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: | Anne E. Robinson, 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, 2015 – November 30, 2016 | ||
Item 1: Reports to Shareholders |
Annual Report | November 30, 2016
Vanguard New York Tax-Exempt Funds
Vanguard New York Tax-Exempt Money Market Fund
Vanguard New York Long-Term Tax-Exempt Fund
A new format, unwavering commitment
As you begin reading this report, you’ll notice that we’ve made some improvements to the opening sections—based on feedback from you, our clients.
Page 1 starts with a new ”Your Fund’s Performance at a Glance,” a concise, handy summary of how your fund performed during the period.
In the renamed ”Chairman’s Perspective,” Bill McNabb will focus on enduring principles and investment insights.
We’ve modified some tables, and eliminated some redundancy, but we haven’t removed any information.
At Vanguard, we’re always looking for better ways to communicate and to help you make sound investment decisions. Thank you for entrusting your assets to us.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 3 |
Advisor’s Report. | 7 |
New York Tax-Exempt Money Market Fund. | 11 |
New York Long-Term Tax-Exempt Fund. | 29 |
About Your Fund’s Expenses. | 78 |
Glossary. | 80 |
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: No matter what language you speak, Vanguard has one consistent message and set of principles. Our primary focus is on you, our clients. We conduct our business with integrity as a faithful steward of your assets. This message is shown translated into seven languages, reflecting our expanding global presence.
Your Fund’s Performance at a Glance
• For the 12 months ended November 30, 2016, Vanguard New York Long-Term Tax-Exempt Fund returned 0.24% for Investor Shares and 0.34% for Admiral Shares, outpacing its benchmark and roughly in line with its peers. Vanguard New York Tax-Exempt Money Market Fund returned 0.26%, besting the average return of its peers.
• Demand for municipal bonds, which was solid over much of the period, weakened in the final months as the markets began to price in expected pickups in growth and inflation. That trend accelerated after the presidential election in November.
• Security selection and an overweight allocation to premium callable bonds boosted the Long-Term Fund’s relative performance. Overweight allocations to longer-dated securities, securities rated A and BBB, and sectors where credit spreads tend to be wider also helped.
Total Returns: Fiscal Year Ended November 30, 2016 | |||||
Taxable- | |||||
SEC | Equivalent | Income | Capital | Total | |
Yield | Yield | Returns | Returns | Returns | |
Vanguard New York Tax-Exempt Money Market | |||||
Fund | 0.44% | 0.85% | 0.26% | 0.00% | 0.26% |
New York Tax-Exempt Money Market Funds | |||||
Average | 0.08 | ||||
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 | 2.18% | 4.22% | 3.11% | -2.87% | 0.24% |
Admiral™ Shares | 2.30 | 4.46 | 3.21 | -2.87 | 0.34 |
Bloomberg Barclays NY Municipal Bond Index | -0.20 | ||||
New York Municipal Debt Funds Average | 0.32 |
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.
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Total Returns: Ten Years Ended November 30, 2016 | |
Average | |
Annual Return | |
New York Tax-Exempt Money Market Fund | 0.67% |
New York Tax-Exempt Money Market Funds Average | 0.53 |
New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
New York Long-Term Tax-Exempt Fund Investor Shares | 3.89% |
Bloomberg Barclays NY Municipal Bond Index | 4.08 |
New York Municipal Debt Funds Average | 3.45 |
New York Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
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% | — | 0.10% |
New York Long-Term Tax-Exempt Fund | 0.20 | 0.12% | 0.97 |
The fund expense ratios shown are from the prospectus dated March 29, 2016, and represent estimated costs for the current fiscal year. For the fiscal year ended November 30, 2016, the funds’ expense ratios were: for the New York Tax-Exempt Money Market Fund, 0.13%; and for the New York Long-Term Tax-Exempt Fund, 0.19% for Investor Shares and 0.09% for Admiral Shares. Peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2015. The expense ratio for the New York Tax-Exempt Money Market Fund reflects a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before the reduction, the expense ratio was 0.16%.
Peer groups: For the New York Tax-Exempt Money Market Fund, New York Tax-Exempt Money Market Funds; for the New York Long-Term Tax-Exempt Fund, New York Municipal Debt Funds. In most, if not all, cases, the expense ratios for the funds in the peer groups are based on net operating expenses after reimbursement and/or fee waivers by fund sponsors. In contrast, the Vanguard money market funds’ expense ratios in the table above do not reflect expense reductions.
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Chairman’s Perspective
Bill McNabb
Chairman and Chief Executive Officer
Dear Shareholder,
If you’re like most investors, a big question on your mind is: What’s in store for the markets and the economy in 2017?
At Vanguard, we’re just as curious about the immediate future. But our curiosity is tempered by our belief that forecasts should give a range of possible outcomes, not pinpoint predictions. After all, there are bound to be occurrences the experts won’t see coming.
What really matters for investors
In 2016, we saw two cases in point: The United Kingdom’s June vote to exit the European Union and the November election of Donald Trump as U.S. president. Both unexpected outcomes triggered swift market reactions. But despite some short-term volatility, the markets’ 12-month performance as of November 30, 2016, proved to be less dramatic. U.S. stocks and bonds posted returns close to their long-term averages. International stocks and bonds also advanced, although returns for U.S. investors were reduced by the strength of the U.S. dollar.
The surprises of 2016 remind us to be skeptical of overly precise short-term predictions about 2017. At the cusp of a new year, market prognosticators forecast where the Standard & Poor’s 500 Index or the yield on the 10-year Treasury note will end up in 12 months. Such predictions can be attention-getting. They can also be dead wrong.
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Investors are better off taking note of long-term trends that stand to influence our economies and markets. We’re watching these trends closely, and we discuss our latest assessment in our 2017 economic and market outlook, which you can read at vanguard.com/research.
Our global economic outlook: Expect stabilization, not stagnation
One phenomenon in particular that we’re watching is the low-growth, low-interest-rate environment that has marked the global economy since the 2008–09 financial crisis. We don’t think this economic backdrop is simply the result of cyclically weak demand or long-term stagnation. Instead, certain structural forces are contributing: Falling technology costs are restraining the amounts businesses are spending on
capital investment, an aging population is weighing on growth in the developed world, and the free movement of capital and products across the globe has restrained prices and wages.
In the near term, these forces will continue to dampen growth, inflation, and interest rates. They also make it unlikely that further monetary stimulus from central banks will do much to spur growth.
I realize this all may sound gloomy, but that’s not how we see it. We expect global growth to stabilize at more modest levels, not stagnate. The world isn’t headed for Japanese-style deflation, in which a widespread sustained drop in prices puts economic activity into hibernation.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended November 30, 2016 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 8.01% | 8.88% | 14.45% |
Russell 2000 Index (Small-caps) | 12.08 | 6.45 | 13.98 |
Russell 3000 Index (Broad U.S. market) | 8.31 | 8.68 | 14.41 |
FTSE All-World ex US Index (International) | 0.26 | -1.76 | 4.71 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 2.17% | 2.79% | 2.43% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | -0.22 | 3.64 | 3.43 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.25 | 0.08 | 0.07 |
CPI | |||
Consumer Price Index | 1.69% | 1.17% | 1.30% |
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In fact, we believe that global growth could pick up modestly over time. Our expectation is based on a potential rebound in productivity as new digital technologies are used more effectively. We also anticipate a slight recovery in the labor force as the baby boom generation finishes its transition to retirement, nudging up demand for workers.
Put expansion in perspective
Looking to the United States, the world’s largest economy remains firmly on a long-term-growth path of about 2% per year. That’s lower than the historical average of 3.25% since 1950. We see such growth at this level as fundamentally sound, rather than abnormally low. Our evaluation takes into account lower U.S. population growth
and the reality that the economic expansion from the 1980s until the financial crisis was fueled by debt, distorting the numbers.
Turning to prices, we think that core U.S. inflation should modestly exceed 2% in 2017. That, in turn, will support further interest rate hikes by the Federal Reserve, similar to the one at the end of 2016.
We expect the Fed to raise rates in 2017 before taking an extended pause, and we see the federal funds rate staying below 2% through at least 2018.
Prepare for muted returns
And what about prospects for the markets? Vanguard’s outlook for global stocks and bonds remains the most guarded in ten years, given fairly high stock valuations
Expect more modest returns, rely on time-tested principles
In Vanguard’s economic and market outlook for 2017, Global Chief Economist Joseph Davis and his team offer a projection of more modest returns from the global stock and bond markets. They caution that, over the next decade, returns for a balanced portfolio are likely to be moderately below long-run historical averages.
The team’s simulations indicate that for the decade ending in 2026, the average annualized return of a 60% stock/40% bond portfolio is likely to be centered in the 3%–5% range after inflation. That’s below the actual average after-inflation return of 6% for the same portfolio for the nine decades since 1926.
Ultimately, our global market outlook points toward a somewhat more challenging environment, yet one in which, over time, investors with an appropriate level of discipline, diversification, and patience are likely to be rewarded with reasonable inflation-adjusted returns.
For more information about our expectations and the probability of various outcomes, see 2017 Economic and Market Outlook: Stabilization, Not Stagnation, available at vanguard.com/research.
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model® (VCMM) regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Distribution of return outcomes from the VCMM are derived from 10,000 simulations for each modeled asset class. Simulations as of September 30, 2016. Results from the model may vary with each use and over time. For more information, see page 6.
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and the low-interest-rate environment. We don’t expect global bond yields to increase materially from year-end 2016 levels.
Our outlook for global equities is annualized returns of 5%–8% over the next decade. This outlook isn’t bearish, but is actually fairly positive when you take into account the current low-rate environment. (See the box on page 5 for more.)
Focus on the four keys to investment success
Significant trends often happen gradually. Like shifting tides, they’re sometimes barely noticeable at first but ultimately can change the landscape entirely. Other times, apparent trends can end up receding before they have much of a long-term impact. Given the future’s inherent unpredictability, it’s not reasonable to expect a surefire block-buster revelation from any prognosticator or investment firm.
What to conclude, then? No matter what scenario plays out, we believe investors have the best chance for success if they stay focused on what they can control: their goals, asset allocation, and investment costs, along with the discipline to stick to a plan. As Tim Buckley, our chief investment officer, likes to say, this can be easy to say but harder to do, especially in times of uncertainty. Investors who can stay focused on those four keys will find themselves well-positioned to weather any market.
As always, thank you for investing with Vanguard.
F. William McNabb III
Chairman and Chief Executive Officer December 12, 2016
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. VCMM results will vary with each use and over time.
The VCMM projections are based on a statistical analysis of historical data. Future returns may behave differently from the historical patterns captured in the VCMM. More important, the VCMM may be underestimating extreme negative scenarios unobserved in the historical period on which the model estimation is based.
The VCMM is a proprietary financial simulation tool developed and maintained by Vanguard’s Investment Strategy Group. The model forecasts distributions of future returns for a wide array of broad asset classes. Those asset classes include U.S. and international equity markets, several maturities of the U.S. Treasury and corporate fixed income markets, international fixed income markets, U.S. money markets, commodities, and certain alternative investment strategies. The theoretical and empirical foundation for the Vanguard Capital Markets Model is that the returns of various asset classes reflect the compensation investors require for bearing different types of systematic risk (beta). At the core of the model are estimates of the dynamic statistical relationship between risk factors and asset returns, obtained from statistical analysis based on available monthly financial and economic data. Using a system of estimated equations, the model then applies a Monte Carlo simulation method to project the estimated interrelationships among risk factors and asset classes as well as uncertainty and randomness over time. The model generates a large set of simulated outcomes for each asset class over several time horizons. Forecasts are obtained by computing measures of central tendency in these simulations. Results produced by the tool will vary with each use and over time.
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Advisor’s Report
For the 12 months ended November 30, 2016, Vanguard New York Long-Term Tax-Exempt Fund returned 0.24% for Investor Shares and 0.34% for Admiral Shares. Those results were better than the –0.20% return of its benchmark, the Bloomberg Barclays New York Municipal Bond Index, which includes bonds across the maturity spectrum. The average return for its peers was 0.32%. Vanguard New York Tax-Exempt Money Market Fund returned 0.26%; the average return of its peers was 0.08%.
With municipal bond prices falling toward the end of the period, the Long-Term Fund’s 30-day SEC yield rose over the period from 2.06% to 2.18% for Investor Shares and from 2.14% to 2.30% for Admiral Shares. The Money Market Fund’s 7-day SEC yield rose as well, from 0.01% to 0.44%.
Please note that the funds are permitted to invest in securities that would generate income distributions subject to the alternative minimum tax (AMT). As of the end of the fiscal year, however, only the Money Market Fund owned such securities.
The investment environment
Overall municipal bond supply, which ran high at times, was matched for much of the fiscal year by solid demand from investors reaching for yield. That demand began to wane, however, and then dropped markedly after the U.S. presidential election as the markets began to anticipate faster growth and higher inflation. U.S. Treasury yields rose and prices fell, resulting in a negative price return that reduced total return for Treasuries to about 1% for the 12 months. Municipal bonds as a whole saw even sharper movements and ended the period with a slightly negative return.
The Federal Reserve held to a slow and steady course toward normalizing monetary policy. In December 2015, for the first time in a decade, the Fed increased the target range for the federal funds rate, bumping it to 0.25%–0.50% from near zero. It cited considerable improvement in the labor market and its confidence that inflation would rise to its 2% objective. Market expectations for further hikes, however, were dampened in early 2016 by steep declines in commodity prices and weak economic
Yields of Tax-Exempt Municipal Securities | ||
(AAA-Rated General-Obligation Issues) | ||
November 30, | November 30, | |
Maturity | 2015 | 2016 |
2 years | 0.72% | 1.16% |
5 years | 1.26 | 1.85 |
10 years | 2.02 | 2.52 |
30 years | 2.96 | 3.26 |
Source: Vanguard. |
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growth, especially in China, and then in June by the uncertainty sparked by the United Kingdom’s vote to leave the European Union.
With a recovery in the financial markets by the end of the summer, however, and improving economic data, investors began anticipating another rate hike at the Fed’s December meeting. That anticipation (which proved to be correct) was bolstered partly by third-quarter GDP. The U.S.
economy posted weak results in the early part of your fund’s fiscal year, but gathered a little more steam in the third quarter of 2016, growing 3.2%. Employment gains averaging around 180,000 per month in 2016 helped push the unemployment rate down to 4.6% in November while wages trended modestly higher. GDP growth, lower unemployment, and a rebound in commodity prices helped nudge inflation closer to the Fed’s 2% objective.
Money market reform: What’s changed and what hasn’t
The final phase of money market reform took effect on October 14, 2016, the compliance date for the Securities and Exchange Commission’s new rules designed to enhance the stability and resilience of all money market funds.
Vanguard New York Tax-Exempt Money Market Fund’s goal remains to provide the stability that shareholders have come to expect. The fund qualifies as a retail fund, which means it will seek to maintain a stable net asset value of $1 per share. (Institutional money market funds, which have floating share prices, are not offered by Vanguard.)
Under the new rules, we report the fund’s weekly liquid assets, daily market value to four decimal places, and daily net shareholder cash flow. (See your fund’s Portfolio & Management tab on vanguard.com.)
Two other changes involve liquidity fees and redemption “gates,” tools to help keep funds stable during times of extreme market duress.
A fee of up to 2% may be imposed by the fund’s board on the sale of shares if the fund’s weekly liquid assets fall below specified thresholds of its total assets. (The SEC has strict definitions for “liquid” assets; generally this refers to assets that can be sold in the normal course of business with little impact on their price.) The fee would reduce the dollar amount you receive for your redemption.
A gate is a temporary suspension of redemptions. The board may impose either fees or gates or both. Please note that we manage our funds conservatively and seek to maintain liquidity above the levels at which fees or gates would be imposed. You can learn more in the prospectus, available at vanguard.com.
8
deregulation, and possible changes to the federal tax code. In response, demand slumped for fixed income securities, with municipal bonds among the most affected.
New York’s economy grew slightly slower than that of the United States as a whole, according to a gauge of current economic conditions published monthly by the Federal Reserve Bank of Philadelphia. The bank’s index for the Empire State rose by less than 2% while the increase at the national level was closer to 3%. (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.)
New York’s overall credit profile is stable, supported by a broad and diverse economic base and strong budget oversight control. The state passed a structurally balanced budget for fiscal year 2017 on time that kept spending growth under a targeted limit of 2%. While a drop in personal income tax receipts year to date has been pulling down state tax revenue, any further deterioration is likely to be addressed through more controlled spending.
The path of New York municipal bonds during the period was similar to that of the overall muni market. Supply wasn’t quite as strong, while demand held up a little better thanks to the state’s relatively high income tax rates. Positive returns through
August were more than offset by a sharp slide at the end of the fiscal year. Yields across the board finished higher than where they started.
Management of the funds
Overweighting A-rated and BBB-rated bonds, which are at the lower end of the investment-grade spectrum, added value in the Long-Term Fund.
Favoring longer-dated securities also played out well for the fund, as the period saw more upward movement at the front end of the muni yield curve. The yield of AAA-rated 2-year New York generic general obligation bonds climbed 66 basis points, ending the fiscal year at 1.28%, while the yield of comparable 10-year bonds rose 54 basis points to 2.64%. Yields of longer-dated bonds moved up even less than that. (A basis point is one-hundredth of a percentage point.)
