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 - November 30, 2006 |
| Item 1: | Reports to Shareholders |
|
|
Vanguard® New York Tax-Exempt Fund |
|
|
> Annual Report |
|
|
|
|
|
November 30, 2006 |
|
|
|
|
|
Vanguard New York Tax-Exempt Money Market Fund |
|
Vanguard New York Long-Term Tax-Exempt Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
> | During the fiscal year ended November 30, 2006, Vanguard New York Tax-Exempt Money Market Fund returned 3.3%, and Vanguard New York Long-Term Tax-Exempt Fund returned 6.7% for Investor Shares and 6.8% for Admiral Shares. |
> | The funds outpaced the average returns of competing funds during the period, and maintained their long-term performance advantage over their peers. |
> | Interest rates generally increased during the first part of the year, then retreated as near-term inflation concerns subsided. |
Contents |
|
|
|
Your Fund’s Total Returns | 1 |
Chairman’s Letter | 2 |
Advisor’s Report | 7 |
New York Tax-Exempt Money Market Fund | 10 |
New York Long-Term Tax-Exempt Fund | 27 |
About Your Fund’s Expenses | 49 |
Glossary | 51 |
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
Fiscal Year Ended November 30, 2006 |
|
| Total |
| Returns |
Vanguard New York Tax-Exempt Money Market Fund | 3.3% |
SEC 7-Day Annualized Yield: 3.47% |
|
Taxable-Equivalent Yield: 5.69%1 |
|
Average New York Tax-Exempt Money Market Fund2 | 2.8 |
|
|
Vanguard New York Long-Term Tax-Exempt Fund |
|
Investor Shares | 6.7% |
SEC 30-Day Annualized Yield: 3.69% |
|
Taxable-Equivalent Yield: 6.05%1 |
|
Admiral™ Shares3 | 6.8 |
SEC 30-Day Annualized Yield: 3.76% |
|
Taxable-Equivalent Yield: 6.16%1 |
|
Lehman 10 Year Municipal Bond Index | 6.2 |
Average New York Municipal Debt Fund2 | 6.0 |
Lehman Municipal Bond Index | 6.1 |
Your Fund’s Performance at a Glance |
|
|
|
|
November 30, 2005–November 30, 2006 |
|
|
|
|
|
|
| Distributions Per Share | |
| Starting | Ending | Income | Capital |
| Share Price | Share Price | Dividends | Gains |
Vanguard New York Tax-Exempt Fund |
|
|
|
|
Money Market | $1.00 | $1.00 | $0.032 | $0.000 |
Long-Term |
|
|
|
|
Investor Shares | 11.27 | 11.44 | 0.486 | 0.073 |
Admiral Shares | 11.27 | 11.44 | 0.495 | 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,
Yields for municipal bonds generally increased during the first part of your fund’s fiscal year, then declined amid signs of a cooling economy and easing inflation concerns.
For the year, Vanguard New York Long-Term Tax-Exempt Fund Investor Shares returned 6.7%. As of November 30, the shares’ yield was 3.69%. For investors in the highest income tax bracket, the taxable-equivalent yield was 6.05%. The fund’s return and yields were slightly higher for Admiral Shares.
Vanguard New York Tax-Exempt Money Market Fund returned 3.3%. The fund’s yield increased to 3.47% (from 2.86% a year ago); the taxable-equivalent yield would be 5.69% 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.
Although the funds’ income distributions are expected to be exempt from federal and New York state income taxes, part of these distributions may be subject to the federal alternative minimum tax.
Weaker parts of the economy drew bond investors’ notice
In the first half of the fiscal year, the Federal Reserve Board continued to tighten monetary policy, raising its target for the federal funds rate five times through the end of June. Longer-term bond yields generally followed the upward
2
trend until late summer, when they began to backslide. Weakness in the housing and manufacturing sectors persuaded bond investors that inflation was not a threat, prompting a rally (bond prices rose and yields fell).
The broad taxable bond market returned 5.9%. Municipal bonds did better still.
Economic uncertainty didn’t stop a stock rally
Despite being caught in a crosscurrent of opinions on the economy, stocks more than held their own. The housing market and automobile makers produced a drumbeat of bad news; however, corporate profits and job creation remained strong. Amid such mixed signals, stocks rose sharply beginning in mid-July. The broad market gained 14.7% for the year; in October, the narrower Dow Jones Industrial Average broke through its January 2000 high—and kept going.
Small-capitalization stocks enjoyed an edge over large-cap stocks by a margin of roughly 3 percentage points. Among both small-cap and large-cap stocks, value-oriented stocks outperformed their growth-oriented counterparts by wide margins.
Investors in international stocks were rewarded by both a falling U.S. dollar and strong economic gains in Europe and emerging markets.
Market Barometer |
|
|
|
| Average Annual Total Returns | ||
| Periods Ended November 30, 2006 | ||
| One Year | Three Years | Five Years |
Bonds |
|
|
|
Lehman Aggregate Bond Index (Broad taxable market) | 5.9% | 4.2% | 5.0% |
Lehman Municipal Bond Index | 6.1 | 4.7 | 5.4 |
Citigroup 3-Month Treasury Bill Index | 4.7 | 2.9 | 2.3 |
|
|
|
|
Stocks |
|
|
|
Russell 1000 Index (Large-caps) | 14.2% | 12.2% | 6.8% |
Russell 2000 Index (Small-caps) | 17.4 | 14.2 | 12.7 |
Dow Jones Wilshire 5000 Index (Entire market) | 14.7 | 12.8 | 7.8 |
MSCI All Country World Index ex USA (International) | 29.2 | 23.6 | 16.5 |
|
|
|
|
CPI |
|
|
|
Consumer Price Index | 2.0% | 3.0% | 2.6% |
3
Advisor kept sharp focus on funds’ income and level of risk
During the funds’ fiscal year, interest rates moved higher, then declined. These movements largely hinged upon investors’ outlook for inflation: In the first part of the fiscal year, many feared the economy’s brisk growth rate would trigger higher inflation. This drove interest rates higher. In the second part of the year, the economy cooled, inflation fears eased, and interest rates fell. In the municipal bond market, yields peaked in June, then decreased over the final five months of the fiscal year. For the full 12 months, short-term municipal yields increased slightly, and the yields for the longest-term securities fell. Throughout these ups and downs, the funds’ advisor remained focused on maintaining a high level of fund income without undue risk.
The New York Long-Term Tax-Exempt Fund’s returns (6.7% for Investor Shares; 6.8% for Admiral Shares) surpassed the results of its benchmark index and the average return of competing New York municipal bond funds. The fund’s positioning represented a tradeoff between interest rate sensitivity and income generation, and the fund experienced relatively stable income and an increase in net asset value for the fiscal year.
The New York Tax-Exempt Money Market Fund returned 3.3%, besting the average return of its peers. The fund benefited from the year-over-year increase in short-term interest rates as it quickly translated rising rates into higher income. In the money market category, a few basis points of income can mean a great deal, and the fund’s low expense ratio continued to serve its shareholders well.
Expense Ratios1 |
|
|
|
Your fund compared with its peer group |
|
|
|
| Investor | Admiral | Peer |
New York Tax-Exempt Fund | Shares | Shares | Group |
Money Market | 0.13% | — | 0.59% |
Long-Term | 0.16 | 0.09% | 1.10 |
1 Fund expense ratios reflect the 12 months ended November 30, 2006. Peer-groups are: for the New York Tax-Exempt Money Market Fund, the Average New York Tax-Exempt Money Market Fund; and 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.
4
The funds’ performance advantage is clear over the long term
While a year of outperformance is certainly a worthy accomplishment, we believe it’s more meaningful to highlight the longer-term picture. The table below displays how hypothetical investments of $10,000 in the New York Tax-Exempt Funds would have grown over the years, compared with the average performance among competing funds. As you can see, our funds’ advantage has been clear.
This is a tribute to the skill and experience of Vanguard Fixed Income Group, the funds’ advisor. It also underscores Vanguard’s enduring commitment to quality and consistency—traits that are so important in the management of municipal bond funds.
Since the New York Tax-Exempt Funds’ inceptions, the advisor’s task has been aided by Vanguard’s low-cost structure, a powerful benefit that allows a greater portion of your fund’s total return to go to you, the shareholder.
Funds maintained steadfast commitment to high-quality securities
The investment decisions that a bond portfolio manager faces every day often reflect the potential for greater risk than reward. That is, if an investment goes well, a bond issuer repays the principal and meets all interest obligations. But if an investment does poorly, the issuer might default on the bond, and the principal may be lost entirely.
Total Returns |
|
|
|
|
|
Ten Years Ended November 30, 2006 |
|
|
|
| |
|
|
| Final Value of a $10,000 |
| |
| Average Annual Return | Initial Investment1 |
| ||
|
| Average |
| Average |
|
| Vanguard | Competing | Vanguard | Competing |
|
New York Tax-Exempt Fund | Fund | Fund2 | Fund | Fund2 | Difference |
Money Market3 | 2.4% | 2.0% | $12,483 | $12,028 | $455 |
Long-Term Investor Shares | 5.6 | 4.8 | 17,317 | 15,993 | 1,324 |
The figures shown represent past performance, which is not a guarantee of future results. (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.
1 Assuming reinvestment of all income dividends and capital gains distributions.
2 Peer groups are: for the New York Tax-Exempt Money Market Fund, the Average New York Tax-Exempt Money Market Fund; and for the New York Long-Term Tax-Exempt Fund, the Average New York Insured Municipal Debt Fund through March 31, 2002, and the Average New York Municipal Debt Fund thereafter.
3 Annualized returns since the fund’s inception on September 3, 1997.
5
Vanguard Fixed Income Group approaches this seemingly tilted endeavor with great prudence. The group carefully sets an investment strategy, then executes that strategy with skill and discipline. Maintaining portfolios of high-quality securities is an integral part of the group’s approach. Given the performance advantage afforded by Vanguard’s low expense ratios, the advisor doesn’t need to invest in riskier bonds to generate competitive yields. This low-cost, high-quality combination historically has placed the New York Tax-Exempt Funds in the enviable position of having both higher-quality securities and higher long-term returns than many competing funds.
We believe the New York Tax-Exempt Funds are an intelligent way for New York residents in higher tax brackets to invest in high-quality municipal bonds.
Thank you for investing with Vanguard.
Sincerely,
John J. Brennan
Chairman and Chief Executive Officer
December 12, 2006
6
Advisor’s Report
During the fiscal year ended November 30, 2006, the Vanguard New York Tax-Exempt Funds outpaced the average returns of competitors. Vanguard New York Long-Term Tax-Exempt Fund returned 6.7% for Investor Shares and 6.8% for Admiral Shares. Vanguard New York Tax-Exempt Money Market Fund returned 3.3%.
The investment environment
The U.S. economy expanded during the fund’s fiscal year, though its rate of expansion slowed in the second half. In the third quarter of calendar-year 2006, real gross domestic product grew at an annualized rate of 2.0%, a pace slightly below expectations for the economy’s potential long-run growth rate.
Robust global demand for U.S. exports and solid business investment spending were key drivers of growth, while the struggling housing and auto sectors created a drag on the economy. Consumer spending expanded at a decent 2.7% over the past year, as rising incomes and improved job prospects helped to partially mitigate high energy prices, the slumping housing market, and rising short-term interest rates. The U.S. labor market remains tight and continues to improve. The unemployment rate was 4.5% in November, close to the lowest level in more than five years.
Inflation concerns eased over the summer months, in part because of a sharp decline in energy prices. Since its June 2006 meeting, the Federal Reserve Board has left its target for short-term interest rates unchanged at 5.25%. At its meeting in October, the Fed noted that “some inflation risks remain,” but added that the “extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth.” At its December 12 meeting (after the close of the fund’s fiscal year), the Fed again voted to keep its rate target at 5.25%.
