UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04570
Name of Registrant: Vanguard New York Tax-Free Funds
| Address of Registrant: | P.O. Box 2600 |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | Heidi Stam, Esquire |
| P.O. Box 876 | |
| Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: November 30
Date of reporting period: December 1, 2015 – May 31, 2016
Item 1: Reports to Shareholders
Semiannual Report | May 31, 2016
Vanguard New York Tax-Exempt Funds
Vanguard New York Tax-Exempt Money Market Fund
Vanguard New York Long-Term Tax-Exempt Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Advisor’s Report. | 8 |
| New York Tax-Exempt Money Market Fund. | 12 |
| New York Long-Term Tax-Exempt Fund. | 30 |
| About Your Fund’s Expenses. | 78 |
| Trustees Approve Advisory Arrangements. | 80 |
| Glossary. | 81 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows us to help millions of clients around the world reach their financial goals.
Your Fund’s Total Returns
| Six Months Ended May 31, 2016 | |||||
| Taxable- | |||||
| SEC | Equivalent | Income | Capital | Total | |
| Yield | Yield | Returns | Returns | Returns | |
| Vanguard New York Tax-Exempt Money Market Fund | 0.25% | 0.48% | 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, a Thomson Reuters Company. | |||||
| Vanguard New York Long-Term Tax-Exempt Fund | |||||
| Investor Shares | 1.59% | 3.08% | 1.64% | 2.37% | 4.01% |
| Admiral™ Shares | 1.66 | 3.22 | 1.68 | 2.37 | 4.05 |
| Barclays NY Municipal Bond Index | 3.36 | ||||
| New York Municipal Debt Funds Average | 3.61 | ||||
New York Municipal Debt Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
7-day SEC yield for the New York Tax-Exempt Money Market Fund; 30-day SEC yield for the New York Long-Term Tax-Exempt Fund.
The calculation of taxable-equivalent yield assumes a typical itemized tax return and is based on the maximum federal tax rate of 43.4% and the maximum income tax rate for the state. Local taxes were not considered. Please see the prospectus for a detailed explanation of the calculation.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements.
| Your Fund’s Performance at a Glance | ||||
| November 30, 2015, Through May 31, 2016 | ||||
| Distributions Per Share | ||||
| Starting | Ending | Income | Capital | |
| Share Price | Share Price | Dividends | Gains | |
| Vanguard New York Tax-Exempt Money Market Fund | $1.00 | $1.00 | $0.000 | $0.000 |
| Vanguard New York Long-Term Tax-Exempt Fund | ||||
| Investor Shares | $11.84 | $12.11 | $0.191 | $0.011 |
| Admiral Shares | 11.84 | 12.11 | 0.196 | 0.011 |
1
Chairman’s Letter
Dear Shareholder,
Sustained demand helped the broad U.S. municipal bond market return well over 3% for the six months ended May 31, 2016, outpacing the broad taxable market.
Investors were especially drawn to securities offering additional yield. That preference helped Vanguard New York Long-Term Tax-Exempt Fund, which was tilted toward longer-dated and lower-quality investment-grade munis. The fund returned 4.01% for Investor Shares and 4.05% for Admiral Shares, outpacing the 3.36% return of its benchmark and the 3.61% average return of its peers. Price appreciation accounted for more than half of that result.
Because prices and yields move in opposite directions, the Long-Term Fund’s 30-day SEC yield dropped from 2.06% for Investor Shares at the end of November to 1.59% at the end of May.
Yields for tax-exempt money market instruments, however, moved higher. Vanguard New York Tax-Exempt Money Market Fund’s 7-day SEC yield rose to 0.25% by the end of the period, a level not seen since 2009. Much lower yields early on, though, put the fund’s return at 0.05% for the six months. The average return for its peers was 0.01%.
Please note that the funds are permitted to invest in securities whose income is subject to the alternative minimum tax (AMT). As of May 31, however, only the
2
Money Market Fund owned securities that would generate income distributions subject to the AMT.
Before discussing the markets, I wanted to give you a brief update on money market reform. As I’ve mentioned, key aspects of the Securities and Exchange Commission’s regulatory changes will take effect in October. Their impact on the Money Market Fund, which will be designated a retail fund, will be minimal. The fund will continue to seek to maintain a stable share price of $1.
Bonds enjoyed a strong ride after some early weakness
The broad U.S. taxable bond market returned 3.12% for the half year. After dipping in December, taxable bonds climbed. The yield of the 10-year U.S. Treasury note closed at 1.85% at the end of May, down from 2.22% six months earlier.
The period began with the Federal Reserve’s long-anticipated but small increase in short-term interest rates. Through the succeeding months, mixed signals from Fed officials—as well as from global economic data—created uncertainty about when the next increase might occur.
Money market funds and savings accounts produced limited returns as the Fed’s target rate of 0.25%–0.5% remained historically low, despite the quarter-percentage-point rise in December.
| Market Barometer | |||
| Total Returns | |||
| Periods Ended May 31, 2016 | |||
| Six | One | Five Years | |
| Months | Year | (Annualized) | |
| Bonds | |||
| Barclays U.S. Aggregate Bond Index (Broad taxable | |||
| market) | 3.12% | 2.99% | 3.33% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 3.42 | 5.87 | 5.07 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.10 | 0.12 | 0.05 |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 1.64% | 0.78% | 11.44% |
| Russell 2000 Index (Small-caps) | -2.86 | -5.97 | 7.86 |
| Russell 3000 Index (Broad U.S. market) | 1.29 | 0.22 | 11.15 |
| FTSE All-World ex US Index (International) | -1.14 | -10.87 | 0.52 |
| CPI | |||
| Consumer Price Index | 1.22% | 1.02% | 1.23% |
3
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned more than 9%. In a reversal from the trend of recent years, many foreign currencies strengthened against the dollar, boosting international bond returns for U.S. investors. Even without this currency benefit, international bond returns were solidly positive.
In a tale of two halves, stocks fell and then rose
U.S. stocks advanced about 1% for the six months. Equities retreated over the period’s first three months before rebounding, partly as a sharp recovery in oil prices seemed to alleviate fears of a global economic slowdown.
International stocks fared worse than their U.S. counterparts, returning about –1%. Emerging-market stocks rose a bit, while stocks from the developed markets of Europe and the Pacific region declined. European stocks lagged amid investor anxiety in the lead-up to the United Kingdom’s June vote on whether to remain in the European Union.
Municipal bond investors continued reaching for yield
Even with the Fed’s December rate increase—the first in almost a decade—yields for all but the shortest-dated munis moved lower. Demand for these securities was fueled in part by concerns about the fragile state of global growth.
| Expense Ratios | |||
| Your Fund Compared With Its Peer Group | |||
| Investor | Admiral | Peer Group | |
| Shares | Shares | Average | |
| New York Tax-Exempt Money Market Fund | 0.16% | — | 0.10% |
| New York Long-Term Tax-Exempt Fund | 0.20 | 0.12% | 0.97 |
The fund expense ratios shown are from the prospectus dated March 29, 2016, and represent estimated costs for the current fiscal year. For the six months ended May 31, 2016, the funds’ annualized expense ratios were: for the New York Tax-Exempt Money Market Fund, 0.11%; and for the New York Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. The six-month expense ratio for the New York Tax-Exempt Money Market Fund reflects a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this reduction, the fund’s annualized six-month expense ratio was 0.16%. Peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2015.
Peer groups: For the New York Tax-Exempt Money Market Fund, New York Tax-Exempt Money Market Funds; for the New York Long-Term Tax-Exempt Fund, New York Municipal Debt Funds. In most, if not all, cases, the expense ratios for funds in the peer groups are based on net operating expenses after reimbursement and/or fee waivers by fund sponsors. In contrast, the Vanguard money market funds’ expense ratios in the table above do not reflect expense reductions.
4
Other contributing factors included the subdued outlook for inflation (with oil prices volatile but still low) and, toward the end of the period, the Fed’s dampening of expectations for further rate hikes.
(Although rising interest rates can hurt bond prices in the near term, they can offer long-term upside, as discussed in the inset box below.) And with many central banks abroad pursuing further
| The potential upside of rising rates |
| Bond fund investors may wonder about the effect of rising interest rates on bond prices— |
| even though the Federal Reserve has raised rates more slowly than anticipated. |
| Initially, as interest rates go up, the market value of bonds in a portfolio will decline, bringing |
| their yields closer to those of newer issues. However, the opportunity to reinvest cash flow |
| into higher-yielding bonds over time can benefit investors who can wait. |
| Consider a hypothetical example of an intermediate-term investment-grade taxable bond fund |
| yielding 2.25%. Assume rates rise by a quarter of a percentage point every January and July |
| from 2016 through 2019, ending at 4.25%. Although the cumulative total return would decline |
| initially, by mid-2023, it would be higher than if rates hadn’t changed. The bond math would be |
| similar for municipal bonds. Of course, the pace and magnitude of rate increases would affect |
| the time until breakeven. |
| The silver lining of higher yields |
| Cumulative rate of return |
| Notes: This hypothetical example shows the impact on a generic, taxable intermediate-term bond fund if the Federal Reserve raised |
| short-term interest rates by a quarter of a percentage point every January and July from 2016 through 2019. Intermediate-term rates |
| are assumed to rise by the same amount. The bond fund has a duration of 5.5 years. (Duration is a measure of the sensitivity of |
| bond—and bond mutual fund—prices to interest rate movements.) |
| Source: Vanguard. |
5
monetary easing, the yields on offer from U.S. bonds, including munis, continued to attract international buyers.
That demand helped the market absorb an upturn in New York muni bond supply so far this calendar year compared with the year-earlier period—a trend that ran counter to the decreased supply nationally. The relatively high tax rate for Empire State residents, along with continuing improvement in the state’s budget picture in recent years, also may have contributed to investor interest in these securities.
With investors on the hunt for more yield, longer-dated and lower-rated securities generally outperformed. The Long-Term Fund proved well-positioned as it underweighted bonds with higher credit ratings in favor of A-rated securities relative to its benchmark. And it overweighted maturities of ten years or more.
The Long-Term Fund’s advisor, Vanguard Fixed Income Group, also added value by favoring some sectors of the muni market that performed best, such as hospital and university bonds.
The fund’s premium callable bonds also performed well. Because these bonds may be redeemed before maturity, exposing investors to reinvestment risk, they offer attractive yields and the potential for favorable returns across many interest rate scenarios.
The fund didn’t have any credit exposure to bonds issued from Puerto Rico, whose debt relief negotiations are ongoing. (Because the commonwealth’s bonds are exempt from federal, state, and local income tax, they often appear in state and national muni bond funds. The Long-Term Fund held one Puerto Rican bond, but it was escrowed to maturity.)
For more information about the advisor’s approach and the funds’ positioning during the period, please see the Advisor’s Report that follows this letter.
Consider rebalancing to manage your risk
After you’ve created an investment portfolio—with a diversified mix of stock, bond, and money market funds tailored to your goals, time horizon, and risk tolerance—what next?
As stocks and bonds rise or fall over time, and your portfolio drifts from its original asset allocation, consider rebalancing back to your targets.
Just one year of outsized returns can throw your allocation out of whack. For example, in 2013, the broad stock market (as measured by the Russell 3000 Index) returned nearly 34%, and the broad taxable bond market (as measured by the Barclays U.S. Aggregate Bond Index) returned about –2%. A hypothetical portfolio that tracked the broad domestic market indexes and started the year with 60% stocks and 40% bonds would have ended with a more aggressive mix of 67% stocks and 33% bonds.
6
Rebalancing would require you to shift assets from well-performing areas toward those that have fallen behind. That isn’t easy or intui tive, but it’s a way to minimize risk rather than maximize returns and to keep hewing close to your investment plan through different types of markets. (You can read more about our approach in Best Practices for Portfolio Rebalancing at vanguard.com/research.)
You might consider, for example, monitoring your portfolio annually or semiannually and rebalancing when your allocations shift about 5 percentage points from their targets. And be aware of the tax implications. You’ll want to consult with your tax advisor, but generally speaking, it may be a good idea to make any asset changes within a tax-advantaged retirement account or to direct new cash flows into the underweighted asset class.
However you go about it, keeping your asset allocation from drifting too far off target can help you stay on track with the investment plan you’ve crafted to meet your financial goals.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
June 10, 2016
Advisor’s Report
For the six months ended May 31, 2016, Vanguard New York Long-Term Tax-Exempt Fund returned 4.01% for Investor Shares and 4.05% for Admiral Shares. Those results were better than the 3.36% return of the benchmark, the Barclays New York Municipal Bond Index. They were also better than the average return of 3.61% for peer-group funds. Vanguard New York Tax-Exempt Money Market Fund returned 0.05%; the average return of its peers was 0.01%.
The investment environment
The period began with market expectations that the Federal Reserve would start raising interest rates in December. The Fed did raise the federal funds target range by a quarter percentage point, to 0.25%–0.5%, citing considerable improvement in labor market conditions and reasonable confidence that inflation would rise over the medium term to the Fed’s 2% objective. Future rate hikes were expected to be gradual, and the Fed reaffirmed its data-dependent stance.
A global growth scare and steep declines in commodity prices early in 2016, however, went against expectations and triggered a large risk-off move in global financial markets. The Fed seemed even less eager to raise rates as it looked at how deteriorating economic conditions abroad
| Yields of Tax-Exempt Municipal Securities | ||
| (AAA-Rated General-Obligation Issues) | ||
| November 30, | May 31, | |
| Maturity | 2015 | 2016 |
| 2 years | 0.72% | 0.72% |
| 5 years | 1.26 | 1.09 |
| 10 years | 2.02 | 1.66 |
| 30 years | 2.96 | 2.45 |
| Source: Vanguard. |
8
might impede the United States from reaching the central bank’s employment and inflation targets.
The U.S. economy showed signs of slowing, with GDP expanding by 1.4% in the fourth quarter of 2015, followed by only 0.8% in the first quarter of 2016. The strong dollar, combined with weaker global economic and financial conditions overall, is believed to be behind the slowdown; we expect growth to return to about 2% over the coming year.
Although employment gains were strong early in the six-month period, payrolls slumped in May, in part because of a strike by communications workers; that put the average monthly gain for the period at about 170,000. The unemployment rate sank to 4.7% by the end of May, reflecting job gains but also contraction in the labor force. Core inflation ticked up, from 2.1% in December to 2.2% in May, and headline inflation (including food and energy prices, which tend to be volatile) rose from 0.7% in December to 1.0% in May.
In New York, the economy grew at a slightly slower pace than that of the United States as a whole, according to a gauge of current economic conditions published monthly by the Federal Reserve Bank of Philadelphia. The bank’s index for the Empire State rose about 1%
from November 2015 through April 2016, the latest month for which data is available. The increase in the index at the national level was slightly higher. (Each state’s index incorporates data on nonfarm payroll employment, the jobless rate, average hours worked in manufacturing, and inflation-adjusted wage and salary payments.)
New York State’s finances continued to improve. The fiscal 2017 budget was passed on time and doesn’t significantly rely on one-time revenues. Also, the state has been in a fiscal position to continue adding to its “rainy day” reserve fund, thanks to rising tax revenues. And on the other side of the ledger, spending has been kept in check.
Although New York muni bond issuance increased in the first five months of 2016 compared with a year earlier, it was met with robust demand. Longer-dated securities and those toward the lower end of the investment-grade credit spectrum tended to see more investor interest.
Management of the funds
The Long-Term Fund’s overweight allocation to longer-maturity bonds served it well. But we pulled back to a more neutral stance as valuations at the short end of the yield curve normalized and expectations for a slower Fed rate-hike cycle grew.
9
In terms of quality, being overweighted in A-rated bonds helped as investors’ reach for yield continued. So did favoring sectors that tend to offer wider credit spreads. They included hospital, university, and project-based bonds.
We continued to overweight premium callable bonds, which outperformed. They will remain a core strategy for us, because they would provide some protection to the funds if rates were to rise sharply.
Tactical duration adjustments to take advantage of shorter-term technical conditions also added value.
A look ahead
Interest rates are likely to remain range- bound for some time, with the pace of U.S. growth determining how low they can go and weakness in the global economy capping how high they can rise.
The Fed seems on track to continue tightening at a much slower pace than in previous cycles. That slower pace, and possibly a lower terminal short-term interest rate, may well keep municipal rates below what we’ve seen over the past ten to 15 years.
With our views on Fed tightening currently reflected in the market, we are starting the second half of the fiscal year more neutral on duration and yield-curve positioning but will make tactical adjustments as seasonal opportunities arise.
Higher-yielding segments of the muni market are expected to continue producing modestly positive excess returns, with credit fundamentals improving and investors continuing to reach for yield.
Municipal defaults are likely to remain isolated events. Still, we will try to build an even greater bias in our portfolios toward liquid, favorably structured securities from issuers with solid credit fundamentals; that should provide some cushion if economic growth slackens.
With future Fed hikes dependent on economic data, rate volatility is likely to stay elevated, and short periods of market dislocation are to be expected. The funds’ liquidity should position us to take advantage of any buying opportunities that arise from such dislocation.
10
On the money market front, as previously reported, we plan to designate the New York Tax-Exempt Money Market Fund as a retail fund, along with all our national and state-specific tax-exempt money market funds—giving investors continued access to these stable-value offerings.
As always, our experienced team of portfolio managers, traders, and credit analysts will seek to add value to the portfolios through security selection by identifying bonds that are mispriced by the market.
Christopher W. Alwine, CFA, Principal,
Head of Municipal Group
Adam Ferguson, CFA, Portfolio Manager
Justin A. Schwartz, CFA, Portfolio Manager,
Head of Municipal Money Market Funds
Vanguard Fixed Income Group
June 16, 2016
New York Tax-Exempt Money Market Fund
Fund Profile
As of May 31, 2016
| Financial Attributes | |
| Ticker Symbol | VYFXX |
| Expense Ratio1 | 0.16% |
| 7-Day SEC Yield | 0.25% |
| Average Weighted | |
| Maturity | 16 days |
| Distribution by Credit Quality (% of portfolio) | |
| First Tier | 100.0% |
A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody's, Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the lower of the ratings applies. An unrated security is First Tier if it represents quality comparable to that of a rated security, as determined in accordance with SEC Rule 2a-7. For more information about these ratings, see the Glossary entry for Credit Quality.
1 The expense ratio shown is from the prospectus dated March 29, 2016, and represents estimated costs for the current fiscal year. For the six months ended May 31, 2016, the annualized expense ratio was 0.11%, reflecting a temporary reduction in operating expenses (described in Note B of the Notes to Financial Statements). Before this reduction, the fund’s annualized six-month expense ratio was 0.16%.
