses 5,594,640 ================================================================================== Net Investment Income 28,388,802 ================================================================================== Realized and Unrealized Gain (Loss) ---------------------------------------------------------------------------------- Net realized gain (loss) on investments 1,822,026 ---------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on investments 1,273,410 ------------ Net realized and unrealized gain (loss) 3,095,436 ================================================================================== Net Increase in Net Assets Resulting from Operations $ 31,484,238 ============
See accompanying Notes to Financial Statements 41 LIMITED TERM NEW YORK MUNICIPAL FUND STATEMENTS OF CHANGES IN NET ASSETS
Six Months Year Ended Ended June 30, 2001 Dec. 31, (Unaudited) 2000 ============================================================================================================= Operations ------------------------------------------------------------------------------------------------------------- Net investment income (loss) $ 28,388,802 $ 55,532,243 ------------------------------------------------------------------------------------------------------------- Net realized gain (loss) 1,822,026 (7,633,941) ------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) 1,273,410 34,684,890 -------------------------------- Net increase (decrease) in net assets resulting from operations 31,484,238 82,583,192 ============================================================================================================= Dividends and/or Distributions to Shareholders ------------------------------------------------------------------------------------------------------------- Dividends from net investment income: Class A (22,715,912) (44,847,231) Class B (2,018,953) (3,406,138) Class C (2,278,921) (4,210,488) Class X (691,185) (1,457,394) ============================================================================================================= Beneficial Interest Transactions ------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 44,492,752 (121,748,106) Class B 16,908,307 1,834,641 Class C 28,380,232 (20,002,042) Class X (2,629,901) (7,670,046) ============================================================================================================= Net Assets ------------------------------------------------------------------------------------------------------------- Total increase (decrease) 90,930,657 (118,923,612) ------------------------------------------------------------------------------------------------------------- Beginning of period 1,154,373,578 1,273,297,190 ---------------------------------- End of period [including undistributed (overdistributed) net investment income of $2,713,936 and $2,030,105, respectively] $ 1,245,304,235 $ 1,154,373,578 ==================================
See accompanying Notes to Financial Statements. 42 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
Six Months Year Ended Ended June 30, 2001 Dec. 31, Class A (Unaudited) 2000 1999 1998 1997 1996(1) ===================================================================================================================== Per Share Operating Data --------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 3.27 $ 3.19 $ 3.37 $ 3.34 $ 3.26 $ 3.28 --------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .08 .16 .15 .16 .17 .17 Net realized and unrealized gain (loss) .01 .07 (.18) .03 .08 (.02) -------------------------------------------------------------------- Total income (loss) from investment operations .09 .23 (.03) .19 .25 .15 --------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.08) (.15) (.15) (.16) (.17) (.17) --------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 3.28 $ 3.27 $ 3.19 $ 3.37 $ 3.34 $ 3.26 ===================================================================================================================== Total Return, at Net Asset Value(2) 2.79% 7.47% (0.87)% 5.94% 8.01% 4.82% --------------------------------------------------------------------------------------------------------------------- ===================================================================================================================== Ratios/Supplemental Data --------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $974,572 $927,079 $1,025,714 $979,316 $771,828 $634,172 --------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $934,149 $945,492 $1,060,745 $884,849 $677,376 $606,742 --------------------------------------------------------------------------------------------------------------------- Ratios to average net assets:(3) Net investment income 4.98% 4.88% 4.64% 4.80% 5.27% 5.37% Expenses 0.80% 0.85% 0.81% 0.82%(4) 0.83% 0.89% Expenses, net of interest expense and reduction to custodian expense(5) 0.75% 0.78% 0.77% 0.80% 0.80% 0.83% --------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 16% 37% 37% 25% 27% 24%
1. On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to the Fund. 2. Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period Continued (or inception of offering), 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 of less than one full year. 3. Annualized for periods of less than one full year. 4. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 5. During the periods shown above, the Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. See accompanying Notes to Financial Statements. 43 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS Continued --------------------------------------------------------------------------------
