UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: | 811-4570 |
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, 2006 - May 31, 2006 |
Item 1: | Reports to Shareholders |
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Vanguard® New York Tax-Exempt Funds |
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> Semiannual Report |
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May 31, 2007 |
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| Vanguard New York Tax-Exempt Money Market Fund |
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| Vanguard New York Long-Term Tax-Exempt Fund |
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> | Investor Shares posted a return of –0.3% for the six months ended May 31, 2007. Vanguard New York Tax-Exempt Money Market Fund returned 1.8%. |
> | Yields rose across the maturity spectrum as expectations of increased inflation took a firmer grip on the market. |
> | Yield increases were greatest at the longer end of the maturity spectrum. |
Contents |
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Your Fund’s Total Returns | 1 |
Chairman’s Letter | 2 |
Advisor’s Report | 6 |
New York Tax-Exempt Money Market Fund | 9 |
New York Long-Term Tax-Exempt Fund | 27 |
About Your Fund’s Expenses | 47 |
Trustees Approve Advisory Arrangement | 49 |
Glossary | 50 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the cover of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Total Returns
Six Months Ended May 31, 2007 |
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| Ticker | Total |
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Vanguard New York Tax-Exempt Money Market Fund | VYFXX | 1.8% |
SEC 7-Day Annualized Yield: 3.69% |
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Taxable-Equivalent Yield: 6.09%1 |
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Average New York Tax-Exempt Money Market Fund2 |
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Vanguard New York Long-Term Tax-Exempt Fund |
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Investor Shares | VNYTX | –0.3% |
SEC 30-Day Annualized Yield: 3.91% |
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Taxable-Equivalent Yield: 6.46%1 |
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Admiral™ Shares3 | VNYUX | –0.3 |
SEC 30-Day Annualized Yield: 3.98% |
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Taxable-Equivalent Yield: 6.57%1 |
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Lehman 10 Year Municipal Bond Index |
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Average New York Municipal Debt Fund2 |
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Lehman Municipal Bond Index |
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Your Fund’s Performance at a Glance |
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November 30, 2006–May 31, 2007 |
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| Distributions Per Share | |
| Starting | Ending | Income | Capital |
| Share Price | Share Price | Dividends | Gains |
Vanguard New York Tax-Exempt Fund |
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Money Market | $1.00 | $1.00 | $0.018 | $0.000 |
Long-Term |
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Investor Shares | 11.44 | 11.12 | 0.246 | 0.035 |
Admiral Shares | 11.44 | 11.12 | 0.250 | 0.035 |
1 This calculation, which assumes a typical itemized tax return, is based on the maximum federal 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,
The final two months of the fiscal half-year ended May 31, 2007, saw bond yields move higher, and prices lower, as inflation concerns stirred. Vanguard New York Long-Term Tax-Exempt Fund Investor Shares returned –0.3%, trailing the result of the benchmark index and the average return of competing New York municipal bond funds. The income portion of the fund’s return was insufficient to offset its decline in share price. The fund’s 3.91% yield for Investor Shares at the end of May represented a slight increase versus six months ago. For investors in the highest income tax bracket, the taxable-equivalent yield rose to 6.46%. Yields for the Admiral Shares were slightly higher.
Vanguard New York Tax-Exempt Money Market Fund posted a 1.8% result and surpassed the average return of its peers. The fund’s yield increased to 3.69%; the taxable equivalent would be 6.09% for investors in the highest income tax bracket. The fund maintained a net asset value of $1 per share, as is expected but not guaranteed.
Please note: Although the funds’ income distributions are expected to be exempt from federal and New York state taxes, a portion of these distributions may be subject to the alternative minimum tax. The tax is triggered by holdings of private-activity bonds.
2
Mixed economic news led to weak bond returns
Over the six months, the yields of longer-term bonds rose faster than those of short-term bonds. This caused the “inverted” yield curve—which had persisted for many months as long-term U.S. Treasury yields remained lower than shorter-term yields—to begin a return to its historical upward-sloping maturity/yield relationship. The Federal Reserve Board’s intimations of concern about the inflation outlook helped to push long-term rates higher. However, the Fed held its target federal funds rate at 5.25% throughout the period.
Money market instruments remained a bright spot in the fixed income universe, with the Citigroup 3-Month Treasury Bill Index—a proxy for taxable money market yields—returning 2.5% for the half-year. The yield of the 3-month Treasury bill fell to 4.7% from its initial 5.0%. The broad taxable bond market returned 0.7% for the period, while municipal bonds posted a return of 0.3%.
Stocks were shaken early on but roared back in second half
Despite a short-lived tumble in late February and a cooldown of the domestic economy, the broad U.S. stock market moved solidly upward over the six months. In the first half of the period, the broad market had a modest positive return, but the second half saw a solid advance.
Market Barometer |
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| Total Returns |
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| Six Months | One Year | Five Years1 |
Bonds |
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Lehman U.S. Aggregate Bond Index (Broad taxable market) | 0.7% | 6.7% | 4.7% |
Lehman Municipal Bond Index | 0.3 | 4.8 | 4.9 |
Citigroup 3-Month Treasury Bill Index | 2.5 | 5.1 | 2.6 |
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Stocks |
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Russell 1000 Index (Large-caps) | 10.7% | 22.9% | 10.1% |
Russell 2000 Index (Small-caps) | 8.4 | 18.9 | 13.1 |
Dow Jones Wilshire 5000 Index (Entire market) | 10.5 | 22.5 | 10.7 |
MSCI All Country World Index ex USA (International) | 15.1 | 28.9 | 18.7 |
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CPI |
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Consumer Price Index | 3.2% | 2.7% | 3.0% |
1 Annualized.
3
U.S. stocks were buoyed by an unprecedented flurry of merger-and-acquisition activity, particularly within the private-equity sector. Mid-capitalization stocks were the market leaders, outpacing the gains of large- and small-cap issues. As had been the case for well over a year, international stocks outperformed U.S. equities. Emerging markets again produced better gains than the developed markets of Europe and the Pacific.
Your fund’s performance reflected market dynamics
Investor demand for municipal bonds continued at a very high level during the fiscal half-year, and states and cities responded with a heavy slate of new issuance. During the first half of the fund’s fiscal year, states and municipalities issued $203.8 billion in bonds, a record pace, as issuers took advantage of low interest rates and strong demand to retire debt issued when interest rates were higher.
New buyers have joined individuals and mutual funds in muni bond markets. These include property and casualty insurers, foreign banks, and hedge funds, all of which are pursuing higher yields at the long end of the maturity spectrum.
These supply-and-demand dynamics, as well as nascent concerns about the inflation outlook and a seasonal tax effect toward the end of the period, helped produce modestly higher yields (and lower prices) across the maturity spectrum during the six months. (In April and May,
Annualized Expense Ratios1 |
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Your fund compared with its peer group |
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| Investor | Admiral | Peer |
New York Tax-Exempt Fund | Shares | Shares | Group |
Money Market | 0.10% | — | 0.61% |
Long-Term | 0.15 | 0.08% | 1.10 |
1 Fund expense ratios reflect the six months ended May 31, 2007. 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 2006.
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many investors sell some holdings in municipal bond funds to pay their state and federal income tax bills.)
The New York Long-Term Tax-Exempt Fund’s –0.3% decline reflected these factors. The fund lagged the result of its benchmark index and the average return of competing New York municipal debt funds. This was partly due to the fund’s positioning among the highest-rated muni bonds. Funds holding weaker-credit bonds have enjoyed a performance advantage of late in an environment that has prized yield over safety.
Rising interest rates were a positive for the New York Tax-Exempt Money Market Fund, whose short average maturity enabled it to quickly translate rising rates into higher income. The fund’s return of 1.8% was higher than the average return for its peers, a reflection of disciplined portfolio management and the fund’s low expense ratio. You can see from the table on page 4 that both New York tax-exempt funds enjoyed a wide cost advantage over peer funds—an advantage that accrues to shareholders over time.
Your muni fund’s dual role: Providing income and stability
Bonds have a role to play in every investor’s portfolio, and municipal bonds can be an especially attractive option for investors in higher tax brackets. By committing a portion of your assets to the bond market, you gain ballast that helps you ride out storms in the stock market. By committing a portion of your bond portfolio to municipal bonds, you also help protect your returns from the tax collector’s reach. By entrusting your assets to Vanguard, you have selected a partner focused on managing risk, reducing costs, and providing clearly defined portfolios that can be used to build a diversified portfolio suited to your needs.
Thank you for investing with Vanguard.
Sincerely,
John J. Brennan
Chairman and Chief Executive Officer
June 12, 2007
5
Advisor’s Report
As bond yields moved higher (and prices lower) over the past six months, Vanguard New York Long-Term Tax-Exempt Fund returned –0.3% for both the Investor and Admiral Shares, modestly trailing both its benchmark and its peer group’s average return. Vanguard New York Tax-Exempt Money Market Fund returned 1.8%, outpacing its peer-group average.
The investment environment
The U.S. economy continued to expand during the past six months, but at a slower pace than that observed 12 months ago. Consumer spending has increased solidly, as rising incomes and improved job prospects have helped to partially mitigate high energy prices, a slumping housing market, and higher short-term interest rates. Consensus expectations point to a continued modest deceleration to below 3% in the annualized growth rate of real gross domestic product.
The inflation picture has been mixed, with the core Consumer Price Index (CPI) bumping up against the Federal Reserve Board’s perceived threshold for price stability over the past 12 months. Nevertheless, Fed officials have stressed that long-run inflation expectations, as reflected in the difference between nominal and inflation-adjusted interest rates, remain fairly “contained.” Consequently, consensus expectations suggest that core CPI inflation will gradually decelerate toward 2%, from the 2.7% rate of the past 12 months.
Yields of Municipal Securities |
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(AAA-Rated General-Obligation Issues) |
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| November 30, | May 31, | Change |
Maturity | 2006 | 2007 | (basis points)1 |
2 years | 3.45% | 3.68% | +23 |
5 years | 3.43 | 3.76 | +33 |
10 years | 3.56 | 3.91 | +35 |
30 years | 3.91 | 4.25 | +34 |
Yields of U.S. Treasury Securities |
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| November 30, | May 31, | Change |
Maturity | 2006 | 2007 | (basis points)1 |
2 years | 4.61% | 4.91% | +30 |
5 years | 4.45 | 4.85 | +40 |
10 years | 4.46 | 4.89 | +43 |
30 years | 4.56 | 5.01 | +45 |
1 One basis point equals 1/100 of a percentage point.
Source: Vanguard.
6
Consistent with its inflation assessment, the Federal Reserve has left the target for the federal funds rate unchanged at 5.25% since June 2006.
Interest rates moved higher
During the past six months, bond yields rose across all maturities, though the increase among short-term bonds was relatively modest. These interest rate dynamics flattened what had previously been an inverted U.S. Treasury yield curve, an unusual situation in which short-term bonds yield more than long-term securities. At the end of the period, the yield of the 10-year U.S. Treasury note was in line with that of the 2-year note, a relationship that is consistent with expectations for a neutral interest rate policy for the Federal Reserve.
On balance, Treasury bonds outperformed municipal securities during the six months, though the longest-term municipal bonds outperformed their Treasury counterparts.
During the past six months, states and municipalities brought $203.8 billion in new debt to market—a record pace and a 23% increase from the same period a year ago. Borrowers took advantage of dips in interest rates during December and March to issue $47.8 billion in securities that will be used to retire existing, higher-cost debt. The national pattern was evident in the New York market. State and municipal issues totaled $17.0 billion through the first six months of the funds’ 2007 fiscal year, a 25.9% increase over a year ago.
Management of the funds
The performance of Vanguard New York Tax-Exempt Money Market and Long-Term Tax-Exempt Funds reflected the increase in rates during the past six months. The Tax-Exempt Money Market Fund returned 1.8% as its yield rose from 3.47% at the beginning of the period to 3.69% at the end. We kept the fund’s average maturity at the short end of its typical range, which allows the fund to accelerate the reinvestment of maturing securities at higher rates.
The Long-Term Fund produced a slightly negative return. The fund’s income return over the six months was offset by a negative capital return, as rising rates depressed its share price. The fund’s yield rose to 3.91% (3.98% for Admiral Shares), from 3.69% (3.76%) at the beginning of the period. We kept the fund’s duration—a measure of sensitivity to interest rate changes—near the midpoint of its typical range, a position consistent with our expectation for relatively stable longer-term rates.
7
As always, security selection reflected the funds’ high-quality focus. Our funds’ expense advantage gives us an opportunity to provide an attractive and superior tax-exempt dividend without stretching for yield among lower-quality securities or assuming undue portfolio market risk. The near-term “cost” of this quality bias seems especially small today. Tax-exempt quality spreads have collapsed since late 2003, as the economy has firmed and memories of credit disasters (California’s fiscal crisis, Enron, the post-stock-market-bubble telecom blowups) have faded.
Over time, we expect our funds’ combination of low costs, prudent management, and bias toward high-quality issues to produce more-than-competitive returns, without subjecting shareholder capital to the significant risks lurking in the lower-rated tiers of the municipal bond market.
Please note: The U.S. Supreme Court recently agreed to hear a case that challenges the states’ conventional practice of providing different tax treatment for in-state and out-of-state municipal bonds. We don’t expect a ruling until winter 2007 or spring 2008, but we are continuing to monitor the issue and its potential impact on municipal bond portfolios. The case is not expected to affect the federal tax exemption available for interest earned on municipal bonds.
