UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number: | 811-4570 |
Name of Registrant: | Vanguard New York Tax-Free Funds |
Address of Registrant: | P.O. Box 2600 Valley Forge, PA 19482 |
Name and address of agent for service: | Heidi Stam, Esquire P.O. Box 876 Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: | November 30 |
Date of reporting period: | December 1, 2005 - May 31, 2006 |
Item 1: | Reports to Shareholders |
Vanguard® Convertible Securities Fund |
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> Semiannual Report |
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May 31, 2006 |
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Vanguard New York Tax-Exempt Money Market Fund |
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Vanguard New York Long-Term Tax-Exempt Fund |
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> | Vanguard New York Tax-Exempt Money Market Fund returned 1.5% for the six months ended May 31, 2006. Vanguard New York Long-Term Tax-Exempt Fund posted a return of 1.2%. |
> | Interest rates climbed throughout the half-year, led by increases at the shortest end of the maturity spectrum. |
> | The difference in yields of the shortest- and longest-term municipal bonds remained small by historical standards. |
Contents |
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Your Fund’s Total Returns | 1 |
Chairman’s Letter | 2 |
Advisor’s Report | 6 |
New York Tax-Exempt Money Market Fund | 9 |
New York Long-Term Tax-Exempt Fund | 27 |
About Your Fund’s Expenses | 49 |
Trustees Approve Advisory Arrangement | 51 |
Glossary | 52 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Total Returns
Six Months Ended May 31, 2006 |
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Vanguard New York Tax-Exempt Money Market Fund | 1.5% |
SEC 7-Day Annualized Yield: 3.29% |
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Taxable-Equivalent Yield: 5.48%1 |
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Average New York Tax-Exempt Money Market Fund2 | 1.3 |
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Vanguard New York Long-Term Tax-Exempt Fund |
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Investor Shares | 1.2% |
SEC 30-Day Annualized Yield: 3.98% |
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Taxable-Equivalent Yield: 6.63%1 |
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Admiral™ Shares3 | 1.2 |
SEC 30-Day Annualized Yield: 4.06% |
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Taxable-Equivalent Yield: 6.77%1 |
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Lehman 10 Year Municipal Bond Index | 1.3 |
Average New York Municipal Debt Fund2 | 1.5 |
Lehman Municipal Bond Index | 1.5 |
Your Fund’s Performance at a Glance |
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November 30, 2005–May 31, 2006 |
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| Distributions Per Share | |
| Starting | Ending | Income | Capital |
| Share Price | Share Price | Dividends | Gains |
Vanguard New York Tax-Exempt Fund |
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Money Market | $1.00 | $1.00 | $0.015 | $0.000 |
Long-Term |
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Investor Shares | 11.27 | 11.09 | 0.242 | 0.073 |
Admiral Shares | 11.27 | 11.09 | 0.247 | 0.073 |
1 | This calculation, which assumes a typical itemized tax return, is based on the maximum federal income tax rate of 35% and the maximum State of New York income tax rate. Local taxes were not considered. Please see the prospectus for a detailed explanation of the calculation. |
2 | Derived from data provided by Lipper Inc. |
3 | A lower-cost class of shares available to many longtime shareholders and to those with significant investments in the fund. |
1
Chairman’s Letter
Dear Shareholder,
During the six months ended May 31, 2006, the Federal Reserve Board’s inflation-fighting campaign pushed short-term interest rates higher. Longer-term rates also increased, though at a more moderate pace.
Vanguard New York Long-Term Tax-Exempt Fund returned 1.2%, slightly behind the result of its benchmark index and the average return of competing New York municipal bond funds. The income portion of the fund’s return more than offset its modest decline in share price. The fund’s 3.98% yield for Investor Shares at the end of May represented a slight increase versus six months ago. For investors in the highest income tax bracket, the taxable-equivalent yield was 6.63%.
Vanguard New York Tax-Exempt Money Market Fund posted a 1.5% result and surpassed the average return of its peers. The fund’s yield increased to 3.29%; the taxable equivalent would be 5.48% for investors in the highest income tax bracket. The fund maintained a net asset value of $1 per share, as is expected but not guaranteed.
Please note: Although the funds’ income distributions are expected to be exempt from federal and New York state taxes, a portion of these distributions may be subject to the alternative minimum tax.
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Bonds treaded water as rates continued to rise
Bond market returns were flat during the past six months, as rising interest rates put pressure on prices. The Federal Reserve Board raised its target for the federal funds rate from 4.00% to 5.00% in four separate actions as part of its efforts to rein in inflationary pressures. Yields generally moved higher across the maturity spectrum, a change from the pattern in prior months when yields rose at the shorter end but fell at the longer end.
In general, short-term and municipal securities outperformed long-term taxable bonds. High-yield bonds, which are less sensitive to changes in interest rates, turned in impressive relative results.
Stocks gained ground, then stumbled late in the period
The U.S. stock market advanced through much of the fiscal half-year, with some indexes approaching a five-year high in early May. Despite ongoing concerns about high energy costs and the possibility of inflation, investors generally remained positive about the economy. In mid-May, however, worries over whether the Fed would continue to raise interest rates gave some investors pause, leading to a decline in the major indexes.
In the U.S. market, small-capitalization stocks once again outperformed their large-cap counterparts, a persistent trend over the past few years. Returns of international stocks, aided by a weak dollar, continued to surpass those of
Market Barometer |
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| Total Returns | |
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| Six Months | One Year | Five Years1 |
Bonds |
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Lehman Aggregate Bond Index (Broad taxable market) | 0.0% | –0.5% | 5.0% |
Lehman Municipal Bond Index | 1.5 | 1.9 | 5.3 |
Citigroup 3-Month Treasury Bill Index | 2.1 | 3.8 | 2.1 |
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Stocks |
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Russell 1000 Index (Large-caps) | 2.8% | 9.4% | 2.6% |
Russell 2000 Index (Small-caps) | 7.0 | 18.2 | 9.1 |
Dow Jones Wilshire 5000 Index (Entire market) | 3.4 | 10.8 | 3.7 |
MSCI All Country World Index ex USA (International) | 15.4 | 30.9 | 11.0 |
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CPI |
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Consumer Price Index | 2.5% | 4.2% | 2.6% |
1 | Annualized. |
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U.S. stocks. Although emerging markets experienced noteworthy losses in May, they were strong performers in the international arena for the fiscal half-year.
Municipal bond funds faced a challenging rate environment
Over the past six months, the relatively attractive yields available for municipal bonds resulted in increased demand for these securities. This increase, coupled with a decrease in the supply of municipal bonds, placed a slight upward pressure on municipal bond prices and a slight downward pressure on the resultant yields, particularly among long-term bonds.
While yields at the longest end of the maturity spectrum generally remained stable, the Fed’s rate-tightening actions helped to push municipal bond yields higher for shorter-term issues. This “flattening” of the municipal bond yield curve presented a challenging investment environment for your fund’s advisor, the Vanguard Fixed Income Group.
Against this backdrop, the advisor steered the New York Long-Term Tax-Exempt Fund to a 1.2% return, reflecting an income return that more than offset a small decline in the fund’s net asset value (NAV). The fund slightly lagged the result of its benchmark index and the average return of competing New York municipal debt funds. During the past six months, the advisor kept the fund’s duration, a measure of interest rate sensitivity, near the short end of its typical range—a strategy that offered some protection from the negative impact of rising interest rates.
Annualized Expense Ratios1 |
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Your fund compared with its peer group |
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| Investor | Admiral | Peer |
New York Tax-Exempt Fund | Shares | Shares | Group |
Money Market | 0.13% | — | 0.59% |
Long-Term | 0.17 | 0.09% | 1.10 |
1 | Fund expense ratios reflect the six months ended May 31, 2006. Peer groups are: for the New York Tax-Exempt Money Market Fund, the Average New York Tax-Exempt Money Market Fund; for the New York Long-Term Tax-Exempt Fund, the Average New York Municipal Debt Fund. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2005. |
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The New York Tax-Exempt Money Market Fund benefited from the increase in short-term rates. Its short average maturity enabled it to quickly translate rising rates into higher income. The fund’s return of 1.5% was higher than the average return for its peers, largely because of its lower expense ratio.
Maintaining low investment costs is always important, but can be especially important during periods of modest total returns—which are not atypical in the fixed income market. The less you pay in expenses, the greater is your portion of the portfolio’s total return. In addition, Vanguard’s low expenses provide the advisor with flexibility that other portfolio managers don’t have: The advisor doesn’t have to take extra risks to deliver competitive returns.
Your muni fund’s dual role: Providing income and stability
If you own shares of an equity fund, you probably enjoyed the fund’s strong performance in the first four months of calendar-year 2006. From January through April, the broad U.S. stock market returned more than 6.5%. Nearly half of that return was ceded, however, during a disappointing May. This abrupt turnabout reminds us of a fundamental principle in investing: balance.
A portfolio balanced among stock, bond, and money market funds, in levels appropriate to your goals, risk tolerance, and time horizon, can provide stability in a choppy market. As a shareholder in a New York Tax-Exempt Fund, you’re aware of your fund’s ability to generate income that is free of New York and federal taxes. But don’t overlook the role it can play as a stabilizing counterweight to the more volatile segments of your portfolio.
Thank you for entrusting your assets to Vanguard.
Sincerely,
John J. Brennan
Chairman and Chief Executive Officer
June 13, 2006
5
Advisor’s Report
During the six months ended May 31, 2006, Vanguard New York Long-Term Tax-Exempt Fund returned 1.2%, trailing the average result of its peers. Vanguard New York Tax-Exempt Money Market Fund returned 1.5%, which outpaced its peer-group average.
The investment environment
Over the fiscal half-year, the U.S. economy showed signs of being squarely in expansion mode. At the end of May, the Commerce Department estimated that real gross domestic product had expanded by 3.6% for the 12 months ended March 31, a pace slightly above the economy’s potential long-term growth rate. Much of the economy’s growth was spurred by strong exports, construction, and business investment spending. Personal consumption also expanded briskly, buoyed by rising incomes and improved job prospects. During the funds’ fiscal half-year ended May 31, U.S. employment levels also improved. The nation’s unemployment rate stood at 4.6% on May 31—the lowest level in five years—and anecdotal reports pointed to shortages of skilled workers in select industries.
At the same time, inflation remained a concern. Rising energy prices contributed to increased rates of consumer and wholesale inflation in the first half of 2006. Through May, the consumer price index (CPI), which tracks prices at the consumer level, was 4.2% higher than its year-ago
Yields of Municipal Securities |
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(AAA-Rated General-Obligation Issues) |
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Maturity | Nov. 30, 2005 | May 31, 2006 | (basis points)1 |
2 years | 3.24% | 3.59% | +35 |
5 years | 3.43 | 3.66 | +23 |
10 years | 3.87 | 4.02 | +15 |
30 years | 4.55 | 4.53 | –2 |
Yields of U.S. Treasury Securities |
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Maturity | Nov. 30, 2005 | May 31, 2006 | (basis points)1 |
2 years | 4.41% | 5.03% | +62 |
5 years | 4.41 | 5.03 | +62 |
10 years | 4.48 | 5.11 | +63 |
30 years | 4.69 | 5.21 | +52 |
Source: Vanguard.
1 One basis point equals 1/100 of a percentage point. level. Increases in the core CPI, which excludes volatile food and energy prices, have also accelerated recently.
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The Federal Reserve Board continued its “measured” pace of tightening, raising the target for the federal funds rate four times during the six months, to 5.00%. The Fed has noted that long-run inflation expectations, as implied by the difference between nominal and inflation-adjusted interest rates, remain contained, but recent economic reports have prompted some concern. The financial markets anticipated that the Fed would raise the federal funds rate to 5.25% at its June 28–29 meeting.
Municipal bonds outperformed Treasuries
In the U.S. Treasury market, yields rose by similar amounts across the maturity spectrum. Increases during the six months ranged from 52 basis points (0.52 percentage point) for the 30-year note to 63 basis points for the 10-year note. Treasury yields also rose over the last 12 months, but the increases were much more pronounced among shorter issues than longer ones.
For municipal bonds, yields increased over the last six months for all but the longest-dated issues, though the increases were generally more modest than those of Treasury yields—a relationship that also characterized the rate changes in the Treasury and municipal money markets. The pronounced increase in short-term municipal yields created a relatively flat municipal yield curve, with only 94 basis points separating the yield of the 30-year bond (4.53%) from that of the 2-year bond (3.59%) as of May 31.