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, 2005, Through May 31, 2016 | ||
| NY Tax-Exempt | ||
| Money Mkt | ||
| Funds Avg | ||
| Fiscal Year | Total Returns | Total Returns |
| 2006 | 3.28% | 2.81% |
| 2007 | 3.60 | 3.12 |
| 2008 | 2.32 | 1.88 |
| 2009 | 0.36 | 0.24 |
| 2010 | 0.10 | 0.01 |
| 2011 | 0.06 | 0.04 |
| 2012 | 0.03 | 0.00 |
| 2013 | 0.01 | 0.00 |
| 2014 | 0.01 | 0.00 |
| 2015 | 0.01 | 0.00 |
| 2016 | 0.05 | 0.01 |
| 7-day SEC yield (5/31/2016): 0.25% | ||
New York Tax-Exempt Money Market Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Note: For 2016, performance data reflect the six months ended May 31, 2016.
Average Annual Total Returns: Periods Ended March 31, 2016
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| Inception | One | Five | Ten | |
| Date | Year | Years | Years | |
| New York Tax-Exempt Money | ||||
| Market Fund | 9/3/1997 | 0.01% | 0.02% | 0.87% |
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, 2016
The fund reports a complete list of its holdings in various monthly and quarterly regulatory filings. The fund publishes its holdings on a monthly basis at vanguard.com and files them with the Securities and Exchange Commission on Form N-MFP. The fund’s Form N-MFP filings 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 (99.8%) | ||||
| New York (99.8%) | ||||
| Albany NY Industrial Development Agency | ||||
| Civic Facility Revenue (CHF Holland Suites | ||||
| LLC Project) VRDO | 0.410% | 6/7/16 LOC | 9,220 | 9,220 |
| Babylon NY BAN | 2.000% | 7/1/16 | 14,650 | 14,669 |
| Columbia County NY Capital Resource Corp. | ||||
| Civic Facility Revenue (Columbia Memorial | ||||
| Hospital Project) VRDO | 0.450% | 6/7/16 LOC | 3,800 | 3,800 |
| Columbia County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Columbia | ||||
| Memorial Hospital Project) VRDO | 0.450% | 6/7/16 LOC | 4,140 | 4,140 |
| Connetquot NY Central School District TAN | 1.500% | 6/27/16 | 5,000 | 5,004 |
| Delaware Valley NY Industrial Development | ||||
| Authority Revenue (Delaware Valley Hospital) | ||||
| VRDO | 0.450% | 6/7/16 LOC | 3,315 | 3,315 |
| 1 Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) TOB VRDO | 0.420% | 6/7/16 | 6,665 | 6,665 |
| Franklin County NY Civic Development Corp. | ||||
| Revenue VRDO | 0.450% | 6/7/16 LOC | 4,300 | 4,300 |
| Geneva NY Industrial Development Agency | ||||
| Civic Facility Revenue (Colleges of the Seneca | ||||
| Project) VRDO | 0.440% | 6/7/16 LOC | 16,715 | 16,715 |
| Half Hollow Hills NY Central School District TAN | 2.000% | 6/28/16 | 20,500 | 20,526 |
| Hauppauge NY Union Free School District TAN | 2.000% | 6/24/16 | 5,000 | 5,005 |
| Lancaster NY Central School District BAN | 2.000% | 6/16/16 | 19,131 | 19,144 |
| Lindenhurst NY Union Free School District TAN | 1.500% | 6/20/16 | 9,750 | 9,756 |
| Long Beach NY City School District RAN | 2.000% | 6/30/16 | 7,250 | 7,258 |
| Massapequa NY Union Free School District BAN | 2.000% | 7/22/16 | 6,000 | 6,013 |
| Middle Country NY Central School District TAN | 1.500% | 6/27/16 | 7,250 | 7,256 |
| Middletown NY City School District BAN | 2.000% | 6/29/16 | 1,450 | 1,451 |
| Middletown NY City School District BAN | 2.000% | 6/29/16 | 23,980 | 24,008 |
| Monroe County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Nazareth | ||||
| College) VRDO | 0.430% | 6/7/16 LOC | 7,205 | 7,205 |
14
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Nassau County NY Interim Finance Authority | ||||
| Sales Tax Revenue VRDO | 0.400% | 6/7/16 | 30,175 | 30,175 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Asia Society Project) VRDO | 0.400% | 6/7/16 LOC | 6,000 | 6,000 |
| New York City NY GO | 5.000% | 8/1/16 | 3,210 | 3,235 |
| New York City NY GO VRDO | 0.350% | 6/1/16 LOC | 20,350 | 20,350 |
| New York City NY GO VRDO | 0.350% | 6/1/16 LOC | 11,630 | 11,630 |
| New York City NY GO VRDO | 0.350% | 6/1/16 LOC | 2,800 | 2,800 |
| New York City NY GO VRDO | 0.370% | 6/1/16 | 600 | 600 |
| New York City NY GO VRDO | 0.380% | 6/1/16 | 1,000 | 1,000 |
| New York City NY GO VRDO | 0.420% | 6/7/16 LOC | 10,000 | 10,000 |
| New York City NY GO VRDO | 0.420% | 6/7/16 | 34,900 | 34,900 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) VRDO | 0.420% | 6/7/16 LOC | 6,400 | 6,400 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue (201 Pearl | ||||
| Street) VRDO | 0.410% | 6/7/16 LOC | 5,000 | 5,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue PUT | 0.320% | 7/1/16 | 25,000 | 25,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue PUT | 0.429% | 10/3/16 | 5,000 | 5,000 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.440% | 6/7/16 | 11,580 | 11,580 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.450% | 6/7/16 | 6,665 | 6,665 |
| 1 New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue TOB VRDO | 0.480% | 6/7/16 | 6,730 | 6,730 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue VRDO | 0.370% | 6/7/16 | 6,000 | 6,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue (89 Murray | ||||
| Street Development) VRDO | 0.410% | 6/7/16 LOC | 15,800 | 15,800 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue (Elliot Chelsea | ||||
| Development) VRDO | 0.410% | 6/7/16 LOC | 2,000 | 2,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue (First Avenue | ||||
| Development) VRDO | 0.410% | 6/7/16 LOC | 10,000 | 10,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue (Markham | ||||
| Gardens Apartments) VRDO | 0.410% | 6/7/16 LOC | 6,800 | 6,800 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue (100 | ||||
| Jane Street) VRDO | 0.410% | 6/7/16 LOC | 14,950 | 14,950 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue (1133 | ||||
| Manhattan Avenue) VRDO | 0.420% | 6/7/16 LOC | 16,670 | 16,670 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue (2 Gold | ||||
| Street) VRDO | 0.400% | 6/7/16 | 6,000 | 6,000 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue (Atlantic | ||||
| Court Apartments) VRDO | 0.410% | 6/7/16 LOC | 23,100 | 23,100 |
15
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue (Ocean | ||||
| Gate Development) VRDO | 0.430% | 6/7/16 LOC | 8,445 | 8,445 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Rental Housing Revenue | ||||
| (Rivereast Apartments) VRDO | 0.430% | 6/7/16 LOC | 20,000 | 20,000 |
| New York City NY Housing Finance Agency | ||||
| Revenue (900 Eighth Avenue) VRDO | 0.430% | 6/7/16 LOC | 25,000 | 25,000 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue (Mercy College | ||||
| Project) VRDO | 0.370% | 6/7/16 LOC | 9,980 | 9,980 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue (New York | ||||
| Congregational Nursing Center Project) VRDO | 0.450% | 6/7/16 LOC | 3,220 | 3,220 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.440% | 6/7/16 | 10,000 | 10,000 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.350% | 6/1/16 | 1,000 | 1,000 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.350% | 6/1/16 | 3,145 | 3,145 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.350% | 6/1/16 | 7,550 | 7,550 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.360% | 6/1/16 | 4,150 | 4,150 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.370% | 6/1/16 | 5,925 | 5,925 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.380% | 6/1/16 | 3,200 | 3,200 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.380% | 6/1/16 | 3,200 | 3,200 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.380% | 6/1/16 | 2,600 | 2,600 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.380% | 6/1/16 | 15,350 | 15,350 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.380% | 6/1/16 | 16,900 | 16,900 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.400% | 6/7/16 | 9,000 | 9,000 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.410% | 6/7/16 | 27,650 | 27,650 |
16
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| 1 New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue TOB VRDO | 0.430% | 6/7/16 | 5,250 | 5,250 |
| 1 New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue TOB VRDO | 0.430% | 6/7/16 | 3,335 | 3,335 |
| 1 New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue TOB VRDO | 0.430% | 6/7/16 | 3,140 | 3,140 |
| 1 New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue TOB VRDO | 0.410% | 6/7/16 | 15,210 | 15,210 |
| 1 New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue TOB VRDO | 0.430% | 6/7/16 | 5,000 | 5,000 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/16 (Prere.) | 10,625 | 10,704 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.410% | 6/7/16 | 6,300 | 6,300 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.420% | 6/7/16 | 6,000 | 6,000 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.430% | 6/7/16 | 5,000 | 5,000 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.440% | 6/7/16 | 5,000 | 5,000 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.440% | 6/7/16 | 3,000 | 3,000 |
| 1 New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue TOB VRDO | 0.440% | 6/7/16 | 2,890 | 2,890 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.350% | 6/1/16 | 3,300 | 3,300 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.350% | 6/1/16 | 12,800 | 12,800 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.370% | 6/1/16 | 2,300 | 2,300 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.380% | 6/1/16 | 12,400 | 12,400 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.400% | 6/7/16 LOC | 13,800 | 13,800 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.420% | 6/7/16 | 1,000 | 1,000 |
| New York City NY Transitional Finance Authority | ||||
| Recovery Revenue VRDO | 0.350% | 6/1/16 | 3,650 | 3,650 |
| New York City NY Transitional Finance Authority | ||||
| Recovery Revenue VRDO | 0.390% | 6/7/16 | 10,965 | 10,965 |
| 2 New York City NY Trust for Cultural Resources | ||||
| Revenue (American Museum of Natural History) | ||||
| PUT | 0.480% | 12/9/16 | 15,000 | 15,000 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (The Metropolitan Museum of Art) | ||||
| VRDO | 0.400% | 6/7/16 | 55,600 | 55,600 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (The Metropolitan Museum of Art) | ||||
| VRDO | 0.400% | 6/7/16 | 37,100 | 37,100 |
| 1 New York Convention Center Development | ||||
| Corp. Revenue TOB VRDO | 0.420% | 6/7/16 | 10,400 | 10,400 |
| 1 New York Convention Center Development | ||||
| Corp. Revenue TOB VRDO | 0.550% | 6/7/16 | 7,020 | 7,020 |
17
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York Liberty Development Corp. Revenue | ||||
| (Greenwich LLC) VRDO | 0.420% | 6/7/16 LOC | 20,000 | 20,000 |
| New York Metropolitan Transportation Authority | ||||
| BAN | 0.500% | 8/1/16 | 10,000 | 10,001 |
| New York Metropolitan Transportation Authority | ||||
| BAN | 5.000% | 8/1/16 | 10,000 | 10,039 |
| 1 New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) TOB VRDO | 0.480% | 6/7/16 | 5,350 | 5,350 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) VRDO | 0.350% | 6/1/16 LOC | 3,955 | 3,955 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) VRDO | 0.390% | 6/7/16 LOC | 7,700 | 7,700 |
| 1 New York Metropolitan Transportation Authority | ||||
| Revenue (Service Contract) TOB VRDO | 0.430% | 6/7/16 | 4,500 | 4,500 |
| New York Metropolitan Transportation Authority | ||||
| Revenue VRDO | 0.350% | 6/1/16 LOC | 7,900 | 7,900 |
| New York Metropolitan Transportation Authority | ||||
| Revenue VRDO | 0.350% | 6/1/16 LOC | 1,400 | 1,400 |
| New York Metropolitan Transportation Authority | ||||
| Revenue VRDO | 0.380% | 6/7/16 LOC | 22,300 | 22,300 |
| New York Metropolitan Transportation Authority | ||||
| Revenue VRDO | 0.400% | 6/7/16 LOC | 3,275 | 3,275 |
| New York State Dormitory Authority Revenue | ||||
| (Blythedale Children’s Hospital) VRDO | 0.400% | 6/7/16 LOC | 8,900 | 8,900 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) | ||||
| VRDO | 0.450% | 6/7/16 LOC | 3,075 | 3,075 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) | ||||
| VRDO | 0.450% | 6/7/16 LOC | 2,270 | 2,270 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) | ||||
| VRDO | 0.450% | 6/7/16 LOC | 5,295 | 5,295 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) | ||||
| VRDO | 0.450% | 6/7/16 LOC | 11,500 | 11,500 |
| New York State Dormitory Authority Revenue | ||||
| (City University of New York) | 5.000% | 7/1/16 | 395 | 395 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 7/1/16 | 1,090 | 1,094 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) VRDO | 0.370% | 6/7/16 | 19,400 | 19,400 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) CP | 0.470% | 6/13/16 | 5,000 | 5,000 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) CP | 0.450% | 7/14/16 | 6,000 | 6,000 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) VRDO | 0.400% | 6/7/16 | 5,000 | 5,000 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) VRDO | 0.400% | 6/7/16 | 16,300 | 16,300 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Fordham University) TOB VRDO | 0.420% | 6/7/16 (13) | 5,000 | 5,000 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) VRDO | 0.400% | 6/7/16 LOC | 10,000 | 10,000 |
18
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Le Moyne College) VRDO | 0.410% | 6/7/16 LOC | 3,965 | 3,965 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) TOB | ||||
| VRDO | 0.420% | 6/7/16 | 7,860 | 7,860 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | ||||
| VRDO | 0.390% | 6/7/16 LOC | 5,335 | 5,335 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | ||||
| VRDO | 0.390% | 6/7/16 LOC | 51,715 | 51,715 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 6/15/16 | 8,000 | 8,014 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.410% | 6/7/16 | 4,375 | 4,375 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.430% | 6/7/16 | 8,330 | 8,330 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.430% | 6/7/16 | 7,500 | 7,500 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.430% | 6/7/16 | 11,000 | 11,000 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.430% | 6/7/16 | 5,500 | 5,500 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.440% | 6/7/16 | 4,000 | 4,000 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) TOB VRDO | 0.440% | 6/7/16 | 6,000 | 6,000 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) VRDO | 0.390% | 6/7/16 | 16,000 | 16,000 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) VRDO | 0.410% | 6/7/16 | 43,100 | 43,100 |
| New York State Dormitory Authority Revenue | ||||
| (Royal Charter Properties) VRDO | 0.390% | 6/7/16 LOC | 5,000 | 5,000 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) VRDO | 0.390% | 6/7/16 LOC | 29,195 | 29,195 |
| 1 New York State Dormitory Authority Revenue | ||||
| (Vassar College) TOB VRDO | 0.420% | 6/7/16 | 7,115 | 7,115 |
| 1 New York State Dormitory Authority Sales Tax | ||||
| Revenue TOB VRDO | 0.400% | 6/7/16 | 11,580 | 11,580 |
| 1 New York State Dormitory Authority Sales Tax | ||||
| Revenue TOB VRDO | 0.440% | 6/7/16 | 3,365 | 3,365 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 2.000% | 6/15/16 | 3,875 | 3,878 |
| 1 New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) TOB VRDO | 0.430% | 6/7/16 | 3,650 | 3,650 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (10 Liberty Street) VRDO | 0.390% | 6/7/16 LOC | 7,000 | 7,000 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (316 Eleventh Avenue) | ||||
| VRDO | 0.400% | 6/7/16 LOC | 6,500 | 6,500 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (625 W 57th St) VRDO | 0.390% | 6/7/16 LOC | 6,250 | 6,250 |
19
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Housing Finance Agency | ||||