Kathryn T. Allen, Principal
Christopher M. Ryon, Principal
Vanguard Fixed Income Group
June 14, 2007
8
New York Tax-Exempt Money Market Fund
Fund Profile
As of May 31, 2007
Financial Attributes |
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Yield | 3.7% |
Average Weighted Maturity | 26 days |
Average Quality1 | MIG-1 |
Expense Ratio | 0.10%2 |
Distribution by Credit Quality3 (% of portfolio) |
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MIG-1/A-1+/SP-1+/F-1+ | 86% |
P-1/A-1/SP-1/F-1 | 12 |
AAA/AA | 1 |
MIG-2 | 0 |
A | 1 |
1 Moody’s Investors Service.
2 Annualized.
3 Ratings: Moody’s Investors Service, Standard & Poor’s, Fitch.
See page 50 for a glossary of investment terms.
9
New York Tax-Exempt Money Market Fund
Performance Summary
Investment returns will fluctuate. All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/performance.) The returns shown do not reflect taxes that a shareholder would pay on fund distributions. 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 reflects the current earnings of the fund more closely than do the average annual returns.
Fiscal-Year Total Returns (%): September 3, 1997–May 31, 2007 |
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Fiscal | Total | Total |
Year | Return | Return |
1997 | 0.8% | 0.8% |
1998 | 3.3 | 2.9 |
1999 | 3.0 | 2.6 |
2000 | 3.9 | 3.4 |
2001 | 2.8 | 2.4 |
2002 | 1.3 | 0.9 |
2003 | 0.9 | 0.5 |
2004 | 1.0 | 0.6 |
2005 | 2.2 | 1.7 |
2006 | 3.3 | 2.8 |
20072 | 1.8 | 1.6 |
SEC 7-Day Annualized Yield (5/31/2007): 3.69% |
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Average Annual Total Returns: Periods Ended March 31, 2007
This table presents average annual total returns through the latest calendar quarter—rather than through the end of the fiscal period. Securities and Exchange Commission rules require that we provide this information.
| Inception Date | One Year | Five Years | Since Inception |
New York Tax-Exempt |
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Money Market Fund | 9/3/1997 | 3.48% | 1.88% | 2.47% |
1 Returns for the Average New York Tax-Exempt Money Market Fund are derived from data provided by Lipper Inc.
2 Six months ended May 31, 2007.
Note: See Financial Highlights table on page 25 for dividend information.
10
New York Tax-Exempt Money Market Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2007
The fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at www.sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
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| Face | Market | |
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| Amount | Value• | |
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Municipal Bonds (99.5%) |
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| Albany NY IDA Fac. Rev. |
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| (Holland Suites Project) VRDO | 3.790% | 6/7/07 | LOC | 6,390 | 6,390 | |
| Allegany County NY IDA |
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| (Atlantic Richfield Project) VRDO | 3.920% | 6/1/07 |
| 4,700 | 4,700 | |
1 | Battery Park City NY Auth. Rev. TOB VRDO | 3.810% | 6/7/07 |
| 5,235 | 5,235 | |
| Clifton Park NY IDA Multifamily Housing Rev. |
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| (Coburg Village Project) VRDO | 3.730% | 6/7/07 | LOC | 5,400 | 5,400 | |
1 | Erie County NY IDA School Fac. Rev. TOB VRDO | 3.810% | 6/7/07 | (4) | 3,825 | 3,825 | |
| Erie County NY Water Auth. Rev. VRDO | 3.690% | 6/7/07 | (2) | 11,400 | 11,400 | |
1 | GS Pool Trust TOB VRDO | 3.860% | 6/7/07 | (11) | 10,875 | 10,875 | |
| Half Hollow Hills NY Central School Dist. TAN | 4.500% | 6/29/07 |
| 40,000 | 40,025 | |
1 | Hudson Yards Infrastructure Corp. |
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| New York Rev. TOB VRDO | 3.800% | 6/7/07 | (1) | 30,000 | 30,000 | |
1 | Hudson Yards Infrastructure Corp. |
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| New York Rev. TOB VRDO | 3.810% | 6/7/07 | (3) | 28,000 | 28,000 | |
1 | Hudson Yards Infrastructure Corp. |
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| New York Rev. TOB VRDO | 3.820% | 6/7/07 | (3) | 53,300 | 53,300 | |
| Jericho NY UFSD TAN | 4.500% | 6/22/07 |
| 12,000 | 12,006 | |
1 | Liberty NY Dev. Corp. Rev. TOB VRDO | 3.790% | 6/7/07 |
| 5,000 | 5,000 | |
1 | Liberty NY Dev. Corp. Rev. TOB VRDO | 3.800% | 6/7/07 |
| 16,940 | 16,940 | |
1 | Liberty NY Dev. Corp. Rev. TOB VRDO | 3.820% | 6/7/07 |
| 32,345 | 32,345 | |
1 | Liberty NY Dev. Corp. Rev. TOB VRDO | 3.820% | 6/7/07 |
| 24,720 | 24,720 | |
1 | Liberty NY Dev. Corp. Rev. TOB VRDO | 3.870% | 6/7/07 |
| 38,700 | 38,700 | |
| Long Island NY Power Auth. Electric System Rev. CP | 3.600% | 7/10/07 | LOC | 59,200 | 59,200 | |
1 | Long Island NY Power Auth. |
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| Electric System Rev. TOB VRDO | 3.800% | 6/7/07 | (1) | 10,375 | 10,375 | |
1 | Long Island NY Power Auth. |
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| Electric System Rev. TOB VRDO | 3.810% | 6/7/07 | (1) | 15,000 | 15,000 | |
1 | Long Island NY Power Auth. |
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| Electric System Rev. TOB VRDO | 3.810% | 6/7/07 | (10) | 69,300 | 69,300 | |
1 | Long Island NY Power Auth. |
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| Electric System Rev. TOB VRDO | 3.820% | 6/7/07 | (2) | 14,000 | 14,000 | |
| Long Island NY Power Auth. |
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| Electric System Rev. VRDO | 3.700% | 6/7/07 | (1) | 10,000 | 10,000 | |
| Long Island NY Power Auth. |
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| Electric System Rev. VRDO | 3.800% | 6/7/07 | LOC | 12,600 | 12,600 | |
11
New York Tax-Exempt Money Market Fund
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| Face | Market |
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| Amount | Value• |
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| Long Island NY Power Auth. |
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| Electric System Rev. VRDO | 3.800% | 6/7/07 | (4) | 49,610 | 49,610 |
1 | Metro. New York Transp. Auth. Rev. |
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| (Dedicated Petroleum Tax) TOB VRDO | 3.800% | 6/7/07 | (4) | 7,500 | 7,500 |
1 | Metro. New York Transp. Auth. Rev. |
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| (Dedicated Petroleum Tax) TOB VRDO | 3.810% | 6/7/07 | (1) | 11,385 | 11,385 |
| Metro. New York Transp. Auth. Rev. |
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| (Transit Rev.) CP | 3.650% | 6/15/07 | LOC | 20,000 | 20,000 |
1 | Metro. New York Transp. Auth. Rev. |
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| (Transit Rev.) TOB VRDO | 3.820% | 6/7/07 | (1) | 6,600 | 6,600 |
| Metro. New York Transp. Auth. Rev. |
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| (Transit Rev.) VRDO | 3.910% | 6/1/07 | LOC | 27,275 | 27,275 |
1 | Metro. New York Transp. Auth. Rev. TOB VRDO | 3.800% | 6/7/07 | (3) | 14,280 | 14,280 |
1 | Metro. New York Transp. Auth. Rev. TOB VRDO | 3.800% | 6/7/07 | (2) | 5,000 | 5,000 |
1 | Metro. New York Transp. Auth. Rev. TOB VRDO | 3.820% | 6/7/07 | (3) | 19,810 | 19,810 |
| Metro. New York Transp. Auth. Rev. VRDO | 3.730% | 6/7/07 | (11) | 33,275 | 33,275 |
| Metro. New York Transp. Auth. Rev. VRDO | 3.730% | 6/7/07 | (11) | 5,700 | 5,700 |
| Metro. New York Transp. Auth. Rev. VRDO | 3.730% | 6/7/07 | (10) | 46,100 | 46,100 |
| Metro. New York Transp. Auth. Rev. VRDO | 3.730% | 6/7/07 | (4) | 3,500 | 3,500 |
| Metro. New York Transp. Auth. Rev. VRDO | 3.800% | 6/7/07 | LOC | 20,000 | 20,000 |
| Metro. New York Transp. Auth. Transit Fac. CP | 3.650% | 6/25/07 | LOC | 15,000 | 15,000 |
| Monroe County NY IDA |
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| (Monroe Community College) VRDO | 3.740% | 6/7/07 | LOC | 4,000 | 4,000 |
| Nassau County NY GO BAN | 3.625% | 2/15/08 |
| 40,000 | 40,003 |
| Nassau County NY TAN | 4.000% | 9/30/07 |
| 27,000 | 27,044 |
| Nassau Health Care Corp. NY VRDO | 3.670% | 6/7/07 | (4) | 10,000 | 10,000 |
| Nassau Health Care Corp. NY VRDO | 3.730% | 6/7/07 | (4) | 13,605 | 13,605 |
| New York City NY Capital Resources |
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| (Enhanced Assistance PG) VRDO | 3.720% | 6/7/07 | LOC | 8,700 | 8,700 |
| New York City NY Cultural Resources Rev. |
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| (Pierpont Morgan Library) VRDO | 3.770% | 6/7/07 | LOC | 8,000 | 8,000 |
| New York City NY Cultural Resources Rev. |
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|
|
|
|
| (Solomon R. Guggenheim Foundation) VRDO | 3.720% | 6/7/07 | LOC | 15,507 | 15,507 |
1 | New York City NY GO TOB PUT | 3.760% | 8/9/07 | (3) | 9,695 | 9,695 |
1 | New York City NY GO TOB VRDO | 3.790% | 6/7/07 | (1) | 5,840 | 5,840 |
1 | New York City NY GO TOB VRDO | 3.790% | 6/7/07 | (2) | 24,880 | 24,880 |
1 | New York City NY GO TOB VRDO | 3.790% | 6/7/07 | (2) | 4,585 | 4,585 |
1 | New York City NY GO TOB VRDO | 3.800% | 6/7/07 | (2) | 7,715 | 7,715 |
1 | New York City NY GO TOB VRDO | 3.810% | 6/7/07 | (11) | 7,335 | 7,335 |
1 | New York City NY GO TOB VRDO | 3.820% | 6/7/07 | (4) | 6,144 | 6,144 |
1 | New York City NY GO TOB VRDO | 3.830% | 6/7/07 |
| 50,000 | 50,000 |
| New York City NY GO VRDO | 3.840% | 6/1/07 | (4) | 4,800 | 4,800 |
| New York City NY GO VRDO | 3.840% | 6/1/07 | LOC | 25,640 | 25,640 |
| New York City NY GO VRDO | 3.880% | 6/1/07 | LOC | 600 | 600 |
| New York City NY GO VRDO | 3.700% | 6/7/07 | LOC | 5,600 | 5,600 |
| New York City NY GO VRDO | 3.730% | 6/7/07 | (2) | 10,025 | 10,025 |
| New York City NY GO VRDO | 3.730% | 6/7/07 | LOC | 31,750 | 31,750 |
| New York City NY GO VRDO | 3.740% | 6/7/07 | LOC | 18,475 | 18,475 |
| New York City NY GO VRDO | 3.750% | 6/7/07 | LOC | 8,000 | 8,000 |
| New York City NY GO VRDO | 3.780% | 6/7/07 | LOC | 5,695 | 5,695 |
| New York City NY GO VRDO | 3.820% | 6/7/07 | LOC | 5,950 | 5,950 |
| New York City NY Housing Dev. Corp. |
|
|
|
|
|
| Multi-Family Rev. (Beacon Mews) VRDO | 3.810% | 6/7/07 | LOC | 23,500 | 23,500 |
12
New York Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
| New York City NY Housing Dev. Corp. |
|
|
|
|
|
| Multi-Family Rev. (First Avenue) VRDO | 3.830% | 6/7/07 |
| 24,205 | 24,205 |
| New York City NY Housing Dev. Corp. |
|
|
|
|
|
| Multi-Family Rev. PUT | 3.600% | 11/1/07 |
| 52,000 | 52,000 |
| New York City NY Housing Dev. Corp. |
|
|
|
|
|
| Multi-Family Rev. PUT | 3.600% | 11/1/07 |
| 9,025 | 9,025 |
1 | New York City NY Housing Dev. Corp. |
|
|
|
|
|
| Multi-Family Rev. TOB VRDO | 3.810% | 6/7/07 |
| 12,505 | 12,505 |
1 | New York City NY Housing Dev. Corp. |
|
|
|
|
|
| Multi-Family Rev. TOB VRDO | 3.810% | 6/7/07 |
| 12,515 | 12,515 |
| New York City NY Housing Dev. Corp. |
|
|
|
|
|
| Multi-Family Rev. VRDO | 3.830% | 6/7/07 |
| 45,800 | 45,800 |
1 | New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
|
| (Capital Funding Program) TOB VRDO | 3.800% | 6/7/07 | (3) | 8,755 | 8,755 |
| New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
|
| (Multi-Family Rent Housing– |
|
|
|
|
|
| 201 Pearl Street) VRDO | 3.780% | 6/7/07 | LOC | 15,000 | 15,000 |
| New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
|
| (Multi-Family Rent Housing– |
|
|
|
|
|
| 90 West Street) VRDO | 3.780% | 6/7/07 |
| 20,000 | 20,000 |
| New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
|
| (Multi-Family Rent Housing– |
|
|
|
|
|
| Atlantic Court) VRDO | 3.830% | 6/7/07 |
| 53,100 | 53,100 |
| New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
|
| (Multi-Family Rent Housing– |
|
|
|
|
|
| One Columbus Place) VRDO | 3.850% | 6/7/07 | LOC | 32,000 | 32,000 |
1 | New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