For the fiscal half-year, new tax-exempt issuance declined by 17% nationwide, compared with year-ago levels. With the exception of California, in fact, all states issued lower volumes of tax-exempt securities. Much of the decrease was attributable to a substantial slowdown in bond “refunding” activity. The rise in interest rates meant that many state and local governments could no longer issue new, lower-coupon bonds and use the proceeds to offset their existing, higher-yield obligations.
At the same time, the demand for municipal bonds increased. The municipal bond market’s recent attractiveness relative to Treasuries drew institutional investors such as banks and insurance firms, as well as investors from outside the United States. These supply-and-demand dynamics supported bond prices (thus limiting yield increases), which helped municipal bonds to outperform their taxable brethren.
Management of the funds
The rising interest rate environment of the past six months had varying effects on the Vanguard New York Tax-Exempt Funds. At the shortest end of the spectrum, we maintained a short average maturity in the Tax-Exempt Money Market Fund, which
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allowed us to accelerate the reinvestment of maturing issues in new, higher-yielding securities. The fund returned 1.5% during its fiscal half-year, besting the return of its peer-group average.
The New York Long-Term Tax-Exempt Fund returned 1.2%, as a modest decline in the fund’s share price was more than offset by its income return. During the fund’s fiscal half-year, we kept the fund’s average duration at the short end of its typical range, a strategy that afforded some protection from rising interest rates. A decline in bond issuance also provided some support for tax-exempt securities. During the past six months, the state of New York and its municipalities issued $13.5 billion in new securities, a 32.0% drop from a year ago.
Expense ratios are critical in a low-yield environment
Shareholder returns depend not only on portfolio management decisions but also on investment costs. The Vanguard New York Tax-Exempt Funds’ low expense ratios are important in any environment, but especially during periods of relatively low yields. Our cost advantage enables us to generate highly competitive total returns while keeping our focus on higher-quality investments. Over time, this disciplined, conservative approach has generated strong returns, while also reaffirming that we will not take needless risks with your investment.
Kathryn T. Allen, Principal
Christopher M. Ryon, Principal
Vanguard Fixed Income Group
June 16, 2006
8
New York Tax-Exempt Money Market Fund
Fund Profile
As of May 31, 2006
Financial Attributes |
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Yield | 3.3% |
Average Weighted Maturity | 21 days |
Average Quality1 | MIG-1 |
Expense Ratio | 0.13%2 |
Distribution by Credit Quality3 (% of portfolio) | |
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MIG-1/A-1+/SP-1+/F-1+ | 90% |
P-1/A-1/SP-1/F-1 | 9 |
AAA/AA | 1 |
1 | Moody’s Investors Service. |
2 | Annualized. |
3 | Ratings: Moody’s Investors Service, Standard & Poor’s, Fitch. See page 52 for a glossary of investment terms. |
9
New York Tax-Exempt Money Market Fund
Performance Summary
Investment returns will fluctuate. All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com.) The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund.
The annualized yield shown for this fund reflects current earnings more closely than do the average annual returns.
Fiscal-Year Total Returns (%): September 3, 1997–May 31, 2006 |
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Fiscal | Total | Total |
Year | Return | Return |
1997 | 0.8% | 0.8% |
1998 | 3.3 | 2.9 |
1999 | 3.0 | 2.6 |
2000 | 3.9 | 3.4 |
2001 | 2.8 | 2.4 |
2002 | 1.3 | 0.9 |
2003 | 0.9 | 0.5 |
2004 | 1.0 | 0.6 |
2005 | 2.2 | 1.7 |
20062 | 1.5 | 1.3 |
SEC 7-Day Annualized Yield (5/31/2006): 3.29% |
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Average Annual Total Returns: Periods Ended March 31, 2006
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
| Inception Date | One Year | Five Years | Since Inception |
New York Tax-Exempt |
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Money Market Fund | 9/3/1997 | 2.60% | 1.61% | 2.35% |
1 | Returns for the Average New York Tax-Exempt Money Market Fund are derived from data provided by Lipper Inc. |
2 | Six months ended May 31, 2006. |
Note: See Financial Highlights table on page 25 for dividend information.
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New York Tax-Exempt Money Market Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2006
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
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Municipal Bonds (99.7%) |
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Allegany County NY IDA |
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(Atlantic Richfield Project) VRDO | 3.540% | 6/1/06 | 4,700 | 4,700 |
Battery Park City NY Auth. Rev. | 5.500% | 11/1/06 (2)(Prere.) | 11,750 | 12,089 |
1 Battery Park City NY Auth. Rev. TOB VRDO | 3.500% | 6/7/06 | 5,265 | 5,265 |
Clifton Park NY Ind. Dev. Agency Multifamily |
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Housing Rev. (Coburg Village Project) VRDO | 3.470% | 6/7/06 LOC | 4,500 | 4,500 |
East Meadow NY UFSD TAN | 3.750% | 6/29/06 | 4,000 | 4,003 |
1 Erie County NY IDA School Fac. Rev. TOB VRDO | 3.500% | 6/7/06 (4) | 3,825 | 3,825 |
Erie County NY Water Auth. Rev. VRDO | 3.170% | 6/7/06 (2) | 11,400 | 11,400 |
Great Neck NY UFSD TAN | 3.750% | 6/29/06 | 24,000 | 24,018 |
Jericho NY UFSD TAN | 3.750% | 6/23/06 | 4,000 | 4,003 |
Jericho NY UFSD TAN | 4.000% | 6/23/06 | 6,000 | 6,005 |
Katonah-Lewisboro NY UFSD BAN | 3.750% | 7/21/06 | 4,101 | 4,107 |
Long Island NY Power Auth. Electric System Rev. CP | 3.170% | 6/15/06 LOC | 43,600 | 43,600 |
Long Island NY Power Auth. Electric System Rev. CP | 3.180% | 6/15/06 LOC | 8,500 | 8,500 |
1 Long Island NY Power Auth. |
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Electric System Rev. TOB VRDO | 3.500% | 6/7/06 (2) | 14,000 | 14,000 |
Long Island NY Power Auth. |
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Electric System Rev. VRDO | 3.470% | 6/1/06 LOC | 18,440 | 18,440 |
Long Island NY Power Auth. |
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Electric System Rev. VRDO | 3.550% | 6/1/06 LOC | 1,760 | 1,760 |
Long Island NY Power Auth. |
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Electric System Rev. VRDO | 3.560% | 6/1/06 LOC | 32,725 | 32,725 |
Long Island NY Power Auth. |
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Electric System Rev. VRDO | 3.200% | 6/7/06 LOC | 10,000 | 10,000 |
Long Island NY Power Auth. |
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Electric System Rev. VRDO | 3.220% | 6/7/06 (4) | 49,610 | 49,610 |
1 Metro. New York Transp. Auth. |
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Rev. (Dedicated Petroleum Tax) TOB VRDO | 3.500% | 6/7/06 (4) | 7,500 | 7,500 |
Metro. New York Transp. Auth. |
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Rev. (Dedicated Petroleum Tax) VRDO | 3.480% | 6/7/06 (10) | 10,300 | 10,300 |
11
New York Tax-Exempt Money Market Fund
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| Coupon | Date | ($000) | ($000) |
Metro. New York Transp. Auth. Rev. |
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(Dedicated Petroleum Tax) VRDO | 3.490% | 6/7/06 (2) | 27,500 | 27,500 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) CP | 3.470% | 6/14/06 LOC | 18,000 | 18,000 |
1 Metro. New York Transp. Auth. Rev. |
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(Transit Rev.) TOB VRDO | 3.500% | 6/7/06 (1) | 3,300 | 3,300 |
1 Metro. New York Transp. Auth. Rev. TOB VRDO | 3.480% | 6/7/06 (3) | 19,900 | 19,900 |
1 Metro. New York Transp. Auth. Rev. TOB VRDO | 3.500% | 6/7/06 (4) | 11,735 | 11,735 |
1 Metro. New York Transp. Auth. Rev. TOB VRDO | 3.510% | 6/7/06 (4) | 8,245 | 8,245 |
Metro. New York Transp. Auth. Rev. VRDO | 3.400% | 6/7/06 (11) | 5,900 | 5,900 |
Metro. New York Transp. Auth. Rev. VRDO | 3.420% | 6/7/06 (11) | 11,935 | 11,935 |
Metro. New York Transp. Auth. Rev. VRDO | 3.420% | 6/7/06 (10) | 20,600 | 20,600 |
Metro. New York Transp. Auth. Rev. VRDO | 3.490% | 6/7/06 LOC | 40,000 | 40,000 |
Nassau County NY Interim Finance Auth. VRDO | 3.170% | 6/7/06 (4) | 11,500 | 11,500 |
Nassau Health Care Corp. NY VRDO | 3.420% | 6/7/06 (4) | 13,605 | 13,605 |
Nassau Health Care Corp. NY VRDO | 3.420% | 6/7/06 (4) | 10,000 | 10,000 |
New York City NY Capital Resources |
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(Enhanced Assistance PG) VRDO | 3.440% | 6/7/06 LOC | 9,000 | 9,000 |
New York City NY Cultural Resources Rev. |
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(Pierpont Morgan Library) VRDO | 3.490% | 6/7/06 LOC | 10,000 | 10,000 |
New York City NY Cultural Resources Rev. |
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(Solomon R. Guggenheim Foundation) VRDO | 3.430% | 6/7/06 LOC | 16,707 | 16,707 |
New York City NY GO | 6.000% | 8/1/06 (Prere.) | 9,940 | 10,134 |
New York City NY GO | 6.000% | 8/1/06 (Prere.) | 14,890 | 15,181 |
New York City NY GO | 6.000% | 8/1/06 (Prere.) | 4,000 | 4,078 |
1 New York City NY GO TOB PUT | 3.540% | 7/13/06 | 50,000 | 50,000 |
1 New York City NY GO TOB VRDO | 3.250% | 6/7/06 (1) | 5,000 | 5,000 |
1 New York City NY GO TOB VRDO | 3.480% | 6/7/06 (4) | 6,144 | 6,144 |
1 New York City NY GO TOB VRDO | 3.500% | 6/7/06 (1) | 5,840 | 5,840 |
1 New York City NY GO TOB VRDO | 3.500% | 6/7/06 (1) | 5,370 | 5,370 |
1 New York City NY GO TOB VRDO | 3.500% | 6/7/06 (4) | 19,905 | 19,905 |
1 New York City NY GO TOB VRDO | 3.500% | 6/7/06 (11) | 7,390 | 7,390 |
1 New York City NY GO TOB VRDO | 3.500% | 6/7/06 (2) | 4,625 | 4,625 |
1 New York City NY GO TOB VRDO | 3.510% | 6/7/06 (2) | 7,750 | 7,750 |
New York City NY GO VRDO | 3.480% | 6/1/06 LOC | 1,700 | 1,700 |
New York City NY GO VRDO | 3.500% | 6/1/06 (4) | 16,500 | 16,500 |
New York City NY GO VRDO | 3.500% | 6/1/06 (1) | 4,275 | 4,275 |
New York City NY GO VRDO | 3.550% | 6/1/06 LOC | 3,600 | 3,600 |
New York City NY GO VRDO | 3.560% | 6/1/06 LOC | 14,500 | 14,500 |
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New York Tax-Exempt Money Market Fund
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| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York City NY GO VRDO | 3.100% | 6/7/06 LOC | 5,800 | 5,800 |
New York City NY GO VRDO | 3.150% | 6/7/06 LOC | 1,600 | 1,600 |
New York City NY GO VRDO | 3.180% | 6/7/06 LOC | 15,695 | 15,695 |
New York City NY GO VRDO | 3.200% | 6/7/06 LOC | 6,150 | 6,150 |
New York City NY GO VRDO | 3.470% | 6/7/06 LOC | 25,000 | 25,000 |
New York City NY Housing Dev. Corp. |
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Multi-Family Rev. (First Avenue) VRDO | 3.240% | 6/7/06 | 24,205 | 24,205 |
New York City NY Housing Dev. Corp. |
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Multi-Family VRDO | 3.240% | 6/7/06 | 45,800 | 45,800 |
1 New York City NY Housing Dev. Corp. |
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|
|
Rev. (Capital Funding Program) TOB VRDO | 3.500% | 6/7/06 (3) | 8,755 | 8,755 |
New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
(Multi-Family Rent Housing–90 West Street) VRDO | 3.180% | 6/7/06 | 20,000 | 20,000 |
New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
