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, 2019—November 30, 2020
Item 1: Reports to Shareholders
Annual Report | November 30, 2020
Vanguard New York Tax-Exempt Funds
| Vanguard New York Municipal Money Market Fund |
| Vanguard New York Long-Term Tax-Exempt Fund |
Contents
Your Fund’s Performance at a Glance | 1 |
Advisor’s Report | 3 |
About Your Fund’s Expenses | 7 |
New York Municipal Money Market Fund | 9 |
New York Long-Term Tax-Exempt Fund | 25 |
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.
Your Fund’s Performance at a Glance
| • | For the 12 months ended November 30, 2020, Vanguard New York Long-Term Tax-Exempt Fund returned 4.73% for Investor Shares and 4.82% for Admiral Shares. These results outpaced the 3.97% return of its benchmark index, which includes state- and municipal-issued bonds across the maturity spectrum. |
| • | Vanguard New York Municipal Money Market Fund returned 0.55%. |
| • | As the coronavirus began to spread outside of China, many governments moved to shutter nonessential businesses and institute lockdowns, leading to a swift and sharp drop in global economic activity. While volatility in the bond markets initially spiked and liquidity eroded as the pandemic spread, central banks around the world slashed interest rates and enacted stimulus programs to blunt the virus’s economic impact. By the end of the period, bond yields were lower and bond prices were higher. |
| • | The advisor’s disciplined approach to risk paid off in this challenging environment. The fund was fairly conservatively positioned going into 2020 as municipal bond yield spreads were tight versus U.S. Treasuries. This positioning allowed the advisor to dial up exposure to lower-quality investment-grade munis that were hit especially hard during the dramatic repricing that occurred early in the period. When those securities subsequently rebounded, the fund benefited. |
| • | With muni yields ending the period lower, the fund’s longer duration compared with that of its benchmark also helped relative performance. (Duration is a measure of the price sensitivity of the fund’s holdings to movements in interest rates.) |
| • | Taxable and tax-free money market yields declined, as the Federal Reserve cut rates to near zero. |
1
Market Barometer
| Average Annual Total Returns Periods Ended November 30, 2020 | |||
| One Year | Three Years | Five Years | |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 19.41% | 13.66% | 14.23% |
| Russell 2000 Index (Small-caps) | 13.59 | 7.09 | 10.25 |
| Russell 3000 Index (Broad U.S. market) | 19.02 | 13.20 | 13.95 |
| FTSE All-World ex US Index (International) | 10.01 | 4.12 | 7.62 |
| Bonds | |||
| Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) | 7.28% | 5.45% | 4.34% |
| Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) | 4.89 | 4.80 | 3.93 |
| FTSE Three-Month U.S. Treasury Bill Index | 0.72 | 1.59 | 1.16 |
| CPI | |||
| Consumer Price Index | 1.17% | 1.80% | 1.86% |
2
Advisor’s Report
For the 12 months ended November 30, 2020, Vanguard New York Long-Term Tax-Exempt Fund returned 4.73% for Investor Shares and 4.82% for Admiral Shares. Those results exceeded the 3.97% return of the fund’s benchmark, the Bloomberg Barclays NY Municipal Bond Index.
As municipal bond prices rose, yields declined. The Long-Term Fund’s 30-day SEC yield fell 26 basis points to 1.56% for Investor Shares and 26 basis points to 1.64% for Admiral Shares. (A basis point is one-hundredth of a percentage point.) The 30-day SEC yield is a proxy for a fund’s potential annualized rate of income.
Vanguard New York Municipal Money Market Fund returned 0.55%, which was more than the 0.40% average return of its
peers. Yields for tax-exempt money market instruments also fell, and the fund’s 7-day SEC yield declined 99 basis points to 0.02%.
Please note that the funds are permitted to invest in securities that can generate income distributions subject to the alternative minimum tax (AMT). At the end of the fiscal period, only the Money Market Fund owned such securities.
The investment environment
The period was defined by the outbreak of the novel coronavirus in early 2020––and the aggressive efforts to contain it––which upended economies and financial markets worldwide. As the pandemic spread, crude oil prices sank, trade and travel restrictions multiplied, nonessential
| Yields of Municipal Securities (National Averages, AAA-Rated General Obligation Issues) | ||
| Maturity | November 30, 2019 | November 30, 2020 |
| 2 years | 1.10% | 0.15% |
| 5 years | 1.17 | 0.23 |
| 10 years | 1.50 | 0.71 |
| 30 years | 2.13 | 1.49 |
| Source: Vanguard. | ||
3
businesses were shuttered, and unemployment spiked.
Governments and central banks around the world took emergency action in the form of fiscal and monetary stimulus to blunt the impact of the pandemic on economic activity, jobs, and the functioning of the credit markets. In the United States, Congress passed a number of bills providing aid to state and local governments, companies, and workers. The U.S. Federal Reserve cut the federal funds target range to near zero and began buying hundreds of billions of dollars in government bonds, mortgage-backed securities, and corporate bonds.
In March, at the height of investor pessimism, the bond market saw volatility spike and liquidity erode. Yields nevertheless ended the period lower—and prices higher—as investors sought out safer assets.
Municipal tax-exempt bond yields ended the period lower across the maturity spectrum. The average yield of U.S. 2-year AAA-rated general obligation issues slipped 95 basis points to 0.15%. The comparable 10-year yield dropped 79 basis points to 0.71%.
New York State had adopted a balanced budget for the fiscal year starting April 1, 2020—but it was hit hard by the pandemic. The state government responded to the downturn in revenues with expenditure cuts, a hiring freeze, spending controls on capital expenditures, and deferred salary increases. Additionally, state agencies have been directed to
reduce operating expenditures by 10%. While a budget gap is still expected for the current fiscal year, the state’s reserves remain healthy.
New York City’s budget for fiscal year 2021 remains balanced, in part thanks to tax revenues that came in above projections and roughly $3.2 billion in aid from the federal government. The city also holds rainy day reserves in its budget stabilization account. Just after the close of the funds’ fiscal year, however, Standard & Poor’s downgraded its outlook on New York City general obligation debt, joining Moody’s and Fitch in their negative outlook amid another rise in COVID-19 infections. The severity and length of this second wave of COVID-19 infections, along with potential economic shutdowns, will put pressure on the city's credit profile, but we expect that the city will continue to closely manage expenditures, track revenues, and maintain healthy liquidity.
While there may be further credit deterioration at the state and local levels, general obligation ratings are expected to remain in the AA category. One notable downgrade during the period was to the Metropolitan Transportation Authority.
Management of the funds
Our disciplined approach to credit risk paid off in this challenging environment. Going into 2020, we were carrying a relatively low level of credit risk, as we viewed valuations as relatively expensive compared with historical levels. We didn’t see the pandemic coming, of course—but
4
our defensive positioning helped mitigate the impact of the market sell-off in March and April. It also allowed us to take on more credit risk later at attractive valuations, especially in areas where the repricing seemed overdone. Neither benefit accrued to asset managers who were carrying more risk ahead of the pandemic, chasing a few extra basis points of potential return despite elevated valuations.
New York AAA-rated municipal bonds returned 4.85% for the period, as measured by the Bloomberg Barclays New York Municipal Index. Their AA-rated counterparts returned 4.38% and A-rated munis returned 2.05%. BBB-rated munis on the lowest rung on the investment-grade credit-quality ladder returned 1.38%.
Because credit underperformed during the period, the fund’s tilt with the investment-grade funds toward high-quality securities added value, particularly during the market sell-off.
With muni yields ending the period lower, the bond fund’s longer duration compared with that of its benchmark also helped relative performance. (Duration is a measure of the price sensitivity of the fund’s holdings to movements in interest rates.)
The money market fund continued to provide investors with superior income versus peer averages, aided by prudent management and low costs.
Outlook
Risks remain: Increases in COVID-19 infections could bring new lockdown orders that would further hurt economies, and the distribution of vaccines may take longer than hoped for. These risks are somewhat mitigated, however, because governments are better prepared now to deal with outbreaks. Moreover, central banks have asserted their readiness to continue to support bond markets.
We continue to view munis as attractive for long-term investors. Defaults are unlikely among investment-grade munis, as issuers will be buttressed by reserves, federal aid, and other fiscal levers. The overarching trend of the next 12 to 24 months should be toward tighter spreads. Even so, the road to an economic recovery is likely to be bumpy and long, and we expect the muni market to go through some turbulence in the year ahead. Given all of this, a focus on diversification, deep research, and discipline will remain essential to investment success.
5
Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to navigate this large, fragmented market to seek attractive investment opportunities.
Paul M. Malloy, CFA, Principal,
Head of Municipal Bond Group
Adam M. Ferguson, CFA,
Portfolio Manager
Stephen M. McFee, CFA,
Portfolio Manager
John P. Grimes, CFA,
Portfolio Manager
Vanguard Fixed Income Group
December 17, 2020
6
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.
7
| Six Months Ended November 30, 2020 | |||
| Beginning Account Value 5/31/2020 | Ending Account Value 11/30/2020 | Expenses Paid During Period | |
| Based on Actual Fund Return | |||
| New York Municipal Money Market Fund | $1,000.00 | $1,000.41 | $0.80 |
| New York Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,039.54 | $0.87 |
| Admiral™ Shares | 1,000.00 | 1,039.95 | 0.46 |
| Based on Hypothetical 5% Yearly Return | |||
| New York Municipal Money Market Fund | $1,000.00 | $1,024.20 | $0.81 |
| New York Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,024.15 | $0.86 |
| Admiral Shares | 1,000.00 | 1,024.55 | 0.46 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are: for the New York Municipal Money Market Fund, 0.16%; and for the New York Long-Term Tax-Exempt Fund, 0.17% for Investor Shares and 0.09% 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).
8
New York Municipal Money Market Fund
Distribution by Effective Maturity1
As of November 30, 2020
| 1 - 7 Days | 88.4% |
| 8 - 30 Days | 3.9 |
| 31 - 60 Days | 0.4 |
| 61 - 90 Days | 1.9 |
| 91 - 180 Days | 4.3 |
| Over 180 Days | 1.1 |
1 Percentage of investments.
9
New York Municipal Money Market Fund
Financial Statements
Schedule of Investments
As of November 30, 2020
The fund publishes its holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund's Form N-MFP filings may be viewed via a link on the "Portfolio Holdings" page at www.vanguard.com or on the SEC’s website at www.sec.gov.
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Tax-Exempt Municipal Bonds (99.7%) | |||||
| New York (99.7%) | |||||
| Battery Park City Authority Miscellaneous Revenue VRDO | 0.130% | 12/3/20 | 1,500 | 1,500 | |
| 1,2 | Battery Park City NY Authority Revenue TOB VRDO | 0.140% | 12/7/20 | 25,200 | 25,200 |
| Bayport-Blue Point NY Union Free School District BAN GO | 2.000% | 2/5/21 | 12,835 | 12,857 | |
| 1 | BlackRock MuniYield New York Quality Fund Inc. VRDO VRDP | 0.200% | 12/17/20 | 94,900 | 94,900 |
| 2 | Build NYC Resource Corp. Miscellaneous Revenue (Asia Social Project) VRDO | 0.120% | 12/7/20 | 2,030 | 2,030 |
| 2 | Build NYC Resource Corp. Miscellaneous Revenue VRDO | 0.100% | 12/7/20 | 4,665 | 4,665 |
| 2 | Delaware County NY Industrial Development Agency Health, Hospital, Nursing Home Revenue VRDO | 0.200% | 12/7/20 | 1,620 | 1,620 |
| 1,2 | Erie County NY Industrial Development Agency School Facility Revenue (Buffalo City School District Project) TOB VRDO | 0.140% | 12/7/20 | 6,665 | 6,665 |
| 2 | Franklin County Civic Development Corp. Health, Hospital, Nursing Home Revenue VRDO | 0.130% | 12/7/20 | 4,500 | 4,500 |
| 2 | Geneva Industrial Development Agency College & University Revenue VRDO | 0.130% | 12/3/20 | 1,685 | 1,685 |
| Levittown Union Free School District | 1.500% | 6/25/21 | 15,000 | 15,103 | |
| Merrick NY Union Free School District BAN GO | 1.750% | 2/25/21 | 19,900 | 19,932 | |
| 2 | Metropolitan Transportation Authority Miscellaneous Taxes Revenue VRDO | 0.130% | 12/7/20 | 17,840 | 17,840 |
| 2 | Metropolitan Transportation Authority Transit Revenue VRDO | 0.110% | 12/3/20 | 10,110 | 10,110 |
| Nassau County Interim Finance Authority Sales Tax Revenue VRDO | 0.100% | 12/2/20 | 58,100 | 58,100 | |
| Nassau County Interim Finance Authority Sales Tax Revenue VRDO | 0.110% | 12/2/20 | 6,800 | 6,800 | |
| 1,2 | Nassau County NY GO TOB VRDO | 0.140% | 12/7/20 | 6,000 | 6,000 |
| 2 | Nassau Health Care Corp. Health, Hospital, Nursing Home Revenue VRDO | 0.110% | 12/7/20 | 4,845 | 4,845 |
| 2 | Nassau Health Care Corp. Health, Hospital, Nursing Home Revenue VRDO | 0.110% | 12/7/20 | 6,880 | 6,880 |
| New Rochelle NY City School District BAN GO | 1.750% | 6/23/21 | 10,000 | 10,071 | |
| 2 | New York City Capital Resources Corp. Health, Hospital, Nursing Home Revenue VRDO | 0.120% | 12/7/20 | 21,995 | 21,995 |
| 2 | New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue VRDO | 0.110% | 12/2/20 | 9,675 | 9,675 |
| 2 | New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue VRDO | 0.130% | 12/2/20 | 750 | 750 |
| 2 | New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue VRDO | 0.110% | 12/7/20 | 6,090 | 6,090 |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT | 0.200% | 3/1/21 | 2,500 | 2,500 | |
10
New York Municipal Money Market Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.100% | 12/2/20 | 19,710 | 19,710 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.120% | 12/3/20 | 600 | 600 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/7/20 | 14,500 | 14,500 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/7/20 | 12,270 | 12,270 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/7/20 | 2,500 | 2,500 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/7/20 | 16,380 | 16,380 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.120% | 12/7/20 | 100 | 100 | |
| 3 | New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.130% | 12/7/20 | 11,510 | 11,510 |
| 2 | New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.140% | 12/7/20 | 3,975 | 3,975 |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.140% | 12/7/20 | 5,990 | 5,990 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.140% | 12/7/20 | 8,000 | 8,000 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.140% | 12/7/20 | 6,560 | 6,560 | |
| 2 | New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 0.160% | 12/7/20 | 3,175 | 3,175 |
| 2 | New York City Industrial Development Agency Industrial Revenue VRDO | 0.190% | 12/7/20 | 935 | 935 |
| 2 | New York City NY Capital Resources Corp. Health, Hospital, Nursing Home Revenue VRDO | 0.130% | 12/7/20 | 2,975 | 2,975 |
| 1,2 | New York City NY GO TOB VRDO | 0.120% | 12/1/20 | 8,400 | 8,400 |
| 2 | New York City NY GO VRDO | 0.110% | 12/2/20 | 4,340 | 4,340 |
| 1,2 | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) TOB VRDO | 0.150% | 12/7/20 | 8,335 | 8,335 |
| 1,2 | New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO | 0.140% | 12/3/20 | 10,000 | 10,000 |
| 1,2 | New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO | 0.140% | 12/7/20 | 7,500 | 7,500 |
| 1,2 | New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO | 0.140% | 12/7/20 | 7,500 | 7,500 |
| 1,2 | New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO | 0.150% | 12/7/20 | 7,605 | 7,605 |
| 1,2 | New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO | 0.150% | 12/7/20 | 6,665 | 6,665 |
| 1,2 | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue TOB VRDO | 0.120% | 12/1/20 | 15,485 | 15,485 |
| 1,2 | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue TOB VRDO | 0.120% | 12/1/20 | 7,500 | 7,500 |
| 1 | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue TOB VRDO | 0.170% | 12/3/20 | 20,000 | 20,000 |
| 1,2 | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue TOB VRDO | 0.140% | 12/7/20 | 3,000 | 3,000 |
| 1,2 | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue TOB VRDO | 0.150% | 12/7/20 | 3,465 | 3,465 |
| 1,2 | New York City NY Sales Tax Asset Receivable Corp.Revenue TOB VRDO | 0.150% | 12/7/20 | 5,250 | 5,250 |
| 1,2 | New York City NY Sales Tax Asset Receivable Corp.Revenue TOB VRDO | 0.150% | 12/7/20 | 3,335 | 3,335 |
11
New York Municipal Money Market Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 1,2 | New York City NY Transitional Finance Authority Building Aid Revenue TOB VRDO | 0.150% | 12/3/20 | 3,490 | 3,490 |
| 1,2 | New York City NY Transitional Finance Authority Building Aid Revenue TOB VRDO | 0.140% | 12/7/20 | 5,915 | 5,915 |
| 1,2 | New York City NY Transitional Finance Authority Building Aid Revenue TOB VRDO | 0.150% | 12/7/20 | 8,600 | 8,600 |
| 1,2 | New York City NY Transitional Finance Authority Building Aid Revenue TOB VRDO | 0.150% | 12/7/20 | 18,750 | 18,750 |
| 1,2 | New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO | 0.140% | 12/3/20 | 3,610 | 3,610 |
| 1,2 | New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO | 0.140% | 12/3/20 | 11,800 | 11,800 |
| 1,2 | New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO | 0.150% | 12/3/20 | 1,500 | 1,500 |
| 1,2 | New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO | 0.140% | 12/7/20 | 12,170 | 12,170 |
| 1,2 | New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO | 0.140% | 12/7/20 | 3,200 | 3,200 |
| 1,2 | New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO | 0.150% | 12/7/20 | 7,500 | 7,500 |
| 1,2 | New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO | 0.150% | 12/7/20 | 3,335 | 3,335 |
| 1,2 | New York City NY Transitional Finance Authority Future Tax Secured Revenue TOB VRDO | 0.160% | 12/3/20 | 18,100 | 18,100 |
| 1,2 | New York City Transitional Finance Authority Building Aid Revenue TOB VRDO | 0.150% | 12/3/20 | 4,000 | 4,000 |