Security selection remained strong. Our holdings of premium callable bonds performed well versus noncallable bonds. 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.
The fund’s holdings added value in some sectors—such as hospital and university revenue bonds—that tend to offer wider credit spreads versus high-quality general obligation bonds.
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The Long-Term Fund didn’t have any credit exposure to bonds issued by Puerto Rico. (The territory defaulted on bond payments after Congress passed a bill at the end of June to put in place a federal control board to restructure its debt. Those bonds often appear in state and national muni funds because the income they generate is exempt from federal, state, and local tax.)
Ahead of the final implementation of the money market reforms we’ve discussed in earlier letters, we maintained high levels of liquidity and a short weighted average maturity in the Money Market Fund. That positioning, along with the fund’s low expense ratio, helped us outperform for the period, as it allowed us to take advantage of the increase in yields on money-market-eligible securities.
Please note that in the first quarter of 2017, Vanguard New York Tax-Exempt Money Market Fund will change its name to Vanguard New York Municipal Money Market Fund. The fund’s board decided to change the name to provide additional cash management flexibility. The investment objective and limitations of the fund will remain the same, including the 20% limitation on investments in securities that are subject to the AMT.
A look ahead
After the close of the period, the Fed raised rates by 25 basis points and hinted that there may be three additional hikes in 2017. This aligns with our expectations that the Fed will gradually raise rates in 2017, but leave the federal funds rate
below 2% through at least 2018. The pace of future rate hikes is likely to depend on future economic growth. Although U.S. growth and inflation may exceed expectations for the first time in five years, we expect economic growth to be modest and inflation to be tame, especially compared with prior periods of economic recovery.
The dollar will likely remain strong as long as central banks such as the Bank of Japan and the European Central Bank continue to maintain the accommodative monetary stances that have produced negative interest rates in those regions. In the United States, we continue to believe that the Fed is likely to continue its dovish tightening over the next several years.
Of course, market conditions could change, especially given the results of the U.S. presidential election and the possibility that job growth and inflation could exceed expectations. But we are confident that our team of experienced managers, analysts, and traders can handle whatever the market brings and find opportunities that will produce competitive returns.
Christopher W. Alwine, CFA, Principal, Head of Municipal Group Adam Ferguson, CFA, Portfolio Manager Justin A. Schwartz, CFA, Portfolio Manager, Head of Municipal Money Market Funds Vanguard Fixed Income Group December 16, 2016
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New York Tax-Exempt Money Market Fund
Fund Profile
As of November 30, 2016
Financial Attributes | |
Ticker Symbol | VYFXX |
Expense Ratio1 | 0.16% |
7-Day SEC Yield | 0.44% |
Average Weighted | |
Maturity | 34 days |
1 The expense ratio shown is from the prospectus dated March 29, 2016, and represents estimated costs for the current fiscal year. For the fiscal year ended November 30, 2016, the expense ratio was 0.13%, reflecting a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this reduction, the expense ratio was 0.16%.
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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. The fund is only available to retail investors (natural persons). You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
The fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.
Cumulative Performance: November 30, 2006, Through November 30, 2016
Initial Investment of $10,000
Average Annual Total Returns | ||||
Periods Ended November 30, 2016 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
New York Tax-Exempt Money Market | ||||
Fund | 0.26% | 0.07% | 0.67% | $10,691 |
New York Tax-Exempt Money Market | ||||
• • • • • • •• Funds Average | 0.08 | 0.02 | 0.53 | 10,545 |
New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
See Financial Highlights for dividend information.
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New York Tax-Exempt Money Market Fund | ||
Fiscal-Year Total Returns (%): November 30, 2006, Through November 30, 2016 | ||
NY Tax-Exempt | ||
Money Mkt | ||
Funds Avg | ||
Fiscal Year | Total Returns | Total Returns |
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 | 0.01 | 0.00 |
2016 | 0.26 | 0.08 |
7-day SEC yield (11/30/2016): 0.44% | ||
New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Average Annual Total Returns: Periods Ended September 30, 2016
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 | 0.17% | 0.05% | 0.72% |
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New York Tax-Exempt Money Market Fund
Financial Statements
Statement of Net Assets
As of November 30, 2016
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 may be viewed at sec.gov or via a link on the “Portfolio Holdings” page on vanguard.com. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Tax-Exempt Municipal Bonds (100.7%) | ||||
New York (100.7%) | ||||
Albany NY Industrial Development Agency Civic | ||||
Facility Revenue (CHF Holland Suites LLC Project) | ||||
VRDO | 0.560% | 12/7/16 LOC | 9,220 | 9,220 |
Columbia County NY Capital Resource Corp. Civic | ||||
Facility Revenue (Columbia Memorial Hospital | ||||
Project) VRDO | 0.590% | 12/7/16 LOC | 3,400 | 3,400 |
Columbia County NY Industrial Development | ||||
Agency Civic Facility Revenue (Columbia | ||||
Memorial Hospital Project) VRDO | 0.590% | 12/7/16 LOC | 3,960 | 3,960 |
Commack NY Union Free School District TAN | 2.000% | 6/27/17 | 12,500 | 12,572 |
Delaware Valley NY Industrial Development | ||||
Authority Revenue (Delaware Valley Hospital) | ||||
VRDO | 0.590% | 12/7/16 LOC | 3,015 | 3,015 |
1 Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) TOB VRDO | 0.590% | 12/7/16 | 6,665 | 6,665 |
Franklin County NY Civic Development Corp. | ||||
Revenue VRDO | 0.590% | 12/7/16 LOC | 5,200 | 5,200 |
Geneva NY Industrial Development Agency Civic | ||||
Facility Revenue (Colleges of the Seneca Project) | ||||
VRDO | 0.590% | 12/7/16 LOC | 16,230 | 16,230 |
Grand Island NY BAN | 2.000% | 10/12/17 | 8,400 | 8,470 |
Half Hollow Hills NY Central School District TAN | 2.000% | 6/27/17 | 20,000 | 20,125 |
Hauppauge NY Union Free School District TAN | 1.500% | 6/23/17 | 7,250 | 7,278 |
Huntington NY Union Free School District TAN | 2.000% | 6/23/17 | 9,000 | 9,055 |
Kings Park NY Central School District BAN | 2.000% | 7/19/17 | 10,500 | 10,585 |
Lancaster NY Central School District BAN | 2.000% | 6/15/17 | 10,534 | 10,600 |
Lindenhurst NY Union Free School District TAN | 2.000% | 6/22/17 | 9,500 | 9,552 |
Middle Country NY Central School District TAN | 2.000% | 6/27/17 | 19,250 | 19,393 |
Monroe County NY Industrial Development | ||||
Agency Civic Facility Revenue (Nazareth College) | ||||
VRDO | 0.620% | 12/7/16 LOC | 7,205 | 7,205 |
Nassau County NY Industrial Development Agency | ||||
Civic Facility Revenue (Cold Spring Harbor | ||||
Laboratory) VRDO | 0.530% | 12/1/16 | 12,600 | 12,600 |
14
New York Tax-Exempt Money Market Fund
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Nassau County NY Interim Finance Authority | ||||
Sales Tax Revenue VRDO | 0.540% | 12/7/16 | 7,175 | 7,175 |
Nassau County NY Interim Finance Authority | ||||
VRDO | 0.560% | 12/7/16 | 1,800 | 1,800 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Asia Society Project) VRDO | 0.560% | 12/7/16 LOC | 6,000 | 6,000 |
New York City NY GO | 5.000% | 8/1/17 | 3,135 | 3,221 |
New York City NY GO | 5.000% | 8/1/17 | 10,000 | 10,276 |
1 New York City NY GO TOB VRDO | 0.580% | 12/7/16 | 7,500 | 7,500 |
New York City NY GO VRDO | 0.560% | 12/1/16 LOC | 450 | 450 |
New York City NY GO VRDO | 0.570% | 12/1/16 LOC | 500 | 500 |
New York City NY GO VRDO | 0.570% | 12/1/16 LOC | 22,785 | 22,785 |
New York City NY GO VRDO | 0.570% | 12/1/16 LOC | 11,630 | 11,630 |
New York City NY GO VRDO | 0.570% | 12/1/16 | 2,800 | 2,800 |
New York City NY GO VRDO | 0.580% | 12/1/16 | 3,900 | 3,900 |
New York City NY GO VRDO | 0.590% | 12/1/16 | 31,460 | 31,460 |
New York City NY GO VRDO | 0.590% | 12/1/16 | 1,000 | 1,000 |
New York City NY GO VRDO | 0.590% | 12/1/16 LOC | 5,515 | 5,515 |
New York City NY GO VRDO | 0.520% | 12/7/16 LOC | 3,500 | 3,500 |
New York City NY GO VRDO | 0.570% | 12/7/16 | 34,900 | 34,900 |
New York City NY GO VRDO | 0.590% | 12/7/16 LOC | 6,000 | 6,000 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) VRDO | 0.560% | 12/7/16 LOC | 6,400 | 6,400 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue (201 Pearl Street) | ||||
VRDO | 0.570% | 12/7/16 LOC | 5,000 | 5,000 |
1 New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue TOB VRDO | 0.600% | 12/7/16 | 6,665 | 6,665 |
1 New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue TOB VRDO | 0.630% | 12/7/16 | 17,120 | 17,120 |
1 New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue TOB VRDO | 0.630% | 12/7/16 | 6,730 | 6,730 |
New York City NY Housing Development Corp. | ||||
Multi-Family Mortgage Revenue (89 Murray | ||||
Street Development) VRDO | 0.460% | 12/7/16 LOC | 15,800 | 15,800 |
New York City NY Housing Development Corp. | ||||
Multi-Family Mortgage Revenue (Elliot Chelsea | ||||
Development) VRDO | 0.540% | 12/7/16 LOC | 2,000 | 2,000 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue (1133 | ||||
Manhattan Avenue) VRDO | 0.570% | 12/7/16 LOC | 25,670 | 25,670 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue (2 Gold | ||||
Street) VRDO | 0.570% | 12/7/16 | 6,000 | 6,000 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue (90 West | ||||
Street) VRDO | 0.570% | 12/7/16 LOC | 2,300 | 2,300 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue (Atlantic | ||||
Court Apartments) VRDO | 0.460% | 12/7/16 LOC | 23,100 | 23,100 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue (Ocean | ||||
Gate Development) VRDO | 0.570% | 12/7/16 LOC | 8,445 | 8,445 |
15
New York Tax-Exempt Money Market Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue (Rivereast | ||||
Apartments) VRDO | 0.560% | 12/7/16 LOC | 20,000 | 20,000 |
New York City NY Housing Development Corp. | ||||
Multi-Family Rental Housing Revenue (Royal | ||||
Charter Properties) VRDO | 0.440% | 12/7/16 LOC | 6,000 | 6,000 |
New York City NY Industrial Development Agency | ||||
Civic Facility Revenue (Mercy College Project) | ||||
VRDO | 0.520% | 12/7/16 LOC | 9,430 | 9,430 |
New York City NY Industrial Development Agency | ||||
Civic Facility Revenue (New York Congregational | ||||
Nursing Center Project) VRDO | 0.590% | 12/7/16 LOC | 3,220 | 3,220 |
1 New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue TOB | ||||
VRDO | 0.580% | 12/7/16 | 7,700 | 7,700 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.550% | 12/1/16 | 4,550 | 4,550 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.550% | 12/1/16 | 5,800 | 5,800 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.580% | 12/1/16 | 4,200 | 4,200 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.590% | 12/1/16 | 18,000 | 18,000 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.590% | 12/1/16 | 11,900 | 11,900 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.590% | 12/1/16 | 6,800 | 6,800 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.550% | 12/7/16 | 9,000 | 9,000 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.570% | 12/7/16 | 24,350 | 24,350 |
1 New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue TOB VRDO | 0.580% | 12/7/16 | 3,335 | 3,335 |
1 New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue TOB VRDO | 0.580% | 12/7/16 | 5,250 | 5,250 |
1 New York City NY Transitional Finance Authority | ||||
Building Aid Revenue TOB VRDO | 0.580% | 12/7/16 | 15,210 | 15,210 |
1 New York City NY Transitional Finance Authority | ||||
Building Aid Revenue TOB VRDO | 0.590% | 12/7/16 | 5,000 | 5,000 |
1 New York City NY Transitional Finance Authority | ||||
Building Aid Revenue TOB VRDO | 0.600% | 12/7/16 | 5,000 | 5,000 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.580% | 12/7/16 | 12,400 | 12,400 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.580% | 12/7/16 | 5,000 | 5,000 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.580% | 12/7/16 | 5,000 | 5,000 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.580% | 12/7/16 | 2,890 | 2,890 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.580% | 12/7/16 | 6,300 | 6,300 |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.580% | 12/7/16 | 3,000 | 3,000 |
16
New York Tax-Exempt Money Market Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
1 New York City NY Transitional Finance Authority | ||||
Future Tax Revenue TOB VRDO | 0.590% | 12/7/16 | 6,000 | 6,000 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.540% | 12/1/16 | 4,800 | 4,800 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.550% | 12/1/16 | 9,450 | 9,450 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.550% | 12/1/16 | 5,700 | 5,700 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.590% | 12/1/16 | 3,200 | 3,200 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.590% | 12/1/16 | 13,435 | 13,435 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.590% | 12/1/16 | 18,575 | 18,575 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue VRDO | 0.570% | 12/7/16 | 1,000 | 1,000 |
2 New York City NY Trust for Cultural Resources | ||||
Revenue (American Museum of Natural History) | ||||
PUT | 0.650% | 6/13/17 | 14,000 | 14,000 |
New York City NY Trust for Cultural Resources | ||||
Revenue (The Metropolitan Museum of Art) | ||||
VRDO | 0.530% | 12/7/16 | 37,100 | 37,100 |
New York City NY Trust for Cultural Resources | ||||
Revenue (The Metropolitan Museum of Art) | ||||
VRDO | 0.530% | 12/7/16 | 45,600 | 45,600 |
1 New York City NY Trust for Cultural Resources | ||||
Revenue (Wildlife Conservation Society) TOB | ||||
VRDO | 0.600% | 12/7/16 | 5,335 | 5,335 |
1 New York Convention Center Development Corp. | ||||
Revenue TOB VRDO | 0.590% | 12/7/16 | 10,400 | 10,400 |
1 New York Convention Center Development Corp. | ||||
Revenue TOB VRDO | 0.700% | 12/7/16 | 7,020 | 7,020 |
1 New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) TOB VRDO | 0.700% | 12/7/16 | 8,000 | 8,000 |
1 New York Liberty Development Corp. Revenue | ||||
(Bank of America Tower at One Bryant Park | ||||
Project) TOB VRDO | 0.580% | 12/7/16 | 29,000 | 29,000 |
New York Liberty Development Corp. Revenue | ||||
(Greenwich LLC) VRDO | 0.550% | 12/7/16 LOC | 20,000 | 20,000 |
1 New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) TOB VRDO | 0.630% | 12/7/16 | 5,350 | 5,350 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) VRDO | 0.570% | 12/1/16 LOC | 11,090 | 11,090 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) VRDO | 0.550% | 12/7/16 LOC | 12,700 | 12,700 |
New York Metropolitan Transportation Authority | ||||
Revenue (Service Contract) | 5.500% | 7/1/17 (ETM) | 7,040 | 7,228 |
1 New York Metropolitan Transportation Authority | ||||
Revenue (Service Contract) TOB VRDO | 0.580% | 12/7/16 | 4,500 | 4,500 |
New York Metropolitan Transportation Authority | ||||
Revenue VRDO | 0.550% | 12/1/16 LOC | 8,255 | 8,255 |
New York Metropolitan Transportation Authority | ||||
Revenue VRDO | 0.550% | 12/1/16 LOC | 7,100 | 7,100 |
17
New York Tax-Exempt Money Market Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York Metropolitan Transportation Authority | ||||
Revenue VRDO | 0.580% | 12/1/16 LOC | 4,960 | 4,960 |
New York Metropolitan Transportation Authority | ||||
Revenue VRDO | 0.540% | 12/7/16 LOC | 9,900 | 9,900 |
New York Metropolitan Transportation Authority | ||||
Revenue VRDO | 0.550% | 12/7/16 LOC | 19,800 | 19,800 |
New York Metropolitan Transportation Authority | ||||
Revenue VRDO | 0.550% | 12/7/16 LOC | 4,275 | 4,275 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) VRDO | 0.580% | 12/7/16 LOC | 10,600 | 10,600 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) VRDO | 0.580% | 12/7/16 LOC | 4,855 | 4,855 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) VRDO | 0.580% | 12/7/16 LOC | 2,265 | 2,265 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) VRDO | 0.580% | 12/7/16 LOC | 2,680 | 2,680 |
New York State Dormitory Authority Revenue | ||||
(Columbia University) VRDO | 0.520% | 12/7/16 | 15,400 | 15,400 |
New York State Dormitory Authority Revenue | ||||
(Cornell University) CP | 0.930% | 12/16/16 | 11,000 | 11,000 |
New York State Dormitory Authority Revenue | ||||
(Cornell University) VRDO | 0.520% | 12/7/16 | 15,700 | 15,700 |
New York State Dormitory Authority Revenue | ||||
