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, 2010 – November 30, 2011
Item 1: Reports to Shareholders
Annual Report | November 30, 2011
Vanguard New York Tax-Exempt Funds
Vanguard New York Tax-Exempt Money Market Fund
Vanguard New York Long-Term Tax-Exempt Fund
> The municipal bond market slid lower in a tumultuous first quarter of the fiscal year before snapping back vigorously in the ensuing nine months.
> For the year ended November 30, 2011, Vanguard New York Tax-Exempt Money Market Fund returned 0.06%, as the Federal Reserve extended its low-interest rate policy for short-term assets until at least 2013.
> Investor Shares of Vanguard New York Long-Term Tax-Exempt Fund returned 5.77% and Admiral Shares returned 5.85%, lagging the fund’s benchmark index but ahead of the average return of its peers.
| 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. | 31 |
| About Your Fund’s Expenses. | 64 |
| Glossary. | 66 |
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.
About the cover: Vanguard was named for the HMS Vanguard, flagship of British Admiral Horatio Nelson. A ship—whose performance and safety depend on the work of all hands—has served as a fitting metaphor for the Vanguard crew as we strive to help clients reach their financial goals.
Your Fund’s Total Returns
| Fiscal Year Ended November 30, 2011 | |||||
| Taxable- | |||||
| SEC | Equivalent | Income | Capital | Total | |
| Yields | Yields | Returns | Returns | Returns | |
| Vanguard New York Tax-Exempt Money Market | |||||
| Fund | 0.01% | 0.02% | 0.06% | 0.00% | 0.06% |
| New York Tax-Exempt Money Market Funds | |||||
| Average | 0.04 | ||||
| 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 | 2.69% | 4.55% | 3.96% | 1.81% | 5.77% |
| Admiral™ Shares | 2.77 | 4.68 | 4.04 | 1.81 | 5.85 |
| Barclays Capital 10 Year Municipal Bond Index | 7.68 | ||||
| New York Municipal Debt Funds Average | 5.38 | ||||
| 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, 2010 , Through November 30, 2011
| 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 | $11.04 | $11.24 | $0.420 | $0.000 |
| Admiral Shares | 11.04 | 11.24 | 0.428 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
Your fund’s fiscal year, which ended November 30, 2011, began inauspiciously. The turbulence in the municipal bond market that characterized the closing months of the 2010 fiscal year spilled over into the first quarter of this reporting period. By spring, however, the market had regained its footing, and it bounced back strongly for the remainder of the year.
For the 12 months, Investor Shares of Vanguard New York Long-Term Tax-Exempt Fund returned 5.77%; Admiral Shares returned 5.85%. Even in the difficult first quarter, the fund’s high level of income helped cushion the effects of plummeting market values. For the period as a whole, the fund’s income return accounted for more than two-thirds of its total return.
As I noted in my semiannual report to you six months ago, a confluence of negative events affected the municipal bond market at the start of the year. Especially prominent were concerns that state and local governments’ fiscal straits might lead to large-scale defaults. Thankfully, that hasn’t happened—and in our view isn’t likely to happen—although they may continue to struggle for some time despite cautiously hopeful signs. It’s important to keep in mind that the recoveries of state and local governments typically lag after a recession ends, and
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this one follows the worst national slump since the Great Depression. One measure of the fiscal challenges faced by state and local governments is the substantially reduced issuance of bonds across the entire municipal market as projects were rethought. New York was an exception, though, as developers sought to complete the financing of some large projects.
In response to the market strains earlier in the year that sent municipal bond prices lower, the fund’s yield rose (because bond prices and yields move in opposite directions). As muni prices rallied, yields reversed course. By November 30, the SEC yield for the Long-Term Tax-Exempt Fund stood at 2.69% (Investor Shares), compared with 3.08% a year earlier.
In contrast to the bond markets, money market fund yields were stable—or perhaps frozen is a better word. The Tax-Exempt Money Market Fund returned 0.06%, compared with the 0.04% average return of its peers. Money market funds, tax-exempt and taxable alike, continue to be affected by the Federal Reserve’s decision to keep its target for short-term interest rates near zero. In August, the Fed said it planned to maintain that level until at least mid-2013.
Note: The funds are permitted to invest in securities whose income is subject to 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.
| Market Barometer | |||
| Average Annual Total Returns | |||
| Periods Ended November 30, 2011 | |||
| One | Three | Five | |
| Year | Years | Years | |
| Bonds | |||
| Barclays Capital U.S. Aggregate Bond Index (Broad | |||
| taxable market) | 5.52% | 7.69% | 6.14% |
| Barclays Capital Municipal Bond Index (Broad tax-exempt | |||
| market) | 6.53 | 8.41 | 4.75 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.09 | 0.12 | 1.44 |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 7.38% | 15.10% | 0.07% |
| Russell 2000 Index (Small-caps) | 2.75 | 17.56 | 0.09 |
| Dow Jones U.S. Total Stock Market Index | 6.57 | 15.67 | 0.36 |
| MSCI All Country World Index ex USA (International) | -5.90 | 13.19 | -2.11 |
| CPI | |||
| Consumer Price Index | 3.39% | 2.12% | 2.34% |
3
Despite modest yields, bonds produced strong returns
Both municipal and taxable bonds performed strongly during the fiscal year as stock market volatility helped generate enthusiasm for the relative stability of fixed income securities. Municipal bonds returned 6.53% and the broad taxable investment-grade bond market returned 5.52%, as anxious investors bid up bond prices and drove already low yields lower still. At the start of the fiscal year, the yield of the 10-year U.S. Treasury note, a benchmark for longer-term interest rates, stood at 2.80%. At the end, the note yielded just 2.07%. As yields decline, of course, so do the prospective returns available from these interest-bearing investments.
Even as the Fed maintained its near-0% target for the shortest-term interest rates, the central bank instituted a bond-buying policy aimed at reducing long-term yields.
A tumultuous path to unremarkable returns
The broad U.S. stock market produced a single-digit gain for the 12 months ended November 30. International stocks recorded a single-digit loss. On the way to these unremarkable returns, however, global stock markets traversed dramatic highs and lows.
Stock prices surged through the first half of the period as the U.S. economy seemed to be grinding into gear. But investor optimism faded in the second
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% | — | 0.39% |
| New York Long-Term Tax-Exempt Fund | 0.20 | 0.12% | 1.06 |
The fund expense ratios shown are from the prospectus dated March 29, 2011, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2011, the funds’ expense ratios were: for the New York Tax-Exempt Money Market Fund, 0.16%; 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 2010. The expense ratio for the New York Tax-Exempt Money Market Fund reflects a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before the reduction, the expense ratio was 0.17%.
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.
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half, as Europe’s sovereign-debt crisis took center stage and political gridlock led to high-stakes brinkmanship over a bill to raise the U.S. debt ceiling. The drama prompted Standard & Poor’s to downgrade the U.S. credit rating, a shock that reverberated through global financial markets. (Vanguard’s confidence in the full faith and credit of the U.S. Treasury remains unshaken.)
Although U.S. stocks tumbled through the summer, Treasury prices increased as fear of a disorderly European fiscal resolution spurred a flight to quality among investors. U.S. stocks then rebounded in the period’s final months. International stock markets traced similar trajectories before finishing the year with a negative return.
After a difficult start, municipal bonds rallied
New York and most other states continued their budget struggles in the aftermath of the Great Recession. Governments throughout the country have been closely reexamining their cost structures, a process aimed at closing immediate budget gaps that may also help address some difficult longer-term issues. On the income side of the equation, states’ tax revenue continued to recover for the seventh straight calendar quarter as of September, but at a more moderate pace, according to a preliminary report from the Nelson A. Rockefeller Institute of Government. New York’s downshift was more pronounced than that of the national
Total Returns
Ten Years Ended November 30, 2011
| Average | |
| Annual Return | |
| New York Tax-Exempt Money Market Fund | 1.51% |
| New York Tax-Exempt Money Market Funds Average | 1.18 |
| New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc. | |
| New York Long-Term Tax-Exempt Fund Investor Shares | 4.65% |
| Barclays Capital 10 Year Municipal Bond Index | 5.52 |
| New York Municipal Debt Funds Average | 4.11 |
| 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
average (a 4.6% year-over-year increase in the third calendar quarter versus the national average of 7.3%).
At the start of the fiscal period, many investors viewed the fiscal challenges of state and local governments with deep pessimism, which contributed to an unusually deep plunge in municipal bond prices. Other factors included a rallying stock market, signs of a strengthening economy, rising interest rates, and the expiration of a popular subsidized taxable municipal bond program. Municipal market gloom persisted until the spring, when a strong rally began that lasted for the remainder of the New York Long-Term Tax-Exempt Fund’s fiscal year.
The market upswing countered the year’s discouraging start. The fund’s Investor Shares returned a solid 5.77% for the 12 months ended November 30; Admiral Shares returned 5.85%. The fund outpaced the 5.38% average return of competing New York funds, a consequence of its smaller loss in the opening months of the year.
The fund’s advisor, Vanguard Fixed Income Group, invests in higher-quality municipal bonds. This focus is a key reason for the fund’s better relative performance, because investors tend to prefer these kinds of investments in rough times. As the year continued and investors regained their appetite for risk, the higher quality of the fund’s assets compared with those of its peers held back returns somewhat. And as longer-term yields declined, peer funds also got a boost from their typically longer average durations (the longer a fund’s duration, the more sensitive the fund is to interest rate changes). At root were the Federal Reserve’s actions at both ends of the yield spectrum. The Fed’s policy of keeping short-term interest rates low has driven many investors to intermediate-term bonds, thus raising prices and reducing yields, while its new bond-buying policy has pushed longer-term yields lower.
The advisor concentrated where possible on essential-service bonds, which typically generate relatively stable revenue streams from, for example, water, sewer, and electricity-generating facilities. It also invested selectively in sectors such as health care.
The advisor’s report that follows this letter provides additional details about the Fixed Income Group’s management of the funds during the year.
Skillful management helps produce solid returns over the long term
A key measure of a fund’s performance is its experience over the long term. That is why it’s gratifying to review the history of the New York tax-exempt bond and money market funds. For the ten years ended November 30, 2011, the funds exceeded their peer-group average returns, and the Long-Term Fund modestly trailed the broad nationwide index that serves as a reasonable if imperfect benchmark for a New York fund.
6
The funds have benefited from their high-quality orientation and low costs. Especially important has been the skill of the Fixed Income Group—not only the portfolio managers and traders, but also its team of seasoned credit analysts, who provide stringent and objective evaluations of the fiscal strength of bond issuers.
The more markets change, the more they stay the same
Uncertainty—sometimes at elevated levels—is an integral part of the investment landscape. This latest fiscal year serves as a case in point, as concerns about the fiscal health of municipal bond issuers early in the period were overridden by a strong rally in municipal bonds even as the challenges for state and local governments continued unabated.
Whatever the market environment, we believe that an effective long-term investment approach is to select a mix of assets that is balanced between, and diversified among, stocks, bonds, and cash investments. By sticking with such a plan through the markets’ cycles of optimism and fear, you enhance your chances of investment success.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
December 12, 2011
7
Advisor’s Report
For the fiscal year ended November 30, 2011, Vanguard New York Tax-Exempt Money Market Fund returned 0.06%, as the Federal Reserve maintained—and said it would extend—its policy of keeping short-term interest rates near zero until mid-2013. Vanguard New York Long-Term Tax-Exempt Fund returned 5.77% for Investor Shares and 5.85% for Admiral Shares, trailing the return of its national benchmark index but ahead of the average return of New York peer-group funds.
The investment environment
The opening months of the funds’ fiscal year coincided with the high point of unease in the municipal bond market. Investor concern had started to rise in October 2010, but the December–January period (the funds’ fiscal year starts on December 1) was characterized by a brief and historically heavy spate of withdrawals from muni funds and a slump in bond prices.
The price decline has been attributed to an almost perfect storm of economic and market factors that we described in detail in our last report to you six months ago. One of these factors was the fear held by some investors of a systemic decline in the creditworthiness of municipal bonds as state and local government tax revenues plunged in the wake of the Great Recession. After that disruptive start, more “normal” dynamics set in and municipal bonds returned a solid 6.53% for the fiscal year, ahead of the 5.52% return of taxable bonds, as measured by the Barclays Capital Municipal Bond Index and Barclays Capital U.S. Aggregate Bond Index, respectively.
Yields of Tax-Exempt Municipal Bonds
(AAA-Rated General-Obligation Issues)
| November 30, | November 30, | |
| Maturity | 2010 | 2011 |
| 2 years | 0.60% | 0.42% |
| 5 years | 1.36 | 1.12 |
| 10 years | 2.79 | 2.22 |
| 30 years | 4.28 | 3.84 |
| Source: Vanguard. | ||
8
As we expected, the fear of widespread failure by bond issuers to make good on their payment promises never materialized. That being said, they do face a challenging road ahead. Tax revenues have continued to rise for almost two years, but not enough to make budget-balancing easy. The effect of a national recession on these revenues lingers well after its official trough; the deeper the slump, the longer the recovery—and, as you know, the most recent downturn was the deepest in decades.
State and local governments continued to react to the forced austerity programs that the Great Recession precipitated, issuing fewer bonds than investors had expected earlier in the year and being more selective in the process. Overall municipal bond issuance during fiscal 2011 was about 7% lower than a year earlier, although it began to pick up later in the year. The volume figures exclude the effect of subsidized bonds issued under the Build America Bonds program, part of the federal government’s economic-crisis stimulus package. These taxable bonds diverted some potential volume from the market for tax-exempt bonds before the program’s expiration at year-end 2010.
In marked contrast to other states, New York and its municipal entities increased their bond issuance by 40% in the fiscal year’s second half, when about two-thirds of the state’s $39 billion in new bonds were issued. Among the Long-Term Fund’s notable investments during the year were additional purchases of bonds designed to help fund the redevelopment of the Hudson Yards area and the World Trade Center complex in Manhattan.
At the same time, munis offered attractive yields compared with those of Treasury bonds. Muni bonds’ yields historically have been lower, a relationship that takes into account the federal tax-free nature of their income. During the latter part of the fiscal year, muni yields approached and then surpassed Treasury yields as investors sought “safe” assets in reaction to concerns about, among other things, Europe’s sovereign-debt problems. The flight to safety also fueled demand for higher-quality munis, even as state and local governments continued to struggle with their finances.