| Housing Revenue (855 6th Avenue) VRDO | 0.420% | 6/7/16 LOC | 14,500 | 14,500 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (855 6th Avenue) VRDO | 0.420% | 6/7/16 LOC | 24,500 | 24,500 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Avalon Bowery Place I) | ||||
| VRDO | 0.390% | 6/7/16 LOC | 7,700 | 7,700 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Dock Street Rental LLC) | ||||
| VRDO | 0.400% | 6/7/16 LOC | 14,800 | 14,800 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Dock Street) VRDO | 0.400% | 6/7/16 LOC | 11,500 | 11,500 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (East 84th Street) VRDO | 0.410% | 6/7/16 LOC | 20,800 | 20,800 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (McCarthy Manor | ||||
| Apartments) VRDO | 0.430% | 6/7/16 LOC | 6,800 | 6,800 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (Saville) VRDO | 0.410% | 6/7/16 LOC | 33,000 | 33,000 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (West 17th Street) VRDO | 0.400% | 6/7/16 LOC | 4,600 | 4,600 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (West 20th Street) VRDO | 0.430% | 6/7/16 LOC | 14,000 | 14,000 |
| New York State Housing Finance Agency | ||||
| Revenue (Clinton Park) VRDO | 0.400% | 6/7/16 LOC | 13,500 | 13,500 |
| New York State Housing Finance Agency | ||||
| Revenue (Riverside Center) VRDO | 0.400% | 6/7/16 LOC | 5,000 | 5,000 |
| New York State Housing Finance Agency | ||||
| Revenue (Riverside Center) VRDO | 0.430% | 6/7/16 LOC | 7,000 | 7,000 |
| New York State Local Government Assistance | ||||
| Corp. Revenue VRDO | 0.430% | 6/7/16 | 23,705 | 23,705 |
| New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue VRDO | 0.400% | 6/1/16 | 4,620 | 4,620 |
| New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue VRDO | 0.400% | 6/1/16 | 6,200 | 6,200 |
| New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue VRDO | 0.400% | 6/1/16 | 15,105 | 15,105 |
| New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue VRDO | 0.410% | 6/7/16 | 11,090 | 11,090 |
| New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue VRDO | 0.410% | 6/7/16 | 5,000 | 5,000 |
| New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue VRDO | 0.430% | 6/7/16 | 24,200 | 24,200 |
| New York State Power Authority Revenue CP | 0.470% | 6/2/16 | 6,341 | 6,341 |
| New York State Power Authority Revenue CP | 0.470% | 6/14/16 | 13,044 | 13,044 |
| New York State Power Authority Revenue CP | 0.470% | 6/14/16 | 10,120 | 10,120 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/17 | 23,405 | 24,232 |
| 1 New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) TOB VRDO | 0.430% | 6/7/16 | 7,500 | 7,500 |
| 1 New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) TOB VRDO | 0.440% | 6/7/16 | 5,850 | 5,850 |
| New York State Urban Development Corp. | ||||
| Revenue (Service Contract) VRDO | 0.410% | 6/7/16 LOC | 1,300 | 1,300 |
20
| New York Tax-Exempt Money Market Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| North Hempstead NY BAN | 2.250% | 4/4/17 | 7,500 | 7,589 |
| 1 Nuveen New York AMT-Free Municipal | ||||
| Income Fund VRDP VRDO | 0.460% | 6/7/16 LOC | 20,000 | 20,000 |
| 1 Nuveen New York AMT-Free Municipal Income | ||||
| Fund VRDP VRDO | 0.460% | 6/7/16 LOC | 39,500 | 39,500 |
| 1 Nuveen New York AMT-Free Municipal Income | ||||
| Fund VRDP VRDO | 0.460% | 6/7/16 LOC | 31,000 | 31,000 |
| 1 Nuveen New York Dividend Advantage | ||||
| Municipal Fund VRDP VRDO | 0.520% | 6/7/16 LOC | 34,500 | 34,500 |
| Onondaga County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Crouse Health | ||||
| Hospital Inc. Project) VRDO | 0.440% | 6/7/16 LOC | 3,975 | 3,975 |
| Onondaga County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Crouse Health | ||||
| Hospital Inc. Project) VRDO | 0.440% | 6/7/16 LOC | 7,440 | 7,440 |
| Onondaga County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Syracuse Home | ||||
| Association Project) VRDO | 0.450% | 6/7/16 LOC | 5,040 | 5,040 |
| Onondaga County NY Trust For Cultural | ||||
| Resources Revenue (Syracuse University | ||||
| Project) VRDO | 0.370% | 6/7/16 LOC | 2,055 | 2,055 |
| Oyster Bay - East Norwich NY Central School | ||||
| District TAN | 2.000% | 6/24/16 | 5,500 | 5,505 |
| Pittsford NY Central School District BAN | 2.000% | 2/10/17 | 7,000 | 7,069 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 10/15/16 | 1,000 | 1,017 |
| 1 Port Authority of New York & New Jersey | ||||
| Revenue TOB VRDO | 0.420% | 6/7/16 | 2,900 | 2,900 |
| 1 Port Authority of New York & New Jersey | ||||
| Revenue TOB VRDO | 0.440% | 6/7/16 | 8,500 | 8,500 |
| 1 Port Authority of New York & New Jersey | ||||
| Revenue TOB VRDO | 0.440% | 6/7/16 | 1,050 | 1,050 |
| 1 Port Authority of New York & New Jersey | ||||
| Revenue TOB VRDO | 0.480% | 6/7/16 | 6,500 | 6,500 |
| 1 Port Authority of New York & New Jersey | ||||
| Revenue TOB VRDO | 0.480% | 6/7/16 | 1,710 | 1,710 |
| Saratoga County NY Capital Resource Corp. | ||||
| Revenue (Saratoga Hospital Project) VRDO | 0.450% | 6/7/16 LOC | 6,225 | 6,225 |
| Smithtown NY Central School District TAN | 2.000% | 6/30/16 | 10,000 | 10,014 |
| South Country NY Central School District TAN | 2.000% | 6/27/16 | 10,500 | 10,513 |
| Southampton NY Union Free School District | ||||
| TAN | 1.500% | 6/27/16 | 9,000 | 9,008 |
| Syracuse NY Industrial Development Agency | ||||
| Civic Facility Revenue (Syracuse University | ||||
| Project) VRDO | 0.390% | 6/7/16 LOC | 7,275 | 7,275 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Ithaca College) | ||||
| VRDO | 0.410% | 6/7/16 LOC | 24,000 | 24,000 |
| 1 Triborough Bridge & Tunnel Authority New York | ||||
| Revenue TOB VRDO | 0.410% | 6/7/16 | 3,750 | 3,750 |
| 1 Triborough Bridge & Tunnel Authority New York | ||||
| Revenue TOB VRDO | 0.430% | 6/7/16 | 2,660 | 2,660 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue VRDO | 0.350% | 6/1/16 LOC | 1,500 | 1,500 |
21
| New York Tax-Exempt Money Market Fund | |||||
| Face | Market | ||||
| Maturity | Amount | Value• | |||
| Coupon | Date | ($000) | ($000) | ||
| Triborough Bridge & Tunnel Authority New York | |||||
| Revenue VRDO | 0.350% | 6/1/16 LOC | 5,845 | 5,845 | |
| Triborough Bridge & Tunnel Authority New York | |||||
| Revenue VRDO | 0.390% | 6/7/16 LOC | 18,110 | 18,110 | |
| Triborough Bridge & Tunnel Authority New York | |||||
| Revenue VRDO | 0.410% | 6/7/16 LOC | 11,675 | 11,675 | |
| Ulster County NY BAN | 2.000% | 11/23/16 | 8,812 | 8,874 | |
| 1 | Utility Debt Securitization Authority New York | ||||
| Revenue TOB VRDO | 0.410% | 6/7/16 | 1,000 | 1,000 | |
| 1 | Utility Debt Securitization Authority New York | ||||
| Revenue TOB VRDO | 0.420% | 6/7/16 | 6,650 | 6,650 | |
| West Babylon NY Union Free School District | |||||
| TAN | 2.000% | 6/24/16 | 8,350 | 8,359 | |
| Williamsville NY Central School District BAN | 2.000% | 6/15/16 | 6,928 | 6,933 | |
| 2,021,938 | |||||
| Total Tax-Exempt Municipal Bonds (Cost $2,021,938) | 2,021,938 | ||||
| Amount | |||||
| ($000) | |||||
| Other Assets and Liabilities (0.2%) | |||||
| Other Assets | |||||
| Investment in Vanguard | 169 | ||||
| Receivables for Investment Securities Sold | 600 | ||||
| Receivables for Accrued Income | 4,386 | ||||
| Receivables for Capital Shares Issued | 4,038 | ||||
| Other Assets | 4,234 | ||||
| Total Other Assets | 13,427 | ||||
| Liabilities | |||||
| Payables for Capital Shares Redeemed | (3,505) | ||||
| Payables for Distributions | (7) | ||||
| Payables to Vanguard | (5,609) | ||||
| Total Liabilities | (9,121) | ||||
| Net Assets (100%) | |||||
| Applicable to 2,025,996,427 outstanding $.001 par value shares of | |||||
| beneficial interest (unlimited authorization) | 2,026,244 | ||||
| Net Asset Value Per Share | $1.00 | ||||
22
| New York Tax-Exempt Money Market Fund | |
| At May 31, 2016, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 2,026,195 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Gains | 49 |
| Net Assets | 2,026,244 |
• 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, 2016, the aggregate value of these securities was $387,380,000, representing 19.1% of net assets.
2 Adjustable-rate security.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
23
New York Tax-Exempt Money Market Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
New York Tax-Exempt Money Market Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2016 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 2,110 |
| Total Income | 2,110 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 230 |
| Management and Administrative | 1,143 |
| Marketing and Distribution | 298 |
| Custodian Fees | 13 |
| Shareholders’ Reports | 9 |
| Total Expenses | 1,693 |
| Expense Reduction—Note B | (566) |
| Net Expenses | 1,127 |
| Net Investment Income | 983 |
| Realized Net Gain (Loss) on Investment Securities Sold | 49 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,032 |
See accompanying Notes, which are an integral part of the Financial Statements.
25
New York Tax-Exempt Money Market Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2016 | 2015 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 983 | 227 |
| Realized Net Gain (Loss) | 49 | 2 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,032 | 229 |
| Distributions | ||
| Net Investment Income | (985) | (225) |
| Realized Capital Gain | — | — |
| Total Distributions | (985) | (225) |
| Capital Share Transactions (at $1.00 per share) | ||
| Issued | 563,483 | 1,259,422 |
| Issued in Lieu of Cash Distributions | 962 | 220 |
| Redeemed | (728,070) | (1,361,922) |
| Net Increase (Decrease) from Capital Share Transactions | (163,625) | (102,280) |
| Total Increase (Decrease) | (163,578) | (102,276) |
| Net Assets | ||
| Beginning of Period | 2,189,822 | 2,292,098 |
| End of Period1 | 2,026,244 | 2,189,822 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $0 and $2,000. | ||
See accompanying Notes, which are an integral part of the Financial Statements.
26
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 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Investment Operations | ||||||
| Net Investment Income | .0005 | .0001 | .0001 | .0001 | .0003 | .001 |
| Net Realized and Unrealized Gain | ||||||
| (Loss) on Investments | — | — | — | — | — | — |
| Total from Investment Operations | .0005 | .0001 | .0001 | .0001 | .0003 | .001 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.0005) | (.0001) | (.0001) | (.0001) | (.0003) | (.001) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.0005) | (.0001) | (.0001) | (.0001) | (.0003) | (.001) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return1 | 0.05% | 0.01% | 0.01% | 0.01% | 0.03% | 0.06% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $2,026 | $2,190 | $2,292 | $2,483 | $2,638 | $2,846 |
| Ratio of Expenses to | ||||||
| Average Net Assets2 | 0.11% | 0.06% | 0.07% | 0.12% | 0.15% | 0.16% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 0.09% | 0.01% | 0.01% | 0.01% | 0.03% | 0.06% |
| The expense ratio and net investment income ratio for the current period have been annualized. 1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. 2 The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2016, 0.16% for 2015, 0.16% for 2014, 0.16% for 2013, 0.16% for 2012, and 0.17% for 2011. See Note B in Notes to Financial Statements. | ||||||
See accompanying Notes, which are an integral part of the Financial Statements.
27
New York Tax-Exempt Money Market Fund
Notes to Financial Statements
Vanguard New York Tax-Exempt Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2012–2015), and for the period ended May 31, 2016, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2016, or at any time during the period then ended.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2016, the fund had contributed to Vanguard capital in the amount of $169,000, representing 0.01% of the fund’s net assets and 0.07% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
28
New York Tax-Exempt Money Market Fund
Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. For the period ended May 31, 2016, Vanguard’s expenses were reduced by $566,000 (an effective annual rate of 0.05% of the fund’s average net assets); the fund is not obligated to repay this amount to Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
At May 31, 2016, 100% of the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
D. Management has determined that no material events or transactions occurred subsequent to May 31, 2016, that would require recognition or disclosure in these financial statements.
29
New York Long-Term Tax-Exempt Fund
Fund Profile
As of May 31, 2016
| Share-Class Characteristics | ||
| Investor | Admiral | |
| Shares | Shares | |
| Ticker Symbol | VNYTX | VNYUX |
| Expense Ratio1 | 0.20% | 0.12% |
| 30-Day SEC Yield | 1.59% | 1.66% |
| Financial Attributes | |||
| Barclays | |||
| NY | Barclays | ||
| Muni | Municipal | ||
| Bond | Bond | ||
| Fund | Index | Index | |
| Number of Bonds | 939 | 6,102 | 48,863 |
| Yield to Maturity | |||
| (before expenses) | 1.8% | 1.7% | 1.8% |
| Average Coupon | 4.8% | 4.9% | 4.8% |
| Average Duration | 5.9 years | 5.6 years | 5.8 years |
| Average Stated | |||
| Maturity | 16.6 years | 13.8 years | 13.0 years |
| Short-Term | |||
| Reserves | 3.3% | — | — |
| Volatility Measures | ||
| Barclays NY | Barclays | |
| Muni Bond | Municipal | |
| Index | Bond Index | |
| R-Squared | 0.98 | 0.98 |
| Beta | 1.16 | 1.12 |
| These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months. | ||
| Distribution by Stated Maturity | |
| (% of portfolio) | |
| Under 1 Year | 5.0% |
| 1 - 3 Years | 3.3 |
| 3 - 5 Years | 2.3 |
| 5 - 10 Years | 10.2 |
| 10 - 20 Years | 43.4 |
| 20 - 30 Years | 29.3 |
| Over 30 Years | 6.5 |
| Distribution by Credit Quality (% of portfolio) | |
| AAA | 22.8% |
| AA | 47.5 |
| A | 20.7 |
| BBB | 6.4 |
| BB | 0.2 |
| B | 0.4 |
| Not Rated | 2.0 |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to classify securities for which a rating is not available. Not rated securities include a fund's investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. For more information about these ratings, see the Glossary entry for Credit Quality.
1 The expense ratios shown are from the prospectus dated March 29, 2016, and represent estimated costs for the current fiscal year. For the six months ended May 31, 2016, the annualized expense ratios were 0.20% for Investor Shares and 0.12% for Admiral Shares.
30
New York Long-Term Tax-Exempt Fund
Investment Focus
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, 2005, Through May 31, 2016
| Barclays NY | ||||
| Muni Bond | ||||
| Investor Shares | Index | |||
| Fiscal Year | Income Returns | Capital Returns | Total Returns | Total Returns |
| 2006 | 4.51% | 2.17% | 6.68% | 6.02% |
| 2007 | 4.33 | -2.76 | 1.57 | 2.89 |
| 2008 | 4.03 | -8.66 | -4.63 | -3.17 |
| 2009 | 4.57 | 8.69 | 13.26 | 14.51 |
| 2010 | 3.93 | 0.27 | 4.20 | 4.60 |
| 2011 | 3.96 | 1.81 | 5.77 | 6.04 |
| 2012 | 3.77 | 7.03 | 10.80 | 9.38 |
| 2013 | 3.27 | -7.65 | -4.38 | -3.06 |
| 2014 | 3.77 | 5.94 | 9.71 | 7.84 |
| 2015 | 3.38 | 0.59 | 3.97 | 3.23 |
| 2016 | 1.64 | 2.37 | 4.01 | 3.36 |
| Note: For 2016, performance data reflect the six months ended May 31, 2016. | ||||
Average Annual Total Returns: Periods Ended March 31, 2016
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
| Ten Years | ||||||
| Inception Date | One Year | Five Years | Income | Capital | Total | |
| Investor Shares | 4/7/1986 | 4.90% | 5.95% | 3.92% | 0.80% | 4.72% |
| Admiral Shares | 5/14/2001 | 4.98 | 6.04 | 4.00 | 0.80 | 4.80 |
See Financial Highlights for dividend and capital gains information.