The municipal bond market
The movement of U.S. Treasury and municipal bond yields during the fiscal year was a story in two parts. In the first half of the year, yields in both markets generally increased across the maturity spectrum (with the exception of the longest-term municipal bonds, whose yields decreased slightly). In the second half, Treasury and municipal yields of all maturities fell as inflation concerns eased. For the 12 months overall, short-term Treasury yields increased, intermediate-term rates were relatively unchanged, and the longest-term rates fell slightly. Short-term municipal yields also increased, but long-term yields fell significantly as prices for those issues increased.
7
Consequently, long-term municipal bonds (those with maturities of 10 years or longer) dramatically outperformed their Treasury counterparts. In fact, as of the fiscal year-end, the ratios of municipal yields to Treasury yields for bonds with maturities of 10 years and longer were close to their lowest points of the last five years. (A declining ratio indicates that municipals are outperforming Treasuries.)
A key reason that municipal bonds outperformed Treasuries was a decline in new issuance for municipals. For the 12 months ended November 30, the amount of new tax-exempt issuance fell 15.8% nationwide from the prior-year level. Over the past few years, many states and municipalities have taken advantage of low interest rates to refund existing debt.
Because each issue can be refunded only once under IRS regulations, the multiyear surge in new supply has receded.
Management of the funds
In New York, tax-exempt issuance fell 50.2% from its year-ago level, marking a significant tightening in the marketplace. At the state level, budget operations have been positive, but projected budget gaps in the future remain problematic. Recent New York City bond issuance includes money to build new baseball stadiums for the Yankees and Mets, as well as a westward extension of the Number 7 subway line.
In the first half of the fiscal year, rising rates put pressure on municipal bond prices, and the New York Long-Term
Yields of Municipal Securities |
|
|
|
(AAA-Rated General-Obligation Issues) |
|
|
|
|
|
| Change |
Maturity | Nov. 30, 2005 | Nov. 30, 2006 | (basis points)1 |
2 years | 3.24% | 3.45% | +21 |
5 years | 3.43 | 3.43 | 0 |
10 years | 3.87 | 3.56 | –31 |
30 years | 4.55 | 3.91 | –64 |
Yields of U.S. Treasury Securities |
|
|
|
|
|
| Change |
Maturity | Nov. 30, 2005 | Nov. 30, 2006 | (basis points)1 |
2 years | 4.41% | 4.61% | +20 |
5 years | 4.41 | 4.45 | +4 |
10 years | 4.48 | 4.46 | –2 |
30 years | 4.69 | 4.56 | –13 |
1 One basis point equals 1/100 of a percentage point.
Source: Vanguard.
8
Tax-Exempt Fund experienced a decline in its net asset value. But as market rates decreased in the second half, prices for the fund’s underlying bonds increased. The fund’s modest capital return, combined with its relatively high level of income, translated into a respectable 12-month total return. Meanwhile, the New York Tax-Exempt Money Market Fund’s short average maturity allowed it to translate increases in short-term interest rates into higher returns.
In the tax-exempt bond market, credit-quality spreads—or the differences in yields between high-quality and lower-quality issues—continued to fall. These spreads have collapsed since late 2003 as the economy strengthened and memories of credit disasters faded. Recently, with quality spreads approaching the lowest levels since the mid-to-late-1990s, investors have sought yield in lower-quality issues.
As a matter of course, we maintain a higher-quality bias in the Vanguard New York Tax-Exempt Funds, taking advantage of our historical expense advantage to provide an attractive tax-exempt dividend without stretching for lower quality or subjecting the portfolio to undue market risk. In the present environment, we don’t believe that quality spreads are compensating investors for taking on higher credit risk. We continue to rely on our talented and experienced credit staff in our efforts to make prudent security selections for the funds.
Kathryn T. Allen, Principal
Christopher M. Ryon, Principal
Vanguard Fixed Income Group
December 21, 2006
9
New York Tax-Exempt Money Market Fund
Fund Profile
As of November 30, 2006
Financial Attributes |
|
|
|
Yield | 3.5% |
Average Weighted Maturity | 25 days |
Average Quality1 | MIG-1 |
Expense Ratio | 0.13% |
Distribution by Credit Quality2 (% of portfolio) |
|
|
|
MIG-1/A-1+/SP-1+/F-1+ | 87% |
P-1/A-1/SP-1/F-1 | 11 |
AAA/AA | 2 |
1 Moody’s Investors Service.
2 Ratings: Moody’s Investors Service, Standard & Poor’s, Fitch.
See page 51 for a glossary of investment terms.
10
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.
Cumulative Performance: September 3, 1997–November 30, 2006
Initial Investment of $10,000
| Average Annual Total Returns |
| ||
| Periods Ended November 30, 2006 | Final Value | ||
|
|
| Since | of a $10,000 |
| One Year | Five Years | Inception1 | Investment |
New York Tax-Exempt Money Market Fund | 3.28% | 1.74% | 2.43% | $12,483 |
Average New York Tax-Exempt Money |
|
|
|
|
Market Fund2 | 2.83 | 1.30 | 2.02 | 12,028 |
1 Returns since inception on September 3, 1997.
2 Returns for the Average New York Tax-Exempt Money Market Fund are derived from data provided by Lipper Inc.
11
New York Tax-Exempt Money Market Fund
Fiscal-Year Total Returns (%): September 3, 1997—November 30, 2006 |
| |
|
| Average |
|
| Fund1 |
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 |
2006 | 3.3 | 2.8 |
SEC 7-Day Annualized Yield (11/30/2006): 3.47% |
|
|
Average Annual Total Returns: Periods Ended September 30, 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 | One | Five | Since |
| Date | Year | Years | Inception |
New York Tax-Exempt Money Market Fund | 9/3/1997 | 3.15% | 1.68% | 2.41% |
1 Returns for the Average New York Tax-Exempt Money Market Fund are derived from data provided by Lipper Inc.
Note: See Financial Highlights table on page 25 for dividend information.
12
New York Tax-Exempt Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 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 (102.0%) |
|
|
|
|
Allegany County NY IDA |
|
|
|
|
(Atlantic Richfield Project) VRDO | 3.680% | 12/1/06 | 4,700 | 4,700 |
1 Battery Park City NY Auth. Rev. TOB VRDO | 3.510% | 12/7/06 | 5,250 | 5,250 |
Bedford NY Central School Dist. TAN | 4.500% | 12/1/06 | 6,000 | 6,000 |
Clifton Park NY IDA Multifamily Housing |
|
|
|
|
Rev. (Coburg Village Project) VRDO | 3.450% | 12/7/06 LOC | 5,500 | 5,500 |
1 Erie County NY IDA School Fac. Rev. TOB VRDO | 3.510% | 12/7/06 (4) | 3,825 | 3,825 |
Erie County NY Water Auth. Rev. VRDO | 3.410% | 12/7/06 (2) | 11,400 | 11,400 |
1 GS Pool Trust TOB VRDO | 3.580% | 12/7/06 | 10,875 | 10,875 |
Half Hollow Hills NY Central School Dist. TAN | 4.500% | 6/29/07 | 40,000 | 40,183 |
Huntington NY TAN | 4.250% | 6/28/07 | 6,000 | 6,024 |
Jericho NY UFSD TAN | 4.500% | 6/22/07 | 12,000 | 12,058 |
1 Liberty NY Dev. Corp. Rev. TOB VRDO | 3.510% | 12/7/06 | 8,640 | 8,640 |
Long Island NY Power Auth. |
|
|
|
|
Electric System Rev. CP | 3.500% | 12/6/06 LOC | 52,100 | 52,100 |
1 Long Island NY Power Auth. |
|
|
|
|
Electric System Rev. TOB VRDO | 3.520% | 12/7/06 (2) | 14,000 | 14,000 |
1 Long Island NY Power Auth. |
|
|
|
|
Electric System Rev. TOB VRDO | 3.520% | 12/7/06 (10) | 69,300 | 69,300 |
1 Long Island NY Power Auth. |
|
|
|
|
Electric System Rev. TOB VRDO | 3.520% | 12/7/06 (1) | 10,390 | 10,390 |
Long Island NY Power Auth. |
|
|
|
|
Electric System Rev. VRDO | 3.430% | 12/7/06 LOC | 12,600 | 12,600 |
Long Island NY Power Auth. |
|
|
|
|
Electric System Rev. VRDO | 3.450% | 12/7/06 (4) | 20,305 | 20,305 |
Long Island NY Power Auth. |
|
|
|
|
Electric System Rev. VRDO | 3.480% | 12/7/06 (4) | 49,610 | 49,610 |
1 Metro. New York Transp. Auth. Rev. |
|
|
|
|
(Dedicated Petroleum Tax) TOB VRDO | 3.520% | 12/7/06 (4) | 7,500 | 7,500 |
1 Metro. New York Transp. Auth. Rev. |
|
|
|
|
(Dedicated Petroleum Tax) TOB VRDO | 3.520% | 12/7/06 (1) | 8,625 | 8,625 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) CP | 3.580% | 12/14/06 LOC | 20,000 | 20,000 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) CP | 3.620% | 12/14/06 LOC | 20,000 | 20,000 |
1 Metro. New York Transp. Auth. Rev. |
|
|
|
|
(Transit Rev.) TOB VRDO | 3.520% | 12/7/06 (1) | 6,600 | 6,600 |
Metro. New York Transp. Auth. Rev. CP | 3.600% | 2/6/07 LOC | 18,000 | 18,000 |
1 Metro. New York Transp. Auth. Rev. TOB VRDO | 3.500% | 12/7/06 (3) | 19,900 | 19,900 |
1 Metro. New York Transp. Auth. Rev. TOB VRDO | 3.520% | 12/7/06 (3) | 7,120 | 7,120 |
Metro. New York Transp. Auth. Rev. VRDO | 3.430% | 12/7/06 (11) | 33,275 | 33,275 |
Metro. New York Transp. Auth. Rev. VRDO | 3.430% | 12/7/06 (10) | 22,100 | 22,100 |
13
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Metro. New York Transp. Auth. Rev. VRDO | 3.440% | 12/7/06 (11) | 5,700 | 5,700 |
Metro. New York Transp. Auth. Rev. VRDO | 3.480% | 12/7/06 LOC | 20,000 | 20,000 |
Monroe County NY IDA |
|
|
|
|
(Monroe Community College) VRDO | 3.460% | 12/7/06 LOC | 4,000 | 4,000 |
Nassau County NY Interim Finance Auth. VRDO | 3.450% | 12/7/06 (4) | 16,055 | 16,055 |
2 Nassau County NY TAN | 4.000% | 9/30/07 | 27,000 | 27,106 |
Nassau Health Care Corp. NY VRDO | 3.430% | 12/7/06 (4) | 13,605 | 13,605 |
Nassau Health Care Corp. NY VRDO | 3.470% | 12/7/06 (4) | 10,000 | 10,000 |
New York City NY Capital Resources |
|
|
|
|
(Enhanced Assistance PG) VRDO | 3.470% | 12/7/06 LOC | 9,000 | 9,000 |
New York City NY Cultural Resources Rev. |
|
|
|
|
(Pierpont Morgan Library) VRDO | 3.420% | 12/7/06 LOC | 8,000 | 8,000 |
New York City NY Cultural Resources Rev. |
|
|
|
|
(Solomon R. Guggenheim Foundation) VRDO | 3.470% | 12/7/06 LOC | 15,507 | 15,507 |
1 New York City NY GO TOB PUT | 3.640% | 2/22/07 (3) | 9,725 | 9,725 |
1 New York City NY GO TOB VRDO | 3.500% | 12/7/06 (4) | 6,144 | 6,144 |
1 New York City NY GO TOB VRDO | 3.510% | 12/7/06 (1) | 5,840 | 5,840 |
1 New York City NY GO TOB VRDO | 3.510% | 12/7/06 (11) | 7,355 | 7,355 |
1 New York City NY GO TOB VRDO | 3.510% | 12/7/06 (2) | 4,605 | 4,605 |
1 New York City NY GO TOB VRDO | 3.510% | 12/7/06 (2) | 14,295 | 14,295 |
1 New York City NY GO TOB VRDO | 3.520% | 12/7/06 (2) | 7,735 | 7,735 |
1 New York City NY GO TOB VRDO | 3.530% | 12/7/06 | 50,000 | 50,000 |
New York City NY GO VRDO | 3.580% | 12/1/06 (1) | 2,700 | 2,700 |
New York City NY GO VRDO | 3.580% | 12/1/06 (1) | 2,850 | 2,850 |
New York City NY GO VRDO | 3.650% | 12/1/06 LOC | 6,000 | 6,000 |
New York City NY GO VRDO | 3.440% | 12/7/06 LOC | 31,750 | 31,750 |
New York City NY GO VRDO | 3.450% | 12/7/06 (2) | 10,025 | 10,025 |
New York City NY GO VRDO | 3.450% | 12/7/06 LOC | 6,150 | 6,150 |
New York City NY GO VRDO | 3.450% | 12/7/06 LOC | 8,000 | 8,000 |
New York City NY GO VRDO | 3.450% | 12/7/06 LOC | 15,695 | 15,695 |
New York City NY GO VRDO | 3.470% | 12/7/06 LOC | 9,975 | 9,975 |
New York City NY GO VRDO | 3.500% | 12/7/06 LOC | 5,800 | 5,800 |