|
| TOB VRDO | 3.800% | 6/7/07 | (3) | 5,145 | 5,145 |
1 | New York City NY Housing Dev. Corp. Rev. |
|
|
|
|
|
| TOB VRDO | 3.800% | 6/7/07 | (3) | 12,785 | 12,785 |
| New York City NY Housing Dev. Corp. Rev. VRDO | 3.880% | 6/7/07 |
| 22,200 | 22,200 |
| New York City NY IDA (Civic Fac. Rev.) VRDO | 3.740% | 6/7/07 | (10) | 9,000 | 9,000 |
| New York City NY IDA |
|
|
|
|
|
| (Civil Liberties Union) VRDO | 3.830% | 6/1/07 | LOC | 18,200 | 18,200 |
| New York City NY IDA (NY Congregational |
|
|
|
|
|
| Nursing Center Project) VRDO | 3.730% | 6/7/07 | LOC | 4,900 | 4,900 |
1 | New York City NY IDA Rev. TOB VRDO | 3.820% | 6/7/07 | (3) | 5,095 | 5,095 |
| New York City NY IDA Special Fac. Rev. |
|
|
|
|
|
| (Korean Air Lines) VRDO | 3.770% | 6/7/07 | LOC | 16,700 | 16,700 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System CP | 3.750% | 6/12/07 | LOC | 20,000 | 20,000 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System CP | 3.680% | 6/13/07 |
| 10,000 | 10,000 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System CP | 3.650% | 6/14/07 |
| 41,400 | 41,400 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System CP | 3.650% | 6/15/07 | LOC | 10,000 | 10,000 |
1 | New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. TOB VRDO | 3.790% | 6/7/07 | (2) | 15,000 | 15,000 |
1 | New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. TOB VRDO | 3.800% | 6/7/07 |
| 25,000 | 25,000 |
1 | New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. TOB VRDO | 3.800% | 6/7/07 |
| 10,000 | 10,000 |
13
New York Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
1 | New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. TOB VRDO | 3.810% | 6/7/07 | (2) | 4,935 | 4,935 |
1 | New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. TOB VRDO | 3.810% | 6/7/07 |
| 4,500 | 4,500 |
1 | New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. TOB VRDO | 3.820% | 6/7/07 |
| 10,115 | 10,115 |
1 | New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. TOB VRDO | 3.820% | 6/7/07 | (1) | 4,950 | 4,950 |
1 | New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. TOB VRDO | 3.820% | 6/7/07 | (4) | 20,015 | 20,015 |
1 | New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. TOB VRDO | 3.820% | 6/7/07 |
| 15,000 | 15,000 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. VRDO | 3.840% | 6/1/07 | (3) | 2,530 | 2,530 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. VRDO | 3.870% | 6/1/07 |
| 1,500 | 1,500 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. VRDO | 3.870% | 6/1/07 |
| 37,100 | 37,100 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. VRDO | 3.880% | 6/1/07 |
| 17,200 | 17,200 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
|
| Water & Sewer System Rev. VRDO | 3.730% | 6/7/07 |
| 22,065 | 22,065 |
1 | New York City NY Sales Tax Asset |
|
|
|
|
|
| Receivable Corp. TOB VRDO | 3.800% | 6/7/07 | (1) | 2,575 | 2,575 |
1 | New York City NY Sales Tax Asset |
|
|
|
|
|
| Receivable Corp. TOB VRDO | 3.800% | 6/7/07 | (2) | 6,400 | 6,400 |
1 | New York City NY Sales Tax Asset |
|
|
|
|
|
| Receivable Corp. TOB VRDO | 3.800% | 6/7/07 | (1) | 2,250 | 2,250 |
1 | New York City NY Sales Tax Asset |
|
|
|
|
|
| Receivable Corp. TOB VRDO | 3.800% | 6/7/07 | (1) | 14,815 | 14,815 |
1 | New York City NY Sales Tax Asset |
|
|
|
|
|
| Receivable Corp. TOB VRDO | 3.810% | 6/7/07 | (1) | 5,685 | 5,685 |
1 | New York City NY Sales Tax Asset |
|
|
|
|
|
| Receivable Corp. TOB VRDO | 3.810% | 6/7/07 | (1) | 4,810 | 4,810 |
1 | New York City NY Sales Tax Asset |
|
|
|
|
|
| Receivable Corp. TOB VRDO | 3.820% | 6/7/07 | (2) | 9,400 | 9,400 |
| New York City NY Transitional Finance Auth. BAN | 4.250% | 6/29/07 |
| 39,700 | 39,718 |
1 | New York City NY Transitional Finance Auth. |
|
|
|
|
|
| Building Aid Rev. TOB PUT | 3.580% | 6/7/07 | (3) | 11,195 | 11,195 |
| New York City NY Transitional Finance Auth. Rev. | 5.000% | 11/1/07 | (ETM) | 12,000 | 12,069 |
| New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| Future Tax | 5.000% | 11/1/07 | (ETM) | 10,790 | 10,852 |
1 | New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.800% | 6/7/07 | (3) | 12,000 | 12,000 |
1 | New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.800% | 6/7/07 |
| 16,995 | 16,995 |
1 | New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.800% | 6/7/07 |
| 15,460 | 15,460 |
1 | New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.800% | 6/7/07 | (3) | 6,070 | 6,070 |
1 | New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.820% | 6/7/07 | (2) | 19,700 | 19,700 |
1 | New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.820% | 6/7/07 |
| 1,300 | 1,300 |
14
New York Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
1 | New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| TOB VRDO | 3.820% | 6/7/07 | (3) | 7,600 | 7,600 |
| New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| VRDO | 3.830% | 6/1/07 |
| 18,340 | 18,340 |
| New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| VRDO | 3.830% | 6/1/07 |
| 14,115 | 14,115 |
| New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| VRDO | 3.840% | 6/1/07 |
| 18,340 | 18,340 |
| New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| VRDO | 3.890% | 6/1/07 |
| 4,100 | 4,100 |
| New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| VRDO | 3.720% | 6/7/07 |
| 14,400 | 14,400 |
| New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| VRDO | 3.720% | 6/7/07 |
| 15,170 | 15,170 |
| New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| VRDO | 3.780% | 6/7/07 |
| 8,465 | 8,465 |
| New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
|
| VRDO | 3.800% | 6/7/07 |
| 49,195 | 49,195 |
1 | New York Convention Center Dev. Corp. Rev. |
|
|
|
|
|
| TOB VRDO | 3.810% | 6/7/07 | (2) | 15,500 | 15,500 |
1 | New York Metro. Transp. Auth. Rev. TOB VRDO | 3.820% | 6/7/07 | (3) | 14,290 | 14,290 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Catholic Health) VRDO | 3.740% | 6/7/07 | LOC | 8,435 | 8,435 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Catholic Health) VRDO | 3.740% | 6/7/07 | LOC | 28,295 | 28,295 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (City Univ.) TOB VRDO | 3.830% | 6/7/07 | (4) | 7,250 | 7,250 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Columbia Univ.) CP | 3.620% | 8/10/07 |
| 12,800 | 12,800 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Columbia Univ.) CP | 3.680% | 9/12/07 |
| 26,670 | 26,670 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Cornell Univ.) CP | 3.720% | 8/8/07 |
| 5,400 | 5,400 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Cornell Univ.) VRDO | 3.830% | 6/1/07 |
| 14,925 | 14,925 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Cornell Univ.) VRDO | 3.720% | 6/7/07 |
| 27,150 | 27,150 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Dept. of Health) TOB VRDO | 3.800% | 6/7/07 | (3) | 2,615 | 2,615 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Memorial Sloan Kettering) TOB VRDO | 3.800% | 6/7/07 | (1) | 7,100 | 7,100 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Mental Health Services) TOB VRDO | 3.800% | 6/7/07 | (3) | 4,995 | 4,995 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Mental Health Services) TOB VRDO | 3.820% | 6/7/07 | (1) | 16,455 | 16,455 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Mental Health Services) VRDO | 3.710% | 6/7/07 | (2) | 2,500 | 2,500 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Mental Health Services) VRDO | 3.720% | 6/7/07 | (4) | 11,250 | 11,250 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Mental Health Services) VRDO | 3.730% | 6/7/07 | (1) | 21,200 | 21,200 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Mental Health Services) VRDO | 3.730% | 6/7/07 |
| 71,500 | 71,500 |
15
New York Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Mental Health Services) VRDO | 3.730% | 6/7/07 |
| 36,285 | 36,285 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Mental Health Services) VRDO | 3.740% | 6/7/07 | (4) | 9,405 | 9,405 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Mental Health Services) VRDO | 3.770% | 6/7/07 | (4) | 17,500 | 17,500 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Mental Health Services) VRDO | 3.800% | 6/7/07 | (4) | 11,870 | 11,870 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (New York Public Library) VRDO | 3.700% | 6/7/07 | (1) | 10,200 | 10,200 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (New York Public Library) VRDO | 3.700% | 6/7/07 | (1) | 37,345 | 37,345 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (New York Univ.) TOB VRDO | 3.820% | 6/7/07 | (1) | 6,700 | 6,700 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Personal Income Tax) TOB VRDO | 3.800% | 6/7/07 | (2) | 26,735 | 26,735 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Personal Income Tax) TOB VRDO | 3.800% | 6/7/07 | (1) | 5,485 | 5,485 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Personal Income Tax) TOB VRDO | 3.820% | 6/7/07 |
| 11,950 | 11,950 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Personal Income Tax) TOB VRDO | 3.830% | 6/7/07 | (2) | 5,850 | 5,850 |
1 | New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Personal Income Tax) TOB VRDO | 3.830% | 6/7/07 | (2) | 17,760 | 17,760 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Rockefeller Univ.) VRDO | 3.700% | 6/7/07 |
| 27,100 | 27,100 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Univ. of Rochester) VRDO | 3.690% | 6/7/07 | (1) | 21,700 | 21,700 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Univ. System) | 5.250% | 1/1/08 | (1)(Prere.) | 14,500 | 14,919 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
|
| (Upstate Community Colleges) VRDO | 3.740% | 6/7/07 | (11) | 24,260 | 24,260 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.800% | 6/7/07 | (3) | 19,125 | 19,125 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.800% | 6/7/07 | (3) | 9,495 | 9,495 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.800% | 6/7/07 | (4) | 5,550 | 5,550 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.800% | 6/7/07 |
| 28,625 | 28,625 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.800% | 6/7/07 |
| 13,400 | 13,400 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.800% | 6/7/07 | (1) | 11,175 | 11,175 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.810% | 6/7/07 |
| 40,340 | 40,340 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.810% | 6/7/07 |
| 52,305 | 52,305 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.810% | 6/7/07 |
| 28,385 | 28,385 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.810% | 6/7/07 | (1) | 10,000 | 10,000 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.810% | 6/7/07 |
| 25,000 | 25,000 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.820% | 6/7/07 | (2) | 4,950 | 4,950 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.820% | 6/7/07 |
| 18,380 | 18,380 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.820% | 6/7/07 |
| 4,725 | 4,725 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.830% | 6/7/07 | (2) | 16,515 | 16,515 |
| New York State Energy Research & Dev. Auth. |
|
|
|
|
|
| (Con Edison) VRDO | 3.700% | 6/7/07 | LOC | 15,000 | 15,000 |
| New York State Energy Research & Dev. Auth. |
|
|
|
|
|
| (Con Edison) VRDO | 3.700% | 6/7/07 | LOC | 15,000 | 15,000 |
| New York State Energy Research & Dev. Auth. |
|
|
|
|
|
| (Con Edison) VRDO | 3.750% | 6/7/07 | LOC | 13,700 | 13,700 |
16
New York Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
1 | New York State Environmental Fac. Corp. |
|
|
|
|
|
| PCR TOB VRDO | 3.820% | 6/7/07 | (4) | 26,725 | 26,725 |
1 | New York State Environmental Fac. Corp. Rev. |
|
|
|
|
|
| (Clean Water & Drinking Revolving Funds) |
|
|
|
|
|
| TOB VRDO | 3.730% | 6/7/07 |
