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, 2009 – November 30, 2010
Item 1: Reports to Shareholders
 |
| Vanguard New York Tax-Exempt Funds |
| Annual Report |
| November 30, 2010 |
 |
| Vanguard New York Tax-Exempt Money Market Fund |
| Vanguard New York Long-Term Tax-Exempt Fund |
> After generating exceptional results a year ago, tax-exempt municipal bonds generally posted low- to mid-single-digit returns for the 2010 fiscal year. Money market fund returns continued to hover near zero.
> For the 12 months ended November 30, 2010, Vanguard New York Tax-Exempt Money Market Fund returned 0.10%, a record low that was still slightly ahead of the average return of its state peer group.
> Vanguard New York Long-Term Tax-Exempt Fund returned 4.20% for Investor Shares and 4.28% for Admiral Shares, trailing its comparative standards.
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Advisor’s Report. | 8 |
| New York Tax-Exempt Money Market Fund. | 11 |
| New York Long-Term Tax-Exempt Fund. | 28 |
| About Your Fund’s Expenses. | 58 |
| Glossary. | 60 |
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.
See the Glossary for definitions of investment terms used in this report.
Cover photograph: Jean Maher.
Your Fund’s Total Returns
| Fiscal Year Ended November 30, 2010 | |||||
| Taxable- | |||||
| SEC | Equivalent | Income | Capital | Total | |
| Yields | Yields | Returns | Returns | Returns | |
| Vanguard New York Tax-Exempt Money | |||||
| Market Fund | 0.13% | 0.22% | 0.10% | 0.00% | 0.10% |
| New York Tax-Exempt Money Market Funds | |||||
| Average | 0.01 | ||||
| New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc. | |||||
| Vanguard New York Long-Term Tax-Exempt Fund | |||||
| Investor Shares | 3.08% | 5.21% | 3.93% | 0.27% | 4.20% |
| Admiral™ Shares | 3.16 | 5.34 | 4.01 | 0.27 | 4.28 |
| Barclays Capital 10 Year Municipal Bond Index | 5.51 | ||||
| New York Municipal Debt Funds Average | 4.77 | ||||
New York Municipal Debt Funds Average: Derived from data provided by Lipper Inc.
7-day SEC yield for the New York Tax-Exempt Money Market Fund; 30-day SEC yield for the New York Long-Term Tax-Exempt Fund.
The calculation of taxable-equivalent yield assumes a typical itemized tax return and is based on the maximum federal tax rate of 35% and the maximum income tax rate for the state. Local taxes were not considered. Please see the prospectus for a detailed explanation of the calculation.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements.
| Your Fund’s Performance at a Glance | ||||
| November 30, 2009 , Through November 30, 2010 | ||||
| Distributions Per Share | ||||
| Starting | Ending | Income | Capital | |
| Share Price | Share Price | Dividends | Gains | |
| Vanguard New York Tax-Exempt Money | ||||
| Market Fund | $1.00 | $1.00 | $0.001 | $0.000 |
| Vanguard New York Long-Term Tax-Exempt | ||||
| Fund | ||||
| Investor Shares | $11.01 | $11.04 | $0.429 | $0.000 |
| Admiral Shares | 11.01 | 11.04 | 0.438 | 0.000 |
1
Chairman’s Letter
Dear Shareholder:
Traditionally, municipal bonds have often been seen as the investment equivalent of your grandfather’s sedan—staid but generally safe and reliable. After staging an impressive recovery a year ago, munis were indeed fairly steady in the 2010 fiscal year—until a late-summer rally, which was followed by a sharp reversal. November was the most volatile month in the municipals market since the financial crisis erupted in the fall of 2008.
Still, despite a decline of more than 2% in November, Vanguard New York Long-Term Tax-Exempt Fund returned about 4% for the 12 months ended November 30. Almost all of the fund’s return came from income rather than capital appreciation. Because of its high-quality orientation, the fund lagged the average return of New York state peer funds, which benefited from the market’s sizable appetite for risk during much of 2010. On November 30, the fund’s 30-day SEC yield for Investor Shares was 3.08%, down 3.32% from a year earlier.
Vanguard New York Tax-Exempt Money Market Fund returned 0.10%, its lowest fiscal-year return ever. With short-term interest rates anchored near zero for almost two years by Federal Reserve policy, the fund’s ending yield was 0.13%, almost unchanged from 0.11% a year ago.
On a taxable-equivalent basis, each fund’s yield was higher, as shown on page 1. Note: The funds are permitted to invest in securities whose income is subject to
2
the alternative minimum tax (AMT). As of November 30, the Long-Term Fund owned no securities that would generate income distributions subject to the AMT, but the Money Market Fund did.
Also, please note that as part of our ongoing efforts to lower the cost of investing for all of our clients, we have broadened the availability of our lower-cost Admiral Shares, reducing the Admiral minimums for most of our actively managed funds from $100,000 to $50,000.
Bonds produced good returns amid fiscal and monetary drama
Although global stock markets produced superior returns, bond markets provided the more dramatic setting in the past year.
The yield of the 10-year U.S. Treasury note declined sharply as a variety of forces—including Europe’s sovereign debt crisis and anticipation that the Federal Reserve would begin a new round of Treasury buying—drove investors into low-yielding government bonds.
The municipal bond market contended with somewhat sensational headlines about the strains on state and local budgets, and also with changes in the composition of the bond supply resulting largely from the fast-growing issuance of Build America Bonds (BABs). The broad U.S. bond market returned about 6% for the full year, while the tax-exempt municipal market returned almost 5%.
| Market Barometer | |||
| Average Annual Total Returns | |||
| Periods Ended November 30, 2010 | |||
| One | Three | Five | |
| Year | Years | Years | |
| Bonds | |||
| Barclays Capital U.S. Aggregate Bond Index (Broad | |||
| taxable market) | 6.02% | 6.39% | 6.23% |
| Barclays Capital Municipal Bond Index (Broad tax-exempt | |||
| market) | 4.76 | 4.86 | 4.67 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.12 | 0.79 | 2.36 |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 11.48% | -4.66% | 1.30% |
| Russell 2000 Index (Small-caps) | 26.98 | -0.37 | 2.79 |
| Dow Jones U.S. Total Stock Market Index | 13.39 | -3.88 | 1.84 |
| MSCI All Country World Index ex USA (International) | 5.69 | -7.41 | 4.69 |
| CPI | |||
| Consumer Price Index | 1.14% | 1.35% | 2.06% |
3
As bond prices rise and yields decline, the opportunity for continued strength in the bond market diminishes. Near the end of the period, prices retreated in both the taxable and tax-exempt markets.
Periods of strength and weakness added up to solid stock returns
Stock prices followed a tortuous path to solid 12-month gains. Strength at the start of the year was followed by a summer of weakness and then an autumn revival. The broad U.S. stock market returned more than 13% for the period. Non-U.S. markets had a more modest return approaching 6%, restrained by the fiscal and political dramas in Europe and the dollar’s gains relative to the euro.
A volatile second half crimped full-year returns
It was an uneventful year for money market funds. Their rock-bottom interest rates kept investors generally focused on the higher yields available on longer-term securities. With the help of its low expense ratio, the New York Tax-Exempt Money Market Fund stayed a step ahead of its peer group’s average return.
In contrast, the municipal bond market encountered some turbulence in the second half of the year. After a relatively stable first half, municipal bond prices rallied in July and even more in August—thanks in part to a relatively light supply of new tax-exempt bonds, the possibility of
| Expense Ratios | |||
| Your Fund Compared With Its Peer Group | |||
| Investor | Admiral | Peer Group | |
| Shares | Shares | Average | |
| New York Tax-Exempt Money Market | |||
| Fund | 0.17% | — | 0.55% |
| New York Long-Term Tax-Exempt Fund | 0.20 | 0.12% | 1.08 |
The fund expense ratios shown are from the prospectus dated April 22, 2010, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2010, the funds’ expense ratios were: for the New York Tax-Exempt Money Market Fund, 0.17%; and for the New York Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2009.
Peer groups: For the New York Tax-Exempt Money Market Fund, New York Tax-Exempt Money Market Funds; for the New York Long-Term Tax-Exempt Fund, New York Municipal Debt Funds.
4
higher federal income tax rates after 2010, and slow economic growth (which kept a lid on interest rates). In late August, yields fell to three-decade lows across many maturities in the broad municipal market.
November saw a dramatic turnabout, driven in part by the potential implications of election results and the Fed’s second round of Treasury bond purchases. Other factors included the prospect of an abundant supply of tax-exempt issues and some (briefly) encouraging jobs reports pointing to a stronger economy and possibly higher interest rates. As Treasury yields rose, tax-exempt bond yields also climbed—and prices fell. In November, the tax-exempt yields of several maturities of AAA-rated general-obligation bonds rose
above those of comparable-term taxable Treasuries—an atypical relationship last seen in spring 2009.
Fiscal strains posed challenges; BABs helped ease the pain
The muni market’s ups and downs took place against a backdrop of fiscal challenges. Even as state revenue collections—including New York’s—began to improve after the worst financial setbacks since the Great Depression, the budget gaps faced by many states and municipalities remained sobering. New York state legislators were about four months late in passing the budget for the 2011 fiscal year as they looked for ways to raise taxes and cut spending. Still, the state unemployment rate has remained
| Total Returns | |
| Ten Years Ended November 30, 2010 | |
| Average | |
| Annual Return | |
| New York Tax-Exempt Money Market Fund | 1.78% |
| New York Tax-Exempt Money Market Funds Average | 1.41 |
| New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc. | |
| New York Long-Term Tax-Exempt Fund Investor Shares | 4.90% |
| Barclays Capital 10 Year Municipal Bond Index | 5.57 |
| New York Municipal Debt Funds Average | 4.29 |
| New York Municipal Debt Funds Average: Derived from data provided by Lipper Inc. |
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 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.
5
below the national average and Wall Street, an engine of the Empire State’s economy, appears on track for another profitable year—but with fewer jobs.
Across the nation, state and local authorities are grappling with how to pay for public-sector workers’ post-employment benefits such as pensions and retiree health care. In New York, for example, most newly hired state employ-ees are now required to contribute more to their pension benefits.
The fiscal crunch has been tempered somewhat by the generous federal interest rate subsidies available through the BABs program, which has its roots in the difficulties faced by state and local borrowers during the nation’s financial crisis. (Your funds do not hold these bonds because they are taxable.) More than $165 billion of BABs have been issued nationwide since the program was introduced in early 2009 as part of the massive federal stimulus package. BABs have diminished the issuance of new tax-exempt bonds: In calendar year 2010 through November, tax-exempt supply fell to its lowest level in about a decade. This shortage, especially in bonds of longer maturities, led investors to bid up tax-exempt prices—at least, until November.
New York State ranked second, behind California, in the amount of BABs sold by all issuers from 2009 through November 30, 2010. And two New York City issuers—the Municipal Water Finance Authority and the Transitional Finance Authority—were among the November stampede of borrowers seeking to take advantage of the expiring interest rate subsidy. (Congress allowed the BABs program to expire as scheduled on December 31. With borrowers rushing to beat the deadline, taxable municipal bond issuance during December appeared on target to exceed tax-exempt issuance for the first month ever.)
For more information on the funds’ positioning and performance during the past year, please see the Advisor’s Report following this letter.
A conservative approach has proven its worth
Over the years, the funds’ advisor, Vanguard Fixed Income Group, has focused on high-quality tax-exempt securities. This approach, along with disciplined portfolio management and low costs, has rewarded shareholders. For the ten years ended November 30, 2010, the average annual returns of the New York State Tax-Exempt Funds exceeded the funds’ peer averages by margins considered significant in the world of fixed income investing.
Shareholders have also benefited from the advisor’s stringent credit analysis, a Vanguard hallmark. As fiscal fortunes have diverged, it has become harder for
6
individual investors to evaluate the credit-worthiness of a wide range of municipal borrowers. Because there are no remaining AAA-rated insurance companies, investors can’t look to guarantees to provide assurance. In addition, a nationwide “recalibration” of municipal bond ratings by two major credit-rating agencies has blurred some of the distinctions among issuers. These factors underscore the importance of the objective insights of Vanguard’s experienced team of credit analysts, who work closely with our portfolio managers and traders.
Diversification and credit analysis aren’t likely to go out of style
Because twists and turns in the bond markets are often as unpredictable as those in the stock markets, we encourage you to diversify your bond holdings, consistent with the investment objectives and principles you consider in managing all of your assets. And always keep in mind the importance of skilled credit analysis. The Vanguard New York Tax-Exempt Funds can help—by offering you a low-cost, diversified portfolio of New York securities that meet the high standards of our credit analysts.
Many investors are concerned about what may happen to their bond portfolios if interest rates rise. Conventional wisdom might suggest reallocating some of those assets into shorter-maturity bond funds,
which are often thought to be less sensitive to changes in interest rates. Recent Vanguard research, however, underscores the benefits of maintaining a broadly diversified fixed income portfolio regardless of the future direction of interest rates. In fact, our research suggests that greater uncertainty about the outlook for economic growth, the deficit, inflation, and interest rates supports more fixed income diversification, not less.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
December 9, 2010
7
Advisor’s Report
For the fiscal year ended November 30, 2010, Vanguard New York Tax-Exempt Money Market Fund returned 0.10%, ahead of the 0.01% average return of its peer group. The New York Long-Term Tax-Exempt Fund returned 4.20% for Investor Shares and 4.28% for Admiral Shares, trailing the 4.77% average return of competing New York funds and the result for its diversified Barclays Capital index benchmark.
The investment environment
A look at changes in tax-exempt yields for the fiscal year as a whole—shown in the table below—does not do justice to the unusual degree of volatility that the municipal bond market experienced as the year drew to a close.
Until November, the period was characterized by a general slide in yields across the maturity curve, but for different reasons. The Federal Reserve kept interest rates—and, in effect, the returns on money market funds—near zero throughout the year. Scrambling for higher yields, investors turned to intermediate-term municipals, pushing up their prices and pushing down their yields. (As you know, bond prices and yields are inversely related.)