Given the unusual steepness of the yield curve during the year—that is, the difference in yields between the shortest-and longest-maturity bonds, as shown in the accompanying table—issuers sought to lower borrowing costs by favoring shorter maturities. They found a match with individual investors who were fleeing from the almost nonexistent yields offered by money market mutual funds to short-and medium-term bonds, a dynamic that pushed intermediate-term yields lower as demand and prices rose (bond prices and yields move inversely to each other). In choosing our investments during the year, we took advantage of the steepness in the yield curve to boost returns.
9
The low money market fund yields, of course, were a consequence of the Federal Reserve’s policy, in place since December 2008, of keeping the shortest-term interest rates near zero. In August, the Fed said it would continue to do so until at least mid-2013, and one month later it said it would also strive to lower longer-term interest rates. Under this new policy, informally known as Operation Twist, the Fed has begun purchasing Treasury bonds with remaining maturities of 6 to 30 years. The purchases have had the effect of lowering yields and raising prices of longer-term bonds.
Management of the funds
The bond fund’s returns for the fiscal year were helped substantially by our decision to redeploy certain assets from the shorter- to the longer-maturity regions of the yield curve.
We also sought to add value through careful, and diversified, selection of revenue-based bonds rather than focusing on state and local general obligation bonds. Some of the spreads between these bonds were among the highest we have seen. Among the sectors in which we benefited were essential services and A-rated hospital bonds.
We have been cautious in setting the New York bond fund’s duration, given the uncertainties hovering over both the U.S. and European economies as well as future U.S. tax policy. We have set the fund’s average weighted duration, which is a gauge of the sensitivity of its portfolio to changes in interest rates, at a neutral level compared with its benchmark index.
In managing the money market fund, we haven’t changed our strategy, even though we continue to operate in an investment environment shaped by the Federal Reserve’s anchoring of its target interest rate in the neighborhood of zero. We remain focused on maintaining a diversified portfolio of high-quality short-term debt.
Going forward, credit concerns will continue to weigh on the municipal market—understandably, given the financial stresses that state and local governments will face for some time. Even so, our approach to muni bond investing hasn’t changed: As always, our dedicated and seasoned credit analysts, working together with traders and portfolio managers, will closely review the fiscal health of our borrowers as we choose issues to add to our portfolios and monitor those we have already purchased.
Michael G. Kobs, Portfolio Manager
Justin A. Schwartz, CFA, Portfolio Manager
Pamela Wisehaupt Tynan, Principal, Head of Municipal Money Market Funds
Christopher W. Alwine, CFA, Principal, Head of Municipal Bond Funds
Vanguard Fixed Income Group
December 20, 2011
10
New York Tax-Exempt Money Market Fund
Fund Profile
As of November 30, 2011
| Financial Attributes | |
| Ticker Symbol | VYFXX |
| Expense Ratio1 | 0.17% |
| 7-Day SEC Yield | 0.01% |
| Average Weighted | |
| Maturity | 42 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 March 29, 2011, and represents estimated costs for the current fiscal year. For the fiscal year ended November 30, 2011, the expense ratio was 0.16%, reflecting a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this reduction, 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 fund. The fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.
Cumulative Performance: November 30, 2001, Through November 30, 2011
Initial Investment of $10,000
See Financial Highlights for dividend information.
12
New York Tax-Exempt Money Market Fund
Fiscal-Year Total Returns (%): November 30, 2001, Through November 30, 2011
| NY Tax-Exempt | ||
| Money Mkt | ||
| Funds Avg | ||
| Fiscal Year | Total Returns | Total Returns |
| 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 |
| 2011 | 0.06 | 0.04 |
| 7-day SEC yield (11/30/2011): 0.01% | ||
| New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc. | ||
Average Annual Total Returns: Periods Ended September 30, 2011
This table presents 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 | 0.08% | 1.39% | 1.54% |
13
New York Tax-Exempt Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2011
The fund reports a complete list of its holdings in various monthly and quarterly regulatory filings. The fund publishes its holdings on a monthly basis at vanguard.com and files them with the Securities and Exchange Commission on Form N-MFP. The fund’s Form N-MFP filings become public 60 days after the relevant month-end, and may be viewed at sec.gov or via a link on the “Portfolio Holdings” page on vanguard.com. 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 SEC 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 (99.4%) | ||||
| New York (98.7%) | ||||
| Albany NY Industrial Development Agency | ||||
| Civic Facility Revenue (CHF Holland Suites LLC | ||||
| Project) VRDO | 0.110% | 12/7/11 LOC | 11,985 | 11,985 |
| Amherst NY Development Corp. Student | ||||
| Housing Facility Revenue VRDO | 0.110% | 12/7/11 LOC | 6,000 | 6,000 |
| 1 BlackRock MuniHoldings New York | ||||
| Quality Fund, Inc. VRDP VRDO | 0.320% | 12/7/11 LOC | 65,000 | 65,000 |
| 1 BlackRock MuniYield New York Quality Fund, Inc. | ||||
| VRDP VRDO | 0.260% | 12/7/11 LOC | 35,000 | 35,000 |
| Brookhaven NY GO | 2.000% | 9/15/12 | 1,791 | 1,812 |
| Brookhaven NY TAN | 2.000% | 5/9/12 | 3,000 | 3,020 |
| Chappaqua NY Central School District TAN | 1.000% | 6/29/12 | 8,000 | 8,028 |
| Chemung County NY Industrial | ||||
| Development Agency Civic Facility Revenue | ||||
| (Elmira College Project) VRDO | 0.120% | 12/7/11 LOC | 9,600 | 9,600 |
| Clifton Park NY Industrial Development Agency | ||||
| Multifamily Housing Revenue | ||||
| (Coburg Village Senior Housing Project) VRDO | 0.160% | 12/7/11 LOC | 10,635 | 10,635 |
| Columbia County NY Capital Resource Corp. | ||||
| Civic Facility Revenue | ||||
| (Columbia Memorial Hospital Project) VRDO | 0.140% | 12/7/11 LOC | 6,000 | 6,000 |
| Columbia County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Columbia | ||||
| Memorial HospitalProject) VRDO | 0.140% | 12/7/11 LOC | 5,035 | 5,035 |
| Delaware Valley NY Industrial Development | ||||
| Authority Revenue (Delaware Valley Hospital) | ||||
| VRDO | 0.140% | 12/7/11 LOC | 4,680 | 4,680 |
| Erie County NY Fiscal Stability Authority BAN | 1.500% | 7/31/12 | 21,305 | 21,468 |
| 1 Erie County NY Industrial | ||||
| Development Agency School Facility Revenue | ||||
| (Buffalo City School District Project) TOB VRDO | 0.150% | 12/7/11 (4) | 17,350 | 17,350 |
| Geneva NY Industrial Development Agency | ||||
| Civic Facility Revenue (Colleges of the | ||||
| Seneca Project) VRDO | 0.120% | 12/7/11 LOC | 28,975 | 28,975 |
14
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Half Hollow Hills NY Central School District TAN | 1.500% | 6/28/12 | 42,000 | 42,301 |
| Hauppauge NY Union Free School District TAN | 1.500% | 6/22/12 | 23,000 | 23,156 |
| Hempstead NY GO | 2.500% | 8/1/12 | 2,720 | 2,761 |
| Ithaca City NY School District BAN | 1.500% | 7/7/12 | 10,605 | 10,682 |
| Jericho NY Union Free School District TAN | 2.000% | 6/15/12 | 12,000 | 12,111 |
| Liberty New York Development Corp. Revenue | ||||
| (Greenwich LLC) VRDO | 0.110% | 12/7/11 LOC | 36,375 | 36,375 |
| Long Island NY Power Authority Electric System | ||||
| Revenue CP | 0.230% | 12/8/11 LOC | 15,000 | 15,000 |
| 1 Long Island NY Power Authority Electric System | ||||
| Revenue TOB VRDO | 0.130% | 12/7/11 LOC | 6,500 | 6,500 |
| Long Island NY Power Authority Electric System | ||||
| Revenue VRDO | 0.070% | 12/1/11 LOC | 8,600 | 8,600 |
| Massapequa NY Union Free School District TAN | 1.500% | 6/21/12 | 7,000 | 7,043 |
| 1 Metropolitan New York Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) TOB VRDO | 0.150% | 12/7/11 | 7,510 | 7,510 |
| Metropolitan New York Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) VRDO | 0.120% | 12/7/11 LOC | 13,370 | 13,370 |
| 1 Metropolitan New York Transportation Authority | ||||
| Revenue (Service Contract) TOB VRDO | 0.150% | 12/7/11 | 4,495 | 4,495 |
| 1 Metropolitan New York Transportation Authority | ||||
| Revenue TOB VRDO | 0.150% | 12/7/11 (13) | 2,000 | 2,000 |
| Metropolitan New York Transportation Authority | ||||
| Revenue VRDO | 0.110% | 12/7/11 LOC | 7,000 | 7,000 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Cherry Ridge) VRDO | 0.120% | 12/7/11 LOC | 6,925 | 6,925 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Cherry Ridge) VRDO | 0.120% | 12/7/11 LOC | 2,900 | 2,900 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Cherry Ridge) VRDO | 0.120% | 12/7/11 LOC | 13,900 | 13,900 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Monroe Community College) VRDO | 0.120% | 12/7/11 LOC | 3,800 | 3,800 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Nazareth College) VRDO | 0.160% | 12/7/11 LOC | 6,215 | 6,215 |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.100% | 12/7/11 | 5,000 | 5,000 |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.100% | 12/7/11 | 3,600 | 3,600 |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.160% | 12/7/11 | 19,100 | 19,100 |
| Nassau NY Health Care Corp. Revenue VRDO | 0.080% | 12/7/11 LOC | 1,100 | 1,100 |
| New York City NY Cultural Resources Revenue | ||||
| (AsiaSociety) VRDO | 0.120% | 12/7/11 LOC | 8,235 | 8,235 |
| New York City NY Cultural Resources Revenue | ||||
| (Lincoln Center for the Performing Arts Inc.) | ||||
| VRDO | 0.060% | 12/7/11 LOC | 16,600 | 16,600 |
| New York City NY Cultural Resources Revenue | ||||
| (Pierpont Morgan Library) VRDO | 0.120% | 12/7/11 LOC | 1,000 | 1,000 |
| New York City NY Cultural Resources Revenue | ||||
| (The Metropolitan Museum of Art) VRDO | 0.110% | 12/7/11 | 40,100 | 40,100 |
15
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Cultural Resources Revenue | ||||
| (The Metropolitan Museum of Art) VRDO | 0.110% | 12/7/11 | 57,460 | 57,460 |
| New York City NY GO | 4.250% | 1/1/12 | 1,000 | 1,003 |
| New York City NY GO | 2.000% | 8/1/12 | 5,000 | 5,058 |
| New York City NY GO | 3.000% | 8/1/12 | 19,305 | 19,662 |
| New York City NY GO | 5.500% | 8/1/12 | 2,500 | 2,587 |
| New York City NY GO | 5.500% | 8/1/12 | 2,000 | 2,069 |
| New York City NY GO | 5.000% | 10/1/12 | 1,400 | 1,455 |
| 1 New York City NY GO TOB VRDO | 0.100% | 12/1/11 LOC | 2,080 | 2,080 |
| New York City NY GO VRDO | 0.070% | 12/1/11 | 10,100 | 10,100 |
| New York City NY GO VRDO | 0.070% | 12/1/11 | 5,600 | 5,600 |
| New York City NY GO VRDO | 0.070% | 12/1/11 | 8,820 | 8,820 |
| New York City NY GO VRDO | 0.080% | 12/1/11 LOC | 16,805 | 16,805 |
| New York City NY GO VRDO | 0.120% | 12/1/11 LOC | 2,500 | 2,500 |
| New York City NY GO VRDO | 0.070% | 12/1/11 | 7,330 | 7,330 |
| New York City NY GO VRDO | 0.070% | 12/1/11 | 8,865 | 8,865 |
| New York City NY GO VRDO | 0.070% | 12/1/11 | 8,650 | 8,650 |
| New York City NY GO VRDO | 0.080% | 12/1/11 LOC | 27,890 | 27,890 |
| New York City NY GO VRDO | 0.110% | 12/7/11 LOC | 13,000 | 13,000 |
| New York City NY Health & | ||||
| Hospital Corp. Revenue (Health System) VRDO | 0.060% | 12/7/11 LOC | 22,070 | 22,070 |
| New York City NY Health & | ||||
| Hospital Corp. Revenue (Health System) VRDO | 0.080% | 12/7/11 LOC | 8,420 | 8,420 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | ||||
| (201 Pearl Street) VRDO | 0.120% | 12/7/11 LOC | 10,000 | 10,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue PUT | 0.300% | 3/1/12 | 10,000 | 10,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue PUT | 0.320% | 5/1/12 | 13,770 | 13,770 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue PUT | 0.300% | 6/29/12 | 10,290 | 10,290 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.110% | 12/1/11 | 1,900 | 1,900 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.160% | 12/7/11 | 20,000 | 20,000 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.200% | 12/7/11 | 5,365 | 5,365 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.240% | 12/7/11 | 21,840 | 21,840 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue | ||||
| (89 Murray Street Development) VRDO | 0.110% | 12/7/11 LOC | 45,800 | 45,800 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue | ||||