Six Months Year Ended Ended June 30, 2001 Dec. 31, Class B (Unaudited) 2000 1999 1998 1997(1) ======================================================================================================== Per Share Operating Data -------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 3.27 $ 3.19 $ 3.37 $ 3.34 $ 3.25 Income (loss) from investment operations: Net investment income .07 .13 .13 .14 .10 Net realized and unrealized gain (loss) .01 .08 (.18) .03 .09 ------------------------------------------------------ Total income (loss) from investment operations .08 .21 (.05) .17 .19 -------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.07) (.13) (.13) (.14) (.10) -------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 3.28 $ 3.27 $ 3.19 $ 3.37 $ 3.34 ====================================================== ======================================================================================================== Total Return, at Net Asset Value(2) 2.40% 6.65% (1.64)% 5.13% 5.89% -------------------------------------------------------------------------------------------------------- ======================================================================================================== Ratios/Supplemental Data -------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $110,020 $ 92,786 $88,758 $64,388 $21,500 -------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 99,026 $ 86,107 $78,263 $43,620 $ 9,873 Ratios to average net assets:(3) Net investment income 4.20% 4.09% 3.84% 3.97% 4.18% Expenses 1.56% 1.63% 1.59% 1.59%(4) 1.56% Expenses, net of interest expense and reduction to custodian expense(5) 1.51% 1.56% 1.55% 1.57% 1.54% -------------------------------------------------------------------------------------------------------- Portfolio turnover rate 16% 37% 37% 25% 27%
1. For the period from May 1, 1997 (inception of offering) to December 31, 1997. 2. Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), 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 of less than one full year. 3. Annualized for periods of less than one full year. 4. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 5. During the periods shown above, the Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. See accompanying Notes to Financial Statements. 44 LIMITED TERM NEW YORK MUNICIPAL FUND
Six Months Year Ended Ended June 30, 2001 Dec. 31, Class C (Unaudited) 2000 1999 1998 1997(1) ========================================================================================================= Per Share Operating Data --------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 3.26 $ 3.18 $ 3.36 $ 3.33 $ 3.25 --------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .07 .13 .13 .14 .10 Net realized and unrealized gain (loss) .01 .08 (.18) .03 .08 ------------------------------------------------------- Total income (loss) from investment operations .08 .21 (.05) .17 .18 --------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.07) (.13) (.13) (.14) (.10) --------------------------------------------------------------------------------------------------------- Net asset value, end of period $3.27 $3.26 $3.18 $3.36 $3.33 ======================================================= ========================================================================================================= Total Return, at Net Asset Value2 2.41% 6.67% (1.63)% 5.15% 5.58% --------------------------------------------------------------------------------------------------------- ========================================================================================================= Ratios/Supplemental Data --------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $130,597 $101,858 $119,329 $94,870 $26,862 --------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $111,790 $105,452 $116,249 $61,717 $12,705 --------------------------------------------------------------------------------------------------------- Ratios to average net assets:3 Net investment income 4.20% 4.11% 3.86% 3.98% 4.22% Expenses 1.55% 1.62% 1.57% 1.57%(4) 1.54% Expenses, net of interest expense and reduction to custodian expense5 1.50% 1.55% 1.53% 1.55% 1.51% --------------------------------------------------------------------------------------------------------- Portfolio turnover rate 16% 37% 37% 25% 27%
1. For the period from May 1, 1997 (inception of offering) to December 31, 1997. 2. Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), 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 of less than one full year. 3. Annualized for periods of less than one full year. 4. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 5. During the periods shown above, the Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. See accompanying Notes to Financial Statements. 45 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS Continued --------------------------------------------------------------------------------
Six Months Year Ended Ended June 30, 2001 Dec. 31, Class X (Unaudited) 2000 1999 1998 1997 1996(1) ===================================================================================================================== Per Share Operating Data --------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 3.28 $ 3.20 $ 3.38 $ 3.35 $ 3.27 $ 3.28 --------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .07 .14 .13 .15 .16 .16 Net realized and unrealized gain (loss) .01 .08 (.18) .03 .08 (.01) Total income (loss) from investment -------------------------------------------------------------------- operations .08 .22 (.05) .18 .24 .15 --------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.07) (.14) (.13) (.15) (.16) (.16) --------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 3.29 $ 3.28 $ 3.20 $ 3.38 $ 3.35 $ 3.27 ==================================================================== ===================================================================================================================== Total Return, at Net Asset Value(2) 2.51% 6.88% (1.39)% 5.38% 7.44% 4.59% --------------------------------------------------------------------------------------------------------------------- ===================================================================================================================== Ratios/Supplemental Data --------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $30,115 $32,651 $39,496 $47,424 $52,510 $40,828 --------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $31,792 $34,684 $44,237 $49,866 $49,563 $28,971 Ratios to average net assets:(3) Net investment income 4.46% 4.34% 4.11% 4.30% 4.75% 4.85% Expenses 1.33% 1.39% 1.34% 1.35%(4) 1.35% 1.38% Expenses, net of interest expense and reduction to custodian expense(5) 1.28% 1.32% 1.30% 1.32% 1.32% 1.32% --------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 16% 37% 37% 25% 27% 24%