(Multi-Family Rent Housing–Atlantic Court) VRDO | 3.240% | 6/7/06 | 20,000 | 20,000 |
New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
(Multi-Family Rent Housing– |
|
|
|
|
One Columbus Place) VRDO | 3.230% | 6/7/06 LOC | 32,000 | 32,000 |
New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
(Westmont Apartments) VRDO | 3.200% | 6/7/06 LOC | 24,200 | 24,200 |
New York City NY Housing Dev. Corp. Rev. VRDO | 3.240% | 6/7/06 | 22,200 | 22,200 |
New York City NY IDA (Civic Fac. Rev.) VRDO | 3.500% | 6/7/06 (10) | 9,000 | 9,000 |
New York City NY IDA (Civil Liberties Union) VRDO | 3.530% | 6/1/06 LOC | 18,580 | 18,580 |
New York City NY IDA |
|
|
|
|
(National Audubon Society) VRDO | 3.530% | 6/1/06 LOC | 14,700 | 14,700 |
New York City NY IDA Special Fac. Rev. |
|
|
|
|
(Korean Air Lines) VRDO | 3.250% | 6/7/06 LOC | 17,300 | 17,300 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System CP | 3.450% | 6/1/06 | 30,000 | 30,000 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.480% | 6/7/06 | 10,965 | 10,965 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.500% | 6/7/06 | 7,615 | 7,615 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.500% | 6/7/06 (1) | 4,950 | 4,950 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.500% | 6/7/06 (2) | 11,145 | 11,145 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.500% | 6/7/06 | 62,165 | 62,165 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.500% | 6/7/06 (4) | 20,015 | 20,015 |
13
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.500% | 6/7/06 | 24,795 | 24,795 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.510% | 6/7/06 | 9,995 | 9,995 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.500% | 6/1/06 (3) | 8,950 | 8,950 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.520% | 6/1/06 | 10,000 | 10,000 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.580% | 6/1/06 | 14,000 | 14,000 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.470% | 6/7/06 | 5,000 | 5,000 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.480% | 6/7/06 (2) | 13,840 | 13,840 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.500% | 6/7/06 (2) | 9,400 | 9,400 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.510% | 6/7/06 (1) | 14,890 | 14,890 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.510% | 6/7/06 (1) | 2,585 | 2,585 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.510% | 6/7/06 (1) | 2,250 | 2,250 |
1 New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. TOB VRDO | 3.500% | 6/7/06 | 3,100 | 3,100 |
1 New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. TOB VRDO | 3.510% | 6/7/06 | 10,295 | 10,295 |
1 New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. TOB VRDO | 3.510% | 6/7/06 | 15,550 | 15,550 |
1 New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. TOB VRDO | 3.510% | 6/7/06 (3) | 6,075 | 6,075 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.500% | 6/1/06 | 3,210 | 3,210 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.500% | 6/1/06 | 5,100 | 5,100 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.500% | 6/1/06 | 4,000 | 4,000 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.550% | 6/1/06 | 4,670 | 4,670 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.180% | 6/7/06 | 15,700 | 15,700 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.180% | 6/7/06 | 15,170 | 15,170 |
14
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.180% | 6/7/06 | 34,500 | 34,500 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.180% | 6/7/06 | 8,465 | 8,465 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.220% | 6/7/06 | 11,200 | 11,200 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.220% | 6/7/06 | 44,135 | 44,135 |
1 New York Metro. Transp. Auth. Rev. TOB VRDO | 3.500% | 6/7/06 (3) | 14,290 | 14,290 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/06 (2)(Prere.) | 11,360 | 11,609 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(City Univ.) TOB VRDO | 3.240% | 6/7/06 (4) | 5,275 | 5,275 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) CP | 3.380% | 6/1/06 | 9,635 | 9,635 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) CP | 3.430% | 7/11/06 | 21,005 | 21,005 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) CP | 3.430% | 7/11/06 | 12,800 | 12,800 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Cornell Univ.) CP | 3.500% | 6/22/06 | 7,680 | 7,680 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Cornell Univ.) CP | 3.520% | 6/22/06 | 20,500 | 20,500 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Cornell Univ.) VRDO | 3.550% | 6/1/06 | 10,325 | 10,325 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Cornell Univ.) VRDO | 3.400% | 6/7/06 | 25,600 | 25,600 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Cornell Univ.) VRDO | 3.400% | 6/7/06 | 25,815 | 25,815 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Dept. of Health) TOB VRDO | 3.510% | 6/7/06 (3) | 2,625 | 2,625 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Memorial Sloan Kettering) TOB VRDO | 3.510% | 6/7/06 (1) | 7,125 | 7,125 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) TOB VRDO | 3.500% | 6/7/06 (1) | 16,455 | 16,455 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) TOB VRDO | 3.500% | 6/7/06 (3) | 4,995 | 4,995 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.400% | 6/7/06 (4) | 11,250 | 11,250 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.420% | 6/7/06 | 71,500 | 71,500 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.450% | 6/7/06 (1) | 21,200 | 21,200 |
15
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.450% | 6/7/06 (2) | 2,500 | 2,500 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.490% | 6/7/06 (4) | 5,000 | 5,000 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.490% | 6/7/06 (4) | 11,870 | 11,870 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Montefiore Medical Center) | 5.250% | 2/1/07 (2)(Prere.) | 42,750 | 44,143 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Public Library) VRDO | 3.150% | 6/7/06 (1) | 37,345 | 37,345 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Public Library) VRDO | 3.150% | 6/7/06 (1) | 10,400 | 10,400 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) TOB VRDO | 3.480% | 6/7/06 (1) | 6,700 | 6,700 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(North Shore Long Island Hosp.) VRDO | 3.190% | 6/7/06 LOC | 14,000 | 14,000 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.240% | 6/7/06 (2) | 5,870 | 5,870 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.260% | 6/7/06 (2) | 17,820 | 17,820 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.500% | 6/7/06 (2) | 26,880 | 26,880 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rockefeller Univ.) VRDO | 3.150% | 6/7/06 | 29,800 | 29,800 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(St. John’s Univ.) | 5.700% | 7/1/06 (1)(Prere.) | 14,370 | 14,688 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Univ. of Rochester) VRDO | 3.180% | 6/7/06 (1) | 21,700 | 21,700 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) VRDO | 3.470% | 6/7/06 (11) | 24,260 | 24,260 |
1 New York State Dormitory Auth. Rev. TOB PUT | 2.780% | 6/28/06 (2) | 16,640 | 16,640 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.500% | 6/7/06 (1) | 6,500 | 6,500 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.500% | 6/7/06 | 18,380 | 18,380 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.500% | 6/7/06 | 40,340 | 40,340 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.500% | 6/7/06 | 28,385 | 28,385 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.500% | 6/7/06 | 4,725 | 4,725 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.500% | 6/7/06 (2) | 16,235 | 16,235 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.510% | 6/7/06 (4) | 5,575 | 5,575 |
New York State Dormitory Auth. Rev. VRDO | 3.490% | 6/7/06 (2) | 30,560 | 30,560 |
New York State Energy Research & Dev. Auth. |
|
|
|
|
(Con Edison) VRDO | 3.180% | 6/7/06 LOC | 15,000 | 15,000 |
16
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Energy Research & Dev. Auth. |
|
|
|
|
(Con Edison) VRDO | 3.190% | 6/7/06 LOC | 15,000 | 15,000 |
New York State Energy Research & Dev. Auth. |
|
|
|
|
(Con Edison) VRDO | 3.200% | 6/7/06 LOC | 13,700 | 13,700 |
New York State Energy Research & Dev. Auth. |
|
|
|
|
(Con Edison) VRDO | 3.230% | 6/7/06 LOC | 5,000 | 5,000 |
1 New York State Environmental Fac. Corp. PCR |
|
|
|
|
TOB VRDO | 3.500% | 6/7/06 (4) | 26,725 | 26,725 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB PUT | 3.430% | 6/8/06 | 2,670 | 2,670 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB PUT | 3.430% | 6/8/06 | 3,690 | 3,690 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB PUT | 3.450% | 7/13/06 | 9,805 | 9,805 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.260% | 6/7/06 | 5,390 | 5,390 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.500% | 6/7/06 | 6,425 | 6,425 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.500% | 6/7/06 | 16,500 | 16,500 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.510% | 6/7/06 | 8,125 | 8,125 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.510% | 6/7/06 | 2,575 | 2,575 |
New York State Environmental Fac. Corp. Solid |
|
|
|
|
Waste Disposal Rev. (General Electric Co.) VRDO | 3.560% | 6/1/06 | 17,900 | 17,900 |
New York State Environmental Fac. Corp. Solid |
|
|
|
|
Waste Disposal Rev. (General Electric Co.) VRDO | 3.630% | 6/1/06 | 23,800 | 23,800 |
New York State Environmental Fac. Corp. Solid |
|
|
|
|
Waste Disposal Rev. (General Electric Co.) VRDO | 3.630% | 6/1/06 | 25,900 | 25,900 |
New York State Environmental Quality CP | 3.520% | 8/16/06 | 10,000 | 10,000 |
New York State GO PUT | 2.900% | 8/3/06 LOC | 83,350 | 83,350 |
New York State GO PUT | 3.150% | 8/3/06 LOC | 30,600 | 30,600 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(Avalon Chrystie) VRDO | 3.300% | 6/7/06 LOC | 45,000 | 45,000 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(Baltimore Tower) VRDO | 3.250% | 6/7/06 | 15,000 | 15,000 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(Chelsea Apartments) VRDO | 3.270% | 6/7/06 | 66,170 | 66,170 |
1 New York State Housing Finance Agency Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.500% | 6/7/06 (3) | 7,920 | 7,920 |
17
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Housing Finance Agency Rev. |
|
|
|
|
(Residential) VRDO | 3.260% | 6/7/06 (2) | 6,700 | 6,700 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(Saville Housing) VRDO | 3.240% | 6/7/06 LOC | 55,000 | 55,000 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(West 23rd Street) VRDO | 3.240% | 6/7/06 LOC | 42,400 | 42,400 |
New York State Housing Finance Agency Rev. VRDO | 3.200% | 6/7/06 LOC | 20,400 | 20,400 |
New York State Housing Finance Agency Rev. VRDO | 3.230% | 6/7/06 LOC | 22,300 | 22,300 |
New York State Housing Finance Agency Rev. VRDO | 3.240% | 6/7/06 LOC | 35,000 | 35,000 |
New York State Housing Finance Agency Service |
|
|
|
|
Contract Rev. VRDO | 3.180% | 6/7/06 LOC | 9,000 | 9,000 |
New York State Housing Finance Agency Service |
|
|
|
|
Contract Rev. VRDO | 3.240% | 6/7/06 | 19,800 | 19,800 |
New York State Housing Finance Agency Service |
|
|
|
|
Contract Rev. VRDO | 3.240% | 6/7/06 LOC | 9,000 | 9,000 |
New York State Housing Finance Agency Service |
|
|
|
|
Contract Rev. VRDO | 3.250% | 6/7/06 LOC | 50,000 | 50,000 |
New York State Local Govt. Assistance Corp. VRDO | 3.080% | 6/7/06 LOC | 4,685 | 4,685 |
