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, 2014 – May 31, 2015 | ||
Item 1: Reports to Shareholders |
Semiannual Report | May 31, 2015
Vanguard New York Tax-Exempt Funds
Vanguard New York Tax-Exempt Money Market Fund
Vanguard New York Long-Term Tax-Exempt Fund
The mission continues
On May 1, 1975, Vanguard began operations, a fledgling company based on the simple but revolutionary idea that a mutual fund company should be managed solely in the interest of its investors.
Four decades later, that revolutionary spirit continues to animate the enterprise. Vanguard remains on a mission to give investors the best chance of investment success.
As we mark our 40th anniversary, we thank you for entrusting your assets to Vanguard and giving us the opportunity to help you reach your financial goals in the decades to come.
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. | 70 |
Trustees Approve Advisory Arrangements. | 72 |
Glossary. | 73 |
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: Since our founding, Vanguard has drawn inspiration from the enterprise and valor demonstrated by British
naval hero Horatio Nelson and his command at the Battle of the Nile in 1798. The photograph displays a replica of a merchant
ship from the same era as Nelson’s flagship, the HMS Vanguard.
Your Fund’s Total Returns
Six Months Ended May 31, 2015 | |||||
Taxable- | |||||
SEC Equivalent | Income | Capital | Total | ||
Yield | Yield | Returns | Returns | Returns | |
Vanguard New York Tax-Exempt Money Market Fund | 0.01% | 0.02% | 0.00% | 0.00% | 0.00% |
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 | 2.19% | 4.28% | 1.66% | -0.51% | 1.15% |
Admiral™ Shares | 2.27 | 4.44 | 1.70 | -0.51 | 1.19 |
Barclays NY Municipal Bond Index | 0.83 | ||||
New York Municipal Debt Funds Average | 1.03 |
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, 2014, Through May 31, 2015
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard New York Tax-Exempt Money | ||||
Market Fund | $1.00 | $1.00 | $0.000 | $0.000 |
Vanguard New York Long-Term Tax-Exempt | ||||
Fund | ||||
Investor Shares | $11.77 | $11.71 | $0.196 | $0.000 |
Admiral Shares | 11.77 | 11.71 | 0.201 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
The broad U.S. municipal bond market earned positive but muted returns for the half year ended May 31, 2015, after a strong showing over the previous 12 months. As I cautioned in our last annual report, returns—especially for longer-maturity funds—were unlikely to remain as strong, given how low interest rates had fallen.
Investor Shares of Vanguard New York Long-Term Tax-Exempt Fund returned 1.15% and Admiral Shares 1.19% for the six months—a step or two ahead of the return of the broad national muni market. In contrast to the previous fiscal year, interest income primarily drove muni bond returns, but it was partly offset by lower bond prices.
The Long-Term Fund bested the 0.83% return of its benchmark and the 1.03% average return of its peer group, thanks largely to above-par results from its allocation to longer-term and lower-rated bonds. Another boost came from the advisor’s success in finding pockets of relative value in the market.
Although forward guidance from the Federal Reserve about an eventual raising of interest rates pushed short-term muni yields a little higher, money market yields remained at rock-bottom levels. Vanguard New York Tax-Exempt Money Market Fund returned 0.00% for the period, performing in line with its peer group average.
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As municipal bond prices generally moved lower, the 30-day SEC yield for Investor Shares of the Long-Term Fund rose from 2.13% at the end of November to 2.19% at the end of May. (Bond prices and yields move in opposite directions.) The 7-day SEC yield for the Money Market Fund ended the period at 0.01%, on par with where it started.
Please note that the funds are permitted to invest in securities whose income is subject to the alternative minimum tax (AMT). As of May 31, however, only the Money Market Fund owned securities that would generate income distributions subject to the AMT.
On a separate note, I wanted to give you a brief update on money market reform. In 2014, the Securities and Exchange Commission adopted regulatory changes governing money market funds, which fund sponsors must adopt by October 2016. In your fund’s last annual report, we noted that the vast majority of investors in Vanguard money market funds would not be affected by the new rules—and that’s still the case.
On June 16, we announced some changes for Vanguard’s lineup of taxable and tax-exempt money market funds. Most notably for this report, we plan to designate all six of our tax-exempt funds (one national fund and five state funds, including New York’s) as “retail funds,” meaning that individual
Market Barometer | |||
Total Returns | |||
Periods Ended May 31, 2015 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable | |||
market) | 1.09% | 3.03% | 3.90% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 0.71 | 3.18 | 4.53 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.02 | 0.05 |
Stocks | |||
Russell 1000 Index (Large-caps) | 3.41% | 11.91% | 16.68% |
Russell 2000 Index (Small-caps) | 6.94 | 11.32 | 15.04 |
Russell 3000 Index (Broad U.S. market) | 3.67 | 11.86 | 16.54 |
FTSE All-World ex US Index (International) | 3.78 | 0.08 | 8.51 |
CPI | |||
Consumer Price Index | 0.70% | -0.04% | 1.74% |
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investors will continue to have access to these funds at a stable net asset value of $1 per share.
Taxable bonds gained ground despite setbacks along the way
The broad U.S. taxable bond market traced a bumpy path to return 1.09% for the six months. Gains in three of those months, including a January return of more than 2%, were tempered by declines in the others.
U.S. Treasuries attracted investors amid uncertainties that included Greece’s renewed debt troubles. The yield of the 10-year Treasury note ended May at 2.14%, down from 2.25% six months earlier.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –6.65%, restrained by the U.S. dollar’s strength against many foreign currencies. Without this currency effect, international bond returns were positive, in part because of the stimulative monetary policies of many central banks.
The Fed’s continued target of 0%–0.25% for short-term interest rates severely limited returns for money market funds and savings accounts.
U.S. stocks stayed positive, although clouds hovered
The broad U.S. stock market returned nearly 4% for the half year. Corporate profits generally exceeded expectations,
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% | — | 0.13% |
New York Long-Term Tax-Exempt Fund | 0.20 | 0.12% | 0.99 |
The fund expense ratios shown are from the prospectus dated March 26, 2015, and represent estimated costs for the current fiscal year. For
the six months ended May 31, 2015, the funds’ annualized expense ratios were: for the New York Tax-Exempt Money Market Fund, 0.05%;
and for the New York Long-Term Tax-Exempt Fund, 0.19% for Investor Shares and 0.11% 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 this reduction, the fund’s annualized six-month expense ratio was 0.16%. Peer-group expense ratios are derived
from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2014.
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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and the Fed remained cautious about its timing for raising short-term rates. These factors, in addition to other nations’ stimulus programs, helped offset pressures on the market that included perceived high stock valuations and Greece’s troubles.
International stocks returned almost 4% for U.S. investors, although results would have been more robust if not for the dollar’s strength. Returns for the developed markets of the Pacific region, led by Japan, exceeded those of Europe and emerging markets. (You can read about Vanguard’s assessment of Japan’s economy in Japan: The Long Road Back to Inflation, available at vanguard.com/research. This is part of the Global Macro Matters series produced by our economists.)
N.Y. munis with higher yields tended to hold up better
A key driver of municipal bond performance is supply. Although issuance in the broad municipal market surged for the six months compared with a year ago, it remained
At state budget time, a helpful reminder |
As you know, investing in the bonds of your home state provides income that can be exempt |
from federal and state—and sometimes local—income taxes. Depending on your circumstances, |
this can be a very attractive benefit. |
But there’s a tradeoff: less diversification. The performance of your bonds is greatly influenced |
by the fiscal health of just one state. And that health can be especially evident amid the intense |
budget debates that often take place before July 1, the start of the new fiscal year in most states. |
Just like your personal budget, state and municipal budgets depend on revenue forecasts, and |
these are often hard to get right. A March report by The Pew Charitable Trusts, for example, |
found that over roughly the last three decades, “forecasting errors have gotten larger because |
revenue has become increasingly volatile,” even though “the science of estimating tax |
collections has improved markedly.” Revenues from corporate income taxes and personal |
capital gains taxes are especially hard to forecast, Pew noted. |
Whether unpleasant budget surprises arise suddenly or from long-simmering challenges such |
as underfunded pension plans, they can lead to volatile bond returns. As with any investment, |
it’s not wise to put all your eggs in one basket. |
You might consider including a diversified national municipal bond fund in your portfolio. And |
because Vanguard’s highly experienced team of independent credit analysts carefully evaluates |
any bond issue we own or are considering for any of our funds, it can help you sidestep some |
of the potential pitfalls. |
Source: The Pew Charitable Trusts and the Nelson A. Rockefeller Institute of Government, March 2015. Managing Volatile Tax |
Collections in State Revenue Forecasts. |
5
mostly flat in New York. Refunding of outstanding debt accounted for a significant share as many issuers rushed to lock in low borrowing costs. There was less appetite for issuers to commit to new capital spending projects.
The Empire State’s fiscal picture continued to improve. Still, issuers generally had to offer slightly higher interest rates to entice buyers. New York residents in high tax brackets who were looking for tax-exempt income still favored higher-yielding opportunities over safety given the low-rate environment. The same was true for nontraditional buyers such as banks and insurance companies. That dynamic generally helped longer-dated and lower-rated munis perform better than shorter-dated and higher-rated ones.
Against this backdrop, the Long-Term Fund was well-positioned by its advisor, Vanguard Fixed Income Group. Being underweighted in shorter maturities, where bond prices were under pressure from expectations of a Fed rate hike, in favor of longer-term bonds again proved rewarding. So did the fund’s allocation to premium callable bonds, which typically trade at prices that compensate holders for the risk that the bonds might be redeemed before maturity.
Vanguard’s experienced team of credit analysts provided valuable counsel. They helped the advisor identify some good opportunities among lower-rated investment-grade bonds that offer potentially higher returns while sidestepping some higher-yielding bonds whose potential return was unattractive given the level of risk.
For more information about the advisor’s approach and the funds’ positioning during the period, please see the Advisor’s Report that follows this letter.
Promoting good corporate governance is one way we protect your interests
Our core purpose is “to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.” This means more than offering smart investments, trustworthy guidance, and low fees. It also means working with the companies held by Vanguard funds to make sure that your interests remain paramount.
Because promoting good corporate governance supports our core purpose, we want to inform our investors—regardless of which Vanguard fund they may own—about our efforts in this area. As one of the world’s largest investment managers, we are making our voice heard in corporate
6
boardrooms to promote the highest standards of stewardship. Our advocacy encompasses a range of corporate governance issues, including executive compensation and succession planning, board composition and effectiveness, oversight of strategy and risk, and communication with shareholders.
We also exert our influence in an important way when Vanguard funds cast their proxy votes at companies’ shareholder meetings.
Most of these votes take place at this time of year, making it an appropriate time to remind you that we work hard to represent your best interests. Good governance, we believe, is essential for any company seeking to maximize its long-term returns to shareholders. You can learn more about our efforts at vanguard.com/ corporategovernance.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
June 16, 2015
7
Advisor’s Report
For the six months ended May 31, 2015, Vanguard New York Long-Term Tax-Exempt Fund returned 1.15% for Investor Shares and 1.19% for Admiral Shares. Those results were better than the 0.83% return of the benchmark, the Barclays New York Municipal Bond Index. They also were better than the average return of 1.03% for peer-group funds. Vanguard New York Tax-Exempt Money Market Fund returned 0.00%, matching the average return of its peer funds.
The investment environment
After an exceptionally strong rally over the previous 12 months left municipal bonds at what we felt were appropriate valuation levels, returns for the half year were modest. U.S. Treasuries and corporate bonds returned a little more than munis.
The Federal Reserve made clear that its decision to raise short-term interest rates would depend on how the economy is doing, but signals on that front were mixed. Gross domestic product (GDP) growth slowed in the fourth quarter of 2014; the economy contracted in the first quarter of 2015 partly because of transitory factors—another harsh winter and a West Coast port strike.
The Fed also wants to see continued improvement in the job market, along with an increase in the inflation rate toward its 2% long-term target. (Inflation has been well below that, in part reflecting defla-tionary forces in Europe and lower energy prices.)
Yields of Tax-Exempt Municipal Securities | ||
(AAA-Rated General-Obligation Issues) | ||
November 30, | May 31, | |
Maturity | 2014 | 2015 |
2 years | 0.14% | 0.22% |
5 years | 0.88 | 1.22 |
10 years | 1.98 | 2.08 |
30 years | 3.00 | 3.15 |
Source: Vanguard. |
8
The pace of growth in New York State slackened as well, according to a gauge of current economic conditions published monthly by the Federal Reserve Bank of Philadelphia. The bank’s index for New York climbed about 1% from November 2014 through April 2015, roughly on par with the increase nationwide but lower than for the previous six months. (Each state’s index incorporates data on nonfarm payroll employment, the jobless rate, average hours worked in manufacturing, and inflation-adjusted wage and salary payments.)
That said, New York munis returned a little more than munis at the national level, partly because of differences in supply. The state’s finances continued the upward trend we’ve seen over the past few years. Tax revenues have been rising, and a windfall of about $6 billion from legal settlements with the banking industry also helped fill state coffers. Yet both the state and local governments hesitated to borrow more. While muni bond issuance was up roughly 50% for the six months for the country as a whole, New York muni issuance remained on par with its year-ago level.
On the demand side, investors continued to reach for yield. That helped riskier securities, including lower-rated and longer-dated munis, outperform.
Management of the funds
We made no significant shifts in the funds’ positioning during the six months. Entering the half year, the Long-Term Fund was tilted away from shorter-maturity bonds in favor of longer-maturity bonds. This strategy focused on earning some of the additional income offered by longer-term bonds and was part of our defensive posture while awaiting the Fed’s first move. Even as longer-term rates see-sawed, the strategy served us well.
We added value primarily through security selection, which came in many forms. For example, our holdings of premium callable bonds performed well. Because these bonds may be redeemed before maturity, exposing investors to reinvestment risk, they offer attractive yields and favorable total return potential across many interest rate scenarios.
In terms of credit exposure, we overweighted lower-rated investment-grade bonds. In the prolonged environment of low interest rates, these bonds—which offer modestly higher yields—were among the best performers. Examples included bonds issued to finance hospitals, universities, and transportation infrastructure.
As for the Money Market Fund, the extremely low rates that have persisted since the financial crisis have made it
9
difficult to deliver much in the way of income. Our fund nevertheless continued to offer investors a conservative, high-quality, liquid investment for their short-term savings goals or cash management needs.
A look ahead
As we enter the second half of the funds’ fiscal year, we still believe that municipal bonds are trading within an appropriate range relative to taxable Treasuries. Munis are attractive compared with other U.S. fixed income options.
Interest rates, and hence bond prices, may remain volatile as the market views new information about the economy’s health through the lens of the data-dependent Fed, trying to guess when it will begin to raise rates. Our expectation is that the U.S. economy will rebound from the harsh winter, as it did in 2014, and reaccelerate to an annual growth rate somewhere above 2%. We also expect that the Fed could start raising interest rates in the second half of 2015.
The significant drop in interest rates in recent years and the tightening of credit-quality spreads have left limited scope for further price appreciation. Lower rates appear unlikely; we don’t see much scope for credit spreads to tighten significantly, nor do we expect them to widen again. As a result, we are more focused on
opportunities to pick up income by holding lower-rated bonds and by holding some longer-maturity bonds.
In part because of expected volatility, we anticipate maintaining above-average levels of liquidity. That precaution should allow us to take advantage of any price dislocations that may arise as a rate hike approaches and to meet potential shareholder redemptions without becoming forced sellers.
Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to seek out opportunities to produce competitive returns.
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
June 12, 2015
10
New York Tax-Exempt Money Market Fund
Fund Profile
As of May 31, 2015
Financial Attributes | |
Ticker Symbol | VYFXX |
Expense Ratio1 | 0.16% |
7-Day SEC Yield | 0.01% |
Average Weighted | |
Maturity | 42 days |
Distribution by Credit Quality (% of portfolio) | |
First Tier | 100.0% |
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 nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody's, Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the lower of the ratings applies. 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. For more information about these ratings, see the Glossary entry for Credit Quality.
1 The expense ratio shown is from the prospectus dated March 26, 2015, and represents estimated costs for the current fiscal year. For the
six months ended May 31, 2015, the annualized expense ratio was 0.05%, reflecting a temporary reduction in operating expenses (described
in Note B of the Notes to Financial Statements). Before this reduction, the fund’s annualized six-month 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.
