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, 2008 – November 30, 2009
Item 1: Reports to Shareholders
 |
| Vanguard New York Tax-Exempt Funds |
| Annual Report |
| November 30, 2009 |
 |
| Vanguard New York Tax-Exempt Money Market Fund |
| Vanguard New York Long-Term Tax-Exempt Fund |
> Vanguard New York Tax-Exempt Money Market Fund returned 0.36% for the 12 months ended November 30, 2009, a record low that nevertheless exceeded the average return of its peer group.
> Investor Shares of Vanguard New York Long-Term Tax-Exempt Fund returned 13.26%, a 14-year high that outpaced the return of the fund’s benchmark index but trailed the average return of its peer group.
> The long-term municipal bond market roared back from a loss in fiscal 2008 to a double-digit gain in fiscal 2009.
| Contents | |
| Your Fund’s Total Returns | 1 |
| President’s Letter | 2 |
| Advisor’s Report | 9 |
| Results of Proxy Voting | 12 |
| New York Tax-Exempt Money Market Fund | 14 |
| New York Long-Term Tax-Exempt Fund | 32 |
| About Your Fund’s Expenses | 56 |
| Glossary | 58 |
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 front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Cover photograph: Veronica Coia.
| Your Fund’s Total Returns | ||||
| Fiscal Year Ended November 30, 2009 | ||||
| Ticker | Total | |||
| Symbol | Returns | |||
| Vanguard New York Tax-Exempt Money Market Fund | VYFXX | 0.36% | ||
| 7-Day SEC Yield: 0.11% | ||||
| Taxable-Equivalent Yield: 0.18%1 | ||||
| New York Tax-Exempt Money Market Funds Average2 | 0.24 | |||
| Vanguard New York Long-Term Tax-Exempt Fund | ||||
| Investor Shares | VNYTX | 13.26% | ||
| 30-Day SEC Yield: 3.32% | ||||
| Taxable-Equivalent Yield: 5.48%1 | ||||
| Admiral™ Shares3 | VNYUX | 13.35 | ||
| 30-Day SEC Yield: 3.40% | ||||
| Taxable-Equivalent Yield: 5.62%1 | ||||
| Barclays Capital 10 Year Municipal Bond Index | 12.67 | |||
| New York Municipal Debt Funds Average2 | 16.23 | |||
| Your Fund’s Performance at a Glance | ||||
| November 30, 2008–November 30, 2009 | ||||
| Distributions Per Share | ||||
| Starting | Ending | Income | Capital | |
| Share Price | Share Price | Dividends | Gains | |
| Vanguard New York Tax-Exempt Fund | ||||
| Money Market | $1.00 | $1.00 | $0.004 | $0.000 |
| Long-Term | ||||
| Investor Shares | $10.13 | $11.01 | $0.442 | $0.000 |
| Admiral Shares | 10.13 | 11.01 | 0.451 | 0.000 |
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
President’s Letter
Dear Shareholder:
The Vanguard New York Tax-Exempt Funds performed well in fiscal-year 2009, a period that began amid fears about the viability of the nation’s financial institutions and a related plunge in municipal bond prices. As the year progressed, government rescue programs began to take hold, accompanied by a rally in municipal bonds.
Simultaneously, New York and other states grappled with the disruption in revenues brought about by the worst economic slump since the Great Depression, including an unemployment rate that climbed to about 9% in New York State. Fears of defaults (generally unwarranted, in our view) were in the air.
The New York Long-Term Tax-Exempt Fund fully participated in the national muni bond market rally. The fund’s Investor Shares returned 13.26%, nearly a record high. Rising bond prices go hand-in-hand with declining yields: As of November 30, 2009, the long-term fund’s Investor Shares yielded 3.32%, down from 4.47% a year earlier.
Money market funds faced a different dynamic, including aggressive actions by the Federal Reserve that drove down short-term interest rates. The New York Tax-Exempt Money Market Fund returned 0.36% for the fiscal year, a record low. The fund’s ending yield was a barely perceptible 0.11%, down from 1.10% a year earlier.
2
On a taxable-equivalent basis, the yield of each fund was higher, as shown on page 1. Note: The funds are permitted to invest in securities whose income is subject to the alternative minimum tax. As of November 30, the Long-Term Fund owned no securities that would generate income distributions subject to the AMT. The Money Market Fund did.
For bonds, a period of panic was followed by robust returns
Volatility was a theme in the fixed income market over the 12 months ended November 30. At the peak of the credit crisis in late 2008, investors shunned just about any security not issued by the U.S. Treasury. This stampede to quality led to the widest gap between the very low yields of Treasuries and the much higher yields of corporate bonds since the Great Depression. The crisis also rattled the municipal bond market, sending muni bond yields above those of Treasury bonds—a reversal of the typical relationship.
In early spring, “green shoots” began to emerge—signs that aggressive fiscal and monetary policies were getting the global economy back on its feet. Investors regained their appetite for risk, and then some: Not only did they propel the stock market to an amazingly strong rebound, but many sought out the riskiest bonds in the credit markets. For the 12 months, taxable and municipal bonds each notched double-digit results, returning about 12% and 14%, respectively.
| Market Barometer | |||
| Average Annual Total Returns | |||
| Periods Ended November 30, 2009 | |||
| One Year | Three Years | Five Years | |
| Bonds | |||
| Barclays Capital U.S. Aggregate Bond Index | |||
| (Broad taxable market) | 11.63% | 6.40% | 5.49% |
| Barclays Capital Municipal Bond Index | 14.17 | 4.17 | 4.50 |
| Citigroup 3-Month Treasury Bill Index | 0.20 | 2.36 | 2.91 |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 27.38% | –5.71% | 1.02% |
| Russell 2000 Index (Small-caps) | 24.53 | –8.36 | –0.46 |
| Dow Jones U.S. Total Stock Market Index | 28.06 | –5.55 | 1.24 |
| MSCI All Country World Index ex USA (International) | 47.13 | –2.73 | 6.75 |
| CPI | |||
| Consumer Price Index | 1.84% | 2.40% | 2.52% |
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Shorter-term savings vehicles, including money market funds, didn’t fare as well. They became casualties of the Fed’s dramatic cuts in short-term interest rates and other policies that pumped up the money supply, all intended to nurse the economy, markets, and banks back to health. In December 2008, the Fed reduced its target for the federal funds rate, a benchmark for the interest rates paid by money market instruments and other very short-term securities, to between 0% and 0.25%. The target has stayed there ever since. After its meeting in early November, the Fed said it expected to maintain the target at this level “for an extended period.”
Stock markets worldwide produced double-digit returns
U.S. stocks posted unusually large gains as the steep losses suffered during the first few months of the fiscal year were erased by the rally that began in March. The stock market’s rebound seemed to anticipate an improvement in the broader economy, which began to show signs of growth in the second half of the period.
The story was similar in many international markets: They collapsed in late 2008 and early 2009, then rebounded at a startling rate. The recovery was especially swift and powerful in emerging markets, many of which came out of the financial crisis in relatively better fiscal and economic shape than their developed-market counterparts.
| Expense Ratios1 | |||
| Your Fund Compared With Its Peer Group | |||
| Investor | Admiral | Peer-Group | |
| New York Tax Exempt Fund | Shares | Shares | Average |
| Money Market | 0.17% | — | 0.60% |
| Long-Term | 0.20 | 0.12% | 1.07 |
1 The fund expense ratios shown are from the prospectus dated March 27, 2009, and represent estimated costs for the current fiscal year based on the funds’ net assets as of the prospectus date. For the fiscal year ended November 30, 2009, the New York Tax-Exempt Money Market Fund’s expense ratio was 0.17%. The New York Long-Term Tax-Exempt Fund’s expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares. The peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2008. Peer groups are: for the New York Tax-Exempt Money Market Fund, New York Tax-Exempt Money Market Funds, and for the New York Long-Term Tax-Exempt Fund, New York Municipal Debt Funds.
4
Despite the strong performance seen since March, the longer-term returns of most stock market indexes bear witness to the trials suffered by many investors in the not-so-distant past. Over the past three years, for example, both U.S. and international stock indexes have declined. Five-year annualized returns for U.S. stocks as of November 30 were mostly positive, but far from impressive. Stock markets abroad fared better over this longer period, posting average annual returns of almost 7%.
Fear, the Fed, and a rally put a squeeze on yields
Fiscal 2009 was a period of falling yields for tax-exempt securities. However, the primary factors behind the slide in yields for short-term securities differed from those affecting longer-term tax-exempt bonds.
Because money market investments are extremely sensitive to changes in short-term interest rates, the New York Tax-Exempt Money Market Fund’s yield dwindled all year in response to the Fed’s rate-cutting policy. Further abetting the downward trend was strong market demand for low-risk, liquid assets at the height of the financial panic.
By November 30, the Money Market Fund’s yield was down to 0.11%, compared with 1.10% a year earlier. For the 12 months, the fund returned 0.36%, its lowest return since its inception in 1997. The good news—on a relative basis, to be sure—is that the fund’s return was significantly higher than that of its competitive peers, a consequence primarily of the fund’s low expense ratio.
| Total Returns | ||
| Ten Years Ended November 30, 2009 | ||
| Average Annual Return | ||
| Vanguard | Peer-Group | |
| New York Tax-Exempt Fund | Fund | Average1 |
| Money Market | 2.16% | 1.75% |
| Long-Term Investor Shares | 5.43 | 4.57 |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at www.vanguard.com/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.
1 Peer groups are: for the New York Tax-Exempt Money Market Fund, New York Tax-Exempt Money Market Funds, and for the New York Long-Term Tax-Exempt Fund, New York Insured Municipal Debt Funds through March 31, 2002, and New York Municipal Debt Funds thereafter. Peer-group returns are derived from data provided by Lipper Inc.
5
| Investment insight |
| A historical yield pattern has reasserted itself |
| Atypical times can upend typical relationships. At the start of the fiscal year, municipal securities generally offered higher pre-tax yields than taxable Treasuries—an inversion of the historical relationship. A variety of investor fears about the financial outlook drove demand for Treasuries up and their yields down, while market turmoil was doing the opposite for municipal bonds. Munis have usually yielded less than Treasuries, because their interest income is generally exempt from federal taxes. As the period progressed, Treasury yields rose and muni yields declined—returning to the more usual relationship in the spring. |
In the longer-term portion of the tax-exempt market, yields declined and prices rose because of a rally that took hold early in the year and didn’t let up. The yield of the New York Long-Term Tax-Exempt Fund’s Investor Shares fell to 3.32% on November 30 from 4.47% a year earlier.
The rally got its start early in the fiscal year when the credit-market crisis put extreme pressure on certain institutional investors to raise capital in a hurry. The resulting forced sales of municipal bonds drove prices down to levels that would prove attractive to later investors. Yields on munis rose accordingly, even climbing above those of Treasuries (see the chart on this page). As investors’ appetite for risk grew, the combination of relatively low prices and high yields contributed to strong muni demand.
Also helping to boost prices was a decline in supply. Issuance of tax-exempt bonds dropped as states and municipalities turned to the newly created Build America Bonds; such bonds were offered, for example, by issuers as varied as the New York Metropolitan Transit Authority and the Dormitory Authority of the State of New York. The new bonds, whose interest payments are taxable, are one element of the federal economic stimulus package and were designed to subsidize states’ and local governments’ borrowing costs.
(The stimulus program also included direct payments to states and local governments, another factor that reduced bond supply.)
In this environment, the New York Long-Term Tax-Exempt Fund’s Investor Shares returned 13.26%, its highest return since fiscal-year 1995 and slightly ahead of the 12.67% return of its benchmark index. The fund trailed the 16.23% average return of peer-group funds, a consequence of the higher-risk flavor of the bond rally: Portfolios of bonds with lower credit quality (resulting in a higher risk of default) and longer duration (resulting in more volatility in response to interest-rate changes) did best. The New York fund’s average duration is shorter than that of its peers, and it emphasizes higher-quality bonds.
Diligent analysis underlies our solid long-term results
Current economic signals seem to point to renewed growth for the nation as a whole, but it’s likely that the finances of states and municipalities will be slower to recover. The next couple of years will remain challenging for New York and other states.
For municipal bond investors, this means that it will be of paramount importance to closely monitor the financial strength of issuers. Fortunately, that is what Vanguard Fixed Income Group’s team of seasoned credit analysts routinely does.
The team brings an informed skeptic’s view to the task: Its analyses are independent of those published by rating agencies, and include not only issues being considered for purchase but those already owned by the funds. Our analysts believe that concerns about possible defaults by issuers of tax-exempt securities in New York, and in other states represented in Vanguard’s tax-exempt portfolios, are generally unwarranted.
As investment advisor to the New York Tax-Exempt Funds, the Fixed Income Group seeks to maintain low-cost portfolios of high-quality, liquid assets with a level of interest risk generally in line with that of their respective market segments.
This strategy, together with the advisor’s diligent credit analysis, has served our shareholders well over the long term. As you can see in the table on page 5, for the ten-year period ended November 30, 2009, both the New York Tax-Exempt Money Market Fund and the New York Long-Term Tax-Exempt Fund outpaced the average returns of peer-group funds.
The higher the costs, the higher the hurdle
Costs are an important factor in any fund’s performance, but they’re critical in fixed income investing because bond returns fall within a narrower range than stock returns. This simple fact provides two interrelated advantages for skilled
7
bond-fund managers who have the advantage of low costs. They have a lower hurdle to overcome in seeking to produce competitive performance, because expenses are deducted directly from returns. And they needn’t pursue higher-risk strategies in an effort to overcome the drag from higher costs.
As you can see in the table on page 4, our funds’ costs are far below the norm for their peers. And while our commitment to keeping your costs low is unwavering, the money market fund’s expense ratio nevertheless rose by about 6 basis points during the past year. The increase largely reflected the cost of participating in the U.S. Treasury’s Temporary Guarantee Program. This program was established in late 2008, as turmoil in short-term debt markets raised concern about the stability of money market mutual funds. Markets soon stabilized, and the Treasury allowed the program to expire in September 2009.
Investing in funds that have low costs and skilled management is just one step in the journey toward meeting your investment goals. Investors should take into account not only that markets fluctuate, but also that different markets—stocks and bonds, for example—often fluctuate differently from each other.
That is why we recommend that investors balance their portfolios among different asset classes, and diversify within those classes, based on their unique goals, time horizon, and tolerance for risk.
On another matter, I would like to inform you that on January 1, 2010, we will complete a leadership transition that began in March 2008. I will succeed Jack Brennan as chairman of Vanguard and each of the funds. Jack has agreed to serve as chairman emeritus and senior advisor.
Under Jack’s leadership, Vanguard has grown to become a preeminent firm in the mutual fund industry. Jack’s energy, his relentless pursuit of perfection, and his unwavering focus on always doing the right thing for our clients are evident in every facet of Vanguard policy today.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
President and Chief Executive Officer
December 10, 2009
8
Advisor’s Report
For the fiscal year ended November 30, 2009, Vanguard New York Tax-Exempt Money Market Fund returned 0.36%, ahead of the average return of its peer group. The New York Long-Term Tax-Exempt Fund returned 13.26% for Investor Shares and 13.35% for Admiral Shares—showing just how far and fast the bond market recovered from the dark days of 2008 and early 2009 when credit was essentially frozen. The long-term fund’s return was slightly ahead of that of its diversified Barclays Capital index benchmark but behind the average return of competing funds.
The investment environment
In the past 12 months we have seen a significant rebound in the municipal bond market. The fiscal year began in December amid a seemingly desperate crisis: Major financial firms had imploded; the credit markets were frozen; hedge funds and closed-end funds were unloading high-quality assets, including municipal bonds, at fire-sale prices to meet collateral requirements; and investors were fleeing securities with any hint of risk for the perceived safety of U.S. Treasury securities.
By early 2009, federal government and Federal Reserve initiatives aimed at combating the financial crisis and the intertwined economic slump started gaining some traction. The banks and brokerage firms that underwrite municipal issues and facilitate liquidity began to operate normally once again, helping to stabilize the muni market. And munis’
| Yields of Municipal Securities | ||
| (AAA-Rated General-Obligation Issues) | ||
| November 30, | November 30, | |
| Maturity | 2008 | 2009 |
| 2 years | 2.13% | 0.61% |
| 5 years | 2.93 | 1.50 |
| 10 years | 4.02 | 2.78 |
| 30 years | 5.38 | 4.28 |
9
depressed prices began to attract buyers, helping to fuel a rally that continued for the remainder of the year. Toward the end of the fiscal year, tax-free bond yields had fallen (and prices risen) to levels not seen for four decades.
Prices also got a boost from the shortage of traditional tax-exempt securities. After the yields demanded by muni investors became exceptionally high in early 2009, many municipal borrowers began shifting a significant portion of their issuance to a new and lower-cost type of municipal bond—the subsidized and taxable Build America Bond. These bonds were created as part of the federal government’s stimulus package (signed into law in February). They are intended to encourage investment in public infrastructure and to help state and local governments, as well as other municipal issuers, meet their financing needs.