New York State Local Govt. Assistance Corp. VRDO | 3.100% | 6/7/06 LOC | 2,800 | 2,800 |
New York State Local Govt. Assistance Corp. VRDO | 3.170% | 6/7/06 LOC | 76,075 | 76,076 |
New York State Local Govt. Assistance Corp. VRDO | 3.170% | 6/7/06 LOC | 19,680 | 19,680 |
New York State Local Govt. Assistance Corp. VRDO | 3.180% | 6/7/06 (3) | 34,000 | 34,000 |
1 New York State Mortgage Agency Rev. TOB VRDO | 3.540% | 6/7/06 | 325 | 325 |
1 New York State Mortgage Agency Rev. TOB VRDO | 3.540% | 6/7/06 | 5,960 | 5,960 |
1 New York State Mortgage Agency Rev. TOB VRDO | 3.540% | 6/7/06 (1) | 315 | 315 |
New York State Mortgage Agency Rev. VRDO | 3.530% | 6/1/06 | 22,000 | 22,000 |
New York State Power Auth. Rev. CP | 3.380% | 6/1/06 | 20,000 | 20,000 |
New York State Power Auth. Rev. CP | 3.380% | 6/6/06 | 20,000 | 20,000 |
New York State Power Auth. Rev. CP | 3.500% | 6/6/06 | 1,300 | 1,300 |
New York State Power Auth. Rev. CP | 3.550% | 7/7/06 | 10,000 | 10,000 |
New York State Power Auth. Rev. CP | 3.640% | 7/10/06 | 4,207 | 4,207 |
New York State Power Auth. Rev. CP | 3.590% | 7/13/06 | 5,000 | 5,000 |
New York State Power Auth. Rev. CP | 3.620% | 8/4/06 | 31,931 | 31,931 |
New York State Power Auth. Rev. CP | 3.580% | 8/9/06 | 10,000 | 10,000 |
New York State Power Auth. Rev. PUT | 3.350% | 9/1/06 | 32,000 | 32,000 |
1 New York State Thruway Auth. Rev. (Highway & Bridge Trust Fund) TOB VRDO | 3.240% | 6/7/06 (1) | 8,450 | 8,450 |
1 New York State Thruway Auth. Rev. (Highway & Bridge Trust Fund) TOB VRDO | 3.500% | 6/7/06 (2) | 10,450 | 10,450 |
18
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) TOB VRDO | 3.500% | 6/7/06 (3) | 32,995 | 32,995 |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) TOB VRDO | 3.500% | 6/7/06 (1) | 5,995 | 5,995 |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.500% | 6/7/06 (2) | 5,250 | 5,250 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.490% | 6/7/06 (4) | 6,050 | 6,050 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.500% | 6/7/06 (2) | 10,000 | 10,000 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.500% | 6/7/06 (2) | 13,650 | 13,650 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.510% | 6/7/06 (2) | 10,470 | 10,470 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.510% | 6/7/06 (2) | 8,125 | 8,125 |
1 New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) TOB VRDO | 3.510% | 6/7/06 (3) | 5,165 | 5,165 |
1 New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) TOB VRDO | 3.510% | 6/7/06 (3) | 4,950 | 4,950 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(State Fac. & Equipment) VRDO | 3.490% | 6/7/06 (11) | 12,060 | 12,060 |
Oneida County NY IDA Rev. |
|
|
|
|
(Hamilton College) VRDO | 3.250% | 6/7/06 (1) | 25,770 | 25,770 |
1 Orange County NY TOB PUT | 3.460% | 6/15/06 | 2,640 | 2,640 |
Orangetown NY BAN | 4.000% | 10/5/06 | 4,155 | 4,169 |
Orangetown NY BAN | 4.500% | 3/30/07 | 16,600 | 16,729 |
Oyster Bay NY BAN | 4.250% | 11/17/06 | 17,000 | 17,085 |
Oyster Bay NY BAN | 4.500% | 3/16/07 | 20,000 | 20,162 |
Port Auth. of New York & New Jersey CP | 3.670% | 6/6/06 | 5,670 | 5,670 |
Port Auth. of New York & New Jersey CP | 3.550% | 8/8/06 | 7,260 | 7,260 |
Port Auth. of New York & New Jersey CP | 3.580% | 8/9/06 | 14,720 | 14,720 |
1 Port Auth. of New York & New Jersey Rev. |
|
|
|
|
TOB VRDO | 3.500% | 6/7/06 (10) | 5,415 | 5,415 |
1 Port Auth. of New York & New Jersey Rev. |
|
|
|
|
TOB VRDO | 3.500% | 6/7/06 (10) | 2,940 | 2,940 |
1 Port Auth. of New York & New Jersey Rev. |
|
|
|
|
TOB VRDO | 3.520% | 6/7/06 | 10,000 | 10,000 |
1 Port Auth. of New York & New Jersey Rev. |
|
|
|
|
TOB VRDO | 3.520% | 6/7/06 (3) | 15,000 | 15,000 |
1 Port Auth. of New York & New Jersey Rev. |
|
|
|
|
TOB VRDO | 3.520% | 6/7/06 (3) | 14,645 | 14,645 |
1 Port Auth. of New York & New Jersey Rev. |
|
|
|
|
TOB VRDO | 3.520% | 6/7/06 (11) | 10,510 | 10,510 |
Rockland County NY RAN | 4.500% | 3/22/07 | 23,000 | 23,176 |
19
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Suffolk County NY Water Auth. Rev. VRDO | 3.170% | 6/7/06 | 36,400 | 36,400 |
Suffolk County NY Water Auth. Rev. VRDO | 3.170% | 6/7/06 | 45,000 | 45,000 |
Tompkins County NY IDA Civic Fac. |
|
|
|
|
(Cornell Univ.) VRDO | 3.400% | 6/7/06 | 15,700 | 15,700 |
Tompkins County NY IDA Civic Fac. |
|
|
|
|
(Cornell Univ.) VRDO | 3.400% | 6/7/06 | 8,390 | 8,390 |
Tompkins County NY IDA Civic Fac. |
|
|
|
|
(Ithaca Univ.) VRDO | 3.470% | 6/7/06 (10) | 22,600 | 22,600 |
Tompkins County NY IDA Civic Fac. |
|
|
|
|
(Ithaca Univ.) VRDO | 3.470% | 6/7/06 (10) | 23,400 | 23,400 |
1 Triborough Bridge & Tunnel Auth. New York Rev. |
|
|
|
|
TOB VRDO | 3.260% | 6/7/06 (2) | 16,585 | 16,585 |
1 Triborough Bridge & Tunnel Auth. New York Rev. |
|
|
|
|
TOB VRDO | 3.480% | 6/7/06 (1) | 1,995 | 1,995 |
1 Triborough Bridge & Tunnel Auth. New York Rev. |
|
|
|
|
TOB VRDO | 3.500% | 6/7/06 (1) | 7,200 | 7,200 |
1 Triborough Bridge & Tunnel Auth. New York Rev. |
|
|
|
|
TOB VRDO | 3.500% | 6/7/06 (3) | 4,000 | 4,000 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.180% | 6/7/06 | 15,000 | 15,000 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.180% | 6/7/06 (4) | 30,900 | 30,900 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.190% | 6/7/06 (2) | 8,100 | 8,100 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.210% | 6/7/06 | 44,320 | 44,320 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.430% | 6/7/06 | 75,500 | 75,500 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.490% | 6/7/06 | 5,200 | 5,200 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.490% | 6/7/06 | 11,500 | 11,500 |
20
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Outside New York |
|
|
|
|
Puerto Rico Govt. Dev. Bank VRDO | 3.160% | 6/7/06 (1) | 1,500 | 1,500 |
Puerto Rico Highway & Transp. Auth. Rev. VRDO | 3.130% | 6/7/06 (2) | 900 | 900 |
Total Municipal Bonds |
|
|
|
|
(Cost $3,924,799) |
|
|
| 3,924,799 |
Other Assets and Liabilities (0.3%) |
|
|
|
|
Other Assets—Note B |
|
|
| 46,170 |
Liabilities |
|
|
| (33,641) |
|
|
|
| 12,529 |
Net Assets (100%) |
|
|
|
|
Applicable to 3,937,090,189 outstanding $.001 par value shares |
|
|
|
|
of beneficial interest (unlimited authorization) |
|
|
| 3,937,328 |
Net Asset Value Per Share |
|
|
| $1.00 |
At May 31, 2006, net assets consisted of: |
|
|
| Amount | Per |
| ($000) | Share |
Paid-in Capital | 3,937,109 | $1.00 |
Undistributed Net Investment Income | — | — |
Accumulated Net Realized Gains | 219 | — |
Unrealized Appreciation | — | — |
Net Assets | 3,937,328 | $1.00 |
• | See Note A in Notes to Financial Statements. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of these securities was $977,899,000, representing 24.8% of net assets. |
21
New York Tax-Exempt Money Market Fund
Key to Abbreviations
ARS—Auction Rate Security. |
BAN—Bond Anticipation Note. |
COP—Certificate of Participation. |
CP—Commercial Paper. |
FR—Floating Rate. |
GAN—Grant Anticipation Note. |
GO—General Obligation Bond. |
IDA—Industrial Development Authority Bond. |
IDR—Industrial Development Revenue Bond. |
PCR—Pollution Control Revenue Bond. |
PUT—Put Option Obligation. |
RAN—Revenue Anticipation Note. |
TAN—Tax Anticipation Note. |
TOB—Tender Option Bond. |
TRAN—Tax Revenue Anticipation Note. |
UFSD—Union Free School District. |
USD—United School District. |
VRDO—Variable Rate Demand Obligation. |
(ETM)—Escrowed to Maturity. |
(Prere.)—Prerefunded. |
|
|
Scheduled principal and interest payments are guaranteed by: |
(1) MBIA (Municipal Bond Insurance Association). |
(2) AMBAC (Ambac Assurance Corporation). |
(3) FGIC (Financial Guaranty Insurance Company). |
(4) FSA (Financial Security Assurance). |
(5) BIGI (Bond Investors Guaranty Insurance). |
(6) Connie Lee Inc. |
(7) FHA (Federal Housing Authority). |
(8) CapMAC (Capital Markets Assurance Corporation). |
(9) American Capital Access Financial Guaranty Corporation. |
(10) XL Capital Assurance Inc. |
(11) CIFG (CDC IXIS Financial Guaranty). |
The insurance does not guarantee the market value of the municipal bonds. |
|
|
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit. |
22
New York Tax-Exempt Money Market Fund
Statement of Operations
| Six Months Ended |
| May 31, 2006 |
| ($000) |
Investment Income |
|
Income |
|
Interest | 57,448 |
Total Income | 57,448 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 156 |
Management and Administrative | 1,658 |
Marketing and Distribution | 515 |
Custodian Fees | 11 |
Shareholders’ Reports | 7 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 2,348 |
Net Investment Income | 55,100 |
Realized Net Gain (Loss) on Investment Securities Sold | 224 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | — |
Net Increase (Decrease) in Net Assets Resulting from Operations | 55,324 |
23
New York Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended |
| May 31, | Nov. 30, |
| 2006 | 2005 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 55,100 | 62,349 |
Realized Net Gain (Loss) | 224 | 27 |
Change in Unrealized Appreciation (Depreciation) | — | — |
Net Increase (Decrease) in Net Assets Resulting from Operations | 55,324 | 62,376 |
Distributions |
|
|
Net Investment Income | (55,100) | (62,349) |
Realized Capital Gain | — | — |
Total Distributions | (55,100) | (62,349) |
Capital Share Transactions (at $1.00) |
|
|
Issued | 2,188,455 | 2,996,336 |
Issued in Lieu of Cash Distributions | 53,354 | 60,236 |
Redeemed | (1,542,383) | (2,112,895) |
Net Increase (Decrease) from Capital Share Transactions | 699,426 | 943,677 |
Total Increase (Decrease) | 699,650 | 943,704 |
Net Assets |
|
|
Beginning of Period | 3,237,678 | 2,293,974 |
End of Period | 3,937,328 | 3,237,678 |
24
New York Tax-Exempt Money Market Fund
Financial Highlights
|
|
|
|
|
|
|
| Six |
|
|
|
|
|
| Months |
|
|
|
|
|
For a Share Outstanding | Ended | Year Ended November 30, | ||||
| May 31, |
|
|
|
|
|
Throughout Each Period | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations |
|
|
|
|
|
|
Net Investment Income | .015 | .022 | .010 | .009 | .013 | .028 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
on Investments | — | — | — | — | — | — |
Total from Investment Operations | .015 | .022 | .010 | .009 | .013 | .028 |
Distributions |
|
|
|
|
|
|
Dividends from Net Investment Income | (.015) | (.022) | (.010) | (.009) | (.013) | (.028) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.015) | (.022) | (.010) | (.009) | (.013) | (.028) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return | 1.53% | 2.18% | 1.03% | 0.89% | 1.32% | 2.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net Assets, End of Period (Millions) | $3,937 | $3,238 | $2,294 | $1,772 | $1,627 | $1,359 |
Ratio of Total Expenses to |
|
|
|
|
|
|
Average Net Assets | 0.13%1 | 0.13% | 0.13% | 0.17% | 0.17% | 0.18% |
Ratio of Net Investment Income to |
|
|
|
|
|
|
Average Net Assets | 3.05%1 | 2.19% | 1.04% | 0.88% | 1.31% | 2.72% |
1 | Annualized. |
See accompanying Notes, which are an integral part of the Financial Statements.
25
New York Tax-Exempt Money Market Fund
Notes to Financial Statements
Vanguard New York Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of many municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of New York.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investment securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Accordingly, no provision for federal income taxes is required in the financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month.
4. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its assets in capital contributions to Vanguard. At May 31, 2006, the fund had contributed capital of $413,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.41% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
26
New York Long-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2006
Financial Attributes |
| ||
|
| Comparative | Broad |
| Fund | Index1 | Index2 |
Number of Issues | 290 | 6,505 | 37,743 |
Yield |
| — | — |
Investor Shares | 4.0% |
|
|
Admiral Shares | 4.1% |
|
|
Yield to Maturity | 4.1%3 | 4.1% | 4.2% |
Average Coupon | 4.9% | 5.1% | 5.1% |
Average Effective |
|
|
|
Maturity | 9.6 years | 7.3 years | 6.9 years |
Average Quality | AA+ | AAA | AA+ |
Average Duration | 6.8 years | 5.8 years | 5.4 years |
Expense Ratio |
| — | — |
Investor Shares | 0.17%4 |
|
|
Admiral Shares | 0.09%4 |
|
|
Short-Term Reserves | 0% | — | — |
Distribution by Maturity (% of portfolio) | |
|
|
Under 1 Year | 8% |
1–5 Years | 27 |
5–10 Years | 34 |
10–20 Years | 17 |
20–30 Years | 12 |
Over 30 Years | 2 |
Volatility Measures |
|
| ||
|
| Comparative |
| Broad |
| Fund | Index1 | Fund | Index2 |
R-Squared | 0.98 | 1.00 | 0.97 | 1.00 |
Beta | 1.04 | 1.00 | 1.22 | 1.00 |
Distribution by Credit Quality (% of portfolio) | |
|
|
AAA | 83% |
AA | 14 |
A | 1 |
BBB | 2 |
Investment Focus
1 | Lehman 10 Year Municipal Bond Index. |
2 | Lehman Municipal Bond Index. |
3 | Before expenses. |
4 | Annualized. |
See page 52 for a glossary of investment terms.
27
New York Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): November 30, 1995–May 31, 2006 |
| |||
| Investor Shares |
| ||
|
|
|
| Lehman1 |
Fiscal | Capital | Income | Total | Total |
Year | Return | Return | Return | Return |
1996 | 0.4% | 5.4% | 5.8% | 5.7% |
1997 | 0.9 | 5.5 | 6.4 | 7.1 |
1998 | 2.4 | 5.3 | 7.7 | 8.1 |
1999 | –7.0 | 4.7 | –2.3 | –0.4 |
2000 | 3.9 | 5.7 | 9.6 | 7.7 |
2001 | 3.4 | 5.0 | 8.4 | 8.2 |
2002 | 2.2 | 4.6 | 6.8 | 6.7 |
2003 | 2.8 | 4.4 | 7.2 | 6.9 |
2004 | –0.8 | 4.3 | 3.5 | 4.0 |
2005 | –1.2 | 4.2 | 3.0 | 3.0 |
20062 | –1.0 | 2.2 | 1.2 | 1.3 |
Average Annual Total Returns: Periods Ended March 31, 2006
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
|
|
|
| Ten Years | ||
| Inception Date | One Year | Five Years | Capital | Income | Total |
Investor Shares | 4/7/1986 | 3.36% | 4.95% | 0.84% | 4.89% | 5.73% |
Admiral Shares | 5/14/2001 | 3.44 | 5.283 | — | — | — |
1 | Lehman 10 Year Municipal Bond Index. |
2 | Six months ended May 31, 2006. |
3 | Return since inception. |
Note: See Financial Highlights tables on pages 44 and 45 for dividend and capital gains information.
28
New York Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2006
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Municipal Bonds (99.0%) |
|
|
|
|
Albany County NY GO | 5.000% | 10/1/12 (3) | 4,400 | 4,709 |
Battery Park City NY Auth. Rev. | 5.250% | 11/1/15 | 12,520 | 13,530 |
Broome County NY Public Safety Fac. Project COP | 5.250% | 4/1/15 (1) | 2,665 | 2,668 |
Broome County NY Public Safety Fac. Project COP | 5.250% | 4/1/15 (1) | 335 | 335 |
Buffalo NY GO | 5.125% | 2/1/12 (2) | 1,870 | 1,949 |
Buffalo NY GO | 5.125% | 2/1/13 (2) | 2,945 | 3,069 |
Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/20 (4) | 3,510 | 3,911 |
Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/21 (4) | 5,000 | 5,567 |
Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/22 (4) | 4,500 | 5,010 |
Erie County NY Water Auth. Rev. | 6.000% | 12/1/08 (2)(ETM) | 1,335 | 1,377 |
Hempstead NY GO | 5.625% | 2/1/12 (3) | 1,220 | 1,248 |
Hempstead NY GO | 5.625% | 2/1/13 (3) | 960 | 982 |
Hempstead NY IDA Civic Fac. Rev. (Hofstra Univ.) | 5.250% | 7/1/17 | 2,360 | 2,478 |
Hempstead NY IDA Civic Fac. Rev. (Hofstra Univ.) | 5.250% | 7/1/19 | 3,200 | 3,346 |
Huntington NY GO | 6.700% | 2/1/11 (3) | 310 | 348 |
Liberty NY Dev. Corp. Rev. |
|
|
|
|
(Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 35,000 | 37,927 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/11 (4) | 16,690 | 13,784 |
Long Island NY Power Auth. Electric System Rev. | 5.250% | 6/1/13 | 15,690 | 16,830 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/14 (4) | 5,000 | 3,588 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/19 (4) | 2,460 | 1,374 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/21 (4) | 13,355 | 6,761 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/23 (4) | 35,500 | 16,339 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/24 (4) | 21,830 | 9,584 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/27 (4) | 23,905 | 8,997 |
Long Island NY Power Auth. Electric System |
|
|
|
|
Rev. VRDO | 3.560% | 6/1/06 LOC | 7,300 | 7,300 |
29
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Metro. New York Transp. Auth. Rev. (Commuter Fac.) | 5.125% | 7/1/09 (3)(Prere.) | 3,000 | 3,128 |
Metro. New York Transp. Auth. Rev. |
|
|
|
|
(Dedicated Petroleum Tax) | 5.250% | 10/1/10 (1)(Prere.) | 7,900 | 8,386 |
Metro. New York Transp. Auth. Rev. |
|
|
|
|
(Dedicated Petroleum Tax) | 6.000% | 4/1/20 (1)(ETM) | 32,500 | 37,768 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/16 (2) | 28,075 | 30,556 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/16 (1) | 4,000 | 4,354 |
1 Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/17 (2) | 35,000 | 38,045 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/17 (1) | 5,000 | 5,435 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/19 (1) | 6,000 | 6,522 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/20 (1) | 7,000 | 7,609 |
Metro. New York Transp. Auth. Rev. VRDO | 3.420% | 6/7/06 (10) | 2,000 | 2,000 |
Nassau County NY Combined Sewer Dist. GO | 5.000% | 5/1/11 (3) | 1,770 | 1,864 |
Nassau County NY GO | 5.250% | 6/1/11 (2) | 3,670 | 3,885 |
Nassau County NY GO | 5.250% | 6/1/12 (2) | 4,670 | 4,964 |
Nassau County NY GO | 5.250% | 6/1/13 (2) | 6,905 | 7,340 |
Nassau County NY GO | 5.250% | 6/1/14 (2) | 6,585 | 7,000 |
New York City NY Cultural Resources Rev. |
|
|
|
|
(American Museum of Natural History) | 5.700% | 4/1/07 (1)(Prere.) | 12,730 | 13,073 |
New York City NY Cultural Resources Rev. |
|
|
|
|
(American Museum of Natural History) | 5.600% | 4/1/18 (1) | 2,635 | 2,702 |
New York City NY Cultural Resources Rev. |
|
|
|
|
(American Museum of Natural History) | 5.650% | 4/1/22 (1) | 5,000 | 5,129 |
New York City NY Cultural Resources Rev. |
|
|
|
|
(Museum of Modern Art) | 5.500% | 1/1/07 (2)(ETM) | 35 | 35 |
New York City NY Cultural Resources Rev. |
|
|
|
|
(Museum of Modern Art) | 5.500% | 1/1/16 (2) | 2,000 | 2,059 |
New York City NY GO | 5.750% | 5/15/11 (4) | 4,540 | 4,902 |
New York City NY GO | 5.750% | 8/1/11 (1) | 15,750 | 17,056 |
New York City NY GO | 5.750% | 3/15/12 (4)(Prere.) | 260 | 286 |
New York City NY GO | 5.875% | 5/15/12 (4) | 4,670 | 5,059 |
New York City NY GO | 5.125% | 8/1/13 (4) | 19,025 | 20,103 |
New York City NY GO | 5.375% | 8/1/13 (3) | 8,295 | 8,617 |
New York City NY GO | 5.200% | 8/1/14 (4) | 5,000 | 5,278 |
New York City NY GO | 5.250% | 3/15/16 (2) | 5,000 | 5,334 |
New York City NY GO | 5.000% | 8/1/25 | 8,905 | 9,155 |
New York City NY GO | 5.750% | 3/15/27 (4) | 1,300 | 1,410 |
New York City NY GO VRDO | 3.500% | 6/1/06 LOC | 1,880 | 1,880 |
New York City NY GO VRDO | 3.560% | 6/1/06 LOC | 14,200 | 14,200 |
30
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York City NY GO VRDO | 3.190% | 6/7/06 LOC | 11,700 | 11,700 |
New York City NY GO VRDO | 3.200% | 6/7/06 (2) | 6,450 | 6,450 |
New York City NY IDA (USTA National Tennis Center) | 5.000% | 11/15/13 (4) | 4,435 | 4,733 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.500% | 6/15/07 (1)(Prere.) | 23,955 | 24,650 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.750% | 6/15/07 (1)(Prere.) | 15,000 | 15,473 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.750% | 6/15/09 (3)(Prere.) | 30,650 | 32,760 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 0.000% | 6/15/17 | 10,000 | 6,186 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.375% | 6/15/17 | 25,015 | 26,830 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 0.000% | 6/15/18 | 10,000 | 5,883 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.375% | 6/15/18 | 25,095 | 26,916 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 0.000% | 6/15/21 | 4,490 | 2,269 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.000% | 6/15/27 (1) | 17,000 | 17,651 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.000% | 6/15/31 | 9,000 | 9,257 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.500% | 6/1/06 (3) | 8,600 | 8,600 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.520% | 6/1/06 | 2,500 | 2,500 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.560% | 6/1/06 (3) | 1,800 | 1,800 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.560% | 6/1/06 (3) | 2,050 | 2,050 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.580% | 6/1/06 | 7,200 | 7,200 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.580% | 6/1/06 | 8,200 | 8,200 |
New York City NY Sales Tax Asset Receivable Corp. | 5.000% | 10/15/26 (1) | 10,000 | 10,416 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 5/1/09 (Prere.) | 15 | 16 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 5/1/09 (Prere.) | 1,660 | 1,759 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 5/1/09 (Prere.) | 1,325 | 1,405 |
New York City NY Transitional Finance Auth. Rev. | 5.750% | 5/15/10 (Prere.) | 930 | 1,009 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 2,265 | 2,455 |
31
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 1,150 | 1,247 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 2,955 | 3,203 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/12 | 2,805 | 3,026 |
New York City NY Transitional Finance Auth. Rev. | 5.250% | 5/1/13 | 12,270 | 13,152 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/14 | 9,735 | 10,491 |
New York City NY Transitional Finance Auth. Rev. | 5.250% | 5/1/14 | 17,720 | 18,911 |
New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/1/15 | 7,310 | 7,816 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/15 | 3,850 | 4,140 |
New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/15/15 | 9,395 | 10,056 |
New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/1/16 | 8,415 | 9,005 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/16 | 11,045 | 11,888 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/15/16 | 2,735 | 2,950 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.500% | 6/1/06 | 5,000 | 5,000 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.500% | 6/1/06 | 3,100 | 3,100 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.500% | 6/1/06 | 6,800 | 6,800 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.550% | 6/1/06 | 4,200 | 4,200 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.550% | 6/1/06 | 7,300 | 7,300 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.590% | 6/1/06 | 14,600 | 14,600 |
New York State Dormitory Auth. Rev. | 5.500% | 7/1/06 (1)(Prere.) | 2,245 | 2,294 |
New York State Dormitory Auth. Rev. | 5.500% | 7/1/06 (1)(Prere.) | 1,625 | 1,660 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/19 (3) | 2,420 | 2,582 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/20 (3) | 2,555 | 2,724 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/21 (3) | 1,680 | 1,791 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/22 (3) | 2,825 | 3,010 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/23 (3) | 1,120 | 1,192 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Albany Medical Center) | 5.000% | 8/15/18 (4) | 17,405 | 18,214 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Albany Medical Center) | 5.000% | 8/15/25 (4) | 2,000 | 2,071 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Barnard College) | 5.250% | 7/1/26 (2) | 4,370 | 4,478 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Catholic Health) | 5.500% | 7/1/22 (1) | 10,000 | 10,558 |
32
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/10 (3)(Prere.) | 2,215 | 2,386 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/10 (3)(Prere.) | 4,475 | 4,821 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/11 (3) | 5,950 | 6,364 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/15 (3) | 31,620 | 33,931 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/16 (2) | 4,640 | 4,740 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/16 (3) | 7,255 | 7,791 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/20 (3) | 14,525 | 16,368 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/22 (3) | 9,240 | 10,460 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 5/15/23 (3) | 5,000 | 5,665 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/23 (3) | 7,915 | 8,994 |