Fiscal-Year Total Returns (%): November 30, 2004, Through May 31, 2015 | ||
NY Tax-Exempt | ||
Money Mkt | ||
Funds Avg | ||
Fiscal Year | Total Returns | Total Returns |
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 |
2014 | 0.01 | 0.00 |
2015 | 0.00 | 0.00 |
7-day SEC yield (5/31/2015): 0.01%
New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Note: For 2015, performance data reflect the six months ended May 31, 2015.
Average Annual Total Returns: Periods Ended March 31, 2015
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 | 0.01% | 0.04% | 1.13% |
See Financial Highlights for dividend information.
12
New York Tax-Exempt Money Market Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2015
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 (101.2%) | ||||
New York (101.2%) | ||||
Albany County NY BAN | 2.000% | 5/27/16 | 28,562 | 29,037 |
Albany NY GO BAN | 1.000% | 7/2/15 | 14,639 | 14,649 |
Albany NY Industrial Development Agency | ||||
Civic Facility Revenue (CHF Holland Suites | ||||
LLC Project) VRDO | 0.090% | 6/5/15 LOC | 9,855 | 9,855 |
Albany NY Industrial Development Agency | ||||
Revenue (The College of St. Rose Project) | ||||
VRDO | 0.100% | 6/5/15 LOC | 12,940 | 12,940 |
Bedford NY Central School District BAN | 1.000% | 7/17/15 | 5,500 | 5,506 |
1 BlackRock Muni New York Intermediate | ||||
Duration Fund VRDP VRDO | 0.180% | 6/5/15 LOC | 7,000 | 7,000 |
1 BlackRock New York Municipal Income | ||||
Quality Trust Fund VRDP VRDO | 0.180% | 6/5/15 LOC | 10,000 | 10,000 |
1 BlackRock New York Municipal Income | ||||
Trust Fund II VRDP VRDO | 0.180% | 6/5/15 LOC | 16,800 | 16,800 |
Brookhaven NY GO | 2.000% | 9/15/15 | 4,045 | 4,067 |
Columbia County NY Capital Resource Corp. | ||||
Civic Facility Revenue (Columbia Memorial | ||||
Hospital Project) VRDO | 0.120% | 6/5/15 LOC | 4,200 | 4,200 |
Columbia County NY Industrial Development | ||||
Agency Civic Facility Revenue (Columbia | ||||
Memorial Hospital Project) VRDO | 0.120% | 6/5/15 LOC | 4,355 | 4,355 |
Connetquot NY Central School District BAN | 1.000% | 9/4/15 | 6,150 | 6,163 |
Connetquot NY Central School District TAN | 1.000% | 6/26/15 | 34,000 | 34,020 |
Delaware Valley NY Industrial Development | ||||
Authority Revenue (Delaware Valley Hospital) | ||||
VRDO | 0.100% | 6/5/15 LOC | 3,600 | 3,600 |
Erie County NY Fiscal Stability Authority BAN | 1.250% | 7/31/15 | 23,615 | 23,658 |
Franklin County NY Civic Development Corp. | ||||
Revenue VRDO | 0.100% | 6/5/15 LOC | 4,300 | 4,300 |
Geneva NY Industrial Development Agency | ||||
Civic Facility Revenue (Colleges of the | ||||
Seneca Project) VRDO | 0.120% | 6/5/15 LOC | 17,160 | 17,160 |
Hicksville NY Union Free School District TAN | 1.000% | 6/26/15 | 9,500 | 9,505 |
Huntington NY Union Free School District TAN | 1.000% | 6/26/15 | 10,000 | 10,006 |
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New York Tax-Exempt Money Market Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Irondequoit NY GO | 2.000% | 4/22/16 | 6,500 | 6,592 |
Jericho NY Union Free School District TAN | 1.000% | 6/19/15 | 11,000 | 11,005 |
2 Lancaster NY Central School District BAN | 2.000% | 6/16/16 | 19,131 | 19,451 |
Monroe County NY Industrial Development | ||||
Agency Civic Facility Revenue (Nazareth | ||||
College) VRDO | 0.100% | 6/5/15 LOC | 5,660 | 5,660 |
Nassau County NY Interim Finance Authority | ||||
Sales Tax Revenue VRDO | 0.100% | 6/5/15 | 30,200 | 30,200 |
Nassau County NY Interim Finance Authority | ||||
Sales Tax Revenue VRDO | 0.110% | 6/5/15 | 9,700 | 9,700 |
New York City NY GO | 4.000% | 8/1/15 | 6,000 | 6,039 |
New York City NY GO | 5.000% | 8/1/15 (Prere.) | 4,090 | 4,122 |
New York City NY GO | 5.000% | 8/1/15 | 5,000 | 5,041 |
New York City NY GO | 5.000% | 8/1/15 | 6,000 | 6,049 |
New York City NY GO | 5.000% | 8/1/15 | 17,165 | 17,305 |
New York City NY GO | 5.000% | 8/1/15 | 3,385 | 3,413 |
New York City NY GO | 5.000% | 9/1/15 (Prere.) | 3,555 | 3,597 |
New York City NY GO | 2.000% | 3/1/16 | 14,975 | 15,169 |
New York City NY GO | 5.000% | 4/1/16 (Prere.) | 3,000 | 3,118 |
1 New York City NY GO TOB VRDO | 0.100% | 6/5/15 | 10,120 | 10,120 |
New York City NY GO VRDO | 0.080% | 6/1/15 LOC | 8,700 | 8,700 |
New York City NY GO VRDO | 0.080% | 6/1/15 | 10,850 | 10,850 |
New York City NY GO VRDO | 0.080% | 6/1/15 LOC | 1,885 | 1,885 |
New York City NY GO VRDO | 0.080% | 6/1/15 LOC | 4,900 | 4,900 |
New York City NY GO VRDO | 0.100% | 6/1/15 | 8,700 | 8,700 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) VRDO | 0.120% | 6/5/15 LOC | 6,400 | 6,400 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue (201 Pearl | ||||
Street) VRDO | 0.080% | 6/5/15 LOC | 5,000 | 5,000 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue PUT | 0.150% | 11/2/15 | 4,585 | 4,585 |
1 New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue TOB VRDO | 0.150% | 6/5/15 | 16,385 | 16,385 |
1 New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue TOB VRDO | 0.150% | 6/5/15 | 11,875 | 11,875 |
New York City NY Housing Development Corp. | ||||
Multi-Family Mortgage Revenue (461 Dean | ||||
Street) VRDO | 0.120% | 6/5/15 LOC | 33,000 | 33,000 |
New York City NY Housing Development Corp. | ||||
Multi-Family Mortgage Revenue (89 Murray | ||||
Street Development) VRDO | 0.100% | 6/5/15 LOC | 15,800 | 15,800 |
New York City NY Housing Development Corp. | ||||
Multi-Family Mortgage Revenue (First Avenue | ||||
Development)VRDO | 0.100% | 6/5/15 LOC | 10,000 | 10,000 |
New York City NY Housing Development Corp. | ||||
Multi-Family Mortgage Revenue (Markham | ||||
Gardens Apartments) VRDO | 0.100% | 6/5/15 LOC | 6,800 | 6,800 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue | ||||
(100 Jane Street) VRDO | 0.110% | 6/5/15 LOC | 12,450 | 12,450 |
2 New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue | ||||
(1133 Manhattan Avenue) VRDO | 0.130% | 6/5/15 LOC | 16,670 | 16,670 |
14
New York Tax-Exempt Money Market Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue | ||||
(90 West Street) VRDO | 0.080% | 6/5/15 LOC | 5,870 | 5,870 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue | ||||
(Atlantic Court Apartments) VRDO | 0.100% | 6/5/15 LOC | 38,100 | 38,100 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue | ||||
(Ocean Gate Development) VRDO | 0.100% | 6/5/15 LOC | 8,445 | 8,445 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue | ||||
(One Columbus Place Development) VRDO | 0.100% | 6/5/15 LOC | 22,000 | 22,000 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue | ||||
(Rivereast Apartments) VRDO | 0.100% | 6/5/15 LOC | 20,000 | 20,000 |
New York City NY Industrial Development | ||||
Agency Civic Facility Revenue | ||||
(Mercy College Project) VRDO | 0.100% | 6/5/15 LOC | 10,505 | 10,505 |
New York City NY Industrial Development | ||||
Agency Civic Facility Revenue (New York | ||||
Congregational Nursing Center Project) VRDO | 0.100% | 6/5/15 LOC | 8,020 | 8,020 |
New York City NY Industrial Development | ||||
Agency Civic Facility Revenue (New York | ||||
Law School) VRDO | 0.090% | 6/5/15 LOC | 13,990 | 13,990 |
1 New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
TOB VRDO | 0.100% | 6/5/15 | 10,000 | 10,000 |
1 New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
TOB VRDO | 0.100% | 6/5/15 | 18,000 | 18,000 |
1 New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
TOB VRDO | 0.110% | 6/5/15 | 2,000 | 2,000 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.080% | 6/1/15 | 3,500 | 3,500 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.080% | 6/1/15 | 3,100 | 3,100 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.080% | 6/1/15 | 6,500 | 6,500 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.090% | 6/1/15 | 4,510 | 4,510 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.090% | 6/1/15 | 12,200 | 12,200 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.090% | 6/5/15 | 6,200 | 6,200 |
1 New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue TOB VRDO | 0.110% | 6/5/15 | 3,140 | 3,140 |
1 New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue TOB VRDO | 0.110% | 6/5/15 | 3,335 | 3,335 |
15
New York Tax-Exempt Money Market Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
1 New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue TOB VRDO | 0.120% | 6/5/15 | 5,250 | 5,250 |
1 New York City NY Transitional Finance Authority | ||||
Building Aid Revenue TOB VRDO | 0.090% | 6/5/15 | 15,210 | 15,210 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/15 | 4,110 | 4,193 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.500% | 11/1/15 (Prere.) | 6,465 | 6,606 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.090% | 6/5/15 | 6,300 | 6,300 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.110% | 6/5/15 | 2,890 | 2,890 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.110% | 6/5/15 | 6,000 | 6,000 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.110% | 6/5/15 | 5,000 | 5,000 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.110% | 6/5/15 | 5,000 | 5,000 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.120% | 6/5/15 | 6,200 | 6,200 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.070% | 6/1/15 | 6,420 | 6,420 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.080% | 6/1/15 | 4,100 | 4,100 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.090% | 6/5/15 | 7,650 | 7,650 |
New York City NY Transitional Finance Authority | ||||
Recovery Revenue VRDO | 0.090% | 6/1/15 | 1,285 | 1,285 |
New York City NY Transitional Finance Authority | ||||
Recovery Revenue VRDO | 0.090% | 6/1/15 | 4,100 | 4,100 |
New York City NY Transitional Finance Authority | ||||
Recovery Revenue VRDO | 0.120% | 6/5/15 | 10,965 | 10,965 |
3 New York City NY Trust for Cultural Resources | ||||
Revenue (American Museum of Natural History) | ||||
PUT | 0.110% | 8/28/15 | 16,500 | 16,500 |
3 New York City NY Trust for Cultural Resources | ||||
Revenue (American Museum of Natural History) | ||||
PUT | 0.110% | 12/4/15 | 15,000 | 15,000 |
New York City NY Trust for Cultural Resources | ||||
Revenue (American Museum of Natural History) | ||||
VRDO | 0.090% | 6/1/15 | 3,000 | 3,000 |
New York City NY Trust for Cultural Resources | ||||
Revenue (American Museum of Natural History) | ||||
VRDO | 0.100% | 6/5/15 | 7,100 | 7,100 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Asia Society) VRDO | 0.120% | 6/5/15 LOC | 7,020 | 7,020 |
New York City NY Trust for Cultural Resources | ||||
Revenue (School of American Ballet Inc.) VRDO | 0.080% | 6/5/15 LOC | 7,900 | 7,900 |
New York City NY Trust for Cultural Resources | ||||
Revenue (The Juilliard School) PUT | 2.100% | 7/1/15 | 1,425 | 1,427 |
New York City NY Trust for Cultural Resources | ||||
Revenue (The Metropolitan Museum of Art) | ||||
VRDO | 0.090% | 6/5/15 | 40,100 | 40,100 |
New York City NY Trust for Cultural Resources | ||||
Revenue (The Metropolitan Museum of Art) | ||||
VRDO | 0.090% | 6/5/15 | 59,460 | 59,460 |
16
New York Tax-Exempt Money Market Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York Liberty Development Corp. Revenue | ||||
(Greenwich LLC) VRDO | 0.080% | 6/5/15 LOC | 20,000 | 20,000 |
1 New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) TOB VRDO | 0.100% | 6/5/15 (13) | 3,100 | 3,100 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/15 | 1,000 | 1,022 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) VRDO | 0.080% | 6/1/15 LOC | 6,870 | 6,870 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) VRDO | 0.100% | 6/5/15 LOC | 4,800 | 4,800 |
1 New York Metropolitan Transportation Authority | ||||
Revenue (Service Contract) TOB VRDO | 0.110% | 6/5/15 | 4,500 | 4,500 |
New York Metropolitan Transportation Authority | ||||
Revenue CP | 0.080% | 7/9/15 LOC | 15,625 | 15,625 |
1 New York Metropolitan Transportation Authority | ||||
Revenue TOB VRDO | 0.110% | 6/5/15 (13)(4) | 15,000 | 15,000 |
1 New York Metropolitan Transportation Authority | ||||
Revenue TOB VRDO | 0.110% | 6/5/15 (13) | 2,000 | 2,000 |
New York Metropolitan Transportation Authority | ||||
Revenue VRDO | 0.080% | 6/1/15 LOC | 5,900 | 5,900 |
1 New York State Convention Center Development | ||||
Corp. Revenue (Hotel Unit Fee) TOB VRDO | 0.140% | 6/5/15 (13) | 9,900 | 9,900 |
New York State Dormitory Authority Revenue | ||||
(Blythedale Children’s Hospital) VRDO | 0.100% | 6/5/15 LOC | 9,200 | 9,200 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) VRDO | 0.100% | 6/5/15 LOC | 3,490 | 3,490 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) VRDO | 0.100% | 6/5/15 LOC | 12,500 | 12,500 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) VRDO | 0.100% | 6/5/15 LOC | 5,720 | 5,720 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) VRDO | 0.100% | 6/5/15 LOC | 2,270 | 2,270 |
New York State Dormitory Authority Revenue | ||||
(City University System) | 5.000% | 7/1/15 | 1,565 | 1,571 |
1 New York State Dormitory Authority Revenue | ||||
(Columbia University) TOB VRDO | 0.100% | 6/5/15 | 9,185 | 9,185 |
New York State Dormitory Authority Revenue | ||||
(Columbia University) VRDO | 0.070% | 6/5/15 | 43,400 | 43,400 |
New York State Dormitory Authority Revenue | ||||
(Cornell University) CP | 0.070% | 7/9/15 | 5,000 | 5,000 |
New York State Dormitory Authority Revenue | ||||
(Cornell University) CP | 0.080% | 8/13/15 | 1,000 | 1,000 |
1 New York State Dormitory Authority Revenue | ||||
(Cornell University) TOB PUT | 0.150% | 7/9/15 | 12,700 | 12,700 |
New York State Dormitory Authority Revenue | ||||
(Cornell University) VRDO | 0.100% | 6/5/15 | 7,050 | 7,050 |
1 New York State Dormitory Authority Revenue | ||||
(Fordham University) TOB VRDO | 0.110% | 6/5/15 (13) | 5,000 | 5,000 |
New York State Dormitory Authority Revenue | ||||
(Le Moyne College) VRDO | 0.090% | 6/5/15 LOC | 4,120 | 4,120 |
1 New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) | ||||
TOB VRDO | 0.110% | 6/5/15 | 7,860 | 7,860 |
New York State Dormitory Authority Revenue | ||||
(Mental Health Services Facilities Improvement) | 5.000% | 2/15/16 | 1,435 | 1,483 |
17
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) | 5.000% | 2/15/16 | 1,000 | 1,033 |
New York State Dormitory Authority Revenue | ||||
(Mental Health Services Facilities Improvement) | ||||
VRDO | 0.090% | 6/5/15 LOC | 60,715 | 60,715 |
New York State Dormitory Authority Revenue | ||||
(Mental Health Services Facilities Improvement) | ||||
VRDO | 0.090% | 6/5/15 LOC | 1,935 | 1,935 |
New York State Dormitory Authority Revenue | ||||
(New York Law School) VRDO | 0.090% | 6/5/15 LOC | 6,830 | 6,830 |
1 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) TOB VRDO | 0.110% | 6/5/15 | 4,000 | 4,000 |
1 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) TOB VRDO | 0.110% | 6/5/15 | 11,000 | 11,000 |
1 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) TOB VRDO | 0.110% | 6/5/15 | 2,500 | 2,500 |
1 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) TOB VRDO | 0.110% | 6/5/15 | 6,000 | 6,000 |
New York State Dormitory Authority Revenue | ||||
(Rockefeller University) VRDO | 0.070% | 6/5/15 | 43,100 | 43,100 |
New York State Dormitory Authority Revenue | ||||
