N-CSRS 1 nytaxfreefinal.htm VANGUARD NEW YORK TAX-FREE FUNDS nytaxfreefinal.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-4570

Name of Registrant: Vanguard New York Tax-Free Funds

Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482

Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482

Registrant’s telephone number, including area code: (610) 669-1000

Date of fiscal year end: November 30

Date of reporting period: December 1, 2010 – May 31, 2011

Item 1: Reports to Shareholders

 

 

Vanguard New York Tax-Exempt Funds
Semiannual Report
May 31, 2011
 
 
 
Vanguard New York Tax-Exempt Money Market Fund 
Vanguard New York Long-Term Tax-Exempt Fund

 


 

> While money market rates remained near zero in the first half of the fiscal year, the broad U.S. municipal bond market returned about 2%—overcoming an early slide.

> Vanguard New York Tax-Exempt Money Market Fund returned 0.05% for the six months ended May 31, 2011, just ahead of the average return of its state peer group.

> Vanguard New York Long-Term Tax-Exempt Fund returned 1.70% for Investor Shares—ahead of the average return of its state peer group and in line with the broad U.S. muni market, but behind its national benchmark index.

 

Contents  
Your Fund’s Total Returns. 1
Chairman’s Letter. 2
Advisor’s Report. 8
New York Tax-Exempt Money Market Fund. 12
New York Long-Term Tax-Exempt Fund. 28
About Your Fund’s Expenses. 55
Trustees Approve Advisory Arrangement. 57
Glossary. 58

 

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

See the Glossary for definitions of investment terms used in this report.

Cover photograph: Jean Maher.

 

Your Fund’s Total Returns

Six Months Ended May 31, 2011          
    Taxable-      
  SEC Equivalent Income Capital Total
  Yields Yields Returns Returns Returns
Vanguard New York Tax-Exempt Money Market          
Fund 0.05% 0.08% 0.05% 0.00% 0.05%
New York Tax-Exempt Money Market Funds          
Average         0.01
New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc.      
Vanguard New York Long-Term Tax-Exempt Fund          
Investor Shares 3.17% 5.24% 1.97% -0.27% 1.70%
Admiral Shares™ 3.25 5.37 2.01 -0.27 1.74
Barclays Capital 10 Year Municipal Bond Index         2.73
New York Municipal Debt Funds Average         1.22

New York Municipal Debt Funds Average: Derived from data provided by Lipper Inc.

7-day SEC yield for the New York Tax-Exempt Money Market Fund; 30-day SEC yield for the New York Long-Term Tax-Exempt Fund.
The calculation of taxable-equivalent yield assumes a typical itemized tax return and is based on the maximum federal tax rate of 35% and the maximum income tax rate for the state. Local taxes were not considered. Please see the prospectus for a detailed explanation of the calculation.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements.

 

 

Your Fund’s Performance at a Glance        
November 30, 2010 , Through May 31, 2011        
      Distributions Per Share
  Starting Ending Income Capital
  Share Price Share Price Dividends Gains
Vanguard New York Tax-Exempt Money        
Market Fund $1.00 $1.00 $0.001 $0.000
Vanguard New York Long-Term Tax-Exempt        
Fund        
Investor Shares $11.04 $11.01 $0.212 $0.000
Admiral Shares 11.04 11.01 0.217 0.000

 

1

 

 

 

 

 

Chairman’s Letter

Dear Shareholder,

A springtime rally helped the broad U.S. municipal bond market to rebound from an inauspicious start and return about 2% for the six months ended May 31. Sensational headlines in December predicting large-scale municipal defaults were followed by reports of rising state revenues and more focus on fiscal discipline, which encouraged demand amid unusually low supply.

Against this backdrop, Vanguard New York Long-Term Tax-Exempt Fund returned 1.70% for Investor Shares and 1.74% for Admiral Shares. Interest income more than offset the fund’s slightly negative capital return (its holdings did not fully recover from price declines in December and January).

The advisor’s high-quality focus and yield-curve positioning helped the Long-Term Fund outperform its state peers: In a reversal from last year, higher-rated bonds outperformed lower-quality securities. The fund lagged its market benchmark, the Barclays Capital 10 Year Municipal Bond Index, which is a reasonable but imperfect standard of comparison. For example, in contrast to the index, your fund invests across the maturity spectrum. Intermediate-term bonds were the market’s sweet spot during the six months as investors sought higher yields without the greater interest rate risk of the longest-maturity bonds.

2

 

As the Federal Reserve kept its target for short-term interest rates anchored near zero, the New York Tax-Exempt Money Market Fund returned a scant 0.05%—ahead of the average return of its state peer group. The fund’s 7-day SEC yield on May 31 was 0.05%, down from six months ago. In contrast, the Long-Term Fund’s 30-day SEC yield for Investor Shares edged up to 3.17%. As shown on page 1, each fund’s taxable-equivalent yield was higher than its SEC yield.

Note: The funds are permitted to invest in securities whose income is subject to the alternative minimum tax (AMT). As of May 31, the Long-Term Fund owned no securities that would generate income distributions subject to the AMT, but the Money Market Fund did.

In the broad U.S. bond market, a late-stage change of direction
Through much of the fiscal half-year, bond market returns hovered near—or below—0%. With the economy seeming to find its footing, interest rates rose slowly but steadily. Investors were concerned that accelerating growth might eventually lead to higher inflation, perhaps sooner rather than later. Rising rates put pressure on bond prices.

Later in the period, however, disappointing economic news—including in the housing and labor markets—doused worries about inflation. Perhaps counterintuitively, bad news for the economy spells good news for bonds: As yields retreated, bond prices rallied.

Market Barometer      
      Total Returns
    Periods Ended May 31, 2011
  Six One Five Years
  Months Year (Annualized)
Bonds      
Barclays Capital U.S. Aggregate Bond Index (Broad      
taxable market) 1.91% 5.84% 6.63%
Barclays Capital Municipal Bond Index (Broad tax-exempt      
market) 2.04 3.18 4.78
Citigroup Three-Month U.S. Treasury Bill Index 0.06 0.15 1.94
 
Stocks      
Russell 1000 Index (Large-caps) 15.49% 26.81% 3.69%
Russell 2000 Index (Small-caps) 17.34 29.75 4.70
Dow Jones U.S. Total Stock Market Index 15.20 27.10 4.07
MSCI All Country World Index ex USA (International) 13.58 29.95 3.95
 
CPI      
Consumer Price Index 3.27% 3.57% 2.22%

 

3

 

For the full six months, the broad U.S. taxable bond market returned about 2%, roughly matching the performance of the municipal market.

Stock prices followed corporate profits higher
During the six months, global stock markets powered past a series of unnerving developments—financial drama in Europe, natural and nuclear disaster in Japan, and geopolitical upheaval in commodity markets. The broad U.S. stock market returned more than 15% for the six months, buoyed by surprising strength in corporate profits. Toward the end of the period, however, a pullback in the manufacturing sector and unexpected weakness in the labor market sounded notes of caution.

International stocks followed a similar trajectory, returning almost 14% for the period. In emerging markets and in most developed markets, strength in local currencies boosted returns for U.S.-based investors.

An inauspicious start capped by a strong finish
As I noted in our annual report to you six months ago, November 2010 was the most volatile month in the municipal market since the 2008 financial crisis. The key forces that converged to create the volatility and lower muni bond prices continued into the first months of the new fiscal year: abundant new-issue supply (through December), concerns about inflation as the economy gathered steam, and anxiety about prospects for

Expense Ratios      
Your Fund Compared With Its Peer Group      
  Investor Admiral Peer Group
  Shares Shares Average
New York Tax-Exempt Money Market      
Fund 0.17% — 0.39%
New York Long-Term Tax-Exempt Fund 0.20 0.12% 1.06

The fund expense ratios shown are from the prospectus dated March 29, 2011, and represent estimated costs for the current fiscal year. For the six months ended May 31, 2011, the funds’ annualized expense ratios were: for the New York Tax-Exempt Money Market Fund, 0.17%; and for the New York Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. Peer-group expense ratios are derived from data provided by Lipper Inc. and capture information through year-end 2010.

Peer groups: For the New York Tax-Exempt Money Market Fund, New York Tax-Exempt Money Market Funds; for the New York Long-Term Tax-Exempt Fund, New York Municipal Debt Funds.

4

 

municipal bond defaults. (As to the likelihood of wide-spread defaults, Vanguard believes the dire predictions of some analysts are overblown. For a brief discussion of our view, see the box below.)

Several factors contributed to the late-2010 supply surge. Some tax-exempt borrowers who might otherwise have come to market in 2011 accelerated their plans in anticipation of rising interest rates. Others took advantage of the temporary AMT exemption for private-activity bonds, such as those used to finance airports. And the stampede to issue taxable Build America Bonds (BABs) before the end-of-year deadline flustered an already skittish tax-exempt market, especially the long-term segment. (BABs offered an attractive federal subsidy that lowered issuers’ borrowing costs. The BABs and AMT incentives, part of the 2009 federal stimulus act, expired on December 31.)

This flood of new supply pushed tax-exempt bond prices down and yields up in December—the worst of the past six months for the broad municipal market and for New York bonds.

Investment insight
Perspective on default risk
Although state tax collections are recovering, worries about default are still making
headlines. Here’s why we think the threat is overstated:
 
• Long, strong repayment history. In the 40 years through 2009, the average
default rate for investment-grade municipal bonds was a minuscule 0.03%. The
rate was 30 times higher for corporate bonds.
 
• Issuers’ ability to pay. Most municipals are revenue bonds—often backed
by fees for essential services such as water, sewers, and electricity—or general
obligation bonds (backed by the issuer’s full taxing power). Households try to
pay utility bills even in tough times, and issuers can raise taxes if need be.
 
• Issuers’ willingness to pay. Issuers who default to avoid debt payments
could lose access to funding for everyday operations and capital projects—a poor
risk/reward trade-off, given their typically low debt burdens. For example, across
the 50 states, debt secured by state operating resources as a percentage of the
state’s economic output currently averages only about 4.5%. New York’s debt
burden (approaching 6%) is higher, but—contrary to the impressions created by
some of the overheated commentary—New York is not Greece (where total debt
exceeds the value of the nation’s annual output).
Source: Moody’s Investors Service. For more discussion, see California Is Not Greece at
vanguard.com./jumppage/researchpapers/tab1.html.

 

5

 

Bond returns were also hurt by a significant exodus from tax-exempt funds, which experienced some of the largest—and longest-lasting—cash outflows in decades. Some investors were spooked by headlines warning of defaults and by concerns about higher interest rates (which could depress near-term returns); others wanted to participate in the stock market rally.

Market conditions began improving, however, as winter turned to spring. Most notably, the supply of new bonds dried up. From January through May, nationwide new-issue volume was less than $85 billion, the lowest for this five-month period since 2000. In part, this reflected deferral of nonessential projects because of budget constraints.

Investors seeking to buy scarce new tax-exempt bonds bid up prices. And as the U.S. economic recovery slowed, investors’ concern about rising interest rates receded. At the same time, confidence improved as states and municipalities gained credibility in their budget-balancing efforts. The realization that municipal bonds were attractively valued led to strong returns in April and May, both nationally and in your fund.

For a discussion of the funds’ management during the period, please see the Advisor’s Report following this letter.

State revenues improve but local revenues lag
Across most of the nation, state tax revenues have been recovering from the Great Recession but still have not caught up. In New York, combined revenue from personal and corporate income taxes plus sales tax increased more than 6% in the first calendar quarter of 2011 compared with 2010, according to preliminary data from The Nelson A. Rockefeller Institute of Government.

The picture is a bit more complicated at the local level. Typically, state revenues from various sources lag the broad U.S. economy during downturns and recoveries, and local revenues lag state receipts. This time, the slowdown at the local level has been exacerbated by significant reductions in assessed home values, hurting property tax receipts—while demand for many services has risen and the flow of federal stimulus dollars has ended.

6

 

New York, along with most states, faces tough budget and policy choices. Legislators passed a balanced fiscal 2012 budget before the start of the new fiscal year on April 1.

Discipline and diversification are more important than ever
In April, Vanguard New York Long-Term Tax-Exempt Fund marked its 25th anniversary. The fund’s longevity is a testament to the experience and skills of its advisor, Vanguard Fixed Income Group, and the close teamwork among its portfolio managers, traders, and credit analysts.

We hope that state and local governments will continue to make progress in addressing their long-term fiscal challenges. But optimism is no substitute for rigorous, independent credit analysis. And while we think the grim forecasts about looming defaults have been overstated, we acknowledge that there may be some uptick in defaults, especially among smaller issuers and less creditworthy projects, which our screening process helps us weed out.

As always, we believe investors will be well-served by holding a balanced portfolio of low-cost mutual funds that is diversified across and within asset classes. For New York investors in higher tax brackets, the Vanguard New York Tax-Exempt Funds can play a helpful role in such a portfolio, providing exemption from state as well as federal income taxes.

Sincerely,


F. William McNabb III
Chairman and Chief Executive Officer
June 9, 2011

7

 

Advisor’s Report

For the fiscal half-year ended May 31, 2011, Vanguard New York Tax-Exempt Money Market Fund returned 0.05%, as the Federal Reserve continued to keep short-term interest rates near zero. By comparison, the average return of peer-group state funds was 0.01%. The New York Long-Term Tax-Exempt Fund returned 1.70% for Investor Shares and 1.74% for Admiral Shares, trailing the return of its national benchmark index but ahead of the average return of competing New York funds.

The investment environment
The funds successfully navigated a particularly challenging investment environment in recent months, a volatile period for the municipal bond market because of credit, market, and supply concerns.

The period began with yields pushing higher and prices falling (bond prices and yields move inversely). For example, from November 30 to January 31, the yields of 10-year AAA general-obligation tax-exempt bonds at the national level rose by about one-half of a percentage point, then declined by more than that from February through May. Yields on comparable 30-year bonds followed a similar pattern but ended the period a bit higher than where they began. These are large moves in a very short time, relative to the historical experience of this market.

Yields of Tax-Exempt Municipal Bonds    
(AAA-Rated General-Obligation Issues)    
  November 30, May 31,
Maturity 2010 2011
2 years 0.60% 0.44%
5 years 1.36 1.23
10 years 2.79 2.65
30 years 4.28 4.30
Source: Vanguard.    

 

8

 

Concurrent with the market volatility was a tide of withdrawals from tax-exempt bond funds, Vanguard’s included, that began in November 2010 and peaked in January 2011 as yields spiked. Outflows then began to ease substantially.

The price and redemption trends early on were consequences of a variety of market forces, including investors’ concern about the fiscal struggles of state and local governments. That worry was stoked by gloomy media reports in the early part of the reporting period, including, quite frankly, some commentary we consider irresponsible. The strong stock market rally also drew some investors away from bonds.

More upward pressure on long-term yields came from investors who were cautious about the outlook for inflation, as well as from a flood of Build America Bonds (BABs)—including those from New York issuers, the second-largest source of BABs after California—that came to market before the program ended on December 31. Indeed, almost a quarter of all BABs nationwide were issued during the final three months of 2010. (Our tax-exempt funds do not invest in these bonds because they are taxable.) With the end of the BABs program, there was an expectation that the supply of traditional munis would get a boost. This had the immediate effect of pushing up yields, especially those of long-term bonds.