New York State Dormitory Auth. Rev. (Columbia Univ.) | 5.125% | 7/1/19 | 4,900 | 5,215 |
New York State Dormitory Auth. Rev. (Columbia Univ.) | 5.125% | 7/1/19 | 5,100 | 5,381 |
New York State Dormitory Auth. Rev. (Columbia Univ.) | 5.125% | 7/1/21 | 6,990 | 7,409 |
New York State Dormitory Auth. Rev. (Columbia Univ.) | 5.125% | 7/1/22 | 7,345 | 7,775 |
New York State Dormitory Auth. Rev. (Columbia Univ.) | 5.125% | 7/1/23 | 7,575 | 8,008 |
New York State Dormitory Auth. Rev. (Court Fac.) | 5.750% | 5/15/10 (2)(Prere.) | 21,370 | 23,165 |
New York State Dormitory Auth. Rev. (Fordham Univ.) | 7.200% | 7/1/15 (2) | 385 | 386 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 2,660 | 2,883 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 2,370 | 2,569 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 2,515 | 2,726 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 5 | 5 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/13 (4) | 105 | 113 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/14 (4) | 110 | 119 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/15 (4) | 120 | 129 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.000% | 2/15/25 (3) | 6,575 | 6,843 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.375% | 2/15/26 (1) | 130 | 133 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.450% | 6/7/06 (4) | 1,550 | 1,550 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.490% | 6/7/06 (1) | 1,800 | 1,800 |
33
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New School for Social Research) | 5.625% | 7/1/07 (1)(Prere.) | 2,260 | 2,353 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.750% | 7/1/16 (1) | 3,500 | 3,968 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.750% | 7/1/20 (1) | 6,000 | 6,919 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.500% | 7/1/31 (2) | 8,910 | 10,212 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.500% | 7/1/40 (2) | 34,330 | 39,554 |
New York State Dormitory Auth. Rev. (Pace) | 5.625% | 7/1/07 (1)(Prere.) | 11,185 | 11,645 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/23 (4) | 4,200 | 4,385 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.500% | 3/15/24 (2) | 18,170 | 20,689 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/26 (2) | 7,500 | 7,780 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.500% | 3/15/26 (2) | 16,670 | 19,027 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.500% | 3/15/27 (2) | 7,500 | 8,571 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Queens Hosp.) | 5.450% | 8/15/19 (2) | 4,835 | 5,101 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rochester Institute of Technology) | 5.250% | 7/1/07 (1)(Prere.) | 3,000 | 3,083 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rochester Institute of Technology) | 5.300% | 7/1/07 (1)(Prere.) | 6,275 | 6,451 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rockefeller Univ.) | 5.000% | 7/1/18 | 2,805 | 2,897 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Sloan-Kettering Cancer Center) | 5.750% | 7/1/19 (1) | 15,900 | 18,137 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Sloan-Kettering Cancer Center) | 5.750% | 7/1/20 (1) | 5,500 | 6,311 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Sloan-Kettering Cancer Center) | 5.500% | 7/1/23 (1) | 14,000 | 15,817 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(St. John’s Univ.) | 5.250% | 7/1/20 (1) | 15,170 | 15,739 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(St. Joseph’s Hosp.) | 5.250% | 7/1/18 (1) | 6,700 | 6,928 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 7/1/09 (2) | 1,590 | 1,696 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/12 (1) | 16,160 | 17,618 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/13 (1) | 27,285 | 29,747 |
34
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/14 (1) | 10,660 | 11,622 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/15 (1) | 12,500 | 13,633 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/16 (1) | 5,000 | 5,455 |
New York State Dormitory Auth. Rev. (State Univ.) | 5.750% | 5/15/17 (4) | 3,750 | 4,258 |
New York State Dormitory Auth. Rev. (State Univ.) | 5.500% | 5/15/21 (3) | 3,000 | 3,380 |
New York State Dormitory Auth. Rev. (State Univ.) | 5.500% | 5/15/24 (3) | 7,790 | 8,877 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/24 (2) | 4,680 | 5,321 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/25 (2) | 5,145 | 5,853 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/26 (2) | 10,140 | 11,538 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.000% | 7/1/26 | 2,500 | 2,627 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/27 (2) | 11,155 | 12,707 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/28 (2) | 5,000 | 5,700 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/29 (2) | 4,765 | 5,435 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/30 (2) | 7,500 | 8,557 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/31 (2) | 6,000 | 6,845 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.000% | 7/1/31 | 5,000 | 5,221 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(The New York & Presbyterian Hosp.) | 5.500% | 2/1/10 (2) | 6,330 | 6,685 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Univ. of Rochester) | 5.000% | 7/1/08 (1)(Prere.) | 1,650 | 1,710 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Univ. of Rochester) | 5.000% | 7/1/17 (1) | 350 | 361 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.000% | 7/1/09 (2)(Prere.) | 1,085 | 1,137 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.000% | 7/1/09 (2)(Prere.) | 450 | 472 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.250% | 7/1/09 (2)(Prere.) | 2,235 | 2,358 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.250% | 7/1/12 (2) | 3,935 | 4,127 |
35
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.000% | 7/1/15 (2) | 1,915 | 1,995 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.000% | 7/1/16 (2) | 800 | 835 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Vassar Brothers Hosp.) | 5.250% | 7/1/17 (4) | 8,025 | 8,338 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Vassar Brothers Hosp.) | 5.375% | 7/1/25 (4) | 7,000 | 7,290 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/19 (2) | 2,425 | 2,612 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/21 (2) | 1,750 | 1,885 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/22 (2) | 3,425 | 3,689 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/23 (2) | 3,610 | 3,885 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/24 (2) | 3,305 | 3,558 |
New York State Energy Research & Dev. Auth. PCR |
|
|
|
|
(New York Electric & Gas) ARS | 3.209% | 7/24/06 (1) | 10,000 | 9,735 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.375% | 6/15/15 | 7,650 | 8,242 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.250% | 6/15/16 | 3,095 | 3,307 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.375% | 6/15/16 | 6,000 | 6,457 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.250% | 6/15/18 | 10,000 | 10,678 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.250% | 6/15/19 | 36,610 | 39,094 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/22 | 3,085 | 3,517 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/24 | 3,490 | 3,999 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/25 | 4,175 | 4,793 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/26 | 2,890 | 3,323 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/27 | 3,000 | 3,449 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/28 | 3,095 | 3,557 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/29 | 2,530 | 2,909 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/30 | 2,600 | 2,991 |
36
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 4/15/35 | 7,990 | 9,231 |
2 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) |
|
|
|
|
TOB VRDO | 3.500% | 6/7/06 | 15,800 | 15,800 |
New York State Local Govt. Assistance Corp. | 5.250% | 4/1/15 (2) | 8,000 | 8,174 |
New York State Thruway Auth. Rev. | 5.250% | 1/1/08 (Prere.) | 735 | 760 |
New York State Thruway Auth. Rev. | 5.250% | 1/1/14 | 4,825 | 4,974 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 5,575 | 6,032 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 5,870 | 6,352 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 3,000 | 3,246 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 2,500 | 2,705 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 2,080 | 2,251 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.500% | 4/1/11 (3)(Prere.) | 2,000 | 2,174 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.500% | 4/1/11 (3)(Prere.) | 3,000 | 3,261 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.250% | 10/1/11 (1)(Prere.) | 7,500 | 8,046 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.500% | 4/1/14 (2) | 32,875 | 35,653 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.000% | 4/1/25 (2) | 10,000 | 10,431 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Service Contract) | 5.250% | 4/1/07 (Prere.) | 1,300 | 1,343 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Service Contract) | 5.750% | 4/1/09 (1)(Prere.) | 4,000 | 4,256 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Service Contract) | 5.250% | 4/1/15 | 6,775 | 6,986 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Community Enhancement Fac.) | 5.125% | 4/1/09 (2)(Prere.) | 5,500 | 5,766 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 2,500 | 2,666 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 3,000 | 3,200 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 4,110 | 4,383 |
37
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 5,000 | 5,333 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 5.750% | 1/1/11 (4)(Prere.) | 6,380 | 6,932 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/23 (4) | 7,860 | 8,206 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/24 (4) | 3,500 | 3,649 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) GO | 5.500% | 3/15/23 (1) | 19,645 | 22,240 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) GO | 5.500% | 3/15/24 (1) | 5,000 | 5,680 |
Niagara County NY IDA Solid Waste |
|
|
|
|
Disposal Rev. PUT | 5.550% | 11/15/13 | 12,500 | 13,064 |
Niagara Falls NY Bridge Comm. Rev. | 5.250% | 10/1/15 (3) | 5,000 | 5,338 |
Niagara Falls NY Bridge Comm. Rev. | 6.250% | 10/1/20 (3) | 8,685 | 10,493 |
Niagara Falls NY Bridge Comm. Rev. | 6.250% | 10/1/21 (3) | 9,230 | 11,212 |
North Hempstead NY GO | 6.400% | 4/1/10 (3) | 1,500 | 1,641 |
North Hempstead NY GO | 6.400% | 4/1/11 (3) | 2,075 | 2,312 |
Onondaga County NY Public Improvements | 5.875% | 2/15/08 | 1,250 | 1,296 |
Onondaga County NY Public Improvements | 5.875% | 2/15/08 | 1,225 | 1,271 |
Orange County NY GO | 5.000% | 7/15/19 | 1,500 | 1,587 |
Orange County NY GO | 5.000% | 7/15/20 | 2,000 | 2,109 |
Orange County NY GO | 5.000% | 7/15/21 | 1,035 | 1,089 |
Orange County NY GO | 5.000% | 7/15/22 | 1,000 | 1,051 |
Port Auth. of New York & New Jersey Rev. | 5.500% | 12/15/16 (2) | 4,190 | 4,494 |
Port Auth. of New York & New Jersey Rev. | 5.500% | 12/15/17 (2) | 4,600 | 4,934 |
Port Auth. of New York & New Jersey Rev. | 5.500% | 12/15/18 (2) | 4,620 | 4,955 |
Port Auth. of New York & New Jersey Rev. | 5.000% | 7/15/33 | 27,615 | 28,486 |
Suffolk County NY GO | 5.250% | 5/1/16 (4) | 3,315 | 3,606 |
Suffolk County NY GO | 5.250% | 5/1/17 (4) | 9,780 | 10,660 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/10 (2)(ETM) | 3,790 | 4,008 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/11 (2)(ETM) | 2,380 | 2,545 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/12 (2)(ETM) | 4,290 | 4,623 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/17 (2)(ETM) | 1,695 | 1,851 |
Tobacco Settlement Asset |
|
|
|
|
Securitization Corp. Inc. New York | 5.125% | 6/1/42 | 10,000 | 9,704 |
Triborough Bridge & Tunnel Auth. New York Rev. | 6.750% | 1/1/09 (2)(ETM) | 2,535 | 2,661 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/14 | 3,000 | 3,200 |
38
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/15 | 2,930 | 3,125 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/16 | 2,500 | 2,661 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/17 | 16,770 | 17,973 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/18 | 2,330 | 2,478 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/18 | 30,285 | 32,457 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/19 | 43,025 | 46,110 |
Triborough Bridge & Tunnel Auth. New York Rev. | 6.125% | 1/1/21 (1)(ETM) | 5,000 | 5,953 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.500% | 11/15/21 (1) | 11,370 | 12,871 |
|
|
|
|
|
|
|
|
|
|
Outside New York |
|
|
|
|