| 9,750 | 9,750 |
1 | New York State Environmental Fac. Corp. Rev. |
|
|
|
|
|
| (Clean Water & Drinking Revolving Funds) |
|
|
|
|
|
| TOB VRDO | 3.800% | 6/7/07 |
| 15,475 | 15,475 |
1 | New York State Environmental Fac. Corp. Rev. |
|
|
|
|
|
| (Clean Water & Drinking Revolving Funds) |
|
|
|
|
|
| TOB VRDO | 3.800% | 6/7/07 |
| 2,565 | 2,565 |
1 | New York State Environmental Fac. Corp. Rev. |
|
|
|
|
|
| (Clean Water & Drinking Revolving Funds) |
|
|
|
|
|
| TOB VRDO | 3.800% | 6/7/07 |
| 8,085 | 8,085 |
1 | New York State Environmental Fac. Corp. Rev. |
|
|
|
|
|
| (Clean Water & Drinking Revolving Funds) |
|
|
|
|
|
| TOB VRDO | 3.810% | 6/7/07 |
| 2,650 | 2,650 |
1 | New York State Environmental Fac. Corp. Rev. |
|
|
|
|
|
| (Clean Water & Drinking Revolving Funds) |
|
|
|
|
|
| TOB VRDO | 3.810% | 6/7/07 |
| 6,390 | 6,390 |
1 | New York State Environmental Fac. Corp. Rev. |
|
|
|
|
|
| (Clean Water & Drinking Revolving Funds) |
|
|
|
|
|
| TOB VRDO | 3.820% | 6/7/07 |
| 16,500 | 16,500 |
1 | New York State Environmental Fac. Corp. Rev. |
|
|
|
|
|
| (Clean Water & Drinking Revolving Funds) |
|
|
|
|
|
| TOB VRDO | 3.830% | 6/7/07 |
| 5,385 | 5,385 |
| New York State Environmental Fac. Corp. |
|
|
|
|
|
| Solid Waste Disposal Rev. |
|
|
|
|
|
| (General Electric Co.) VRDO | 3.880% | 6/1/07 |
| 18,100 | 18,100 |
| New York State Environmental Fac. Corp. |
|
|
|
|
|
| Solid Waste Disposal Rev. |
|
|
|
|
|
| (General Electric Co.) VRDO | 3.920% | 6/1/07 |
| 26,700 | 26,700 |
| New York State Environmental Fac. Corp. |
|
|
|
|
|
| Solid Waste Disposal Rev. |
|
|
|
|
|
| (General Electric Co.) VRDO | 3.920% | 6/1/07 |
| 25,900 | 25,900 |
| New York State GO PUT | 3.580% | 7/12/07 | LOC | 36,350 | 36,349 |
| New York State Housing Finance Agency Rev. |
|
|
|
|
|
| (Chelsea Apartments) VRDO | 3.850% | 6/7/07 |
| 66,170 | 66,170 |
1 | New York State Housing Finance Agency Rev. |
|
|
|
|
|
| (Personal Income Tax) TOB VRDO | 3.800% | 6/7/07 | (3) | 7,875 | 7,875 |
1 | New York State Housing Finance Agency Rev. |
|
|
|
|
|
| (Personal Income Tax) TOB VRDO | 3.800% | 6/7/07 | (3) | 5,200 | 5,200 |
| New York State Housing Finance Agency Rev. |
|
|
|
|
|
| (Residential) VRDO | 3.850% | 6/7/07 | (2) | 6,600 | 6,600 |
| New York State Housing Finance Agency Rev. |
|
|
|
|
|
| (Saville Housing) VRDO | 3.830% | 6/7/07 | LOC | 55,000 | 55,000 |
| New York State Housing Finance Agency Rev. |
|
|
|
|
|
| (West 23rd Street) VRDO | 3.770% | 6/7/07 | LOC | 42,400 | 42,400 |
| New York State Housing Finance Agency Rev. |
|
|
|
|
|
| VRDO | 3.700% | 6/7/07 |
| 4,500 | 4,500 |
| New York State Housing Finance Agency Rev. |
|
|
|
|
|
| VRDO | 3.750% | 6/7/07 |
| 22,000 | 22,000 |
| New York State Housing Finance Agency Rev. |
|
|
|
|
|
| VRDO | 3.750% | 6/7/07 | LOC | 20,400 | 20,400 |
17
New York Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
| New York State Housing Finance Agency Rev. |
|
|
|
|
|
| VRDO | 3.770% | 6/7/07 | LOC | 50,000 | 50,000 |
| New York State Housing Finance Agency Rev. |
|
|
|
|
|
| VRDO | 3.810% | 6/7/07 | LOC | 31,000 | 31,000 |
| New York State Housing Finance Agency Rev. |
|
|
|
|
|
| VRDO | 3.830% | 6/7/07 | LOC | 22,300 | 22,300 |
| New York State Housing Finance Agency Service |
|
|
|
|
|
| Contract Rev. VRDO | 3.770% | 6/7/07 | LOC | 9,000 | 9,000 |
| New York State Housing Finance Agency Service |
|
|
|
|
|
| Contract Rev. VRDO | 3.770% | 6/7/07 |
| 26,700 | 26,700 |
| New York State Housing Finance Agency Service |
|
|
|
|
|
| Contract Rev. VRDO | 3.780% | 6/7/07 | LOC | 14,300 | 14,300 |
| New York State Housing Finance Agency Service |
|
|
|
|
|
| Contract Rev. VRDO | 3.810% | 6/7/07 | LOC | 25,000 | 25,000 |
| New York State Local Govt. Assistance Corp. VRDO | 3.670% | 6/7/07 | LOC | 6,300 | 6,300 |
| New York State Local Govt. Assistance Corp. VRDO | 3.700% | 6/7/07 | LOC | 20,000 | 20,000 |
| New York State Local Govt. Assistance Corp. VRDO | 3.730% | 6/7/07 | (3) | 34,000 | 34,000 |
| New York State Local Govt. Assistance Corp. VRDO | 3.730% | 6/7/07 | (4) | 10,450 | 10,450 |
| New York State Local Govt. Assistance Corp. VRDO | 3.770% | 6/7/07 | LOC | 33,875 | 33,875 |
| New York State Local Govt. Assistance Corp. VRDO | 3.780% | 6/7/07 | LOC | 53,975 | 53,975 |
| New York State Mortgage Agency Rev. VRDO | 3.860% | 6/1/07 |
| 19,000 | 19,000 |
| New York State Power Auth. Rev. | 5.500% | 11/15/07 |
| 13,565 | 13,681 |
| New York State Power Auth. Rev. CP | 3.680% | 6/8/07 |
| 25,000 | 25,000 |
| New York State Power Auth. Rev. CP | 3.620% | 6/11/07 |
| 11,100 | 11,100 |
| New York State Power Auth. Rev. CP | 3.730% | 7/9/07 |
| 44,200 | 44,200 |
| New York State Power Auth. Rev. CP | 3.700% | 8/15/07 |
| 8,925 | 8,925 |
| New York State Power Auth. Rev. CP | 3.740% | 8/23/07 |
| 20,000 | 20,000 |
| New York State Power Auth. Rev. PUT | 3.650% | 9/4/07 |
| 32,000 | 32,000 |
| New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/08 | (1)(ETM) | 6,000 | 6,065 |
1 | New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Highway & Bridge Trust Fund) TOB VRDO | 3.800% | 6/7/07 | (2) | 10,390 | 10,390 |
1 | New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Highway & Bridge Trust Fund) TOB VRDO | 3.800% | 6/7/07 | (1) | 5,970 | 5,970 |
1 | New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Highway & Bridge Trust Fund) TOB VRDO | 3.800% | 6/7/07 | (2) | 12,960 | 12,960 |
1 | New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Highway & Bridge Trust Fund) TOB VRDO | 3.800% | 6/7/07 | (2) | 4,690 | 4,690 |
1 | New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Highway & Bridge Trust Fund) TOB VRDO | 3.820% | 6/7/07 | (2) | 14,295 | 14,295 |
1 | New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Highway & Bridge Trust Fund) TOB VRDO | 3.830% | 6/7/07 | (1) | 8,390 | 8,390 |
1 | New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Personal Income Tax) TOB VRDO | 3.800% | 6/7/07 |
| 4,995 | 4,995 |
1 | New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Personal Income Tax) TOB VRDO | 3.800% | 6/7/07 | (3) | 10,980 | 10,980 |
1 | New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Personal Income Tax) TOB VRDO | 3.810% | 6/7/07 | (2) | 5,220 | 5,220 |
| New York State Thruway Auth. Rev. |
|
|
|
|
|
| (Service Contract) | 5.000% | 3/15/08 |
| 23,100 | 23,344 |
1 | New York State Thruway Auth. Rev. TOB VRDO | 3.790% | 6/7/07 | (4) | 11,200 | 11,200 |
1 | New York State Thruway Auth. Rev. TOB VRDO | 3.800% | 6/7/07 |
| 10,415 | 10,415 |
1 | New York State Thruway Auth. Rev. TOB VRDO | 3.800% | 6/7/07 | (2) | 8,085 | 8,085 |
1 | New York State Thruway Auth. Rev. TOB VRDO | 3.800% | 6/7/07 | (4) | 4,450 | 4,450 |
18
New York Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
1 | New York State Thruway Auth. Rev. TOB VRDO | 3.810% | 6/7/07 | (2) | 13,650 | 13,650 |
1 | New York State Thruway Auth. Rev. TOB VRDO | 3.820% | 6/7/07 | (2) | 40,000 | 40,000 |
1 | New York State Urban Dev. Corp. Rev. |
|
|
|
|
|
| (Correctional Fac.) TOB VRDO | 3.800% | 6/7/07 | (3) | 5,150 | 5,150 |
1 | New York State Urban Dev. Corp. Rev. |
|
|
|
|
|
| (Correctional Fac.) TOB VRDO | 3.800% | 6/7/07 | (3) | 4,930 | 4,930 |
| New York State Urban Dev. Corp. Rev. |
|
|
|
|
|
| (State Fac. & Equipment) VRDO | 3.800% | 6/7/07 | (11) | 12,060 | 12,060 |
1 | New York State Urban Dev. Corp. Rev. TOB VRDO | 3.800% | 6/7/07 | (2) | 5,310 | 5,310 |
1 | New York State Urban Dev. Corp. TOB VRDO | 3.820% | 6/7/07 |
| 12,155 | 12,155 |
| Oneida County NY IDA Rev. |
|
|
|
|
|
| (Hamilton College) VRDO | 3.800% | 6/7/07 | (1) | 25,135 | 25,135 |
| Onondaga County NY IDA Civic Fac. Rev. VRDO | 3.750% | 6/7/07 | LOC | 11,475 | 11,475 |
1 | Orange County NY TOB VRDO | 3.800% | 6/7/07 |
| 1,180 | 1,180 |
| Orangetown NY BAN | 4.000% | 3/28/08 |
| 14,100 | 14,148 |
| Oyster Bay NY BAN | 4.000% | 3/14/08 |
| 18,875 | 18,941 |
| Port Auth. of New York & New Jersey CP | 3.790% | 8/7/07 |
| 4,000 | 4,000 |
| Port Auth. of New York & New Jersey CP | 3.790% | 8/7/07 |
| 4,075 | 4,075 |
| Port Auth. of New York & New Jersey CP | 3.720% | 8/9/07 |
| 20,000 | 20,000 |
| Port Auth. of New York & New Jersey CP | 3.750% | 9/6/07 |
| 3,225 | 3,225 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.800% | 6/7/07 | (10) | 5,380 | 5,380 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.810% | 6/7/07 |
| 10,000 | 10,000 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.810% | 6/7/07 | (11) | 10,465 | 10,465 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.810% | 6/7/07 | (4) | 10,000 | 10,000 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.810% | 6/7/07 | (3) | 2,740 | 2,740 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.810% | 6/7/07 | (1) | 6,140 | 6,140 |
1 | Port Auth. of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.850% | 6/7/07 | (3) | 6,482 | 6,482 |
1 | Port Auth. Of New York & New Jersey Rev. |
|
|
|
|
|
| TOB VRDO | 3.830% | 8/15/07 | (4) | 4,000 | 4,000 |
| Port Auth. of New York & New Jersey Special |
|
|
|
|
|
| Obligation Rev. (Versatile Structure) VRDO | 3.850% | 6/1/07 |
| 3,100 | 3,100 |
| Port Auth. of New York & New Jersey Special |
|
|
|
|
|
| Obligation Rev. (Versatile Structure) VRDO | 3.880% | 6/1/07 |
| 4,900 | 4,900 |
| Port Auth. of New York & New Jersey Special |
|
|
|
|
|
| Obligation Rev. (Versatile Structure) VRDO | 3.920% | 6/1/07 |
| 8,000 | 8,000 |
| Poughkeepsie Town NY BAN | 4.250% | 9/13/07 |
| 9,700 | 9,719 |
| Riverhead NY IDA Rev. |
|
|
|
|
|
| (Central Suffolk Hosp.) VRDO | 3.730% | 6/7/07 | LOC | 7,000 | 7,000 |
| Rockland County NY BAN | 4.000% | 3/20/08 |
| 65,000 | 65,227 |
| South Orangetown Central School Dist. NY TAN | 4.500% | 6/29/07 |
| 5,000 | 5,003 |
| Southampton Town NY BAN | 4.000% | 4/3/08 |
| 7,300 | 7,327 |
| Suffolk County NY TAN | 4.000% | 8/16/07 |
| 50,000 | 50,051 |
| Suffolk County NY Water Auth. Rev. VRDO | 3.800% | 6/7/07 |
| 45,000 | 45,000 |
| Syosset NY Central School Dist. TAN | 4.500% | 6/28/07 |
| 10,000 | 10,006 |
| Three Village Central School New York |
|
|
|
|
|
| (Brookhaven & Smithtown) TAN | 4.500% | 6/29/07 |
| 28,000 | 28,015 |
19
New York Tax-Exempt Money Market Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value• |
|
| Coupon | Date |
| ($000) | ($000) |
1 | Tobacco Settlement Financing Corp. |
|
|
|
|
|
| New York Rev. TOB VRDO | 3.800% | 6/7/07 | (3) | 14,300 | 14,300 |
1 | Tobacco Settlement Financing Corp. |
|
|
|
|
|
| New York Rev. TOB VRDO | 3.800% | 6/7/07 | (2) | 10,360 | 10,360 |
1 | Tobacco Settlement Financing Corp. |
|
|
|
|
|
| New York Rev. TOB VRDO | 3.800% | 6/7/07 | (2) | 4,995 | 4,995 |
1 | Tobacco Settlement Financing Corp. |
|
|
|
|
|
| New York Rev. TOB VRDO | 3.800% | 6/7/07 | (2) | 11,355 | 11,355 |
| Tompkins County NY IDA Civic Fac. |
|
|
|
|
|
| (Cornell Univ.) VRDO | 3.720% | 6/7/07 |
| 15,700 | 15,700 |
| Tompkins County NY IDA Civic Fac. |
|
|
|
|
|
| (Cornell Univ.) VRDO | 3.720% | 6/7/07 |
| 8,390 | 8,390 |
| Tompkins County NY IDA Civic Fac. |
|
|
|
|
|
| (Ithaca Univ.) VRDO | 3.730% | 6/7/07 | (10) | 22,600 | 22,600 |
| Tompkins County NY IDA Civic Fac. |
|
|
|
|
|
| (Ithaca Univ.) VRDO | 3.730% | 6/7/07 | (10) | 35,290 | 35,290 |
1 | Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. TOB VRDO | 3.810% | 6/7/07 |
| 9,275 | 9,275 |
1 | Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. TOB VRDO | 3.820% | 6/7/07 | (1) | 7,200 | 7,200 |
1 | Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. TOB VRDO | 3.820% | 6/7/07 | (3) | 4,000 | 4,000 |
1 | Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. TOB VRDO | 3.820% | 6/7/07 | (1) | 1,995 | 1,995 |
| Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. VRDO | 3.720% | 6/7/07 |
| 14,775 | 14,775 |
| Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. VRDO | 3.730% | 6/7/07 |