New York City NY Housing Dev. Corp. |
|
|
|
|
Multi-Family Rev. (Beacon Mews) VRDO | 3.470% | 12/7/06 LOC | 10,000 | 10,000 |
New York City NY Housing Dev. Corp. |
|
|
|
|
Multi-Family Rev. (First Avenue) VRDO | 3.500% | 12/7/06 | 24,205 | 24,205 |
1 New York City NY Housing Dev. Corp. |
|
|
|
|
Multi-Family Rev. TOB VRDO | 3.530% | 12/7/06 | 12,505 | 12,505 |
1 New York City NY Housing Dev. Corp. |
|
|
|
|
Multi-Family Rev. TOB VRDO | 3.530% | 12/7/06 | 12,515 | 12,515 |
New York City NY Housing Dev. Corp. |
|
|
|
|
Multi-Family Rev. VRDO | 3.500% | 12/7/06 | 45,800 | 45,800 |
1 New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
(Capital Funding Program) TOB VRDO | 3.520% | 12/7/06 (3) | 8,755 | 8,755 |
New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
(Multi-Family Rent Housing–201 Pearl Street) VRDO | 3.450% | 12/7/06 LOC | 15,000 | 15,000 |
New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
(Multi-Family Rent Housing–90 West Street) VRDO | 3.450% | 12/7/06 | 20,000 | 20,000 |
New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
(Multi-Family Rent Housing–Atlantic Court) VRDO | 3.500% | 12/7/06 | 43,100 | 43,100 |
New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
(Multi-Family Rent Housing– |
|
|
|
|
One Columbus Place) VRDO | 3.500% | 12/7/06 LOC | 32,000 | 32,000 |
14
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
1 New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
TOB VRDO | 3.520% | 12/7/06 (3) | 12,825 | 12,825 |
1 New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
TOB VRDO | 3.520% | 12/7/06 (3) | 5,160 | 5,160 |
New York City NY Housing Dev. Corp. Rev. VRDO | 3.500% | 12/7/06 | 22,200 | 22,200 |
New York City NY IDA (Civic Fac. Rev.) VRDO | 3.460% | 12/7/06 (10) | 9,000 | 9,000 |
New York City NY IDA (Civil Liberties Union) VRDO | 3.600% | 12/1/06 LOC | 18,580 | 18,580 |
New York City NY IDA |
|
|
|
|
(National Audubon Society) VRDO | 3.600% | 12/1/06 LOC | 14,700 | 14,700 |
New York City NY IDA |
|
|
|
|
(NY Congregational Nursing Center Project) VRDO | 3.450% | 12/7/06 LOC | 5,000 | 5,000 |
1 New York City NY IDA Rev. TOB VRDO | 3.520% | 12/7/06 (3) | 4,555 | 4,555 |
1 New York City NY IDA Rev. TOB VRDO | 3.520% | 12/7/06 (3) | 5,095 | 5,095 |
New York City NY IDA Special Fac. Rev. |
|
|
|
|
(Korean Air Lines) VRDO | 3.490% | 12/7/06 LOC | 16,700 | 16,700 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System CP | 3.550% | 1/3/07 | 40,000 | 40,000 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System CP | 3.630% | 1/4/07 | 10,000 | 10,000 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System CP | 3.600% | 2/15/07 | 20,000 | 20,000 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.510% | 12/7/06 | 62,165 | 62,165 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.510% | 12/7/06 (2) | 15,020 | 15,020 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.510% | 12/7/06 | 4,500 | 4,500 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.520% | 12/7/06 | 10,115 | 10,115 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.520% | 12/7/06 (1) | 4,950 | 4,950 |
1 New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. TOB VRDO | 3.520% | 12/7/06 (4) | 20,015 | 20,015 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.600% | 12/1/06 | 3,700 | 3,700 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.620% | 12/1/06 (3) | 29,700 | 29,700 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.430% | 12/7/06 | 11,695 | 11,695 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.450% | 12/7/06 | 22,065 | 22,065 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.510% | 12/7/06 (1) | 5,695 | 5,695 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.510% | 12/7/06 (1) | 4,820 | 4,820 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.520% | 12/7/06 (1) | 14,855 | 14,855 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.520% | 12/7/06 (2) | 9,400 | 9,400 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.520% | 12/7/06 (1) | 2,250 | 2,250 |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.520% | 12/7/06 (1) | 2,580 | 2,580 |
15
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
1 New York City NY Sales Tax Asset |
|
|
|
|
Receivable Corp. TOB VRDO | 3.520% | 12/7/06 (2) | 6,400 | 6,400 |
New York City NY Transitional Finance Auth. BAN | 4.250% | 6/29/07 | 54,700 | 54,919 |
1 New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. TOB VRDO | 3.520% | 12/7/06 | 10,295 | 10,295 |
1 New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. TOB VRDO | 3.520% | 12/7/06 | 15,505 | 15,505 |
1 New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. TOB VRDO | 3.520% | 12/7/06 | 1,300 | 1,300 |
1 New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. TOB VRDO | 3.520% | 12/7/06 (3) | 6,070 | 6,070 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.570% | 12/1/06 | 7,100 | 7,100 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.570% | 12/1/06 | 4,600 | 4,600 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.570% | 12/1/06 | 10,200 | 10,200 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.620% | 12/1/06 | 13,690 | 13,690 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.620% | 12/1/06 | 3,265 | 3,265 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.450% | 12/7/06 | 8,465 | 8,465 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.480% | 12/7/06 | 49,195 | 49,195 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.520% | 12/7/06 | 14,400 | 14,400 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.520% | 12/7/06 | 15,170 | 15,170 |
1 New York Metro. Transp. Auth. Rev. TOB VRDO | 3.520% | 12/7/06 (3) | 14,290 | 14,290 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Catholic Health) VRDO | 3.560% | 12/7/06 LOC | 8,435 | 8,435 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Catholic Health) VRDO | 3.560% | 12/7/06 LOC | 25,295 | 25,295 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(City Univ.) TOB VRDO | 3.510% | 12/7/06 (4) | 7,280 | 7,280 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) CP | 3.500% | 12/6/06 | 12,800 | 12,800 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) CP | 3.500% | 12/11/06 | 26,200 | 26,200 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Cornell Univ.) CP | 3.520% | 2/8/07 | 4,650 | 4,650 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Cornell Univ.) VRDO | 3.620% | 12/1/06 | 13,225 | 13,225 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Cornell Univ.) VRDO | 3.440% | 12/7/06 | 4,900 | 4,900 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Dept. of Health) TOB VRDO | 3.520% | 12/7/06 (3) | 2,620 | 2,620 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Memorial Sloan Kettering) TOB VRDO | 3.520% | 12/7/06 (1) | 7,110 | 7,110 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) TOB VRDO | 3.520% | 12/7/06 (1) | 16,455 | 16,455 |
16
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) TOB VRDO | 3.520% | 12/7/06 (3) | 4,995 | 4,995 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.420% | 12/7/06 (4) | 5,000 | 5,000 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.430% | 12/7/06 (2) | 2,500 | 2,500 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.430% | 12/7/06 | 71,500 | 71,500 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.430% | 12/7/06 (4) | 9,405 | 9,405 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.430% | 12/7/06 (1) | 21,200 | 21,200 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.430% | 12/7/06 | 36,285 | 36,285 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.440% | 12/7/06 (4) | 11,250 | 11,250 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) VRDO | 3.480% | 12/7/06 (4) | 11,870 | 11,870 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Public Library) VRDO | 3.450% | 12/7/06 (1) | 10,200 | 10,200 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Public Library) VRDO | 3.450% | 12/7/06 (1) | 37,345 | 37,345 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) TOB VRDO | 3.500% | 12/7/06 (1) | 6,700 | 6,700 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.510% | 12/7/06 (2) | 5,860 | 5,860 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.510% | 12/7/06 (2) | 17,790 | 17,790 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.520% | 12/7/06 (2) | 26,805 | 26,805 |
1 New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.520% | 12/7/06 (1) | 5,485 | 5,485 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rockefeller Univ.) VRDO | 3.500% | 12/7/06 | 27,100 | 27,100 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Univ. of Rochester) VRDO | 3.410% | 12/7/06 (1) | 21,700 | 21,700 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) VRDO | 3.450% | 12/7/06 (11) | 24,260 | 24,260 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.510% | 12/7/06 (2) | 16,580 | 16,580 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.520% | 12/7/06 (3) | 19,165 | 19,165 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.520% | 12/7/06 (3) | 7,500 | 7,500 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.520% | 12/7/06 (2) | 4,950 | 4,950 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.520% | 12/7/06 | 40,340 | 40,340 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.520% | 12/7/06 | 52,305 | 52,305 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.520% | 12/7/06 | 28,385 | 28,385 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.520% | 12/7/06 | 18,380 | 18,380 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.520% | 12/7/06 (4) | 5,560 | 5,560 |
1 New York State Dormitory Auth. Rev. TOB VRDO | 3.520% | 12/7/06 | 4,725 | 4,725 |
New York State Dormitory Auth. Rev. VRDO | 3.480% | 12/7/06 (2) | 30,560 | 30,560 |
New York State Energy Research & Dev. Auth. |
|
|
|
|
(Con Edison) VRDO | 3.420% | 12/7/06 LOC | 13,700 | 13,700 |
New York State Energy Research & Dev. Auth. |
|
|
|
|
(Con Edison) VRDO | 3.420% | 12/7/06 LOC | 15,000 | 15,000 |
17
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 | 3.470% | 12/7/06 LOC | 15,000 | 15,000 |
New York State Energy Research & Dev. Auth. |
|
|
|
|
(Con Edison) VRDO | 3.480% | 12/7/06 LOC | 5,000 | 5,000 |
New York State Energy Research & Dev. Auth. |
|
|
|
|
(Con Edison) VRDO | 3.500% | 12/7/06 LOC | 5,500 | 5,500 |
1 New York State Environmental Fac. Corp. |
|
|
|
|
PCR TOB VRDO | 3.520% | 12/7/06 (4) | 26,725 | 26,725 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.510% | 12/7/06 | 5,390 | 5,390 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.510% | 12/7/06 | 2,660 | 2,660 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.510% | 12/7/06 | 6,405 | 6,405 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.510% | 12/7/06 | 9,780 | 9,780 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.520% | 12/7/06 | 16,500 | 16,500 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.520% | 12/7/06 | 8,105 | 8,105 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.520% | 12/7/06 | 2,570 | 2,570 |
1 New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) TOB VRDO | 3.520% | 12/7/06 | 7,750 | 7,750 |