Puerto Rico Electric Power Auth. Rev. | 5.250% | 7/1/15 (1) | 5,000 | 5,220 |
Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/16 (1) | 16,345 | 17,724 |
Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/18 (1) | 6,250 | 6,747 |
Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/19 (1) | 6,500 | 7,017 |
Puerto Rico GO | 5.500% | 7/1/13 (3) | 6,000 | 6,577 |
Puerto Rico GO | 5.500% | 7/1/20 (3) | 6,305 | 7,062 |
Puerto Rico GO | 5.500% | 7/1/21 (1) | 16,505 | 18,549 |
Puerto Rico GO | 5.000% | 7/1/33 | 6,900 | 6,900 |
Puerto Rico Govt. Dev. Bank VRDO | 3.160% | 6/7/06 (1) | 3,000 | 3,000 |
Puerto Rico Highway & Transp. Auth. Rev. | 5.250% | 7/1/35 (1) | 50,000 | 55,010 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 5.500% | 7/1/27 (3) | 7,230 | 8,208 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 5.500% | 7/1/27 (2) | 25,000 | 28,381 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 0.000% | 7/1/36 (2) | 25,120 | 5,842 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Obligation Bonds | 5.500% | 10/1/40 | 10,560 | 11,256 |
Puerto Rico Muni. Finance Agency | 5.875% | 8/1/09 (4)(Prere.) | 6,480 | 6,967 |
Puerto Rico Muni. Finance Agency | 6.000% | 8/1/09 (4)(Prere.) | 2,645 | 2,853 |
Puerto Rico Muni. Finance Agency | 5.250% | 8/1/17 (4) | 7,000 | 7,485 |
Puerto Rico Public Finance Corp. | 6.000% | 8/1/26 (ETM) | 860 | 1,038 |
Puerto Rico Public Finance Corp. | 6.000% | 8/1/26 | 9,140 | 10,456 |
Virgin Islands Public Finance Auth. Rev. | 5.000% | 10/1/11 | 2,000 | 2,071 |
Virgin Islands Public Finance Auth. Rev. | 5.250% | 10/1/23 | 2,000 | 2,066 |
Total Municipal Bonds |
|
|
|
|
(Cost $2,231,210) |
|
|
| 2,282,123 |
39
New York Long-Term Tax-Exempt Fund
| Market |
| Value• |
| ($000) |
Other Assets and Liabilities (1.0%) |
|
Other Assets—Note B | 30,555 |
Liabilities | (6,491) |
| 24,064 |
Net Assets (100%) | 2,306,187 |
At May 31, 2006, net assets consisted of:3 |
|
|
|
| Amount |
| ($000) |
Paid-in Capital | 2,250,932 |
Undistributed Net Investment Income | — |
Accumulated Net Realized Gains | 4,828 |
Unrealized Appreciation (Depreciation) |
|
Investment Securities | 50,913 |
Futures | (486) |
Net Assets | 2,306,187 |
|
|
|
|
Investor Shares—Net Assets |
|
Applicable to 59,751,477 outstanding $.001 par value shares |
|
of beneficial interest (unlimited authorization) | 662,797 |
Net Asset Value Per Share—Investor Shares | $11.09 |
|
|
|
|
Admiral Shares—Net Assets |
|
Applicable to 148,152,616 outstanding $.001 par value shares |
|
of beneficial interest (unlimited authorization) | 1,643,390 |
Net Asset Value Per Share—Admiral Shares | $11.09 |
• | See Note A in Notes to Financial Statements. |
1 | Securities with a value of $6,604,000 have been segregated as initial margin for open futures contracts. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the value of this security represented 0.7% of net assets. |
3 | See Note D in Notes to Financial Statements for the tax-basis components of net assets. |
40
New York Long-Term Tax-Exempt Fund
Key to Abbreviations
ARS—Auction Rate Security. |
BAN—Bond Anticipation Note. |
COP—Certificate of Participation. |
CP—Commercial Paper. |
FR—Floating Rate. |
GAN—Grant Anticipation Note. |
GO—General Obligation Bond. |
IDA—Industrial Development Authority Bond. |
IDR—Industrial Development Revenue Bond. |
PCR—Pollution Control Revenue Bond. |
PUT—Put Option Obligation. |
RAN—Revenue Anticipation Note. |
TAN—Tax Anticipation Note. |
TOB—Tender Option Bond. |
TRAN—Tax Revenue Anticipation Note. |
UFSD—Union Free School District. |
USD—United School District. |
VRDO—Variable Rate Demand Obligation. |
(ETM)—Escrowed to Maturity. |
(Prere.)—Prerefunded. |
|
|
Scheduled principal and interest payments are guaranteed by: |
(1) MBIA (Municipal Bond Insurance Association). |
(2) AMBAC (Ambac Assurance Corporation). |
(3) FGIC (Financial Guaranty Insurance Company). |
(4) FSA (Financial Security Assurance). |
(5) BIGI (Bond Investors Guaranty Insurance). |
(6) Connie Lee Inc. |
(7) FHA (Federal Housing Authority). |
(8) CapMAC (Capital Markets Assurance Corporation). |
(9) American Capital Access Financial Guaranty Corporation. |
(10) XL Capital Assurance Inc. |
(11) CIFG (CDC IXIS Financial Guaranty). |
The insurance does not guarantee the market value of the municipal bonds. |
|
|
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit. |
41
New York Long-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended |
| May 31, 2006 |
| ($000) |
Investment Income |
|
Income |
|
Interest | 51,336 |
Total Income | 51,336 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 104 |
Management and Administrative |
|
Investor Shares | 416 |
Admiral Shares | 470 |
Marketing and Distribution |
|
Investor Shares | 113 |
Admiral Shares | 171 |
Custodian Fees | 6 |
Shareholders’ Reports |
|
Investor Shares | 5 |
Admiral Shares | 3 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,289 |
Expenses Paid Indirectly—Note C | (76) |
Net Expenses | 1,213 |
Net Investment Income | 50,123 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | 5,830 |
Futures Contracts | (384) |
Realized Net Gain (Loss) | 5,446 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | (26,418) |
Futures Contracts | (486) |
Change in Unrealized Appreciation (Depreciation) | (26,904) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 28,665 |
42
New York Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended |
| May 31, | Nov. 30, |
| 2006 | 2005 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 50,123 | 95,032 |
Realized Net Gain (Loss) | 5,446 | 14,781 |
Change in Unrealized Appreciation (Depreciation) | (26,904) | (44,610) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 28,665 | 65,203 |
Distributions |
|
|
Net Investment Income |
|
|
Investor Shares | (14,770) | (47,904) |
Admiral Shares | (35,353) | (47,128) |
Realized Capital Gain |
|
|
Investor Shares | (4,425) | (4,398) |
Admiral Shares | (10,196) | (2,817) |
Total Distributions | (64,744) | (102,247) |
Capital Share Transactions—Note F |
|
|
Investor Shares | (12,252) | (606,859) |
Admiral Shares | 94,284 | 764,848 |
Net Increase (Decrease) from Capital Share Transactions | 82,032 | 157,989 |
Total Increase (Decrease) | 45,953 | 120,945 |
Net Assets |
|
|
Beginning of Period | 2,260,234 | 2,139,289 |
End of Period | 2,306,187 | 2,260,234 |
43
New York Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares |
|
|
|
|
|
|
| Six |
|
|
|
|
|
| Months |
|
|
|
|
|
For a Share Outstanding | Ended | Year Ended November 30, | ||||
| May 31, |
|
|
|
|
|
Throughout Each Period | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 |
Net Asset Value, Beginning of Period | $11.27 | $11.45 | $11.57 | $11.38 | $11.20 | $10.83 |
Investment Operations |
|
|
|
|
|
|
Net Investment Income | .242 | .486 | .488 | .486 | .503 | .525 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
on Investments | (.107) | (.141) | (.093) | .315 | .243 | .370 |
Total from Investment Operations | .135 | .345 | .395 | .801 | .746 | .895 |
Distributions |
|
|
|
|
|
|
Dividends from Net Investment Income | (.242) | (.486) | (.488) | (.486) | (.503) | (.525) |
Distributions from Realized Capital Gains | (.073) | (.039) | (.027) | (.125) | (.063) | — |
Total Distributions | (.315) | (.525) | (.515) | (.611) | (.566) | (.525) |
Net Asset Value, End of Period | $11.09 | $11.27 | $11.45 | $11.57 | $11.38 | $11.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return | 1.20% | 3.03% | 3.48% | 7.20% | 6.84% | 8.37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net Assets, End of Period (Millions) | $663 | $686 | $1,303 | $1,321 | $1,340 | $1,333 |
Ratio of Total Expenses to |
|
|
|
|
|
|
Average Net Assets | 0.17%1 | 0.16% | 0.14% | 0.17% | 0.18% | 0.20% |
Ratio of Net Investment Income to |
|
|
|
|
|
|
Average Net Assets | 4.32%1 | 4.23% | 4.24% | 4.22% | 4.46% | 4.71% |
Portfolio Turnover Rate | 16%1 | 12% | 6% | 3% | 16% | 12% |
1 | Annualized. |
44
New York Long-Term Tax-Exempt Fund
Admiral Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six |
|
|
|
|
|
| Months | Year Ended November 30, | May 141 to | |||
For a Share Outstanding | May 31, |
|
|
|
| Nov. 30, |
Throughout Each Period | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 |
Net Asset Value, Beginning of Period | $11.27 | $11.45 | $11.57 | $11.38 | $11.20 | $11.05 |
Investment Operations |
|
|
|
|
|
|
Net Investment Income | .247 | .494 | .494 | .493 | .509 | .284 |
Net Realized and Unrealized |
|
|
|
|
|
|
Gain (Loss) on Investments | (.107) | (.141) | (.093) | .315 | .243 | .150 |
Total from Investment Operations | .140 | .353 | .401 | .808 | .752 | .434 |
Distributions |
|
|
|
|
|
|
Dividends from Net Investment Income | (.247) | (.494) | (.494) | (.493) | (.509) | (.284) |
Distributions from Realized Capital Gains | (.073) | (.039) | (.027) | (.125) | (.063) | — |
Total Distributions | (.320) | (.533) | (.521) | (.618) | (.572) | (.284) |
Net Asset Value, End of Period | $11.09 | $11.27 | $11.45 | $11.57 | $11.38 | $11.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return | 1.24% | 3.10% | 3.54% | 7.26% | 6.89% | 3.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net Assets, End of Period (Millions) | $1,643 | $1,575 | $837 | $771 | $811 | $626 |
Ratio of Total Expenses to |
|
|
|
|
|
|
Average Net Assets | 0.09%2 | 0.09% | 0.09% | 0.11% | 0.13% | 0.15%2 |
Ratio of Net Investment Income to |
|
|
|
|
|
|
Average Net Assets | 4.40%2 | 4.31% | 4.29% | 4.28% | 4.51% | 4.58%2 |
Portfolio Turnover Rate | 16%2 | 12% | 6% | 3% | 16% | 12% |
1 | Inception. |
2 | Annualized. |
See accompanying Notes, which are an integral part of the Financial Statements.
45
New York Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard New York Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of New York. The fund offers two classes of shares, Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, servicing, tenure, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund may use Municipal Bond Index, U.S. Treasury Bond, and U.S.
Treasury Note futures contracts, with the objectives of enhancing returns, managing interest rate risk, maintaining liquidity, diversifying credit risk and minimizing transaction costs. The fund may purchase or sell futures contracts instead of bonds to take advantage of pricing differentials between the futures contracts and the underlying bonds. The fund may also seek to take advantage of price differences among bond market sectors by simultaneously buying futures (or bonds) of one market sector and selling futures (or bonds) of another sector. Futures contracts may also be used to simulate a fully invested position in the underlying bonds while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Accordingly, no provision for federal income taxes is required in the financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities.
46
New York Long-Term Tax-Exempt Fund
Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2006, the fund had contributed capital of $246,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.24% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. The fund’s investment advisor may direct new issue purchases, subject to obtaining the best price and execution, to underwriters who have agreed to rebate or credit to the fund part of the underwriting fees generated. Such rebates or credits are used solely to reduce the fund’s management and administrative expenses. For the six months ended May 31, 2006, these arrangements reduced the fund’s expenses by $76,000 (an annual rate of 0.01% of average net assets).
D. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
The fund had realized losses totaling $618,000 through November 30, 2005, which are deferred for tax purposes and reduce the amount of unrealized appreciation on investment securities for tax purposes.
At May 31, 2006, net unrealized appreciation of investment securities for tax purposes was $50,295,000, consisting of unrealized gains of $66,351,000 on securities that had risen in value since their purchase and $16,056,000 in unrealized losses on securities that had fallen in value since their purchase.
At May 31, 2006, the aggregate settlement value of open futures contracts expiring in September 2006 and the related unrealized appreciation (depreciation) were:
|
| ($000) | |
|
| Aggregate | Unrealized |
| Number of | Settlement | Appreciation |
Futures Contracts | Long Contracts | Value | (Depreciation) |
30-Year U.S. Treasury Bond | 400 | 42,488 | (486) |
47
New York Long-Term Tax-Exempt Fund
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. During the six months ended May 31, 2006, the fund purchased $177,827,000 of investment securities and sold $187,390,000 of investment securities, other than temporary cash investments.