32
New York Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Statement of Net Assets
As of May 31, 2016
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Tax-Exempt Municipal Bonds (99.5%) | ||||
| New York (99.3%) | ||||
| Albany NY Capital Resource Corp. Revenue | ||||
| (St. Peter’s Hospital) | 6.000% | 11/15/20 (Prere.) | 325 | 394 |
| Albany NY Capital Resource Corp. Revenue | ||||
| (St. Peter’s Hospital) | 6.125% | 11/15/20 (Prere.) | 150 | 183 |
| Albany NY Industrial Development Agency Civic | ||||
| Facility Revenue (St. Peter’s Hospital Project) | 5.250% | 11/15/17 (Prere.) | 5,000 | 5,329 |
| Albany NY Industrial Development Agency Civic | ||||
| Facility Revenue (St. Peter’s Hospital Project) | 5.750% | 11/15/17 (Prere.) | 3,840 | 4,120 |
| 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 | 3,887 |
| 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 | 2,875 |
| 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 | 4,944 |
| 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 | 1,691 |
| 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 | 3,842 |
| Amherst NY Development Corp. Student | ||||
| Housing Facility Revenue | 5.000% | 10/1/40 (4) | 2,500 | 2,844 |
| Amherst NY Development Corp. Student | ||||
| Housing Facility Revenue | 5.000% | 10/1/45 | 3,800 | 4,322 |
| Arlington NY Central School District GO | 4.000% | 5/15/27 | 1,000 | 1,166 |
| Battery Park City Authority New York Revenue | 5.000% | 11/1/31 | 2,500 | 3,069 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 5.750% | 7/15/20 | 1,550 | 1,752 |
33
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 6.000% | 7/15/30 | 16,025 | 18,356 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 6.500% | 7/15/30 | 2,250 | 2,621 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 0.000% | 7/15/31 | 3,655 | 1,955 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 0.000% | 7/15/32 | 1,745 | 889 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 0.000% | 7/15/33 | 2,160 | 1,033 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 6.250% | 7/15/40 | 5,475 | 6,292 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 6.375% | 7/15/43 | 19,390 | 22,339 |
| Brooklyn NY Local Development Corp. PILOT | ||||
| Revenue (Barclays Center Project) | 0.000% | 7/15/46 | 450 | 114 |
| Broome County NY Industrial Development | ||||
| Agency Revenue (Good Shepherd Village | ||||
| Project) | 6.875% | 7/1/18 (Prere.) | 3,250 | 3,656 |
| Buffalo & Erie County NY Industrial Land | ||||
| Development Corp. Revenue | 5.000% | 11/15/24 | 1,395 | 1,637 |
| Buffalo & Erie County NY Industrial Land | ||||
| Development Corp. Revenue | 5.000% | 7/1/25 | 2,000 | 2,436 |
| Buffalo & Erie County NY Industrial Land | ||||
| Development Corp. Revenue | 5.000% | 11/15/25 | 1,590 | 1,877 |
| Buffalo & Erie County NY Industrial Land | ||||
| Development Corp. Revenue | 5.000% | 11/15/37 | 4,515 | 5,064 |
| Buffalo & Erie County NY Industrial Land | ||||
| Development Corp. Revenue | 5.000% | 7/1/40 | 1,500 | 1,727 |
| Buffalo NY Municipal Water Finance | ||||
| Authority Revenue | 5.000% | 7/1/24 | 500 | 614 |
| Buffalo NY Municipal Water Finance | ||||
| Authority Revenue | 5.000% | 7/1/25 | 500 | 622 |
| Buffalo NY Municipal Water Finance | ||||
| Authority Revenue | 5.000% | 7/1/26 | 1,000 | 1,231 |
| Buffalo NY Municipal Water Finance | ||||
| Authority Revenue | 5.000% | 7/1/28 | 2,000 | 2,427 |
| Buffalo NY Municipal Water Finance | ||||
| Authority Revenue | 5.000% | 7/1/29 | 500 | 605 |
| Dobbs Ferry NY Local Development Corp. | ||||
| Revenue (Mercy College Project) | 5.000% | 7/1/39 | 2,715 | 3,144 |
| Dobbs Ferry NY Local Development Corp. | ||||
| Revenue (Mercy College Project) | 5.000% | 7/1/44 | 2,510 | 2,889 |
| Dutchess County NY Local Development Corp. | ||||
| Revenue (Health Quest Systems Inc. Project) | 5.000% | 7/1/34 | 650 | 748 |
| Dutchess County NY Local Development Corp. | ||||
| Revenue (Health Quest Systems Inc. Project) | 5.000% | 7/1/44 | 2,000 | 2,273 |
| Dutchess County NY Local Development Corp. | ||||
| Revenue (Marist College Project) | 5.000% | 7/1/45 | 1,240 | 1,451 |
| Erie County NY GO | 5.000% | 4/1/22 | 1,630 | 1,945 |
| Erie County NY GO | 5.000% | 4/1/23 | 1,000 | 1,197 |
| Erie County NY GO | 5.000% | 4/1/25 | 560 | 664 |
34
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) | 5.000% | 5/1/23 | 5,000 | 6,051 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) | 5.000% | 5/1/25 | 4,000 | 4,822 |
| Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) | 5.250% | 5/1/25 | 3,695 | 4,394 |
| 1 Erie County NY Industrial Development Agency | ||||
| School Facility Revenue (Buffalo City School | ||||
| District Project) TOB VRDO | 0.450% | 6/7/16 | 6,035 | 6,035 |
| Freeport NY GO | 5.000% | 1/15/23 | 2,335 | 2,747 |
| Freeport NY GO | 5.000% | 1/15/24 | 2,540 | 2,972 |
| Haverstraw-Stony Point NY Central School | ||||
| District GO | 5.000% | 10/15/31 (4) | 1,100 | 1,341 |
| Haverstraw-Stony Point NY Central School | ||||
| District GO | 5.000% | 10/15/33 (4) | 300 | 364 |
| Haverstraw-Stony Point NY Central School | ||||
| District GO | 5.000% | 10/15/34 (4) | 500 | 604 |
| Haverstraw-Stony Point NY Central School | ||||
| District GO | 5.000% | 10/15/36 (4) | 1,000 | 1,200 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Adelphi University) | 5.000% | 10/1/28 | 1,320 | 1,574 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Adelphi University) | 5.000% | 9/1/43 | 5,000 | 5,699 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Hofstra University) | 5.000% | 7/1/22 | 2,130 | 2,485 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Hofstra University) | 5.000% | 7/1/23 | 3,350 | 3,924 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Hofstra University) | 5.000% | 7/1/28 | 1,300 | 1,493 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Hofstra University) | 5.000% | 7/1/41 | 2,815 | 3,218 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Molloy College) | 5.000% | 7/1/16 | 100 | 100 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Molloy College) | 5.750% | 7/1/23 | 1,600 | 1,785 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Molloy College) | 5.000% | 7/1/29 | 2,170 | 2,527 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Molloy College) | 5.000% | 7/1/34 | 1,800 | 2,059 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Molloy College) | 5.000% | 7/1/39 | 1,645 | 1,861 |
| Hempstead NY Local Development Corp. | ||||
| Revenue (Molloy College) | 5.000% | 7/1/44 | 1,670 | 1,880 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.000% | 2/15/47 | 12,370 | 12,674 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.000% | 2/15/47 (3) | 11,235 | 11,511 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.250% | 2/15/47 | 7,925 | 9,061 |
| Hudson Yards Infrastructure Corp. | ||||
| New York Revenue | 5.750% | 2/15/47 | 28,525 | 33,530 |
35
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.250% | 6/1/16 (Prere.) | 7,500 | 7,500 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 12/1/17 | 100 | 102 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.250% | 4/1/19 (ETM) | 930 | 1,042 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.250% | 4/1/19 | 4,070 | 4,539 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 6.250% | 4/1/19 (Prere.) | 2,225 | 2,555 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 5/1/21 | 2,000 | 2,337 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 0.000% | 6/1/24 (4) | 19,830 | 16,859 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 9/1/25 | 1,500 | 1,789 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 9/1/26 | 3,400 | 4,023 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 9/1/26 | 1,000 | 1,234 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 0.000% | 6/1/27 (4) | 15,905 | 12,219 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 4.500% | 5/1/28 (14) | 1,880 | 1,907 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 9/1/28 | 1,000 | 1,220 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 9/1/34 | 4,500 | 5,323 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 9/1/35 | 6,000 | 7,068 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 9/1/37 | 7,325 | 8,554 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 5/1/38 | 11,005 | 12,324 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 9/1/39 | 5,500 | 6,434 |
| Long Island NY Power Authority Electric | ||||
| System Revenue | 5.000% | 9/1/44 | 9,140 | 10,641 |
| 2 Long Island NY Power Authority Electric | ||||
| System Revenue PUT | 0.957% | 11/1/18 | 3,000 | 2,985 |
| Madison County NY Capital Resource Corp. | ||||
| Revenue (Colgate University Project) | 5.000% | 7/1/40 | 1,495 | 1,760 |
| Madison County NY Capital Resource Corp. | ||||
| Revenue (Colgate University Project) | 5.000% | 7/1/43 | 6,000 | 7,036 |
| Monroe County NY Industrial Development | ||||
| Corp. Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.500% | 8/15/23 | 4,010 | 4,027 |
| Monroe County NY Industrial Development | ||||
| Corp. Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.750% | 8/15/30 | 3,500 | 4,147 |
| Monroe County NY Industrial Development | ||||
| Corp. Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.750% | 8/15/35 | 3,000 | 3,555 |
36
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Monroe County NY Industrial Development | ||||
| Corp. Mortgage Revenue (Unity Hospital | ||||
| Rochester Project) | 5.500% | 8/15/40 | 3,700 | 4,331 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (Rochester General Hospital) | 5.000% | 12/1/37 | 2,600 | 2,934 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (Rochester General Hospital) | 5.000% | 12/1/42 | 5,305 | 5,957 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (St. John Fisher College | ||||
| Project) | 5.500% | 6/1/39 | 1,500 | 1,753 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (St. John Fisher College | ||||
| Project) | 5.000% | 6/1/44 | 2,500 | 2,815 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (University of Rochester) | 5.000% | 7/1/29 | 1,250 | 1,551 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (University of Rochester) | 5.000% | 7/1/30 | 4,880 | 5,819 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (University of Rochester) | 5.000% | 7/1/31 | 1,000 | 1,229 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (University of Rochester) | 5.000% | 7/1/32 | 1,640 | 2,009 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (University of Rochester) | 5.000% | 7/1/33 | 1,400 | 1,708 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (University of Rochester) | 5.000% | 7/1/37 | 1,000 | 1,202 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (University of Rochester) | 4.000% | 7/1/39 | 1,500 | 1,631 |
| Monroe County NY Industrial Development | ||||
| Corp. Revenue (University of Rochester) | 5.000% | 7/1/45 | 4,030 | 4,726 |
| Nassau County NY GO | 5.000% | 10/1/20 | 9,025 | 10,390 |
| Nassau County NY GO | 5.000% | 1/1/22 | 5,000 | 5,872 |
| Nassau County NY GO | 5.000% | 4/1/24 | 5,000 | 6,111 |
| Nassau County NY GO | 5.000% | 1/1/27 | 3,000 | 3,710 |
| Nassau County NY GO | 5.000% | 1/1/28 | 2,815 | 3,460 |
| Nassau County NY GO | 5.000% | 4/1/29 | 4,320 | 5,182 |
| Nassau County NY GO | 5.000% | 4/1/34 | 5,740 | 6,755 |
| Nassau County NY GO | 5.000% | 4/1/35 | 1,500 | 1,758 |
| Nassau County NY Local Economic | ||||
| Assistance & Financing Corp. Revenue | ||||
| (South Nassau Communities Hospital) | 5.000% | 7/1/21 | 4,430 | 5,144 |
| Nassau County NY Local Economic | ||||
| Assistance & Financing Corp. Revenue | ||||
| (South Nassau Communities Hospital) | 5.000% | 7/1/22 | 2,225 | 2,631 |
| Nassau County NY Local Economic | ||||
| Assistance & Financing Corp. Revenue | ||||
| (South Nassau Communities Hospital) | 5.000% | 7/1/27 | 5,695 | 6,520 |
| Nassau County NY Local Economic | ||||
| Assistance & Financing Corp. Revenue | ||||
| (South Nassau Communities Hospital) | 5.000% | 7/1/31 | 2,000 | 2,254 |
| Nassau County NY Local Economic | ||||
| Assistance & Financing Corp. Revenue | ||||
| (South Nassau Communities Hospital) | 5.000% | 7/1/37 | 1,000 | 1,114 |
37
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Nassau County NY Local Economic | ||||
| Assistance & Financing Corp. Revenue | ||||
| (Winthrop University Hospital Association | ||||
| Project) | 5.000% | 7/1/27 | 4,000 | 4,521 |
| Nassau County NY Local Economic | ||||
| Assistance & Financing Corp. Revenue | ||||
| (Winthrop University Hospital Association | ||||
| Project) | 5.000% | 7/1/32 | 995 | 1,103 |
| Nassau County NY Local Economic | ||||
| Assistance & Financing Corp. Revenue | ||||
| (Winthrop University Hospital Association | ||||
| Project) | 5.000% | 7/1/37 | 8,190 | 9,018 |
| Nassau County NY Local Economic | ||||
| Assistance & Financing Corp. Revenue | ||||
| (Winthrop University Hospital Association | ||||
| Project) | 5.000% | 7/1/42 | 3,000 | 3,291 |
| Nassau County NY Local Economic Assistance | ||||
| Corp. Revenue (Catholic Health Services of | ||||
| Long Island Obligated Group Project) | 5.000% | 7/1/23 | 700 | 843 |
| Nassau County NY Local Economic Assistance | ||||
| Corp. Revenue (Catholic Health Services of | ||||
| Long Island Obligated Group Project) | 5.000% | 7/1/24 | 500 | 609 |
| Nassau County NY Local Economic Assistance | ||||
| Corp. Revenue (Catholic Health Services of | ||||
| Long Island Obligated Group Project) | 5.000% | 7/1/25 | 1,400 | 1,689 |
| Nassau County NY Local Economic Assistance | ||||
| Corp. Revenue (Catholic Health Services of | ||||
| Long Island Obligated Group Project) | 5.000% | 7/1/28 | 1,690 | 1,985 |
| Nassau County NY Local Economic Assistance | ||||
| Corp. Revenue (Catholic Health Services of | ||||
| Long Island Obligated Group Project) | 5.000% | 7/1/28 | 1,500 | 1,773 |
| Nassau County NY Local Economic Assistance | ||||
| Corp. Revenue (Catholic Health Services of | ||||
| Long Island Obligated Group Project) | 5.000% | 7/1/29 | 1,565 | 1,831 |
| Nassau County NY Local Economic Assistance | ||||
| Corp. Revenue (Catholic Health Services of | ||||
| Long Island Obligated Group Project) | 5.000% | 7/1/30 | 1,750 | 2,047 |
| Nassau County NY Local Economic Assistance | ||||
| Corp. Revenue (Catholic Health Services of | ||||
| Long Island Obligated Group Project) | 5.000% | 7/1/31 | 1,000 | 1,164 |
| Nassau County NY Local Economic Assistance | ||||
| Corp. Revenue (Catholic Health Services of | ||||
| Long Island Obligated Group Project) | 5.000% | 7/1/34 | 1,970 | 2,262 |
| New Rochelle NY Corporate Local Development | ||||
| Revenue (Iona College Project) | 5.000% | 7/1/25 | 325 | 397 |
| New Rochelle NY Corporate Local Development | ||||
| Revenue (Iona College Project) | 5.000% | 7/1/26 | 335 | 406 |
| New Rochelle NY Corporate Local Development | ||||
| Revenue (Iona College Project) | 5.000% | 7/1/27 | 425 | 510 |
| New Rochelle NY Corporate Local Development | ||||
| Revenue (Iona College Project) | 5.000% | 7/1/28 | 375 | 447 |
| New Rochelle NY Corporate Local Development | ||||
| Revenue (Iona College Project) | 5.000% | 7/1/31 | 1,245 | 1,463 |
38
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New Rochelle NY Corporate Local Development | ||||
| Revenue (Iona College Project) | 5.000% | 7/1/33 | 1,135 | 1,324 |
| New Rochelle NY Corporate Local Development | ||||
| Revenue (Iona College Project) | 5.000% | 7/1/35 | 1,000 | 1,160 |
| New Rochelle NY Corporate Local Development | ||||
| Revenue (Iona College Project) | 5.000% | 7/1/40 | 1,250 | 1,432 |
| New Rochelle NY Corporate Local Development | ||||
| Revenue (Iona College Project) | 5.000% | 7/1/45 | 1,500 | 1,710 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Ethical Culture Fieldston Project) | 5.000% | 6/1/23 | 850 | 1,022 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Ethical Culture Fieldston Project) | 5.000% | 6/1/24 | 740 | 903 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Methodist Hospital Project) | 5.000% | 7/1/23 | 1,400 | 1,675 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Methodist Hospital Project) | 5.000% | 7/1/25 | 1,325 | 1,593 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Methodist Hospital Project) | 5.000% | 7/1/27 | 1,000 | 1,184 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (New York Law School Project) | 5.000% | 7/1/20 | 1,775 | 2,005 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (New York Law School Project) | 5.000% | 7/1/21 | 1,875 | 2,158 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (New York Law School Project) | 5.000% | 7/1/22 | 3,010 | 3,509 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (New York Law School Project) | 5.000% | 7/1/29 | 1,890 | 2,248 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (New York Law School Project) | 5.000% | 7/1/36 | 5,000 | 5,791 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (New York Law School Project) | 5.000% | 7/1/41 | 1,875 | 2,152 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (New York Law School Project) | 4.000% | 7/1/45 | 2,500 | 2,613 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Queens College) | 5.000% | 6/1/27 | 200 | 243 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Queens College) | 5.000% | 6/1/28 | 270 | 326 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Queens College) | 5.000% | 6/1/29 | 225 | 270 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Queens College) | 5.000% | 6/1/30 | 310 | 371 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Queens College) | 5.000% | 6/1/32 | 660 | 783 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Queens College) | 5.000% | 6/1/33 | 660 | 781 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Queens College) | 5.000% | 6/1/34 | 580 | 682 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (Queens College) | 5.000% | 6/1/38 | 1,000 | 1,157 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (YMCA of Greater New York) | 5.000% | 8/1/29 | 1,000 | 1,182 |
| New York City NY Build NYC Resource Corp. | ||||
| Revenue (YMCA of Greater New York) | 4.000% | 8/1/36 | 1,100 | 1,178 |
39
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Capital Resources Corp. | ||||
| Revenue (Loan Enhanced Assistance | ||||
| Program) VRDO | 0.470% | 6/7/16 LOC | 3,535 | 3,535 |
| New York City NY GO | 5.000% | 8/1/16 (Prere.) | 95 | 96 |
| New York City NY GO | 5.000% | 1/1/17 (Prere.) | 935 | 959 |
| New York City NY GO | 5.000% | 1/1/17 (Prere.) | 6,850 | 7,024 |
| New York City NY GO | 5.000% | 10/1/17 (Prere.) | 455 | 481 |
| New York City NY GO | 5.250% | 8/15/18 (Prere.) | 1,235 | 1,354 |
| New York City NY GO | 6.250% | 10/15/18 (Prere.) | 990 | 1,115 |
| New York City NY GO | 5.375% | 4/1/19 (Prere.) | 700 | 786 |
| New York City NY GO | 5.450% | 4/1/19 (Prere.) | 2,185 | 2,459 |
| New York City NY GO | 5.250% | 9/1/21 | 5,750 | 6,321 |
| New York City NY GO | 5.000% | 8/1/22 | 5,000 | 6,052 |
| New York City NY GO | 5.000% | 8/1/22 | 4,000 | 4,637 |
| New York City NY GO | 5.000% | 8/1/22 | 4,250 | 4,773 |
| New York City NY GO | 5.250% | 8/15/22 | 10,000 | 10,957 |
| New York City NY GO | 5.250% | 9/1/22 | 12,000 | 13,183 |
| New York City NY GO | 5.000% | 8/1/23 | 5,000 | 6,196 |
| New York City NY GO | 5.000% | 8/1/24 | 4,000 | 4,984 |
| New York City NY GO | 5.250% | 8/15/24 | 13,765 | 15,035 |
| New York City NY GO | 5.000% | 8/1/25 | 2,000 | 2,514 |
| New York City NY GO | 5.000% | 8/1/25 | 10,540 | 12,496 |
| New York City NY GO | 5.000% | 8/1/26 | 4,370 | 5,493 |
| New York City NY GO | 5.000% | 8/1/26 | 3,000 | 3,809 |
| New York City NY GO | 5.000% | 8/1/26 | 5,000 | 6,254 |
| New York City NY GO | 5.000% | 8/15/26 | 14,500 | 15,736 |
| New York City NY GO | 5.250% | 8/15/26 | 5,100 | 5,562 |
| New York City NY GO | 5.000% | 4/1/27 | 5,000 | 5,950 |
| New York City NY GO | 5.000% | 8/1/27 | 5,000 | 6,342 |
| New York City NY GO | 5.000% | 8/1/27 | 15,290 | 18,123 |
| New York City NY GO | 5.000% | 8/1/27 | 4,550 | 5,631 |
| New York City NY GO | 5.000% | 8/1/27 | 9,900 | 12,095 |
| New York City NY GO | 5.000% | 5/15/28 | 4,500 | 5,005 |
| New York City NY GO | 5.000% | 8/1/28 | 4,000 | 4,903 |
| New York City NY GO | 5.000% | 8/1/28 | 3,000 | 3,713 |
| New York City NY GO | 5.000% | 8/1/28 | 5,000 | 6,304 |
| New York City NY GO | 5.000% | 8/1/28 | 7,000 | 7,836 |
| New York City NY GO | 5.000% | 8/1/28 | 1,915 | 2,253 |
| New York City NY GO | 5.000% | 8/1/28 | 3,710 | 4,389 |
| New York City NY GO | 6.250% | 10/15/28 | 45 | 51 |
| New York City NY GO | 5.625% | 4/1/29 | 3,000 | 3,374 |
| New York City NY GO | 5.000% | 8/1/29 | 5,000 | 6,106 |
| New York City NY GO | 5.000% | 8/1/29 | 8,500 | 10,576 |
| New York City NY GO | 5.000% | 8/1/29 | 5,000 | 6,278 |
| New York City NY GO | 5.000% | 8/1/29 | 2,500 | 2,935 |
| New York City NY GO | 5.000% | 8/1/30 | 3,000 | 3,689 |
| New York City NY GO | 5.000% | 8/1/30 | 5,000 | 6,261 |
| New York City NY GO | 5.000% | 8/1/30 | 2,185 | 2,575 |
| New York City NY GO | 5.000% | 8/1/30 | 6,220 | 7,545 |
| New York City NY GO | 5.000% | 8/1/30 | 2,335 | 2,829 |
| New York City NY GO | 5.000% | 3/1/31 | 6,000 | 7,186 |
| New York City NY GO | 5.450% | 4/1/31 | 6,315 | 7,068 |
| New York City NY GO | 5.000% | 8/1/31 | 5,000 | 6,179 |
| New York City NY GO | 5.000% | 8/1/31 | 2,230 | 2,617 |
40
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY GO | 5.000% | 8/1/31 | 3,000 | 3,521 |
| New York City NY GO | 5.000% | 8/1/31 | 1,500 | 1,776 |
| New York City NY GO | 5.000% | 8/1/31 | 2,000 | 2,426 |
| New York City NY GO | 5.000% | 3/1/32 | 5,000 | 5,974 |
| New York City NY GO | 5.000% | 8/1/32 | 4,000 | 4,841 |
| New York City NY GO | 5.000% | 8/1/32 | 2,985 | 3,495 |
| New York City NY GO | 5.000% | 3/1/33 | 7,500 | 8,930 |
| New York City NY GO | 5.000% | 8/1/33 | 2,875 | 3,528 |
| New York City NY GO | 5.000% | 10/1/33 | 6,500 | 7,718 |
| New York City NY GO | 5.000% | 10/1/34 | 2,000 | 2,375 |
| New York City NY GO | 5.000% | 8/1/35 | 3,500 | 4,088 |
