0001104659-20-008680.txt : 20200130 0001104659-20-008680.hdr.sgml : 20200130 20200130160746 ACCESSION NUMBER: 0001104659-20-008680 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20191130 FILED AS OF DATE: 20200130 DATE AS OF CHANGE: 20200130 EFFECTIVENESS DATE: 20200130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD NEW YORK TAX-FREE FUNDS CENTRAL INDEX KEY: 0000788599 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-04570 FILM NUMBER: 20561458 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD NEW YORK INSURED TAX FREE FUND DATE OF NAME CHANGE: 19920703 0000788599 S000002905 Vanguard New York Long-Term Tax-Exempt Fund C000007969 Investor Shares VNYTX C000007970 Admiral Shares VNYUX 0000788599 S000002906 Vanguard New York Municipal Money Market Fund C000007971 Investor Shares VYFXX N-CSR 1 tm203782-6_ncsr.htm N-CSR

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-04570

 

Name of Registrant: Vanguard New York Tax-Free Funds
Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482

 

Name and address of agent for service: Anne E. Robinson, Esquire
P.O. Box 876
Valley Forge, PA 19482

 

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

 

Date of fiscal year end: November 30

 

Date of reporting period: December 1, 2018—November 30, 2019

 

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Annual Report  |  November 30, 2019

 

 

Vanguard New York Tax-Exempt Funds

 

 

 

 

 

 

 

 

 

 

Vanguard New York Municipal Money Market Fund

Vanguard New York Long-Term Tax-Exempt Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.

 

 

 

 

 

 

Important information about access to shareholder reports

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.

 

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.

 

You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.

 

 

 

Contents  
   
A Note From Our Chairman 1
Your Fund’s Performance at a Glance 2
Advisor’s Report 3
About Your Fund’s Expenses 7
New York Municipal Money Market Fund 9
New York Long-Term Tax-Exempt Fund 29

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

A Note From Our Chairman

 

 

 

 

 


 

Tim Buckley

Chairman and Chief Executive Officer

 

 

 

Dear Shareholder,

 

Recent volatility in financial markets—affecting stocks, bonds, and commodities—has been a good reminder of the wise old adage, “Never keep all your eggs in one basket.” Maintaining balance and diversification in your investment portfolio can help to both limit risk and set you up for long-term success.

 

It’s understandable why some investors might become complacent after a long market run-up like the one that lifted stock prices, especially U.S. stock prices, in the years following the global financial crisis. But failing to rebalance regularly can leave a portfolio with a much different mix of assets than intended and, often, more risk than intended.

 

Balance across and diversification within asset classes are powerful tools for managing risk and achieving your investment goals. A portfolio’s allocation will determine a large portion of its long-term return and also the majority of its volatility risk. A well-diversified portfolio is less vulnerable to significant swings in the performance of any one segment of the asset classes in which it invests.

 

Balance and diversification will never eliminate the risk of loss, nor will they guarantee positive returns in a declining market. But they may reduce the chance that you’ll suffer disproportionate losses in one particular high-flying asset class or sector when it comes back to earth. And exposure to all key market components should give you at least some participation in the sectors that are performing best at any given time.

 

Vanguard is committed to helping you achieve balance and diversification in your portfolios to help meet your investment goals. We thank you for your continued loyalty.

 

Sincerely,

 

 

Mortimer J. Buckley

Chairman and Chief Executive Officer

December 17, 2019

 

 1 

 

 

Your Fund’s Performance at a Glance

 

·    For the 12 months ended November 30, 2019, Vanguard New York Long-Term Tax-Exempt Fund returned 9.37% for Investor Shares and 9.46% for Admiral Shares. These results exceeded those of the fund’s benchmark, the Bloomberg Barclays NY Municipal Bond Index, which returned 8.09%.

 

·    Vanguard New York Municipal Money Market Fund returned 1.39%.

 

·    Global monetary policy shifted markedly during the fiscal year. Faced with slowing global growth and intensifying trade disputes, many central banks turned more accommodative. The U.S. Federal Reserve, after raising its target for short-term interest rates four times in 2018, cut rates three times this calendar year and ended its balance sheet tapering. Bonds, including municipal issues, saw their yields fall and prices rise.

 

·    The Long-Term Fund’s average duration (a measure of the price sensitivity of the fund’s holdings to movements in interest rates) was longer than that of its benchmark. That stance accounted for much of the fund’s relative outperformance

 

·    The advisor continued to favor intermediate- and long-term bonds, which boosted performance. A tilt toward lower-quality investment-grade bonds compared with the benchmark index also proved beneficial as recession fears went unrealized.