(Rockefeller University) VRDO | 0.110% | 6/5/15 | 3,800 | 3,800 |
New York State Dormitory Authority Revenue | ||||
(Royal Charter Properties) VRDO | 0.070% | 6/5/15 LOC | 13,500 | 13,500 |
1 New York State Dormitory Authority Revenue | ||||
(Sales Tax) TOB VRDO | 0.110% | 6/5/15 | 3,365 | 3,365 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) VRDO | 0.090% | 6/5/15 LOC | 29,605 | 29,605 |
New York State Dormitory Authority Revenue | ||||
(University of Rochester) VRDO | 0.090% | 6/5/15 LOC | 7,900 | 7,900 |
1 New York State Dormitory Authority Revenue | ||||
(Vassar College) TOB VRDO | 0.100% | 6/5/15 | 3,815 | 3,815 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 3.000% | 3/15/16 | 7,515 | 7,682 |
1 New York State Dormitory Authority Sales | ||||
Tax Revenue TOB VRDO | 0.110% | 6/5/15 | 10,000 | 10,000 |
New York State Environmental Facilities Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/15 | 1,000 | 1,026 |
1 New York State Environmental Facilities Corp. | ||||
Revenue (Personal Income Tax) TOB VRDO | 0.110% | 6/5/15 | 3,185 | 3,185 |
1 New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) TOB VRDO | 0.110% | 6/5/15 | 3,645 | 3,645 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Revolving Funds) | 5.000% | 6/15/15 | 10,750 | 10,770 |
New York State GO | 5.000% | 4/15/16 | 7,675 | 7,996 |
New York State GO | 5.000% | 4/15/16 | 37,975 | 39,565 |
New York State Housing Finance Agency | ||||
Housing Revenue (20 River Terrace Housing) | ||||
VRDO | 0.080% | 6/5/15 LOC | 4,300 | 4,300 |
New York State Housing Finance Agency | ||||
Housing Revenue (625 W 57th St) VRDO | 0.080% | 6/5/15 LOC | 22,000 | 22,000 |
New York State Housing Finance Agency | ||||
Housing Revenue (855 Sixth Ave) VRDO | 0.090% | 6/5/15 LOC | 7,500 | 7,500 |
18
New York Tax-Exempt Money Market Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Housing Finance Agency | ||||
Housing Revenue (Avalon Bowery Place I) | ||||
VRDO | 0.090% | 6/5/15 LOC | 7,700 | 7,700 |
New York State Housing Finance Agency | ||||
Housing Revenue (East 84th Street) VRDO | 0.100% | 6/5/15 LOC | 20,800 | 20,800 |
New York State Housing Finance Agency | ||||
Housing Revenue (McCarthy Manor | ||||
Apartments) VRDO | 0.100% | 6/5/15 LOC | 6,800 | 6,800 |
New York State Housing Finance Agency | ||||
Housing Revenue (Riverside Center 2) VRDO | 0.090% | 6/5/15 LOC | 5,200 | 5,200 |
New York State Housing Finance Agency | ||||
Housing Revenue (Riverside Center 2) VRDO | 0.090% | 6/5/15 LOC | 8,200 | 8,200 |
New York State Housing Finance Agency | ||||
Housing Revenue (Saville) VRDO | 0.100% | 6/5/15 LOC | 33,000 | 33,000 |
New York State Housing Finance Agency | ||||
Housing Revenue (West 17th Street) VRDO | 0.090% | 6/5/15 LOC | 4,600 | 4,600 |
New York State Housing Finance Agency | ||||
Housing Revenue (Worth Street) VRDO | 0.080% | 6/5/15 LOC | 10,200 | 10,200 |
New York State Housing Finance Agency | ||||
Revenue (Clinton Park) VRDO | 0.070% | 6/5/15 LOC | 10,000 | 10,000 |
New York State Housing Finance Agency | ||||
Revenue (Dock Street Rental LLC) VRDO | 0.090% | 6/5/15 LOC | 14,800 | 14,800 |
New York State Housing Finance Agency | ||||
Revenue (Maestro West Chelsea Housing) | ||||
VRDO | 0.090% | 6/5/15 LOC | 5,000 | 5,000 |
New York State Housing Finance Agency | ||||
Revenue (Riverside Center) VRDO | 0.090% | 6/5/15 LOC | 7,000 | 7,000 |
New York State Local Government Assistance | ||||
Corp. Revenue VRDO | 0.090% | 6/5/15 | 2,000 | 2,000 |
New York State Local Government Assistance | ||||
Corp. Revenue VRDO | 0.100% | 6/5/15 | 17,600 | 17,600 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.100% | 6/1/15 | 15,575 | 15,575 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.100% | 6/1/15 | 6,800 | 6,800 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.100% | 6/1/15 | 3,960 | 3,960 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.100% | 6/1/15 | 11,200 | 11,200 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.100% | 6/5/15 | 5,000 | 5,000 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.100% | 6/5/15 | 11,995 | 11,995 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.140% | 6/5/15 | 33,400 | 33,400 |
New York State Municipal Bond Bank | 4.000% | 12/1/15 | 8,315 | 8,474 |
New York State Power Authority Revenue CP | 0.070% | 7/1/15 | 10,697 | 10,697 |
New York State Power Authority Revenue CP | 0.070% | 7/8/15 | 7,500 | 7,500 |
New York State Power Authority Revenue CP | 0.080% | 8/3/15 | 2,840 | 2,840 |
New York State Power Authority Revenue CP | 0.080% | 8/5/15 | 13,044 | 13,044 |
New York State Power Authority Revenue PUT | 0.070% | 9/1/15 | 22,600 | 22,600 |
New York State Thruway Authority Revenue | 5.000% | 7/1/15 (Prere.) | 5,000 | 5,020 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 10/1/15 (Prere.) | 2,540 | 2,581 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/16 | 2,000 | 2,079 |
19
New York Tax-Exempt Money Market Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/16 | 2,300 | 2,391 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/16 (Prere.) | 6,000 | 6,227 |
New York State Thruway Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/16 (Prere.) | 3,450 | 3,578 |
New York State Thruway Revenue | ||||
(Personal Income tax) | 5.000% | 3/15/16 | 3,000 | 3,114 |
New York State Urban Development Corp | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/16 | 11,100 | 11,520 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 12/15/15 (Prere.) | 2,000 | 2,051 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 1/1/16 | 7,045 | 7,242 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/15 | 2,000 | 2,052 |
1 New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) TOB VRDO | 0.110% | 6/5/15 | 7,500 | 7,500 |
1 New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) TOB VRDO | 0.110% | 6/5/15 | 5,850 | 5,850 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) | 5.000% | 1/1/16 | 1,120 | 1,151 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) VRDO | 0.080% | 6/5/15 LOC | 9,700 | 9,700 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) VRDO | 0.080% | 6/5/15 LOC | 14,100 | 14,100 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) VRDO | 0.120% | 6/5/15 | 29,970 | 29,970 |
North Hempstead NY BAN | 0.850% | 4/6/16 | 11,462 | 11,521 |
North Hempstead NY BAN | 0.850% | 4/6/16 | 2,365 | 2,376 |
1 Nuveen New York AMT-Free Municipal | ||||
Income Fund VRDP VRDO | 0.160% | 6/5/15 LOC | 20,000 | 20,000 |
1 Nuveen New York AMT-Free Municipal | ||||
Income Fund VRDP VRDO | 0.160% | 6/5/15 LOC | 31,000 | 31,000 |
1 Nuveen New York AMT-Free Municipal | ||||
Income Fund VRDP VRDO | 0.160% | 6/5/15 LOC | 36,500 | 36,500 |
1 Nuveen New York Performance Plus Municipal | ||||
Fund VRDP VRDO | 0.180% | 6/5/15 LOC | 23,300 | 23,300 |
Onondaga County NY Industrial Development | ||||
Agency Civic Facility Revenue (Crouse Health | ||||
Hospital Inc. Project) VRDO | 0.100% | 6/5/15 LOC | 4,470 | 4,470 |
Onondaga County NY Industrial Development | ||||
Agency Civic Facility Revenue (Crouse Health | ||||
Hospital Inc. Project) VRDO | 0.100% | 6/5/15 LOC | 7,695 | 7,695 |
Onondaga County NY Industrial Development | ||||
Agency Civic Facility Revenue (Syracuse Home | ||||
Association Project) VRDO | 0.100% | 6/5/15 LOC | 5,330 | 5,330 |
Oyster Bay - East Norwich NY Central School | ||||
District TAN | 1.000% | 6/26/15 | 5,000 | 5,003 |
Port Authority of New York & New Jersey | ||||
Revenue | 2.000% | 5/1/16 | 6,515 | 6,621 |
1 Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.110% | 6/5/15 | 2,900 | 2,900 |
1 Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.130% | 6/5/15 | 6,500 | 6,500 |
20
New York Tax-Exempt Money Market Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
1 | Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.130% | 6/5/15 | 1,710 | 1,710 | |
1 | Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.140% | 6/5/15 | 1,050 | 1,050 | |
Port Washington NY Union Free School | |||||
District BAN | 1.000% | 8/7/15 | 3,500 | 3,505 | |
Saratoga County NY Capital Resource Corp. | |||||
Revenue (Saratoga Hospital Project) VRDO | 0.100% | 6/5/15 LOC | 3,125 | 3,125 | |
Suffolk County NY Industrial Development | |||||
Agency Civic Facility Revenue (St. Anthony’s | |||||
High School) VRDO | 0.100% | 6/5/15 LOC | 9,200 | 9,200 | |
Suffolk County NY Water Authority BAN | 4.000% | 1/15/16 | 15,400 | 15,765 | |
Syracuse NY Industrial Development Agency | |||||
Civic Facility Revenue (Syracuse University | |||||
Project) VRDO | 0.080% | 6/5/15 LOC | 13,275 | 13,275 | |
Tompkins County NY BAN | 1.000% | 7/14/15 | 4,794 | 4,799 | |
Tompkins County NY Industrial Development | |||||
Agency Civic Facility Revenue | |||||
(Cornell University) VRDO | 0.080% | 6/5/15 | 7,555 | 7,555 | |
Tompkins County NY Industrial Development | |||||
Agency Civic Facility Revenue | |||||
(Cornell University) VRDO | 0.080% | 6/5/15 | 15,390 | 15,390 | |
Tompkins County NY Industrial Development | |||||
Agency Civic Facility Revenue | |||||
(Ithaca College) VRDO | 0.090% | 6/5/15 LOC | 24,895 | 24,895 | |
Triborough Bridge & Tunnel Authority | |||||
New York Revenue | 1.000% | 11/15/15 | 3,075 | 3,087 | |
Triborough Bridge & Tunnel Authority | |||||
New York Revenue | 5.000% | 11/15/15 | 1,000 | 1,022 | |
1 | Triborough Bridge & Tunnel Authority | ||||
New York Revenue TOB VRDO | 0.110% | 6/5/15 | 2,660 | 2,660 | |
1 | Triborough Bridge & Tunnel Authority | ||||
New York Revenue TOB VRDO | 0.110% | 6/5/15 | 4,950 | 4,950 | |
Triborough Bridge & Tunnel Authority | |||||
New York Revenue VRDO | 0.070% | 6/1/15 LOC | 3,700 | 3,700 | |
Triborough Bridge & Tunnel Authority | |||||
New York Revenue VRDO | 0.100% | 6/5/15 LOC | 8,000 | 8,000 | |
1 | Utility Debt Securitization Authority | ||||
New York Revenue TOB VRDO | 0.090% | 6/5/15 | 6,650 | 6,650 | |
Williamsville NY Central School District BAN | 1.000% | 6/16/15 | 8,928 | 8,932 | |
2,273,123 | |||||
Total Tax-Exempt Municipal Bonds (Cost $2,273,123) | 2,273,123 | ||||
Other Assets and Liabilities (-1.2%) | |||||
Other Assets | 13,295 | ||||
Liabilities | (40,434) | ||||
(27,139) | |||||
Net Assets (100%) | |||||
Applicable to 2,245,784,466 outstanding $.001 par value shares of | |||||
beneficial interest (unlimited authorization) | 2,245,984 | ||||
Net Asset Value Per Share | $1.00 |
21
New York Tax-Exempt Money Market Fund
At May 31, 2015, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 2,245,983 |
Undistributed Net Investment Income | 1 |
Accumulated Net Realized Gains | — |
Net Assets | 2,245,984 |
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt
from registration, normally to qualified institutional buyers. At May 31, 2015, the aggregate value of these securities was $427,830,000,
representing 19.0% of net assets.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2015.
3 Adjustable-rate security.
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.
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) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
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
Six Months Ended | |
May 31, 2015 | |
($000) | |
Investment Income | |
Income | |
Interest | 741 |
Total Income | 741 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 223 |
Management and Administrative | 1,313 |
Marketing and Distribution | 276 |
Custodian Fees | 13 |
Shareholders’ Reports | 6 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,832 |
Expense Reduction—Note B | (1,206) |
Net Expenses | 626 |
Net Investment Income | 115 |
Realized Net Gain (Loss) on Investment Securities Sold | 2 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 117 |
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
Six Months Ended | Year Ended | |
May 31, | November 30, | |
2015 | 2014 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 115 | 238 |
Realized Net Gain (Loss) | 2 | 2 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 117 | 240 |
Distributions | ||
Net Investment Income | (114) | (238) |
Realized Capital Gain | — | — |
Total Distributions | (114) | (238) |
Capital Share Transactions (at $1.00 per share) | ||
Issued | 724,512 | 1,361,127 |
Issued in Lieu of Cash Distributions | 112 | 233 |
Redeemed | (770,741) | (1,552,607) |
Net Increase (Decrease) from Capital Share Transactions | (46,117) | (191,247) |
Total Increase (Decrease) | (46,114) | (191,245) |
Net Assets | ||
Beginning of Period | 2,292,098 | 2,483,343 |
End of Period1 | 2,245,984 | 2,292,098 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $1,000 and $0.
See accompanying Notes, which are an integral part of the Financial Statements.
25
New York Tax-Exempt Money Market Fund
Financial Highlights
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations | ||||||
Net Investment Income | .00005 | .0001 | .0001 | .0003 | .001 | .001 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | — | — | — | — | — | — |
Total from Investment Operations | .00005 | .0001 | .0001 | .0003 | .001 | .001 |
Distributions | ||||||
Dividends from Net Investment Income | (.00005) | (.0001) | (.0001) | (.0003) | (.001) | (.001) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.00005) | (.0001) | (.0001) | (.0003) | (.001) | (.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return1 | 0.00% | 0.01% | 0.01% | 0.03% | 0.06% | 0.10% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,246 | $2,292 | $2,483 | $2,638 | $2,846 | $3,295 |
Ratio of Expenses to | ||||||
Average Net Assets | 0.05%2 | 0.07%2 | 0.12%2 | 0.15%2 | 0.16%2 | 0.17% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 0.01% | 0.01% | 0.01% | 0.03% | 0.06% | 0.10% |
The expense ratio and net income ratio for the current period have been annualized.
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 2015, 0.16% for 2014, 0.16% for 2013, 0.16%
for 2012, and 0.17% for 2011. See Note B in Notes to Financial Statements.
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. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. 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, 2011–2014), and for the period ended May 31, 2015, 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. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2015, or at any time during the period then ended.
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.
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 based on methods approved by the board of trustees. The fund has committed to invest up to 0.40% of its net assets in Vanguard. At May 31, 2015, the fund had contributed capital of $202,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.08% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, 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 period ended May 31, 2015, Vanguard’s expenses were reduced by $1,206,000 (an effective annual rate of 0.11% of the fund’s average net assets).
27
New York Tax-Exempt Money Market Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At May 31, 2015, 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 May 31, 2015, that would require recognition or disclosure in these financial statements.
