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: 811-04570
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, 2012 – November 30, 2013
Item 1: Reports to Shareholders
|
| Annual Report | November 30, 2013 |
| Vanguard New York Tax-Exempt Funds |
 |
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
| 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. | 29 |
| 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: The ship's wheel represents leadership and guidance, essential qualities in navigating difficult seas. This one is a replica based on an 18th-century British vessel. The HMS Vanguard, another ship of that era, served as the flagship for Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns
| Fiscal Year Ended November 30, 2013 | |||||
| Taxable- | |||||
| SEC | Equivalent | Income | Capital | Total | |
| Yield | Yield | Returns | Returns | Returns | |
| Vanguard New York Tax-Exempt Money Market | |||||
| Fund | 0.01% | 0.02% | 0.01% | 0.00% | 0.01% |
| New York Tax-Exempt Money Market Funds | |||||
| Average | 0.00 | ||||
| New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |||||
| Vanguard New York Long-Term Tax-Exempt Fund | |||||
| Investor Shares | 3.09% | 5.99% | 3.27% | -7.65% | -4.38% |
| Admiral™ Shares | 3.17 | 6.14 | 3.34 | -7.65 | -4.31 |
| Barclays NY Municipal Bond Index | -3.06 | ||||
| New York Municipal Debt Funds Average | -6.39 | ||||
New York Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
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 43.4% 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, 2012, Through November 30, 2013 | ||||
| Distributions Per Share | ||||
| Starting | Ending | |||
| Share | Share | Income | Capital | |
| Price | Price | Dividends | Gains | |
| Vanguard New York Tax-Exempt Money Market | ||||
| Fund | $1.00 | $1.00 | $0.000 | $0.000 |
| Vanguard New York Long-Term Tax-Exempt Fund | ||||
| Investor Shares | $12.03 | $11.11 | $0.397 | $0.000 |
| Admiral Shares | 12.03 | 11.11 | 0.406 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
The 12 months ended November 30, 2013, marked a difficult period for the nation’s municipal bond market, mainly because of a slump from May through August. The Barclays Municipal Bond Index returned about –6% through that stretch before reversing course, and it ended the fiscal year with a return of –3.51%.
The fixed income markets for both taxable and tax-exempt bonds were roiled over the summer by investors’ concerns about whether the Federal Reserve would begin tapering its stimulative bond-buying program. Detroit’s bankruptcy filing in July further rattled muni investors, even though the city’s long-standing financial challenges were widely known. Although that market turbulence subsided, fresh coverage of Puerto Rico’s financial struggles added another layer of unease.
As the fiscal year drew to a close, investors’ concerns about future Fed actions flared again, and municipal bond prices dipped as yields rose. Shortly after the fiscal year closed, the Fed said its tapering would begin in January 2014.
Against this backdrop, Vanguard New York Long-Term Tax-Exempt Fund returned –4.38% for Investor Shares and –4.31% for Admiral Shares. The fund’s return lagged the –3.06% return of its benchmark, the Barclays New York Municipal Bond Index, but outpaced the average –6.39% return of its peers. Interest income from the funds’ diversified portfolios cushioned a large portion of the decline in bond prices.
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Because bond yields and prices move in opposite directions, the fund’s 30-day SEC yield for Investor Shares rose from 1.70% as of November 30, 2012, to 3.35% at the end of August before sliding to 3.09% as of November 30, 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 Vanguard New York Tax-Exempt Money Market Fund did.
In another matter, we announced in early November that Robert F. Auwaerter, principal and head of Vanguard Fixed Income Group, intends to retire in March 2014. Later in this letter, I’ll have more to say about Bob’s important contributions to Vanguard during his 32-year career, and I’ll introduce his successor, Gregory Davis.
Bond prices fell as yields rose over the period’s second half
The broad U.S. taxable bond market returned –1.61% for the fiscal year. The yield of the 10-year Treasury note closed at 2.74%, up from 1.61% at the end of November 2012. International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –2.93%.
The bond market’s downturn, coupled with an upswing in stocks during the period, provides an occasion for investors to review their portfolio’s asset allocation. In a powerful stock market rally, a portfolio’s mix of stocks and bonds can drift away from its target allocation, as Fran Kinniry,
| Market Barometer | |||
| Average Annual Total Returns | |||
| Periods Ended November 30, 2013 | |||
| One | Three | Five | |
| Year | Years | Years | |
| Bonds | |||
| Barclays U.S. Aggregate Bond Index (Broad taxable | |||
| market) | -1.61% | 3.09% | 5.33% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | -3.51 | 4.23 | 6.26 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.05 | 0.07 | 0.10 |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 30.96% | 17.78% | 18.33% |
| Russell 2000 Index (Small-caps) | 40.99 | 17.89 | 20.97 |
| Russell 3000 Index (Broad U.S. market) | 31.71 | 17.78 | 18.54 |
| MSCI All Country World Index ex USA (International) | 18.24 | 7.50 | 13.87 |
| CPI | |||
| Consumer Price Index | 1.24% | 2.13% | 1.87% |
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a principal in our Investment Strategy Group, recently reminded clients in an article on our website. “Buying stocks now may actually run counter to what many prudent investors should be doing,” he noted. “If you have an equity-heavy portfolio, you will most likely need to direct new cash flows to bond mutual funds, or sell stock mutual funds to maintain your target asset allocation.”
Despite jolts, U.S. stocks notched an impressive 12-month gain
U.S. stocks powered to a return of about 32% for the 12 months ended November 30, despite a few bumps along the way.
Uncertainty surrounding Fed policy contributed to market declines in June and August. But stocks bounced back in
September when, to the surprise of some investors, the Fed announced it had no immediate plans to scale back its bond-buying. By mid-December, the Fed said it would step back its program in January. Corporate profit growth, though not robust, was generally solid during the fiscal year.
International stocks returned about 18% in aggregate. While the developed markets of Europe and the Pacific region performed well, gains were modest for emerging-market stocks.
Advisor’s strategy helped dampen rising rates’ impact on the funds
Anticipating an eventual rise in yields and accompanying decline in prices after the extremely low interest rates of recent years, Vanguard Fixed Income Group, advisor to our national and state municipal bond funds,
| Expense Ratios | |||
| Your Fund Compared With Its Peer Group | |||
| Investor | Admiral | Peer Group | |
| Shares | Shares | Average | |
| New York Tax-Exempt Money Market | |||
| Fund | 0.16% | — | 0.24% |
| New York Long-Term Tax-Exempt Fund | 0.20 | 0.12% | 0.99 |
The fund expense ratios shown are from the prospectus dated March 28, 2013, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2013, the funds’ expense ratios were: for the New York Tax-Exempt Money Market Fund, 0.12%; 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, a Thomson Reuters Company, and capture information through year-end 2012. 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 0.16%.
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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shortened the funds’ duration relative to its benchmark. Duration gauges the sensitivity of bond prices to rate changes, and shorter durations (measured in months and years) mitigate price declines when rates rise.
The advisor also favored bonds whose other features made them less susceptible to the effects of rising rates. And compared with some previous periods, the funds maintained higher levels of reserves, consisting of high-quality bonds (as determined by independent credit-rating agencies) that could be sold easily to meet shareholder redemptions.
As I mentioned, the Long-Term Fund surpassed the average return of its peers. Our competitors generally favored longer durations, and their operating costs, paid directly from returns, were noticeably higher, as you can see in the table on page 4. They also typically held fewer reserves and more bonds of lower liquidity, which can have higher yields but can be tough to sell during turbulent periods.
In addition to buying long-term bonds to stimulate the economy, the Fed has maintained a target for short-term interest rates at 0%–0.25% since 2008. As you know, this has severely limited the returns of savings accounts and money market funds, including the New York Tax-Exempt Money Market Fund; it returned 0.01% for the fiscal year.
Over a decade, both funds did well versus their peers
For the ten years ended November 30, 2013, the Long-Term and Money Market Funds performed well compared with their
| Total Returns | |
| Ten Years Ended November 30, 2013 | |
| Average | |
| Annual Return | |
| New York Tax-Exempt Money Market Fund | 1.29% |
| New York Tax-Exempt Money Market Funds Average | 1.03 |
| New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| New York Long-Term Tax-Exempt Fund Investor Shares | 3.83% |
| Barclays NY Municipal Bond Index | 4.35 |
| New York Municipal Debt Funds Average | 3.44 |
| New York Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
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
peer groups, our most important measure of their relative success. The Long-Term Fund trailed its benchmark index.
The results are primarily due to the skill of our portfolio managers, traders, and credit analysts. They also reflect the advantage
| Muni yields exceed Treasury yields: What does it mean? |
| At times over the 12 months ended November 30, 10-year municipal bonds nationwide yielded |
| substantially more than their Treasury counterparts, even before factoring in munis’ tax-favored |
| status. This reversal of what had been the historical relationship between Treasuries and munis |
| has occurred often in recent years. The turmoil started with the 2008–2009 financial crisis and |
| continued amid dire headlines about state and local finances. |
| Through June, July, and August, a time when investor concerns mounted over Detroit’s |
| bankruptcy filing and the financial health of Puerto Rico, 10-year municipal yields averaged |
| 31 basis points, or about 12%, more than 10-year Treasuries. By the end of November, the |
| gap had closed significantly, but 10-year muni yields were still averaging about 8 basis points, |
| or 3%, more. Over the past decade, however, muni yields have averaged 5% less than their |
| Treasury equivalents. |
| We believe investors shouldn’t be unduly swayed by this turnabout. Will it vanish if they chase |
| it? Or do investors now perceive muni bonds to be riskier? Rather than speculate, we believe |
| investors should carefully evaluate the role of tax-exempt bonds in a diversified portfolio. For |
| any investor, the proportion of muni holdings (if any) should be based on long-term goals, risk |
| tolerance, and tax considerations—not on what may be transient yield trends. |
| 10-year municipal bond yields have topped their Treasury counterparts |
6
that Vanguard’s low-cost philosophy can create. A lower-cost fund can steer clear of higher-risk assets because it has no need to offset the drain of high expenses.
Bob Auwaerter’s retirement marks the end of a remarkable era
In mid-September 2008, about two weeks after I succeeded Jack Brennan as Vanguard’s chief executive officer, Lehman Brothers went bankrupt, igniting the nation’s worst financial crisis in 70 years. It was, to put it mildly, an extremely challenging time. Through it all, I was able to depend on Bob Auwaerter’s strong command of the Fixed Income Group, which persevered under these treacherous conditions. Although that was a difficult period for Vanguard and the industry, it was far from the only time I was grateful to have Bob at the helm of our bond group.
Bob, who joined Vanguard in 1981, was an original member of the three-person Fixed Income Group, headed by Ian MacKinnon. Over the years, he held various leadership roles in the department, and he eventually succeeded Ian as its head in 2003. He earned a reputation at Vanguard and within the industry as an extremely dedicated, honest, and insightful decision-maker and leader.
The Fixed Income Group that Bob helped start had total assets of about $1.3 billion in seven funds. He tracked his positions in the two funds he managed then on index cards stored in a small metal box. Thirty-two years later, the 120-person group oversees $750 billion, which represents nearly one-third of Vanguard’s assets under management.
On behalf of our clients, I thank Bob for more than three decades of exemplary service and wish him the best in his retirement.
We’re fortunate that Greg Davis will become the head of the Fixed Income Group. Greg currently serves as chief investment officer for the Asia Pacific region and as a director of Vanguard Investments Australia. He joined Vanguard in 1999 and had been head of bond indexing and a senior portfolio manager in the Fixed Income Group. Greg is an eminently qualified successor and has a strong commitment to the Vanguard way of investing. I couldn’t be more confident in his ability to lead the Fixed Income Group and its deep and talented team.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
December 9, 2013
7
Advisor’s Report
For the fiscal year ended November 30, 2013, Vanguard New York Tax-Exempt Money Market Fund returned 0.01%, compared with the average return of 0.0% for peer-group funds. Vanguard New York Long-Term Tax-Exempt Fund returned –4.38% for Investor Shares and –4.31% for Admiral Shares. The Long-Term Fund’s returns lagged the –3.06% return of the Barclays New York Municipal Bond Index, the fund’s benchmark, but outpaced the –6.39% average return of its peers.
The investment environment
Some uncertainty is natural in the financial markets, but during the fiscal year, conditions were unsettled more than usual. This was largely because of fiscal battles in Washington—debate over the debt ceiling, the “fiscal cliff” showdown over scheduled tax increases and spending cuts, the partial government shutdown—and anticipation of what the Federal Reserve might do next.
The focus on Fed policy intensified in May. With the unemployment rate declining (it fell from 7.8% to 7.0% over the period), housing markets improving, and equity markets soaring, the Fed openly contemplated reducing its aggressive bond-buying program, which is aimed at lowering long-term interest rates. But the Fed’s suggestion that it might “taper” its purchases surprised the bond markets. The result was a broad decline in bond prices over the summer, which increased yields, steepened the yield curve (the gap between shorter- and longer-term yields), and widened credit spreads (reflecting yield premiums over the highest-quality bonds).
Shortly after the close of the fiscal year, the Fed announced that it had decided to reduce its bond-buying program by the end of 2014 through a series of small reductions, starting in January. The Fed made clear that it wasn’t considering any
| Yields of Tax-Exempt Municipal Securities | ||
| (AAA-Rated General-Obligation Issues) | ||
| November 30, | November 30, | |
| Maturity | 2012 | 2013 |
| 2 years | 0.30% | 0.33% |
| 5 years | 0.64 | 1.16 |
| 10 years | 1.47 | 2.65 |
| 30 years | 2.47 | 4.10 |
| Source: Vanguard. |
8
changes in another part of its monetary policy, in which it has maintained a target of 0% to 0.25% for short-term interest rates, until the jobless rate falls “well below” 6.5%. This policy continued to keep the return of the New York Tax-Exempt Money Market Fund near zero.
During the summer, low-credit-quality bonds in general slightly outperformed higher-quality bonds. Among the obvious exceptions were Detroit and Puerto Rico bonds. Detroit became the largest city to file for bankruptcy. Puerto Rico’s long-standing and well-known financial problems were publicized in mainstream news reports. Well before, the New York Long-Term Tax-Exempt Fund had begun reducing its small holdings of Puerto Rico securities (as did our other state funds). These securities had been eliminated from the fund as of the fiscal year-end. The money market fund held no Puerto Rico securities.
Like many states, New York has been recovering from the Great Recession. Its jobless rate slid steadily over the fiscal year from 8.2% at the start of the period to 7.4% as of November 30. (The jobless rate had been 4.7% on the eve of the recession, and had risen to a high of 8.9%.) And the state has been showing fiscal discipline in its spending and budgetary decisions, adopting its fiscal-year budget on time for the past three years. These were among the points recognized by Moody’s, the credit-rating agency, when it changed the outlook for Empire State general obligation bonds from “stable” to “positive.”