(Cornell University) VRDO | 0.520% | 12/7/16 | 4,800 | 4,800 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) VRDO | 0.530% | 12/7/16 LOC | 9,695 | 9,695 |
New York State Dormitory Authority Revenue | ||||
(Le Moyne College) VRDO | 0.560% | 12/7/16 LOC | 3,785 | 3,785 |
1 New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) TOB | ||||
VRDO | 0.590% | 12/7/16 | 7,860 | 7,860 |
New York State Dormitory Authority Revenue | ||||
(Mental Health Services Facilities Improvement) | ||||
VRDO | 0.550% | 12/7/16 LOC | 51,715 | 51,715 |
New York State Dormitory Authority Revenue | ||||
(Mental Health Services Facilities Improvement) | ||||
VRDO | 0.550% | 12/7/16 LOC | 5,335 | 5,335 |
1 New York State Dormitory Authority Revenue | ||||
(New York University) TOB VRDO | 0.580% | 12/7/16 | 9,200 | 9,200 |
1 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) TOB VRDO | 0.580% | 12/7/16 | 6,000 | 6,000 |
1 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) TOB VRDO | 0.580% | 12/7/16 | 4,000 | 4,000 |
1 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) TOB VRDO | 0.580% | 12/7/16 | 11,000 | 11,000 |
1 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) TOB VRDO | 0.580% | 12/7/16 | 7,500 | 7,500 |
1 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) TOB VRDO | 0.580% | 12/7/16 | 5,500 | 5,500 |
1 New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) TOB VRDO | 0.580% | 12/7/16 | 4,375 | 4,375 |
New York State Dormitory Authority Revenue | ||||
(Rockefeller University) VRDO | 0.560% | 12/7/16 | 44,100 | 44,100 |
18
New York Tax-Exempt Money Market Fund
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Rockefeller University) VRDO | 0.560% | 12/7/16 | 16,000 | 16,000 |
New York State Dormitory Authority Revenue | ||||
(Royal Charter Properties) VRDO | 0.440% | 12/7/16 LOC | 5,000 | 5,000 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) VRDO | 0.530% | 12/7/16 LOC | 28,775 | 28,775 |
New York State Dormitory Authority Revenue | ||||
(State University Educational Facilities) | 5.500% | 5/15/17 (14) | 5,000 | 5,107 |
1 New York State Dormitory Authority Revenue | ||||
(Vassar College) TOB VRDO | 0.570% | 12/7/16 | 7,115 | 7,115 |
1 New York State Dormitory Authority Revenue | ||||
(Vassar College) TOB VRDO | 0.700% | 12/7/16 | 6,430 | 6,430 |
1 New York State Dormitory Authority Sales Tax | ||||
Revenue TOB VRDO | 0.570% | 12/7/16 | 17,370 | 17,370 |
1 New York State Dormitory Authority Sales Tax | ||||
Revenue TOB VRDO | 0.580% | 12/7/16 | 3,365 | 3,365 |
1 New York State Dormitory Authority Sales Tax | ||||
Revenue TOB VRDO | 0.580% | 12/7/16 | 7,500 | 7,500 |
1 New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) TOB VRDO | 0.580% | 12/7/16 | 8,000 | 8,000 |
1 New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) TOB VRDO | 0.580% | 12/7/16 | 3,650 | 3,650 |
New York State Housing Finance Agency Housing | ||||
Revenue (10 Liberty Street) VRDO | 0.440% | 12/7/16 LOC | 10,000 | 10,000 |
New York State Housing Finance Agency Housing | ||||
Revenue (316 Eleventh Avenue) VRDO | 0.570% | 12/7/16 LOC | 6,500 | 6,500 |
New York State Housing Finance Agency Housing | ||||
Revenue (625 W 57th St) VRDO | 0.570% | 12/7/16 LOC | 6,250 | 6,250 |
New York State Housing Finance Agency Housing | ||||
Revenue (855 6th Avenue) VRDO | 0.570% | 12/7/16 LOC | 24,500 | 24,500 |
New York State Housing Finance Agency Housing | ||||
Revenue (855 6th Avenue) VRDO | 0.570% | 12/7/16 LOC | 14,500 | 14,500 |
New York State Housing Finance Agency Housing | ||||
Revenue (Dock Street Rental LLC) VRDO | 0.570% | 12/7/16 LOC | 14,800 | 14,800 |
New York State Housing Finance Agency Housing | ||||
Revenue (Dock Street) VRDO | 0.570% | 12/7/16 LOC | 11,500 | 11,500 |
New York State Housing Finance Agency Housing | ||||
Revenue (East 84th Street) VRDO | 0.460% | 12/7/16 LOC | 20,800 | 20,800 |
New York State Housing Finance Agency Housing | ||||
Revenue (McCarthy Manor Apartments) VRDO | 0.570% | 12/7/16 LOC | 6,800 | 6,800 |
New York State Housing Finance Agency Housing | ||||
Revenue (Saville) VRDO | 0.460% | 12/7/16 LOC | 28,000 | 28,000 |
New York State Housing Finance Agency Housing | ||||
Revenue (West 17th Street) VRDO | 0.570% | 12/7/16 LOC | 4,600 | 4,600 |
New York State Housing Finance Agency Housing | ||||
Revenue (West 20th Street) VRDO | 0.570% | 12/7/16 LOC | 14,000 | 14,000 |
1 New York State Housing Finance Agency Housing | ||||
Revenue TOB VRDO | 0.700% | 12/7/16 | 6,810 | 6,810 |
New York State Housing Finance Agency Revenue | ||||
(Riverside Center) VRDO | 0.560% | 12/7/16 LOC | 7,000 | 7,000 |
New York State Housing Finance Agency Revenue | ||||
(Service Contract) VRDO | 0.580% | 12/7/16 LOC | 10,010 | 10,010 |
19
New York Tax-Exempt Money Market Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Local Government Assistance | ||||
Corp. Revenue VRDO | 0.570% | 12/7/16 | 42,905 | 42,905 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.650% | 12/1/16 | 2,200 | 2,200 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.560% | 12/7/16 | 18,700 | 18,700 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.580% | 12/7/16 | 10,895 | 10,895 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.590% | 12/7/16 | 23,370 | 23,370 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue VRDO | 0.620% | 12/7/16 | 15,000 | 15,000 |
New York State Power Authority Revenue CP | 0.600% | 12/7/16 | 13,044 | 13,044 |
New York State Power Authority Revenue CP | 0.550% | 12/9/16 | 6,341 | 6,341 |
1 New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) TOB VRDO | 0.580% | 12/7/16 | 5,850 | 5,850 |
1 New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) TOB VRDO | 0.580% | 12/7/16 | 7,500 | 7,500 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) VRDO | 0.570% | 12/7/16 LOC | 4,180 | 4,180 |
New York State Urban Development Corp. | ||||
Revenue TOB VRDO | 0.620% | 12/7/16 | 5,300 | 5,300 |
North Hempstead NY BAN | 2.250% | 4/4/17 | 7,500 | 7,536 |
1 Nuveen New York AMT-Free Municipal Income | ||||
Fund VRDP VRDO | 0.640% | 12/7/16 LOC | 27,500 | 27,500 |
1 Nuveen New York AMT-Free Municipal Income | ||||
Fund VRDP VRDO | 0.640% | 12/7/16 LOC | 20,000 | 20,000 |
1 Nuveen New York AMT-Free Municipal Income | ||||
Fund VRDP VRDO | 0.640% | 12/7/16 LOC | 12,000 | 12,000 |
1 Nuveen New York AMT-Free Municipal Income | ||||
Fund VRDP VRDO | 0.640% | 12/7/16 LOC | 31,000 | 31,000 |
1 Nuveen New York Dividend Advantage Municipal | ||||
Fund VRDP VRDO | 0.690% | 12/7/16 LOC | 34,500 | 34,500 |
Onondaga County NY Industrial Development | ||||
Agency Civic Facility Revenue (Crouse Health | ||||
Hospital Inc. Project) VRDO | 0.610% | 12/7/16 LOC | 3,975 | 3,975 |
Onondaga County NY Industrial Development | ||||
Agency Civic Facility Revenue (Crouse Health | ||||
Hospital Inc. Project) VRDO | 0.610% | 12/7/16 LOC | 7,170 | 7,170 |
Onondaga County NY Industrial Development | ||||
Agency Civic Facility Revenue (Syracuse Home | ||||
Association Project) VRDO | 0.590% | 12/7/16 LOC | 5,040 | 5,040 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/17 | 4,275 | 4,381 |
1 Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.580% | 12/7/16 | 8,500 | 8,500 |
1 Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.610% | 12/7/16 | 1,050 | 1,050 |
1 Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.620% | 12/7/16 | 2,900 | 2,900 |
1 Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.630% | 12/7/16 | 6,500 | 6,500 |
1 Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.630% | 12/7/16 | 5,560 | 5,560 |
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 | 0.630% | 12/7/16 | 5,300 | 5,300 |
1 Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.630% | 12/7/16 | 1,710 | 1,710 |
1 Port Authority of New York & New Jersey | ||||
Revenue TOB VRDO | 0.650% | 12/7/16 | 2,260 | 2,260 |
Rensselaer County NY GO | 2.000% | 8/11/17 | 9,600 | 9,683 |
Saratoga County NY Capital Resource Corp. | ||||
Revenue (Saratoga Hospital Project) VRDO | 0.590% | 12/1/16 LOC | 8,455 | 8,455 |
Scarsdale NY Union Free School District BAN | 2.000% | 6/22/17 | 5,000 | 5,033 |
Smithtown NY Central School District TAN | 1.500% | 6/30/17 | 9,600 | 9,633 |
South Country NY Central School District TAN | 2.000% | 6/27/17 | 11,500 | 11,577 |
South Huntington NY Union Free School District | ||||
TAN | 2.000% | 6/27/17 | 6,000 | 6,037 |
Syosset NY Central School District TAN | 1.500% | 6/27/17 | 4,500 | 4,518 |
Tarrytowns NY Union Free School District BAN | 2.000% | 7/12/17 | 8,845 | 8,914 |
Three Village NY Central School District TAN | 2.000% | 6/27/17 | 26,000 | 26,196 |
Tompkins County NY Industrial Development | ||||
Agency Civic Facility Revenue (Ithaca College) | ||||
VRDO | 0.560% | 12/7/16 LOC | 23,075 | 23,075 |
1 Triborough Bridge & Tunnel Authority New York | ||||
Revenue TOB VRDO | 0.580% | 12/7/16 | 3,750 | 3,750 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue VRDO | 0.570% | 12/7/16 LOC | 18,110 | 18,110 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue VRDO | 0.580% | 12/7/16 LOC | 15,075 | 15,075 |
1 Triborough Bridge and Tunnel Authority New York | ||||
Revenue TOB VRDO | 0.580% | 12/7/16 | 6,665 | 6,665 |
Ulster County NY BAN | 2.000% | 11/22/17 | 6,958 | 7,032 |
1 Utility Debt Securitization Authority New York | ||||
Revenue TOB VRDO | 0.570% | 12/7/16 | 3,375 | 3,375 |
1 Utility Debt Securitization Authority New York | ||||
Revenue TOB VRDO | 0.580% | 12/7/16 | 1,000 | 1,000 |
Warwick Valley Central School District BAN | 2.000% | 7/7/17 | 5,000 | 5,036 |
West Babylon NY Union Free School District BAN | 2.000% | 8/4/17 | 9,500 | 9,579 |
West Babylon NY Union Free School District TAN | 2.000% | 6/23/17 | 15,000 | 15,111 |
Williamsville NY Central School District BAN | 2.000% | 6/14/17 | 8,225 | 8,276 |
Total Tax-Exempt Municipal Bonds (Cost $2,073,919) | 2,073,919 |
21
New York Tax-Exempt Money Market Fund | |
Amount | |
($000) | |
Other Assets and Liabilities (-0.7%) | |
Other Assets | |
Investment in Vanguard | 156 |
Receivables for Investment Securities Sold | 1,280 |
Receivables for Accrued Income | 2,996 |
Receivables for Capital Shares Issued | 1,673 |
Other Assets | 4,252 |
Total Other Assets | 10,357 |
Liabilities | |
Payables for Investment Securities Purchased | (16,992) |
Payables for Capital Shares Redeemed | (2,883) |
Payables for Distributions | (21) |
Payables to Vanguard | (5,592) |
Other Liabilities | (82) |
Total Liabilities | (25,570) |
Net Assets (100%) | |
Applicable to 2,058,507,306 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 2,058,706 |
Net Asset Value Per Share | $1.00 |
At November 30, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 2,058,706 |
Undistributed Net Investment Income | 1 |
Accumulated Net Realized Losses | (1) |
Net Assets | 2,058,706 |
- See Note A in Notes to Financial Statements.
- Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2016, the aggregate value of these securities was $498,965,000, representing 24.2% of net assets.
- 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.).
(18) SBLF (Michigan School Bond Loan Fund).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
23
New York Tax-Exempt Money Market Fund | |
Statement of Operations | |
Year Ended | |
November 30, 2016 | |
($000) | |
Investment Income | |
Income | |
Interest | 7,952 |
Total Income | 7,952 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 439 |
Management and Administrative | 2,223 |
Marketing and Distribution | 558 |
Custodian Fees | 27 |
Auditing Fees | 30 |
Shareholders’ Reports | 18 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 3,296 |
Expense Reduction—Note B | (566) |
Net Expenses | 2,730 |
Net Investment Income | 5,222 |
Realized Net Gain (Loss) on Investment Securities Sold | (1) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,221 |
See accompanying Notes, which are an integral part of the Financial Statements.
24
New York Tax-Exempt Money Market Fund | ||
Statement of Changes in Net Assets | ||
Year Ended November 30, | ||
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 5,222 | 227 |
Realized Net Gain (Loss) | (1) | 2 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,221 | 229 |
Distributions | ||
Net Investment Income | (5,223) | (225) |
Realized Capital Gain | — | — |
Total Distributions | (5,223) | (225) |
Capital Share Transactions (at $1.00 per share) | ||
Issued | 1,130,330 | 1,259,422 |
Issued in Lieu of Cash Distributions | 5,056 | 220 |
Redeemed | (1,266,500) | (1,361,922) |
Net Increase (Decrease) from Capital Share Transactions | (131,114) | (102,280) |
Total Increase (Decrease) | (131,116) | (102,276) |
Net Assets | ||
Beginning of Period | 2,189,822 | 2,292,098 |
End of Period1 | 2,058,706 | 2,189,822 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $1,000 and $2,000.
See accompanying Notes, which are an integral part of the Financial Statements.
25
New York Tax-Exempt Money Market Fund | |||||
Financial Highlights | |||||
For a Share Outstanding | Year Ended November 30, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment Operations | |||||
Net Investment Income | .003 | .0001 | .0001 | .0001 | .0003 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | — | — | — | — | — |
Total from Investment Operations | .003 | .0001 | .0001 | .0001 | .0003 |
Distributions | |||||
Dividends from Net Investment Income | (.003) | (.0001) | (.0001) | (.0001) | (.0003) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.003) | (.0001) | (.0001) | (.0001) | (.0003) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return1 | 0.26% | 0.01% | 0.01% | 0.01% | 0.03% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,059 | $2,190 | $2,292 | $2,483 | $2,638 |
Ratio of Expenses to Average Net Assets2 | 0.13% | 0.06% | 0.07% | 0.12% | 0.15% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 0.25% | 0.01% | 0.01% | 0.01% | 0.03% |
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%, 0.16%, 0.16%, 0.16%, and 0.16%. See Note B in Notes to Financial Statements.
See accompanying Notes, which are an integral part of the Financial Statements.
26
New York Tax-Exempt Money Market Fund
Notes to Financial Statements
Vanguard New York Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. 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, 2013–2016), 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 (“Vanguard”) participate in a $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at November 30, 2016, 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. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
27
New York Tax-Exempt Money Market Fund
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2016, the fund had contributed to Vanguard capital in the amount of $156,000, representing 0.01% of the fund’s net assets and 0.06% 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 in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. For the year ended November 30, 2016, Vanguard’s expenses were reduced by $566,000 (an effective annual rate of 0.03% of the fund’s average net assets); the fund is not obligated to repay this amount to Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine
the fair value of investments).
At November 30, 2016, 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. The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2016, such purchases and sales were $431,115,000 and $462,505,000, respectively.
E. Management has determined that no material events or transactions occurred subsequent to November 30, 2016, that would require recognition or disclosure in these financial statements.
28
New York Long-Term Tax-Exempt Fund
Fund Profile
As of November 30, 2016
Share-Class Characteristics | ||
Investor | Admiral | |
Shares | Shares | |
Ticker Symbol | VNYTX | VNYUX |
Expense Ratio1 | 0.20% | 0.12% |
30-Day SEC Yield | 2.18% | 2.30% |
Financial Attributes | |||
Bloomberg Bloomberg | |||
Barclays NY | Barclays | ||
Muni Bond | Municipal | ||
Fund | Index Bond Index | ||
Number of | |||
Bonds | 898 | 6,199 | 50,263 |
Yield to Maturity | |||
(before | |||
expenses) | 2.8% | 2.6% | 2.8% |
Average Coupon | 4.8% | 4.9% | 4.8% |
Average Duration | 6.6 years | 6.3 years | 6.6 years |
Average Stated | |||
Maturity | 17.0 years | 13.9 years | 12.8 years |
Short-Term | |||
Reserves | 2.2% | — | — |
Volatility Measures | ||
Bloomberg | Bloomberg | |
Barclays NY | Barclays | |
Muni Bond | Municipal | |
Index | Bond Index | |
R-Squared | 0.98 | 0.98 |
Beta | 1.13 | 1.09 |
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 | 4.9% |
1 - 3 Years | 2.8 |
3 - 5 Years | 3.9 |
5 - 10 Years | 8.5 |
10 - 20 Years | 42.4 |
20 - 30 Years | 31.4 |
Over 30 Years | 6.1 |
Distribution by Credit Quality (% of portfolio) | |
AAA | 21.9% |
AA | 47.6 |
A | 21.7 |
BBB | 6.0 |
BB | 0.2 |
B | 0.3 |
Not Rated | 2.3 |
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 29, 2016, and represent estimated costs for the current fiscal year. For the
fiscal year ended November 30, 2016, the expense ratios were 0.19% for Investor Shares and 0.09% 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.