Although Build America Bonds may not have become a household name yet, these bonds’ impact on the municipal bond market should not be underestimated. From April—when the first such bond was issued—through November 2009, more than $55 billion of taxable Build America Bonds were issued across the United States. In October alone, about one-third of all new municipal bond issues were taxable, and most of those were Build America Bonds. Because these bonds siphoned off some of the potential supply of new tax-exempt bonds, investors seeking traditional munis found their prices being bid up.
Still, tax-exempt bonds represented close to 80% of the almost $373 billion of muni issues sold nationwide in 2009 through November. And the total value of new municipal issues—including taxable bonds—appeared on track to exceed $400 billion in calendar year 2009, which would join 2005 and 2007 in the $400 billion-plus record book. In New York, for the fiscal year, a total of $40.1 billion of municipal bonds were issued (including $5.8 billion of Build America Bonds), down from a total of $42.2 billion last year, but up from $34.6 billion in fiscal 2007.
As economic conditions improved during the year, investors sought out higher yields—by moving out of money market securities into longer-term bonds and by taking on more credit risk. Indeed, with state and local finances remaining shaky throughout the period, it was the market’s shift toward risk that led to a narrowing of the yield gap between lower-quality municipals and U.S. Treasuries.
In this environment, lower-quality bonds performed best in both the taxable and municipal markets—generally creating headwinds for Vanguard funds because of our focus on quality.
10
Management of the funds
The economic slump and high unemployment at the national level have translated into historic budget challenges for states and municipalities, leading them to resort to a variety of measures—cutting spending, increasing taxes and fees, and tapping into reserves—to help meet their fiscal needs. In New York, which continues to struggle, these steps have included spending reductions in a variety of areas: Among the hardest-hit have been the State University of New York and the Department of Correctional Services. Federal stimulus payments—especially crucial in New York’s case—have also helped states meet their fiscal needs.
In anticipation of the market’s recovery, we increased the funds’ exposure to lower-quality securities, while maintaining our overall emphasis on securities with high credit quality. Indeed, compared with the funds’ peer groups, our allocations to lower-rated issues remain quite modest.
The funds’ interest rate positioning, as measured by their average weighted durations, had no meaningful impact on performance relative to benchmark indexes.
Outlook
We expect slow and stable economic growth to continue. Although the ultimate strength and pace of the recovery are open to question, the muni market has clearly priced out depression and priced in recovery. And, while we expect the Federal Reserve to keep interest rates low, we will be closely watching for any serious uptick in inflation. If inflation becomes a concern, we are prepared to act quickly. As the economic expansion proceeds, yield spreads between lower-risk and higher-risk bonds should continue to tighten, albeit at a more moderate pace.
At the state and local levels, we do not expect any immediate respite from financial stress. If the historical pattern holds, fiscal pressure on state and local governments will continue for the next few years. Changes in the financial picture of municipal bond issuers tend to lag the broader economic cycle by one to two years. As we usually do, we will continue to independently monitor developments in New York and nationally and closely analyze the finances of the muni issuers. We strive to make sure that any financial pressure or problems of issuers won’t become the problems of the shareholders in our funds.
Kathryn T. Allen, Principal, Portfolio Manager
Michael G. Kobs, Portfolio Manager
Christopher W. Alwine, CFA
Principal and Head of Municipal Money Market and Municipal Bond Groups
Vanguard Fixed Income Group
December 18, 2009
Results of Proxy Voting
At a special meeting of shareholders on July 2, 2009, fund shareholders approved the following two proposals:
Proposal 1—Elect trustees for each fund.*
The individuals listed in the table below were elected as trustees for each fund. All trustees with the exception of Messrs. McNabb and Volanakis (both of whom already served as directors of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
| New York Tax-Exempt Money Market Fund, New York Long-Term Tax-Exempt Fund | |||
| Percentage | |||
| Trustee | For | Withheld | For |
| John J. Brennan | 2,762,956,988 | 159,830,073 | 94.5% |
| Charles D. Ellis | 2,742,641,854 | 180,145,207 | 93.8% |
| Emerson U. Fullwood | 2,739,244,245 | 183,542,816 | 93.7% |
| Rajiv L. Gupta | 2,758,556,417 | 164,230,645 | 94.4% |
| Amy Gutmann | 2,749,937,504 | 172,849,558 | 94.1% |
| JoAnn Heffernan Heisen | 2,749,114,473 | 173,672,588 | 94.1% |
| F. William McNabb III | 2,766,758,277 | 156,028,784 | 94.7% |
| André F. Perold | 2,767,318,882 | 155,468,179 | 94.7% |
| Alfred M. Rankin, Jr. | 2,769,165,788 | 153,621,273 | 94.7% |
| Peter F. Volanakis | 2,749,161,067 | 173,625,994 | 94.1% |
| * Results are for all funds within the same trust. | |||
Proposal 2—Update and standardize the funds’ fundamental policies regarding:
(a) Purchasing and selling real estate.
(b) Issuing senior securities.
(c) Borrowing money.
(d) Making loans.
(e) Purchasing and selling commodities.
(f) Concentrating investments in a particular industry or group of industries.
(g) Eliminating outdated fundamental investment policies not required by law.
The revised fundamental policies are clearly stated and simple, yet comprehensive, making oversight and compliance more efficient than under the former policies. The revised fundamental policies will allow the funds to respond more quickly to regulatory and market changes, while avoiding the costs and delays associated with successive shareholder meetings.
12
| Broker | Percentage | ||||
| Vanguard Fund | For | Abstain | Against | Non-Votes | For |
| New York Tax-Exempt Money Market Fund | |||||
| 2a | 2,484,393,869 | 52,242,336 | 155,212,719 | 58,579,374 | 90.3% |
| 2b | 2,443,674,247 | 60,472,940 | 187,701,738 | 58,579,374 | 88.8% |
| 2c | 2,422,003,483 | 53,032,459 | 216,812,982 | 58,579,374 | 88.1% |
| 2d | 2,417,765,814 | 67,038,995 | 207,044,116 | 58,579,374 | 87.9% |
| 2e | 2,415,324,253 | 57,653,912 | 218,870,760 | 58,579,374 | 87.8% |
| 2f | 2,485,734,856 | 53,564,398 | 152,549,670 | 58,579,375 | 90.4% |
| 2g | 2,474,237,238 | 54,922,593 | 162,689,095 | 58,579,373 | 90.0% |
| New York Long-Term Tax-Exempt Fund | |||||
| 2a | 145,868,056 | 4,110,373 | 7,713,672 | 14,666,662 | 84.6% |
| 2b | 145,395,649 | 4,503,443 | 7,793,009 | 14,666,662 | 84.4% |
| 2c | 141,694,667 | 4,311,563 | 11,685,870 | 14,666,662 | 82.2% |
| 2d | 142,987,991 | 4,836,720 | 9,867,391 | 14,666,661 | 83.0% |
| 2e | 142,245,973 | 4,071,734 | 11,374,393 | 14,666,662 | 82.5% |
| 2f | 143,585,704 | 5,577,203 | 8,529,194 | 14,666,662 | 83.3% |
| 2g | 146,146,573 | 4,412,492 | 7,133,036 | 14,666,662 | 84.8% |
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New York Tax-Exempt Money Market Fund
Fund Profile
As of November 30, 2009
| Financial Attributes | |
| Yield1 | 0.1% |
| Average Weighted Maturity | 33 days |
| Average Quality2 | MIG-1 |
| Expense Ratio3 | 0.17% |
| Distribution by Credit Quality4 (% of portfolio) | |
| MIG-1/A-1+/SP-1+/F-1+ | 87.4% |
| P-1/A-1/SP-1/F-1 | 12.6 |
1 7-day SEC yield. See the Glossary.
2 Moody’s Investors Service.
3 The expense ratio shown is from the prospectus dated March 27, 2009, and represents estimated costs for the current fiscal year based on the fund’s net assets as of the prospectus date. For the fiscal year ended November 30, 2009, the fund’s expense ratio was 0.17%.
4 Ratings: Moody’s Investors Service, Standard & Poor’s, Fitch.
14
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 fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.
Cumulative Performance: November 30, 1999–November 30, 2009
Initial Investment of $10,000
| Average Annual Total Returns | Final Value | |||
| Periods Ended November 30, 2009 | of a $10,000 | |||
| One Year | Five Years | Ten Years | Investment | |
| New York Tax-Exempt Money Market Fund1 | 0.36% | 2.34% | 2.16% | $12,380 |
| New York Tax-Exempt | ||||
| Money Market Funds Average2 | 0.24 | 1.94 | 1.75 | 11,895 |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Derived from data provided by Lipper Inc.
See Financial Highlights for dividend information.
15
| New York Tax-Exempt Money Market Fund | ||
| Fiscal-Year Total Returns (%): November 30, 1999–November 30, 2009 | ||
| Peer-Group | ||
| Average1 | ||
| Fiscal | Total | Total |
| Year | Return | Return |
| 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 |
| 2007 | 3.6 | 3.1 |
| 2008 | 2.3 | 1.9 |
| 2009 | 0.4 | 0.2 |
| 7-Day SEC yield (11/30/2009): 0.11% | ||
Average Annual Total Returns: Periods Ended September 30, 2009
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 | Ten Years | |
| New York Tax-Exempt Money Market Fund2 | 9/3/1997 | 0.72% | 2.39% | 2.21% |
1 Average returns for New York Tax-Exempt Money Market Funds are derived from data provided by Lipper Inc.
2 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
16
New York Tax-Exempt Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2009
The fund reports a complete list of its holdings in regulatory filings 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). In addition, the fund publishes its holdings on a monthly basis at www.vanguard.com.
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Tax-Exempt Municipal Bonds (99.9%) | ||||
| New York (99.6%) | ||||
| Albany County NY Airport Auth. Rev. VRDO | 0.330% | 12/7/09 LOC | 18,690 | 18,690 |
| Albany NY IDA Civic Fac. Rev. | ||||
| (CHF Holland Suites, LLC Project) VRDO | 0.250% | 12/7/09 LOC | 12,780 | 12,780 |
| Albany NY IDA Fac. Rev. | ||||
| (Albany Medical Center) VRDO | 0.250% | 12/7/09 LOC | 2,800 | 2,800 |
| Chemung County NY IDA Civic Fac. Rev. | ||||
| (Elmira College Project) VRDO | 0.250% | 12/7/09 LOC | 10,000 | 10,000 |
| Clifton Park NY IDA Multifamily Housing Rev. | ||||
| (Coburg Village Project) VRDO | 0.250% | 12/7/09 LOC | 11,240 | 11,240 |
| Erie County NY Fiscal Stability Auth. BAN | 2.000% | 5/19/10 | 7,500 | 7,538 |
| Erie County NY Fiscal Stability Auth. BAN | 1.250% | 7/30/10 | 14,000 | 14,063 |
| 1 Erie County NY IDA School Fac. Rev. TOB VRDO | 0.300% | 12/7/09 (4) | 4,330 | 4,330 |
| Geneva NY IDA Civic Fac. Rev. (Seneca) VRDO | 0.250% | 12/7/09 LOC | 30,150 | 30,150 |
| Great Neck NY UFSD TAN | 1.750% | 6/23/10 | 16,000 | 16,116 |
| Half Hollow Hills NY Central School Dist. | ||||
| of Huntington & Babylon County TAN | 2.000% | 6/30/10 | 33,400 | 33,704 |
| Locust Valley NY Central School Dist TAN | 2.000% | 6/23/10 | 5,000 | 5,043 |
| Long Island NY Power Auth. Electric System Rev. CP | 0.250% | 1/14/10 LOC | 22,000 | 22,000 |
| Long Island NY Power Auth. Electric System Rev. CP | 0.320% | 2/9/10 LOC | 24,000 | 24,000 |
| Massapequa NY UFSD BAN | 2.000% | 10/8/10 | 5,064 | 5,125 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Petroleum Tax) | 5.250% | 10/1/10 (14)(Prere.) | 4,675 | 4,862 |
| 1 Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Petroleum Tax) TOB VRDO | 0.250% | 12/7/09 (13) | 9,700 | 9,700 |
| 1 Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Petroleum Tax) TOB VRDO | 0.250% | 12/7/09 (13) | 7,840 | 7,840 |
| 1 Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Petroleum Tax) TOB VRDO | 0.400% | 12/7/09 (4) | 14,410 | 14,410 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Tax Fund) VRDO | 0.230% | 12/7/09 LOC | 8,950 | 8,950 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Tax Fund) VRDO | 0.230% | 12/7/09 LOC | 15,555 | 15,555 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Tax Fund) VRDO | 0.230% | 12/7/09 LOC | 13,520 | 13,520 |
| 1 Metro. New York Transp. Auth. Rev. | ||||
| (Service Contract) TOB VRDO | 0.300% | 12/7/09 (4) | 4,495 | 4,495 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Transit Rev.) VRDO | 0.240% | 12/1/09 LOC | 28,300 | 28,300 |
17
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 Metro. New York Transp. Auth. Rev. TOB VRDO | 0.250% | 12/7/09 (13) | 19,005 | 19,005 |
| 1 Metro. New York Transp. Auth. Rev. TOB VRDO | 0.250% | 12/7/09 (13) | 19,050 | 19,050 |
| 1 Metro. New York Transp. Auth. Rev. TOB VRDO | 0.400% | 12/7/09 (4) | 14,000 | 14,000 |
| 1 Metro. New York Transp. Auth. Rev. TOB VRDO | 0.570% | 12/7/09 (4) | 3,620 | 3,620 |
| 1 Metro. New York Transp. Auth. Rev. TOB VRDO | 0.570% | 12/7/09 (4) | 6,510 | 6,510 |
| Metropolitan Transp. Auth. NY RAN | 2.000% | 12/31/09 | 40,000 | 40,053 |
| 1 Metropolitan Transp. Auth. NY TOB VRDO | 0.250% | 12/7/09 (13) | 2,000 | 2,000 |
| Monroe County NY IDA | ||||
| (Assn. Blind and Impaired) VRDO | 0.320% | 12/7/09 LOC | 2,000 | 2,000 |
| Monroe County NY IDA (Cherry Ridge) VRDO | 0.180% | 12/7/09 LOC | 5,000 | 5,000 |
| Monroe County NY IDA (Cherry Ridge) VRDO | 0.180% | 12/7/09 LOC | 9,255 | 9,255 |
| Monroe County NY IDA | ||||
| (Monroe Community College) VRDO | 0.250% | 12/7/09 LOC | 3,800 | 3,800 |
| Monroe County NY IDA (Nazareht College) VRDO | 0.240% | 12/7/09 LOC | 2,250 | 2,250 |
| Nassau County NY Interim Finance Auth. VRDO | 0.200% | 12/7/09 | 52,300 | 52,300 |
| Nassau County NY Interim Finance Auth. VRDO | 0.200% | 12/7/09 | 22,000 | 22,000 |
| Nassau County NY Interim Finance Auth. VRDO | 0.210% | 12/7/09 | 30,000 | 30,000 |
| Nassau County NY Interim Finance Auth. VRDO | 0.220% | 12/7/09 | 5,000 | 5,000 |
| Nassau County NY Interim Finance Auth. VRDO | 0.260% | 12/7/09 | 20,000 | 20,000 |
| Nassau County NY RAN | 2.000% | 4/15/10 | 20,000 | 20,112 |
| Nassau Health Care Corp. | 0.330% | 8/1/29 LOC | 12,500 | 12,500 |
| Nassau Health Care Corp. VRDO | 0.210% | 12/7/09 LOC | 6,080 | 6,080 |
| New York City NY Capital Resources | ||||
| (Enhanced Assistance PG) VRDO | 0.200% | 12/7/09 LOC | 4,420 | 4,420 |
| New York City NY Capital Resources | ||||
| (Enhanced Assistance PG) VRDO | 0.200% | 12/7/09 LOC | 21,422 | 21,422 |
| New York City NY Cultural Resources Rev. | ||||
| (American Museum of Natural History) VRDO | 0.220% | 12/1/09 | 9,700 | 9,700 |
| New York City NY Cultural Resources Rev. | ||||