Among the longest-term tax-exempt bonds, demand clashed with a shortage of supply as states and local governments took advantage of federal subsidies to issue taxable municipal bonds, known as Build America Bonds (BABs). About a third of the $40 billion in New York bonds issued by the state and local governments during the
| Yields of Tax-Exempt Municipal Bonds | ||
| (AAA-Rated General-Obligation Issues) | ||
| November 30, | November 30, | |
| Maturity | 2009 | 2010 |
| 2 years | 0.61% | 0.60% |
| 5 years | 1.50 | 1.36 |
| 10 years | 2.78 | 2.79 |
| 30 years | 4.28 | 4.28 |
| Source: Vanguard. |
8
fiscal year were BABs. The temporary BABs program, designed to help fiscally stressed states and municipalities reduce debt financing costs, came into existence because of the early-2009 federal stimulus program and was designed to expire on December 31, 2010. Another December 31 deadline—the scheduled expiration of federal tax breaks—spurred demand for tax-exempt securities as uncertainty persisted about what Congress might do. [The BABs program ended on schedule, while the reduced tax rates were extended for two years.]
In August and September, municipal yields reached historical lows. In the final month of the fiscal year, however, the slide in yields (money market funds excepted) abruptly reversed, erasing all or much of the decline, depending on maturity, of the preceding 11 months. November turned out to be the most volatile month for municipal bonds since the height of the financial crisis in the fall of 2008. A new mix of factors led to a sell-off, with many investors moving assets from municipal bond funds to alternatives such as tax-exempt money market funds, despite their scant yields. The volatility and fund outflows continued in December.
November opened with the midterm elections, the results of which led many investors to expect that federal tax cuts would be extended. Immediately afterward, the Federal Reserve announced its widely anticipated program to purchase huge quantities of Treasury bonds, an action intended to stimulate the economy by lowering long-term interest rates. Nonetheless, Treasury yields rose in response to economic data suggesting a possibility of inflation to come. Muni yields followed.
Further upward pressure on yields in November came from expectations of swelling new-issue supply and sales of bonds by mutual funds that needed to raise cash for redemptions. (The Vanguard municipal bond funds have had adequate reserves to meet redemptions.) As of November 30, the yields of longer-term tax-exempt bonds had risen above those of taxable Treasuries, an inversion of the typical pattern.
Management of the funds
The turbulence that characterized the municipal bond market as the fiscal year ended did not reflect a material change in the credit fundamentals of bond issuers. State and local governments remain under great fiscal stress, of course, although the recession technically ended in June 2009. As in previous economic recoveries, the municipal sector tends to lag the general economy because time is needed for higher personal and business income to flow through the tax system. The road to improvement is likely to be longer
9
than usual because of the depth of the recent recession, the worst since the Great Depression.
For this and other reasons, investors are understandably concerned about the health of muni bond issuers and their ability to make principal and interest payments on time. That is why close monitoring of the financial condition of state and local governments has always been a crucial component of our investment activities. Vanguard’s highly experienced credit analysts review each potential addition to our portfolios and reject those that don’t pass our rigorous evaluation process.
In view of the uncertainties surrounding the pace of the economic recovery, we held the New York Long-Term Tax-Exempt Fund at a neutral average weighted duration compared with its benchmark index. As a consequence, interest rate positioning had no significant impact on the fund’s performance during this fiscal year.
Outlook
We expect to see more headlines citing the plight of state and local governments, and more comparisons between the states and European nations facing fiscal stress. We are confident, however, that states and municipalities will make the tough and unpleasant decisions about tax and service levels necessary to balance their budgets in the short term and address longer-term challenges, such as adequately funding retiree benefits. It’s a process that likely won’t be smooth, in the give-and-take of the political arena.
Nonrenewal of the BABs program would imply more tax-exempt issuance in 2011, especially in the long-term portion of the municipal market. If this happens, the additional supply could produce lower prices and higher yields at the long end of the yield curve.
Pamela Wisehaupt Tynan, Principal, Portfolio Manager
Michael G. Kobs, Portfolio Manager
Christopher W. Alwine, CFA, Principal, Head of Municipal Money Market and Bond Groups
December 21, 2010
10
New York Tax-Exempt Money Market Fund
Fund Profile
As of November 30, 2010
| Financial Attributes | |
| Ticker Symbol | VYFXX |
| Expense Ratio1 | 0.17% |
| 7-Day SEC Yield | 0.13% |
| Average Weighted | |
| Maturity | 40 days |
| Distribution by Credit Quality (% of portfolio) | |
| First Tier | 100.0% |
For information about these ratings, see the Glossary entry for
Credit Quality.
1 The expense ratio shown is from the prospectus dated April 22, 2010, and represents estimated costs for the current fiscal year. For the fiscal year ended November 30, 2010, the expense ratio was 0.17%.
11
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 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 fun d. The fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.
Cumulative Performance: November 30, 2000, Through November 30, 2010
Initial Investment of $10,000
| Average Annual Total Returns | ||||
| Periods Ended November 30, 2010 | ||||
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| New York Tax-Exempt Money Market | ||||
| Fund | 0.10% | 1.92% | 1.78% | $11,931 |
| – – – – New York Tax-Exempt Money Market | ||||
| Funds Average | 0.01 | 1.60 | 1.41 | 11,501 |
| New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc. | ||||
See Financial Highlights for dividend information.
12
New York Tax-Exempt Money Market Fund
Fiscal-Year Total Returns (%): November 30, 2000, Through November 30, 2010
| NY Tax-Exempt | ||
| Money Mkt | ||
| Funds Avg | ||
| Fiscal Year | Total Returns | Total Returns |
| 2001 | 2.79% | 2.35% |
| 2002 | 1.32 | 0.91 |
| 2003 | 0.89 | 0.53 |
| 2004 | 1.03 | 0.58 |
| 2005 | 2.18 | 1.70 |
| 2006 | 3.28 | 2.81 |
| 2007 | 3.60 | 3.12 |
| 2008 | 2.32 | 1.88 |
| 2009 | 0.36 | 0.24 |
| 2010 | 0.10 | 0.01 |
7-day SEC yield (11/30/2010): 0.13%
New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc.
Average Annual Total Returns: Periods Ended September 30, 2010
This table presents average annual total returns through the latest calendar quarter—rather than through the end of
the fiscal period. Securities and Exchange Commission rules require that we provide this information.
| Inception | One | Five | Ten | |
| Date | Year | Years | Years | |
| New York Tax-Exempt Money | ||||
| Market Fund | 9/3/1997 | 0.10% | 2.01% | 1.85% |
13
New York Tax-Exempt Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2010
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 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 vanguard.com.
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Tax-Exempt Municipal Bonds (99.4%) | ||||
| New York (98.4%) | ||||
| Albany NY Industrial Development Agency | ||||
| Civic Facility Revenue (CHF Holland Suites | ||||
| LLC Project) VRDO | 0.270% | 12/7/10 LOC | 12,430 | 12,430 |
| Amherst NY Development Corp. Student | ||||
| Housing Facility Revenue VRDO | 0.260% | 12/7/10 LOC | 6,000 | 6,000 |
| Chappaqua NY Central School District TAN | 2.000% | 6/30/11 | 8,000 | 8,068 |
| Cheektowaga NY BAN | 2.000% | 7/21/11 | 8,300 | 8,376 |
| Chemung County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Elmira College Project) VRDO | 0.280% | 12/7/10 LOC | 9,800 | 9,800 |
| Clifton Park NY Industrial Development Agency | ||||
| Multifamily Housing Revenue (Coburg Village | ||||
| Senior Housing Project) VRDO | 0.280% | 12/7/10 LOC | 10,945 | 10,945 |
| Columbia County NY Capital Resource Corp. | ||||
| Civic Facility Revenue (Columbia Memorial | ||||
| Hospital Project) VRDO | 0.280% | 12/7/10 LOC | 6,000 | 6,000 |
| Columbia County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Columbia | ||||
| Memorial Hospital Project) VRDO | 0.280% | 12/7/10 LOC | 5,250 | 5,250 |
| Erie County NY Fiscal Stability Authority BAN | 1.250% | 7/29/11 | 20,000 | 20,114 |
| Geneva NY Industrial Development Agency | ||||
| Civic Facility Revenue (Colleges of the | ||||
| Seneca Project) VRDO | 0.270% | 12/7/10 LOC | 29,575 | 29,575 |
| Half Hollow Hills NY Central School District | ||||
| Huntington & Babylon TAN | 2.000% | 6/30/11 | 39,000 | 39,385 |
| Hauppauge NY Union Free School District TAN | 2.000% | 6/28/11 | 25,000 | 25,239 |
| Huntington NY Union Free School District TAN | 1.500% | 6/24/11 | 25,000 | 25,161 |
| Islip NY BAN | 2.000% | 12/16/10 | 5,520 | 5,524 |
| Ithaca City NY City School District BAN | 1.500% | 7/8/11 | 15,000 | 15,102 |
| Liberty New York Development Corp. Revenue | ||||
| (Greenwich LLC) VRDO | 0.320% | 12/7/10 LOC | 15,375 | 15,375 |
| Long Island NY Power Authority Electric | ||||
| System Revenue CP | 0.300% | 2/7/11 LOC | 24,000 | 24,000 |
| Metropolitan New York Transportation | ||||
| Authority RAN | 2.000% | 12/31/10 | 25,000 | 25,033 |
| 1 Metropolitan New York Transportation Authority | ||||
| Revenue (Dedicated Petroleum Tax) TOB VRDO | 0.310% | 12/7/10 (4) | 7,510 | 7,510 |
14
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 1 Metropolitan New York Transportation Authority | ||||
| Revenue (Dedicated Petroleum Tax) TOB VRDO | 0.310% | 12/7/10 (13) | 7,840 | 7,840 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) VRDO | 0.280% | 12/7/10 LOC | 40,310 | 40,310 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) VRDO | 0.280% | 12/7/10 LOC | 13,460 | 13,460 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) VRDO | 0.280% | 12/7/10 LOC | 14,595 | 14,595 |
| 1 Metropolitan New York Transportation Authority | ||||
| Revenue (Service Contract) TOB VRDO | 0.330% | 12/7/10 (4) | 4,495 | 4,495 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Transit Revenue) VRDO | 0.310% | 12/1/10 LOC | 25,900 | 25,900 |
| 1 Metropolitan New York Transportation Authority | ||||
| Revenue TOB VRDO | 0.310% | 12/7/10 (13) | 19,005 | 19,005 |
| 1 Metropolitan New York Transportation Authority | ||||
| Revenue TOB VRDO | 0.320% | 12/7/10 (13) | 6,000 | 6,000 |
| 1 Metropolitan New York Transportation Authority | ||||
| Revenue TOB VRDO | 0.400% | 12/7/10 (4) | 3,620 | 3,620 |
| 1 Metropolitan New York Transportation Authority | ||||
| Revenue TOB VRDO | 0.400% | 12/7/10 (4) | 6,510 | 6,510 |
| Metropolitan New York Transportation Authority | ||||
| Revenue VRDO | 0.270% | 12/7/10 LOC | 15,350 | 15,350 |
| Metropolitan New York Transportation Authority | ||||
| Revenue VRDO | 0.300% | 12/7/10 LOC | 10,000 | 10,000 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Cherry Ridge) | ||||
| VRDO | 0.240% | 12/7/10 LOC | 7,060 | 7,060 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Cherry Ridge) | ||||
| VRDO | 0.240% | 12/7/10 LOC | 3,000 | 3,000 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Monroe Community College) VRDO | 0.270% | 12/7/10 LOC | 3,800 | 3,800 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Nazareth College) | ||||
| VRDO | 0.300% | 12/7/10 LOC | 6,385 | 6,385 |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.250% | 12/7/10 | 41,100 | 41,100 |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.250% | 12/7/10 | 46,100 | 46,100 |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.260% | 12/7/10 | 10,000 | 10,000 |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.280% | 12/7/10 | 5,000 | 5,000 |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.290% | 12/7/10 | 20,000 | 20,000 |
| New York City NY Capital Resources Corp. | ||||
| Revenue (Loan Enhanced Assistance Program) | ||||
| VRDO | 0.390% | 12/7/10 LOC | 8,000 | 8,000 |
| New York City NY Capital Resources Corp. | ||||
| Revenue (Loan Enhanced Assistance Program) | ||||
| VRDO | 0.610% | 12/7/10 LOC | 4,320 | 4,320 |
| New York City NY Cultural Resources Revenue | ||||
| (American Museum of Natural History) VRDO | 0.250% | 12/7/10 | 17,965 | 17,965 |
15
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Cultural Resources Revenue | ||||
| (Asia Society) VRDO | 0.300% | 12/7/10 LOC | 2,430 | 2,430 |
| New York City NY Cultural Resources Revenue | ||||
| (Lincoln Center for the Performing Arts Inc.) | ||||
| VRDO | 0.280% | 12/7/10 LOC | 13,000 | 13,000 |
| New York City NY Cultural Resources Revenue | ||||
| (Manhattan School of Music) VRDO | 0.250% | 12/7/10 LOC | 7,200 | 7,200 |
| New York City NY Cultural Resources Revenue | ||||
| (Pierpont Morgan Library) VRDO | 0.270% | 12/7/10 LOC | 13,480 | 13,480 |
| New York City NY Cultural Resources Revenue | ||||
| (The Metropolitan Museum of Art) VRDO | 0.290% | 12/7/10 | 40,100 | 40,100 |
| New York City NY Cultural Resources Revenue | ||||
| (The Metropolitan Museum of Art) VRDO | 0.290% | 12/7/10 | 57,460 | 57,460 |
| New York City NY GO | 5.250% | 3/15/11 (Prere.) | 5,000 | 5,120 |
| New York City NY GO | 2.000% | 8/1/11 | 9,325 | 9,430 |
| New York City NY GO | 3.000% | 8/1/11 | 17,800 | 18,119 |
| 1 New York City NY GO TOB VRDO | 0.290% | 12/1/10 LOC | 6,195 | 6,195 |
| New York City NY GO VRDO | 0.280% | 12/1/10 LOC | 7,585 | 7,585 |
| New York City NY GO VRDO | 0.300% | 12/1/10 (4) | 2,000 | 2,000 |
| New York City NY GO VRDO | 0.300% | 12/1/10 (4) | 8,930 | 8,930 |
| New York City NY GO VRDO | 0.300% | 12/1/10 (4) | 1,400 | 1,400 |
| New York City NY GO VRDO | 0.300% | 12/1/10 (4) | 12,365 | 12,365 |
| New York City NY GO VRDO | 0.300% | 12/1/10 (4) | 5,300 | 5,300 |