| 48,820 | 48,820 |
| Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. VRDO | 3.730% | 6/7/07 |
| 80,800 | 80,800 |
| Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. VRDO | 3.750% | 6/7/07 |
| 8,035 | 8,035 |
| Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. VRDO | 3.770% | 6/7/07 |
| 10,000 | 10,000 |
| Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. VRDO | 3.770% | 6/7/07 |
| 5,200 | 5,200 |
| Triborough Bridge & Tunnel Auth. |
|
|
|
|
|
| New York Rev. VRDO | 3.780% | 6/7/07 | (4) | 29,200 | 29,200 |
| Watervliet NY Housing Auth. Rev. |
|
|
|
|
|
| (Beltrone Senior Living) VRDO | 3.770% | 6/7/07 | LOC | 14,000 | 14,000 |
| West Islip NY UFSD TAN | 4.000% | 6/28/07 |
| 13,000 | 13,005 |
| Westchester County NY IDA |
|
|
|
|
|
| (Levister Redev. LLC) VRDO | 3.750% | 6/7/07 | LOC | 19,500 | 19,500 |
Total Municipal Bonds (Cost $5,059,540) |
|
|
|
| 5,059,540 | |
Other Assets and Liabilities (0.5%) |
|
|
|
|
| |
Other Assets—Note B |
|
|
|
| 50,206 | |
Liabilities |
|
|
|
| (25,792) | |
|
|
|
|
|
| 24,414 |
Net Assets (100%) |
|
|
|
|
| |
Applicable to 5,083,870,132 outstanding $.001 par value shares of |
|
|
|
| ||
beneficial interest (unlimited authorization) |
|
|
|
| 5,083,954 | |
Net Asset Value Per Share |
|
|
|
| $1.00 |
20
New York Tax-Exempt Money Market Fund
At May 31, 2007, net assets consisted of: |
|
|
| Amount | Per |
| ($000) | Share |
Paid-in Capital | 5,083,983 | $1.00 |
Undistributed Net Investment Income | — | — |
Accumulated Net Realized Losses | (29) | — |
Unrealized Appreciation | — | — |
Net Assets | 5,083,954 | $1.00 |
• | See Note A in Notes to Financial Statements. |
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2007, the aggregate value of these securities was $1,691,311,000, representing 33.3% of net assets.
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
| Six Months Ended |
| May 31, 2007 |
| ($000) |
Investment Income |
|
Income |
|
Interest | 85,694 |
Total Income | 85,694 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 199 |
Management and Administrative | 1,432 |
Marketing and Distribution | 606 |
Custodian Fees | 17 |
Shareholders’ Reports | 8 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 2,264 |
Net Investment Income | 83,430 |
Realized Net Gain (Loss) on Investment Securities Sold | (26) |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | — |
Net Increase (Decrease) in Net Assets Resulting from Operations | 83,404 |
23
New York Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended |
| May 31, | November 30, |
| 2007 | 2006 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 83,430 | 126,378 |
Realized Net Gain (Loss) | (26) | 96 |
Change in Unrealized Appreciation (Depreciation) | — | — |
Net Increase (Decrease) in Net Assets Resulting from Operations | 83,404 | 126,474 |
Distributions |
|
|
Net Investment Income | (83,430) | (126,378) |
Realized Capital Gain | — | — |
Total Distributions | (83,430) | (126,378) |
Capital Share Transactions (at $1.00) |
|
|
Issued | 2,739,409 | 3,767,433 |
Issued in Lieu of Cash Distributions | 79,511 | 122,390 |
Redeemed | (2,114,359) | (2,748,178) |
Net Increase (Decrease) from Capital Share Transactions | 704,561 | 1,141,645 |
Total Increase (Decrease) | 704,535 | 1,141,741 |
Net Assets |
|
|
Beginning of Period | 4,379,419 | 3,237,678 |
End of Period | 5,083,954 | 4,379,419 |
24
New York Tax-Exempt Money Market Fund
Financial Highlights
| Six Months |
|
|
|
|
|
| Ended |
|
|
| ||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations |
|
|
|
|
|
|
Net Investment Income | .018 | .032 | .022 | .010 | .009 | .013 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
on Investments | — | — | — | — | — | — |
Total from Investment Operations | .018 | .032 | .022 | .010 | .009 | .013 |
Distributions |
|
|
|
|
|
|
Dividends from Net Investment Income | (.018) | (.032) | (.022) | (.010) | (.009) | (.013) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.018) | (.032) | (.022) | (.010) | (.009) | (.013) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|
|
|
|
|
|
|
Total Return | 1.79% | 3.28% | 2.18% | 1.03% | 0.89% | 1.32% |
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net Assets, End of Period (Millions) | $5,084 | $4,379 | $3,238 | $2,294 | $1,772 | $1,627 |
Ratio of Total Expenses to |
|
|
|
|
|
|
Average Net Assets | 0.10%* | 0.13% | 0.13% | 0.13% | 0.17% | 0.17% |
Ratio of Net Investment Income to |
|
|
|
|
|
|
Average Net Assets | 3.55%* | 3.25% | 2.19% | 1.04% | 0.88% | 1.31% |
* Annualized.
See accompanying Notes, which are an integral part of the Financial Statements.
25
New York Tax-Exempt Money Market Fund
Notes to Financial Statements
Vanguard New York Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of many municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state of New York.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investment securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Accordingly, no provision for federal income taxes is required in the financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month.
4. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its assets in capital contributions to Vanguard. At May 31, 2007, the fund had contributed capital of $437,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.44% 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 May 31, 2007
Financial Attributes |
|
|
|
|
| Comparative | Broad |
| Fund | Index1 | Index2 |
Number of Issues | 304 | 6,917 | 41,233 |
Yield |
| — | — |
Investor Shares | 3.9% |
|
|
Admiral Shares | 4.0% |
|
|
Yield to Maturity | 4.1%3 | 4.0% | 4.1% |
Average Coupon | 4.9% | 5.0% | 5.0% |
Average Effective Maturity | 9.2 years | 9.8 years | 13.1 years |
Average Quality | AA+ | AAA | AA+ |
Average Duration | 6.5 years | 6.1 years | 6.4 years |
Expense Ratio |
| — | — |
Investor Shares | 0.15%4 |
|
|
Admiral Shares | 0.08%4 |
|
|
Short-Term Reserves | 0% | — | — |
Distribution by Maturity (% of portfolio) |
|
|
|
Under 1 Year | 10% |
1–5 Years | 24 |
5–10 Years | 38 |
10–20 Years | 16 |
20–30 Years | 11 |
Over 30 Years | 1 |
Volatility Measures5 |
| |
| Fund Versus | Fund Versus |
| Comparative Index1 | Broad Index2 |
R-Squared | 0.98 | 0.99 |
Beta | 1.10 | 1.31 |
Distribution by Credit Quality (% of portfolio) | |
|
|
AAA | 81% |
AA | 16 |
A | 2 |
BBB | 1 |
Investment Focus
1 Lehman 10 Year Municipal Bond Index. |
2 Lehman Municipal Bond Index. |
3 Before expenses. |
4 Annualized. |
5 For an explanation of R-squared, beta, and other terms used here, see the Glossary on page 50. |
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/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): November 30, 1996–May 31, 2007 | ||||
| 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 |
20072 | –2.5 | 2.2 | –0.3 | 0.1 |
Average Annual Total Returns: Periods Ended March 31, 2007
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 | 5.61% | 5.43% | 0.98% | 4.79% | 5.77% |
Admiral Shares | 5/14/2001 | 5.68 | 5.50 | 0.833 | 4.523 | 5.353 |
1 Lehman 10 Year Municipal Bond Index. |
2 Six months ended May 31, 2007. |
3 Return since inception. |
Note: See Financial Highlights tables on pages 42 and 43 for dividend and capital gains information. |
28
New York Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2007
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 (99.5%) |
|
|
|
| |
| Albany County NY GO | 5.000% | 10/1/12 (3) | 4,400 | 4,543 |
| Battery Park City NY Auth. Rev. | 5.250% | 11/1/15 | 12,520 | 13,478 |
| 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 | 1,929 |
| Buffalo NY GO | 5.125% | 2/1/13 (2) | 2,945 | 3,037 |
| Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/20 (4) | 3,510 | 3,884 |
| Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/21 (4) | 5,000 | 5,530 |
| Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/22 (4) | 4,500 | 4,977 |
| Erie County NY Water Auth. Rev. | 6.000% | 12/1/08 (2)(ETM) | 1,030 | 1,050 |
| Hempstead NY GO | 5.625% | 2/1/12 (3) | 1,220 | 1,235 |
| Hempstead NY GO | 5.625% | 2/1/13 (3) | 960 | 972 |
| Hempstead NY IDA Civic Fac. Rev. (Hofstra Univ.) | 5.250% | 7/1/17 | 2,360 | 2,483 |
| Hempstead NY IDA Civic Fac. Rev. (Hofstra Univ.) | 5.250% | 7/1/19 | 3,200 | 3,356 |
| Hudson Yards Infrastructure Corp. New York Rev. | 5.000% | 2/15/47 (3) | 10,000 | 10,435 |
1 | Hudson Yards Infrastructure Corp. New York Rev. |
|
|
|
|
| TOB VRDO | 3.820% | 6/7/07 (3) | 16,000 | 16,000 |
| Huntington NY GO | 6.700% | 2/1/11 (3) | 310 | 340 |
| Liberty NY Dev. Corp. Rev. |
|
|
|
|
| (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 60,000 | 66,647 |
| Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/11 (4) | 16,690 | 14,289 |
| Long Island NY Power Auth. Electric System Rev. | 5.250% | 6/1/13 | 15,690 | 16,727 |
| 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 | 1,483 |
| Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/21 (4) | 13,355 | 7,321 |
| Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/23 (4) | 35,500 | 17,720 |
| Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/24 (4) | 21,830 | 10,389 |
| Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/27 (4) | 23,905 | 9,809 |
| Long Island NY Power Auth. Electric System Rev. |
|
|
|
|
| VRDO | 3.880% | 6/1/07 LOC | 3,700 | 3,700 |
| Long Island NY Power Auth. Electric System Rev. |
|
|
|
|
| VRDO | 3.800% | 6/7/07 (4) | 10,305 | 10,305 |
| Metro. New York Transp. Auth. Rev. |
|
|
|
|
| (Commuter Fac.) | 5.125% | 7/1/09 (3)(Prere.) | 3,000 | 3,084 |
| Metro. New York Transp. Auth. Rev. |
|
|
|
|
| (Dedicated Petroleum Tax) | 5.250% | 10/1/10 (1)(Prere.) | 7,900 | 8,257 |
| Metro. New York Transp. Auth. Rev. |
|
|
|
|
| (Dedicated Petroleum Tax) | 6.000% | 4/1/20 (1)(ETM) | 32,500 | 37,982 |
29
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% | 11/15/16 (2) | 28,075 | 30,322 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/16 (1) | 4,000 | 4,320 |
2 | Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/17 (2) | 35,000 | 37,605 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/17 (1) | 5,000 | 5,372 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/19 (1) | 6,000 | 6,461 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/20 (1) | 7,000 | 7,538 |
| Nassau County NY Combined Sewer Dist. GO | 5.000% | 5/1/11 (3) | 1,770 | 1,843 |
| Nassau County NY GO | 5.250% | 6/1/11 (2) | 3,670 | 3,843 |
| Nassau County NY GO | 5.250% | 6/1/12 (2) | 4,670 | 4,893 |
| Nassau County NY GO | 5.250% | 6/1/13 (2) | 6,905 | 7,235 |
| Nassau County NY GO | 5.250% | 6/1/14 (2) | 6,585 | 6,900 |
| 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% | 5/15/10 (4)(Prere.) | 4,540 | 4,827 |
| New York City NY GO | 5.875% | 5/15/10 (4)(Prere.) | 4,670 | 4,982 |
| New York City NY GO | 5.250% | 3/15/11 (2)(Prere.) | 390 | 413 |
| New York City NY GO | 5.750% | 8/1/11 (1) | 15,750 | 16,765 |
| New York City NY GO | 5.750% | 3/15/12 (4)(Prere.) | 1,560 | 1,689 |
| New York City NY GO | 5.125% | 8/1/13 (4) | 19,025 | 19,900 |
| New York City NY GO | 5.375% | 8/1/13 (3) | 8,295 | 8,516 |
| New York City NY GO | 5.200% | 8/1/14 (4) | 5,000 | 5,224 |
| New York City NY GO | 5.250% | 3/15/16 (2) | 4,610 | 4,868 |
| New York City NY GO | 5.000% | 8/1/25 | 8,905 | 9,280 |
| New York City NY GO VRDO | 3.840% | 6/1/07 (4) | 600 | 600 |
| New York City NY IDA (Queens Baseball Stadium) | 5.000% | 1/1/31 (2) | 37,990 | 40,059 |
| New York City NY IDA (Queens Baseball Stadium) | 5.000% | 1/1/36 (2) | 11,285 | 11,863 |
| New York City NY IDA (Yankee Stadium) | 5.000% | 3/1/31 (3) | 29,460 | 31,018 |