In New York City, the spotlight will be on the incoming administration of Mayor-elect Bill de Blasio, which will replace Mayor Michael Bloomberg’s 12-year-old administration on January 1, 2014. Among the uncertainties for both the city and the state is what impact the “Volcker Rule,” which aims to limit risky trades by banks, will have on tax revenues from the important financial services industry.
The volume of new issues of New York bonds for the calendar year through November 30 amounted to $31 billion, 32% lower than a year earlier. (Nationally, the decline was 14%.) This reflected, among other things, postrecession caution and rising interest rates, which have made it less attractive to issue refunding bonds. These bonds replace higher-interest debt with lower-cost debt.
Among the bond fund’s purchases during the fiscal year were new issues of the New York City Transitional Financial Authority, a quasi-independent agency that sells bonds on behalf of the city to fund repairs of public buildings and roads, among other infrastructure needs. The fund also purchased New York State bonds backed by sales taxes, a new program.
Management of the funds
During the fiscal year, many investors switched from longer-maturity to shorter-maturity bonds, which can be less volatile when interest rates rise. Shorter-maturity bonds were top performers. Compared with its benchmark index, however, the New York bond fund was underweighted in bonds with maturities of less than ten years.
9
Entering 2013, our strategy focused on structuring the bond portfolio to benefit from rising interest rates. Relative to our benchmark we shortened duration (a measure of how sensitive bond prices are to changes in interest rates), favored bonds with features that are structured to provide some defense against rising rates, added floating-rate bonds, and increased our allocation to A-rated securities because of their combination of good credit quality and higher yields.
We also maintained above-average levels of liquidity by holding bonds that we can sell easily without affecting the core positioning of the fund. This allows us to have “dry powder” available to buy bonds that the market has undervalued, especially during volatile periods.
Positive contributors to the bond fund’s performance compared with our peers were our short-duration position, defensive structures, deemphasis of Puerto Rico bonds, and good security selection.
A look ahead
We expect economic growth to approach 3% in 2014 and the national and New York State unemployment rates to keep falling. But federal-level fiscal uncertainties will continue into 2014, and we wouldn’t be surprised if talk of tax reform, a subject that can include municipal bonds, resurfaced after dying down during the year. The gradual reduction in the Federal Reserve’s bond-buying program that will begin in January should allow the Fed to bring the program to a close by the end of 2014.
As tapering starts, and if economic growth picks up, we expect that interest rates will move modestly higher and lower-credit-quality bonds will outperform. We plan to continue our defensive position for rising rates, maintain our overweight allocation to A-rated bonds, and maintain higher levels of liquidity to take advantage of attractive opportunities if volatility increases in the municipal market. As usual, our experienced team will continue to seek outperformance by identifying bonds that are mispriced by the market.
Christopher W. Alwine, CFA, Principal,
Head of Municipal Bond Funds
Pamela Wisehaupt Tynan, Principal,
Head of Municipal Money Market Funds
Mathew M. Kiselak, Principal,
Portfolio Manager
Adam M. Ferguson, CFA,
Portfolio Manager
Justin A. Schwartz, CFA,
Portfolio Manager
Vanguard Fixed Income Group
December 18, 2013
10
New York Tax-Exempt Money Market Fund
Fund Profile
As of November 30, 2013
| Financial Attributes | |
| Ticker Symbol | VYFXX |
| Expense Ratio1 | 0.16% |
| 7-Day SEC Yield | 0.01% |
| Average Weighted | |
| Maturity | 32 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 28, 2013, and represents estimated costs for the current fiscal year. For the fiscal year ended November 30, 2013, the expense ratio was 0.12%, reflecting a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this reduction, the expense ratio was 0.16%.
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, 2003, Through November 30, 2013
Initial Investment of $10,000
| Average Annual Total Returns | ||||
| Periods Ended November 30, 2013 | ||||
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| New York Tax-Exempt Money Market | ||||
| Fund | 0.01% | 0.11% | 1.29% | $11,367 |
| New York Tax-Exempt Money Market | ||||
| Funds Average | 0.00 | 0.06 | 1.03 | 11,080 |
New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
See Financial Highlights for dividend information.
12
New York Tax-Exempt Money Market Fund
| Fiscal-Year Total Returns (%): November 30, 2003, Through November 30, 2013 | ||
| NY Tax-Exempt | ||
| Money Mkt | ||
| Funds Avg | ||
| Fiscal Year | Total Returns | Total Returns |
| 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 |
| 2012 | 0.03 | 0.00 |
| 2013 | 0.01 | 0.00 |
| 7-day SEC yield (11/30/2013): 0.01% | ||
| New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | ||
Average Annual Total Returns: Periods Ended September 30, 2013
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 | 0.02% | 0.19% | 1.30% |
New York Tax-Exempt Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2013
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 (100.2%) | ||||
| New York (100.2%) | ||||
| Albany NY Industrial Development Agency | ||||
| Civic Facility Revenue (CHF Holland | ||||
| Suites LLC Project) VRDO | 0.050% | 12/6/13 LOC | 10,985 | 10,985 |
| Albany NY Industrial Development Agency | ||||
| Revenue (The College of St. Rose Project) | ||||
| VRDO | 0.050% | 12/6/13 LOC | 13,250 | 13,250 |
| Bayport-Blue Point NY Union Free School | ||||
| District TAN | 1.000% | 6/26/14 | 10,500 | 10,547 |
| 1 BlackRock Muni New York Intermediate | ||||
| Duration Fund VRDP VRDO | 0.140% | 12/6/13 LOC | 7,000 | 7,000 |
| 1 BlackRock MuniHoldings New York | ||||
| Quality Fund, Inc. VRDP VRDO | 0.270% | 12/6/13 LOC | 65,000 | 65,000 |
| 1 BlackRock New York Municipal Income | ||||
| Quality Trust Fund VRDP VRDO | 0.140% | 12/6/13 LOC | 10,000 | 10,000 |
| 1 BlackRock New York Municipal Income | ||||
| Trust Fund II VRDP VRDO | 0.140% | 12/6/13 LOC | 16,800 | 16,800 |
| Columbia County NY Capital Resource Corp. | ||||
| Civic Facility Revenue (Columbia Memorial | ||||
| Hospital Project) VRDO | 0.060% | 12/6/13 LOC | 4,600 | 4,600 |
| Columbia County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Columbia Memorial Hospital Project) VRDO | 0.060% | 12/6/13 LOC | 4,580 | 4,580 |
| Commack NY Union Free School District TAN | 1.000% | 6/26/14 | 28,000 | 28,130 |
| Delaware Valley NY Industrial Development | ||||
| Authority Revenue (Delaware Valley Hospital) | ||||
| VRDO | 0.060% | 12/6/13 LOC | 3,980 | 3,980 |
| Eastchester NY Union Free School District TAN | 0.750% | 2/27/14 | 13,000 | 13,017 |
| Erie County NY Fiscal Stability Authority BAN | 1.000% | 7/31/14 | 29,720 | 29,868 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue | 5.625% | 5/1/14 (Prere.) | 25,000 | 25,566 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue | 5.750% | 5/1/14 (Prere.) | 13,120 | 13,423 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue | 5.750% | 5/1/14 (Prere.) | 14,720 | 15,060 |
14
New York Tax-Exempt Money Market 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% | 5/1/14 (Prere.) | 9,620 | 9,842 |
| 1 Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) TOB VRDO | 0.060% | 12/6/13 | 17,350 | 17,350 |
| Franklin County NY Civic Development Corp. | ||||
| Revenue VRDO | 0.060% | 12/6/13 LOC | 4,400 | 4,400 |
| Geneva NY Industrial Development Agency | ||||
| Civic Facility Revenue (Colleges of the | ||||
| Seneca Project) VRDO | 0.060% | 12/6/13 LOC | 5,545 | 5,545 |
| Half Hollow Hills NY Central School District TAN | 0.750% | 6/26/14 | 21,750 | 21,821 |
| Hauppauge NY Union Free School District TAN | 1.250% | 6/27/14 | 11,500 | 11,570 |
| 1 Long Island NY Power Authority Electric System | ||||
| Revenue TOB VRDO | 0.050% | 12/6/13 LOC | 30,200 | 30,200 |
| Long Island NY Power Authority Electric System | ||||
| Revenue VRDO | 0.050% | 12/2/13 LOC | 20,200 | 20,200 |
| Massapequa NY Union Free School District TAN | 1.500% | 6/20/14 | 6,000 | 6,041 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Monroe Community College) VRDO | 0.060% | 12/6/13 LOC | 8,705 | 8,705 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue | ||||
| (Nazareth College) VRDO | 0.070% | 12/6/13 LOC | 5,955 | 5,955 |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.060% | 12/6/13 | 38,400 | 38,400 |
| New York City NY GO VRDO | 0.050% | 12/2/13 | 5,820 | 5,820 |
| New York City NY GO VRDO | 0.050% | 12/2/13 LOC | 4,900 | 4,900 |
| New York City NY GO VRDO | 0.050% | 12/2/13 | 5,225 | 5,225 |
| New York City NY GO VRDO | 0.050% | 12/2/13 | 8,200 | 8,200 |
| New York City NY GO VRDO | 0.050% | 12/2/13 | 5,900 | 5,900 |
| New York City NY GO VRDO | 0.050% | 12/2/13 LOC | 16,300 | 16,300 |
| New York City NY GO VRDO | 0.050% | 12/2/13 | 7,550 | 7,550 |
| New York City NY GO VRDO | 0.050% | 12/2/13 LOC | 2,770 | 2,770 |
| New York City NY GO VRDO | 0.050% | 12/2/13 LOC | 1,450 | 1,450 |
| New York City NY GO VRDO | 0.040% | 12/6/13 LOC | 10,000 | 10,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | ||||
| (201 Pearl Street) VRDO | 0.050% | 12/6/13 LOC | 10,000 | 10,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue PUT | 0.200% | 6/27/14 | 7,500 | 7,500 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.120% | 12/2/13 | 1,900 | 1,900 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.110% | 12/6/13 | 5,160 | 5,160 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.110% | 12/6/13 | 16,380 | 16,380 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue | ||||
| (461 Dean Street) VRDO | 0.030% | 12/6/13 LOC | 33,000 | 33,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue | ||||
| (89 Murray Street Development) VRDO | 0.050% | 12/6/13 LOC | 15,800 | 15,800 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue | ||||
| (First Avenue Development)VRDO | 0.060% | 12/6/13 LOC | 10,000 | 10,000 |
15
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 Mortgage Revenue | |||||
| (Markham Gardens Apartments) VRDO | 0.060% | 12/6/13 LOC | 6,800 | 6,800 | |
| New York City NY Housing Development Corp. | |||||
| Multi-Family Rental Housing Revenue | |||||
| (100 Jane Street) VRDO | 0.060% | 12/6/13 LOC | 11,850 | 11,850 | |
| New York City NY Housing Development Corp. | |||||
| Multi-Family Rental Housing Revenue | |||||
| (2 Gold Street) VRDO | 0.050% | 12/6/13 | 19,100 | 19,100 | |
| New York City NY Housing Development Corp. | |||||
| Multi-Family Rental Housing Revenue | |||||
| (90 West Street) VRDO | 0.050% | 12/6/13 LOC | 2,500 | 2,500 | |
| New York City NY Housing Development Corp. | |||||
| Multi-Family Rental Housing Revenue | |||||
| (Atlantic Court Apartments) VRDO | 0.050% | 12/6/13 LOC | 48,100 | 48,100 | |
| New York City NY Housing Development Corp. | |||||
| Multi-Family Rental Housing Revenue | |||||
| (Ocean Gate Development) VRDO | 0.070% | 12/6/13 LOC | 8,445 | 8,445 | |
| New York City NY Housing Development Corp. | |||||
| Multi-Family Rental Housing Revenue | |||||
| (One Columbus Place Development) VRDO | 0.050% | 12/6/13 LOC | 22,000 | 22,000 | |
| New York City NY Housing Development Corp. | |||||
| Multi-Family Rental Housing Revenue | |||||
| (Rivereast Apartments) VRDO | 0.060% | 12/6/13 LOC | 20,000 | 20,000 | |
| New York City NY Housing Development Corp. | |||||
| Revenue PUT | 0.200% | 6/27/14 | 6,440 | 6,440 | |
| New York City NY Industrial Development Agency | |||||
| Civic Facility Revenue (Mercy College Project) | |||||
| VRDO | 0.050% | 12/6/13 LOC | 11,005 | 11,005 | |
| New York City NY Industrial Development Agency | |||||
| Civic Facility Revenue (MSMC Realty Corp. | |||||
| Project) VRDO | 0.040% | 12/6/13 LOC | 2,790 | 2,790 | |
| New York City NY Industrial Development Agency | |||||
| Civic Facility Revenue (New York Congregational | |||||
| Nursing Center Project) VRDO | 0.060% | 12/6/13 LOC | 9,125 | 9,125 | |
| New York City NY Industrial Development Agency | |||||
| Civic Facility Revenue (New York Law School) | |||||
| VRDO | 0.040% | 12/6/13 LOC | 14,390 | 14,390 | |
| New York City NY Municipal Water Finance | |||||
| Authority Water & Sewer System Revenue CP | 0.140% | 1/16/14 | 22,500 | 22,500 | |
| 1 | New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | |||||
| TOB PUT | 0.370% | 12/6/13 | 17,850 | 17,850 | |
| 1 | New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | |||||
| TOB VRDO | 0.050% | 12/6/13 | 18,000 | 18,000 | |
| 1 | New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | |||||
| TOB VRDO | 0.050% | 12/6/13 | 15,000 | 15,000 | |
| 1 | New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | |||||
| TOB VRDO | 0.050% | 12/6/13 | 10,000 | 10,000 | |
| 1 | New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | �� | ||||
| TOB VRDO | 0.060% | 12/6/13 | 15,885 | 15,885 |
16
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 | 0.060% | 12/6/13 | 7,695 | 7,695 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.060% | 12/6/13 | 2,000 | 2,000 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.050% | 12/2/13 | 3,000 | 3,000 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.050% | 12/2/13 | 8,825 | 8,825 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.050% | 12/2/13 | 17,000 | 17,000 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.040% | 12/6/13 | 34,600 | 34,600 |
| 1 New York City NY Sales Tax Asset | ||||
| Receivable Corp. Revenue TOB VRDO | 0.050% | 12/6/13 | 10,000 | 10,000 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/14 | 3,525 | 3,546 |
| 1 New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue TOB VRDO | 0.050% | 12/6/13 LOC | 9,950 | 9,950 |
| 1 New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue TOB VRDO | 0.050% | 12/6/13 | 15,210 | 15,210 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.050% | 12/6/13 | 24,100 | 24,100 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.060% | 12/6/13 | 6,000 | 6,000 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.060% | 12/6/13 | 5,000 | 5,000 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.070% | 12/6/13 | 5,000 | 5,000 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.070% | 12/6/13 | 9,995 | 9,995 |