| (American Museum) VRDO | 0.140% | 12/7/09 | 21,190 | 21,190 |
| New York City NY Cultural Resources Rev. | ||||
| (American Museum) VRDO | 0.140% | 12/7/09 | 16,225 | 16,225 |
| New York City NY Cultural Resources Rev. | ||||
| (Julliard School) PUT | 0.650% | 4/1/10 | 20,000 | 20,000 |
| New York City NY Cultural Resources Rev. | ||||
| (Lincoln Center) VRDO | 0.220% | 12/1/09 LOC | 3,900 | 3,900 |
| New York City NY Cultural Resources Rev. | ||||
| (Lincoln Center) VRDO | 0.220% | 12/7/09 LOC | 3,750 | 3,750 |
| New York City NY Cultural Resources Rev. | ||||
| (Metropolitan Museum) VRDO | 0.220% | 12/7/09 | 31,600 | 31,600 |
| New York City NY Cultural Resources Rev. | ||||
| (Pierpont Morgan Library) VRDO | 0.200% | 12/7/09 LOC | 4,000 | 4,000 |
| New York City NY Cultural Resources Rev. | ||||
| (Solomon R. Guggenheim Foundation) VRDO | 0.200% | 12/7/09 LOC | 11,307 | 11,307 |
| New York City NY Cultural Resources Rev. | ||||
| (The Metropolitan Museum of Art) VRDO | 0.220% | 12/7/09 | 26,000 | 26,000 |
| New York City NY GO | 2.000% | 8/1/10 | 14,745 | 14,896 |
| 1 New York City NY GO TOB VRDO | 0.250% | 12/7/09 | 7,760 | 7,760 |
| 1 New York City NY GO TOB VRDO | 0.300% | 12/7/09 | 6,000 | 6,000 |
| New York City NY GO VRDO | 0.170% | 12/1/09 | 3,000 | 3,000 |
| New York City NY GO VRDO | 0.200% | 12/1/09 LOC | 4,600 | 4,600 |
| New York City NY GO VRDO | 0.240% | 12/1/09 LOC | 13,100 | 13,100 |
| New York City NY GO VRDO | 0.220% | 12/7/09 LOC | 49,255 | 49,255 |
| New York City NY GO VRDO | 0.220% | 12/7/09 LOC | 12,000 | 12,000 |
| New York City NY GO VRDO | 0.230% | 12/7/09 LOC | 23,000 | 23,000 |
| New York City NY GO VRDO | 0.240% | 12/7/09 LOC | 1,000 | 1,000 |
18
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY GO VRDO | 0.240% | 12/7/09 LOC | 54,975 | 54,975 |
| New York City NY Housing Dev. Corp. | ||||
| Multi-Family Rev. (First Avenue) VRDO | 0.300% | 12/7/09 LOC | 24,205 | 24,205 |
| New York City NY Housing Dev. Corp. | ||||
| Multi-Family Rev. PUT | 0.450% | 3/15/10 | 10,850 | 10,850 |
| 1 New York City NY Housing Dev. Corp. | ||||
| Multi-Family Rev. TOB VRDO | 0.270% | 12/7/09 | 10,155 | 10,155 |
| 1 New York City NY Housing Dev. Corp. | ||||
| Multi-Family Rev. TOB VRDO | 0.320% | 12/7/09 | 5,510 | 5,510 |
| New York City NY Housing Dev. Corp. | ||||
| Multi-Family Rev. VRDO | 0.260% | 12/7/09 | 15,500 | 15,500 |
| New York City NY Housing Dev. Corp. | ||||
| Multi-Family Rev. VRDO | 0.300% | 12/7/09 LOC | 45,800 | 45,800 |
| New York City NY Housing Dev. Corp. | ||||
| Rev. (201 Pearl Street) VRDO | 0.200% | 12/7/09 LOC | 23,100 | 23,100 |
| New York City NY Housing Dev. Corp. | ||||
| Rev. (Corp. Multifamily - Sons of Italy) VRDO | 0.230% | 12/7/09 LOC | 3,850 | 3,850 |
| 1 New York City NY Housing Dev. Corp. | ||||
| Rev. (Multi-Family Housing) TOB VRDO | 0.520% | 12/7/09 | 5,355 | 5,355 |
| New York City NY Housing Dev. Corp. Rev. | ||||
| (Multi-Family Rent Housing - | ||||
| 90 West Street) VRDO | 0.200% | 12/7/09 LOC | 5,000 | 5,000 |
| New York City NY Housing Dev. Corp. Rev. | ||||
| (Multi-Family Rent Housing - | ||||
| Atlantic Court) VRDO | 0.310% | 12/7/09 LOC | 53,100 | 53,100 |
| New York City NY Housing Dev. Corp. Rev. | ||||
| (Multi-Family Rent Housing - Ocean Gate) VRDO | 0.300% | 12/7/09 LOC | 32,530 | 32,530 |
| New York City NY Housing Dev. Corp. Rev. | ||||
| (Multi-Family Rent Housing - | ||||
| One Columbus Place) VRDO | 0.300% | 12/7/09 LOC | 32,000 | 32,000 |
| New York City NY Housing Dev. Corp. Rev. VRDO | 0.220% | 12/7/09 LOC | 19,365 | 19,365 |
| New York City NY IDA (Civic Fac. Rev.) | 6.125% | 11/1/10 (Prere.) | 10,690 | 11,360 |
| New York City NY IDA (Civil Liberties Union) VRDO | 0.210% | 12/1/09 LOC | 9,200 | 9,200 |
| New York City NY IDA | ||||
| (Lycee Francais De NY Project) VRDO | 0.180% | 12/7/09 LOC | 13,350 | 13,350 |
| New York City NY IDA | ||||
| (Mercy College Project) VRDO | 0.220% | 12/7/09 LOC | 12,770 | 12,770 |
| New York City NY IDA (NY Congregational | ||||
| Nursing Center Project) VRDO | 0.230% | 12/7/09 LOC | 4,600 | 4,600 |
| New York City NY IDA | ||||
| (United Jewish Appeal) VRDO | 0.230% | 12/7/09 | 14,800 | 14,800 |
| New York City NY IDA - Jewish Board of | ||||
| Family Services VRDO | 0.210% | 12/7/09 LOC | 7,170 | 7,170 |
| New York City NY IDA Rev. | ||||
| (New York Law School) VRDO | 0.250% | 12/7/09 LOC | 28,100 | 28,100 |
| New York City NY IDA Special Fac. Rev. | ||||
| (Korean Air Lines) VRDO | 0.270% | 12/7/09 LOC | 14,800 | 14,800 |
| New York City NY IDA Special Fac. Rev. | ||||
| (Korean Air Lines) VRDO | 0.270% | 12/7/09 LOC | 13,000 | 13,000 |
| 1 New York City NY Muni. Water | ||||
| Finance Auth. Rev. TOB VRDO | 0.210% | 12/7/09 | 7,080 | 7,080 |
| 1 New York City NY Muni. Water | ||||
| Finance Auth. Water & Sewer | ||||
| System Rev. TOB VRDO | 0.220% | 12/1/09 | 10,000 | 10,000 |
19
| 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 | 0.240% | 12/7/09 | 11,000 | 11,000 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.240% | 12/7/09 | 10,000 | 10,000 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.250% | 12/7/09 | 10,200 | 10,200 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.250% | 12/7/09 (4) | 13,430 | 13,430 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.250% | 12/7/09 | 15,840 | 15,840 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.250% | 12/7/09 | 8,000 | 8,000 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.250% | 12/7/09 | 5,475 | 5,475 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.250% | 12/7/09 (4) | 20,015 | 20,015 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.300% | 12/7/09 | 1,775 | 1,775 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.300% | 12/7/09 | 4,995 | 4,995 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.300% | 12/7/09 | 5,140 | 5,140 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.300% | 12/7/09 | 4,450 | 4,450 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.300% | 12/7/09 | 29,290 | 29,290 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.300% | 12/7/09 | 4,000 | 4,000 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.300% | 12/7/09 | 6,000 | 6,000 |
| 1 New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. TOB VRDO | 0.300% | 12/7/09 | 10,830 | 10,830 |
| New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. VRDO | 0.170% | 12/1/09 | 400 | 400 |
| New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. VRDO | 0.210% | 12/1/09 | 15,400 | 15,400 |
| New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. VRDO | 0.210% | 12/1/09 | 24,020 | 24,020 |
| New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. VRDO | 0.220% | 12/1/09 | 15,450 | 15,450 |
| New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. VRDO | 0.200% | 12/7/09 | 11,300 | 11,300 |
| New York City NY Muni. Water Finance | ||||
| Auth. Water & Sewer System Rev. VRDO | 0.250% | 12/7/09 | 5,100 | 5,100 |
| 1 New York City NY Sales Tax Asset | ||||
| Receivable Corp. TOB VRDO | 0.300% | 12/7/09 | 19,610 | 19,610 |
| 1 New York City NY Sales Tax Asset | ||||
| Receivable Corp. TOB VRDO | 0.300% | 12/7/09 | 12,845 | 12,845 |
| 1 New York City NY TOB VRDO | 0.220% | 12/1/09 LOC | 13,105 | 13,105 |
| New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/15/10 (Prere.) | 2,820 | 2,877 |
| New York City NY Transitional Finance Auth. Rev. | 5.500% | 5/1/10 (Prere.) | 5,800 | 5,981 |
| New York City NY Transitional Finance Auth. Rev. | 5.500% | 5/1/10 (Prere.) | 5,000 | 5,155 |
| New York City NY Transitional Finance Auth. Rev. | 5.875% | 5/1/10 (Prere.) | 5,300 | 5,474 |
| New York City NY Transitional Finance Auth. Rev. | 5.875% | 5/1/10 (Prere.) | 9,305 | 9,608 |
| New York City NY Transitional Finance Auth. Rev. | 6.000% | 5/15/10 (Prere.) | 7,030 | 7,279 |
20
| 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 | 0.210% | 12/7/09 | 8,400 | 8,400 |
| 1 New York City NY Transitional Finance | ||||
| Auth. Rev. TOB VRDO | 0.300% | 12/7/09 | 5,295 | 5,295 |
| New York City NY Transitional Finance | ||||
| Auth. Rev. VRDO | 0.210% | 12/1/09 | 2,600 | 2,600 |
| New York City NY Transitional Finance | ||||
| Auth. Rev. VRDO | 0.220% | 12/1/09 | 24,360 | 24,360 |
| New York City NY Transitional Finance | ||||
| Auth. Rev. VRDO | 0.230% | 12/7/09 | 13,765 | 13,765 |
| New York City NY Transitional Finance | ||||
| Auth. Rev. VRDO | 0.240% | 12/7/09 | 55,525 | 55,525 |
| New York City NY Transitional Finance | ||||
| Auth. Rev. VRDO | 0.250% | 12/7/09 | 3,655 | 3,655 |
| New York City NY Transitional Finance | ||||
| Auth. Rev. VRDO | 0.250% | 12/7/09 | 53,865 | 53,865 |
| New York State Dormitory Auth. Rev. | ||||
| (Blythedale Childrens Hospital) VRDO | 0.220% | 12/7/09 LOC | 4,500 | 4,500 |
| New York State Dormitory Auth. Rev. | ||||
| (Catholic Health) VRDO | 0.230% | 12/7/09 LOC | 7,620 | 7,620 |
| New York State Dormitory Auth. Rev. | ||||
| (Catholic Health) VRDO | 0.230% | 12/7/09 LOC | 25,250 | 25,250 |
| 1 New York State Dormitory Auth. Rev. | ||||
| (City Univ.) TOB VRDO | 0.230% | 12/7/09 (4) | 11,210 | 11,210 |
| New York State Dormitory Auth. Rev. | ||||
| (Columbia Univ.) CP | 0.320% | 2/9/10 | 6,340 | 6,340 |
| New York State Dormitory Auth. Rev. | ||||
| (Columbia Univ.) CP | 0.320% | 2/9/10 | 12,800 | 12,800 |
| 1 New York State Dormitory Auth. Rev. | ||||
| (Columbia Univ.) TOB VRDO | 0.250% | 12/7/09 | 2,950 | 2,950 |
| New York State Dormitory Auth. Rev. | ||||
| (Cornell Univ.) VRDO | 0.210% | 12/1/09 | 4,600 | 4,600 |
| New York State Dormitory Auth. Rev. | ||||
| (Cornell Univ.) VRDO | 0.220% | 12/7/09 | 6,100 | 6,100 |
| 1 New York State Dormitory Auth. Rev. | ||||
| (Mental Health Services) TOB VRDO | 0.330% | 12/7/09 (4) | 15,785 | 15,785 |
| New York State Dormitory Auth. Rev. | ||||
| (Mental Health Services) VRDO | 0.220% | 12/7/09 LOC | 71,500 | 71,500 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 2.500% | 12/15/09 | 8,130 | 8,136 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 2.000% | 6/15/10 | 16,930 | 17,072 |
| 1 New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) TOB VRDO | 0.230% | 12/7/09 | 17,590 | 17,590 |
| 1 New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) TOB VRDO | 0.250% | 12/7/09 | 11,950 | 11,950 |
| New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/10 (Prere.) | 10,660 | 11,036 |
| New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/10 (Prere.) | 17,500 | 18,123 |
| New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/10 (Prere.) | 20,500 | 21,214 |
| 1 New York State Dormitory Auth. Rev. | ||||
| (Vassar College) TOB VRDO | 0.220% | 12/7/09 | 5,315 | 5,315 |
| New York State Dormitory Auth. Rev. | ||||
| (Wagner College) VRDO | 0.210% | 12/7/09 LOC | 4,935 | 4,935 |
| New York State Dormitory Auth. Rev. | ||||
| Non State Supported Debt | ||||
| (Catholic Health System) VRDO | 0.230% | 12/7/09 LOC | 2,470 | 2,470 |
21
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Auth. Rev. | ||||
| Non State Supported Debt (Cornell Univ.) VRDO | 0.210% | 12/1/09 | 17,710 | 17,710 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Fordham Univ.) VRDO | 0.260% | 12/7/09 LOC | 31,020 | 31,020 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Fordham Univ.) VRDO | 0.260% | 12/7/09 LOC | 9,915 | 9,915 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Highland Community Dev. Corp) | ||||
| VRDO | 0.230% | 12/7/09 LOC | 9,610 | 9,610 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (LeMoyne College) VRDO | 0.250% | 12/7/09 LOC | 4,800 | 4,800 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Rockefellar Univ.) VRDO | 0.200% | 12/7/09 | 15,815 | 15,815 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (St. John’s Univ.) VRDO | 0.200% | 12/7/09 LOC | 67,760 | 67,760 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Univ. of Rochester) VRDO | 0.230% | 12/7/09 LOC | 20,000 | 20,000 |
| New York State Dormitory Auth. Rev. Non-State | ||||
| Supported Debt (New York Law School) VRDO | 0.200% | 12/7/09 LOC | 4,500 | 4,500 |
| New York State Dormitory Auth. Rev. Non-State | ||||
| Supported Debt (Rockefeller Univ.) VRDO | 0.200% | 12/7/09 | 22,500 | 22,500 |
| New York State Dormitory Auth. Rev. State | ||||
| Supported Debt (City Univ.) VRDO | 0.220% | 12/7/09 LOC | 7,000 | 7,000 |
| New York State Dormitory Auth. Rev. State | ||||
| Supported Debt VRDO | 0.200% | 12/7/09 LOC | 9,000 | 9,000 |
| 1 New York State Dormitory Auth. Rev. TOB VRDO | 0.250% | 12/7/09 | 20,000 | 20,000 |
| 1 New York State Dormitory Auth. Rev. TOB VRDO | 0.250% | 12/7/09 (13) | 12,740 | 12,740 |
| 1 New York State Dormitory Auth. Rev. TOB VRDO | 0.250% | 12/7/09 | 7,500 | 7,500 |
| 1 New York State Dormitory Auth. Rev. TOB VRDO | 0.250% | 12/7/09 | 10,395 | 10,395 |
| 1 New York State Dormitory Auth. Rev. TOB VRDO | 0.270% | 12/7/09 | 6,175 | 6,175 |
| 1 New York State Dormitory Auth. Rev. TOB VRDO | 0.300% | 12/7/09 | 7,265 | 7,265 |
| 1 New York State Dormitory Auth. Rev. TOB VRDO | 0.300% | 12/7/09 | 5,000 | 5,000 |
| 1 New York State Dormitory Auth. Rev. TOB VRDO | 0.300% | 12/7/09 | 8,770 | 8,770 |
| 1 New York State Dormitory Auth. Rev. TOB VRDO | 0.300% | 12/7/09 | 7,565 | 7,565 |
| New York State Dormitory Auth. Rev. VRDO | 0.220% | 12/7/09 LOC | 4,800 | 4,800 |
| New York State Dormitory Auth. Rev. VRDO | 0.220% | 12/7/09 LOC | 7,320 | 7,320 |
| New York State Energy Research & Dev. Auth. | ||||
| (Con Edison) VRDO | 0.200% | 12/7/09 LOC | 15,000 | 15,000 |
| New York State Energy Research & Dev. Auth. | ||||
| (Con Edison) VRDO | 0.220% | 12/7/09 LOC | 15,000 | 15,000 |
| New York State Energy Research & Dev. Auth. | ||||
| (Con Edison) VRDO | 0.230% | 12/7/09 LOC | 18,600 | 18,600 |
| New York State Energy Research & Dev. Auth. | ||||
| (Con Edison) VRDO | 0.300% | 12/7/09 LOC | 12,100 | 12,100 |
| New York State Energy Research & Dev. Auth. | ||||
| Electric Facility Rev. (Long Island | ||||
| Lighting Company) VRDO | 0.300% | 12/7/09 LOC | 14,980 | 14,980 |
| 1 New York State Environmental Fac. Corp. | ||||
| PCR TOB VRDO | 0.220% | 12/7/09 (4) | 21,450 | 21,450 |
| 1 New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | ||||
| TOB VRDO | 0.300% | 12/7/09 | 3,645 | 3,645 |
| 1 New York State Environmental Fac. Corp. Rev. | ||||
| (Personal Income Tax) TOB VRDO | 0.300% | 12/7/09 | 3,185 | 3,185 |
| New York State Environmental Fac. Corp. Solid | ||||
| Waste Disposal Rev. (General Electric Co.) VRDO | 0.180% | 12/1/09 | 16,100 | 16,100 |
22
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Environmental Fac. Corp. Solid | ||||