| New York City NY GO VRDO | 0.300% | 12/1/10 (4) | 13,020 | 13,020 |
| New York City NY GO VRDO | 0.240% | 12/1/10 LOC | 3,650 | 3,650 |
| New York City NY GO VRDO | 0.280% | 12/7/10 LOC | 23,000 | 23,000 |
| New York City NY GO VRDO | 0.280% | 12/7/10 LOC | 30,000 | 30,000 |
| New York City NY GO VRDO | 0.320% | 12/7/10 LOC | 14,725 | 14,725 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) VRDO | 0.310% | 12/7/10 LOC | 14,200 | 14,200 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue PUT | 0.530% | 5/13/11 | 22,720 | 22,720 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue PUT | 0.410% | 9/15/11 | 16,575 | 16,575 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.320% | 12/7/10 | 20,000 | 20,000 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.400% | 12/7/10 | 21,840 | 21,840 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue (89 Murray | ||||
| Street Development) VRDO | 0.270% | 12/7/10 LOC | 45,800 | 45,800 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue | ||||
| (First Avenue Development) | 0.270% | 12/7/10 LOC | 10,000 | 10,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue | ||||
| (Atlantic Court Apartments) VRDO | 0.270% | 12/7/10 LOC | 53,100 | 53,100 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue | ||||
| (Ocean Gate Development) VRDO | 0.370% | 12/7/10 LOC | 32,530 | 32,530 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue | ||||
| (One Columbus Place Development) VRDO | 0.270% | 12/7/10 LOC | 32,000 | 32,000 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Civil Liberties Union) VRDO | 0.240% | 12/1/10 LOC | 13,465 | 13,465 |
16
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Grace Church School) VRDO | 0.280% | 12/7/10 LOC | 4,910 | 4,910 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue (Jewish Board | ||||
| of Family Services) VRDO | 0.250% | 12/7/10 LOC | 14,340 | 14,340 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue (Lycee Francais | ||||
| De New York Project) VRDO | 0.250% | 12/7/10 LOC | 13,350 | 13,350 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Mercy College Project) VRDO | 0.280% | 12/7/10 LOC | 12,365 | 12,365 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (New York Congregational Nursing | ||||
| Center Project) VRDO | 0.280% | 12/7/10 LOC | 4,400 | 4,400 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (New York Law School) VRDO | 0.250% | 12/7/10 LOC | 15,500 | 15,500 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (United Jewish Appeal) VRDO | 0.250% | 12/7/10 | 17,800 | 17,800 |
| New York City NY Industrial Development | ||||
| Agency Special Facility Revenue | ||||
| (Korean Air Lines) VRDO | 0.280% | 12/7/10 LOC | 14,100 | 14,100 |
| New York City NY Industrial Development | ||||
| Agency Special Facility Revenue | ||||
| (Korean Air Lines) VRDO | 0.280% | 12/7/10 LOC | 12,400 | 12,400 |
| 1 New York City NY Municipal Water | ||||
| Finance Authority Water & Sewer | ||||
| System Revenue TOB VRDO | 0.280% | 12/1/10 | 4,500 | 4,500 |
| 1 New York City NY Municipal Water | ||||
| Finance Authority Water & Sewer | ||||
| System Revenue TOB VRDO | 0.290% | 12/7/10 | 11,000 | 11,000 |
| 1 New York City NY Municipal Water | ||||
| Finance Authority Water & Sewer | ||||
| System Revenue TOB VRDO | 0.300% | 12/7/10 | 10,000 | 10,000 |
| 1 New York City NY Municipal Water | ||||
| Finance Authority Water & Sewer | ||||
| System Revenue TOB VRDO | 0.300% | 12/7/10 | 4,450 | 4,450 |
| New York City NY Municipal Water | ||||
| Finance Authority Water & Sewer | ||||
| System Revenue VRDO | 0.230% | 12/1/10 | 14,000 | 14,000 |
| New York City NY Municipal Water | ||||
| Finance Authority Water & Sewer | ||||
| System Revenue VRDO | 0.240% | 12/1/10 | 50,280 | 50,280 |
| New York City NY Municipal Water | ||||
| Finance Authority Water & Sewer | ||||
| System Revenue VRDO | 0.260% | 12/1/10 | 12,500 | 12,500 |
| New York City NY Municipal Water | ||||
| Finance Authority Water & Sewer | ||||
| System Revenue VRDO | 0.270% | 12/1/10 | 32,500 | 32,500 |
| New York City NY Municipal Water | ||||
| Finance Authority Water & Sewer | ||||
| System Revenue VRDO | 0.260% | 12/7/10 | 15,400 | 15,400 |
17
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Municipal Water | ||||
| Finance Authority Water & Sewer | ||||
| System Revenue VRDO | 0.300% | 12/7/10 | 5,000 | 5,000 |
| 1 New York City NY Sales Tax Asset | ||||
| Receivable Corp. Revenue TOB VRDO | 0.330% | 12/7/10 | 19,610 | 19,610 |
| 1 New York City NY Sales Tax Asset | ||||
| Receivable Corp. Revenue TOB VRDO | 0.330% | 12/7/10 | 12,845 | 12,845 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.000% | 1/15/11 | 4,750 | 4,777 |
| 1 New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue TOB VRDO | 0.290% | 12/7/10 LOC | 9,950 | 9,950 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.375% | 2/1/11 (Prere.) | 8,385 | 8,539 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.375% | 2/1/11 (Prere.) | 7,310 | 7,444 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.375% | 2/1/11 (Prere.) | 13,985 | 14,242 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.375% | 2/1/11 (Prere.) | 8,415 | 8,570 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.500% | 2/1/11 (Prere.) | 9,500 | 9,676 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.500% | 2/1/11 (Prere.) | 2,955 | 3,010 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.500% | 2/1/11 (Prere.) | 1,470 | 1,497 |
| 1 New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue TOB VRDO | 0.300% | 12/7/10 | 5,295 | 5,295 |
| New York City NY Transitional Finance | ||||
| Authority Recovery Revenue VRDO | 0.290% | 12/1/10 | 1,265 | 1,265 |
| New York City NY Transitional Finance | ||||
| Authority Recovery Revenue VRDO | 0.240% | 12/1/10 | 1,000 | 1,000 |
| New York City NY Transitional Finance | ||||
| Authority Recovery Revenue VRDO | 0.270% | 12/7/10 | 50,660 | 50,660 |
| New York City NY Transitional Finance | ||||
| Authority Recovery Revenue VRDO | 0.270% | 12/7/10 | 3,655 | 3,655 |
| New York City NY Transitional Finance | ||||
| Authority Recovery Revenue VRDO | 0.280% | 12/7/10 | 15,000 | 15,000 |
| New York City NY Transitional Finance | ||||
| Authority Recovery Revenue VRDO | 0.300% | 12/7/10 | 55,525 | 55,525 |
| New York City NY Trust for Cultural | ||||
| Resources Revenue (School of | ||||
| American Ballet Inc.) VRDO | 0.350% | 12/7/10 LOC | 7,080 | 7,080 |
| New York Liberty Development Corp. | ||||
| Revenue PUT | 0.320% | 5/5/11 | 50,000 | 50,000 |
| New York Metropolitan Transportation | ||||
| Authority Revenue CP | 0.280% | 12/3/10 LOC | 10,000 | 10,000 |
| New York Metropolitan Transportation | ||||
| Authority Revenue CP | 0.300% | 1/13/11 | 15,625 | 15,625 |
| New York State Dormitory Auth. Rev. | ||||
| (Columbia Univ.) CP | 0.290% | 3/8/11 | 12,800 | 12,800 |
| New York State Dormitory Authority Revenue | ||||
| (Blythedale Children’s Hospital) VRDO | 0.290% | 12/7/10 LOC | 9,000 | 9,000 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) VRDO | 0.290% | 12/7/10 LOC | 7,270 | 7,270 |
18
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) VRDO | 0.290% | 12/7/10 LOC | 24,105 | 24,105 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) VRDO | 0.290% | 12/7/10 LOC | 2,470 | 2,470 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 2.000% | 7/1/11 | 26,640 | 26,898 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.500% | 7/1/11 (Prere.) | 4,090 | 4,213 |
| 1 New York State Dormitory Authority Revenue | ||||
| (City University System) TOB VRDO | 0.300% | 12/7/10 (4) | 10,905 | 10,905 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.250% | 7/1/11 | 4,160 | 4,279 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) CP | 0.290% | 3/8/11 | 1,095 | 1,095 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) VRDO | 0.240% | 12/7/10 | 60,150 | 60,150 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) VRDO | 0.270% | 12/7/10 | 6,000 | 6,000 |
| New York State Dormitory Authority Revenue | ||||
| (Highland Community Development Corp.) VRDO | 0.250% | 12/7/10 LOC | 9,170 | 9,170 |
| New York State Dormitory Authority Revenue | ||||
| (LeMoyne College) VRDO | 0.270% | 12/7/10 LOC | 4,700 | 4,700 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | ||||
| TOB VRDO | 0.370% | 12/7/10 (4)LOC | 15,785 | 15,785 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | ||||
| VRDO | 0.250% | 12/7/10 LOC | 71,500 | 71,500 |
| New York State Dormitory Authority Revenue | ||||
| (Mount St. Mary College) VRDO | 0.300% | 12/7/10 LOC | 4,900 | 4,900 |
| New York State Dormitory Authority Revenue | ||||
| (New York Law School) VRDO | 0.250% | 12/7/10 LOC | 8,600 | 8,600 |
| New York State Dormitory Authority Revenue | ||||
| (New York Public Library) VRDO | 0.300% | 12/7/10 LOC | 7,020 | 7,020 |
| New York State Dormitory Authority Revenue | ||||
| (New York Public Library) VRDO | 0.300% | 12/7/10 LOC | 15,115 | 15,115 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.300% | 12/7/10 | 17,520 | 17,520 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) VRDO | 0.270% | 12/7/10 | 21,215 | 21,215 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) VRDO | 0.270% | 12/7/10 | 5,000 | 5,000 |
| 1 New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | ||||
| TOB VRDO | 0.290% | 12/7/10 LOC | 10,345 | 10,345 |
| New York State Dormitory Authority Revenue | ||||
| (University of Rochester) VRDO | 0.240% | 12/1/10 LOC | 4,390 | 4,390 |
| New York State Energy Research & Development | ||||
| Authority Electric Facilities Revenue | ||||
| (Long Island Lighting Co. Project) VRDO | 0.310% | 12/7/10 LOC | 14,980 | 14,980 |
| 1 New York State Environmental Facilities Corp. | ||||
| Revenue (Personal Income Tax) TOB VRDO | 0.300% | 12/7/10 | 3,185 | 3,185 |
| 1 New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) TOB VRDO | 0.300% | 12/7/10 | 3,645 | 3,645 |
19
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Environmental Facilities Corp. | ||||
| Water Pollution Control Revenue | 5.750% | 6/15/11 (ETM) | 5,950 | 6,123 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (10 Liberty Street) VRDO | 0.250% | 12/7/10 LOC | 15,200 | 15,200 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (150 East 44th Street) VRDO | 0.270% | 12/7/10 LOC | 27,000 | 27,000 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (80 DeKalb Avenue) VRDO | 0.250% | 12/7/10 LOC | 15,270 | 15,270 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Avalon Bowery Place I) VRDO | 0.260% | 12/7/10 LOC | 25,200 | 25,200 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Chelsea Apartments) VRDO | 0.290% | 12/7/10 LOC | 66,170 | 66,170 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Clinton Green North) VRDO | 0.250% | 12/7/10 LOC | 10,000 | 10,000 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Clinton Green South) VRDO | 0.250% | 12/7/10 LOC | 15,600 | 15,600 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Saville) VRDO | 0.270% | 12/7/10 LOC | 45,000 | 45,000 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (West 17th Street) VRDO | 0.260% | 12/7/10 LOC | 25,000 | 25,000 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (West 23rd Street) VRDO | 0.280% | 12/7/10 LOC | 10,400 | 10,400 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (West 37th Street) VRDO | 0.290% | 12/7/10 LOC | 4,200 | 4,200 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (West 38th Street) VRDO | 0.260% | 12/7/10 LOC | 15,000 | 15,000 |
| New York State Housing Finance Agency | ||||
| Revenue (Service Contract) VRDO | 0.290% | 12/7/10 LOC | 9,000 | 9,000 |
| 1 New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue TOB VRDO | 0.350% | 12/7/10 | 12,090 | 12,090 |
| 1 New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue TOB VRDO | 0.350% | 12/7/10 | 8,805 | 8,805 |
| 1 New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue TOB VRDO | 0.360% | 12/7/10 | 10,915 | 10,915 |
| 1 New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue TOB VRDO | 0.360% | 12/7/10 | 11,090 | 11,090 |
| 1 New York State Mortgage Agency | ||||
| Revenue TOB VRDO | 0.300% | 12/1/10 | 1,200 | 1,200 |
| New York State Power Authority Revenue PUT | 0.290% | 3/1/11 | 35,000 | 35,000 |
| New York State Power Authority Revenue PUT | 0.290% | 3/1/11 | 24,650 | 24,650 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.500% | 4/1/11 (Prere.) | 2,000 | 2,054 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.500% | 4/1/11 (Prere.) | 3,000 | 3,081 |
| New York State Urban Development Corp. | ||||
| Revenue (Service Contract) VRDO | 0.270% | 12/7/10 LOC | 82,100 | 82,100 |
| New York State Urban Development Corp. | ||||
| Revenue (Service Contract) VRDO | 0.270% | 12/7/10 LOC | 21,300 | 21,300 |
| North Hempstead NY BAN | 2.000% | 10/7/11 | 31,664 | 32,098 |
| Northport-East Northport NY Union Free | ||||
| School District TAN | 1.600% | 6/24/11 | 39,000 | 39,276 |
| 1 Nuveen New York Performance Plus | ||||
| Municipal Fund VRDP VRDO | 0.480% | 12/7/10 LOC | 34,500 | 34,500 |
| 1 Nuveen New York Select Quality Municipal | ||||
| Fund VRDP VRDO | 0.550% | 12/7/10 LOC | 31,000 | 31,000 |
20
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Onondaga County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Crouse Health | ||||
| Hospital Inc. Project) VRDO | 0.280% | 12/7/10 LOC | 6,715 | 6,715 |
| Onondaga County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Crouse Health | ||||
| Hospital Inc. Project) VRDO | 0.280% | 12/7/10 LOC | 8,605 | 8,605 |
| Onondaga County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Syracuse | ||||
| University Project) VRDO | 0.250% | 12/7/10 LOC | 8,590 | 8,590 |
| Onondaga County NY Trust Cultural Resource | ||||
| Revenue (Syracuse University) VRDO | 0.320% | 12/7/10 LOC | 17,000 | 17,000 |
| Oyster Bay NY BAN | 1.500% | 3/11/11 | 40,000 | 40,130 |
| Port Washington NY Union Free | ||||
| School District TAN | 2.000% | 6/23/11 | 20,000 | 20,191 |
| Riverhead NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Central Suffolk Hospital Project) | 0.280% | 12/7/10 LOC | 6,790 | 6,790 |
| Riverhead NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Central Suffolk Hospital Project) | 0.280% | 12/7/10 LOC | 5,000 | 5,000 |