New York State Environmental Fac. Corp. |
|
|
|
|
Solid Waste Disposal Rev. (General Electric Co.) VRDO | 3.650% | 12/1/06 | 17,900 | 17,900 |
New York State Environmental Fac. Corp. |
|
|
|
|
Solid Waste Disposal Rev. (General Electric Co.) VRDO | 3.690% | 12/1/06 | 26,700 | 26,700 |
New York State Environmental Fac. Corp. |
|
|
|
|
Solid Waste Disposal Rev. (General Electric Co.) VRDO | 3.690% | 12/1/06 | 25,900 | 25,900 |
New York State GO PUT | 3.600% | 1/16/07 LOC | 32,000 | 32,000 |
New York State GO PUT | 3.600% | 1/16/07 LOC | 42,000 | 42,000 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(Avalon Chrystie) VRDO | 3.470% | 12/7/06 | 57,400 | 57,400 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(Baltimore Tower) VRDO | 3.470% | 12/7/06 | 15,000 | 15,000 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(Chelsea Apartments) VRDO | 3.530% | 12/7/06 | 66,170 | 66,170 |
1 New York State Housing Finance Agency Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.520% | 12/7/06 (3) | 5,210 | 5,210 |
1 New York State Housing Finance Agency Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.520% | 12/7/06 (3) | 7,895 | 7,895 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(Residential) VRDO | 3.500% | 12/7/06 (2) | 6,600 | 6,600 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(Saville Housing) VRDO | 3.500% | 12/7/06 LOC | 55,000 | 55,000 |
New York State Housing Finance Agency Rev. |
|
|
|
|
(West 23rd Street) VRDO | 3.480% | 12/7/06 LOC | 42,400 | 42,400 |
New York State Housing Finance Agency Rev. VRDO | 3.420% | 12/7/06 LOC | 20,400 | 20,400 |
New York State Housing Finance Agency Rev. VRDO | 3.450% | 12/7/06 | 4,500 | 4,500 |
New York State Housing Finance Agency Rev. VRDO | 3.480% | 12/7/06 LOC | 35,000 | 35,000 |
New York State Housing Finance Agency Rev. VRDO | 3.500% | 12/7/06 | 22,000 | 22,000 |
New York State Housing Finance Agency Rev. VRDO | 3.500% | 12/7/06 LOC | 22,300 | 22,300 |
18
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Housing Finance Agency Service |
|
|
|
|
Contract Rev. VRDO | 3.450% | 12/7/06 LOC | 9,000 | 9,000 |
New York State Housing Finance Agency Service |
|
|
|
|
Contract Rev. VRDO | 3.470% | 12/7/06 LOC | 50,000 | 50,000 |
New York State Housing Finance Agency Service |
|
|
|
|
Contract Rev. VRDO | 3.480% | 12/7/06 LOC | 9,000 | 9,000 |
New York State Housing Finance Agency Service |
|
|
|
|
Contract Rev. VRDO | 3.480% | 12/7/06 | 19,800 | 19,800 |
New York State Local Govt. Assistance Corp. VRDO | 3.380% | 12/7/06 LOC | 8,650 | 8,650 |
New York State Local Govt. Assistance Corp. VRDO | 3.400% | 12/7/06 (3) | 34,000 | 34,000 |
New York State Local Govt. Assistance Corp. VRDO | 3.430% | 12/7/06 LOC | 76,075 | 76,075 |
New York State Local Govt. Assistance Corp. VRDO | 3.430% | 12/7/06 LOC | 34,875 | 34,875 |
New York State Local Govt. Assistance Corp. VRDO | 3.450% | 12/7/06 LOC | 11,005 | 11,005 |
1 New York State Mortgage Agency Rev. TOB VRDO | 3.540% | 12/7/06 | 5,960 | 5,960 |
New York State Mortgage Agency Rev. VRDO | 3.640% | 12/1/06 | 24,000 | 24,000 |
New York State Power Auth. Rev. | 5.500% | 11/15/07 | 13,565 | 13,807 |
New York State Power Auth. Rev. CP | 3.530% | 12/8/06 | 10,000 | 10,000 |
New York State Power Auth. Rev. CP | 3.580% | 12/8/06 | 11,100 | 11,100 |
New York State Power Auth. Rev. CP | 3.520% | 12/11/06 | 20,730 | 20,730 |
New York State Power Auth. Rev. CP | 3.530% | 12/14/06 | 10,000 | 10,000 |
New York State Power Auth. Rev. CP | 3.500% | 12/15/06 | 21,300 | 21,300 |
New York State Power Auth. Rev. CP | 3.600% | 12/15/06 | 20,648 | 20,648 |
New York State Power Auth. Rev. CP | 3.520% | 12/28/06 | 4,000 | 4,000 |
New York State Power Auth. Rev. CP | 3.520% | 12/28/06 | 17,500 | 17,500 |
New York State Power Auth. Rev. CP | 3.550% | 1/4/07 | 4,207 | 4,207 |
New York State Power Auth. Rev. PUT | 3.600% | 3/1/07 | 32,000 | 32,000 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.250% | 4/1/07 (1) | 4,000 | 4,022 |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) TOB VRDO | 3.510% | 12/7/06 (1) | 8,420 | 8,420 |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) TOB VRDO | 3.520% | 12/7/06 (2) | 10,420 | 10,420 |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) TOB VRDO | 3.520% | 12/7/06 (1) | 5,985 | 5,985 |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) TOB VRDO | 3.520% | 12/7/06 (2) | 3,500 | 3,500 |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) TOB VRDO | 3.520% | 12/7/06 (2) | 13,000 | 13,000 |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.510% | 12/7/06 (2) | 5,235 | 5,235 |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.520% | 12/7/06 | 4,995 | 4,995 |
1 New York State Thruway Auth. Rev. |
|
|
|
|
(Personal Income Tax) TOB VRDO | 3.520% | 12/7/06 (3) | 10,980 | 10,980 |
New York State Thruway Auth. Rev. (Service Contract) | 5.000% | 4/1/07 | 21,370 | 21,468 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.500% | 12/7/06 (4) | 6,040 | 6,040 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.510% | 12/7/06 (2) | 13,650 | 13,650 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.520% | 12/7/06 (2) | 40,000 | 40,000 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.520% | 12/7/06 (2) | 10,450 | 10,450 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.520% | 12/7/06 (2) | 8,105 | 8,105 |
1 New York State Thruway Auth. Rev. TOB VRDO | 3.520% | 12/7/06 (4) | 4,450 | 4,450 |
1 New York State Thruway Rev. TOB VRDO | 3.510% | 12/7/06 | 5,000 | 5,000 |
19
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 5.000% | 1/1/07 | 14,865 | 14,882 |
1 New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) TOB VRDO | 3.520% | 12/7/06 (3) | 4,940 | 4,940 |
1 New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) TOB VRDO | 3.520% | 12/7/06 (3) | 5,155 | 5,155 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 12/15/06 | 10,000 | 10,005 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(State Fac. & Equipment) VRDO | 3.480% | 12/7/06 (11) | 12,060 | 12,060 |
1 New York State Urban Dev. Corp. Rev. TOB VRDO | 3.520% | 12/7/06 (2) | 5,325 | 5,325 |
1 New York State Urban Development Corp. TOB VRDO | 3.520% | 12/7/06 | 12,155 | 12,155 |
Oneida County NY IDA Rev. (Hamilton College) VRDO | 3.480% | 12/7/06 (1) | 25,135 | 25,135 |
1 Orange County NY TOB VRDO | 3.520% | 12/7/06 | 1,180 | 1,180 |
Orangetown NY BAN | 4.250% | 1/11/07 | 5,070 | 5,074 |
Orangetown NY BAN | 4.500% | 3/30/07 | 16,600 | 16,651 |
Port Auth. of New York & New Jersey CP | 3.510% | 12/15/06 | 10,000 | 10,000 |
Port Auth. of New York & New Jersey CP | 3.530% | 12/15/06 | 3,990 | 3,990 |
Port Auth. of New York & New Jersey CP | 3.510% | 2/12/07 | 20,000 | 20,000 |
Port Auth. of New York & New Jersey CP | 3.550% | 2/15/07 | 3,965 | 3,965 |
Port Auth. of New York & New Jersey CP | 3.610% | 3/19/07 | 10,070 | 10,070 |
1 Port Auth. of New York & New Jersey Rev. TOB VRDO | 3.520% | 12/7/06 (10) | 5,395 | 5,395 |
1 Port Auth. of New York & New Jersey Rev. TOB VRDO | 3.530% | 12/7/06 | 10,000 | 10,000 |
1 Port Auth. of New York & New Jersey Rev. TOB VRDO | 3.530% | 12/7/06 (11) | 10,490 | 10,490 |
1 Port Auth. of New York & New Jersey Rev. TOB VRDO | 3.530% | 12/7/06 (3) | 2,740 | 2,740 |
1 Port Auth. of New York & New Jersey Rev. TOB VRDO | 3.530% | 12/7/06 (3) | 15,000 | 15,000 |
Poughkeepsie Town NY BAN | 4.250% | 9/13/07 | 9,700 | 9,752 |
Riverhead NY IDA Rev. (Central Suffolk Hosp.) VRDO | 3.450% | 12/7/06 LOC | 7,000 | 7,000 |
Rockland County NY RAN | 4.500% | 3/22/07 | 23,000 | 23,067 |
Rockland County NY TAN | 4.500% | 3/22/07 | 9,700 | 9,723 |
Rockville Centre NY UFSD TAN | 4.250% | 6/28/07 | 11,000 | 11,045 |
South Orangetown Central School Dist. NY TAN | 4.500% | 6/29/07 | 5,000 | 5,022 |
Suffolk County NY Water Auth. Rev. VRDO | 3.450% | 12/7/06 | 45,000 | 45,000 |
Syosset NY Central School Dist. TAN | 4.500% | 6/28/07 | 10,000 | 10,045 |
Three Village Central School New York |
|
|
|
|
(Brookhaven & Smithtown) TAN | 4.500% | 6/29/07 | 28,000 | 28,114 |
Tompkins County NY BAN | 4.250% | 3/8/07 | 8,600 | 8,613 |
Tompkins County NY IDA Civic Fac. |
|
|
|
|
(Cornell Univ.) VRDO | 3.440% | 12/7/06 | 8,390 | 8,390 |
Tompkins County NY IDA Civic Fac. |
|
|
|
|
(Cornell Univ.) VRDO | 3.440% | 12/7/06 | 15,700 | 15,700 |
Tompkins County NY IDA Civic Fac. |
|
|
|
|
(Ithaca Univ.) VRDO | 3.450% | 12/7/06 (10) | 22,600 | 22,600 |
Tompkins County NY IDA Civic Fac. |
|
|
|
|
(Ithaca Univ.) VRDO | 3.450% | 12/7/06 (10) | 35,290 | 35,290 |
1 Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. TOB VRDO | 3.500% | 12/7/06 (1) | 1,995 | 1,995 |
1 Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. TOB VRDO | 3.510% | 12/7/06 | 9,290 | 9,290 |
1 Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. TOB VRDO | 3.520% | 12/7/06 (1) | 7,200 | 7,200 |
1 Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. TOB VRDO | 3.520% | 12/7/06 (3) | 4,000 | 4,000 |
20
New York Tax-Exempt Money Market Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.420% | 12/7/06 (2) | 8,100 | 8,100 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.420% | 12/7/06 | 5,200 | 5,200 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.430% | 12/7/06 | 49,920 | 49,920 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.430% | 12/7/06 | 81,100 | 81,100 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.450% | 12/7/06 (4) | 30,900 | 30,900 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.450% | 12/7/06 | 45,550 | 45,550 |
Triborough Bridge & Tunnel Auth. New York |
|
|
|
|
Rev. VRDO | 3.570% | 12/7/06 | 14,775 | 14,775 |
West Islip NY UFSD TAN | 4.000% | 6/28/07 | 13,000 | 13,035 |
Westchester County NY IDA |
|
|
|
|
(Levister Redev. LLC) VRDO | 3.500% | 12/7/06 LOC | 19,500 | 19,500 |
|
|
|
|
|
Outside New York |
|
|
|
|
Puerto Rico Govt. Dev. Bank VRDO | 3.290% | 12/7/06 (1) | 8,800 | 8,800 |
Puerto Rico Highway & Transp. Auth. Rev. VRDO | 3.300% | 12/7/06 (2) | 7,600 | 7,600 |
Puerto Rico TRAN | 4.500% | 7/30/07 LOC | 30,000 | 30,194 |
Total Municipal Bonds (Cost $4,468,820) |
|
|
| 4,468,820 |
Other Assets and Liabilities (–2.0%) |
|
|
|
|
Other Assets—Note B |
|
|
| 40,668 |
Payables for Investment Securities Purchased |
|
|
| (119,771) |
Other Liabilities |
|
|
| (10,298) |
|
|
|
| (89,401) |
Net Assets (100%) |
|
|
|
|
Applicable to 4,379,309,089 outstanding $.001 par value shares of |
|
| ||
beneficial interest (unlimited authorization) |
|
|
| 4,379,419 |
Net Asset Value Per Share |
|
|
| $1.00 |
At November 30, 2006, net assets consisted of: |
|
|
| Amount | Per |
| ($000) | Share |
Paid-in Capital | 4,379,419 | $1.00 |
Undistributed Net Investment Income | — | — |
Accumulated Net Realized Gains | — | — |
Unrealized Appreciation | — | — |
Net Assets | 4,379,419 | $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 November 30, 2006, the aggregate value of these securities was $1,198,394,000, representing 27.4% of net assets.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2006. For key to abbreviations and other references, see page 22.