| Waste Disposal Rev. (General Electric Co.) VRDO | 0.200% | 12/1/09 | 29,000 | 29,000 |
| New York State Environmental Fac. Corp. | ||||
| Solid Waste Disposal Rev. (General Electric Co.) | ||||
| VRDO | 0.200% | 12/1/09 | 25,900 | 25,900 |
| New York State Housing Finance Agency Rev. | ||||
| (80 DeKalb Ave. Housing) VRDO | 0.230% | 12/7/09 LOC | 15,270 | 15,270 |
| New York State Housing Finance Agency Rev. | ||||
| (Brook Avenue Apartments) VRDO | 0.320% | 12/7/09 LOC | 14,300 | 14,300 |
| New York State Housing Finance Agency Rev. | ||||
| (Chelsea Apartments) VRDO | 0.280% | 12/7/09 LOC | 66,170 | 66,170 |
| New York State Housing Finance Agency Rev. | ||||
| (Clinton Green North) VRDO | 0.230% | 12/7/09 LOC | 40,000 | 40,000 |
| New York State Housing Finance Agency Rev. | ||||
| (Clinton Green South) VRDO | 0.230% | 12/7/09 LOC | 32,000 | 32,000 |
| New York State Housing Finance Agency Rev. | ||||
| (Saville Housing) VRDO | 0.300% | 12/7/09 LOC | 45,000 | 45,000 |
| New York State Housing Finance Agency Rev. | ||||
| (West 23rd Street) VRDO | 0.260% | 12/7/09 LOC | 37,900 | 37,900 |
| New York State Housing Finance Agency Rev. | ||||
| (West 37th Street Housing) VRDO | 0.220% | 12/7/09 LOC | 4,200 | 4,200 |
| New York State Housing Finance Agency Rev. | ||||
| (West 38th Street) VRDO | 0.230% | 12/7/09 LOC | 15,000 | 15,000 |
| New York State Housing Finance Agency Rev. VRDO | 0.230% | 12/7/09 LOC | 25,000 | 25,000 |
| New York State Housing Finance Agency Rev. VRDO | 0.230% | 12/7/09 LOC | 20,000 | 20,000 |
| New York State Housing Finance Agency Rev. VRDO | 0.250% | 12/7/09 LOC | 36,200 | 36,200 |
| New York State Housing Finance Agency Rev. VRDO | 0.260% | 12/7/09 LOC | 27,000 | 27,000 |
| New York State Housing Finance Agency | ||||
| Service Contract Rev. VRDO | 0.230% | 12/7/09 LOC | 33,300 | 33,300 |
| New York State Housing Finance Agency | ||||
| Service Contract Rev. VRDO | 0.260% | 12/7/09 LOC | 9,000 | 9,000 |
| New York State Local Govt. Assistance Corp. | 5.000% | 4/1/10 | 27,070 | 27,471 |
| 1 New York State Mortgage Agency Rev. | ||||
| (Homeowner Mortgage) TOB VRDO | 0.300% | 12/7/09 | 11,320 | 11,320 |
| 1 New York State Mortgage Agency Rev. TOB VRDO | 0.300% | 12/7/09 | 8,975 | 8,975 |
| 1 New York State Mortgage Agency Rev. TOB VRDO | 0.300% | 12/7/09 | 6,700 | 6,700 |
| 1 New York State Mortgage Agency Rev. TOB VRDO | 0.300% | 12/7/09 | 11,305 | 11,305 |
| 1 New York State Mortgage Agency Rev. TOB VRDO | 0.300% | 12/7/09 | 12,090 | 12,090 |
| New York State Mortgage Agency Rev. VRDO | 0.230% | 12/7/09 | 5,700 | 5,700 |
| New York State Power Auth. Rev. CP | 0.500% | 2/1/10 | 16,000 | 16,000 |
| New York State Power Auth. Rev. PUT | 0.400% | 3/1/10 | 26,670 | 26,670 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/10 | 6,000 | 6,091 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.250% | 4/1/10 (ETM) | 5,125 | 5,207 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 6.000% | 4/1/10 (Prere.) | 3,000 | 3,084 |
| New York State Thruway Auth. Rev. | ||||
| (Personal Income Tax) | 2.500% | 3/15/10 | 10,640 | 10,705 |
| New York State Thruway Auth. Rev. | ||||
| (Service Contract) | 5.750% | 4/1/10 (Prere.) | 3,000 | 3,082 |
| New York State Urban Dev. Corp. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/10 | 7,280 | 7,375 |
| New York State Urban Dev. Corp. Rev. VRDO | 0.200% | 12/7/09 LOC | 32,000 | 32,000 |
| New York State Urban Dev. Corp. Rev. VRDO | 0.200% | 12/7/09 LOC | 11,800 | 11,800 |
| New York State Urban Dev. Corp. Rev. VRDO | 0.260% | 12/7/09 (12) | 8,000 | 8,000 |
23
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Urban Dev. Corp. Rev. VRDO | 0.260% | 12/7/09 (12) | 34,700 | 34,700 |
| North Hempstead NY BAN | 1.500% | 6/11/10 | 13,519 | 13,598 |
| Northport NY Union Free School TAN | 2.000% | 6/25/10 | 36,000 | 36,318 |
| Onondaga County NY IDA Civic Fac. Rev. | ||||
| (Syracuse Univ. Project) VRDO | 0.230% | 12/7/09 LOC | 5,685 | 5,685 |
| Orange County NY BAN | 1.750% | 7/9/10 | 8,665 | 8,734 |
| Oyster Bay NY BAN | 1.750% | 9/17/10 | 50,000 | 50,522 |
| Oyster Bay NY GO | 2.500% | 2/15/10 | 4,385 | 4,403 |
| 1 Port Auth. of New York & | ||||
| New Jersey Rev. TOB VRDO | 0.250% | 12/7/09 | 2,500 | 2,500 |
| Riverhead NY IDA Rev. | ||||
| (Central Suffolk Hosp.) VRDO | 0.230% | 12/7/09 LOC | 6,900 | 6,900 |
| Riverhead NY IDA Rev. | ||||
| (Central Suffolk Hosp.) VRDO | 0.230% | 12/7/09 LOC | 5,000 | 5,000 |
| South Huntington NY UFSD TAN | 2.000% | 6/30/10 | 20,000 | 20,180 |
| Southampton NY UFSD BAN | 1.750% | 6/23/10 | 9,000 | 9,066 |
| Southampton NY UFSD TAN | 1.750% | 6/23/10 | 11,000 | 11,082 |
| Suffolk County NY IDA Continuing Care Civic Fac. | ||||
| Rev. (St. Anthonys High School) VRDO | 0.210% | 12/7/09 LOC | 10,500 | 10,500 |
| Suffolk County NY Water Auth. Rev. VRDO | 0.200% | 12/7/09 | 65,300 | 65,300 |
| Suffolk County NY Water Auth. Rev. VRDO | 0.200% | 12/7/09 | 36,700 | 36,700 |
| Syracuse NY IDA Civic Fac. Rev. | ||||
| (Syracuse Univ. Project) VRDO | 0.230% | 12/7/09 LOC | 5,400 | 5,400 |
| Syracuse NY IDA Civic Fac. Rev. | ||||
| (Syracuse Univ. Project) VRDO | 0.230% | 12/7/09 LOC | 5,750 | 5,750 |
| Syracuse NY IDA Civic Facility Rev. | ||||
| (Syracuse Univ. Project) VRDO | 0.200% | 12/1/09 LOC | 8,800 | 8,800 |
| Tompkins County NY BAN | 1.750% | 2/9/10 | 6,500 | 6,513 |
| Tompkins County NY IDA Civic Fac. | ||||
| (Ithaca College) VRDO | 0.250% | 12/7/09 LOC | 28,955 | 28,955 |
| Triborough Bridge & Tunnel Auth. | ||||
| New York Rev. PUT | 2.000% | 1/20/10 | 20,000 | 20,037 |
| 1 Triborough Bridge & Tunnel Auth. | ||||
| New York Rev. TOB VRDO | 0.230% | 12/7/09 | 24,610 | 24,610 |
| 1 Triborough Bridge & Tunnel Auth. | ||||
| New York Rev. TOB VRDO | 0.230% | 12/7/09 | 10,045 | 10,045 |
| 1 Triborough Bridge & Tunnel Auth. | ||||
| New York Rev. TOB VRDO | 0.300% | 12/7/09 | 3,960 | 3,960 |
| Triborough Bridge & Tunnel Auth. | ||||
| New York Rev. VRDO | 0.210% | 12/7/09 LOC | 38,800 | 38,800 |
| Triborough Bridge & Tunnel Auth. | ||||
| New York Rev. VRDO | 0.220% | 12/7/09 | 72,175 | 72,175 |
| Triborough Bridge & Tunnel Auth. | ||||
| New York Rev. VRDO | 0.230% | 12/7/09 (4) | 6,150 | 6,150 |
| Troy County NY IDA Civic Fac. Rev. | ||||
| (Rensselaer Polytechnic Institute Project) VRDO | 0.230% | 12/7/09 LOC | 6,500 | 6,500 |
| Troy County NY IDA Civic Fac. Rev. | ||||
| (Rensselaer Polytechnic Institute) VRDO | 0.240% | 12/7/09 LOC | 10,000 | 10,000 |
| Troy County NY IDA Civic Fac. Rev. | ||||
| (Rensselaer Polytechnic Institute) VRDO | 0.240% | 12/7/09 LOC | 13,250 | 13,250 |
| Westchester County NY GO | 1.000% | 1/28/10 | 8,110 | 8,118 |
| 3,899,687 | ||||
| Puerto Rico (0.3%) | ||||
| 1 Puerto Rico Sales Tax Financing Corp. Rev. | ||||
| TOB VRDO | 0.240% | 12/7/09 LOC | 8,975 | 8,975 |
24
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 Puerto Rico Sales Tax Financing Corp. Rev. | ||||
| TOB VRDO | 0.300% | 12/7/09 | 3,900 | 3,900 |
| 12,875 | ||||
| Total Tax-Exempt Municipal Bonds (Cost $3,912,562) | 3,912,562 | |||
| Other Assets and Liabilities (0.1%) | ||||
| Other Assets | 20,303 | |||
| Liabilities | (16,151) | |||
| 4,152 | ||||
| Net Assets (100%) | ||||
| Applicable to 3,916,547,905 outstanding $.001 par value | ||||
| shares of beneficial interest (unlimited authorization) | 3,916,714 | |||
| Net Asset Value Per Share | $1.00 | |||
| At November 30, 2009, net assets consisted of: | ||||
| Amount | ||||
| ($000) | ||||
| Paid-in Capital | 3,916,714 | |||
| Undistributed Net Investment Income | — | |||
| Accumulated Net Realized Gains | — | |||
| Net Assets | 3,916,714 | |||
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2009, the aggregate value of these securities was 659,385,000, representing 16.8% of net assets.
See accompanying Notes, which are an integral part of the Financial Statements.
A key to abbreviations and other references follows the Statement of Net Assets.
25
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 Investors Assurance).
(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).
(12) Assured Guaranty Corp.
(13) Berkshire Hathaway Assurance Corp.
(14) National Public Finance Guarantee Corp.
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.
26
| New York Tax-Exempt Money Market Fund | |
| Statement of Operations | |
| Year Ended | |
| November 30, 2009 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 23,852 |
| Total Income | 23,852 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 639 |
| Management and Administrative | 3,575 |
| Marketing and Distribution | 1,482 |
| Money Market Guarantee Program | 1,617 |
| Custodian Fees | 39 |
| Auditing Fees | 19 |
| Shareholders’ Reports and Proxies | 49 |
| Trustees’ Fees and Expenses | 7 |
| Total Expenses | 7,427 |
| Net Investment Income | 16,425 |
| Realized Net Gain (Loss) on Investment Securities Sold | 195 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 16,620 |
See accompanying Notes, which are an integral part of the Financial Statements.
27
| New York Tax-Exempt Money Market Fund | ||
| Statement of Changes in Net Assets | ||
| Year Ended November 30, | ||
| 2009 | 2008 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 16,425 | 119,882 |
| Realized Net Gain (Loss) | 195 | (141) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 16,620 | 119,741 |
| Distributions | ||
| Net Investment Income | (16,425) | (119,882) |
| Realized Capital Gain | — | — |
| Total Distributions | (16,425) | (119,882) |
| Capital Share Transactions (at $1.00) | ||
| Issued | 2,350,479 | 4,670,820 |
| Issued in Lieu of Cash Distributions | 15,817 | 115,218 |
| Redeemed | (3,260,687) | (5,425,877) |
| Net Increase (Decrease) from Capital Share Transactions | (894,391) | (639,839) |
| Total Increase (Decrease) | (894,196) | (639,980) |
| Net Assets | ||
| Beginning of Period | 4,810,910 | 5,450,890 |
| End of Period | 3,916,714 | 4,810,910 |
See accompanying Notes, which are an integral part of the Financial Statements.
28
| New York Tax-Exempt Money Market Fund | |||||
| Financial Highlights | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | |||||
| Net Investment Income | .004 | .023 | .035 | .032 | .022 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | — | — | — | — | — |
| Total from Investment Operations | .004 | .023 | .035 | .032 | .022 |
| Distributions | |||||
| Dividends from Net Investment Income | (.004) | (.023) | (.035) | (.032) | (.022) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.004) | (.023) | (.035) | (.032) | (.022) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return1 | 0.36% | 2.32% | 3.60% | 3.28% | 2.18% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $3,917 | $4,811 | $5,451 | $4,379 | $3,238 |
| Ratio of Total Expenses to | |||||
| Average Net Assets | 0.17%2 | 0.11%2 | 0.10% | 0.13% | 0.13% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 0.37% | 2.29% | 3.54% | 3.25% | 2.19% |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Includes fees to participate in the Treasury Temporary Guarantee Program for Money Market Funds of 0.04% for 2009 and 0.01% for 2008.
See Note D in Notes to Financial Statements.
See accompanying Notes, which are an integral part of the Financial Statements.
29
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 municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.
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: 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. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s 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 net assets in capital contributions to Vanguard. At November 30, 2009, the fund had contributed capital of $839,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.34% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At November 30, 2009, 100% of the fund’s investments were valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
30
New York Tax-Exempt Money Market Fund
D. On October 7, 2008, the board of trustees approved the fund’s participation in a temporary program introduced by the U.S. Treasury to guarantee the account values of shareholders in a money market fund in the event the fund’s net asset value fell below $0.995 and the fund’s trustees decided to liquidate the fund. The program covered the lesser of a shareholder’s account value on September 19, 2008, or on the date of liquidation. To participate, the fund was required to pay a fee of 0.01% of its net assets as of September 19, 2008, for coverage through December 18, 2008. In December 2008, the U.S. Treasury extended the program through April 30, 2009, and the fund’s trustees approved the fund’s continuing participation in the program at a cost of an additional 0.015% of its net assets as of Septembe r 19, 2008. In March 2009, the U.S. Treasury extended the program through September 18, 2009, and the fund’s trustees approved the fund’s continuing participation in the program at a cost of an additional 0.015% of its net assets as of September 19, 2008.
E. In preparing the financial statements as of November 30, 2009, management considered the impact of subsequent events occurring through January 11, 2010, for potential recognition or disclosure in these financial statements.
31
New York Long-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2009
| Financial Attributes | |||
| Comparative | Broad | ||
| Fund | Index1 | Index2 | |
| Number of Issues | 399 | 8,323 | 46,048 |
| Yield3 | 3.6% | 3.6% | |
| Investor Shares | 3.3% | ||
| Admiral Shares | 3.4% | ||
| Yield to Maturity | 3.4%4 | 3.6% | 3.6% |
| Average Coupon | 4.8% | 5.0% | 5.0% |
| Average Effective | |||
| Maturity | 7.9 years | 9.9 years | 13.5 years |
| Average Quality | AA– | AA | AA |
| Average Duration | 7.0 years | 7.2 years | 8.4 years |
| Expense Ratio5 | — | — | |
| Investor Shares | 0.20% | ||
| Admiral Shares | 0.12% | ||
| Short-Term Reserves | 4.5% | — | — |
| Distribution by Maturity (% of portfolio) | |
| Under 1 Year | 10.7% |
| 1–5 Years | 27.7 |
| 5–10 Years | 46.1 |
| 10–20 Years | 6.2 |
| 20–30 Years | 6.9 |
| Over 30 Years | 2.4 |
| Volatility Measures6 | ||
| Fund Versus | Fund Versus | |
| Comparative Index1 | Broad Index2 | |
| R-Squared | 0.88 | 0.99 |
| Beta | 1.00 | 1.06 |
| Distribution by Credit Quality (% of portfolio) | |
| AAA | 28.2% |
| AA | 45.3 |
| A | 22.0 |
| BBB | 3.8 |
| BB | 0.0 |
| B | 0.0 |
| Other | 0.7 |
Investment Focus
1 Barclays Capital 10 Year Municipal Bond Index.
2 Barclays Capital Municipal Bond Index.
3 30-day SEC yield for the fund; index yield assumes that all bonds are called or prepaid at the earliest possible dates. See the Glossary.