| 2 | New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 0.120% | 12/2/20 | 20,595 | 20,595 |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 0.110% | 12/3/20 | 10,000 | 10,000 | |
| 1,2 | New York City Transitional Finance Authority Future Tax Secured Revenue TOB VRDO | 0.130% | 12/3/20 | 6,500 | 6,500 |
| 2 | New York City Trust for Cultural Resources Miscellaneous Revenue VRDO | 0.110% | 12/7/20 | 8,100 | 8,100 |
| 2 | New York City Trust for Cultural Resources Recreational Revenue VRDO | 0.100% | 12/7/20 | 4,025 | 4,025 |
| New York City Trust for Cultural Resources Recreational Revenue VRDO | 0.110% | 12/7/20 | 20,120 | 20,120 | |
| New York City Trust for Cultural Resources Recreational Revenue VRDO | 0.110% | 12/7/20 | 21,600 | 21,600 | |
| New York City Water & Sewer System Sewer Revenue VRDO | 0.100% | 12/1/20 | 2,730 | 2,730 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.100% | 12/1/20 | 1,140 | 1,140 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.100% | 12/1/20 | 3,150 | 3,150 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.100% | 12/1/20 | 15,055 | 15,055 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.110% | 12/3/20 | 31,910 | 31,910 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.120% | 12/3/20 | 9,865 | 9,865 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.130% | 12/3/20 | 37,090 | 37,090 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.130% | 12/3/20 | 3,845 | 3,845 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.130% | 12/3/20 | 2,900 | 2,900 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.110% | 12/7/20 | 10,425 | 10,425 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.130% | 12/7/20 | 20,705 | 20,705 | |
| 1,2 | New York Dormitory Authority Personal Income Tax Revenue TOB VRDO | 0.130% | 12/7/20 | 2,500 | 2,500 |
| 1,2 | New York Dormitory Authority Personal Income Tax Revenue TOB VRDO | 0.150% | 12/7/20 | 20,000 | 20,000 |
| 1,2 | New York Dormitory Authority Personal Income Tax Revenue TOB VRDO | 0.150% | 12/7/20 | 3,335 | 3,335 |
| New York Dormitory Authority Revenue VRDO | 0.150% | 1/6/21 | 9,000 | 9,000 |
12
New York Municipal Money Market Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 2 | New York Liberty Development Corp. Industrial Revenue VRDO | 0.120% | 12/7/20 | 18,625 | 18,625 |
| 1,2 | New York Liberty Development Corp. Revenue (7 World Trade Center Project) TOB VRDO | 0.260% | 12/7/20 | 8,000 | 8,000 |
| 1,2 | New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) TOB VRDO | 0.150% | 12/7/20 | 9,350 | 9,350 |
| 1,2 | New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) TOB VRDO | 0.150% | 12/7/20 | 12,800 | 12,800 |
| 1,2 | New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) TOB VRDO | 0.150% | 12/7/20 | 3,330 | 3,330 |
| 1,2 | New York Metropolitan Transportation Authority Revenue TOB VRDO | 0.310% | 12/3/20 | 11,000 | 11,000 |
| New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/2/20 | 18,720 | 18,720 | |
| New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO | 0.140% | 12/2/20 | 15,000 | 15,000 | |
| New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/7/20 | 20,240 | 20,240 | |
| 1,2 | New York NY GO TOB VRDO | 0.140% | 12/7/20 | 13,000 | 13,000 |
| 1,2 | New York NY GO TOB VRDO | 0.140% | 12/7/20 | 5,000 | 5,000 |
| 1,2 | New York NY GO TOB VRDO | 0.140% | 12/7/20 | 7,125 | 7,125 |
| 2 | New York NY GO VRDO | 0.120% | 12/3/20 | 14,480 | 14,480 |
| 2 | New York NY GO VRDO | 0.120% | 12/3/20 | 2,000 | 2,000 |
| 2 | New York NY GO VRDO | 0.130% | 12/3/20 | 27,400 | 27,400 |
| 2 | New York NY GO VRDO | 0.130% | 12/7/20 | 21,715 | 21,715 |
| New York NY Mortgage Agency Local or Guaranteed Housing Revenue VRDO | 0.140% | 12/7/20 | 4,300 | 4,300 | |
| 2 | New York State Dormitory Authority Appropriations Revenue VRDO | 0.110% | 12/7/20 | 9,845 | 9,845 |
| 2 | New York State Dormitory Authority Appropriations Revenue VRDO | 0.110% | 12/7/20 | 2,350 | 2,350 |
| 1,2 | New York State Dormitory Authority College & University Revenue TOB VRDO | 0.100% | 12/1/20 | 17,335 | 17,335 |
| New York State Dormitory Authority College & University Revenue VRDO | 0.070% | 12/1/20 | 30,095 | 30,095 | |
| New York State Dormitory Authority College & University Revenue VRDO | 0.060% | 12/2/20 | 47,600 | 47,600 | |
| New York State Dormitory Authority College & University Revenue VRDO | 0.100% | 12/3/20 | 5,400 | 5,400 | |
| 2 | New York State Dormitory Authority College & University Revenue VRDO | 0.110% | 12/3/20 | 29,845 | 29,845 |
| New York State Dormitory Authority College & University Revenue VRDO | 0.090% | 12/7/20 | 4,495 | 4,495 | |
| New York State Dormitory Authority College & University Revenue VRDO | 0.090% | 12/7/20 | 10,610 | 10,610 | |
| 2 | New York State Dormitory Authority College & University Revenue VRDO | 0.100% | 12/7/20 | 19,005 | 19,005 |
| 2 | New York State Dormitory Authority College & University Revenue VRDO | 0.110% | 12/7/20 | 31,075 | 31,075 |
| 2 | New York State Dormitory Authority College & University Revenue VRDO | 0.110% | 12/7/20 | 12,420 | 12,420 |
| 2 | New York State Dormitory Authority College & University Revenue VRDO | 0.110% | 12/7/20 | 19,775 | 19,775 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue VRDO | 0.100% | 12/2/20 | 81,195 | 81,195 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 3/31/21 | 52,100 | 52,862 | |
| 1,2 | New York State Dormitory Authority Lease Revenue (State University Dormitory Facilities) TOB VRDO | 0.150% | 12/7/20 | 5,820 | 5,820 |
13
New York Municipal Money Market Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 1,2 | New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) TOB VRDO | 0.130% | 12/7/20 | 7,860 | 7,860 |
| 1,2,4 | New York State Dormitory Authority Revenue (Montefiore Obligated Group) TOB VRDO | 0.140% | 12/7/20 | 13,270 | 13,270 |
| 1,2 | New York State Dormitory Authority Revenue (Personal Income Tax) TOB VRDO | 0.140% | 12/7/20 | 5,000 | 5,000 |
| 1,2 | New York State Dormitory Authority Revenue (Personal Income Tax) TOB VRDO | 0.140% | 12/7/20 | 31,290 | 31,290 |
| 1,2 | New York State Dormitory Authority Revenue (Personal Income Tax) TOB VRDO | 0.150% | 12/7/20 | 7,500 | 7,500 |
| 1,2 | New York State Dormitory Authority Revenue (Personal Income Tax) TOB VRDO | 0.150% | 12/7/20 | 6,250 | 6,250 |
| 1,2 | New York State Dormitory Authority Revenue (Personal Income Tax) TOB VRDO | 0.150% | 12/7/20 | 9,030 | 9,030 |
| 1,2 | New York State Dormitory Authority Revenue (Rockefeller University) TOB VRDO | 0.140% | 12/7/20 | 3,200 | 3,200 |
| 1,2 | New York State Dormitory Authority Revenue TOB VRDO | 0.140% | 12/7/20 | 7,500 | 7,500 |
| 1,2 | New York State Dormitory Authority Revenue TOB VRDO | 0.140% | 12/7/20 | 25,900 | 25,900 |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/21 | 10,000 | 10,106 | |
| 1,2 | New York State Dormitory Authority Sales Tax Revenue TOB VRDO | 0.150% | 12/3/20 | 10,300 | 10,300 |
| 1,2 | New York State Dormitory Authority Sales Tax Revenue TOB VRDO | 0.140% | 12/7/20 | 19,505 | 19,505 |
| 1,2 | New York State Dormitory Authority Sales Tax Revenue TOB VRDO | 0.150% | 12/7/20 | 7,500 | 7,500 |
| 1,2 | New York State Dormitory Authority Sales Tax Revenue TOB VRDO | 0.150% | 12/7/20 | 11,250 | 11,250 |
| 1,2 | New York State Dormitory Authority TOB VRDO | 0.140% | 12/3/20 | 8,400 | 8,400 |
| 1,2 | New York State Dormitory Authority TOB VRDO | 0.160% | 12/3/20 | 21,870 | 21,870 |
| 2 | New York State Energy Research & Development Authority Facilities Industrial Revenue VRDO | 0.120% | 12/7/20 | 48,800 | 48,800 |
| 2 | New York State Energy Research & Development Authority Industrial Revenue VRDO | 0.120% | 12/2/20 | 1,800 | 1,800 |
| 2 | New York State Energy Research & Development Authority Industrial Revenue VRDO | 0.140% | 12/7/20 | 26,100 | 26,100 |
| 2 | New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.130% | 12/1/20 | 30,245 | 30,245 |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.100% | 12/2/20 | 21,795 | 21,795 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/2/20 | 41,705 | 41,705 | |
| 2 | New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.130% | 12/2/20 | 45 | 45 |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/7/20 | 16,700 | 16,700 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/7/20 | 3,800 | 3,800 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/7/20 | 14,725 | 14,725 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/7/20 | 34,080 | 34,080 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.110% | 12/7/20 | 9,230 | 9,230 | |
| 2 | New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.130% | 12/7/20 | 1,700 | 1,700 |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 0.150% | 12/7/20 | 14,100 | 14,100 | |
| 1,2 | New York State Housing Finance Agency TOB VRDO | 0.140% | 12/7/20 | 6,665 | 6,665 |
14
New York Municipal Money Market Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 1,2 | New York State Mortgage Agency Homeowner MortgageRevenue TOB VRDO | 0.140% | 12/7/20 | 3,365 | 3,365 |
| 1,2 | New York State Power Authority Revenue TOB VRDO | 0.140% | 12/7/20 | 5,500 | 5,500 |
| 1,2 | New York State Power Authority Revenue TOB VRDO | 0.150% | 12/7/20 | 3,500 | 3,500 |
| 1,2 | New York State Power Authority Revenue TOB VRDO | 0.150% | 12/7/20 | 7,785 | 7,785 |
| New York State Thruway Authority Highway & Bridge Trust Fund Miscellaneous Revenue | 5.000% | 4/1/21 | 17,025 | 17,232 | |
| 1,2 | New York State Thruway Authority Revenue (Highway & Bridge Trust Fund) TOB VRDO | 0.150% | 12/7/20 | 4,800 | 4,800 |
| 1,2 | New York State Thruway Authority Revenue (Highway& Bridge Trust Fund) TOB VRDO | 0.150% | 12/3/20 | 8,470 | 8,470 |
| 1,2 | New York State Thruway Authority Revenue TOB VRDO | 0.140% | 12/7/20 | 2,080 | 2,080 |
| 2 | New York State Urban Development Corp. Appropriations Revenue VRDO | 0.100% | 12/3/20 | 18,730 | 18,730 |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/21 | 7,500 | 7,592 | |
| 1,2 | New York State Urban Development Corp. Revenue (Personal Income Tax) TOB VRDO | 0.140% | 12/7/20 | 6,580 | 6,580 |
| 1,2 | New York State Urban Development Corp. Revenue (Personal Income Tax) TOB VRDO | 0.140% | 12/7/20 | 1,760 | 1,760 |
| 1,2 | New York State Urban Development Corp. Revenue (Personal Income Tax) TOB VRDO | 0.150% | 12/7/20 | 10,300 | 10,300 |
| 1,2 | New York State Urban Development Corp. Revenue (Personal Income Tax) TOB VRDO | 0.150% | 12/7/20 | 3,750 | 3,750 |
| 1,2 | New York State Urban Development Corp. Revenue TOB VRDO | 0.150% | 12/7/20 | 9,000 | 9,000 |
| 1,2 | New York State Urban Development Corp. TOB VRDO | 0.150% | 12/3/20 | 13,780 | 13,780 |
| 1,2 | New York State Urban Development Corp. TOB VRDO | 0.150% | 12/7/20 | 3,750 | 3,750 |
| 1,2 | New York Urban Development Corp. Income Tax Revenue TOB VRDO | 0.130% | 12/7/20 | 2,435 | 2,435 |
| 2 | Niagara Area Development Corp. Health, Hospital, Nursing Home Revenue VRDO | 0.140% | 12/7/20 | 4,305 | 4,305 |
| North Hempstead NY GO | 1.500% | 3/26/21 | 15,475 | 15,536 | |
| 1,2 | Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP | 0.160% | 12/3/20 | 20,000 | 20,000 |
| 1,2 | Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP | 0.160% | 12/3/20 | 5,000 | 5,000 |
| 1,2 | Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP | 0.160% | 12/3/20 | 22,000 | 22,000 |
| 1,2 | Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP | 0.170% | 12/3/20 | 43,700 | 43,700 |
| 1,2 | Nuveen New York Quality Municipal Income Fund VRDO VRDP | 0.200% | 12/3/20 | 34,800 | 34,800 |
| 2 | Onondaga County Industrial Development Agency Health, Hospital, Nursing Home Revenue (Syracuse Home Association Project) VRDO | 0.150% | 12/7/20 | 4,030 | 4,030 |
| 1,2 | Port Authority of New York & New Jersey NY Port, Airport & Marina Revenue TOB VRDO | 0.130% | 12/7/20 | 12,815 | 12,815 |
| 1,2 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.150% | 12/7/20 | 8,475 | 8,475 |
| 1,2 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.190% | 12/7/20 | 8,500 | 8,500 |
| 1,2 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.210% | 12/7/20 | 2,260 | 2,260 |
| 1,2 | Port Authority of New York & New Jersey Revenue TOB VRDO | 0.220% | 12/7/20 | 16,515 | 16,515 |
| 1,2 | Port Authority of New York & New Jersey TOB VRDO | 0.160% | 12/7/20 | 2,790 | 2,790 |
| 1,2 | Regional Transportation Authority IL TOB VRDO | 0.140% | 12/7/20 | 7,500 | 7,500 |
| Rye City School District GO | 1.750% | 7/1/21 | 2,000 | 2,017 | |
| Schoharie County NY BAN GO | 2.000% | 2/5/21 | 14,085 | 14,109 | |
| 2 | Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 0.100% | 12/1/20 | 22,700 | 22,700 |
| 1,2 | Triborough Bridge & Tunnel Authority New York Revenue (MTA Bridges and Tunnels) TOB VRDO | 0.290% | 12/7/20 | 2,155 | 2,155 |
| 1,2 | Triborough Bridge & Tunnel Authority New York Revenue TOB VRDO | 0.150% | 12/3/20 | 695 | 695 |
15
New York Municipal Money Market Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 1,2 | Triborough Bridge & Tunnel Authority New York Revenue TOB VRDO | 0.140% | 12/7/20 | 14,250 | 14,250 |
| 1,2 | Triborough Bridge & Tunnel Authority New York Revenue TOB VRDO | 0.150% | 12/7/20 | 12,000 | 12,000 |
| 1,2 | Triborough Bridge & Tunnel Authority New York Revenue TOB VRDO | 0.260% | 12/7/20 | 14,400 | 14,400 |
| 1,2 | Utility Debt Securitization Authority New York Revenue TOB VRDO | 0.140% | 12/7/20 | 1,000 | 1,000 |
| 1,2 | Utility Debt Securitization Authority New York Revenue TOB VRDO | 0.140% | 12/7/20 | 5,250 | 5,250 |
| Total Tax-Exempt Municipal Bonds (Cost $2,442,677) | 2,442,677 | ||||
| Taxable Municipal Bonds (0.3%) | |||||
| New York (0.3%) | |||||
| 2 | Triborough Bridge & Tunnel Authority Highway Revenue VRDO (Cost $6,540) | 0.140% | 12/7/20 | 6,540 | 6,540 |
| Total Investments (100.0%) (Cost $2,449,217) | 2,449,217 | ||||
| Other Assets and Liabilities—Net (0.0%) | 475 | ||||
| Net Assets (100%) | 2,449,692 | ||||
| Cost is in $000. | |||||
| • | 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, 2020, the aggregate value was $997,120,000, representing 40.7% of net assets. |
| 2 | Scheduled principal and interest payments are guaranteed by bank letter of credit. |
| 3 | Scheduled principal and interest payments are guaranteed by Federal Housing Authority. |
| 4 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
| BAN—Bond Anticipation Note. | |
| GO—General Obligation Bond. | |
| PUT—Put Option Obligation. | |
| TOB—Tender Option Bond. | |
| VRDO—Variable Rate Demand Obligation. | |
| VRDP—Variable Rate Demand Preferred. |
See accompanying Notes, which are an integral part of the Financial Statements.
16
New York Municipal Money Market Fund
Statement of Assets and Liabilities
As of November 30, 2020
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value—Unaffiliated Issuers (Cost $2,449,217) | 2,449,217 |
| Investment in Vanguard | 106 |
| Cash | 12,758 |
| Receivables for Investment Securities Sold | 2,915 |
| Receivables for Accrued Income | 2,765 |
| Receivables for Capital Shares Issued | 3,427 |
| Other Assets | 1,180 |
| Total Assets | 2,472,368 |
| Liabilities | |
| Payables for Investment Securities Purchased | 12,701 |
| Payables for Capital Shares Redeemed | 9,778 |
| Payables for Distributions | 3 |
| Payables to Vanguard | 194 |
| Total Liabilities | 22,676 |
| Net Assets | 2,449,692 |
| At November 30, 2020, net assets consisted of: | |
| Paid-in Capital | 2,449,664 |
| Total Distributable Earnings (Loss) | 28 |
| Net Assets | 2,449,692 |
| Net Assets | |
| Applicable to 2,449,357,951 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,449,692 |
| Net Asset Value Per Share | $1.00 |
See accompanying Notes, which are an integral part of the Financial Statements.
17
New York Municipal Money Market Fund
Statement of Operations
| Year Ended November 30, 2020 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 22,842 |
| Total Income | 22,842 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 609 |
| Management and Administrative | 3,706 |
| Marketing and Distribution | 415 |
| Custodian Fees | 9 |
| Auditing Fees | 27 |
| Shareholders’ Reports | 6 |
| Trustees’ Fees and Expenses | 2 |
| Total Expenses | 4,774 |
| Net Investment Income | 18,068 |
| Realized Net Gain (Loss) on Investment Securities Sold | 96 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 18,164 |
See accompanying Notes, which are an integral part of the Financial Statements.
18
New York Municipal Money Market Fund
Statement of Changes in Net Assets
| Year Ended November 30, | ||
| 2020 ($000) | 2019 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 18,068 | 46,809 |
| Realized Net Gain (Loss) | 96 | 46 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 18,164 | 46,855 |
| Distributions1 | ||
| Total Distributions | (18,068) | (46,812) |
| Capital Share Transactions (at $1.00 per share) | ||
| Issued | 1,697,703 | 2,104,177 |
| Issued in Lieu of Cash Distributions | 16,580 | 43,491 |
| Redeemed | (2,718,313) | (1,908,137) |
| Net Increase (Decrease) from Capital Share Transactions | (1,004,030) | 239,531 |
| Total Increase (Decrease) | (1,003,934) | 239,574 |
| Net Assets | ||
| Beginning of Period | 3,453,626 | 3,214,052 |
| End of Period | 2,449,692 | 3,453,626 |
| 1 | Certain prior-period numbers have been reclassified to conform with the current-period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
19
New York Municipal Money Market Fund
Financial Highlights
| For a Share Outstanding Throughout Each Period | Year Ended November 30, | ||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | |||||
| Net Investment Income | .0061 | .0141 | .0121 | .0071 | .003 |
| Net Realized and Unrealized Gain (Loss) on Investments | — | — | — | — | — |
| Total from Investment Operations | .006 | .014 | .012 | .007 | .003 |
| Distributions | |||||
| Dividends from Net Investment Income | (.006) | (.014) | (.012) | (.007) | (.003) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.006) | (.014) | (.012) | (.007) | (.003) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return2 | 0.55% | 1.39% | 1.24% | 0.67% | 0.26% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,450 | $3,454 | $3,214 | $2,424 | $2,059 |
| Ratio of Total Expenses to Average Net Assets | 0.16% | 0.16% | 0.16% | 0.16% | 0.13%3 |
| Ratio of Net Investment Income to Average Net Assets | 0.61% | 1.38% | 1.24% | 0.67% | 0.25% |
| 1 | Calculated based on average shares outstanding. |
| 2 | 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. |
| 3 | The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2016. 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. The fund is not obligated to repay this amount to Vanguard. |
See accompanying Notes, which are an integral part of the Financial Statements.