28
New York Long-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2015
Share-Class Characteristics | ||
Investor | Admiral | |
Shares | Shares | |
Ticker Symbol | VNYTX | VNYUX |
Expense Ratio1 | 0.20% | 0.12% |
30-Day SEC Yield | 2.19% | 2.27% |
Financial Attributes | |||
Barclays | |||
NY | Barclays | ||
Muni | Municipal | ||
Bond | Bond | ||
Fund | Index | Index | |
Number of Bonds | 776 | 6,008 | 47,633 |
Yield to Maturity | |||
(before expenses) | 2.3% | 2.1% | 2.3% |
Average Coupon | 4.8% | 4.9% | 4.8% |
Average Duration | 6.1 years | 6.4 years | 6.5 years |
Average Stated | |||
Maturity | 16.5 years 13.8 years | 13.1 years | |
Short-Term | |||
Reserves | 4.5% | — | — |
Volatility Measures | ||
Barclays NY | Barclays | |
Muni Bond | Municipal | |
Index | Bond Index | |
R-Squared | 0.98 | 0.99 |
Beta | 1.17 | 1.13 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Distribution by Stated Maturity | |
(% of portfolio) | |
Under 1 Year | 5.5% |
1 - 3 Years | 3.5 |
3 - 5 Years | 2.0 |
5 - 10 Years | 12.8 |
10 - 20 Years | 39.3 |
20 - 30 Years | 31.2 |
Over 30 Years | 5.7 |
Distribution by Credit Quality (% of portfolio) | |
AAA | 20.5% |
AA | 51.4 |
A | 19.4 |
BBB | 6.3 |
BB | 0.4 |
B | 0.4 |
Not Rated | 1.6 |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to
classify securities for which a rating is not available. Not rated securities include a fund's investment in Vanguard Market Liquidity
Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may
serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. For more information about these ratings, see
the Glossary entry for Credit Quality.
1 The expense ratios shown are from the prospectus dated March 26, 2015, and represent estimated costs for the current fiscal year. For the
six months ended May 31, 2015, the annualized expense ratios were 0.19% for Investor Shares and 0.11% for Admiral Shares.
29
New York Long-Term Tax-Exempt Fund
Investment Focus
30
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.
Fiscal-Year Total Returns (%): November 30, 2004, Through May 31, 2015
Barclays NY | ||||
Muni Bond | ||||
Investor Shares | Index | |||
Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
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 |
2014 | 3.77 | 5.94 | 9.71 | 7.84 |
2015 | 1.66 | -0.51 | 1.15 | 0.83 |
Note: For 2015, performance data reflect the six months ended May 31, 2015. |
Average Annual Total Returns: Periods Ended March 31, 2015
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 | 7.89% | 5.13% | 4.02% | 0.55% | 4.57% |
Admiral Shares | 5/14/2001 | 7.97 | 5.22 | 4.10 | 0.55 | 4.65 |
See Financial Highlights for dividend and capital gains information.
31
New York Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2015
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 (100.2%) | ||||
New York (99.9%) | ||||
Albany NY Capital Resource Corp. Revenue | ||||
(St. Peter’s Hospital) | 6.000% | 11/15/20 (Prere.) | 325 | 401 |
Albany NY Capital Resource Corp. Revenue | ||||
(St. Peter’s Hospital) | 6.125% | 11/15/20 (Prere.) | 150 | 186 |
Albany NY Industrial Development Agency Civic | ||||
Facility Revenue (St. Peter’s Hospital Project) | 5.250% | 11/15/17 (Prere.) | 5,000 | 5,522 |
Albany NY Industrial Development Agency Civic | ||||
Facility Revenue (St. Peter’s Hospital Project) | 5.750% | 11/15/17 (Prere.) | 3,840 | 4,288 |
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 | 3,948 |
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 | 2,913 |
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 | 5,023 |
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 | 1,713 |
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 | 3,903 |
Amherst NY Development Corp. | ||||
Student Housing Facility Revenue | 5.000% | 10/1/40 (4) | 2,500 | 2,740 |
Amherst NY Development Corp. | ||||
Student Housing Facility Revenue | 5.000% | 10/1/45 | 3,800 | 4,159 |
Battery Park City Authority New York Revenue | 5.000% | 11/1/31 | 2,500 | 2,888 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 5.750% | 7/15/20 | 1,550 | 1,781 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 6.000% | 7/15/30 | 16,025 | 18,564 |
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) | 6.500% | 7/15/30 | 2,250 | 2,654 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 0.000% | 7/15/31 | 3,655 | 1,768 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 0.000% | 7/15/32 | 1,500 | 688 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 0.000% | 7/15/33 | 2,160 | 926 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 6.250% | 7/15/40 | 5,275 | 6,153 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 6.375% | 7/15/43 | 14,740 | 17,232 |
Broome County NY Industrial Development | ||||
Agency Revenue (Good Shepherd Village | ||||
Project) | 6.875% | 7/1/18 (Prere.) | 3,250 | 3,816 |
Buffalo & Erie County NY Industrial Land | ||||
Development Corp. Revenue | 5.000% | 7/1/25 | 2,000 | 2,315 |
Buffalo & Erie County NY Industrial Land | ||||
Development Corp. Revenue | 5.000% | 7/1/40 | 1,500 | 1,630 |
1 Buffalo NY Municipal Water Finance | ||||
Authority Revenue | 5.000% | 7/1/24 | 500 | 590 |
1 Buffalo NY Municipal Water Finance | ||||
Authority Revenue | 5.000% | 7/1/25 | 500 | 592 |
1 Buffalo NY Municipal Water Finance | ||||
Authority Revenue | 5.000% | 7/1/26 | 1,000 | 1,170 |
1 Buffalo NY Municipal Water Finance | ||||
Authority Revenue | 5.000% | 7/1/28 | 2,000 | 2,296 |
1 Buffalo NY Municipal Water Finance | ||||
Authority Revenue | 5.000% | 7/1/29 | 500 | 571 |
Dobbs Ferry NY Local Development Corp. | ||||
Revenue (Mercy College Project) | 5.000% | 7/1/39 | 2,715 | 2,968 |
Dobbs Ferry NY Local Development Corp. | ||||
Revenue (Mercy College Project) | 5.000% | 7/1/44 | 2,510 | 2,720 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Health Quest Systems Inc. Project) | 5.000% | 7/1/34 | 650 | 707 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Health Quest Systems Inc. Project) | 5.000% | 7/1/44 | 2,000 | 2,150 |
Erie County NY GO | 5.000% | 4/1/21 | 1,645 | 1,896 |
Erie County NY GO | 5.000% | 4/1/22 | 1,630 | 1,894 |
Erie County NY GO | 5.000% | 4/1/23 | 1,000 | 1,152 |
Erie County NY GO | 5.000% | 4/1/24 | 750 | 857 |
Erie County NY GO | 5.000% | 4/1/25 | 560 | 637 |
Erie County NY GO | 5.000% | 4/1/26 | 700 | 791 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/23 | 6,500 | 7,721 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/25 | 6,000 | 7,013 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.250% | 5/1/25 | 3,695 | 4,315 |
Freeport NY GO | 5.000% | 1/15/23 | 2,335 | 2,704 |
Freeport NY GO | 5.000% | 1/15/24 | 2,540 | 2,923 |
Hempstead NY Local Development Corp. | ||||
Revenue (Adelphi University) | 5.000% | 10/1/28 | 1,320 | 1,504 |
33
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Hempstead NY Local Development Corp. | ||||
Revenue (Adelphi University) | 5.000% | 9/1/43 | 7,600 | 8,417 |
Hempstead NY Local Development Corp. | ||||
Revenue (Hofstra University) | 5.000% | 7/1/22 | 2,130 | 2,460 |
Hempstead NY Local Development Corp. | ||||
Revenue (Hofstra University) | 5.000% | 7/1/23 | 3,350 | 3,838 |
Hempstead NY Local Development Corp. | ||||
Revenue (Hofstra University) | 5.000% | 7/1/28 | 1,300 | 1,441 |
Hempstead NY Local Development Corp. | ||||
Revenue (Hofstra University) | 5.000% | 7/1/41 | 2,815 | 3,049 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.000% | 7/1/16 | 100 | 104 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.750% | 7/1/23 | 1,600 | 1,807 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.000% | 7/1/29 | 2,170 | 2,382 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.000% | 7/1/34 | 1,800 | 1,949 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.000% | 7/1/39 | 1,645 | 1,750 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.000% | 7/1/44 | 1,670 | 1,767 |
Hudson Yards Infrastructure Corp. | ||||
New York Revenue | 5.000% | 2/15/47 (3) | 10,130 | 10,671 |
Hudson Yards Infrastructure Corp. | ||||
New York Revenue | 5.000% | 2/15/47 | 11,340 | 11,946 |
Hudson Yards Infrastructure Corp. | ||||
New York Revenue | 5.250% | 2/15/47 | 7,925 | 8,689 |
Hudson Yards Infrastructure Corp. | ||||
New York Revenue | 5.750% | 2/15/47 | 28,525 | 32,562 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.250% | 6/1/16 (Prere.) | 7,500 | 7,871 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 12/1/17 (3) | 120 | 128 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 12/1/17 | 100 | 107 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.250% | 4/1/19 | 5,000 | 5,660 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 5/1/21 | 2,000 | 2,285 |
Long Island NY Power Authority Electric | ||||
System Revenue | 0.000% | 6/1/24 (4) | 19,830 | 15,450 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 12/1/24 (14) | 1,040 | 1,081 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 9/1/25 | 1,500 | 1,706 |
Long Island NY Power Authority Electric | ||||
System Revenue | 0.000% | 6/1/27 (4) | 15,905 | 10,933 |
Long Island NY Power Authority Electric | ||||
System Revenue | 4.500% | 5/1/28 (14) | 1,880 | 1,964 |
Long Island NY Power Authority Electric | ||||
System Revenue | 6.250% | 4/1/33 | 2,225 | 2,577 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 9/1/34 | 4,500 | 4,981 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 9/1/35 | 6,000 | 6,626 |
34
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 9/1/37 | 7,325 | 7,935 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 5/1/38 | 6,005 | 6,550 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 9/1/39 | 5,500 | 6,015 |
Long Island NY Power Authority Electric | ||||
System Revenue | 5.000% | 9/1/44 | 8,000 | 8,704 |
2 Long Island NY Power Authority Electric | ||||
System Revenue PUT | 0.776% | 11/1/18 | 4,000 | 4,013 |
Monroe County NY Industrial Development | ||||
Agency School Facility Revenue (Rochester | ||||
Schools Modernization Project) | 5.000% | 5/1/21 | 3,815 | 4,467 |
Monroe County NY Industrial Development | ||||
Corp. Mortgage Revenue (Unity Hospital | ||||
Rochester Project) | 5.500% | 8/15/23 | 4,120 | 4,165 |
Monroe County NY Industrial Development | ||||
Corp. Mortgage Revenue (Unity Hospital | ||||
Rochester Project) | 5.750% | 8/15/30 | 3,500 | 4,135 |
Monroe County NY Industrial Development | ||||
Corp. Mortgage Revenue (Unity Hospital | ||||
Rochester Project) | 5.750% | 8/15/35 | 3,000 | 3,544 |
Monroe County NY Industrial Development | ||||
Corp. Mortgage Revenue (Unity Hospital | ||||
Rochester Project) | 5.500% | 8/15/40 | 3,700 | 4,273 |
Monroe County NY Industrial Development | ||||
Corp. Revenue (Rochester General Hospital) | 5.000% | 12/1/37 | 2,600 | 2,783 |
Monroe County NY Industrial Development | ||||
Corp. Revenue (Rochester General Hospital) | 5.000% | 12/1/42 | 5,305 | 5,628 |
Monroe County NY Industrial Development | ||||
Corp. Revenue (St. John Fisher College | ||||
Project) | 5.500% | 6/1/39 | 1,500 | 1,660 |
Monroe County NY Industrial Development | ||||
Corp. Revenue (St. John Fisher College | ||||
Project) | 5.000% | 6/1/44 | 2,500 | 2,635 |
Monroe County NY Industrial Development | ||||
Corp. Revenue (University of Rochester) | 5.000% | 7/1/30 | 4,880 | 5,557 |
Nassau County NY GO | 5.000% | 10/1/20 | 9,025 | 10,440 |
Nassau County NY GO | 5.000% | 4/1/24 | 7,515 | 8,846 |
1 Nassau County NY GO | 5.000% | 4/1/29 | 4,320 | 4,882 |
Nassau County NY Local Economic | ||||
Assistance & Financing Corp. Revenue | ||||
(South Nassau Communities Hospital) | 5.000% | 7/1/21 | 4,430 | 5,035 |
Nassau County NY Local Economic | ||||
Assistance & Financing Corp. Revenue | ||||
(South Nassau Communities Hospital) | 5.000% | 7/1/22 | 2,225 | 2,537 |
Nassau County NY Local Economic | ||||
Assistance & Financing Corp. Revenue | ||||
(South Nassau Communities Hospital) | 5.000% | 7/1/27 | 5,695 | 6,242 |
Nassau County NY Local Economic | ||||
Assistance & Financing Corp. Revenue | ||||
(South Nassau Communities Hospital) | 5.000% | 7/1/31 | 2,000 | 2,159 |
Nassau County NY Local Economic | ||||
Assistance & Financing Corp. Revenue | ||||
(South Nassau Communities Hospital) | 5.000% | 7/1/37 | 1,000 | 1,068 |
35
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Nassau County NY Local Economic | ||||
Assistance & Financing Corp. Revenue | ||||
(Winthrop University Hospital Association | ||||
Project) | 5.000% | 7/1/27 | 4,000 | 4,363 |
Nassau County NY Local Economic | ||||
Assistance & Financing Corp. Revenue | ||||
(Winthrop University Hospital Association | ||||
Project) | 5.000% | 7/1/32 | 995 | 1,060 |
Nassau County NY Local Economic | ||||
Assistance & Financing Corp. Revenue | ||||
(Winthrop University Hospital Association | ||||
Project) | 5.000% | 7/1/37 | 8,190 | 8,706 |
Nassau County NY Local Economic | ||||
Assistance & Financing Corp. Revenue | ||||
(Winthrop University Hospital Association | ||||
Project) | 5.000% | 7/1/42 | 3,000 | 3,163 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/23 | 700 | 817 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/24 | 500 | 585 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/25 | 1,400 | 1,613 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/28 | 1,690 | 1,892 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/28 | 1,500 | 1,684 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/29 | 1,565 | 1,742 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/30 | 1,750 | 1,942 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/31 | 1,000 | 1,105 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/34 | 850 | 934 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/25 | 325 | 374 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/26 | 335 | 381 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/27 | 425 | 479 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/28 | 375 | 419 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/31 | 1,000 | 1,098 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/33 | 1,135 | 1,240 |
36
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/35 | 1,000 | 1,088 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/40 | 1,250 | 1,346 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/45 | 1,500 | 1,608 |
New York City NY Build NYC Resource Corp. | ||||
(Ethical Culture Fieldston Project) | 5.000% | 6/1/23 | 850 | 998 |
New York City NY Build NYC Resource Corp. | ||||
(Ethical Culture Fieldston Project) | 5.000% | 6/1/24 | 740 | 875 |
New York City NY Build NYC Resource Corp. | ||||
(Methodist Hospital Project) | 5.000% | 7/1/23 | 1,400 | 1,617 |
New York City NY Build NYC Resource Corp. | ||||
(Methodist Hospital Project) | 5.000% | 7/1/25 | 1,325 | 1,522 |
New York City NY Build NYC Resource Corp. | ||||
(Methodist Hospital Project) | 5.000% | 7/1/27 | 1,000 | 1,128 |
New York City NY Build NYC Resource Corp. | ||||
(Queens College) | 5.000% | 6/1/27 | 200 | 235 |
New York City NY Build NYC Resource Corp. | ||||
(Queens College) | 5.000% | 6/1/28 | 270 | 314 |
New York City NY Build NYC Resource Corp. | ||||
(Queens College) | 5.000% | 6/1/29 | 225 | 260 |
New York City NY Build NYC Resource Corp. | ||||
(Queens College) | 5.000% | 6/1/30 | 310 | 356 |
New York City NY Build NYC Resource Corp. | ||||
(Queens College) | 5.000% | 6/1/31 | 800 | 914 |
New York City NY Build NYC Resource Corp. | ||||
(Queens College) | 5.000% | 6/1/32 | 660 | 752 |
New York City NY Build NYC Resource Corp. | ||||
(Queens College) | 5.000% | 6/1/33 | 660 | 751 |
New York City NY Build NYC Resource Corp. | ||||
(Queens College) | 5.000% | 6/1/34 | 580 | 656 |
New York City NY Build NYC Resource Corp. | ||||
(Queens College) | 5.000% | 6/1/38 | 1,000 | 1,117 |
New York City NY Capital Resources Corp. | ||||
Revenue (Loan Enhanced Assistance Program) | ||||
VRDO | 0.150% | 6/5/15 LOC | 3,635 | 3,635 |
New York City NY GO | 5.000% | 8/1/15 (Prere.) | 3,490 | 3,518 |
New York City NY GO | 5.000% | 9/1/15 (Prere.) | 3,885 | 3,930 |
New York City NY GO | 5.000% | 2/1/16 (Prere.) | 5 | 5 |
New York City NY GO | 5.000% | 8/1/16 (Prere.) | 95 | 100 |
New York City NY GO | 5.000% | 1/1/17 (Prere.) | 6,850 | 7,326 |
New York City NY GO | 5.000% | 1/1/17 (Prere.) | 710 | 759 |
New York City NY GO | 5.000% | 9/1/17 | 70 | 71 |
New York City NY GO | 5.250% | 8/15/18 (Prere.) | 1,235 | 1,399 |
New York City NY GO | 6.250% | 10/15/18 (Prere.) | 670 | 785 |
New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,287 |
New York City NY GO | 5.000% | 8/1/21 | 995 | 1,027 |
New York City NY GO | 5.250% | 9/1/21 | 5,750 | 6,493 |
New York City NY GO | 5.000% | 8/1/22 | 9,905 | 10,444 |
New York City NY GO | 5.000% | 8/1/22 | 4,250 | 4,848 |
New York City NY GO | 5.000% | 8/1/22 | 4,000 | 4,620 |
New York City NY GO | 5.250% | 8/15/22 | 10,000 | 11,258 |
New York City NY GO | 5.250% | 9/1/22 | 12,000 | 13,525 |
New York City NY GO | 5.000% | 10/1/22 | 2,985 | 3,277 |
New York City NY GO | 5.000% | 8/1/23 | 5,000 | 5,999 |
37
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY GO | 5.000% | 8/1/23 | 2,000 | 2,402 |
New York City NY GO | 5.000% | 8/1/24 | 5,000 | 5,908 |
New York City NY GO | 5.000% | 8/1/24 | 14,000 | 16,795 |
New York City NY GO | 5.000% | 8/1/24 | 3,000 | 3,629 |
New York City NY GO | 5.250% | 8/15/24 | 13,765 | 15,417 |
New York City NY GO | 5.000% | 1/1/25 | 3,150 | 3,364 |
New York City NY GO | 5.000% | 8/1/25 | 10,540 | 12,257 |
New York City NY GO | 5.000% | 8/1/25 | 2,000 | 2,419 |
New York City NY GO | 5.000% | 10/1/25 | 10,000 | 10,964 |
New York City NY GO | 5.000% | 1/1/26 | 650 | 694 |
New York City NY GO | 5.000% | 8/1/26 | 5,000 | 5,918 |
New York City NY GO | 5.000% | 8/15/26 | 14,500 | 16,084 |
New York City NY GO | 5.250% | 8/15/26 | 5,100 | 5,697 |
New York City NY GO | 5.000% | 4/1/27 | 5,000 | 5,738 |
New York City NY GO | 5.000% | 8/1/27 | 15,290 | 17,486 |
New York City NY GO | 5.000% | 8/1/27 | 4,550 | 5,344 |
New York City NY GO | 5.000% | 8/1/27 | 9,900 | 11,538 |
New York City NY GO | 5.000% | 5/15/28 | 4,500 | 5,087 |
New York City NY GO | 5.000% | 8/1/28 | 3,710 | 4,211 |