1. On January 4, 1996, OppenheimerFunds, Inc. became the investment advisor to the Fund. 2. Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period (or inception of offering), 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 of less than one full year. 3. Annualized for periods of less than one full year. 4. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 5. During the periods shown above, the Fund's interest expense was substantially offset by the incremental interest income generated on bonds purchased with borrowed funds. See accompanying Notes to Financial Statements. 46 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS Unaudited -------------------------------------------------------------------------------- ================================================================================ 1. Significant Accounting Policies Limited Term New York Municipal Fund (the Fund) is a separate series of Rochester Portfolio Series, a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B and Class C shares. As of January 6, 1998, the Fund is no longer offering Class X shares (Class X shares were designated as Class B shares prior to May 1, 1997). 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 X shares may also be subject to a CDSC. All classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own expenses directly attributable to that class and exclusive voting rights with respect to matters affecting that class. Classes A, B, C and X have separate distribution and/or service plans. Class B and Class X shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. -------------------------------------------------------------------------------- Securities Valuation. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Securities (including restricted securities) for which quotations are not readily available are valued primarily using dealer-supplied valuations, a portfolio pricing service authorized by the Board of Trustees, or at their fair value. Fair value is determined in good faith under consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). 47 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- ================================================================================ 1. Significant Accounting Policies Continued Securities Purchased on a When-Issued or Forward Commitment Basis. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis can take place a month or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends beyond six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains segregated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of the Fund's net asset value to the extent the Fund makes such purchases while remaining substantially fully invested. As of June 30, 2001, the Fund had entered into outstanding net when-issued or forward commitments of $63,834,278. -------------------------------------------------------------------------------- Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund intends to invest no more than 5% of its total assets in inverse floaters. Inverse floaters amount to $22,566,591 as of June 30, 2001. Including the effect of leverage, inverse floaters represent 2.61% of the Fund's total assets as of June 30, 2001. -------------------------------------------------------------------------------- Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated daily 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 continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income, including any net realized gain on investments not offset by loss carryovers, to shareholders. Therefore, no federal income or excise tax provision is required. 48 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- As of June 30, 2001, the Fund had available for federal income tax purposes an estimated unused capital loss carryover of $31,134,503. This estimated capital loss carryover represents carryover as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. As of December 31, 2000, the Fund had available for federal income tax purposes unused capital loss carryovers as follows: Expiring ----------------------------------------------- 2002 $ 6,750,004 ----------------------------------------------- 2003 2,250,684 ----------------------------------------------- 2004 244,677 ----------------------------------------------- 2006 484,870 ----------------------------------------------- 2007 15,555,960 ----------------------------------------------- 2008 7,670,334 ----------------------------------------------- Total capital loss carryover $32,956,529 -------------------------------------------------------------------------------- Trustees' Compensation. The Fund has adopted an unfun the Fund's independent Board of Trustees. Benefits are based on years of service and fees paid to each trustee during the years of service. During the six months ended June 30, 2001, a credit of $42,440 was made for the Fund's projected benefit obligations and payments of $2,627 were made to retired trustees, resulting in an accumulated liability of $224,051 as of June 30, 2001. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of annual compensation they are entitled to receive from the Fund. Under the plan, the compensation deferred is periodically adjusted as though an equivalent amount had been invested for the Board of Trustees in shares of one or more Oppenheimer funds selected by the trustee. The amount paid to the Board of Trustees under the plan will be determined based upon the performance of the selected funds. 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. -------------------------------------------------------------------------------- Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. 49 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- ================================================================================ 1. Significant Accounting Policies Continued Classification of Dividends and Distributions to Shareholders. 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 realized gain was recorded by the Fund. -------------------------------------------------------------------------------- Investment Income. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. There are certain risks arising from geographic concentration in any state. Certain revenue or tax-related events in a state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. -------------------------------------------------------------------------------- Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. -------------------------------------------------------------------------------- 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 income and expenses during the reporting period. Actual results could differ from those estimates. 50 LIMITED TERM NEW YORK MUNICIPAL FUND ================================================================================ 2. Shares of Beneficial Interest The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Six Months Ended June 30, 2001 Year Ended December 31, 2000 Shares Amount Shares Amount --------------------------------------------------------------------------------------- Class A Sold 36,446,763 $ 119,420,224 30,497,760 $ 97,989,808 Dividends and/or distributions reinvested 4,355,767 14,264,655 8,746,099 28,077,543 Redeemed (27,201,514) (89,192,127) (77,375,199) (247,815,457) ------------------------------------------------------------ Net increase (decrease) 13,601,016 $ 44,492,752 (38,131,340) $(121,748,106) ============================================================ --------------------------------------------------------------------------------------- Class B Sold 7,079,197 $ 23,167,426 5,527,602 $ 17,764,247 Dividends and/or distributions reinvested 400,978 1,312,495 715,828 2,296,395 Redeemed (2,312,877) (7,571,614) (5,700,634) (18,226,001) ------------------------------------------------------------ Net increase (decrease) 5,167,298 $ 16,908,307 542,796 $ 1,834,641 ============================================================ --------------------------------------------------------------------------------------- Class C Sold 11,545,677 $ 37,728,357 5,349,627 $ 17,125,175 Dividends and/or distributions reinvested 483,199 1,579,183 965,305 3,092,089 Redeemed (3,343,020) (10,927,308) (12,593,417) (40,219,306) ------------------------------------------------------------ Net increase (decrease) 8,685,856 $ 28,380,232 (6,278,485) $ (20,002,042) ============================================================ --------------------------------------------------------------------------------------- Class X Sold -- $ -- -- $ -- Dividends and/or distributions reinvested 135,396 444,765 302,132 971,839 Redeemed (936,918) (3,074,666) (2,697,344) (8,641,885) ------------------------------------------------------------ Net increase (decrease) (801,522) $ (2,629,901) (2,395,212) $ (7,670,046) ============================================================
================================================================================ 3. Purchases and Sales of Securities The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended June 30, 2001, were $265,469,452 and $184,225,766, respectively. 51 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- ================================================================================ 4. Fees and Other Transactions with Affiliates Management Fees. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee of 0.50% of the first $100 million of average daily net assets, 0.45% of the next $150 million, 0.40% of the next $1.75 billion, and 0.39% of average daily net assets in excess of $2 billion. The Fund's management fee for the six months ended June 30, 2001, was an annualized rate of 0.41%. -------------------------------------------------------------------------------- Accounting Fees. Accounting fees paid to the Manager were in accordance with the accounting services agreement with the Fund, which provides for an annual fee of $12,000 for the first $30 million of net assets and $9,000 for each additional $30 million of net assets. During the six months ended June 30, 2001, the Fund paid $176,473 to the Manager for accounting and pricing services. -------------------------------------------------------------------------------- Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund and for other Oppenheimer funds. The Fund pays OFS an annual maintenance fee for each Fund shareholder account and reimburses OFS for its out-of-pocket expenses. -------------------------------------------------------------------------------- Distribution and Service Plan Fees. Under its General Distributor's Agreement with the Manager, the Distributor acts as the Fund's principal underwriter in the continuous public offering of the different classes of shares of the Fund. The compensation paid to (or retained by) the Distributor from the sale of shares or on the redemption of shares is shown in the table below for the period indicated.