4 Before expenses.
5 The expense ratios shown are from the prospectus dated March 27, 2009, and represent estimated costs for the current fiscal year based on the fund’s net assets as of the prospectus date. For the fiscal year ended November 30, 2009, the expense ratios were .20% for Investor Shares and 0.12% for Admiral Shares.
6 For an explanation of R-squared, beta, and other terms used here, see the Glossary.
32
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.
Cumulative Performance: November 30, 1999–November 30, 2009
Initial Investment of $10,000
| Average Annual Total Returns | Final Value | |||
| Periods Ended November 30, 2009 | of a $10,000 | |||
| One Year | Five Years | Ten Years | Investment | |
| New York Long-Term Tax-Exempt Fund | ||||
| Investor Shares1 | 13.26% | 3.81% | 5.43% | $16,969 |
| Barclays Capital Municipal Bond Index | 14.17 | 4.50 | 5.64 | 17,302 |
| Barclays Capital 10 Year Municipal Bond Index | 12.67 | 4.90 | 5.79 | 17,549 |
| New York Municipal Debt Funds Average2 | 16.23 | 3.31 | 4.57 | 15,630 |
| Final Value | ||||
| Since | of a $100,000 | |||
| One Year | Five Years | Inception3 | Investment | |
| New York Long-Term Tax-Exempt Fund | ||||
| Admiral Shares | 13.35% | 3.89% | 4.80% | $149,341 |
| Barclays Capital Municipal Bond Index | 14.17 | 4.50 | 5.13 | 153,345 |
| Barclays Capital 10 Year Municipal Bond Index | 12.67 | 4.90 | 5.38 | 156,493 |
1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
2 Derived from data provided by Lipper Inc.; based on the New York Insured Municipal Debt Funds Average through March 31, 2002, and the New York Municipal Debt Funds Average thereafter.
3 Performance for the fund’s Admiral Shares and comparative standards is calculated since the Admiral Shares’ inception: May 14, 2001.
See Financial Highlights for dividend and capital gains information.
33
| New York Long-Term Tax-Exempt Fund | ||||
| Fiscal-Year Total Returns (%): November 30, 1999–November 30, 2009 | ||||
| Investor Shares | Barclays1 | |||
| Fiscal | Capital | Income | Total | Total |
| Year | Return | Return | Return | Return |
| 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 |
| 2007 | –2.8 | 4.4 | 1.6 | 3.5 |
| 2008 | –8.7 | 4.1 | –4.6 | –0.4 |
| 2009 | 8.7 | 4.6 | 13.3 | 12.7 |
Average Annual Total Returns: Periods Ended September 30, 2009
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 Shares2 | 4/7/1986 | 14.32% | 4.09% | 1.02% | 4.59% | 5.61% |
| Admiral Shares | 5/14/2001 | 14.41 | 4.17 | 0.633 | 4.493 | 5.123 |
1 Barclays Capital 10 Year Municipal Bond Index.
2 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000.
3 Return since inception.
34
New York Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2009
The fund reports a complete list of its holdings in regulatory filings 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) | |
| Tax-Exempt Municipal Bonds (99.8%) | ||||
| New York (96.9%) | ||||
| Albany County NY GO | 5.000% | 10/1/12 (14) | 2,420 | 2,545 |
| Albany NY IDA Fac. Rev. | ||||
| (St. Peter’s Hospital Project) | 5.250% | 11/15/27 | 5,000 | 4,943 |
| Albany NY IDA Fac. Rev. (Univ. of Albany) | 5.375% | 5/1/29 (12) | 3,415 | 3,605 |
| Albany NY IDA Fac. Rev. (Univ. of Albany) | 5.375% | 5/1/29 (12) | 3,455 | 3,647 |
| Albany NY IDA Fac. Rev. (Univ. of Albany) | 5.375% | 5/1/29 (12) | 4,395 | 4,639 |
| Albany NY IDA Fac. Rev. (Univ. of Albany) | 5.500% | 5/1/32 (12) | 2,550 | 2,674 |
| Albany NY IDA Fac. Rev. (Univ. of Albany) | 5.500% | 5/1/32 (12) | 1,500 | 1,573 |
| Broome County NY Public Safety Fac. Project COP | 5.250% | 4/1/15 (14)(ETM) | 2,665 | 2,674 |
| Broome County NY Public Safety Fac. Project COP | 5.250% | 4/1/15 (14) | 335 | 336 |
| Buffalo NY GO | 5.125% | 2/1/12 (2) | 1,870 | 1,892 |
| Buffalo NY GO | 5.125% | 2/1/13 (2) | 2,945 | 2,979 |
| Erie County NY Asset | ||||
| Securitization Corp. Tobacco Settlement Rev. | 5.000% | 6/1/45 | 1,000 | 770 |
| Erie County NY IDA School Fac. Rev. | ||||
| (Buffalo City School Dist.) GO | 5.000% | 5/1/18 | 6,355 | 7,029 |
| Erie County NY IDA School Fac. Rev. | ||||
| (Buffalo City School Dist.) GO | 5.000% | 5/1/19 | 4,500 | 4,944 |
| Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/20 (4) | 3,510 | 3,791 |
| Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/21 (4) | 5,000 | 5,352 |
| Erie County NY IDA School Fac. Rev. GO | 5.750% | 5/1/22 (4) | 4,500 | 4,796 |
| Hempstead NY GO | 3.000% | 8/15/10 | 3,435 | 3,503 |
| Hempstead NY GO | 4.000% | 8/15/11 | 3,000 | 3,178 |
| Hempstead NY GO | 2.500% | 2/1/12 | 1,015 | 1,054 |
| Hempstead NY GO | 4.000% | 8/15/13 | 1,000 | 1,104 |
| Hempstead NY IDA Civic Fac. Rev. (Hofstra Univ.) | 5.250% | 7/1/17 | 2,360 | 2,566 |
| Hempstead NY IDA Civic Fac. Rev. (Hofstra Univ.) | 5.250% | 7/1/19 | 3,200 | 3,407 |
| Hudson Yards Infrastructure Corp. New York Rev. | 4.500% | 2/15/47 (14) | 10,000 | 8,253 |
| Hudson Yards Infrastructure Corp. New York Rev. | 5.000% | 2/15/47 | 24,600 | 22,389 |
| Hudson Yards Infrastructure Corp. New York Rev. | 5.000% | 2/15/47 (3) | 25,000 | 22,753 |
| Liberty NY Dev. Corp. Rev. | ||||
| (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 23,800 | 23,382 |
| Long Island NY Power Auth. Electric System Rev. | 5.000% | 5/1/11 (14) | 8,100 | 8,556 |
| Long Island NY Power Auth. Electric System Rev. | 5.250% | 6/1/13 | 15,690 | 17,617 |
| Long Island NY Power Auth. Electric System Rev. | 5.000% | 12/1/18 (14) | 25,000 | 27,203 |
| Long Island NY Power Auth. Electric System Rev. | 5.250% | 4/1/19 | 15,000 | 16,887 |
| Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/24 (4) | 19,830 | 10,877 |
| Long Island NY Power Auth. Electric System Rev. | 0.000% | 6/1/27 (4) | 15,905 | 7,374 |
| Long Island NY Power Auth. Electric System Rev. | 5.125% | 9/1/29 | 10,000 | 10,067 |
35
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Metro. New York Transp. Auth. Rev. | 5.250% | 11/15/20 (14) | 5,650 | 6,369 |
| Metro. New York Transp. Auth. Rev. | 5.000% | 11/15/23 | 5,000 | 5,289 |
| Metro. New York Transp. Auth. Rev. | 6.250% | 11/15/23 | 5,000 | 5,753 |
| Metro. New York Transp. Auth. Rev. | 6.500% | 11/15/28 | 5,000 | 5,711 |
| Metro. New York Transp. Auth. Rev. | 5.125% | 11/15/31 | 4,450 | 4,493 |
| Metro. New York Transp. Auth. Rev. | 5.000% | 11/15/33 | 7,000 | 7,050 |
| Metro. New York Transp. Auth. Rev. | 5.000% | 11/15/37 | 14,250 | 14,101 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Petroleum Tax) | 5.500% | 11/15/13 (4) | 6,000 | 6,670 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Petroleum Tax) | 5.250% | 11/15/28 | 5,000 | 5,360 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Petroleum Tax) | 5.250% | 11/15/29 | 4,000 | 4,262 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Petroleum Tax) | 5.250% | 11/15/30 | 4,000 | 4,232 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Dedicated Tax Fund) VRDO | 0.230% | 12/7/09 LOC | 4,400 | 4,400 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Service Contract) | 5.125% | 1/1/29 | 23,000 | 23,386 |
| Metro. New York Transp. Auth. Rev. | ||||
| (Service Contract) | 5.000% | 7/1/30 (2) | 1,760 | 1,780 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/16 (14) | 4,000 | 4,388 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/17 (2) | 35,000 | 38,030 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/17 (14) | 5,000 | 5,470 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/19 (14) | 5,500 | 5,940 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.500% | 11/15/20 (14) | 7,000 | 7,581 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.000% | 11/15/22 | 5,000 | 5,312 |
| Metro. New York Transp. Auth. Rev. (Transit Rev.) | 5.250% | 11/15/22 (14) | 8,310 | 8,664 |
| Metro. New York Transp. Auth. | ||||
| Rev. (Transit Rev.) PUT | 5.000% | 11/15/14 | 40,550 | 44,564 |
| Monroe County NY GO | 5.000% | 3/1/12 (12) | 3,340 | 3,594 |
| Monroe County NY GO | 5.000% | 3/1/13 (12) | 3,195 | 3,513 |
| Monroe Tobacco Securitization Corp. | ||||
| New York Tobacco Settlement Rev. | 6.375% | 6/1/10 (Prere.) | 15,000 | 15,611 |
| Nassau County NY GO | 5.000% | 1/15/16 (4) | 875 | 1,009 |
| Nassau County NY Sewer & Storm | ||||
| Water Finance Auth. Rev. | 5.000% | 11/1/12 | 4,980 | 5,495 |
| Nassau County NY Sewer & Storm | ||||
| Water Finance Auth. Rev. | 5.000% | 11/1/13 | 1,000 | 1,125 |
| Nassau County NY Tobacco Settlement Corp. | 5.250% | 6/1/26 | 1,500 | 1,382 |
| Nassau County NY Tobacco Settlement Corp. | 5.000% | 6/1/35 | 4,000 | 3,220 |
| Nassau County NY Tobacco Settlement Corp. | 5.125% | 6/1/46 | 8,105 | 6,363 |
| New York City NY Cultural Resources Rev. | ||||
| (American Museum of Natural History) | 5.000% | 7/1/44 (14) | 5,000 | 5,034 |
| New York City NY Cultural Resources Rev. | ||||
| (Julliard School) | 5.000% | 1/1/34 | 4,000 | 4,172 |
| New York City NY Cultural Resources Rev. | ||||
| (Julliard School) | 5.000% | 1/1/39 | 4,000 | 4,145 |
| New York City NY Cultural Resources Rev. | ||||
| (Museum of Modern Art) | 5.000% | 4/1/31 | 5,000 | 5,240 |
| New York City NY Cultural Resources Rev. | ||||
| (Trust for Cultural Resources) PUT | 2.750% | 7/1/12 | 4,000 | 4,116 |
| New York City NY GO | 5.250% | 3/15/11 (2)(Prere.) | 390 | 418 |
| New York City NY GO | 5.000% | 8/1/13 | 2,370 | 2,654 |
| New York City NY GO | 5.125% | 8/1/13 (4) | 19,025 | 19,764 |
| New York City NY GO | 5.750% | 8/1/13 | 7,500 | 8,269 |
36
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY GO | 5.000% | 8/15/13 | 1,000 | 1,121 |
| New York City NY GO | 5.000% | 1/1/14 | 3,360 | 3,785 |
| New York City NY GO | 5.000% | 2/1/14 | 3,500 | 3,947 |
| New York City NY GO | 5.000% | 8/1/14 | 2,500 | 2,837 |
| New York City NY GO | 5.000% | 8/1/14 | 2,800 | 3,177 |
| New York City NY GO | 5.000% | 8/1/14 | 2,330 | 2,644 |
| New York City NY GO | 5.000% | 8/1/14 | 6,500 | 7,375 |
| New York City NY GO | 5.000% | 8/1/14 | 2,505 | 2,842 |
| New York City NY GO | 5.200% | 8/1/14 (4) | 5,000 | 5,196 |
| New York City NY GO | 5.250% | 8/1/14 | 1,390 | 1,593 |
| New York City NY GO | 5.250% | 9/1/14 | 4,060 | 4,656 |
| New York City NY GO | 5.000% | 4/1/15 (4) | 4,760 | 5,422 |
| New York City NY GO | 5.250% | 3/15/16 (2) | 4,610 | 4,855 |
| New York City NY GO | 5.000% | 8/1/16 | 16,925 | 19,069 |
| New York City NY GO | 5.000% | 8/1/16 | 5,000 | 5,633 |
| New York City NY GO | 5.000% | 2/1/17 | 8,835 | 9,908 |
| New York City NY GO | 5.000% | 8/1/17 | 7,500 | 8,443 |
| New York City NY GO | 5.000% | 9/1/17 | 3,955 | 4,337 |
| New York City NY GO | 5.000% | 8/1/18 | 7,500 | 8,407 |
| New York City NY GO | 5.000% | 8/1/20 | 7,500 | 8,242 |
| New York City NY GO | 5.500% | 8/1/20 | 2,500 | 2,648 |
| New York City NY GO | 5.000% | 8/1/21 | 1,000 | 1,059 |
| New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,175 |
| New York City NY GO | 5.250% | 9/1/21 | 8,000 | 8,796 |
| New York City NY GO | 5.000% | 8/1/22 | 10,000 | 10,598 |
| New York City NY GO | 5.000% | 8/1/22 | 4,250 | 4,598 |
| New York City NY GO | 5.250% | 8/15/22 | 10,000 | 10,942 |
| New York City NY GO | 5.250% | 9/1/22 | 17,000 | 18,608 |
| New York City NY GO | 5.000% | 8/1/23 | 1,035 | 1,115 |
| New York City NY GO | 5.000% | 8/1/24 | 10,000 | 10,593 |
| New York City NY GO | 5.250% | 8/15/24 | 15,000 | 16,275 |
| New York City NY GO | 5.000% | 1/1/25 | 10,000 | 10,517 |
| New York City NY GO | 5.000% | 8/1/25 | 8,000 | 8,340 |
| New York City NY GO | 5.000% | 4/1/26 | 15,800 | 16,646 |
| New York City NY GO | 5.000% | 8/15/26 | 14,500 | 15,305 |
| New York City NY GO | 5.000% | 5/15/28 | 4,500 | 4,728 |
| New York City NY GO | 6.250% | 10/15/28 | 1,035 | 1,203 |
| New York City NY GO | 5.625% | 4/1/29 | 3,000 | 3,279 |
| New York City NY GO | 5.450% | 4/1/31 | 8,500 | 9,095 |
| New York City NY GO | 5.000% | 5/15/31 | 9,000 | 9,280 |
| New York City NY GO | 5.375% | 4/1/36 | 4,000 | 4,214 |
| New York City NY GO | 5.000% | 5/15/36 | 4,250 | 4,333 |
| New York City NY GO VRDO | 0.200% | 12/1/09 LOC | 8,000 | 8,000 |
| New York City NY GO VRDO | 0.200% | 12/1/09 LOC | 10,690 | 10,690 |
| New York City NY GO VRDO | 0.210% | 12/1/09 LOC | 4,760 | 4,760 |
| New York City NY GO VRDO | 0.210% | 12/1/09 LOC | 3,200 | 3,200 |
| New York City NY GO VRDO | 0.240% | 12/1/09 LOC | 1,100 | 1,100 |
| New York City NY GO VRDO | 0.240% | 12/1/09 (4) | 6,600 | 6,600 |
| New York City NY Health & Hosp. Corp. Rev. | 5.000% | 2/15/12 | 6,665 | 7,089 |
| New York City NY Housing Dev. Corp. | ||||
| Multi-Family Rev. | 5.550% | 11/1/39 | 3,500 | 3,574 |
| New York City NY Housing Dev. Corp. | ||||
| Multi-Family Rev. | 5.700% | 11/1/46 | 7,155 | 7,334 |
| New York City NY IDA (Civil Liberties Union) VRDO | 0.210% | 12/1/09 LOC | 4,090 | 4,090 |
| New York City NY IDA (Queens Baseball Stadium) | 6.125% | 1/1/29 (12) | 1,750 | 1,958 |
| New York City NY IDA (Queens Baseball Stadium) | 5.000% | 1/1/31 (2) | 20,640 | 19,434 |
37
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY IDA (Queens Baseball Stadium) | 5.000% | 1/1/39 (2) | 2,875 | 2,598 |
| New York City NY IDA (Queens Baseball Stadium) | 6.375% | 1/1/39 (12) | 4,000 | 4,410 |
| New York City NY IDA (Yankee Stadium) | 0.000% | 3/1/34 (12) | 10,285 | 2,446 |
| New York City NY IDA (Yankee Stadium) | 0.000% | 3/1/35 (12) | 4,305 | 963 |
| New York City NY IDA (Yankee Stadium) | 5.000% | 3/1/36 (14) | 14,800 | 13,604 |
| New York City NY IDA (Yankee Stadium) | 7.000% | 3/1/49 (12) | 8,000 | 9,167 |
| New York City NY IDA Special Fac. Rev. | 5.000% | 5/1/29 | 2,020 | 2,092 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 4.000% | 6/15/14 | 1,015 | 1,116 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 0.000% | 6/15/17 | 10,000 | 7,893 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.375% | 6/15/17 | 24,515 | 26,712 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 0.000% | 6/15/18 | 4,250 | 3,180 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 0.000% | 6/15/21 | 4,490 | 2,860 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.000% | 6/15/27 | 5,000 | 5,369 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.000% | 6/15/29 | 9,500 | 9,892 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.000% | 6/15/31 | 11,000 | 11,321 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 4.500% | 6/15/32 | 14,500 | 14,178 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.250% | 6/15/32 | 15,000 | 15,912 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 4.750% | 6/15/33 | 15,000 | 14,979 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.125% | 6/15/33 (14) | 6,995 | 7,087 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 4.750% | 6/15/35 | 10,000 | 9,840 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.000% | 6/15/35 | 1,000 | 1,013 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.000% | 6/15/35 | 4,480 | 4,528 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.000% | 6/15/36 | 20,055 | 20,331 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 4.500% | 6/15/38 | 8,150 | 7,772 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 4.750% | 6/15/38 | 1,000 | 974 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.000% | 6/15/38 | 37,505 | 37,998 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.000% | 6/15/39 | 5,000 | 5,067 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.250% | 6/15/40 | 7,000 | 7,288 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.500% | 6/15/40 | 18,500 | 19,834 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. | 5.750% | 6/15/40 | 10,075 | 11,050 |