| (First Avenue Development) VRDO | 0.110% | 12/7/11 LOC | 10,000 | 10,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue | ||||
| (Markham Gardens Apartments) VRDO | 0.110% | 12/7/11 LOC | 4,000 | 4,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue | ||||
| (100 Jane Street) VRDO | 0.110% | 12/7/11 LOC | 8,550 | 8,550 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue | ||||
| (Atlantic Court Apartments) VRDO | 0.110% | 12/7/11 LOC | 48,100 | 48,100 |
16
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue | ||||
| (Lexington Courts) VRDO | 0.110% | 12/7/11 LOC | 15,000 | 15,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue | ||||
| (Ocean Gate Development) VRDO | 0.110% | 12/7/11 LOC | 3,445 | 3,445 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue | ||||
| (One Columbus Place Development) VRDO | 0.110% | 12/7/11 LOC | 22,000 | 22,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue | ||||
| (Royal Charter Properties) VRDO | 0.080% | 12/7/11 LOC | 33,600 | 33,600 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Lycee Francais De New York Project) VRDO | 0.090% | 12/7/11 LOC | 9,650 | 9,650 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Mercy College Project) VRDO | 0.120% | 12/7/11 LOC | 11,930 | 11,930 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (MSMC Realty Corp. Project) VRDO | 0.110% | 12/7/11 LOC | 3,000 | 3,000 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue (New York | ||||
| Congregational Nursing Center Project) VRDO | 0.140% | 12/7/11 LOC | 10,205 | 10,205 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (New York Law School) VRDO | 0.100% | 12/7/11 LOC | 15,120 | 15,120 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (United Jewish Appeal) VRDO | 0.100% | 12/7/11 | 17,800 | 17,800 |
| New York City NY Industrial Development | ||||
| Agency Special Facility Revenue | ||||
| (Korean Air Lines) VRDO | 0.120% | 12/7/11 LOC | 13,400 | 13,400 |
| New York City NY Industrial Development | ||||
| Agency Special Facility Revenue | ||||
| (Korean Air Lines) VRDO | 0.120% | 12/7/11 LOC | 4,400 | 4,400 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.110% | 12/1/11 | 10,640 | 10,640 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.140% | 12/7/11 | 12,300 | 12,300 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.140% | 12/7/11 | 8,000 | 8,000 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.160% | 12/7/11 | 4,900 | 4,900 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.170% | 12/7/11 | 18,000 | 18,000 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.170% | 12/7/11 | 10,000 | 10,000 |
17
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.200% | 12/7/11 | 4,895 | 4,895 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.090% | 12/1/11 | 5,700 | 5,700 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.080% | 12/1/11 | 20,030 | 20,030 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.080% | 12/1/11 | 25,850 | 25,850 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.080% | 12/7/11 | 28,500 | 28,500 |
| 1 New York City NY Sales Tax Asset | ||||
| Receivable Corp.Revenue TOB VRDO | 0.150% | 12/7/11 | 12,845 | 12,845 |
| 1 New York City NY Sales Tax Asset | ||||
| Receivable Corp.Revenue TOB VRDO | 0.150% | 12/7/11 | 19,610 | 19,610 |
| 1 New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue TOB VRDO | 0.130% | 12/7/11 LOC | 9,950 | 9,950 |
| 1 New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue TOB VRDO | 0.150% | 12/7/11 | 6,500 | 6,500 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 4.000% | 11/1/12 | 4,275 | 4,420 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/12 | 2,205 | 2,300 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/12 | 2,500 | 2,607 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.140% | 12/7/11 | 5,295 | 5,295 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.160% | 12/7/11 | 6,085 | 6,085 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.160% | 12/7/11 | 2,800 | 2,800 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.100% | 12/7/11 | 6,000 | 6,000 |
| New York City NY Transitional Finance Authority | ||||
| Recovery Revenue VRDO | 0.050% | 12/7/11 | 14,100 | 14,100 |
| New York City NY Transitional Finance Authority | ||||
| Recovery Revenue VRDO | 0.090% | 12/7/11 | 44,860 | 44,860 |
| New York City NY Transitional Finance Authority | ||||
| Recovery Revenue VRDO | 0.100% | 12/7/11 | 3,455 | 3,455 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (School of American Ballet Inc.) VRDO | 0.120% | 12/7/11 LOC | 7,080 | 7,080 |
| 1 New York City Transitional Finance Authority | ||||
| Revenue TOB VRDO | 0.160% | 12/7/11 | 9,330 | 9,330 |
| New York City Transitional Finance Authority | ||||
| Revenue VRDO | 0.070% | 12/1/11 | 9,000 | 9,000 |
| New York GO | 5.000% | 9/1/12 | 10,000 | 10,355 |
| 1 New York GO TOB VRDO | 0.160% | 12/7/11 | 14,720 | 14,720 |
| New York Liberty Development Corp. Revenue | ||||
| PUT | 0.270% | 8/8/12 | 28,000 | 28,000 |
| New York Liberty Development Corp. Revenue | ||||
| PUT | 0.280% | 8/8/12 | 12,400 | 12,400 |
18
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York Liberty Development Corp. Revenue | ||||
| PUT | 0.300% | 8/8/12 | 30,000 | 30,000 |
| New York Metropolitan Transportation Authority | ||||
| Revenue CP | 0.160% | 1/5/12 LOC | 20,000 | 20,000 |
| New York Metropolitan Transportation Authority | ||||
| Revenue CP | 0.150% | 2/1/12 LOC | 10,000 | 10,000 |
| New York Metropolitan Transportation Authority | ||||
| Revenue CP | 0.170% | 2/2/12 LOC | 5,000 | 5,000 |
| New York Metropolitan Transportation Authority | ||||
| Revenue CP | 0.160% | 2/6/12 LOC | 15,625 | 15,625 |
| 1 New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | ||||
| TOB VRDO | 0.200% | 12/7/11 | 6,680 | 6,680 |
| New York State Dormitory Authority Lease | ||||
| Revenue (Westchester County Court Facilities) | 5.000% | 8/1/12 | 3,125 | 3,223 |
| New York State Dormitory Authority Revenue | ||||
| (Blythedale Children’s Hospital) VRDO | 0.140% | 12/7/11 LOC | 10,000 | 10,000 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) | ||||
| VRDO | 0.140% | 12/7/11 LOC | 2,370 | 2,370 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) | ||||
| VRDO | 0.140% | 12/7/11 LOC | 4,390 | 4,390 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) | ||||
| VRDO | 0.140% | 12/7/11 LOC | 6,905 | 6,905 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) | ||||
| VRDO | 0.140% | 12/7/11 LOC | 22,810 | 22,810 |
| 1 New York State Dormitory Authority Revenue | ||||
| (City University System) TOB VRDO | 0.140% | 12/7/11 | 10,690 | 10,690 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) CP | 0.150% | 12/8/11 | 1,095 | 1,095 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) CP | 0.150% | 12/8/11 | 12,800 | 12,800 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) VRDO | 0.050% | 12/7/11 | 40,150 | 40,150 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) CP | 0.190% | 2/7/12 | 6,500 | 6,500 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Cornell University) TOB VRDO | 0.160% | 12/7/11 | 12,500 | 12,500 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) VRDO | 0.110% | 12/7/11 | 5,900 | 5,900 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) VRDO | 0.120% | 12/7/11 | 2,885 | 2,885 |
| New York State Dormitory Authority Revenue | ||||
| (Highland Community Development Corp.) | ||||
| VRDO | 0.100% | 12/7/11 LOC | 8,700 | 8,700 |
| New York State Dormitory Authority Revenue | ||||
| (LeMoyne College) VRDO | 0.110% | 12/7/11 LOC | 4,565 | 4,565 |
| New York State Dormitory Authority Revenue | ||||
| (Long Island University) VRDO | 0.120% | 12/7/11 LOC | 6,930 | 6,930 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | ||||
| TOB VRDO | 0.210% | 12/7/11 LOC | 15,785 | 15,785 |
19
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | ||||
| VRDO | 0.110% | 12/7/11 LOC | 69,900 | 69,900 |
| New York State Dormitory Authority Revenue | ||||
| (Mount St. Mary College) VRDO | 0.140% | 12/7/11 LOC | 4,700 | 4,700 |
| New York State Dormitory Authority Revenue | ||||
| (New York Law School) VRDO | 0.100% | 12/7/11 LOC | 4,800 | 4,800 |
| New York State Dormitory Authority Revenue | ||||
| (New York Public Library) VRDO | 0.060% | 12/7/11 LOC | 8,320 | 8,320 |
| New York State Dormitory Authority Revenue | ||||
| (New York Public Library) VRDO | 0.060% | 12/7/11 LOC | 14,620 | 14,620 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/12 | 5,000 | 5,047 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/12 | 3,730 | 3,779 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.500% | 3/15/12 | 1,000 | 1,015 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.500% | 3/15/12 | 1,500 | 1,522 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.140% | 12/7/11 | 17,445 | 17,445 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.140% | 12/7/11 | 6,800 | 6,800 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) VRDO | 0.110% | 12/7/11 | 21,215 | 21,215 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) VRDO | 0.110% | 12/7/11 LOC | 1,170 | 1,170 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) PUT | 5.250% | 5/15/12 | 19,190 | 19,595 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) PUT | 5.250% | 5/15/12 | 7,455 | 7,610 |
| 1 New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | ||||
| TOB VRDO | 0.130% | 12/7/11 LOC | 10,290 | 10,290 |
| New York State Dormitory Authority Revenue | ||||
| (University of Rochester) VRDO | 0.070% | 12/1/11 LOC | 4,085 | 4,085 |
| 1 New York State Environmental Facilities Corp. | ||||
| Revenue (New York City Municipal Water | ||||
| Finance Authority Project) TOB VRDO | 0.140% | 12/7/11 | 4,450 | 4,450 |
| 1 New York State Environmental Facilities Corp. | ||||
| Revenue (Personal Income Tax) TOB VRDO | 0.140% | 12/7/11 | 3,185 | 3,185 |
| 1 New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) TOB VRDO | 0.140% | 12/7/11 | 3,645 | 3,645 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (10 Liberty Street) VRDO | 0.090% | 12/7/11 LOC | 9,820 | 9,820 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (320 West 38th Street) VRDO | 0.100% | 12/7/11 LOC | 12,000 | 12,000 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (80 DeKalb Avenue) VRDO | 0.100% | 12/7/11 LOC | 11,170 | 11,170 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (80 DeKalb Avenue) VRDO | 0.100% | 12/7/11 LOC | 3,950 | 3,950 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Avalon Bowery Place I) | ||||
| VRDO | 0.090% | 12/7/11 LOC | 3,900 | 3,900 |
20
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Housing Finance Agency | ||||
| Housing Revenue (McCarthy Manor | ||||
| Apartments) VRDO | 0.110% | 12/7/11 LOC | 6,800 | 6,800 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Saville) VRDO | 0.110% | 12/7/11 LOC | 45,000 | 45,000 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (West 37th Street) VRDO | 0.140% | 12/7/11 LOC | 4,200 | 4,200 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (West 38th Street) VRDO | 0.100% | 12/7/11 LOC | 15,000 | 15,000 |
| New York State Housing Finance Agency | ||||
| Revenue (Personal Income Tax) VRDO | 0.130% | 12/7/11 | 15,000 | 15,000 |
| 1 New York State Housing Finance Agency | ||||
| Revenue (Service Contract) TOB VRDO | 0.110% | 12/1/11 | 11,450 | 11,450 |
| New York State Local Government | ||||
| Assistance Corp. Revenue | 5.000% | 4/1/12 | 2,000 | 2,031 |
| New York State Local Government | ||||
| Assistance Corp. Revenue VRDO | 0.100% | 12/7/11 | 6,400 | 6,400 |
| New York State Local Government | ||||
| Assistance Corp. Revenue VRDO | 0.100% | 12/7/11 | 5,600 | 5,600 |
| 1 New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue TOB VRDO | 0.190% | 12/7/11 | 12,090 | 12,090 |
| 1 New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue TOB VRDO | 0.190% | 12/7/11 | 8,800 | 8,800 |
| 1 New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue TOB VRDO | 0.200% | 12/7/11 | 10,330 | 10,330 |
| 1 New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue TOB VRDO | 0.200% | 12/7/11 | 11,085 | 11,085 |
| 1 New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue TOB VRDO | 0.270% | 12/7/11 | 5,000 | 5,000 |
| New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue VRDO | 1.000% | 12/1/11 | 15,000 | 15,000 |
| New York State Power Authority Revenue CP | 0.170% | 1/5/12 | 10,000 | 10,000 |
| New York State Power Authority Revenue CP | 0.170% | 1/12/12 | 5,000 | 5,000 |
| New York State Power Authority Revenue CP | 0.160% | 1/19/12 | 5,000 | 5,000 |
| New York State Power Authority Revenue PUT | 0.190% | 3/1/12 | 21,290 | 21,290 |
| New York State Power Authority Revenue PUT | 0.190% | 3/1/12 | 22,600 | 22,600 |