| New York City NY Transitional Finance Authority | ||||
| Recovery Revenue VRDO | 0.030% | 12/6/13 | 10,965 | 10,965 |
| New York City NY Transitional Finance Authority | ||||
| Revenue VRDO | 0.050% | 12/2/13 | 8,200 | 8,200 |
| New York City NY Transitional Finance Authority | ||||
| Revenue VRDO | 0.050% | 12/2/13 | 6,300 | 6,300 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Asia Society) VRDO | 0.060% | 12/6/13 LOC | 7,665 | 7,665 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (School of American Ballet Inc.) VRDO | 0.040% | 12/6/13 LOC | 7,080 | 7,080 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (The Metropolitan Museum of Art) | ||||
| VRDO | 0.050% | 12/6/13 | 40,100 | 40,100 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (The Metropolitan Museum of Art) | ||||
| VRDO | 0.050% | 12/6/13 | 59,460 | 59,460 |
| New York GO TOB VRDO | 0.050% | 12/6/13 | 3,270 | 3,270 |
| New York Liberty Development Corp. Revenue | ||||
| (Greenwich LLC) VRDO | 0.060% | 12/6/13 LOC | 20,000 | 20,000 |
17
New York Tax-Exempt Money Market Fund
| Face | Market | ||||
| Maturity | Amount | Value | |||
| Coupon | Date | ($000) | ($000) | ||
| New York Liberty Development Corp. Revenue | |||||
| PUT | 0.230% | 6/19/14 | 44,200 | 44,200 | |
| New York Liberty Development Corp. Revenue | |||||
| PUT | 0.230% | 6/19/14 | 29,500 | 29,500 | |
| 1 | New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Petroleum Tax) TOB VRDO | 0.050% | 12/6/13 (13) | 3,100 | 3,100 | |
| 1 | New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) TOB VRDO | 0.050% | 12/6/13 LOC | 6,980 | 6,980 | |
| New York Metropolitan Transportation Authority | |||||
| Revenue (Dedicated Tax Fund) VRDO | 0.030% | 12/6/13 LOC | 19,800 | 19,800 | |
| New York Metropolitan Transportation Authority | |||||
| Revenue (Dedicated Tax Fund) VRDO | 0.040% | 12/6/13 LOC | 23,640 | 23,640 | |
| 1 | New York Metropolitan Transportation Authority | ||||
| Revenue (Service Contract) TOB VRDO | 0.060% | 12/6/13 | 4,495 | 4,495 | |
| New York Metropolitan Transportation Authority | |||||
| Revenue CP | 0.130% | 1/7/14 LOC | 15,625 | 15,625 | |
| 1 | New York Metropolitan Transportation Authority | ||||
| Revenue TOB VRDO | 0.060% | 12/6/13 (13) | 2,000 | 2,000 | |
| 1 | New York Metropolitan Transportation Authority | ||||
| Revenue TOB VRDO | 0.060% | 12/6/13 (13) | 7,000 | 7,000 | |
| New York State Dormitory Authority Revenue | |||||
| (Blythedale Children’s Hospital) VRDO | 0.050% | 12/6/13 LOC | 9,500 | 9,500 | |
| New York State Dormitory Authority Revenue | |||||
| (Catholic Health System Obligated Group) VRDO | 0.060% | 12/6/13 LOC | 2,270 | 2,270 | |
| New York State Dormitory Authority Revenue | |||||
| (Catholic Health System Obligated Group) VRDO | 0.060% | 12/6/13 LOC | 3,790 | 3,790 | |
| New York State Dormitory Authority Revenue | |||||
| (Catholic Health System Obligated Group) VRDO | 0.060% | 12/6/13 LOC | 13,400 | 13,400 | |
| New York State Dormitory Authority Revenue | |||||
| (Catholic Health System Obligated Group) VRDO | 0.060% | 12/6/13 LOC | 6,130 | 6,130 | |
| New York State Dormitory Authority Revenue | |||||
| (Columbia University) CP | 0.100% | 3/6/14 | 12,800 | 12,800 | |
| 1 | New York State Dormitory Authority Revenue | ||||
| (Columbia University) TOB VRDO | 0.050% | 12/6/13 | 9,260 | 9,260 | |
| New York State Dormitory Authority Revenue | |||||
| (Columbia University) VRDO | 0.030% | 12/6/13 | 40,150 | 40,150 | |
| New York State Dormitory Authority Revenue | |||||
| (Cornell University) CP | 0.130% | 3/4/14 | 6,500 | 6,500 | |
| 1 | New York State Dormitory Authority Revenue | ||||
| (Cornell University) TOB PUT | 0.180% | 2/13/14 | 12,700 | 12,700 | |
| New York State Dormitory Authority Revenue | |||||
| (Cornell University) VRDO | 0.060% | 12/6/13 | 2,675 | 2,675 | |
| 1,2 | New York State Dormitory Authority Revenue | ||||
| (Fordham University) TOB VRDO | 0.070% | 12/6/13 (13) | 5,000 | 5,000 | |
| New York State Dormitory Authority Revenue | |||||
| (Le Moyne College) VRDO | 0.050% | 12/6/13 LOC | 4,270 | 4,270 | |
| 1 | New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | |||||
| TOB VRDO | 0.060% | 12/6/13 | 7,860 | 7,860 | |
| 1 | New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | |||||
| TOB VRDO | 0.110% | 12/6/13 | 15,785 | 15,785 | |
| New York State Dormitory Authority Revenue | |||||
| (Mental Health Services Facilities Improvement) | |||||
| VRDO | 0.040% | 12/6/13 LOC | 2,035 | 2,035 |
18
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 | 0.040% | 12/6/13 LOC | 66,315 | 66,315 |
| New York State Dormitory Authority Revenue | ||||
| (New York Law School) VRDO | 0.040% | 12/6/13 LOC | 8,465 | 8,465 |
| New York State Dormitory Authority Revenue | ||||
| (New York Public Library) VRDO | 0.030% | 12/6/13 LOC | 12,725 | 12,725 |
| New York State Dormitory Authority Revenue | ||||
| (New York Public Library) VRDO | 0.030% | 12/6/13 LOC | 9,000 | 9,000 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 3.500% | 3/15/14 | 1,000 | 1,009 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/14 | 9,035 | 9,159 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.070% | 12/6/13 | 6,000 | 6,000 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) VRDO | 0.030% | 12/6/13 | 16,900 | 16,900 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) VRDO | 0.060% | 12/6/13 | 3,800 | 3,800 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) VRDO | 0.040% | 12/6/13 LOC | 28,600 | 28,600 |
| 1 New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | ||||
| TOB VRDO | 0.050% | 12/6/13 LOC | 10,180 | 10,180 |
| New York State Dormitory Authority Revenue | ||||
| (University of Rochester) VRDO | 0.050% | 12/6/13 LOC | 8,400 | 8,400 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Vassar College) TOB VRDO | 0.050% | 12/6/13 | 3,815 | 3,815 |
| 1 New York State Environmental Facilities Corp. | ||||
| Revenue (Personal Income Tax) TOB VRDO | 0.060% | 12/6/13 | 3,185 | 3,185 |
| 1 New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) TOB VRDO | 0.060% | 12/6/13 | 3,645 | 3,645 |
| New York State GO | 4.000% | 12/15/13 | 6,200 | 6,209 |
| New York State GO | 3.000% | 2/1/14 | 25,000 | 25,118 |
| New York State GO | 5.000% | 2/15/14 | 1,300 | 1,313 |
| New York State Housing Finance Agency Housing | ||||
| Revenue (10 Liberty Street) VRDO | 0.040% | 12/6/13 LOC | 15,020 | 15,020 |
| New York State Housing Finance Agency Housing | ||||
| Revenue (20 River Terrace Housing) VRDO | 0.050% | 12/6/13 LOC | 11,000 | 11,000 |
| New York State Housing Finance Agency Housing | ||||
| Revenue (320 West 38th Street) VRDO | 0.040% | 12/6/13 LOC | 4,500 | 4,500 |
| New York State Housing Finance Agency Housing | ||||
| Revenue (Avalon Bowery Place I) VRDO | 0.040% | 12/6/13 LOC | 9,000 | 9,000 |
| New York State Housing Finance Agency Housing | ||||
| Revenue (Avalon Chrystie Place I) VRDO | 0.070% | 12/6/13 LOC | 7,000 | 7,000 |
| New York State Housing Finance Agency Housing | ||||
| Revenue (Clinton Park Phase II) VRDO | 0.060% | 12/6/13 LOC | 20,000 | 20,000 |
| New York State Housing Finance Agency Housing | ||||
| Revenue (East 84th Street) VRDO | 0.050% | 12/6/13 LOC | 20,800 | 20,800 |
| New York State Housing Finance Agency Housing | ||||
| Revenue (McCarthy Manor Apartments) VRDO | 0.070% | 12/6/13 LOC | 6,800 | 6,800 |
| New York State Housing Finance Agency Housing | ||||
| Revenue (Saville) VRDO | 0.050% | 12/6/13 LOC | 45,000 | 45,000 |
| New York State Housing Finance Agency Revenue | ||||
| (8 East 102nd Street) VRDO | 0.040% | 12/6/13 LOC | 10,000 | 10,000 |
19
New York Tax-Exempt Money Market Fund
| Face | Market | ||||
| Maturity | Amount | Value | |||
| Coupon | Date | ($000) | ($000) | ||
| New York State Housing Finance Agency Revenue | |||||
| (Clinton Park) VRDO | 0.050% | 12/6/13 LOC | 10,000 | 10,000 | |
| New York State Housing Finance Agency Revenue | |||||
| (Dock Street Rental LLC) VRDO | 0.050% | 12/6/13 LOC | 20,000 | 20,000 | |
| New York State Housing Finance Agency Revenue | |||||
| (Personal Income Tax) VRDO | 0.060% | 12/6/13 | 19,400 | 19,400 | |
| New York State Local Government Assistance | |||||
| Corp. Revenue VRDO | 0.040% | 12/6/13 | 16,000 | 16,000 | |
| New York State Mortgage Agency Homeowner | |||||
| Mortgage Revenue VRDO | 0.060% | 12/2/13 | 6,200 | 6,200 | |
| New York State Mortgage Agency Homeowner | |||||
| Mortgage Revenue VRDO | 0.060% | 12/2/13 | 9,950 | 9,950 | |
| New York State Mortgage Agency Homeowner | |||||
| Mortgage Revenue VRDO | 0.060% | 12/2/13 | 15,400 | 15,400 | |
| New York State Mortgage Agency Homeowner | |||||
| Mortgage Revenue VRDO | 0.070% | 12/2/13 | 1,680 | 1,680 | |
| New York State Mortgage Agency Homeowner | |||||
| Mortgage Revenue VRDO | 0.050% | 12/6/13 | 5,000 | 5,000 | |
| New York State Mortgage Agency Homeowner | |||||
| Mortgage Revenue VRDO | 0.060% | 12/6/13 | 12,295 | 12,295 | |
| New York State Mortgage Agency Homeowner | |||||
| Mortgage Revenue VRDO | 0.070% | 12/6/13 | 8,500 | 8,500 | |
| New York State Power Authority Revenue CP | 0.110% | 12/4/13 | 11,130 | 11,130 | |
| New York State Power Authority Revenue CP | 0.100% | 12/17/13 | 4,620 | 4,620 | |
| New York State Power Authority Revenue CP | 0.100% | 12/19/13 | 6,730 | 6,730 | |
| New York State Power Authority Revenue PUT | 0.150% | 3/3/14 | 22,600 | 22,600 | |
| New York State Thruway Authority Personal | |||||
| Income Tax Revenue | 4.000% | 3/15/14 | 1,675 | 1,693 | |
| New York State Urban Development Corp. | |||||
| Revenue (Personal Income Tax) | 5.000% | 12/15/14 | 10,000 | 10,501 | |
| 1 | New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) TOB VRDO | 0.060% | 12/6/13 | 7,500 | 7,500 | |
| 1 | New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) TOB VRDO | 0.070% | 12/6/13 | 12,455 | 12,455 | |
| New York State Urban Development Corp. | |||||
| Revenue (Service Contract) VRDO | 0.030% | 12/6/13 LOC | 9,700 | 9,700 | |
| New York State Urban Development Corp. | |||||
| Revenue (Service Contract) VRDO | 0.030% | 12/6/13 LOC | 24,000 | 24,000 | |
| New York State Urban Development Corp. | |||||
| Revenue (Service Contract) VRDO | 0.050% | 12/6/13 | 19,070 | 19,070 | |
| 1 | Nuveen New York AMT-Free Municipal | ||||
| Income Fund VRDP VRDO | 0.110% | 12/6/13 LOC | 31,000 | 31,000 | |
| 1 | Nuveen New York AMT-Free Municipal | ||||
| Income Fund VRDP VRDO | 0.110% | 12/6/13 LOC | 36,500 | 36,500 | |
| 1 | Nuveen New York AMT-Free Municipal | ||||
| Income Fund VRDP VRDO | 0.110% | 12/6/13 LOC | 20,000 | 20,000 | |
| Onondaga County NY Industrial Development | |||||
| Agency Civic Facility Revenue | |||||
| (Crouse Health Hospital Inc. Project) VRDO | 0.070% | 12/6/13 LOC | 5,415 | 5,415 | |
| Onondaga County NY Industrial Development | |||||
| Agency Civic Facility Revenue (Crouse Health | |||||
| Hospital Inc. Project) VRDO | 0.070% | 12/6/13 LOC | 7,940 | 7,940 | |
| Onondaga County NY Industrial Development | |||||
| Agency Civic Facility Revenue (Syracuse Home | |||||
| Association Project) VRDO | 0.060% | 12/6/13 LOC | 5,830 | 5,830 |
20
New York Tax-Exempt Money Market Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Oyster Bay - East Norwich NY Central School | ||||
| District TAN | 1.500% | 6/20/14 | 5,000 | 5,034 |
| 1 Port Authority of New York & New Jersey | ||||
| Revenue TOB VRDO | 0.070% | 12/6/13 | 2,900 | 2,900 |
| 1 Port Authority of New York & New Jersey | ||||
| Revenue TOB VRDO | 0.100% | 12/6/13 | 3,495 | 3,495 |
| 1 Port Authority of New York & New Jersey | ||||
| Revenue TOB VRDO | 0.100% | 12/6/13 | 8,000 | 8,000 |
| 1 Port Authority of New York & New Jersey | ||||
| Revenue TOB VRDO | 0.100% | 12/6/13 | 6,500 | 6,500 |
| Suffolk County NY Industrial Development Agency | ||||
| Civic Facility Revenue (St. Anthony’s High School) | ||||
| VRDO | 0.040% | 12/6/13 LOC | 9,500 | 9,500 |
| Three Village NY Central School District TAN | 1.250% | 6/26/14 | 26,000 | 26,155 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Cornell University) | ||||
| VRDO | 0.030% | 12/6/13 | 3,340 | 3,340 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Cornell University) | ||||
| VRDO | 0.030% | 12/6/13 | 15,390 | 15,390 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Ithaca College) | ||||
| VRDO | 0.050% | 12/6/13 LOC | 25,760 | 25,760 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Ithaca College) | ||||
| VRDO | 0.060% | 12/6/13 LOC | 17,500 | 17,500 |
| 1 Triborough Bridge & Tunnel Authority New York | ||||
| Revenue TOB VRDO | 0.060% | 12/6/13 | 10,025 | 10,025 |
| 1 Triborough Bridge & Tunnel Authority New York | ||||
| Revenue TOB VRDO | 0.060% | 12/6/13 | 2,660 | 2,660 |
| 1 Triborough Bridge & Tunnel Authority New York | ||||
| Revenue TOB VRDO | 0.060% | 12/6/13 | 4,950 | 4,950 |
| 1 Triborough Bridge & Tunnel Authority New York | ||||
| Revenue TOB VRDO | 0.080% | 12/6/13 | 9,500 | 9,500 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue VRDO | 0.050% | 12/2/13 LOC | 13,960 | 13,960 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue VRDO | 0.050% | 12/2/13 LOC | 5,745 | 5,745 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue VRDO | 0.050% | 12/2/13 LOC | 6,600 | 6,600 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue VRDO | 0.050% | 12/2/13 LOC | 29,640 | 29,640 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue VRDO | 0.050% | 12/2/13 LOC | 11,430 | 11,430 |
| 2,489,047 | ||||
| Total Tax-Exempt Municipal Bonds (Cost $2,489,047) | 2,489,047 | |||
21
New York Tax-Exempt Money Market Fund
| Market | |
| Value | |
| ($000) | |
| Other Assets and Liabilities (-0.2%) | |
| Other Assets | 10,433 |
| Liabilities | (16,137) |
| (5,704) | |
| Net Assets (100%) | |
| Applicable to 2,483,148,258 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,483,343 |
| Net Asset Value Per Share | $1.00 |
| At November 30, 2013, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 2,483,343 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Gains | — |
| Net Assets | 2,483,343 |
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, 2013, the aggregate value of these securities was $597,965,000, representing 24.1% of net assets.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2013.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
22
New York Tax-Exempt Money Market Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
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.