20
New York Municipal Money Market Fund
Notes to Financial Statements
Vanguard New York Municipal 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. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
| 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. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the
21
New York Municipal Money Market Fund
extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended November 30, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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 and are generally settled twice a month. |
Effective December 4, 2020, it was announced that Vanguard and the board of trustees 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.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2020, the fund had contributed to Vanguard capital in the amount of $106,000, representing less than 0.01% of the fund’s net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. 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. |
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). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At November 30, 2020, 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.
22
New York Municipal Money Market Fund
| D. | Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. |
Temporary differences between book-basis and tax-basis components of total distributable earnings (losses) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the inclusion of payables for distributions. As of period end, the tax-basis components of total distributable earnings (losses) are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | — |
| Undistributed Tax-Exempt Income | 11 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards | — |
| Qualified Late-Year Losses | — |
| Net Unrealized Gains (Losses) | — |
The tax character of distributions paid was as follows:
| Year Ended November 30, | ||
| 2020 Amount ($000) | 2019 Amount ($000) | |
| Tax-Exempt Income | 18,068 | 46,812 |
| Ordinary Income* | — | — |
| Long-Term Capital Gains | — | — |
| Total | 18,068 | 46,812 |
| * | Includes short-term capital gains, if any. |
As of November 30, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000) | |
| Tax Cost | 2,449,217 |
| Gross Unrealized Appreciation | — |
| Gross Unrealized Depreciation | — |
| Net Unrealized Appreciation (Depreciation) | — |
| E. | 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, 2020, such purchases and sales were $540,305,000 and $998,685,000, respectively. |
23
New York Municipal Money Market Fund
| F. | Management has determined that no other events or transactions occurred subsequent to November 30, 2020, that would require recognition or disclosure in these financial statements. |
24
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, 2010, Through November 30, 2020
Initial Investment of $10,000
| Average Annual Total Returns Periods Ended November 30, 2020 | |||||
| One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
 | New York Long-Term Tax-Exempt Fund Investor Shares | 4.73% | 4.06% | 4.54% | $15,596 |
 | Bloomberg Barclays NY Municipal Bond Index | 3.97 | 3.56 | 4.08 | 14,912 |
 | Bloomberg Barclays Municipal Bond Index | 4.89 | 3.93 | 4.36 | 15,320 |
| One Year | Five Years | Ten Years | Final Value of a $50,000 Investment | ||
| New York Long-Term Tax-Exempt Fund Admiral Shares | 4.82% | 4.15% | 4.63% | $78,637 | |
| Bloomberg Barclays NY Municipal Bond Index | 3.97 | 3.56 | 4.08 | 74,560 | |
| Bloomberg Barclays Municipal Bond Index | 4.89 | 3.93 | 4.36 | 76,601 | |
See Financial Highlights for dividend and capital gains information.
25
New York Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of November 30, 2020
| Under 1 Year | 4.3% |
| 1 - 3 Years | 2.4 |
| 3 - 5 Years | 2.2 |
| 5 - 10 Years | 10.8 |
| 10 - 20 Years | 44.0 |
| 20 - 30 Years | 31.0 |
| Over 30 Years | 5.3 |
The table reflects the fund’s investments, except for short-term investments and derivatives.
26
New York Long-Term Tax-Exempt Fund
Financial Statements
Schedule of Investments
As of November 30, 2020
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Tax-Exempt Municipal Bonds (99.1%) | |||||
| New York (98.5%) | |||||
| 1 | Albany Industrial Development Agency Miscellaneous Revenue (CHF Holland Suites Project) VRDO | 0.120% | 12/3/20 | 6,940 | 6,940 |
| Brookhaven Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 10/1/45 | 2,000 | 2,145 | |
| Brookhaven Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 10/1/50 | 2,000 | 2,364 | |
| Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) | 5.000% | 7/15/22 | 1,250 | 1,310 | |
| Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) | 5.000% | 7/15/24 | 1,800 | 1,980 | |
| Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) | 5.000% | 7/15/25 | 1,655 | 1,860 | |
| Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) | 5.000% | 7/15/26 | 3,000 | 3,431 | |
| 2 | Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) | 4.000% | 7/15/29 | 375 | 422 |
| Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) | 5.000% | 7/15/30 | 5,990 | 6,795 | |
| Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) | 5.000% | 7/15/42 | 3,210 | 3,525 | |
| 2 | Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) | 3.000% | 7/15/43 | 2,135 | 2,177 |
| Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) | 0.000% | 7/15/31 | 10,890 | 7,526 | |
| Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) | 0.000% | 7/15/32 | 2,000 | 1,318 | |
| Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) | 0.000% | 7/15/33 | 2,385 | 1,501 | |
| Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) | 0.000% | 7/15/35 | 2,490 | 1,440 | |
| Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) | 0.000% | 7/15/45 | 3,180 | 1,157 | |
| Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) | 0.000% | 7/15/46 | 1,480 | 514 | |
| 2 | Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 4/1/33 | 1,350 | 1,759 |
| 2 | Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 4/1/34 | 1,300 | 1,548 |
| 2 | Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue | 3.000% | 4/1/35 | 1,200 | 1,295 |
27
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 2 | Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue | 3.000% | 4/1/36 | 1,100 | 1,183 |
| 2 | Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue | 3.000% | 4/1/37 | 865 | 927 |
| 2 | Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 4/1/38 | 1,600 | 1,882 |
| 2 | Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue | 3.000% | 4/1/45 | 2,865 | 2,920 |
| 2 | Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue | 3.000% | 4/1/50 | 3,000 | 3,043 |
| 2 | Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 4/1/50 | 2,285 | 2,587 |
| Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/24 | 1,395 | 1,540 | |
| Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/25 | 2,170 | 2,535 | |
| Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/25 | 1,590 | 1,787 | |
| Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/30 | 1,155 | 1,323 | |
| Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue | 5.250% | 7/1/35 | 3,180 | 3,628 | |
| Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/37 | 5,515 | 5,885 | |
| Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/40 | 5,270 | 5,910 | |
| Buffalo & Fort Erie Public Bridge Authority Highway Revenue | 5.000% | 1/1/47 | 3,000 | 3,561 | |
| Buffalo Municipal Water Finance Authority Water Revenue | 5.000% | 7/1/25 | 630 | 758 | |
| Buffalo Municipal Water Finance Authority Water Revenue | 5.000% | 7/1/28 | 2,010 | 2,397 | |
| Buffalo Municipal Water Finance Authority Water Revenue | 5.000% | 7/1/29 | 500 | 596 | |
| 2 | Buffalo Municipal Water Finance Authority Water Revenue | 3.000% | 7/1/35 | 15 | 16 |
| Build NYC Resource Corp. College & University Revenue | 5.000% | 6/1/27 | 200 | 232 | |
| Build NYC Resource Corp. College & University Revenue | 5.000% | 6/1/28 | 270 | 312 | |
| Build NYC Resource Corp. College & University Revenue | 5.000% | 6/1/29 | 225 | 260 | |
| Build NYC Resource Corp. College & University Revenue | 5.000% | 6/1/30 | 310 | 358 | |
| Build NYC Resource Corp. College & University Revenue | 5.000% | 6/1/32 | 660 | 761 | |
| Build NYC Resource Corp. College & University Revenue | 5.000% | 6/1/33 | 730 | 841 | |
| Build NYC Resource Corp. College & University Revenue | 5.000% | 6/1/34 | 580 | 668 | |
| Build NYC Resource Corp. College & University Revenue | 5.000% | 6/1/38 | 1,000 | 1,145 | |
| Build NYC Resource Corp. College & University Revenue (New York Law School Project) | 5.000% | 7/1/21 | 1,875 | 1,903 | |
| Build NYC Resource Corp. College & University Revenue (New York Law School Project) | 5.000% | 7/1/22 | 3,010 | 3,128 | |
| Build NYC Resource Corp. College & University Revenue (New York Law School Project) | 5.000% | 7/1/29 | 1,890 | 2,075 | |
| Build NYC Resource Corp. College & University Revenue (New York Law School Project) | 5.000% | 7/1/36 | 5,000 | 5,387 | |
| Build NYC Resource Corp. College & University Revenue (New York Law School Project) | 5.000% | 7/1/41 | 1,975 | 2,111 | |
| 3 | Build NYC Resource Corp. Economic Development Revenue | 5.000% | 12/1/39 | 2,540 | 2,701 |
| 3 | Build NYC Resource Corp. Economic Development Revenue | 5.000% | 12/1/49 | 3,410 | 3,568 |
| Build NYC Resource Corp. Health, Hospital, Nursing Home Revenue (NY Methodist Hospital Project) | 5.000% | 7/1/23 | 1,400 | 1,543 | |
| Build NYC Resource Corp. Health, Hospital, Nursing Home Revenue (NY Methodist Hospital Project) | 5.000% | 7/1/25 | 1,325 | 1,508 | |
| Build NYC Resource Corp. Health, Hospital, Nursing Home Revenue (NY Methodist Hospital Project) | 5.000% | 7/1/27 | 1,000 | 1,132 | |
| Build NYC Resource Corp. Miscellaneous Revenue | 5.000% | 6/1/24 | 750 | 842 |
28
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Build NYC Resource Corp. Miscellaneous Revenue | 5.000% | 7/1/25 | 100 | 119 | |
| Build NYC Resource Corp. Miscellaneous Revenue | 5.000% | 7/1/26 | 85 | 104 | |
| Build NYC Resource Corp. Miscellaneous Revenue | 5.000% | 7/1/27 | 75 | 94 | |
| Build NYC Resource Corp. Miscellaneous Revenue | 5.000% | 7/1/35 | 130 | 165 | |
| Build NYC Resource Corp. Miscellaneous Revenue | 4.000% | 7/1/36 | 130 | 152 | |
| Build NYC Resource Corp. Miscellaneous Revenue | 4.000% | 7/1/37 | 165 | 193 | |
| Build NYC Resource Corp. Miscellaneous Revenue | 4.000% | 7/1/38 | 150 | 175 | |
| Build NYC Resource Corp. Miscellaneous Revenue | 3.000% | 7/1/39 | 550 | 580 | |
| Build NYC Resource Corp. Miscellaneous Revenue | 4.000% | 7/1/44 | 975 | 1,114 | |
| Build NYC Resource Corp. Miscellaneous Revenue | 4.000% | 7/1/49 | 1,400 | 1,582 | |
| Build NYC Resource Corp. Miscellaneous Revenue (YMCA of Greater NY Project) | 5.000% | 8/1/29 | 1,000 | 1,132 | |
| Build NYC Resource Corp. Miscellaneous Revenue (YMCA of Greater NY Project) | 4.000% | 8/1/36 | 1,230 | 1,295 | |
| Copiague Union Free School District GO | 3.000% | 2/15/33 | 1,005 | 1,074 | |
| Dobbs Ferry Local Development Corp. College & University Revenue (Mercy College Project) | 5.000% | 7/1/39 | 3,120 | 3,421 | |
| Dobbs Ferry Local Development Corp. College & University Revenue (Mercy College Project) | 5.000% | 7/1/44 | 2,635 | 2,872 | |
| Dutchess County Local Development Corp. College & University Revenue | 5.000% | 7/1/29 | 250 | 287 | |
| Dutchess County Local Development Corp. College & University Revenue | 5.000% | 7/1/30 | 220 | 252 | |
| Dutchess County Local Development Corp. College & University Revenue | 5.000% | 7/1/31 | 1,170 | 1,331 | |
| Dutchess County Local Development Corp. College & University Revenue | 5.000% | 7/1/32 | 450 | 509 | |
| Dutchess County Local Development Corp. College & University Revenue | 5.000% | 7/1/33 | 250 | 281 | |
| Dutchess County Local Development Corp. College & University Revenue | 5.000% | 7/1/34 | 1,390 | 1,563 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/25 | 500 | 560 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/26 | 300 | 342 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/27 | 700 | 795 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/28 | 950 | 1,071 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/29 | 500 | 560 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/30 | 380 | 421 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/31 | 575 | 635 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/32 | 240 | 264 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/33 | 200 | 219 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/36 | 145 | 158 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/41 | 815 | 881 | |
| Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) | 5.000% | 7/1/46 | 300 | 322 | |
| Dutchess County Local Development Corp. College & University Revenue (Marist College Project) | 5.000% | 7/1/40 | 1,470 | 1,667 |
29
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Dutchess County Local Development Corp. College & University Revenue (Marist College Project) | 5.000% | 7/1/45 | 1,240 | 1,396 | |
| Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) | 5.000% | 7/1/33 | 565 | 693 | |
| Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) | 5.000% | 7/1/34 | 275 | 336 | |
| Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) | 5.000% | 7/1/35 | 1,200 | 1,465 | |
| Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) | 5.000% | 7/1/37 | 1,000 | 1,215 | |
| Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) | 5.000% | 7/1/42 | 7,250 | 8,708 | |
| Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) | 5.000% | 7/1/45 | 9,150 | 11,669 | |
| Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) | 4.000% | 7/1/46 | 5,600 | 6,258 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 2,000 | 2,372 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 1,505 | 1,785 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/29 | 1,595 | 1,882 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/34 | 2,135 | 2,443 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/35 | 1,000 | 1,137 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/37 | 1,100 | 1,238 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/38 | 1,000 | 1,123 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/41 | 805 | 871 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/44 | 3,810 | 4,213 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/49 | 6,600 | 7,243 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/24 | 655 | 764 | |
| Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/24 | 2,000 | 2,333 | |
| Erie County Fiscal Stability Authority Sales Tax Revenue | 4.000% | 9/1/33 | 600 | 710 | |
| Erie County Fiscal Stability Authority Sales Tax Revenue | 5.000% | 9/1/39 | 1,010 | 1,262 | |
| 1,3 | Erie County NY Industrial Development Agency School Facility Revenue (Buffalo City School District Project) TOB VRDO | 0.160% | 12/3/20 | 4,135 | 4,135 |
| 2 | Haverstraw-Stony Point Central School District GO | 5.000% | 10/15/33 | 300 | 337 |
| 2 | Haverstraw-Stony Point Central School District GO | 5.000% | 10/15/36 | 1,000 | 1,120 |
| 2 | Hempstead NY GO | 4.000% | 4/1/29 | 4,500 | 5,122 |
| Hempstead Town Local Development Corp. College & University Revenue (Adelphi University Project) | 4.750% | 6/1/30 | 450 | 457 | |
| Hempstead Town Local Development Corp. College & University Revenue (Adelphi University Project) | 5.000% | 9/1/43 | 5,000 | 5,336 | |
| Hempstead Town Local Development Corp. College & University Revenue (Hofstra University Project) | 5.000% | 7/1/41 | 2,815 | 2,865 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/26 | 700 | 815 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/27 | 1,740 | 2,061 |
30
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/29 | 2,170 | 2,388 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/30 | 670 | 779 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/32 | 370 | 426 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/34 | 1,800 | 1,958 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/38 | 480 | 546 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/38 | 870 | 1,005 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/39 | 1,645 | 1,776 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/43 | 1,025 | 1,169 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/44 | 1,670 | 1,791 | |
| Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) | 5.000% | 7/1/48 | 1,100 | 1,246 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | 2/15/32 | 3,500 | 4,271 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | 2/15/33 | 2,125 | 2,579 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | 2/15/34 | 14,000 | 16,919 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | 2/15/36 | 5,270 | 6,337 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | 2/15/37 | 3,600 | 4,316 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | 2/15/38 | 3,000 | 3,587 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | 2/15/39 | 4,500 | 5,368 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | 2/15/42 | 12,750 | 15,120 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 4.000% | 2/15/44 | 11,000 | 12,235 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Revenue | 5.000% | 2/15/45 | 9,500 | 11,204 | |
| Hudson Yards Infrastructure Corp. Miscellaneous Taxes Revenue, Prere. | 5.250% | 2/15/21 | 350 | 354 | |
| Johnstown City School District GO | 3.000% | 6/15/33 | 1,935 | 2,091 | |
| 2 | Long Island Power Authority Electric Power & Light Revenue | 0.000% | 6/1/24 | 19,830 | 19,272 |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/26 | 3,400 | 3,659 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/26 | 1,000 | 1,202 | |
| 2 | Long Island Power Authority Electric Power & Light Revenue | 0.000% | 6/1/27 | 15,905 | 14,751 |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/29 | 1,550 | 1,669 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/29 | 1,000 | 1,273 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/33 | 750 | 938 | |
| Long Island Power Authority Electric Power & Light Revenue | 4.000% | 9/1/34 | 12,550 | 14,926 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/34 | 4,500 | 5,202 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/34 | 1,050 | 1,311 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/35 | 6,000 | 6,926 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/35 | 1,500 | 1,868 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/36 | 2,000 | 2,418 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/36 | 2,285 | 2,906 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/37 | 2,150 | 2,726 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/37 | 5,090 | 5,463 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/38 | 2,150 | 2,717 | |
| Long Island Power Authority Electric Power & Light Revenue | 4.000% | 9/1/39 | 1,800 | 2,181 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/39 | 5,500 | 6,314 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/41 | 2,500 | 2,997 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/42 | 7,500 | 9,175 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/42 | 4,130 | 4,418 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/44 | 17,550 | 19,987 | |
| Long Island Power Authority Electric Power & Light Revenue | 5.000% | 9/1/47 | 4,015 | 4,874 |
31
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Long Island Power Authority Electric Power & Light Revenue PUT | 1.650% | 9/1/24 | 5,250 | 5,412 | |
| Long Island Power Authority Electric Power & Light Revenue PUT | 0.850% | 9/1/25 | 4,200 | 4,231 | |
| Long Island Power Authority Electric Power & Light Revenue, Prere. | 5.000% | 9/1/22 | 2,050 | 2,223 | |
| Long Island Power Authority Electric Power & Light Revenue, Prere. | 5.000% | 9/1/22 | 2,535 | 2,749 | |
| Madison County Capital Resource Corp. College & University Revenue | 5.000% | 7/1/40 | 1,495 | 1,737 | |
| Madison County Capital Resource Corp. College & University Revenue | 5.000% | 7/1/43 | 6,000 | 6,937 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 4.000% | 11/15/26 | 410 | 475 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/26 | 870 | 1,060 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/27 | 25 | 30 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.250% | 11/15/27 | 40 | 49 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.250% | 11/15/30 | 3,025 | 3,672 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.250% | 11/15/31 | 2,730 | 3,299 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/32 | 75 | 91 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.250% | 11/15/32 | 2,500 | 3,009 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 3.125% | 11/15/33 | 1,045 | 1,099 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 4.000% | 11/15/33 | 10,100 | 11,423 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 3.500% | 11/15/34 | 1,000 | 1,065 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 4.000% | 11/15/34 | 500 | 564 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/34 | 1,770 | 2,090 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/34 | 160 | 191 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.250% | 11/15/34 | 850 | 1,019 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/35 | 12,020 | 14,160 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.250% | 11/15/35 | 320 | 383 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/36 | 8,875 | 10,427 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/36 | 610 | 717 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/36 | 675 | 810 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/42 | 165 | 193 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/46 | 5,000 | 5,773 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/47 | 8,000 | 9,306 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.000% | 11/15/47 | 5,075 | 5,963 | |
| Metropolitan Transportation Authority Fuel Sales Tax Revenue | 5.250% | 11/15/57 | 5,865 | 6,980 | |
| 1 | Metropolitan Transportation Authority Fuel Sales Tax Revenue VRDO | 0.090% | 12/1/20 | 7,315 | 7,315 |
| Metropolitan Transportation Authority Miscellaneous Taxes Revenue | 5.000% | 11/15/24 | 1,900 | 2,049 | |
| Metropolitan Transportation Authority Miscellaneous Taxes Revenue | 5.000% | 11/15/29 | 6,975 | 7,455 | |
| Metropolitan Transportation Authority Miscellaneous Taxes Revenue | 0.000% | 11/15/30 | 10,490 | 7,881 | |
| Metropolitan Transportation Authority Miscellaneous Taxes Revenue | 5.000% | 11/15/31 | 11,090 | 11,821 | |
| Metropolitan Transportation Authority Miscellaneous Taxes Revenue | 0.000% | 11/15/32 | 700 | 486 | |
| 1,2,3 | Metropolitan Transportation Authority NY Revenue PUT TOB | 0.210% | 12/7/20 | 5,335 | 5,335 |
| 1,2,3 | Metropolitan Transportation Authority NY Revenue TOB VRDO | 0.210% | 12/3/20 | 2,975 | 2,975 |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/23 | 2,000 | 2,094 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/23 | 1,070 | 1,132 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/24 | 2,935 | 3,203 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/25 | 1,120 | 1,173 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/25 | 1,970 | 2,190 | |
| Metropolitan Transportation Authority Transit Revenue | 0.000% | 11/15/27 | 2,240 | 1,815 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/28 | 7,175 | 7,918 |
32
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/28 | 4,990 | 5,507 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/28 | 640 | 706 | |