At the other end of the yield spectrum, money market funds remained anchored to flat returns, a result of the Federal Reserve’s near-zero target for the shortest-term interest rates. After more than two years of this policy, many muni investors have turned to short-term and intermediate-term bonds, especially those in the 5- to 7-year portion of the yield curve (Intermediate-term bonds were top performers during the six-month period.) We don’t expect the Fed to raise its target federal funds rate before the second half of 2012. The combined effect of near-zero short-term rates and upward pressure on long-term rates has produced one of the steepest yield curves in years.

The credit environment
State and local governments continued the difficult process of striking a balance between spending needs and lower tax revenues. The impact of both has been magnified by the severity of the Great Recession: Because of slow growth and high unemployment, people have required more services while tax revenues of all kinds have shrunk.

In the face of these challenges, states and municipalities have been taking a variety of difficult steps to bring spending and revenues in line. For example, state and local governments cut payrolls by almost 300,000 over the 12 months ended May 31, even as private-sector employment grew. Meanwhile, tax revenues have begun to rise nationwide—for the fifth straight quarter as of March 31, according to preliminary results from The Nelson A. Rockefeller Institute of Government—although they still have not recovered to prerecession levels.

The financial stress has in many cases

9

 

also turned serious attention to longer-term concerns, such as the underfunding of retiree benefits.

As noted in more detail in the Chairman’s Letter (see especially the Investment Insight box on page 5), we’re confident that state and local governments will be able to manage their way through their financial difficulties. At the same time, it wouldn’t be surprising for a few smaller issuers to run into trouble, and we acknowledge that this will be a challenging process for some time.

Management of the funds
Our investment strategy during the half-year reflected our assessment of several important developments. These included a steep yield curve, ongoing fiscal challenges faced by tax-exempt issuers, less liquidity in the market, and short supply.

We have positioned the long-term fund to benefit whenever the Federal Reserve begins to raise its target rate, which will lift the short end of the yield curve. The long end is likely to experience less volatility—resulting in a somewhat flatter and more typically shaped yield curve—because the market has already priced in its expectation of eventual rate increases. In anticipation of the eventual rise in short-term rates, we have increased our allocation to the intermediate part of the yield curve.

We continue to favor bonds that rely on revenues from essential services, such as providing electricity and water, to fund payments. Our credit analysts, who monitor the financial condition of states and municipalities, keep a constant eye on the credit quality of the portfolios and recommend repositioning when merited.

For some time, we have prepared for the possibility of heavy redemptions so that long-term shareholders would not be adversely affected. We have done so by dedicating a portion of the long-term fund’s assets across the yield curve to holdings that are liquid enough to be tapped if needed to meet redemptions. (They can also be tapped to take advantage of good investment opportunities.)

Liquidity is also an issue because of the structure of the municipal bond market. The 2008 financial crisis reduced the number of broker-dealers who deal with institutional investors, putting stress on these counterparties’ ability to provide much-needed liquidity when necessary. As a result, part of our overall decision to purchase a security is an evaluation of how easy it will be to trade it.

A supportive factor for prices has been the supply of traditional municipal bonds during the first half of fiscal 2011, which, counter to expectations, has been unusually light. In New York, for example, about $13 billion in traditional municipal bonds were issued in the six months ended May 31, little changed from a year earlier. (Total issuance was substantially lower when BABs are also considered.) Fiscal caution among municipal issuers, who are taking another look at capital projects as they strive to balance their budgets, may also be a factor in New York and nationwide.

10

 

The decline in trades resulting from lower supply made it difficult for market participants to establish market-clearing prices during the period, presenting a challenge that was met successfully by our talented team of traders. Looking forward, we’re confident that we can tackle whatever lies ahead because of the skill and dedication of our experienced portfolio managers, traders, and credit analysts. Together, they bring to the task a high level of rigor and discipline that we believe will continue to serve our shareholders well.

Michael G. Kobs, Portfolio Manager

Justin A. Schwartz, CFA, Portfolio Manager

Pamela Wisehaupt Tynan, Principal, Head of Municipal Money Market Funds

Christopher W. Alwine, CFA, Principal, Head of Municipal Bond Funds

Vanguard Fixed Income Group

June 16, 2011

11

 

New York Tax-Exempt Money Market Fund

Fund Profile
As of May 31, 2011

Financial Attributes  
Ticker Symbol VYFXX
Expense Ratio1 0.17%
7-Day SEC Yield 0.05%
Average Weighted  
Maturity 22 days

 

 

Distribution by Credit Quality (% of portfolio)
First Tier 100.0%

For information about these ratings, see the Glossary entry for Credit Quality.

 

1 The expense ratio shown is from the prospectus dated March 29, 2011, and represents estimated costs for the current fiscal year. For the six months ended May 31, 2011, the annualized expense ratio was 0.17%.

12

 

New York Tax-Exempt Money Market Fund

Performance Summary

Investment returns will fluctuate. All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) The returns shown do not reflect taxes that a shareholder would pay on fund distributions. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund. The fund’s 7-day SEC yield reflects its current earnings more closely than do the average annual returns.

Fiscal-Year Total Returns (%): November 30, 2000, Through May 31, 2011  
    NY Tax-Exempt
    Money Mkt
    Funds Avg
Fiscal Year Total Returns Total Returns
2001 2.79% 2.35%
2002 1.32 0.91
2003 0.89 0.53
2004 1.03 0.58
2005 2.18 1.70
2006 3.28 2.81
2007 3.60 3.12
2008 2.32 1.88
2009 0.36 0.24
2010 0.10 0.01
2011 0.05 0.01

7-day SEC yield (5/31/2011): 0.05%
New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper Inc.
Note: For 2011, performance data reflect the six months ended May 31, 2011.

 

Average Annual Total Returns: Periods Ended March 31, 2011
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.

  Inception One Five Ten
  Date Year Years Years
New York Tax-Exempt Money        
Market Fund 9/3/1997 0.11% 1.73% 1.67%

 

See Financial Highlights for dividend information.

13

 

New York Tax-Exempt Money Market Fund

Financial Statements (unaudited)

Statement of Net Assets
As of May 31, 2011

The fund reports a complete list of its holdings in various monthly and quarterly regulatory filings. The fund publishes its holdings on a monthly basis at vanguard.com and files them with the Securities and Exchange Commission on Form N-MFP. The fund’s Form N-MFP filings become public 60 days after the relevant month-end, and may be viewed at sec.gov or via a link on the “Portfolio Holdings” page on vanguard.com. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Tax-Exempt Municipal Bonds (100.1%)        
New York (98.4%)        
Albany NY Industrial Development Agency        
Civic Facility Revenue (CHF Holland        
Suites LLC Project) VRDO 0.180% 6/7/11 LOC 11,985 11,985
Amherst NY Development Corp. Student        
Housing Facility Revenue VRDO 0.150% 6/7/11 LOC 6,000 6,000
1 Blackrock Muniyield New York Quality        
Fund VRDP VRDO 0.380% 6/7/11 LOC 35,000 35,000
Brookhaven NY BAN 1.250% 9/28/11 10,000 10,022
Chappaqua NY Central School District TAN 2.000% 6/30/11 8,000 8,009
Cheektowaga NY BAN 2.000% 7/21/11 8,300 8,316
Chemung County NY Industrial Development        
Agency Civic Facility Revenue (Elmira College        
Project) VRDO 0.170% 6/7/11 LOC 9,800 9,800
Clifton Park NY Industrial Development Agency        
Multifamily Housing Revenue (Coburg Village        
Senior Housing Project) VRDO 0.200% 6/7/11 LOC 10,635 10,635
Columbia County NY Capital Resource Corp.        
Civic Facility Revenue (Columbia Memorial        
Hospital Project) VRDO 0.200% 6/7/11 LOC 6,000 6,000
Columbia County NY Industrial Development        
Agency Civic Facility Revenue (Columbia        
Memorial HospitalProject) VRDO 0.200% 6/7/11 LOC 5,250 5,250
Delaware Valley Industrial Development        
Authority (Delaware Valley Hospital) VRDO 0.200% 6/7/11 LOC 5,000 5,000
Erie County NY Fiscal Stability Authority BAN 1.250% 7/29/11 20,000 20,028
1 Erie County NY Industrial Development Agency        
School Facility Revenue (Buffalo City School        
District Project) TOB VRDO 0.190% 6/7/11 (4) 5,000 5,000
Geneva NY Industrial Development Agency        
Civic Facility Revenue (Colleges of the Seneca        
Project) VRDO 0.180% 6/7/11 LOC 29,575 29,575
Half Hollow Hills NY Central School District        
Huntington & Babylon TAN 2.000% 6/30/11 39,000 39,053
Hauppauge NY Union Free School District TAN 2.000% 6/28/11 25,000 25,031

 

14

 

New York Tax-Exempt Money Market Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Huntington NY Union Free School District TAN 1.500% 6/24/11 25,000 25,018
Ithaca City NY City School District BAN 1.500% 7/8/11 15,000 15,017
Liberty New York Development Corp. Revenue        
(Greenwich LLC) VRDO 0.150% 6/7/11 LOC 25,375 25,375
Long Island NY Power Authority Electric System        
Revenue CP 0.240% 6/7/11 LOC 28,300 28,300
1 Long Island NY Power Authority Electric System        
Revenue TOB VRDO 0.170% 6/7/11 LOC 6,500 6,500
Long Island NY Power Authority Electric System        
Revenue VRDO 0.100% 6/1/11 LOC 4,000 4,000
1 Metropolitan New York Transportation Authority        
Revenue (Dedicated Tax Fund) TOB VRDO 0.190% 6/7/11 (4) 7,510 7,510
1 Metropolitan New York Transportation Authority        
Revenue (Dedicated Tax Fund) TOB VRDO 0.190% 6/7/11 (13) 7,840 7,840
Metropolitan New York Transportation Authority        
Revenue (Dedicated Tax Fund) VRDO 0.160% 6/7/11 LOC 13,460 13,460
Metropolitan New York Transportation Authority        
Revenue (Dedicated Tax Fund) VRDO 0.160% 6/7/11 LOC 14,595 14,595
Metropolitan New York Transportation Authority        
Revenue (Dedicated Tax Fund) VRDO 0.160% 6/7/11 LOC 40,310 40,310
1 Metropolitan New York Transportation Authority        
Revenue (Service Contract) TOB VRDO 0.190% 6/7/11 (4) 4,495 4,495
1 Metropolitan New York Transportation Authority        
Revenue TOB VRDO 0.190% 6/7/11 (13) 2,000 2,000
1 Metropolitan New York Transportation Authority        
Revenue TOB VRDO 0.280% 6/7/11 (4) 3,620 3,620
1 Metropolitan New York Transportation Authority        
Revenue TOB VRDO 0.280% 6/7/11 (4) 6,510 6,510
Metropolitan New York Transportation Authority        
Revenue VRDO 0.160% 6/7/11 LOC 20,110 20,110
Metropolitan New York Transportation Authority        
Revenue VRDO 0.180% 6/7/11 LOC 26,650 26,650
Monroe County NY Industrial Development        
Agency Civic Facility Revenue        
(Cherry Ridge) VRDO 0.140% 6/7/11 LOC 6,925 6,925
Monroe County NY Industrial Development        
Agency Civic Facility Revenue        
(Cherry Ridge) VRDO 0.140% 6/7/11 LOC 2,900 2,900
Monroe County NY Industrial Development        
Agency Civic Facility Revenue        
(Cherry Ridge) VRDO 0.140% 6/7/11 LOC 13,900 13,900
Monroe County NY Industrial Development        
Agency Civic Facility Revenue (Monroe        
Community College) VRDO 0.180% 6/7/11 LOC 3,800 3,800
Monroe County NY Industrial Development        
Agency Civic Facility Revenue        
(Nazareth College) VRDO 0.200% 6/7/11 LOC 6,215 6,215
Nassau County NY Interim Finance        
Authority Sales Tax Revenue VRDO 0.170% 6/7/11 5,000 5,000
Nassau County NY Interim Finance        
Authority Sales Tax Revenue VRDO 0.170% 6/7/11 43,000 43,000
Nassau County NY Interim Finance        
Authority Sales Tax Revenue VRDO 0.180% 6/7/11 52,600 52,600
Nassau County NY Interim Finance Authority        
Sales Tax Revenue VRDO 0.200% 6/7/11 13,000 13,000

 

15

 

New York Tax-Exempt Money Market Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Nassau County NY Interim Finance Authority        
Sales Tax Revenue VRDO 0.230% 6/7/11 20,000 20,000
New York City Housing Development Corp.        
(100 Jane Street) VRDO 0.200% 6/7/11 LOC 8,550 8,550
New York City Housing Development Corp.        
(Markham Gardens Apartments) VRDO 0.200% 6/7/11 LOC 9,000 9,000
New York City NY Capital Resources Corp.        
Revenue (Loan Enhanced Assistance        
Program) VRDO 0.220% 6/7/11 LOC 7,665 7,665
New York City NY Capital Resources Corp.        
Revenue (Loan Enhanced Assistance        
Program) VRDO 0.270% 6/7/11 LOC 4,320 4,320
New York City NY Cultural Resources        
Revenue (American Museum of Natural        
History) VRDO 0.130% 6/7/11 1,765 1,765
New York City NY Cultural Resources        
Revenue (Asia Society) VRDO 0.160% 6/7/11 LOC 8,235 8,235
New York City NY Cultural Resources        
Revenue (Lincoln Center for the        
Performing Arts Inc.) VRDO 0.140% 6/7/11 LOC 16,600 16,600
New York City NY Cultural Resources        
Revenue (The Metropolitan        
Museum of Art) VRDO 0.140% 6/7/11 40,100 40,100
New York City NY Cultural Resources        
Revenue (The Metropolitan        
Museum of Art) VRDO 0.140% 6/7/11 57,460 57,460
New York City NY GO 2.000% 8/1/11 9,325 9,352
New York City NY GO 3.000% 8/1/11 17,800 17,880
1 New York City NY GO TOB VRDO 0.130% 6/1/11 LOC 2,085 2,085
New York City NY GO VRDO 0.140% 6/1/11 LOC 14,550 14,550
New York City NY GO VRDO 0.140% 6/1/11 2,770 2,770
New York City NY GO VRDO 0.140% 6/1/11 2,700 2,700
New York City NY GO VRDO 0.160% 6/1/11 5,000 5,000
New York City NY GO VRDO 0.160% 6/1/11 8,030 8,030
New York City NY GO VRDO 0.160% 6/1/11 8,600 8,600
New York City NY GO VRDO 0.160% 6/1/11 4,165 4,165
New York City NY GO VRDO 0.160% 6/1/11 6,220 6,220
New York City NY GO VRDO 0.160% 6/1/11 11,750 11,750
New York City NY GO VRDO 0.140% 6/1/11 LOC 21,275 21,275
New York City NY GO VRDO 0.100% 6/1/11 LOC 1,700 1,700
New York City NY GO VRDO 0.170% 6/7/11 LOC 13,000 13,000
New York City NY Health & Hospital Corp.        
Revenue (Health System) VRDO 0.140% 6/7/11 LOC 17,600 17,600
New York City NY Housing Development Corp.        
Multi-Family Housing Revenue PUT 0.410% 9/15/11 16,575 16,575
1 New York City NY Housing Development Corp.        
Multi-Family Housing Revenue TOB VRDO 0.190% 6/7/11 20,000 20,000
1 New York City NY Housing Development Corp.        
Multi-Family Housing Revenue TOB VRDO 0.280% 6/7/11 21,840 21,840
New York City NY Housing Development Corp.        
Multi-Family Mortgage Revenue        
(89 Murray Street Development) VRDO 0.190% 6/7/11 LOC 45,800 45,800
New York City NY Housing Development Corp.        
Multi-Family Mortgage Revenue        
(First Avenue Development) VRDO 0.190% 6/7/11 LOC 10,000 10,000