| New York City NY GO | 5.375% | 4/1/36 | 3,300 | 3,708 |
| New York City NY GO | 5.000% | 6/1/36 | 910 | 1,092 |
| New York City NY GO | 5.000% | 10/1/36 | 3,000 | 3,518 |
| New York City NY GO | 5.000% | 3/1/37 | 6,790 | 7,981 |
| New York City NY GO VRDO | 0.350% | 6/1/16 LOC | 7,805 | 7,805 |
| New York City NY GO VRDO | 0.360% | 6/1/16 | 500 | 500 |
| New York City NY GO VRDO | 0.360% | 6/1/16 | 3,200 | 3,200 |
| New York City NY GO VRDO | 0.370% | 6/1/16 | 4,000 | 4,000 |
| New York City NY GO VRDO | 0.380% | 6/1/16 | 3,100 | 3,100 |
| New York City NY GO VRDO | 0.420% | 6/7/16 | 5,000 | 5,000 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/21 | 2,000 | 2,287 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/24 | 3,000 | 3,409 |
| New York City NY Health & Hospital Corp. | ||||
| Revenue (Health System) | 5.000% | 2/15/30 | 3,300 | 3,691 |
| New York City NY Housing Development Corp. | ||||
| Capital Fund Grant Program Revenue | ||||
| (New York City Housing Authority Program) | 5.000% | 7/1/23 | 1,000 | 1,224 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.250% | 7/1/28 | 2,700 | 3,251 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.250% | 7/1/29 | 3,035 | 3,652 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 3.375% | 11/1/29 | 1,500 | 1,557 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 4.750% | 11/1/29 | 5,220 | 5,488 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 4.750% | 11/1/29 | 2,520 | 2,661 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 3.375% | 11/15/29 | 3,500 | 3,677 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.250% | 7/1/30 | 2,605 | 3,124 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 3.700% | 11/1/30 | 3,000 | 3,176 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 3.650% | 11/1/34 | 3,000 | 3,133 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 3.700% | 11/15/34 | 5,000 | 5,325 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 3.550% | 11/1/35 | 3,000 | 3,102 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.550% | 11/1/39 | 3,500 | 3,739 |
41
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 3.750% | 11/1/40 | 3,000 | 3,105 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.000% | 11/1/42 | 2,600 | 2,801 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue | 5.700% | 11/1/46 | 7,155 | 7,647 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 7,000 | 7,280 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 5,000 | 5,200 |
| New York City NY Housing Development Corp. | ||||
| Multi-Family Mortgage Revenue | ||||
| (8 Spruce Street) | 3.500% | 2/15/48 | 5,000 | 5,125 |
| New York City NY Industrial Development | ||||
| Agency Civic Facility Revenue (United Jewish | ||||
| Appeal-Federation of Jewish Philanthropies of | ||||
| New York, Inc.) | 5.000% | 7/1/34 | 4,850 | 5,543 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Queens Baseball | ||||
| Stadium Project) | 6.125% | 1/1/29 (12) | 1,750 | 1,960 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Queens Baseball | ||||
| Stadium Project) | 6.375% | 1/1/39 (12) | 4,000 | 4,517 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Yankee Stadium | ||||
| Project) | 0.000% | 3/1/34 (12) | 10,285 | 5,780 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Yankee Stadium | ||||
| Project) | 0.000% | 3/1/35 (12) | 4,305 | 2,283 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Yankee Stadium | ||||
| Project) | 5.000% | 3/1/36 (14) | 9,670 | 9,762 |
| New York City NY Industrial Development | ||||
| Agency PILOT Revenue (Yankee Stadium | ||||
| Project) | 7.000% | 3/1/49 (12) | 34,550 | 40,058 |
| New York City NY Industrial Development | ||||
| Agency Special Facility Revenue (New York | ||||
| Stock Exchange Project) | 5.000% | 5/1/29 | 2,020 | 2,235 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/17 | 10,000 | 9,918 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 4,250 | 4,157 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.750% | 6/15/18 (Prere.) | 2,320 | 2,552 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 0.000% | 6/15/21 | 4,490 | 4,151 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 5,000 | 6,271 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/28 | 10,000 | 12,452 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 2,000 | 2,350 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/29 | 2,000 | 2,273 |
42
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 1,500 | 1,766 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 6,000 | 6,504 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 12,385 | 14,490 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/32 | 10,000 | 11,282 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/34 | 6,000 | 7,189 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/35 | 10,000 | 11,932 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/36 | 5,000 | 5,994 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/37 | 2,500 | 3,005 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/37 | 4,955 | 5,956 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/38 | 10,000 | 12,221 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 7,500 | 8,982 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 5,405 | 6,473 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/40 | 5,000 | 5,578 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 13,355 | 14,998 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.250% | 6/15/40 | 7,500 | 8,423 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.500% | 6/15/40 | 18,500 | 20,932 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 7,755 | 8,530 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.750% | 6/15/40 | 13,400 | 14,696 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/43 | 15,385 | 17,798 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.375% | 6/15/43 | 10,000 | 11,721 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.500% | 6/15/43 | 2,500 | 2,946 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/44 | 8,470 | 9,904 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/44 | 10,000 | 11,568 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/45 | 5,000 | 5,905 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/45 | 3,430 | 3,999 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/46 | 14,405 | 17,187 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/46 | 24,465 | 28,892 |
43
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | 5.000% | 6/15/47 | 7,455 | 8,805 |
| 1 New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| TOB VRDO | 0.430% | 6/7/16 | 1,505 | 1,505 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.350% | 6/1/16 | 6,200 | 6,200 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.350% | 6/1/16 | 3,500 | 3,500 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.370% | 6/1/16 | 1,400 | 1,400 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.370% | 6/1/16 | 2,000 | 2,000 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.380% | 6/1/16 | 11,500 | 11,500 |
| New York City NY Municipal Water Finance | ||||
| Authority Water & Sewer System Revenue | ||||
| VRDO | 0.400% | 6/7/16 | 12,500 | 12,500 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/26 | 3,000 | 3,784 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/27 | 4,000 | 5,016 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/28 | 8,665 | 10,819 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/29 | 16,000 | 19,946 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/30 | 2,775 | 3,443 |
| New York City NY Sales Tax Asset Receivable | ||||
| Corp. Revenue | 5.000% | 10/15/31 | 11,000 | 13,589 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/24 (14) | 6,740 | 6,909 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 1/15/25 | 9,500 | 10,587 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/25 (14) | 5,200 | 5,330 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 1/15/26 | 5,000 | 5,570 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/26 | 1,970 | 2,458 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/26 (14) | 6,150 | 6,304 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/28 | 2,805 | 3,352 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/29 | 5,000 | 5,961 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/30 | 500 | 551 |
44
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/31 | 4,260 | 5,077 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/31 | 1,585 | 1,841 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/32 | 500 | 549 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/32 | 4,000 | 4,646 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.125% | 1/15/33 | 7,000 | 7,704 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/33 | 8,205 | 9,741 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/33 | 5,000 | 6,020 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.125% | 1/15/34 | 10,000 | 11,001 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/36 | 5,000 | 5,951 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 1/15/37 (12)(3) | 12,120 | 12,428 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/37 | 13,885 | 16,326 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 7/15/37 | 3,250 | 3,813 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.250% | 1/15/39 | 7,110 | 7,844 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/40 | 2,000 | 2,377 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/40 | 5,200 | 6,002 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/40 | 5,975 | 7,046 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/41 | 2,000 | 2,377 |
| New York City NY Transitional Finance Authority | ||||
| Building Aid Revenue | 5.000% | 7/15/43 | 1,410 | 1,661 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/16 (Prere.) | 5 | 5 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 5,620 | 5,841 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/17 (Prere.) | 6,725 | 7,125 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/19 (Prere.) | 3,740 | 4,180 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/19 (Prere.) | 15 | 17 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/24 | 3,970 | 4,442 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/24 | 3,000 | 3,567 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/25 | 3,000 | 3,818 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 11/1/26 | 1,000 | 1,180 |
45
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/27 | 2,000 | 2,321 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/27 | 2,500 | 3,129 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/28 | 2,000 | 2,319 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 2/1/29 | 2,000 | 2,339 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/29 | 4,985 | 5,565 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/29 | 5,000 | 6,246 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/30 | 5,000 | 6,242 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.250% | 2/1/30 | 1,500 | 1,758 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/30 | 5,000 | 5,568 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/30 | 4,825 | 5,937 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/30 | 2,880 | 2,988 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/31 | 2,500 | 3,054 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/31 | 2,000 | 2,309 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/31 | 3,575 | 4,147 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/32 | 7,300 | 8,706 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/32 | 5,350 | 6,602 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/33 | 10,260 | 12,557 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/33 | 2,850 | 3,467 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/33 | 9,500 | 11,678 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/34 | 2,195 | 2,609 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 5/1/34 | 5,000 | 5,975 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/34 | 10,000 | 12,124 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/35 | 10,000 | 11,805 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/35 | 7,500 | 8,640 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.500% | 11/1/35 | 3,000 | 3,568 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 4.000% | 2/1/36 | 4,000 | 4,443 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/36 | 11,600 | 13,967 |
46
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% | 8/1/37 | 5,000 | 6,018 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/38 | 2,000 | 2,323 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/39 | 5,000 | 6,024 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/39 | 7,160 | 8,556 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 11/1/39 | 3,750 | 4,330 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/41 | 15,000 | 17,802 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 2/1/42 | 3,505 | 4,103 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue | 5.000% | 8/1/42 | 2,500 | 2,973 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.350% | 6/1/16 | 3,500 | 3,500 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.350% | 6/1/16 | 6,800 | 6,800 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.370% | 6/1/16 | 12,700 | 12,700 |
| New York City NY Transitional Finance Authority | ||||
| Future Tax Revenue VRDO | 0.380% | 6/1/16 | 2,500 | 2,500 |
| New York City NY Transitional Finance Authority | ||||
| Recovery Revenue VRDO | 0.350% | 6/1/16 | 2,485 | 2,485 |
| New York City NY Transitional Finance Authority | ||||
| Recovery Revenue VRDO | 0.370% | 6/1/16 | 1,035 | 1,035 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Museum of Modern Art) | 5.000% | 4/1/31 | 4,845 | 5,273 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (The Juilliard School) | 5.000% | 1/1/34 | 4,000 | 4,405 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (The Juilliard School) | 5.000% | 1/1/39 | 4,000 | 4,402 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (The Metropolitan Museum of Art) | ||||
| VRDO | 0.400% | 6/7/16 | 8,000 | 8,000 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Whitney Museum of American Art) | 5.000% | 7/1/21 | 1,000 | 1,175 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Whitney Museum of American Art) | 5.000% | 7/1/31 | 7,000 | 8,031 |
| New York City NY Trust for Cultural Resources | ||||
| Revenue (Wildlife Conservation Society) | 5.000% | 8/1/33 | 4,000 | 4,815 |
| New York Convention Center Development | ||||
| Corp. Revenue | 5.000% | 11/15/33 | 3,000 | 3,648 |
| New York Convention Center Development | ||||
| Corp. Revenue | 5.000% | 11/15/40 | 12,915 | 15,355 |
| New York Convention Center Development | ||||
| Corp. Revenue | 5.000% | 11/15/45 | 4,000 | 4,734 |
| 1 New York Counties Tobacco Trust Revenue | 6.250% | 6/1/41 | 6,600 | 6,961 |
| New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 10,835 | 12,771 |
| New York Liberty Development Corp. Revenue | 5.000% | 12/15/41 | 14,750 | 17,364 |
| New York Liberty Development Corp. Revenue | 5.000% | 9/15/43 | 14,360 | 16,275 |
| New York Liberty Development Corp. Revenue | 5.250% | 12/15/43 | 6,750 | 8,043 |
47
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York Liberty Development Corp. Revenue | 5.125% | 1/15/44 | 24,000 | 27,074 |
| New York Liberty Development Corp. Revenue | 5.000% | 11/15/44 | 20,000 | 23,064 |
| New York Liberty Development Corp. Revenue | 5.125% | 11/15/44 | 4,200 | 4,870 |
| New York Liberty Development Corp. Revenue | 5.625% | 7/15/47 | 6,055 | 6,960 |
| New York Liberty Development Corp. Revenue | 6.375% | 7/15/49 | 18,225 | 20,497 |
| New York Liberty Development Corp. Revenue | 5.750% | 11/15/51 | 25,000 | 29,923 |
| New York Liberty Development Corp. Revenue | ||||
| (7 World Trade Center Project) | 5.000% | 9/15/31 | 5,000 | 5,982 |
| New York Liberty Development Corp. Revenue | ||||
| (7 World Trade Center Project) | 5.000% | 9/15/32 | 5,000 | 5,976 |
| New York Liberty Development Corp. Revenue | ||||
| (7 World Trade Center Project) | 5.000% | 9/15/40 | 4,680 | 5,503 |
| New York Liberty Development Corp. Revenue | ||||
| (7 World Trade Center Project) | 5.000% | 3/15/44 | 4,965 | 5,590 |
| New York Liberty Development Corp. Revenue | ||||
| (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 58,475 | 74,869 |
| New York Liberty Development Corp. Revenue | ||||
| (Goldman Sachs Headquarters) | 5.500% | 10/1/37 | 9,565 | 12,699 |
| 3 New York Metropolitan Transportation Authority | ||||
| Revenue | 0.869% | 11/1/22 (4) | 3,750 | 3,633 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/23 | 1,000 | 1,229 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 6.250% | 11/15/23 | 5,000 | 5,665 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/26 | 2,330 | 2,737 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/26 | 10,000 | 12,078 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/26 | 3,000 | 3,294 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/27 | 5,000 | 6,227 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/27 | 5,000 | 6,327 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/27 (14) | 2,500 | 2,647 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/27 | 5,000 | 5,851 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/27 | 4,945 | 5,429 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/28 | 6,385 | 7,913 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/28 | 4,250 | 5,267 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/28 | 2,250 | 2,427 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/28 | 4,000 | 4,392 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/28 | 1,000 | 1,178 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/29 | 3,000 | 3,703 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/29 | 5,000 | 6,172 |
48
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/29 | 1,000 | 1,178 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/30 | 3,715 | 4,005 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/30 | 6,540 | 8,267 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/30 | 1,150 | 1,355 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/32 | 2,050 | 2,443 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/32 | 1,500 | 1,790 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/32 | 5,000 | 6,096 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/33 | 3,500 | 4,176 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/35 | 3,000 | 3,625 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/35 | 3,250 | 3,927 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/37 | 5,000 | 6,103 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/38 | 10,000 | 11,797 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/38 | 1,000 | 1,188 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/39 | 5,000 | 6,059 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/40 | 10,000 | 11,595 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/41 | 2,000 | 2,328 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/42 | 4,000 | 4,702 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.000% | 11/15/42 | 5,000 | 5,874 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/55 | 2,045 | 2,443 |
| New York Metropolitan Transportation Authority | ||||
| Revenue | 5.250% | 11/15/56 | 5,000 | 6,081 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 5,000 | 5,733 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 4,000 | 4,586 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 4,000 | 4,586 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.625% | 11/15/18 (Prere.) | 90 | 101 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.625% | 11/15/18 (Prere.) | 410 | 458 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.000% | 11/15/29 | 6,975 | 8,415 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.250% | 11/15/30 | 2,500 | 3,223 |
49
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.000% | 11/15/31 | 11,000 | 13,199 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.250% | 11/15/31 | 2,500 | 3,217 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.250% | 11/15/32 | 2,500 | 3,206 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.000% | 11/15/33 | 5,000 | 5,908 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) | 5.000% | 11/15/36 | 8,000 | 9,830 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Dedicated Tax Fund) VRDO | 0.350% | 6/1/16 LOC | 300 | 300 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Transit Revenue) | 6.500% | 11/15/18 (Prere.) | 3,730 | 4,237 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Transit Revenue) | 6.500% | 11/15/28 | 1,270 | 1,446 |
| New York Metropolitan Transportation Authority | ||||
| Revenue (Transit Revenue) | 5.000% | 11/15/41 | 10,000 | 11,762 |
| New York Metropolitan Transportation Authority | ||||
| Revenue VRDO | 0.350% | 6/1/16 LOC | 900 | 900 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Albany Medical Center Hospital) | 5.000% | 8/15/18 (4) | 4,235 | 4,251 |
| New York State Dormitory Authority Hospital | ||||
| Revenue (Hudson Valley Hospital Center) | 5.000% | 8/15/27 (4) | 4,345 | 4,548 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/24 | 3,000 | 3,534 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/26 | 1,000 | 1,178 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/29 | 4,000 | 4,682 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/30 | 1,000 | 1,169 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/32 | 1,530 | 1,860 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/35 | 1,000 | 1,166 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/41 | 11,000 | 12,685 |
| New York State Dormitory Authority Lease | ||||
| Revenue (State University Dormitory Facilities) | 5.000% | 7/1/42 | 13,500 | 15,558 |
| 4 New York State Dormitory Authority Revenue | 5.000% | 10/1/27 | 2,700 | 3,397 |
| 4 New York State Dormitory Authority Revenue | 5.000% | 10/1/28 | 3,000 | 3,748 |