| Metropolitan Transportation Authority Transit Revenue | 0.000% | 11/15/29 | 6,510 | 4,849 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/29 | 3,690 | 4,061 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/29 | 5,825 | 6,411 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/29 | 1,000 | 1,119 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/29 | 1,890 | 2,115 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/30 | 3,000 | 3,351 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/30 | 2,630 | 3,007 | |
| Metropolitan Transportation Authority Transit Revenue | 5.250% | 11/15/30 | 500 | 556 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/31 | 1,015 | 1,132 | |
| Metropolitan Transportation Authority Transit Revenue | 0.000% | 11/15/32 | 500 | 328 | |
| Metropolitan Transportation Authority Transit Revenue | 4.000% | 11/15/32 | 7,500 | 7,931 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/32 | 4,950 | 5,343 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/32 | 1,000 | 1,079 | |
| Metropolitan Transportation Authority Transit Revenue | 0.000% | 11/15/33 | 500 | 314 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/33 | 505 | 573 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/33 | 2,500 | 2,937 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/34 | 200 | 218 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/35 | 3,505 | 3,779 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/35 | 3,060 | 3,335 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/35 | 3,250 | 3,542 | |
| Metropolitan Transportation Authority Transit Revenue | 3.250% | 11/15/36 | 1,240 | 1,211 | |
| Metropolitan Transportation Authority Transit Revenue | 5.250% | 11/15/37 | 5,000 | 5,392 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/38 | 6,020 | 6,314 | |
| Metropolitan Transportation Authority Transit Revenue | 5.250% | 11/15/39 | 3,655 | 3,898 | |
| Metropolitan Transportation Authority Transit Revenue | 4.000% | 11/15/40 | 5,000 | 5,311 | |
| Metropolitan Transportation Authority Transit Revenue | 4.750% | 11/15/45 | 3,000 | 3,382 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/45 | 100 | 108 | |
| Metropolitan Transportation Authority Transit Revenue | 4.000% | 11/15/46 | 5,000 | 5,233 | |
| Metropolitan Transportation Authority Transit Revenue | 4.000% | 11/15/48 | 2,000 | 2,116 | |
| Metropolitan Transportation Authority Transit Revenue | 4.000% | 11/15/49 | 3,000 | 3,172 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/50 | 5,000 | 5,729 | |
| Metropolitan Transportation Authority Transit Revenue | 4.000% | 11/15/51 | 4,000 | 4,216 | |
| 4 | Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/52 | 3,860 | 4,648 |
| 2 | Metropolitan Transportation Authority Transit Revenue | 4.000% | 11/15/54 | 11,685 | 13,142 |
| Metropolitan Transportation Authority Transit Revenue | 5.250% | 11/15/55 | 2,155 | 2,343 | |
| Metropolitan Transportation Authority Transit Revenue | 5.250% | 11/15/55 | 5,000 | 5,857 | |
| Metropolitan Transportation Authority Transit Revenue | 5.000% | 11/15/56 | 2,000 | 2,186 | |
| Metropolitan Transportation Authority Transit Revenue | 5.250% | 11/15/57 | 4,000 | 4,484 | |
| Metropolitan Transportation Authority Transit Revenue PUT | 5.000% | 11/15/24 | 17,500 | 18,775 | |
| Metropolitan Transportation Authority Transit Revenue PUT | 5.000% | 5/15/30 | 5,000 | 5,831 | |
| Metropolitan Transportation Authority Transit Revenue Transit Revenue | 5.000% | 11/15/43 | 5,000 | 5,799 | |
| 1 | Metropolitan Transportation Authority Transit Revenue VRDO | 0.100% | 12/1/20 | 100 | 100 |
| 1 | Metropolitan Transportation Authority Transit Revenue VRDO | 0.130% | 12/3/20 | 5,721 | 5,720 |
| Metropolitan Transportation Authority Transit Revenue, Prere. | 5.000% | 11/15/22 | 1,160 | 1,268 | |
| Metropolitan Transportation Authority Transit Revenue, Prere. | 5.000% | 11/15/22 | 3,325 | 3,633 | |
| Metropolitan Transportation Authority Transit Revenue, Prere. | 5.000% | 11/15/22 | 3,070 | 3,355 | |
| Metropolitan Transportation Authority Transit Revenue, Prere. | 5.000% | 11/15/22 | 1,925 | 2,103 | |
| Metropolitan Transportation Authority Transit Revenue, Prere. | 5.000% | 5/15/23 | 2,050 | 2,291 | |
| Monroe County Industrial Development Corp. Lease (Appropriation) Revenue | 5.000% | 5/1/33 | 1,330 | 1,757 | |
| Monroe County Industrial Development Corp. Lease (Appropriation) Revenue | 5.000% | 5/1/34 | 1,750 | 2,303 |
33
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Monroe County Industrial Development Corp. Lease (Appropriation) Revenue | 5.000% | 5/1/35 | 1,250 | 1,640 | |
| 3 | Monroe County NY Industrial Development Corp. Charter School Aid Revenue | 5.000% | 6/1/50 | 1,260 | 1,462 |
| 3 | Monroe County NY Industrial Development Corp. Charter School Aid Revenue | 5.000% | 6/1/59 | 1,080 | 1,245 |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.000% | 10/1/22 | 340 | 359 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.000% | 10/1/23 | 470 | 509 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.000% | 7/1/29 | 1,250 | 1,477 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.000% | 7/1/31 | 1,000 | 1,174 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 4.000% | 7/1/32 | 1,780 | 2,064 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 4.000% | 7/1/32 | 1,295 | 1,502 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.000% | 7/1/32 | 1,640 | 1,919 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.000% | 10/1/32 | 600 | 678 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 4.000% | 7/1/33 | 1,650 | 1,906 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.000% | 7/1/33 | 1,400 | 1,633 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 4.000% | 7/1/36 | 1,000 | 1,147 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 4.000% | 7/1/36 | 900 | 1,033 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.000% | 7/1/37 | 1,000 | 1,159 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.500% | 6/1/39 | 1,500 | 1,647 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 4.000% | 7/1/39 | 1,500 | 1,652 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.000% | 6/1/44 | 2,500 | 2,693 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 5.000% | 7/1/45 | 4,030 | 4,617 | |
| Monroe County NY Industrial Development Corp. College & University Revenue | 4.000% | 10/1/47 | 1,300 | 1,320 | |
| Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) | 5.000% | 7/1/30 | 440 | 599 | |
| Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) | 5.000% | 7/1/31 | 2,000 | 2,486 | |
| Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) | 5.000% | 7/1/31 | 500 | 686 | |
| Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) | 5.000% | 7/1/32 | 600 | 832 | |
| Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) | 5.000% | 7/1/33 | 450 | 631 | |
| Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) | 5.000% | 7/1/36 | 1,000 | 1,223 | |
| Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) | 4.000% | 7/1/50 | 17,500 | 20,378 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/27 | 1,550 | 1,862 |
34
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/29 | 1,000 | 1,187 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/32 | 4,100 | 5,213 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 3.750% | 12/1/33 | 300 | 329 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/33 | 1,000 | 1,264 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/34 | 1,100 | 1,287 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/34 | 2,200 | 2,773 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/35 | 1,055 | 1,232 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/36 | 2,000 | 2,294 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/36 | 1,215 | 1,415 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 3.000% | 12/1/37 | 2,000 | 2,037 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/37 | 2,600 | 2,757 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/38 | 1,000 | 1,139 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/39 | 1,000 | 1,137 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 3.000% | 12/1/40 | 1,000 | 1,011 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/41 | 100 | 110 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/42 | 5,635 | 5,949 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/46 | 7,890 | 8,816 | |
| Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/46 | 5,000 | 5,753 | |
| 5 | Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue (Unity Hospital Rochester Project) | 5.750% | 8/15/30 | 3,500 | 3,539 |
| 5 | Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue (Unity Hospital Rochester Project) | 5.750% | 8/15/35 | 3,000 | 3,034 |
| 5 | Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue (Unity Hospital Rochester Project) | 5.500% | 8/15/40 | 3,700 | 3,740 |
| Mount Vernon NY City School District GO | 4.000% | 12/1/32 | 2,480 | 2,895 | |
| Mount Vernon NY City School District GO | 4.000% | 12/1/33 | 2,370 | 2,757 | |
| MTA Hudson Rail Yards Trust Obligations Lease Revenue | 5.000% | 11/15/56 | 22,000 | 23,881 | |
| Nassau County Industrial Development Agency College & University Revenue VRDO | 0.100% | 12/1/20 | 14,500 | 14,500 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/21 | 715 | 733 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/22 | 2,620 | 2,800 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/23 | 1,235 | 1,371 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/23 | 690 | 766 |
35
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/24 | 925 | 1,064 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/24 | 125 | 144 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/25 | 1,900 | 2,180 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/27 | 8,765 | 9,277 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 1,500 | 1,698 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 1,690 | 1,914 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/29 | 1,565 | 1,765 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/30 | 1,750 | 1,967 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/31 | 2,000 | 2,108 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/31 | 1,000 | 1,121 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/34 | 2,220 | 2,469 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/37 | 1,000 | 1,049 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/22 | 4,000 | 4,305 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/22 | 1,535 | 1,652 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/22 | 3,025 | 3,256 | |
| Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/22 | 8,245 | 8,873 | |
| Nassau County NY GO | 5.000% | 4/1/34 | 1,740 | 1,939 | |
| 1 | Nassau Health Care Corp. Health, Hospital, Nursing Home Revenue VRDO | 0.110% | 12/4/20 | 7,085 | 7,085 |
| New Rochelle NY College & University Revenue (IONA College Project) | 5.000% | 7/1/22 | 270 | 284 | |
| New Rochelle NY College & University Revenue (IONA College Project) | 5.000% | 7/1/25 | 325 | 370 | |
| New Rochelle NY College & University Revenue (IONA College Project) | 5.000% | 7/1/26 | 335 | 378 | |
| New Rochelle NY College & University Revenue (IONA College Project) | 5.000% | 7/1/27 | 425 | 478 | |
| New Rochelle NY College & University Revenue (IONA College Project) | 5.000% | 7/1/28 | 375 | 419 | |
| New Rochelle NY College & University Revenue (IONA College Project) | 5.000% | 7/1/33 | 1,135 | 1,240 | |
| New Rochelle NY College & University Revenue (IONA College Project) | 5.000% | 7/1/35 | 1,000 | 1,091 | |
| New Rochelle NY College & University Revenue (IONA College Project) | 5.000% | 7/1/45 | 2,030 | 2,178 | |
| New York City Educational Construction Fund Lease Revenue | 5.000% | 4/1/36 | 3,100 | 3,914 | |
| New York City Educational Construction Fund Lease Revenue | 5.000% | 4/1/37 | 2,850 | 3,587 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 5.000% | 7/1/23 | 1,000 | 1,116 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 2.800% | 5/1/28 | 2,025 | 2,228 |
36
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 2.850% | 11/1/28 | 3,195 | 3,514 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 2.900% | 5/1/29 | 3,480 | 3,826 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 2.950% | 11/1/29 | 1,670 | 1,835 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.100% | 5/1/30 | 1,300 | 1,429 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 5.250% | 7/1/30 | 2,605 | 2,900 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 5.250% | 7/1/30 | 15,000 | 16,700 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.125% | 11/1/30 | 2,000 | 2,198 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.700% | 11/1/30 | 3,000 | 3,225 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.150% | 5/1/31 | 1,325 | 1,455 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 2.750% | 11/1/31 | 2,000 | 2,111 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.400% | 11/1/33 | 545 | 590 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.600% | 11/1/33 | 4,000 | 4,387 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.100% | 11/1/34 | 500 | 540 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.700% | 11/15/34 | 5,000 | 5,275 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.700% | 11/1/38 | 8,800 | 9,536 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.000% | 11/1/39 | 3,000 | 3,171 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.400% | 11/1/39 | 3,000 | 3,261 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.800% | 11/1/39 | 2,355 | 2,590 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.850% | 11/1/43 | 3,000 | 3,250 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 4.250% | 11/1/43 | 16,000 | 17,861 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.000% | 11/1/44 | 15,000 | 15,623 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.800% | 11/1/47 | 430 | 461 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.500% | 2/15/48 | 5,030 | 5,195 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.900% | 11/1/48 | 4,000 | 4,287 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.950% | 11/1/48 | 8,000 | 8,614 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 4.050% | 11/1/48 | 4,040 | 4,378 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.650% | 11/1/49 | 3,550 | 3,786 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.950% | 11/1/49 | 3,500 | 3,789 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 2.800% | 2/1/50 | 9,135 | 9,314 |
37
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 2.750% | 2/1/51 | 5,000 | 5,086 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 4.000% | 11/1/53 | 15,000 | 16,099 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue | 3.750% | 11/1/54 | 3,225 | 3,446 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT | 1.750% | 7/3/23 | 4,000 | 4,044 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT | 2.950% | 2/1/26 | 5,050 | 5,518 | |
| New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT | 2.950% | 2/1/26 | 7,000 | 7,648 | |
| 1,3 | New York City Housing Development Corp. Revenue TOB VRDO | 0.140% | 12/3/20 | 5,000 | 5,000 |
| 1 | New York City Industrial Development Agency Auto Parking Revenue VRDO | 0.120% | 12/3/20 | 5,690 | 5,690 |
| New York City Industrial Development Agency Miscellaneous Revenue | 5.000% | 7/1/34 | 4,865 | 5,109 | |
| 2 | New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 5.000% | 3/1/30 | 750 | 990 |
| 2 | New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 4.000% | 3/1/31 | 500 | 617 |
| 2 | New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 4.000% | 3/1/32 | 1,000 | 1,224 |
| 2 | New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 3.000% | 3/1/36 | 2,250 | 2,445 |
| 2 | New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 2.500% | 3/1/37 | 1,240 | 1,244 |
| 2 | New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 3.000% | 3/1/38 | 4,000 | 4,317 |
| 2 | New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 3.000% | 3/1/39 | 2,565 | 2,761 |
| 2 | New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 3.000% | 3/1/40 | 2,000 | 2,147 |
| 2 | New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 4.000% | 3/1/45 | 3,480 | 4,063 |
| New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 4.000% | 3/1/45 | 3,100 | 3,532 | |
| 2 | New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 3.000% | 3/1/49 | 10,000 | 10,480 |
| New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT | 3.000% | 3/1/49 | 8,000 | 8,244 | |
| 6 | New York City Industrial Development Agency Miscellaneous Revenue PILOT | 6.125% | 1/1/29 | 1,620 | 1,628 |
| 6 | New York City Industrial Development Agency Miscellaneous Revenue PILOT | 6.375% | 1/1/39 | 4,000 | 4,019 |
| 6 | New York City Industrial Development Agency Private Schools Revenue (Stars-Churchill School Center Project) | 2.250% | 10/1/29 | 1,230 | 1,267 |
| 6 | New York City Industrial Development Agency Recreational Revenue PILOT | 0.000% | 3/1/34 | 5,285 | 3,773 |
| 6 | New York City Industrial Development Agency Recreational Revenue PILOT | 0.000% | 3/1/35 | 4,450 | 3,076 |
| 1,3 | New York City NY GO TOB VRDO | 0.120% | 12/1/20 | 2,900 | 2,900 |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | 7/15/31 | 2,820 | 3,605 | |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | 7/15/32 | 5,215 | 6,488 | |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | 7/15/34 | 2,500 | 2,977 |
38
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | 7/15/35 | 4,745 | 5,843 | |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 4.000% | 7/15/36 | 3,100 | 3,563 | |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | 7/15/36 | 5,000 | 6,267 | |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | 7/15/36 | 3,620 | 4,304 | |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 4.000% | 7/15/38 | 5,000 | 5,784 | |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | 7/15/40 | 7,315 | 8,683 | |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 5.000% | 7/15/41 | 2,000 | 2,366 | |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 4.000% | 7/15/45 | 5,000 | 5,766 | |
| New York City Transitional Finance Authority Building Aid Appropriations Revenue | 3.000% | 7/15/49 | 5,000 | 5,197 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/32 | 3,750 | 4,766 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/32 | 1,910 | 2,428 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/33 | 5,000 | 6,323 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/33 | 5,000 | 5,860 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/34 | 3,000 | 3,783 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 4.000% | 7/15/36 | 3,520 | 4,106 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/36 | 5,000 | 5,846 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 4.000% | 7/15/37 | 5,050 | 5,864 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/37 | 8,000 | 10,000 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/37 | 575 | 719 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 4.000% | 7/15/38 | 14,190 | 16,415 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/38 | 3,000 | 3,739 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 4.000% | 7/15/39 | 3,000 | 3,464 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 4.000% | 7/15/40 | 5,000 | 5,556 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/40 | 11,510 | 13,413 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 4.000% | 7/15/42 | 7,255 | 8,552 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 4.000% | 7/15/43 | 5,000 | 5,879 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/43 | 10,500 | 12,930 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/43 | 2,500 | 3,079 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 5.000% | 7/15/43 | 1,410 | 1,637 |
39
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 4.000% | 7/15/46 | 3,000 | 3,410 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 3.000% | 7/15/47 | 5,000 | 5,240 | |
| New York City Transitional Finance Authority Building Aid Income Tax Revenue | 3.500% | 7/15/47 | 8,510 | 9,210 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 11/1/29 | 5,050 | 6,100 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 11/1/31 | 3,000 | 4,060 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 11/1/32 | 12,000 | 14,946 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 11/1/32 | 5,370 | 6,475 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 11/1/32 | 3,000 | 4,028 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 8/1/33 | 10,275 | 12,261 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 11/1/33 | 9,500 | 11,430 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 8/1/34 | 2,000 | 2,497 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 8/1/34 | 10,000 | 11,518 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 11/1/34 | 3,880 | 4,493 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 2/1/35 | 5,500 | 6,758 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 8/1/35 | 3,600 | 4,104 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 8/1/35 | 2,750 | 3,474 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 11/1/35 | 2,500 | 3,046 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 2/1/36 | 4,000 | 4,514 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 5/1/36 | 2,500 | 3,037 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 5/1/36 | 2,000 | 2,399 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 8/1/36 | 5,000 | 5,778 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 8/1/36 | 11,600 | 13,315 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 11/1/36 | 2,500 | 3,302 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 3.000% | 2/1/37 | 1,500 | 1,580 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 5/1/37 | 1,250 | 1,513 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 8/1/37 | 5,020 | 5,784 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 8/1/37 | 5,000 | 5,903 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 3.000% | 11/1/37 | 2,500 | 2,718 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 5/1/38 | 2,235 | 2,695 |
40
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 8/1/38 | 10,000 | 12,040 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 5/1/39 | 2,000 | 2,403 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 5/1/39 | 4,965 | 6,091 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 5/1/40 | 4,000 | 4,769 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 11/1/40 | 2,305 | 2,715 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 11/1/40 | 7,000 | 8,179 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 5/1/41 | 4,000 | 4,775 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 3.000% | 8/1/42 | 1,960 | 2,051 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.000% | 8/1/42 | 2,500 | 2,848 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 5/1/43 | 1,000 | 1,144 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 5/1/44 | 4,000 | 4,566 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 3.000% | 5/1/45 | 6,360 | 6,706 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 4.000% | 11/1/45 | 1,675 | 1,946 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 3.000% | 5/1/46 | 4,900 | 5,199 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 3.000% | 11/1/47 | 7,720 | 8,127 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 0.100% | 12/1/20 | 500 | 500 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 0.120% | 12/1/20 | 19,385 | 19,385 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 0.120% | 12/1/20 | 3,000 | 3,000 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 0.120% | 12/1/20 | 3,000 | 3,000 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue, Prere. | 5.250% | 2/1/21 | 185 | 187 | |