Cumulative Performance: November 30, 2006, Through November 30, 2016
Initial Investment of $10,000
Average Annual Total Returns | ||||
Periods Ended November 30, 2016 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
New York Long-Term Tax-Exempt Fund | ||||
Investor Shares | 0.24% | 3.91% | 3.89% | $14,646 |
Bloomberg Barclays NY Municipal Bond | ||||
Index | -0.20 | 3.33 | 4.08 | 14,910 |
New York Municipal Debt Funds | ||||
Average | 0.32 | 3.43 | 3.45 | 14,033 |
Bloomberg Barclays Municipal Bond | ||||
Index | -0.22 | 3.43 | 4.09 | 14,929 |
New York Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Final Value | ||||
One | Five | Ten | of a $50,000 | |
Year | Years | Years | Investment | |
New York Long-Term Tax-Exempt Fund | ||||
Admiral Shares | 0.34% | 4.00% | 3.97% | $73,818 |
Bloomberg Barclays NY Municipal Bond Index | -0.20 | 3.33 | 4.08 | 74,551 |
Bloomberg Barclays Municipal Bond Index | -0.22 | 3.43 | 4.09 | 74,645 |
See Financial Highlights for dividend and capital gains information.
31
New York Long-Term Tax-Exempt Fund | ||||
Fiscal-Year Total Returns (%): November 30, 2006, Through November 30, 2016 | ||||
Bloomberg | ||||
Barclays NY | ||||
Muni Bond | ||||
Investor Shares | Index | |||
Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
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 | 3.38 | 0.59 | 3.97 | 3.23 |
2016 | 3.11 | -2.87 | 0.24 | -0.20 |
Average Annual Total Returns: Periods Ended September 30, 2016
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 | 6.62% | 5.00% | 3.85% | 0.76% | 4.61% |
Admiral Shares | 5/14/2001 | 6.80 | 5.10 | 3.93 | 0.77 | 4.70 |
32
New York Long-Term Tax-Exempt Fund
Financial Statements
Statement of Net Assets
As of November 30, 2016
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 (98.5%) | ||||
New York (98.4%) | ||||
Albany NY Capital Resource Corp. Revenue | ||||
(St. Peter’s Hospital) | 6.000% | 11/15/20 (Prere.) | 325 | 378 |
Albany NY Capital Resource Corp. Revenue | ||||
(St. Peter’s Hospital) | 6.125% | 11/15/20 (Prere.) | 150 | 175 |
Albany NY Industrial Development Agency Civic | ||||
Facility Revenue (St. Peter’s Hospital Project) | 5.250% | 11/15/17 (Prere.) | 5,000 | 5,207 |
Albany NY Industrial Development Agency Civic | ||||
Facility Revenue (St. Peter’s Hospital Project) | 5.750% | 11/15/17 (Prere.) | 3,840 | 4,017 |
Albany NY Industrial Development Agency Civic | ||||
Facility Revenue (University at Albany Foundation | ||||
Student Housing Corp. - Empire Commons North | ||||
Project) | 5.375% | 5/1/19 (Prere.) | 3,455 | 3,779 |
Albany NY Industrial Development Agency Civic | ||||
Facility Revenue (University at Albany Foundation | ||||
Student Housing Corp. - Empire Commons North | ||||
Project) | 5.500% | 5/1/19 (Prere.) | 2,550 | 2,797 |
Albany NY Industrial Development Agency Civic | ||||
Facility Revenue (University at Albany Foundation | ||||
Student Housing Corp. - Empire Commons South | ||||
Project) | 5.375% | 5/1/19 (Prere.) | 4,395 | 4,807 |
Albany NY Industrial Development Agency Civic | ||||
Facility Revenue (University at Albany Foundation | ||||
Student Housing Corp. - Empire Commons South | ||||
Project) | 5.500% | 5/1/19 (Prere.) | 1,500 | 1,645 |
Albany NY Industrial Development Agency Civic | ||||
Facility Revenue (University at Albany Foundation | ||||
Student Housing Corp. - Empire Commons West | ||||
Project) | 5.375% | 5/1/19 (Prere.) | 3,415 | 3,735 |
Amherst NY Development Corp. Student Housing | ||||
Facility Revenue | 5.000% | 10/1/40 (4) | 2,500 | 2,719 |
Amherst NY Development Corp. Student Housing | ||||
Facility Revenue | 5.000% | 10/1/45 | 3,800 | 4,133 |
Arlington NY Central School District GO | 4.000% | 5/15/27 | 1,000 | 1,091 |
Battery Park City Authority New York Revenue | 5.000% | 11/1/31 | 2,500 | 2,861 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 5.750% | 1/15/20 (Prere.) | 1,550 | 1,743 |
33
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) | 6.000% | 1/15/20 (Prere.) | 16,025 | 18,143 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 6.250% | 1/15/20 (Prere.) | 5,475 | 6,240 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 6.375% | 1/15/20 (Prere.) | 19,390 | 22,173 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 6.500% | 1/15/20 (Prere.) | 2,250 | 2,581 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 0.000% | 7/15/31 | 3,655 | 1,977 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 0.000% | 7/15/32 | 1,745 | 896 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 0.000% | 7/15/33 | 2,160 | 1,056 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Barclays Center Project) | 0.000% | 7/15/46 | 450 | 113 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Brooklyn Events Center) | 5.000% | 7/15/24 | 1,800 | 2,039 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Brooklyn Events Center) | 5.000% | 7/15/25 | 1,655 | 1,876 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Brooklyn Events Center) | 5.000% | 7/15/26 | 3,000 | 3,379 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Brooklyn Events Center) | 5.000% | 7/15/27 | 3,200 | 3,598 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Brooklyn Events Center) | 5.000% | 7/15/28 | 2,275 | 2,546 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Brooklyn Events Center) | 5.000% | 7/15/30 | 2,500 | 2,755 |
Brooklyn NY Local Development Corp. PILOT | ||||
Revenue (Brooklyn Events Center) | 5.000% | 7/15/42 | 5,900 | 6,246 |
Broome County NY Industrial Development | ||||
Agency Revenue (Good Shepherd Village | ||||
Project) | 6.875% | 7/1/18 (Prere.) | 3,250 | 3,542 |
Buffalo & Erie County NY Industrial Land | ||||
Development Corp. Revenue | 5.000% | 11/15/24 | 1,395 | 1,537 |
Buffalo & Erie County NY Industrial Land | ||||
Development Corp. Revenue | 5.000% | 7/1/25 | 2,000 | 2,280 |
Buffalo & Erie County NY Industrial Land | ||||
Development Corp. Revenue | 5.000% | 11/15/25 | 1,590 | 1,751 |
Buffalo & Erie County NY Industrial Land | ||||
Development Corp. Revenue | 5.000% | 11/15/37 | 4,515 | 4,710 |
Buffalo & Erie County NY Industrial Land | ||||
Development Corp. Revenue | 5.000% | 7/1/40 | 1,500 | 1,574 |
Buffalo NY Municipal Water Finance Authority | ||||
Revenue | 5.000% | 7/1/24 | 500 | 573 |
Buffalo NY Municipal Water Finance Authority | ||||
Revenue | 5.000% | 7/1/25 | 500 | 576 |
Buffalo NY Municipal Water Finance Authority | ||||
Revenue | 5.000% | 7/1/26 | 1,000 | 1,139 |
Buffalo NY Municipal Water Finance Authority | ||||
Revenue | 5.000% | 7/1/28 | 2,000 | 2,254 |
Buffalo NY Municipal Water Finance Authority | ||||
Revenue | 5.000% | 7/1/29 | 500 | 560 |
34
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Dobbs Ferry NY Local Development Corp. | ||||
Revenue (Mercy College Project) | 5.000% | 7/1/39 | 2,715 | 2,945 |
Dobbs Ferry NY Local Development Corp. | ||||
Revenue (Mercy College Project) | 5.000% | 7/1/44 | 2,510 | 2,714 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Culinary Institute of America Project) | 5.000% | 7/1/27 | 350 | 402 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Culinary Institute of America Project) | 5.000% | 7/1/28 | 200 | 228 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Culinary Institute of America Project) | 5.000% | 7/1/29 | 250 | 282 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Culinary Institute of America Project) | 5.000% | 7/1/30 | 200 | 224 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Culinary Institute of America Project) | 5.000% | 7/1/31 | 200 | 223 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Culinary Institute of America Project) | 5.000% | 7/1/32 | 240 | 266 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Culinary Institute of America Project) | 5.000% | 7/1/33 | 200 | 221 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Culinary Institute of America Project) | 5.000% | 7/1/41 | 215 | 235 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Culinary Institute of America Project) | 5.000% | 7/1/46 | 300 | 327 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Health Quest Systems Inc. Project) | 5.000% | 7/1/28 | 1,505 | 1,726 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Health Quest Systems Inc. Project) | 5.000% | 7/1/28 | 2,000 | 2,285 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Health Quest Systems Inc. Project) | 5.000% | 7/1/29 | 1,595 | 1,802 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Health Quest Systems Inc. Project) | 5.000% | 7/1/34 | 650 | 710 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Health Quest Systems Inc. Project) | 5.000% | 7/1/44 | 2,000 | 2,155 |
Dutchess County NY Local Development Corp. | ||||
Revenue (Marist College Project) | 5.000% | 7/1/45 | 1,240 | 1,361 |
Erie County NY GO | 5.000% | 4/1/22 | 1,630 | 1,852 |
Erie County NY GO | 5.000% | 4/1/23 | 1,000 | 1,136 |
Erie County NY GO | 5.000% | 4/1/25 | 560 | 628 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/23 | 5,000 | 5,728 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/25 | 4,000 | 4,560 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.250% | 5/1/25 | 3,695 | 4,206 |
1 Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) TOB VRDO | 0.600% | 12/7/16 | 4,735 | 4,735 |
Freeport NY GO | 5.000% | 1/15/23 | 2,335 | 2,614 |
Freeport NY GO | 5.000% | 1/15/24 | 2,540 | 2,825 |
Haverstraw-Stony Point NY Central School | ||||
District GO | 5.000% | 10/15/31 (4) | 1,100 | 1,250 |
35
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Haverstraw-Stony Point NY Central School | ||||
District GO | 5.000% | 10/15/33 (4) | 300 | 339 |
Haverstraw-Stony Point NY Central School | ||||
District GO | 5.000% | 10/15/34 (4) | 500 | 562 |
Haverstraw-Stony Point NY Central School | ||||
District GO | 5.000% | 10/15/36 (4) | 1,000 | 1,119 |
Hempstead NY Local Development Corp. | ||||
Revenue (Adelphi University) | 5.000% | 10/1/28 | 1,320 | 1,477 |
Hempstead NY Local Development Corp. | ||||
Revenue (Adelphi University) | 5.000% | 9/1/43 | 5,000 | 5,348 |
Hempstead NY Local Development Corp. | ||||
Revenue (Hofstra University) | 5.000% | 7/1/22 | 2,130 | 2,370 |
Hempstead NY Local Development Corp. | ||||
Revenue (Hofstra University) | 5.000% | 7/1/23 | 3,350 | 3,742 |
Hempstead NY Local Development Corp. | ||||
Revenue (Hofstra University) | 5.000% | 7/1/28 | 1,300 | 1,430 |
Hempstead NY Local Development Corp. | ||||
Revenue (Hofstra University) | 5.000% | 7/1/41 | 2,815 | 3,045 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.750% | 7/1/23 | 1,600 | 1,734 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.000% | 7/1/29 | 2,170 | 2,334 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.000% | 7/1/34 | 1,800 | 1,890 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.000% | 7/1/39 | 1,645 | 1,717 |
Hempstead NY Local Development Corp. | ||||
Revenue (Molloy College) | 5.000% | 7/1/44 | 1,670 | 1,737 |
Hudson Yards Infrastructure Corp. New York | ||||
Revenue | 5.250% | 2/15/47 | 7,925 | 8,715 |
Hudson Yards Infrastructure Corp. New York | ||||
Revenue | 5.750% | 2/15/47 | 28,525 | 32,151 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 12/1/16 (Prere.) | 95 | 95 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 12/1/16 (Prere.) | 5 | 5 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.250% | 4/1/19 (ETM) | 1,520 | 1,654 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.250% | 4/1/19 | 2,550 | 2,759 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.250% | 4/1/19 (ETM) | 930 | 1,011 |
Long Island NY Power Authority Electric System | ||||
Revenue | 6.250% | 4/1/19 (Prere.) | 2,225 | 2,469 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 5/1/21 | 2,000 | 2,233 |
Long Island NY Power Authority Electric System | ||||
Revenue | 0.000% | 6/1/24 (4) | 19,830 | 16,128 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/25 | 1,500 | 1,686 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/26 | 3,400 | 3,792 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/26 | 1,000 | 1,149 |
36
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Long Island NY Power Authority Electric System | ||||
Revenue | 0.000% | 6/1/27 (4) | 15,905 | 11,566 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/28 | 1,000 | 1,135 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/34 | 4,500 | 4,951 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/35 | 6,000 | 6,585 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/36 | 2,000 | 2,206 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/37 | 7,625 | 8,366 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 5/1/38 | 11,005 | 11,839 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/39 | 5,500 | 6,017 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/41 | 2,500 | 2,738 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/44 | 9,140 | 9,992 |
Madison County NY Capital Resource Corp. | ||||
Revenue (Colgate University Project) | 5.000% | 7/1/40 | 1,495 | 1,673 |
Madison County NY Capital Resource Corp. | ||||
Revenue (Colgate University Project) | 5.000% | 7/1/43 | 6,000 | 6,686 |
Monroe County NY Industrial Development Corp. | ||||
Mortgage Revenue (Unity Hospital Rochester | ||||
Project) | 5.500% | 8/15/23 | 3,890 | 3,905 |
Monroe County NY Industrial Development Corp. | ||||
Mortgage Revenue (Unity Hospital Rochester | ||||
Project) | 5.750% | 8/15/30 | 3,500 | 3,952 |
Monroe County NY Industrial Development Corp. | ||||
Mortgage Revenue (Unity Hospital Rochester | ||||
Project) | 5.750% | 8/15/35 | 3,000 | 3,388 |
Monroe County NY Industrial Development Corp. | ||||
Mortgage Revenue (Unity Hospital Rochester | ||||
Project) | 5.500% | 8/15/40 | 3,700 | 4,132 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (Rochester General Hospital) | 5.000% | 12/1/37 | 2,600 | 2,785 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (Rochester General Hospital) | 5.000% | 12/1/42 | 5,305 | 5,635 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (St. John Fisher College Project) | 5.500% | 6/1/39 | 1,500 | 1,654 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (St. John Fisher College Project) | 5.000% | 6/1/44 | 2,500 | 2,657 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (University of Rochester) | 5.000% | 7/1/29 | 1,250 | 1,451 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (University of Rochester) | 5.000% | 7/1/30 | 4,880 | 5,518 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (University of Rochester) | 5.000% | 7/1/31 | 1,000 | 1,146 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (University of Rochester) | 5.000% | 7/1/32 | 1,640 | 1,871 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (University of Rochester) | 5.000% | 7/1/33 | 1,400 | 1,590 |
37
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Monroe County NY Industrial Development Corp. | ||||
Revenue (University of Rochester) | 5.000% | 7/1/37 | 1,000 | 1,121 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (University of Rochester) | 4.000% | 7/1/39 | 1,500 | 1,521 |
Monroe County NY Industrial Development Corp. | ||||
Revenue (University of Rochester) | 5.000% | 7/1/45 | 4,030 | 4,384 |
Nassau County NY GO | 5.000% | 10/1/20 | 9,025 | 10,030 |
Nassau County NY GO | 5.000% | 4/1/24 | 5,000 | 5,721 |
Nassau County NY GO | 5.000% | 1/1/27 | 3,000 | 3,433 |
Nassau County NY GO | 5.000% | 1/1/28 | 2,815 | 3,200 |
Nassau County NY GO | 5.000% | 4/1/29 | 4,320 | 4,807 |
Nassau County NY GO | 5.000% | 4/1/34 | 5,740 | 6,254 |
Nassau County NY GO | 5.000% | 4/1/35 | 1,500 | 1,631 |
Nassau County NY Local Economic Assistance | ||||
& Financing Corp. Revenue (South Nassau | ||||
Communities Hospital) | 5.000% | 7/1/21 | 4,430 | 4,925 |
Nassau County NY Local Economic Assistance | ||||
& Financing Corp. Revenue (South Nassau | ||||
Communities Hospital) | 5.000% | 7/1/22 | 2,225 | 2,508 |
Nassau County NY Local Economic Assistance | ||||
& Financing Corp. Revenue (South Nassau | ||||
Communities Hospital) | 5.000% | 7/1/27 | 5,695 | 6,254 |
Nassau County NY Local Economic Assistance | ||||
& Financing Corp. Revenue (South Nassau | ||||
Communities Hospital) | 5.000% | 7/1/31 | 2,000 | 2,165 |
Nassau County NY Local Economic Assistance | ||||
& Financing Corp. Revenue (South Nassau | ||||
Communities Hospital) | 5.000% | 7/1/37 | 1,000 | 1,069 |
Nassau County NY Local Economic Assistance | ||||
& Financing Corp. Revenue (Winthrop University | ||||
Hospital Association Project) | 5.000% | 7/1/27 | 4,000 | 4,392 |
Nassau County NY Local Economic Assistance | ||||
& Financing Corp. Revenue (Winthrop University | ||||
Hospital Association Project) | 5.000% | 7/1/32 | 995 | 1,073 |
Nassau County NY Local Economic Assistance | ||||
& Financing Corp. Revenue (Winthrop University | ||||
Hospital Association Project) | 5.000% | 7/1/37 | 8,190 | 8,757 |
Nassau County NY Local Economic Assistance | ||||
& Financing Corp. Revenue (Winthrop University | ||||
Hospital Association Project) | 5.000% | 7/1/42 | 3,025 | 3,214 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/23 | 700 | 800 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/24 | 500 | 573 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/25 | 1,400 | 1,580 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/28 | 1,500 | 1,656 |
38
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/28 | 1,690 | 1,865 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/29 | 1,565 | 1,709 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/30 | 1,750 | 1,899 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/31 | 1,000 | 1,078 |
Nassau County NY Local Economic Assistance | ||||
Corp. Revenue (Catholic Health Services of | ||||
Long Island Obligated Group Project) | 5.000% | 7/1/34 | 1,970 | 2,099 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/25 | 325 | 357 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/26 | 335 | 367 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/27 | 425 | 462 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/28 | 375 | 406 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/31 | 1,245 | 1,319 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/33 | 1,135 | 1,192 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/35 | 1,000 | 1,042 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/40 | 1,250 | 1,305 |
New Rochelle NY Corporate Local Development | ||||
Revenue (Iona College Project) | 5.000% | 7/1/45 | 2,005 | 2,064 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Ethical Culture Fieldston Project) | 5.000% | 6/1/23 | 850 | 975 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Ethical Culture Fieldston Project) | 5.000% | 6/1/24 | 740 | 854 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Methodist Hospital Project) | 5.000% | 7/1/23 | 1,400 | 1,599 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Methodist Hospital Project) | 5.000% | 7/1/25 | 1,325 | 1,505 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Methodist Hospital Project) | 5.000% | 7/1/27 | 1,000 | 1,119 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (New York Law School Project) | 5.000% | 7/1/20 | 1,775 | 1,936 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (New York Law School Project) | 5.000% | 7/1/21 | 1,875 | 2,066 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (New York Law School Project) | 5.000% | 7/1/22 | 3,010 | 3,344 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (New York Law School Project) | 5.000% | 7/1/29 | 1,890 | 2,090 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (New York Law School Project) | 5.000% | 7/1/36 | 5,000 | 5,370 |
39
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Build NYC Resource Corp. | ||||
Revenue (New York Law School Project) | 5.000% | 7/1/41 | 1,875 | 2,003 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (New York Law School Project) | 4.000% | 7/1/45 | 2,500 | 2,289 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Queens College) | 5.000% | 6/1/27 | 200 | 231 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Queens College) | 5.000% | 6/1/28 | 270 | 310 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Queens College) | 5.000% | 6/1/29 | 225 | 257 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Queens College) | 5.000% | 6/1/30 | 310 | 353 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Queens College) | 5.000% | 6/1/32 | 660 | 744 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Queens College) | 5.000% | 6/1/33 | 660 | 741 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Queens College) | 5.000% | 6/1/34 | 580 | 649 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (Queens College) | 5.000% | 6/1/38 | 1,000 | 1,114 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (YMCA of Greater New York) | 5.000% | 8/1/29 | 1,000 | 1,116 |