(15) Build America Mutual Assurance Company.
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
23
New York Tax-Exempt Money Market Fund
| Statement of Operations | |
| Year Ended | |
| November 30, 2013 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 3,376 |
| Total Income | 3,376 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 645 |
| Management and Administrative | 2,708 |
| Marketing and Distribution | 692 |
| Custodian Fees | 34 |
| Auditing Fees | 23 |
| Shareholders’ Reports | 12 |
| Trustees’ Fees and Expenses | 3 |
| Total Expenses | 4,117 |
| Expense Reduction—Note B | (1,118) |
| Net Expenses | 2,999 |
| Net Investment Income | 377 |
| Realized Net Gain (Loss) on Investment Securities Sold | — |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 377 |
See accompanying Notes, which are an integral part of the Financial Statements.
24
New York Tax-Exempt Money Market Fund
| Statement of Changes in Net Assets | ||
| Year Ended November 30, | ||
| 2013 | 2012 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 377 | 907 |
| Realized Net Gain (Loss) | — | (1) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 377 | 906 |
| Distributions | ||
| Net Investment Income | (377) | (907) |
| Realized Capital Gain | — | — |
| Total Distributions | (377) | (907) |
| Capital Share Transactions (at $1.00 per share) | ||
| Issued | 1,605,605 | 1,470,519 |
| Issued in Lieu of Cash Distributions | 369 | 886 |
| Redeemed | (1,760,374) | (1,679,940) |
| Net Increase (Decrease) from Capital Share Transactions | (154,400) | (208,535) |
| Total Increase (Decrease) | (154,400) | (208,536) |
| Net Assets | ||
| Beginning of Period | 2,637,743 | 2,846,279 |
| End of Period | 2,483,343 | 2,637,743 |
See accompanying Notes, which are an integral part of the Financial Statements.
25
New York Tax-Exempt Money Market Fund
| Financial Highlights | |||||
| For a Share Outstanding | Year Ended November 30, | ||||
| Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | |||||
| Net Investment Income | .0001 | .0003 | .001 | .001 | .004 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | — | — | — | — | — |
| Total from Investment Operations | .0001 | .0003 | .001 | .001 | .004 |
| Distributions | |||||
| Dividends from Net Investment Income | (.0001) | (.0003) | (.001) | (.001) | (.004) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.0001) | (.0003) | (.001) | (.001) | (.004) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return1 | 0.01% | 0.03% | 0.06% | 0.10% | 0.36% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,483 | $2,638 | $2,846 | $3,295 | $3,917 |
| Ratio of Expenses to Average Net Assets | 0.12%2 | 0.15%2 | 0.16%2 | 0.17% | 0.17%3 |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 0.01% | 0.03% | 0.06% | 0.10% | 0.37% |
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 0.16% for 2013, 0.16% for 2012 and 0.17% for 2011. 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.
See accompanying Notes, which are an integral part of the Financial Statements.
26
New York Tax-Exempt Money Market Fund
Notes to Financial Statements
Vanguard New York Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2010–2013), 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, 2013, the fund had contributed capital of $284,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.11% 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, 2013, Vanguard’s expenses were reduced by $1,118,000 (an effective annual rate of 0.04% 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).
27
New York Tax-Exempt Money Market Fund
At November 30, 2013, 100% of the market value of the fund’s investments was determined 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. Management has determined that no material events or transactions occurred subsequent to November 30, 2013, that would require recognition or disclosure in these financial statements.
28
New York Long-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2013
| Share-Class Characteristics | ||
| Investor | Admiral | |
| Shares | Shares | |
| Ticker Symbol | VNYTX | VNYUX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 3.09% | 3.17% |
| Financial Attributes | |||
| Barclays | |||
| NY | Barclays | ||
| Muni | Municipal | ||
| Bond | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 595 | 6,054 | 46,517 |
| Yield to Maturity | |||
| (before expenses) | 3.3% | 2.9% | 3.1% |
| Average Coupon | 4.8% | 4.9% | 4.9% |
| Average Duration | 7.4 years | 8.4 years | 8.4 years |
| Average Effective | |||
| Maturity | 7.0 years | 6.3 years | 7.1 years |
| Short-Term | |||
| Reserves | 2.7% | — | — |
| Volatility Measures | ||
| Barclays NY | Barclays | |
| Muni Bond | Municipal | |
| Index | Bond Index | |
| R-Squared | 0.98 | 0.98 |
| Beta | 1.11 | 1.05 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
| Distribution by Effective Maturity | |
| (% of portfolio) | |
| Under 1 Year | 8.9% |
| 1 - 3 Years | 8.7 |
| 3 - 5 Years | 13.7 |
| 5 - 10 Years | 61.3 |
| 10 - 20 Years | 2.4 |
| 20 - 30 Years | 3.8 |
| Over 30 Years | 1.2 |
| Distribution by Credit Quality (% of portfolio) | |
| AAA | 20.6% |
| AA | 47.1 |
| A | 27.2 |
| BBB | 4.6 |
| BB | 0.1 |
| B | 0.3 |
| Not Rated | 0.1 |
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 28, 2013, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2013, the expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
29
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, 2003, Through November 30, 2013
Initial Investment of $10,000
| Average Annual Total Returns | ||||
| Periods Ended November 30, 2013 | ||||
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| New York Long-Term Tax-Exempt Fund | ||||
| Investor Shares | -4.38% | 5.75% | 3.83% | $14,569 |
| Barclays NY Municipal Bond Index | -3.06 | 6.14 | 4.35 | 15,303 |
| New York Municipal Debt Funds | ||||
| Average | -6.39 | 6.11 | 3.44 | 14,019 |
| Barclays Municipal Bond Index | -3.51 | 6.26 | 4.40 | 15,385 |
New York Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| Final Value | ||||
| One | Five | Ten | of a $50,000 | |
| Year | Years | Years | Investment | |
| New York Long-Term Tax-Exempt Fund | ||||
| Admiral Shares | -4.31% | 5.83% | 3.91% | $73,385 |
| Barclays NY Municipal Bond Index | -3.06 | 6.14 | 4.35 | 76,514 |
| Barclays Municipal Bond Index | -3.51 | 6.26 | 4.40 | 76,924 |
See Financial Highlights for dividend and capital gains information.
30
New York Long-Term Tax-Exempt Fund
| Fiscal-Year Total Returns (%): November 30, 2003, Through November 30, 2013 | ||||
| Barclays NY | ||||
| Muni Bond | ||||
| Investor Shares | Index | |||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2004 | 4.29% | -0.81% | 3.48% | 3.84% |
| 2005 | 4.27 | -1.24 | 3.03 | 3.59 |
| 2006 | 4.51 | 2.17 | 6.68 | 6.02 |
| 2007 | 4.33 | -2.76 | 1.57 | 2.89 |
| 2008 | 4.03 | -8.66 | -4.63 | -3.17 |
| 2009 | 4.57 | 8.69 | 13.26 | 14.51 |
| 2010 | 3.93 | 0.27 | 4.20 | 4.60 |
| 2011 | 3.96 | 1.81 | 5.77 | 6.04 |
| 2012 | 3.77 | 7.03 | 10.80 | 9.38 |
| 2013 | 3.27 | -7.65 | -4.38 | -3.06 |
Average Annual Total Returns: Periods Ended September 30, 2013
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 | -2.89% | 5.45% | 4.10% | -0.26% | 3.84% |
| Admiral Shares | 5/14/2001 | -2.82 | 5.53 | 4.17 | -0.26 | 3.91 |
31
New York Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2013
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 (98.6%) | ||||
| Albany NY Capital Resource Corp. Revenue | ||||
| (St. Peter’s Hospital) | 6.000% | 11/15/25 | 325 | 364 |
| Albany NY Industrial Development Agency Civic | ||||
| Facility Revenue (St. Peter’s Hospital Project) | 5.750% | 11/15/22 | 1,225 | 1,358 |
| Albany NY Industrial Development Agency Civic | ||||
| Facility Revenue (St. Peter’s Hospital Project) | 5.250% | 11/15/27 | 5,000 | 5,222 |
| 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 | 3,662 |
| 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 | 2,704 |
| 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 | 4,658 |
| 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 | 1,591 |
| 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 | 3,620 |
| Amherst NY Development Corp. Student Housing | ||||
| Facility Revenue | 5.000% | 10/1/40 (4) | 2,500 | 2,524 |
| Amherst NY Development Corp. Student Housing | ||||
| Facility Revenue | 5.000% | 10/1/45 | 3,800 | 3,817 |
| Battery Park City NY Authority Revenue | 5.000% | 11/1/31 | 2,500 | 2,742 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 5.750% | 7/15/20 | 1,550 | 1,709 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 6.000% | 7/15/30 | 9,275 | 9,734 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 6.250% | 7/15/40 | 5,000 | 5,251 |
32
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 6.375% | 7/15/43 | 9,000 | 9,485 |
| Broome County NY Public Safety Facility Project | ||||
| COP | 5.250% | 4/1/15 (ETM) | 765 | 768 |
| Dutchess County NY Local Development Corp. | ||||
| Revenue (Vassar College) | 5.000% | 1/1/37 | 1,000 | 1,034 |
| Dutchess County NY Local Development Corp. | ||||
| Revenue (Vassar College) | 5.000% | 1/1/39 | 1,000 | 1,027 |
| Erie County NY GO | 5.000% | 4/1/19 | 1,415 | 1,629 |
| Erie County NY GO | 5.000% | 4/1/20 | 1,540 | 1,767 |
| Erie County NY GO | 5.000% | 4/1/21 | 1,645 | 1,875 |
| Erie County NY GO | 5.000% | 4/1/22 | 1,630 | 1,862 |
| Erie County NY GO | 5.000% | 4/1/23 | 1,000 | 1,125 |
| Erie County NY GO | 5.000% | 4/1/24 | 750 | 832 |
| Erie County NY GO | 5.000% | 4/1/25 | 560 | 616 |
| Erie County NY GO | 5.000% | 4/1/26 | 700 | 765 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) | 5.750% | 5/1/14 (Prere.) | 3,510 | 3,593 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) | 5.750% | 5/1/14 (Prere.) | 5,000 | 5,118 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) | 5.750% | 5/1/14 (Prere.) | 4,500 | 4,606 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) | 5.000% | 5/1/23 | 6,500 | 7,394 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) | 5.000% | 5/1/25 | 6,000 | 6,673 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) | 5.250% | 5/1/25 | 3,695 | 4,129 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) | 5.000% | 5/1/26 | 2,115 | 2,336 |
| Freeport NY GO | 5.000% | 1/15/21 | 2,175 | 2,513 |
| Freeport NY GO | 5.000% | 1/15/22 | 2,265 | 2,608 |
| Freeport NY GO | 5.000% | 1/15/23 | 2,335 | 2,651 |
| Freeport NY GO | 5.000% | 1/15/24 | 2,540 | 2,847 |
| Hempstead NY GO | 5.000% | 1/15/14 | 1,740 | 1,751 |
| Hempstead NY GO | 3.000% | 4/15/14 | 5,155 | 5,212 |
| Hempstead NY GO | 5.000% | 1/15/15 | 1,000 | 1,055 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Adelphi University) | 5.000% | 9/1/38 | 2,000 | 2,018 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Adelphi University) | 5.000% | 9/1/43 | 4,580 | 4,590 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Hofstra University) | 5.000% | 7/1/20 | 950 | 1,101 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Hofstra University) | 5.000% | 7/1/22 | 2,130 | 2,405 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Hofstra University) | 5.000% | 7/1/23 | 3,350 | 3,708 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Hofstra University) | 5.000% | 7/1/28 | 1,300 | 1,370 |
33
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Hofstra University) | 5.000% | 7/1/41 | 2,365 | 2,381 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 4.500% | 2/15/47 (14) | 9,000 | 8,414 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.000% | 2/15/47 (3) | 10,000 | 9,990 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.000% | 2/15/47 | 12,100 | 12,088 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.250% | 2/15/47 | 5,000 | 5,121 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.750% | 2/15/47 | 19,000 | 20,272 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.000% | 12/1/17 (3) | 120 | 133 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.000% | 12/1/17 | 100 | 111 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.250% | 4/1/19 | 15,000 | 17,181 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.250% | 12/1/20 (14) | 7,500 | 8,146 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.000% | 5/1/21 | 2,000 | 2,228 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.000% | 12/1/23 (14) | 4,830 | 5,195 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 0.000% | 6/1/24 (4) | 19,830 | 13,556 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 0.000% | 6/1/27 (4) | 15,905 | 9,065 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 6.250% | 4/1/33 | 2,000 | 2,264 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.000% | 9/1/37 | 7,325 | 7,423 |
| Long Island NY Power Authority | ||||
| Electric System Revenue | 5.000% | 5/1/38 | 1,000 | 1,010 |
| Monroe County NY Industrial Development | ||||
| Agency School Facility Revenue | ||||
| (Rochester Schools Modernization Project) | 5.000% | 5/1/21 | 3,815 | 4,413 |
| Monroe County NY Industrial Development Corp. | ||||
| Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.500% | 8/15/23 | 5,000 | 5,345 |
| Monroe County NY Industrial Development Corp. | ||||
| Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.750% | 8/15/30 | 3,500 | 4,010 |
| Monroe County NY Industrial Development Corp. | ||||
| Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.750% | 8/15/35 | 3,000 | 3,373 |
| Monroe County NY Industrial Development Corp. | ||||
| Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.500% | 8/15/40 | 3,700 | 3,999 |
| Monroe County NY Industrial Development Corp. | ||||
| Revenue (Rochester General Hospital) | 5.000% | 12/1/37 | 2,600 | 2,554 |
| Monroe County NY Industrial Development Corp. | ||||
| Revenue (Rochester General Hospital) | 5.000% | 12/1/42 | 1,850 | 1,792 |
| Monroe County NY Industrial Development Corp. | ||||
| Revenue (University of Rochester) | 5.000% | 7/1/30 | 4,880 | 5,237 |
34
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| Monroe County NY Industrial Development Corp. | ||||
| Revenue (University of Rochester) | 5.000% | 7/1/43 | 3,585 | 3,726 |
| Nassau County NY GO | 5.000% | 10/1/20 | 9,025 | 10,360 |
| Nassau County NY Local Economic Assistance | ||||
| & Financing Corp. Revenue (South Nassau | ||||
| Communities Hospital) | 5.000% | 7/1/21 | 4,430 | 4,871 |
| Nassau County NY Local Economic Assistance | ||||
| & Financing Corp. Revenue (South Nassau | ||||
| Communities Hospital) | 5.000% | 7/1/22 | 2,225 | 2,425 |
| Nassau County NY Local Economic Assistance | ||||
| & Financing Corp. Revenue (South Nassau | ||||
| Communities Hospital) | 5.000% | 7/1/27 | 5,695 | 5,851 |
| Nassau County NY Local Economic Assistance | ||||
| & Financing Corp. Revenue (South Nassau | ||||
| Communities Hospital) | 5.000% | 7/1/31 | 2,000 | 1,986 |
| Nassau County NY Local Economic Assistance | ||||
| & Financing Corp. Revenue (South Nassau | ||||
| Communities Hospital) | 5.000% | 7/1/37 | 1,000 | 950 |
| Nassau County NY Local Economic Assistance | ||||
| & Financing Corp. Revenue (Winthrop University | ||||
| Hospital Association Project) | 5.000% | 7/1/27 | 4,000 | 4,060 |