| 1 New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. TOB VRDO | 0.220% | 12/1/09 | 7,485 | 7,485 |
38
| 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 | 0.170% | 12/1/09 | 8,900 | 8,900 |
| New York City NY Muni. Water Finance Auth. | ||||
| Water & Sewer System Rev. VRDO | 0.250% | 12/7/09 | 7,200 | 7,200 |
| New York City NY Sales Tax Asset Receivable Corp. | 5.000% | 10/15/23 (14) | 6,100 | 6,582 |
| New York City NY Sales Tax Asset Receivable Corp. | 5.000% | 10/15/24 (14) | 12,500 | 13,289 |
| New York City NY Sales Tax Asset Receivable Corp. | 5.000% | 10/15/25 (14) | 20,225 | 21,435 |
| New York City NY Transitional Finance Auth. Rev. | 5.750% | 5/15/10 (Prere.) | 930 | 963 |
| New York City NY Transitional Finance Auth. Rev. | 5.000% | 1/15/11 | 4,750 | 4,978 |
| New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/1/11 (Prere.) | 3,385 | 3,616 |
| New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/1/11 (Prere.) | 7,310 | 7,809 |
| New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/1/11 (Prere.) | 4,620 | 4,935 |
| New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 8,680 | 9,282 |
| New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 2,670 | 2,855 |
| New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/11 (Prere.) | 2,955 | 3,160 |
| New York City NY Transitional Finance Auth. Rev. | 5.500% | 11/1/11 | 4,000 | 4,298 |
| New York City NY Transitional Finance Auth. Rev. | 5.375% | 2/15/12 (Prere.) | 9,395 | 10,358 |
| New York City NY Transitional Finance Auth. Rev. | 5.250% | 8/1/13 | 8,750 | 9,991 |
| New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/14 | 820 | 873 |
| New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/1/15 | 330 | 351 |
| New York City NY Transitional Finance Auth. Rev. | 5.500% | 2/15/16 | 2,735 | 2,992 |
| New York City NY Transitional Finance Auth. Rev. | 5.000% | 1/15/17 | 3,000 | 3,383 |
| New York City NY Transitional Finance Auth. Rev. | 5.000% | 1/15/24 (14) | 6,740 | 7,132 |
| New York City NY Transitional Finance Auth. Rev. | 5.000% | 7/15/25 (14) | 5,200 | 5,495 |
| New York City NY Transitional Finance Auth. Rev. | 5.250% | 1/15/26 | 5,000 | 5,438 |
| New York City NY Transitional Finance Auth. Rev. | 5.000% | 8/1/26 | 3,360 | 3,538 |
| New York City NY Transitional Finance Auth. Rev. | 5.000% | 11/1/28 | 3,500 | 3,671 |
| New York City NY Transitional Finance Auth. Rev. | 5.000% | 1/15/30 | 500 | 522 |
| New York City NY Transitional Finance Auth. Rev. | 5.000% | 11/1/30 | 13,500 | 14,147 |
| New York City NY Transitional Finance Auth. Rev. | 5.000% | 1/15/32 | 500 | 514 |
| New York City NY Transitional Finance Auth. Rev. | 5.125% | 1/15/33 | 7,000 | 7,229 |
| New York City NY Transitional Finance Auth. Rev. | 5.125% | 1/15/34 | 10,000 | 10,282 |
| New York City NY Transitional Finance Auth. Rev. | 4.750% | 1/15/38 | 20,000 | 19,336 |
| New York City NY Transitional Finance Auth. Rev. | 5.250% | 1/15/39 | 6,875 | 7,101 |
| New York City NY Transitional Finance Auth. | ||||
| Rev. Future Tax | 5.375% | 2/1/16 | 3,795 | 4,031 |
| New York City NY Transitional Finance Auth. | ||||
| Rev. Future Tax | 5.250% | 2/1/19 (14) | 4,500 | 4,950 |
| New York City NY Transitional Finance Auth. | ||||
| Rev. Future Tax | 5.000% | 5/1/24 | 7,710 | 8,451 |
| New York City NY Transitional Finance Auth. | ||||
| Rev. Future Tax | 5.000% | 5/1/30 | 5,000 | 5,300 |
| New York City NY Transitional Finance Auth. | ||||
| Rev. Future Tax | 5.000% | 8/1/32 | 2,010 | 2,044 |
| New York City NY Transitional Finance Auth. | ||||
| Rev. VRDO | 0.270% | 12/7/09 | 12,600 | 12,600 |
| New York State Dormitory Auth. Rev. | 4.000% | 2/15/11 | 2,190 | 2,273 |
| New York State Dormitory Auth. Rev. | 4.000% | 2/15/12 | 2,230 | 2,363 |
| New York State Dormitory Auth. Rev. | 5.000% | 2/15/13 | 3,085 | 3,414 |
| New York State Dormitory Auth. Rev. | 5.250% | 2/15/19 (14) | 2,420 | 2,619 |
| New York State Dormitory Auth. Rev. | 5.250% | 2/15/20 (14) | 2,555 | 2,741 |
| New York State Dormitory Auth. Rev. | 5.250% | 2/15/21 (14) | 1,680 | 1,788 |
| New York State Dormitory Auth. Rev. | 5.250% | 2/15/22 (14) | 2,825 | 2,990 |
| New York State Dormitory Auth. Rev. | 5.000% | 2/15/23 (4) | 5,980 | 6,398 |
| New York State Dormitory Auth. Rev. | 5.250% | 2/15/23 (14) | 1,120 | 1,180 |
| New York State Dormitory Auth. Rev. | 5.000% | 2/15/25 (4) | 2,735 | 2,893 |
39
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Auth. Rev. | 5.000% | 2/15/26 (4) | 2,995 | 3,150 |
| New York State Dormitory Auth. Rev. | 5.000% | 2/15/28 (4) | 500 | 529 |
| New York State Dormitory Auth. Rev. | 5.000% | 3/15/30 | 5,000 | 5,175 |
| New York State Dormitory Auth. Rev. | ||||
| (Albany Medical Center) | 5.000% | 8/15/18 (4) | 16,215 | 17,311 |
| New York State Dormitory Auth. Rev. | ||||
| (Catholic Health) | 5.500% | 7/1/22 (14) | 10,000 | 10,083 |
| New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/11 (3) | 3,930 | 4,075 |
| New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/15 (14) | 25,145 | 25,830 |
| New York State Dormitory Auth. Rev. (City Univ.) | 5.750% | 7/1/16 (14) | 7,255 | 7,446 |
| New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/20 (14) | 14,525 | 16,715 |
| New York State Dormitory Auth. Rev. (City Univ.) | 5.500% | 7/1/23 (14) | 7,915 | 9,051 |
| New York State Dormitory Auth. Rev. | ||||
| (Columbia Univ.) | 5.125% | 7/1/19 | 4,900 | 5,555 |
| New York State Dormitory Auth. Rev. | ||||
| (Columbia Univ.) | 5.125% | 7/1/19 | 5,100 | 5,504 |
| New York State Dormitory Auth. Rev. | ||||
| (Columbia Univ.) | 5.125% | 7/1/21 | 6,990 | 7,789 |
| New York State Dormitory Auth. Rev. | ||||
| (Cornell Univ.) | 5.000% | 7/1/31 | 6,905 | 7,232 |
| New York State Dormitory Auth. Rev. | ||||
| (Cornell Univ.) | 5.000% | 7/1/35 | 1,500 | 1,549 |
| New York State Dormitory Auth. Rev. | ||||
| (Cornell Univ.) VRDO | 0.210% | 12/1/09 | 4,900 | 4,900 |
| New York State Dormitory Auth. Rev. (Court Fac.) | 5.750% | 5/15/10 (2)(Prere.) | 21,370 | 22,124 |
| New York State Dormitory Auth. Rev. | ||||
| (Long Island Jewish) | 5.000% | 11/1/20 | 3,965 | 4,079 |
| New York State Dormitory Auth. Rev. | ||||
| (Long Island Jewish) | 5.000% | 11/1/21 | 4,035 | 4,125 |
| New York State Dormitory Auth. Rev. | ||||
| (Long Island Jewish) | 5.000% | 11/1/22 | 4,285 | 4,373 |
| New York State Dormitory Auth. Rev. | ||||
| (Long Island Jewish) | 5.000% | 11/1/26 | 5,495 | 5,489 |
| New York State Dormitory Auth. Rev. | ||||
| (Long Island Jewish) | 5.000% | 11/1/26 | 1,800 | 1,825 |
| 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% | 8/15/10 (4)(Prere.) | 90 | 94 |
| New York State Dormitory Auth. Rev. | ||||
| (Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 95 | 99 |
| New York State Dormitory Auth. Rev. | ||||
| (Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 105 | 109 |
| New York State Dormitory Auth. Rev. | ||||
| (Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 15 | 16 |
| New York State Dormitory Auth. Rev. | ||||
| (Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 15 | 16 |
| New York State Dormitory Auth. Rev. | ||||
| (Mental Health Services) | 5.875% | 8/15/10 (4)(Prere.) | 15 | 16 |
| New York State Dormitory Auth. Rev. | ||||
| (Mental Health Services) | 5.000% | 2/15/12 | 1,490 | 1,611 |
| New York State Dormitory Auth. Rev. | ||||
| (Mental Health Services) | 5.000% | 8/15/12 | 7,025 | 7,690 |
| New York State Dormitory Auth. Rev. | ||||
| (Mental Health Services) | 5.000% | 2/15/25 (14) | 6,575 | 6,775 |
40
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 12/15/18 | 11,950 | 13,341 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/22 | 10,070 | 10,906 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/22 | 10,000 | 10,988 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/23 (4) | 4,200 | 4,455 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/26 (2) | 7,500 | 7,891 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/28 | 2,225 | 2,380 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 12/15/31 | 21,515 | 22,263 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/32 | 11,000 | 11,324 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 12/15/35 | 10,000 | 10,184 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.750% | 3/15/36 | 10,000 | 11,028 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/38 | 10,000 | 10,193 |
| New York State Dormitory Auth. Rev. | ||||
| (Personal Income Tax) | 5.250% | 3/15/38 | 10,000 | 10,410 |
| New York State Dormitory Auth. Rev. | ||||
| (Sloan-Kettering Cancer Center) | 5.000% | 7/1/30 | 34,500 | 35,315 |
| New York State Dormitory Auth. Rev. | ||||
| (St. Joseph’s Hosp.) | 5.250% | 7/1/18 (14) | 6,700 | 6,703 |
| New York State Dormitory Auth. Rev. | ||||
| (State Univ. Dormitory Facs.) | 5.000% | 7/1/32 | 10,000 | 10,138 |
| New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/12 (14) | 16,160 | 16,709 |
| New York State Dormitory Auth. Rev. (State Univ.) | 5.250% | 5/15/13 | 5,000 | 5,379 |
| New York State Dormitory Auth. Rev. (State Univ.) | 6.000% | 5/15/13 (14) | 17,285 | 17,848 |
| New York State Dormitory Auth. Rev. (State Univ.) | 5.750% | 5/15/17 (4) | 3,750 | 4,455 |
| New York State Dormitory Auth. Rev. (State Univ.) | 5.500% | 5/15/21 (14) | 3,000 | 3,437 |
| New York State Dormitory Auth. Rev. | ||||
| (Supported Debt - The New School) | 5.000% | 7/1/31 (14) | 8,765 | 8,863 |
| New York State Dormitory Auth. Rev. | ||||
| (Supported Debt - The New School) | 5.000% | 7/1/36 (14) | 6,190 | 6,127 |
| New York State Dormitory Auth. Rev. | ||||
| (Supported Debt Court) | 5.500% | 5/15/26 (2) | 10,140 | 11,272 |
| New York State Dormitory Auth. Rev. | ||||
| (Supported Debt Court) | 5.000% | 7/1/35 | 13,000 | 13,108 |
| New York State Dormitory Auth. Rev. | ||||
| (The New York & Presbyterian Hosp.) | 5.500% | 2/1/10 (2) | 6,330 | 6,381 |
| New York State Dormitory Auth. Rev. | ||||
| (Vassar Brothers Hosp.) | 5.250% | 7/1/17 (4) | 8,025 | 8,047 |
| New York State Dormitory Auth. Rev. | ||||
| (Vassar Brothers Hosp.) | 5.375% | 7/1/25 (4) | 7,000 | 7,023 |
| New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/19 (2) | 2,425 | 2,633 |
| New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/21 (2) | 1,750 | 1,848 |
| New York State Dormitory Auth. Rev. (Yeshiva Univ.) | 5.250% | 7/1/22 (2) | 3,425 | 3,600 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Columbia Univ.) | 5.000% | 7/1/13 | 2,375 | 2,701 |
41
| 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% | 7/1/26 (14) | 6,105 | 6,338 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Fashion Institute of Technology | ||||
| Student Housing Corp.) | 5.250% | 7/1/29 (14) | 5,970 | 6,080 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Fashion Institute of Technology | ||||
| Student Housing Corp.) | 5.250% | 7/1/31 (14) | 10,000 | 9,974 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Fashion Institute of Technology | ||||
| Student Housing Corp.) | 5.250% | 7/1/34 (14) | 8,000 | 7,784 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Fordham Univ.) | 5.000% | 7/1/33 (12) | 5,670 | 5,785 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Fordham Univ.) | 5.000% | 7/1/38 (12) | 3,000 | 3,029 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Hudson Valley Hosp.) | 5.000% | 8/15/27 (4) | 4,675 | 4,922 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Hudson Valley Hosp.) | 5.000% | 8/15/36 (4) | 3,575 | 3,646 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Long Island Jewish | ||||
| Obligated Group) | 5.000% | 5/1/32 | 6,500 | 6,180 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Mount Sinai School of Medicine | ||||
| of New York Univ.) | 5.000% | 7/1/35 (14) | 13,875 | 13,580 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Mount Sinai School of Medicine | ||||
| of New York Univ.) | 4.500% | 7/1/37 (14) | 11,920 | 10,436 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Muni. Fac. Health) | 5.000% | 1/15/13 | 8,440 | 9,303 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (New York Univ. Hosp.) | 5.000% | 7/1/22 | 8,000 | 7,760 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (New York Univ. Hosp.) | 5.000% | 7/1/29 | 5,000 | 5,223 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (New York Univ.) | 5.000% | 7/1/38 | 15,700 | 15,962 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Pratt Institute) | 5.000% | 7/1/16 (12) | 750 | 854 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Pratt Institute) | 5.000% | 7/1/18 (12) | 570 | 643 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Pratt Institute) | 5.000% | 7/1/29 (12) | 3,750 | 3,933 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (School Dist. Financing Program) | 4.000% | 10/1/12 (4) | 3,130 | 3,366 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (School Dist. Financing Program) | 5.000% | 10/1/13 (4) | 1,000 | 1,126 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (St. John’s Univ.) | 5.250% | 7/1/32 (14) | 20,000 | 20,540 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (St. John’s Univ.) VRDO | 0.220% | 12/7/09 LOC | 10,900 | 10,900 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (St. Lawrence Univ.) | 5.000% | 7/1/14 | 16,000 | 17,502 |
| New York State Dormitory Auth. Rev. Non State | ||||
| Supported Debt (Univ. of Rochester) | 5.000% | 7/1/32 | 8,405 | 8,495 |
42
| 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 (Vassar College) | 5.000% | 7/1/46 | 15,000 | 15,198 |
| New York State Dormitory Auth. Rev. State | ||||
| Supported Debt | 5.500% | 2/15/17 | 10,000 | 11,445 |
| New York State Dormitory Auth. Rev. State | ||||
| Supported Debt | 5.000% | 7/1/18 | 2,000 | 2,251 |
| New York State Dormitory Auth. Rev. State | ||||