| New York State Thruway Authority BAN | 2.000% | 7/12/12 | 40,000 | 40,403 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 1.750% | 4/1/12 | 1,000 | 1,005 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 4.000% | 4/1/12 | 2,180 | 2,205 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/12 | 1,555 | 1,580 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/12 | 2,175 | 2,209 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/12 | 1,310 | 1,331 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.250% | 4/1/12 | 1,000 | 1,017 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.500% | 4/1/12 | 1,000 | 1,017 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 3.000% | 12/15/11 | 4,625 | 4,630 |
| New York State Urban Development Corp. | ||||
| Revenue (Service Contract) VRDO | 0.090% | 12/7/11 | 7,100 | 7,100 |
21
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Urban Development Corp. | ||||
| Revenue (Service Contract) VRDO | 0.110% | 12/7/11 LOC | 54,100 | 54,100 |
| New York State Urban Development Corp. | ||||
| Revenue (Service Contract) VRDO | 0.110% | 12/7/11 LOC | 25,000 | 25,000 |
| North Hempstead NY GO | 5.000% | 1/15/12 | 1,000 | 1,006 |
| Northport - East Northport NY Union Free | ||||
| School District TAN | 1.500% | 6/28/12 | 30,000 | 30,211 |
| 1 Nuveen New York Quality Income | ||||
| Municipal Fund VRDP VRDO | 0.260% | 12/7/11 LOC | 21,000 | 21,000 |
| 1 Nuveen New York Select Quality | ||||
| Municipal Fund VRDP VRDO | 0.260% | 12/7/11 LOC | 31,000 | 31,000 |
| Onondaga County NY GO | 4.000% | 3/1/12 | 2,765 | 2,791 |
| Onondaga County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Crouse Health Hospital Inc. Project) VRDO | 0.140% | 12/7/11 LOC | 6,295 | 6,295 |
| Onondaga County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Crouse Health Hospital Inc. Project) VRDO | 0.140% | 12/7/11 LOC | 8,395 | 8,395 |
| Onondaga County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Syracuse Home Association Project) VRDO | 0.140% | 12/7/11 LOC | 6,435 | 6,435 |
| Onondaga County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Syracuse University Project) VRDO | 0.100% | 12/7/11 LOC | 16,525 | 16,525 |
| Port Authority of New York & | ||||
| New Jersey Revenue CP | 0.170% | 12/7/11 | 2,010 | 2,010 |
| Port Authority of New York & | ||||
| New Jersey Revenue CP | 0.180% | 2/1/12 | 4,130 | 4,130 |
| 1 Port Authority of New York & | ||||
| New Jersey Revenue TOB VRDO | 0.200% | 12/7/11 | 6,500 | 6,500 |
| Port Washington NY Union Free School District | ||||
| TAN | 1.500% | 6/21/12 | 20,000 | 20,133 |
| Riverhead NY Industrial Development Agency | ||||
| Civic Facility Revenue | ||||
| (Central Suffolk Hospital Project) VRDO | 0.140% | 12/7/11 LOC | 7,705 | 7,705 |
| Riverhead NY Industrial Development Agency | ||||
| Civic Facility Revenue | ||||
| (Central Suffolk Hospital Project) VRDO | 0.140% | 12/7/11 LOC | 6,670 | 6,670 |
| Rockland County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Dominican College Project) VRDO | 0.130% | 12/7/11 LOC | 6,280 | 6,280 |
| 1 Suffolk County NY GO TOB VRDO | 0.150% | 12/7/11 | 3,265 | 3,265 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (St. Anthonys High School) VRDO | 0.090% | 12/7/11 LOC | 19,175 | 19,175 |
| 1 Suffolk County NY Water Authority Revenue | ||||
| TOB VRDO | 0.110% | 12/1/11 | 16,200 | 16,200 |
| Suffolk County NY Water Authority Revenue | ||||
| VRDO | 0.060% | 12/7/11 | 45,400 | 45,400 |
| Syracuse NY Industrial Development Agency | ||||
| Civic Facility Revenue | ||||
| (Syracuse University Project) VRDO | 0.100% | 12/7/11 LOC | 3,635 | 3,635 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Cornell University) VRDO | 0.120% | 12/7/11 | 5,575 | 5,575 |
22
| New York Tax-Exempt Money Market Fund | |||||
| Face | Market | ||||
| Maturity | Amount | Value | |||
| Coupon | Date | ($000) | ($000) | ||
| Tompkins County NY Industrial Development | |||||
| Agency Civic Facility Revenue | |||||
| (Cornell University) VRDO | 0.120% | 12/7/11 | 9,190 | 9,190 | |
| Tompkins County NY Industrial Development | |||||
| Agency Civic Facility Revenue | |||||
| (Ithaca College) VRDO | 0.120% | 12/7/11 LOC | 27,410 | 27,410 | |
| Tompkins County NY Industrial Development | |||||
| Agency Civic Facility Revenue | |||||
| (Ithaca College) VRDO | 0.120% | 12/7/11 LOC | 22,500 | 22,500 | |
| Triborough Bridge & Tunnel Authority | |||||
| New York Revenue | 5.000% | 1/1/12 (Prere.) | 2,000 | 2,008 | |
| Triborough Bridge & Tunnel Authority | |||||
| New York Revenue PUT | 4.000% | 11/15/12 | 2,200 | 2,275 | |
| 1 | Triborough Bridge & Tunnel Authority | ||||
| New York Revenue TOB VRDO | 0.140% | 12/7/11 | 2,660 | 2,660 | |
| 1 | Triborough Bridge & Tunnel Authority | ||||
| New York Revenue TOB VRDO | 0.160% | 12/7/11 | 10,035 | 10,035 | |
| Triborough Bridge & Tunnel Authority | |||||
| New York Revenue VRDO | 0.080% | 12/7/11 LOC | 13,900 | 13,900 | |
| Yorktown NY Central School District BAN | 1.500% | 8/31/12 | 8,000 | 8,064 | |
| 2,810,270 | |||||
| Puerto Rico (0.7%) | |||||
| Puerto Rico Public Finance Corp. Revenue | 5.500% | 2/1/12 (Prere.) | 14,750 | 14,874 | |
| Puerto Rico Public Finance Corp. Revenue | 5.500% | 2/1/12 (Prere.) | 3,500 | 3,529 | |
| 18,403 | |||||
| Total Tax-Exempt Municipal Bonds (Cost $2,828,673) | 2,828,673 | ||||
| Other Assets and Liabilities (0.6%) | |||||
| Other Assets | 80,544 | ||||
| Liabilities | (62,938) | ||||
| 17,606 | |||||
| Net Assets (100%) | |||||
| Applicable to 2,846,084,456 outstanding $.001 par value shares of | |||||
| beneficial interest (unlimited authorization) | 2,846,279 | ||||
| Net Asset Value Per Share | $1.00 | ||||
23
New York Tax-Exempt Money Market Fund
At November 30, 2011, net assets consisted of:
| Amount | |
| ($000) | |
| Paid-in Capital | 2,846,273 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Gains | 6 |
| Net Assets | 2,846,279 |
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, 2011, the aggregate value of these securities was $585,795,000, representing 20.6% 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.
24
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.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
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 Corporation.
(13) Berkshire Hathaway Assurance Corporation.
(14) National Public Finance Guarantee Corporation.
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.
25
New York Tax-Exempt Money Market Fund
Statement of Operations
| Year Ended | |
| November 30, 2011 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 6,824 |
| Total Income | 6,824 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 921 |
| Management and Administrative | 3,277 |
| Marketing and Distribution | 953 |
| Custodian Fees | 42 |
| Auditing Fees | 23 |
| Shareholders’ Reports | 9 |
| Trustees’ Fees and Expenses | 3 |
| Total Expenses | 5,228 |
| Expense Reduction—Note B | (268) |
| Net Expenses | 4,960 |
| Net Investment Income | 1,864 |
| Realized Net Gain (Loss) on Investment Securities Sold | 20 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,884 |
See accompanying Notes, which are an integral part of the Financial Statements.
26
New York Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Year Ended November 30, | ||
| 2011 | 2010 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 1,864 | 3,568 |
| Realized Net Gain (Loss) | 20 | 9 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,884 | 3,577 |
| Distributions | ||
| Net Investment Income | (1,864) | (3,568) |
| Realized Capital Gain | — | — |
| Total Distributions | (1,864) | (3,568) |
| Capital Share Transactions (at $1.00) | ||
| Issued | 1,727,299 | 1,737,816 |
| Issued in Lieu of Cash Distributions | 1,810 | 3,462 |
| Redeemed | (2,178,325) | (2,362,526) |
| Net Increase (Decrease) from Capital Share Transactions | (449,216) | (621,248) |
| Total Increase (Decrease) | (449,196) | (621,239) |
| Net Assets | ||
| Beginning of Period | 3,295,475 | 3,916,714 |
| End of Period | 2,846,279 | 3,295,475 |
See accompanying Notes, which are an integral part of the Financial Statements.
27
New York Tax-Exempt Money Market Fund
Financial Highlights
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | |||||
| Net Investment Income | .001 | .001 | .004 | .023 | .035 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | — | — | — | — | — |
| Total from Investment Operations | .001 | .001 | .004 | .023 | .035 |
| Distributions | |||||
| Dividends from Net Investment Income | (.001) | (.001) | (.004) | (.023) | (.035) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.001) | (.001) | (.004) | (.023) | (.035) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return1 | 0.06% | 0.10% | 0.36% | 2.32% | 3.60% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,846 | $3,295 | $3,917 | $4,811 | $5,451 |
| Ratio of Expenses to Average Net Assets | 0.16%2 | 0.17% | 0.17%3 | 0.11%3 | 0.10% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 0.06% | 0.10% | 0.37% | 2.29% | 3.54% |
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 The ratio of total expenses to average net assets before an expense reduction was 0.17%. See Note B in Notes to Financial Statements.
3 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.
28
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, 2008–2011), 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, 2011, the fund had contributed capital of $465,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.19% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard. Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield so as to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. For the year ended November 30, 2011, Vanguard’s management and administrative expenses were reduced by $268,000 (an effective annual rate of 0.01% of the fund’s average net assets).
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).
29
New York Tax-Exempt Money Market Fund
At November 30, 2011, 100% of the market value 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, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
30
New York Long-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2011
| Share-Class Characteristics | |||
| Investor | Admiral | ||
| Shares | Shares | ||
| Ticker Symbol | VNYTX | VNYUX | |
| Expense Ratio1 | 0.20% | 0.12% | |
| 30-Day SEC Yield | 2.69% | 2.77% | |
| Financial Attributes | |||
| Barclays | Barclays | ||
| 10 Year | Municipal | ||
| Municipal | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 510 | 8,836 | 45,906 |
| Yield to Maturity | |||
| (before expenses) | 2.9% | 2.8% | 3.1% |
| Average Coupon | 4.8% | 4.8% | 4.9% |
| Average Duration | 6.5 years | 6.6 years | 8.2 years |
| Average Effective | |||
| Maturity | 6.8 years | 10.0 years | 13.5 years |
| Short-Term | |||
| Reserves | 4.4% | — | — |
| Volatility Measures | ||
| Barclays | Barclays | |
| 10 Year | Municipal | |
| Municipal | Bond | |
| Index | Index | |
| R-Squared | 0.87 | 0.99 |
| Beta | 0.81 | 1.00 |
| 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 | 14.2% | |
| 1 - 3 Years | 10.7 | |
| 3 - 5 Years | 12.4 | |
| 5 - 10 Years | 55.3 | |
| 10 - 20 Years | 2.1 | |
| 20 - 30 Years | 2.8 | |
| Over 30 Years | 2.5 | |
| Distribution by Credit Quality (% of portfolio) | ||
| AAA | 23.5% | |
| AA | 48.0 | |
| A | 21.7 | |
| BBB | 6.3 | |
| BB | 0.3 | |
| Not Rated | 0.2 | |
| For information about these ratings, see the Glossary entry for Credit Quality. | ||
Investment Focus
1 The expense ratios shown are from the prospectus dated March 29, 2011, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2011, the expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
31
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, 2001, Through November 30, 2011
Initial Investment of $10,000
| Average Annual Total Returns | ||||
| Periods Ended November 30, 2011 | ||||
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| New York Long-Term Tax-Exempt Fund | ||||
| Investor Shares | 5.77% | 3.87% | 4.65% | $15,750 |
| Barclays Capital Municipal Bond Index | 6.53 | 4.75 | 5.08 | 16,411 |
| Barclays Capital 10 Year Municipal | ||||
| Bond Index | 7.68 | 5.70 | 5.52 | 17,113 |
| New York Municipal Debt Funds | ||||
| Average | 5.38 | 3.46 | 4.11 | 14,954 |
New York Municipal Debt Funds Average: Derived from data provided by Lipper Inc.
| Final Value | ||||
| One | Five | Ten | of a $50,000 | |
| Year | Years | Years | Investment | |
| New York Long-Term Tax-Exempt Fund | ||||
| Admiral Shares | 5.85% | 3.95% | 4.72% | $79,297 |
| Barclays Capital Municipal Bond Index | 6.53 | 4.75 | 5.08 | 82,057 |
| Barclays Capital 10 Year Municipal Bond | ||||
| Index | 7.68 | 5.70 | 5.52 | 85,567 |
See Financial Highlights for dividend and capital gains information.