| New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue, Prere. | 5.250% | 2/1/21 | 1,225 | 1,235 | |
| New York City Transitional Finance Authority Future Tax Secured Sales Tax Revenue | 5.000% | 2/1/31 | 2,500 | 2,942 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/25 | 610 | 718 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/26 | 275 | 331 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/27 | 275 | 336 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/28 | 385 | 478 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/29 | 350 | 440 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/30 | 400 | 504 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/31 | 1,020 | 1,278 |
41
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/31 | 2,000 | 2,619 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/32 | 350 | 436 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/32 | 2,250 | 2,925 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 4.000% | 12/1/33 | 4,000 | 4,696 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/33 | 450 | 558 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 4.000% | 12/1/34 | 3,000 | 3,512 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/34 | 400 | 495 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 4.000% | 12/1/35 | 1,850 | 2,156 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/35 | 500 | 617 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/36 | 750 | 922 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/37 | 1,775 | 2,176 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/38 | 2,070 | 2,531 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue | 5.000% | 12/1/39 | 605 | 738 | |
| New York City Trust for Cultural Resources Miscellaneous Revenue, Prere. | 5.000% | 8/1/23 | 4,000 | 4,503 | |
| New York City Water & Sewer System Sewer Revenue VRDO | 0.100% | 12/1/20 | 1,520 | 1,520 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/28 | 2,545 | 3,040 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/32 | 3,000 | 3,633 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/34 | 3,000 | 3,618 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/35 | 3,000 | 3,610 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/36 | 10,035 | 11,476 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/36 | 7,500 | 9,324 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/36 | 3,000 | 3,602 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/37 | 11,150 | 12,924 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/37 | 3,005 | 3,640 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/37 | 4,965 | 5,855 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/37 | 2,500 | 2,948 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/37 | 10,000 | 12,396 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/38 | 10,000 | 12,259 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/39 | 5,025 | 5,802 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/39 | 10,040 | 11,792 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/39 | 5,915 | 6,947 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/39 | 7,500 | 8,809 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/40 | 4,000 | 4,806 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/41 | 7,500 | 8,906 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/41 | 5,000 | 5,988 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/41 | 4,740 | 5,725 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/41 | 10,000 | 12,077 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/42 | 5,000 | 6,014 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/45 | 8,545 | 9,667 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/46 | 24,465 | 27,044 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/46 | 14,455 | 16,831 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/46 | 15,000 | 18,277 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/47 | 7,455 | 8,420 |
42
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/47 | 10,500 | 12,742 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/49 | 7,000 | 8,055 | |
| New York City Water & Sewer System Water Revenue | 5.000% | 6/15/49 | 11,735 | 14,549 | |
| New York City Water & Sewer System Water Revenue | 4.000% | 6/15/50 | 7,500 | 8,936 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.090% | 12/1/20 | 6,200 | 6,200 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.100% | 12/1/20 | 1,000 | 1,000 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.100% | 12/1/20 | 505 | 505 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.100% | 12/1/20 | 600 | 600 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.100% | 12/1/20 | 14,200 | 14,200 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.100% | 12/1/20 | 12,010 | 12,010 | |
| 1 | New York City Water & Sewer System Water Revenue VRDO | 0.100% | 12/1/20 | 1,700 | 1,700 |
| New York City Water & Sewer System Water Revenue VRDO | 0.120% | 12/1/20 | 8,790 | 8,790 | |
| New York City Water & Sewer System Water Revenue VRDO | 0.120% | 12/1/20 | 2,900 | 2,900 | |
| New York Convention Center Development Corp. Hotel Occupancy Tax Revenue | 5.000% | 11/15/22 | 500 | 534 | |
| New York Convention Center Development Corp. Hotel Occupancy Tax Revenue | 5.000% | 11/15/33 | 4,345 | 4,965 | |
| New York Convention Center Development Corp. Hotel Occupancy Tax Revenue | 5.000% | 11/15/40 | 14,165 | 16,008 | |
| 4 | New York Convention Center Development Corp. Hotel Occupancy Tax Revenue | 0.000% | 11/15/41 | 8,320 | 4,369 |
| 2 | New York Convention Center Development Corp. Hotel Occupancy Tax Revenue | 0.000% | 11/15/44 | 11,075 | 5,176 |
| New York Convention Center Development Corp. Hotel Occupancy Tax Revenue | 5.000% | 11/15/45 | 4,840 | 5,426 | |
| New York Convention Center Development Corp. Hotel Occupancy Tax Revenue | 5.000% | 11/15/46 | 13,640 | 15,486 | |
| New York Convention Center Development Corp. Hotel Occupancy Tax Revenue | 0.000% | 11/15/51 | 11,365 | 3,762 | |
| New York Counties Tobacco Trust VI Tobacco Settlement Funded Revenue | 5.625% | 6/1/35 | 9,885 | 10,664 | |
| New York Liberty Development Corp. Industrial Revenue | 5.000% | 9/15/32 | 1,650 | 1,740 | |
| New York Liberty Development Corp. Industrial Revenue | 5.500% | 10/1/37 | 10,406 | 15,740 | |
| New York Liberty Development Corp. Industrial Revenue | 5.000% | 9/15/40 | 4,680 | 4,915 | |
| New York Liberty Development Corp. Industrial Revenue | 5.000% | 9/15/43 | 14,360 | 15,087 | |
| New York Liberty Development Corp. Industrial Revenue | 5.000% | 3/15/44 | 5,965 | 6,244 | |
| New York Liberty Development Corp. Industrial Revenue | 2.450% | 9/15/69 | 21,825 | 21,904 | |
| New York Liberty Development Corp. Industrial Revenue | 2.625% | 9/15/69 | 8,000 | 8,152 | |
| New York Liberty Development Corp. Industrial Revenue | 2.800% | 9/15/69 | 9,500 | 9,215 | |
| New York Liberty Development Corp. Lease Revenue (4 World Trade Center Project) | 5.000% | 11/15/31 | 2,845 | 2,956 | |
| New York Liberty Development Corp. Lease Revenue (4 World Trade Center Project) | 5.750% | 11/15/51 | 5,000 | 5,231 | |
| New York Liberty Development Corp. Miscellaneous Revenue | 5.250% | 10/1/35 | 59,190 | 85,419 | |
| New York Mortgage Agency Local or Guaranteed Housing Revenue | 4.100% | 10/1/38 | 4,145 | 4,679 | |
| New York Mortgage Agency Local or Guaranteed Housing Revenue | 3.750% | 10/1/43 | 3,400 | 3,702 | |
| New York Mortgage Agency Local or Guaranteed Housing Revenue | 3.800% | 10/1/48 | 10,010 | 10,825 | |
| New York NY GO | 5.000% | 8/1/22 | 2,535 | 2,729 | |
| New York NY GO | 5.000% | 8/1/24 | 2,965 | 3,461 | |
| New York NY GO | 5.000% | 8/1/25 | 2,360 | 2,592 | |
| New York NY GO | 5.000% | 8/1/26 | 3,140 | 3,802 | |
| New York NY GO | 5.000% | 8/1/26 | 3,875 | 4,829 | |
| New York NY GO | 5.000% | 1/1/27 | 3,500 | 4,407 | |
| New York NY GO | 5.000% | 8/1/27 | 4,560 | 5,259 |
43
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York NY GO | 5.000% | 9/1/27 | 3,805 | 4,875 | |
| New York NY GO | 5.000% | 8/1/28 | 3,000 | 3,572 | |
| New York NY GO | 5.000% | 8/1/28 | 2,320 | 2,986 | |
| New York NY GO | 5.000% | 8/1/29 | 5,010 | 5,865 | |
| New York NY GO | 5.000% | 8/1/29 | 5,070 | 6,160 | |
| New York NY GO | 5.000% | 8/1/29 | 3,515 | 4,203 | |
| New York NY GO | 5.000% | 8/1/29 | 5,195 | 6,621 | |
| New York NY GO | 5.000% | 8/1/29 | 3,000 | 3,986 | |
| New York NY GO | 5.000% | 8/1/30 | 5,050 | 6,108 | |
| New York NY GO | 5.000% | 8/1/30 | 4,720 | 5,709 | |
| New York NY GO | 5.000% | 8/1/30 | 4,000 | 5,051 | |
| New York NY GO | 5.000% | 8/1/30 | 6,220 | 6,964 | |
| New York NY GO | 5.000% | 8/1/30 | 2,335 | 2,638 | |
| New York NY GO | 5.000% | 8/1/30 | 3,000 | 3,562 | |
| New York NY GO | 5.000% | 8/1/30 | 3,000 | 4,036 | |
| New York NY GO | 4.000% | 8/1/31 | 2,775 | 3,201 | |
| New York NY GO | 5.000% | 8/1/31 | 8,550 | 10,154 | |
| New York NY GO | 5.000% | 8/1/31 | 2,000 | 2,299 | |
| New York NY GO | 5.000% | 8/1/31 | 7,810 | 9,721 | |
| New York NY GO | 5.000% | 8/1/31 | 1,440 | 1,810 | |
| New York NY GO | 5.000% | 8/1/31 | 3,000 | 3,988 | |
| New York NY GO | 5.000% | 12/1/31 | 1,770 | 2,153 | |
| New York NY GO | 5.000% | 3/1/32 | 2,500 | 2,748 | |
| New York NY GO | 4.000% | 8/1/32 | 1,935 | 2,221 | |
| New York NY GO | 5.000% | 8/1/32 | 8,770 | 10,168 | |
| New York NY GO | 5.000% | 8/1/32 | 1,250 | 1,591 | |
| New York NY GO | 5.000% | 8/1/32 | 3,735 | 4,668 | |
| New York NY GO | 5.000% | 8/1/32 | 1,000 | 1,320 | |
| New York NY GO | 5.000% | 10/1/32 | 2,485 | 3,212 | |
| New York NY GO | 5.000% | 12/1/32 | 1,240 | 1,581 | |
| New York NY GO | 3.250% | 3/1/33 | 3,000 | 3,300 | |
| New York NY GO | 5.000% | 3/1/33 | 4,500 | 4,945 | |
| New York NY GO | 5.000% | 8/1/33 | 1,260 | 1,407 | |
| New York NY GO | 5.000% | 8/1/33 | 2,875 | 3,391 | |
| New York NY GO | 5.000% | 8/1/33 | 1,145 | 1,370 | |
| New York NY GO | 5.000% | 8/1/33 | 1,000 | 1,266 | |
| New York NY GO | 5.000% | 8/1/33 | 1,645 | 2,156 | |
| New York NY GO | 4.000% | 8/1/34 | 4,535 | 5,286 | |
| New York NY GO | 4.000% | 8/1/34 | 3,500 | 4,253 | |
| New York NY GO | 5.000% | 8/1/34 | 2,000 | 2,524 | |
| New York NY GO | 5.000% | 8/1/34 | 2,260 | 2,852 | |
| New York NY GO | 5.000% | 8/1/34 | 1,125 | 1,470 | |
| New York NY GO | 5.000% | 12/1/34 | 5,000 | 6,328 | |
| New York NY GO | 5.000% | 8/1/35 | 2,000 | 2,603 | |
| New York NY GO | 4.000% | 10/1/35 | 1,000 | 1,193 | |
| New York NY GO | 5.000% | 10/1/35 | 1,945 | 2,397 | |
| New York NY GO | 5.000% | 12/1/35 | 2,500 | 3,006 | |
| New York NY GO | 4.000% | 3/1/36 | 1,500 | 1,795 | |
| New York NY GO | 5.000% | 6/1/36 | 910 | 1,057 | |
| New York NY GO | 4.000% | 8/1/36 | 2,500 | 2,837 | |
| New York NY GO | 4.000% | 8/1/36 | 6,385 | 7,679 | |
| New York NY GO | 5.000% | 10/1/36 | 5,000 | 6,142 | |
| New York NY GO | 5.000% | 10/1/36 | 2,590 | 3,292 | |
| New York NY GO | 5.000% | 10/1/36 | 10 | 10 | |
| New York NY GO | 5.000% | 3/1/37 | 3,500 | 4,481 |
44
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York NY GO | 5.000% | 3/1/37 | 6,790 | 7,455 | |
| New York NY GO | 5.000% | 3/1/37 | 7,500 | 9,239 | |
| New York NY GO | 4.000% | 8/1/37 | 2,070 | 2,479 | |
| New York NY GO | 5.000% | 8/1/37 | 4,000 | 4,744 | |
| New York NY GO | 4.000% | 10/1/37 | 1,500 | 1,772 | |
| New York NY GO | 5.000% | 3/1/38 | 7,500 | 9,218 | |
| New York NY GO | 5.000% | 3/1/38 | 2,000 | 2,554 | |
| New York NY GO | 5.000% | 4/1/38 | 1,000 | 1,231 | |
| New York NY GO | 4.000% | 8/1/38 | 5,000 | 5,874 | |
| New York NY GO | 5.000% | 8/1/38 | 10,000 | 11,836 | |
| New York NY GO | 5.000% | 8/1/38 | 3,430 | 4,413 | |
| New York NY GO | 5.000% | 10/1/38 | 6,500 | 7,959 | |
| New York NY GO | 5.000% | 10/1/38 | 2,910 | 3,676 | |
| New York NY GO | 4.000% | 3/1/39 | 1,050 | 1,134 | |
| New York NY GO | 5.000% | 3/1/39 | 5,315 | 6,515 | |
| New York NY GO | 5.000% | 3/1/39 | 2,000 | 2,545 | |
| New York NY GO | 4.000% | 8/1/39 | 3,280 | 3,905 | |
| New York NY GO | 4.000% | 10/1/39 | 4,000 | 4,700 | |
| New York NY GO | 5.000% | 10/1/39 | 2,220 | 2,797 | |
| New York NY GO | 5.000% | 10/1/39 | 8,910 | 10,918 | |
| New York NY GO | 4.000% | 8/1/40 | 1,155 | 1,371 | |
| New York NY GO | 4.000% | 10/1/40 | 3,000 | 3,516 | |
| New York NY GO | 4.000% | 8/1/41 | 2,035 | 2,408 | |
| New York NY GO | 3.000% | 10/1/41 | 2,250 | 2,392 | |
| New York NY GO | 4.000% | 10/1/41 | 6,000 | 6,823 | |
| New York NY GO | 4.000% | 12/1/41 | 1,215 | 1,403 | |
| New York NY GO | 5.000% | 12/1/41 | 10,815 | 12,831 | |
| New York NY GO | 4.000% | 3/1/42 | 1,500 | 1,761 | |
| New York NY GO | 4.000% | 8/1/42 | 7,000 | 8,137 | |
| New York NY GO | 5.000% | 8/1/42 | 2,365 | 3,006 | |
| New York NY GO | 5.000% | 10/1/42 | 3,000 | 3,747 | |
| New York NY GO | 4.000% | 12/1/42 | 3,835 | 4,416 | |
| New York NY GO | 5.000% | 3/1/43 | 5,500 | 6,922 | |
| New York NY GO | 5.000% | 4/1/43 | 5,000 | 6,073 | |
| New York NY GO | 5.000% | 8/1/43 | 4,020 | 4,995 | |
| New York NY GO | 5.000% | 8/1/43 | 2,340 | 2,967 | |
| New York NY GO | 5.000% | 10/1/43 | 3,000 | 3,739 | |
| New York NY GO | 4.000% | 12/1/43 | 1,835 | 2,042 | |
| New York NY GO | 4.000% | 12/1/43 | 2,415 | 2,775 | |
| New York NY GO | 4.000% | 3/1/44 | 2,000 | 2,336 | |
| New York NY GO | 4.000% | 8/1/44 | 9,205 | 10,647 | |
| New York NY GO | 3.000% | 10/1/44 | 3,000 | 3,163 | |
| New York NY GO | 3.000% | 3/1/45 | 2,000 | 2,111 | |
| New York NY GO | 5.000% | 4/1/45 | 5,000 | 6,043 | |
| New York NY GO | 3.500% | 4/1/46 | 3,000 | 3,244 | |
| New York NY GO | 4.000% | 3/1/50 | 525 | 607 | |
| New York NY GO VRDO | 0.100% | 12/1/20 | 3,600 | 3,600 | |
| New York NY GO VRDO | 0.100% | 12/1/20 | 1,770 | 1,770 | |
| New York NY GO VRDO | 0.100% | 12/1/20 | 2,100 | 2,100 | |
| New York NY GO VRDO | 0.100% | 12/1/20 | 1,600 | 1,600 | |
| New York NY GO VRDO | 0.120% | 12/1/20 | 3,100 | 3,100 | |
| 1 | New York NY GO VRDO | 0.130% | 12/3/20 | 4,040 | 4,040 |
| New York NY GO, Prere. | 5.000% | 10/1/21 | 5 | 5 | |
| New York Power Authority Electric Power & Light Revenue | 4.000% | 11/15/45 | 7,000 | 8,318 | |
| New York Power Authority Electric Power & Light Revenue | 4.000% | 11/15/50 | 8,500 | 10,035 |
45
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York Power Authority Electric Power & Light Revenue | 4.000% | 11/15/55 | 13,000 | 15,237 | |
| New York Power Authority Electric Power & Light Revenue | 3.250% | 11/15/60 | 8,000 | 8,689 | |
| New York Power Authority Electric Power & Light Revenue | 4.000% | 11/15/60 | 5,500 | 6,410 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/21 | 440 | 447 | |
| 7 | New York State Dormitory Authority College & University Revenue | 5.150% | 7/1/24 | 2,000 | 2,228 |
| New York State Dormitory Authority College & University Revenue | 5.000% | 5/1/25 | 1,270 | 1,368 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/26 | 740 | 872 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/26 | 750 | 885 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/26 | 2,500 | 2,964 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 9/1/26 | 2,355 | 2,479 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 5/1/27 | 1,025 | 1,098 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/27 | 650 | 762 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/27 | 420 | 507 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 9/1/27 | 1,520 | 1,597 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 5/1/28 | 1,470 | 1,569 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/28 | 540 | 563 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/28 | 400 | 488 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/28 | 140 | 165 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/28 | 4,510 | 5,551 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 5/1/29 | 1,660 | 1,767 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/29 | 1,300 | 1,574 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/29 | 1,010 | 1,204 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/29 | 850 | 1,060 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/30 | 2,000 | 2,369 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/30 | 500 | 594 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/30 | 515 | 639 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/30 | 5,065 | 6,203 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/30 | 505 | 628 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/31 | 1,275 | 1,419 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/31 | 1,015 | 1,183 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/31 | 1,750 | 1,862 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/31 | 3,000 | 3,496 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/31 | 650 | 770 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/31 | 1,000 | 1,234 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/32 | 1,450 | 1,608 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/32 | 1,530 | 1,807 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/32 | 1,000 | 1,155 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/32 | 540 | 686 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/32 | 575 | 707 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/32 | 1,825 | 2,240 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/32 | 3,325 | 4,329 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/33 | 500 | 579 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/33 | 1,200 | 1,386 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/33 | 2,670 | 2,858 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/33 | 7,335 | 8,494 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/33 | 2,365 | 2,725 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/33 | 1,210 | 1,528 | |
| New York State Dormitory Authority College & University Revenue | 5.500% | 7/1/33 | 1,340 | 1,438 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/34 | 1,660 | 1,916 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/34 | 2,720 | 2,909 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/34 | 15 | 15 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/34 | 755 | 897 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/34 | 30 | 35 | |
| New York State Dormitory Authority College & University Revenue | 3.500% | 7/1/35 | 40 | 43 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/35 | 6,210 | 7,178 |
46
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/35 | 1,650 | 1,895 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/35 | 1,355 | 1,594 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/35 | 570 | 673 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/35 | 500 | 593 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/35 | 2,000 | 2,431 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/36 | 6,025 | 6,937 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/36 | 2,000 | 2,348 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/36 | 530 | 619 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/36 | 1,500 | 1,817 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/37 | 1,020 | 1,192 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/37 | 505 | 587 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/37 | 40 | 46 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/37 | 1,550 | 1,968 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/38 | 7,290 | 8,067 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/38 | 405 | 469 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/38 | 1,905 | 2,412 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/38 | 1,965 | 2,492 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 10/1/38 | 5,000 | 6,363 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/39 | 9,500 | 10,676 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/39 | 1,010 | 1,164 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/39 | 1,615 | 2,002 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/39 | 1,455 | 1,685 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/40 | 3,000 | 3,364 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/40 | 7,575 | 8,655 | |
| 8 | New York State Dormitory Authority College & University Revenue | 5.500% | 7/1/40 | 500 | 740 |
| New York State Dormitory Authority College & University Revenue | 4.250% | 5/1/42 | 2,500 | 2,564 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/42 | 2,000 | 2,111 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/43 | 9,320 | 10,398 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/43 | 1,410 | 1,621 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/43 | 1,185 | 1,342 | |
| New York State Dormitory Authority College & University Revenue | 5.750% | 7/1/43 | 7,105 | 7,625 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/44 | 9,585 | 11,060 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/44 | 2,500 | 2,688 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/45 | 5,000 | 5,810 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/45 | 1,500 | 1,697 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/45 | 3,000 | 3,339 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 10/1/45 | 2,000 | 3,213 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 10/1/46 | 3,000 | 4,863 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 10/1/46 | 1,250 | 1,508 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 10/1/47 | 975 | 1,594 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/48 | 8,000 | 9,200 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 10/1/48 | 15,255 | 25,139 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/49 | 2,500 | 2,925 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/49 | 4,000 | 4,554 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/49 | 7,500 | 9,327 | |
| New York State Dormitory Authority College & University Revenue | 5.000% | 7/1/49 | 5,000 | 6,191 | |
| New York State Dormitory Authority College & University Revenue | 4.000% | 7/1/50 | 7,465 | 8,871 | |
| New York State Dormitory Authority College & University Revenue (Brooklyn Law School Project), Prere. | 5.000% | 7/1/22 | 1,630 | 1,752 | |
| New York State Dormitory Authority College & University Revenue (Brooklyn Law School Project), Prere. | 5.000% | 7/1/22 | 1,210 | 1,300 | |
| New York State Dormitory Authority College & University Revenue (Brooklyn Law School Project), Prere. | 5.000% | 7/1/22 | 1,000 | 1,075 | |
| New York State Dormitory Authority College & University Revenue (Brooklyn Law School Project), Prere. | 5.000% | 7/1/22 | 1,000 | 1,075 |
47
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York State Dormitory Authority College & University Revenue (New School Project) | 5.000% | 7/1/41 | 7,185 | 8,188 | |
| New York State Dormitory Authority College & University Revenue (New School Project) | 4.000% | 7/1/43 | 395 | 422 | |
| New York State Dormitory Authority College & University Revenue (New School Project) | 5.000% | 7/1/46 | 5,110 | 5,774 | |