 

 

 

 

Market Barometer

 

      Average Annual Total Returns
   Periods Ended November 30, 2019
   One Year  Three Years  Five Years
Stocks         
Russell 1000 Index (Large-caps)  16.10%  14.67%  10.80%
Russell 2000 Index (Small-caps)  7.51  8.57  8.22
Russell 3000 Index (Broad U.S. market)  15.49  14.22  10.61
FTSE All-World ex US Index (International)  11.50  9.39  4.20
          
Bonds         
Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market)  10.79%  4.10%  3.08%
Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market)  8.49  5.02  3.57
FTSE Three-Month U.S. Treasury Bill Index  2.31  1.61  1.01
          
CPI         
Consumer Price Index  2.05%  2.14%  1.72%

 

 2 

 

 

Advisor’s Report

 

 

For the 12 months ended November 30, 2019, Vanguard New York Long-Term Tax-Exempt Fund returned 9.37% for Investor Shares and 9.46% for Admiral Shares. Those results exceeded the 8.09% return of the fund’s benchmark, the Bloomberg Barclays NY Municipal Bond Index.

 

Municipal bond yields declined across the board; prices increased most at the long end. For both Investor and Admiral Shares, the capital return was 6.14%. Return from income was 3.23% for Investor Shares and 3.32% for Admiral Shares. The Long-Term Fund’s 30-day SEC yield fell 124 basis points to 1.82% for Investor Shares and 122 basis points to 1.90% for Admiral Shares. (A basis point is one-hundredth of a percentage point.)

 

Vanguard New York Municipal Money Market Fund returned 1.39%. The fund’s 7-day SEC yield fell 57 basis points to 1.01%.

 

Please note that the funds are permitted to invest in securities that can generate income distributions subject to the alternative minimum tax (AMT). At the end of the fiscal period, only the Money Market Fund owned such securities.

 

The investment environment

The financial markets were driven largely by shifts in the outlook for global growth and monetary policy during the period.

 

Further signs of a global slowdown and tepid inflation at the start of 2019 led to a pivot in monetary policy across much of the world as major central banks took a more accommodative stance. In the United States, the labor market remained robust even as the pace of job creation eased a little. The unemployment rate continued to trend lower, falling to 3.5% by the end of the period, which helped keep consumers spending.

 

Gross domestic product, the broadest measure of economic activity, expanded at an annual rate of about 3% after adjusting for inflation in the first quarter of 2019. The pace of its growth has slowed since then,

 

 

 

 

Yields of Tax-Exempt Municipal Securities

(National Averages, AAA-Rated General Obligation Issues)

 

  November 30, November 30,
Maturity 2018 2019
2 years 1.98% 1.10%
5 years 2.16 1.17
10 years 2.55 1.50
30 years 3.27 2.13
Source: Vanguard.    

 

 3 

 

 

however, amid fading effects from tax cuts, weaker business confidence, and trade disputes. Inflation has remained tame.

 

After raising rates in December, the Federal Reserve began to reverse gears with an announcement in March that it would end its balance sheet tapering. It went on to lower the federal funds rate in August, September, and October. Those cuts, the first in more than a decade, were justified by policymakers as “insurance” meant to cushion the effects of trade policies and prolong an economic expansion already in its 11th year.

 

In this environment, Treasury yields fell across the maturity spectrum. Although munis are affected less by international developments, they largely followed suit. The average yield of 2-year AAA-rated general obligation issues slipped 88 basis points to 1.10% over the period; the average yield of similarly rated 10-year issues dropped 105 basis points to 1.50%.

 

Demand for muni bonds was strong through much of the period. That demand supported prices, as did supply in recent months. The 2017 tax reform legislation eliminated municipal issuers’ ability to advance-refund their outstanding debt prior to the call date with another tax-exempt debt issuance. However, with rates falling, municipalities have been pre-refunding tax-exempt securities by issuing taxable securities—thereby shrinking the supply of longer-dated tax-exempt munis.

 

Credit quality in the municipal market remained solid overall as the strong economy boosted revenue collections.

 

New York State’s credit fundamentals remain healthy. For the fiscal year ended March 31, 2019, the general fund posted a deficit, but its overall position remains satisfactory. A drop in revenues in fiscal 2019 was largely the result of the 2017 federal tax reform and higher-than-expected revenues the prior fiscal year. The state’s fiscal 2020 budget was balanced and adopted on time. In its November 2019 mid-year update, the state’s Division of Budget reported that the general fund remained balanced, based on operating results for the first half of the state’s fiscal year. However, New York is facing increasing budget gaps in the years ahead, which are primarily driven by increasing Medicaid-related costs.

 

Governor Andrew Cuomo is expected to submit his fiscal 2021 budget to the state legislature by February 1, 2020. Vanguard expects his administration to propose a balanced budget that keeps spending growth to the targeted limit of 2% that has been in place for almost a decade.