32
New York Long-Term Tax-Exempt Fund
Fiscal-Year Total Returns (%): November 30, 2001, Through November 30, 2011
| Barclays | ||||
| 10 Year | ||||
| Municipal | ||||
| Investor Shares | Index | |||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 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 |
| 2011 | 3.96 | 1.81 | 5.77 | 7.68 |
Average Annual Total Returns: Periods Ended September 30, 2011
This table presents 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 | 3.25% | 4.22% | 4.30% | 0.34% | 4.64% |
| Admiral Shares | 5/14/2001 | 3.34 | 4.30 | 4.37 | 0.34 | 4.71 |
33
New York Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2011
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 (99.2%) | ||||
| New York (97.3%) | ||||
| Albany County NY GO | 5.000% | 10/1/12 (14) | 800 | 826 |
| Albany NY Industrial Development Agency | ||||
| Civic Facility Revenue | ||||
| (St. Peter’s Hospital Project) | 5.250% | 11/15/27 | 5,000 | 4,941 |
| 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 | 3,727 |
| 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 | 2,756 |
| Albany NY Industrial Development Agency | ||||
| Civic Facility Revenue (University at Albany | ||||
| Foundation Student Housing Corp. - | ||||
| Empire Commons South Project) | 5.375% | 5/1/29 (12) | 4,395 | 4,741 |
| 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 | 1,621 |
| 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 | 3,684 |
| Amherst NY Development Corp. | ||||
| Student Housing Facility Revenue | 5.000% | 10/1/40 (4) | 2,500 | 2,561 |
| Amherst NY Development Corp. | ||||
| Student Housing Facility Revenue | 5.000% | 10/1/45 | 3,800 | 3,857 |
| Brooklyn NY Local Development Corp. | ||||
| PILOT Revenue (Barclays Center Project) | 6.000% | 7/15/30 | 9,000 | 9,324 |
| Brooklyn NY Local Development Corp. | ||||
| PILOT Revenue (Barclays Center Project) | 6.375% | 7/15/43 | 9,000 | 9,315 |
| Broome County NY Public Safety Facility Project | ||||
| COP | 5.250% | 4/1/15 (ETM) | 1,760 | 1,767 |
| Broome County NY Public Safety Facility Project | ||||
| COP | 5.250% | 4/1/15 (14) | 335 | 336 |
| Buffalo NY GO | 5.125% | 2/1/12 (2) | 1,870 | 1,883 |
34
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue | ||||
| (Buffalo City School District Project) | 5.750% | 5/1/20 (4) | 3,510 | 3,799 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue | ||||
| (Buffalo City School District Project) | 5.750% | 5/1/21 (4) | 5,000 | 5,388 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue | ||||
| (Buffalo City School District Project) | 5.750% | 5/1/22 (4) | 4,500 | 4,862 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue | ||||
| (Buffalo City School District Project) | 5.250% | 5/1/25 | 3,695 | 4,122 |
| Erie Tobacco Asset Securitization Corp. | ||||
| Tobacco Settlement New York Revenue | 5.000% | 6/1/45 | 1,000 | 702 |
| Hempstead NY GO | 2.500% | 2/1/12 | 1,015 | 1,019 |
| Hempstead NY GO | 4.000% | 1/15/13 | 1,500 | 1,564 |
| Hempstead NY GO | 3.000% | 4/15/13 | 5,070 | 5,264 |
| Hempstead NY GO | 4.000% | 8/15/13 | 1,000 | 1,063 |
| Hempstead NY GO | 5.000% | 1/15/14 | 1,740 | 1,905 |
| Hempstead NY GO | 3.000% | 4/15/14 | 5,155 | 5,464 |
| Hempstead NY GO | 5.000% | 1/15/15 | 1,000 | 1,129 |
| Hempstead NY Industrial Development Agency | ||||
| Civic Facility Revenue (Hofstra University) | 5.250% | 7/1/17 | 2,360 | 2,489 |
| Hempstead NY Industrial Development Agency | ||||
| Civic Facility Revenue (Hofstra University) | 5.250% | 7/1/19 | 3,200 | 3,375 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 4.500% | 2/15/47 (14) | 10,000 | 8,993 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.000% | 2/15/47 (3) | 20,000 | 19,387 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.000% | 2/15/47 | 18,100 | 17,545 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.250% | 2/15/47 | 5,000 | 5,058 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.750% | 2/15/47 | 10,000 | 10,578 |
| Liberty New York Development Corp. Revenue | ||||
| (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 28,875 | 29,108 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.000% | 12/1/18 (14) | 25,000 | 28,264 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.250% | 4/1/19 | 15,000 | 17,763 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.250% | 12/1/20 (14) | 7,500 | 8,424 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.000% | 12/1/23 (14) | 4,760 | 5,145 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 0.000% | 6/1/24 (4) | 19,830 | 12,577 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 0.000% | 6/1/27 (4) | 15,905 | 8,465 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 6.250% | 4/1/33 | 2,000 | 2,282 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.000% | 5/1/38 | 5,000 | 5,132 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.750% | 7/1/18 | 7,490 | 9,150 |
35
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 4.750% | 11/15/23 (14) | 8,600 | 9,000 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.000% | 11/15/23 | 4,500 | 4,890 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 6.250% | 11/15/23 | 5,000 | 5,911 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.000% | 11/15/26 | 2,330 | 2,496 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.000% | 11/15/27 | 5,000 | 5,310 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.000% | 11/15/27 (14) | 2,500 | 2,614 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.250% | 11/15/28 | 1,000 | 1,064 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 6.500% | 11/15/28 | 5,000 | 5,852 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.250% | 11/15/29 | 1,000 | 1,068 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.250% | 11/15/30 | 1,150 | 1,226 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.000% | 11/15/33 | 7,000 | 7,126 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.000% | 11/15/34 | 5,000 | 5,109 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.250% | 11/15/36 | 8,800 | 9,053 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | 5.250% | 11/15/40 | 10,000 | 10,376 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Dedicated Petroleum Tax) | 5.500% | 11/15/13 (4) | 6,000 | 6,287 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Dedicated Petroleum Tax) | 5.250% | 11/15/28 | 5,000 | 5,454 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Dedicated Petroleum Tax) | 5.250% | 11/15/29 | 4,000 | 4,358 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Dedicated Petroleum Tax) | 5.250% | 11/15/30 | 4,000 | 4,335 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Dedicated Tax Fund) | 5.000% | 11/15/33 | 5,000 | 5,302 |
| 1 Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Dedicated Tax Fund) TOB VRDO | 0.150% | 12/7/11 | 4,130 | 4,130 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Service Contract) | 5.750% | 1/1/17 | 3,000 | 3,564 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Transit Revenue) | 5.500% | 11/15/16 (14) | 4,000 | 4,173 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Transit Revenue) | 5.500% | 11/15/17 (14) | 5,000 | 5,213 |
36
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Transit Revenue) | 5.500% | 11/15/17 (2) | 35,000 | 36,490 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Transit Revenue) | 5.500% | 11/15/19 (14) | 5,500 | 5,705 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Transit Revenue) | 5.500% | 11/15/20 (14) | 7,000 | 7,233 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Transit Revenue) | 5.000% | 11/15/22 | 5,000 | 5,468 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Transit Revenue) | 5.250% | 11/15/22 (14) | 8,310 | 8,853 |
| Metropolitan New York | ||||
| Transportation Authority Revenue | ||||
| (Transit Revenue) PUT | 5.000% | 11/15/14 | 40,550 | 44,921 |
| 1 Metropolitan New York | ||||
| Transportation Authority Revenue TOB VRDO | 0.150% | 12/7/11 (13) | 7,000 | 7,000 |
| 1 Metropolitan New York | ||||
| Transportation Authority Revenue TOB VRDO | 0.150% | 12/7/11 (13) | 19,005 | 19,005 |
| Monroe County NY Industrial Development Corp. | ||||
| Mortgage Revenue | ||||
| (Unity Hospital Rochester Project) | 5.750% | 8/15/30 | 3,500 | 3,956 |
| Monroe County NY Industrial | ||||
| Development Corp. Mortgage Revenue | ||||
| (Unity Hospital Rochester Project) | 5.750% | 8/15/35 | 3,000 | 3,323 |
| Monroe County NY Industrial | ||||
| Development Corp. Mortgage Revenue | ||||
| (Unity Hospital Rochester Project) | 5.500% | 8/15/40 | 3,700 | 3,991 |
| Nassau County NY GO | 5.000% | 10/1/20 | 9,025 | 10,418 |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.160% | 12/7/11 | 8,100 | 8,100 |
| Nassau County NY | ||||
| Tobacco Settlement Corp. Revenue | 5.250% | 6/1/26 | 1,500 | 1,326 |
| Nassau County NY | ||||
| Tobacco Settlement Corp. Revenue | 5.000% | 6/1/35 | 9,000 | 6,586 |
| Nassau County NY | ||||
| Tobacco Settlement Corp. Revenue | 5.125% | 6/1/46 | 8,105 | 5,039 |
| New York City NY | ||||
| Capital Resources Corp. Revenue | ||||
| (Loan Enhanced Assistance Program) VRDO | 0.230% | 12/7/11 LOC | 7,665 | 7,665 |
| New York City NY | ||||
| Capital Resources Corp. Revenue | ||||
| (Loan Enhanced Assistance Program) VRDO | 0.270% | 12/7/11 LOC | 4,220 | 4,220 |
| New York City NY Cultural Resources Revenue | ||||
| (American Museum of Natural History) VRDO | 0.130% | 12/1/11 | 9,550 | 9,550 |
| New York City NY Cultural Resources Revenue | ||||
| (Julliard School) | 5.000% | 1/1/34 | 4,000 | 4,242 |
| New York City NY Cultural Resources Revenue | ||||
| (Julliard School) | 5.000% | 1/1/39 | 4,000 | 4,212 |
| New York City NY Cultural Resources Revenue | ||||
| (Julliard School) PUT | 2.750% | 7/1/12 | 4,000 | 4,058 |
37
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Cultural Resources Revenue | ||||
| (Julliard School) PUT | 2.100% | 7/1/15 | 14,500 | 15,014 |
| New York City NY Cultural Resources Revenue | ||||
| (Lincoln Center for the Performing Arts Inc.) | ||||
| VRDO | 0.130% | 12/1/11 LOC | 8,050 | 8,050 |
| New York City NY GO | 5.750% | 3/1/13 (Prere.) | 3,000 | 3,203 |
| New York City NY GO | 5.125% | 8/1/13 (4) | 40 | 40 |
| New York City NY GO | 5.500% | 8/1/13 (Prere.) | 315 | 342 |
| New York City NY GO | 5.750% | 8/1/13 | 7,500 | 7,768 |
| New York City NY GO | 5.000% | 8/1/14 | 2,500 | 2,770 |
| New York City NY GO | 5.000% | 8/1/14 | 2,800 | 3,102 |
| New York City NY GO | 5.000% | 8/1/14 | 2,330 | 2,582 |
| New York City NY GO | 5.200% | 8/1/14 (4) | 5 | 5 |
| New York City NY GO | 5.000% | 8/1/16 | 2,150 | 2,487 |
| New York City NY GO | 5.000% | 8/1/16 | 5,000 | 5,784 |
| New York City NY GO | 5.000% | 8/1/16 | 16,925 | 19,580 |
| New York City NY GO | 5.000% | 2/1/17 | 8,835 | 10,295 |
| New York City NY GO | 5.000% | 3/1/17 | 10,000 | 11,672 |
| New York City NY GO | 5.000% | 8/1/17 | 1,500 | 1,764 |
| New York City NY GO | 5.000% | 8/1/17 | 3,000 | 3,529 |
| New York City NY GO | 5.000% | 9/1/17 | 3,955 | 4,458 |
| New York City NY GO | 5.000% | 8/1/18 | 1,500 | 1,786 |
| New York City NY GO | 5.000% | 8/1/19 | 3,000 | 3,593 |
| New York City NY GO | 5.000% | 8/1/19 | 5,000 | 5,988 |
| New York City NY GO | 5.000% | 8/1/20 | 750 | 899 |
| New York City NY GO | 5.000% | 8/1/20 | 7,500 | 8,834 |
| New York City NY GO | 5.000% | 8/1/20 | 8,380 | 10,045 |
| New York City NY GO | 5.500% | 8/1/20 | 2,185 | 2,343 |
| New York City NY GO | 5.000% | 8/1/21 | 1,000 | 1,120 |
| New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,329 |
| New York City NY GO | 5.250% | 9/1/21 | 8,100 | 9,480 |
| New York City NY GO | 5.000% | 8/1/22 | 4,000 | 4,666 |
| New York City NY GO | 5.000% | 8/1/22 | 10,000 | 11,075 |
| New York City NY GO | 5.000% | 8/1/22 | 4,250 | 4,884 |
| New York City NY GO | 5.250% | 8/15/22 | 10,000 | 11,559 |
| New York City NY GO | 5.250% | 9/1/22 | 17,000 | 19,662 |
| New York City NY GO | 5.000% | 10/1/22 | 2,985 | 3,350 |
| New York City NY GO | 5.000% | 11/1/23 | 4,525 | 4,959 |
| New York City NY GO | 5.250% | 8/15/24 | 15,000 | 16,967 |
| New York City NY GO | 5.000% | 1/1/25 | 10,000 | 10,979 |
| New York City NY GO | 5.000% | 8/1/25 | 5,500 | 5,954 |
| New York City NY GO | 5.000% | 10/1/25 | 10,000 | 11,021 |
| New York City NY GO | 5.000% | 1/1/26 | 1,360 | 1,482 |
| New York City NY GO | 5.000% | 8/15/26 | 14,500 | 15,902 |
| New York City NY GO | 5.250% | 8/15/26 | 5,100 | 5,679 |
| New York City NY GO | 5.000% | 5/15/28 | 4,500 | 4,872 |
| New York City NY GO | 5.000% | 8/1/28 | 2,000 | 2,188 |
| New York City NY GO | 5.000% | 8/1/28 | 7,000 | 7,593 |
| New York City NY GO | 5.000% | 8/1/28 | 1,915 | 2,112 |
| New York City NY GO | 6.250% | 10/15/28 | 1,035 | 1,215 |
| New York City NY GO | 5.625% | 4/1/29 | 3,000 | 3,399 |
| New York City NY GO | 5.000% | 8/1/29 | 2,500 | 2,734 |
| New York City NY GO | 5.000% | 8/1/30 | 2,185 | 2,373 |
| New York City NY GO | 5.450% | 4/1/31 | 8,500 | 9,464 |
| New York City NY GO | 5.000% | 8/1/31 | 3,000 | 3,241 |
38
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY GO | 5.000% | 8/1/32 | 2,985 | 3,202 |
| New York City NY GO | 5.000% | 8/1/35 | 3,500 | 3,720 |
| New York City NY GO | 5.375% | 4/1/36 | 4,000 | 4,368 |
| New York City NY GO | 5.000% | 5/15/36 | 4,250 | 4,460 |
| New York City NY GO | 5.000% | 10/1/36 | 3,000 | 3,187 |
| New York City NY GO VRDO | 0.130% | 12/1/11 LOC | 3,075 | 3,075 |
| New York City NY GO VRDO | 0.130% | 12/1/11 | 1,700 | 1,700 |
| 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 | 2,764 |
| New York City NY Health & | ||||
| Hospital Corp. Revenue (Health System) | 5.000% | 2/15/17 | 2,500 | 2,844 |
| New York City NY Health & | ||||
| Hospital Corp. Revenue (Health System) | 5.000% | 2/15/18 | 1,500 | 1,708 |
| New York City NY Health & | ||||
| Hospital Corp. Revenue (Health System) | 5.000% | 2/15/21 | 2,000 | 2,257 |
| New York City NY Health & | ||||
| Hospital Corp. Revenue (Health System) | 5.000% | 2/15/30 | 3,300 | 3,451 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 4.750% | 11/1/29 | 5,220 | 5,271 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 4.750% | 11/1/29 | 2,520 | 2,570 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.550% | 11/1/39 | 3,500 | 3,664 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.000% | 11/1/42 | 2,600 | 2,659 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.700% | 11/1/46 | 7,155 | 7,492 |
| New York City NY Industrial | ||||
| Development Agency PILOT Revenue | ||||
| (Queens Baseball Stadium Project) | 6.125% | 1/1/29 (12) | 1,750 | 1,882 |
| New York City NY Industrial | ||||
| Development Agency PILOT Revenue | ||||
| (Queens Baseball Stadium Project) | 5.000% | 1/1/31 (2) | 3,140 | 2,819 |
| New York City NY Industrial | ||||
| Development Agency PILOT Revenue | ||||
| (Queens Baseball Stadium Project) | 6.375% | 1/1/39 (12) | 4,000 | 4,258 |
| New York City NY Industrial | ||||
| Development Agency PILOT Revenue | ||||
| (Yankee Stadium Project) | 0.000% | 3/1/34 (12) | 10,285 | 2,983 |
| New York City NY Industrial | ||||
| Development Agency PILOT Revenue | ||||
| (Yankee Stadium Project) | 0.000% | 3/1/35 (12) | 4,305 | 1,178 |
| New York City NY Industrial | ||||
| Development Agency PILOT Revenue | ||||
| (Yankee Stadium Project) | 5.000% | 3/1/36 (14) | 14,800 | 14,295 |
| New York City NY Industrial | ||||
| Development Agency PILOT Revenue | ||||
| (Yankee Stadium Project) | 7.000% | 3/1/49 (12) | 8,000 | 9,066 |
| New York City NY Industrial | ||||
| Development Agency Special Facility Revenue | ||||
| (New York Stock Exchange Project) | 5.000% | 5/1/29 | 2,020 | 2,146 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.375% | 6/15/12 (Prere.) | 5,235 | 5,380 |
39