| Rockland County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Dominican College Project) | 0.280% | 12/7/10 LOC | 6,405 | 6,405 |
| South Orangetown NY Central | ||||
| School District TAN | 2.000% | 6/30/11 | 5,000 | 5,040 |
| Southampton NY Union Free | ||||
| School District TAN | 2.000% | 6/23/11 | 9,500 | 9,589 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (St. Anthonys High School) VRDO | 0.260% | 12/7/10 LOC | 11,500 | 11,500 |
| Suffolk County NY TAN | 2.000% | 9/13/11 | 23,000 | 23,291 |
| Suffolk County NY Water Authority | ||||
| Revenue VRDO | 0.230% | 12/7/10 | 41,700 | 41,700 |
| Syosset NY Central School District TAN | 1.500% | 6/24/11 | 18,000 | 18,122 |
| Syracuse NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Syracuse University Project) VRDO | 0.250% | 12/7/10 LOC | 17,150 | 17,150 |
| Tompkins County NY BAN | 2.000% | 12/17/10 | 20,440 | 20,455 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Cornell University) VRDO | 0.300% | 12/7/10 | 9,190 | 9,190 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Ithaca College) VRDO | 0.270% | 12/7/10 LOC | 28,195 | 28,195 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Ithaca College) VRDO | 0.270% | 12/7/10 LOC | 15,000 | 15,000 |
| 1 Triborough Bridge & Tunnel Authority | ||||
| New York Revenue TOB VRDO | 0.300% | 12/7/10 | 10,040 | 10,040 |
| 1 Triborough Bridge & Tunnel Authority | ||||
| New York Revenue TOB VRDO | 0.300% | 12/7/10 | 2,660 | 2,660 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue VRDO | 0.250% | 12/7/10 LOC | 36,880 | 36,880 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue VRDO | 0.280% | 12/7/10 | 25,075 | 25,075 |
21
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue VRDO | 0.290% | 12/7/10 (4) | 23,495 | 23,495 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue VRDO | 0.290% | 12/7/10 (4) | 2,585 | 2,585 |
| 3,243,471 | ||||
| Puerto Rico (1.0%) | ||||
| Puerto Rico Sales Tax Financing Corp. | ||||
| Revenue PUT | 5.000% | 8/1/11 (Prere.) | 5,000 | 5,154 |
| 1 Puerto Rico Sales Tax Financing Corp. | ||||
| Revenue TOB VRDO | 0.300% | 12/7/10 | 28,600 | 28,600 |
| 33,754 | ||||
| Total Tax-Exempt Municipal Bonds (Cost $3,277,225) | 3,277,225 | |||
| Other Assets and Liabilities (0.6%) | ||||
| Other Assets | 29,297 | |||
| Liabilities | (11,047) | |||
| 18,250 | ||||
| Net Assets (100%) | ||||
| Applicable to 3,295,300,282 outstanding $.001 par value | ||||
| shares of beneficial interest (unlimited authorization) | 3,295,475 | |||
| Net Asset Value Per Share | $1.00 | |||
| At November 30, 2010, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 3,295,476 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (1) |
| Net Assets | 3,295,475 |
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, 2010, the aggregate value of these securities was $392,950,000, representing 11.9% of net assets.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
22
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.
VRDP—Variable Rate Demand Preferred.
(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) AGM (Assured Guaranty Municipal Corporation).
(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.
23
New York Tax-Exempt Money Market Fund
Statement of Operations
| Year Ended | |
| November 30, 2010 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 9,624 |
| Total Income | 9,624 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 780 |
| Management and Administrative | 4,083 |
| Marketing and Distribution | 1,127 |
| Custodian Fees | 27 |
| Auditing Fees | 21 |
| Shareholders’ Reports | 13 |
| Trustees’ Fees and Expenses | 5 |
| Total Expenses | 6,056 |
| Net Investment Income | 3,568 |
| Realized Net Gain (Loss) on Investment Securities Sold | 9 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3,577 |
See accompanying Notes, which are an integral part of the Financial Statements.
24
New York Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Year Ended November 30, | ||
| 2010 | 2009 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 3,568 | 16,425 |
| Realized Net Gain (Loss) | 9 | 195 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3,577 | 16,620 |
| Distributions | ||
| Net Investment Income | (3,568) | (16,425) |
| Realized Capital Gain | — | — |
| Total Distributions | (3,568) | (16,425) |
| Capital Share Transactions (at $1.00) | ||
| Issued | 1,737,816 | 2,350,479 |
| Issued in Lieu of Cash Distributions | 3,462 | 15,817 |
| Redeemed | (2,362,526) | (3,260,687) |
| Net Increase (Decrease) from Capital Share Transactions | (621,248) | (894,391) |
| Total Increase (Decrease) | (621,239) | (894,196) |
| Net Assets | ||
| Beginning of Period | 3,916,714 | 4,810,910 |
| End of Period | 3,295,475 | 3,916,714 |
See accompanying Notes, which are an integral part of the Financial Statements.
25
New York Tax-Exempt Money Market Fund
| Financial Highlights | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2010 | 2009 | 2008 | 2007 | 2006 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | |||||
| Net Investment Income | .001 | .004 | .023 | .035 | .032 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | — | — | — | — | — |
| Total from Investment Operations | .001 | .004 | .023 | .035 | .032 |
| Distributions | |||||
| Dividends from Net Investment Income | (.001) | (.004) | (.023) | (.035) | (.032) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.001) | (.004) | (.023) | (.035) | (.032) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return1 | 0.10% | 0.36% | 2.32% | 3.60% | 3.28% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $3,295 | $3,917 | $4,811 | $5,451 | $4,379 |
| Ratio of Total Expenses to | |||||
| Average Net Assets | 0.17% | 0.17%2 | 0.11%2 | 0.10% | 0.13% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 0.10% | 0.37% | 2.29% | 3.54% | 3.25% |
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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 accompanying Notes, which are an integral part of the Financial Statements.
26
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, 2007–2010), 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, 2010, the fund had contributed capital of $576,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.23% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
C. 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, 2010, 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.
D. In preparing the financial statements as of November 30, 2010, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
27
New York Long-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2010
| Share-Class Characteristics | ||
| Investor | Admiral | |
| Shares | Shares | |
| Ticker Symbol | VNYTX | VNYUX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 3.08% | 3.16% |
| Financial Attributes | |||
| Barclays | Barclays | ||
| 10 Year | Municipal | ||
| Municipal | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 439 | 8,595 | 46,372 |
| Yield to Maturity | |||
| (before expenses) | 3.5% | 3.3% | 3.5% |
| Average Coupon | 4.7% | 4.9% | 5.0% |
| Average Duration | 6.8 years | 7.3 years | 8.4 years |
| Average Effective | |||
| Maturity | 7.6 years | 9.9 years | 13.4 years |
| Short-Term | |||
| Reserves | 5.7% | — | — |
| Volatility Measures | ||
| Barclays | ||
| 10 Year | Barclays | |
| Municipal | Municipal | |
| Index | Bond Index | |
| R-Squared | 0.87 | 0.99 |
| Beta | 0.97 | 1.05 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
| Distribution by Maturity (% of portfolio) | |
| Under 1 Year | 8.5% |
| 1 - 3 Years | 13.9 |
| 3 - 5 Years | 14.7 |
| 5 - 10 Years | 51.4 |
| 10 - 20 Years | 3.5 |
| 20 - 30 Years | 5.0 |
| Over 30 Years | 3.0 |
| Distribution by Credit Quality (% of portfolio) | |
| AAA | 21.2% |
| AA | 52.0 |
| A | 21.3 |
| BBB | 5.0 |
| BB | 0.5 |
For information about these ratings, see the Glossary entry for Credit Quality.
Investment Focus
1 The expense ratios shown are from the prospectus dated April 22, 2010, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2010, the expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
28
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 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, 2000, Through November 30, 2010
Initial Investment of $10,000
| Average Annual Total Returns | |||||
| Periods Ended November 30, 2010 | |||||
| Final Value | |||||
| One | Five | Ten | of a $10,000 | ||
| Year | Years | Years | Investment | ||
| New York Long-Term Tax-Exempt Fund | |||||
| Investor Shares | 4.20% | 4.05% | 4.90% | $16,138 | |
| •••••••• | Barclays Capital Municipal Bond Index | 4.76 | 4.67 | 5.30 | 16,754 |
| – – – – | Barclays Capital 10 Year Municipal | ||||
| Bond Index | 5.51 | 5.40 | 5.57 | 17,200 | |
| New York Municipal Debt Funds | |||||
| Average | 4.77 | 3.58 | 4.29 | 15,227 | |
| New York Municipal Debt Funds Average: Derived from data provided by Lipper Inc. | |||||
See Financial Highlights for dividend and capital gains information.
29
New York Long-Term Tax-Exempt Fund
| Average Annual Total Returns | ||||
| Periods Ended November 30, 2010 | ||||
| Since | Final Value | |||
| One | Five | Inception | of a $50,000 | |
| Year | Years | (5/14/2001) | Investment | |
| New York Long-Term Tax-Exempt | ||||
| Fund Admiral Shares | 4.28% | 4.13% | 4.75% | $77,867 |
| Barclays Capital Municipal Bond | ||||
| Index | 4.76 | 4.67 | 5.09 | 80,319 |
| Barclays Capital 10 Year Municipal | ||||
| Bond Index | 5.51 | 5.40 | 5.39 | 82,557 |
| "Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standards. | ||||
| Fiscal-Year Total Returns (%): November 30, 2000, Through November 30, 2010 | ||||
| Barclays | ||||
| 10 Year | ||||
| Municipal | ||||
| Investor Shares | Index | |||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2001 | 4.95% | 3.42% | 8.37% | 8.22% |
| 2002 | 4.65 | 2.19 | 6.84 | 6.67 |
| 2003 | 4.42 | 2.78 | 7.20 | 6.88 |
| 2004 | 4.29 | -0.81 | 3.48 | 4.03 |
| 2005 | 4.27 | -1.24 | 3.03 | 3.01 |
| 2006 | 4.51 | 2.17 | 6.68 | 6.17 |
| 2007 | 4.33 | -2.76 | 1.57 | 3.51 |
| 2008 | 4.03 | -8.66 | -4.63 | -0.42 |
| 2009 | 4.57 | 8.69 | 13.26 | 12.67 |
| 2010 | 3.93 | 0.27 | 4.20 | 5.51 |
30
New York Long-Term Tax-Exempt Fund
Average Annual Total Returns: Periods Ended September 30, 2010
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 | Income | Capital | Total | |
| Investor Shares | 4/7/1986 | 4.80% | 4.46% | 4.43% | 0.95% | 5.38% |
| Admiral Shares | 5/14/2001 | 4.88 | 4.54 | 4.451 | 0.641 | 5.091 |
| 1 Return since inception. |
31
New York Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2010
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 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 (97.8%) | ||||
| Albany County NY GO | 5.000% | 10/1/12 (14) | 1,605 | 1,670 |
| Albany NY Industrial Development Agency Civic | ||||
| Facility Revenue (St. Peter’s Hospital Project) | 5.250% | 11/15/27 | 5,000 | 4,847 |
| Albany NY Industrial Development Agency Civic | ||||
| Facility Revenue (University at Albany | ||||
| Foundation Student Housing Corp. - | ||||
| Empire Commons North Project) | 5.375% | 5/1/29 (12) | 3,455 | 3,623 |
| Albany NY Industrial Development Agency Civic | ||||
| Facility Revenue (University at Albany | ||||
| Foundation Student Housing Corp. - | ||||
| Empire Commons North Project) | 5.500% | 5/1/32 (12) | 2,550 | 2,667 |
| Albany NY Industrial Development Agency Civic | ||||
| Facility Revenue (University at Albany | ||||
| Foundation Student Housing Corp. - | ||||
| Empire Commons South Project)ent | ||||
| Housing Corp. - Empire Commons South Project) | 5.375% | 5/1/29 (12) | 4,395 | 4,608 |
| Albany NY Industrial Development Agency Civic | ||||
| Facility Revenue (University at Albany | ||||
| Foundation Student Housing Corp. - | ||||
| Empire Commons South Project) | 5.500% | 5/1/32 (12) | 1,500 | 1,569 |
| Albany NY Industrial Development Agency Civic | ||||
| Facility Revenue (University at Albany | ||||
| Foundation Student Housing Corp. - | ||||
| Empire Commons West Project) | 5.375% | 5/1/29 (12) | 3,415 | 3,581 |
| Amherst NY Development Corp. Student | ||||
| Housing Facility Revenue | 5.000% | 10/1/40 (4) | 2,500 | 2,504 |
| Amherst NY Development Corp. Student | ||||
| Housing Facility Revenue | 5.000% | 10/1/45 | 3,800 | 3,775 |
| Brooklyn NY Local Development Corp. | ||||
| PILOT Revenue (Barclays Center Project) | 6.000% | 7/15/30 | 9,000 | 9,202 |
| Brooklyn NY Local Development Corp. | ||||
| PILOT Revenue (Barclays Center Project) | 6.375% | 7/15/43 | 9,000 | 9,323 |
| Broome County NY Public Safety | ||||
| Facility Project COP | 5.250% | 4/1/15 (14) | 335 | 336 |
| Broome County NY Public Safety | ||||
| Facility Project COP | 5.250% | 4/1/15 (14)(ETM) | 2,225 | 2,234 |
| Buffalo NY GO | 5.125% | 2/1/12 (2) | 1,870 | 1,883 |
| Buffalo NY GO | 5.125% | 2/1/13 (2) | 2,945 | 2,965 |
32
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| City of Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.000% | 9/1/30 | 1,500 | 1,508 |
| City of Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.125% | 9/1/40 | 5,000 | 4,966 |
| Erie County NY Industrial Development | ||||
| Agency School Facility Revenue | ||||
| (Buffalo City School District Project) | 5.000% | 5/1/19 | 4,500 | 5,052 |
| Erie County NY Industrial Development | ||||
| Agency School Facility Revenue | ||||
| (Buffalo City School District Project) | 5.750% | 5/1/20 (4) | 3,510 | 3,861 |
| Erie County NY Industrial Development | ||||
| Agency School Facility Revenue | ||||
| (Buffalo City School District Project) | 5.750% | 5/1/21 (4) | 5,000 | 5,366 |
| Erie County NY Industrial Development | ||||
| Agency School Facility Revenue | ||||
| (Buffalo City School District Project) | 5.750% | 5/1/22 (4) | 4,500 | 4,763 |
| Erie Tobacco Asset Securitization Corp. | ||||
| Tobacco Settlement New York Revenue | 5.000% | 6/1/45 | 1,000 | 738 |
| Hempstead NY GO | 4.000% | 8/15/11 | 3,000 | 3,079 |
| Hempstead NY GO | 2.500% | 2/1/12 | 1,015 | 1,039 |
| Hempstead NY GO | 4.000% | 1/15/13 | 1,500 | 1,603 |
| Hempstead NY GO | 3.000% | 4/15/13 | 5,070 | 5,332 |
| Hempstead NY GO | 4.000% | 8/15/13 | 1,000 | 1,086 |
| Hempstead NY GO | 5.000% | 1/15/14 | 1,740 | 1,951 |
| Hempstead NY GO | 3.000% | 4/15/14 | 5,155 | 5,483 |