 

New York City’s financial position also remains good. Its general fund posted another small surplus in the fiscal year ended June 30, 2019. The Mayor’s Office of Management and Budget reported in its November 2019 update that revenues were trending slightly higher than expected. The budget remains balanced and reserves

 

 4 

 

 

are expected to remain in line with those of prior years, at about 10% of expenditures.

 

Credit ratings for the state’s general obligation bonds remained at AA and stable in the assessment of the major ratings agencies. For New York City’s general obligation bonds, Moody’s Investors Service upgraded the rating to Aa1 from Aa2 in March 2019. Standard & Poor’s and Fitch Ratings kept their ratings of the city’s bonds unchanged at AA/stable. We expect the ratings for both the state and the city to remain stable over the next 12 to 18 months.

 

Management of the funds

The Long-Term Fund’s average duration— a measure, expressed in years, of a portfolio’s sensitivity to changes in interest rates—was longer than that of its benchmark, boosting the fund’s relative performance.

 

We maintained a tilt toward longer-term maturities, which helped as yields fell. For the 12 months, the average return for municipal bonds with a 3-year maturity was 4.15%, compared with 8.75% for 10-year bonds and 10.50% for 20-year bonds, as measured by the Bloomberg Barclays Municipal Bond Index.

 

A modest overweight to muni bonds on the lower rungs of the investment-grade credit ladder was intended principally to capture the additional yield they produce, especially as credit spreads versus Treasuries were fairly tight. For the 12 months, lower-rung New York munis performed better than their higher-quality counterparts as credit spreads compressed. As measured by the Bloomberg Barclays NY Municipal Bond Index, BBB-rated New York munis returned 8.78%, compared with 7.78% and 8.30% for, respectively, their AA-rated and AAA-rated counterparts.

 

Outlook

Global growth is set to keep softening, owing in part to trade tensions and policy uncertainty. The U.S. economy may slow to a pace of around 1% in 2020 after adjusting for inflation, below its normal trend growth of around 2%.

 

Other major economies are likely to see a deceleration as well. China, the world’s second-largest economy, is likely to grow at around 5.8% in 2020—but that figure could be markedly lower without further stimulus. In the euro area, growth may stay below trend, at about 1%, given recent indications that manufacturing weakness is spilling over into supply chains and the services sector.

 

These conditions—along with modest wage gains and structural factors such as technology advancements and globalization—are unlikely to fuel a surge in consumer prices.

 

We expect to see periods of turbulence in the global economy in the year ahead. Based on that outlook and the fact that rates are low and credit spreads are tight, we are starting the new fiscal year with

 

 

 5 

 

 

plenty of dry powder on hand, so that we can take advantage of price dislocations as they arise.

 

Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to navigate this large, fragmented market to seek attractive investment opportunities that will add to fund performance.

 

Paul M. Malloy, CFA, Principal,

Head of Municipal Bond Group

 

Adam M. Ferguson, CFA,

Portfolio Manager

 

John P. Grimes, CFA,

Portfolio Manager

 

Vanguard Fixed Income Group

 

December 16, 2019

 

 6 

 

 

About Your Fund’s Expenses

 

 

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

 

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

 

The accompanying table illustrates your fund’s costs in two ways:

 

·    Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

 

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”

 

·    Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

 

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

 

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

 

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

 

 7 

 

 

Six Months Ended November 30, 2019

 

  Beginning Ending Expenses
  Account Value Account Value Paid During
  5/31/2019 11/30/2019 Period
Based on Actual Fund Return      
New York Municipal Money Market Fund $1,000.00 $1,006.30 $0.80
New York Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,023.02 $0.86
Admiral™ Shares 1,000.00 1,023.43 0.46
Based on Hypothetical 5% Yearly Return      
New York Municipal Money Market Fund $1,000.00 $1,024.27 $0.81
New York Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,024.22 $0.86
Admiral Shares 1,000.00 1,024.62 0.46

 

The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the New York Municipal Money Market Fund, 0.16%; and for the New York Long-Term Tax-Exempt Fund, 0.17% for Investor Shares and 0.09% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/365).

 

 8 

 

 

 

New York Municipal Money Market Fund

 

 

Distribution by Issuer

As of November 30, 2019

 

Tax-Exempt Securities   100.0%

 

9

 

 

New York Municipal Money Market Fund

 

 

Financial Statements

 

 

Statement of Net Assets

As of November 30, 2019

 