Aggregate Class A Commissions Commissions Commissions Front-End Front-End on Class A on Class B on Class C Sales Charges Sales Charges Shares Shares Shares Six Months on Class A Retained by Advanced by Advanced by Advanced by Ended Shares Distributor Distributor(1) Distributor(1) Distributor(1) ------------------------------------------------------------------------------------------------------------------------------------ June 30, 2001 $1,102,755 $205,219 $203,168 $661,353 $368,351
1. The Distributor advances commission payments to dealers for certain sales of Class A shares and for sales of Class B and Class C shares from its own resources at the time of sale.
Class A Class B Class C Class X Contingent Contingent Contingent Contingent Deferred Deferred Deferred Deferred Sales Charges Sales Charges Sales Charges Sales Charges Six Months Retained by Retained by Retained by Retained by Ended Distributor Distributor Distributor Distributor ------------------------------------------------------------------------------------------------------------------------------------ June 30, 2001 $6,204 $105,449 $17,896 $833
The Fund has adopted a Service Plan for Class A shares and Distribution and Service Plans for Class B, Class C and Class X shares under Rule 12b-1 of the Investment Company Act. Under those plans the Fund pays the Distributor for all or a portion of its costs incurred in connection with the distribution and/or servicing of the shares of the particular class. 52 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- Class A Service Plan Fees. Under the Class A service plan, the Distributor currently uses the fees it receives from the Fund to pay brokers, dealers and other financial institutions. The Class A service plan permits reimbursements to the Distributor at a rate of up to 0.25% of average annual net assets of Class A shares purchased. The Distributor makes payments to plan recipients quarterly at an annual rate not to exceed 0.25% of the average annual net assets consisting of Class A shares of the Fund. For the six months ended June 30, 2001, payments under the Class A plan totaled $1,124,012, all of which were paid by the Distributor to recipients, and included $23,338 paid to an affiliate of the Manager. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. -------------------------------------------------------------------------------- Class B, Class C and Class X Distribution and Service Plan Fees. Under each plan, service fees and distribution fees are computed on the average of the net asset value of shares in the respective class, determined as of the close of each regular business day during the period. The Class B, Class C and Class X plans provide for the Distributor to be compensated at a flat rate, whether the Distributor's distribution expenses are more or less than the amounts paid by the Fund under the plan during the period for which the fee is paid. The Distributor retains the asset-based sales charge on Class B and Class X shares. The Distributor retains the asset-based sales charge on Class C shares during the first year the shares are outstanding. The asset-based sales charges on Class B and Class C shares allow investors to buy shares without a front-end sales charge while allowing the Distributor to compensate dealers that sell those shares. The Distributor's actual expenses in selling Class B and Class C shares may be more than the payments it receives from the contingent deferred sales charges collected on redeemed shares and asset-based sales charges from the Fund under the plans. If any plan is terminated by the Fund, the Board of Trustees may allow the Fund to continue payments of the asset-based sales charge to the Distributor for distributing shares before the plan was terminated. The plans allow for the carryforward of distribution expenses, to be recovered from asset-based sales charges in subsequent fiscal periods. Distribution fees paid to the Distributor for the six months ended June 30, 2001, were as follows:
Distributor's Distributor's Aggregate Aggregate Unreimbursed Unreimbursed Expenses as % Total Payments Amount Retained Expenses of Net Assets Under Plan by Distributor Under Plan of Class ------------------------------------------------------------------------------------------------------------------- Class B Plan $490,602 $367,586 $1,797,335 1.63% Class C Plan 553,563 97,821 1,957,364 1.50 Class X Plan 118,293 79,057 -- --