| Supported Debt | 5.000% | 10/1/20 (12) | 1,500 | 1,667 |
| New York State Dormitory Auth. Rev. State | ||||
| Supported Debt | 5.000% | 10/1/21 (12) | 2,500 | 2,744 |
| New York State Dormitory Auth. Rev. State | ||||
| Supported Debt | 5.000% | 7/1/34 | 5,000 | 5,244 |
| New York State Dormitory Auth. Rev. State | ||||
| Supported Debt (City Univ.) | 5.000% | 7/1/25 | 4,670 | 4,937 |
| New York State Dormitory Auth. Rev. VRDO | 0.220% | 12/7/09 LOC | 4,730 | 4,730 |
| New York State Energy Research & | ||||
| Dev. Auth. PCR (New York Electric & Gas) ARS | 3.245% | 1/19/10 (14) | 10,000 | 10,022 |
| New York State Energy Research & Dev. | ||||
| Auth. PCR (Rochester Gas & Electric Corp.) PUT | 5.000% | 8/1/16 (14) | 7,750 | 7,918 |
| 2 New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | 5.250% | 6/15/16 | 3,095 | 3,396 |
| New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | 5.250% | 6/15/19 | 11,335 | 12,348 |
| New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | 5.000% | 6/15/22 | 5,450 | 5,953 |
| New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | 5.000% | 6/15/25 | 4,540 | 4,897 |
| New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | 4.750% | 6/15/32 | 12,240 | 12,348 |
| New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | 5.000% | 6/15/34 | 5,000 | 5,097 |
| New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | 5.000% | 6/15/34 | 5,000 | 5,097 |
| New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | 5.000% | 10/15/35 | 5,815 | 5,964 |
| New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | 5.000% | 6/15/37 | 2,375 | 2,441 |
| New York State Environmental Fac. Corp. Rev. | ||||
| (Clean Water & Drinking Revolving Funds) | 5.000% | 6/15/37 | 7,500 | 7,657 |
| New York State Environmental Fac. Corp. Rev. | ||||
| (Personal Income Tax) | 5.250% | 12/15/24 | 8,000 | 8,881 |
| 1 New York State Environmental Fac. Corp. | ||||
| Water & Sewer System Rev. TOB VRDO | 0.220% | 12/1/09 | 1,000 | 1,000 |
| New York State Housing Finance Agency Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/38 | 15,245 | 15,500 |
| New York State Local Govt. Assistance Corp. | 5.000% | 4/1/13 | 9,390 | 10,562 |
| New York State Local Govt. Assistance Corp. | 5.000% | 4/1/13 (4) | 3,625 | 4,086 |
| New York State Local Govt. Assistance Corp. | 5.500% | 4/1/17 | 2,015 | 2,363 |
| 3 New York State Mortgage Agency Rev. | 4.750% | 11/1/24 | 11,890 | 11,946 |
| New York State Muni. Bond Bank Agency | ||||
| Special School Purpose Rev. | 5.500% | 12/1/12 | 6,955 | 7,692 |
| New York State Thruway Auth. Rev. | 5.000% | 1/1/26 (14) | 4,695 | 4,950 |
| New York State Thruway Auth. Rev. | 5.000% | 1/1/27 (14) | 2,000 | 2,097 |
| New York State Thruway Auth. Rev. | 5.000% | 1/1/28 (14) | 2,500 | 2,606 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/13 | 2,790 | 3,119 |
43
| 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) | 5.250% | 4/1/13 (2) | 1,000 | 1,126 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/14 | 4,010 | 4,544 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.500% | 4/1/14 (2) | 32,400 | 35,566 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/15 | 6,450 | 7,351 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/16 | 5,050 | 5,669 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/18 (2) | 24,500 | 27,086 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.500% | 4/1/20 (2) | 5,000 | 5,759 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/25 (2) | 9,500 | 9,973 |
| New York State Thruway Auth. Rev. | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 9,000 | 9,529 |
| New York State Thruway Auth. Rev. | ||||
| (Personal Income Tax) | 4.000% | 3/15/14 | 2,500 | 2,752 |
| New York State Thruway Auth. Rev. | ||||
| (Personal Income Tax) | 5.250% | 3/15/19 | 10,765 | 12,506 |
| New York State Thruway Auth. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/22 | 7,570 | 8,356 |
| New York State Urban Dev. Corp. Rev. | 5.000% | 1/1/12 | 5,000 | 5,368 |
| New York State Urban Dev. Corp. Rev. | 5.000% | 1/1/14 | 13,000 | 14,496 |
| New York State Urban Dev. Corp. Rev. | 5.000% | 1/1/15 | 5,000 | 5,609 |
| New York State Urban Dev. Corp. Rev. | 5.000% | 1/1/16 | 10,000 | 11,152 |
| New York State Urban Dev. Corp. Rev. | 5.250% | 1/1/17 | 2,095 | 2,381 |
| New York State Urban Dev. Corp. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/23 (4) | 7,860 | 8,336 |
| New York State Urban Dev. Corp. Rev. | ||||
| (Personal Income Tax) | 5.000% | 3/15/37 | 7,000 | 7,115 |
| New York State Urban Dev. Corp. Rev. | ||||
| (Personal Income Tax) GO | 5.500% | 3/15/23 (14) | 6,000 | 7,121 |
| New York State Urban Dev. Corp. Rev. | ||||
| (Service Contract) | 5.250% | 1/1/24 | 10,000 | 10,735 |
| Niagara Falls NY Bridge Comm. Rev. | 5.250% | 10/1/15 (14) | 4,295 | 4,563 |
| Niagara Falls NY Bridge Comm. Rev. | 6.250% | 10/1/20 (14) | 8,685 | 10,459 |
| Niagara Falls NY Bridge Comm. Rev. | 6.250% | 10/1/21 (14) | 9,230 | 11,195 |
| North Hempstead NY GO | 6.400% | 4/1/11 (14) | 2,075 | 2,232 |
| Oyster Bay NY GO | 5.000% | 2/15/18 | 1,500 | 1,754 |
| Port Auth. of New York & New Jersey Rev. | 5.000% | 8/15/28 (4) | 10,000 | 10,630 |
| Port Auth. of New York & New Jersey Rev. | 5.000% | 7/15/30 | 5,940 | 6,168 |
| Port Auth. of New York & New Jersey Rev. | 4.750% | 11/15/32 | 9,900 | 9,989 |
| Port Auth. of New York & New Jersey Rev. | 4.750% | 7/15/33 | 9,800 | 9,882 |
| Port Auth. of New York & New Jersey Rev. | 5.000% | 7/15/33 | 6,990 | 7,164 |
| Port Auth. of New York & New Jersey Rev. | 5.000% | 9/1/38 | 12,590 | 12,771 |
| St. Lawrence County NY Individual Dev. Civic Fac. | ||||
| Rev. (St. Lawrence Univ.) | 5.000% | 10/1/16 | 3,510 | 3,897 |
| Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/10 (2)(ETM) | 3,790 | 3,886 |
| Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/11 (2)(ETM) | 2,380 | 2,551 |
| Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/12 (2)(ETM) | 4,290 | 4,772 |
| Suffolk County NY Water Auth. Rev. | 5.250% | 6/1/17 (2)(ETM) | 1,695 | 1,907 |
| Tobacco Settlement Asset | ||||
| Securitization Corp. Inc. New York | 4.750% | 6/1/22 | 3,245 | 3,078 |
44
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Tobacco Settlement Asset | ||||
| Securitization Corp. Inc. New York | 5.000% | 6/1/34 | 3,000 | 2,436 |
| Tobacco Settlement Asset | ||||
| Securitization Corp. Inc. New York | 5.125% | 6/1/42 | 14,160 | 11,207 |
| Tobacco Settlement Financing Corp. New York Rev. | 5.000% | 6/1/10 | 7,500 | 7,663 |
| Tobacco Settlement Financing Corp. New York Rev. | 4.000% | 6/1/12 | 20,000 | 21,330 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.000% | 11/15/12 | 2,715 | 3,028 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.000% | 11/15/13 | 6,465 | 7,358 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/15 | 2,930 | 3,144 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/15 | 9,500 | 11,095 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/16 | 2,500 | 2,682 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 1/1/18 | 2,330 | 2,489 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/18 | 185 | 204 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/19 | 43,025 | 47,155 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.500% | 11/15/21 (14) | 5,000 | 5,905 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.000% | 11/15/28 | 2,675 | 2,860 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.000% | 11/15/32 (14) | 3,150 | 3,193 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.000% | 11/15/33 | 3,385 | 3,486 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.000% | 11/15/37 | 13,310 | 13,576 |
| Triborough Bridge & Tunnel Auth. New York Rev. | 5.250% | 11/15/38 | 25,000 | 26,092 |
| Triborough Bridge & Tunnel Auth. | ||||
| New York Rev. VRDO | 0.220% | 12/7/09 | 3,100 | 3,100 |
| Troy County NY IDA Civic Fac. Rev. | ||||
| (Rensselaer Polytechnic Institute Project) VRDO | 0.230% | 12/7/09 LOC | 31,000 | 31,000 |
| United Nations Dev. Corp. New York Rev. | 5.000% | 7/1/20 | 3,340 | 3,624 |
| 2,893,464 | ||||
| Puerto Rico (2.7%) | ||||
| Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/12 (14)(Prere.) | 6,500 | 7,330 |
| Puerto Rico Electric Power Auth. Rev. | 5.250% | 7/1/15 (14) | 5,000 | 5,044 |
| Puerto Rico Electric Power Auth. Rev. | 5.375% | 7/1/16 (14) | 16,345 | 17,142 |
| Puerto Rico GO | 5.500% | 7/1/13 (3) | 6,000 | 6,396 |
| Puerto Rico GO | 5.500% | 7/1/20 (3) | 6,305 | 6,491 |
| Puerto Rico GO | 5.500% | 7/1/21 (14) | 12,005 | 12,442 |
| Puerto Rico Infrastructure | ||||
| Financing Auth. Special Tax Rev. | 5.500% | 7/1/27 (3) | 6,230 | 6,188 |
| Puerto Rico Muni. Finance Agency | 5.250% | 8/1/17 (4) | 4,000 | 4,162 |
| Puerto Rico Public Finance Corp. | 6.000% | 8/1/26 (ETM) | 860 | 1,068 |
| Puerto Rico Sales Tax Financing Corp. Rev. | 6.000% | 8/1/42 | 5,000 | 5,121 |
| Puerto Rico Sales Tax Financing Corp. Rev. | 6.500% | 8/1/44 | 8,000 | 8,439 |
| 79,823 | ||||
| Virgin Islands (0.2%) | ||||
| Virgin Islands Public Finance Auth. Rev. | 5.000% | 10/1/11 | 2,000 | 2,095 |
| Virgin Islands Public Finance Auth. Rev. | 5.250% | 10/1/23 | 2,000 | 2,019 |
| Virgin Islands Public Finance Auth. Rev. | 5.000% | 10/1/25 | 2,100 | 2,080 |
| 6,194 | ||||
| Total Tax-Exempt Municipal Bonds (Cost $2,893,266) | 2,979,481 | |||
| Other Assets and Liabilities (0.2%) | ||||
| Other Assets | 42,227 | |||
| Liabilities | (36,656) | |||
| 5,571 | ||||
| Net Assets (100%) | 2,985,052 | |||
45
| New York Long-Term Tax-Exempt Fund | |
| At November 30, 2009, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 2,965,730 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (66,752) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 86,215 |
| Futures Contracts | (141) |
| Net Assets | 2,985,052 |
| Investor Shares—Net Assets | |
| Applicable to 66,546,680 outstanding $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 732,361 |
| Net Asset Value Per Share—Investor Shares | $11.01 |
| Admiral Shares—Net Assets | |
| Applicable to 204,693,238 outstanding $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 2,252,691 |
| Net Asset Value Per Share—Admiral Shares | $11.01 |
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2009, the aggregate value of these securities was 8,485,000, representing 0.3% of net assets.
2 Securities with a value of $1,865,000 have been segregated as initial margin for open futures contracts.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2009.
See accompanying Notes, which are an integral part of the Financial Statements.
A key to abbreviations and other references follows the Statement of Net Assets.
46
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 Investors Assurance).
(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).
(12) Assured Guaranty Corp.
(13) Berkshire Hathaway Assurance Corp.
(14) National Public Finance Guarantee Corp.
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.
47
| New York Long-Term Tax-Exempt Fund | |
| Statement of Operations | |
| Year Ended | |
| November 30, 2009 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 121,271 |
| Total Income | 121,271 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 272 |
| Management and Administrative—Investor Shares | 1,075 |
| Management and Administrative—Admiral Shares | 1,732 |
| Marketing and Distribution—Investor Shares | 198 |
| Marketing and Distribution—Admiral Shares | 512 |
| Custodian Fees | 26 |
| Auditing Fees | 24 |
| Shareholders’ Reports and Proxies—Investor Shares | 38 |
| Shareholders’ Reports and Proxies—Admiral Shares | 14 |
| Trustees’ Fees and Expenses | 4 |
| Total Expenses | 3,895 |
| Net Investment Income | 117,376 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | (29,717) |
| Futures Contracts | (6,328) |
| Realized Net Gain (Loss) | (36,045) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 258,593 |
| Futures Contracts | 2,471 |
| Change in Unrealized Appreciation (Depreciation) | 261,064 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 342,395 |
See accompanying Notes, which are an integral part of the Financial Statements.
48
| New York Long-Term Tax-Exempt Fund | ||
| Statement of Changes in Net Assets | ||
| Year Ended November 30, | ||
| 2009 | 2008 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 117,376 | 119,541 |
| Realized Net Gain (Loss) | (36,045) | (28,003) |
| Change in Unrealized Appreciation (Depreciation) | 261,064 | (227,270) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 342,395 | (135,732) |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (28,896) | (29,655) |
| Admiral Shares | (88,480) | (89,886) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (117,376) | (119,541) |
| Capital Share Transactions | ||
| Investor Shares | 36,260 | 22,282 |
| Admiral Shares | 121,346 | 165,425 |
| Net Increase (Decrease) from Capital Share Transactions | 157,606 | 187,707 |
| Total Increase (Decrease) | 382,625 | (67,566) |
| Net Assets | ||
| Beginning of Period | 2,602,427 | 2,669,993 |
| End of Period | 2,985,052 | 2,602,427 |
See accompanying Notes, which are an integral part of the Financial Statements.
49
| New York Long-Term Tax-Exempt Fund | |||||
| Financial Highlights | |||||
| Investor Shares | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
| Net Asset Value, Beginning of Period | $10.13 | $11.09 | $11.44 | $11.27 | $11.45 |
| Investment Operations | |||||
| Net Investment Income | .442 | .463 | .486 | .486 | .486 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .880 | (.960) | (.315) | .243 | (.141) |
| Total from Investment Operations | 1.322 | (.497) | .171 | .729 | .345 |
| Distributions | |||||
| Dividends from Net Investment Income | (.442) | (.463) | (.486) | (.486) | (.486) |
| Distributions from Realized Capital Gains | — | — | (.035) | (.073) | (.039) |
| Total Distributions | (.442) | (.463) | (.521) | (.559) | (.525) |
| Net Asset Value, End of Period | $11.01 | $10.13 | $11.09 | $11.44 | $11.27 |
| Total Return1 | 13.26% | –4.63% | 1.57% | 6.68% | 3.03% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $732 | $639 | $680 | $671 | $686 |
| Ratio of Total Expenses to | |||||
| Average Net Assets | 0.20% | 0.15% | 0.15% | 0.16% | 0.16% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 4.13% | 4.28% | 4.36% | 4.33% | 4.23% |
| Portfolio Turnover Rate | 29% | 38% | 10% | 9% | 12% |
| 1 Total returns do not include the account service fee that may be applicable to certain accounts with balances below $10,000. | |||||
See accompanying Notes, which are an integral part of the Financial Statements.