| New York City NY IDA (Yankee Stadium) | 5.000% | 3/1/36 (1) | 24,000 | 25,195 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. | 5.500% | 6/15/07 (1)(Prere.) | 23,955 | 24,209 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. | 5.750% | 6/15/07 (1)(Prere.) | 15,000 | 15,161 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. | 5.750% | 6/15/09 (3)(Prere.) | 30,650 | 32,146 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. | 0.000% | 6/15/17 | 10,000 | 6,611 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. | 5.375% | 6/15/17 | 25,015 | 26,553 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. | 0.000% | 6/15/18 | 10,000 | 6,310 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. | 5.375% | 6/15/18 | 25,095 | 26,702 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. | 0.000% | 6/15/21 | 4,490 | 2,461 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. | 5.000% | 6/15/27 (1) | 17,000 | 17,848 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. | 5.000% | 6/15/31 | 9,000 | 9,393 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. VRDO | 3.840% | 6/1/07 (3) | 5,000 | 5,000 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. VRDO | 3.860% | 6/1/07 | 900 | 900 |
| New York City NY Muni. Water Finance Auth. |
|
|
|
|
| Water & Sewer System Rev. VRDO | 3.870% | 6/1/07 | 4,200 | 4,200 |
30
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 | 3.880% | 6/1/07 | 2,185 | 2,185 |
New York City NY Muni. Water Finance Auth. |
|
|
|
|
Water & Sewer System Rev. VRDO | 3.880% | 6/1/07 (3) | 11,800 | 11,800 |
New York City NY Sales Tax Asset Receivable Corp. | 5.000% | 10/15/26 (1) | 10,000 | 10,502 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 5/1/09 (Prere.) | 1,660 | 1,730 |
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.) | 1,325 | 1,381 |
New York City NY Transitional Finance Auth. Rev. | 5.750% | 5/15/10 (Prere.) | 930 | 989 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 2,435 | 2,596 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 4,420 | 4,712 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 2,955 | 3,150 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/12 | 2,805 | 2,986 |
New York City NY Transitional Finance Auth. Rev. | 5.250% | 5/1/13 | 12,270 | 13,039 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/14 | 7,580 | 8,061 |
New York City NY Transitional Finance Auth. Rev. | 5.250% | 5/1/14 | 17,720 | 18,811 |
New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/1/15 | 7,310 | 7,728 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/15 | 2,565 | 2,722 |
New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/15/15 | 9,395 | 9,964 |
New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/1/16 | 8,415 | 8,896 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/16 | 11,045 | 11,731 |
New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/15/16 | 2,735 | 2,918 |
New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
VRDO | 3.830% | 6/1/07 | 19,700 | 19,700 |
New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
VRDO | 3.830% | 6/1/07 | 3,700 | 3,700 |
New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
VRDO | 3.840% | 6/1/07 | 31,340 | 31,340 |
New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
VRDO | 3.840% | 6/1/07 | 19,175 | 19,175 |
New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
VRDO | 3.890% | 6/1/07 | 4,700 | 4,700 |
New York City NY Transitional Finance Auth. Rev. |
|
|
|
|
VRDO | 3.920% | 6/1/07 | 3,200 | 3,200 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/19 (3) | 2,420 | 2,595 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/20 (3) | 2,555 | 2,739 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/21 (3) | 1,680 | 1,801 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/22 (3) | 2,825 | 3,026 |
New York State Dormitory Auth. Rev. | 5.250% | 2/15/23 (3) | 1,120 | 1,200 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Albany Medical Center) | 5.000% | 8/15/18 (4)(7) | 17,080 | 17,980 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Albany Medical Center) | 5.000% | 8/15/25 (4)(7) | 2,000 | 2,086 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Barnard College) | 5.250% | 7/1/26 (2) | 4,370 | 4,418 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Catholic Health) | 5.500% | 7/1/22 (1) | 10,000 | 10,419 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/10 (3)(Prere.) | 2,215 | 2,340 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/10 (3)(Prere.) | 4,475 | 4,728 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/11 (3) | 5,950 | 6,244 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/15 (3) | 31,620 | 33,364 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/16 (3) | 7,255 | 7,659 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/20 (3) | 14,525 | 16,489 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/22 (3) | 9,240 | 10,561 |
31
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 | 5,725 |
New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/23 (3) | 7,915 | 9,079 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) | 5.125% | 7/1/19 | 4,900 | 5,215 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) | 5.125% | 7/1/19 | 5,100 | 5,393 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) | 5.125% | 7/1/21 | 6,990 | 7,426 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) | 5.125% | 7/1/22 | 7,345 | 7,804 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Columbia Univ.) | 5.125% | 7/1/23 | 7,575 | 8,053 |
New York State Dormitory Auth. Rev. (Cornell Univ.) | 5.000% | 7/1/26 | 4,000 | 4,224 |
New York State Dormitory Auth. Rev. (Cornell Univ.) | 5.000% | 7/1/31 | 6,905 | 7,265 |
New York State Dormitory Auth. Rev. (Cornell Univ.) | 5.000% | 7/1/35 | 14,950 | 15,695 |
New York State Dormitory Auth. Rev. (Court Fac.) | 5.750% | 5/15/10 (2)(Prere.) | 21,370 | 22,722 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Fordham Univ.) | 7.200% | 7/1/15 (2) | 40 | 40 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/20 | 3,965 | 4,116 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/21 | 4,035 | 4,185 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/22 | 4,285 | 4,441 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/26 | 1,800 | 1,859 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/26 | 5,495 | 5,674 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Long Island Jewish) | 5.000% | 11/1/34 | 5,000 | 5,128 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 90 | 96 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 105 | 112 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 95 | 101 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 2,515 | 2,672 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 2,660 | 2,826 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 2,370 | 2,518 |
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) | 15 | 16 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/14 (4) | 15 | 16 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.875% | 8/15/15 (4) | 15 | 16 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.000% | 2/15/25 (3) | 6,575 | 6,896 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mental Health Services) | 5.375% | 2/15/26 (1) | 30 | 30 |
32
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Mount Sinai School Medical) | 5.150% | 7/1/24 (1) | 9,000 | 9,795 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New School for Social Research) | 5.625% | 7/1/07 (1)(Prere.) | 2,260 | 2,308 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.750% | 7/1/16 (1) | 3,500 | 3,975 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.750% | 7/1/20 (1) | 6,000 | 6,961 |
New York State Dormitory Auth. Rev. |
|
| �� |
|
(New York Univ.) | 5.750% | 7/1/27 (1) | 5,000 | 5,938 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.500% | 7/1/31 (2) | 17,410 | 20,437 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(New York Univ.) | 5.500% | 7/1/40 (2) | 34,330 | 40,601 |
New York State Dormitory Auth. Rev. (Pace) | 5.625% | 7/1/07 (1)(Prere.) | 11,185 | 11,424 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/23 (4) | 4,200 | 4,415 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.500% | 3/15/24 (2) | 18,170 | 20,899 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/26 (2) | 7,500 | 7,864 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.500% | 3/15/26 (2) | 16,670 | 19,300 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Personal Income Tax) | 5.500% | 3/15/27 (2) | 7,500 | 8,702 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Queens Hosp.) | 5.450% | 8/15/19 (2) | 3,995 | 4,162 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rochester Institute of Technology) | 5.250% | 7/1/07 (1)(Prere.) | 3,000 | 3,033 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rochester Institute of Technology) | 5.300% | 7/1/07 (1)(Prere.) | 6,275 | 6,345 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Rockefeller Univ.) | 5.000% | 7/1/18 | 2,805 | 2,869 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Sloan-Kettering Cancer Center) | 5.750% | 7/1/19 (1) | 15,900 | 18,249 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Sloan-Kettering Cancer Center) | 5.750% | 7/1/20 (1) | 5,500 | 6,345 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Sloan-Kettering Cancer Center) | 5.500% | 7/1/23 (1) | 14,000 | 15,953 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(St. John’s Univ.) | 5.250% | 7/1/08 (1)(Prere.) | 15,170 | 15,573 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(St. Joseph’s Hosp.) | 5.250% | 7/1/18 (1) | 6,700 | 6,842 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 7/1/09 (2) | 1,590 | 1,660 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/10 (1)(Prere.) | 10,660 | 11,408 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/10 (1)(Prere.) | 12,500 | 13,377 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/10 (1)(Prere.) | 5,000 | 5,351 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/12 (1) | 16,160 | 17,269 |
New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/13 (1) | 27,285 | 29,157 |
New York State Dormitory Auth. Rev. (State Univ.) | 5.750% | 5/15/17 (4) | 3,750 | 4,267 |
New York State Dormitory Auth. Rev. (State Univ.) | 5.500% | 5/15/21 (3) | 3,000 | 3,412 |
New York State Dormitory Auth. Rev. (State Univ.) | 5.500% | 5/15/24 (3) | 7,790 | 8,968 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt–The New School) | 5.000% | 7/1/31 (1) | 8,765 | 9,222 |
33
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt–The New School) | 5.000% | 7/1/36 (1) | 6,190 | 6,494 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/24 (2) | 4,680 | 5,382 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/25 (2) | 5,145 | 5,947 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/26 (2) | 10,140 | 11,706 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.000% | 7/1/26 | 2,500 | 2,653 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/27 (2) | 11,155 | 12,919 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/28 (2) | 5,000 | 5,808 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/29 (2) | 4,765 | 5,535 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/30 (2) | 7,500 | 8,732 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.500% | 5/15/31 (2) | 6,000 | 7,000 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.000% | 7/1/31 | 5,000 | 5,288 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Supported Debt Court) | 5.000% | 7/1/35 | 36,500 | 38,068 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(The New York & Presbyterian Hosp.) | 5.500% | 2/1/10 (2) | 6,330 | 6,579 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Univ. of Rochester) | 5.000% | 7/1/08 (1)(Prere.) | 1,650 | 1,689 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Univ. of Rochester) | 5.000% | 7/1/17 (1) | 350 | 358 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.000% | 7/1/09 (2)(Prere.) | 450 | 466 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.000% | 7/1/09 (2)(Prere.) | 1,085 | 1,123 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.250% | 7/1/09 (2)(Prere.) | 2,235 | 2,324 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.250% | 7/1/12 (2) | 3,935 | 4,087 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.000% | 7/1/15 (2) | 1,915 | 1,979 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Upstate Community Colleges) | 5.000% | 7/1/16 (2) | 800 | 827 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Vassar Brothers Hosp.) | 5.250% | 7/1/17 (4) | 8,025 | 8,245 |