53 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- ================================================================================ 5. Illiquid Securities As of June 30, 2001, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. The aggregate value of illiquid securities subject to this limitation as of June 30, 2001, was $33,154,051, which represents 2.66% of the Fund's net assets. ================================================================================ 6. Bank Borrowings The Fund may borrow up to 10% of its total assets from a bank to purchase portfolio securities, or for temporary and emergency purposes. The Fund has entered into an agreement which enables it to participate with certain other Oppenheimer funds in an unsecured line of credit with a bank, which permits borrowings up to $100 million, collectively. Interest is charged to each fund, based on its borrowings, at a rate equal to the Federal Funds Rate plus 0.625%. The Fund also pays a commitment fee equal to its pro rata share of the average unutilized amount of the credit facility at a rate of 0.09% per annum. The Fund had borrowings outstanding of $32,400,000 as of June 30, 2001. For the six months ended June 30, 2001, the average monthly loan balance was $9,960,119 at an average interest rate of 5.728%. The maximum amount of borrowings outstanding at any month-end was $32,400,000. 54 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- A Series of Rochester Portfolio Series ================================================================================ Officers and Trustees Bridget A. Macaskill, Trustee, President and Chairman of the Board John Cannon, Trustee Paul Y. Clinton, Trustee Thomas W. Courtney, Trustee Robert G. Galli, Trustee Lacy B. Herrmann, Trustee Brian Wruble, Trustee Ronald H. Fielding, Vice President Andrew J. Donohue, Secretary Brian W. Wixted, Treasurer Robert J. Bishop, Assistant Treasurer Adele A. Campbell, Assistant Treasurer Scott T. Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary ================================================================================ Investment Advisor OppenheimerFunds, Inc. ================================================================================ Distributor OppenheimerFunds Distributor, Inc. ================================================================================ Transfer and Shareholder OppenheimerFunds Services Servicing Agent ================================================================================ Custodian of Citibank, N.A. Portfolio Securities ================================================================================ Independent Auditors KPMG llp ================================================================================ Legal Counsel Mayer, Brown & Platt The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent auditors. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two World Trade Center, New York, NY 10048-0203. (C)Copyright 2001 OppenheimerFunds, Inc. All rights reserved. 55 LIMITED TERM NEW YORK MUNICIPAL FUND -------------------------------------------------------------------------------- INFORMATION AND SERVICES -------------------------------------------------------------------------------- As an Oppenheimer fund shareholder, you can benefit from special services designed to make investing simple. Whether it's automatic investment plans, timely market updates, or immediate account access, you can count on us whenever you need assistance.(1) So call us today, or visit our website-- we're here to help. -------------------------------------------------------------------------------- Internet 24-hr access to account information and transactions(2) www.oppenheimerfunds.com ------------------------------------------------------------ General Information Mon-Fri 8am-9pm ET, Sat 10am-4pm ET 1.800.525.7048 ------------------------------------------------------------ Telephone Transactions Mon-Fri 8am-9pm ET, Sat 10am-4pm ET 1.800.852.8457 ------------------------------------------------------------ PhoneLink 24-hr automated information and automated transactions 1.800.533.3310 ------------------------------------------------------------ Telecommunications Device for the Deaf (TDD) Mon-Fri 9am-6:30pm ET 1.800.843.4461 ------------------------------------------------------------ OppenheimerFunds Market Hotline 24 hours a day, timely and insightful messages on the economy and issues that may affect your investments 1.800.835.3104 ------------------------------------------------------------ Transfer and Shareholder Servicing Agent OppenheimerFunds Services P.O. Box 5270, Denver, CO 80217-5270 ------------------------------------------------------------ eDocs Direct Receive shareholder report and prospectus notifications for your funds via email. Sign up at www.oppenheimerfunds.com. ------------------------------------------------------------ Ticker Symbols Class A: RMUNX Class B: RMUBX Class C: RMUCX Class Y: RMUYX -------------------------------------------------------------------------------- (1) Automatic investment plans do not assure profit or protect against losses in declining markets. (2) At times this website may be inaccessible or its transaction feature may be unavailable. [LOGO] OppenheimerFunds(R) Distributor, Inc. RS0355.001.0601 August 29, 2001