| Hempstead NY GO | 5.000% | 1/15/15 | 1,000 | 1,148 |
| Hempstead NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Hofstra University) | 5.250% | 7/1/17 | 2,360 | 2,536 |
| Hempstead NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Hofstra University) | 5.250% | 7/1/19 | 3,200 | 3,438 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 4.500% | 2/15/47 (14) | 10,000 | 9,224 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.000% | 2/15/47 | 15,600 | 15,085 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.000% | 2/15/47 (3) | 20,000 | 19,340 |
| Liberty New York Development Corp. Revenue | ||||
| (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 18,800 | 18,799 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.000% | 12/1/18 (14) | 25,000 | 27,634 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.250% | 4/1/19 | 15,000 | 17,133 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 0.000% | 6/1/24 (4) | 19,830 | 11,647 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 0.000% | 6/1/27 (4) | 15,905 | 7,743 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.125% | 9/1/29 | 10,000 | 9,969 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 6.250% | 4/1/33 | 2,000 | 2,207 |
| Metropolitan New York Transportation | ||||
| Authority Revenue | 5.750% | 7/1/18 | 7,490 | 8,845 |
| Metropolitan New York Transportation | ||||
| Authority Revenue | 4.750% | 11/15/23 (14) | 8,600 | 8,800 |
33
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Metropolitan New York Transportation | ||||
| Authority Revenue | 5.000% | 11/15/23 | 4,500 | 4,708 |
| Metropolitan New York Transportation | ||||
| Authority Revenue | 6.250% | 11/15/23 | 5,000 | 5,690 |
| Metropolitan New York Transportation | ||||
| Authority Revenue | 5.000% | 11/15/27 (14) | 10,000 | 10,170 |
| 1 Metropolitan New York Transportation | ||||
| Authority Revenue | 5.250% | 11/15/28 | 1,000 | 1,041 |
| Metropolitan New York Transportation | ||||
| Authority Revenue | 6.500% | 11/15/28 | 5,000 | 5,648 |
| 1 Metropolitan New York Transportation | ||||
| Authority Revenue | 5.250% | 11/15/29 | 1,000 | 1,035 |
| Metropolitan New York Transportation | ||||
| Authority Revenue | 5.000% | 11/15/30 | 5,000 | 5,039 |
| 1 Metropolitan New York Transportation | ||||
| Authority Revenue | 5.250% | 11/15/30 | 1,150 | 1,184 |
| Metropolitan New York Transportation | ||||
| Authority Revenue | 5.125% | 11/15/31 | 4,450 | 4,463 |
| Metropolitan New York Transportation | ||||
| Authority Revenue | 5.000% | 11/15/33 | 7,000 | 6,906 |
| 1 Metropolitan New York Transportation | ||||
| Authority Revenue | 5.000% | 11/15/34 | 5,000 | 4,904 |
| Metropolitan New York Transportation | ||||
| Authority Revenue | 5.000% | 11/15/37 | 14,250 | 13,839 |
| 1 Metropolitan New York Transportation | ||||
| Authority Revenue | 5.250% | 11/15/40 | 7,500 | 7,433 |
| Metropolitan New York Transportation | ||||
| Authority Revenue (Dedicated Petroleum Tax) | 5.500% | 11/15/13 (4) | 6,000 | 6,523 |
| Metropolitan New York Transportation | ||||
| Authority Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/28 | 5,000 | 5,300 |
| Metropolitan New York Transportation | ||||
| Authority Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/29 | 4,000 | 4,219 |
| Metropolitan New York Transportation | ||||
| Authority Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/30 | 4,000 | 4,198 |
| 2 Metropolitan New York Transportation | ||||
| Authority Revenue (Dedicated Petroleum Tax) | ||||
| TOB VRDO | 0.310% | 12/7/10 (4) | 6,900 | 6,900 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Service Contract) | 5.750% | 1/1/17 | 10,000 | 11,744 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Service Contract) | 5.125% | 1/1/29 | 23,000 | 23,202 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Service Contract) | 5.000% | 7/1/30 (2) | 1,760 | 1,765 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.500% | 11/15/16 (14) | 4,000 | 4,260 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.500% | 11/15/17 (14) | 5,000 | 5,354 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.500% | 11/15/17 (2) | 35,000 | 37,478 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.500% | 11/15/19 (14) | 5,500 | 5,815 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.500% | 11/15/20 (14) | 7,000 | 7,455 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.000% | 11/15/22 | 5,000 | 5,268 |
34
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.250% | 11/15/22 (14) | 8,310 | 8,639 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Transit Revenue) PUT | 5.000% | 11/15/14 | 40,550 | 44,970 |
| Monroe County NY Industrial Development | ||||
| Corp. Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.750% | 8/15/30 | 3,500 | 4,019 |
| Monroe County NY Industrial Development | ||||
| Corp. Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.750% | 8/15/35 | 3,000 | 3,334 |
| Monroe County NY Industrial Development | ||||
| Corp. Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.500% | 8/15/40 | 3,700 | 3,904 |
| Nassau County NY GO | 5.000% | 10/1/20 | 9,025 | 10,036 |
| Nassau County NY Tobacco Settlement Corp. | 5.250% | 6/1/26 | 1,500 | 1,361 |
| Nassau County NY Tobacco Settlement Corp. | 5.000% | 6/1/35 | 9,000 | 7,036 |
| Nassau County NY Tobacco Settlement Corp. | 5.125% | 6/1/46 | 8,105 | 6,007 |
| New York City NY Cultural Resources Revenue | ||||
| (American Museum of Natural History) | 5.000% | 7/1/44 (14) | 5,000 | 5,026 |
| New York City NY Cultural Resources Revenue | ||||
| (Julliard School) | 5.000% | 1/1/34 | 4,000 | 4,170 |
| New York City NY Cultural Resources Revenue | ||||
| (Julliard School) | 5.000% | 1/1/39 | 4,000 | 4,137 |
| New York City NY Cultural Resources Revenue | ||||
| (Julliard School) PUT | 2.750% | 7/1/12 | 4,000 | 4,100 |
| New York City NY Cultural Resources Revenue | ||||
| (Julliard School) PUT | 2.100% | 7/1/15 | 14,500 | 14,614 |
| New York City NY GO | 5.000% | 8/1/13 | 2,370 | 2,612 |
| New York City NY GO | 5.125% | 8/1/13 (4) | 40 | 41 |
| New York City NY GO | 5.500% | 8/1/13 (Prere.) | 300 | 338 |
| New York City NY GO | 5.750% | 8/1/13 | 7,500 | 8,067 |
| New York City NY GO | 5.000% | 8/15/13 | 1,000 | 1,103 |
| New York City NY GO | 5.000% | 1/1/14 | 3,360 | 3,717 |
| New York City NY GO | 5.000% | 2/1/14 | 3,500 | 3,882 |
| New York City NY GO | 5.000% | 8/1/14 | 2,500 | 2,816 |
| New York City NY GO | 5.000% | 8/1/14 | 2,800 | 3,154 |
| New York City NY GO | 5.000% | 8/1/14 | 2,330 | 2,624 |
| New York City NY GO | 5.000% | 8/1/14 | 2,505 | 2,822 |
| New York City NY GO | 5.000% | 8/1/14 | 2,500 | 2,807 |
| New York City NY GO | 5.000% | 8/1/14 | 1,140 | 1,280 |
| New York City NY GO | 5.200% | 8/1/14 (4) | 5 | 5 |
| New York City NY GO | 5.250% | 8/1/14 | 1,390 | 1,578 |
| New York City NY GO | 5.000% | 4/1/15 (4) | 4,760 | 5,423 |
| New York City NY GO | 5.000% | 8/1/15 | 2,455 | 2,809 |
| New York City NY GO | 5.000% | 8/1/16 | 16,925 | 19,521 |
| New York City NY GO | 5.000% | 8/1/16 | 5,000 | 5,767 |
| New York City NY GO | 5.000% | 8/1/16 | 4,160 | 4,798 |
| New York City NY GO | 5.000% | 8/1/16 | 7,050 | 8,131 |
| New York City NY GO | 5.000% | 2/1/17 | 8,835 | 10,139 |
| New York City NY GO | 5.000% | 3/1/17 | 10,000 | 11,483 |
| New York City NY GO | 5.000% | 8/1/17 | 7,500 | 8,630 |
| New York City NY GO | 5.000% | 8/1/17 | 3,000 | 3,452 |
| New York City NY GO | 5.000% | 9/1/17 | 3,955 | 4,445 |
| New York City NY GO | 5.000% | 8/1/18 | 7,500 | 8,616 |
| New York City NY GO | 5.000% | 8/1/19 | 5,000 | 5,693 |
| New York City NY GO | 5.000% | 8/1/19 | 3,000 | 3,416 |
35
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY GO | 5.000% | 8/1/20 | 7,500 | 8,420 |
| New York City NY GO | 5.000% | 8/1/20 | 8,380 | 9,509 |
| New York City NY GO | 5.000% | 8/1/20 | 750 | 851 |
| New York City NY GO | 5.500% | 8/1/20 | 2,200 | 2,399 |
| New York City NY GO | 5.000% | 8/1/21 | 1,000 | 1,071 |
| New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,231 |
| New York City NY GO | 5.250% | 9/1/21 | 8,000 | 8,970 |
| New York City NY GO | 5.000% | 8/1/22 | 4,250 | 4,654 |
| New York City NY GO | 5.000% | 8/1/22 | 4,000 | 4,417 |
| New York City NY GO | 5.000% | 8/1/22 | 10,000 | 10,618 |
| New York City NY GO | 5.250% | 8/15/22 | 10,000 | 11,024 |
| New York City NY GO | 5.250% | 9/1/22 | 17,000 | 18,749 |
| New York City NY GO | 5.000% | 10/1/22 | 2,985 | 3,215 |
| New York City NY GO | 5.250% | 8/15/24 | 15,000 | 16,313 |
| New York City NY GO | 5.000% | 1/1/25 | 10,000 | 10,519 |
| New York City NY GO | 5.000% | 8/1/25 | 8,000 | 8,399 |
| New York City NY GO | 5.000% | 10/1/25 | 10,000 | 10,574 |
| New York City NY GO | 5.000% | 1/1/26 | 6,360 | 6,658 |
| New York City NY GO | 5.000% | 4/1/26 | 15,800 | 16,672 |
| New York City NY GO | 5.000% | 8/15/26 | 14,500 | 15,334 |
| New York City NY GO | 5.250% | 8/15/26 | 5,100 | 5,477 |
| New York City NY GO | 5.000% | 5/15/28 | 4,500 | 4,721 |
| New York City NY GO | 5.000% | 8/1/28 | 7,000 | 7,351 |
| New York City NY GO | 5.000% | 8/1/28 | 2,000 | 2,110 |
| New York City NY GO | 6.250% | 10/15/28 | 1,035 | 1,187 |
| New York City NY GO | 5.625% | 4/1/29 | 3,000 | 3,269 |
| New York City NY GO | 5.450% | 4/1/31 | 8,500 | 9,051 |
| New York City NY GO | 5.000% | 5/15/31 | 5,000 | 5,156 |
| New York City NY GO | 5.375% | 4/1/36 | 4,000 | 4,187 |
| New York City NY GO | 5.000% | 5/15/36 | 4,250 | 4,341 |
| 2 New York City NY GO TOB VRDO | 0.290% | 12/1/10 LOC | 6,890 | 6,890 |
| 2 New York City NY GO TOB VRDO | 0.300% | 12/7/10 | 5,970 | 5,970 |
| New York City NY GO VRDO | 0.280% | 12/1/10 LOC | 1,050 | 1,050 |
| New York City NY GO VRDO | 0.290% | 12/1/10 LOC | 17,050 | 17,050 |
| New York City NY GO VRDO | 0.290% | 12/1/10 | 22,780 | 22,780 |
| New York City NY GO VRDO | 0.300% | 12/1/10 (4) | 2,500 | 2,500 |
| New York City NY GO VRDO | 0.300% | 12/1/10 (4) | 3,900 | 3,900 |
| New York City NY GO VRDO | 0.300% | 12/1/10 (4) | 1,600 | 1,600 |
| New York City NY GO VRDO | 0.300% | 12/1/10 LOC | 2,300 | 2,300 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/12 | 10 | 10 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/15 | 2,500 | 2,792 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/17 | 2,500 | 2,819 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/18 | 1,500 | 1,679 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/21 | 2,000 | 2,161 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/30 | 15,000 | 15,298 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 4.750% | 11/1/29 | 5,220 | 5,162 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 4.750% | 11/1/29 | 2,520 | 2,498 |
36
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.550% | 11/1/39 | 3,500 | 3,597 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.000% | 11/1/42 | 2,600 | 2,588 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.700% | 11/1/46 | 7,155 | 7,373 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Queens Baseball | ||||
| Stadium Project) | 6.125% | 1/1/29 (12) | 1,750 | 1,910 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Queens Baseball | ||||
| Stadium Project) | 5.000% | 1/1/31 (2) | 20,640 | 18,718 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Queens Baseball | ||||
| Stadium Project) | 5.000% | 1/1/39 (2) | 2,875 | 2,494 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Queens Baseball | ||||
| Stadium Project) | 6.375% | 1/1/39 (12) | 4,000 | 4,332 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Yankee Stadium Project) | 0.000% | 3/1/34 (12) | 10,285 | 2,697 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Yankee Stadium Project) | 0.000% | 3/1/35 (12) | 4,305 | 1,061 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Yankee Stadium Project) | 5.000% | 3/1/36 (14) | 14,800 | 14,165 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Yankee Stadium Project) | 7.000% | 3/1/49 (12) | 8,000 | 9,032 |
| New York City NY Industrial Development | ||||
| Agency Special Facility Revenue | ||||
| (New York Stock Exchange Project) | 5.000% | 5/1/29 | 2,020 | 2,046 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/17 | 10,000 | 8,420 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.375% | 6/15/17 | 24,515 | 26,191 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 4,250 | 3,390 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/21 | 4,490 | 3,081 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 9,500 | 9,755 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 5,000 | 5,247 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 13,355 | 13,921 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 11,000 | 11,271 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 6,000 | 6,186 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/32 | 15,000 | 15,779 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 4.750% | 6/15/33 | 10,000 | 10,068 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.125% | 6/15/33 (14) | 6,995 | 7,180 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/35 | 4,480 | 4,518 |
37
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/35 | 1,000 | 1,009 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/36 | 20,055 | 20,244 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/37 | 4,180 | 4,252 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 4.750% | 6/15/38 | 1,000 | 1,000 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/38 | 37,505 | 38,110 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 5,000 | 5,048 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 10,000 | 10,237 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/40 | 5,000 | 5,115 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 13,355 | 13,895 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 7,500 | 7,803 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.500% | 6/15/40 | 18,500 | 19,827 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 10,075 | 10,940 |
| 2 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.280% | 12/1/10 | 3,900 | 3,900 |
| 2 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.280% | 12/1/10 | 9,000 | 9,000 |