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
| Year Ended |
| November 30, 2006 |
| ($000) |
Investment Income |
|
Income |
|
Interest | 131,347 |
Total Income | 131,347 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 324 |
Management and Administrative | 3,603 |
Marketing and Distribution | 977 |
Custodian Fees | 25 |
Auditing Fees | 18 |
Shareholders’ Reports | 19 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 4,969 |
Net Investment Income | 126,378 |
Realized Net Gain (Loss) on Investment Securities Sold | 96 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | — |
Net Increase (Decrease) in Net Assets Resulting from Operations | 126,474 |
23
New York Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Year Ended November 30, | |
| 2006 | 2005 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 126,378 | 62,349 |
Realized Net Gain (Loss) | 96 | 27 |
Change in Unrealized Appreciation (Depreciation) | — | — |
Net Increase (Decrease) in Net Assets Resulting from Operations | 126,474 | 62,376 |
Distributions |
|
|
Net Investment Income | (126,378) | (62,349) |
Realized Capital Gain | — | — |
Total Distributions | (126,378) | (62,349) |
Capital Share Transactions (at $1.00) |
|
|
Issued | 3,767,433 | 2,996,336 |
Issued in Lieu of Cash Distributions | 122,390 | 60,236 |
Redeemed | (2,748,178) | (2,112,895) |
Net Increase (Decrease) from Capital Share Transactions | 1,141,645 | 943,677 |
Total Increase (Decrease) | 1,141,741 | 943,704 |
Net Assets |
|
|
Beginning of Period | 3,237,678 | 2,293,974 |
End of Period | 4,379,419 | 3,237,678 |
24
New York Tax-Exempt Money Market Fund
Financial Highlights
|
|
| Year Ended November 30, | ||
For a Share Outstanding Throughout Each Period | 2006 | 2005 | 2004 | 2003 | 2002 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .032 | .022 | .010 | .009 | .013 |
Net Realized and Unrealized Gain (Loss) on Investments | — | — | — | — | — |
Total from Investment Operations | .032 | .022 | .010 | .009 | .013 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.032) | (.022) | (.010) | (.009) | (.013) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.032) | (.022) | (.010) | (.009) | (.013) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|
|
|
|
|
|
Total Return | 3.28% | 2.18% | 1.03% | 0.89% | 1.32% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $4,379 | $3,238 | $2,294 | $1,772 | $1,627 |
Ratio of Total Expenses to Average Net Assets | 0.13% | 0.13% | 0.13% | 0.17% | 0.17% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 3.25% | 2.19% | 1.04% | 0.88% | 1.31% |
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 November 30, 2006, the fund had contributed capital of $432,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.43% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. In June 2006, the Financial Accounting Standards Board issued Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” FIN 48 establishes the minimum threshold for recognizing, and a system for measuring, the benefits of tax-return positions in financial statements. FIN 48 will be effective for the fund’s fiscal year beginning December 1, 2007. Management is in the process of analyzing the fund’s tax positions for purposes of implementing FIN 48; based on the analysis completed to date, management does not believe the adoption of FIN 48 will result in any material impact to the fund’s financial statements.
26
New York Long-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2006
Financial Attributes |
|
|
|
|
| Comparative | Broad |
| Fund | Index1 | Index2 |
Number of Issues | 290 | 6,629 | 38,849 |
Yield |
| — | — |
Investor Shares | 3.7% |
|
|
Admiral Shares | 3.8% |
|
|
Yield to Maturity | 3.8%3 | 3.7% | 3.8% |
Average Coupon | 5.0% | 5.0% | 5.0% |
Average Effective |
|
|
|
Maturity | 9.8 years | 9.9 years | 13.3 years |
Average Quality | AA+ | AAA | AA+ |
Average Duration | 7.0 years | 5.7 years | 5.1 years |
Expense Ratio |
| — | — |
Investor Shares | 0.16% |
|
|
Admiral Shares | 0.09% |
|
|
Short-Term Reserves | 0% | — | — |
Distribution by Maturity (% of portfolio) |
|
|
|
Under 1 Year | 7% |
1–5 Years | 26 |
5–10 Years | 36 |
10–20 Years | 18 |
20–30 Years | 11 |
Over 30 Years | 2 |
Volatility Measures4 |
| |
| Fund Versus | Fund Versus |
| Comparative Index1 | Broad Index2 |
R-Squared | 0.98 | 0.97 |
Beta | 1.07 | 1.26 |
Distribution by Credit Quality (% of portfolio) | |
|
|
AAA | 81% |
AA | 15 |
A | 2 |
BBB | 2 |
Investment Focus
1 Lehman 10 Year Municipal Bond Index. |
2 Lehman Municipal Bond Index. |
3 Before expenses. |
4 For an explanation of R-squared, beta, and other terms used here, see the Glossary on page 51. |
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.
Cumulative Performance: November 30, 1996–November 30, 2006
Initial Investment of $10,000
| Average Annual Total Returns | Final Value | ||
| Periods Ended November 30, 2006 | of a $10,000 | ||
| One Year | Five Years | Ten Years | Investment |
New York Long-Term Tax-Exempt Fund |
|
|
|
|
Investor Shares | 6.68% | 5.43% | 5.64% | $17,317 |
Lehman Municipal Bond Index | 6.12 | 5.40 | 5.75 | 17,487 |
Lehman 10 Year Municipal Bond Index | 6.17 | 5.34 | 5.70 | 17,415 |
Average New York Municipal Debt Fund1 | 5.99 | 4.77 | 4.81 | 15,993 |
|
|
|
| Final Value |
|
|
| Since | of a $100,000 |
| One Year | Five Years | Inception2 | Investment |
New York Long-Term Tax-Exempt Fund |
|
|
|
|
Admiral Shares | 6.76% | 5.50% | 5.67% | $135,825 |
Lehman Municipal Bond Index | 6.12 | 5.40 | 5.65 | 135,673 |
Lehman 10 Year Municipal Bond Index | 6.17 | 5.34 | 5.52 | 134,749 |
1 Derived from data provided by Lipper Inc.; based on the Average New York Insured Municipal Debt Fund through March 31, 2002, and the Average New York Municipal Debt Fund thereafter.
2 Returns since inception on May 14, 2001.
28
New York Long-Term Tax-Exempt Fund
Fiscal-Year Total Returns (%): November 30, 1996—November 30, 2006 | ||||
| Investor Shares | Lehman1 | ||
Fiscal | Capital | Income | Total | Total |
Year | Return | Return | Return | Return |
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 |
2006 | 2.2 | 4.5 | 6.7 | 6.2 |
Average Annual Total Returns: Periods Ended September 30, 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 | 4.45% | 5.06% | 0.96% | 4.84% | 5.80% |
Admiral Shares | 5/14/2001 | 4.53 | 5.13 | 0.992 | 4.512 | 5.502 |
1 Lehman 10 Year Municipal Bond Index.
2 Return since inception.
Note: See Financial Highlights tables on pages 43 and 44 for dividend and capital gains information.