 

16

 

New York Tax-Exempt Money Market Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York City NY Housing Development Corp.        
Multi-Family Rental Housing Revenue        
(Atlantic Court Apartments) VRDO 0.190% 6/7/11 LOC 53,100 53,100
New York City NY Housing Development Corp.        
Multi-Family Rental Housing Revenue        
(Ocean Gate Development) VRDO 0.170% 6/7/11 LOC 8,445 8,445
New York City NY Housing Development Corp.        
Multi-Family Rental Housing Revenue        
(One Columbus Place Development) VRDO 0.190% 6/7/11 LOC 22,000 22,000
New York City NY Industrial Development        
Agency Civic Facility Revenue        
(Civil Liberties Union) VRDO 0.100% 6/1/11 LOC 12,320 12,320
New York City NY Industrial Development        
Agency Civic Facility Revenue        
(Grace Church School) VRDO 0.200% 6/7/11 LOC 4,905 4,905
New York City NY Industrial Development        
Agency Civic Facility Revenue (Jewish        
Board of Family Services) VRDO 0.150% 6/7/11 LOC 14,340 14,340
New York City NY Industrial Development        
Agency Civic Facility Revenue (Lycee Francais        
De New York Project) VRDO 0.110% 6/7/11 LOC 13,350 13,350
New York City NY Industrial Development        
Agency Civic Facility Revenue        
(Mercy College Project) VRDO 0.180% 6/7/11 LOC 12,365 12,365
New York City NY Industrial Development        
Agency Civic Facility Revenue (New York        
Congregational Nursing Center Project) VRDO 0.200% 6/7/11 LOC 10,205 10,205
New York City NY Industrial Development        
Agency Civic Facility Revenue        
(New York Law School) VRDO 0.140% 6/7/11 LOC 15,500 15,500
New York City NY Industrial Development        
Agency Civic Facility Revenue        
(United Jewish Appeal) VRDO 0.170% 6/7/11 17,800 17,800
New York City NY Industrial Development        
Agency Special Facility Revenue        
(Korean Air Lines) VRDO 0.160% 6/7/11 LOC 12,400 12,400
New York City NY Industrial Development        
Agency Special Facility Revenue        
(Korean Air Lines) VRDO 0.160% 6/7/11 LOC 14,100 14,100
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.750% 6/15/11 (Prere.) 25,000 25,052
1 New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue        
TOB VRDO 0.150% 6/1/11 10,185 10,185
1 New York City NY Municipal Water Finance        
Authority Water & Sewer System        
Revenue TOB VRDO 0.170% 6/7/11 12,300 12,300
1 New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue        
TOB VRDO 0.180% 6/7/11 10,000 10,000
1 New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue        
TOB VRDO 0.190% 6/7/11 4,900 4,900
New York City NY Municipal Water Finance        
Authority Water & Sewer System        
Revenue VRDO 0.140% 6/1/11 4,600 4,600

 

17
 

New York Tax-Exempt Money Market Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York City NY Municipal Water Finance        
Authority Water & Sewer System        
Revenue VRDO 0.130% 6/1/11 40,240 40,240
New York City NY Municipal Water Finance        
Authority Water & Sewer System        
Revenue VRDO 0.130% 6/7/11 23,400 23,400
1 New York City NY Sales Tax Asset        
Receivable Corp. Revenue TOB VRDO 0.190% 6/7/11 12,845 12,845
1 New York City NY Sales Tax Asset        
Receivable Corp. Revenue TOB VRDO 0.190% 6/7/11 19,610 19,610
1 New York City NY Transitional Finance        
Authority Building Aid Revenue TOB VRDO 0.170% 6/7/11 LOC 9,950 9,950
1 New York City NY Transitional Finance        
Authority Future Tax Revenue TOB VRDO 0.180% 6/7/11 5,295 5,295
1 New York City NY Transitional Finance        
Authority Future Tax Revenue TOB VRDO 0.190% 6/7/11 6,085 6,085
1 New York City NY Transitional Finance Authority        
Future Tax Revenue TOB VRDO 0.190% 6/7/11 2,800 2,800
New York City NY Transitional Finance Authority        
Recovery Revenue VRDO 0.140% 6/7/11 48,000 48,000
New York City NY Transitional Finance Authority        
Recovery Revenue VRDO 0.150% 6/7/11 50,660 50,660
New York City NY Transitional Finance Authority        
Recovery Revenue VRDO 0.150% 6/7/11 3,655 3,655
1 New York City NY Transitional Finance Authority        
Revenue TOB VRDO 0.150% 6/1/11 20,500 20,500
New York City NY Trust for Cultural Resources        
Revenue (School of American Ballet Inc.) VRDO 0.180% 6/7/11 LOC 7,080 7,080
1 New York GO TOB VRDO 0.190% 6/7/11 10,125 10,125
New York Liberty Development Corp.        
Revenue PUT 0.420% 10/20/11 15,000 15,000
New York Liberty Development Corp.        
Revenue PUT 0.350% 11/1/11 40,000 40,000
New York Metropolitan Transportation Authority        
Revenue CP 0.320% 7/6/11 LOC 20,000 20,000
New York Metropolitan Transportation Authority        
Revenue CP 0.300% 7/12/11 LOC 15,625 15,625
New York Metropolitan Transportation Authority        
Revenue CP 0.320% 7/13/11 LOC 10,000 10,000
New York State Dormitory Authority Revenue        
(Blythedale Children’s Hospital) VRDO 0.200% 6/7/11 LOC 10,000 10,000
New York State Dormitory Authority Revenue        
(Catholic Health System Obligated Group) VRDO 0.200% 6/7/11 LOC 24,105 24,105
New York State Dormitory Authority Revenue        
(Catholic Health System Obligated Group) VRDO 0.200% 6/7/11 LOC 7,270 7,270
New York State Dormitory Authority Revenue        
(Catholic Health System Obligated Group) VRDO 0.200% 6/7/11 LOC 2,470 2,470
New York State Dormitory Authority Revenue        
(Catholic Health System Obligated Group) VRDO 0.200% 6/7/11 LOC 4,685 4,685
New York State Dormitory Authority Revenue        
(City University System) 2.000% 7/1/11 26,640 26,677
New York State Dormitory Authority Revenue        
(City University System) 5.500% 7/1/11 (Prere.) 4,090 4,107
1 New York State Dormitory Authority Revenue        
(City University System) TOB VRDO 0.190% 6/7/11 (4) 10,690 10,690
New York State Dormitory Authority Revenue        
(Columbia University) 5.250% 7/1/11 4,160 4,177

 

18

 

New York Tax-Exempt Money Market Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York State Dormitory Authority Revenue        
(Columbia University) CP 0.250% 6/14/11 1,095 1,095
New York State Dormitory Authority Revenue        
(Columbia University) CP 0.250% 6/14/11 12,800 12,800
New York State Dormitory Authority Revenue        
(Columbia University) VRDO 0.120% 6/7/11 60,150 60,150
New York State Dormitory Authority Revenue        
(Cornell University) CP 0.270% 10/6/11 6,500 6,500
1 New York State Dormitory Authority Revenue        
(Cornell University) TOB VRDO 0.190% 6/7/11 12,500 12,500
New York State Dormitory Authority Revenue        
(Cornell University) VRDO 0.140% 6/7/11 6,000 6,000
New York State Dormitory Authority Revenue        
(Cornell University) VRDO 0.160% 6/7/11 2,985 2,985
New York State Dormitory Authority Revenue        
(Highland Community Development Corp.) VRDO 0.210% 6/7/11 LOC 2,270 2,270
New York State Dormitory Authority Revenue        
(LeMoyne College) VRDO 0.180% 6/7/11 LOC 4,700 4,700
1 New York State Dormitory Authority Revenue        
(Mental Health Services Facilities Improvement)        
TOB VRDO 0.260% 6/7/11 15,785 15,785
New York State Dormitory Authority Revenue        
(Mental Health Services Facilities        
Improvement) VRDO 0.160% 6/7/11 LOC 69,900 69,900
New York State Dormitory Authority Revenue        
(Mount St. Mary College) VRDO 0.180% 6/7/11 LOC 4,900 4,900
New York State Dormitory Authority Revenue        
(New York Public Library) VRDO 0.140% 6/7/11 LOC 8,820 8,820
New York State Dormitory Authority Revenue        
(New York Public Library) VRDO 0.140% 6/7/11 LOC 15,115 15,115
New York State Dormitory Authority Revenue        
(North Shore–Long Island Jewish        
Obligated Group) VRDO 0.140% 6/7/11 LOC 15,000 15,000
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 2/15/12 5,000 5,161
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 3/15/12 3,730 3,864
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.500% 3/15/12 1,500 1,560
1 New York State Dormitory Authority Revenue        
(Personal Income Tax) TOB VRDO 0.190% 6/7/11 17,480 17,480
New York State Dormitory Authority Revenue        
(Rockefeller University) VRDO 0.140% 6/7/11 21,215 21,215
New York State Dormitory Authority Revenue        
(St. John’s University) VRDO 0.160% 6/7/11 LOC 1,185 1,185
New York State Dormitory Authority Revenue        
(State University Educational Facilities) PUT 5.250% 5/15/12 5,925 6,182
New York State Dormitory Authority Revenue        
(State University Educational Facilities) PUT 5.250% 5/15/12 6,775 7,067
1 New York State Dormitory Authority Revenue        
(State University Educational Facilities)        
TOB VRDO 0.170% 6/7/11 LOC 10,315 10,315
New York State Dormitory Authority Revenue        
(University of Rochester) VRDO 0.100% 6/1/11 LOC 4,390 4,390

 

19

 

New York Tax-Exempt Money Market Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York State Energy Research & Development        
Authority Electric Facilities Revenue (Long Island        
Lighting Co. Project) VRDO 0.200% 6/7/11 LOC 14,980 14,980
1 New York State Environmental Facilities Corp.        
Revenue (New York City Municipal Water        
Finance Authority Project) TOB VRDO 0.180% 6/7/11 4,450 4,450
1 New York State Environmental Facilities Corp.        
Revenue (Personal Income Tax) TOB VRDO 0.180% 6/7/11 3,185 3,185
1 New York State Environmental Facilities Corp.        
Revenue (State Clean Water & Drinking Water        
Revolving Funds) TOB VRDO 0.180% 6/7/11 3,645 3,645
New York State Environmental Facilities Corp.        
Water Pollution Control Revenue 5.750% 6/15/11 (ETM) 5,950 5,962
New York State Housing Finance Agency        
Housing Revenue (10 Liberty Street) VRDO 0.170% 6/7/11 LOC 9,820 9,820
New York State Housing Finance Agency        
Housing Revenue (150 East 44th Street) VRDO 0.160% 6/7/11 LOC 7,000 7,000
New York State Housing Finance Agency        
Housing Revenue (80 DeKalb Avenue) VRDO 0.170% 6/7/11 LOC 15,270 15,270
New York State Housing Finance Agency        
Housing Revenue (80 DeKalb Avenue) VRDO 0.170% 6/7/11 LOC 7,250 7,250
New York State Housing Finance Agency        
Housing Revenue (Chelsea Apartments) VRDO 0.160% 6/7/11 LOC 10,000 10,000
New York State Housing Finance Agency        
Housing Revenue (Saville) VRDO 0.190% 6/7/11 LOC 45,000 45,000
New York State Housing Finance Agency        
Housing Revenue (West 23rd Street) VRDO 0.160% 6/7/11 LOC 10,400 10,400
New York State Housing Finance Agency        
Housing Revenue (West 37th Street) VRDO 0.190% 6/7/11 LOC 4,200 4,200
New York State Housing Finance Agency        
Housing Revenue (West 38th Street) VRDO 0.170% 6/7/11 LOC 15,000 15,000
New York State Housing Finance Agency        
Revenue (Service Contract) VRDO 0.170% 6/7/11 LOC 9,000 9,000
New York State Local Government        
Assistance Corp. Revenue 5.000% 4/1/12 2,000 2,076
New York State Local Government        
Assistance Corp. Revenue VRDO 0.150% 6/7/11 5,200 5,200
1 New York State Mortgage Agency Homeowner        
Mortgage Revenue TOB VRDO 0.230% 6/7/11 12,090 12,090
1 New York State Mortgage Agency Homeowner        
Mortgage Revenue TOB VRDO 0.230% 6/7/11 8,805 8,805
1 New York State Mortgage Agency Homeowner        
Mortgage Revenue TOB VRDO 0.240% 6/7/11 11,090 11,090
1 New York State Mortgage Agency Homeowner        
Mortgage Revenue TOB VRDO 0.240% 6/7/11 10,795 10,795
New York State Mortgage Agency Revenue        
(Homeowner Mortgage Revenue) VRDO 0.220% 6/7/11 8,750 8,750
1 New York State Mortgage Agency Revenue        
TOB VRDO 0.150% 6/1/11 7,745 7,745
New York State Power Authority Revenue CP 0.280% 7/6/11 20,000 20,000
New York State Power Authority Revenue PUT 0.320% 9/1/11 21,290 21,290
New York State Power Authority Revenue PUT 0.320% 9/1/11 22,600 22,600
New York State Thruway Authority Revenue        
(Highway & Bridge Trust Fund) 4.000% 4/1/12 2,180 2,243
New York State Urban Development Corp.        
Revenue (Personal Income Tax) 3.000% 12/15/11 4,625 4,691

 

20

 

New York Tax-Exempt Money Market Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York State Urban Development Corp.        
Revenue (Service Contract) VRDO 0.150% 6/7/11 LOC 57,900 57,900
New York State Urban Development Corp.        
Revenue (Service Contract) VRDO 0.150% 6/7/11 LOC 31,475 31,475
North Hempstead NY BAN 2.000% 10/7/11 31,664 31,843
Northport-East Northport NY Union Free        
School District TAN 1.600% 6/24/11 39,000 39,031
1 Nuveen New York Performance Plus        
Municipal Fund VRDP VRDO 0.350% 6/7/11 LOC 34,500 34,500
1 Nuveen New York Quality Income        
Municipal Fund VRDP VRDO 0.380% 6/7/11 LOC 21,000 21,000
1 Nuveen New York Select Quality        
Municipal Fund VRDP VRDO 0.380% 6/7/11 LOC 31,000 31,000
Onondaga County Industrial Development Agency        
(Syracuse Home Association Project) VRDO 0.200% 6/7/11 LOC 6,435 6,435
Onondaga County NY Industrial Development        
Agency Civic Facility Revenue (Crouse Health        
Hospital Inc. Project) VRDO 0.200% 6/7/11 LOC 6,295 6,295
Onondaga County NY Industrial Development        
Agency Civic Facility Revenue (Crouse Health        
Hospital Inc. Project) VRDO 0.200% 6/7/11 LOC 8,605 8,605
Onondaga County NY Industrial Development        
Agency Civic Facility Revenue (Syracuse        
University Project) VRDO 0.160% 6/7/11 LOC 8,590 8,590
Onondaga County NY Trust Cultural Resource        
Revenue (Syracuse University) VRDO 0.130% 6/7/11 LOC 17,000 17,000
Port Authority of New York & New Jersey        
Revenue CP 0.360% 10/6/11 4,130 4,130
Port Washington NY Union Free School        
District TAN 2.000% 6/23/11 20,000 20,021
Riverhead NY Industrial Development Agency        
Civic Facility Revenue (Central Suffolk        
Hospital Project) VRDO 0.200% 6/7/11 LOC 6,790 6,790
Riverhead NY Industrial Development Agency        
Civic Facility Revenue (Central Suffolk        
Hospital Project) VRDO 0.200% 6/7/11 LOC 7,910 7,910
Rockland County NY Industrial Development        
Agency Civic Facility Revenue        
(Dominican College Project) 0.170% 6/7/11 LOC 6,280 6,280
South Orangetown NY Central School District TAN 2.000% 6/30/11 5,000 5,005
Southampton NY Union Free School District TAN 2.000% 6/23/11 9,500 9,510
1 Suffolk County NY GO TOB VRDO 0.190% 6/7/11 3,265 3,265
Suffolk County NY Industrial Development        
Agency Civic Facility Revenue (St. Anthonys        
High School) VRDO 0.130% 6/7/11 LOC 19,585 19,585
Suffolk County NY TAN 2.000% 8/11/11 20,000 20,058
Suffolk County NY TAN 2.000% 9/13/11 23,000 23,106
1 Suffolk County NY Water Authority Revenue        
TOB VRDO 0.150% 6/1/11 8,750 8,750
Suffolk County NY Water Authority        
Revenue VRDO 0.130% 6/7/11 47,700 47,700
Syosset NY Central School District TAN 1.500% 6/24/11 18,000 18,014
Syracuse NY Industrial Development Agency        
Civic Facility Revenue (Syracuse University        
Project) VRDO 0.160% 6/7/11 LOC 17,150 17,150