New York State Dormitory Auth. Rev. |
|
|
|
|
(Vassar Brothers Hosp.) | 5.375% | 7/1/25 (4) | 7,000 | 7,195 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/19 (2) | 2,425 | 2,615 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/21 (2) | 1,750 | 1,881 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/22 (2) | 3,425 | 3,682 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/23 (2) | 3,610 | 3,881 |
New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/24 (2) | 3,305 | 3,553 |
New York State Dormitory Auth. Rev. |
|
|
|
|
Non State Supported Debt (Fashion Institute of |
|
|
|
|
Technology Student Housing Corp.) | 5.250% | 7/1/26 (3) | 6,105 | 6,863 |
34
New York Long-Term Tax-Exempt Fund
|
|
|
| Face | Market |
|
|
| Maturity | Amount | Value• |
|
| Coupon | Date | ($000) | ($000) |
| New York State Dormitory Auth. Rev. |
|
|
|
|
| Non State Supported Debt (Fashion Institute of |
|
|
|
|
| Technology Student Housing Corp.) | 5.250% | 7/1/29 (3) | 7,120 | 8,045 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
| Non State Supported Debt (Fashion Institute of |
|
|
|
|
| Technology Student Housing Corp.) | 5.250% | 7/1/31 (3) | 10,000 | 11,335 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
| Non State Supported Debt (Fashion Institute of |
|
|
|
|
| Technology Student Housing Corp.) | 5.250% | 7/1/34 (3) | 8,000 | 9,111 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
| Non State Supported Debt |
|
|
|
|
| (Long Island Jewish Obligated Group) | 5.000% | 5/1/32 | 6,500 | 6,705 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
| Non State Supported Debt (New York Univ. Hosp.) | 5.000% | 7/1/22 | 8,000 | 8,152 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
| Non State Supported Debt (Univ. of Rochester) | 5.000% | 7/1/32 | 8,405 | 8,802 |
| New York State Dormitory Auth. Rev. |
|
|
|
|
| Non State Supported Debt (Vassar College) | 5.000% | 7/1/46 | 30,000 | 31,226 |
1 | New York State Dormitory Auth. Rev. TOB VRDO | 3.800% | 6/7/07 | 1,890 | 1,890 |
| New York State Energy Research & Dev. Auth. |
|
|
|
|
| PCR (New York Electric & Gas) ARS | 3.245% | 1/19/10 (1) | 10,000 | 9,767 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.375% | 6/15/15 | 7,650 | 8,171 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.250% | 6/15/16 | 3,095 | 3,279 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.375% | 6/15/16 | 6,000 | 6,394 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.250% | 6/15/18 | 10,000 | 10,593 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.250% | 6/15/19 | 36,610 | 38,782 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/22 | 3,085 | 3,547 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/24 | 3,490 | 4,041 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.000% | 6/15/25 | 4,540 | 4,776 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/25 | 4,175 | 4,853 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/26 | 2,890 | 3,372 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/27 | 3,000 | 3,512 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/28 | 3,095 | 3,630 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/29 | 2,530 | 2,971 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.500% | 10/15/30 | 2,600 | 3,057 |
| New York State Environmental Fac. Corp. Rev. |
|
|
|
|
| (Clean Water & Drinking Revolving Funds) | 5.500% | 4/15/35 | 7,990 | 9,436 |
| New York State Local Govt. Assistance Corp. | 5.250% | 4/1/15 (2) | 8,000 | 8,118 |
| New York State Thruway Auth. Rev. | 5.250% | 1/1/08 (Prere.) | 735 | 749 |
| New York State Thruway Auth. Rev. | 5.250% | 1/1/14 | 4,825 | 4,914 |
35
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 5,870 | 6,229 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 2,500 | 2,653 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 3,000 | 3,183 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 5,575 | 5,916 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.750% | 4/1/10 (3)(Prere.) | 2,080 | 2,207 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.500% | 4/1/11 (3)(Prere.) | 3,000 | 3,205 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.500% | 4/1/11 (3)(Prere.) | 2,000 | 2,137 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.250% | 10/1/11 (1)(Prere.) | 7,500 | 7,924 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.500% | 4/1/14 (2) | 32,875 | 35,257 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Highway & Bridge Trust Fund) | 5.000% | 4/1/25 (2) | 10,000 | 10,521 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Service Contract) | 5.750% | 4/1/09 (1)(Prere.) | 4,000 | 4,181 |
New York State Thruway Auth. Rev. |
|
|
|
|
(Service Contract) | 5.250% | 4/1/15 | 6,775 | 6,918 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Community Enhancement Fac.) | 5.125% | 4/1/09 (2)(Prere.) | 5,500 | 5,688 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 2,500 | 2,611 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 4,110 | 4,292 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 5,000 | 5,222 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 6.000% | 1/1/09 (2)(Prere.) | 3,000 | 3,133 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Correctional Fac.) | 5.750% | 1/1/11 (4)(Prere.) | 6,380 | 6,791 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/23 (4) | 7,860 | 8,263 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) | 5.000% | 3/15/24 (4) | 3,500 | 3,677 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) GO | 5.500% | 3/15/23 (1) | 19,645 | 22,472 |
New York State Urban Dev. Corp. Rev. |
|
|
|
|
(Personal Income Tax) GO | 5.500% | 3/15/24 (1) | 5,000 | 5,744 |
Niagara Falls NY Bridge Comm. Rev. | 5.250% | 10/1/15 (3) | 5,000 | 5,294 |
Niagara Falls NY Bridge Comm. Rev. | 6.250% | 10/1/20 (3) | 8,685 | 10,538 |
Niagara Falls NY Bridge Comm. Rev. | 6.250% | 10/1/21 (3) | 9,230 | 11,263 |
North Hempstead NY GO | 6.400% | 4/1/10 (3) | 1,500 | 1,602 |
North Hempstead NY GO | 6.400% | 4/1/11 (3) | 2,075 | 2,262 |
Onondaga County NY Public Improvements | 5.875% | 2/15/08 | 1,225 | 1,244 |
Onondaga County NY Public Improvements | 5.875% | 2/15/08 | 1,250 | 1,269 |
Orange County NY GO | 5.000% | 7/15/19 | 1,500 | 1,591 |
Orange County NY GO | 5.000% | 7/15/20 | 2,000 | 2,116 |
Orange County NY GO | 5.000% | 7/15/21 | 1,035 | 1,093 |
Orange County NY GO | 5.000% | 7/15/22 | 1,000 | 1,054 |
36
New York Long-Term Tax-Exempt Fund
|
|
| Face | Market |
|
| Maturity | Amount | Value• |
| Coupon | Date | ($000) | ($000) |
Port Auth. of New York & New Jersey Rev. | 5.000% | 7/15/33 | 27,615 | 28,893 |
Suffolk County NY GO | 5.250% | 5/1/16 (4) | 3,315 | 3,646 |
Suffolk County NY GO | 5.250% | 5/1/17 (4) | 9,780 | 10,719 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/10 (2)(ETM) | 3,790 | 3,946 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/11 (2)(ETM) | 2,380 | 2,506 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/12 (2)(ETM) | 4,290 | 4,563 |
Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/17 (2)(ETM) | 1,695 | 1,870 |
Tobacco Settlement Asset Securitization Corp. Inc. |
|
|
|
|
New York | 5.125% | 6/1/42 | 10,000 | 10,191 |
Triborough Bridge & Tunnel Auth. New York Rev. | 6.750% | 1/1/09 (2)(ETM) | 1,970 | 2,031 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/14 | 3,000 | 3,171 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/15 | 2,930 | 3,097 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/16 | 2,500 | 2,637 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/17 | 16,770 | 17,789 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/18 | 2,330 | 2,453 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/18 | 30,285 | 32,154 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/19 | 43,025 | 45,680 |
Triborough Bridge & Tunnel Auth. New York Rev. | 6.125% | 1/1/21 (1)(ETM) | 5,000 | 5,967 |
Triborough Bridge & Tunnel Auth. New York Rev. | 5.500% | 11/15/21 (1) | 11,370 | 12,999 |
|
|
|
|
|
Outside New York: |
|
|
|
|
Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/12 (1)(Prere.) | 6,250 | 6,744 |
Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/12 (1)(Prere.) | 6,500 | 7,013 |
Puerto Rico Electric Power Auth. Rev. | 5.250% | 7/1/15 (1) | 5,000 | 5,153 |
Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/16 (1) | 16,345 | 17,608 |
Puerto Rico GO | 5.500% | 7/1/13 (3) | 6,000 | 6,522 |
Puerto Rico GO | 5.500% | 7/1/20 (3) | 6,305 | 7,151 |
Puerto Rico GO | 5.500% | 7/1/21 (1) | 16,505 | 18,787 |
Puerto Rico GO | 5.000% | 7/1/33 | 6,900 | 7,056 |
Puerto Rico Govt. Dev. Bank VRDO | 3.610% | 6/7/07 (1) | 2,000 | 2,000 |
Puerto Rico Highway & Transp. Auth. Rev. | 5.250% | 7/1/35 (1) | 50,000 | 57,077 |
Puerto Rico Highway & Transp. Auth. Rev. VRDO | 3.630% | 6/7/07 (2) | 10,895 | 10,895 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Obligation Bonds | 5.500% | 10/1/40 | 10,560 | 11,227 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 5.500% | 7/1/27 (2) | 25,000 | 28,823 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 5.500% | 7/1/27 (3) | 7,230 | 8,336 |
Puerto Rico Infrastructure Financing Auth. |
|
|
|
|
Special Tax Rev. | 0.000% | 7/1/36 (2) | 25,120 | 6,587 |
Puerto Rico Muni. Finance Agency | 5.875% | 8/1/09 (4)(Prere.) | 6,480 | 6,833 |
Puerto Rico Muni. Finance Agency | 6.000% | 8/1/09 (4)(Prere.) | 2,645 | 2,796 |
Puerto Rico Muni. Finance Agency | 5.250% | 8/1/17 (4) | 7,000 | 7,446 |
Puerto Rico Public Finance Corp. | 6.000% | 8/1/26 | 9,140 | 10,681 |
Puerto Rico Public Finance Corp. | 6.000% | 8/1/26 (ETM) | 860 | 1,057 |
Virgin Islands Public Finance Auth. Rev. | 5.000% | 10/1/11 | 2,000 | 2,075 |
Virgin Islands Public Finance Auth. Rev. | 5.250% | 10/1/23 | 2,000 | 2,112 |
Total Municipal Bonds (Cost $2,553,866) |
|
|
| 2,607,573 |
Other Assets and Liabilities (0.5%) |
|
|
|
|
Other Assets—Note B |
|
|
| 37,972 |
Liabilities |
|
|
| (24,334) |
|
|
|
| 13,638 |
Net Assets (100%) |
|
|
| 2,621,211 |
37
New York Long-Term Tax-Exempt Fund
At May 31, 2007, net assets consisted of:3 |
|
| Amount |
| ($000) |
Paid-in Capital | 2,564,624 |
Undistributed Net Investment Income | — |
Accumulated Net Realized Gains | 3,145 |
Unrealized Appreciation (Depreciation) |
|
Investment Securities | 53,707 |
Futures Contracts | (265) |
Net Assets | 2,621,211 |
|
|
Investor Shares—Net Assets |
|
Applicable to 61,618,120 outstanding $.001 par value shares of |
|
beneficial interest (unlimited authorization) | 685,467 |
Net Asset Value Per Share—Investor Shares | $11.12 |
|
|
Admiral Shares—Net Assets |
|
Applicable to 174,008,120 outstanding $.001 par value shares of |
|
beneficial interest (unlimited authorization) | 1,935,744 |
Net Asset Value Per Share—Admiral Shares | $11.12 |
• | See Note A in Notes to Financial Statements. |
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2007, the aggregate value of these securities was $17,890,000, representing 0.7% of net assets.
2 Securities with a value of $6,527,000 have been segregated as initial margin for open futures contracts.
3 See Note C in Notes to Financial Statements for the tax-basis components of net assets.
38
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.