| 2 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.300% | 12/7/10 | 5,840 | 5,840 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.220% | 12/1/10 | 6,700 | 6,700 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.240% | 12/1/10 | 1,000 | 1,000 |
| New York City NY Sales Tax Asset | ||||
| Receivable Corp. Revenue | 5.000% | 10/15/23 (14) | 6,100 | 6,426 |
| New York City NY Sales Tax Asset | ||||
| Receivable Corp. Revenue | 5.000% | 10/15/24 (14) | 12,000 | 12,563 |
| New York City NY Sales Tax Asset | ||||
| Receivable Corp. Revenue | 5.000% | 10/15/25 (14) | 20,225 | 21,089 |
| New York City NY Sales Tax Asset | ||||
| Receivable Corp. Revenue | 5.000% | 10/15/26 (14) | 2,540 | 2,670 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.000% | 1/15/17 | 3,000 | 3,393 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.000% | 1/15/24 (14) | 6,740 | 7,002 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.250% | 1/15/25 | 9,500 | 10,282 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.000% | 7/15/25 (14) | 5,200 | 5,454 |
38
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.250% | 1/15/26 | 5,000 | 5,379 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.000% | 7/15/26 (14) | 6,150 | 6,420 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.000% | 1/15/30 | 500 | 517 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.000% | 1/15/32 | 500 | 516 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.125% | 1/15/33 | 7,000 | 7,256 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.125% | 1/15/34 | 10,000 | 10,325 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 4.750% | 1/15/38 | 20,000 | 19,878 |
| New York City NY Transitional Finance | ||||
| Authority Building Aid Revenue | 5.250% | 1/15/39 | 6,875 | 7,099 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.500% | 11/1/26 | 4,000 | 4,163 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.375% | 2/15/12 (Prere.) | 9,395 | 9,937 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.500% | 2/15/12 (Prere.) | 2,735 | 2,898 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.250% | 8/1/12 (Prere.) | 3,750 | 4,042 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.250% | 2/1/13 (Prere.) | 570 | 626 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.000% | 8/1/13 (Prere.) | 5 | 6 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.250% | 2/1/19 (14) | 3,930 | 4,247 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.000% | 11/1/20 | 1,710 | 1,959 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.000% | 11/1/21 | 5,000 | 5,641 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.000% | 5/1/24 | 7,710 | 8,406 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.000% | 8/1/26 | 3,360 | 3,530 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.000% | 5/1/29 | 5,000 | 5,274 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.000% | 5/1/30 | 5,000 | 5,241 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.000% | 11/1/30 | 23,500 | 24,574 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue | 5.000% | 8/1/32 | 2,005 | 2,017 |
| New York City NY Transitional Finance | ||||
| Authority Future Tax Revenue VRDO | 0.280% | 12/7/10 | 25,150 | 25,150 |
| New York City NY Transitional Finance | ||||
| Authority Recovery Revenue VRDO | 0.310% | 12/1/10 | 5,600 | 5,600 |
| New York Convention Center | ||||
| Development Corp. Revenue (Hotel Unit) | 5.000% | 11/15/44 (2) | 10,000 | 9,729 |
| New York GO | 5.000% | 2/15/39 | 9,500 | 9,744 |
| New York Liberty Development Corp. Revenue | 5.125% | 1/15/44 | 7,000 | 6,983 |
| New York Liberty Development Corp. Revenue | 5.625% | 7/15/47 | 3,000 | 3,078 |
| New York Liberty Development Corp. Revenue | 6.375% | 7/15/49 | 10,000 | 10,421 |
39
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Albany Medical Center Hospital) | 5.000% | 8/15/18 (4) | 15,530 | 16,667 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/19 (14) | 2,420 | 2,594 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/20 (14) | 2,555 | 2,707 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/21 (14) | 1,680 | 1,767 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/22 (14) | 2,825 | 2,953 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/23 (14) | 1,120 | 1,165 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Hudson Valley Hospital Center) | 5.000% | 8/15/27 (4) | 4,520 | 4,655 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Hudson Valley Hospital Center) | 5.000% | 8/15/36 (4) | 3,575 | 3,554 |
| New York State Dormitory Authority Lease | ||||
| Revenue (Municipal Health Facilities | ||||
| Improvement Program) | 5.000% | 1/15/13 | 8,440 | 9,066 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health Services of Long Island | ||||
| Obligated Group – St. Charles Hospital & | ||||
| Rehabilitation Center) | 5.500% | 7/1/22 (14) | 10,000 | 10,048 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.750% | 7/1/11 (3) | 1,740 | 1,781 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.000% | 7/1/20 | 3,410 | 3,797 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.500% | 7/1/20 (14) | 14,525 | 16,809 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.000% | 7/1/23 | 4,000 | 4,339 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.000% | 7/1/24 | 5,000 | 5,384 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.000% | 7/1/25 | 4,670 | 4,895 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 7/1/13 | 3,475 | 3,849 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.125% | 7/1/19 | 4,900 | 5,518 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.125% | 7/1/19 | 5,100 | 5,564 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.125% | 7/1/21 | 6,990 | 7,783 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) | 5.000% | 7/1/31 | 6,905 | 7,143 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) | 5.000% | 7/1/35 | 1,500 | 1,533 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/30 | 34,000 | 34,763 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/35 | 13,000 | 13,119 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | 4.000% | 2/15/11 | 2,190 | 2,206 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | 5.500% | 2/15/17 | 10,000 | 11,641 |
40
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | 5.000% | 2/15/25 (14) | 6,575 | 6,882 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | 5.000% | 2/15/25 (4) | 2,735 | 2,865 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | 5.000% | 2/15/28 (4) | 500 | 514 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/22 | 7,000 | 7,404 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 4,500 | 4,722 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/26 | 5,000 | 5,105 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/15 | 1,000 | 1,111 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/16 | 1,000 | 1,118 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/17 | 1,000 | 1,116 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/18 | 2,000 | 2,217 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/20 | 1,000 | 1,088 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/21 | 1,000 | 1,071 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/28 | 3,940 | 3,935 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 4.500% | 7/1/37 (14) | 4,820 | 4,397 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/20 | 3,000 | 3,091 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/22 | 8,000 | 8,226 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 6.000% | 7/1/19 (14) | 1,500 | 1,847 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/38 | 15,700 | 15,957 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 11/1/20 | 3,965 | 4,149 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 11/1/21 | 4,035 | 4,187 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 11/1/22 | 4,285 | 4,423 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 11/1/26 | 5,495 | 5,520 |
41
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 11/1/26 | 1,800 | 1,818 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 5/1/32 | 6,500 | 6,374 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/18 | 11,950 | 13,520 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/19 | 3,000 | 3,445 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/20 | 3,000 | 3,414 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/22 | 10,070 | 10,965 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/23 (4) | 4,200 | 4,458 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/26 (2) | 7,500 | 7,695 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/28 | 2,225 | 2,344 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/29 | 3,000 | 3,163 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/30 | 3,000 | 3,144 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/30 | 5,000 | 5,183 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/31 | 21,515 | 22,390 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/35 | 3,000 | 3,082 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/35 | 10,000 | 10,193 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.750% | 3/15/36 | 10,000 | 11,016 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/38 | 7,000 | 7,147 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.250% | 3/15/38 | 10,000 | 10,401 |
| 2 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.300% | 12/7/10 | 11,950 | 11,950 |
| 2 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.300% | 12/7/10 | 5,000 | 5,000 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/16 (12) | 750 | 857 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/18 (12) | 570 | 650 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/29 (12) | 3,750 | 3,861 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 4.000% | 7/1/15 | 1,000 | 1,082 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/17 | 1,250 | 1,417 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/19 | 1,100 | 1,227 |
42
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/20 | 1,000 | 1,105 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 4.250% | 7/1/32 | 2,000 | 1,823 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/40 | 2,000 | 2,029 |
| 2 New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) TOB VRDO | 0.300% | 12/7/10 | 7,565 | 7,565 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/20 (12) | 1,500 | 1,674 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/21 (12) | 2,500 | 2,751 |
| New York State Dormitory Authority Revenue | ||||
| (Service Contract) | 5.000% | 7/1/18 | 2,000 | 2,277 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) | 5.250% | 7/1/32 (14) | 9,000 | 9,257 |
| New York State Dormitory Authority Revenue | ||||
| (St. Joseph’s Hospital) | 5.250% | 7/1/18 (14) | 6,700 | 6,704 |
| New York State Dormitory Authority Revenue | ||||
| (St. Lawrence University) | 5.000% | 7/1/14 | 16,000 | 17,476 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 6.000% | 5/15/12 (14) | 16,160 | 16,391 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 5.250% | 5/15/13 | 5,000 | 5,298 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 6.000% | 5/15/13 (14) | 17,285 | 17,527 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 5.750% | 5/15/17 (4) | 3,750 | 4,511 |
| 1 New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.250% | 7/1/30 | 3,000 | 3,036 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.000% | 7/1/31 (14) | 8,765 | 8,850 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.000% | 7/1/36 (14) | 6,190 | 6,190 |
| 1 New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.500% | 7/1/40 | 3,000 | 3,051 |
| 1 New York State Dormitory Authority Revenue | ||||
| (The New School) | 6.000% | 7/1/50 | 3,000 | 3,119 |
| New York State Dormitory Authority Revenue | ||||
| (University of Rochester) | 5.000% | 7/1/32 | 8,405 | 8,519 |
| New York State Dormitory Authority Revenue | ||||
| (Vassar Brothers Hospital) | 5.250% | 7/1/17 (4) | 8,025 | 8,049 |
| New York State Dormitory Authority Revenue | ||||
| (Vassar Brothers Hospital) | 5.375% | 7/1/25 (4) | 7,000 | 7,021 |
| New York State Dormitory Authority Revenue | ||||
| (Vassar College) | 5.000% | 7/1/46 | 10,000 | 10,083 |
| 2 New York State Dormitory Authority Revenue | ||||
| (Vassar College) TOB VRDO | 0.300% | 12/7/10 | 6,655 | 6,655 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.250% | 7/1/19 (2) | 2,425 | 2,669 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.250% | 7/1/21 (2) | 1,750 | 1,838 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.250% | 7/1/22 (2) | 3,425 | 3,578 |
43
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Energy Research & Development | ||||
| Authority Pollution Control Revenue (New York | ||||
| State Electric & Gas Corp. Project) ARS | 0.705% | 4/1/34 (14) | 10,000 | 9,629 |
| New York State Energy Research & Development | ||||
| Authority Pollution Control Revenue (New York | ||||
| State Electric & Gas Corp. Project) PUT | 3.000% | 6/3/13 | 7,500 | 7,534 |
| New York State Energy Research & Development | ||||
| Authority Pollution Control Revenue (New York | ||||
| State Electric & Gas Corp. Project) PUT | 3.000% | 6/3/13 | 7,500 | 7,534 |
| New York State Energy Research & Development | ||||
| Authority Pollution Control Revenue (Rochester | ||||
| Gas & Electric Corp. Project) PUT | 5.000% | 8/1/16 (14) | 7,750 | 8,180 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (Personal Income Tax) | 5.250% | 12/15/24 | 8,000 | 8,763 |
| 3 New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.250% | 6/15/16 | 3,095 | 3,293 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.250% | 6/15/19 | 11,335 | 12,088 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/22 | 4,950 | 5,453 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/25 | 4,540 | 4,861 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 4.750% | 6/15/32 | 12,240 | 12,432 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/34 | 5,000 | 5,055 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/34 | 6,000 | 6,220 |
| New York State Environmental Facilities Corp. | ||||
| Solid Waste Disposal Revenue (Waste | ||||
| Management Inc. Project) PUT | 2.500% | 1/2/13 | 5,000 | 4,988 |
| New York State Environmental Facilities Corp. | ||||
| Water Facilities Revenue (United Water | ||||
| New Rochelle Inc. Project) | 4.875% | 9/1/40 | 4,000 | 3,741 |