| Nassau County NY Local Economic Assistance | ||||
| & Financing Corp. Revenue (Winthrop University | ||||
| Hospital Association Project) | 5.000% | 7/1/37 | 8,190 | 7,925 |
| Nassau County NY Local Economic Assistance | ||||
| & Financing Corp. Revenue (Winthrop University | ||||
| Hospital Association Project) | 5.000% | 7/1/42 | 3,000 | 2,872 |
| Nassau County NY Tobacco Settlement Corp. | ||||
| Revenue | 5.250% | 6/1/26 | 1,500 | 1,303 |
| Nassau County NY Tobacco Settlement Corp. | ||||
| Revenue | 5.000% | 6/1/35 | 9,000 | 6,555 |
| New York City NY Capital Resources Corp. | ||||
| Revenue (Loan Enhanced Assistance Program) | ||||
| VRDO | 0.150% | 12/6/13 LOC | 4,020 | 4,020 |
| New York City NY GO | 5.200% | 8/1/14 (4) | 5 | 5 |
| New York City NY GO | 5.000% | 11/1/14 (Prere.) | 1,360 | 1,420 |
| New York City NY GO | 5.000% | 8/1/15 (Prere.) | 3,490 | 3,764 |
| New York City NY GO | 5.000% | 9/1/17 | 3,955 | 4,268 |
| 1 New York City NY GO | 0.430% | 8/1/21 | 4,650 | 4,651 |
| 1 New York City NY GO | 0.520% | 8/1/21 | 6,325 | 6,320 |
| New York City NY GO | 5.000% | 8/1/21 | 1,000 | 1,085 |
| New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,267 |
| New York City NY GO | 5.250% | 9/1/21 | 8,100 | 9,300 |
| New York City NY GO | 5.000% | 8/1/22 | 10,000 | 11,010 |
| New York City NY GO | 5.000% | 8/1/22 | 4,250 | 4,844 |
| New York City NY GO | 5.000% | 8/1/22 | 4,000 | 4,555 |
| New York City NY GO | 5.250% | 8/15/22 | 10,000 | 11,439 |
| New York City NY GO | 5.250% | 9/1/22 | 17,000 | 19,460 |
| New York City NY GO | 5.000% | 10/1/22 | 2,985 | 3,379 |
| New York City NY GO | 5.000% | 8/1/23 | 5,000 | 5,772 |
| New York City NY GO | 5.000% | 11/1/23 | 3,165 | 3,272 |
| New York City NY GO | 5.000% | 4/1/24 | 15,000 | 17,024 |
| New York City NY GO | 5.000% | 8/1/24 | 15,000 | 17,251 |
| New York City NY GO | 5.250% | 8/15/24 | 15,000 | 17,078 |
| New York City NY GO | 5.000% | 1/1/25 | 10,000 | 11,146 |
| 1 New York City NY GO | 0.600% | 8/1/25 | 5,500 | 5,502 |
35
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY GO | 5.000% | 8/1/25 | 1,630 | 1,830 |
| New York City NY GO | 5.000% | 8/1/25 | 2,010 | 2,150 |
| New York City NY GO | 5.000% | 10/1/25 | 10,000 | 11,272 |
| New York City NY GO | 5.000% | 1/1/26 | 1,360 | 1,516 |
| New York City NY GO | 5.000% | 8/1/26 | 1,575 | 1,743 |
| New York City NY GO | 5.000% | 8/15/26 | 14,500 | 16,181 |
| New York City NY GO | 5.250% | 8/15/26 | 5,100 | 5,802 |
| New York City NY GO | 5.000% | 10/1/26 | 1,515 | 1,679 |
| New York City NY GO | 5.000% | 8/1/27 | 1,295 | 1,415 |
| New York City NY GO | 5.000% | 5/15/28 | 4,500 | 4,923 |
| New York City NY GO | 5.000% | 8/1/28 | 7,000 | 7,665 |
| New York City NY GO | 5.000% | 8/1/28 | 1,915 | 2,059 |
| New York City NY GO | 6.250% | 10/15/28 | 1,035 | 1,207 |
| New York City NY GO | 5.625% | 4/1/29 | 3,000 | 3,396 |
| New York City NY GO | 5.000% | 8/1/29 | 2,500 | 2,686 |
| New York City NY GO | 5.000% | 8/1/30 | 6,220 | 6,699 |
| New York City NY GO | 5.000% | 8/1/30 | 2,185 | 2,335 |
| New York City NY GO | 5.000% | 3/1/31 | 6,000 | 6,406 |
| New York City NY GO | 5.450% | 4/1/31 | 8,500 | 9,369 |
| New York City NY GO | 5.000% | 8/1/31 | 3,000 | 3,189 |
| New York City NY GO | 5.000% | 8/1/32 | 2,985 | 3,152 |
| New York City NY GO | 5.000% | 10/1/33 | 6,500 | 6,851 |
| New York City NY GO | 5.000% | 10/1/34 | 2,000 | 2,099 |
| New York City NY GO | 5.000% | 8/1/35 | 3,500 | 3,663 |
| New York City NY GO | 5.375% | 4/1/36 | 4,000 | 4,413 |
| New York City NY GO | 5.000% | 10/1/36 | 3,000 | 3,116 |
| New York City NY GO | 5.000% | 3/1/37 | 4,520 | 4,707 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/21 | 2,000 | 2,241 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/30 | 3,300 | 3,432 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.250% | 7/1/28 | 2,700 | 2,918 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.250% | 7/1/29 | 3,035 | 3,264 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 4.750% | 11/1/29 | 5,220 | 5,305 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 4.750% | 11/1/29 | 2,520 | 2,580 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.250% | 7/1/30 | 2,500 | 2,675 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.050% | 11/1/38 | 3,195 | 3,225 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.550% | 11/1/39 | 3,500 | 3,610 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.000% | 11/1/42 | 2,600 | 2,607 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.200% | 11/1/45 | 3,065 | 3,102 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.700% | 11/1/46 | 7,155 | 7,404 |
| New York City NY Industrial Development Agency | ||||
| Civic Facility Revenue (Civil Liberties Union) | ||||
| VRDO | 0.050% | 12/2/13 LOC | 13,980 | 13,980 |
36
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Industrial Development Agency | ||||
| Civic Facility Revenue (MSMC Realty Corp. | ||||
| Project) VRDO | 0.040% | 12/6/13 LOC | 2,255 | 2,255 |
| New York City NY Industrial Development Agency | ||||
| Civic Facility Revenue (United Jewish Appeal- | ||||
| Federation of Jewish Philanthropies of | ||||
| New York, Inc.) | 5.000% | 7/1/34 | 4,850 | 5,073 |
| New York City NY Industrial Development Agency | ||||
| PILOT Revenue (Queens Baseball Stadium | ||||
| Project) | 6.125% | 1/1/29 (12) | 1,750 | 1,907 |
| New York City NY Industrial Development Agency | ||||
| PILOT Revenue (Queens Baseball Stadium | ||||
| Project) | 5.000% | 1/1/31 (2) | 3,140 | 2,816 |
| New York City NY Industrial Development Agency | ||||
| PILOT Revenue (Queens Baseball Stadium | ||||
| Project) | 6.375% | 1/1/39 (12) | 4,000 | 4,333 |
| New York City NY Industrial Development Agency | ||||
| PILOT Revenue (Yankee Stadium Project) | 0.000% | 3/1/34 (12) | 10,285 | 3,502 |
| New York City NY Industrial Development Agency | ||||
| PILOT Revenue (Yankee Stadium Project) | 0.000% | 3/1/35 (12) | 4,305 | 1,379 |
| New York City NY Industrial Development Agency | ||||
| PILOT Revenue (Yankee Stadium Project) | 5.000% | 3/1/36 (14) | 9,670 | 9,694 |
| New York City NY Industrial Development Agency | ||||
| PILOT Revenue (Yankee Stadium Project) | 7.000% | 3/1/49 (12) | 8,000 | 9,128 |
| New York City NY Industrial Development Agency | ||||
| Special Facility Revenue (New York Stock | ||||
| Exchange Project) | 5.000% | 5/1/29 | 2,020 | 2,123 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/14 (Prere.) | 240 | 246 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/17 | 10,000 | 9,675 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 4,250 | 4,004 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/21 | 4,490 | 3,746 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 7,535 | 8,052 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 2,000 | 2,157 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 5,000 | 5,216 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 1,500 | 1,594 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 6,000 | 6,285 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 12,385 | 13,118 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/32 | 15,000 | 16,110 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/34 | 6,000 | 6,369 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/35 | 10,000 | 10,583 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/35 | 760 | 773 |
37
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 10,000 | 10,357 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/40 | 5,000 | 5,176 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 13,355 | 14,015 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 7,500 | 7,871 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.500% | 6/15/40 | 18,500 | 19,716 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 10,075 | 11,166 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 5,700 | 6,297 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/43 | 4,000 | 4,106 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.375% | 6/15/43 | 16,860 | 17,804 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.500% | 6/15/43 | 5,855 | 6,230 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/44 | 5,000 | 5,123 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/44 | 5,000 | 5,130 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/46 | 5,000 | 5,134 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/47 | 20,000 | 20,468 |
| 2 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.060% | 12/2/13 | 3,415 | 3,415 |
| 2 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.060% | 12/2/13 | 1,500 | 1,500 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/23 (14) | 6,100 | 6,339 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/24 (14) | 12,000 | 12,482 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/25 (14) | 13,475 | 13,960 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/26 (14) | 2,540 | 2,631 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/32 (4) | 7,000 | 7,189 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/24 (14) | 6,740 | 7,425 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 1/15/25 | 9,500 | 10,869 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/25 (14) | 5,200 | 5,699 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 1/15/26 | 5,000 | 5,692 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/26 (14) | 6,150 | 6,783 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/28 | 2,805 | 3,057 |
38
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/29 | 5,000 | 5,407 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/30 | 500 | 534 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/31 | 1,585 | 1,687 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/32 | 500 | 531 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/32 | 4,000 | 4,234 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.125% | 1/15/33 | 7,000 | 7,462 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/33 | 6,425 | 6,793 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.125% | 1/15/34 | 10,000 | 10,640 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/37 | 10,000 | 10,368 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 7/15/37 | 3,250 | 3,432 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 1/15/39 | 7,110 | 7,617 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/40 | 5,200 | 5,356 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/20 | 5 | 6 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/20 | 1,710 | 2,015 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/21 | 5,000 | 5,781 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/24 | 7,710 | 8,804 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/24 | 3,000 | 3,413 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 11/1/25 | 1,000 | 1,154 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 11/1/26 | 1,000 | 1,161 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/27 | 2,000 | 2,193 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/28 | 2,000 | 2,179 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/28 | 12,965 | 14,360 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 2/1/29 | 2,000 | 2,198 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/29 | 5,000 | 5,498 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 2/1/30 | 1,500 | 1,632 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/30 | 5,000 | 5,456 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/30 | 8,500 | 9,133 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/31 | 2,000 | 2,127 |
39
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% | 5/1/31 | 5,000 | 5,393 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/31 | 3,575 | 3,814 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/32 | 7,300 | 7,832 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/34 | 2,195 | 2,343 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/34 | 5,000 | 5,345 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/35 | 7,500 | 7,915 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/35 | 10,000 | 10,619 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.500% | 11/1/35 | 3,000 | 3,285 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/38 | 5,000 | 5,253 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/38 | 2,000 | 2,094 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/38 | 4,135 | 4,353 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/42 | 5,000 | 5,235 |
| 2 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.120% | 12/2/13 | 1,930 | 1,930 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (American Museum of Natural History) | ||||
| VRDO | 0.050% | 12/2/13 | 10,795 | 10,795 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (American Museum of Natural History) | ||||
| VRDO | 0.050% | 12/2/13 | 20,505 | 20,505 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Lincoln Center for the Performing | ||||
| Arts Inc.) VRDO | 0.050% | 12/2/13 LOC | 5,330 | 5,330 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Museum of Modern Art) | 5.000% | 4/1/22 | 1,365 | 1,617 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Museum of Modern Art) | 5.000% | 4/1/23 | 1,830 | 2,169 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (The Juilliard School) | 5.000% | 1/1/34 | 4,000 | 4,235 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (The Juilliard School) | 5.000% | 1/1/39 | 4,000 | 4,188 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Whitney Museum of American Art) | 5.000% | 7/1/21 | 1,000 | 1,132 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Whitney Museum of American Art) | 5.000% | 7/1/31 | 7,000 | 7,197 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Wildlife Conservation Society) | 5.000% | 8/1/33 | 6,000 | 6,363 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Wildlife Conservation Society) | 5.000% | 8/1/42 | 1,500 | 1,546 |
| New York GO | 5.000% | 2/15/39 | 9,500 | 10,152 |
| New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 6,835 | 7,122 |
| New York Liberty Development Corp. Revenue | 5.000% | 12/15/41 | 11,750 | 12,039 |
| New York Liberty Development Corp. Revenue | 5.000% | 9/15/43 | 14,360 | 14,398 |
| New York Liberty Development Corp. Revenue | 5.250% | 12/15/43 | 6,750 | 7,047 |
40
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York Liberty Development Corp. Revenue | 5.125% | 1/15/44 | 7,000 | 7,262 |
| New York Liberty Development Corp. Revenue | 5.000% | 11/15/44 | 26,910 | 26,979 |
| New York Liberty Development Corp. Revenue | 5.125% | 11/15/44 | 4,200 | 4,240 |
| New York Liberty Development Corp. Revenue | 5.625% | 7/15/47 | 6,055 | 6,396 |
| New York Liberty Development Corp. Revenue | 6.375% | 7/15/49 | 16,725 | 17,645 |
| New York Liberty Development Corp. Revenue | 5.750% | 11/15/51 | 17,000 | 18,116 |
| New York Liberty Development Corp. Revenue | ||||
| (7 World Trade Center Project) | 5.000% | 9/15/31 | 5,000 | 5,383 |
| New York Liberty Development Corp. Revenue | ||||
| (7 World Trade Center Project) | 5.000% | 9/15/32 | 5,000 | 5,346 |
| New York Liberty Development Corp. Revenue | ||||