29
New York Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 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 (99.6%) |
|
|
|
|
Albany County NY GO | 5.000% | 10/1/12 (3) | 4,400 | 4,616 |
Battery Park City NY Auth. Rev. | 5.250% | 11/1/15 | 12,520 | 13,823 |
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 | 1,948 |
Buffalo NY GO | 5.125% | 2/1/13 (2) | 2,945 | 3,068 |
Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/20 (4) | 3,510 | 3,978 |
Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/21 (4) | 5,000 | 5,660 |
Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/22 (4) | 4,500 | 5,094 |
Erie County NY Water Auth. Rev. | 6.000% | 12/1/08 (2)(ETM) | 1,030 | 1,055 |
Hempstead NY GO | 5.625% | 2/1/12 (3) | 1,220 | 1,236 |
Hempstead NY GO | 5.625% | 2/1/13 (3) | 960 | 973 |
Hempstead NY IDA Civic Fac. Rev. (Hofstra Univ.) | 5.250% | 7/1/17 | 2,360 | 2,533 |
Hempstead NY IDA Civic Fac. Rev. (Hofstra Univ.) | 5.250% | 7/1/19 | 3,200 | 3,424 |
Huntington NY GO | 6.700% | 2/1/11 (3) | 310 | 347 |
Liberty NY Dev. Corp. Rev. |
|
|
|
|
(Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 60,000 | 71,376 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/11 (4) | 16,690 | 14,169 |
Long Island NY Power Auth. Electric System Rev. | 5.250% | 6/1/13 | 15,690 | 17,094 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/14 (4) | 5,000 | 3,782 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/19 (4) | 2,460 | 1,499 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/21 (4) | 13,355 | 7,477 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/23 (4) | 35,500 | 18,258 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/24 (4) | 21,830 | 10,784 |
Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/27 (4) | 23,905 | 10,444 |
Metro. New York Transp. Auth. Rev. |
|
|
|
|
(Commuter Fac.) | 5.125% | 7/1/09 (3)(Prere.) | 3,000 | 3,122 |
Metro. New York Transp. Auth. Rev. |
|
|
|
|
(Dedicated Petroleum Tax) | 5.250% | 10/1/10 (1)(Prere.) | 7,900 | 8,398 |
Metro. New York Transp. Auth. Rev. |
|
|
|
|
(Dedicated Petroleum Tax) | 6.000% | 4/1/20 (1)(ETM) | 32,500 | 39,227 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/16 (1) | 4,000 | 4,404 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/16 (2) | 28,075 | 30,912 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/17 (1) | 5,000 | 5,514 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/17 (2) | 35,000 | 38,596 |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/19 (1) | 6,000 | 6,610 |
30
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/20 (1) | 7,000 | 7,711 |
Metro. New York Transp. Auth. Rev. |
|
|
|
|
(Transit Rev.) VRDO | 3.580% | 12/1/06 LOC | 700 | 700 |
Nassau County NY Combined Sewer Dist. GO | 5.000% | 5/1/11 (3) | 1,770 | 1,873 |
Nassau County NY GO | 5.250% | 6/1/11 (2) | 3,670 | 3,884 |
Nassau County NY GO | 5.250% | 6/1/12 (2) | 4,670 | 4,953 |
Nassau County NY GO | 5.250% | 6/1/13 (2) | 6,905 | 7,324 |
Nassau County NY GO | 5.250% | 6/1/14 (2) | 6,585 | 6,984 |
New York City NY Cultural Resources Rev. |
|
|
|
|
(American Museum of Natural History) | 5.700% | 4/1/07 (1)(Prere.) | 12,730 | 12,948 |
New York City NY Cultural Resources Rev. |
|
|
|
|
(American Museum of Natural History) | 5.600% | 4/1/18 (1) | 2,635 | 2,679 |
New York City NY Cultural Resources Rev. |
|
|
|
|
(American Museum of Natural History) | 5.650% | 4/1/22 (1) | 5,000 | 5,085 |
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 | 2,043 |
New York City NY GO | 5.750% | 5/15/11 (4) | 4,540 | 4,896 |
New York City NY GO | 5.750% | 8/1/11 (1) | 15,750 | 17,047 |
New York City NY GO | 5.750% | 3/15/12 (4)(Prere.) | 1,560 | 1,727 |
New York City NY GO | 5.875% | 5/15/12 (4) | 4,670 | 5,062 |
New York City NY GO | 5.125% | 8/1/13 (4) | 19,025 | 20,187 |
New York City NY GO | 5.375% | 8/1/13 (3) | 8,295 | 8,597 |
New York City NY GO | 5.200% | 8/1/14 (4) | 5,000 | 5,297 |
New York City NY GO | 5.250% | 3/15/16 (2) | 5,000 | 5,364 |
New York City NY GO | 5.000% | 8/1/25 | 8,905 | 9,518 |
New York City NY GO VRDO | 3.650% | 12/1/06 LOC | 600 | 600 |
New York City NY IDA (Queens Baseball Stadium) | 5.000% | 1/1/31 (2) | 32,990 | 35,790 |
New York City NY IDA (Yankee Stadium) | 5.000% | 3/1/31 (3) | 24,960 | 27,021 |
New York City NY IDA (Yankee Stadium) | 5.000% | 3/1/36 (1) | 24,000 | 25,921 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.500% | 6/15/07 (1)(Prere.) | 23,955 | 24,446 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.750% | 6/15/07 (1)(Prere.) | 15,000 | 15,327 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.750% | 6/15/09 (3)(Prere.) | 30,650 | 32,616 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 0.000% | 6/15/17 | 10,000 | 6,648 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.375% | 6/15/17 | 25,015 | 27,188 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 0.000% | 6/15/18 | 10,000 | 6,374 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.375% | 6/15/18 | 25,095 | 27,249 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 0.000% | 6/15/21 | 4,490 | 2,510 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.000% | 6/15/27 (1) | 17,000 | 18,283 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. | 5.000% | 6/15/31 | 9,000 | 9,625 |
31
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.620% | 12/1/06 (3) | 2,200 | 2,200 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.650% | 12/1/06 (3) | 1,600 | 1,600 |
New York City NY Sales Tax Asset Receivable Corp. | 5.000% | 10/15/26 (1) | 10,000 | 10,739 |
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 | 1,753 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 5/1/09 (Prere.) | 1,325 | 1,399 |
New York City NY Transitional Finance Auth. Rev. | 5.750% | 5/15/10 (Prere.) | 930 | 1,007 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 2,265 | 2,459 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 1,150 | 1,248 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 2,955 | 3,208 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/12 | 2,805 | 3,043 |
New York City NY Transitional Finance Auth. Rev. | 5.250% | 5/1/13 | 12,270 | 13,301 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/14 | 9,735 | 10,528 |
New York City NY Transitional Finance Auth. Rev. | 5.250% | 5/1/14 | 17,720 | 19,178 |
New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/1/15 | 7,310 | 7,850 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/15 | 3,850 | 4,155 |
New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/15/15 | 9,395 | 10,152 |
New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/1/16 | 8,415 | 9,037 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/16 | 11,045 | 11,927 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/15/16 | 2,735 | 2,977 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.570% | 12/1/06 | 6,900 | 6,900 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.570% | 12/1/06 | 6,235 | 6,235 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.570% | 12/1/06 | 2,650 | 2,650 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.620% | 12/1/06 | 15,970 | 15,970 |
New York City NY Transitional Finance Auth. |
|
|
|
|
Rev. VRDO | 3.720% | 12/1/06 | 500 | 500 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/19 (3) | 2,420 | 2,658 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/20 (3) | 2,555 | 2,805 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/21 (3) | 1,680 | 1,844 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/22 (3) | 2,825 | 3,101 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/23 (3) | 1,120 | 1,227 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Albany Medical Center) | 5.000% | 8/15/18 (4)(7) | 17,210 | 18,535 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Albany Medical Center) | 5.000% | 8/15/25 (4)(7) | 2,000 | 2,134 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Barnard College) | 5.250% | 7/1/26 (2) | 4,370 | 4,454 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Catholic Health) | 5.500% | 7/1/22 (1) | 10,000 | 10,561 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/10 (3)(Prere.) | 4,475 | 4,815 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/10 (3)(Prere.) | 2,215 | 2,383 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/11 (3) | 5,950 | 6,350 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/15 (3) | 31,620 | 33,898 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/16 (3) | 7,255 | 7,783 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/20 (3) | 14,525 | 17,109 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/22 (3) | 9,240 | 11,002 |
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.) | 5.500% | 5/15/23 (3) | 5,000 | 5,951 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/23 (3) | 7,915 | 9,451 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) | 5.125% | 7/1/19 | 4,900 | 5,363 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) | 5.125% | 7/1/19 | 5,100 | 5,534 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) | 5.125% | 7/1/21 | 6,990 | 7,624 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) | 5.125% | 7/1/22 | 7,345 | 8,006 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) | 5.125% | 7/1/23 | 7,575 | 8,236 |
New York State Dormitory Auth. Rev. (Cornell Univ.) | 5.000% | 7/1/31 | 6,905 | 7,467 |
1 New York State Dormitory Auth. Rev. (Cornell Univ.) | 5.000% | 7/1/35 | 14,950 | 16,141 |
New York State Dormitory Auth. Rev. (Court Fac.) | 5.750% | 5/15/10 (2)(Prere.) | 21,370 | 23,127 |
New York State Dormitory Auth. Rev. (Fordham Univ.) | 7.200% | 7/1/15 (2) | 385 | 386 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/20 | 3,965 | 4,237 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/21 | 4,035 | 4,305 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/22 | 4,285 | 4,568 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/26 | 5,495 | 5,844 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/26 | 1,800 | 1,914 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/34 | 5,000 | 5,273 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 2,660 | 2,880 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 2,370 | 2,566 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 2,515 | 2,723 |
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 | 118 |
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 | 7,064 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.375% | 2/15/26 (1) | 130 | 133 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mount Sinai School Medical) | 5.150% | 7/1/24 (1) | 9,000 | 10,142 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New School for Social Research) | 5.625% | 7/1/07 (1)(Prere.) | 2,260 | 2,332 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.750% | 7/1/16 (1) | 3,500 | 4,088 |
33
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.750% | 7/1/20 (1) | 6,000 | 7,225 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.750% | 7/1/27 (1) | 5,000 | 6,219 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.500% | 7/1/31 (2) | 8,910 | 10,973 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.500% | 7/1/40 (2) | 34,330 | 42,686 |
New York State Dormitory Auth. Rev. (Pace) | 5.625% | 7/1/07 (1)(Prere.) | 11,185 | 11,542 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/23 (4) | 4,200 | 4,524 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.500% | 3/15/24 (2) | 18,170 | 21,750 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/26 (2) | 7,500 | 8,052 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.500% | 3/15/26 (2) | 16,670 | 20,236 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.500% | 3/15/27 (2) | 7,500 | 9,159 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Queens Hosp.) | 5.450% | 8/15/19 (2) | 4,810 | 5,076 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rochester Institute of Technology) | 5.250% | 7/1/07 (1)(Prere.) | 3,000 | 3,060 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rochester Institute of Technology) | 5.300% | 7/1/07 (1)(Prere.) | 6,275 | 6,402 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rockefeller Univ.) | 5.000% | 7/1/18 | 2,805 | 2,896 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Sloan-Kettering Cancer Center) | 5.750% | 7/1/19 (1) | 15,900 | 18,855 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Sloan-Kettering Cancer Center) | 5.750% | 7/1/20 (1) | 5,500 | 6,584 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Sloan-Kettering Cancer Center) | 5.500% | 7/1/23 (1) | 14,000 | 16,584 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(St. John’s Univ.) | 5.250% | 7/1/20 (1) | 15,170 | 15,707 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(St. Joseph’s Hosp.) | 5.250% | 7/1/18 (1) | 6,700 | 6,895 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 7/1/09 (2) | 1,590 | 1,687 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/10 (1)(Prere.) | 12,500 | 13,629 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/10 (1)(Prere.) | 5,000 | 5,452 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/10 (1)(Prere.) | 10,660 | 11,623 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/12 (1) | 16,160 | 17,559 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/13 (1) | 27,285 | 29,647 |
New York State Dormitory Auth. Rev. (State Univ.) | 5.750% | 5/15/17 (4) | 3,750 | 4,402 |
New York State Dormitory Auth. Rev. (State Univ.) | 5.500% | 5/15/21 (3) | 3,000 | 3,549 |
New York State Dormitory Auth. Rev. (State Univ.) | 5.500% | 5/15/24 (3) | 7,790 | 9,335 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt–The New School) | 5.000% | 7/1/31 (1) | 8,765 | 9,479 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt–The New School) | 5.000% | 7/1/36 (1) | 6,190 | 6,679 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/24 (2) | 4,680 | 5,602 |
34
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/25 (2) | 5,145 | 6,213 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/26 (2) | 10,140 | 12,245 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.000% | 7/1/26 | 2,500 | 2,726 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/27 (2) | 11,155 | 13,548 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/28 (2) | 5,000 | 6,106 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/29 (2) | 4,765 | 5,842 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/30 (2) | 7,500 | 9,228 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/31 (2) | 6,000 | 7,417 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.000% | 7/1/31 | 5,000 | 5,445 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.000% | 7/1/35 | 18,500 | 19,884 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(The New York & Presbyterian Hosp.) | 5.500% | 2/1/10 (2) | 6,330 | 6,679 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Univ. of Rochester) | 5.000% | 7/1/08 (1)(Prere.) | 1,650 | 1,704 |