| 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 | 0.000% | 6/15/17 | 10,000 | 9,048 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.375% | 6/15/17 | 19,280 | 19,787 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 4,250 | 3,718 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/21 | 4,490 | 3,449 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/26 | 2,000 | 2,246 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/26 | 4,000 | 4,492 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 7,000 | 7,527 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 2,000 | 2,196 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 5,000 | 5,413 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 3,355 | 3,621 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 1,500 | 1,618 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 6,000 | 6,346 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 7,385 | 7,923 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/32 | 15,000 | 16,271 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 4.750% | 6/15/33 | 2,000 | 2,052 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/35 | 1,000 | 1,042 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/38 | 5,000 | 5,172 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/38 | 24,705 | 25,797 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 10,000 | 10,499 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 5,000 | 5,183 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/40 | 5,000 | 5,246 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 13,355 | 14,262 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 7,500 | 8,075 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.500% | 6/15/40 | 18,500 | 20,291 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 5,700 | 6,352 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 10,075 | 11,302 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/43 | 4,000 | 4,166 |
40
| 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 | 5.375% | 6/15/43 | 15,000 | 16,162 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.500% | 6/15/43 | 5,855 | 6,395 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/44 | 7,500 | 7,812 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.110% | 12/1/11 | 3,000 | 3,000 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.200% | 12/7/11 | 13,000 | 13,000 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.200% | 12/7/11 | 5,000 | 5,000 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.130% | 12/1/11 | 8,725 | 8,725 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.130% | 12/1/11 | 5,500 | 5,500 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.080% | 12/1/11 | 300 | 300 |
| New York City NY Sales Tax Asset | ||||
| Receivable Corp.Revenue | 5.000% | 10/15/23 (14) | 6,100 | 6,682 |
| New York City NY Sales Tax Asset | ||||
| Receivable Corp.Revenue | 5.000% | 10/15/24 (14) | 12,000 | 13,131 |
| New York City NY Sales Tax Asset | ||||
| Receivable Corp.Revenue | 5.000% | 10/15/25 (14) | 13,475 | 14,718 |
| New York City NY Sales Tax Asset | ||||
| Receivable Corp.Revenue | 5.000% | 10/15/26 (14) | 2,540 | 2,754 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/24 (14) | 6,740 | 7,355 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 1/15/25 | 9,500 | 10,647 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/25 (14) | 5,200 | 5,607 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 1/15/26 | 5,000 | 5,564 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/26 (14) | 6,150 | 6,586 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/30 | 500 | 533 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/32 | 500 | 524 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.125% | 1/15/33 | 7,000 | 7,373 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.125% | 1/15/34 | 10,000 | 10,514 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 4.750% | 1/15/38 | 2,050 | 2,081 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 1/15/39 | 6,875 | 7,302 |
41
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.375% | 2/15/12 (Prere.) | 9,395 | 9,496 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.500% | 2/15/12 (Prere.) | 2,735 | 2,765 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 8/1/12 (Prere.) | 3,750 | 3,875 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 2/1/13 (Prere.) | 4,500 | 4,759 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/13 (Prere.) | 5 | 5 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/15 | 5,000 | 5,743 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/16 (Prere.) | 630 | 738 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/16 | 1,750 | 2,053 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/17 | 3,000 | 3,563 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/17 | 2,120 | 2,518 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/17 | 3,135 | 3,723 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/17 | 1,060 | 1,259 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/18 | 2,000 | 2,395 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/18 | 2,995 | 3,586 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/18 | 1,645 | 1,970 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/19 | 1,000 | 1,202 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/20 | 3,370 | 3,823 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/20 | 2,480 | 2,992 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/20 | 1,710 | 2,045 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/21 | 1,000 | 1,210 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/21 | 5,000 | 5,910 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/22 | 2,000 | 2,389 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/24 | 7,710 | 8,852 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/24 | 3,000 | 3,483 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 11/1/25 | 1,000 | 1,156 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/26 | 3,360 | 3,523 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 11/1/26 | 1,000 | 1,146 |
42
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/27 | 2,000 | 2,223 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/28 | 2,000 | 2,200 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 2/1/29 | 2,000 | 2,252 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/29 | 5,000 | 5,472 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 2/1/30 | 1,500 | 1,688 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/30 | 5,000 | 5,424 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/30 | 8,500 | 9,219 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/31 | 2,000 | 2,152 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/31 | 3,575 | 3,841 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/32 | 2,005 | 2,057 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/35 | 7,500 | 7,929 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.500% | 11/1/35 | 3,000 | 3,349 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/38 | 12,000 | 12,682 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/39 | 10,000 | 10,514 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Whitney Museum of American Art) | 5.000% | 7/1/21 | 1,000 | 1,154 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Whitney Museum of American Art) | 5.000% | 7/1/31 | 2,000 | 2,081 |
| New York Convention Center | ||||
| Development Corp. Revenue (Hotel Unit) | 5.000% | 11/15/44 (2) | 10,000 | 10,068 |
| New York GO | 5.000% | 2/15/39 | 9,500 | 10,114 |
| New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 5,000 | 5,170 |
| New York Liberty Development Corp. Revenue | 5.125% | 1/15/44 | 7,000 | 7,030 |
| New York Liberty Development Corp. Revenue | 5.000% | 11/15/44 | 9,000 | 8,942 |
| New York Liberty Development Corp. Revenue | 5.125% | 11/15/44 | 4,200 | 4,237 |
| New York Liberty Development Corp. Revenue | 5.625% | 7/15/47 | 3,000 | 3,025 |
| New York Liberty Development Corp. Revenue | 6.375% | 7/15/49 | 10,000 | 10,381 |
| New York Liberty Development Corp. Revenue | 5.750% | 11/15/51 | 17,000 | 18,045 |
| New York Metropolitan | ||||
| Transportation Authority Revenue | 5.250% | 11/15/38 | 1,000 | 1,040 |
| New York Metropolitan | ||||
| Transportation Authority Revenue | 5.000% | 11/15/41 | 2,000 | 2,025 |
| New York Metropolitan | ||||
| Transportation Authority Revenue | 5.000% | 11/15/46 | 2,000 | 2,022 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Albany Medical Center Hospital) | 5.000% | 8/15/18 (4) | 14,800 | 15,769 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/19 (14) | 2,420 | 2,606 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/20 (14) | 2,555 | 2,728 |
43
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/21 (14) | 1,680 | 1,785 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/22 (14) | 2,825 | 2,984 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/23 (14) | 1,120 | 1,178 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Hudson Valley Hospital Center) | 5.000% | 8/15/27 (4) | 4,510 | 4,780 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Hudson Valley Hospital Center) | 5.000% | 8/15/36 (4) | 3,575 | 3,660 |
| New York State Dormitory Authority Lease | ||||
| Revenue (Municipal Health Facilities | ||||
| Improvement Program) | 5.000% | 1/15/13 | 8,440 | 8,787 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/26 | 1,000 | 1,111 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/29 | 1,000 | 1,087 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/30 | 1,000 | 1,079 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/35 | 1,000 | 1,055 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/41 | 11,000 | 11,502 |
| 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 | 10,011 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.000% | 7/1/20 | 3,410 | 4,029 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.500% | 7/1/20 (14) | 14,525 | 17,804 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.000% | 7/1/25 | 4,670 | 5,036 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 7/1/13 | 3,475 | 3,729 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.125% | 7/1/19 | 4,900 | 5,414 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.125% | 7/1/19 | 5,100 | 5,434 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.125% | 7/1/21 | 6,990 | 7,676 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 7/1/40 | 16,095 | 17,170 |
| 2 New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 10/1/41 | 3,000 | 3,303 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) | 5.000% | 7/1/31 | 6,905 | 7,248 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) | 5.000% | 7/1/35 | 1,500 | 1,561 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.500% | 7/1/36 | 3,000 | 3,227 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/30 | 9,000 | 9,377 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/35 | 13,000 | 13,380 |
44
| 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) | 5.500% | 2/15/17 | 10,000 | 11,845 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | 5.000% | 2/15/25 (14) | 6,575 | 6,904 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | 5.000% | 2/15/28 (4) | 500 | 529 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/22 | 3,500 | 3,773 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 4,500 | 4,807 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/26 | 1,500 | 1,543 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/15 | 1,000 | 1,108 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/16 | 1,000 | 1,125 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/17 | 1,000 | 1,135 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/18 | 2,000 | 2,285 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/20 | 1,000 | 1,143 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 5.000% | 7/1/21 | 1,000 | 1,128 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of | ||||
| New York University) | 4.500% | 7/1/37 (14) | 4,820 | 4,622 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/20 | 3,000 | 3,175 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/22 | 8,000 | 8,442 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.750% | 7/1/31 | 1,000 | 1,040 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 6.000% | 7/1/40 | 1,000 | 1,043 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 6.000% | 7/1/19 (14) | 1,500 | 1,884 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/38 | 15,700 | 16,333 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 11/1/20 | 3,965 | 4,285 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 11/1/21 | 4,035 | 4,330 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 11/1/22 | 4,285 | 4,551 |
45
| 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% | 5/1/26 | 1,000 | 1,042 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 11/1/26 | 5,495 | 5,674 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 11/1/26 | 1,800 | 1,849 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 5/1/32 | 2,500 | 2,497 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 5/1/32 | 1,000 | 1,007 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.250% | 5/1/34 | 1,000 | 1,028 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish | ||||
| Obligated Group) | 5.000% | 5/1/41 | 2,500 | 2,477 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/18 | 11,950 | 13,643 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/19 | 3,000 | 3,595 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/20 | 3,100 | 3,724 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/23 (4) | 4,200 | 4,607 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/26 (2) | 7,500 | 8,250 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/28 | 2,185 | 2,417 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/28 | 2,225 | 2,424 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/29 | 3,000 | 3,274 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/29 | 3,790 | 4,174 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/30 | 3,480 | 3,809 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/35 | 3,000 | 3,165 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/35 | 10,000 | 10,466 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.750% | 3/15/36 | 10,000 | 11,251 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/38 | 7,000 | 7,317 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.250% | 3/15/38 | 18,000 | 19,187 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/41 | 10,000 | 10,492 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.140% | 12/7/11 | 11,950 | 11,950 |
46
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/16 (12) | 750 | 859 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/18 (12) | 570 | 669 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/29 (12) | 3,750 | 3,943 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 4.000% | 7/1/15 | 1,000 | 1,086 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/40 | 2,000 | 2,075 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/20 (12) | 1,500 | 1,723 |
| New York State Dormitory Authority Revenue | ||||
| (Service Contract) | 5.000% | 7/1/18 | 2,000 | 2,342 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) | 5.250% | 7/1/32 (14) | 9,000 | 9,298 |
| New York State Dormitory Authority Revenue | ||||
| (St. Joseph’s Hospital) | 5.250% | 7/1/18 (14) | 6,005 | 6,011 |
| New York State Dormitory Authority Revenue | ||||
| (St. Lawrence University) | 5.000% | 7/1/14 | 16,000 | 17,407 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 5.250% | 5/15/13 | 5,000 | 5,144 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 5.750% | 5/15/17 (4) | 3,750 | 4,492 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.250% | 7/1/30 | 3,000 | 3,154 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.000% | 7/1/31 (14) | 3,665 | 3,726 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.500% | 7/1/40 | 3,000 | 3,161 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 6.000% | 7/1/50 | 3,000 | 3,249 |
| New York State Dormitory Authority Revenue | ||||
| (University of Rochester) | 5.000% | 7/1/32 | 8,405 | 8,667 |
| New York State Dormitory Authority Revenue | ||||
| (Vassar Brothers Hospital) | 5.250% | 7/1/17 (4) | 6,715 | 6,803 |
| New York State Dormitory Authority Revenue | ||||
| (Vassar Brothers Hospital) | 5.375% | 7/1/25 (4) | 7,000 | 7,023 |
| New York State Dormitory Authority Revenue | ||||
| (Vassar College) | 5.000% | 7/1/46 | 2,500 | 2,578 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.250% | 7/1/19 (2) | 2,425 | 2,639 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.250% | 7/1/21 (2) | 1,750 | 1,852 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.250% | 7/1/22 (2) | 3,425 | 3,607 |
| New York State Energy Research & | ||||
| Development Authority Pollution Control | ||||
| Revenue (New York State Electric & | ||||
| Gas Corp. Project) ARS | 0.713% | 4/1/34 (14) | 10,000 | 9,679 |
| 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 | 7,646 |
47
| 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) PUT | 3.000% | 6/3/13 | 7,500 | 7,646 |
| New York State Energy Research & | ||||
| Development Authority Pollution Control | ||||
| Revenue (Rochester Gas & | ||||