| New York State Environmental Facilities Corp. | ||||
| Water Pollution Control Revenue | 5.750% | 6/15/12 (4)(ETM) | 2,870 | 3,101 |
| New York State Environmental Facilities Corp. | ||||
| Water Pollution Control Revenue | 5.750% | 6/15/12 (4)(ETM) | 5,585 | 6,035 |
| New York State Housing Finance Agency | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/38 | 15,245 | 15,410 |
| New York State Local Government | ||||
| Assistance Corp. Revenue | 5.500% | 4/1/17 | 2,015 | 2,379 |
| New York State Local Government | ||||
| Assistance Corp. Revenue VRDO | 0.280% | 12/7/10 | 10,700 | 10,700 |
| New York State Mortgage Agency Revenue | ||||
| (NYHELP’s Education Loan) | 4.750% | 11/1/24 | 11,890 | 12,036 |
| New York State Power Authority Revenue | 5.250% | 11/15/12 (Prere.) | 20,710 | 22,597 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/19 (14) | 9,000 | 10,014 |
44
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Thruway Authority Revenue | 5.000% | 1/1/26 (14) | 4,695 | 4,900 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/27 (14) | 2,000 | 2,075 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/28 (14) | 2,500 | 2,575 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.500% | 4/1/14 (2) | 32,400 | 34,291 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/16 | 5,050 | 5,758 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/18 (2) | 24,500 | 27,681 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.500% | 4/1/20 (2) | 5,000 | 5,893 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 9,000 | 9,495 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.250% | 3/15/19 | 10,765 | 12,560 |
| New York State Thruway Authority Revenue | ||||
| (Second Generation Highway & Bridge | ||||
| Trust Fund) | 5.000% | 4/1/17 | 1,500 | 1,752 |
| New York State Urban Development | ||||
| Corp. Revenue | 5.000% | 1/1/14 | 13,000 | 14,313 |
| New York State Urban Development | ||||
| Corp. Revenue | 5.000% | 1/1/16 | 10,000 | 11,345 |
| New York State Urban Development | ||||
| Corp. Revenue | 5.250% | 1/1/17 | 2,095 | 2,421 |
| New York State Urban Development | ||||
| Corp. Revenue | 5.625% | 1/1/28 | 3,860 | 4,138 |
| New York State Urban Development | ||||
| Corp. Revenue (Personal Income Tax) | 5.000% | 12/15/18 | 4,360 | 5,052 |
| New York State Urban Development | ||||
| Corp. Revenue (Personal Income Tax) | 5.000% | 12/15/19 | 4,445 | 5,106 |
| New York State Urban Development | ||||
| Corp. Revenue (Personal Income Tax) | 5.000% | 12/15/20 | 8,240 | 9,303 |
| New York State Urban Development | ||||
| Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/23 (4) | 7,860 | 8,342 |
| New York State Urban Development | ||||
| Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/37 | 7,000 | 7,136 |
| New York State Urban Development | ||||
| Corp. Revenue (Service Contract) | 5.000% | 1/1/17 | 4,000 | 4,566 |
| New York State Urban Development | ||||
| Corp. Revenue (Service Contract) | 5.000% | 1/1/18 | 6,000 | 6,831 |
| New York State Urban Development | ||||
| Corp. Revenue (Service Contract) | 5.000% | 1/1/19 | 6,935 | 7,855 |
| New York State Urban Development | ||||
| Corp. Revenue (Service Contract) | 5.000% | 1/1/20 | 7,530 | 8,396 |
| New York State Urban Development | ||||
| Corp. Revenue (Service Contract) | 5.000% | 1/1/21 | 1,355 | 1,494 |
| New York State Urban Development | ||||
| Corp. Revenue (Service Contract) | 5.250% | 1/1/24 | 10,000 | 10,696 |
| Niagara Falls NY Bridge Commission Revenue | 5.250% | 10/1/15 (14) | 3,550 | 3,755 |
| Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/20 (14) | 8,685 | 10,676 |
| Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/21 (14) | 9,230 | 11,486 |
| North Hempstead NY GO | 6.400% | 4/1/11 (14) | 2,075 | 2,116 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 8/15/28 (4) | 10,000 | 10,487 |
45
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/30 | 5,940 | 6,115 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/31 | 4,000 | 4,177 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/32 | 6,500 | 6,756 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 4.750% | 7/15/33 | 9,700 | 9,749 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/33 | 6,990 | 7,129 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/35 | 6,500 | 6,695 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 9/1/38 | 10,000 | 10,066 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/39 | 10,765 | 11,046 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 4.250% | 7/15/40 | 2,750 | 2,537 |
| St. Lawrence County NY Industrial | ||||
| Development Civic Facility Revenue | ||||
| (St. Lawrence University) | 5.000% | 10/1/16 | 3,510 | 3,998 |
| 2 Suffolk County NY GO TOB VRDO | 0.330% | 12/7/10 (14) | 3,265 | 3,265 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Institute of Technology Project) | 5.250% | 3/1/19 | 500 | 523 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Institute of Technology Project) | 5.250% | 3/1/20 | 1,000 | 1,034 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Institute of Technology Project) | 5.000% | 3/1/26 | 2,000 | 2,000 |
| Suffolk County NY Water Authority Revenue | 5.250% | 6/1/11 (ETM) | 2,380 | 2,440 |
| Suffolk County NY Water Authority Revenue | 5.250% | 6/1/12 (ETM) | 4,290 | 4,595 |
| Suffolk County NY Water Authority Revenue | 5.250% | 6/1/17 (ETM) | 1,695 | 1,859 |
| Tobacco Settlement Asset Securitization | ||||
| Corp. Inc. New York | 4.750% | 6/1/22 | 13,100 | 12,951 |
| Tobacco Settlement Asset Securitization | ||||
| Corp. Inc. New York | 5.000% | 6/1/26 | 6,500 | 6,229 |
| Tobacco Settlement Asset Securitization | ||||
| Corp. Inc. New York | 5.000% | 6/1/34 | 8,965 | 7,228 |
| Tobacco Settlement Asset Securitization | ||||
| Corp. Inc. New York | 5.125% | 6/1/42 | 21,660 | 16,746 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 1/1/15 | 2,930 | 3,064 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 11/15/15 | 9,500 | 11,091 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 1/1/18 | 2,330 | 2,426 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 11/15/18 | 185 | 198 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 11/15/19 | 43,025 | 45,952 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 11/15/28 | 2,675 | 2,822 |
46
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 11/15/32 (14) | 3,150 | 3,196 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 11/15/33 | 3,385 | 3,474 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 11/15/37 | 13,310 | 13,525 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 11/15/38 | 25,000 | 25,761 |
| United Nations Development Corp. | ||||
| New York Revenue | 5.000% | 7/1/20 | 3,340 | 3,705 |
| Westchester County NY GO | 4.000% | 6/1/14 | 9,375 | 10,345 |
| Westchester County NY GO | 4.000% | 6/1/15 | 9,760 | 10,933 |
| 2,977,860 | ||||
| Puerto Rico (1.7%) | ||||
| Puerto Rico Electric Power Authority Revenue | 5.375% | 7/1/12 (14)(Prere.) | 6,500 | 7,056 |
| Puerto Rico Electric Power Authority Revenue | 5.375% | 7/1/16 (14) | 16,345 | 17,173 |
| Puerto Rico GO | 5.500% | 7/1/13 (3) | 6,000 | 6,451 |
| Puerto Rico Municipal Finance Agency GO | 5.250% | 8/1/17 (4) | 4,000 | 4,201 |
| Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 860 | 1,097 |
| Puerto Rico Sales Tax Financing Corp. Revenue | 6.000% | 8/1/42 | 5,000 | 5,269 |
| Puerto Rico Sales Tax Financing Corp. Revenue | 6.500% | 8/1/44 | 8,000 | 8,889 |
| 50,136 | ||||
| Virgin Islands (0.3%) | ||||
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/11 | 2,000 | 2,056 |
| Virgin Islands Public Finance Authority Revenue | 5.250% | 10/1/23 | 2,000 | 2,027 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/25 | 1,100 | 1,093 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/29 | 5,000 | 4,898 |
| 10,074 | ||||
| Total Tax-Exempt Municipal Bonds (Cost $2,958,346) | 3,038,070 | |||
| Other Assets and Liabilities (0.2%) | ||||
| Other Assets | 45,684 | |||
| Liabilities | (39,571) | |||
| 6,113 | ||||
| Net Assets (100%) | 3,044,183 |
47
New York Long-Term Tax-Exempt Fund
| At November 30, 2010, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 3,016,866 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (52,399) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 79,724 |
| Futures Contracts | (8) |
| Net Assets | 3,044,183 |
| Investor Shares—Net Assets | |
| Applicable to 54,022,716 outstanding $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 596,309 |
| Net Asset Value Per Share—Investor Shares | $11.04 |
| Admiral Shares—Net Assets | |
| Applicable to 221,764,880 outstanding $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 2,447,874 |
| Net Asset Value Per Share—Admiral Shares | $11.04 |
See Note A in Notes to Financial Statements.
1 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2010.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2010, the aggregate value of these securities was $72,935,000, representing 2.4% of net assets.
3 Securities with a value of $1,809,000 have been segregated as initial margin for open futures contracts.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
48
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.
VRDP—Variable Rate Demand Preferred.
(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) AGM (Assured Guaranty Municipal Corporation).
(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.
49
New York Long-Term Tax-Exempt Fund
| Statement of Operations | |
| Year Ended | |
| November 30, 2010 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 125,158 |
| Total Income | 125,158 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 276 |
| Management and Administrative—Investor Shares | 1,160 |
| Management and Administrative—Admiral Shares | 2,032 |
| Marketing and Distribution—Investor Shares | 215 |
| Marketing and Distribution—Admiral Shares | 548 |
| Custodian Fees | 23 |
| Auditing Fees | 27 |
| Shareholders’ Reports—Investor Shares | 22 |
| Shareholders’ Reports—Admiral Shares | 5 |
| Trustees’ Fees and Expenses | 4 |
| Total Expenses | 4,312 |
| Net Investment Income | 120,846 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 17,600 |
| Futures Contracts | (3,247) |
| Realized Net Gain (Loss) | 14,353 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (6,491) |
| Futures Contracts | 133 |
| Change in Unrealized Appreciation (Depreciation) | (6,358) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 128,841 |
See accompanying Notes, which are an integral part of the Financial Statements.
50
New York Long-Term Tax-Exempt Fund
| Statement of Changes in Net Assets | ||
| Year Ended November 30, | ||
| 2010 | 2009 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 120,846 | 117,376 |
| Realized Net Gain (Loss) | 14,353 | (36,045) |
| Change in Unrealized Appreciation (Depreciation) | (6,358) | 261,064 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 128,841 | 342,395 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (28,376) | (28,896) |
| Admiral Shares | (92,470) | (88,480) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (120,846) | (117,376) |
| Capital Share Transactions | ||
| Investor Shares | (140,316) | 36,260 |
| Admiral Shares | 191,452 | 121,346 |
| Net Increase (Decrease) from Capital Share Transactions | 51,136 | 157,606 |
| Total Increase (Decrease) | 59,131 | 382,625 |
| Net Assets | ||
| Beginning of Period | 2,985,052 | 2,602,427 |
| End of Period | 3,044,183 | 2,985,052 |
See accompanying Notes, which are an integral part of the Financial Statements.
51
New York Long-Term Tax-Exempt Fund
| Financial Highlights | |||||
| Investor Shares | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2010 | 2009 | 2008 | 2007 | 2006 |
| Net Asset Value, Beginning of Period | $11.01 | $10.13 | $11.09 | $11.44 | $11.27 |
| Investment Operations | |||||
| Net Investment Income | .429 | .442 | .463 | .486 | .486 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .032 | .880 | (.960) | (.315) | .243 |
| Total from Investment Operations | .461 | 1.322 | (.497) | .171 | .729 |
| Distributions | |||||
| Dividends from Net Investment Income | (.429) | (.442) | (.463) | (.486) | (.486) |
| Distributions from Realized Capital Gains | — | — | — | (.035) | (.073) |
| Total Distributions | (.429) | (.442) | (.463) | (.521) | (.559) |
| Net Asset Value, End of Period | $11.04 | $11.01 | $10.13 | $11.09 | $11.44 |
| Total Return1 | 4.20% | 13.26% | -4.63% | 1.57% | 6.68% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $596 | $732 | $639 | $680 | $671 |
| Ratio of Total Expenses to | |||||
| Average Net Assets | 0.20% | 0.20% | 0.15% | 0.15% | 0.16% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.84% | 4.13% | 4.28% | 4.36% | 4.33% |
| Portfolio Turnover Rate | 29% | 29% | 38% | 10% | 9% |
1 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
See accompanying Notes, which are an integral part of the Financial Statements.
52
New York Long-Term Tax-Exempt Fund
| Financial Highlights | |||||
| Admiral Shares | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2010 | 2009 | 2008 | 2007 | 2006 |
| Net Asset Value, Beginning of Period | $11.01 | $10.13 | $11.09 | $11.44 | $11.27 |
| Investment Operations | |||||
| Net Investment Income | .438 | .451 | .470 | .494 | .495 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .032 | .880 | (.960) | (.315) | .243 |
| Total from Investment Operations | .470 | 1.331 | (.490) | .179 | .738 |
| Distributions | |||||
| Dividends from Net Investment Income | (.438) | (.451) | (.470) | (.494) | (.495) |
| Distributions from Realized Capital Gains | — | — | — | (.035) | (.073) |
| Total Distributions | (.438) | (.451) | (.470) | (.529) | (.568) |
| Net Asset Value, End of Period | $11.04 | $11.01 | $10.13 | $11.09 | $11.44 |
| Total Return | 4.28% | 13.35% | -4.56% | 1.64% | 6.76% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,448 | $2,253 | $1,963 | $1,990 | $1,799 |
| Ratio of Total Expenses to | |||||
| Average Net Assets | 0.12% | 0.12% | 0.08% | 0.08% | 0.09% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.92% | 4.21% | 4.35% | 4.43% | 4.40% |
| Portfolio Turnover Rate | 29% | 29% | 38% | 10% | 9% |
See accompanying Notes, which are an integral part of the Financial Statements.