 

21

 

New York Tax-Exempt Money Market Fund

        Face Market
      Maturity Amount Value
    Coupon Date ($000) ($000)
  Tompkins County NY Industrial Development        
  Agency Civic Facility Revenue        
  (Cornell University) VRDO 0.160% 6/7/11 9,190 9,190
  Tompkins County NY Industrial Development        
  Agency Civic Facility Revenue        
  (Ithaca College) VRDO 0.180% 6/7/11 LOC 28,195 28,195
  Tompkins County NY Industrial Development        
  Agency Civic Facility Revenue        
  (Ithaca College) VRDO 0.180% 6/7/11 LOC 22,500 22,500
1 Triborough Bridge & Tunnel Authority        
  New York Revenue TOB VRDO 0.180% 6/7/11 2,660 2,660
1 Triborough Bridge & Tunnel Authority        
  New York Revenue TOB VRDO 0.190% 6/7/11 10,040 10,040
  Triborough Bridge & Tunnel Authority        
  New York Revenue VRDO 0.190% 6/7/11 24,975 24,975
          3,028,843
Puerto Rico (1.7%)        
  Puerto Rico Public Finance Corp. Revenue 5.500% 2/1/12 (Prere.) 14,750 15,240
  Puerto Rico Public Finance Corp. Revenue 5.500% 2/1/12 (Prere.) 3,500 3,617
  Puerto Rico Sales Tax Financing Corp.        
  Revenue PUT 5.000% 8/1/11 (Prere.) 6,000 6,046
1 Puerto Rico Sales Tax Financing Corp.        
  Revenue TOB VRDO 0.170% 6/7/11 27,300 27,300
          52,203
Total Tax-Exempt Municipal Bonds (Cost $3,081,046)       3,081,046
Other Assets and Liabilities (-0.1%)        
Other Assets       17,862
Liabilities       (20,002)
          (2,140)
Net Assets (100%)        
Applicable to 3,078,729,698 outstanding $.001 par value shares of      
beneficial interest (unlimited authorization)       3,078,906
Net Asset Value Per Share       $1.00

 

At May 31, 2011, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 3,078,905
Undistributed Net Investment Income —
Accumulated Net Realized Gains 1
Net Assets 3,078,906

 

See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2011, the aggregate value of these securities was $514,085,000, representing 16.7% of net assets.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.

22

 

New York Tax-Exempt Money Market Fund

Key to Abbreviations

ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.

Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) Assured Guaranty Corporation.
(13) Berkshire Hathaway Assurance Corporation.
(14) National Public Finance Guarantee Corporation.
The insurance does not guarantee the market value of the municipal bonds.

LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.

23

 

New York Tax-Exempt Money Market Fund

Statement of Operations  
 
  Six Months Ended
  May 31, 2011
  ($000)
Investment Income  
Income  
Interest 4,342
Total Income 4,342
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 464
Management and Administrative 1,685
Marketing and Distribution 541
Custodian Fees 23
Shareholders’ Reports 2
Trustees’ Fees and Expenses 2
Total Expenses 2,717
Net Investment Income 1,625
Realized Net Gain (Loss) on Investment Securities Sold 2
Net Increase (Decrease) in Net Assets Resulting from Operations 1,627

 

See accompanying Notes, which are an integral part of the Financial Statements.

24

 

New York Tax-Exempt Money Market Fund

Statement of Changes in Net Assets    
 
  Six Months Ended Year Ended
  May 31, November 30,
  2011 2010
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 1,625 3,568
Realized Net Gain (Loss) 2 9
Net Increase (Decrease) in Net Assets Resulting from Operations 1,627 3,577
Distributions    
Net Investment Income (1,625) (3,568)
Realized Capital Gain — —
Total Distributions (1,625) (3,568)
Capital Share Transactions (at $1.00)    
Issued 1,018,079 1,737,816
Issued in Lieu of Cash Distributions 1,578 3,462
Redeemed (1,236,228) (2,362,526)
Net Increase (Decrease) from Capital Share Transactions (216,571) (621,248)
Total Increase (Decrease) (216,569) (621,239)
Net Assets    
Beginning of Period 3,295,475 3,916,714
End of Period 3,078,906 3,295,475

 

See accompanying Notes, which are an integral part of the Financial Statements.

25

 

New York Tax-Exempt Money Market Fund

Financial Highlights

Six Months          
  Ended          
For a Share Outstanding May 31,     Year Ended November 30,
Throughout Each Period 2011 2010 2009 2008 2007 2006
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Investment Operations            
Net Investment Income .001 .001 .004 .023 .035 .032
Net Realized and Unrealized Gain (Loss)            
on Investments — — — — — —
Total from Investment Operations .001 .001 .004 .023 .035 .032
Distributions            
Dividends from Net Investment Income (.001) (.001) (.004) (.023) (.035) (.032)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.001) (.001) (.004) (.023) (.035) (.032)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
 
Total Return1 0.05% 0.10% 0.36% 2.32% 3.60% 3.28%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $3,079 $3,295 $3,917 $4,811 $5,451 $4,379
Ratio of Total Expenses to            
Average Net Assets 0.17% 0.17% 0.17%2 0.11%2 0.10% 0.13%
Ratio of Net Investment Income to            
Average Net Assets 0.10% 0.10% 0.37% 2.29% 3.54% 3.25%

The expense ratio and net income ratio for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
2 Includes fees to participate in the Treasury Temporary Guarantee Program for Money Market Funds of 0.04% for 2009 and 0.01% for 2008.

See accompanying Notes, which are an integral part of the Financial Statements.

26

 

New York Tax-Exempt Money Market Fund

Notes to Financial Statements

Vanguard New York Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued at amortized cost, which approximates market value.

2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2007–2010), and for the period ended May 31, 2011, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month.

4. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2011, the fund had contributed capital of $489,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.20% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard. Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield so as to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time.

C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

At May 31, 2011, 100% of the fund’s investments were valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.

D. In preparing the financial statements as of May 31, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

27

 

New York Long-Term Tax-Exempt Fund

Fund Profile
As of May 31, 2011

Share-Class Characteristics  
  Investor Admiral
  Shares Shares
Ticker Symbol VNYTX VNYUX
Expense Ratio1 0.20% 0.12%
30-Day SEC Yield 3.17% 3.25%

 

Financial Attributes      
    Barclays Barclays
    10 Year Municipal
    Municipal Bond
  Fund Index Index
Number of Bonds 444 8,667 45,699
Yield to Maturity      
(before expenses) 3.3% 3.3% 3.5%
Average Coupon 4.7% 4.9% 4.9%
Average Duration 6.4 years 7.1 years 8.4 years
Average Effective      
Maturity 7.2 years 9.9 years 13.3 years
Short-Term      
Reserves 6.3% — —

 

Volatility Measures    
  Barclays Barclays
  10 Year Municipal
  Municipal Bond
  Index Index
R-Squared 0.86 0.98
Beta 0.91 1.02

These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.

 

 

Distribution by Maturity (% of portfolio)  
Under 1 Year 9.9%
1 - 3 Years 12.9
3 - 5 Years 13.0
5 - 10 Years 51.6
10 - 20 Years 4.0
20 - 30 Years 5.4
Over 30 Years 3.2

 

 

Distribution by Credit Quality (% of portfolio)
AAA 20.9%
AA 51.7
A 19.9
BBB 7.0
BB 0.3
Not Rated 0.2

For information about these ratings, see the Glossary entry for Credit Quality.

Investment Focus

 

 

 

 

1 The expense ratios shown are from the prospectus dated March 29, 2011, and represent estimated costs for the current fiscal year. For the six months ended May 31, 2011, the annualized expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.

28

 

New York Long-Term Tax-Exempt Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Fiscal-Year Total Returns (%): November 30, 2000, Through May 31, 2011  
        Barclays
        10 Year
        Municipal
      Investor Shares Index
Fiscal Year Income Returns Capital Returns Total Returns Total Returns
2001 4.95% 3.42% 8.37% 8.22%
2002 4.65 2.19 6.84 6.67
2003 4.42 2.78 7.20 6.88
2004 4.29 -0.81 3.48 4.03
2005 4.27 -1.24 3.03 3.01
2006 4.51 2.17 6.68 6.17
2007 4.33 -2.76 1.57 3.51
2008 4.03 -8.66 -4.63 -0.42
2009 4.57 8.69 13.26 12.67
2010 3.93 0.27 4.20 5.51
2011 1.97 -0.27 1.70 2.73
Note: For 2011, performance data reflect the six months ended May 31, 2011.    

 

Average Annual Total Returns: Periods Ended March 31, 2011
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.

            Ten Years
  Inception Date One Year Five Years Income Capital Total
Investor Shares 4/7/1986 0.90% 3.50% 4.33% -0.11% 4.22%
Admiral Shares 5/14/2001 0.98 3.58 4.411 0.011 4.421
1 Return since inception.            

 

See Financial Highlights for dividend and capital gains information.

29

 

New York Long-Term Tax-Exempt Fund

Financial Statements (unaudited)

Statement of Net Assets
As of May 31, 2011

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Tax-Exempt Municipal Bonds (99.3%)        
New York (97.3%)        
Albany County NY GO 5.000% 10/1/12 (14) 1,605 1,650
Albany NY Industrial Development Agency Civic        
Facility Revenue (St. Peter’s Hospital Project) 5.250% 11/15/27 5,000 4,711
Albany NY Industrial Development Agency Civic        
Facility Revenue (University at Albany Foundation        
Student Housing Corp.–Empire Commons        
North Project) 5.375% 5/1/29 (12) 3,455 3,640
Albany NY Industrial Development Agency        
Civic Facility Revenue (University at Albany        
Foundation Student Housing Corp.–Empire        
Commons North Project) 5.500% 5/1/32 (12) 2,550 2,673
Albany NY Industrial Development Agency Civic        
Facility Revenue (University at Albany Foundation        
Student Housing Corp.–Empire Commons        
South Project) 5.375% 5/1/29 (12) 4,395 4,631
Albany NY Industrial Development Agency Civic        
Facility Revenue (University at Albany Foundation        
Student Housing Corp.–Empire Commons        
South Project) 5.500% 5/1/32 (12) 1,500 1,572
Albany NY Industrial Development Agency Civic        
Facility Revenue (University at Albany Foundation        
Student Housing Corp.–Empire Commons        
West Project) 5.375% 5/1/29 (12) 3,415 3,598
Amherst NY Development Corp. Student Housing        
Facility Revenue 5.000% 10/1/40 (4) 2,500 2,477
Amherst NY Development Corp. Student Housing        
Facility Revenue 5.000% 10/1/45 3,800 3,597
Brooklyn NY Local Development Corp. PILOT        
Revenue (Barclays Center Project) 6.000% 7/15/30 9,000 8,898
Brooklyn NY Local Development Corp. PILOT        
Revenue (Barclays Center Project) 6.375% 7/15/43 9,000 9,103
Broome County NY Public Safety Facility        
Project COP 5.250% 4/1/15 (ETM) 1,760 1,767
Broome County NY Public Safety Facility        
Project COP 5.250% 4/1/15 (14) 335 336
Buffalo NY GO 5.125% 2/1/12 (2) 1,870 1,882
Buffalo NY GO 5.125% 2/1/13 (Prere.) 2,945 2,969
City of Troy NY Capital Resource Corp. Revenue        
(Rensselaer Polytechnic Institute Project) 5.000% 9/1/30 1,500 1,505

 

30

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
City of Troy NY Capital Resource Corp. Revenue        
(Rensselaer Polytechnic Institute Project) 5.125% 9/1/40 3,650 3,603
Erie County NY Industrial Development Agency        
School Facility Revenue (Buffalo City School        
District Project) 5.750% 5/1/20 (4) 3,510 3,835
Erie County NY Industrial Development Agency        
School Facility Revenue (Buffalo City School        
District Project) 5.750% 5/1/21 (4) 5,000 5,438
Erie County NY Industrial Development Agency        
School Facility Revenue (Buffalo City School        
District Project) 5.750% 5/1/22 (4) 4,500 4,875
1 Erie County NY Industrial Development Agency        
School Facility Revenue (Buffalo City School        
District Project) 5.250% 5/1/25 3,695 3,988
Erie Tobacco Asset Securitization Corp. Tobacco        
Settlement New York Revenue 5.000% 6/1/45 1,000 679
Hempstead NY GO 4.000% 8/15/11 3,000 3,024
Hempstead NY GO 2.500% 2/1/12 1,015 1,030
Hempstead NY GO 4.000% 1/15/13 1,500 1,586
Hempstead NY GO 3.000% 4/15/13 5,070 5,305
Hempstead NY GO 4.000% 8/15/13 1,000 1,075
Hempstead NY GO 5.000% 1/15/14 1,740 1,931
Hempstead NY GO 3.000% 4/15/14 5,155 5,474
Hempstead NY GO 5.000% 1/15/15 1,000 1,138
Hempstead NY Industrial Development Agency        
Civic Facility Revenue (Hofstra University) 5.250% 7/1/17 2,360 2,516
Hempstead NY Industrial Development Agency        
Civic Facility Revenue (Hofstra University) 5.250% 7/1/19 3,200 3,412
Hudson Yards Infrastructure Corp.        
New York Revenue 4.500% 2/15/47 (14) 10,000 8,331
Hudson Yards Infrastructure Corp.        
New York Revenue 5.000% 2/15/47 18,100 16,167
Hudson Yards Infrastructure Corp.        
New York Revenue 5.000% 2/15/47 (3) 20,000 17,864
Liberty New York Development Corp. Revenue        
(Goldman Sachs Headquarters) 5.250% 10/1/35 28,875 28,755
Liberty New York Development Corp. Revenue        
(Greenwich LLC) VRDO 0.150% 6/7/11 LOC 11,000 11,000
Long Island NY Power Authority Electric        
System Revenue 5.000% 12/1/18 (14) 25,000 27,752
Long Island NY Power Authority Electric        
System Revenue 5.250% 4/1/19 15,000 17,202
Long Island NY Power Authority Electric        
System Revenue 5.250% 12/1/20 (14) 7,500 8,202
Long Island NY Power Authority Electric        
System Revenue 5.000% 12/1/23 (14) 4,760 5,008
Long Island NY Power Authority Electric        
System Revenue 0.000% 6/1/24 (4) 19,830 11,697
Long Island NY Power Authority Electric        
System Revenue 0.000% 6/1/27 (4) 15,905 7,731
Long Island NY Power Authority Electric        
System Revenue 5.125% 9/1/29 10,000 10,008
Long Island NY Power Authority Electric        
System Revenue 6.250% 4/1/33 2,000 2,226
Metropolitan New York Transportation        
Authority Revenue 5.750% 7/1/18 7,490 8,938