New York City NY GO | 5.000% | 8/1/28 | 7,000 | 7,952 |
New York City NY GO | 5.000% | 8/1/28 | 1,915 | 2,191 |
New York City NY GO | 5.000% | 8/1/28 | 4,000 | 4,682 |
New York City NY GO | 6.250% | 10/15/28 | 365 | 426 |
New York City NY GO | 5.625% | 4/1/29 | 3,000 | 3,446 |
New York City NY GO | 5.000% | 8/1/29 | 2,500 | 2,862 |
New York City NY GO | 5.000% | 8/1/30 | 2,185 | 2,493 |
New York City NY GO | 5.000% | 8/1/30 | 2,335 | 2,670 |
New York City NY GO | 5.000% | 8/1/30 | 6,220 | 7,120 |
New York City NY GO | 5.000% | 3/1/31 | 6,000 | 6,785 |
New York City NY GO | 5.450% | 4/1/31 | 8,500 | 9,692 |
New York City NY GO | 5.000% | 8/1/31 | 2,000 | 2,286 |
New York City NY GO | 5.000% | 8/1/31 | 3,000 | 3,412 |
New York City NY GO | 5.000% | 8/1/31 | 1,500 | 1,695 |
New York City NY GO | 5.000% | 3/1/32 | 3,000 | 3,379 |
New York City NY GO | 5.000% | 8/1/32 | 2,985 | 3,377 |
New York City NY GO | 5.000% | 8/1/32 | 4,000 | 4,577 |
New York City NY GO | 5.000% | 3/1/33 | 7,500 | 8,415 |
New York City NY GO | 5.000% | 10/1/33 | 6,500 | 7,323 |
New York City NY GO | 5.000% | 10/1/34 | 2,000 | 2,248 |
New York City NY GO | 5.000% | 8/1/35 | 3,500 | 3,883 |
New York City NY GO | 5.375% | 4/1/36 | 4,000 | 4,541 |
New York City NY GO | 5.000% | 10/1/36 | 3,000 | 3,322 |
New York City NY GO | 5.000% | 3/1/37 | 6,790 | 7,549 |
New York City NY GO VRDO | 0.080% | 6/1/15 | 13,900 | 13,900 |
New York City NY GO VRDO | 0.090% | 6/1/15 | 5,900 | 5,900 |
New York City NY GO VRDO | 0.100% | 6/1/15 | 3,000 | 3,000 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/21 | 2,000 | 2,289 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/24 | 3,000 | 3,382 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/30 | 3,300 | 3,635 |
New York City NY Housing Development Corp. | ||||
Capital Fund Grant Program Revenue | ||||
(New York City Housing Authority Program) | 5.000% | 7/1/23 | 1,000 | 1,192 |
38
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.250% | 7/1/28 | 2,700 | 3,158 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.250% | 7/1/29 | 3,035 | 3,473 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.375% | 11/1/29 | 1,500 | 1,457 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 4.750% | 11/1/29 | 5,220 | 5,432 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 4.750% | 11/1/29 | 2,520 | 2,637 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.375% | 11/15/29 | 3,500 | 3,439 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.250% | 7/1/30 | 2,605 | 2,969 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.650% | 11/1/34 | 3,000 | 2,891 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.700% | 11/15/34 | 5,000 | 4,905 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.050% | 11/1/38 | 3,055 | 3,205 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.550% | 11/1/39 | 3,500 | 3,735 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.000% | 11/1/42 | 2,600 | 2,709 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.700% | 11/1/46 | 7,155 | 7,643 |
New York City NY Housing Development Corp. | ||||
Multi-Family Mortgage Revenue | ||||
(8 Spruce Street) | 3.500% | 2/15/48 | 11,000 | 11,197 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue | ||||
(2 Gold Street) VRDO | 0.080% | 6/5/15 | 6,000 | 6,000 |
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 | 5,398 |
New York City NY Industrial Development | ||||
Agency PILOT Revenue (Queens Baseball | ||||
Stadium Project) | 6.125% | 1/1/29 (12) | 1,750 | 1,993 |
New York City NY Industrial Development | ||||
Agency PILOT Revenue (Queens Baseball | ||||
Stadium Project) | 6.375% | 1/1/39 (12) | 4,000 | 4,588 |
New York City NY Industrial Development | ||||
Agency PILOT Revenue (Yankee Stadium | ||||
Project) | 0.000% | 3/1/34 (12) | 10,285 | 4,734 |
New York City NY Industrial Development | ||||
Agency PILOT Revenue (Yankee Stadium | ||||
Project) | 0.000% | 3/1/35 (12) | 4,305 | 1,867 |
New York City NY Industrial Development | ||||
Agency PILOT Revenue (Yankee Stadium | ||||
Project) | 5.000% | 3/1/36 (14) | 9,670 | 10,087 |
New York City NY Industrial Development | ||||
Agency PILOT Revenue (Yankee Stadium | ||||
Project) | 7.000% | 3/1/49 (12) | 33,850 | 40,184 |
39
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Industrial Development | ||||
Agency Special Facility Revenue | ||||
(New York Stock Exchange Project) | 5.000% | 5/1/29 | 2,020 | 2,246 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/15 (Prere.) | 2,860 | 2,866 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/15 (Prere.) | 5,335 | 5,346 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/17 | 10,000 | 9,836 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 4,250 | 4,096 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/21 | 4,490 | 4,040 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 5,000 | 5,998 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/28 | 10,000 | 11,864 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 2,000 | 2,295 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 7,535 | 7,887 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 2,000 | 2,283 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 2,140 | 2,145 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 1,500 | 1,705 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 6,000 | 6,623 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 12,385 | 14,036 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/32 (4) | 2,665 | 2,671 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.250% | 6/15/32 | 10,000 | 11,394 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/34 | 6,000 | 6,774 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/35 | 10,000 | 11,268 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/36 | 5,000 | 5,631 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/37 | 2,500 | 2,829 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 7,500 | 8,452 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/40 | 5,000 | 5,629 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 13,355 | 15,177 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 7,500 | 8,523 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.500% | 6/15/40 | 18,500 | 21,290 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 13,400 | 15,153 |
40
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 10,075 | 11,419 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/43 | 15,385 | 16,994 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.375% | 6/15/43 | 10,000 | 11,703 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.500% | 6/15/43 | 2,500 | 2,945 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/44 | 8,470 | 9,385 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/44 | 10,000 | 11,005 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/46 | 7,650 | 8,443 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.090% | 6/1/15 | 4,900 | 4,900 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.090% | 6/1/15 | 10,200 | 10,200 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.090% | 6/1/15 | 2,485 | 2,485 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/24 | 2,000 | 2,476 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/26 | 3,000 | 3,642 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/27 | 4,000 | 4,826 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/28 | 8,665 | 10,370 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/29 | 6,000 | 7,131 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/31 | 4,000 | 4,703 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 1/15/24 (14) | 6,740 | 7,163 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 1/15/25 | 9,500 | 10,740 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/25 (14) | 5,200 | 5,526 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 1/15/26 | 5,000 | 5,649 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/26 | 1,970 | 2,357 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/26 (14) | 6,150 | 6,536 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/28 | 2,805 | 3,251 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/29 | 5,000 | 5,765 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 1/15/30 | 500 | 558 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/31 | 1,585 | 1,789 |
41
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% | 7/15/31 | 4,260 | 4,844 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 1/15/32 | 500 | 553 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/32 | 4,000 | 4,507 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.125% | 1/15/33 | 7,000 | 7,766 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/33 | 5,000 | 5,714 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/33 | 8,205 | 9,251 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.125% | 1/15/34 | 10,000 | 11,087 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/36 | 5,000 | 5,656 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 1/15/37 (12)(3) | 12,120 | 12,821 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/37 | 13,885 | 15,466 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 7/15/37 | 3,250 | 3,678 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 1/15/39 | 7,110 | 7,919 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/40 | 5,975 | 6,718 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/40 | 5,200 | 5,720 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/43 | 1,410 | 1,574 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/16 (Prere.) | 5 | 5 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 5,215 | 5,640 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/17 (Prere.) | 4,520 | 4,966 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/19 (Prere.) | 3,740 | 4,271 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/24 | 3,970 | 4,514 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/24 | 3,000 | 3,524 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/25 | 3,000 | 3,655 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.250% | 11/1/25 | 1,000 | 1,190 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.250% | 11/1/26 | 1,000 | 1,187 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/27 | 2,000 | 2,300 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/27 | 2,500 | 2,991 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/27 | 2,205 | 2,401 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/28 | 2,000 | 2,295 |
42
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.250% | 2/1/29 | 2,000 | 2,336 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/29 | 5,000 | 5,637 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.250% | 2/1/30 | 1,500 | 1,752 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/30 | 5,000 | 5,629 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/30 | 4,825 | 5,602 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/30 | 3,285 | 3,514 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/30 | 500 | 585 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/31 | 2,000 | 2,289 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/31 | 2,500 | 2,894 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/31 | 3,575 | 4,076 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/32 | 7,300 | 8,251 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/33 | 2,850 | 3,277 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/34 | 2,195 | 2,468 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/34 | 2,500 | 2,869 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/34 | 5,000 | 5,640 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/35 | 7,500 | 8,449 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/35 | 10,000 | 11,272 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/35 | 3,210 | 3,655 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.500% | 11/1/35 | 3,000 | 3,544 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/36 | 11,600 | 13,120 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/38 | 2,000 | 2,237 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/39 | 3,750 | 4,286 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/41 | 10,000 | 11,247 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/42 | 3,505 | 3,910 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/42 | 2,500 | 2,800 |
New York City NY Transitional Finance Authority | ||||
Recovery Revenue VRDO | 0.090% | 6/1/15 | 5,800 | 5,800 |
New York City NY Trust for Cultural Resources | ||||
Revenue (American Museum of Natural History) | ||||
VRDO | 0.090% | 6/1/15 | 9,190 | 9,190 |
43
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Trust for Cultural Resources | ||||
Revenue (Asia Society) VRDO | 0.120% | 6/5/15 LOC | 1,240 | 1,240 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Lincoln Center for the Performing | ||||
Arts Inc.) VRDO | 0.090% | 6/1/15 LOC | 28,340 | 28,340 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Museum of Modern Art) | 5.000% | 4/1/31 | 4,845 | 5,365 |
New York City NY Trust for Cultural Resources | ||||
Revenue (The Juilliard School) | 5.000% | 1/1/34 | 4,000 | 4,422 |
New York City NY Trust for Cultural Resources | ||||
Revenue (The Juilliard School) | 5.000% | 1/1/39 | 4,000 | 4,419 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Whitney Museum of American Art) | 5.000% | 7/1/21 | 1,000 | 1,152 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Whitney Museum of American Art) | 5.000% | 7/1/31 | 7,000 | 7,719 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Wildlife Conservation Society) | 5.000% | 8/1/33 | 4,000 | 4,526 |
3 New York Counties Tobacco Trust Revenue | 6.250% | 6/1/41 | 5,000 | 5,102 |
New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 10,835 | 12,235 |
New York Liberty Development Corp. Revenue | 5.000% | 12/15/41 | 14,750 | 16,547 |
New York Liberty Development Corp. Revenue | 5.000% | 9/15/43 | 14,360 | 15,807 |
New York Liberty Development Corp. Revenue | 5.250% | 12/15/43 | 6,750 | 7,702 |
New York Liberty Development Corp. Revenue | 5.125% | 1/15/44 | 24,000 | 26,475 |
New York Liberty Development Corp. Revenue | 5.000% | 11/15/44 | 20,000 | 22,003 |
New York Liberty Development Corp. Revenue | 5.125% | 11/15/44 | 4,200 | 4,651 |
New York Liberty Development Corp. Revenue | 5.625% | 7/15/47 | 6,055 | 6,824 |
New York Liberty Development Corp. Revenue | 6.375% | 7/15/49 | 17,725 | 20,123 |
New York Liberty Development Corp. Revenue | 5.750% | 11/15/51 | 23,590 | 27,210 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 9/15/31 | 5,000 | 5,736 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 9/15/32 | 5,000 | 5,706 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 9/15/40 | 4,680 | 5,291 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 3/15/44 | 4,965 | 5,356 |
New York Liberty Development Corp. Revenue | ||||
(Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 46,500 | 54,750 |
New York Liberty Development Corp. Revenue | ||||
(Goldman Sachs Headquarters) | 5.500% | 10/1/37 | 6,510 | 7,910 |
New York Metropolitan Transportation Authority | ||||
Revenue | 4.750% | 11/15/15 (Prere.) | 8,600 | 8,778 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/23 | 4,500 | 4,941 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/23 | 2,300 | 2,522 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/23 | 1,000 | 1,199 |
New York Metropolitan Transportation Authority | ||||
Revenue | 6.250% | 11/15/23 | 5,000 | 5,855 |
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 | 1,118 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/26 | 2,330 | 2,698 |
44
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/26 | 3,000 | 3,351 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/26 | 10,000 | 11,624 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/27 | 5,000 | 5,769 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/27 | 4,945 | 5,516 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/27 (14) | 2,500 | 2,730 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/28 | 2,250 | 2,469 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/28 | 4,000 | 4,438 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/28 | 1,000 | 1,155 |
New York Metropolitan Transportation Authority | ||||
Revenue | 6.500% | 11/15/28 | 5,000 | 5,890 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/29 | 1,000 | 1,151 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/30 | 3,715 | 4,070 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/30 | 1,150 | 1,323 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/31 | 10,000 | 10,620 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/32 | 5,000 | 5,638 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/32 | 1,500 | 1,689 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/32 | 2,050 | 2,300 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/33 | 3,500 | 3,929 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/37 | 5,000 | 5,705 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/38 | 10,000 | 11,034 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/38 | 1,000 | 1,136 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/39 | 5,000 | 5,679 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/40 | 10,000 | 11,065 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/41 | 2,000 | 2,186 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/42 | 4,000 | 4,396 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/42 | 5,000 | 5,488 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/28 | 5,000 | 5,749 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/29 | 4,000 | 4,597 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/30 | 4,000 | 4,589 |
45
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/29 | 6,975 | 8,103 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/31 | 11,000 | 12,622 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/33 | 5,000 | 5,705 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.625% | 11/15/39 | 500 | 563 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) VRDO | 0.080% | 6/1/15 LOC | 3,350 | 3,350 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.000% | 11/15/22 | 5,000 | 5,495 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.000% | 11/15/41 | 10,000 | 10,998 |