New York City NY Build NYC Resource Corp. | ||||
Revenue (YMCA of Greater New York) | 4.000% | 8/1/36 | 1,100 | 1,097 |
New York City NY Capital Resources Corp. | ||||
Revenue (Loan Enhanced Assistance Program) | ||||
VRDO | 0.630% | 12/7/16 LOC | 3,435 | 3,435 |
New York City NY GO | 5.000% | 1/1/17 (Prere.) | 935 | 938 |
New York City NY GO | 5.000% | 10/1/17 (Prere.) | 455 | 470 |
New York City NY GO | 5.250% | 8/15/18 (Prere.) | 1,235 | 1,320 |
New York City NY GO | 6.250% | 10/15/18 (Prere.) | 990 | 1,083 |
New York City NY GO | 5.375% | 4/1/19 (Prere.) | 2,785 | 3,040 |
New York City NY GO | 5.450% | 4/1/19 (Prere.) | 8,180 | 8,944 |
New York City NY GO | 5.625% | 4/1/19 (Prere.) | 1,605 | 1,759 |
New York City NY GO | 5.000% | 8/1/22 | 5,000 | 5,733 |
New York City NY GO | 5.000% | 8/1/23 | 5,000 | 5,813 |
New York City NY GO | 5.000% | 8/1/24 | 4,000 | 4,643 |
New York City NY GO | 5.000% | 8/1/25 | 2,000 | 2,335 |
New York City NY GO | 5.000% | 8/1/25 | 10,540 | 11,880 |
New York City NY GO | 5.000% | 8/1/26 | 4,370 | 5,099 |
New York City NY GO | 5.000% | 8/1/26 | 3,000 | 3,510 |
New York City NY GO | 5.000% | 8/1/26 | 5,000 | 5,774 |
New York City NY GO | 5.000% | 4/1/27 | 5,000 | 5,631 |
New York City NY GO | 5.000% | 8/1/27 | 5,000 | 5,852 |
New York City NY GO | 5.000% | 8/1/27 | 9,900 | 11,319 |
New York City NY GO | 5.000% | 8/1/27 | 15,290 | 17,169 |
New York City NY GO | 5.000% | 8/1/27 | 4,550 | 5,226 |
New York City NY GO | 5.000% | 5/15/28 | 4,500 | 4,813 |
New York City NY GO | 5.000% | 8/1/28 | 4,000 | 4,579 |
New York City NY GO | 5.000% | 8/1/28 | 3,000 | 3,457 |
New York City NY GO | 5.000% | 8/1/28 | 5,000 | 5,811 |
New York City NY GO | 5.000% | 8/1/28 | 7,000 | 7,526 |
New York City NY GO | 5.000% | 8/1/28 | 1,915 | 2,152 |
New York City NY GO | 5.000% | 8/1/28 | 3,710 | 4,164 |
40
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY GO | 6.250% | 10/15/28 | 45 | 49 |
New York City NY GO | 5.625% | 4/1/29 | 1,395 | 1,508 |
New York City NY GO | 5.000% | 8/1/29 | 5,000 | 5,677 |
New York City NY GO | 5.000% | 8/1/29 | 5,000 | 5,771 |
New York City NY GO | 5.000% | 8/1/29 | 8,500 | 9,751 |
New York City NY GO | 5.000% | 8/1/29 | 2,500 | 2,807 |
New York City NY GO | 5.000% | 8/1/30 | 3,000 | 3,408 |
New York City NY GO | 5.000% | 8/1/30 | 5,000 | 5,734 |
New York City NY GO | 5.000% | 8/1/30 | 6,220 | 7,039 |
New York City NY GO | 5.000% | 8/1/30 | 2,185 | 2,427 |
New York City NY GO | 5.000% | 8/1/30 | 2,335 | 2,623 |
New York City NY GO | 5.000% | 3/1/31 | 6,000 | 6,734 |
New York City NY GO | 5.450% | 4/1/31 | 320 | 345 |
New York City NY GO | 4.000% | 8/1/31 | 2,775 | 2,923 |
New York City NY GO | 5.000% | 8/1/31 | 5,000 | 5,680 |
New York City NY GO | 5.000% | 8/1/31 | 2,230 | 2,469 |
New York City NY GO | 5.000% | 8/1/31 | 3,000 | 3,332 |
New York City NY GO | 5.000% | 8/1/31 | 1,500 | 1,672 |
New York City NY GO | 5.000% | 8/1/31 | 2,000 | 2,249 |
New York City NY GO | 5.000% | 3/1/32 | 5,000 | 5,590 |
New York City NY GO | 4.000% | 8/1/32 | 1,935 | 2,022 |
New York City NY GO | 5.000% | 8/1/32 | 4,000 | 4,477 |
New York City NY GO | 5.000% | 8/1/32 | 2,985 | 3,316 |
New York City NY GO | 5.000% | 3/1/33 | 7,500 | 8,354 |
New York City NY GO | 5.000% | 8/1/33 | 2,875 | 3,232 |
New York City NY GO | 5.000% | 10/1/33 | 6,500 | 7,261 |
New York City NY GO | 5.000% | 10/1/34 | 2,000 | 2,234 |
New York City NY GO | 5.000% | 8/1/35 | 3,500 | 3,879 |
New York City NY GO | 5.375% | 4/1/36 | 1,215 | 1,310 |
New York City NY GO | 5.000% | 6/1/36 | 910 | 1,010 |
New York City NY GO | 4.000% | 8/1/36 | 2,500 | 2,548 |
New York City NY GO | 5.000% | 10/1/36 | 3,000 | 3,335 |
New York City NY GO | 5.000% | 3/1/37 | 6,790 | 7,534 |
New York City NY GO | 5.000% | 8/1/37 | 4,000 | 4,474 |
New York City NY GO VRDO | 0.590% | 12/1/16 LOC | 3,700 | 3,700 |
New York City NY GO VRDO | 0.590% | 12/1/16 | 29,050 | 29,050 |
New York City NY GO VRDO | 0.590% | 12/7/16 LOC | 1,100 | 1,100 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/21 | 2,000 | 2,202 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/24 | 3,000 | 3,277 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/30 | 3,300 | 3,544 |
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 | 1,153 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.250% | 7/1/28 | 2,700 | 3,063 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.250% | 7/1/29 | 3,035 | 3,435 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.375% | 11/1/29 | 1,500 | 1,470 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 4.750% | 11/1/29 | 5,220 | 5,351 |
41
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 | 4.750% | 11/1/29 | 2,520 | 2,592 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.375% | 11/15/29 | 3,500 | 3,493 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.250% | 7/1/30 | 2,605 | 2,933 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.700% | 11/1/30 | 3,000 | 3,008 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.650% | 11/1/34 | 3,000 | 2,927 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.700% | 11/15/34 | 5,000 | 5,034 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.550% | 11/1/35 | 3,000 | 2,849 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.550% | 11/1/39 | 3,500 | 3,636 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 3.750% | 11/1/40 | 3,000 | 2,881 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.000% | 11/1/42 | 2,600 | 2,783 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.700% | 11/1/46 | 7,155 | 7,431 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 7,000 | 6,853 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 5,000 | 4,895 |
New York City NY Housing Development Corp. | ||||
Multi-Family Mortgage Revenue (8 Spruce Street) | 3.500% | 2/15/48 | 5,000 | 4,962 |
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 | 5,290 |
New York City NY Industrial Development Agency | ||||
PILOT Revenue (Queens Baseball Stadium | ||||
Project) | 6.125% | 1/1/29 (12) | 1,750 | 1,900 |
New York City NY Industrial Development Agency | ||||
PILOT Revenue (Queens Baseball Stadium | ||||
Project) | 6.375% | 1/1/39 (12) | 4,000 | 4,341 |
New York City NY Industrial Development Agency | ||||
PILOT Revenue (Yankee Stadium Project) | 0.000% | 3/1/34 (12) | 10,285 | 5,052 |
New York City NY Industrial Development Agency | ||||
PILOT Revenue (Yankee Stadium Project) | 0.000% | 3/1/35 (12) | 4,305 | 2,001 |
New York City NY Industrial Development Agency | ||||
PILOT Revenue (Yankee Stadium Project) | 5.000% | 3/1/36 (14) | 9,670 | 9,694 |
New York City NY Industrial Development Agency | ||||
PILOT Revenue (Yankee Stadium Project) | 7.000% | 3/1/49 (12) | 34,550 | 38,338 |
New York City NY Industrial Development Agency | ||||
Special Facility Revenue (New York Stock | ||||
Exchange Project) | 5.000% | 5/1/29 | 2,020 | 2,167 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/17 | 10,000 | 9,948 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 4,250 | 4,157 |
42
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% | 6/15/18 (Prere.) | 2,320 | 2,483 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/21 | 4,490 | 4,055 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 5,000 | 5,830 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/28 | 10,000 | 11,569 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 2,000 | 2,260 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 1,500 | 1,674 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 12,385 | 13,752 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.250% | 6/15/32 | 10,000 | 10,787 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/34 | 6,000 | 6,765 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/35 | 10,000 | 11,230 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/36 | 5,000 | 5,627 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/37 | 2,500 | 2,790 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/37 | 4,955 | 5,531 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/38 | 10,000 | 11,261 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 7,500 | 8,324 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 5,405 | 5,999 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/40 | 5,000 | 5,360 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 7,500 | 8,090 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 13,355 | 14,406 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.500% | 6/15/40 | 18,500 | 20,075 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 7,755 | 8,224 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 13,400 | 14,200 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/43 | 15,385 | 16,944 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.375% | 6/15/43 | 10,000 | 11,223 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.500% | 6/15/43 | 2,500 | 2,819 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/44 | 8,470 | 9,408 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/44 | 10,000 | 11,014 |
43
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/45 | 5,000 | 5,521 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/45 | 3,430 | 3,798 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/46 | 14,405 | 15,899 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/46 | 24,465 | 26,985 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/47 | 7,455 | 8,216 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.550% | 12/1/16 | 7,680 | 7,680 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.590% | 12/1/16 | 9,955 | 9,955 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.590% | 12/1/16 | 9,500 | 9,500 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.590% | 12/1/16 | 7,495 | 7,495 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 0.590% | 12/1/16 | 3,400 | 3,400 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/26 | 3,000 | 3,546 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/27 | 4,000 | 4,736 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/28 | 8,665 | 10,202 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/29 | 16,000 | 18,746 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/30 | 2,775 | 3,242 |
New York City NY Sales Tax Asset Receivable | ||||
Corp. Revenue | 5.000% | 10/15/31 | 11,000 | 12,809 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/26 | 1,970 | 2,292 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/28 | 2,805 | 3,148 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/29 | 5,000 | 5,603 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 1/15/30 | 500 | 533 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/31 | 1,585 | 1,750 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/31 | 4,260 | 4,768 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 1/15/32 | 500 | 530 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/32 | 4,000 | 4,417 |
44
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 | 5.125% | 1/15/33 | 7,000 | 7,436 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/33 | 5,000 | 5,586 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/33 | 8,205 | 9,170 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.125% | 1/15/34 | 10,000 | 10,616 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/36 | 5,000 | 5,537 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/37 | 13,885 | 15,541 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 7/15/37 | 3,250 | 3,626 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 1/15/39 | 7,110 | 7,568 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/40 | 2,000 | 2,220 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/40 | 5,975 | 6,599 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/40 | 5,200 | 5,714 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/41 | 2,000 | 2,214 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/43 | 1,410 | 1,550 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/17 (Prere.) | 6,725 | 6,979 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/19 (Prere.) | 3,740 | 4,054 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/19 (Prere.) | 15 | 16 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/24 | 3,000 | 3,389 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/25 | 3,000 | 3,541 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.250% | 11/1/26 | 1,000 | 1,130 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/27 | 2,000 | 2,225 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/27 | 2,500 | 2,908 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/28 | 2,000 | 2,225 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.250% | 2/1/29 | 2,000 | 2,250 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/29 | 4,985 | 5,386 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/29 | 5,000 | 5,785 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/30 | 5,000 | 5,740 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.250% | 2/1/30 | 1,500 | 1,678 |
45
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/30 | 5,000 | 5,374 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/30 | 4,825 | 5,553 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/31 | 2,500 | 2,837 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/31 | 2,000 | 2,205 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/31 | 3,575 | 3,970 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/32 | 7,300 | 8,182 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/32 | 5,350 | 6,079 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/33 | 10,260 | 11,541 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/33 | 2,850 | 3,242 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/33 | 9,500 | 10,715 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/34 | 2,195 | 2,448 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/34 | 5,000 | 5,598 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/34 | 10,000 | 11,339 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/35 | 7,500 | 8,206 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/35 | 10,000 | 11,148 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.500% | 11/1/35 | 3,000 | 3,391 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 4.000% | 2/1/36 | 4,000 | 4,083 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/36 | 11,600 | 13,161 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/37 | 5,000 | 5,572 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/38 | 2,000 | 2,191 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/39 | 5,000 | 5,546 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/39 | 7,160 | 8,092 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/39 | 3,750 | 4,133 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/41 | 15,000 | 16,485 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/42 | 3,505 | 3,877 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/42 | 2,500 | 2,786 |
New York City NY Trust for Cultural Resources | ||||
Revenue (The Juilliard School) | 5.000% | 1/1/34 | 4,000 | 4,249 |
46
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 (The Juilliard School) | 5.000% | 1/1/39 | 4,000 | 4,246 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Whitney Museum of American Art) | 5.000% | 7/1/21 | 1,000 | 1,118 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Whitney Museum of American Art) | 5.000% | 7/1/31 | 7,000 | 7,656 |
New York City NY Trust for Cultural Resources | ||||
Revenue (Wildlife Conservation Society) | 5.000% | 8/1/33 | 4,000 | 4,527 |
New York Convention Center Development Corp. | ||||
Revenue | 5.000% | 11/15/33 | 3,000 | 3,356 |
New York Convention Center Development Corp. | ||||
Revenue | 0.000% | 11/15/36 | 4,000 | 1,733 |
New York Convention Center Development Corp. | ||||
Revenue | 0.000% | 11/15/37 | 2,340 | 930 |
New York Convention Center Development Corp. | ||||
Revenue | 0.000% | 11/15/38 | 3,500 | 1,306 |
New York Convention Center Development Corp. | ||||
Revenue | 5.000% | 11/15/40 | 12,915 | 14,185 |
New York Convention Center Development Corp. | ||||
Revenue | 5.000% | 11/15/45 | 4,000 | 4,377 |
1 New York Counties Tobacco Trust Revenue | 6.250% | 6/1/41 | 6,600 | 6,817 |
New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 10,835 | 12,000 |
New York Liberty Development Corp. Revenue | 5.000% | 12/15/41 | 14,750 | 16,310 |
New York Liberty Development Corp. Revenue | 5.000% | 9/15/43 | 14,360 | 15,689 |
New York Liberty Development Corp. Revenue | 5.250% | 12/15/43 | 6,750 | 7,580 |
New York Liberty Development Corp. Revenue | 5.125% | 1/15/44 | 24,000 | 25,814 |
New York Liberty Development Corp. Revenue | 5.000% | 11/15/44 | 20,000 | 21,985 |
New York Liberty Development Corp. Revenue | 5.125% | 11/15/44 | 4,200 | 4,641 |
New York Liberty Development Corp. Revenue | 5.625% | 7/15/47 | 6,055 | 6,647 |
New York Liberty Development Corp. Revenue | 6.375% | 7/15/49 | 18,225 | 19,938 |
New York Liberty Development Corp. Revenue | 5.750% | 11/15/51 | 25,000 | 28,293 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 9/15/31 | 5,000 | 5,624 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 9/15/32 | 5,000 | 5,621 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 9/15/40 | 4,680 | 5,205 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 3/15/44 | 4,965 | 5,384 |
New York Liberty Development Corp. Revenue | ||||
(Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 58,965 | 68,821 |
New York Liberty Development Corp. Revenue | ||||
(Goldman Sachs Headquarters) | 5.500% | 10/1/37 | 9,565 | 11,504 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/17 (Prere.) | 2,500 | 2,596 |
New York Metropolitan Transportation Authority | ||||
Revenue | 6.250% | 11/15/18 (Prere.) | 4,000 | 4,392 |
New York Metropolitan Transportation Authority | ||||
Revenue | 6.250% | 11/15/18 (Prere.) | 40 | 44 |
New York Metropolitan Transportation Authority | ||||
Revenue | 6.500% | 11/15/18 (Prere.) | 310 | 342 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/23 | 1,000 | 1,151 |
47
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York Metropolitan Transportation Authority | ||||
Revenue | 6.250% | 11/15/23 | 960 | 1,051 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/26 | 2,330 | 2,627 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/26 | 10,000 | 11,338 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/27 | 5,000 | 5,687 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/27 | 5,000 | 5,752 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/27 | 5,000 | 5,638 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/28 | 6,385 | 7,220 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/28 | 4,250 | 4,805 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/28 | 1,000 | 1,125 |
New York Metropolitan Transportation Authority | ||||
Revenue | 6.500% | 11/15/28 | 960 | 1,056 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/29 | 3,000 | 3,374 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/29 | 5,000 | 5,624 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/29 | 1,000 | 1,123 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/30 | 3,000 | 3,392 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/30 | 6,540 | 7,478 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/30 | 1,150 | 1,290 |
New York Metropolitan Transportation Authority | ||||
Revenue | 4.000% | 11/15/32 | 3,000 | 3,032 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/32 | 2,050 | 2,274 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/32 | 1,500 | 1,677 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/32 | 5,000 | 5,576 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/33 | 3,500 | 3,908 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/35 | 3,000 | 3,312 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/35 | 3,250 | 3,588 |
New York Metropolitan Transportation Authority | ||||
Revenue | 4.000% | 11/15/36 | 1,030 | 1,023 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/37 | 6,875 | 7,572 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/37 | 5,000 | 5,612 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/38 | 10,000 | 10,988 |
48