F. Capital share transactions for each class of shares were:
| Six Months Ended | Year Ended | ||
| May 31, 2006 | November 30, 2005 | ||
| Amount | Shares | Amount | Shares |
| ($000) | (000) | ($000) | (000) |
Investor Shares |
|
|
|
|
Issued | 96,520 | 8,598 | 231,530 | 20,197 |
Issued in Lieu of Cash Distributions | 15,377 | 1,371 | 39,881 | 3,474 |
Redeemed | (124,149) | (11,073) | (878,270) | (76,613) |
Net Increase (Decrease)—Investor Shares | (12,252) | (1,104) | (606,859) | (52,942) |
Admiral Shares |
|
|
|
|
Issued | 217,744 | 19,420 | 910,275 | 79,346 |
Issued in Lieu of Cash Distributions | 33,631 | 3,000 | 34,732 | 3,036 |
Redeemed | (157,091) | (14,013) | (180,159) | (15,739) |
Net Increase (Decrease)—Admiral Shares | 94,284 | 8,407 | 764,848 | 66,643 |
48
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table below illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Six Months Ended May 31, 2006 |
|
|
|
| Beginning | Ending | Expenses |
| Account Value | Account Value | Paid During |
New York Tax-Exempt Fund | 11/30/2005 | 5/31/2006 | Period1 |
Based on Actual Fund Return |
|
|
|
Money Market | $1,000.00 | $1,015.28 | $0.65 |
Long-Term |
|
|
|
Investor Shares | 1,000.00 | 1,012.05 | 0.85 |
Admiral Shares | 1,000.00 | 1,012.43 | 0.45 |
Based on Hypothetical 5% Yearly Return |
|
|
|
Money Market | $1,000.00 | $1,024.28 | $0.66 |
Long-Term |
|
|
|
Investor Shares | 1,000.00 | 1,024.08 | 0.86 |
Admiral Shares | 1,000.00 | 1,024.48 | 0.45 |
1 | These calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are: for the New York Tax-Exempt Money Market Fund, 0.13%; for the New York Long-Term Tax-Exempt Fund, 0.17% for Investor Shares and 0.09% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period. |
49
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs or account maintenance fees. They do not include your fund’s low-balance fee, which is described in the prospectus. If this fee were applied to your account, your costs would be higher. Your fund does not charge transaction fees, such as purchase or redemption fees, nor does it carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate fund prospectus.
50
Trustees Approve Advisory Arrangement
The board of trustees of the Vanguard New York Tax-Exempt Funds has renewed the funds’ investment advisory arrangement with The Vanguard Group, Inc. Vanguard—through its Fixed Income Group—serves as the investment advisor for each of the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.
The board based its decision upon its most recent evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the funds’ investment management over both short- and long-term periods, and took into account the organizational depth and stability of the advisor. Vanguard has been managing investments for more than two decades. George U. Sauter, Vanguard managing director and chief investment officer, has been in the investment management business since 1985. Robert F. Auwaerter, principal in charge of the Fixed Income Group, has been in the investment management business since 1978. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the funds, including any periods of outperformance or underperformance of relevant benchmarks and peer groups. The board noted that the funds have performed in line with expectations, and that their results have been consistent with their investment strategies. Information about the funds’ performance, including some of the data considered by the board, can be found in the Performance Summary sections of this report.
Cost
The funds’ expense ratios were far below the average expense ratios charged by funds in their respective peer groups. Each fund’s advisory expense ratio was also well below its peer-group average. Information about the funds’ expense ratios appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board of trustees concluded that the Vanguard New York Tax-Exempt Funds’ low-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
51
Glossary
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average Effective Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid, taking into consideration the possibility that the issuer may call the bond before its maturity date. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average effective maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.
Average Quality. An indicator of credit risk, this figure is the average of the ratings assigned to a fund’s holdings by credit-rating agencies. The agencies make their judgment after appraising an issuer’s ability to meet its obligations. Quality is graded on a scale, with AAA indicating the most creditworthy bond issuers and MIG-1, A-1+, SP-1+, and F-1+ indicating the most creditworthy issuers of money market securities.
Average Weighted Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid. The figure reflects the proportion of fund assets represented by each security.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. A fund’s beta should be reviewed in conjunction with its R-squared (see definition below). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Yield. A snapshot of a fund’s interest income. The yield, expressed as a percentage of the fund’s net asset value, is based on income earned over the past 30 days (7 days for money market funds) and is annualized, or projected forward for the coming year.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals.
Our independent board members bring distinguished backgrounds in business, academia, and public service to their task of working with Vanguard officers to establish the policies and oversee the activities of the funds. Among board members’ responsibilities are selecting investment advisors for the funds; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees/directors; and electing Vanguard officers.
Each trustee serves a fund until its termination; or until the trustee’s retirement, resignation, or death; or otherwise as specified in the fund’s organizational documents. Any trustee may be removed at a shareholders’ meeting by a vote representing two-thirds of the net asset value of all shares of the fund together with shares of other Vanguard funds organized within the same trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482.
Chairman of the Board, Chief Executive Officer, and Trustee | |
|
|
John J. Brennan1 |
|
Born 1954 | Principal Occupation(s) During the Past Five Years: Chairman of the Board, Chief |
Trustee since May 1987; | Executive Officer, and Director/Trustee of The Vanguard Group, Inc., and of each |
Chairman of the Board and | of the investment companies served by The Vanguard Group. |
Chief Executive Officer |
|
136 Vanguard Funds Overseen |
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Independent Trustees |
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Charles D. Ellis |
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Born 1937 | Principal Occupation(s) During the Past Five Years: Applecore Partners (pro bono ventures |
Trustee since January 2001 | in education); Senior Advisor to Greenwich Associates (international business strategy |
136 Vanguard Funds Overseen | consulting); Successor Trustee of Yale University; Overseer of the Stern School of |
| Business at New York University; Trustee of the Whitehead Institute for Biomedical |
| Research. |
|
|
Rajiv L. Gupta |
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Born 1945 | Principal Occupation(s) During the Past Five Years: Chairman and Chief Executive Officer |
Trustee since December 20012 | of Rohm and Haas Co. (chemicals); Board Member of the American Chemistry Council; |
136 Vanguard Funds Overseen | Director of Tyco International, Ltd. (diversified manufacturing and services) (since 2005); |
| Trustee of Drexel University and of the Chemical Heritage Foundation. |
|
|
JoAnn Heffernan Heisen |
|
Born 1950 | Principal Occupation(s) During the Past Five Years: Corporate Vice President and Chief |
Trustee since July 1998 | Global Diversity Officer (since January 2006), Vice President and Chief Information |
136 Vanguard Funds Overseen | Officer (1997–2005), and Member of the Executive Committee of Johnson & Johnson |
| (pharmaceuticals/consumer products); Director of the University Medical Center |
| at Princeton and Women’s Research and Education Institute. |
André F. Perold |
|
Born 1952 | Principal Occupation(s) During the Past Five Years: George Gund Professor of Finance |
Trustee since December 2004 | and Banking, Harvard Business School (since 2000); Senior Associate Dean, Director |
136 Vanguard Funds Overseen | of Faculty Recruiting, and Chair of Finance Faculty, Harvard Business School; Director |
| and Chairman of UNX, Inc. (equities trading firm) (since 2003); Director of registered |
| investment companies advised by Merrill Lynch Investment Managers and affiliates |
| (1985–2004), Genbel Securities Limited (South African financial services firm) |
| (1999–2003), Gensec Bank (1999–2003), Sanlam, Ltd. (South African insurance |
| company) (2001–2003), and Stockback, Inc. (credit card firm) (2000–2002). |
|
|
Alfred M. Rankin, Jr. |
|
Born 1941 | Principal Occupation(s) During the Past Five Years: Chairman, President, Chief |
Trustee since January 1993 | Executive Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/ |
136 Vanguard Funds Overseen | lignite); Director of Goodrich Corporation (industrial products/aircraft systems and |
| services); Director of Standard Products Company (supplier for the automotive |
| industry) until 1998. |
|
|
J. Lawrence Wilson |
|
Born 1936 | Principal Occupation(s) During the Past Five Years: Retired Chairman and Chief |
Trustee since April 1985 | Executive Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. |
136 Vanguard Funds Overseen | (diesel engines), MeadWestvaco Corp. (packaging products), and AmerisourceBergen |
| Corp. (pharmaceutical distribution); Trustee of Vanderbilt University and of Culver |
| Educational Foundation. |
|
|
Executive Officers1 |
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Heidi Stam |
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Born 1956 | Principal Occupation(s) During the Past Five Years: Principal of The Vanguard Group, Inc., |
Secretary since July 2005 | since November 1997; General Counsel of The Vanguard Group since July 2005; |
136 Vanguard Funds Overseen | Secretary of The Vanguard Group and of each of the investment companies served |
| by The Vanguard Group since July 2005. |
|
|
Thomas J. Higgins |
|
Born 1957 | Principal Occupation(s) During the Past Five Years: Principal of The Vanguard Group, Inc.; |
Treasurer since July 1998 | Treasurer of each of the investment companies served by The Vanguard Group. |
136 Vanguard Funds Overseen |
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Vanguard Senior Management Team |
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R. Gregory Barton |
|
Mortimer J. Buckley |
|
James H. Gately |
|
Kathleen C. Gubanich |
|
F. William McNabb, III |
|
Michael S. Miller |
|
Ralph K. Packard |
|
George U. Sauter |
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Founder |
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John C. Bogle |
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Chairman and Chief Executive Officer, 1974–1996 |
1 | Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940. |
2 | December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds. |
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
P.O. Box 2600
Valley Forge, PA 19482-2600
Connect with Vanguard™ > www.vanguard.com
Fund Information > 800-662-7447 | Vanguard, Admiral, Connect with |
| Vanguard, and the ship logo are |
| trademarks of The Vanguard Group, Inc. |
|
|
Direct Investor Account Services > 800-662-2739 | All other marks are the exclusive property |
| of their respective owners. |
Institutional Investor Services > 800-523-1036 |
|
| All comparative mutual fund data are |
Text Telephone > 800-952-3335 | from Lipper Inc. or Morningstar, |
| Inc., unless otherwise noted. |
|
|
| You can obtain a free copy of Vanguard’s |
| proxy voting guidelines by visiting |
This material may be used in conjunction | our website, www.vanguard.com, |
with the offering of shares of any Vanguard | and searching for “proxy voting |
fund only if preceded or accompanied by | guidelines,” or by calling |
the fund’s current prospectus. | Vanguard at 800-662-2739. They are |
| also available from |
| the SEC’s website, www.sec.gov. In |
| addition, you may |
| obtain a free report on how your fund |
| voted the proxies for |
| securities it owned during the 12 months |
| ended June 30. To get the report, |
| visit either www.vanguard.com |
| or www.sec.gov. |
|
|
| You can review and copy information |
| about your fund at the SEC’s |
| Public Reference Room in Washington, |
| D.C. To find out more about this public |
| service, call the SEC at 202-551-8090. |
| Information about your fund is also |
| available on the SEC’s website, and you |
| can receive copies of this information, for |
| a fee, by sending a request in either |
| of two ways: via e-mail addressed to |
| publicinfo@sec.gov or via regular mail |
| addressed to the |
| Public Reference Section, Securities and |
| Exchange Commission, Washington, DC |
| 20549-0102. |
|
|
| © 2006 The Vanguard Group, Inc. |
| All rights reserved. |
| Vanguard Marketing Corporation, |
| Distributor. |
|
|
| Q762 072006 |
Item 2: Not Applicable
Item 3: Not Applicable
Item 4: Not Applicable
Item 5: Not applicable.
Item 6: Not applicable.
Item 7: Not applicable.
Item 8: Not applicable.
Item 9: Not applicable.
Item 10: Not applicable.
Item 11: Controls and Procedures
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant‘s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD NEW YORK TAX-FREE FUNDS | |
BY: | (signature) |
(HEIDI STAM) JOHN J. BRENNAN* CHIEF EXECUTIVE OFFICER |
Date: | July 20, 2006 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD NEW YORK TAX-FREE FUNDS | |
BY: | (signature) |
(HEIDI STAM) JOHN J. BRENNAN* CHIEF EXECUTIVE OFFICER |
Date: | July 20, 2006 |
VANGUARD NEW YORK TAX-FREE FUNDS | |
BY: | (signature) |
(HEIDI STAM) THOMAS J. HIGGINS* TREASURER |
Date: | July 20, 2006 |
*By Power of Attorney. See File Number 2-31333, filed on January 23, 2006. Incorporated by Reference.