| 4 New York State Dormitory Authority Revenue | 5.000% | 10/1/29 | 2,250 | 2,799 |
| New York State Dormitory Authority Revenue | ||||
| (Barnard College) | 5.000% | 7/1/26 | 750 | 943 |
| New York State Dormitory Authority Revenue | ||||
| (Barnard College) | 4.000% | 7/1/31 | 1,100 | 1,240 |
| New York State Dormitory Authority Revenue | ||||
| (Barnard College) | 4.000% | 7/1/32 | 1,340 | 1,502 |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/26 | 1,630 | 1,872 |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/27 | 1,210 | 1,386 |
50
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/28 | 1,000 | 1,138 |
| New York State Dormitory Authority Revenue | ||||
| (Brooklyn Law School) | 5.000% | 7/1/29 | 1,000 | 1,136 |
| New York State Dormitory Authority Revenue | ||||
| (Catholic Health System Obligated Group) | 5.000% | 7/1/32 | 710 | 798 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 10/1/31 | 500 | 632 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 7/1/40 | 5,000 | 5,727 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 10/1/41 | 1,825 | 2,133 |
| New York State Dormitory Authority Revenue | ||||
| (Columbia University) | 5.000% | 10/1/46 | 1,250 | 1,527 |
| New York State Dormitory Authority Revenue | ||||
| (Cornell University) | 5.000% | 7/1/35 | 1,500 | 1,506 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 4.000% | 7/1/16 | 355 | 356 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/17 | 300 | 311 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/18 | 325 | 347 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/19 | 250 | 273 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/20 | 400 | 445 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/21 | 300 | 340 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/28 | 540 | 615 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.500% | 7/1/33 | 1,000 | 1,181 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/34 | 350 | 395 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.000% | 7/1/42 | 600 | 668 |
| New York State Dormitory Authority Revenue | ||||
| (Culinary Institute of America) | 5.750% | 7/1/43 | 7,085 | 8,399 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 4.000% | 7/1/21 | 250 | 283 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.000% | 7/1/28 | 400 | 502 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.000% | 7/1/29 | 1,300 | 1,629 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.000% | 7/1/31 | 1,200 | 1,488 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.000% | 7/1/33 | 1,000 | 1,232 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.000% | 7/1/34 | 755 | 924 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.000% | 7/1/35 | 500 | 609 |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.000% | 7/1/36 | 1,350 | 1,637 |
51
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Fordham University) | 5.500% | 7/1/36 | 3,000 | 3,587 |
| New York State Dormitory Authority Revenue | ||||
| (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/26 | 2,500 | 3,083 |
| New York State Dormitory Authority Revenue | ||||
| (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/31 | 3,000 | 3,601 |
| New York State Dormitory Authority Revenue | ||||
| (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/33 | 7,325 | 8,739 |
| New York State Dormitory Authority Revenue | ||||
| (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/35 | 3,500 | 4,151 |
| New York State Dormitory Authority Revenue | ||||
| (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/40 | 7,500 | 8,822 |
| New York State Dormitory Authority Revenue | ||||
| (Long Island University) | 5.000% | 9/1/26 | 2,355 | 2,707 |
| New York State Dormitory Authority Revenue | ||||
| (Long Island University) | 5.000% | 9/1/27 | 1,520 | 1,734 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/21 | 2,000 | 2,370 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/23 | 1,490 | 1,792 |
| New York State Dormitory Authority Revenue | ||||
| (Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/36 | 1,000 | 1,160 |
| New York State Dormitory Authority Revenue | ||||
| (Mental Health Services Facilities Improvement) | 5.000% | 2/15/28 (4) | 500 | 545 |
| New York State Dormitory Authority Revenue | ||||
| (Miriam Osborn Memorial Home Association) | 5.000% | 7/1/26 | 740 | 799 |
| New York State Dormitory Authority Revenue | ||||
| (Miriam Osborn Memorial Home Association) | 5.000% | 7/1/27 | 650 | 697 |
| New York State Dormitory Authority Revenue | ||||
| (Miriam Osborn Memorial Home Association) | 5.000% | 7/1/29 | 1,000 | 1,072 |
| New York State Dormitory Authority Revenue | ||||
| (Miriam Osborn Memorial Home Association) | 5.000% | 7/1/42 | 500 | 531 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/20 | 500 | 572 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/22 | 3,500 | 4,057 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 4,500 | 5,193 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/26 | 1,500 | 1,709 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of New York | ||||
| University) | 5.000% | 7/1/21 | 1,000 | 1,143 |
| New York State Dormitory Authority Revenue | ||||
| (Mount Sinai School of Medicine of New York | ||||
| University) | 5.150% | 7/1/24 (14) | 2,000 | 2,427 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/17 (Prere.) | 8,000 | 8,370 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/20 | 3,000 | 3,011 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.750% | 7/1/20 (Prere.) | 1,000 | 1,187 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 6.000% | 7/1/20 (Prere.) | 1,000 | 1,197 |
52
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/22 | 900 | 1,084 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/26 | 670 | 819 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/27 | 650 | 812 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/28 | 700 | 866 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/29 | 1,500 | 1,846 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/32 | 745 | 909 |
| New York State Dormitory Authority Revenue | ||||
| (New York University Hospitals Center) | 5.000% | 7/1/33 | 400 | 489 |
| 5 New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/18 (Prere.) | 15,700 | 17,056 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/29 | 1,000 | 1,233 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/30 | 6,625 | 7,970 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/30 | 2,000 | 2,465 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/30 | 1,000 | 1,222 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/31 | 865 | 1,056 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/32 | 1,000 | 1,217 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/33 | 2,365 | 2,864 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/37 | 4,200 | 4,979 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/37 | 3,250 | 3,853 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/39 | 5,000 | 5,571 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/42 | 10,000 | 11,580 |
| New York State Dormitory Authority Revenue | ||||
| (New York University) | 5.000% | 7/1/48 | 3,000 | 3,529 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 11/1/16 (Prere.) | 1,800 | 1,833 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 11/1/16 (Prere.) | 5,495 | 5,596 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 11/1/16 (Prere.) | 4,285 | 4,363 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 11/1/16 (Prere.) | 4,035 | 4,109 |
53
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 11/1/16 (Prere.) | 3,965 | 4,038 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 4.000% | 5/1/20 | 350 | 385 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/20 | 2,520 | 2,878 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/21 | 1,000 | 1,172 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/22 | 1,465 | 1,752 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/26 | 1,000 | 1,163 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/27 | 1,535 | 1,886 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/28 | 2,000 | 2,443 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/29 | 7,910 | 9,630 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/30 | 2,000 | 2,415 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/32 | 2,500 | 2,995 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/32 | 7,000 | 8,078 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/33 | 3,500 | 4,183 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.250% | 5/1/34 | 1,000 | 1,164 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/36 | 3,000 | 3,523 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/39 | 4,000 | 4,585 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/41 | 2,500 | 2,844 |
| New York State Dormitory Authority Revenue | ||||
| (North Shore - Long Island Jewish Obligated | ||||
| Group) | 5.000% | 5/1/43 | 2,050 | 2,372 |
54
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Pace University) | 5.000% | 5/1/23 (Prere.) | 30 | 37 |
| New York State Dormitory Authority Revenue | ||||
| (Pace University) | 5.000% | 5/1/23 (Prere.) | 30 | 37 |
| New York State Dormitory Authority Revenue | ||||
| (Pace University) | 5.000% | 5/1/23 (Prere.) | 20 | 24 |
| New York State Dormitory Authority Revenue | ||||
| (Pace University) | 5.000% | 5/1/25 | 1,270 | 1,455 |
| New York State Dormitory Authority Revenue | ||||
| (Pace University) | 5.000% | 5/1/28 | 1,470 | 1,645 |
| New York State Dormitory Authority Revenue | ||||
| (Pace University) | 5.000% | 5/1/29 | 795 | 887 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/16 (Prere.) | 10,000 | 10,236 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/26 | 5,000 | 6,309 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/26 | 5,825 | 7,136 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/27 | 1,670 | 2,085 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/27 | 5,000 | 5,833 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/28 | 2,225 | 2,464 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/28 | 2,185 | 2,544 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 12/15/28 | 3,000 | 3,663 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/29 | 5,000 | 6,112 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/29 | 3,790 | 4,409 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/30 | 6,000 | 7,361 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/30 | 3,480 | 4,038 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/33 | 5,000 | 5,941 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/33 | 6,615 | 7,878 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.750% | 3/15/36 | 10,000 | 11,359 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/37 | 11,600 | 13,680 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/37 | 5,000 | 5,973 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/38 | 3,695 | 4,406 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/38 | 5,000 | 5,543 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.250% | 3/15/38 | 18,000 | 20,076 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/39 | 5,030 | 5,991 |
55
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 2/15/40 | 12,230 | 14,321 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/41 | 5,000 | 5,942 |
| New York State Dormitory Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/41 | 10,000 | 11,444 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/23 | 400 | 486 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/25 | 500 | 612 |
| 4 New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/27 | 420 | 527 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/28 | 1,000 | 1,192 |
| 4 New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/29 | 1,000 | 1,240 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/29 (12) | 3,750 | 4,137 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/29 | 500 | 594 |
| 4 New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/30 | 500 | 621 |
| 4 New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/31 | 500 | 619 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/34 | 2,000 | 2,335 |
| New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/39 | 1,750 | 2,010 |
| 4 New York State Dormitory Authority Revenue | ||||
| (Pratt Institute) | 5.000% | 7/1/39 | 1,205 | 1,443 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/25 | 1,355 | 1,615 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/38 | 2,250 | 2,603 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/40 | 2,000 | 2,276 |
| New York State Dormitory Authority Revenue | ||||
| (Rochester Institute of Technology) | 5.000% | 7/1/42 | 3,000 | 3,419 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) | 5.000% | 7/1/33 | 2,670 | 3,215 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) | 5.000% | 7/1/34 | 2,720 | 3,268 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) | 5.000% | 7/1/38 | 9,000 | 10,727 |
| New York State Dormitory Authority Revenue | ||||
| (Rockefeller University) VRDO | 0.390% | 6/7/16 | 1,600 | 1,600 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/19 | 4,610 | 5,198 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/21 | 6,495 | 7,702 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/22 | 1,340 | 1,622 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/25 (4) | 2,860 | 3,469 |
56
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/26 (15) | 4,375 | 5,482 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/26 | 1,425 | 1,812 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/26 | 1,000 | 1,187 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/27 (4) | 1,000 | 1,218 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/28 (4) | 1,000 | 1,213 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/29 (4) | 1,500 | 1,812 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/31 (4) | 750 | 898 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/32 (4) | 1,000 | 1,194 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/33 (4) | 1,000 | 1,191 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/33 | 600 | 735 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/34 (4) | 1,000 | 1,187 |
| New York State Dormitory Authority Revenue | ||||
| (School Districts Financing Program) | 5.000% | 10/1/34 | 520 | 635 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) | 5.250% | 7/1/17 (Prere.) | 9,000 | 9,439 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) | 5.000% | 7/1/26 | 740 | 923 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) | 5.000% | 7/1/27 | 650 | 803 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) | 5.000% | 7/1/31 | 1,500 | 1,818 |
| New York State Dormitory Authority Revenue | ||||
| (St. John’s University) | 5.000% | 7/1/44 | 2,500 | 2,860 |
| New York State Dormitory Authority Revenue | ||||
| (State University Dormitory Facilities) | 5.000% | 7/1/26 | 1,300 | 1,573 |
| New York State Dormitory Authority Revenue | ||||
| (State University Dormitory Facilities) | 5.000% | 7/1/27 | 2,500 | 3,002 |
| New York State Dormitory Authority Revenue | ||||
| (State University Dormitory Facilities) | 5.000% | 7/1/29 | 2,250 | 2,672 |
| New York State Dormitory Authority Revenue | ||||
| (State University Dormitory Facilities) | 5.250% | 7/1/31 | 2,500 | 3,029 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 5.000% | 5/15/26 | 8,000 | 9,566 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 5.000% | 5/15/27 | 5,000 | 5,968 |
| New York State Dormitory Authority Revenue | ||||
| (State University Educational Facilities) | 5.000% | 5/15/28 | 3,000 | 3,568 |
| New York State Dormitory Authority Revenue | ||||
| (Teachers College) | 5.000% | 7/1/31 | 1,750 | 2,054 |
| New York State Dormitory Authority Revenue | ||||
| (Teachers College) | 5.000% | 7/1/42 | 2,000 | 2,328 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.000% | 7/1/16 (Prere.) | 3,665 | 3,678 |
57
New York Long-Term Tax-Exempt Fund
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 6.000% | 7/1/20 (Prere.) | 5,575 | 6,673 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.250% | 7/1/30 | 3,000 | 3,429 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.000% | 7/1/40 | 3,000 | 3,502 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.500% | 7/1/40 | 5,000 | 5,804 |
| New York State Dormitory Authority Revenue | ||||
| (The New School) | 5.000% | 7/1/45 | 3,000 | 3,497 |
| 5 New York State Dormitory Authority Revenue | ||||
| (University of Rochester) | 5.000% | 1/1/17 (Prere.) | 8,405 | 8,618 |
| New York State Dormitory Authority Revenue | ||||
| (University of Rochester) | 5.000% | 1/1/17 (Prere.) | 1,000 | 1,025 |
| New York State Dormitory Authority Revenue | ||||
| (Vassar College) | 5.000% | 7/1/46 | 2,500 | 2,610 |
| New York State Dormitory Authority Revenue | ||||
| (Wyckoff Heights Medical Center) | 5.000% | 2/15/21 | 1,000 | 1,168 |
| New York State Dormitory Authority Revenue | ||||
| (Wyckoff Heights Medical Center) | 5.000% | 8/15/21 | 1,250 | 1,479 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 3.750% | 9/1/17 (ETM) | 135 | 140 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 3.750% | 9/1/17 | 655 | 663 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 11/1/17 (ETM) | 390 | 411 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 11/1/17 | 665 | 686 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 11/1/18 (ETM) | 390 | 423 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 11/1/18 | 660 | 692 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 9/1/19 (Prere.) | 65 | 73 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 9/1/19 (Prere.) | 20 | 22 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 9/1/19 (Prere.) | 130 | 146 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 9/1/19 (Prere.) | 350 | 393 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 9/1/20 | 295 | 311 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 11/1/20 (ETM) | 1,325 | 1,513 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 11/1/20 | 2,265 | 2,430 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 11/1/21 (ETM) | 285 | 332 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 11/1/21 (Prere.) | 370 | 437 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 11/1/21 | 495 | 535 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 9/1/26 | 80 | 82 |
58
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 9/1/27 | 1,650 | 1,695 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 9/1/28 | 615 | 630 |
| New York State Dormitory Authority Revenue | ||||
| (Yeshiva University) | 5.000% | 11/1/40 | 630 | 635 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/27 | 3,000 | 3,776 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/31 | 8,975 | 10,937 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/32 | 2,650 | 3,221 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/33 | 5,000 | 6,061 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/34 | 5,000 | 6,045 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/35 | 5,240 | 6,314 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/36 | 7,995 | 9,602 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/37 | 5,000 | 5,985 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/38 | 1,200 | 1,400 |
| New York State Dormitory Authority Sales Tax | ||||
| Revenue | 5.000% | 3/15/43 | 13,685 | 15,864 |
| 1 New York State Dormitory Authority Sales Tax | ||||
| Revenue TOB VRDO | 0.430% | 6/7/16 | 7,500 | 7,500 |
| New York State Energy Research & Development | ||||
| Authority Pollution Control Revenue | ||||
| (Consolidated Edison Co. of New York Inc. | ||||
| Project) | 0.683% | 5/1/32 (10) | 4,725 | 4,205 |
| New York State Energy Research & Development | ||||
| Authority Pollution Control Revenue | ||||
| (Consolidated Edison Co. of New York Inc. | ||||
| Project) | 0.683% | 5/1/32 (10) | 3,250 | 2,893 |
| New York State Energy Research & Development | ||||
| Authority Pollution Control Revenue | ||||
| (Consolidated Edison Co. of New York Inc. | ||||
| Project) | 0.683% | 5/1/32 (10) | 3,525 | 3,137 |
| New York State Energy Research & Development | ||||
| Authority Pollution Control Revenue (Niagara | ||||
| Mohawk Corp.) | 1.142% | 12/1/25 (2) | 2,535 | 2,424 |
| New York State Energy Research & Development | ||||
| Authority Pollution Control Revenue (Rochester | ||||
| Gas & Electric Corp. Project) PUT | 5.000% | 8/1/16 (14) | 7,750 | 7,801 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (Personal Income Tax) | 5.250% | 12/15/24 | 8,000 | 8,904 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 9/15/17 (Prere.) | 2,900 | 3,061 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/25 | 1,985 | 1,993 |
59
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/25 | 2,000 | 2,372 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/31 | 5,870 | 7,207 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/31 | 2,000 | 2,355 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/32 | 5,000 | 6,174 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/32 | 5,000 | 6,127 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/33 | 5,000 | 6,151 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/34 | 4,145 | 5,013 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/34 | 3,000 | 3,056 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/36 | 1,500 | 1,755 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Clean Water & Drinking Water | ||||
| Revolving Funds) | 5.000% | 6/15/41 | 5,900 | 6,872 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 11/15/16 | 3,005 | 3,068 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 11/15/16 (ETM) | 5 | 5 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 11/15/27 | 3,000 | 3,499 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 9/15/40 | 2,370 | 2,825 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 5/15/41 | 3,505 | 4,080 |
| New York State Environmental Facilities Corp. | ||||