| (7 World Trade Center Project) | 5.000% | 9/15/40 | 4,680 | 4,860 |
| New York Liberty Development Corp. Revenue | ||||
| (7 World Trade Center Project) | 5.000% | 3/15/44 | 4,965 | 4,756 |
| New York Liberty Development Corp. Revenue | ||||
| (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 54,000 | 56,513 |
| New York Liberty Development Corp. Revenue | ||||
| (Goldman Sachs Headquarters) | 5.500% | 10/1/37 | 1,510 | 1,614 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 4.750% | 11/15/15 (Prere.) | 8,600 | 9,345 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/23 | 4,500 | 4,963 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/23 | 2,300 | 2,537 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 6.250% | 11/15/23 | 5,000 | 5,892 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/24 | 1,000 | 1,096 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/25 | 1,000 | 1,090 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/26 | 2,330 | 2,519 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/26 | 10,000 | 10,835 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/26 | 3,000 | 3,236 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/27 | 5,000 | 5,353 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/27 | 4,945 | 5,295 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/27 (14) | 2,500 | 2,685 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/28 | 2,250 | 2,374 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/28 | 4,000 | 4,234 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/28 | 3,500 | 3,723 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/28 | 1,000 | 1,070 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 6.500% | 11/15/28 | 5,000 | 5,837 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/29 | 1,000 | 1,062 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/30 | 3,715 | 3,838 |
41
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/30 | 1,150 | 1,214 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/32 | 1,500 | 1,549 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/32 | 2,050 | 2,120 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/33 | 3,500 | 3,604 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/38 | 7,090 | 7,197 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/38 | 15,000 | 15,226 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/38 | 1,000 | 1,033 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/40 | 10,000 | 10,281 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/41 | 2,000 | 2,022 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/42 | 9,000 | 9,064 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/28 | 5,000 | 5,468 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/29 | 4,000 | 4,344 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/30 | 4,000 | 4,353 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.000% | 11/15/29 | 6,975 | 7,539 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.000% | 11/15/31 | 11,000 | 11,744 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.000% | 11/15/33 | 5,000 | 5,275 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.000% | 11/15/22 | 5,000 | 5,600 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.250% | 11/15/22 (14) | 8,310 | 8,345 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.000% | 11/15/41 | 10,000 | 10,122 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Transit Revenue) PUT | 5.000% | 11/15/14 | 40,550 | 42,301 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Albany Medical Center Hospital) | 5.000% | 8/15/18 (4) | 13,080 | 13,476 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/15 (Prere.) | 2,825 | 2,995 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/15 (Prere.) | 1,120 | 1,188 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/15 (Prere.) | 2,420 | 2,566 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/15 (Prere.) | 2,555 | 2,709 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Catskill Regional Medical Center) | 5.250% | 2/15/15 (Prere.) | 1,680 | 1,781 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Hudson Valley Hospital Center) | 5.000% | 8/15/27 (4) | 4,505 | 4,907 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/24 | 3,000 | 3,359 |
42
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/26 | 1,000 | 1,097 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/29 | 4,000 | 4,284 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/30 | 1,000 | 1,064 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/35 | 1,000 | 1,056 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/41 | 11,000 | 11,422 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/42 | 7,760 | 8,050 |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/22 | 2,985 | 3,336 |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/23 | 1,630 | 1,796 |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/24 | 2,290 | 2,480 |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/26 | 1,630 | 1,727 |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/27 | 1,210 | 1,269 |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/28 | 1,000 | 1,040 |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/29 | 1,000 | 1,028 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) | 5.000% | 7/1/32 | 710 | 686 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.500% | 7/1/20 (14) | 4,525 | 5,436 |
| New York State Dormitory Authority Revenue | ||||
| (City University System) | 5.000% | 7/1/25 | 4,670 | 5,182 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.125% | 7/1/19 | 4,900 | 5,037 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.125% | 7/1/21 | 6,990 | 7,184 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 10/1/22 | 4,395 | 5,286 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 7/1/40 | 16,095 | 16,924 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) | 5.000% | 7/1/31 | 6,905 | 7,424 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) | 5.000% | 7/1/35 | 1,500 | 1,596 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) VRDO | 0.060% | 12/6/13 | 5,190 | 5,190 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 3.000% | 7/1/14 | 160 | 162 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 4.000% | 7/1/15 | 250 | 260 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 4.000% | 7/1/16 | 355 | 377 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/17 | 300 | 332 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/18 | 325 | 362 |
43
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/19 | 250 | 280 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/20 | 400 | 445 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/21 | 300 | 332 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/28 | 540 | 554 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.500% | 7/1/33 | 1,000 | 1,029 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/34 | 350 | 340 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/42 | 600 | 575 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.750% | 7/1/43 | 7,085 | 7,242 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 4.000% | 7/1/21 | 250 | 270 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.000% | 7/1/22 | 200 | 230 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.500% | 7/1/36 | 3,000 | 3,189 |
| New York State Dormitory Authority Revenue | ||||
| (Long Island University) | 5.000% | 9/1/26 | 2,355 | 2,407 |
| New York State Dormitory Authority Revenue | ||||
| (Long Island University) | 5.000% | 9/1/27 | 1,520 | 1,533 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/21 | 2,000 | 2,330 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/23 | 1,490 | 1,693 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/30 | 9,000 | 9,457 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/36 | 1,000 | 1,035 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | 5.000% | 2/15/25 (14) | 6,575 | 6,883 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | 5.000% | 2/15/28 (4) | 500 | 539 |
| New York State Dormitory Authority Revenue | ||||
| (Miriam Osborn Memorial Home Association) | 5.000% | 7/1/26 | 740 | 770 |
| New York State Dormitory Authority Revenue | ||||
| (Miriam Osborn Memorial Home Association) | 5.000% | 7/1/27 | 650 | 668 |
| New York State Dormitory Authority Revenue | ||||
| (Miriam Osborn Memorial Home Association) | 5.000% | 7/1/29 | 1,000 | 1,021 |
| New York State Dormitory Authority Revenue | ||||
| (Miriam Osborn Memorial Home Association) | 5.000% | 7/1/42 | 500 | 502 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/22 | 3,500 | 3,888 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 4,500 | 4,926 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/26 | 1,500 | 1,600 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of New York | ||||
| University) | 5.000% | 7/1/20 | 1,000 | 1,157 |
44
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of New York | ||||
| University) | 5.000% | 7/1/21 | 1,000 | 1,130 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of New York | ||||
| University) | 5.150% | 7/1/24 (14) | 2,000 | 2,178 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/20 | 3,000 | 3,241 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/22 | 8,000 | 8,461 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.750% | 7/1/31 | 1,000 | 1,068 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 6.000% | 7/1/40 | 1,000 | 1,069 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/30 | 6,625 | 7,147 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/37 | 4,200 | 4,397 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/37 | 3,250 | 3,402 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/38 | 15,700 | 16,429 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/39 | 10,000 | 10,413 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/42 | 12,950 | 13,435 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/43 | 9,000 | 9,354 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/20 | 2,520 | 2,877 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 11/1/20 | 3,965 | 4,226 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/21 | 1,000 | 1,133 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 11/1/21 | 4,035 | 4,254 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/22 | 1,465 | 1,650 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 11/1/22 | 4,285 | 4,485 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/26 | 1,000 | 1,062 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 11/1/26 | 5,495 | 5,640 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 11/1/26 | 1,800 | 1,847 |
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% | 5/1/32 | 7,000 | 7,099 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.250% | 5/1/34 | 1,000 | 1,035 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/39 | 4,000 | 3,983 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/41 | 2,500 | 2,485 |
| New York State Dormitory Authority Revenue | ||||
| (Pace University) | 5.000% | 5/1/25 | 1,000 | 1,020 |
| New York State Dormitory Authority Revenue | ||||
| (Pace University) | 5.000% | 5/1/28 | 1,500 | 1,480 |
| New York State Dormitory Authority Revenue | ||||
| (Pace University) | 5.000% | 5/1/29 | 600 | 582 |
| New York State Dormitory Authority Revenue | ||||
| (Pace University) | 5.000% | 5/1/38 | 500 | 470 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/23 (4) | 4,200 | 4,418 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/26 (2) | 7,500 | 7,875 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/27 | 5,000 | 5,482 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/28 | 2,185 | 2,381 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/28 | 2,225 | 2,442 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/29 | 3,790 | 4,102 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/30 | 3,480 | 3,730 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/33 | 5,000 | 5,300 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/33 | 6,615 | 7,015 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/35 | 10,000 | 10,479 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.750% | 3/15/36 | 10,000 | 11,165 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/37 | 7,600 | 7,943 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/38 | 5,000 | 5,321 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.250% | 3/15/38 | 18,000 | 18,984 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/40 | 6,000 | 6,212 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/41 | 10,000 | 10,307 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/18 (12) | 570 | 655 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/29 (12) | 3,750 | 3,923 |
46
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/23 | 750 | 853 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/24 | 1,000 | 1,123 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/25 | 1,355 | 1,506 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/34 | 750 | 781 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/38 | 1,250 | 1,273 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/40 | 2,000 | 2,057 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) | 5.000% | 7/1/33 | 2,670 | 2,897 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) | 5.000% | 7/1/34 | 2,720 | 2,941 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) | 5.000% | 7/1/37 | 965 | 1,029 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) | 5.000% | 7/1/38 | 9,000 | 9,595 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/20 (12) | 1,500 | 1,732 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/21 | 4,320 | 4,894 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/21 | 6,495 | 7,451 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 4/1/22 | 2,930 | 3,350 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/22 (4) | 1,000 | 1,160 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/22 | 1,340 | 1,533 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/24 (15) | 3,250 | 3,645 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/25 (4) | 2,860 | 3,173 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/26 | 1,000 | 1,091 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) | 5.250% | 7/1/32 (14) | 9,000 | 9,284 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) | 5.000% | 7/1/44 | 10,000 | 10,015 |
| New York State Dormitory Authority Revenue | ||||
| (State University Dormitory Facilities) | 5.000% | 7/1/27 | 2,500 | 2,752 |
| New York State Dormitory Authority Revenue | ||||
| (State University Dormitory Facilities) | 5.250% | 7/1/31 | 2,500 | 2,693 |
| New York State Dormitory Authority Revenue | ||||
| (State University Dormitory Facilities) | 5.000% | 7/1/43 | 2,000 | 2,040 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 5.000% | 5/15/25 | 5,000 | 5,593 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 5.000% | 5/15/26 | 8,000 | 8,886 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 5.000% | 5/15/27 | 5,000 | 5,477 |
| New York State Dormitory Authority Revenue | ||||
| (Teachers College) | 5.000% | 7/1/31 | 1,750 | 1,842 |