 

31

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Metropolitan New York Transportation        
Authority Revenue 4.750% 11/15/23 (14) 8,600 8,857
Metropolitan New York Transportation        
Authority Revenue 5.000% 11/15/23 4,500 4,751
Metropolitan New York Transportation        
Authority Revenue 6.250% 11/15/23 5,000 5,793
Metropolitan New York Transportation        
Authority Revenue 5.000% 11/15/27 (14) 2,500 2,543
Metropolitan New York Transportation        
Authority Revenue 5.250% 11/15/28 1,000 1,034
Metropolitan New York Transportation        
Authority Revenue 6.500% 11/15/28 5,000 5,754
Metropolitan New York Transportation        
Authority Revenue 5.250% 11/15/29 1,000 1,029
Metropolitan New York Transportation        
Authority Revenue 5.250% 11/15/30 1,150 1,180
Metropolitan New York Transportation        
Authority Revenue 5.000% 11/15/33 7,000 6,981
Metropolitan New York Transportation        
Authority Revenue 5.000% 11/15/34 5,000 4,959
Metropolitan New York Transportation        
Authority Revenue 5.250% 11/15/36 8,800 8,881
Metropolitan New York Transportation        
Authority Revenue 5.000% 11/15/37 14,250 13,883
Metropolitan New York Transportation        
Authority Revenue 5.250% 11/15/40 7,500 7,567
Metropolitan New York Transportation        
Authority Revenue (Dedicated Petroleum Tax) 5.500% 11/15/13 (4) 6,000 6,411
Metropolitan New York Transportation        
Authority Revenue (Dedicated Petroleum Tax) 5.250% 11/15/28 5,000 5,319
Metropolitan New York Transportation        
Authority Revenue (Dedicated Petroleum Tax) 5.250% 11/15/29 4,000 4,229
Metropolitan New York Transportation        
Authority Revenue (Dedicated Petroleum Tax) 5.250% 11/15/30 4,000 4,180
Metropolitan New York Transportation Authority        
Revenue (Dedicated Tax Fund) 5.000% 11/15/33 5,000 5,144
2 Metropolitan New York Transportation Authority        
Revenue (Dedicated Tax Fund) TOB VRDO 0.190% 6/7/11 (4) 6,900 6,900
Metropolitan New York Transportation Authority        
Revenue (Service Contract) 5.750% 1/1/17 10,000 11,821
Metropolitan New York Transportation Authority        
Revenue (Service Contract) 5.125% 1/1/29 23,000 23,116
Metropolitan New York Transportation Authority        
Revenue (Transit Revenue) 5.500% 11/15/16 (14) 4,000 4,187
Metropolitan New York Transportation Authority        
Revenue (Transit Revenue) 5.500% 11/15/17 (2) 35,000 37,099
Metropolitan New York Transportation Authority        
Revenue (Transit Revenue) 5.500% 11/15/17 (14) 5,000 5,300
Metropolitan New York Transportation Authority        
Revenue (Transit Revenue) 5.500% 11/15/19 (14) 5,500 5,779
Metropolitan New York Transportation Authority        
Revenue (Transit Revenue) 5.500% 11/15/20 (14) 7,000 7,327
Metropolitan New York Transportation Authority        
Revenue (Transit Revenue) 5.000% 11/15/22 5,000 5,317
Metropolitan New York Transportation Authority        
Revenue (Transit Revenue) 5.250% 11/15/22 (14) 8,310 8,867

 

32

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Metropolitan New York Transportation Authority        
Revenue (Transit Revenue) PUT 5.000% 11/15/14 40,550 45,145
2 Metropolitan New York Transportation Authority        
Revenue TOB VRDO 0.190% 6/7/11 (13) 19,005 19,005
2 Metropolitan New York Transportation Authority        
Revenue TOB VRDO 0.190% 6/7/11 (13) 7,000 7,000
Monroe County NY Industrial Development Corp.        
Mortgage Revenue (Unity Hospital        
Rochester Project) 5.750% 8/15/30 3,500 3,974
Monroe County NY Industrial Development Corp.        
Mortgage Revenue (Unity Hospital        
Rochester Project) 5.750% 8/15/35 3,000 3,284
Monroe County NY Industrial Development Corp.        
Mortgage Revenue (Unity Hospital        
Rochester Project) 5.500% 8/15/40 3,700 3,852
Nassau County NY GO 5.000% 10/1/20 9,025 9,878
Nassau County NY Tobacco Settlement Corp. 5.250% 6/1/26 1,500 1,290
Nassau County NY Tobacco Settlement Corp. 5.000% 6/1/35 9,000 6,374
Nassau County NY Tobacco Settlement Corp. 5.125% 6/1/46 8,105 5,002
2 New York City Housing Development Corp.        
TOB VRDO 0.150% 6/1/11 10,430 10,430
New York City NY Cultural Resources Revenue        
(American Museum of Natural History) VRDO 0.130% 6/1/11 2,820 2,820
New York City NY Cultural Resources Revenue        
(Julliard School) 5.000% 1/1/34 4,000 4,132
New York City NY Cultural Resources Revenue        
(Julliard School) 5.000% 1/1/39 4,000 4,094
New York City NY Cultural Resources Revenue        
(Julliard School) PUT 2.750% 7/1/12 4,000 4,093
New York City NY Cultural Resources Revenue        
(Julliard School) PUT 2.100% 7/1/15 14,500 14,826
New York City NY Cultural Resources Revenue        
(Lincoln Center for the Performing Arts Inc.)        
VRDO 0.130% 6/1/11 LOC 2,450 2,450
New York City NY Cultural Resources Revenue        
(Pierpont Morgan Library) VRDO 0.150% 6/7/11 LOC 1,200 1,200
New York City NY GO 5.125% 8/1/13 (4) 40 40
New York City NY GO 5.500% 8/1/13 (Prere.) 315 349
New York City NY GO 5.750% 8/1/13 7,500 7,920
New York City NY GO 5.000% 1/1/14 3,360 3,690
New York City NY GO 5.000% 2/1/14 3,500 3,853
New York City NY GO 5.000% 8/1/14 2,500 2,792
New York City NY GO 5.000% 8/1/14 2,800 3,128
New York City NY GO 5.000% 8/1/14 2,330 2,603
New York City NY GO 5.200% 8/1/14 (4) 5 5
New York City NY GO 5.000% 8/1/16 16,925 19,602
New York City NY GO 5.000% 8/1/16 5,000 5,791
New York City NY GO 5.000% 8/1/16 7,150 8,281
New York City NY GO 5.000% 2/1/17 8,835 10,192
New York City NY GO 5.000% 3/1/17 10,000 11,547
New York City NY GO 5.000% 8/1/17 7,500 8,693
New York City NY GO 5.000% 8/1/17 3,000 3,477
New York City NY GO 5.000% 9/1/17 3,955 4,454
New York City NY GO 5.000% 8/1/18 7,500 8,733
New York City NY GO 5.000% 8/1/19 5,000 5,809
New York City NY GO 5.000% 8/1/19 3,000 3,485

 

33

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York City NY GO 5.000% 8/1/20 7,500 8,613
New York City NY GO 5.000% 8/1/20 750 873
New York City NY GO 5.000% 8/1/20 8,380 9,757
New York City NY GO 5.500% 8/1/20 2,185 2,376
New York City NY GO 5.000% 8/1/21 1,000 1,067
New York City NY GO 5.000% 8/1/21 2,000 2,261
New York City NY GO 5.250% 9/1/21 8,100 9,179
New York City NY GO 5.000% 8/1/22 4,250 4,742
New York City NY GO 5.000% 8/1/22 4,000 4,512
New York City NY GO 5.000% 8/1/22 10,000 10,950
New York City NY GO 5.250% 8/15/22 10,000 11,195
New York City NY GO 5.250% 9/1/22 17,000 19,040
New York City NY GO 5.000% 10/1/22 2,985 3,259
New York City NY GO 5.000% 11/1/23 4,525 4,845
New York City NY GO 5.250% 8/15/24 15,000 16,477
New York City NY GO 5.000% 1/1/25 10,000 10,593
New York City NY GO 5.000% 8/1/25 8,000 8,432
New York City NY GO 5.000% 10/1/25 10,000 10,655
New York City NY GO 5.000% 1/1/26 6,360 6,698
New York City NY GO 5.000% 4/1/26 15,800 16,799
New York City NY GO 5.000% 8/15/26 14,500 15,453
New York City NY GO 5.250% 8/15/26 5,100 5,515
New York City NY GO 5.000% 5/15/28 4,500 4,764
New York City NY GO 5.000% 8/1/28 7,000 7,417
New York City NY GO 5.000% 8/1/28 2,000 2,131
New York City NY GO 6.250% 10/15/28 1,035 1,181
New York City NY GO 5.625% 4/1/29 3,000 3,281
New York City NY GO 5.450% 4/1/31 8,500 9,061
New York City NY GO 5.000% 5/15/31 5,000 5,179
New York City NY GO 5.375% 4/1/36 4,000 4,167
New York City NY GO 5.000% 5/15/36 4,250 4,325
New York City NY GO VRDO 0.140% 6/1/11 LOC 16,215 16,215
New York City NY GO VRDO 0.140% 6/1/11 5,600 5,600
New York City NY GO VRDO 0.160% 6/1/11 (4) 2,200 2,200
New York City NY GO VRDO 0.160% 6/1/11 (4) 4,800 4,800
New York City NY GO VRDO 0.160% 6/1/11 (4) 2,600 2,600
New York City NY Health & Hospital Corp.        
Revenue (Health System) 5.000% 2/15/12 10 10
New York City NY Health & Hospital Corp.        
Revenue (Health System) 5.000% 2/15/15 2,500 2,764
New York City NY Health & Hospital Corp.        
Revenue (Health System) 5.000% 2/15/17 2,500 2,826
New York City NY Health & Hospital Corp.        
Revenue (Health System) 5.000% 2/15/18 1,500 1,694
New York City NY Health & Hospital Corp.        
Revenue (Health System) 5.000% 2/15/21 2,000 2,209
New York City NY Health & Hospital Corp.        
Revenue (Health System) 5.000% 2/15/30 12,500 12,424
New York City NY Health & Hospital Corp.        
Revenue (Health System) VRDO 0.140% 6/7/11 LOC 4,470 4,470
New York City NY Housing Development Corp.        
Multi-Family Housing Revenue 4.750% 11/1/29 5,220 5,119
New York City NY Housing Development Corp.        
Multi-Family Housing Revenue 4.750% 11/1/29 2,520 2,477
New York City NY Housing Development Corp.        
Multi-Family Housing Revenue 5.550% 11/1/39 3,500 3,597

 

34

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York City NY Housing Development Corp.        
Multi-Family Housing Revenue 5.000% 11/1/42 2,600 2,584
New York City NY Housing Development Corp.        
Multi-Family Housing Revenue 5.700% 11/1/46 7,155 7,279
New York City NY Industrial Development        
Agency Civic Facility Revenue        
(Civil Liberties Union) VRDO 0.100% 6/1/11 LOC 2,300 2,300
New York City NY Industrial Development        
Agency PILOT Revenue (Queens Baseball        
Stadium Project) 6.125% 1/1/29 (12) 1,750 1,830
New York City NY Industrial Development        
Agency PILOT Revenue (Queens Baseball        
Stadium Project) 5.000% 1/1/31 (2) 3,140 2,729
New York City NY Industrial Development        
Agency PILOT Revenue (Queens Baseball        
Stadium Project) 6.375% 1/1/39 (12) 4,000 4,088
New York City NY Industrial Development        
Agency PILOT Revenue (Yankee Stadium Project) 0.000% 3/1/34 (12) 10,285 2,662
New York City NY Industrial Development        
Agency PILOT Revenue (Yankee Stadium Project) 0.000% 3/1/35 (12) 4,305 1,045
New York City NY Industrial Development        
Agency PILOT Revenue (Yankee Stadium Project) 5.000% 3/1/36 (14) 14,800 13,580
New York City NY Industrial Development        
Agency PILOT Revenue (Yankee Stadium Project) 7.000% 3/1/49 (12) 8,000 8,845
New York City NY Industrial Development        
Agency Special Facility Revenue        
(New York Stock Exchange Project) 5.000% 5/1/29 2,020 2,085
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 0.000% 6/15/17 10,000 8,617
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.375% 6/15/17 24,515 25,685
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 0.000% 6/15/18 4,250 3,479
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 0.000% 6/15/21 4,490 3,168
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/26 10,000 11,064
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/29 7,000 7,279
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/30 5,000 5,345
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/31 13,355 14,039
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/32 6,000 6,212
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.250% 6/15/32 15,000 15,918
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 4.750% 6/15/33 10,000 10,049
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.125% 6/15/33 (14) 6,995 7,037
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/35 1,000 1,008
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 4.750% 6/15/38 1,000 995
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/38 34,705 35,083

 

35

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/38 5,000 5,038
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/39 5,000 5,036
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/39 10,000 10,226
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.000% 6/15/40 5,000 5,106
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.250% 6/15/40 13,355 13,951
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.250% 6/15/40 7,500 7,835
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.500% 6/15/40 18,500 19,723
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.750% 6/15/40 5,700 6,147
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.750% 6/15/40 10,075 10,992
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.375% 6/15/43 15,000 15,901
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue 5.500% 6/15/43 5,725 6,147
2 New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue        
TOB VRDO 0.150% 6/1/11 9,000 9,000
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue        
VRDO 0.140% 6/1/11 9,100 9,100
New York City NY Municipal Water Finance        
Authority Water & Sewer System Revenue        
VRDO 0.130% 6/1/11 6,900 6,900
New York City NY Sales Tax Asset        
Receivable Corp. Revenue 5.000% 10/15/23 (14) 6,100 6,659
New York City NY Sales Tax Asset        
Receivable Corp. Revenue 5.000% 10/15/24 (14) 12,000 13,038
New York City NY Sales Tax Asset        
Receivable Corp. Revenue 5.000% 10/15/25 (14) 20,225 21,798
New York City NY Sales Tax Asset        
Receivable Corp. Revenue 5.000% 10/15/26 (14) 2,540 2,718
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.000% 1/15/17 3,000 3,415
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.000% 1/15/24 (14) 6,740 7,107
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.250% 1/15/25 9,500 10,260
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.000% 7/15/25 (14) 5,200 5,441
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.250% 1/15/26 5,000 5,356
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.000% 7/15/26 (14) 6,150 6,394
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.000% 1/15/30 500 520
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.000% 1/15/32 500 510
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.125% 1/15/33 7,000 7,188

 