| Revenue (State Revolving Funds) | 5.000% | 3/15/45 | 5,000 | 5,924 |
| New York State Environmental Facilities Corp. | ||||
| Water Facilities Revenue (United Water New | ||||
| Rochelle Inc. Project) | 4.875% | 9/1/40 | 4,000 | 4,292 |
| New York State GO | 5.000% | 3/1/28 | 14,550 | 17,668 |
| New York State GO | 5.000% | 2/15/39 | 9,500 | 10,540 |
| New York State Housing Finance Agency | ||||
| Housing Revenue | 3.850% | 11/1/42 | 1,405 | 1,447 |
| New York State Housing Finance Agency | ||||
| Housing Revenue (625 W 57th St) VRDO | 0.390% | 6/7/16 LOC | 5,000 | 5,000 |
| New York State Housing Finance Agency | ||||
| Revenue (Personal Income Tax) | 5.000% | 9/15/17 (Prere.) | 15,245 | 16,087 |
60
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Housing Finance Agency | ||||
| Revenue (Service Contract) VRDO | 0.400% | 6/7/16 LOC | 3,000 | 3,000 |
| New York State Liberty Development Corp. | ||||
| Liberty Revenue (3 World Trade Center Project) | 5.375% | 11/15/40 | 3,000 | 3,360 |
| New York State Local Government Assistance | ||||
| Corp. Revenue | 5.500% | 4/1/17 | 970 | 1,004 |
| New York State Local Government Assistance | ||||
| Corp. Revenue VRDO | 0.430% | 6/7/16 | 6,300 | 6,300 |
| New York State Mortgage Agency Homeowner | ||||
| Mortgage Revenue | 2.625% | 4/1/41 | 1,895 | 1,935 |
| New York State Mortgage Agency Revenue | ||||
| (NYHELP’s Education Loan) | 4.750% | 11/1/24 | 1,087 | 1,169 |
| New York State Power Authority Revenue | 5.000% | 11/15/38 | 1,000 | 1,181 |
| New York State Thruway Authority Revenue | 5.000% | 5/1/19 | 5,000 | 5,570 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/26 | 2,545 | 3,026 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/27 (14) | 2,000 | 2,132 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/28 | 5,150 | 6,326 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/28 (14) | 2,500 | 2,664 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/29 | 4,000 | 4,889 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/29 | 1,200 | 1,480 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 2,500 | 3,040 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 1,700 | 2,083 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 4,000 | 4,703 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/31 | 5,500 | 6,655 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/31 | 2,900 | 3,531 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/31 | 8,500 | 9,993 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/32 | 4,070 | 4,907 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/32 | 2,970 | 3,613 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/33 | 2,340 | 2,827 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/37 | 9,000 | 10,451 |
| New York State Thruway Authority Revenue | 4.000% | 1/1/38 | 1,255 | 1,368 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/41 | 4,000 | 4,742 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/42 | 9,765 | 11,339 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/46 | 5,000 | 5,905 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/51 | 5,700 | 6,654 |
| New York State Thruway Authority Revenue | 5.250% | 1/1/56 | 7,400 | 8,872 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/17 (Prere.) | 150 | 155 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/24 | 5,000 | 6,114 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/26 | 10,000 | 12,060 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/27 | 2,000 | 2,330 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 9,000 | 9,990 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/28 | 2,000 | 2,328 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/29 | 2,000 | 2,325 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/30 | 2,000 | 2,332 |
| New York State Thruway Authority Revenue | ||||
| (Highway & Bridge Trust Fund) | 5.000% | 4/1/32 | 7,975 | 9,494 |
61
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/24 | 2,500 | 2,939 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/25 | 2,305 | 2,704 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/30 | 2,735 | 3,146 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/30 | 1,500 | 1,806 |
| New York State Thruway Authority Revenue | ||||
| (Personal Income Tax) | 5.000% | 3/15/31 | 1,500 | 1,797 |
| New York State Urban Development Corp. | ||||
| Revenue | 5.625% | 1/1/28 | 3,860 | 4,321 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/17 (Prere.) | 7,000 | 7,239 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/18 (Prere.) | 2,500 | 2,688 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 3,365 | 4,200 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 5,000 | 6,414 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/27 | 5,000 | 6,341 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/32 | 5,000 | 6,025 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 3,000 | 3,581 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/36 | 2,740 | 3,028 |
| New York State Urban Development Corp. | ||||
| Revenue (Personal Income Tax) | 5.000% | 3/15/43 | 10,000 | 11,757 |
| New York State Urban Development Corp. | ||||
| Revenue (Service Contract) | 5.000% | 1/1/21 | 1,355 | 1,549 |
| New York State Urban Development Corp. | ||||
| Revenue (Service Contract) | 5.250% | 1/1/24 | 10,000 | 10,925 |
| New York State Urban Development Corp. | ||||
| Revenue (Service Contract) VRDO | 0.410% | 6/7/16 | 5,600 | 5,600 |
| Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/20 (14) | 8,685 | 10,503 |
| Niagara Falls NY Bridge Commission Revenue | 6.250% | 10/1/21 (14) | 9,230 | 11,531 |
| Niagara NY Area Development Corp. Revenue | ||||
| (Niagara University Project) | 5.000% | 5/1/26 | 320 | 367 |
| Niagara NY Area Development Corp. Revenue | ||||
| (Niagara University Project) | 5.000% | 5/1/30 | 2,750 | 3,105 |
| 1 Nuveen New York AMT-Free Municipal Income | ||||
| Fund VRDP VRDO | 0.510% | 6/7/16 LOC | 2,500 | 2,500 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Jewish Home of Central New York | ||||
| Obligated Group) | 5.500% | 3/1/24 | 3,000 | 3,064 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Jewish Home of Central New York | ||||
| Obligated Group) | 5.250% | 3/1/31 | 2,000 | 1,959 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Le Moyne College) | 5.000% | 7/1/28 | 450 | 523 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Le Moyne College) | 5.000% | 7/1/30 | 450 | 519 |
62
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Le Moyne College) | 5.000% | 7/1/32 | 1,000 | 1,134 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Le Moyne College) | 5.000% | 7/1/33 | 575 | 653 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Le Moyne College) | 5.000% | 7/1/35 | 635 | 715 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Le Moyne College) | 5.000% | 7/1/40 | 1,940 | 2,171 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Le Moyne College) | 5.000% | 7/1/42 | 1,750 | 1,958 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (Le Moyne College) | 5.000% | 7/1/45 | 2,450 | 2,726 |
| Onondaga County NY Civic Development Corp. | ||||
| Revenue (St. Joseph’s Hospital & Health | ||||
| Center) | 5.000% | 7/1/19 (Prere.) | 6,000 | 6,729 |
| Onondaga County NY Trust For Cultural | ||||
| Resources Revenue (Syracuse University | ||||
| Project) | 5.000% | 12/1/31 | 1,000 | 1,211 |
| Otsego County NY Capital Resource Corp. | ||||
| Revenue (Hartwick College) | 4.000% | 10/1/19 | 650 | 689 |
| Otsego County NY Capital Resource Corp. | ||||
| Revenue (Hartwick College) | 5.000% | 10/1/20 | 655 | 726 |
| Otsego County NY Capital Resource Corp. | ||||
| Revenue (Hartwick College) | 5.000% | 10/1/45 | 3,000 | 3,288 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 8/15/28 (4) | 10,000 | 10,513 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 9/1/28 | 2,000 | 2,474 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 5/1/29 | 2,200 | 2,501 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 10/15/29 | 3,500 | 4,382 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 5/1/30 | 2,345 | 2,681 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 5/1/31 | 2,300 | 2,630 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 5/1/32 | 2,500 | 2,862 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 7/15/32 | 6,500 | 7,480 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 5/1/33 | 3,500 | 4,006 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 10/15/33 | 1,750 | 2,161 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 9/1/34 | 1,290 | 1,558 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 7/15/35 | 6,500 | 7,438 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.250% | 7/15/36 | 4,000 | 4,673 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 7/15/39 | 10,765 | 12,254 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 1/15/41 | 10,000 | 11,556 |
63
| 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% | 10/15/41 | 5,000 | 6,034 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.000% | 5/1/45 | 4,455 | 5,309 |
| Port Authority of New York & New Jersey | ||||
| Revenue | 5.250% | 10/15/55 | 7,750 | 9,433 |
| Port Authority of New York & New Jersey | ||||
| Special Obligation Revenue (John F. Kennedy | ||||
| International Air Terminal LLC) | 5.500% | 12/1/31 | 7,000 | 8,046 |
| Port Authority of New York & New Jersey | ||||
| Special Obligation Revenue (John F. Kennedy | ||||
| International Air Terminal LLC) | 6.000% | 12/1/36 | 4,000 | 4,698 |
| Port Authority of New York & New Jersey | ||||
| Special Obligation Revenue (John F. Kennedy | ||||
| International Air Terminal LLC) | 6.000% | 12/1/42 | 9,365 | 10,978 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/28 | 310 | 387 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/29 | 660 | 820 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/31 | 450 | 554 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/34 | 830 | 1,007 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/35 | 1,510 | 1,827 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/36 | 545 | 657 |
| St. Lawrence County NY Industrial Development | ||||
| Civic Facility Revenue (St. Lawrence University) | 5.000% | 7/1/43 | 8,870 | 10,093 |
| Suffolk County NY Economic Development Corp. | ||||
| Revenue (Catholic Health Services) | 5.000% | 7/1/21 (Prere.) | 1,570 | 1,860 |
| Suffolk County NY Economic Development Corp. | ||||
| Revenue (Catholic Health Services) | 5.000% | 7/1/28 | 9,180 | 10,341 |
| Suffolk County NY Economic Development Corp. | ||||
| Revenue (Catholic Health Services) | 5.000% | 7/1/28 | 1,500 | 1,750 |
| Suffolk County NY Economic Development Corp. | ||||
| Revenue (Catholic Health Services) | 5.000% | 7/1/29 | 3,000 | 3,486 |
| Suffolk County NY GO | 5.000% | 5/15/20 | 5,000 | 5,695 |
| Suffolk County NY GO | 5.000% | 5/15/26 (4) | 5,770 | 7,025 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Institute of | ||||
| Technology Project) | 5.250% | 3/1/19 | 500 | 504 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Institute of | ||||
| Technology Project) | 5.250% | 3/1/20 | 1,000 | 1,013 |
| Suffolk County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Institute of | ||||
| Technology Project) | 5.000% | 3/1/26 | 1,995 | 2,024 |
| Suffolk County NY Judicial Facilities Agency | ||||
| Lease Revenue (H. Lee Dennison Building) | 5.000% | 11/1/33 | 7,900 | 8,921 |
| Suffolk NY Tobacco Asset Securitization Corp. | ||||
| Revenue | 5.000% | 6/1/32 | 2,675 | 2,989 |
| Suffolk NY Tobacco Asset Securitization Corp. | ||||
| Revenue | 5.250% | 6/1/37 | 3,300 | 3,699 |
64
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Tobacco Settlement Financing Corp. New York | ||||
| Revenue | 5.000% | 6/1/22 | 5,000 | 5,205 |
| Tompkins County NY Development Corp. | ||||
| Revenue (Ithaca College) | 5.000% | 7/1/32 | 1,555 | 1,852 |
| Tompkins County NY Development Corp. | ||||
| Revenue (Ithaca College) | 5.000% | 7/1/33 | 1,605 | 1,906 |
| Tompkins County NY Industrial Development | ||||
| Agency Civic Facility Revenue (Cornell | ||||
| University) | 5.000% | 7/1/37 | 7,130 | 8,185 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/22 (Prere.) | 1,110 | 1,338 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/23 | 390 | 467 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/24 | 4,000 | 4,934 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/25 | 2,000 | 2,397 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/26 | 2,000 | 2,397 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/26 | 500 | 630 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/26 | 10,000 | 12,165 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/27 | 6,400 | 7,652 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/27 | 925 | 1,157 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 1/1/28 | 2,500 | 2,979 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/28 | 600 | 746 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/28 | 2,675 | 2,926 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/29 | 725 | 896 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/30 | 500 | 616 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/31 | 3,000 | 3,756 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/31 | 6,990 | 8,355 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/33 | 2,000 | 2,435 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/33 | 3,385 | 3,652 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/36 | 2,500 | 3,035 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/36 | 5,000 | 6,135 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/37 | 2,500 | 3,023 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/37 | 10,000 | 10,772 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.250% | 11/15/38 | 15,000 | 16,222 |
65
| 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% | 11/15/40 | 1,000 | 1,192 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.000% | 11/15/41 | 7,500 | 9,107 |
| Triborough Bridge & Tunnel Authority New York | ||||
| Revenue | 5.250% | 11/15/45 | 4,000 | 4,871 |
| 1 Triborough Bridge & Tunnel Authority New York | ||||
| Revenue TOB VRDO | 0.430% | 6/7/16 | 4,000 | 4,000 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/23 | 1,000 | 1,211 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/24 | 1,000 | 1,229 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/25 | 1,000 | 1,245 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/26 | 1,000 | 1,240 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/27 | 1,600 | 1,970 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.000% | 8/1/28 | 1,000 | 1,223 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.000% | 9/1/30 | 1,500 | 1,696 |
| Troy NY Capital Resource Corp. Revenue | ||||
| (Rensselaer Polytechnic Institute Project) | 5.125% | 9/1/40 | 3,650 | 4,137 |
| United Nations Development Corp. New York | ||||
| Revenue | 5.000% | 7/1/20 | 3,340 | 3,719 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 6/15/27 | 3,000 | 3,797 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/27 | 5,000 | 6,358 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/28 | 18,520 | 23,647 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/29 | 5,000 | 6,183 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/30 | 10,000 | 12,342 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/31 | 7,000 | 8,611 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/32 | 9,650 | 11,833 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/33 | 7,755 | 9,644 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/33 | 3,150 | 3,848 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/34 | 8,000 | 10,000 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/34 | 5,130 | 6,246 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/36 | 23,700 | 29,152 |
| Utility Debt Securitization Authority New York | ||||
| Revenue | 5.000% | 12/15/41 | 27,400 | 32,829 |
| Westchester County NY GO | 5.000% | 7/1/16 (ETM) | 190 | 191 |
| Westchester County NY GO | 5.000% | 7/1/16 | 9,345 | 9,380 |
66
| New York Long-Term Tax-Exempt Fund | ||||
| Face | Market | |||
| Maturity | Amount | Value• | ||
| Coupon | Date | ($000) | ($000) | |
| Westchester County NY GO | 5.000% | 7/1/16 (ETM) | 315 | 316 |
| Westchester County NY GO | 5.000% | 7/1/17 (ETM) | 200 | 209 |
| Westchester County NY GO | 5.000% | 7/1/17 | 9,280 | 9,718 |
| Westchester County NY GO | 5.000% | 7/1/17 (ETM) | 860 | 900 |
| Westchester County NY GO | 5.000% | 1/1/21 | 1,550 | 1,819 |
| Westchester County NY Health Care Corp. | ||||
| Revenue | 6.000% | 11/1/20 (Prere.) | 85 | 103 |
| Westchester County NY Health Care Corp. | ||||
| Revenue | 6.125% | 11/1/20 (Prere.) | 1,865 | 2,265 |
| Westchester County NY Health Care Corp. | ||||
| Revenue | 5.000% | 11/1/21 | 2,500 | 2,944 |
| Westchester County NY Health Care Corp. | ||||
| Revenue | 5.000% | 11/1/25 | 1,810 | 2,081 |
| Westchester County NY Health Care Corp. | ||||
| Revenue | 6.000% | 11/1/30 | 15 | 17 |
| Westchester County NY Health Care Corp. | ||||
| Revenue | 6.125% | 11/1/37 | 235 | 270 |
| Westchester County NY Local Development | ||||
| Corp. Revenue (Kendal on Hudson Project) | 3.000% | 1/1/18 | 900 | 922 |
| Westchester County NY Local Development | ||||
| Corp. Revenue (Kendal on Hudson Project) | 5.000% | 1/1/28 | 1,350 | 1,543 |
| Westchester County NY Local Development | ||||
| Corp. Revenue (Kendal on Hudson Project) | 5.000% | 1/1/34 | 1,450 | 1,616 |
| Westchester County NY Local Development | ||||
| Corp. Revenue (Pace University) | 5.000% | 5/1/34 | 1,500 | 1,697 |
| Westchester County NY Local Development | ||||
| Corp. Revenue (Pace University) | 5.500% | 5/1/42 | 3,000 | 3,479 |
| Westchester County NY Local Development | ||||
| Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/27 | 1,000 | 1,214 |
| Westchester County NY Local Development | ||||
| Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/28 | 1,000 | 1,209 |
| Westchester County NY Local Development | ||||
| Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/29 | 1,000 | 1,204 |
| Westchester County NY Local Development | ||||
| Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/34 | 2,500 | 2,941 |
| Westchester County NY Local Development | ||||
| Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/46 | 7,500 | 8,597 |
| Yonkers NY GO | 5.000% | 10/1/20 | 1,000 | 1,147 |
| Yonkers NY GO | 5.000% | 3/15/22 (4) | 1,600 | 1,869 |
| Yonkers NY GO | 5.000% | 3/15/23 (4) | 1,250 | 1,447 |
| Yonkers NY GO | 5.000% | 3/15/25 (4) | 1,000 | 1,144 |
| 4,377,498 | ||||
| Virgin Islands (0.2%) | ||||
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/25 | 4,200 | 4,637 |
| Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/32 | 4,900 | 5,314 |
| 9,951 | ||||
| Guam (0.0%) | ||||
| Guam Government Waterworks Authority | ||||
| Water & Waste Water System Revenue | 5.000% | 7/1/29 | 1,000 | 1,159 |
| Puerto Rico (0.0%) | ||||
| Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 860 | 1,153 |
| Total Tax-Exempt Municipal Bonds (Cost $4,059,504) | 4,389,761 | |||
67
| New York Long-Term Tax-Exempt Fund | |
| Amount | |
| ($000) | |
| Other Assets and Liabilities (0.5%) | |
| Other Assets | |
| Investment in Vanguard | 360 |
| Receivables for Investment Securities Sold | 1,488 |
| Receivables for Accrued Income | 50,391 |
| Receivables for Capital Shares Issued | 1,858 |
| Other Assets | 500 |
| Total Other Assets | 54,597 |
| Liabilities | |
| Payables for Investment Securities Purchased | (23,886) |
| Payables for Capital Shares Redeemed | (2,065) |
| Payables for Distributions | (3,953) |
| Payables to Vanguard | (4,349) |
| Other Liabilities | (114) |
| Total Liabilities | (34,367) |
| Net Assets (100%) | 4,409,991 |
| At May 31, 2016, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 4,077,076 |
| Undistributed Net Investment Income | — |
| Accumulated Net Realized Gains | 2,584 |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 330,257 |
| Futures Contracts | 74 |
| Net Assets | 4,409,991 |
| Investor Shares—Net Assets | |
| Applicable to 40,902,765 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 495,436 |
| Net Asset Value Per Share—Investor Shares | $12.11 |
| Admiral Shares—Net Assets | |
| Applicable to 323,182,032 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 3,914,555 |
| Net Asset Value Per Share—Admiral Shares | $12.11 |
• 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, 2016, the aggregate value of these securities was $28,501,000, representing 0.6% of net assets.
2 Adjustable-rate security.
3 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.
4 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2016.
5 Securities with a value of $1,264,000 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.
68
New York Long-Term Tax-Exempt Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
69
New York Long-Term Tax-Exempt Fund
Statement of Operations
| Six Months Ended | |
| May 31, 2016 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 70,972 |
| Total Income | 70,972 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 229 |
| Management and Administrative—Investor Shares | 361 |
| Management and Administrative—Admiral Shares | 1,832 |
| Marketing and Distribution—Investor Shares | 58 |
| Marketing and Distribution—Admiral Shares | 179 |
| Custodian Fees | 23 |
| Shareholders’ Reports—Investor Shares | 8 |
| Shareholders’ Reports—Admiral Shares | 9 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 2,700 |
| Net Investment Income | 68,272 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 4,320 |
| Futures Contracts | 201 |
| Realized Net Gain (Loss) | 4,521 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 94,141 |
| Futures Contracts | 72 |
| Change in Unrealized Appreciation (Depreciation) | 94,213 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 167,006 |
See accompanying Notes, which are an integral part of the Financial Statements.