50
| New York Long-Term Tax-Exempt Fund | |||||
| Financial Highlights | |||||
| Admiral Shares | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2009 | 2008 | 2007 | 2006 | 2005 |
| Net Asset Value, Beginning of Period | $10.13 | $11.09 | $11.44 | $11.27 | $11.45 |
| Investment Operations | |||||
| Net Investment Income | .451 | .470 | .494 | .495 | .494 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .880 | (.960) | (.315) | .243 | (.141) |
| Total from Investment Operations | 1.331 | (.490) | .179 | .738 | .353 |
| Distributions | |||||
| Dividends from Net Investment Income | (.451) | (.470) | (.494) | (.495) | (.494) |
| Distributions from Realized Capital Gains | — | — | (.035) | (.073) | (.039) |
| Total Distributions | (.451) | (.470) | (.529) | (.568) | (.533) |
| Net Asset Value, End of Period | $11.01 | $10.13 | $11.09 | $11.44 | $11.27 |
| Total Return | 13.35% | –4.56% | 1.64% | 6.76% | 3.10% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,253 | $1,963 | $1,990 | $1,799 | $1,575 |
| Ratio of Total Expenses to | |||||
| Average Net Assets | 0.12% | 0.08% | 0.08% | 0.09% | 0.09% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 4.21% | 4.35% | 4.43% | 4.40% | 4.31% |
| Portfolio Turnover Rate | 29% | 38% | 10% | 9% | 12% |
See accompanying Notes, which are an integral part of the Financial Statements.
51
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. 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, service, 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 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 uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. 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. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2006–2009), and has concluded that no provision for federal income tax is required in the fund’s 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.
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), shareholder reporting, and proxies. Marketing and
52
New York Long-Term Tax-Exempt Fund
distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At November 30, 2009, the fund had contributed capital of $621,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.25% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the fund’s investments as of November 30, 2009, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 2,979,481 | — |
| Futures Contracts—Liabilities1 | (5) | — | — |
| Total | (5) | 2,979,481 | — |
| 1 Represents variation margin on the last day of the reporting period. |
At November 30, 2009, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| ($000) | ||||
| Number of | Aggregate | Unrealized | ||
| Long (Short) | Settlement | Appreciation | ||
| Futures Contracts | Expiration | Contracts | Value | (Depreciation) |
| 10-Year U.S. Treasury Note/Bond | March 2010 | (68) | 8,156 | (109) |
| 30-Year U.S. Treasury Note/Bond | March 2010 | (13) | 1,595 | (32) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
53
New York Long-Term Tax-Exempt Fund
D. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future.
For tax purposes, at November 30, 2009, the fund had available capital loss carryforwards totaling $63,999,000 to offset future net capital gains of $103,000 through November 30, 2015, $32,349,000 through November 30, 2016, and $31,547,000 through November 30, 2017.
The fund had realized losses totaling $2,893,000 through November 30, 2009, which are deferred for tax purposes and reduce the amount of tax-basis unrealized appreciation on investment securities.
At November 30, 2009, the cost of investment securities for tax purposes was $2,896,159,000. Net unrealized appreciation of investment securities for tax purposes was $83,322,000, consisting of unrealized gains of $105,646,000 on securities that had risen in value since their purchase and $22,324,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended November 30, 2009, the fund purchased $964,402,000 of investment securities and sold $775,045,000 of investment securities, other than U.S. government securities and temporary cash investments.
| F. Capital share transactions for each class of shares were: | ||||
| Year Ended November 30, | ||||
| 2009 | 2008 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 231,884 | 21,706 | 248,014 | 22,978 |
| Issued in Lieu of Cash Distributions | 23,282 | 2,170 | 23,902 | 2,232 |
| Redeemed | (218,906) | (20,459) | (249,634) | (23,378) |
| Net Increase (Decrease)—Investor Shares | 36,260 | 3,417 | 22,282 | 1,832 |
| Admiral Shares | ||||
| Issued | 529,920 | 49,697 | 713,149 | 66,116 |
| Issued in Lieu of Cash Distributions | 63,550 | 5,923 | 67,204 | 6,276 |
| Redeemed | (472,124) | (44,799) | (614,928) | (57,899) |
| Net Increase (Decrease)—Admiral Shares | 121,346 | 10,821 | 165,425 | 14,493 |
G. In preparing the financial statements as of November 30, 2009, management considered the impact of subsequent events occurring through January 11, 2010, for potential recognition or disclosure in these financial statements.
54
Report of Independent Registered Public Accounting Firm
To the Trustees of Vanguard New York Tax-Free Funds and the Shareholders of Vanguard New York Tax-Exempt Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund:
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard New York Tax-Exempt Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund (constituting Vanguard New York Tax-Free Funds, hereafter referred to as the “Funds”) at November 30, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2009 by correspondence with the custodian and broker, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 11, 2010
| Special 2009 tax information (unaudited) for Vanguard New York Tax-Exempt Funds |
This information for the fiscal year ended November 30, 2009, is included pursuant to provisions of the Internal Revenue Code.
Each fund designates 100% of its income dividends as exempt-interest dividends.
55
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 accompanying table 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.
Note that the expenses shown in the table 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 the 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.
56
| Six Months Ended November 30, 2009 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| New York Tax-Exempt Fund | 5/31/2009 | 11/30/2009 | Period1 |
| Based on Actual Fund Return | |||
| Money Market | $1,000.00 | $1,000.70 | $0.85 |
| Long-Term | |||
| Investor Shares | 1,000.00 | 1,045.01 | 1.03 |
| Admiral Shares | 1,000.00 | 1,045.43 | 0.62 |
| Based on Hypothetical 5% Yearly Return | |||
| Money Market | $1,000.00 | $1,024.22 | $0.86 |
| Long-Term | |||
| Investor Shares | 1,000.00 | 1,024.07 | 1.01 |
| Admiral Shares | 1,000.00 | 1,024.47 | 0.61 |
1 The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the New York Tax-Exempt Money Market Fund, 0.17%; for the New York Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
57
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%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). 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. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
58
Yield. A money market fund’s 7-day SEC yield is calculated by annualizing its income distributions for the previous seven days, as required by the U.S. Securities and Exchange Commission. For other funds, 30-day SEC yield is derived using a formula specified by the commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (in the case of bonds) or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at tim es significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
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.
59
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. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 163 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at www.vanguard.com.
| Interested Trustees1 | Emerson U. Fullwood |
| Born 1948. Trustee Since January 2008. Principal | |
| John J. Brennan | Occupation(s) During the Past Five Years: Executive |
| Born 1954. Trustee Since May 1987. Chairman of | Chief Staff and Marketing Officer for North America |
| the Board. Principal Occupation(s) During the Past | and Corporate Vice President (retired 2008) of Xerox |
| Five Years: Chairman of the Board and Director/Trustee | Corporation (photocopiers and printers); Director of |
| of The Vanguard Group, Inc., and of each of the | SPX Corporation (multi-industry manufacturing), the |
| investment companies served by The Vanguard Group; | United Way of Rochester, the Boy Scouts of America, |
| Chief Executive Officer (1996–2008) and President | Amerigroup Corporation (direct health and medical |
| (1989–2008) of The Vanguard Group and of each of the | insurance carriers), and Monroe Community College |
| investment companies served by The Vanguard Group; | Foundation. |
| Chairman of the Financial Accounting Foundation; | |
| Governor of the Financial Industry Regulatory Authority | Rajiv L. Gupta |
| (FINRA); Director of United Way of Southeastern | Born 1945. Trustee Since December 2001.2 Principal |
| Pennsylvania. | Occupation(s) During the Past Five Years: Chairman |
| and Chief Executive Officer (retired 2009) and President | |
| F. William McNabb III | (2006–2008) of Rohm and Haas Co. (chemicals); Board |
| Born 1957. Trustee Since July 2009. Principal | Member of American Chemistry Council; Director of |
| Occupation(s) During the Past Five Years: Director of | Tyco International, Ltd. (diversified manufacturing and |
| The Vanguard Group, Inc., since 2008; Chief Executive | services) and Hewlett-Packard Co. (electronic computer |
| Officer and President of The Vanguard Group and of | manufacturing); Trustee of The Conference Board. |
| each of the investment companies served by The | |
| Vanguard Group since 2008; Director of Vanguard | Amy Gutmann |
| Marketing Corporation; Managing Director of The | Born 1949. Trustee Since June 2006. Principal |
| Vanguard Group (1995–2008). | Occupation(s) During the Past Five Years: President of |
| the University of Pennsylvania; Christopher H. Browne | |
| Distinguished Professor of Political Science in the School | |
| Independent Trustees | of Arts and Sciences with secondary appointments |
| at the Annenberg School for Communication and the | |
| Charles D. Ellis | Graduate School of Education of the University of |
| Born 1937. Trustee Since January 2001. Principal | Pennsylvania; Director of Carnegie Corporation of |
| Occupation(s) During the Past Five Years: Applecore | New York, Schuylkill River Development Corporation, |
| Partners (pro bono ventures in education); Senior | and Greater Philadelphia Chamber of Commerce; |
| Advisor to Greenwich Associates (international business | Trustee of the National Constitution Center. |
| strategy 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. |
| JoAnn Heffernan Heisen | Executive Officers | |
| Born 1950. Trustee Since July 1998. Principal | ||
| Occupation(s) During the Past Five Years: Corporate | Thomas J. Higgins | |
| Vice President and Chief Global Diversity Officer since | Born 1957. Chief Financial Officer Since September | |
| 2006 (retired 2008) and Member of the Executive | 2008. Principal Occupation(s) During the Past Five | |
| Committee (retired 2008) of Johnson & Johnson | Years: Principal of The Vanguard Group, Inc.; Chief | |
| (pharmaceuticals/consumer products); Vice President | Financial Officer of each of the investment companies | |
| and Chief Information Officer of Johnson & Johnson | served by The Vanguard Group since 2008; Treasurer | |
| (1997–2005); Director of the University Medical Center | of each of the investment companies served by The | |
| at Princeton and Women’s Research and Education | Vanguard Group (1998–2008). | |
| Institute; Member of the Advisory Board of the Maxwell | ||
| School of Citizenship and Public Affairs at Syracuse | Kathryn J. Hyatt | |
| University. | Born 1955. Treasurer Since November 2008. Principal | |
| Occupation(s) During the Past Five Years: Principal of | ||
| F. Joseph Loughrey | The Vanguard Group, Inc.; Treasurer of each of the | |
| Born 1949. Trustee Since October 2009. Principal | investment companies served by The Vanguard | |
| Occupation(s) During the Past Five Years: President and | Group since 2008; Assistant Treasurer of each of the | |
| Chief Operating Officer since 2005 (retired 2009) and | investment companies served by The Vanguard Group | |
| Vice Chairman of the Board (2008–2009) of Cummins | (1988–2008). | |
| Inc. (industrial machinery); Director of SKF AB (industrial | ||
| machinery), Hillenbrand, Inc. (specialized consumer | Heidi Stam | |
| services), Sauer-Danfoss Inc. (machinery), the Lumina | Born 1956. Secretary Since July 2005. Principal | |
| Foundation for Education, and the Columbus Community | Occupation(s) During the Past Five Years: Managing | |
| Education Coalition; Chairman of the Advisory Council | Director of The Vanguard Group, Inc., since 2006; | |
| for the College of Arts and Letters at the University of | General Counsel of The Vanguard Group since 2005; | |
| Notre Dame. | Secretary of The Vanguard Group and of each of the | |
| investment companies served by The Vanguard Group | ||
| André F. Perold | since 2005; Director and Senior Vice President of | |
| Born 1952. Trustee Since December 2004. Principal | Vanguard Marketing Corporation since 2005; Principal | |
| Occupation(s) During the Past Five Years: George Gund | of The Vanguard Group (1997–2006). | |
| Professor of Finance and Banking, Harvard Business | ||
| School; Chair of the Investment Committee of HighVista | ||
| Strategies LLC (private investment firm). | Vanguard Senior Management Team | |
| Alfred M. Rankin, Jr. | R. Gregory Barton | Michael S. Miller |
| Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | James M. Norris |
| Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Glenn W. Reed |
| President, and Chief Executive Officer of NACCO | Paul A. Heller | George U. Sauter |
| Industries, Inc. (forklift trucks/housewares/lignite); | ||
| Director of Goodrich Corporation (industrial products/ | ||
| aircraft systems and services); Deputy Chairman of | Founder | |
| the Federal Reserve Bank of Cleveland; Trustee of | ||
| University Hospitals of Cleveland, The Cleveland | John C. Bogle | |
| Museum of Art, and Case Western Reserve University. | Chairman and Chief Executive Officer, 1974–1996 | |
| Peter F. Volanakis | ||
| Born 1955. Trustee Since July 2009. Principal | ||
| Occupation(s) During the Past Five Years: President | ||
| since 2007 and Chief Operating Officer since 2005 | ||
| of Corning Incorporated (communications equipment); | ||
| President of Corning Technologies (2001–2005); Director | ||
| of Corning Incorporated and Dow Corning; Trustee of | ||
| the Corning Incorporated Foundation and the Corning | ||
| Museum of Glass; Overseer of the Amos Tuck School | ||
| of Business Administration at Dartmouth College. | ||
1 These individuals are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
 | |
| P.O. Box 2600 | |
| Valley Forge, PA 19482-2600 |
Connect with Vanguard® > www.vanguard.com
| Fund Information > 800-662-7447 | All comparative mutual fund data are from Lipper Inc. |
| or Morningstar, Inc., unless otherwise noted. | |
| Direct Investor Account Services > 800-662-2739 | |
| Institutional Investor Services > 800-523-1036 | You can obtain a free copy of Vanguard’s proxy voting |
| guidelines by visiting our website, www.vanguard.com, | |
| Text Telephone for People | and searching for “proxy voting guidelines,” or by |
| With Hearing Impairment > 800-749-7273 | calling Vanguard at 800-662-2739. The guidelines are |
| also available from the SEC’s website, www.sec.gov. | |
| In addition, you may obtain a free report on how your | |
| fund voted the proxies for securities it owned during | |
| This material may be used in conjunction | the 12 months ended June 30. To get the report, visit |
| with the offering of shares of any Vanguard | either www.vanguard.com or www.sec.gov. |
| fund only if preceded or accompanied by | |
| the fund’s current prospectus. | You can review and copy information about your fund |
| at the SEC’s Public Reference Room in Washington, D.C. | |
| CFA® is a trademark owned by CFA Institute. | 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 20549-1520. | |
| © 2010 The Vanguard Group, Inc. | |
| All rights reserved. | |
| Vanguard Marketing Corporation, Distributor. | |
| Q760 012010 | |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Charles D. Ellis, Rajiv L. Gupta, JoAnn Heffernan Heisen, André F. Perold, and Alfred M. Rankin, Jr.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended November 30, 2009: $43,000
Fiscal Year Ended November 30, 2008: $42,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2009: $3,354,640
Fiscal Year Ended November 30, 2008: $3,055,590
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2009: $876,210
Fiscal Year Ended November 30, 2008: $626,240
Includes fees billed in connection with assurance and related services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(c) Tax Fees.
Fiscal Year Ended November 30, 2009: $423,070
Fiscal Year Ended November 30, 2008: $230,400
Includes fees billed in connection with tax compliance, planning and advice services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group and related to income and excise taxes.
(d) All Other Fees.
Fiscal Year Ended November 30, 2009: $0
Fiscal Year Ended November 30, 2008: $0
Includes fees billed for services related to risk management and privacy matters. Services were provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; and (4) other registered investment companies in the Vanguard Group. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: (1) the Registrant; (2) The Vanguard Group, Inc.; (3) other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant; or (4) other registered investment companies in the Vanguard Group.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended November 30, 2009: $423,070
Fiscal Year Ended November 30, 2008: $230,400
Includes fees billed for non-audit services provided to the Registrant, The Vanguard Group, Inc., Vanguard Marketing Corporation, and other registered investment companies in the Vanguard Group.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Not Applicable.
Item 6: Not Applicable.
Item 7: Not Applicable.
Item 8: Not Applicable.
Item 9: Not Applicable.
Item 10: Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Code of Ethics.
(b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD NEW YORK TAX-FREE FUNDS | |
| By: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: January 25, 2010 | |
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: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: January 25, 2010 | |
| VANGUARD NEW YORK TAX-FREE FUNDS | |
| By: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: January 25, 2010 | |
*By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on July 24, 2009, see File Number 2-88373,
and a Power of Attorney filed on October 16, 2009, see File Number 2-52698,
both Incorporated by Reference.