| New York State Dormitory Authority College & University Revenue, ETM | 5.000% | 11/1/21 | 285 | 298 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/22 | 3,625 | 3,901 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/22 | 10,000 | 10,762 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/22 | 4,200 | 4,520 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/22 | 3,250 | 3,498 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/22 | 2,290 | 2,463 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/22 | 3,000 | 3,226 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/22 | 2,250 | 2,421 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/22 | 13,500 | 14,529 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 5/1/23 | 30 | 33 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 5/1/23 | 30 | 33 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 5/1/23 | 20 | 22 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/23 | 1,300 | 1,461 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.250% | 7/1/23 | 2,500 | 2,825 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/24 | 500 | 584 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/24 | 1,000 | 1,168 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/24 | 500 | 584 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/24 | 2,110 | 2,465 | |
| New York State Dormitory Authority College & University Revenue, Prere. | 5.000% | 7/1/24 | 1,805 | 2,109 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/24 | 500 | 566 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/26 | 670 | 769 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 5/1/27 | 1,885 | 2,222 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/27 | 780 | 949 | |
| 3 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/27 | 1,400 | 1,707 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 5/1/28 | 2,080 | 2,438 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 700 | 847 |
48
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/28 | 1,555 | 1,921 | |
| 3 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/28 | 1,300 | 1,573 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 5/1/29 | 8,135 | 9,487 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/29 | 1,500 | 1,805 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/29 | 1,010 | 1,283 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/29 | 3,215 | 3,947 | |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 2/1/30 | 500 | 600 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 5/1/30 | 2,165 | 2,514 | |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/30 | 540 | 647 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/30 | 3,000 | 3,652 | |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 2/1/31 | 450 | 538 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/31 | 2,400 | 2,537 | |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/31 | 450 | 537 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/31 | 780 | 941 | |
| 3 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/31 | 1,200 | 1,425 |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 2/1/32 | 645 | 768 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 5/1/32 | 2,550 | 2,941 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/32 | 710 | 748 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/32 | 745 | 886 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/32 | 1,875 | 2,348 | |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/32 | 340 | 404 |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 2/1/33 | 700 | 829 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 5/1/33 | 3,500 | 4,025 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 3.000% | 7/1/33 | 2,595 | 2,712 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/33 | 400 | 474 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 9/1/33 | 2,250 | 2,753 | |
| 3 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/33 | 1,000 | 1,174 |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 2/1/34 | 825 | 974 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/34 | 3,000 | 3,510 |
49
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 2/1/35 | 950 | 1,120 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/35 | 1,420 | 1,655 | |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/35 | 450 | 530 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/35 | 2,200 | 2,617 | |
| 3 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/35 | 1,000 | 1,166 |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 2/1/36 | 500 | 588 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 5/1/36 | 3,020 | 3,457 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 9/1/36 | 405 | 458 | |
| 3 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/36 | 1,100 | 1,277 |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 2/1/37 | 640 | 751 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 5/1/37 | 1,000 | 1,143 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/37 | 1,350 | 1,565 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/37 | 1,705 | 1,919 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/37 | 3,420 | 3,802 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 9/1/37 | 300 | 339 | |
| 3 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/37 | 1,000 | 1,156 |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 2/1/38 | 680 | 796 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/38 | 2,200 | 2,470 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/38 | 4,475 | 4,963 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 9/1/38 | 600 | 675 | |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 2/1/39 | 600 | 701 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 5/1/39 | 4,000 | 4,185 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/39 | 1,305 | 1,460 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 9/1/39 | 550 | 616 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/40 | 650 | 725 | |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 3.000% | 8/1/40 | 500 | 548 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 9/1/40 | 1,870 | 2,088 | |
| 3 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/40 | 1,300 | 1,456 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/42 | 5,000 | 6,092 |
50
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 5.000% | 5/1/43 | 2,050 | 2,311 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/45 | 3,500 | 3,807 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 9/1/45 | 3,900 | 4,294 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/47 | 11,500 | 12,998 | |
| 5 | New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 3.000% | 2/1/50 | 5,000 | 5,209 |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/50 | 10,000 | 11,439 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 9/1/50 | 6,800 | 7,438 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/53 | 14,150 | 16,130 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue PUT | 5.000% | 5/1/24 | 2,000 | 2,251 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue PUT | 5.000% | 5/1/26 | 2,000 | 2,380 | |
| New York State Dormitory Authority Health, Hospital, Nursing Home Revenue VRDO | 0.100% | 12/2/20 | 9,175 | 9,175 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 3/15/28 | 3,290 | 3,788 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/29 | 4,985 | 5,646 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/29 | 5,100 | 6,401 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/30 | 6,000 | 7,057 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/31 | 9,130 | 11,345 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 3/15/31 | 1,000 | 1,199 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/32 | 3,240 | 3,808 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/33 | 1,000 | 1,175 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 3/15/33 | 5,000 | 6,128 | |
| New York State Dormitory Authority Income Tax Revenue | 5.250% | 3/15/33 | 1,750 | 2,122 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 2/15/34 | 5,000 | 5,738 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/34 | 5,000 | 6,216 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/34 | 3,500 | 4,259 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 2/15/35 | 5,000 | 5,726 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/35 | 7,500 | 9,781 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/35 | 3,510 | 4,260 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 3/15/35 | 3,000 | 3,514 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 3/15/35 | 4,305 | 5,124 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 3/15/35 | 5,030 | 6,117 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/36 | 3,000 | 3,641 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 3/15/36 | 1,000 | 1,190 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 2/15/37 | 3,000 | 3,578 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/37 | 7,860 | 9,705 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/37 | 5,400 | 6,577 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 3/15/37 | 5,000 | 5,644 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 2/15/38 | 4,670 | 5,549 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/38 | 7,720 | 9,384 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/38 | 1,430 | 1,664 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 3/15/38 | 3,705 | 4,177 | |
| New York State Dormitory Authority Income Tax Revenue | 5.250% | 3/15/38 | 5,000 | 6,370 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/39 | 5,030 | 5,841 | |
| New York State Dormitory Authority Income Tax Revenue | 3.000% | 3/15/39 | 3,500 | 3,803 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 2/15/40 | 3,000 | 3,547 | |
| New York State Dormitory Authority Income Tax Revenue | 3.000% | 3/15/40 | 3,500 | 3,794 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 3/15/41 | 5,000 | 5,626 |
51
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/42 | 500 | 611 | |
| New York State Dormitory Authority Income Tax Revenue | 5.000% | 2/15/42 | 1,500 | 1,795 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 2/15/47 | 4,230 | 4,919 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 3/15/47 | 5,000 | 5,860 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 3/15/48 | 10,890 | 12,413 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 3/15/48 | 5,000 | 5,852 | |
| New York State Dormitory Authority Income Tax Revenue | 3.000% | 2/15/49 | 3,000 | 3,173 | |
| New York State Dormitory Authority Income Tax Revenue | 4.000% | 2/15/49 | 5,000 | 5,799 | |
| New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | 2/15/24 | 15 | 17 | |
| New York State Dormitory Authority Income Tax Revenue, Prere. | 5.000% | 9/15/28 | 10 | 13 | |
| New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | 1/15/30 | 1,535 | 1,908 | |
| New York State Dormitory Authority Lease (Appropriation) Revenue | 5.000% | 1/15/31 | 5,000 | 6,183 | |
| New York State Dormitory Authority Lease (Non-Terminable) Revenue | 5.000% | 10/1/27 | 2,700 | 3,301 | |
| New York State Dormitory Authority Lease (Non-Terminable) Revenue | 5.000% | 10/1/28 | 1,860 | 2,260 | |
| New York State Dormitory Authority Lease (Non-Terminable) Revenue | 5.000% | 10/1/29 | 2,250 | 2,724 | |
| New York State Dormitory Authority Lease (Non-Terminable) Revenue | 3.000% | 10/1/31 | 10,000 | 10,948 | |
| 2 | New York State Dormitory Authority Lease (Non-Terminable) Revenue | 5.000% | 10/1/31 | 750 | 872 |
| New York State Dormitory Authority Lease (Non-Terminable) Revenue | 3.000% | 10/1/32 | 10,300 | 11,211 | |
| 2 | New York State Dormitory Authority Lease (Non-Terminable) Revenue | 5.000% | 10/1/32 | 1,000 | 1,161 |
| 2 | New York State Dormitory Authority Lease (Non-Terminable) Revenue | 5.000% | 10/1/33 | 1,000 | 1,160 |
| 2 | New York State Dormitory Authority Lease (Non-Terminable) Revenue | 5.000% | 10/1/34 | 1,000 | 1,159 |
| New York State Dormitory Authority Lease (Non-Terminable) Revenue (School Districts Bond Financing Program) | 5.000% | 10/1/26 | 1,425 | 1,747 | |
| 2 | New York State Dormitory Authority Lease (Non-Terminable) Revenue (School Districts Bond Financing Program) | 5.000% | 10/1/27 | 1,000 | 1,164 |
| 2 | New York State Dormitory Authority Lease (Non-Terminable) Revenue (School Districts Bond Financing Program) | 5.000% | 10/1/30 | 7,000 | 8,757 |
| New York State Dormitory Authority Lease (Non-Terminable) Revenue (School Districts Bond Financing Program) | 5.000% | 10/1/33 | 600 | 715 | |
| New York State Dormitory Authority Lease (Non-Terminable) Revenue (School Districts Bond Financing Program) | 5.000% | 10/1/34 | 520 | 636 | |
| New York State Dormitory Authority Lease Revenue | 5.000% | 4/1/34 | 1,290 | 1,602 | |
| New York State Dormitory Authority Lease Revenue | 5.000% | 10/1/34 | 1,175 | 1,458 | |
| New York State Dormitory Authority Lease Revenue | 4.000% | 4/1/35 | 1,055 | 1,230 | |
| New York State Dormitory Authority Lease Revenue | 4.000% | 10/1/35 | 645 | 743 | |
| New York State Dormitory Authority Lease Revenue | 3.000% | 4/1/42 | 2,000 | 2,058 | |
| New York State Dormitory Authority Lease Revenue | 3.000% | 4/1/48 | 1,350 | 1,374 | |
| New York State Dormitory Authority Lease Revenue (School Districts Bond Financing Program) | 5.000% | 10/1/29 | 3,000 | 3,633 | |
| New York State Dormitory Authority Lease Revenue (School Districts Bond Financing Program) | 5.000% | 10/1/30 | 2,000 | 2,410 | |
| New York State Dormitory Authority Lease Revenue (School Districts Bond Financing Program) | 5.000% | 10/1/31 | 2,015 | 2,419 | |
| 2 | New York State Dormitory Authority Lease Revenue (School Districts Revenue Financing Program) | 5.000% | 10/1/32 | 1,000 | 1,262 |
| 2 | New York State Dormitory Authority Lease Revenue (School Districts Revenue Financing Program) | 5.000% | 10/1/33 | 1,290 | 1,621 |
52
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 2 | New York State Dormitory Authority Lease Revenue (School Districts Revenue Financing Program) | 5.000% | 10/1/34 | 2,500 | 3,135 |
| 2 | New York State Dormitory Authority Lease Revenue (School Districts Revenue Financing Program) | 5.000% | 10/1/35 | 1,110 | 1,387 |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/30 | 400 | 515 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/31 | 8,975 | 10,209 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/32 | 2,650 | 3,012 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/32 | 8,225 | 9,761 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/33 | 5,000 | 5,673 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/33 | 4,840 | 5,724 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/34 | 5,000 | 5,665 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 2,500 | 2,946 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 5,000 | 6,074 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 5,000 | 6,157 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 5,000 | 6,306 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 5,240 | 5,927 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/36 | 5,000 | 6,059 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/36 | 1,000 | 1,228 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/36 | 6,700 | 8,425 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/36 | 10,020 | 12,600 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/36 | 7,995 | 9,030 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/37 | 3,600 | 4,411 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/37 | 5,000 | 5,639 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/38 | 5,000 | 6,252 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/39 | 5,000 | 6,235 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/39 | 1,250 | 1,579 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/41 | 10,000 | 12,148 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/42 | 5,000 | 5,826 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/42 | 14,350 | 17,390 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/43 | 4,085 | 4,941 | |
| New York State Dormitory Authority Sales Tax Revenue | 4.000% | 3/15/47 | 7,570 | 8,483 | |
| New York State Dormitory Authority Sales Tax Revenue | 4.000% | 3/15/47 | 5,000 | 5,678 | |
| New York State Dormitory Authority Sales Tax Revenue | 4.000% | 3/15/48 | 5,000 | 5,672 | |
| New York State Dormitory AuthorityIncome Tax Revenue | 3.000% | 3/15/49 | 3,225 | 3,421 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/23 | 1,000 | 1,121 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/24 | 870 | 1,016 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/25 | 1,610 | 1,955 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/32 | 2,515 | 3,192 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/32 | 5,000 | 5,938 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/33 | 4,000 | 5,056 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/34 | 4,145 | 4,746 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 8/15/34 | 1,000 | 1,268 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/35 | 2,500 | 3,147 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/35 | 3,000 | 3,670 | |
| New York State Environmental Facilities Corp. Water Revenue | 4.000% | 6/15/36 | 2,500 | 2,884 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 8/15/36 | 1,000 | 1,261 | |
| New York State Environmental Facilities Corp. Water Revenue | 4.000% | 6/15/37 | 5,610 | 6,548 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 9/15/40 | 2,370 | 2,752 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/41 | 3,000 | 3,626 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 8/15/41 | 1,000 | 1,247 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/42 | 11,310 | 14,013 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 8/15/42 | 1,000 | 1,244 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 6/15/44 | 2,220 | 2,864 | |
| New York State Environmental Facilities Corp. Water Revenue | 5.000% | 3/15/45 | 5,000 | 5,781 | |
| New York State Environmental Facilities Corp. Water Revenue | 4.000% | 6/15/49 | 6,500 | 7,673 |
53
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 1.750% | 5/1/24 | 5,700 | 5,769 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.250% | 11/1/31 | 1,105 | 1,237 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.650% | 11/1/32 | 1,000 | 1,099 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.625% | 11/1/33 | 1,340 | 1,498 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.550% | 11/1/39 | 1,000 | 1,091 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.550% | 11/1/39 | 1,000 | 1,092 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.250% | 11/1/41 | 3,145 | 3,302 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.800% | 11/1/43 | 2,325 | 2,526 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.850% | 11/1/43 | 1,140 | 1,249 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.850% | 11/1/43 | 2,380 | 2,593 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.000% | 11/1/44 | 1,500 | 1,573 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.875% | 11/1/48 | 2,635 | 2,852 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.875% | 11/1/48 | 1,830 | 1,981 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.900% | 11/1/48 | 1,665 | 1,805 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.950% | 11/1/48 | 1,500 | 1,630 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.050% | 11/1/49 | 8,000 | 8,338 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.050% | 11/1/52 | 3,440 | 3,564 | |
| New York State Housing Finance Agency Local or Guaranteed Housing Revenue | 3.150% | 11/1/54 | 4,000 | 4,152 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/28 | 5,265 | 6,171 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/29 | 4,085 | 4,779 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/29 | 1,220 | 1,459 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/30 | 2,665 | 3,117 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/30 | 1,700 | 2,026 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/31 | 5,500 | 6,427 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/31 | 2,900 | 3,451 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/32 | 5,155 | 6,020 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/32 | 2,970 | 3,528 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/33 | 1,800 | 2,230 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/33 | 2,340 | 2,772 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/34 | 2,185 | 2,699 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/35 | 3,100 | 3,819 | |
| New York State Thruway Authority Highway Revenue | 4.000% | 1/1/36 | 1,275 | 1,465 | |
| New York State Thruway Authority Highway Revenue | 4.000% | 1/1/37 | 2,500 | 2,913 | |
| New York State Thruway Authority Highway Revenue | 4.000% | 1/1/38 | 2,500 | 2,900 | |
| New York State Thruway Authority Highway Revenue | 4.000% | 1/1/38 | 250 | 276 | |
| New York State Thruway Authority Highway Revenue | 4.000% | 1/1/39 | 2,500 | 2,887 | |
| 2 | New York State Thruway Authority Highway Revenue | 4.000% | 1/1/40 | 2,500 | 2,947 |
| New York State Thruway Authority Highway Revenue | 4.000% | 1/1/41 | 2,500 | 2,880 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/41 | 2,500 | 2,927 |
54
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| New York State Thruway Authority Highway Revenue | 4.000% | 1/1/45 | 10,425 | 11,893 | |
| 2 | New York State Thruway Authority Highway Revenue | 4.000% | 1/1/45 | 3,000 | 3,486 |
| New York State Thruway Authority Highway Revenue | 4.000% | 1/1/45 | 4,000 | 4,620 | |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/46 | 5,000 | 5,812 | |
| New York State Thruway Authority Highway Revenue | 3.000% | 1/1/50 | 5,000 | 5,199 | |
| New York State Thruway Authority Highway Revenue | 4.000% | 1/1/50 | 10,000 | 11,335 | |
| 2 | New York State Thruway Authority Highway Revenue | 4.000% | 1/1/50 | 2,000 | 2,308 |
| New York State Thruway Authority Highway Revenue | 5.000% | 1/1/51 | 5,700 | 6,592 | |
| 2 | New York State Thruway Authority Highway Revenue | 3.000% | 1/1/53 | 3,500 | 3,637 |
| New York State Thruway Authority Highway Revenue | 3.000% | 1/1/53 | 3,500 | 3,583 | |
| New York State Thruway Authority Highway Revenue | 4.000% | 1/1/53 | 5,000 | 5,651 | |
| 2 | New York State Thruway Authority Highway Revenue | 4.000% | 1/1/53 | 2,000 | 2,303 |
| New York State Thruway Authority Highway Revenue | 5.250% | 1/1/56 | 7,400 | 8,597 | |
| New York State Thruway Authority Income Tax Revenue | 5.000% | 3/15/32 | 5,000 | 5,504 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/31 | 3,410 | 4,159 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/32 | 5,000 | 5,710 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/33 | 3,000 | 4,002 | |
| New York State Urban Development Corp. Income Tax Revenue | 4.000% | 3/15/34 | 3,000 | 3,664 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/35 | 2,000 | 2,389 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/35 | 3,000 | 3,971 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/36 | 1,000 | 1,236 | |
| New York State Urban Development Corp. Income Tax Revenue | 4.000% | 3/15/39 | 3,505 | 4,201 | |
| New York State Urban Development Corp. Income Tax Revenue | 3.000% | 3/15/40 | 2,400 | 2,606 | |
| New York State Urban Development Corp. Income Tax Revenue | 4.000% | 3/15/40 | 3,280 | 3,922 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/41 | 6,000 | 7,786 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/42 | 1,000 | 1,219 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/42 | 2,500 | 3,233 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/43 | 10,000 | 10,888 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/44 | 3,000 | 3,859 | |