70
New York Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
| Six Months Ended | Year Ended | |
| May 31, | November 30, | |
| 2016 | 2015 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 68,272 | 126,210 |
| Realized Net Gain (Loss) | 4,521 | 14,803 |
| Change in Unrealized Appreciation (Depreciation) | 94,213 | 7,811 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 167,006 | 148,824 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (7,348) | (14,063) |
| Admiral Shares | (60,924) | (112,144) |
| Realized Capital Gain | ||
| Investor Shares | (385) | — |
| Admiral Shares | (3,246) | — |
| Total Distributions | (71,903) | (126,207) |
| Capital Share Transactions | ||
| Investor Shares | 62,447 | 1,288 |
| Admiral Shares | 282,624 | 341,878 |
| Net Increase (Decrease) from Capital Share Transactions | 345,071 | 343,166 |
| Total Increase (Decrease) | 440,174 | 365,783 |
| Net Assets | ||
| Beginning of Period | 3,969,817 | 3,604,034 |
| End of Period1 | 4,409,991 | 3,969,817 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $0 and $0. | ||
See accompanying Notes, which are an integral part of the Financial Statements.
71
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 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $11.84 | $11.77 | $11.11 | $12.03 | $11.24 | $11.04 |
| Investment Operations | ||||||
| Net Investment Income | .191 | . 390 | .404 | . 397 | .405 | .420 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | .281 | .070 | .660 | (.920) | .790 | .200 |
| Total from Investment Operations | .472 | .460 | 1.064 | (.523) | 1.195 | .620 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.191) | (. 390) | (. 404) | (. 397) | (. 405) | (. 420) |
| Distributions from Realized Capital Gains | (.011) | — | — | — | — | — |
| Total Distributions | (. 202) | (. 390) | (. 404) | (. 397) | (. 405) | (. 420) |
| Net Asset Value, End of Period | $12.11 | $11.84 | $11.77 | $11.11 | $12.03 | $11.24 |
| Total Return1 | 4.01% | 3.97% | 9.71% | -4.38% | 10.80% | 5.77% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $495 | $423 | $417 | $391 | $528 | $498 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.18% | 3.26% | 3.57% | 3.47% | 3.48% | 3.82% |
| Portfolio Turnover Rate | 12% | 17% | 27% | 23% | 16% | 22% |
| The expense ratio, net investment 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.
72
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 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $11.84 | $11.77 | $11.11 | $12.03 | $11.24 | $11.04 |
| Investment Operations | ||||||
| Net Investment Income | .196 | .400 | .413 | .406 | .414 | .428 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | .281 | .070 | .660 | (.920) | .790 | .200 |
| Total from Investment Operations | .477 | .470 | 1.073 | (.514) | 1.204 | .628 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.196) | (. 400) | (. 413) | (. 406) | (. 414) | (. 428) |
| Distributions from Realized Capital Gains | (.011) | — | — | — | — | — |
| Total Distributions | (. 207) | (. 400) | (. 413) | (. 406) | (. 414) | (. 428) |
| Net Asset Value, End of Period | $12.11 | $11.84 | $11.77 | $11.11 | $12.03 | $11.24 |
| Total Return1 | 4.05% | 4.06% | 9.80% | -4.31% | 10.89% | 5.85% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $3,915 | $3,547 | $3,187 | $2,697 | $2,970 | $2,527 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 3.26% | 3.34% | 3.65% | 3.55% | 3.56% | 3.90% |
| Portfolio Turnover Rate | 12% | 17% | 27% | 23% | 16% | 22% |
| The expense ratio, net investment 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.
73
New York Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard New York Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. The fund offers two classes of shares: Investor Shares and Admiral Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended May 31, 2016, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
74
New York Long-Term Tax-Exempt Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2012–2015), and for the period ended May 31, 2016, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at May 31, 2016, or at any time during the period then ended.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2016, the fund had contributed to Vanguard capital in the amount of $360,000, representing 0.01% of the fund’s net assets and 0.14% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
75
New York Long-Term Tax-Exempt Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of May 31, 2016, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Tax-Exempt Municipal Bonds | — | 4,389,761 | — |
| Futures Contracts—Assets1 | 27 | — | — |
| Futures Contracts—Liabilities1 | (114) | — | — |
| Total | (87) | 4,389,761 | — |
| 1 Represents variation margin on the last day of the reporting period. |
D. At May 31, 2016, 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) |
| 5-Year U.S. Treasury Note | September 2016 | 377 | 45,284 | 74 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
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.
At May 31, 2016, the cost of investment securities for tax purposes was $4,061,450,000. Net unrealized appreciation of investment securities for tax purposes was $328,311,000, consisting of unrealized gains of $328,992,000 on securities that had risen in value since their purchase and $681,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended May 31, 2016, the fund purchased $609,714,000 of investment securities and sold $231,515,000 of investment securities, other than temporary cash investments.
76
New York Long-Term Tax-Exempt Fund
G. Capital share transactions for each class of shares were:
| Six Months Ended | Year Ended | |||
| May 31, 2016 | November 30, 2015 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Investor Shares | ||||
| Issued | 107,589 | 8,956 | 105,922 | 9,130 |
| Issued in Lieu of Cash Distributions | 6,408 | 533 | 11,814 | 1,002 |
| Redeemed | (51,550) | (4,283) | (116,448) | (9,897) |
| Net Increase (Decrease)—Investor Shares | 62,447 | 5,206 | 1,288 | 235 |
| Admiral Shares | ||||
| Issued | 410,687 | 34,186 | 694,995 | 58,971 |
| Issued in Lieu of Cash Distributions | 41,525 | 3,455 | 75,223 | 6,378 |
| Redeemed | (169,588) | (14,120) | (428,340) | (36,356) |
| Net Increase (Decrease)—Admiral Shares | 282,624 | 23,521 | 341,878 | 28,993 |
H. Management has determined that no material events or transactions occurred subsequent to May 31, 2016, that would require recognition or disclosure in these financial statements.
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
78
| Six Months Ended May 31, 2016 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| 11/30/2015 | 5/31/2016 | Period | |
| Based on Actual Fund Return | |||
| New York Tax-Exempt Money Market Fund | $1,000.00 | $1,000.48 | $0.55 |
| New York Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,040.10 | $1.02 |
| Admiral Shares | 1,000.00 | 1,040.50 | 0.61 |
| Based on Hypothetical 5% Yearly Return | |||
| New York Tax-Exempt Money Market Fund | $1,000.00 | $1,024.45 | $0.56 |
| New York Long-Term Tax-Exempt Fund | |||
| Investor Shares | $1,000.00 | $1,024.00 | $1.01 |
| Admiral Shares | 1,000.00 | 1,024.40 | 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, 0.11%; and for the New York Long-Term Tax-Exempt Fund, 0.20% for Investor Shares and 0.12% for Admiral Shares. (The six-month expense ratio for the New York Tax-Exempt Money Market Fund reflects a temporary reduction in operating expenses, described in Note B of the Notes to Financial Statements. Before the reduction, the fund’s annualized six-month expense ratio was 0.16%.) The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/366).
79
Trustees Approve Advisory Arrangements
The board of trustees of Vanguard New York Tax-Exempt Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard)—through its Fixed Income Group. The board determined that continuing the funds’ internalized management structure was in the best interests of each fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance relative to a benchmark index (as applicable) and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory fee rate was also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that each fund’s at-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
80
Glossary
7-Day SEC Yield and 30-Day SEC Yield. A money market fund’s 7-day SEC yield is calculated by annualizing its income distributions for the previous seven days, as required by the U.S. Securities and Exchange Commission. For other funds, 30-day SEC yield is derived using a formula specified by the commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average Stated Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid using the maturity date of the security. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average stated maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.
Average Weighted Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid. The figure reflects the proportion of fund assets represented by each security.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
81
Credit Quality. For Vanguard money market funds, the Distribution by Credit Quality table includes tier ratings for consistency with SEC Rule 2a-7 under the Investment Company Act of 1940, which governs money market funds. A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by the requisite nationally recognized statistical rating organizations. Credit-quality ratings are obtained from Moody’s, Fitch, and S&P. For securities rated by all three agencies, where two of them are in agreement and assign the highest rating category, the highest rating applies. If a security is only rated by two agencies, and their ratings are in different categories, the lower of the ratings applies. An unrated security is First Tier if it represents quality comparable to that of a rated security, as determined in accordance with SEC Rule 2a-7. A Second Tier security is one that is eligible for money market funds and is not a First Tier security. For Vanguard tax-exempt bond funds, credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used. ”Not Rated” is used to classify securities for which a rating is not available. Not rated securities include a fund’s investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
82
This page intentionally left blank.
The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 198 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. 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 | Rajiv L. Gupta |
| Born 1945. Trustee Since December 2001.2 Principal | |
| F. William McNabb III | Occupation(s) During the Past Five Years and Other |
| Born 1957. Trustee Since July 2009. Chairman of | Experience: Chairman and Chief Executive Officer |
| the Board. Principal Occupation(s) During the Past | (retired 2009) and President (2006–2008) of |
| Five Years and Other Experience: Chairman of the | Rohm and Haas Co. (chemicals); Director of Tyco |
| Board of The Vanguard Group, Inc., and of each of | International plc (diversified manufacturing and |
| the investment companies served by The Vanguard | services), HP Inc. (printer and personal computer |
| Group, since January 2010; Director of The Vanguard | manufacturing), and Delphi Automotive plc |
| Group since 2008; Chief Executive Officer and | (automotive components); Senior Advisor at |
| President of The Vanguard Group, and of each of | New Mountain Capital. |
| the investment companies served by The Vanguard | |
| Group, since 2008; Director of Vanguard Marketing | Amy Gutmann |
| Corporation; Managing Director of The Vanguard | Born 1949. Trustee Since June 2006. Principal |
| Group (1995–2008). | Occupation(s) During the Past Five Years and |
| Other Experience: President of the University of | |
| Independent Trustees | Pennsylvania; Christopher H. Browne Distinguished |
| Professor of Political Science, School of Arts and | |
| Emerson U. Fullwood | Sciences, and Professor of Communication, Annenberg |
| Born 1948. Trustee Since January 2008. Principal | School for Communication, with secondary faculty |
| Occupation(s) During the Past Five Years and Other | appointments in the Department of Philosophy, School |
| Experience: Executive Chief Staff and Marketing | of Arts and Sciences, and at the Graduate School of |
| Officer for North America and Corporate Vice President | Education, University of Pennsylvania; Trustee of the |
| (retired 2008) of Xerox Corporation (document manage- | National Constitution Center; Chair of the Presidential |
| ment products and services); Executive in Residence | Commission for the Study of Bioethical Issues. |
| and 2009–2010 Distinguished Minett Professor at | |
| the Rochester Institute of Technology; Lead Director | JoAnn Heffernan Heisen |
| of SPX FLOW, Inc. (multi-industry manufacturing); | Born 1950. Trustee Since July 1998. Principal |
| Director of the United Way of Rochester, the University | Occupation(s) During the Past Five Years and |
| of Rochester Medical Center, Monroe Community | Other Experience: Corporate Vice President and |
| College Foundation, North Carolina A&T University, | Chief Global Diversity Officer (retired 2008) and |
| and Roberts Wesleyan College. | Member of the Executive Committee (1997–2008) |
| of Johnson & Johnson (pharmaceuticals/medical | |
| devices/consumer products); Director of Skytop | |
| Lodge Corporation (hotels) and the Robert Wood | |
| Johnson Foundation; Member of the Advisory | |
| Board of the Institute for Women’s Leadership | |
| at Rutgers University. |
| F. Joseph Loughrey | Executive Officers | |
| Born 1949. Trustee Since October 2009. Principal | ||
| Occupation(s) During the Past Five Years and Other | Glenn Booraem | |
| Experience: President and Chief Operating Officer | Born 1967. Treasurer Since May 2015. Principal | |
| (retired 2009) of Cummins Inc. (industrial machinery); | Occupation(s) During the Past Five Years and | |
| Chairman of the Board of Hillenbrand, Inc. (specialized | Other Experience: Principal of The Vanguard Group, | |
| consumer services), and of Oxfam America; Director | Inc.; Treasurer of each of the investment companies | |
| of SKF AB (industrial machinery), Hyster-Yale Materials | served by The Vanguard Group; Controller of each of | |
| Handling, Inc. (forklift trucks), the Lumina Foundation | the investment companies served by The Vanguard | |
| for Education, and the V Foundation for Cancer | Group (2010–2015); Assistant Controller of each of | |
| Research; Member of the Advisory Council for the | the investment companies served by The Vanguard | |
| College of Arts and Letters and of the Advisory Board | Group (2001–2010). | |
| to the Kellogg Institute for International Studies, both | ||
| at the University of Notre Dame. | Thomas J. Higgins | |
| Born 1957. Chief Financial Officer Since September | ||
| Mark Loughridge | 2008. Principal Occupation(s) During the Past Five | |
| Born 1953. Trustee Since March 2012. Principal | Years and Other Experience: Principal of The Vanguard | |
| Occupation(s) During the Past Five Years and Other | Group, Inc.; Chief Financial Officer of each of the | |
| Experience: Senior Vice President and Chief Financial | investment companies served by The Vanguard Group; | |
| Officer (retired 2013) at IBM (information technology | Treasurer of each of the investment companies served | |
| services); Fiduciary Member of IBM’s Retirement Plan | by The Vanguard Group (1998–2008). | |
| Committee (2004–2013); Director of the Dow Chemical | ||
| Company; Member of the Council on Chicago Booth. | Peter Mahoney | |
| Born 1974. Controller Since May 2015. Principal | ||
| Scott C. Malpass | Occupation(s) During the Past Five Years and | |
| Born 1962. Trustee Since March 2012. Principal | Other Experience: Head of Global Fund Accounting | |
| Occupation(s) During the Past Five Years and Other | at The Vanguard Group, Inc.; Controller of each of the | |
| Experience: Chief Investment Officer and Vice | investment companies served by The Vanguard Group; | |
| President at the University of Notre Dame; Assistant | Head of International Fund Services at The Vanguard | |
| Professor of Finance at the Mendoza College of | Group (2008–2014). | |
| Business at Notre Dame; Member of the Notre Dame | ||
| 403(b) Investment Committee, the Board of Advisors | Heidi Stam | |
| for Spruceview Capital Partners, and the Investment | Born 1956. Secretary Since July 2005. Principal | |
| Advisory Committee of Major League Baseball; Board | Occupation(s) During the Past Five Years and Other | |
| Member of TIFF Advisory Services, Inc., and Catholic | Experience: Managing Director of The Vanguard | |
| Investment Services, Inc. (investment advisors). | Group, Inc.; General Counsel of The Vanguard Group; | |
| Secretary of The Vanguard Group and of each of the | ||
| André F. Perold | investment companies served by The Vanguard Group; | |
| Born 1952. Trustee Since December 2004. Principal | Director and Senior Vice President of Vanguard | |
| Occupation(s) During the Past Five Years and Other | Marketing Corporation. | |
| Experience: George Gund Professor of Finance and | ||
| Banking, Emeritus at the Harvard Business School | Vanguard Senior ManagementTeam | |
| (retired 2011); Chief Investment Officer and Managing | ||
| Partner of HighVista Strategies LLC (private investment | Mortimer J. Buckley | James M. Norris |
| firm); Director of Rand Merchant Bank; Overseer of | Kathleen C. Gubanich | Thomas M. Rampulla |
| the Museum of Fine Arts Boston. | Martha G. King | Glenn W. Reed |
| John T. Marcante | Karin A. Risi | |
| Peter F. Volanakis | Chris D. McIsaac | |
| Born 1955. Trustee Since July 2009. Principal | ||
| Occupation(s) During the Past Five Years and Other | Chairman Emeritus and Senior Advisor | |
| Experience: President and Chief Operating Officer | ||
| (retired 2010) of Corning Incorporated (communications | John J. Brennan | |
| equipment); Trustee of Colby-Sawyer College and | Chairman, 1996–2009 | |
| Chairman of its Finance and Enrollment Committee; | Chief Executive Officer and President, 1996–2008 | |
| Member of the Advisory Board of the Norris Cotton | ||
| Cancer Center. | Founder | |
| John C. Bogle | ||
| Chairman and Chief Executive Officer, 1974–1996 | ||
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
 | ||
| P.O. Box 2600 | ||
| Valley Forge, PA 19482-2600 | ||
| Connect with Vanguard® > vanguard.com | ||
| Fund Information > 800-662-7447 | CFA® is a registered trademark owned by CFA Institute. | |
| Direct Investor Account Services > 800-662-2739 | ||
| Institutional Investor Services > 800-523-1036 | ||
| Text Telephone for People | ||
| Who Are Deaf or Hard of Hearing> 800-749-7273 | ||
| This material may be used in conjunction | ||
| with the offering of shares of any Vanguard | ||
| fund only if preceded or accompanied by | ||
| the fund’s current prospectus. | ||
| All comparative mutual fund data are from Lipper, a | ||
| Thomson Reuters Company, or Morningstar, Inc., unless | ||
| otherwise noted. | ||
| You can obtain a free copy of Vanguard’s proxy voting | ||
| guidelines by visiting vanguard.com/proxyreporting or by | ||
| calling Vanguard at 800-662-2739. The guidelines are | ||
| also available from the SEC’s website, sec.gov. In | ||
| addition, you may obtain a free report on how your fund | ||
| voted the proxies for securities it owned during the 12 | ||
| months ended June 30. To get the report, visit either | ||
| vanguard.com/proxyreporting or sec.gov. | ||
| You can review and copy information about your fund at | ||
| the SEC’s Public Reference Room in Washington, D.C. To | ||
| find out more about this public service, call the SEC at | ||
| 202-551-8090. Information about your fund is also | ||
| available on the SEC’s website, and you can receive | ||
| copies of this information, for a fee, by sending a | ||
| request in either of two ways: via email addressed to | ||
| publicinfo@sec.gov or via regular mail addressed to the | ||
| Public Reference Section, Securities and Exchange | ||
| Commission, Washington, DC 20549-1520. | ||
| © 2016 The Vanguard Group, Inc. | ||
| All rights reserved. | ||
| Vanguard Marketing Corporation, Distributor. | ||
| Q762 072016 | ||
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VANGUARD NEW YORK TAX-FREE FUNDS | |
| BY: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: July 15, 2016 | |
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 15, 2016 | |
| VANGUARD NEW YORK TAX-FREE FUNDS | |
| BY: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: July 15, 2016 | |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number
2-17620, Incorporated by Reference.