47
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Teachers College) | 5.000% | 7/1/42 | 2,000 | 2,031 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.250% | 7/1/30 | 3,000 | 3,185 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.000% | 7/1/31 (14) | 3,665 | 3,813 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.500% | 7/1/40 | 5,000 | 5,230 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 6.000% | 7/1/50 | 5,575 | 5,939 |
| New York State Dormitory Authority Revenue | ||||
| (University of Rochester) | 5.000% | 7/1/22 | 1,000 | 1,107 |
| New York State Dormitory Authority Revenue | ||||
| (University of Rochester) | 5.000% | 7/1/32 | 8,405 | 8,715 |
| New York State Dormitory Authority Revenue | ||||
| (University of Rochester) VRDO | 0.050% | 12/2/13 LOC | 5,200 | 5,200 |
| New York State Dormitory Authority Revenue | ||||
| (University of Rochester) VRDO | 0.050% | 12/2/13 LOC | 3,585 | 3,585 |
| New York State Dormitory Authority Revenue | ||||
| (Vassar College) | 5.000% | 7/1/46 | 2,500 | 2,547 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.250% | 7/1/19 (2) | 2,425 | 2,482 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.250% | 7/1/21 (2) | 1,750 | 1,787 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.250% | 7/1/22 (2) | 3,425 | 3,496 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/35 | 3,000 | 3,195 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/38 | 1,200 | 1,254 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/43 | 4,500 | 4,666 |
| New York State Energy Research & Development | ||||
| Authority Pollution Control Revenue (Rochester | ||||
| Gas & Electric Corp. Project) PUT | 5.000% | 8/1/16 (14) | 7,750 | 8,414 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (Personal Income Tax) | 5.250% | 12/15/24 | 8,000 | 9,202 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 8/15/14 | 5,780 | 5,980 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 4.000% | 8/15/15 | 1,400 | 1,485 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/22 | 4,950 | 5,579 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/25 | 4,540 | 4,842 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/25 | 5,775 | 6,616 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/25 | 2,000 | 2,261 |
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 Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/30 | 3,000 | 3,304 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/31 | 5,870 | 6,420 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/31 | 2,000 | 2,153 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/32 | 5,000 | 5,451 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/34 | 5,000 | 5,087 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/34 | 6,000 | 6,104 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/36 | 1,500 | 1,579 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/41 | 5,900 | 6,129 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 3.000% | 11/15/14 | 2,155 | 2,213 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 5/15/15 | 2,075 | 2,220 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 3.000% | 11/15/15 | 1,195 | 1,254 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 11/15/16 | 3,010 | 3,410 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 11/15/27 | 3,000 | 3,324 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 5/15/41 | 3,505 | 3,640 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 5/15/43 | 5,000 | 5,238 |
| New York State Environmental Facilities Corp. | ||||
| Water Facilities Revenue (United Water | ||||
| New Rochelle Inc. Project) | 4.875% | 9/1/40 | 4,000 | 3,950 |
| New York State GO | 5.000% | 3/1/28 | 14,550 | 16,323 |
| New York State Housing Finance Agency Housing | ||||
| Revenue | 3.750% | 11/1/37 | 1,555 | 1,320 |
| New York State Housing Finance Agency Housing | ||||
| Revenue | 3.850% | 11/1/42 | 1,405 | 1,178 |
| New York State Housing Finance Agency Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/38 | 15,245 | 15,835 |
| New York State Local Government Assistance | ||||
| Corp. Revenue | 5.500% | 4/1/17 | 2,015 | 2,245 |
| New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue | 2.625% | 4/1/41 | 3,000 | 3,079 |
| New York State Mortgage Agency Revenue | ||||
| (NYHELP’s Education Loan) | 4.750% | 11/1/24 | 1,840 | 1,912 |
| New York State Power Authority Revenue | 5.000% | 11/15/38 | 1,000 | 1,054 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/26 | 2,545 | 2,787 |
49
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Thruway Authority Revenue | 5.000% | 1/1/27 (14) | 2,000 | 2,160 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/28 (14) | 2,500 | 2,675 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 4,000 | 4,215 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/31 | 8,500 | 8,909 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/32 (4) | 1,275 | 1,326 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/37 | 13,000 | 13,365 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/42 | 9,765 | 9,947 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/18 (2) | 24,500 | 26,505 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/24 | 10,000 | 11,324 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/26 | 10,000 | 11,029 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/27 | 2,000 | 2,187 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 9,000 | 9,665 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 2,000 | 2,174 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/29 | 2,000 | 2,159 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/30 | 2,000 | 2,138 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/32 | 6,100 | 6,418 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/15 (Prere.) | 4,250 | 4,511 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/24 | 2,500 | 2,830 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/25 | 2,305 | 2,579 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/26 | 2,100 | 2,329 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/30 | 2,735 | 2,934 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/30 | 1,500 | 1,619 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/31 | 1,500 | 1,609 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/33 | 1,500 | 1,600 |
| New York State Urban Development Corp. | ||||
| Revenue | 5.625% | 1/1/28 | 3,860 | 4,165 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/15 (Prere.) | 7,860 | 8,343 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 12/15/20 | 8,240 | 9,712 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/28 | 4,000 | 4,406 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 3,000 | 3,200 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/37 | 7,000 | 7,183 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/43 | 10,000 | 10,314 |
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) | 5.000% | 1/1/21 | 1,355 | 1,539 |
| New York State Urban Development Corp. | ||||
| Revenue (Service Contract) | 5.250% | 1/1/24 | 10,000 | 11,335 |
| Niagara Falls NY Bridge Commission Revenue | 5.250% | 10/1/15 (14) | 1,085 | 1,119 |
| Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/20 (14) | 8,685 | 10,783 |
| Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/21 (14) | 9,230 | 11,501 |
| Niagara NY Area Development Corp. Revenue | ||||
| (Niagara University Project) | 5.000% | 5/1/26 | 320 | 335 |
| Niagara NY Area Development Corp. Revenue | ||||
| (Niagara University Project) | 5.000% | 5/1/30 | 2,750 | 2,782 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Le Moyne College) | 5.000% | 7/1/32 | 1,000 | 973 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Le Moyne College) | 5.000% | 7/1/42 | 1,750 | 1,658 |
| Onondaga County NY Trust For Cultural Resources | ||||
| Revenue (Syracuse University Project) | 5.000% | 12/1/31 | 1,000 | 1,069 |
| Onondaga County NY Trust For Cultural Resources | ||||
| Revenue (Syracuse University Project) | 5.000% | 12/1/32 | 1,265 | 1,345 |
| Onondaga County NY Trust For Cultural Resources | ||||
| Revenue (Syracuse University Project) | 5.000% | 12/1/38 | 6,000 | 6,235 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 12/1/23 | 4,500 | 5,302 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 8/15/28 (4) | 10,000 | 10,969 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 7/15/32 | 6,500 | 6,821 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 7/15/33 | 6,000 | 6,252 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 7/15/35 | 6,500 | 6,752 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.250% | 7/15/36 | 4,000 | 4,320 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 12/1/38 | 6,600 | 6,896 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 7/15/39 | 10,765 | 11,089 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 10/15/39 | 1,480 | 1,541 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 1/15/41 | 12,500 | 12,877 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 12/1/43 | 3,000 | 3,112 |
| Port Authority of New York & New Jersey | ||||
| Special Obligation Revenue (John F. Kennedy | ||||
| International Air Terminal LLC) | 5.500% | 12/1/31 | 7,000 | 7,276 |
| Port Authority of New York & New Jersey | ||||
| Special Obligation Revenue (John F. Kennedy | ||||
| International Air Terminal LLC) | 6.000% | 12/1/36 | 4,000 | 4,300 |
| Port Authority of New York & New Jersey | ||||
| Special Obligation Revenue (John F. Kennedy | ||||
| International Air Terminal LLC) | 6.000% | 12/1/42 | 7,000 | 7,482 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 10/1/16 | 3,510 | 3,890 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/23 | 345 | 393 |
51
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/24 | 300 | 338 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/43 | 4,495 | 4,541 |
| Suffolk County NY Economic Development Corp. | ||||
| Revenue (Catholic Health Services) | 5.000% | 7/1/28 | 10,750 | 10,953 |
| Suffolk County NY Industrial Development Agency | ||||
| Civic Facility Revenue (Institute of Technology | ||||
| Project) | 5.250% | 3/1/19 | 500 | 516 |
| Suffolk County NY Industrial Development Agency | ||||
| Civic Facility Revenue (Institute of Technology | ||||
| Project) | 5.250% | 3/1/20 | 1,000 | 1,027 |
| Suffolk County NY Industrial Development Agency | ||||
| Civic Facility Revenue (Institute of Technology | ||||
| Project) | 5.000% | 3/1/26 | 2,000 | 2,016 |
| Suffolk County NY Judicial Facilities Agency Lease | ||||
| Revenue (H. Lee Dennison Building) | 5.000% | 11/1/33 | 7,500 | 7,370 |
| Suffolk NY Tobacco Asset Securitization Corp. | ||||
| Revenue | 5.250% | 6/1/37 | 2,600 | 2,538 |
| Tobacco Settlement Asset Securitization Corp. Inc. | ||||
| New York | 5.000% | 6/1/34 | 3,100 | 2,329 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/23 | 1,500 | 1,730 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/23 | 4,000 | 4,621 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/24 | 4,000 | 4,554 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/25 | 2,000 | 2,249 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/26 | 2,000 | 2,223 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/26 | 15,000 | 16,584 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/27 | 5,000 | 5,484 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/28 | 2,500 | 2,722 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/28 | 2,675 | 2,844 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/31 | 6,990 | 7,485 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/33 | 3,385 | 3,611 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/37 | 13,310 | 13,712 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.250% | 11/15/38 | 25,000 | 26,119 |
| 2 Triborough Bridge & Tunnel Authority New York | ||||
| Revenue TOB VRDO | 0.060% | 12/6/13 | 4,000 | 4,000 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue VRDO | 0.050% | 12/2/13 LOC | 2,030 | 2,030 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.000% | 9/1/30 | 1,500 | 1,551 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.125% | 9/1/40 | 3,650 | 3,696 |
52
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value | ||
| Coupon | Date | ($000) | ($000) | |
| United Nations Development Corp. New York | ||||
| Revenue | 5.000% | 7/1/20 | 3,340 | 3,778 |
| Westchester County NY GO | 4.000% | 6/1/14 | 9,375 | 9,558 |
| Westchester County NY GO | 5.000% | 7/1/14 | 8,930 | 9,185 |
| Westchester County NY GO | 4.000% | 6/1/15 | 9,760 | 10,311 |
| Westchester County NY GO | 5.000% | 7/1/15 | 9,380 | 10,086 |
| Westchester County NY GO | 5.000% | 7/1/16 | 9,850 | 11,005 |
| Westchester County NY GO | 5.000% | 7/1/17 | 10,340 | 11,921 |
| Westchester County NY Health Care Corp. | ||||
| Revenue | 5.000% | 11/1/21 | 2,500 | 2,794 |
| Westchester County NY Health Care Corp. | ||||
| Revenue | 6.125% | 11/1/37 | 2,100 | 2,256 |
| Westchester County NY Local Development Corp. | ||||
| Revenue (Kendal on Hudson Project) | 5.000% | 1/1/28 | 1,350 | 1,350 |
| Westchester County NY Local Development Corp. | ||||
| Revenue (Kendal on Hudson Project) | 5.000% | 1/1/34 | 1,450 | 1,407 |
| Yonkers NY GO | 5.000% | 10/1/20 | 1,000 | 1,132 |
| 3,046,323 | ||||
| Guam (0.3%) | ||||
| Guam Government Waterworks Authority Water | ||||
| & Waste Water System Revenue | 5.500% | 7/1/43 | 9,500 | 9,215 |
| Virgin Islands (0.3%) | ||||
| Virgin Islands Public Finance Authority Revenue | 5.250% | 10/1/14 (Prere.) | 2,000 | 2,085 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/25 | 1,100 | 1,117 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/32 | 4,900 | 4,732 |
| 7,934 | ||||
| Puerto Rico (0.0%) | ||||
| Puerto Rico Public Finance Corp. Revenue | 6.000 | 8/1/26 (ETM) | 860 | 1,060 |
| Total Tax-Exempt Municipal Bonds (Cost $3,004,345) | 3,064,532 | |||
| Other Assets and Liabilities (0.8%) | ||||
| Other Assets | 45,295 | |||
| Liabilities | (21,478) | |||
| 23,817 | ||||
| Net Assets (100%) | 3,088,349 | |||
53
New York Long-Term Tax-Exempt Fund
| At November 30, 2013, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 3,059,787 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Losses | (31,625) |
| Unrealized Appreciation (Depreciation) | 60,187 |
| Net Assets | 3,088,349 |
| Investor Shares—Net Assets | |
| Applicable to 35,200,539 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 390,910 |
| Net Asset Value Per Share—Investor Shares | $11.11 |
| Admiral Shares—Net Assets | |
| Applicable to 242,897,871 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,697,439 |
| Net Asset Value Per Share���Admiral Shares | $11.11 |
See Note A in Notes to Financial Statements.
1 Adjustable-rate security.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2013, the aggregate value of these securities was $10,845,000, representing 0.4% 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.
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.
PILOT—Payments in Lieu of Taxes.
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.
(15) Build America Mutual Assurance Company.