| New York State Urban Development Corp. Income Tax Revenue | 4.000% | 3/15/45 | 9,500 | 11,189 | |
| New York State Urban Development Corp. Income Tax Revenue | 5.000% | 3/15/47 | 5,000 | 6,393 | |
| New York State Urban Development Corp. Income Tax Revenue | 4.000% | 3/15/48 | 5,000 | 5,699 | |
| New York State Urban Development Corp. Income Tax Revenue | 4.000% | 3/15/49 | 5,000 | 5,854 | |
| New York State Urban Development Corp. Income Tax Revenue | 3.000% | 3/15/50 | 5,000 | 5,295 | |
| New York State Urban Development Corp. Income Tax Revenue VRDO | 0.130% | 12/3/20 | 15,400 | 15,400 | |
| New York State Urban Development Corp. Lease (Appropriation) Revenue | 5.000% | 3/15/39 | 175 | 223 | |
| New York State Urban Development Corp. Lease (Appropriation) Revenue | 5.000% | 3/15/40 | 925 | 1,178 | |
| New York State Urban Development Corp. Lease (Appropriation) Revenue | 4.000% | 3/15/43 | 3,525 | 4,114 | |
| New York State Urban Development Corp. Lease (Appropriation) Revenue | 3.000% | 3/15/49 | 6,000 | 6,340 | |
| Niagara Area Development Corp. College & University Revenue (Niagara University Project), Prere. | 5.000% | 5/1/22 | 320 | 339 | |
| Niagara Area Development Corp. College & University Revenue (Niagara University Project), Prere. | 5.000% | 5/1/22 | 2,750 | 2,913 | |
| 4 | Niagara Falls Public Water Authority Water Revenue | 4.250% | 7/15/34 | 3,000 | 3,211 |
| Oneida County Local Development Corp. College & University Revenue (Utica College Project) | 4.000% | 7/1/39 | 500 | 511 | |
| 2 | Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/34 | 1,000 | 1,177 |
| 2 | Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/35 | 1,000 | 1,173 |
| 2 | Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/36 | 1,000 | 1,168 |
55
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| 2 | Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/49 | 3,785 | 4,297 |
| Onondaga Civic Development Corp. College & University Revenue | 5.000% | 7/1/32 | 1,000 | 1,042 | |
| Onondaga Civic Development Corp. College & University Revenue | 5.000% | 7/1/42 | 1,855 | 1,920 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 1/1/32 | 510 | 595 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 1/1/33 | 540 | 626 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 7/1/33 | 300 | 360 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 1/1/34 | 565 | 654 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 7/1/34 | 300 | 359 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 1/1/35 | 595 | 688 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 7/1/35 | 410 | 490 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 1/1/36 | 625 | 718 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 4.000% | 7/1/36 | 435 | 471 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 1/1/37 | 355 | 406 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 4.000% | 7/1/37 | 300 | 323 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 1/1/38 | 285 | 326 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 4.000% | 7/1/38 | 275 | 296 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 4.000% | 7/1/39 | 350 | 375 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 4.000% | 7/1/40 | 300 | 321 | |
| Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) | 5.000% | 1/1/43 | 1,000 | 1,130 | |
| Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) | 5.000% | 7/1/28 | 450 | 507 | |
| Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) | 5.000% | 7/1/29 | 475 | 533 | |
| Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) | 5.000% | 7/1/30 | 450 | 503 | |
| Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) | 5.000% | 7/1/33 | 575 | 636 | |
| Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) | 5.000% | 7/1/35 | 635 | 701 | |
| Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) | 5.000% | 7/1/40 | 1,940 | 2,120 | |
| Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) | 5.000% | 7/1/45 | 3,950 | 4,279 | |
| Onondaga Civic Development Corp. College & University Revenue (Syracuse University Project) | 5.000% | 12/1/30 | 1,095 | 1,488 | |
| Onondaga Civic Development Corp. College & University Revenue (Syracuse University Project) | 5.000% | 12/1/31 | 1,000 | 1,351 | |
| Onondaga Civic Development Corp. College & University Revenue (Syracuse University Project) | 5.000% | 12/1/33 | 1,500 | 2,000 |
56
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Onondaga Civic Development Corp. College & University Revenue (Syracuse University Project) | 5.000% | 12/1/34 | 1,000 | 1,331 | |
| Onondaga Civic Development Corp. Health, Hospital, Nursing Home Revenue | 5.500% | 3/1/24 | 2,465 | 2,450 | |
| Onondaga Civic Development Corp. Health, Hospital, Nursing Home Revenue | 5.250% | 3/1/31 | 2,000 | 1,875 | |
| Onondaga County Trust for Cultural Resources College & University Revenue (Syracuse University Project) | 5.000% | 12/1/45 | 11,665 | 14,816 | |
| Onondaga County Trust for Cultural Resources College & University Revenue (Syracuse University Project) | 4.000% | 12/1/47 | 7,750 | 9,012 | |
| Onondaga County Trust for Cultural Resources College & University Revenue (Syracuse University Project), Prere. | 5.000% | 12/1/23 | 1,000 | 1,143 | |
| Onondaga County Trust for Cultural Resources Local or Guaranteed Housing Revenue (Abby Lane Housing Corp. Project) | 5.000% | 5/1/35 | 1,140 | 1,269 | |
| Onondaga County Trust for Cultural Resources Local or Guaranteed Housing Revenue (Abby Lane Housing Corp. Project) | 5.000% | 5/1/36 | 1,475 | 1,638 | |
| Onondaga County Trust for Cultural Resources Local or Guaranteed Housing Revenue (Abby Lane Housing Corp. Project) | 5.000% | 5/1/40 | 2,200 | 2,421 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 10/15/29 | 3,545 | 4,218 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 7/15/31 | 315 | 402 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 10/15/33 | 1,750 | 2,073 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 9/1/34 | 1,290 | 1,463 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 11/15/35 | 4,265 | 5,282 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/36 | 1,000 | 1,206 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/37 | 2,000 | 2,402 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 7/15/38 | 3,000 | 3,592 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 9/1/38 | 3,380 | 3,993 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 9/1/38 | 1,750 | 2,036 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 5/1/40 | 3,565 | 4,088 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 10/15/41 | 13,000 | 15,091 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 11/15/42 | 3,000 | 3,646 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 9/1/43 | 5,000 | 5,739 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 5/1/45 | 8,765 | 9,998 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 9/1/45 | 2,785 | 3,224 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 11/15/46 | 3,000 | 3,569 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 11/15/47 | 8,000 | 9,653 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 9/1/48 | 5,000 | 6,118 |
57
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.000% | 11/1/49 | 9,000 | 10,388 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.250% | 10/15/55 | 7,750 | 8,953 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 4/15/57 | 2,000 | 2,349 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.000% | 5/15/57 | 2,000 | 2,378 | |
| Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.250% | 11/15/57 | 11,450 | 13,884 | |
| 2 | Rockland County NY GO | 3.000% | 6/15/31 | 2,955 | 3,201 |
| 2 | Rockland County NY GO | 3.000% | 6/15/32 | 2,815 | 3,026 |
| 2 | Rockland County NY GO | 3.000% | 6/15/33 | 2,970 | 3,200 |
| 2 | Rockland County NY GO | 3.000% | 6/15/35 | 3,105 | 3,329 |
| Sales Tax Asset Receivable Corp. Sales Tax Revenue | 5.000% | 10/15/30 | 2,800 | 3,272 | |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 5.000% | 7/1/32 | 220 | 278 | |
| 9 | Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 5.000% | 7/1/32 | 750 | 952 |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 5.000% | 7/1/33 | 175 | 220 | |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 5.000% | 7/1/34 | 225 | 282 | |
| 9 | Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 5.000% | 7/1/34 | 1,225 | 1,538 |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 5.000% | 7/1/35 | 225 | 282 | |
| 9 | Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 4.000% | 7/1/36 | 1,335 | 1,531 |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 5.000% | 7/1/36 | 500 | 624 | |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 3.000% | 7/1/38 | 610 | 648 | |
| 9 | Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 4.000% | 7/1/38 | 1,440 | 1,643 |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 5.000% | 7/1/38 | 300 | 372 | |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 3.000% | 7/1/39 | 2,635 | 2,791 | |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 3.000% | 7/1/40 | 2,110 | 2,229 | |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 5.000% | 7/1/43 | 3,550 | 4,357 | |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 5.000% | 7/1/48 | 4,520 | 5,504 | |
| Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) | 4.000% | 7/1/50 | 2,250 | 2,586 | |
| 2 | Schenectady NY GO | 3.000% | 5/1/31 | 635 | 691 |
| 2 | Schenectady NY GO | 3.000% | 5/1/32 | 1,205 | 1,304 |
| St. Lawrence County Industrial Development Agency College & University Revenue | 5.000% | 7/1/28 | 310 | 370 | |
| St. Lawrence County Industrial Development Agency College & University Revenue | 5.000% | 7/1/29 | 660 | 785 | |
| St. Lawrence County Industrial Development Agency College & University Revenue | 5.000% | 7/1/31 | 450 | 533 | |
| St. Lawrence County Industrial Development Agency College & University Revenue | 5.000% | 7/1/34 | 830 | 974 |
58
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| St. Lawrence County Industrial Development Agency College & University Revenue | 5.000% | 7/1/35 | 1,510 | 1,769 | |
| St. Lawrence County Industrial Development Agency College & University Revenue | 5.000% | 7/1/36 | 545 | 637 | |
| St. Lawrence County Industrial Development Agency College & University Revenue (St. Lawrence University Project) | 5.000% | 7/1/43 | 8,870 | 9,407 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/21 | 310 | 316 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/23 | 230 | 241 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/24 | 250 | 266 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/25 | 250 | 268 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 1,500 | 1,698 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 14,180 | 14,511 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/29 | 3,000 | 3,383 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/29 | 720 | 818 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/34 | 1,000 | 1,110 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/40 | 2,000 | 2,195 | |
| Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 7/1/21 | 1,570 | 1,613 | |
| Suffolk County Judicial Facilities Agency Lease (Appropriation) Revenue | 5.000% | 11/1/33 | 8,000 | 8,399 | |
| 2 | Suffolk County NY GO | 5.000% | 10/15/26 | 1,150 | 1,421 |
| 4 | Suffolk County NY GO | 4.000% | 10/15/27 | 4,900 | 5,850 |
| 2 | Suffolk County NY GO | 4.000% | 10/15/27 | 2,410 | 2,826 |
| 4 | Suffolk County NY GO | 4.000% | 10/15/28 | 3,850 | 4,575 |
| 4 | Suffolk County NY GO | 4.000% | 4/1/30 | 4,420 | 5,139 |
| 4 | Suffolk County NY GO | 4.000% | 4/1/31 | 4,590 | 5,314 |
| Suffolk County Water Authority Water Revenue | 3.250% | 6/1/43 | 580 | 633 | |
| Suffolk Tobacco Asset Securitization Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/32 | 2,675 | 2,767 | |
| Suffolk Tobacco Asset Securitization Corp. Tobacco Settlement Funded Revenue | 5.250% | 6/1/37 | 3,300 | 3,421 | |
| Syracuse Industrial Development Agency Lease (Appropriation) Revenue (Syracuse City School District Project) | 4.000% | 5/1/34 | 725 | 860 | |
| Syracuse Industrial Development Agency Lease (Appropriation) Revenue (Syracuse City School District Project) | 4.000% | 5/1/35 | 500 | 591 | |
| Syracuse Industrial Development Agency Lease (Appropriation) Revenue (Syracuse City School District Project) | 4.000% | 5/1/36 | 1,000 | 1,178 | |
| Syracuse Industrial Development Agency Lease (Non-Terminable) Revenue | 4.000% | 5/1/33 | 1,025 | 1,199 | |
| Syracuse Industrial Development Agency Lease (Non-Terminable) Revenue | 4.000% | 5/1/34 | 1,200 | 1,398 | |
| Syracuse Industrial Development Agency Lease (Non-Terminable) Revenue | 4.000% | 5/1/35 | 1,000 | 1,162 | |
| Tompkins County Development Corp. College & University Revenue | 5.000% | 7/1/32 | 1,555 | 1,780 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/26 | 7,770 | 8,565 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | 11/15/29 | 2,705 | 2,274 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/29 | 725 | 850 |
59
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/30 | 500 | 586 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | 11/15/31 | 5,500 | 4,384 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/31 | 3,010 | 3,604 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/31 | 5,000 | 6,962 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | 11/15/32 | 3,510 | 2,725 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 0.000% | 11/15/32 | 235 | 182 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/33 | 1,540 | 1,901 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/33 | 2,000 | 2,338 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/34 | 3,210 | 3,957 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/35 | 5,000 | 6,367 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/36 | 5,010 | 5,895 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/36 | 2,500 | 3,320 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/37 | 5,010 | 6,124 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/37 | 2,500 | 2,950 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 4.000% | 11/15/38 | 1,000 | 1,207 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/38 | 3,000 | 3,660 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/40 | 2,525 | 2,913 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/41 | 7,510 | 8,735 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/42 | 4,600 | 5,566 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/42 | 7,675 | 9,406 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/43 | 10,000 | 12,330 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/44 | 6,325 | 7,780 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.250% | 11/15/45 | 4,000 | 4,670 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/47 | 5,835 | 7,010 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 3.000% | 11/15/48 | 2,000 | 2,113 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 4.000% | 11/15/48 | 10,000 | 11,380 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/49 | 2,240 | 2,793 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/49 | 9,000 | 11,580 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 4.000% | 11/15/54 | 13,735 | 16,023 | |
| Triborough Bridge & Tunnel Authority Highway Revenue | 5.000% | 11/15/54 | 4,500 | 5,744 | |
| 1,3 | Triborough Bridge & Tunnel Authority New York Revenue TOB VRDO | 0.150% | 12/3/20 | 14,000 | 14,000 |
| Troy Capital Resource Corp. College & University Revenue | 5.000% | 8/1/23 | 1,000 | 1,102 | |
| Troy Capital Resource Corp. College & University Revenue | 5.000% | 8/1/24 | 1,165 | 1,326 | |
| Troy Capital Resource Corp. College & University Revenue | 5.000% | 8/1/25 | 1,000 | 1,171 | |
| Troy Capital Resource Corp. College & University Revenue | 5.000% | 9/1/37 | 2,900 | 3,595 | |
| Troy Capital Resource Corp. College & University Revenue | 5.000% | 9/1/38 | 2,500 | 3,090 | |
| Troy Capital Resource Corp. College & University Revenue | 5.000% | 9/1/39 | 2,845 | 3,509 | |
| Troy Capital Resource Corp. College & University Revenue | 4.000% | 9/1/40 | 2,060 | 2,312 | |
| TSASC Inc. NY Tobacco Settlement Funded Revenue | 5.000% | 6/1/26 | 3,095 | 3,736 | |
| TSASC Inc. NY Tobacco Settlement Funded Revenue | 5.000% | 6/1/28 | 5,880 | 7,249 | |
| TSASC Inc. NY Tobacco Settlement Funded Revenue | 5.000% | 6/1/29 | 5,015 | 6,153 | |
| TSASC Inc. NY Tobacco Settlement Funded Revenue | 5.000% | 6/1/30 | 5,225 | 6,364 | |
| TSASC Inc. NY Tobacco Settlement Funded Revenue | 5.000% | 6/1/32 | 1,725 | 2,078 | |
| TSASC Inc. NY Tobacco Settlement Funded Revenue | 5.000% | 6/1/33 | 5,000 | 5,993 | |
| TSASC Inc. NY Tobacco Settlement Funded Revenue | 5.000% | 6/1/34 | 6,000 | 7,168 | |
| TSASC Inc. NY Tobacco Settlement Funded Revenue | 5.000% | 6/1/36 | 900 | 1,068 | |
| TSASC Inc. NY Tobacco Settlement Funded Revenue | 5.000% | 6/1/41 | 5,500 | 6,270 | |
| Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | 12/15/32 | 9,650 | 10,968 | |
| Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | 12/15/33 | 2,755 | 3,352 | |
| Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | 12/15/34 | 5,185 | 5,885 | |
| 10 | Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | 12/15/36 | 23,700 | 28,754 |
60
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | 12/15/38 | 3,010 | 3,797 | |
| Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | 12/15/39 | 3,015 | 3,798 | |
| Utility Debt Securitization Authority Electric Power & Light Revenue | 5.000% | 12/15/41 | 22,400 | 25,220 | |
| Westchester County Local Development Corp. College & University Revenue | 5.000% | 5/1/34 | 15,150 | 16,359 | |
| Westchester County Local Development Corp. College & University Revenue | 5.500% | 5/1/42 | 7,640 | 8,295 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/21 | 600 | 612 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/22 | 400 | 421 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/23 | 425 | 461 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/24 | 350 | 389 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/25 | 475 | 541 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/26 | 290 | 332 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/27 | 270 | 308 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 11/1/27 | 1,035 | 1,205 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 280 | 319 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 11/1/28 | 1,000 | 1,159 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/29 | 500 | 568 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 11/1/29 | 1,000 | 1,154 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/34 | 200 | 224 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 11/1/34 | 2,500 | 2,846 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 3.750% | 11/1/37 | 1,755 | 1,820 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/42 | 550 | 610 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue | 5.000% | 11/1/46 | 21,825 | 24,094 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue (Kendal On Hudson Project) | 5.000% | 1/1/28 | 1,350 | 1,430 | |
| Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue (Kendal On Hudson Project) | 5.000% | 1/1/34 | 1,555 | 1,628 | |
| Westchester County Local Development Corp. Local or Guaranteed Housing Revenue (Purchase Housing Corp. II Project) | 5.000% | 6/1/37 | 1,275 | 1,378 | |
| Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue | 6.000% | 11/1/30 | 15 | 15 | |
| Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue, ETM | 5.000% | 11/1/21 | 2,500 | 2,609 | |
| Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue, Prere. | 4.500% | 11/1/21 | 75 | 78 | |
| Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 11/1/21 | 11,715 | 12,226 |
61
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue, Prere. | 5.000% | 11/1/21 | 1,810 | 1,889 | |
| Westchester Tobacco Asset Securitization Corp. Tobacco Settlement Funded Revenue | 5.000% | 6/1/32 | 2,500 | 3,019 | |
| Yonkers Economic Development Corp. Charter School Aid Revenue | 5.000% | 10/15/40 | 750 | 847 | |
| Yonkers Economic Development Corp. Charter School Aid Revenue | 5.000% | 10/15/50 | 1,325 | 1,466 | |
| Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) | 4.000% | 10/15/29 | 200 | 214 | |
| Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) | 5.000% | 10/15/39 | 420 | 471 | |
| Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) | 5.000% | 10/15/49 | 640 | 703 | |
| Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) | 5.000% | 10/15/54 | 465 | 509 | |
| 5,158,893 | |||||
| Guam (0.2%) | |||||
| Guam Government Waterworks Authority Water Revenue | 5.000% | 7/1/29 | 1,000 | 1,121 | |
| Guam Miscellaneous Taxes Revenue | 5.000% | 11/15/27 | 475 | 545 | |
| Guam Miscellaneous Taxes Revenue | 5.125% | 1/1/42 | 1,000 | 1,032 | |
| Guam Power Authority Electric Power & Light Revenue | 5.000% | 10/1/31 | 5,980 | 7,127 | |
| 9,825 | |||||
| Puerto Rico (0.4%) | |||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/24 | 1,082 | 1,011 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/27 | 2,511 | 2,200 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/29 | 3,388 | 2,819 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/31 | 275 | 210 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/40 | 13,251 | 14,132 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/40 | 1,437 | 1,532 | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.550% | 7/1/40 | 105 | 113 | |
62
New York Long-Term Tax-Exempt Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | ||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.550% | 7/1/40 | 100 | 108 | |
| 22,125 | |||||
| Total Tax-Exempt Municipal Bonds (Cost $4,858,549) | 5,190,843 | ||||
| Total Investments (99.1%) (Cost $4,858,549) | 5,190,843 | ||||
| Other Assets and Liabilities—Net (0.9%) | 47,122 | ||||
| Net Assets (100%) | 5,237,965 | ||||
| Cost is in $000. | |||||
| • | See Note A in Notes to Financial Statements. |
| 1 | Scheduled principal and interest payments are guaranteed by bank letter of credit. |
| 2 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
| 3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2020, the aggregate value was $54,255,000, representing 1.0% of net assets. |
| 4 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 5 | Scheduled principal and interest payments are guaranteed by Federal Housing Authority. |
| 6 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp. |
| 7 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 8 | Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp. |
| 9 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2020. |
| 10 | Securities with a value of $2,025,000 have been segregated as initial margin for open futures contracts. |
| ETM—Escrowed to Maturity. | |
| GO—General Obligation Bond. | |
| PILOT—Payments in Lieu of Taxes. | |
| Prere.—Prerefunded. | |
| PUT—Put Option Obligation. | |
| TOB—Tender Option Bond. | |
| VRDO—Variable Rate Demand Obligation. |
Derivative Financial Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| 5-Year U.S. Treasury Note | March 2021 | 888 | 111,916 | 140 |
| Short Futures Contracts | ||||
| 10-Year U.S. Treasury Note | March 2021 | (40) | (5,527) | (9) |
| Long U.S. Treasury Bond | March 2021 | (68) | (11,894) | (20) |
| Ultra Long U.S. Treasury Bond | March 2021 | (174) | (37,589) | (8) |
| (37) | ||||
| 103 | ||||
See accompanying Notes, which are an integral part of the Financial Statements.