New York State Convention Center Development | ||||
Corp. Revenue (Hotel Unit Fee) | 5.000% | 11/15/30 (2) | 3,600 | 3,672 |
New York State Dormitory Authority Hospital | ||||
Revenue (Albany Medical Center Hospital) | 5.000% | 8/15/18 (4) | 11,315 | 11,359 |
New York State Dormitory Authority Hospital | ||||
Revenue (Hudson Valley Hospital Center) | 5.000% | 8/15/27 (4) | 4,490 | 4,853 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/24 | 3,000 | 3,490 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/26 | 1,000 | 1,156 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/29 | 4,000 | 4,610 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/30 | 1,000 | 1,141 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/35 | 1,000 | 1,121 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/41 | 11,000 | 12,200 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/42 | 15,000 | 16,620 |
1 New York State Dormitory Authority Revenue | 5.000% | 10/1/19 (15) | 4,610 | 5,249 |
1 New York State Dormitory Authority Revenue | 5.000% | 10/1/20 (15) | 4,990 | 5,783 |
1 New York State Dormitory Authority Revenue | 5.000% | 10/1/25 (15) | 5,480 | 6,568 |
1 New York State Dormitory Authority Revenue | 5.000% | 10/1/26 (15) | 4,375 | 5,165 |
New York State Dormitory Authority Revenue | ||||
(Barnard College) | 5.000% | 7/1/26 | 750 | 897 |
New York State Dormitory Authority Revenue | ||||
(Barnard College) | 4.000% | 7/1/31 | 1,100 | 1,144 |
New York State Dormitory Authority Revenue | ||||
(Barnard College) | 4.000% | 7/1/32 | 1,340 | 1,384 |
New York State Dormitory Authority Revenue | ||||
(Brooklyn Law School) | 5.000% | 7/1/26 | 1,630 | 1,805 |
New York State Dormitory Authority Revenue | ||||
(Brooklyn Law School) | 5.000% | 7/1/27 | 1,210 | 1,331 |
New York State Dormitory Authority Revenue | ||||
(Brooklyn Law School) | 5.000% | 7/1/28 | 1,000 | 1,092 |
New York State Dormitory Authority Revenue | ||||
(Brooklyn Law School) | 5.000% | 7/1/29 | 1,000 | 1,087 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) | 5.000% | 7/1/32 | 710 | 768 |
New York State Dormitory Authority Revenue | ||||
(City University System) | 5.000% | 7/1/25 | 4,670 | 5,165 |
46
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Columbia University) | 5.000% | 7/1/40 | 5,000 | 5,633 |
New York State Dormitory Authority Revenue | ||||
(Columbia University) | 5.000% | 10/1/41 | 1,825 | 2,059 |
New York State Dormitory Authority Revenue | ||||
(Cornell University) | 5.000% | 7/1/31 | 6,905 | 7,230 |
New York State Dormitory Authority Revenue | ||||
(Cornell University) | 5.000% | 7/1/35 | 1,500 | 1,569 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 4.000% | 7/1/15 | 250 | 251 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 4.000% | 7/1/16 | 355 | 365 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/17 | 300 | 320 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/18 | 325 | 352 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/19 | 250 | 275 |
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 | 336 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/28 | 540 | 592 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.500% | 7/1/33 | 1,000 | 1,106 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/34 | 350 | 377 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/42 | 600 | 630 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.750% | 7/1/43 | 7,085 | 7,785 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 4.000% | 7/1/21 | 250 | 275 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/22 | 200 | 234 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.500% | 7/1/36 | 3,000 | 3,523 |
New York State Dormitory Authority Revenue | ||||
(Long Island University) | 5.000% | 9/1/26 | 2,355 | 2,597 |
New York State Dormitory Authority Revenue | ||||
(Long Island University) | 5.000% | 9/1/27 | 1,520 | 1,665 |
New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/21 | 2,000 | 2,357 |
New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/23 | 1,490 | 1,759 |
New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/30 | 9,000 | 9,379 |
New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/36 | 1,000 | 1,098 |
New York State Dormitory Authority Revenue | ||||
(Mental Health Services Facilities Improvement) | 5.000% | 2/15/28 (4) | 500 | 552 |
New York State Dormitory Authority Revenue | ||||
(Miriam Osborn Memorial Home Association) | 5.000% | 7/1/26 | 740 | 793 |
New York State Dormitory Authority Revenue | ||||
(Miriam Osborn Memorial Home Association) | 5.000% | 7/1/27 | 650 | 691 |
47
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Miriam Osborn Memorial Home Association) | 5.000% | 7/1/29 | 1,000 | 1,059 |
New York State Dormitory Authority Revenue | ||||
(Miriam Osborn Memorial Home Association) | 5.000% | 7/1/42 | 500 | 523 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/22 | 3,500 | 4,027 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 4,500 | 5,137 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/26 | 1,500 | 1,683 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai School of Medicine of New York | ||||
University) | 5.000% | 7/1/21 | 1,000 | 1,141 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai School of Medicine of New York | ||||
University) | 5.150% | 7/1/24 (14) | 2,000 | 2,289 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/17 (Prere.) | 8,000 | 8,714 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/20 | 3,000 | 3,127 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/22 | 900 | 1,050 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/23 | 650 | 766 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/25 | 1,000 | 1,175 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/26 | 670 | 779 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.750% | 7/1/31 | 1,000 | 1,150 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 6.000% | 7/1/40 | 1,000 | 1,148 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/18 (Prere.) | 15,700 | 17,544 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/30 | 6,625 | 7,452 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/30 | 2,000 | 2,340 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/37 | 4,200 | 4,670 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/37 | 3,250 | 3,614 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/39 | 5,000 | 5,587 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/42 | 10,000 | 11,000 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/48 | 3,000 | 3,352 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/20 | 2,520 | 2,880 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 11/1/20 | 3,965 | 4,168 |
48
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% | 5/1/21 | 1,000 | 1,152 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 11/1/21 | 4,035 | 4,241 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/22 | 1,465 | 1,701 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 11/1/22 | 4,285 | 4,504 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/26 | 1,000 | 1,119 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 11/1/26 | 5,495 | 5,765 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 11/1/26 | 1,800 | 1,889 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/32 | 7,000 | 7,647 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.250% | 5/1/34 | 1,000 | 1,104 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/39 | 4,000 | 4,345 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/41 | 2,500 | 2,713 |
New York State Dormitory Authority Revenue | ||||
(Pace University) | 5.000% | 5/1/25 | 1,300 | 1,452 |
New York State Dormitory Authority Revenue | ||||
(Pace University) | 5.000% | 5/1/28 | 1,500 | 1,650 |
New York State Dormitory Authority Revenue | ||||
(Pace University) | 5.000% | 5/1/29 | 740 | 812 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/26 | 5,000 | 6,038 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/26 | 5,825 | 6,883 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/27 | 5,000 | 5,854 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/28 | 2,185 | 2,531 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/28 | 2,225 | 2,497 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/29 | 3,790 | 4,332 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/30 | 3,480 | 3,975 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/33 | 5,000 | 5,629 |
49
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/33 | 6,615 | 7,457 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 4.000% | 2/15/34 | 5,000 | 5,297 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/35 | 10,000 | 10,659 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.750% | 3/15/36 | 10,000 | 11,496 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/37 | 11,600 | 12,948 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/38 | 5,000 | 5,578 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/38 | 3,695 | 4,144 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.250% | 3/15/38 | 18,000 | 20,257 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/40 | 12,230 | 13,612 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/41 | 10,000 | 11,134 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/41 | 5,000 | 5,583 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/23 | 400 | 474 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/24 | 400 | 476 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/25 | 500 | 590 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/28 | 1,000 | 1,149 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/29 (12) | 3,750 | 4,151 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/29 | 500 | 572 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/34 | 2,000 | 2,240 |
New York State Dormitory Authority Revenue | ||||
(Rochester Institute of Technology) | 5.000% | 7/1/24 | 1,000 | 1,162 |
New York State Dormitory Authority Revenue | ||||
(Rochester Institute of Technology) | 5.000% | 7/1/25 | 1,355 | 1,559 |
New York State Dormitory Authority Revenue | ||||
(Rochester Institute of Technology) | 5.000% | 7/1/34 | 750 | 828 |
New York State Dormitory Authority Revenue | ||||
(Rochester Institute of Technology) | 5.000% | 7/1/38 | 1,250 | 1,373 |
New York State Dormitory Authority Revenue | ||||
(Rochester Institute of Technology) | 5.000% | 7/1/40 | 2,000 | 2,257 |
New York State Dormitory Authority Revenue | ||||
(Rochester Institute of Technology) | 5.000% | 7/1/42 | 3,000 | 3,284 |
New York State Dormitory Authority Revenue | ||||
(Rockefeller University) | 5.000% | 7/1/33 | 2,670 | 3,053 |
New York State Dormitory Authority Revenue | ||||
(Rockefeller University) | 5.000% | 7/1/34 | 2,720 | 3,100 |
New York State Dormitory Authority Revenue | ||||
(Rockefeller University) | 5.000% | 7/1/38 | 9,000 | 10,191 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/21 | 6,495 | 7,553 |
50
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/22 (4) | 1,000 | 1,190 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/22 | 1,340 | 1,575 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/24 (15) | 3,250 | 3,893 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/25 (4) | 2,860 | 3,395 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/26 | 1,000 | 1,157 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/27 (4) | 1,000 | 1,182 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/28 (4) | 1,000 | 1,164 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/29 (4) | 500 | 577 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/29 (4) | 1,500 | 1,733 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/30 (4) | 500 | 573 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/31 (4) | 750 | 857 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/32 (4) | 1,000 | 1,137 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/33 (4) | 1,000 | 1,136 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/34 (4) | 1,000 | 1,133 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 4/1/35 (4) | 250 | 283 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.250% | 7/1/17 (Prere.) | 9,000 | 9,840 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.000% | 7/1/25 | 1,000 | 1,194 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.000% | 7/1/26 | 1,100 | 1,294 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.000% | 7/1/27 | 650 | 758 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.000% | 7/1/30 | 1,665 | 1,902 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.000% | 7/1/31 | 1,500 | 1,706 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.000% | 7/1/44 | 5,000 | 5,502 |
New York State Dormitory Authority Revenue | ||||
(State University Dormitory Facilities) | 5.000% | 7/1/27 | 2,500 | 2,917 |
New York State Dormitory Authority Revenue | ||||
(State University Dormitory Facilities) | 5.000% | 7/1/29 | 2,250 | 2,590 |
New York State Dormitory Authority Revenue | ||||
(State University Dormitory Facilities) | 5.250% | 7/1/31 | 2,500 | 2,917 |
New York State Dormitory Authority Revenue | ||||
(State University Dormitory Facilities) | 5.000% | 7/1/43 | 2,000 | 2,211 |
New York State Dormitory Authority Revenue | ||||
(State University Educational Facilities) | 5.000% | 5/15/25 | 5,000 | 5,899 |
New York State Dormitory Authority Revenue | ||||
(State University Educational Facilities) | 5.000% | 5/15/26 | 8,000 | 9,370 |
51
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(State University Educational Facilities) | 5.000% | 5/15/27 | 5,000 | 5,835 |
New York State Dormitory Authority Revenue | ||||
(State University Educational Facilities) | 5.000% | 5/15/28 | 3,000 | 3,462 |
New York State Dormitory Authority Revenue | ||||
(Teachers College) | 5.000% | 7/1/31 | 1,750 | 1,945 |
New York State Dormitory Authority Revenue | ||||
(Teachers College) | 5.000% | 7/1/42 | 2,000 | 2,189 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.000% | 7/1/16 (Prere.) | 3,665 | 3,849 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 6.000% | 7/1/20 (Prere.) | 5,575 | 6,803 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.250% | 7/1/30 | 3,000 | 3,392 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.000% | 7/1/40 | 3,000 | 3,345 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.500% | 7/1/40 | 5,000 | 5,678 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.000% | 7/1/45 | 3,000 | 3,326 |
New York State Dormitory Authority Revenue | ||||
(University of Rochester) | 5.000% | 7/1/22 | 1,000 | 1,067 |
New York State Dormitory Authority Revenue | ||||
(University of Rochester) | 5.000% | 7/1/32 | 8,405 | 8,875 |
New York State Dormitory Authority Revenue | ||||
(Vassar College) | 5.000% | 7/1/46 | 2,500 | 2,685 |
New York State Dormitory Authority Revenue | ||||
(Wyckoff Heights Medical Center) | 5.000% | 2/15/21 | 1,000 | 1,168 |
New York State Dormitory Authority Revenue | ||||
(Wyckoff Heights Medical Center) | 5.000% | 8/15/21 | 1,250 | 1,472 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 3.750% | 9/1/17 | 790 | 811 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/17 | 1,055 | 1,108 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/18 | 950 | 1,005 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.250% | 7/1/19 (2) | 2,425 | 2,428 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/20 | 360 | 380 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/20 | 200 | 214 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.250% | 7/1/21 (2) | 1,850 | 1,851 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/21 | 780 | 835 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.250% | 7/1/22 (2) | 3,425 | 3,428 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/26 | 100 | 102 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/27 | 2,000 | 2,040 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/28 | 745 | 757 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.125% | 7/1/34 (2) | 1,000 | 1,005 |
52
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/40 | 1,000 | 996 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/31 | 1,000 | 1,159 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/32 | 2,650 | 3,057 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/33 | 5,000 | 5,755 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/34 | 5,000 | 5,722 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/35 | 5,240 | 5,966 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/36 | 7,995 | 9,084 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/37 | 5,000 | 5,668 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/38 | 1,200 | 1,352 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/43 | 13,685 | 15,282 |
3 New York State Dormitory Authority Sales | ||||
Tax Revenue TOB VRDO | 0.110% | 6/5/15 | 7,500 | 7,500 |
New York State Energy Research & Development | ||||
Authority Pollution Control Revenue | ||||
(Consolidated Edison Co. of New York Inc. | ||||
Project) | 0.193% | 5/1/32 (10) | 2,450 | 2,214 |
New York State Energy Research & Development | ||||
Authority Pollution Control Revenue | ||||
(Consolidated Edison Co. of New York Inc. | ||||
Project) | 0.193% | 5/1/32 (10) | 3,525 | 3,239 |
New York State Energy Research & Development | ||||
Authority Pollution Control Revenue | ||||
(Rochester Gas & Electric Corp. Project) PUT | 5.000% | 8/1/16 (14) | 7,750 | 8,101 |
New York State Environmental Facilities Corp. | ||||
Revenue (Personal Income Tax) | 5.250% | 12/15/24 | 8,000 | 9,036 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 4.000% | 8/15/15 | 1,400 | 1,411 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/22 | 4,950 | 5,373 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/25 | 2,000 | 2,351 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/25 | 5,775 | 6,822 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/25 | 4,540 | 4,558 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/31 | 2,000 | 2,281 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/31 | 5,870 | 6,785 |