36

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.125% 1/15/34 10,000 10,282
New York City NY Transitional Finance        
Authority Building Aid Revenue 4.750% 1/15/38 20,000 19,468
New York City NY Transitional Finance        
Authority Building Aid Revenue 5.250% 1/15/39 6,875 7,092
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.500% 11/1/26 4,000 4,081
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.375% 2/15/12 (Prere.) 9,395 9,737
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.500% 2/15/12 (Prere.) 2,735 2,836
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.250% 8/1/12 (Prere.) 3,750 3,967
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.250% 2/1/13 (Prere.) 570 616
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.250% 2/1/13 (Prere.) 3,930 4,246
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 8/1/13 (Prere.) 5 6
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 11/1/17 3,000 3,534
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 11/1/18 2,000 2,356
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 11/1/19 1,000 1,178
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 11/1/20 1,710 2,007
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 11/1/21 5,000 5,783
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 5/1/24 7,710 8,544
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.250% 11/1/25 1,000 1,130
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 8/1/26 3,360 3,519
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.250% 11/1/26 1,000 1,119
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 2/1/27 2,000 2,186
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 2/1/28 2,000 2,172
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.250% 2/1/29 2,000 2,207
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 5/1/29 5,000 5,329
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.250% 2/1/30 1,500 1,643
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 5/1/30 5,000 5,308
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 11/1/30 23,500 24,550
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 2/1/31 2,000 2,124
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 11/1/31 3,575 3,793

 

37

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 8/1/32 2,005 2,025
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 2/1/35 1,000 1,036
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.500% 11/1/35 3,000 3,259
New York City NY Transitional Finance        
Authority Future Tax Revenue 5.000% 11/1/39 5,000 5,151
New York Convention Center Development Corp.        
Revenue (Hotel Unit) 5.000% 11/15/44 (2) 10,000 9,517
New York GO 5.000% 2/15/39 9,500 9,831
New York Liberty Development Corp. Revenue 5.125% 1/15/44 7,000 6,706
New York Liberty Development Corp. Revenue 5.625% 7/15/47 3,000 3,009
New York Liberty Development Corp. Revenue 6.375% 7/15/49 10,000 10,312
New York State Dormitory Authority Hospital        
Revenue (Albany Medical Center Hospital) 5.000% 8/15/18 (4) 15,205 16,074
New York State Dormitory Authority Hospital        
Revenue (Catskill Regional Medical Center) 5.250% 2/15/19 (14) 2,420 2,581
New York State Dormitory Authority Hospital        
Revenue (Catskill Regional Medical Center) 5.250% 2/15/20 (14) 2,555 2,706
New York State Dormitory Authority Hospital        
Revenue (Catskill Regional Medical Center) 5.250% 2/15/21 (14) 1,680 1,770
New York State Dormitory Authority Hospital        
Revenue (Catskill Regional Medical Center) 5.250% 2/15/22 (14) 2,825 2,959
New York State Dormitory Authority Hospital        
Revenue (Catskill Regional Medical Center) 5.250% 2/15/23 (14) 1,120 1,168
New York State Dormitory Authority Hospital        
Revenue (Hudson Valley Hospital Center) 5.000% 8/15/27 (4) 4,515 4,690
New York State Dormitory Authority Hospital        
Revenue (Hudson Valley Hospital Center) 5.000% 8/15/36 (4) 3,575 3,539
New York State Dormitory Authority Lease        
Revenue (Municipal Health Facilities        
Improvement Program) 5.000% 1/15/13 8,440 8,905
New York State Dormitory Authority Revenue        
(Catholic Health Services of Long Island        
Obligated Group–St. Charles Hospital &        
Rehabilitation Center) 5.500% 7/1/22 (14) 10,000 10,008
New York State Dormitory Authority Revenue        
(City University System) 5.750% 7/1/11 (3) 1,740 1,746
New York State Dormitory Authority Revenue        
(City University System) 5.000% 7/1/20 3,410 3,889
New York State Dormitory Authority Revenue        
(City University System) 5.500% 7/1/20 (14) 14,525 17,260
New York State Dormitory Authority Revenue        
(City University System) 5.000% 7/1/24 2,500 2,710
New York State Dormitory Authority Revenue        
(City University System) 5.000% 7/1/25 4,670 4,929
New York State Dormitory Authority Revenue        
(Columbia University) 5.000% 7/1/13 3,475 3,805
New York State Dormitory Authority Revenue        
(Columbia University) 5.125% 7/1/19 5,100 5,509
New York State Dormitory Authority Revenue        
(Columbia University) 5.125% 7/1/19 4,900 5,462
New York State Dormitory Authority Revenue        
(Columbia University) 5.125% 7/1/21 6,990 7,736
New York State Dormitory Authority Revenue        
(Cornell University) 5.000% 7/1/31 6,905 7,181

 

38

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York State Dormitory Authority Revenue        
(Cornell University) 5.000% 7/1/35 1,500 1,541
New York State Dormitory Authority Revenue        
(Fordham University) 5.500% 7/1/36 3,000 3,113
New York State Dormitory Authority Revenue        
(Memorial Sloan-Kettering Cancer Center) 5.000% 7/1/30 9,000 9,239
New York State Dormitory Authority Revenue        
(Memorial Sloan-Kettering Cancer Center) 5.000% 7/1/35 13,000 13,104
New York State Dormitory Authority Revenue        
(Mental Health Services Facilities Improvement) 5.500% 2/15/17 10,000 11,642
New York State Dormitory Authority Revenue        
(Mental Health Services Facilities Improvement) 5.000% 2/15/25 (14) 6,575 6,792
New York State Dormitory Authority Revenue        
(Mental Health Services Facilities Improvement) 5.000% 2/15/28 (4) 500 517
New York State Dormitory Authority Revenue        
(Mount Sinai Hospital Obligated Group) 5.000% 7/1/22 3,500 3,701
New York State Dormitory Authority Revenue        
(Mount Sinai Hospital Obligated Group) 5.000% 7/1/23 4,500 4,723
New York State Dormitory Authority Revenue        
(Mount Sinai Hospital Obligated Group) 5.000% 7/1/26 5,000 5,080
New York State Dormitory Authority Revenue        
(Mount Sinai School of Medicine of        
New York University) 5.000% 7/1/15 1,000 1,106
New York State Dormitory Authority Revenue        
(Mount Sinai School of Medicine of        
New York University) 5.000% 7/1/16 1,000 1,117
New York State Dormitory Authority Revenue        
(Mount Sinai School of Medicine of        
New York University) 5.000% 7/1/17 1,000 1,114
New York State Dormitory Authority Revenue        
(Mount Sinai School of Medicine of        
New York University) 5.000% 7/1/18 2,000 2,218
New York State Dormitory Authority Revenue        
(Mount Sinai School of Medicine of        
New York University) 5.000% 7/1/20 1,000 1,095
New York State Dormitory Authority Revenue        
(Mount Sinai School of Medicine of        
New York University) 5.000% 7/1/21 1,000 1,081
New York State Dormitory Authority Revenue        
(Mount Sinai School of Medicine of        
New York University) 4.500% 7/1/37 (14) 4,820 4,318
New York State Dormitory Authority Revenue        
(New York University Hospitals Center) 5.000% 7/1/20 3,000 3,135
New York State Dormitory Authority Revenue        
(New York University Hospitals Center) 5.000% 7/1/22 8,000 8,210
New York State Dormitory Authority Revenue        
(New York University Hospitals Center) 5.750% 7/1/31 1,000 1,018
New York State Dormitory Authority Revenue        
(New York University Hospitals Center) 6.000% 7/1/40 1,000 1,019
New York State Dormitory Authority Revenue        
(New York University) 6.000% 7/1/19 (14) 1,500 1,850
New York State Dormitory Authority Revenue        
(New York University) 5.000% 7/1/38 15,700 15,905
New York State Dormitory Authority Revenue        
(North Shore–Long Island Jewish        
Obligated Group) 5.000% 11/1/20 3,965 4,174

 

39

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York State Dormitory Authority Revenue        
(North Shore–Long Island Jewish        
Obligated Group) 5.000% 11/1/21 4,035 4,209
New York State Dormitory Authority Revenue        
(North Shore–Long Island Jewish        
Obligated Group) 5.000% 11/1/22 4,285 4,420
New York State Dormitory Authority Revenue        
(North Shore–Long Island Jewish        
Obligated Group) 5.000% 11/1/26 1,800 1,821
New York State Dormitory Authority Revenue        
(North Shore–Long Island Jewish        
Obligated Group) 5.000% 11/1/26 5,495 5,497
New York State Dormitory Authority Revenue        
(North Shore–Long Island Jewish        
Obligated Group) 5.000% 5/1/32 2,500 2,406
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 12/15/18 11,950 13,558
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 2/15/19 3,000 3,522
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 2/15/20 3,100 3,644
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 3/15/23 (4) 4,200 4,506
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 3/15/26 (2) 7,500 8,010
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 3/15/28 2,225 2,385
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 2/15/29 3,000 3,214
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 12/15/31 11,515 11,977
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 2/15/35 3,000 3,089
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 12/15/35 10,000 10,130
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.750% 3/15/36 10,000 10,971
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.000% 3/15/38 7,000 7,163
New York State Dormitory Authority Revenue        
(Personal Income Tax) 5.250% 3/15/38 10,000 10,427
2 New York State Dormitory Authority Revenue        
(Personal Income Tax) TOB VRDO 0.180% 6/7/11 11,950 11,950
New York State Dormitory Authority Revenue        
(Pratt Institute) 5.000% 7/1/16 (12) 750 856
New York State Dormitory Authority Revenue        
(Pratt Institute) 5.000% 7/1/18 (12) 570 651
New York State Dormitory Authority Revenue        
(Pratt Institute) 5.000% 7/1/29 (12) 3,750 3,876
New York State Dormitory Authority Revenue        
(Rochester Institute of Technology) 4.000% 7/1/15 1,000 1,084
New York State Dormitory Authority Revenue        
(Rochester Institute of Technology) 4.250% 7/1/32 2,000 1,838
New York State Dormitory Authority Revenue        
(Rochester Institute of Technology) 5.000% 7/1/40 2,000 2,000
New York State Dormitory Authority Revenue        
(School Districts Financing Program) 5.000% 10/1/20 (12) 1,500 1,668

 

40

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York State Dormitory Authority Revenue        
(Service Contract) 5.000% 7/1/18 2,000 2,280
New York State Dormitory Authority Revenue        
(St. John’s University) 5.250% 7/1/32 (14) 9,000 9,140
New York State Dormitory Authority Revenue        
(St. John’s University) VRDO 0.160% 6/7/11 LOC 2,400 2,400
New York State Dormitory Authority Revenue        
(St. Joseph’s Hospital) 5.250% 7/1/18 (14) 6,700 6,705
New York State Dormitory Authority Revenue        
(St. Lawrence University) 5.000% 7/1/14 16,000 17,403
New York State Dormitory Authority Revenue        
(State University Educational Facilities) 5.250% 5/15/13 5,000 5,233
New York State Dormitory Authority Revenue        
(State University Educational Facilities) 5.750% 5/15/17 (4) 3,750 4,467
New York State Dormitory Authority Revenue        
(The New School) 5.250% 7/1/30 3,000 3,065
New York State Dormitory Authority Revenue        
(The New School) 5.000% 7/1/31 (14) 3,665 3,694
New York State Dormitory Authority Revenue        
(The New School) 5.000% 7/1/36 (14) 3,690 3,623
New York State Dormitory Authority Revenue        
(The New School) 5.500% 7/1/40 3,000 3,080
New York State Dormitory Authority Revenue        
(The New School) 6.000% 7/1/50 3,000 3,145
New York State Dormitory Authority Revenue        
(University of Rochester) 5.000% 7/1/32 8,405 8,503
New York State Dormitory Authority Revenue        
(Vassar Brothers Hospital) 5.250% 7/1/17 (4) 8,025 8,134
New York State Dormitory Authority Revenue        
(Vassar Brothers Hospital) 5.375% 7/1/25 (4) 7,000 7,022
New York State Dormitory Authority Revenue        
(Vassar College) 5.000% 7/1/46 10,000 10,052
2 New York State Dormitory Authority Revenue        
(Vassar College) TOB VRDO 0.180% 6/7/11 6,655 6,655
New York State Dormitory Authority Revenue        
(Yeshiva University) 5.250% 7/1/19 (2) 2,425 2,655
New York State Dormitory Authority Revenue        
(Yeshiva University) 5.250% 7/1/21 (2) 1,750 1,843
New York State Dormitory Authority Revenue        
(Yeshiva University) 5.250% 7/1/22 (2) 3,425 3,587
New York State Energy Research & Development        
Authority Pollution Control Revenue (New York        
State Electric & Gas Corp. Project) ARS 0.525% 4/1/34 (14) 10,000 9,534
New York State Energy Research & Development        
Authority Pollution Control Revenue (New York        
State Electric & Gas Corp. Project) PUT 3.000% 6/3/13 7,500 7,622
New York State Energy Research & Development        
Authority Pollution Control Revenue (New York        
State Electric & Gas Corp. Project) PUT 3.000% 6/3/13 7,500 7,622
New York State Energy Research & Development        
Authority Pollution Control Revenue (Rochester        
Gas & Electric Corp. Project) PUT 5.000% 8/1/16 (14) 7,750 8,299
New York State Environmental Facilities Corp.        
Revenue (Personal Income Tax) 5.250% 12/15/24 8,000 8,966
New York State Environmental Facilities Corp.        
Revenue (State Clean Water & Drinking Water        
Revolving Funds) 5.000% 8/15/14 5,780 6,548

 

41

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York State Environmental Facilities Corp.        
Revenue (State Clean Water & Drinking Water        
Revolving Funds) 4.000% 8/15/15 1,400 1,563
3 New York State Environmental Facilities Corp.        
Revenue (State Clean Water & Drinking Water        
Revolving Funds) 5.250% 6/15/16 3,095 3,240
New York State Environmental Facilities Corp.        
Revenue (State Clean Water & Drinking Water        
Revolving Funds) 5.250% 6/15/19 11,335 11,815
New York State Environmental Facilities Corp.        
Revenue (State Clean Water & Drinking Water        
Revolving Funds) 5.000% 6/15/22 4,950 5,472
New York State Environmental Facilities Corp.        
Revenue (State Clean Water & Drinking Water        
Revolving Funds) 5.000% 6/15/25 4,540 4,887
New York State Environmental Facilities Corp.        
Revenue (State Clean Water & Drinking Water        
Revolving Funds) 4.750% 6/15/32 12,240 12,413
New York State Environmental Facilities Corp.        
Revenue (State Clean Water & Drinking Water        
Revolving Funds) 5.000% 6/15/34 5,000 5,089
New York State Environmental Facilities Corp.        
Revenue (State Clean Water & Drinking Water        
Revolving Funds) 5.000% 6/15/34 6,000 6,107
New York State Environmental Facilities Corp.        
Solid Waste Disposal Revenue (Waste        
Management Inc. Project) PUT 2.500% 1/2/13 5,000 5,035
New York State Environmental Facilities Corp.        
Water Facilities Revenue (United Water        
New Rochelle Inc. Project) 4.875% 9/1/40 4,000 3,698
3 New York State Environmental Facilities Corp.        
Water Pollution Control Revenue 5.750% 6/15/12 (ETM) 2,870 3,034
New York State Environmental Facilities Corp.        
Water Pollution Control Revenue 5.750% 6/15/12 (ETM) 5,585 5,903
New York State Housing Finance Agency        
Housing Revenue (80 DeKalb Avenue) VRDO 0.170% 6/7/11 LOC 8,000 8,000
New York State Housing Finance Agency Revenue        
(Personal Income Tax) 5.000% 3/15/38 15,245 15,416
New York State Housing Finance Agency Revenue        
(Service Contract) VRDO 0.170% 6/7/11 LOC 2,400 2,400
New York State Local Government        
Assistance Corp. Revenue 5.500% 4/1/17 2,015 2,361
New York State Local Government        
Assistance Corp. Revenue VRDO 0.150% 6/7/11 5,500 5,500
New York State Mortgage Agency Homeowner        
Mortgage Revenue VRDO 0.170% 6/7/11 1,000 1,000
New York State Mortgage Agency Revenue        
(NYHELP’s Education Loan) 4.750% 11/1/24 2,770 2,811
New York State Power Authority Revenue 5.250% 11/15/12 (Prere.) 20,710 22,187
New York State Thruway Authority Revenue 5.000% 1/1/19 (14) 9,000 10,028
New York State Thruway Authority Revenue 5.000% 1/1/26 (14) 4,695 4,895
New York State Thruway Authority Revenue 5.000% 1/1/27 (14) 2,000 2,076
New York State Thruway Authority Revenue 5.000% 1/1/28 (14) 2,500 2,581
New York State Thruway Authority Revenue        
(Highway & Bridge Trust Fund) 5.500% 4/1/14 (2) 32,400 33,635
New York State Thruway Authority Revenue        
(Highway & Bridge Trust Fund) 5.000% 4/1/16 5,050 5,745