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, 2013 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 120,105 |
| Total Income | 120,105 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 251 |
| Management and Administrative—Investor Shares | 744 |
| Management and Administrative—Admiral Shares | 2,585 |
| Marketing and Distribution—Investor Shares | 120 |
| Marketing and Distribution—Admiral Shares | 512 |
| Custodian Fees | 42 |
| Auditing Fees | 29 |
| Shareholders’ Reports—Investor Shares | 12 |
| Shareholders’ Reports—Admiral Shares | 8 |
| Trustees’ Fees and Expenses | 4 |
| Total Expenses | 4,307 |
| Net Investment Income | 115,798 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 19,765 |
| Futures Contracts | (871) |
| Options on Futures Contracts | (16) |
| Realized Net Gain (Loss) | 18,878 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (289,451) |
| Futures Contracts | 10 |
| Change in Unrealized Appreciation (Depreciation) | (289,441) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (154,765) |
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, | ||
| 2013 | 2012 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 115,798 | 116,049 |
| Realized Net Gain (Loss) | 18,878 | 9,627 |
| Change in Unrealized Appreciation (Depreciation) | (289,441) | 212,278 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (154,765) | 337,954 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (15,926) | (18,082) |
| Admiral Shares | (99,872) | (97,967) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Total Distributions | (115,798) | (116,049) |
| Capital Share Transactions | ||
| Investor Shares | (97,681) | (5,503) |
| Admiral Shares | (40,968) | 255,682 |
| Net Increase (Decrease) from Capital Share Transactions | (138,649) | 250,179 |
| Total Increase (Decrease) | (409,212) | 472,084 |
| Net Assets | ||
| Beginning of Period | 3,497,561 | 3,025,477 |
| End of Period | 3,088,349 | 3,497,561 |
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 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $12.03 | $11.24 | $11.04 | $11.01 | $10.13 |
| Investment Operations | |||||
| Net Investment Income | .397 | .405 | .420 | .429 | .442 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (.920) | .790 | .200 | .032 | .880 |
| Total from Investment Operations | (.523) | 1.195 | .620 | .461 | 1.322 |
| Distributions | |||||
| Dividends from Net Investment Income | (.397) | (.405) | (.420) | (.429) | (.442) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.397) | (.405) | (.420) | (.429) | (.442) |
| Net Asset Value, End of Period | $11.11 | $12.03 | $11.24 | $11.04 | $11.01 |
| Total Return1 | -4.38% | 10.80% | 5.77% | 4.20% | 13.26% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $391 | $528 | $498 | $596 | $732 |
| Ratio of Total Expenses to | |||||
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.47% | 3.48% | 3.82% | 3.84% | 4.13% |
| Portfolio Turnover Rate | 23% | 16% | 22% | 29% | 29% |
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 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $12.03 | $11.24 | $11.04 | $11.01 | $10.13 |
| Investment Operations | |||||
| Net Investment Income | .406 | .414 | .428 | .438 | .451 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (.920) | .790 | .200 | .032 | .880 |
| Total from Investment Operations | (.514) | 1.204 | .628 | .470 | 1.331 |
| Distributions | |||||
| Dividends from Net Investment Income | (.406) | (.414) | (.428) | (.438) | (.451) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.406) | (.414) | (.428) | (.438) | (.451) |
| Net Asset Value, End of Period | $11.11 | $12.03 | $11.24 | $11.04 | $11.01 |
| Total Return | -4.31% | 10.89% | 5.85% | 4.28% | 13.35% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,697 | $2,970 | $2,527 | $2,448 | $2,253 |
| Ratio of Total Expenses to | |||||
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.55% | 3.56% | 3.90% | 3.92% | 4.21% |
| Portfolio Turnover Rate | 23% | 16% | 22% | 29% | 29% |
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 and Options: The fund may use futures contracts and options on 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. The primary risk associated with purchasing options is that interest rates move in such a way that the option is out-of-the-money, the position is worthless at expiration, and the fund loses the premium paid. The primary risk associated with writing options is that interest rates move in such a way that the option is in-the-money, the counterparty exercises the option, and the fund loses an amount equal to the market value of the option written less the premium received. Counterparty risk involving futures and exchange-traded options is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures and options on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate notional 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).
During the year ended November 30, 2013, the fund’s average investments in long and short futures contracts represented 1% and less than 1% of net assets, respectively, based on quarterly average aggregate settlement values. The fund had no open futures contracts at November 30, 2013.
60
New York Long-Term Tax-Exempt Fund
Options on futures contracts are also valued at their quoted daily settlement prices. The premium paid for a purchased option is recorded as an asset that is subsequently adjusted daily to the current market value of the option purchased. The premium received for a written option is recorded as an asset with an equal liability that is subsequently adjusted daily to the current market value of the option written. Fluctuations in the value of the options are recorded as unrealized appreciation (depreciation) until expired, closed, or exercised, at which time realized gains (losses) are recognized.
During the year ended November 30, 2013, the fund’s average value of options purchased and options written represented less than 1% and 0% of net assets, respectively, based on quarterly average market values. The fund had no open options on futures contracts at November 30, 2013.
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, 2010–2013), 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.
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, 2013, the fund had contributed capital of $355,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.14% 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).
61
New York Long-Term Tax-Exempt Fund
At November 30, 2013, 100% of the market value of the fund’s investments was determined based on Level 2 inputs.
D. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future.
The fund used capital loss carryforwards of $18,864,000 to offset taxable capital gains realized during the year ended November 30, 2013. At November 30, 2013, the fund had available capital losses totaling $31,057,000 to offset future net capital gains of $23,603,000 through November 30, 2017, and $7,454,000 through November 30, 2019.
At November 30, 2013, the cost of investment securities for tax purposes was $3,004,913,000. Net unrealized appreciation of investment securities for tax purposes was $59,619,000, consisting of unrealized gains of $105,933,000 on securities that had risen in value since their purchase and $46,314,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended November 30, 2013, the fund purchased $723,206,000 of investment securities and sold $730,247,000 of investment securities, other than temporary cash investments.
F. Capital share transactions for each class of shares were:
| Year Ended November 30, | ||||
| 2013 | 2012 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 94,737 | 8,173 | 126,793 | 10,892 |
| Issued in Lieu of Cash Distributions | 12,478 | 1,091 | 14,205 | 1,216 |
| Redeemed | (204,896) | (17,925) | (146,501) | (12,578) |
| Net Increase (Decrease)—Investor Shares | (97,681) | (8,661) | (5,503) | (470) |
| Admiral Shares | ||||
| Issued | 521,392 | 45,376 | 483,018 | 41,444 |
| Issued in Lieu of Cash Distributions | 71,456 | 6,259 | 71,043 | 6,077 |
| Redeemed | (633,816) | (55,535) | (298,379) | (25,563) |
| Net Increase (Decrease) —Admiral Shares | (40,968) | (3,900) | 255,682 | 21,958 |
G. Management has determined that no material events or transactions occurred subsequent to November 30, 2013, that would require 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 separate portfolios of Vanguard New York Tax-Free Funds, hereafter referred to as the “Funds”) at November 30, 2013, 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, 2013 by correspondence with the custodian, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 15, 2014
Special 2013 tax information (unaudited) for Vanguard New York Tax-Exempt Funds
This information for the fiscal year ended November 30, 2013, 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, 2013 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| 5/31/2013 | 11/30/2013 | Period | |
| Based on Actual Fund Return | |||
| New York Tax-Exempt Money Market Fund | $1,000.00 | $1,000.05 | $0.45 |
| New York Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $973.61 | $0.99 |
| Admiral Shares | 1,000.00 | 974.00 | 0.59 |
| Based on Hypothetical 5% Yearly Return | |||
| New York Tax-Exempt Money Market Fund | $1,000.00 | $1,024.62 | $0.46 |
| 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, 0.09%; and for the New York Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. (The six-month 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 fund’s annualized six-month expense ratio was 0.16%.) 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 181 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.
| InterestedTrustee1 | and Delphi Automotive LLP (automotive components); |
| Senior Advisor at New Mountain Capital; Trustee of | |
| F. William McNabb III | The Conference Board. |
| Born 1957. Trustee Since July 2009. Chairman of the | |
| Board. Principal Occupation(s) During the Past Five | Amy Gutmann |
| Years: Chairman of the Board of The Vanguard Group, | Born 1949. Trustee Since June 2006. Principal |
| Inc., and of each of the investment companies served | Occupation(s) During the Past Five Years: President |
| by The Vanguard Group, since January 2010; Director | of the University of Pennsylvania; Christopher H. |
| of The Vanguard Group since 2008; Chief Executive | Browne Distinguished Professor of Political Science |
| Officer and President of The Vanguard Group and of | in the School of Arts and Sciences with secondary |
| each of the investment companies served by The | appointments at the Annenberg School for |
| Vanguard Group since 2008; Director of Vanguard | Communication and the Graduate School of Education |
| Marketing Corporation; Managing Director of The | of the University of Pennsylvania; Member of the |
| Vanguard Group (1995–2008). | National Commission on the Humanities and Social |
| Sciences; Trustee of Carnegie Corporation of New | |
| Independent Trustees | York and of the National Constitution Center; Chair |
| of the U.S. Presidential Commission for the Study | |
| Emerson U. Fullwood | of Bioethical Issues. |
| Born 1948. Trustee Since January 2008. Principal | |
| Occupation(s) During the Past Five Years: Executive | JoAnn Heffernan Heisen |
| Chief Staff and Marketing Officer for North America | Born 1950. Trustee Since July 1998. Principal |
| and Corporate Vice President (retired 2008) of Xerox | Occupation(s) During the Past Five Years: Corporate |
| Corporation (document management products and | Vice President and Chief Global Diversity Officer |
| services); Executive in Residence and 2010 | (retired 2008) and Member of the Executive |
| Distinguished Minett Professor at the Rochester | Committee (1997–2008) of Johnson & Johnson |
| Institute of Technology; Director of SPX Corporation | (pharmaceuticals/medical devices/consumer |
| (multi-industry manufacturing), the United Way of | products); Director of Skytop Lodge Corporation |
| Rochester, Amerigroup Corporation (managed health | (hotels), the University Medical Center at Princeton, |
| care), the University of Rochester Medical Center, | the Robert Wood Johnson Foundation, and the Center |
| Monroe Community College Foundation, and North | for Talent Innovation; Member of the Advisory Board |
| Carolina A&T University. | of the Maxwell School of Citizenship and Public Affairs |
| at Syracuse University. | |
| Rajiv L. Gupta | F. Joseph Loughrey |
| Born 1945. Trustee Since December 2001.2 | Born 1949. Trustee Since October 2009. Principal |
| Principal Occupation(s) During the Past Five Years: | Occupation(s) During the Past Five Years: President |
| Chairman and Chief Executive Officer (retired 2009) | and Chief Operating Officer (retired 2009) of Cummins |
| and President (2006–2008) of Rohm and Haas Co. | Inc. (industrial machinery); Chairman of the Board of |
| (chemicals); Director of Tyco International, Ltd. | Hillenbrand, Inc. (specialized consumer services) and |
| (diversified manufacturing and services), Hewlett- | of Oxfam America; Director of SKF AB (industrial |
| Packard Co. (electronic computer manufacturing), | |
| machinery), Hyster-Yale Materials Handling, Inc. | Executive Officers | |
| (forklift trucks), and the Lumina Foundation for | ||
| Education; Member of the Advisory Council for the | Glenn Booraem | |
| College of Arts and Letters and of the Advisory Board | Born 1967. Controller Since July 2010. Principal | |
| to the Kellogg Institute for International Studies, both | Occupation(s) During the Past Five Years: Principal | |
| at the University of Notre Dame. | of The Vanguard Group, Inc.; Controller of each of | |
| the investment companies served by The Vanguard | ||
| Mark Loughridge | Group; Assistant Controller of each of the investment | |
| Born 1953. Trustee Since March 2012. Principal | companies served by The Vanguard Group (2001–2010). | |
| Occupation(s) During the Past Five Years: Senior Vice | ||
| President and Chief Financial Officer at IBM (information | Thomas J. Higgins | |
| technology services); Fiduciary Member of IBM’s | Born 1957. Chief Financial Officer Since September | |
| Retirement Plan Committee. | 2008. Principal Occupation(s) During the Past Five | |
| Years: Principal of The Vanguard Group, Inc.; Chief | ||
| Scott C. Malpass | Financial Officer of each of the investment companies | |
| Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of | |
| Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard | |
| Investment Officer and Vice President at the University | Group (1998–2008). | |
| of Notre Dame; Assistant Professor of Finance at the | ||
| Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
| of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal | |
| Director of TIFF Advisory Services, Inc. (investment | Occupation(s) During the Past Five Years: Principal of | |
| advisor); Member of the Investment Advisory | The Vanguard Group, Inc.; Treasurer of each of the | |
| Committees of the Financial Industry Regulatory | investment companies served by The Vanguard | |
| Authority (FINRA) and of Major League Baseball. | Group; Assistant Treasurer of each of the investment | |
| companies served by The Vanguard Group (1988–2008). | ||
| André F. Perold | ||
| Born 1952. Trustee Since December 2004. Principal | Heidi Stam | |
| Occupation(s) During the Past Five Years: George | Born 1956. Secretary Since July 2005. Principal | |
| Gund Professor of Finance and Banking at the Harvard | Occupation(s) During the Past Five Years: Managing | |
| Business School (retired 2011); Chief Investment | Director of The Vanguard Group, Inc.; General Counsel | |
| Officer and Managing Partner of HighVista Strategies | of The Vanguard Group; Secretary of The Vanguard | |
| LLC (private investment firm); Director of Rand | Group and of each of the investment companies | |
| Merchant Bank; Overseer of the Museum of Fine | served by The Vanguard Group; Director and Senior | |
| Arts Boston. | Vice President of Vanguard Marketing Corporation. | |
| Alfred M. Rankin, Jr. | ||
| Vanguard Senior ManagementTeam | ||
| Born 1941. Trustee Since January 1993. Principal | ||
| Occupation(s) During the Past Five Years: Chairman, | Mortimer J. Buckley | Chris D. McIsaac |
| President, and Chief Executive Officer of NACCO | Kathleen C. Gubanich | Michael S. Miller |
| Industries, Inc. (housewares/lignite) and of Hyster-Yale | Paul A. Heller | James M. Norris |
| Materials Handling, Inc. (forklift trucks); Director of | Martha G. King | Glenn W. Reed |
| the National Association of Manufacturers; Chairman | John T. Marcante | |
| of the Board of University Hospitals of Cleveland; | ||
| Advisory Chairman of the Board of The Cleveland | ||
| Museum of Art. | Chairman Emeritus and Senior Advisor | |
| Peter F. Volanakis | John J. Brennan | |
| Born 1955. Trustee Since July 2009. Principal | Chairman, 1996–2009 | |
| Occupation(s) During the Past Five Years: President | Chief Executive Officer and President, 1996–2008 | |
| and Chief Operating Officer (retired 2010) of Corning | ||
| Incorporated (communications equipment); Director | Founder | |
| of SPX Corporation (multi-industry manufacturing); | ||
| Overseer of the Amos Tuck School of Business | John C. Bogle | |
| Administration at Dartmouth College; Advisor to the | Chairman and Chief Executive Officer, 1974–1996 | |
| Norris Cotton Cancer Center. | ||
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 |
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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: Rajiv L. Gupta, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Scott C. Malpass, 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, 2013: $52,000
Fiscal Year Ended November 30, 2012: $52,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2013: $5,714,113
Fiscal Year Ended November 30, 2012: $4,809,780
Includes fees billed in connection with audits of the Registrant and other registered investment companies in the Vanguard complex. Also includes fees billed in connection with audits of The Vanguard Group, Inc. and Vanguard Marketing Corporation for Fiscal Year Ended November 30, 2013.
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2013: $1,552,950
Fiscal Year Ended November 30, 2012: $1,812,565
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended November 30, 2013: $110,000
Fiscal Year Ended November 30, 2012: $490,518
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. Also includes fees billed in connection with certain tax services related to audits of the Registrant and other registered investment companies in the Vanguard complex for Fiscal Year Ended November 30, 2012.
(d) All Other Fees.
Fiscal Year Ended November 30, 2013: $132,000
Fiscal Year Ended November 30, 2012: $16,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(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: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. 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: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(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, 2013: $242,000
Fiscal Year Ended November 30, 2012: $506,518
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(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 21, 2014 | |
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 21, 2014 | |
| VANGUARD NEW YORK TAX-FREE FUNDS | |
| By: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: January 21, 2014 | |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012 see file Number 2-11444, Incorporated by Reference.