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 | 1,136 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.000% | 7/1/09 (2)(Prere.) | 450 | 471 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.250% | 7/1/09 (2)(Prere.) | 2,235 | 2,353 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.250% | 7/1/12 (2) | 3,935 | 4,126 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.000% | 7/1/15 (2) | 1,915 | 1,996 |
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 | 8,316 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Vassar Brothers Hosp.) | 5.375% | 7/1/25 (4) | 7,000 | 7,267 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/19 (2) | 2,425 | 2,675 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/21 (2) | 1,750 | 1,923 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/22 (2) | 3,425 | 3,764 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/23 (2) | 3,610 | 3,967 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/24 (2) | 3,305 | 3,632 |
New York State Energy Research & Dev. Auth. PCR |
|
|
|
|
(New York Electric & Gas) ARS | 3.245% | 1/22/07 (1) | 10,000 | 9,819 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.375% | 6/15/15 | 7,650 | 8,331 |
35
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) | 5.250% | 6/15/16 | 3,095 | 3,341 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.375% | 6/15/16 | 6,000 | 6,518 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.250% | 6/15/18 | 10,000 | 10,838 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.250% | 6/15/19 | 36,610 | 39,677 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/22 | 3,085 | 3,689 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/24 | 3,490 | 4,209 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/25 | 4,175 | 5,068 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/26 | 2,890 | 3,530 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/27 | 3,000 | 3,681 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/28 | 3,095 | 3,819 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/29 | 2,530 | 3,134 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/30 | 2,600 | 3,233 |
New York State Environmental Fac. Corp. Rev. |
|
|
|
|
(Clean Water & Drinking Revolving Funds) | 5.500% | 4/15/35 | 7,990 | 10,044 |
New York State Local Govt. Assistance Corp. | 5.250% | 4/1/15 (2) | 8,000 | 8,122 |
New York State Thruway Auth. Rev. | 5.250% | 1/1/08 (Prere.) | 735 | 756 |
New York State Thruway Auth. Rev. | 5.250% | 1/1/14 | 4,825 | 4,955 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 5,870 | 6,338 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 3,000 | 3,239 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 2,080 | 2,246 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 5,575 | 6,020 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 2,500 | 2,699 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.500% | 4/1/11 (3)(Prere.) | 2,000 | 2,177 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.500% | 4/1/11 (3)(Prere.) | 3,000 | 3,265 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.250% | 10/1/11 (1)(Prere.) | 7,500 | 8,079 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.500% | 4/1/14 (2) | 32,875 | 35,981 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.000% | 4/1/25 (2) | 10,000 | 10,792 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Service Contract) | 5.250% | 4/1/07 (Prere.) | 1,300 | 1,333 |
36
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Thruway Auth. Rev. |
|
|
|
|
(Service Contract) | 5.750% | 4/1/09 (1)(Prere.) | 4,000 | 4,240 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Service Contract) | 5.250% | 4/1/15 | 6,775 | 6,944 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Community Enhancement Fac.) | 5.125% | 4/1/09 (2)(Prere.) | 5,500 | 5,753 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 2,500 | 2,649 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 3,000 | 3,179 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 5,000 | 5,299 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 4,110 | 4,356 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 5.750% | 1/1/11 (4)(Prere.) | 6,380 | 6,922 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/23 (4) | 7,860 | 8,467 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/24 (4) | 3,500 | 3,765 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) GO | 5.500% | 3/15/23 (1) | 19,645 | 23,355 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) GO | 5.500% | 3/15/24 (1) | 5,000 | 5,978 |
Niagara County NY IDA Solid Waste |
|
|
|
|
Disposal Rev. PUT | 5.550% | 11/15/13 | 12,500 | 13,235 |
Niagara Falls NY Bridge Comm. Rev. | 5.250% | 10/1/15 (3) | 5,000 | 5,413 |
Niagara Falls NY Bridge Comm. Rev. | 6.250% | 10/1/20 (3) | 8,685 | 10,947 |
Niagara Falls NY Bridge Comm. Rev. | 6.250% | 10/1/21 (3) | 9,230 | 11,728 |
North Hempstead NY GO | 6.400% | 4/1/10 (3) | 1,500 | 1,634 |
North Hempstead NY GO | 6.400% | 4/1/11 (3) | 2,075 | 2,311 |
Onondaga County NY Public Improvements | 5.875% | 2/15/08 | 1,250 | 1,285 |
Onondaga County NY Public Improvements | 5.875% | 2/15/08 | 1,225 | 1,260 |
Orange County NY GO | 5.000% | 7/15/19 | 1,500 | 1,640 |
Orange County NY GO | 5.000% | 7/15/20 | 2,000 | 2,181 |
Orange County NY GO | 5.000% | 7/15/21 | 1,035 | 1,127 |
Orange County NY GO | 5.000% | 7/15/22 | 1,000 | 1,088 |
Port Auth. of New York & New Jersey Rev. | 5.500% | 12/15/16 (2) | 4,190 | 4,586 |
Port Auth. of New York & New Jersey Rev. | 5.500% | 12/15/17 (2) | 4,600 | 5,022 |
Port Auth. of New York & New Jersey Rev. | 5.500% | 12/15/18 (2) | 4,620 | 5,044 |
Port Auth. of New York & New Jersey Rev. | 5.000% | 7/15/33 | 27,615 | 29,642 |
Suffolk County NY GO | 5.250% | 5/1/16 (4) | 3,315 | 3,745 |
Suffolk County NY GO | 5.250% | 5/1/17 (4) | 9,780 | 11,038 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/10 (2)(ETM) | 3,790 | 4,009 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/11 (2)(ETM) | 2,380 | 2,552 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/12 (2)(ETM) | 4,290 | 4,665 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/17 (2)(ETM) | 1,695 | 1,928 |
Tobacco Settlement Asset |
|
|
|
|
Securitization Corp. Inc. New York | 5.125% | 6/1/42 | 10,000 | 10,315 |
Triborough Bridge & Tunnel Auth. New York Rev. | 6.750% | 1/1/09 (2)(ETM) | 2,535 | 2,631 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/14 | 3,000 | 3,228 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/15 | 2,930 | 3,153 |
37
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% | 1/1/16 | 2,500 | 2,684 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/17 | 16,770 | 18,251 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/18 | 2,330 | 2,506 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/18 | 30,285 | 32,926 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/19 | 43,025 | 46,777 |
Triborough Bridge & Tunnel Auth. New York Rev. | 6.125% | 1/1/21 (1)(ETM) | 5,000 | 6,183 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.500% | 11/15/21 (1) | 11,370 | 13,531 |
|
|
|
|
|
Outside New York |
|
|
|
|
Puerto Rico Electric Power Auth. Rev. | 5.250% | 7/1/15 (1) | 5,000 | 5,202 |
Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/16 (1) | 16,345 | 17,935 |
Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/18 (1) | 6,250 | 6,831 |
Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/19 (1) | 6,500 | 7,105 |
Puerto Rico GO | 5.500% | 7/1/13 (3) | 6,000 | 6,700 |
Puerto Rico GO | 5.500% | 7/1/20 (3) | 6,305 | 7,427 |
Puerto Rico GO | 5.500% | 7/1/21 (1) | 16,505 | 19,522 |
Puerto Rico GO | 5.000% | 7/1/33 | 6,900 | 7,210 |
Puerto Rico Govt. Dev. Bank VRDO | 3.290% | 12/7/06 (1) | 2,400 | 2,400 |
Puerto Rico Highway & Transp. Auth. Rev. | 5.250% | 7/1/35 (1) | 50,000 | 60,490 |
Puerto Rico Highway & Transp. Auth. Rev. VRDO | 3.300% | 12/7/06 (2) | 9,300 | 9,300 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Obligation Bonds | 5.500% | 10/1/40 | 10,560 | 11,400 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 5.500% | 7/1/27 (2) | 25,000 | 30,504 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 5.500% | 7/1/27 (3) | 7,230 | 8,822 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 0.000% | 7/1/36 (2) | 25,120 | 7,077 |
Puerto Rico Muni. Finance Agency | 5.875% | 8/1/09 (4)(Prere.) | 6,480 | 6,936 |
Puerto Rico Muni. Finance Agency | 6.000% | 8/1/09 (4)(Prere.) | 2,645 | 2,840 |
Puerto Rico Muni. Finance Agency | 5.250% | 8/1/17 (4) | 7,000 | 7,580 |
Puerto Rico Public Finance Corp. | 6.000% | 8/1/26 | 9,140 | 11,188 |
Puerto Rico Public Finance Corp. | 6.000% | 8/1/26 (ETM) | 860 | 1,105 |
Virgin Islands Public Finance Auth. Rev. | 5.000% | 10/1/11 | 2,000 | 2,091 |
Virgin Islands Public Finance Auth. Rev. | 5.250% | 10/1/23 | 2,000 | 2,136 |
Total Municipal Bonds (Cost $2,341,169) |
|
|
| 2,461,180 |
Other Assets and Liabilities (0.4%) |
|
|
|
|
Other Assets—Note B |
|
|
| 33,128 |
Liabilities |
|
|
| (23,842) |
|
|
|
| 9,286 |
Net Assets (100%) |
|
|
| 2,470,466 |
38
New York Long-Term Tax-Exempt Fund
At November 30, 2006, net assets consisted of:2 |
|
| Amount |
| ($000) |
Paid-in Capital | 2,343,758 |
Undistributed Net Investment Income | — |
Accumulated Net Realized Gains | 6,697 |
Unrealized Appreciation | 120,011 |
Net Assets | 2,470,466 |
|
|
Investor Shares—Net Assets |
|
Applicable to 58,684,924 outstanding $.001 par value shares of |
|
beneficial interest (unlimited authorization) | 671,220 |
Net Asset Value Per Share—Investor Shares | $11.44 |
|
|
Admiral Shares—Net Assets |
|
Applicable to 157,308,366 outstanding $.001 par value shares of |
|
beneficial interest (unlimited authorization) | 1,799,246 |
Net Asset Value Per Share—Admiral Shares | $11.44 |
• | See Note A in Notes to Financial Statements. |
1 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2006.
2 See Note D in Notes to Financial Statements for the tax-basis components of net assets.
For key to abbreviations and other references, see page 40.
39
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.
40
New York Long-Term Tax-Exempt Fund
Statement of Operations
| Year Ended |
| November 30, 2006 |
| ($000) |
Investment Income |
|
Income |
|
Interest | 104,434 |
Total Income | 104,434 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 200 |
Management and Administrative |
|
Investor Shares | 828 |
Admiral Shares | 969 |
Marketing and Distribution |
|
Investor Shares | 188 |
Admiral Shares | 305 |
Custodian Fees | 13 |
Auditing Fees | 23 |
Shareholders’ Reports |
|
Investor Shares | 16 |
Admiral Shares | 7 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 2,551 |
Expenses Paid Indirectly—Note C | (128) |
Net Expenses | 2,423 |
Net Investment Income | 102,011 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | 5,962 |
Futures Contracts | 2,789 |
Realized Net Gain (Loss) | 8,751 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | 42,680 |
Futures Contracts | — |
Change in Unrealized Appreciation (Depreciation) | 42,680 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 153,442 |
41
New York Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Year Ended November 30, | |
| 2006 | 2005 |
| ($000) | ($000) |
Increase (Decrease) In Net Assets |
|
|
Operations |
|
|
Net Investment Income | 102,011 | 95,032 |
Realized Net Gain (Loss) | 8,751 | 14,781 |
Change in Unrealized Appreciation (Depreciation) | 42,680 | (44,610) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 153,442 | 65,203 |
Distributions |
|
|
Net Investment Income |
|
|
Investor Shares | (29,166) | (47,904) |
Admiral Shares | (72,845) | (47,128) |
Realized Capital Gain |
|
|
Investor Shares | (4,425) | (4,398) |
Admiral Shares | (10,196) | (2,817) |
Total Distributions | (116,632) | (102,247) |
Capital Share Transactions—Note F |
|
|
Investor Shares | (24,109) | (606,859) |
Admiral Shares | 197,531 | 764,848 |
Net Increase (Decrease) from Capital Share Transactions | 173,422 | 157,989 |
Total Increase (Decrease) | 210,232 | 120,945 |
Net Assets |
|
|
Beginning of Period | 2,260,234 | 2,139,289 |
End of Period | 2,470,466 | 2,260,234 |
42
New York Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares |
|
|
|
|
| |
|
|
| Year Ended November 30, | |||
For a Share Outstanding Throughout Each Period | 2006 | 2005 | 2004 | 2003 | 2002 | |
Net Asset Value, Beginning of Period | $11.27 | $11.45 | $11.57 | $11.38 | $11.20 | |
Investment Operations |
|
|
|
|
| |
Net Investment Income | .486 | .486 | .488 | .486 | .503 | |
Net Realized and Unrealized Gain (Loss) on Investments | .243 | (.141) | (.093) | .315 | .243 | |
Total from Investment Operations | .729 | .345 | .395 | .801 | .746 | |
Distributions |
|
|
|
|
| |
Dividends from Net Investment Income | (.486) | (.486) | (.488) | (.486) | (.503) | |
Distributions from Realized Capital Gains | (.073) | (.039) | (.027) | (.125) | (.063) | |
Total Distributions | (.559) | (.525) | (.515) | (.611) | (.566) | |
Net Asset Value, End of Period | $11.44 | $11.27 | $11.45 | $11.57 | $11.38 | |
|
|
|
|
|
| |
Total Return | 6.68% | 3.03% | 3.48% | 7.20% | 6.84% | |
|
|
|
|
|
| |
Ratios/Supplemental Data |
|
|
|
|
| |
Net Assets, End of Period (Millions) | $671 | $686 | $1,303 | $1,321 | $1,340 | |
Ratio of Total Expenses to |
|
|
|
|
| |
Average Net Assets | 0.16% | 0.16% | 0.14% | 0.17% | 0.18% | |
Ratio of Net Investment Income to |
|
|
|
|
| |
Average Net Assets | 4.33% | 4.23% | 4.24% | 4.22% | 4.46% | |
Portfolio Turnover Rate | 9% | 12% | 6% | 3% | 16% | |
43
New York Long-Term Tax-Exempt Fund
Admiral Shares |
|
|
|
|
|
|
|
| Year Ended November 30, | ||
For a Share Outstanding Throughout Each Period | 2006 | 2005 | 2004 | 2003 | 2002 |
Net Asset Value, Beginning of Period | $11.27 | $11.45 | $11.57 | $11.38 | $11.20 |
Investment Operations |
|
|
|
|
|
Net Investment Income | .495 | .494 | .494 | .493 | .509 |
Net Realized and Unrealized |
|
|
|
|
|
Gain (Loss) on Investments | .243 | (.141) | (.093) | .315 | .243 |
Total from Investment Operations | .738 | .353 | .401 | .808 | .752 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income | (.495) | (.494) | (.494) | (.493) | (.509) |
Distributions from Realized Capital Gains | (.073) | (.039) | (.027) | (.125) | (.063) |
Total Distributions | (.568) | (.533) | (.521) | (.618) | (.572) |
Net Asset Value, End of Period | $11.44 | $11.27 | $11.45 | $11.57 | $11.38 |
|
|
|
|
|
|
Total Return | 6.76% | 3.10% | 3.54% | 7.26% | 6.89% |
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) | $1,799 | $1,575 | $837 | $771 | $811 |
Ratio of Total Expenses to |
|
|
|
|
|
Average Net Assets | 0.09% | 0.09% | 0.09% | 0.11% | 0.13% |
Ratio of Net Investment Income to |
|
|
|
|
|
Average Net Assets | 4.40% | 4.31% | 4.29% | 4.28% | 4.51% |
Portfolio Turnover Rate | 9% | 12% | 6% | 3% | 16% |
See accompanying Notes, which are an integral part of the Financial Statements.