53
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, 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, 2007–2010), 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.
54
New York Long-Term Tax-Exempt Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At November 30, 2010, the fund had contributed capital of $557,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.22% 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, 2010, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 3,038,070 | — |
| Futures Contracts—Assets1 | 135 | — | — |
| Total | 135 | 3,038,070 | — |
| 1 Represents variation margin on the last day of the reporting period. |
D. At November 30, 2010, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| ($000) | ||||
| Aggregate | ||||
| Number of | Settlement | Unrealized | ||
| Long (Short) | Value | Appreciation | ||
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| 2-Year United States Treasury Note | March 2011 | 208 | 45,630 | (8) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
55
New York Long-Term Tax-Exempt Fund
E. 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, 2010, the fund had available capital loss carryforwards totaling $50,305,000 to offset future net capital gains of $18,758,000 through November 30, 2015, and $31,547,000 through November 30, 2017.
The fund had realized losses totaling $2,102,000 through November 30, 2010, which are deferred for tax purposes and reduce the amount of tax-basis unrealized appreciation on investment securities.
At November 30, 2010, the cost of investment securities for tax purposes was $2,960,448,000. Net unrealized appreciation of investment securities for tax purposes was $77,622,000, consisting of unrealized gains of $97,810,000 on securities that had risen in value since their purchase and $20,188,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended November 30, 2010, the fund purchased $868,181,000 of investment securities and sold $849,984,000 of investment securities, other than U.S. government securities and temporary cash investments.
G. Capital share transactions for each class of shares were:
| Year Ended November 30, | ||||
| 2010 | 2009 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 212,422 | 19,066 | 231,884 | 21,706 |
| Issued in Lieu of Cash Distributions | 23,025 | 2,063 | 23,282 | 2,170 |
| Redeemed | (375,763) | (33,653) | (218,906) | (20,459) |
| Net Increase (Decrease)—Investor Shares | (140,316) | (12,524) | 36,260 | 3,417 |
| Admiral Shares | ||||
| Issued | 537,226 | 48,157 | 529,920 | 49,697 |
| Issued in Lieu of Cash Distributions | 66,403 | 5,950 | 63,550 | 5,923 |
| Redeemed | (412,177) | (37,035) | (472,124) | (44,799) |
| Net Increase (Decrease)—Admiral Shares | 191,452 | 17,072 | 121,346 | 10,821 |
H. In preparing the financial statements as of November 30, 2010, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
56
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 two separate portfolios of Vanguard New York Tax-Free Funds, hereafter referred to as the “Funds”) at November 30, 2010, 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 th e 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, 2010 by correspondence with the custodian and broker, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 13, 2011
| Special 2010 tax information (unaudited) for Vanguard New York Tax-Exempt Funds |
This information for the fiscal year ended November 30, 2010, is included pursuant to provisions of the Internal Revenue Code.
Each fund designates 100% of its income dividends as exempt-interest dividends.
57
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.
58
| Six Months Ended November 30, 2010 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| 5/31/2010 | 11/30/2010 | Period | |
| Based on Actual Fund Return | |||
| New York Tax-Exempt Money Market Fund | $1,000.00 | $1,000.53 | $0.85 |
| New York Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,007.88 | $1.01 |
| Admiral Shares | 1,000.00 | 1,008.28 | 0.60 |
| Based on Hypothetical 5% Yearly Return | |||
| New York Tax-Exempt Money Market Fund | $1,000.00 | $1,024.22 | $0.86 |
| New York Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,024.07 | $1.01 |
| Admiral Shares | 1,000.00 | 1,024.47 | 0.61 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are: for the New York Tax-Exempt Money Market Fund, 0.17%; and 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.
59
Glossary
7-Day SEC Yield and 30-Day SEC 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 diffe r—at times 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.
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 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.
60
Credit Quality. The credit ratings assigned to fixed income securities are an indicator of risk. They represent a rating agency’s assessment of the issuer’s ability to meet its obligations. For Vanguard tax-exempt money market funds, the Distribution by Credit Quality table was revised to include tier ratings for consistency with SEC Rule 2a-7 under the Investment Company Act of 1940, which governs money market funds. A First Tier security is a security that is eligible for money market funds and has received a short-term rating from the requisite nationally recognized statistical rating organizations in the highest short-term rating category for debt obligations. An unrated security is First Tier if it represents quality comparable to that of a rated security as determined in accordance with SEC Rule 2a-7. A Second Tier security is a se curity that is eligible for money market funds and is not a First Tier security. For Vanguard tax-exempt bond funds, credit-quality ratings for each issue are obtained from Moody’s Investors Service and Standard & Poor’s, and the higher rating for each issue is used.
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.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 179 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 vanguard.com.
| Interested Trustee1 | Amy Gutmann |
| Born 1949. Trustee Since June 2006. Principal | |
| F. William McNabb III | Occupation(s) During the Past Five Years: President |
| Born 1957. Trustee Since July 2009. Chairman of the | of the University of Pennsylvania; Christopher H. |
| Board. Principal Occupation(s) During the Past Five | Browne Distinguished Professor of Political Science |
| Years: Chairman of the Board of The Vanguard Group, | in the School of Arts and Sciences with secondary |
| Inc., and of each of the investment companies served | appointments at the Annenberg School for Commu- |
| by The Vanguard Group, since January 2010; Director | nication and the Graduate School of Education |
| of The Vanguard Group since 2008; Chief Executive | of the University of Pennsylvania; Director of |
| Officer and President of The Vanguard Group and of | Carnegie Corporation of New York, Schuylkill River |
| each of the investment companies served by The | Development Corporation, and Greater Philadelphia |
| Vanguard Group since 2008; Director of Vanguard | Chamber of Commerce; Trustee of the National |
| Marketing Corporation; Managing Director of The | Constitution Center; Chair of the Presidential |
| Vanguard Group (1995–2008) . | Commission for the Study of Bioethical Issues. |
| JoAnn Heffernan Heisen | |
| Independent Trustees | Born 1950. Trustee Since July 1998. Principal |
| Occupation(s) During the Past Five Years: Corporate | |
| Emerson U. Fullwood | Vice President and Chief Global Diversity Officer |
| Born 1948. Trustee Since January 2008. Principal | since 2006 (retired 2008) and Member of the |
| Occupation(s) During the Past Five Years: Executive | Executive Committee (retired 2008) of Johnson & |
| Chief Staff and Marketing Officer for North America | Johnson (pharmaceuticals/consumer products); Vice |
| and Corporate Vice President (retired 2008) of Xerox | President and Chief Information Officer of Johnson & |
| Corporation (document management products and | Johnson (1997–2005); Director of the University |
| services); Director of SPX Corporation (multi-industry | Medical Center at Princeton and Women’s Research |
| manufacturing), the United Way of Rochester, | and Education Institute; Member of the Advisory |
| Amerigroup Corporation (managed health care), | Board of the Maxwell School of Citizenship and Public |
| the University of Rochester Medical Center, and | Affairs at Syracuse University. |
| Monroe Community College Foundation. | |
| F. Joseph Loughrey | |
| Rajiv L. Gupta | Born 1949. Trustee Since October 2009. Principal |
| Born 1945. Trustee Since December 2001.2 | Occupation(s) During the Past Five Years: President |
| Principal Occupation(s) During the Past Five Years: | and Chief Operating Officer since 2005 (retired 2009) |
| Chairman and Chief Executive Officer (retired 2009) | and Vice Chairman of the Board (2008–2009) of |
| and President (2006–2008) of Rohm and Haas Co. | Cummins Inc. (industrial machinery); Director of |
| (chemicals); Director of Tyco International, Ltd. | SKF AB (industrial machinery), Hillenbrand, Inc. |
| (diversified manufacturing and services) and Hewlett- | (specialized consumer services), Sauer-Danfoss Inc. |
| Packard Co. (electronic computer manufacturing); | (machinery), the Lumina Foundation for Education, |
| Trustee of The Conference Board; Member of the | and Oxfam America; Chairman of the Advisory |
| Board of Managers of Delphi Automotive LLP | Council for the College of Arts and Letters at the |
| (automotive components) . | University of Notre Dame. |
| André F. Perold | Kathryn J. Hyatt | |
| Born 1952. Trustee Since December 2004. Principal | Born 1955. Treasurer Since November 2008. Principal | |
| Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Principal | |
| Gund Professor of Finance and Banking at the Harvard | of The Vanguard Group, Inc.; Treasurer of each of | |
| Business School; Chair of the Investment Committee | the investment companies served by The Vanguard | |
| of HighVista Strategies LLC (private investment firm) . | Group since 2008; Assistant Treasurer of each of the | |
| investment companies served by The Vanguard Group | ||
| Alfred M. Rankin, Jr. | (1988–2008) . | |
| Born 1941. Trustee Since January 1993. Principal | ||
| Occupation(s) During the Past Five Years: Chairman, | Heidi Stam | |
| President, and Chief Executive Officer of NACCO | Born 1956. Secretary Since July 2005. Principal | |
| Industries, Inc. (forklift trucks/housewares/lignite); | Occupation(s) During the Past Five Years: Managing | |
| Director of Goodrich Corporation (industrial products/ | Director of The Vanguard Group, Inc., since 2006; | |
| aircraft systems and services); Chairman of the | General Counsel of The Vanguard Group since 2005; | |
| Federal Reserve Bank of Cleveland; Trustee of The | Secretary of The Vanguard Group and of each of the | |
| Cleveland Museum of Art. | investment companies served by The Vanguard Group | |
| since 2005; Director and Senior Vice President of | ||
| Peter F. Volanakis | Vanguard Marketing Corporation since 2005; | |
| Born 1955. Trustee Since July 2009. Principal | Principal of The Vanguard Group (1997–2006). | |
| Occupation(s) During the Past Five Years: President | ||
| since 2007 and Chief Operating Officer since 2005 | ||
| of Corning Incorporated (communications equipment); | Vanguard Senior Management Team | |
| President of Corning Technologies (2001–2005); | ||
| Director of Corning Incorporated and Dow Corning; | R. Gregory Barton | Michael S. Miller |
| Trustee of the Corning Incorporated Foundation and | Mortimer J. Buckley | James M. Norris |
| the Corning Museum of Glass; Overseer of the | Kathleen C. Gubanich | Glenn W. Reed |
| Amos Tuck School of Business Administration at | Paul A. Heller | George U. Sauter |
| Dartmouth College. | ||
| Chairman Emeritus and Senior Advisor | ||
| Executive Officers | ||
| John J. Brennan | ||
| Glenn Booraem | Chairman, 1996–2009 | |
| Born 1967. Controller Since July 2010. Principal | Chief Executive Officer and President, 1996–2008 | |
| Occupation(s) During the Past Five Years: Principal | ||
| of The Vanguard Group, Inc.; Controller of each of | ||
| the investment companies served by The Vanguard | Founder | |
| Group since 2010; Assistant Controller of each of | ||
| the investment companies served by The Vanguard | John C. Bogle | |
| Group (2001–2010) . | Chairman and Chief Executive Officer, 1974–1996 | |
| Thomas J. Higgins | ||
| Born 1957. Chief Financial Officer Since September | ||
| 2008. Principal Occupation(s) During the Past Five | ||
| Years: Principal of The Vanguard Group, Inc.; Chief | ||
| Financial Officer of each of the investment companies | ||
| served by The Vanguard Group since 2008; Treasurer | ||
| of each of the investment companies served by The | ||
| Vanguard Group (1998–2008) . | ||
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer 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® > vanguard.com
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| With Hearing Impairment > 800-749-7273 | |
| This material may be used in conjunction | |
| with the offering of shares of any Vanguard | |
| fund only if preceded or accompanied by | |
| the fund’s current prospectus. | |
| All comparative mutual fund data are from Lipper Inc. or | |
| Morningstar, Inc., unless otherwise noted. | |
| You can obtain a free copy of Vanguard’s proxy voting | |
| guidelines by visiting vanguard.com/proxyreporting or by | |
| calling Vanguard at 800-662-2739. The guidelines are | |
| also available from the SEC’s website, sec.gov. In | |
| addition, you may obtain a free report on how your fund | |
| voted the proxies for securities it owned during the 12 | |
| months ended June 30. To get the report, visit either | |
| vanguard.com/proxyreporting or sec.gov. | |
| You can review and copy information about your fund at | |
| the SEC’s Public Reference Room in Washington, D.C. To | |
| find out more about this public service, call the SEC at | |
| 202-551-8090. Information about your fund is also | |
| available on the SEC’s website, and you can receive | |
| copies of this information, for a fee, by sending a | |
| request in either of two ways: via e-mail addressed to | |
| publicinfo@sec.gov or via regular mail addressed to the | |
| Public Reference Section, Securities and Exchange | |
| Commission, Washington, DC 20549-1520. | |
| © 2011 The Vanguard Group, Inc. | |
| All rights reserved. | |
| Vanguard Marketing Corporation, Distributor. | |
| Q760 012011 | |
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, 2010: $48,000
Fiscal Year Ended November 30, 2009: $43,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2010: $3,607,060
Fiscal Year Ended November 30, 2009: $3,354,640
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2010: $791,350
Fiscal Year Ended November 30, 2009: $876,210
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, 2010: $336,090
Fiscal Year Ended November 30, 2009: $423,070
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, 2010: $16,000
Fiscal Year Ended November 30, 2009: $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, 2010: $352,090
Fiscal Year Ended November 30, 2009: $423,070
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: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
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, 2011 | |
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, 2011 | |
| VANGUARD NEW YORK TAX-FREE FUNDS | |
| By: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: January 25, 2011 | |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 26, 2010,
see file Number 33-53683, Incorporated by Reference.