63
New York Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of November 30, 2020
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value—Unaffiliated Issuers (Cost $4,858,549) | 5,190,843 |
| Investment in Vanguard | 219 |
| Cash | 60 |
| Receivables for Investment Securities Sold | 41 |
| Receivables for Accrued Income | 51,992 |
| Receivables for Capital Shares Issued | 5,620 |
| Variation Margin Receivable—Futures Contracts | 32 |
| Other Assets | 99 |
| Total Assets | 5,248,906 |
| Liabilities | |
| Payables for Investment Securities Purchased | 5,586 |
| Payables for Capital Shares Redeemed | 2,136 |
| Payables for Distributions | 2,969 |
| Payables to Vanguard | 250 |
| Total Liabilities | 10,941 |
| Net Assets | 5,237,965 |
| At November 30, 2020, net assets consisted of: | |
| Paid-in Capital | 4,872,859 |
| Total Distributable Earnings (Loss) | 365,106 |
| Net Assets | 5,237,965 |
| Investor Shares—Net Assets | |
| Applicable to 42,039,919 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 512,948 |
| Net Asset Value Per Share—Investor Shares | $12.20 |
| Admiral Shares—Net Assets | |
| Applicable to 387,250,376 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,725,017 |
| Net Asset Value Per Share—Admiral Shares | $12.20 |
See accompanying Notes, which are an integral part of the Financial Statements.
64
New York Long-Term Tax-Exempt Fund
Statement of Operations
| Year Ended November 30, 2020 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 148,921 |
| Total Income | 148,921 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 526 |
| Management and Administrative—Investor Shares | 767 |
| Management and Administrative—Admiral Shares | 3,365 |
| Marketing and Distribution—Investor Shares | 70 |
| Marketing and Distribution—Admiral Shares | 257 |
| Custodian Fees | 17 |
| Auditing Fees | 32 |
| Shareholders’ Reports—Investor Shares | 6 |
| Shareholders’ Reports—Admiral Shares | 10 |
| Trustees’ Fees and Expenses | 3 |
| Total Expenses | 5,053 |
| Net Investment Income | 143,868 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 44,718 |
| Futures Contracts | (2,054) |
| Realized Net Gain (Loss) | 42,664 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 36,290 |
| Futures Contracts | 96 |
| Change in Unrealized Appreciation (Depreciation) | 36,386 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 222,918 |
See accompanying Notes, which are an integral part of the Financial Statements.
65
New York Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Year Ended November 30, | ||
| 2020 ($000) | 2019 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 143,868 | 148,285 |
| Realized Net Gain (Loss) | 42,664 | 14,919 |
| Change in Unrealized Appreciation (Depreciation) | 36,386 | 263,684 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 222,918 | 426,888 |
| Distributions1 | ||
| Investor Shares | (16,357) | (15,852) |
| Admiral Shares | (145,135) | (141,963) |
| Total Distributions | (161,492) | (157,815) |
| Capital Share Transactions | ||
| Investor Shares | (42,847) | 97,822 |
| Admiral Shares | 21,321 | 449,655 |
| Net Increase (Decrease) from Capital Share Transactions | (21,526) | 547,477 |
| Total Increase (Decrease) | 39,900 | 816,550 |
| Net Assets | ||
| Beginning of Period | 5,198,065 | 4,381,515 |
| End of Period | 5,237,965 | 5,198,065 |
| 1 | Certain prior-period numbers have been reclassified to conform with the current-period presentation. |
See accompanying Notes, which are an integral part of the Financial Statements.
66
New York Long-Term Tax-Exempt Fund
Financial Highlights
| Investor Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended November 30, | ||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |
| Net Asset Value, Beginning of Period | $12.01 | $11.34 | $11.71 | $11.49 | $11.84 |
| Investment Operations | |||||
| Net Investment Income | .3271 | .3541 | .3691 | .3721 | .384 |
| Net Realized and Unrealized Gain (Loss) on Investments | .231 | .696 | (.314) | .282 | (.343) |
| Total from Investment Operations | .558 | 1.050 | .055 | .654 | .041 |
| Distributions | |||||
| Dividends from Net Investment Income | (.326) | (.355) | (.369) | (.372) | (.380) |
| Distributions from Realized Capital Gains | (.042) | (.025) | (.056) | (.062) | (.011) |
| Total Distributions | (.368) | (.380) | (.425) | (.434) | (.391) |
| Net Asset Value, End of Period | $12.20 | $12.01 | $11.34 | $11.71 | $11.49 |
| Total Return2 | 4.73% | 9.37% | 0.48% | 5.76% | 0.24% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $513 | $550 | $425 | $464 | $460 |
| Ratio of Total Expenses to Average Net Assets | 0.17% | 0.17% | 0.17% | 0.19% | 0.19% |
| Ratio of Net Investment Income to Average Net Assets | 2.73% | 3.00% | 3.21% | 3.18% | 3.18% |
| Portfolio Turnover Rate | 34% | 15% | 18% | 16% | 18% |
| 1 | Calculated based on average shares outstanding. |
| 2 | 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.
67
New York Long-Term Tax-Exempt Fund
Financial Highlights
| Admiral Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended November 30, | ||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |
| Net Asset Value, Beginning of Period | $12.01 | $11.34 | $11.71 | $11.49 | $11.84 |
| Investment Operations | |||||
| Net Investment Income | .3371 | .3641 | .3781 | .3841 | .396 |
| Net Realized and Unrealized Gain (Loss) on Investments | .230 | .695 | (.314) | .282 | (.343) |
| Total from Investment Operations | .567 | 1.059 | .064 | .666 | .053 |
| Distributions | |||||
| Dividends from Net Investment Income | (.335) | (.364) | (.378) | (.384) | (.392) |
| Distributions from Realized Capital Gains | (.042) | (.025) | (.056) | (.062) | (.011) |
| Total Distributions | (.377) | (.389) | (.434) | (.446) | (.403) |
| Net Asset Value, End of Period | $12.20 | $12.01 | $11.34 | $11.71 | $11.49 |
| Total Return2 | 4.82% | 9.46% | 0.56% | 5.87% | 0.34% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $4,725 | $4,648 | $3,956 | $3,929 | $3,527 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
| Ratio of Net Investment Income to Average Net Assets | 2.81% | 3.08% | 3.29% | 3.28% | 3.28% |
| Portfolio Turnover Rate | 34% | 15% | 18% | 16% | 18% |
| 1 | Calculated based on average shares outstanding. |
| 2 | 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.
68
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 offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
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. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
| 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. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on future contracts.
During the year ended November 30, 2020, the fund’s average investments in long and short futures contracts represented 1% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
69
New York Long-Term Tax-Exempt Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended November 30, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
70
New York Long-Term Tax-Exempt Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
| B. | 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 and are generally settled twice a month. |
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2020, the fund had contributed to Vanguard capital in the amount of $219,000, representing less than 0.01% of the fund’s net assets and 0.09% of Vanguard’s capital received pursuant to the FSA. 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 and derivatives. 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). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2020, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Tax-Exempt Municipal Bonds | — | 5,190,843 | — | 5,190,843 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 32 | — | — | 32 |
| 1 | Represents variation margin on the last day of the reporting period. |
| D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These |
71
New York Long-Term Tax-Exempt Fund
reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for distributions in connection with fund share redemptions were reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 3,776 |
| Total Distributable Earnings (Loss) | (3,776) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (losses) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (losses) are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Ordinary Income | 6,255 |
| Undistributed Tax-Exempt Income | 2,964 |
| Undistributed Long-Term Gains | 35,695 |
| Capital Loss Carryforwards | — |
| Qualified Late-Year Losses | — |
| Net Unrealized Gains (Losses) | 323,161 |
The tax character of distributions paid was as follows:
| Year Ended November 30, | ||
| 2020 Amount ($000) | 2019 Amount ($000) | |
| Tax-Exempt Income | 143,344 | 148,228 |
| Ordinary Income* | 5,621 | — |
| Long-Term Capital Gains | 12,527 | 9,587 |
| Total | 161,492 | 157,815 |
| * | Includes short-term capital gains, if any. |
As of November 30, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount ($000) | |
| Tax Cost | 4,867,682 |
| Gross Unrealized Appreciation | 327,990 |
| Gross Unrealized Depreciation | (4,829) |
| Net Unrealized Appreciation (Depreciation) | 323,161 |
72
New York Long-Term Tax-Exempt Fund
| E. | During the year ended November 30, 2020, the fund purchased $1,928,426,000 of investment securities and sold $1,711,929,000 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, 2020, such purchases and sales were $309,930,000 and $557,240,000, respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
| F. | Capital share transactions for each class of shares were: |
| Year Ended November 30, | |||||
| 2020 | 2019 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| Investor Shares | |||||
| Issued | 166,458 | 13,862 | 183,561 | 15,618 | |
| Issued in Lieu of Cash Distributions | 13,956 | 1,162 | 13,479 | 1,141 | |
| Redeemed | (223,261) | (18,800) | (99,218) | (8,432) | |
| Net Increase (Decrease)—Investor Shares | (42,847) | (3,776) | 97,822 | 8,327 | |
| Admiral Shares | |||||
| Issued | 888,264 | 74,143 | 934,741 | 79,570 | |
| Issued in Lieu of Cash Distributions | 105,332 | 8,766 | 102,567 | 8,688 | |
| Redeemed | (972,275) | (82,557) | (587,653) | (50,257) | |
| Net Increase (Decrease)—Admiral Shares | 21,321 | 352 | 449,655 | 38,001 | |
| G. | Management has determined that no events or transactions occurred subsequent to November 30, 2020, that would require recognition or disclosure in these financial statements. |
73
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard New York Tax-Free Funds and Shareholders of Vanguard New York Municipal Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard New York Municipal Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund (constituting Vanguard New York Tax-Free Funds, hereafter collectively referred to as the "Funds") as of November 30, 2020, the related statements of operations for the year ended November 30, 2020, the statements of changes in net assets for each of the two years in the period ended November 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2020, 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 ended November 30, 2020 and each of the financial highlights for each of the five years in the period ended November 30, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 14, 2021
Philadelphia, Pennsylvania
January 14, 2021
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
74
Special 2020 tax information (unaudited) for Vanguard New York Tax-Exempt Funds
This information for the fiscal year ended November 30, 2020, is included pursuant to provisions of the Internal Revenue Code.
The Long-Term Tax-Exempt Fund distributed $15,750,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
Each fund designates 100% of its income dividends as exempt-interest dividends.
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BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays NY Municipal Bond Index (Index or Bloomberg Barclays Index.)
Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the New York Tax-Exempt Funds and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the New York Tax-Exempt Funds. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the New York Tax-Exempt Funds. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the New York Tax-Exempt Funds or the owners of the New York Tax-Exempt Funds.
Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the New York Tax-Exempt Funds. Investors acquire the New York Tax-Exempt Funds from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the New York Tax-Exempt Funds. The New York Tax-Exempt Funds is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the New York Tax-Exempt Funds or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the New York Tax-Exempt Funds with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the New York Tax-Exempt Funds to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the New York Tax-Exempt Funds or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the New York Tax-Exempt Funds.
The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the New York Tax-Exempt Funds, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the New York Tax-Exempt Funds, investors or other third parties.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
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 211 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. 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.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; and trustee (2018–present) and vice chair (2019–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin
America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) 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.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services) and the Lumina Foundation.
1 Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
Director of the V Foundation. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (retired June 2020) and vice president (retired June 2020) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee (retired June 2020). Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: board chair (2020–present), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of the individual life and disability division of Guardian Life. Member of the board of the American Council of Life Insurers and the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, NewYork-Presbyterian Hospital, Catalyst, and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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 co-managing partner of HighVista Strategies (private investment firm). Member of the board of advisors and member of the investment committee of the Museum of Fine Arts Boston. Member of the board (2018–present) of RIT Capital Partners (investment firm). Member of the investment committee of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments, LLC; director (2017–present) of Reserve Trust. Rubenstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College, and trustee (2019–present) of the Folger Shakespeare Library.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
John Bendl
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
David Cermak
Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.
John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Deputy assistant to the President of the United States (2015).
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
John E. Schadl
Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (2019–present) of Vanguard Marketing Corporation.
Vanguard Senior Management Team
| Joseph Brennan | James M. Norris |
| Mortimer J. Buckley | Thomas M. Rampulla |
| Gregory Davis | Karin A. Risi |
| John James | Anne E. Robinson |
| John T. Marcante | Michael Rollings |
| Chris D. McIsaac | Lauren Valente |
Connect with Vanguard®>vanguard.com
Fund Information > 800-662-7447
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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 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, www.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 www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
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© 2021 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q760 012021
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: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended November 30, 2020: $59,000
Fiscal Year Ended November 30, 2019: $62,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2020: $10,761,407
Fiscal Year Ended November 30, 2019: $9,568,215*
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, 2020: $2,915,863
Fiscal Year Ended November 30, 2019: $3,012,031
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, 2020: $247,168
Fiscal Year Ended November 30, 2019: $357,238
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, 2020: $115,000
Fiscal Year Ended November 30, 2019: $0
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, 2020: $362,168
Fiscal Year Ended November 30, 2019: $357,238
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.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
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. In July 2020, a third-party service provider began performing certain administrative and accounting services for Vanguard New York Municipal Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund. There were no other significant changes in the 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: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: 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/ MORTIMER J. BUCKLEY* | |
| MORTIMER J. BUCKLEY | ||
| CHIEF EXECUTIVE OFFICER | ||
Date: January 20, 2021
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/ MORTIMER J. BUCKLEY* | |
| MORTIMER J. BUCKLEY | ||
| CHIEF EXECUTIVE OFFICER | ||
Date: January 20, 2021
| Vanguard New York Tax-Free Funds | ||
| BY: | /s/ JOHN BENDL* | |
| JOHN BENDL | ||
| CHIEF FINANCIAL OFFICER | ||
Date: January 20, 2021
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on December 18, 2020 (see File Number 33-64845), Incorporated by Reference.