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/38 | 1,000 | 1,127 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/39 | 5,000 | 5,618 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/40 | 10,000 | 11,072 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/41 | 2,000 | 2,211 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/42 | 4,000 | 4,411 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/42 | 5,000 | 5,485 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/55 | 2,045 | 2,236 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/56 | 7,700 | 8,326 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/56 | 6,500 | 7,195 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/56 | 5,000 | 5,512 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 5,000 | 5,548 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 4,000 | 4,439 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 4,000 | 4,439 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.625% | 11/15/18 (Prere.) | 90 | 98 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.625% | 11/15/18 (Prere.) | 410 | 445 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/29 | 6,975 | 7,991 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.250% | 11/15/30 | 2,500 | 2,939 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/31 | 11,000 | 12,300 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.250% | 11/15/31 | 2,500 | 2,929 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.250% | 11/15/32 | 2,500 | 2,913 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/33 | 5,000 | 5,593 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/34 | 1,700 | 1,917 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/36 | 8,000 | 8,973 |
New York Metropolitan Transportation Authority | ||||
Revenue (Hudson Yards Development) | 5.000% | 11/15/46 | 15,000 | 15,928 |
New York Metropolitan Transportation Authority | ||||
Revenue (Hudson Yards Development) | 5.000% | 11/15/51 | 15,000 | 16,051 |
New York Metropolitan Transportation Authority | ||||
Revenue (Hudson Yards Development) | 5.000% | 11/15/56 | 15,000 | 16,206 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 6.500% | 11/15/18 (Prere.) | 3,730 | 4,114 |
49
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.000% | 11/15/41 | 10,000 | 11,032 |
New York State Dormitory Authority Hospital | ||||
Revenue (Albany Medical Center Hospital) | 5.000% | 8/15/18 (4) | 565 | 567 |
New York State Dormitory Authority Hospital | ||||
Revenue (Hudson Valley Hospital Center) | 5.000% | 8/15/17 (Prere.) | 4,335 | 4,460 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/24 | 3,000 | 3,375 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/26 | 1,000 | 1,125 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/29 | 4,000 | 4,474 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/30 | 1,000 | 1,109 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/32 | 1,530 | 1,739 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/35 | 1,000 | 1,106 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/41 | 11,000 | 12,074 |
New York State Dormitory Authority Lease | ||||
Revenue (State University Dormitory Facilities) | 5.000% | 7/1/42 | 13,500 | 14,930 |
New York State Dormitory Authority Revenue | 5.000% | 10/1/27 | 2,700 | 3,113 |
New York State Dormitory Authority Revenue | 5.000% | 10/1/28 | 3,000 | 3,435 |
New York State Dormitory Authority Revenue | 5.000% | 10/1/29 | 2,250 | 2,561 |
New York State Dormitory Authority Revenue | ||||
(Barnard College) | 5.000% | 7/1/26 | 750 | 857 |
New York State Dormitory Authority Revenue | ||||
(Barnard College) | 4.000% | 7/1/31 | 1,100 | 1,127 |
New York State Dormitory Authority Revenue | ||||
(Barnard College) | 4.000% | 7/1/32 | 1,340 | 1,365 |
New York State Dormitory Authority Revenue | ||||
(Brooklyn Law School) | 5.000% | 7/1/26 | 1,630 | 1,794 |
New York State Dormitory Authority Revenue | ||||
(Brooklyn Law School) | 5.000% | 7/1/27 | 1,210 | 1,327 |
New York State Dormitory Authority Revenue | ||||
(Brooklyn Law School) | 5.000% | 7/1/28 | 1,000 | 1,094 |
New York State Dormitory Authority Revenue | ||||
(Brooklyn Law School) | 5.000% | 7/1/29 | 1,000 | 1,091 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) | 5.000% | 7/1/32 | 710 | 757 |
New York State Dormitory Authority Revenue | ||||
(Columbia University) | 5.000% | 10/1/31 | 500 | 586 |
New York State Dormitory Authority Revenue | ||||
(Columbia University) | 5.000% | 7/1/40 | 5,000 | 5,476 |
New York State Dormitory Authority Revenue | ||||
(Columbia University) | 5.000% | 10/1/41 | 1,825 | 2,019 |
New York State Dormitory Authority Revenue | ||||
(Columbia University) | 5.000% | 10/1/46 | 1,250 | 1,421 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/17 | 300 | 306 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/18 | 325 | 339 |
50
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/19 | 250 | 266 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/20 | 400 | 431 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/21 | 300 | 326 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/28 | 540 | 574 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.500% | 7/1/33 | 1,000 | 1,079 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/34 | 350 | 363 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.000% | 7/1/42 | 600 | 619 |
New York State Dormitory Authority Revenue | ||||
(Culinary Institute of America) | 5.750% | 7/1/43 | 7,085 | 7,681 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/28 | 400 | 457 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/29 | 1,300 | 1,477 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/31 | 1,200 | 1,344 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/33 | 1,000 | 1,110 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/34 | 755 | 834 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/35 | 500 | 552 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/36 | 1,350 | 1,488 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.500% | 7/1/36 | 3,000 | 3,404 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/26 | 2,500 | 2,856 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/31 | 3,000 | 3,315 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/33 | 7,325 | 7,997 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/35 | 3,500 | 3,805 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/40 | 7,500 | 8,108 |
New York State Dormitory Authority Revenue | ||||
(Le Moyne College) VRDO | 0.560% | 12/7/16 LOC | 1,145 | 1,145 |
New York State Dormitory Authority Revenue | ||||
(Long Island University) | 5.000% | 9/1/26 | 2,355 | 2,580 |
New York State Dormitory Authority Revenue | ||||
(Long Island University) | 5.000% | 9/1/27 | 1,520 | 1,658 |
New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/21 | 2,000 | 2,264 |
New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/23 | 1,490 | 1,707 |
New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/36 | 1,000 | 1,103 |
51
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Mental Health Services Facilities Improvement) | 5.000% | 8/15/18 (Prere.) | 465 | 495 |
New York State Dormitory Authority Revenue | ||||
(Mental Health Services Facilities Improvement) | 5.000% | 2/15/28 (4) | 35 | 37 |
New York State Dormitory Authority Revenue | ||||
(Miriam Osborn Memorial Home Association) | 5.000% | 7/1/26 | 740 | 775 |
New York State Dormitory Authority Revenue | ||||
(Miriam Osborn Memorial Home Association) | 5.000% | 7/1/27 | 650 | 678 |
New York State Dormitory Authority Revenue | ||||
(Miriam Osborn Memorial Home Association) | 5.000% | 7/1/29 | 1,000 | 1,040 |
New York State Dormitory Authority Revenue | ||||
(Miriam Osborn Memorial Home Association) | 5.000% | 7/1/42 | 500 | 515 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/22 | 3,500 | 3,896 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 4,500 | 4,985 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/26 | 1,500 | 1,636 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai School of Medicine of New York | ||||
University) | 5.000% | 7/1/21 | 1,000 | 1,097 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai School of Medicine of New York | ||||
University) | 5.150% | 7/1/24 (14) | 2,000 | 2,313 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/17 (Prere.) | 8,000 | 8,195 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.750% | 7/1/20 (Prere.) | 1,000 | 1,141 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 6.000% | 7/1/20 (Prere.) | 1,000 | 1,150 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/22 | 900 | 1,017 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/26 | 670 | 763 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/27 | 650 | 744 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/28 | 700 | 797 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/29 | 1,500 | 1,694 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/32 | 745 | 823 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/33 | 400 | 440 |
2 New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/18 (Prere.) | 15,700 | 16,614 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/28 | 4,500 | 5,292 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/29 | 1,000 | 1,157 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/30 | 2,000 | 2,288 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/30 | 5,000 | 5,792 |
52
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/30 | 1,000 | 1,148 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/30 | 6,625 | 7,494 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/31 | 865 | 989 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/32 | 1,000 | 1,137 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/33 | 12,000 | 13,643 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/33 | 2,365 | 2,677 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/37 | 4,200 | 4,700 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/37 | 3,250 | 3,637 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/39 | 5,000 | 5,360 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/42 | 10,000 | 11,059 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/48 | 3,000 | 3,273 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/20 | 2,520 | 2,777 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/21 | 1,000 | 1,121 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/22 | 1,465 | 1,670 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/26 | 1,000 | 1,106 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/27 | 1,535 | 1,766 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/28 | 2,000 | 2,289 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/29 | 7,910 | 8,987 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/30 | 2,000 | 2,246 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/32 | 2,500 | 2,773 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/32 | 7,000 | 7,663 |
53
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% | 5/1/33 | 3,500 | 3,869 |
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% | 5/1/36 | 3,000 | 3,282 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/39 | 4,000 | 4,337 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/41 | 2,500 | 2,707 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/43 | 2,050 | 2,204 |
New York State Dormitory Authority Revenue | ||||
(Pace University) | 5.000% | 5/1/23 (Prere.) | 30 | 35 |
New York State Dormitory Authority Revenue | ||||
(Pace University) | 5.000% | 5/1/23 (Prere.) | 30 | 35 |
New York State Dormitory Authority Revenue | ||||
(Pace University) | 5.000% | 5/1/23 (Prere.) | 20 | 23 |
New York State Dormitory Authority Revenue | ||||
(Pace University) | 5.000% | 5/1/25 | 1,270 | 1,363 |
New York State Dormitory Authority Revenue | ||||
(Pace University) | 5.000% | 5/1/28 | 1,470 | 1,552 |
New York State Dormitory Authority Revenue | ||||
(Pace University) | 5.000% | 5/1/29 | 795 | 835 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/26 | 5,000 | 5,871 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/26 | 5,825 | 6,599 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/27 | 1,670 | 1,946 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/27 | 5,000 | 5,557 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/28 | 2,185 | 2,427 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/28 | 3,000 | 3,384 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/29 | 5,000 | 5,800 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/29 | 3,790 | 4,207 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/30 | 6,000 | 6,848 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/30 | 3,480 | 3,855 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/33 | 5,000 | 5,583 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/33 | 6,615 | 7,398 |
54
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) | 5.250% | 3/15/33 | 1,750 | 2,022 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/34 | 3,500 | 3,988 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/35 | 3,510 | 3,990 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.750% | 3/15/36 | 10,000 | 10,873 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/37 | 11,600 | 12,942 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/37 | 5,000 | 5,536 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/38 | 3,695 | 4,084 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/38 | 5,000 | 5,334 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.250% | 3/15/38 | 18,000 | 19,312 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/39 | 5,030 | 5,568 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/40 | 12,230 | 13,556 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/41 | 10,000 | 10,901 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/41 | 5,000 | 5,506 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/19 (Prere.) | 3,750 | 4,086 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/23 | 400 | 457 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/25 | 500 | 569 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/27 | 420 | 483 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/28 | 1,000 | 1,114 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/29 | 500 | 554 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/29 | 1,000 | 1,136 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/30 | 500 | 563 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/31 | 500 | 560 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/34 | 2,000 | 2,184 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/39 | 1,750 | 1,896 |
New York State Dormitory Authority Revenue | ||||
(Pratt Institute) | 5.000% | 7/1/39 | 1,205 | 1,318 |
New York State Dormitory Authority Revenue | ||||
(Rochester Institute of Technology) | 5.000% | 7/1/25 | 1,355 | 1,537 |
New York State Dormitory Authority Revenue | ||||
(Rochester Institute of Technology) | 5.000% | 7/1/38 | 2,250 | 2,470 |
55
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Rochester Institute of Technology) | 5.000% | 7/1/40 | 2,000 | 2,178 |
New York State Dormitory Authority Revenue | ||||
(Rochester Institute of Technology) | 5.000% | 7/1/42 | 3,000 | 3,271 |
New York State Dormitory Authority Revenue | ||||
(Rockefeller University) | 5.000% | 7/1/33 | 2,670 | 2,972 |
New York State Dormitory Authority Revenue | ||||
(Rockefeller University) | 5.000% | 7/1/34 | 2,720 | 3,027 |
New York State Dormitory Authority Revenue | ||||
(Rockefeller University) | 5.000% | 7/1/38 | 9,000 | 10,017 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/21 | 6,495 | 7,323 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/22 | 1,340 | 1,531 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/25 (4) | 2,860 | 3,247 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/26 (15) | 4,375 | 5,070 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/26 | 1,425 | 1,655 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/26 | 1,000 | 1,124 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/27 (4) | 1,000 | 1,150 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/28 (4) | 1,000 | 1,145 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/29 (4) | 1,500 | 1,709 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/31 (4) | 750 | 843 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/32 (4) | 1,000 | 1,119 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/33 | 600 | 667 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/33 (4) | 1,000 | 1,114 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/34 | 520 | 576 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/34 (4) | 1,000 | 1,110 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.250% | 7/1/17 (Prere.) | 9,000 | 9,230 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.000% | 7/1/26 | 740 | 846 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.000% | 7/1/27 | 650 | 739 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.000% | 7/1/31 | 1,500 | 1,664 |
New York State Dormitory Authority Revenue | ||||
(St. John’s University) | 5.000% | 7/1/44 | 2,500 | 2,688 |
New York State Dormitory Authority Revenue | ||||
(State University Dormitory Facilities) | 5.000% | 7/1/26 | 1,300 | 1,476 |
New York State Dormitory Authority Revenue | ||||
(State University Dormitory Facilities) | 5.000% | 7/1/27 | 2,500 | 2,823 |
56
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(State University Dormitory Facilities) | 5.000% | 7/1/29 | 2,250 | 2,522 |
New York State Dormitory Authority Revenue | ||||
(State University Dormitory Facilities) | 5.250% | 7/1/31 | 2,500 | 2,829 |
New York State Dormitory Authority Revenue | ||||
(State University Educational Facilities) | 5.000% | 5/15/26 | 8,000 | 9,096 |
New York State Dormitory Authority Revenue | ||||
(State University Educational Facilities) | 5.000% | 5/15/27 | 5,000 | 5,676 |
New York State Dormitory Authority Revenue | ||||
(State University Educational Facilities) | 5.000% | 5/15/28 | 3,000 | 3,385 |
New York State Dormitory Authority Revenue | ||||
(Teachers College) | 5.000% | 7/1/31 | 1,750 | 1,936 |
New York State Dormitory Authority Revenue | ||||
(Teachers College) | 5.000% | 7/1/42 | 2,000 | 2,201 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.250% | 7/1/20 (Prere.) | 3,000 | 3,371 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.500% | 7/1/20 (Prere.) | 5,000 | 5,662 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 6.000% | 7/1/20 (Prere.) | 5,575 | 6,410 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.000% | 7/1/37 | 3,500 | 3,809 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.000% | 7/1/40 | 3,000 | 3,273 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.000% | 7/1/41 | 3,500 | 3,803 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.000% | 7/1/45 | 3,000 | 3,268 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.000% | 7/1/46 | 8,110 | 8,777 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 3.750% | 9/1/17 (ETM) | 135 | 138 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 3.750% | 9/1/17 | 655 | 660 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/17 (ETM) | 390 | 404 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/17 | 665 | 678 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/18 (ETM) | 390 | 415 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/18 | 660 | 682 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/19 (Prere.) | 65 | 71 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/19 (Prere.) | 20 | 22 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/19 (Prere.) | 350 | 381 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/19 (Prere.) | 130 | 142 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/20 | 295 | 306 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/20 (ETM) | 1,325 | 1,463 |
57
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% | 11/1/20 | 2,265 | 2,373 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/21 (ETM) | 285 | 319 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/21 (Prere.) | 370 | 419 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/21 | 495 | 520 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 4.000% | 9/1/23 | 480 | 476 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/26 | 80 | 81 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/27 | 1,650 | 1,665 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 9/1/28 | 615 | 619 |
New York State Dormitory Authority Revenue | ||||
(Yeshiva University) | 5.000% | 11/1/40 | 630 | 585 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/27 | 3,000 | 3,523 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/31 | 8,975 | 10,231 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/32 | 2,650 | 3,004 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/33 | 4,840 | 5,507 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/33 | 5,000 | 5,650 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/34 | 5,000 | 5,629 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/35 | 5,240 | 5,889 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/36 | 7,995 | 8,929 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/37 | 5,000 | 5,550 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/38 | 1,200 | 1,336 |