 

42

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
New York State Thruway Authority Revenue        
(Highway & Bridge Trust Fund) 5.000% 4/1/18 (2) 24,500 27,216
New York State Thruway Authority Revenue        
(Highway & Bridge Trust Fund) 5.500% 4/1/20 (2) 5,000 6,045
New York State Thruway Authority Revenue        
(Highway & Bridge Trust Fund) 5.000% 4/1/28 9,000 9,631
New York State Thruway Authority Revenue        
(Personal Income Tax) 5.250% 3/15/19 10,765 12,835
New York State Thruway Authority Revenue        
(Personal Income Tax) 5.000% 3/15/22 (4) 6,250 6,833
New York State Thruway Authority Revenue        
(Personal Income Tax) 5.000% 3/15/30 2,735 2,917
New York State Thruway Authority Revenue        
(Second Generation Highway & Bridge        
Trust Fund) 5.000% 4/1/17 1,500 1,749
New York State Urban        
Development Corp. Revenue 5.000% 1/1/14 13,000 14,246
New York State Urban        
Development Corp. Revenue 5.000% 1/1/16 10,000 11,387
New York State Urban        
Development Corp. Revenue 5.250% 1/1/17 2,095 2,427
New York State Urban        
Development Corp. Revenue 5.625% 1/1/28 3,860 4,180
New York State Urban        
Development Corp. Revenue        
(Personal Income Tax) 5.000% 3/15/19 10,000 11,747
New York State Urban Development Corp.        
Revenue (Personal Income Tax) 5.000% 12/15/19 4,635 5,462
New York State Urban Development Corp.        
Revenue (Personal Income Tax) 5.000% 12/15/20 8,240 9,611
New York State Urban Development Corp.        
Revenue (Personal Income Tax) 5.000% 3/15/23 (4) 7,860 8,531
New York State Urban Development Corp.        
Revenue (Personal Income Tax) 5.000% 3/15/37 7,000 7,130
New York State Urban Development Corp.        
Revenue (Service Contract) 5.000% 1/1/17 4,000 4,581
New York State Urban Development Corp.        
Revenue (Service Contract) 5.000% 1/1/20 7,530 8,607
New York State Urban Development Corp.        
Revenue (Service Contract) 5.000% 1/1/21 1,355 1,527
New York State Urban Development Corp.        
Revenue (Service Contract) 5.250% 1/1/24 10,000 10,906
New York State Urban Development Corp.        
Revenue (Service Contract) VRDO 0.430% 6/7/11 5,000 5,000
Niagara Falls NY Bridge Commission Revenue 5.250% 10/1/15 (14) 3,550 3,738
Niagara Falls NY Bridge Commission Revenue 6.250% 10/1/20 (14) 8,685 10,875
Niagara Falls NY Bridge Commission Revenue 6.250% 10/1/21 (14) 9,230 11,585
Port Authority of New York &        
New Jersey Revenue 5.000% 8/15/28 (4) 10,000 10,466
Port Authority of New York &        
New Jersey Revenue 5.000% 7/15/31 4,000 4,197
Port Authority of New York &        
New Jersey Revenue 5.000% 7/15/32 6,500 6,760
Port Authority of New York &        
New Jersey Revenue 5.000% 7/15/33 6,000 6,114

 

43

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Port Authority of New York &        
New Jersey Revenue 5.000% 7/15/35 6,500 6,682
Port Authority of New York &        
New Jersey Revenue 5.000% 7/15/39 10,765 11,050
Port Authority of New York &        
New Jersey Revenue 4.250% 7/15/40 2,750 2,518
Port Authority of New York &        
New Jersey Revenue 5.000% 1/15/41 10,000 10,276
Port Authority of New York & New Jersey        
Special Obligation Revenue (John F. Kennedy        
International Air Terminal LLC) 5.500% 12/1/31 7,000 6,860
Port Authority of New York & New Jersey        
Special Obligation Revenue (John F. Kennedy        
International Air Terminal LLC) 6.000% 12/1/36 4,000 4,012
Port Authority of New York & New Jersey        
Special Obligation Revenue (John F. Kennedy        
International Air Terminal LLC) 6.000% 12/1/42 7,000 6,947
St. Lawrence County NY Industrial Development        
Civic Facility Revenue (St. Lawrence University) 5.000% 10/1/16 3,510 3,934
Suffolk County NY Industrial Development Agency        
Civic Facility Revenue (Institute of        
Technology Project) 5.250% 3/1/19 500 523
Suffolk County NY Industrial Development        
Agency Civic Facility Revenue (Institute of        
Technology Project) 5.250% 3/1/20 1,000 1,038
Suffolk County NY Industrial Development        
Agency Civic Facility Revenue (Institute of        
Technology Project) 5.000% 3/1/26 2,000 2,007
Suffolk County NY Water Authority Revenue 5.250% 6/1/11 (ETM) 2,380 2,380
Suffolk County NY Water Authority Revenue 5.250% 6/1/12 (ETM) 4,290 4,504
Suffolk County NY Water Authority Revenue 5.250% 6/1/17 (ETM) 1,695 1,835
Syracuse NY Industrial Development Agency        
Civic Facility Revenue (Syracuse University        
Project) VRDO 0.110% 6/1/11 LOC 1,200 1,200
Syracuse NY Industrial Development Agency        
Civic Facility Revenue (Syracuse University        
Project) VRDO 0.110% 6/1/11 LOC 1,800 1,800
Tobacco Settlement Asset Securitization        
Corp. Inc. New York 4.750% 6/1/22 12,765 12,003
Tobacco Settlement Asset Securitization        
Corp. Inc. New York 5.000% 6/1/26 6,500 5,597
Tobacco Settlement Asset Securitization        
Corp. Inc. New York 5.000% 6/1/34 8,965 6,565
Tobacco Settlement Asset Securitization        
Corp. Inc. New York 5.125% 6/1/42 21,660 14,471
Triborough Bridge & Tunnel Authority        
New York Revenue 5.250% 1/1/15 2,930 3,007
Triborough Bridge & Tunnel Authority        
New York Revenue 5.250% 11/15/15 9,500 11,072
Triborough Bridge & Tunnel Authority        
New York Revenue 5.250% 1/1/18 2,330 2,386
Triborough Bridge & Tunnel Authority        
New York Revenue 5.250% 11/15/18 185 196
Triborough Bridge & Tunnel Authority        
New York Revenue 5.250% 11/15/19 28,235 29,827

 

44

 

New York Long-Term Tax-Exempt Fund

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Triborough Bridge & Tunnel Authority        
New York Revenue 5.000% 11/15/28 2,675 2,806
Triborough Bridge & Tunnel Authority        
New York Revenue 5.000% 11/15/32 (14) 3,150 3,169
Triborough Bridge & Tunnel Authority        
New York Revenue 5.000% 11/15/33 3,385 3,485
Triborough Bridge & Tunnel Authority        
New York Revenue 5.000% 11/15/37 13,310 13,592
Triborough Bridge & Tunnel Authority        
New York Revenue 5.250% 11/15/38 25,000 25,958
Triborough Bridge & Tunnel Authority        
New York Revenue VRDO 0.500% 6/7/11 11,600 11,600
United Nations Development Corp.        
New York Revenue 5.000% 7/1/20 3,340 3,791
Westchester County NY GO 4.000% 6/1/14 9,375 10,279
Westchester County NY GO 4.000% 6/1/15 9,760 10,884
Westchester County NY Health        
Care Corp. Revenue 6.125% 11/1/37 2,000 2,019
        2,844,327
Puerto Rico (1.7%)        
Puerto Rico Electric Power Authority Revenue 5.375% 7/1/12 (Prere.) 6,500 6,924
Puerto Rico Electric Power Authority Revenue 5.375% 7/1/16 (14) 16,345 16,929
Puerto Rico GO 5.500% 7/1/13 (3) 6,000 6,378
Puerto Rico Municipal Finance Agency GO 5.250% 8/1/17 (4) 4,000 4,071
Puerto Rico Public Finance Corp. Revenue 6.000% 8/1/26 (ETM) 860 1,098
Puerto Rico Sales Tax Financing Corp. Revenue 6.000% 8/1/42 5,000 5,122
Puerto Rico Sales Tax Financing Corp. Revenue 6.500% 8/1/44 8,000 8,509
        49,031
Virgin Islands (0.3%)        
Virgin Islands Public Finance Authority Revenue 5.000% 10/1/11 2,000 2,022
Virgin Islands Public Finance Authority Revenue 5.250% 10/1/23 2,000 2,029
Virgin Islands Public Finance Authority Revenue 5.000% 10/1/25 1,100 1,089
Virgin Islands Public Finance Authority Revenue 5.000% 10/1/29 5,000 4,659
        9,799
Total Tax-Exempt Municipal Bonds (Cost $2,819,916)       2,903,157
Other Assets and Liabilities (0.7%)        
Other Assets       40,861
Liabilities       (20,832)
        20,029
Net Assets (100%)       2,923,186

 

45

 

New York Long-Term Tax-Exempt Fund

At May 31, 2011, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 2,906,053
Undistributed Net Investment Income —
Accumulated Net Realized Losses (65,283)
Unrealized Appreciation (Depreciation)  
Investment Securities 83,241
Futures Contracts (825)
Net Assets 2,923,186
 
Investor Shares—Net Assets  
Applicable to 45,703,487 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 503,348
Net Asset Value Per Share—Investor Shares $11.01
 
Admiral Shares—Net Assets  
Applicable to 219,718,188 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 2,419,838
Net Asset Value Per Share—Admiral Shares $11.01

See Note A in Notes to Financial Statements.
1 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2011.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2011, the aggregate value of these securities was $70,940,000, representing 2.4% of net assets.
3 Securities with a value of $5,354,000 have been segregated as initial margin for open futures contracts.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.

46

 

New York Long-Term Tax-Exempt Fund

Key to Abbreviations

ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.

Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) Assured Guaranty Corporation.
(13) Berkshire Hathaway Assurance Corporation.
(14) National Public Finance Guarantee Corporation.
The insurance does not guarantee the market value of the municipal bonds.

LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.

47

 

New York Long-Term Tax-Exempt Fund

Statement of Operations  
 
  Six Months Ended
  May 31, 2011
  ($000)
Investment Income  
Income  
Interest 59,325
Total Income 59,325
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 165
Management and Administrative—Investor Shares 371
Management and Administrative—Admiral Shares 973
Marketing and Distribution—Investor Shares 100
Marketing and Distribution—Admiral Shares 281
Custodian Fees 24
Shareholders’ Reports—Investor Shares 2
Shareholders’ Reports—Admiral Shares 3
Trustees’ Fees and Expenses 1
Total Expenses 1,920
Net Investment Income 57,405
Realized Net Gain (Loss)  
Investment Securities Sold (9,255)
Futures Contracts (3,629)
Realized Net Gain (Loss) (12,884)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 3,517
Futures Contracts (817)
Change in Unrealized Appreciation (Depreciation) 2,700
Net Increase (Decrease) in Net Assets Resulting from Operations 47,221

 

See accompanying Notes, which are an integral part of the Financial Statements.

48

 

New York Long-Term Tax-Exempt Fund

Statement of Changes in Net Assets    
 
  Six Months Ended Year Ended
  May 31, November 30,
  2011 2010
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 57,405 120,846
Realized Net Gain (Loss) (12,884) 14,353
Change in Unrealized Appreciation (Depreciation) 2,700 (6,358)
Net Increase (Decrease) in Net Assets Resulting from Operations 47,221 128,841
Distributions    
Net Investment Income    
Investor Shares (10,035) (28,376)
Admiral Shares (47,370) (92,470)
Realized Capital Gain    
Investor Shares — —
Admiral Shares — —
Total Distributions (57,405) (120,846)
Capital Share Transactions    
Investor Shares (90,308) (140,316)
Admiral Shares (20,505) 191,452
Net Increase (Decrease) from Capital Share Transactions (110,813) 51,136
Total Increase (Decrease) (120,997) 59,131
Net Assets    
Beginning of Period 3,044,183 2,985,052
End of Period 2,923,186 3,044,183

 

See accompanying Notes, which are an integral part of the Financial Statements.

49

 

New York Long-Term Tax-Exempt Fund

Financial Highlights

Investor Shares            
Six Months          
  Ended          
For a Share Outstanding May 31,     Year Ended November 30,
Throughout Each Period 2011 2010 2009 2008 2007 2006
Net Asset Value, Beginning of Period $11.04 $11.01 $10.13 $11.09 $11.44 $11.27
Investment Operations            
Net Investment Income .212 .429 .442 .463 .486 .486
Net Realized and Unrealized Gain (Loss)            
on Investments (.030) .032 .880 (.960) (.315) .243
Total from Investment Operations .182 .461 1.322 (.497) .171 .729
Distributions            
Dividends from Net Investment Income (.212) (.429) (.442) (.463) (.486) (.486)
Distributions from Realized Capital Gains — — — — (.035) (.073)
Total Distributions (.212) (.429) (.442) (.463) (.521) (.559)
Net Asset Value, End of Period $11.01 $11.04 $11.01 $10.13 $11.09 $11.44
 
Total Return1 1.70% 4.20% 13.26% -4.63% 1.57% 6.68%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $503 $596 $732 $639 $680 $671
Ratio of Total Expenses to            
Average Net Assets 0.20% 0.20% 0.20% 0.15% 0.15% 0.16%
Ratio of Net Investment Income to            
Average Net Assets 3.95% 3.84% 4.13% 4.28% 4.36% 4.33%
Portfolio Turnover Rate 14% 29% 29% 38% 10% 9%

The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

See accompanying Notes, which are an integral part of the Financial Statements.