53
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% | 6/15/32 | 5,000 | 5,768 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 9/15/32 | 2,900 | 3,150 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/34 | 3,000 | 3,055 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/36 | 1,500 | 1,673 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/41 | 5,900 | 6,504 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Revolving Funds) | 3.000% | 11/15/15 | 1,195 | 1,211 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Revolving Funds) | 5.000% | 11/15/16 | 3,005 | 3,210 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Revolving Funds) | 5.000% | 11/15/16 (ETM) | 5 | 5 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Revolving Funds) | 5.000% | 11/15/27 | 3,000 | 3,472 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Revolving Funds) | 5.000% | 5/15/41 | 3,505 | 3,869 |
New York State Environmental Facilities Corp. | ||||
Water Facilities Revenue (United Water New | ||||
Rochelle Inc. Project) | 4.875% | 9/1/40 | 4,000 | 4,209 |
New York State GO | 5.000% | 3/1/28 | 14,550 | 17,023 |
New York State GO | 5.000% | 2/15/39 | 9,500 | 10,627 |
New York State Housing Finance Agency | ||||
Housing Revenue | 3.850% | 11/1/42 | 1,405 | 1,372 |
New York State Housing Finance Agency | ||||
Revenue (Clinton Park) VRDO | 0.070% | 6/5/15 LOC | 10,200 | 10,200 |
New York State Housing Finance Agency | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/38 | 15,245 | 16,510 |
New York State Liberty Development Corp. | ||||
Liberty Revenue (3 World Trade Center Project) | 5.375% | 11/15/40 | 3,000 | 3,241 |
New York State Liberty Development Corp. | ||||
Liberty Revenue (3 World Trade Center Project) | 5.000% | 11/15/44 | 12,000 | 12,245 |
New York State Local Government Assistance | ||||
Corp. Revenue | 5.500% | 4/1/17 | 1,655 | 1,763 |
New York State Local Government Assistance | ||||
Corp. Revenue VRDO | 0.100% | 6/5/15 | 11,300 | 11,300 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue | 2.625% | 4/1/41 | 2,175 | 2,220 |
New York State Mortgage Agency Revenue | ||||
(NYHELP’s Education Loan) | 4.750% | 11/1/24 | 1,470 | 1,566 |
New York State Power Authority Revenue | 5.000% | 11/15/38 | 1,000 | 1,116 |
New York State Thruway Authority Revenue | 5.000% | 7/1/15 (Prere.) | 8,625 | 8,661 |
New York State Thruway Authority Revenue | 5.000% | 5/1/19 | 4,485 | 5,067 |
New York State Thruway Authority Revenue | 5.000% | 1/1/23 | 2,370 | 2,815 |
New York State Thruway Authority Revenue | 5.000% | 1/1/25 | 3,770 | 4,558 |
New York State Thruway Authority Revenue | 5.000% | 1/1/26 | 2,545 | 2,934 |
New York State Thruway Authority Revenue | 5.000% | 1/1/27 (14) | 2,000 | 2,173 |
New York State Thruway Authority Revenue | 5.000% | 1/1/28 (14) | 2,500 | 2,717 |
54
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Thruway Authority Revenue | 5.000% | 1/1/28 | 5,150 | 5,984 |
New York State Thruway Authority Revenue | 5.000% | 1/1/29 | 4,000 | 4,594 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 4,000 | 4,523 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 2,500 | 2,851 |
New York State Thruway Authority Revenue | 5.000% | 1/1/31 | 8,500 | 9,574 |
New York State Thruway Authority Revenue | 5.000% | 1/1/31 | 5,500 | 6,239 |
New York State Thruway Authority Revenue | 5.000% | 1/1/32 | 4,070 | 4,606 |
New York State Thruway Authority Revenue | 5.000% | 1/1/37 | 9,000 | 10,017 |
New York State Thruway Authority Revenue | 5.000% | 1/1/42 | 9,765 | 10,650 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 10/1/15 (Prere.) | 3,260 | 3,312 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/18 (2) | 21,360 | 21,706 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/24 | 5,000 | 5,950 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/26 | 10,000 | 11,699 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/26 (2) | 150 | 161 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/27 | 2,000 | 2,297 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 9,000 | 10,024 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 2,000 | 2,290 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/29 | 2,000 | 2,277 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/30 | 2,000 | 2,273 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/32 | 7,975 | 9,002 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/24 | 2,500 | 2,953 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/25 | 2,305 | 2,706 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/30 | 2,735 | 3,162 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/30 | 1,500 | 1,715 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/31 | 1,500 | 1,699 |
New York State Urban Development Corp. | ||||
Revenue | 5.625% | 1/1/28 | 3,860 | 4,429 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 5,000 | 6,015 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 3,365 | 4,009 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/32 | 10,000 | 11,436 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 (14) | 2,500 | 2,735 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 3,000 | 3,385 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/36 | 2,740 | 3,045 |
55
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/37 | 7,000 | 7,461 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/43 | 10,000 | 11,101 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) | 5.000% | 1/1/21 | 1,355 | 1,560 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) | 5.250% | 1/1/24 | 10,000 | 11,204 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) VRDO | 0.120% | 6/5/15 | 11,380 | 11,380 |
Niagara Falls NY Bridge Commission Revenue | 5.250% | 10/1/15 (14) | 180 | 182 |
Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/20 (14) | 8,685 | 10,661 |
Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/21 (14) | 9,230 | 11,579 |
Niagara NY Area Development Corp. Revenue | ||||
(Niagara University Project) | 5.000% | 5/1/26 | 320 | 350 |
Niagara NY Area Development Corp. Revenue | ||||
(Niagara University Project) | 5.000% | 5/1/30 | 2,750 | 2,947 |
Niagara NY Frontier Transportation Authority | ||||
(Buffalo Niagara International Airport) | 4.000% | 4/1/16 | 1,000 | 1,030 |
3 Nuveen New York AMT-Free Municipal Income | ||||
Fund VRDP VRDO | 0.210% | 6/5/15 LOC | 2,500 | 2,500 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Jewish Home of Central New York | ||||
Obligated Group) | 5.500% | 3/1/24 | 3,000 | 3,168 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Jewish Home of Central New York | ||||
Obligated Group) | 5.250% | 3/1/31 | 2,000 | 2,024 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Le Moyne College) | 5.000% | 7/1/32 | 1,000 | 1,064 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Le Moyne College) | 5.000% | 7/1/42 | 1,750 | 1,842 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (St. Joseph’s Hospital & Health Center) | 5.000% | 7/1/25 | 6,000 | 6,437 |
Onondaga County NY Trust For Cultural Resources | ||||
Revenue (Syracuse University Project) | 5.000% | 12/1/31 | 1,000 | 1,154 |
Otsego County NY Capital Resource Corp. | ||||
Revenue (Hartwick College) | 4.000% | 10/1/19 | 650 | 695 |
Otsego County NY Capital Resource Corp. | ||||
Revenue (Hartwick College) | 5.000% | 10/1/20 | 655 | 734 |
Otsego County NY Capital Resource Corp. | ||||
Revenue (Hartwick College) | 5.000% | 10/1/45 | 3,000 | 3,205 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 8/15/28 (4) | 10,000 | 10,892 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 9/1/28 | 2,000 | 2,354 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/29 | 2,200 | 2,496 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/30 | 2,345 | 2,658 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/31 | 2,300 | 2,607 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/32 | 2,500 | 2,826 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/32 | 6,500 | 7,380 |
56
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/33 | 3,500 | 3,943 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/33 | 6,000 | 6,144 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 9/1/34 | 1,290 | 1,470 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/35 | 6,500 | 7,326 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.250% | 7/15/36 | 4,000 | 4,489 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/39 | 10,765 | 11,976 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 1/15/41 | 10,000 | 11,039 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/45 | 4,000 | 4,510 |
Port Authority of New York & New Jersey | ||||
Special Obligation Revenue (John F. Kennedy | ||||
International Air Terminal LLC) | 5.500% | 12/1/31 | 7,000 | 8,049 |
Port Authority of New York & New Jersey | ||||
Special Obligation Revenue (John F. Kennedy | ||||
International Air Terminal LLC) | 6.000% | 12/1/36 | 4,000 | 4,684 |
Port Authority of New York & New Jersey | ||||
Special Obligation Revenue (John F. Kennedy | ||||
International Air Terminal LLC) | 6.000% | 12/1/42 | 7,000 | 8,198 |
St. Lawrence County NY Industrial Development | ||||
Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/23 | 345 | 406 |
St. Lawrence County NY Industrial Development | ||||
Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/24 | 300 | 352 |
St. Lawrence County NY Industrial Development | ||||
Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/43 | 8,870 | 9,756 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/28 | 1,500 | 1,679 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/28 | 10,750 | 11,655 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/29 | 3,000 | 3,340 |
Suffolk County NY Industrial Development | ||||
Agency Civic Facility Revenue (Institute of | ||||
Technology Project) | 5.250% | 3/1/19 | 500 | 505 |
Suffolk County NY Industrial Development | ||||
Agency Civic Facility Revenue (Institute of | ||||
Technology Project) | 5.250% | 3/1/20 | 1,000 | 1,011 |
Suffolk County NY Industrial Development | ||||
Agency Civic Facility Revenue (Institute of | ||||
Technology Project) | 5.000% | 3/1/26 | 2,000 | 2,019 |
Suffolk County NY Judicial Facilities Agency | ||||
Lease Revenue (H. Lee Dennison Building) | 5.000% | 11/1/33 | 7,900 | 8,507 |
Suffolk County NY TAN | 2.000% | 7/30/15 | 15,000 | 15,037 |
Suffolk NY Tobacco Asset Securitization Corp. | ||||
Revenue | 5.000% | 6/1/32 | 2,675 | 2,895 |
Suffolk NY Tobacco Asset Securitization Corp. | ||||
Revenue | 5.250% | 6/1/37 | 3,300 | 3,575 |
Tobacco Settlement Financing Corp. New York | ||||
Revenue | 5.000% | 6/1/21 | 2,500 | 2,617 |
57
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Tobacco Settlement Financing Corp. New York | ||||
Revenue | 5.000% | 6/1/22 | 5,000 | 5,415 |
Tompkins County NY Industrial Development | ||||
Agency Civic Facility Revenue (Cornell University) | 5.000% | 7/1/37 | 7,130 | 8,130 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 1/1/23 | 1,500 | 1,782 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/24 | 4,000 | 4,731 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 1/1/25 | 2,000 | 2,351 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 1/1/26 | 2,000 | 2,346 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/26 | 500 | 604 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/26 | 10,000 | 11,653 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 1/1/27 | 6,400 | 7,451 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/27 | 925 | 1,108 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 1/1/28 | 2,500 | 2,910 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/28 | 600 | 712 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/28 | 2,675 | 2,968 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/29 | 725 | 855 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/30 | 500 | 586 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/31 | 2,225 | 2,591 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/31 | 6,990 | 8,021 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/33 | 2,000 | 2,318 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/33 | 3,385 | 3,704 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/37 | 10,000 | 10,925 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.250% | 11/15/38 | 15,000 | 16,551 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/40 | 1,000 | 1,139 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.250% | 11/15/45 | 4,000 | 4,617 |
3 Triborough Bridge & Tunnel Authority New York | ||||
Revenue TOB VRDO | 0.110% | 6/5/15 | 4,000 | 4,000 |
Troy NY Capital Resource Corp. Revenue | ||||
(Rensselaer Polytechnic Institute Project) | 5.000% | 9/1/30 | 1,500 | 1,663 |
Troy NY Capital Resource Corp. Revenue | ||||
(Rensselaer Polytechnic Institute Project) | 5.125% | 9/1/40 | 3,650 | 3,957 |
United Nations Development Corp. New York | ||||
Revenue | 5.000% | 7/1/20 | 3,340 | 3,769 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/29 | 5,000 | 5,864 |
58
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/30 | 10,000 | 11,661 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/31 | 7,000 | 8,134 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/32 | 4,650 | 5,380 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/33 | 3,150 | 3,635 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/34 | 5,130 | 5,902 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/41 | 15,000 | 17,016 |
3 Utility Debt Securitization Authority New York | ||||
Revenue TOB VRDO | 0.110% | 6/5/15 | 24,500 | 24,500 |
Westchester County NY GO | 4.000% | 6/1/15 | 9,760 | 9,762 |
Westchester County NY GO | 5.000% | 7/1/15 (ETM) | 180 | 181 |
Westchester County NY GO | 5.000% | 7/1/15 | 9,200 | 9,240 |
Westchester County NY GO | 5.000% | 7/1/16 (ETM) | 190 | 200 |
Westchester County NY GO | 5.000% | 7/1/16 | 9,660 | 10,156 |
Westchester County NY GO | 5.000% | 7/1/17 (ETM) | 200 | 218 |
Westchester County NY GO | 5.000% | 7/1/17 | 10,140 | 11,051 |
Westchester County NY Health Care Corp. | ||||
Revenue | 5.000% | 11/1/21 | 2,500 | 2,822 |
Westchester County NY Health Care Corp. | ||||
Revenue | 6.125% | 11/1/37 | 2,100 | 2,359 |
Westchester County NY Local Development Corp. | ||||
Revenue (Kendal on Hudson Project) | 3.000% | 1/1/18 | 900 | 929 |
Westchester County NY Local Development Corp. | ||||
Revenue (Kendal on Hudson Project) | 5.000% | 1/1/28 | 1,350 | 1,471 |
Westchester County NY Local Development Corp. | ||||
Revenue (Kendal on Hudson Project) | 5.000% | 1/1/34 | 1,450 | 1,542 |
Westchester County NY Local Development Corp. | ||||
Revenue (Pace University) | 5.000% | 5/1/34 | 1,500 | 1,651 |
Westchester County NY Local Development Corp. | ||||
Revenue (Pace University) | 5.500% | 5/1/42 | 3,000 | 3,454 |
Western Nassau County NY Water Authority | ||||
Water System Revenue | 5.000% | 4/1/40 | 2,000 | 2,234 |
Yonkers NY GO | 5.000% | 10/1/20 | 1,000 | 1,147 |
Yonkers NY GO | 5.000% | 3/15/22 (4) | 1,600 | 1,854 |
Yonkers NY GO | 5.000% | 3/15/23 (4) | 1,250 | 1,439 |
Yonkers NY GO | 5.000% | 3/15/25 (4) | 1,000 | 1,139 |
3,718,241 | ||||
Guam (0.0%) | ||||
Guam Government Waterworks Authority | ||||
Water & Waste Water System Revenue | 5.000% | 7/1/29 | 1,000 | 1,113 |
Puerto Rico (0.0%) | ||||
Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 860 | 1,104 |
Virgin Islands (0.3%) | ||||
Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/25 | 4,200 | 4,538 |
Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/32 | 4,900 | 5,300 |
9,838 | ||||
Total Tax-Exempt Municipal Bonds (Cost $3,530,202) | 3,730,296 |
59
New York Long-Term Tax-Exempt Fund
Market | |
Value• | |
($000) | |
Other Assets and Liabilities (-0.2%) | |
Other Assets | 46,981 |
Liabilities | (54,920) |
(7,939) | |
Net Assets (100%) | 3,722,357 |
At May 31, 2015, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,525,267 |
Undistributed Net Investment Income | 1,293 |
Accumulated Net Realized Losses | (4,297) |
Unrealized Appreciation (Depreciation) | 200,094 |
Net Assets | 3,722,357 |
Investor Shares—Net Assets | |
Applicable to 36,549,443 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 427,951 |
Net Asset Value Per Share—Investor Shares | $11.71 |
Admiral Shares—Net Assets | |
Applicable to 281,361,097 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,294,406 |
Net Asset Value Per Share—Admiral Shares | $11.71 |
• See Note A in Notes to Financial Statements.
1 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2015.
2 Adjustable-rate security.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt
from registration, normally to qualified institutional buyers. At May 31, 2015, the aggregate value of these securities was $43,602,000,
representing 1.2% 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.
60
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) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
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.
61
New York Long-Term Tax-Exempt Fund
Statement of Operations
Six Months Ended | |
May 31, 2015 | |
($000) | |
Investment Income | |
Income | |
Interest | 66,103 |
Total Income | 66,103 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 178 |
Management and Administrative—Investor Shares | 335 |
Management and Administrative—Admiral Shares | 1,381 |
Marketing and Distribution—Investor Shares | 49 |
Marketing and Distribution—Admiral Shares | 267 |
Custodian Fees | 20 |
Shareholders’ Reports—Investor Shares | 6 |
Shareholders’ Reports—Admiral Shares | 6 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 2,243 |
Net Investment Income | 63,860 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 7,877 |
Futures Contracts | 20 |
Realized Net Gain (Loss) | 7,897 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | (28,213) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 43,544 |
See accompanying Notes, which are an integral part of the Financial Statements.