44
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 Statement of Net Assets. 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.
45
New York Long-Term Tax-Exempt Fund
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. 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 November 30, 2006, the fund had contributed capital of $243,000 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 year ended November 30, 2006, these arrangements reduced the fund’s expenses by $128,000 (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 used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $1,442,000 from accumulated net realized gains to paid-in capital.
For tax purposes, at November 30, 2006, the fund had short-term and long-term capital gains of $970,000 and $6,529,000, respectively, available for distribution. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
The fund had realized losses totaling $802,000 through November 30, 2006, which are deferred for tax purposes and reduce the amount of unrealized appreciation on investment securities for tax purposes.
At November 30, 2006, the cost of investment securities for tax purposes was $2,341,971,000. Net unrealized appreciation of investment securities for tax purposes was $119,209,000, consisting of unrealized gains of $119,431,000 on securities that had risen in value since their purchase and $222,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended November 30, 2006, the fund purchased $393,156,000 of investment securities and sold $202,746,000 of investment securities, other than temporary cash investments.
46
New York Long-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were:
|
|
| Year Ended November 30, | |
|
| 2006 |
| 2005 |
| Amount | Shares | Amount | Shares |
| ($000) | (000) | ($000) | (000) |
Investor Shares |
|
|
|
|
Issued | 166,296 | 14,800 | 231,530 | 20,197 |
Issued in Lieu of Cash Distributions | 26,765 | 2,384 | 39,881 | 3,474 |
Redeemed | (217,170) | (19,355) | (878,270) | (76,613) |
Net Increase (Decrease)—Investor Shares | (24,109) | (2,171) | (606,859) | (52,942) |
Admiral Shares |
|
|
|
|
Issued | 396,810 | 35,370 | 910,275 | 79,346 |
Issued in Lieu of Cash Distributions | 60,662 | 5,403 | 34,732 | 3,036 |
Redeemed | (259,941) | (23,210) | (180,159) | (15,739) |
Net Increase (Decrease)—Admiral Shares | 197,531 | 17,563 | 764,848 | 66,643 |
G. In June 2006, the Financial Accounting Standards Board issued Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” FIN 48 establishes the minimum threshold for recognizing, and a system for measuring, the benefits of tax-return positions in financial statements. FIN 48 will be effective for the fund’s fiscal year beginning December 1, 2007. Management is in the process of analyzing the fund’s tax positions for purposes of implementing FIN 48; based on the analysis completed to date, management does not believe the adoption of FIN 48 will result in any material impact to the fund’s financial statements.
47
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard New York Tax-Exempt Funds and Shareholders of Vanguard New York Tax-Exempt Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund:
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard New York Tax-Exempt Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund (constituting Vanguard New York Tax-Exempt Funds, hereafter referred to as the “Funds”) at November 30, 2006, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2006 by correspondence with the custodian and broker, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 11, 2007
Special 2006 tax information (unaudited) for Vanguard New York Tax-Exempt Funds
This information for the fiscal year ended November 30, 2006, is included pursuant to provisions of the Internal Revenue Code.
The Long-Term Tax-Exempt Fund distributed $15,949,000 as capital gain dividends (from net long-term capital gains) to shareholders during the fiscal year.
Each fund designates 100% of its income dividends as exempt-interest dividends.
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 November 30, 2006 |
|
|
|
| Beginning | Ending | Expenses |
| Account Value | Account Value | Paid During |
New York Tax-Exempt Fund | 5/31/2006 | 11/30/2006 | Period1 |
Based on Actual Fund Return |
|
|
|
Money Market | $1,000.00 | $1,017.28 | $0.66 |
Long-Term |
|
|
|
Investor Shares | 1,000.00 | 1,054.13 | 0.82 |
Admiral Shares | 1,000.00 | 1,054.52 | 0.46 |
Based on Hypothetical 5% Yearly Return |
|
|
|
Money Market | $1,000.00 | $1,024.42 | $0.66 |
Long-Term |
|
|
|
Investor Shares | 1,000.00 | 1,024.27 | 0.81 |
Admiral Shares | 1,000.00 | 1,024.62 | 0.46 |
1 The 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, 0.16% 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
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.
51
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’s 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 |
|
145 Vanguard Funds Overseen | |
|
|
Independent Trustees |
|
|
|
Charles D. Ellis |
|
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 |
145 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 |
|
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; |
145 Vanguard Funds Overseen | Director of Tyco International, Ltd. (diversified manufacturing and services) (since 2005); |
| Trustee of Drexel University and of the Chemical Heritage Foundation. |
|
|
Amy Gutmann |
|
Born 1949 | Principal Occupation(s) During the Past Five Years: President of the University of |
Trustee since June 2006 | Pennsylvania since 2004; Professor in the School of Arts and Sciences, Annenberg School |
145 Vanguard Funds Overseen | for Communication, and Graduate School of Education of the University of Pennsylvania |
| since 2004; Provost (2001–2004) and Laurance S. Rockefeller Professor of Politics and the |
| University Center for Human Values (1990–2004), Princeton University; Director of Carnegie |
| Corporation of New York and of Philadelphia 2016 (since 2005) and of Schuylkill River |
| Development Corporation and Greater Philadelphia Chamber of Commerce (since 2004). |
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 | |
145 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 and | |
Trustee since December 2004 | Banking, Harvard Business School (since 2000); Senior Associate Dean, Director of Faculty | |
145 Vanguard Funds Overseen | 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 Executive | |
Trustee since January 1993 | Officer, and Director of NACCO Industries, Inc. (forklift trucks/housewares/ lignite); | |
145 Vanguard Funds Overseen | Director of Goodrich Corporation (industrial products/aircraft systems and services). | |
|
| |
J. Lawrence Wilson |
| |
Born 1936 | Principal Occupation(s) During the Past Five Years: Retired Chairman and Chief Executive | |
Trustee since April 1985 | Officer of Rohm and Haas Co. (chemicals); Director of Cummins Inc. (diesel engines), | |
145 Vanguard Funds Overseen | MeadWestvaco Corp. (packaging products), and AmerisourceBergen Corp. (pharmaceutical | |
| distribution); Trustee of Vanderbilt University and of Culver Educational Foundation. | |
|
| |
Executive Officers1 |
| |
|
| |
Heidi Stam |
| |
Born 1956 | Principal Occupation(s) During the Past Five Years: Managing Director of the Vanguard | |
Secretary since July 2005 | Group, Inc., since 2006; General Counsel of The Vanguard Group since 2005; Secretary of | |
145 Vanguard Funds Overseen | The Vanguard Group, and of each of the investment companies served by The Vanguard | |
| Group, since 2005; Principal of The Vanguard Group (1997-2006). | |
|
| |
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. | |
145 Vanguard Funds Overseen |
| |
|
| |
Vanguard Senior Management Team | ||
|
| |
R. Gregory Barton | Kathleen C. Gubanich | Michael S. Miller |
Mortimer J. Buckley | Paul A. Heller | Ralph K. Packard |
James H. Gately | F. William McNabb, III | George U. Sauter |
|
| |
Founder |
| |
|
| |
John C. Bogle |
| |
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 |
Institutional Investor Services > 800-523-1036 | respective owners. |
|
|
Text Telephone > 800-952-3335 | All comparative mutual fund data are from Lipper Inc. |
| or Morningstar, Inc., unless otherwise noted. |
|
|
|
|
This material may be used in conjunction | You can obtain a free copy of Vanguard’s proxy voting |
with the offering of shares of any Vanguard | guidelines by visiting our website, www.vanguard.com, |
fund only if preceded or accompanied by | and searching for “proxy voting 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. |
|
|
|
|
|
|
|
|
| © 2007 The Vanguard Group, Inc. |
| All rights reserved. |
| Vanguard Marketing Corporation, Distributor. |
|
|
| Q760 012007 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Charles D. Ellis, Rajiv L. Gupta, JoAnn Heffernan Heisen, André F. Perold, Alfred M. Rankin, Jr., and J. Lawrence Wilson.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended November 30, 2006: $41,000
Fiscal Year Ended November 30, 2005: $33,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group
Fiscal Year Ended November 30, 2006: $2,347,620
Fiscal Year Ended November 30, 2005: $2,152,740
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2006: $530,000
Fiscal Year Ended November 30, 2005: $382,200
Includes fees billed in connection with assurance and related services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(c) Tax Fees.
Fiscal Year Ended November 30, 2006: $101,300
Fiscal Year Ended November 30, 2005: $98,400
Includes fees billed in connection with tax compliance, planning and advice services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group and related to income and excise taxes.
(d) All Other Fees.
Fiscal Year Ended November 30, 2006: $0
Fiscal Year Ended November 30, 2005: $0
Includes fees billed for services related to risk management and privacy matters. Services were provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; and (4) other registered investment companies in the Vanguard Group. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; or other registered investment companies in the Vanguard Group.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended November 30, 2006: $101,300
Fiscal Year Ended November 30, 2005: $98,400
Includes fees billed for non-audit services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
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.
(a) Code of Ethics.
(b) 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: | January 18, 2007 |
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: | January 18, 2007 |
| VANGUARD NEW YORK TAX-FREE FUNDS | |
| BY: | (signature) |
| (HEIDI STAM) THOMAS J. HIGGINS* TREASURER |
| Date: | January 18, 2007 |
* By Power of Attorney. See File Number 002-65955-99, filed on July 27, 2006. Incorporated by Reference.