New York State Dormitory Authority Sales Tax | ||||
Revenue | 5.000% | 3/15/43 | 13,685 | 15,070 |
New York State Energy Research & Development | ||||
Authority Pollution Control Revenue | ||||
(Consolidated Edison Co. of New York Inc. | ||||
Project) | 1.103% | 5/1/32 (10) | 4,725 | 4,294 |
New York State Energy Research & Development | ||||
Authority Pollution Control Revenue | ||||
(Consolidated Edison Co. of New York Inc. | ||||
Project) | 1.103% | 5/1/32 (10) | 3,250 | 2,953 |
New York State Energy Research & Development | ||||
Authority Pollution Control Revenue | ||||
(Consolidated Edison Co. of New York Inc. | ||||
Project) | 1.103% | 5/1/32 (10) | 3,525 | 3,203 |
58
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Energy Research & Development | ||||
Authority Pollution Control Revenue (Niagara | ||||
Mohawk Corp.) | 1.514% | 12/1/35 (2) | 2,535 | 2,440 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 9/15/17 (Prere.) | 2,900 | 2,995 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/25 | 2,000 | 2,261 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/29 | 3,000 | 3,529 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/30 | 3,000 | 3,503 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/31 | 5,870 | 6,735 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/31 | 2,000 | 2,226 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/32 | 5,000 | 5,700 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/32 | 5,000 | 5,724 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/34 | 4,145 | 4,704 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/35 | 3,000 | 3,422 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 4.000% | 6/15/36 | 2,500 | 2,599 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/36 | 1,500 | 1,665 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/41 | 3,000 | 3,383 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/41 | 5,900 | 6,535 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 4.000% | 6/15/46 | 3,000 | 3,052 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Revolving Funds) | 5.000% | 11/15/27 | 3,000 | 3,384 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Revolving Funds) | 5.000% | 9/15/40 | 2,370 | 2,656 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Revolving Funds) | 5.000% | 5/15/41 | 3,505 | 3,884 |
59
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Environmental Facilities Corp. | ||||
Revenue (State Revolving Funds) | 5.000% | 3/15/45 | 5,000 | 5,528 |
New York State Environmental Facilities Corp. | ||||
Water Facilities Revenue (United Water New | ||||
Rochelle Inc. Project) | 4.875% | 9/1/40 | 4,000 | 4,235 |
New York State GO | 5.000% | 3/1/28 | 14,550 | 16,635 |
New York State GO | 5.000% | 2/15/39 | 9,500 | 10,129 |
New York State Housing Finance Agency Housing | ||||
Revenue | 3.850% | 11/1/42 | 1,405 | 1,376 |
New York State Housing Finance Agency | ||||
Revenue (Personal Income Tax) | 5.000% | 9/15/17 (Prere.) | 15,245 | 15,741 |
New York State Liberty Development Corp. | ||||
Liberty Revenue (3 World Trade Center Project) | 5.150% | 11/15/34 | 3,000 | 3,070 |
New York State Liberty Development Corp. | ||||
Liberty Revenue (3 World Trade Center Project) | 5.000% | 11/15/44 | 3,000 | 3,039 |
New York State Local Government Assistance | ||||
Corp. Revenue | 5.500% | 4/1/17 | 970 | 985 |
New York State Local Government Assistance | ||||
Corp. Revenue VRDO | 0.570% | 12/7/16 | 1,200 | 1,200 |
New York State Mortgage Agency Homeowner | ||||
Mortgage Revenue | 2.625% | 4/1/41 | 1,755 | 1,770 |
New York State Mortgage Agency Revenue | ||||
(NYHELP’s Education Loan) | 4.750% | 11/1/24 | 732 | 762 |
New York State Power Authority Revenue | 5.000% | 11/15/38 | 1,000 | 1,112 |
New York State Thruway Authority Revenue | 5.000% | 1/1/26 | 2,545 | 2,861 |
New York State Thruway Authority Revenue | 5.000% | 1/1/28 | 5,150 | 5,912 |
New York State Thruway Authority Revenue | 5.000% | 1/1/29 | 4,000 | 4,543 |
New York State Thruway Authority Revenue | 5.000% | 1/1/29 | 1,200 | 1,373 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 2,500 | 2,813 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 1,700 | 1,927 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 4,000 | 4,444 |
New York State Thruway Authority Revenue | 5.000% | 1/1/31 | 5,500 | 6,155 |
New York State Thruway Authority Revenue | 5.000% | 1/1/31 | 2,900 | 3,265 |
New York State Thruway Authority Revenue | 5.000% | 1/1/31 | 8,500 | 9,440 |
New York State Thruway Authority Revenue | 5.000% | 1/1/32 | 4,070 | 4,533 |
New York State Thruway Authority Revenue | 5.000% | 1/1/32 | 2,970 | 3,339 |
New York State Thruway Authority Revenue | 5.000% | 1/1/33 | 2,340 | 2,609 |
New York State Thruway Authority Revenue | 5.000% | 1/1/37 | 9,000 | 9,896 |
New York State Thruway Authority Revenue | 4.000% | 1/1/38 | 1,255 | 1,264 |
New York State Thruway Authority Revenue | 5.000% | 1/1/41 | 4,000 | 4,372 |
New York State Thruway Authority Revenue | 5.000% | 1/1/42 | 9,765 | 10,536 |
New York State Thruway Authority Revenue | 5.000% | 1/1/46 | 5,000 | 5,370 |
New York State Thruway Authority Revenue | 5.000% | 1/1/51 | 5,700 | 6,099 |
New York State Thruway Authority Revenue | 5.250% | 1/1/56 | 7,400 | 8,199 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/17 (Prere.) | 150 | 152 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/24 | 5,000 | 5,698 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/26 | 10,000 | 11,316 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/27 | 2,000 | 2,235 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 2,000 | 2,233 |
60
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/29 | 2,000 | 2,233 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/30 | 2,000 | 2,202 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/32 | 7,975 | 8,906 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/24 | 2,500 | 2,812 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/25 | 2,305 | 2,592 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/30 | 1,500 | 1,703 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/30 | 2,735 | 3,026 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/31 | 1,500 | 1,702 |
New York State Urban Development Corp. | ||||
Revenue | 5.625% | 1/1/28 | 3,860 | 4,185 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 3,365 | 3,964 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 5,000 | 5,946 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/32 | 5,000 | 5,661 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 3,000 | 3,384 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/36 | 2,740 | 2,916 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/43 | 10,000 | 10,917 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) | 5.000% | 1/1/21 | 1,355 | 1,491 |
Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/20 (14) | 8,685 | 10,064 |
Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/21 (14) | 9,230 | 10,947 |
Niagara NY Area Development Corp. Revenue | ||||
(Niagara University Project) | 5.000% | 5/1/26 | 320 | 352 |
Niagara NY Area Development Corp. Revenue | ||||
(Niagara University Project) | 5.000% | 5/1/30 | 2,750 | 2,984 |
1 Nuveen New York AMT-Free Municipal Income | ||||
Fund VRDP VRDO | 0.700% | 12/7/16 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 | 2,936 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Jewish Home of Central New York | ||||
Obligated Group) | 5.250% | 3/1/31 | 2,000 | 1,829 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Le Moyne College) | 5.000% | 7/1/28 | 450 | 490 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Le Moyne College) | 5.000% | 7/1/30 | 450 | 483 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Le Moyne College) | 5.000% | 7/1/32 | 1,000 | 1,044 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Le Moyne College) | 5.000% | 7/1/33 | 575 | 607 |
61
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value�� | ||
Coupon | Date | ($000) | ($000) | |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Le Moyne College) | 5.000% | 7/1/35 | 635 | 664 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Le Moyne College) | 5.000% | 7/1/40 | 1,940 | 2,013 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Le Moyne College) | 5.000% | 7/1/42 | 1,750 | 1,805 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (Le Moyne College) | 5.000% | 7/1/45 | 2,450 | 2,545 |
Onondaga County NY Civic Development Corp. | ||||
Revenue (St. Joseph’s Hospital & Health Center) | 5.000% | 7/1/19 (Prere.) | 6,000 | 6,545 |
Onondaga County NY Trust For Cultural | ||||
Resources Revenue (Syracuse University Project) | 5.000% | 12/1/31 | 1,000 | 1,125 |
Otsego County NY Capital Resource Corp. | ||||
Revenue (Hartwick College) | 4.000% | 10/1/19 | 650 | 673 |
Otsego County NY Capital Resource Corp. | ||||
Revenue (Hartwick College) | 5.000% | 10/1/20 | 655 | 702 |
Otsego County NY Capital Resource Corp. | ||||
Revenue (Hartwick College) | 5.000% | 10/1/45 | 3,000 | 3,069 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 9/1/28 | 2,000 | 2,322 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/29 | 2,200 | 2,420 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/29 | 3,500 | 4,044 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/30 | 2,345 | 2,573 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/31 | 2,300 | 2,523 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/32 | 2,500 | 2,737 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/32 | 6,500 | 7,145 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/33 | 3,500 | 3,831 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/33 | 1,750 | 1,982 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 9/1/34 | 1,290 | 1,458 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/35 | 6,500 | 7,145 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.250% | 7/15/36 | 4,000 | 4,440 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/39 | 10,765 | 11,751 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 1/15/41 | 10,000 | 10,990 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/41 | 5,000 | 5,544 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/45 | 8,765 | 9,649 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.250% | 10/15/55 | 7,750 | 8,701 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.250% | 11/15/56 | 10,000 | 11,298 |
62
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Port Authority of New York & New Jersey | ||||
Special Obligation Revenue (John F. Kennedy | ||||
International Air Terminal LLC) | 5.500% | 12/1/31 | 7,000 | 7,763 |
Port Authority of New York & New Jersey | ||||
Special Obligation Revenue (John F. Kennedy | ||||
International Air Terminal LLC) | 6.000% | 12/1/36 | 4,000 | 4,528 |
Port Authority of New York & New Jersey | ||||
Special Obligation Revenue (John F. Kennedy | ||||
International Air Terminal LLC) | 6.000% | 12/1/42 | 9,365 | 10,574 |
St. Lawrence County NY Industrial Development | ||||
Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/28 | 310 | 355 |
St. Lawrence County NY Industrial Development | ||||
Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/29 | 660 | 750 |
St. Lawrence County NY Industrial Development | ||||
Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/31 | 450 | 504 |
St. Lawrence County NY Industrial Development | ||||
Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/34 | 830 | 917 |
St. Lawrence County NY Industrial Development | ||||
Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/35 | 1,510 | 1,665 |
St. Lawrence County NY Industrial Development | ||||
Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/36 | 545 | 599 |
St. Lawrence County NY Industrial Development | ||||
Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/43 | 8,870 | 9,513 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/21 (Prere.) | 1,570 | 1,784 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/28 | 9,180 | 9,922 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/28 | 1,500 | 1,645 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/29 | 3,000 | 3,269 |
Suffolk County NY GO | 5.000% | 5/15/26 (4) | 5,770 | 6,551 |
Suffolk County NY Judicial Facilities Agency | ||||
Lease Revenue (H. Lee Dennison Building) | 5.000% | 11/1/33 | 7,900 | 8,417 |
Suffolk NY Tobacco Asset Securitization Corp. | ||||
Revenue | 5.000% | 6/1/32 | 2,675 | 2,829 |
Suffolk NY Tobacco Asset Securitization Corp. | ||||
Revenue | 5.250% | 6/1/37 | 3,300 | 3,515 |
Tompkins County NY Development Corp. | ||||
Revenue (Ithaca College) | 5.000% | 7/1/32 | 1,555 | 1,710 |
Tompkins County NY Development Corp. | ||||
Revenue (Ithaca College) | 5.000% | 7/1/33 | 1,605 | 1,757 |
Tompkins County NY Industrial Development | ||||
Agency Civic Facility Revenue | ||||
(Cornell University) | 5.000% | 7/1/37 | 7,130 | 7,824 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 1/1/23 | 390 | 444 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/24 | 4,000 | 4,638 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 1/1/25 | 2,000 | 2,265 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 1/1/26 | 2,000 | 2,260 |
63
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/26 | 500 | 586 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/26 | 10,000 | 11,438 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 1/1/27 | 6,400 | 7,225 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/27 | 925 | 1,076 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 1/1/28 | 2,500 | 2,818 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/28 | 600 | 694 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/28 | 2,675 | 2,849 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/29 | 725 | 834 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/30 | 500 | 572 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/31 | 6,990 | 7,836 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/31 | 3,000 | 3,459 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/33 | 2,000 | 2,254 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/36 | 2,500 | 2,815 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/36 | 5,000 | 5,647 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/37 | 2,500 | 2,815 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/37 | 10,000 | 10,459 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.250% | 11/15/38 | 15,000 | 15,738 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/40 | 1,000 | 1,117 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/41 | 7,500 | 8,380 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.250% | 11/15/45 | 4,000 | 4,537 |
Troy NY Capital Resource Corp. Revenue | ||||
(Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/23 | 1,000 | 1,141 |
Troy NY Capital Resource Corp. Revenue | ||||
(Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/24 | 1,000 | 1,146 |
Troy NY Capital Resource Corp. Revenue | ||||
(Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/25 | 1,000 | 1,152 |
Troy NY Capital Resource Corp. Revenue | ||||
(Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/26 | 1,000 | 1,145 |
Troy NY Capital Resource Corp. Revenue | ||||
(Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/27 | 1,600 | 1,824 |
Troy NY Capital Resource Corp. Revenue | ||||
(Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/28 | 1,000 | 1,132 |
Troy NY Capital Resource Corp. Revenue | ||||
(Rensselaer Polytechnic Institute Project) | 5.000% | 9/1/30 | 1,500 | 1,642 |
64
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Troy NY Capital Resource Corp. Revenue | ||||
(Rensselaer Polytechnic Institute Project) | 5.125% | 9/1/40 | 3,650 | 3,985 |
United Nations Development Corp. New York | ||||
Revenue | 5.000% | 7/1/20 | 3,340 | 3,600 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 6/15/27 | 3,000 | 3,536 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/28 | 18,520 | 21,877 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/29 | 7,000 | 8,066 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/30 | 10,000 | 11,466 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/31 | 7,000 | 7,997 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/32 | 9,650 | 10,978 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/33 | 7,755 | 8,863 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/33 | 3,150 | 3,571 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/34 | 5,130 | 5,794 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/36 | 23,700 | 26,827 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/41 | 27,400 | 30,855 |
Westchester County NY GO | 5.000% | 7/1/17 | 9,280 | 9,506 |
Westchester County NY GO | 5.000% | 7/1/17 (ETM) | 860 | 881 |
Westchester County NY GO | 5.000% | 7/1/17 (ETM) | 200 | 205 |
Westchester County NY GO | 5.000% | 1/1/21 | 1,550 | 1,746 |
Westchester County NY Health Care Corp. | ||||
Revenue | 6.000% | 11/1/20 (Prere.) | 85 | 99 |
Westchester County NY Health Care Corp. | ||||
Revenue | 6.125% | 11/1/20 (Prere.) | 1,865 | 2,177 |
Westchester County NY Health Care Corp. | ||||
Revenue | 5.000% | 11/1/21 | 2,500 | 2,815 |
Westchester County NY Health Care Corp. | ||||
Revenue | 5.000% | 11/1/25 | 1,810 | 1,986 |
Westchester County NY Health Care Corp. | ||||
Revenue | 6.000% | 11/1/30 | 15 | 17 |
Westchester County NY Health Care Corp. | ||||
Revenue | 6.125% | 11/1/37 | 235 | 258 |
Westchester County NY Local Development | ||||
Corp. Revenue (Kendal on Hudson Project) | 3.000% | 1/1/18 | 900 | 914 |
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 | 1,555 | 1,648 |
Westchester County NY Local Development | ||||
Corp. Revenue (Pace University) | 5.000% | 5/1/34 | 1,500 | 1,551 |
Westchester County NY Local Development | ||||
Corp. Revenue (Pace University) | 5.500% | 5/1/42 | 3,000 | 3,182 |
Westchester County NY Local Development | ||||
Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/27 | 1,000 | 1,109 |
65
New York Long-Term Tax-Exempt Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Westchester County NY Local Development | ||||
Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/28 | 1,000 | 1,097 |
Westchester County NY Local Development | ||||
Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/29 | 1,000 | 1,084 |
Westchester County NY Local Development | ||||
Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/34 | 2,500 | 2,604 |
Westchester County NY Local Development | ||||
Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/46 | 20,495 | 21,058 |
Yonkers NY GO | 5.000% | 10/1/20 | 1,000 | 1,106 |
Yonkers NY GO | 5.000% | 3/15/22 (4) | 1,600 | 1,789 |
Yonkers NY GO | 5.000% | 3/15/23 (4) | 1,250 | 1,389 |
Yonkers NY GO | 5.000% | 3/15/25 (4) | 1,000 | 1,098 |
3,923,507 | ||||
Guam (0.1%) | ||||
Guam Government Waterworks Authority Water | ||||
& Waste Water System Revenue | 5.000% | 7/1/29 | 1,000 | 1,089 |
Puerto Rico (0.0%) | ||||
Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 860 | 1,072 |
Total Tax-Exempt Municipal Bonds (Cost $3,835,868) | 3,925,668 | |||
Amount | ||||
($000) | ||||
Other Assets and Liabilities (1.5%) | ||||
Other Assets | ||||
Investment in Vanguard | 329 | |||
Receivables for Investment Securities Sold | 50,193 | |||
Receivables for Accrued Income | 51,936 | |||
Receivables for Capital Shares Issued | 2,076 | |||
Other Assets | 482 | |||
Total Other Assets | 105,016 | |||
Liabilities | ||||
Payables for Investment Securities Purchased | (27,652) | |||
Payables for Capital Shares Redeemed | (6,656) | |||
Payables for Distributions | (3,044) | |||
Payables to Vanguard | (3,816) | |||
Other Liabilities | (2,684) | |||
Total Liabilities | (43,852) | |||
Net Assets (100%) | 3,986,832 |
66
New York Long-Term Tax-Exempt Fund | |
At November 30, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,877,918 |
Undistributed Net Investment Income | 49 |
Accumulated Net Realized Gains | 19,065 |
Unrealized Appreciation (Depreciation) | 89,800 |
Net Assets | 3,986,832 |
Investor Shares—Net Assets | |
Applicable to 40,051,157 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 459,994 |
Net Asset Value Per Share—Investor Shares | $11.49 |
Admiral Shares—Net Assets | |
Applicable to 307,074,237 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 3,526,838 |
Net Asset Value Per Share—Admiral Shares | $11.49 |
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At November 30, 2016, the aggregate value of these securities was $14,052,000,
representing 0.4% of net assets.