| Electric Corp. Project) PUT | 5.000% | 8/1/16 (14) | 7,750 | 8,451 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (Personal Income Tax) | 5.250% | 12/15/24 | 8,000 | 9,235 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.000% | 8/15/14 | 5,780 | 6,460 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 4.000% | 8/15/15 | 1,400 | 1,553 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.250% | 6/15/16 | 3,095 | 3,175 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.250% | 6/15/19 | 11,335 | 11,603 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.000% | 6/15/22 | 4,950 | 5,569 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.000% | 6/15/25 | 4,540 | 5,016 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.000% | 6/15/25 | 2,000 | 2,292 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.000% | 6/15/31 | 2,000 | 2,191 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 4.750% | 6/15/32 | 12,240 | 12,606 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.000% | 6/15/34 | 6,000 | 6,413 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.000% | 6/15/34 | 5,000 | 5,344 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.000% | 6/15/36 | 1,500 | 1,602 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & | ||||
| Drinking Water Revolving Funds) | 5.000% | 6/15/41 | 1,500 | 1,603 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 3.000% | 11/15/14 | 2,155 | 2,298 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 5/15/15 | 2,075 | 2,364 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 3.000% | 11/15/15 | 1,195 | 1,282 |
48
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 11/15/16 | 3,010 | 3,550 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 11/15/27 | 3,000 | 3,371 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 5/15/41 | 3,505 | 3,745 |
| New York State Environmental Facilities Corp. | ||||
| Solid Waste Disposal Revenue | ||||
| (Waste Management Inc. Project) PUT | 2.500% | 1/2/13 | 5,000 | 5,048 |
| New York State Environmental Facilities Corp. | ||||
| Water Facilities Revenue | ||||
| (United Water New Rochelle Inc. Project) | 4.875% | 9/1/40 | 4,000 | 3,924 |
| New York State Environmental Facilities Corp. | ||||
| Water Pollution Control Revenue | 5.750% | 6/15/12 (ETM) | 2,870 | 2,956 |
| New York State Environmental Facilities Corp. | ||||
| Water Pollution Control Revenue | 5.750% | 6/15/12 (ETM) | 5,585 | 5,751 |
| New York State Housing Finance Agency | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/38 | 15,245 | 15,921 |
| 1 New York State Housing Finance Agency | ||||
| Revenue (Service Contract) TOB VRDO | 0.110% | 12/1/11 | 2,915 | 2,915 |
| New York State Local Government | ||||
| Assistance Corp. Revenue | 5.500% | 4/1/17 | 2,015 | 2,351 |
| New York State Local Government | ||||
| Assistance Corp. Revenue | 5.000% | 4/1/21 | 3,800 | 4,546 |
| 1 New York State Local Government | ||||
| Assistance Corp. Revenue TOB VRDO | 0.200% | 12/7/11 | 1,500 | 1,500 |
| New York State Mortgage Agency Revenue | ||||
| (NYHELP’s Education Loan) | 4.750% | 11/1/24 | 2,770 | 2,899 |
| New York State Power Authority Revenue | 5.250% | 11/15/12 (Prere.) | 20,710 | 21,693 |
| New York State Power Authority Revenue | 5.000% | 11/15/38 | 1,000 | 1,070 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/19 (14) | 9,000 | 10,534 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/27 (14) | 2,000 | 2,170 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/28 (14) | 2,500 | 2,676 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.500% | 4/1/14 (2) | 32,400 | 32,954 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/16 | 5,050 | 5,769 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/16 | 1,000 | 1,153 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/17 | 1,500 | 1,759 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/18 (2) | 24,500 | 27,467 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.500% | 4/1/20 (2) | 5,000 | 6,165 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/27 | 2,000 | 2,216 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 9,000 | 9,742 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 2,000 | 2,203 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/29 | 2,000 | 2,193 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/30 | 2,000 | 2,174 |
49
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/19 | 2,000 | 2,399 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.250% | 3/15/19 | 5,765 | 7,012 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/20 | 2,000 | 2,405 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/21 | 2,290 | 2,766 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/22 (4) | 6,250 | 6,901 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/24 | 2,500 | 2,887 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/25 | 2,305 | 2,613 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/26 | 2,500 | 2,809 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/30 | 2,735 | 2,982 |
| New York State Thruway Authority Revenue | ||||
| (Second Generation Highway & | ||||
| Bridge Trust Fund) | 5.000% | 4/1/17 | 1,500 | 1,759 |
| New York State | ||||
| Urban Development Corp. Revenue | 5.000% | 1/1/14 | 13,000 | 14,136 |
| New York State | ||||
| Urban Development Corp. Revenue | 5.000% | 1/1/16 | 10,000 | 11,399 |
| New York State | ||||
| Urban Development Corp. Revenue | 5.250% | 1/1/17 | 2,095 | 2,439 |
| New York State | ||||
| Urban Development Corp. Revenue | 5.625% | 1/1/28 | 3,860 | 4,256 |
| New York State | ||||
| Urban Development Corp. Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/19 | 5,000 | 5,997 |
| New York State | ||||
| Urban Development Corp. Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/19 | 4,635 | 5,601 |
| New York State | ||||
| Urban Development Corp. Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/20 | 8,240 | 9,775 |
| New York State | ||||
| Urban Development Corp. Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/23 (4) | 7,860 | 8,663 |
| New York State | ||||
| Urban Development Corp. Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/37 | 7,000 | 7,307 |
| New York State | ||||
| Urban Development Corp. Revenue | ||||
| (Service Contract) | 5.000% | 1/1/17 | 4,000 | 4,609 |
| New York State | ||||
| Urban Development Corp. Revenue | ||||
| (Service Contract) | 5.000% | 1/1/20 | 7,530 | 8,757 |
| New York State | ||||
| Urban Development Corp. Revenue | ||||
| (Service Contract) | 5.000% | 1/1/21 | 1,355 | 1,569 |
50
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State | ||||
| Urban Development Corp. Revenue | ||||
| (Service Contract) | 5.250% | 1/1/24 | 10,000 | 11,083 |
| Niagara Falls NY Bridge Commission Revenue | 5.250% | 10/1/15 (14) | 2,770 | 2,915 |
| Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/20 (14) | 8,685 | 11,159 |
| Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/21 (14) | 9,230 | 11,997 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 8/15/28 (4) | 10,000 | 10,732 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/31 | 4,000 | 4,326 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/32 | 6,500 | 6,980 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/33 | 6,000 | 6,201 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/35 | 6,500 | 6,941 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 7/15/39 | 10,765 | 11,390 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 10/15/39 | 6,480 | 6,829 |
| Port Authority of New York & | ||||
| New Jersey Revenue | 5.000% | 1/15/41 | 5,000 | 5,297 |
| 1 Port Authority of New York & | ||||
| New Jersey Revenue TOB VRDO | 0.140% | 12/7/11 | 2,800 | 2,800 |
| Port Authority of New York & New Jersey | ||||
| Special Obligation Revenue (John F. Kennedy | ||||
| International Air Terminal LLC) | 5.500% | 12/1/31 | 7,000 | 7,095 |
| Port Authority of New York & New Jersey | ||||
| Special Obligation Revenue (John F. Kennedy | ||||
| International Air Terminal LLC) | 6.000% | 12/1/36 | 4,000 | 4,173 |
| Port Authority of New York & New Jersey | ||||
| Special Obligation Revenue (John F. Kennedy | ||||
| International Air Terminal LLC) | 6.000% | 12/1/42 | 7,000 | 7,316 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 10/1/16 | 3,510 | 3,979 |
| 3 Suffolk County NY Economic Development Corp. | ||||
| Revenue (Catholic Health Services) | 5.000% | 7/1/28 | 10,000 | 10,152 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Institute of Technology Project) | 5.250% | 3/1/19 | 500 | 531 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Institute of Technology Project) | 5.250% | 3/1/20 | 1,000 | 1,054 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Institute of Technology Project) | 5.000% | 3/1/26 | 2,000 | 2,021 |
| Suffolk County NY Water Authority Revenue | 5.250% | 6/1/12 (ETM) | 4,290 | 4,398 |
| Suffolk County NY Water Authority Revenue | 5.250% | 6/1/17 (ETM) | 1,695 | 1,806 |
| Tobacco Settlement Asset | ||||
| Securitization Corp. Inc. New York | 4.750% | 6/1/22 | 9,995 | 9,634 |
| Tobacco Settlement Asset | ||||
| Securitization Corp. Inc. New York | 5.000% | 6/1/26 | 1,500 | 1,403 |
| Tobacco Settlement Asset | ||||
| Securitization Corp. Inc. New York | 5.000% | 6/1/34 | 8,965 | 6,840 |
51
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Tobacco Settlement Asset | ||||
| Securitization Corp. Inc. New York | 5.125% | 6/1/42 | 21,660 | 15,254 |
| Tobacco Settlement Financing Corp. | ||||
| New York Revenue | 5.000% | 6/1/14 | 3,000 | 3,277 |
| Tobacco Settlement Financing Corp. | ||||
| New York Revenue | 5.000% | 6/1/15 | 3,200 | 3,581 |
| Tobacco Settlement Financing Corp. | ||||
| New York Revenue | 5.000% | 6/1/16 | 3,000 | 3,423 |
| Tobacco Settlement Financing Corp. | ||||
| New York Revenue | 5.000% | 6/1/17 | 3,500 | 4,044 |
| Tobacco Settlement Financing Corp. | ||||
| New York Revenue | 5.000% | 6/1/18 | 2,200 | 2,568 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Cornell University) VRDO | 0.120% | 12/7/11 | 4,000 | 4,000 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 1/1/12 (Prere.) | 2,930 | 2,943 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 1/1/12 (Prere.) | 2,330 | 2,340 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 11/15/18 | 185 | 193 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 11/15/19 | 28,235 | 29,497 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 1/1/23 | 1,500 | 1,777 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 1/1/25 | 2,000 | 2,301 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 1/1/26 | 2,000 | 2,279 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 1/1/27 | 5,000 | 5,624 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 1/1/28 | 2,500 | 2,792 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 11/15/28 | 2,675 | 2,853 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 11/15/33 | 3,385 | 3,620 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.000% | 11/15/37 | 13,310 | 14,139 |
| Triborough Bridge & Tunnel Authority | ||||
| New York Revenue | 5.250% | 11/15/38 | 25,000 | 26,999 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.000% | 9/1/30 | 1,500 | 1,535 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.125% | 9/1/40 | 3,650 | 3,674 |
| United Nations Development Corp. | ||||
| New York Revenue | 5.000% | 7/1/20 | 3,340 | 3,892 |
| Westchester County NY GO | 4.000% | 6/1/14 | 9,375 | 10,174 |
| Westchester County NY GO | 5.000% | 7/1/14 | 8,930 | 9,949 |
| Westchester County NY GO | 4.000% | 6/1/15 | 9,760 | 10,828 |
| Westchester County NY GO | 5.000% | 7/1/15 | 9,380 | 10,766 |
| Westchester County NY GO | 5.000% | 7/1/16 | 9,850 | 11,612 |
| Westchester County NY GO | 5.000% | 7/1/17 | 10,340 | 12,451 |
52
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Westchester County NY | ||||
| Health Care Corp. Revenue | 6.125% | 11/1/37 | 2,000 | 2,148 |
| Yonkers NY GO | 5.000% | 10/1/20 | 1,000 | 1,080 |
| 2,944,618 | ||||
| Puerto Rico (1.6%) | ||||
| Puerto Rico Electric Power Authority Revenue | 5.375% | 7/1/12 (Prere.) | 6,500 | 6,761 |
| Puerto Rico Electric Power Authority Revenue | 5.375% | 7/1/16 (14) | 16,345 | 16,756 |
| Puerto Rico GO | 5.500% | 7/1/13 (3) | 6,000 | 6,354 |
| Puerto Rico Municipal Finance Agency GO | 5.250% | 8/1/17 (4) | 4,000 | 4,053 |
| Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 860 | 1,145 |
| Puerto Rico Sales Tax Financing Corp. Revenue | 6.000% | 8/1/42 | 5,000 | 5,397 |
| Puerto Rico Sales Tax Financing Corp. Revenue | 6.500% | 8/1/44 | 8,000 | 9,039 |
| 49,505 | ||||
| Virgin Islands (0.3%) | ||||
| Virgin Islands Public Finance Authority Revenue | 5.250% | 10/1/23 | 2,000 | 2,040 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/25 | 1,100 | 1,118 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/29 | 5,000 | 4,959 |
| 8,117 | ||||
| Total Tax-Exempt Municipal Bonds (Cost $2,864,890) | 3,002,240 | |||
| Other Assets and Liabilities (0.8%) | ||||
| Other Assets | 44,905 | |||
| Liabilities | (21,668) | |||
| 23,237 | ||||
| Net Assets (100%) | 3,025,477 | |||
53
New York Long-Term Tax-Exempt Fund
At November 30, 2011, net assets consisted of:
| Amount | |
| ($000) | |
| Paid-in Capital | 2,948,257 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (60,130) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 137,350 |
| Futures Contracts | — |
| Net Assets | 3,025,477 |
| Investor Shares—Net Assets | |
| Applicable to 44,331,207 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 498,280 |
| Net Asset Value Per Share—Investor Shares | $11.24 |
| Admiral Shares—Net Assets | |
| Applicable to 224,839,671 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,527,197 |
| Net Asset Value Per Share—Admiral Shares | $11.24 |
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, 2011, the aggregate value of these securities was $70,300,000, representing 2.3% of net assets.
2 Securities with a value of $55,000 have been segregated as initial margin for open futures contracts.
3 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2011.
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.
54
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.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
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 Corporation.
(13) Berkshire Hathaway Assurance Corporation.
(14) National Public Finance Guarantee Corporation.
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.
55
New York Long-Term Tax-Exempt Fund
Statement of Operations
| Year Ended | |
| November 30, 2011 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 117,574 |
| Total Income | 117,574 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 329 |
| Management and Administrative—Investor Shares | 762 |
| Management and Administrative—Admiral Shares | 2,046 |
| Marketing and Distribution—Investor Shares | 168 |
| Marketing and Distribution—Admiral Shares | 520 |
| Custodian Fees | 43 |
| Auditing Fees | 29 |
| Shareholders’ Reports—Investor Shares | 10 |
| Shareholders’ Reports—Admiral Shares | 6 |
| Trustees’ Fees and Expenses | 3 |
| Total Expenses | 3,916 |
| Net Investment Income | 113,658 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | (2,753) |
| Futures Contracts | (4,978) |
| Realized Net Gain (Loss) | (7,731) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 57,626 |
| Futures Contracts | 8 |
| Change in Unrealized Appreciation (Depreciation) | 57,634 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 163,561 |
See accompanying Notes, which are an integral part of the Financial Statements.
56
New York Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Year Ended November 30, | ||
| 2011 | 2010 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 113,658 | 120,846 |
| Realized Net Gain (Loss) | (7,731) | 14,353 |
| Change in Unrealized Appreciation (Depreciation) | 57,634 | (6,358) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 163,561 | 128,841 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (19,346) | (28,376) |
| Admiral Shares | (94,312) | (92,470) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (113,658) | (120,846) |
| Capital Share Transactions | ||
| Investor Shares | (105,511) | (140,316) |
| Admiral Shares | 36,902 | 191,452 |
| Net Increase (Decrease) from Capital Share Transactions | (68,609) | 51,136 |
| Total Increase (Decrease) | (18,706) | 59,131 |
| Net Assets | ||
| Beginning of Period | 3,044,183 | 2,985,052 |
| End of Period | 3,025,477 | 3,044,183 |
See accompanying Notes, which are an integral part of the Financial Statements.