62
New York Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
May 31, | November 30, | |
2015 | 2014 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 63,860 | 118,791 |
Realized Net Gain (Loss) | 7,897 | 19,431 |
Change in Unrealized Appreciation (Depreciation) | (28,213) | 168,120 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 43,544 | 306,342 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (7,130) | (14,141) |
Admiral Shares | (55,437) | (104,650) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Total Distributions | (62,567) | (118,791) |
Capital Share Transactions | ||
Investor Shares | 11,134 | 5,394 |
Admiral Shares | 126,212 | 322,740 |
Net Increase (Decrease) from Capital Share Transactions | 137,346 | 328,134 |
Total Increase (Decrease) | 118,323 | 515,685 |
Net Assets | ||
Beginning of Period | 3,604,034 | 3,088,349 |
End of Period1 | 3,722,357 | 3,604,034 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $1,293,000 and $0. |
See accompanying Notes, which are an integral part of the Financial Statements.
63
New York Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $11.77 | $11.11 | $12.03 | $11.24 | $11.04 | $11.01 |
Investment Operations | ||||||
Net Investment Income | .194 | .404 | . 397 | .405 | .420 | .429 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.058) | .660 | (.920) | .790 | .200 | .032 |
Total from Investment Operations | .136 | 1.064 | (.523) | 1.195 | .620 | .461 |
Distributions | ||||||
Dividends from Net Investment Income | (.196) | (. 404) | (. 397) | (. 405) | (. 420) | (. 429) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.196) | (. 404) | (. 397) | (. 405) | (. 420) | (. 429) |
Net Asset Value, End of Period | $11.71 | $11.77 | $11.11 | $12.03 | $11.24 | $11.04 |
Total Return1 | 1.15% | 9.71% | -4.38% | 10.80% | 5.77% | 4.20% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $428 | $417 | $391 | $528 | $498 | $596 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.19% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 3.30% | 3.57% | 3.47% | 3.48% | 3.82% | 3.84% |
Portfolio Turnover Rate | 15% | 27% | 23% | 16% | 22% | 29% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
64
New York Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | May 31, | Year Ended November 30, | ||||
Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Net Asset Value, Beginning of Period | $11.77 | $11.11 | $12.03 | $11.24 | $11.04 | $11.01 |
Investment Operations | ||||||
Net Investment Income | .199 | .413 | .406 | .414 | .428 | .438 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.058) | .660 | (.920) | .790 | .200 | .032 |
Total from Investment Operations | .141 | 1.073 | (.514) | 1.204 | .628 | .470 |
Distributions | ||||||
Dividends from Net Investment Income | (. 201) | (. 413) | (. 406) | (. 414) | (. 428) | (. 438) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 201) | (. 413) | (. 406) | (. 414) | (. 428) | (. 438) |
Net Asset Value, End of Period | $11.71 | $11.77 | $11.11 | $12.03 | $11.24 | $11.04 |
Total Return1 | 1.19% | 9.80% | -4.31% | 10.89% | 5.85% | 4.28% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,294 | $3,187 | $2,697 | $2,970 | $2,527 | $2,448 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 3.38% | 3.65% | 3.55% | 3.56% | 3.90% | 3.92% |
Portfolio Turnover Rate | 15% | 27% | 23% | 16% | 22% | 29% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
65
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. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts 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 settlement values 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 six months ended May 31, 2015, the fund’s average investments in long and short futures contracts each represented less than 1% of net assets, based on the average of aggregate settlement values at each quarter-end during the period. The fund had no open futures contracts at May 31, 2015.
66
New York Long-Term Tax-Exempt Fund
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, 2011–2014), and for the period ended May 31, 2015, 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. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2015, or at any time during the period then ended.
6. 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 based on methods approved by the board of trustees. The fund has committed to invest up to 0.40% of its net assets in Vanguard. At May 31, 2015, the fund had contributed capital of $331,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.13% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
67
New York Long-Term Tax-Exempt Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of May 31, 2015, based | |||
on the inputs used to value them: | |||
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Tax-Exempt Municipal Bonds | — | 3,730,296 | — |
Futures Contracts—Assets1 | 72 | — | — |
Total | 72 | 3,730,296 | — |
1 Represents variation margin on the last day of the reporting period for recently closed futures contracts. |
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’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2014, the fund had available capital losses totaling $9,965,000 to offset future net capital gains of $2,511,000 through November 30, 2017, and $7,454,000 through November 30, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At May 31, 2015, the cost of investment securities for tax purposes was $3,532,431,000. Net unrealized appreciation of investment securities for tax purposes was $197,865,000, consisting of unrealized gains of $205,139,000 on securities that had risen in value since their purchase and $7,274,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended May 31, 2015, the fund purchased $535,278,000 of investment securities and sold $259,799,000 of investment securities, other than temporary cash investments.
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New York Long-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
May 31, 2015 | November 30, 2014 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 65,312 | 5,671 | 109,466 | 9,348 |
Issued in Lieu of Cash Distributions | 6,017 | 508 | 11,679 | 1,012 |
Redeemed | (60,195) | (5,092) | (115,751) | (10,098) |
Net Increase (Decrease)—Investor Shares | 11,134 | 1,087 | 5,394 | 262 |
Admiral Shares | ||||
Issued | 343,909 | 29,095 | 583,940 | 50,732 |
Issued in Lieu of Cash Distributions | 37,493 | 3,168 | 72,354 | 6,273 |
Redeemed | (255,190) | (21,570) | (333,554) | (29,235) |
Net Increase (Decrease)—Admiral Shares | 126,212 | 10,693 | 322,740 | 27,770 |
G. Management has determined that no material events or transactions occurred subsequent to
May 31, 2015, that would require recognition or disclosure in these financial statements.
69
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.
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Six Months Ended May 31, 2015 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
11/30/2014 | 5/31/2015 | Period | |
Based on Actual Fund Return | |||
New York Tax-Exempt Money Market Fund | $1,000.00 | $1,000.05 | $0.25 |
New York Long-Term Tax-Exempt Fund | |||
Investor Shares | $1,000.00 | $1,011.51 | $0.95 |
Admiral Shares | 1,000.00 | 1,011.91 | 0.55 |
Based on Hypothetical 5% Yearly Return | |||
New York Tax-Exempt Money Market Fund | $1,000.00 | $1,024.68 | $0.25 |
New York Long-Term Tax-Exempt Fund | |||
Investor Shares | $1,000.00 | $1,023.98 | $0.96 |
Admiral Shares | 1,000.00 | 1,024.38 | 0.56 |
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, 0.05%; and for the New York Long-Term Tax-Exempt Fund, 0.19% for Investor
Shares and 0.11% 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.
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Trustees Approve Advisory Arrangements
The board of trustees of Vanguard New York Tax-Exempt Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). Vanguard—through its Fixed Income Group—serves as the investment advisor for each of the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of each fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance relative to a benchmark index (as applicable) and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory fee rate was also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that each fund’s at-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
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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 Stated Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid using the maturity date of the security. 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 stated 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.
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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. Credit-quality ratings are obtained from Moody’s, Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the lower of the ratings applies. 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). Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used. ”Not Rated” is used to classify securities for which a rating is not available. Not rated securities include a fund’s investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts.
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.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 179 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
InterestedTrustee1 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years and Other |
Born 1957. Trustee Since July 2009. Chairman of | Experience: Chairman and Chief Executive Officer |
the Board. Principal Occupation(s) During the Past | (retired 2009) and President (2006–2008) of |
Five Years and Other Experience: Chairman of the | Rohm and Haas Co. (chemicals); Director of Tyco |
Board of The Vanguard Group, Inc., and of each of | International PLC (diversified manufacturing and |
the investment companies served by The Vanguard | services), Hewlett-Packard Co. (electronic computer |
Group, since January 2010; Director of The Vanguard | manufacturing), and Delphi Automotive PLC |
Group since 2008; Chief Executive Officer and | (automotive components); Senior Advisor at New |
President of The Vanguard Group, and of each of | Mountain Capital. |
the investment companies served by The Vanguard | |
Group, since 2008; Director of Vanguard Marketing | Amy Gutmann |
Corporation; Managing Director of The Vanguard | Born 1949. Trustee Since June 2006. Principal |
Group (1995–2008). | Occupation(s) During the Past Five Years and |
Other Experience: President of the University of | |
Pennsylvania; Christopher H. Browne Distinguished | |
IndependentTrustees | |
Professor of Political Science, School of Arts and | |
Emerson U. Fullwood | Sciences, and Professor of Communication, Annenberg |
Born 1948. Trustee Since January 2008. Principal | School for Communication, with secondary faculty |
Occupation(s) During the Past Five Years and | appointments in the Department of Philosophy, School |
Other Experience: Executive Chief Staff and | of Arts and Sciences, and at the Graduate School of |
Marketing Officer for North America and Corporate | Education, University of Pennsylvania; Trustee of the |
Vice President (retired 2008) of Xerox Corporation | National Constitution Center; Chair of the Presidential |
(document management products and services); | Commission for the Study of Bioethical Issues. |
Executive in Residence and 2009–2010 Distinguished | |
Minett Professor at the Rochester Institute of | JoAnn Heffernan Heisen |
Technology; Director of SPX Corporation (multi-industry | Born 1950. Trustee Since July 1998. Principal |
manufacturing), the United Way of Rochester, | Occupation(s) During the Past Five Years and Other |
Amerigroup Corporation (managed health care), the | Experience: Corporate Vice President and Chief |
University of Rochester Medical Center, Monroe | Global Diversity Officer (retired 2008) and Member |
Community College Foundation, and North Carolina | of the Executive Committee (1997–2008) of Johnson |
A&T University. | & Johnson (pharmaceuticals/medical devices/ |
consumer products); Director of Skytop Lodge | |
Corporation (hotels), the University Medical Center | |
at Princeton, the Robert Wood Johnson Foundation, | |
and the Center for Talent Innovation; Member of | |
the Advisory Board of the Institute for Women’s | |
Leadership at Rutgers University. |
F. Joseph Loughrey | Executive Officers | |
Born 1949. Trustee Since October 2009. Principal | ||
Occupation(s) During the Past Five Years and Other | Glenn Booraem | |
Experience: President and Chief Operating Officer | Born 1967. Treasurer Since May 2015. Principal | |
(retired 2009) of Cummins Inc. (industrial machinery); | Occupation(s) During the Past Five Years and | |
Chairman of the Board of Hillenbrand, Inc. (specialized | Other Experience: Principal of The Vanguard Group, | |
consumer services), and of Oxfam America; Director | Inc.; Treasurer of each of the investment companies | |
of SKF AB (industrial machinery), Hyster-Yale Materials | served by The Vanguard Group; Controller of each of | |
Handling, Inc. (forklift trucks), the Lumina Foundation | the investment companies served by The Vanguard | |
for Education, and the V Foundation for Cancer | Group (2010–2015); Assistant Controller of each of | |
Research; Member of the Advisory Council for the | the investment companies served by The Vanguard | |
College of Arts and Letters and of the Advisory Board | Group (2001–2010). | |
to the Kellogg Institute for International Studies, both | ||
at the University of Notre Dame. | Thomas J. Higgins | |
Born 1957. Chief Financial Officer Since September | ||
Mark Loughridge | 2008. Principal Occupation(s) During the Past Five | |
Born 1953. Trustee Since March 2012. Principal | Years and Other Experience: Principal of The Vanguard | |
Occupation(s) During the Past Five Years and Other | Group, Inc.; Chief Financial Officer of each of the | |
Experience: Senior Vice President and Chief Financial | investment companies served by The Vanguard Group; | |
Officer (retired 2013) at IBM (information technology | Treasurer of each of the investment companies served | |
services); Fiduciary Member of IBM’s Retirement Plan | by The Vanguard Group (1998–2008). | |
Committee (2004–2013); Director of the Dow Chemical | ||
Company; Member of the Council on Chicago Booth. | Peter Mahoney | |
Born 1974. Controller Since May 2015. Principal | ||
Scott C. Malpass | Occupation(s) During the Past Five Years and | |
Born 1962. Trustee Since March 2012. Principal | Other Experience: Head of Global Fund Accounting | |
Occupation(s) During the Past Five Years and Other | at The Vanguard Group, Inc.; Controller of each of the | |
Experience: Chief Investment Officer and Vice | investment companies served by The Vanguard Group; | |
President at the University of Notre Dame; Assistant | Head of International Fund Services at The Vanguard | |
Professor of Finance at the Mendoza College of | Group (2008–2014). | |
Business at Notre Dame; Member of the Notre Dame | ||
403(b) Investment Committee; Board Member of | Heidi Stam | |
TIFF Advisory Services, Inc., and Catholic Investment | Born 1956. Secretary Since July 2005. Principal | |
Services, Inc. (investment advisors); Member of | Occupation(s) During the Past Five Years and Other | |
the Investment Advisory Committee of Major | Experience: Managing Director of The Vanguard | |
League Baseball. | Group, Inc.; General Counsel of The Vanguard Group; | |
Secretary of The Vanguard Group and of each of the | ||
André F. Perold | investment companies served by The Vanguard Group; | |
Born 1952. Trustee Since December 2004. Principal | Director and Senior Vice President of Vanguard | |
Occupation(s) During the Past Five Years and Other | Marketing Corporation. | |
Experience: George Gund Professor of Finance and | ||
Banking, Emeritus at the Harvard Business School | Vanguard Senior ManagementTeam | |
(retired 2011); Chief Investment Officer and Managing | Mortimer J. Buckley | Michael S. Miller |
Partner of HighVista Strategies LLC (private investment | Kathleen C. Gubanich | James M. Norris |
firm); Director of Rand Merchant Bank; Overseer of | Paul A. Heller | Thomas M. Rampulla |
the Museum of Fine Arts Boston. | Martha G. King | Glenn W. Reed |
John T. Marcante | Karin A. Risi | |
Peter F. Volanakis | Chris D. McIsaac | |
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years and Other | ||
Experience: President and Chief Operating Officer | Chairman Emeritus and Senior Advisor | |
(retired 2010) of Corning Incorporated (communications | John J. Brennan | |
equipment); Trustee of Colby-Sawyer College; | Chairman, 1996–2009 | |
Member of the Advisory Board of the Norris Cotton | Chief Executive Officer and President, 1996–2008 | |
Cancer Center and of the Advisory Board of the | ||
Parthenon Group (strategy consulting). | Founder | |
John C. Bogle | ||
Chairman and Chief Executive Officer, 1974–1996 |
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, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
P.O. Box 2600 | ||
Valley Forge, PA 19482-2600 | ||
Connect with Vanguard® > vanguard.com | ||
Fund Information > 800-662-7447 | CFA® is a registered trademark owned by CFA Institute. | |
Direct Investor Account Services > 800-662-2739 | ||
Institutional Investor Services > 800-523-1036 | ||
Text Telephone for People | ||
Who Are Deaf or Hard of Hearing> 800-749-7273 | ||
This material may be used in conjunction | ||
with the offering of shares of any Vanguard | ||
fund only if preceded or accompanied by | ||
the fund’s current prospectus. | ||
All comparative mutual fund data are from Lipper, a | ||
Thomson Reuters Company, or Morningstar, Inc., unless | ||
otherwise noted. | ||
You can obtain a free copy of Vanguard’s proxy voting | ||
guidelines by visiting vanguard.com/proxyreporting or by | ||
calling Vanguard at 800-662-2739. The guidelines are | ||
also available from the SEC’s website, sec.gov. In | ||
addition, you may obtain a free report on how your fund | ||
voted the proxies for securities it owned during the 12 | ||
months ended June 30. To get the report, visit either | ||
vanguard.com/proxyreporting or sec.gov. | ||
You can review and copy information about your fund at | ||
the SEC’s Public Reference Room in Washington, D.C. To | ||
find out more about this public service, call the SEC at | ||
202-551-8090. Information about your fund is also | ||
available on the SEC’s website, and you can receive | ||
copies of this information, for a fee, by sending a | ||
request in either of two ways: via email addressed to | ||
publicinfo@sec.gov or via regular mail addressed to the | ||
Public Reference Section, Securities and Exchange | ||
Commission, Washington, DC 20549-1520. | ||
© 2015 The Vanguard Group, Inc. | ||
All rights reserved. | ||
Vanguard Marketing Corporation, Distributor. | ||
Q762 072015 |
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
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) 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: July 16, 2015 |
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: July 16, 2015 | |
VANGUARD NEW YORK TAX-FREE FUNDS | |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: July 16, 2015 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number 2-17620, Incorporated by Reference.