2 Securities with a value of $529,000 have been segregated as initial margin for recently closed futures contracts.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
67
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.).
(18) SBLF (Michigan School Bond Loan Fund).
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.
68
New York Long-Term Tax-Exempt Fund | |
Statement of Operations | |
Year Ended | |
November 30, 2016 | |
($000) | |
Investment Income | |
Income | |
Interest | 145,052 |
Total Income | 145,052 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 460 |
Management and Administrative—Investor Shares | 722 |
Management and Administrative—Admiral Shares | 2,577 |
Marketing and Distribution—Investor Shares | 117 |
Marketing and Distribution—Admiral Shares | 364 |
Custodian Fees | 49 |
Auditing Fees | 36 |
Shareholders’ Reports—Investor Shares | 19 |
Shareholders’ Reports—Admiral Shares | 20 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 4,367 |
Net Investment Income | 140,685 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 21,213 |
Futures Contracts | 1,042 |
Realized Net Gain (Loss) | 22,255 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | (146,316) |
Futures Contracts | (2) |
Change in Unrealized Appreciation (Depreciation) | (146,318) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 16,622 |
See accompanying Notes, which are an integral part of the Financial Statements.
69
New York Long-Term Tax-Exempt Fund | ||
Statement of Changes in Net Assets | ||
Year Ended November 30, | ||
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 140,685 | 126,210 |
Realized Net Gain (Loss) | 22,255 | 14,803 |
Change in Unrealized Appreciation (Depreciation) | (146,318) | 7,811 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 16,622 | 148,824 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (15,169) | (14,063) |
Admiral Shares | (123,965) | (112,144) |
Realized Capital Gain | ||
Investor Shares | (386) | — |
Admiral Shares | (3,246) | — |
Total Distributions | (142,766) | (126,207) |
Capital Share Transactions | ||
Investor Shares | 52,873 | 1,288 |
Admiral Shares | 90,286 | 341,878 |
Net Increase (Decrease) from Capital Share Transactions | 143,159 | 343,166 |
Total Increase (Decrease) | 17,015 | 365,783 |
Net Assets | ||
Beginning of Period | 3,969,817 | 3,604,034 |
End of Period1 | 3,986,832 | 3,969,817 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $49,000 and $0.
See accompanying Notes, which are an integral part of the Financial Statements.
70
New York Long-Term Tax-Exempt Fund | |||||
Financial Highlights | |||||
Investor Shares | |||||
For a Share Outstanding | Year Ended November 30, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $11.84 | $11.77 | $11.11 | $12.03 | $11.24 |
Investment Operations | |||||
Net Investment Income | .384 | .390 | .404 | .397 | .405 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | (. 343) | . 070 | . 660 | (. 920) | .790 |
Total from Investment Operations | .041 | .460 | 1.064 | (.523) | 1.195 |
Distributions | |||||
Dividends from Net Investment Income | (. 380) | (. 390) | (. 404) | (. 397) | (. 405) |
Distributions from Realized Capital Gains | (.011) | — | — | — | — |
Total Distributions | (. 391) | (. 390) | (. 404) | (. 397) | (. 405) |
Net Asset Value, End of Period | $11.49 | $11.84 | $11.77 | $11.11 | $12.03 |
Total Return1 | 0.24% | 3.97% | 9.71% | -4.38% | 10.80% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $460 | $423 | $417 | $391 | $528 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.20% | 0.20% | 0.20% | 0.20% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.18% | 3.26% | 3.57% | 3.47% | 3.48% |
Portfolio Turnover Rate | 18% | 17% | 27% | 23% | 16% |
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.
71
New York Long-Term Tax-Exempt Fund | |||||
Financial Highlights | |||||
Admiral Shares | |||||
For a Share Outstanding | Year Ended November 30, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 |
Net Asset Value, Beginning of Period | $11.84 | $11.77 | $11.11 | $12.03 | $11.24 |
Investment Operations | |||||
Net Investment Income | . 396 | .400 | .413 | .406 | .414 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | (. 343) | . 070 | . 660 | (. 920) | .790 |
Total from Investment Operations | .053 | .470 | 1.073 | (.514) | 1.204 |
Distributions | |||||
Dividends from Net Investment Income | (. 392) | (. 400) | (. 413) | (. 406) | (. 414) |
Distributions from Realized Capital Gains | (.011) | — | — | — | — |
Total Distributions | (. 403) | (. 400) | (. 413) | (. 406) | (. 414) |
Net Asset Value, End of Period | $11.49 | $11.84 | $11.77 | $11.11 | $12.03 |
Total Return1 | 0.34% | 4.06% | 9.80% | -4.31% | 10.89% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,527 | $3,547 | $3,187 | $2,697 | $2,970 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.12% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.28% | 3.34% | 3.65% | 3.55% | 3.56% |
Portfolio Turnover Rate | 18% | 17% | 27% | 23% | 16% |
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.
72
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 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. 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 year ended November 30, 2016, the fund’s average investments in long and short futures contracts represented less than 1% and 0% 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 November 30, 2016.
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, 2013–2016), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
73
New York Long-Term Tax-Exempt Fund
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 (“Vanguard”) participate in a $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at November 30, 2016, 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. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2016, the fund had contributed to Vanguard capital in the amount of $329,000, 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.
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.
74
New York Long-Term Tax-Exempt Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of November 30, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Tax-Exempt Municipal Bonds | — | 3,925,668 | — |
Futures Contracts—Assets1 | 55 | — | — |
Futures Contracts—Liabilities1 | (128) | — | — |
Total | (73) | 3,925,668 | — |
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 used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $2,754,000 from accumulated net realized gains to paid-in capital.
For tax purposes, at November 30, 2016, the fund had short-term and long-term capital gains of $2,968,000 and $18,043,000, respectively, available for distribution. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
At November 30, 2016, the cost of investment securities for tax purposes was $3,837,813,000. Net unrealized appreciation of investment securities for tax purposes was $87,855,000, consisting of unrealized gains of $136,492,000 on securities that had risen in value since their purchase and $48,637,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended November 30, 2016, the fund purchased $934,694,000 of investment securities and sold $719,111,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2016, such purchases and sales were $363,110,000 and $451,145,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
75
New York Long-Term Tax-Exempt Fund
F. Capital share transactions for each class of shares were: | ||||
Year Ended November 30, | ||||
2016 | 2015 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 181,747 | 15,060 | 105,922 | 9,130 |
Issued in Lieu of Cash Distributions | 12,823 | 1,064 | 11,814 | 1,002 |
Redeemed | (141,697) | (11,770) | (116,448) | (9,897) |
Net Increase (Decrease)—Investor Shares | 52,873 | 4,354 | 1,288 | 235 |
Admiral Shares | ||||
Issued | 696,797 | 57,767 | 694,995 | 58,971 |
Issued in Lieu of Cash Distributions | 84,193 | 6,989 | 75,223 | 6,378 |
Redeemed | (690,704) | (57,342) | (428,340) | (36,356) |
Net Increase (Decrease)—Admiral Shares | 90,286 | 7,414 | 341,878 | 28,993 |
G. Management has determined that no material events or transactions occurred subsequent to November 30, 2016, that would require recognition or disclosure in these financial statements.
76
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard New York Tax-Free Funds and the Shareholders of Vanguard New York Tax-Exempt Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund:
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard New York Tax-Exempt Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund (constituting Vanguard New York Tax-Free Funds, hereafter referred to as the “Funds”) at November 30, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 12, 2017
Special 2016 tax information (unaudited) for Vanguard New York Tax-Exempt Funds
This information for the fiscal year ended November 30, 2016, is included pursuant to provisions of the Internal Revenue Code.
Each fund designates 100% of its income dividends as exempt-interest dividends.
The Long-Term Tax-Exempt Fund distributed $6,169,000 as capital gain dividends (from net long-term capital gains) to shareholders during the fiscal year.
77
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.
78
Six Months Ended November 30, 2016 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
5/31/2016 | 11/30/2016 | Period | |
Based on Actual Fund Return | |||
New York Tax-Exempt Money Market Fund | $1,000.00 | $1,002.12 | $0.80 |
New York Long-Term Tax-Exempt Fund | |||
Investor Shares | $1,000.00 | $963.74 | $0.93 |
Admiral Shares | 1,000.00 | 964.33 | 0.29 |
Based on Hypothetical 5% Yearly Return | |||
New York Tax-Exempt Money Market Fund | $1,000.00 | $1,024.20 | $0.81 |
New York Long-Term Tax-Exempt Fund | |||
Investor Shares | $1,000.00 | $1,024.05 | $0.96 |
Admiral Shares | 1,000.00 | 1,024.70 | 0.30 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the New York Tax-Exempt Money Market Fund, 0.16%; and for the New York Long-Term Tax-Exempt Fund, 0.19% for Investor Shares and 0.06% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/366).
79
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.
Credit Quality. 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.
80
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 Vanguard Municipal Bond Funds are not sponsored, endorsed, issued, sold, or promoted by Barclays Risk Analytics and Index Solutions Limited or any of its affiliates (“Barclays”). Barclays makes no representation or warranty, express or implied, to the owners or purchasers of the Vanguard Municipal Bond Funds or any member of the public regarding the advisability of investing in securities generally or in the Vanguard Municipal Bond Funds particularly or the ability of the Bloomberg Barclays Indices to track general bond market performance. Barclays has not passed on the legality or suitability of the Vanguard Municipal Bond Funds with respect to any person or entity. Barclays’ only relationship to Vanguard and the Vanguard Municipal Bond Funds is the licensing of the Bloomberg Barclays Indices, which are determined, composed, and calculated by Barclays without regard to Vanguard or the Vanguard Municipal Bond Funds or any owners or purchasers of the Vanguard Municipal Bond Funds. Barclays has no obligation to take the needs of Vanguard, the Vanguard Municipal Bond Funds, or the owners of the Vanguard Municipal Bond Funds into consideration in determining, composing, or calculating the Bloomberg Barclays Indices. Barclays is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Vanguard Municipal Bond Funds to be issued. Barclays has no obligation or liability in connection with the administration, marketing, or trading of the Vanguard Municipal Bond Funds.
BARCLAYS SHALL HAVE NO LIABILITY TO THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE INDEX. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF THE VANGUARD MUNICIPAL BOND FUNDS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. BARCLAYS RESERVES THE RIGHT
TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDICES, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS INDICES. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY INDIRECT OR CONSEQUENTIAL DAMAGES RESULTING FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN.
© 2017 Barclays. Used with Permission.
Source: Barclays Global Family of Indices. Copyright 2017, Barclays. All rights reserved.
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 198 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
IndependentTrustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International plc (diversified manufacturing and services), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, and the Investment Advisory Committee of Major League Baseball; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center.
Executive Officers
Glenn Booraem
Born 1967. Treasurer Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Controller of each of the investment companies served by The Vanguard Group (2010–2015); Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Head of Global Fund Accounting at The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Vanguard Senior Management Team
Mortimer J. Buckley | James M. Norris |
Kathleen C. Gubanich | Thomas M. Rampulla |
Martha G. King | Glenn W. Reed |
John T. Marcante | Karin A. Risi |
Chris D. McIsaac | Michael Rollings |
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
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. | ||
© 2017 The Vanguard Group, Inc. | ||
All rights reserved. | ||
Vanguard Marketing Corporation, Distributor. | ||
Q760 012017 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: Rajiv L. Gupta, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended November 30, 2016: $66,000
Fiscal Year Ended November 30, 2015: $63,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2016: $9,629,849
Fiscal Year Ended November 30, 2015: $7,000,200
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2016: $2,717,627
Fiscal Year Ended November 30, 2015: $2,899,096
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended November 30, 2016: $254,050
Fiscal Year Ended November 30, 2015: $353,389
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended November 30, 2016: $214,225
Fiscal Year Ended November 30, 2015: $202,313
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended November 30, 2016: $468,275
Fiscal Year Ended November 30, 2015: $555,702
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Code of Ethics.
(b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD NEW YORK TAX-FREE FUNDS | |
BY: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: January 17, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD NEW YORK TAX-FREE FUNDS | |
BY: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: January 17, 2017 | |
| VANGUARD NEW YORK TAX-FREE FUNDS |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: January 17, 2017 |
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on October 4, 2016 see file Number
33-32548, Incorporated by Reference.