57
New York Long-Term Tax-Exempt Fund
Financial Highlights
| Investor Shares | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $11.04 | $11.01 | $10.13 | $11.09 | $11.44 |
| Investment Operations | |||||
| Net Investment Income | .420 | .429 | .442 | .463 | .486 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .200 | .032 | .880 | (.960) | (.315) |
| Total from Investment Operations | .620 | .461 | 1.322 | (.497) | .171 |
| Distributions | |||||
| Dividends from Net Investment Income | (.420) | (.429) | (.442) | (.463) | (.486) |
| Distributions from Realized Capital Gains | — | — | — | — | (.035) |
| Total Distributions | (.420) | (.429) | (.442) | (.463) | (.521) |
| Net Asset Value, End of Period | $11.24 | $11.04 | $11.01 | $10.13 | $11.09 |
| Total Return1 | 5.77% | 4.20% | 13.26% | -4.63% | 1.57% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $498 | $596 | $732 | $639 | $680 |
| Ratio of Total Expenses to | |||||
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.15% | 0.15% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.82% | 3.84% | 4.13% | 4.28% | 4.36% |
| Portfolio Turnover Rate | 22% | 29% | 29% | 38% | 10% |
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.
See accompanying Notes, which are an integral part of the Financial Statements.
58
New York Long-Term Tax-Exempt Fund
Financial Highlights
| Admiral Shares | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $11.04 | $11.01 | $10.13 | $11.09 | $11.44 |
| Investment Operations | |||||
| Net Investment Income | .428 | .438 | .451 | .470 | .494 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .200 | .032 | .880 | (.960) | (.315) |
| Total from Investment Operations | .628 | .470 | 1.331 | (.490) | .179 |
| Distributions | |||||
| Dividends from Net Investment Income | (.428) | (.438) | (.451) | (.470) | (.494) |
| Distributions from Realized Capital Gains | — | — | — | — | (.035) |
| Total Distributions | (.428) | (.438) | (.451) | (.470) | (.529) |
| Net Asset Value, End of Period | $11.24 | $11.04 | $11.01 | $10.13 | $11.09 |
| Total Return | 5.85% | 4.28% | 13.35% | -4.56% | 1.64% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,527 | $2,448 | $2,253 | $1,963 | $1,990 |
| Ratio of Total Expenses to | |||||
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.08% | 0.08% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.90% | 3.92% | 4.21% | 4.35% | 4.43% |
| Portfolio Turnover Rate | 22% | 29% | 29% | 38% | 10% |
See accompanying Notes, which are an integral part of the Financial Statements.
59
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, 2008–2011), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) 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.
60
New York Long-Term Tax-Exempt Fund
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, 2011, the fund had contributed capital of $489,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.20% 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 market value of the fund’s investments as of November 30, 2011, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 3,002,240 | — |
| Futures Contracts—Liabilities1 | (32) | — | — |
| Total | (32) | 3,002,240 | — |
| 1 Represents variation margin on the last day of the reporting period. | |||
D. At November 30, 2011, 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) |
| 10-Year U.S. Treasury Note | March 2012 | 1 | 129 | — |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
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, 2011, the fund had available capital loss carryforwards totaling $57,759,000 to offset future net capital gains of $18,758,000 through November 30, 2015, $31,547,000 through November 30, 2017, and $7,454,000 through November 30, 2019.
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New York Long-Term Tax-Exempt Fund
The fund had realized losses totaling $2,372,000 through November 30, 2011, which are deferred for tax purposes and reduce the amount of tax-basis unrealized appreciation on investment securities.
At November 30, 2011, the cost of investment securities for tax purposes was $2,867,262,000. Net unrealized appreciation of investment securities for tax purposes was $134,978,000, consisting of unrealized gains of $144,649,000 on securities that had risen in value since their purchase and $9,671,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended November 30, 2011, the fund purchased $607,987,000 of investment securities and sold $667,520,000 of investment securities, other than temporary cash investments.
G. Capital share transactions for each class of shares were:
| Year Ended November 30, | ||||
| 2011 | 2010 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 105,672 | 9,619 | 212,422 | 19,066 |
| Issued in Lieu of Cash Distributions | 15,556 | 1,416 | 23,025 | 2,063 |
| Redeemed | (226,739) | (20,727) | (375,763) | (33,653) |
| Net Increase (Decrease)—Investor Shares | (105,511) | (9,692) | (140,316) | (12,524) |
| Admiral Shares | ||||
| Issued | 440,745 | 40,206 | 537,226 | 48,157 |
| Issued in Lieu of Cash Distributions | 67,592 | 6,149 | 66,403 | 5,950 |
| Redeemed | (471,435) | (43,280) | (412,177) | (37,035) |
| Net Increase (Decrease)—Admiral Shares | 36,902 | 3,075 | 191,452 | 17,072 |
H. In preparing the financial statements as of November 30, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
62
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, 2011, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2011 by correspondence with the custodian and broker, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 11, 2012
| Special 2011 tax information (unaudited) for Vanguard New York Tax-Exempt Funds |
This information for the fiscal year ended November 30, 2011, is included pursuant to provisions of the Internal Revenue Code.
Each fund designates 100% of its income dividends as exempt-interest dividends.
63
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 any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not 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.
64
| Six Months Ended November 30, 2011 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| 5/31/2011 | 11/30/2011 | Period | |
| Based on Actual Fund Return | |||
| New York Tax-Exempt Money Market Fund | $1,000.00 | $1,000.08 | $0.75 |
| New York Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,039.96 | $1.02 |
| Admiral Shares | 1,000.00 | 1,040.37 | 0.61 |
| Based on Hypothetical 5% Yearly Return | |||
| New York Tax-Exempt Money Market Fund | $1,000.00 | $1,024.32 | $0.76 |
| 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, 0.15%; 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.
65
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 (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—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.
66
Credit Quality. For Vanguard money market funds, the Distribution by Credit Quality table includes 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 one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by the requisite nationally recognized statistical rating organizations. 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 one that is eligible for money market funds and is not a First Tier security. For Vanguard tax-exempt bond funds, credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “Not Rated” is used to classify securities for which a rating is not available. Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
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.
67
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 180 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 | and President (2006–2008) of Rohm and Haas Co. |
| (chemicals); Director of Tyco International, Ltd. | |
| F. William McNabb III | (diversified manufacturing and services) and Hewlett- |
| Born 1957. Trustee Since July 2009. Chairman of the | Packard Co. (electronic computer manufacturing); |
| Board. Principal Occupation(s) During the Past Five | Senior Advisor at New Mountain Capital; Trustee |
| Years: Chairman of the Board of The Vanguard Group, | of The Conference Board; Member of the Board of |
| Inc., and of each of the investment companies served | Managers of Delphi Automotive LLP (automotive |
| by The Vanguard Group, since January 2010; Director | components). |
| of The Vanguard Group since 2008; Chief Executive | |
| Officer and President of The Vanguard Group and of | Amy Gutmann |
| each of the investment companies served by The | Born 1949. Trustee Since June 2006. Principal |
| Vanguard Group since 2008; Director of Vanguard | Occupation(s) During the Past Five Years: President |
| Marketing Corporation; Managing Director of The | of the University of Pennsylvania; Christopher H. |
| Vanguard Group (1995–2008). | Browne Distinguished Professor of Political Science |
| in the School of Arts and Sciences with secondary | |
| appointments at the Annenberg School for Commu- | |
| Independent Trustees | nication and the Graduate School of Education |
| of the University of Pennsylvania; Director of | |
| Emerson U. Fullwood | Carnegie Corporation of New York, Schuylkill River |
| Born 1948. Trustee Since January 2008. Principal | Development Corporation, and Greater Philadelphia |
| Occupation(s) During the Past Five Years: Executive | Chamber of Commerce; Trustee of the National |
| Chief Staff and Marketing Officer for North America | Constitution Center; Chair of the Presidential |
| and Corporate Vice President (retired 2008) of Xerox | Commission for the Study of Bioethical Issues. |
| Corporation (document management products and | |
| services); Executive in Residence and 2010 | JoAnn Heffernan Heisen |
| Distinguished Minett Professor at the Rochester | Born 1950. Trustee Since July 1998. Principal |
| Institute of Technology; Director of SPX Corporation | Occupation(s) During the Past Five Years: Corporate |
| (multi-industry manufacturing), the United Way of | Vice President and Chief Global Diversity Officer |
| Rochester, Amerigroup Corporation (managed health | (retired 2008) and Member of the Executive |
| care), the University of Rochester Medical Center, | Committee (1997–2008) of Johnson & Johnson |
| Monroe Community College Foundation, and North | (pharmaceuticals/consumer products); Director of |
| Carolina A&T University. | Skytop Lodge Corporation (hotels), the University |
| Medical Center at Princeton, the Robert Wood | |
| Rajiv L. Gupta | Johnson Foundation, and the Center for Work Life |
| Born 1945. Trustee Since December 2001.2 | Policy; Member of the Advisory Board of the |
| Principal Occupation(s) During the Past Five Years: | Maxwell School of Citizenship and Public Affairs |
| Chairman and Chief Executive Officer (retired 2009) | at Syracuse University. |
| F. Joseph Loughrey | Thomas J. Higgins | |
| Born 1949. Trustee Since October 2009. Principal | Born 1957. Chief Financial Officer Since September | |
| Occupation(s) During the Past Five Years: President | 2008. Principal Occupation(s) During the Past Five | |
| and Chief Operating Officer (retired 2009) and Vice | Years: Principal of The Vanguard Group, Inc.; Chief | |
| Chairman of the Board (2008–2009) of Cummins Inc. | Financial Officer of each of the investment companies | |
| (industrial machinery); Director of SKF AB (industrial | served by The Vanguard Group since 2008; Treasurer | |
| machinery), Hillenbrand, Inc. (specialized consumer | of each of the investment companies served by The | |
| services), the Lumina Foundation for Education, and | Vanguard Group (1998–2008). | |
| Oxfam America; Chairman of the Advisory Council | ||
| for the College of Arts and Letters and Member | Kathryn J. Hyatt | |
| of the Advisory Board to the Kellogg Institute for | Born 1955. Treasurer Since November 2008. Principal | |
| International Studies at the University of Notre Dame. | Occupation(s) During the Past Five Years: Principal | |
| of The Vanguard Group, Inc.; Treasurer of each of | ||
| André F. Perold | the investment companies served by The Vanguard | |
| Born 1952. Trustee Since December 2004. Principal | Group since 2008; Assistant Treasurer of each of the | |
| Occupation(s) During the Past Five Years: George | investment companies served by The Vanguard Group | |
| Gund Professor of Finance and Banking at the Harvard | (1988–2008). | |
| Business School (retired July 2011); Chief Investment | ||
| Officer and co-Managing Partner of HighVista | Heidi Stam | |
| Strategies LLC (private investment firm); Director of | Born 1956. Secretary Since July 2005. Principal | |
| Rand Merchant Bank; Overseer of the Museum of | Occupation(s) During the Past Five Years: Managing | |
| Fine Arts Boston. | Director of The Vanguard Group, Inc., since 2006; | |
| General Counsel of The Vanguard Group since 2005; | ||
| Alfred M. Rankin, Jr. | Secretary of The Vanguard Group and of each of the | |
| Born 1941. Trustee Since January 1993. Principal | investment companies served by The Vanguard Group | |
| Occupation(s) During the Past Five Years: Chairman, | since 2005; Director and Senior Vice President of | |
| President, and Chief Executive Officer of NACCO | Vanguard Marketing Corporation since 2005; | |
| Industries, Inc. (forklift trucks/housewares/lignite); | Principal of The Vanguard Group (1997–2006). | |
| Director of Goodrich Corporation (industrial products/ | ||
| aircraft systems and services) and the National | ||
| Association of Manufacturers; Chairman of the | Vanguard Senior Management Team | |
| Federal Reserve Bank of Cleveland; Vice Chairman | ||
| of University Hospitals of Cleveland; President of | R. Gregory Barton | Chris D. McIsaac |
| the Board of The Cleveland Museum of Art. | Mortimer J. Buckley | Michael S. Miller |
| Kathleen C. Gubanich | James M. Norris | |
| Peter F. Volanakis | Paul A. Heller | Glenn W. Reed |
| Born 1955. Trustee Since July 2009. Principal | Martha G. King | George U. Sauter |
| Occupation(s) During the Past Five Years: President | ||
| and Chief Operating Officer (retired 2010) of Corning | ||
| Incorporated (communications equipment); Director of | Chairman Emeritus and Senior Advisor | |
| Corning Incorporated (2000–2010) and Dow Corning | ||
| (2001–2010); Overseer of the Amos Tuck School of | John J. Brennan | |
| Business Administration at Dartmouth College. | Chairman, 1996–2009 | |
| Chief Executive Officer and President, 1996–2008 | ||
| Executive Officers | ||
| Founder | ||
| Glenn Booraem | ||
| Born 1967. Controller Since July 2010. Principal | John C. Bogle | |
| Occupation(s) During the Past Five Years: Principal | Chairman and Chief Executive Officer, 1974–1996 | |
| of The Vanguard Group, Inc.; Controller of each of | ||
| the investment companies served by The Vanguard | ||
| Group since 2010; Assistant Controller of each of | ||
| the investment companies served by The Vanguard | ||
| Group (2001–2010). | ||
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
| Fund Information > 800-662-7447 | CFA® is a trademark owned by CFA Institute. |
| Direct Investor Account Services > 800-662-2739 | |
| Institutional Investor Services > 800-523-1036 | |
| Text Telephone for People | |
| 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. | |
| © 2012 The Vanguard Group, Inc. | |
| All rights reserved. | |
| Vanguard Marketing Corporation, Distributor. | |
| Q760 012012 | |
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, 2011: $52,000
Fiscal Year Ended November 30, 2010: $48,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2011: $3,978,540
Fiscal Year Ended November 30, 2010: $3,607,060
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2011: $1,341,750
Fiscal Year Ended November 30, 2010: $791,350
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, 2011: $373,830
Fiscal Year Ended November 30, 2010: $336,090
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, 2011: $16,000
Fiscal Year Ended November 30, 2010: $16,000
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, 2011: $389,830
Fiscal Year Ended November 30, 2010: $352,090
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 20, 2012 | |
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 20, 2012 | |
| VANGUARD NEW YORK TAX-FREE FUNDS | |
| By: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: January 20, 2012 | |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on November 28, 2011 see file Number 33-23444, Incorporated by Reference.