50

 

New York Long-Term Tax-Exempt Fund

Financial Highlights

Admiral Shares            
Six Months          
  Ended          
For a Share Outstanding May 31,     Year Ended November 30,
Throughout Each Period 2011 2010 2009 2008 2007 2006
Net Asset Value, Beginning of Period $11.04 $11.01 $10.13 $11.09 $11.44 $11.27
Investment Operations            
Net Investment Income .217 .438 .451 .470 .494 .495
Net Realized and Unrealized Gain (Loss)            
on Investments (.030) .032 .880 (.960) (.315) .243
Total from Investment Operations .187 .470 1.331 (.490) .179 .738
Distributions            
Dividends from Net Investment Income (.217) (.438) (.451) (.470) (.494) (.495)
Distributions from Realized Capital Gains — — — — (.035) (.073)
Total Distributions (.217) (.438) (.451) (.470) (.529) (.568)
Net Asset Value, End of Period $11.01 $11.04 $11.01 $10.13 $11.09 $11.44
 
Total Return 1.74% 4.28% 13.35% -4.56% 1.64% 6.76%
 
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,420 $2,448 $2,253 $1,963 $1,990 $1,799
Ratio of Total Expenses to            
Average Net Assets 0.12% 0.12% 0.12% 0.08% 0.08% 0.09%
Ratio of Net Investment Income to            
Average Net Assets 4.03% 3.92% 4.21% 4.35% 4.43% 4.40%
Portfolio Turnover Rate 14% 29% 29% 38% 10% 9%
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.      

 

See accompanying Notes, which are an integral part of the Financial Statements.

51

 

New York Long-Term Tax-Exempt Fund

Notes to Financial Statements

Vanguard New York Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. The fund offers two classes of shares: Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, and account-size criteria.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.

2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2007–2010), and for the period ended May 31, 2011, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.

5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution

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New York Long-Term Tax-Exempt Fund

expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund under methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At May 31, 2011, the fund had contributed capital of $451,000 to Vanguard (included in Other Assets), representing 0.02% of the fund’s net assets and 0.18% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.

C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

The following table summarizes the fund’s investments as of May 31, 2011, based on the inputs used to value them:

  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Tax-Exempt Municipal Bonds — 2,903,157 —
Futures Contracts—Liabilities1 (149) — —
Total (149) 2,903,157 —
1 Represents variation margin on the last day of the reporting period.      

 

D. At May 31, 2011, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:

        ($000)
      Aggregate  
    Number of Settlement Unrealized
    Long (Short) Value Appreciation
Futures Contracts Expiration Contracts Long (Short) (Depreciation)
2-Year U.S. Treasury Note September 2011 (335) (73,428) (90)
10-Year U.S. Treasury Note September 2011 (563) (69,029) (510)
5-Year U.S. Treasury Note September 2011 (341) (40,627) (225)

 

Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.

53

 

New York Long-Term Tax-Exempt Fund

E. Capital gain distributions are determined on a tax basis and may differ from realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when gains or losses are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future.

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2010, the fund had available capital loss carryforwards totaling $50,305,000 to offset future net capital gains of $18,758,000 through November 30, 2015, and $31,547,000 through November 30, 2017. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2011; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

The fund had realized losses totaling $2,102,000 through November 30, 2010, which are deferred for tax purposes and reduce the amount of tax-basis unrealized appreciation on investment securities.

At May 31, 2011, the cost of investment securities for tax purposes was $2,822,018,000. Net unrealized appreciation of investment securities for tax purposes was $81,139,000, consisting of unrealized gains of $102,653,000 on securities that had risen in value since their purchase and $21,514,000 in unrealized losses on securities that had fallen in value since their purchase.

F. During the six months ended May 31, 2011, the fund purchased $184,166,000 of investment securities and sold $314,812,000 of investment securities, other than temporary cash investments.

G. Capital share transactions for each class of shares were:

  Six Months Ended   Year Ended
    May 31, 2011 November 30, 2010
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Investor Shares        
Issued 51,031 4,737 212,422 19,066
Issued in Lieu of Cash Distributions 8,135 753 23,025 2,063
Redeemed (149,474) (13,809) (375,763) (33,653)
Net Increase (Decrease)—Investor Shares (90,308) (8,319) (140,316) (12,524)
Admiral Shares        
Issued 257,722 23,851 537,226 48,157
Issued in Lieu of Cash Distributions 33,886 3,134 66,403 5,950
Redeemed (312,113) (29,032) (412,177) (37,035)
Net Increase (Decrease)—Admiral Shares (20,505) (2,047) 191,452 17,072

 

H. In preparing the financial statements as of May 31, 2011, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.

54

 

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.

55

 

Six Months Ended May 31, 2011      
  Beginning Ending Expenses
  Account Value Account Value Paid During
  11/30/2010 5/31/2011 Period
Based on Actual Fund Return      
New York Tax-Exempt Money Market Fund $1,000.00 $1,000.51 $0.85
New York Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,017.04 $1.01
Admiral Shares 1,000.00 1,017.44 0.60
Based on Hypothetical 5% Yearly Return      
New York Tax-Exempt Money Market Fund $1,000.00 $1,024.08 $0.86
New York Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,023.93 $1.01
Admiral Shares 1,000.00 1,024.33 0.61

 

The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are: for the New York Tax-Exempt Money Market Fund, 0.17%; and for the New York Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.

56

 

Trustees Approve Advisory Arrangement

The board of trustees of Vanguard New York Tax-Exempt Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. Vanguard—through its Fixed Income Group—serves as the investment advisor for the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services
The board considered the quality of the funds’ investment management over both the short and long term, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance
The board considered the short- and long-term performance of the funds, including any periods of outperformance or underperformance of relevant benchmarks and peer groups. The board concluded that the funds have performed in line with expectations and that their results have been consistent with their investment strategies. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.

Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the funds’ advisory fee rates were also well below their peer-group averages. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.

The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.

The benefit of economies of scale
The board concluded that the funds’ low-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

57

 

Glossary

7-Day SEC Yield and 30-Day SEC Yield. A money market fund’s 7-day SEC yield is calculated by annualizing its income distributions for the previous seven days, as required by the U.S. Securities and Exchange Commission. For other funds, 30-day SEC yield is derived using a formula specified by the commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (in the case of bonds) or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.

Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.

Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.

Average Effective Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid, taking into consideration the possibility that the issuer may call the bond before its maturity date. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average effective maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.

Average Weighted Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid. The figure reflects the proportion of fund assets represented by each security.

Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.

58

 

Credit Quality. For Vanguard money market funds, the Distribution by Credit Quality table includes tier ratings for consistency with SEC Rule 2a-7 under the Investment Company Act of 1940, which governs money market funds. A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by the requisite nationally recognized statistical rating organizations. An unrated security is First Tier if it represents quality comparable to that of a rated security, as determined in accordance with SEC Rule 2a-7. A Second Tier security is one that is eligible for money market funds and is not a First Tier security. For the tax-exempt bond funds, credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “Not Rated” is used to classify securities for which a rating is not available. Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used.

Expense Ratio. The percentage of a fund’s average net assets used to pay its annual administrative and advisory expenses. These expenses directly reduce returns to investors.

Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.

R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.

Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.

Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.

59

 

The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 177 Vanguard funds.

The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

Interested Trustee1 and President (2006–2008) of Rohm and Haas Co.
  (chemicals); Director of Tyco International, Ltd.
F. William McNabb III (diversified manufacturing and services) and Hewlett-
Born 1957. Trustee Since July 2009. Chairman of the Packard Co. (electronic computer manufacturing);
Board. Principal Occupation(s) During the Past Five Senior Advisor at New Mountain Capital; Trustee
Years: Chairman of the Board of The Vanguard Group, of The Conference Board; Member of the Board of
Inc., and of each of the investment companies served Managers of Delphi Automotive LLP (automotive
by The Vanguard Group, since January 2010; Director components).
of The Vanguard Group since 2008; Chief Executive  
Officer and President of The Vanguard Group and of Amy Gutmann
each of the investment companies served by The Born 1949. Trustee Since June 2006. Principal
Vanguard Group since 2008; Director of Vanguard Occupation(s) During the Past Five Years: President
Marketing Corporation; Managing Director of The of the University of Pennsylvania; Christopher H.
Vanguard Group (1995–2008). Browne Distinguished Professor of Political Science
  in the School of Arts and Sciences with secondary
  appointments at the Annenberg School for Commu-
Independent Trustees nication and the Graduate School of Education
  of the University of Pennsylvania; Director of
Emerson U. Fullwood Carnegie Corporation of New York, Schuylkill River
Born 1948. Trustee Since January 2008. Principal Development Corporation, and Greater Philadelphia
Occupation(s) During the Past Five Years: Executive Chamber of Commerce; Trustee of the National
Chief Staff and Marketing Officer for North America Constitution Center; Chair of the Presidential
and Corporate Vice President (retired 2008) of Xerox Commission for the Study of Bioethical Issues.
Corporation (document management products and  
services); Executive in Residence and 2010 JoAnn Heffernan Heisen
Distinguished Minett Professor at the Rochester Born 1950. Trustee Since July 1998. Principal
Institute of Technology; Director of SPX Corporation Occupation(s) During the Past Five Years: Corporate
(multi-industry manufacturing), the United Way of Vice President and Chief Global Diversity Officer
Rochester, Amerigroup Corporation (managed health (retired 2008) and Member of the Executive
care), the University of Rochester Medical Center, Committee (1997–2008) of Johnson & Johnson
Monroe Community College Foundation, and North (pharmaceuticals/consumer products); Director of
Carolina A&T University. Skytop Lodge Corporation (hotels), the University
  Medical Center at Princeton, the Robert Wood
Rajiv L. Gupta Johnson Foundation, and the Center for Work Life
Born 1945. Trustee Since December 2001.2 Policy; Member of the Advisory Board of the
Principal Occupation(s) During the Past Five Years: Maxwell School of Citizenship and Public Affairs
Chairman and Chief Executive Officer (retired 2009) at Syracuse University.

 

 

F. Joseph Loughrey Thomas J. Higgins  
Born 1949. Trustee Since October 2009. Principal Born 1957. Chief Financial Officer Since September
Occupation(s) During the Past Five Years: President 2008. Principal Occupation(s) During the Past Five
and Chief Operating Officer (retired 2009) and Vice Years: Principal of The Vanguard Group, Inc.; Chief
Chairman of the Board (2008–2009) of Cummins Inc. Financial Officer of each of the investment companies
(industrial machinery); Director of SKF AB (industrial served by The Vanguard Group since 2008; Treasurer
machinery), Hillenbrand, Inc. (specialized consumer of each of the investment companies served by The
services), the Lumina Foundation for Education, and Vanguard Group (1998–2008).
Oxfam America; Chairman of the Advisory Council    
for the College of Arts and Letters and Member Kathryn J. Hyatt  
of the Advisory Board to the Kellogg Institute for Born 1955. Treasurer Since November 2008. Principal
International Studies at the University of Notre Dame. Occupation(s) During the Past Five Years: Principal
  of The Vanguard Group, Inc.; Treasurer of each of
André F. Perold the investment companies served by The Vanguard
Born 1952. Trustee Since December 2004. Principal Group since 2008; Assistant Treasurer of each of the
Occupation(s) During the Past Five Years: George investment companies served by The Vanguard Group
Gund Professor of Finance and Banking at the Harvard (1988–2008).  
Business School; Chair of the Investment Committee    
of HighVista Strategies LLC (private investment firm). Heidi Stam  
  Born 1956. Secretary Since July 2005. Principal
Alfred M. Rankin, Jr. Occupation(s) During the Past Five Years: Managing
Born 1941. Trustee Since January 1993. Principal Director of The Vanguard Group, Inc., since 2006;
Occupation(s) During the Past Five Years: Chairman, General Counsel of The Vanguard Group since 2005;
President, and Chief Executive Officer of NACCO Secretary of The Vanguard Group and of each of the
Industries, Inc. (forklift trucks/housewares/lignite); investment companies served by The Vanguard Group
Director of Goodrich Corporation (industrial products/ since 2005; Director and Senior Vice President of
aircraft systems and services) and the National Vanguard Marketing Corporation since 2005;
Association of Manufacturers; Chairman of the Principal of The Vanguard Group (1997–2006).
Federal Reserve Bank of Cleveland; Vice Chairman    
of University Hospitals of Cleveland; President of    
the Board of The Cleveland Museum of Art. Vanguard Senior Management Team
 
Peter F. Volanakis R. Gregory Barton Michael S. Miller
Born 1955. Trustee Since July 2009. Principal Mortimer J. Buckley James M. Norris
Occupation(s) During the Past Five Years: President Kathleen C. Gubanich Glenn W. Reed
and Chief Operating Officer (retired 2010) of Corning Paul A. Heller George U. Sauter
Incorporated (communications equipment); Director of Martha G. King  
Corning Incorporated (2000–2010) and Dow Corning    
(2001–2010); Overseer of the Amos Tuck School of    
Business Administration at Dartmouth College. Chairman Emeritus and Senior Advisor
 
  John J. Brennan  
Executive Officers Chairman, 1996–2009  
  Chief Executive Officer and President, 1996–2008
Glenn Booraem    
Born 1967. Controller Since July 2010. Principal    
Occupation(s) During the Past Five Years: Principal Founder  
of The Vanguard Group, Inc.; Controller of each of    
the investment companies served by The Vanguard John C. Bogle  
Group since 2010; Assistant Controller of each of Chairman and Chief Executive Officer, 1974–1996
the investment companies served by The Vanguard    
Group (2001–2010).    

 

1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the
Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard
State Tax-Exempt Funds.

 

 

 
P.O. Box 2600
Valley Forge, PA 19482-2600

 

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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 Lipper Inc. or  
Morningstar, Inc., unless otherwise noted.  
 
You can obtain a free copy of Vanguard’s proxy voting  
guidelines by visiting vanguard.com/proxyreporting or by  
calling Vanguard at 800-662-2739. The guidelines are  
also available from the SEC’s website, sec.gov. In  
addition, you may obtain a free report on how your fund  
voted the proxies for securities it owned during the 12  
months ended June 30. To get the report, visit either  
vanguard.com/proxyreporting or sec.gov.  
 
You can review and copy information about your fund at  
the SEC’s Public Reference Room in Washington, D.C. To  
find out more about this public service, call the SEC at  
202-551-8090. Information about your fund is also  
available on the SEC’s website, and you can receive  
copies of this information, for a fee, by sending a  
request in either of two ways: via e-mail addressed to  
publicinfo@sec.gov or via regular mail addressed to the  
Public Reference Section, Securities and Exchange  
Commission, Washington, DC 20549-1520.  
  © 2011 The Vanguard Group, Inc.
  All rights reserved.
  Vanguard Marketing Corporation, Distributor.
 
  Q762 072011

 

 

Item 2: Code of Ethics.

Not Applicable.

Item 3: Audit Committee Financial Expert.

Not Applicable.

Item 4: Principal Accountant Fees and Services.

Not Applicable.

Item 5: Audit Committee of Listed Registrants.

Not Applicable.

Item 6: Investments.

Not Applicable.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10: Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11: Controls and Procedures.

     (a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

     (b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 12: Exhibits.

(a) Certifications.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  VANGUARD NEW YORK TAX-FREE FUNDS
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
 
Date: July 25, 2011

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

  VANGUARD NEW YORK TAX-FREE FUNDS
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
 
Date: July 25, 2011

 

  VANGUARD NEW YORK TAX-FREE FUNDS
 
By: /s/ THOMAS J. HIGGINS*
  THOMAS J. HIGGINS
  CHIEF FINANCIAL OFFICER
 
Date: July 25, 2011

 

* By: /s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on April 26, 2010, see file Number 33-53683,
Incorporated by Reference.