39
New York Long-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended |
| May 31, 2007 |
| ($000) |
Investment Income |
|
Income |
|
Interest | 57,144 |
Total Income | 57,144 |
Expenses |
|
The Vanguard Group—Note B |
|
Investment Advisory Services | 109 |
Management and Administrative |
|
Investor Shares | 369 |
Admiral Shares | 437 |
Marketing and Distribution |
|
Investor Shares | 89 |
Admiral Shares | 176 |
Custodian Fees | 4 |
Shareholders’ Reports |
|
Investor Shares | 7 |
Admiral Shares | 3 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,195 |
Net Investment Income | 55,949 |
Realized Net Gain (Loss) |
|
Investment Securities Sold | 1,558 |
Futures Contracts | 2,402 |
Realized Net Gain (Loss) | 3,960 |
Change in Unrealized Appreciation (Depreciation) |
|
Investment Securities | (66,304) |
Futures Contracts | (265) |
Change in Unrealized Appreciation (Depreciation) | (66,569) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (6,660) |
40
New York Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended |
| May 31, | November 30, |
| 2007 | 2006 |
| ($000) | ($000) |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net Investment Income | 55,949 | 102,011 |
Realized Net Gain (Loss) | 3,960 | 8,751 |
Change in Unrealized Appreciation (Depreciation) | (66,569) | 42,680 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (6,660) | 153,442 |
Distributions |
|
|
Net Investment Income |
|
|
Investor Shares | (14,827) | (29,166) |
Admiral Shares | (41,122) | (72,845) |
Realized Capital Gain1 |
|
|
Investor Shares | (2,050) | (4,425) |
Admiral Shares | (5,462) | (10,196) |
Total Distributions | (63,461) | (116,632) |
Capital Share Transactions—Note E |
|
|
Investor Shares | 33,092 | (24,109) |
Admiral Shares | 187,774 | 197,531 |
Net Increase (Decrease) from Capital Share Transactions | 220,866 | 173,422 |
Total Increase (Decrease) | 150,745 | 210,232 |
Net Assets |
|
|
Beginning of Period | 2,470,466 | 2,260,234 |
End of Period | 2,621,211 | 2,470,466 |
1 Includes fiscal 2007 and 2006 short-term gain distributions totaling $969,000 and $0, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
41
New York Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares |
|
|
|
|
|
| |
| Six Months |
|
|
|
|
| |
| Ended |
|
|
| |||
For a Share Outstanding | May 31, | Year Ended November 30, | |||||
Throughout Each Period | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
Net Asset Value, Beginning of Period | $11.44 | $11.27 | $11.45 | $11.57 | $11.38 | $11.20 | |
Investment Operations |
|
|
|
|
|
| |
Net Investment Income | .246 | .486 | .486 | .488 | .486 | .503 | |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
| |
on Investments | (.285) | .243 | (.141) | (.093) | .315 | .243 | |
Total from Investment Operations | (.039) | .729 | .345 | .395 | .801 | .746 | |
Distributions |
|
|
|
|
|
| |
Dividends from Net Investment Income | (.246) | (.486) | (.486) | (.488) | (.486) | (.503) | |
Distributions from Realized Capital Gains | (.035) | (.073) | (.039) | (.027) | (.125) | (.063) | |
Total Distributions | (.281) | (.559) | (.525) | (.515) | (.611) | (.566) | |
Net Asset Value, End of Period | $11.12 | $11.44 | $11.27 | $11.45 | $11.57 | $11.38 | |
|
|
|
|
|
|
| |
Total Return | (0.34%) | 6.68% | 3.03% | 3.48% | 7.20% | 6.84% | |
|
|
|
|
|
|
| |
Ratios/Supplemental Data |
|
|
|
|
|
| |
Net Assets, End of Period (Millions) | $685 | $671 | $686 | $1,303 | $1,321 | $1,340 | |
Ratio of Total Expenses to |
|
|
|
|
|
| |
Average Net Assets | 0.15%* | 0.16% | 0.16% | 0.14% | 0.17% | 0.18% | |
Ratio of Net Investment Income to |
|
|
|
|
|
| |
Average Net Assets | 4.38%* | 4.33% | 4.23% | 4.24% | 4.22% | 4.46% | |
Portfolio Turnover Rate | 6%* | 9% | 12% | 6% | 3% | 16% | |
* Annualized.
42
New York Long-Term Tax-Exempt Fund
Admiral Shares |
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
| Ended |
|
|
| ||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
Net Asset Value, Beginning of Period | $11.44 | $11.27 | $11.45 | $11.57 | $11.38 | $11.20 |
Investment Operations |
|
|
|
|
|
|
Net Investment Income | .250 | .495 | .494 | .494 | .493 | .509 |
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
on Investments | (.285) | .243 | (.141) | (.093) | .315 | .243 |
Total from Investment Operations | (.035) | .738 | .353 | .401 | .808 | .752 |
Distributions |
|
|
|
|
|
|
Dividends from Net Investment Income | (.250) | (.495) | (.494) | (.494) | (.493) | (.509) |
Distributions from Realized Capital Gains | (.035) | (.073) | (.039) | (.027) | (.125) | (.063) |
Total Distributions | (.285) | (.568) | (.533) | (.521) | (.618) | (.572) |
Net Asset Value, End of Period | $11.12 | $11.44 | $11.27 | $11.45 | $11.57 | $11.38 |
|
|
|
|
|
|
|
Total Return | (0.31%) | 6.76% | 3.10% | 3.54% | 7.26% | 6.89% |
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Net Assets, End of Period (Millions) | $1,936 | $1,799 | $1,575 | $837 | $771 | $811 |
Ratio of Total Expenses to |
|
|
|
|
|
|
Average Net Assets | 0.08%* | 0.09% | 0.09% | 0.09% | 0.11% | 0.13% |
Ratio of Net Investment Income to |
|
|
|
|
|
|
Average Net Assets | 4.45%* | 4.40% | 4.31% | 4.29% | 4.28% | 4.51% |
Portfolio Turnover Rate | 6%* | 9% | 12% | 6% | 3% | 16% |
* Annualized.
See accompanying Notes, which are an integral part of the Financial Statements.
43
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.
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.
44
New York Long-Term Tax-Exempt Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2007, the fund had contributed capital of $233,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.23% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
The fund had realized losses totaling $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 May 31, 2007, the cost of investment securities for tax purposes was $2,554,668,000. Net unrealized appreciation of investment securities for tax purposes was $52,905,000, consisting of unrealized gains of $63,094,000 on securities that had risen in value since their purchase and $10,189,000 in unrealized losses on securities that had fallen in value since their purchase.
At May 31, 2007, the aggregate settlement value of open futures contracts expiring in September 2007 and the related unrealized appreciation (depreciation) were:
|
|
| ($000) |
| Number of | Aggregate | Unrealized |
| Long (Short) | Settlement | Appreciation |
Futures Contracts | Contracts | Value | (Depreciation) |
5-Year U.S. Treasury Note | 1,032 | 107,780 | (319) |
30-Year U.S. Treasury Bond | (335) | 36,557 | 54 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
D. During the six months ended May 31, 2007, the fund purchased $182,123,000 of investment securities and sold $71,364,000 of investment securities, other than temporary cash investments.
45
New York Long-Term Tax-Exempt Fund
E. Capital share transactions for each class of shares were:
| Six Months Ended | Year Ended | ||
| May 31, 2007 | November 30, 2006 | ||
| Amount | Shares | Amount | Shares |
| ($000) | (000) | ($000) | (000) |
Investor Shares |
|
|
|
|
Issued | 113,897 | 10,107 | 166,296 | 14,800 |
Issued in Lieu of Cash Distributions | 13,551 | 1,205 | 26,765 | 2,384 |
Redeemed | (94,356) | (8,379) | (217,170) | (19,355) |
Net Increase (Decrease)—Investor Shares | 33,092 | 2,933 | (24,109) | (2,171) |
Admiral Shares |
|
|
|
|
Issued | 281,968 | 25,045 | 396,810 | 35,370 |
Issued in Lieu of Cash Distributions | 34,799 | 3,095 | 60,662 | 5,403 |
Redeemed | (128,993) | (11,440) | (259,941) | (23,210) |
Net Increase (Decrease)—Admiral Shares | 187,774 | 16,700 | 197,531 | 17,563 |
F. 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.
46
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table below illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Six Months Ended May 31, 2007 |
|
|
|
| Beginning | Ending | Expenses |
| Account Value | Account Value | Paid During |
New York Tax-Exempt Fund | 11/30/2006 | 5/31/2007 | Period1 |
Based on Actual Fund Return |
|
|
|
Money Market | $1,000.00 | $1,017.86 | $0.50 |
Long-Term |
|
|
|
Investor Shares | 1,000.00 | 996.60 | 0.75 |
Admiral Shares | 1,000.00 | 996.95 | 0.40 |
Based on Hypothetical 5% Yearly Return |
|
|
|
Money Market | $1,000.00 | $1,024.43 | $0.50 |
Long-Term |
|
|
|
Investor Shares | 1,000.00 | 1,024.18 | 0.76 |
Admiral Shares | 1,000.00 | 1,024.53 | 0.40 |
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, 0.10%; for the New York Long-Term Tax-Exempt Fund Investor Shares, 0.15%, and Admiral Shares, 0.08%. 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.
47
Note that the expenses shown in the table on page 47 are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any account service fee described in the prospectus. If such a 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 your fund’s current prospectus.
48
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard New York Tax-Exempt Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund has renewed the funds’ investment advisory arrangement with The Vanguard Group, Inc. Vanguard—through its Fixed Income Group—serves as the investment advisor for the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the funds’ investment management over both short- and long-term periods, and took into account the organizational depth and stability of the advisor. Vanguard has been managing investments for more than two decades. George U. Sauter, Vanguard managing director and chief investment officer, has been in the investment management business since 1985. Robert F. Auwaerter, principal in charge of the Fixed Income Group, has been in the investment management business since 1978. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the funds, including any periods of outperformance or underperformance of relevant benchmarks and peer groups. The board concluded that the funds have performed in line with expectations, and that their results have been consistent with their investment strategies. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.
Cost
The board concluded that the funds’ expense ratios were far below the average expense ratios charged by funds in their respective peer groups. Each fund’s advisory expense ratio was also well below its peer-group average. Information about the funds’ expense ratios appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the funds’ low-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
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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.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Yield. A snapshot of a fund’s interest income. The yield, expressed as a percentage of the fund’s net asset value, is based on income earned over the past 30 days (7 days for money market funds) and is annualized, or projected forward for the coming year.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’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 | |
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John J. Brennan1 |
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Born 1954 | Principal Occupation(s) During the Past Five Years: Chairman of the Board, Chief Executive |
Trustee since May 1987; | Officer, and Director/Trustee of The Vanguard Group, Inc., and of each of the investment |
Chairman of the Board and | companies served by The Vanguard Group. |
Chief Executive Officer |
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147 Vanguard Funds Overseen |
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Independent Trustees |
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Charles D. Ellis |
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Born 1937 | Principal Occupation(s) During the Past Five Years: Applecore Partners (pro bono ventures |
Trustee since January 2001 | in education); Senior Advisor to Greenwich Associates (international business strategy |
147 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. |
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Rajiv L. Gupta |
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Born 1945 | Principal Occupation(s) During the Past Five Years: Chairman and Chief Executive Officer |
Trustee since December 20012 | of Rohm and Haas Co. (chemicals); Board Member of the American Chemistry Council; |
147 Vanguard Funds Overseen | Director of Tyco International, Ltd. (diversified manufacturing and services) since 2005; |
| Trustee of Drexel University and of the Chemical Heritage Foundation. |
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Amy Gutmann |
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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 |
147 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 since 2005 and of Schuylkill River Development |
| Corporation and Greater Philadelphia Chamber of Commerce since 2004. |
JoAnn Heffernan Heisen |
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Born 1950 | Principal Occupation(s) During the Past Five Years: Corporate Vice President and |
Trustee since July 1998 | Chief Global Diversity Officer since 2006, Vice President and Chief Information |
147 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. |
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André F. Perold |
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Born 1952 | Principal Occupation(s) During the Past Five Years: George Gund Professor of Finance |
Trustee since December 2004 | and Banking, Harvard Business School; Senior Associate Dean, Director of Faculty |
147 Vanguard Funds Overseen | Recruiting, and Chair of Finance Faculty, Harvard Business School; Director and Chairman |
| of UNX, Inc. (equities trading firm) since 2003; Chair of the Investment Committee of |
| HighVista Strategies LLC (private investment firm) since 2005. |
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Alfred M. Rankin, Jr. |
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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); Director |
147 Vanguard Funds Overseen | of Goodrich Corporation (industrial products/aircraft systems and services). |
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J. Lawrence Wilson |
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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) and |
147 Vanguard Funds Overseen | AmerisourceBergen Corp. (pharmaceutical distribution); Trustee of Vanderbilt University |
| and of Culver Educational Foundation. |
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Executive Officers1 |
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Heidi Stam |
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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 |
147 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). |
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Thomas J. Higgins |
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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. |
147 Vanguard Funds Overseen |
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Vanguard Senior Management Team | ||
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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 |
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Founder |
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John C. Bogle |
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Chairman and Chief Executive Officer, 1974–1996 |
1 Officers of the funds are “interested persons” as defined in the Investment Company Act of 1940.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
More information about the trustees is in the Statement of Additional Information, available from The Vanguard Group.
| |
| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
Connect with Vanguard® > www.vanguard.com
Fund Information > 800-662-7447 | Vanguard, Admiral, Connect with Vanguard, and the ship |
| logo are trademarks of The Vanguard Group, Inc. |
Direct Investor Account Services > 800-662-2739 |
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Institutional Investor Services > 800-523-1036 | All other marks are the exclusive property of their |
| respective owners. |
Text Telephone for People |
|
With Hearing Impairment > 800-952-3335 |
|
| All comparative mutual fund data are from Lipper Inc. |
| or Morningstar, Inc., unless otherwise noted. |
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| You can obtain a free copy of Vanguard’s proxy voting |
This material may be used in conjunction | guidelines by visiting our website, www.vanguard.com, |
with the offering of shares of any Vanguard | and searching for “proxy voting guidelines,” or by calling |
fund only if preceded or accompanied by | Vanguard at 800-662-2739. They are also available from |
the fund’s current prospectus. | 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. |
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| �� |
| © 2007 The Vanguard Group, Inc. |
| All rights reserved. |
| Vanguard Marketing Corporation, Distributor. |
|
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| Q762 072007 |
Item 2: Not Applicable
Item 3: Not Applicable
Item 4: Not Applicable
Item 5: Not applicable.
Item 6: Not applicable.
Item 7: Not applicable.
Item 8: Not applicable.
Item 9: Not applicable.
Item 10: Not applicable.
Item 11: Controls and Procedures
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant‘s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD NEW YORK TAX-FREE FUNDS | |
BY: | (signature) |
(HEIDI STAM) JOHN J. BRENNAN* CHIEF EXECUTIVE OFFICER |
Date: | July 20, 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: | July 20, 2007 |
VANGUARD NEW YORK TAX-FREE FUNDS | |
BY: | (signature) |
(HEIDI STAM) THOMAS J. HIGGINS* TREASURER |
Date: | July 20, 2007 |
*By Power of Attorney. See File Number 002-65955-99, filed on July 27, 2006. Incorporated by Reference.