The fund publishes its holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the “Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
Tax-Exempt Municipal Bonds (99.1%)            
New York (99.1%)            
  Albany NY Industrial Development Agency Civic Facility Revenue (CHF Holland Suites LLC Project) VRDO 1.120% 12/6/19 LOC 7,515   7,515
  Amityville NY Union Free School District TAN 2.000% 6/19/20   11,000   11,037
1 Battery Park City NY Authority Revenue PUT 1.120% 12/6/19   40,000   40,000
2 Battery Park City NY Authority Revenue TOB VRDO 1.130% 12/6/19 LOC 25,500   25,500
  Bayport-Blue Point NY Union Free School District BAN 2.250% 7/17/20   8,200   8,245
2 BlackRock MuniYield New York Quality Fund, Inc. VRDP VRDO 1.220% 12/6/19 LOC 130,000   130,000
  Brighton NY Central School District BAN 2.000% 6/30/20   12,000   12,043
  Carmel NY BAN 1.750% 10/2/20   12,360   12,399
  Clarkstown NY Central School District BAN 2.250% 7/24/20   15,994   16,085
  Columbia County NY Capital Resource Corp. Civic Facility Revenue (Columbia Memorial Hospital Project) VRDO 1.170% 12/6/19 LOC 2,000   2,000
  Columbia County NY Industrial Development Agency Civic Facility Revenue (Columbia Memorial Hospital Project) VRDO 1.170% 12/6/19 LOC 3,260   3,260
  Connetquot NY Central School District of Islip TAN 1.750% 6/25/20   10,000   10,027
  Corning NY City School District BAN 2.250% 6/18/20   9,995   10,038
  Croton-Harmon NY Union Free School District BAN 2.500% 6/12/20   8,275   8,320
  Delaware Valley NY Industrial Development Authority Revenue (Delaware Valley Hospital) VRDO 1.170% 12/6/19 LOC 2,000   2,000
  East Hampton NY Union Free School District TAN 1.750% 6/25/20   14,000   14,034
  East Meadow NY Union Free School District BAN 3.000% 2/28/20   10,000   10,028
  East Meadow NY Union Free School District BAN 2.250% 6/19/20   8,500   8,537
2 Erie County NY Industrial Development Agency School Facility Revenue (Buffalo City School District Project) TOB VRDO 1.120% 12/6/19   6,665   6,665
  Franklin County NY Civic Development Corp. Revenue VRDO 1.170% 12/6/19 LOC 4,700   4,700

 

10

 

 

New York Municipal Money Market Fund

 

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
  Geneva NY Industrial Development Agency Civic Facility Revenue (Colleges of the Seneca Project) VRDO 1.130% 12/6/19 LOC 14,795   14,795
  Goshen NY Central School District BAN 3.000% 12/6/19   20,087   20,089
  Half Hollow Hills NY Central School District TAN 2.000% 6/25/20   10,000   10,043
  Hauppauge NY Union Free School District TAN 1.750% 6/26/20   26,000   26,063
  Huntington NY Union Free School District TAN 2.000% 6/25/20   18,000   18,078
  Irondequoit NY BAN 3.000% 4/17/20   11,250   11,304
  Jamesville-Dewitt NY Central School District GO 2.000% 6/26/20   12,100   12,142
  Jefferson County NY BAN 1.750% 10/30/20   9,000   9,041
  Lancaster NY Central School District BAN 2.500% 6/12/20   22,400   22,521
  Liverpool NY Central School District BAN 2.250% 6/26/20   9,100   9,141
  Mechanicville NY School District BAN 2.500% 6/19/20   23,095   23,224
  Metropolitan Transportation Authority NY Revenue VRDO 1.080% 12/6/19 LOC 8,700   8,700
  Metropolitan Transportation Authority NY Revenue VRDO 1.090% 12/6/19 LOC 6,005   6,004
  Monroe County NY Industrial Development Agency Civic Facility Revenue (Nazareth College) VRDO 1.160% 12/6/19 LOC 6,630   6,630
2 Monroe County NY Industrial Development Corp. Revenue (University of Rochester) TOB VRDO 1.130% 12/6/19   4,350   4,350
2 Nassau County NY GO TOB VRDO 1.130% 12/6/19 LOC 6,000   6,000
  Nassau NY Health Care Corp. VRDO 1.080% 12/6/19 LOC 10,000   10,000
  New Rochelle NY BAN 3.000% 2/26/20   15,531   15,574
  New Rochelle NY City School District BAN 2.000% 6/26/20   45,000   45,159
2 New York City Housing Development Corp. Revenue TOB VRDO 1.130% 12/6/19   7,500   7,500
  New York City NY Capital Resources Corp. Revenue (Loan Enhanced Assistance Program) VRDO 1.090% 12/6/19 LOC 20,705   20,705
  New York City NY Capital Resources Corp. Revenue (Loan Enhanced Assistance Program) VRDO 1.100% 12/6/19 LOC 3,080   3,080
  New York City NY Capital Resources Corp. Revenue (Loan Enhanced Assistance Program) VRDO 1.100% 12/6/19 LOC 4,885   4,885
  New York City NY GO 5.000% 8/1/20   8,115   8,323
1,2 New York City NY GO TOB PUT 1.220% 1/16/20   4,860   4,860
1,2 New York City NY GO TOB PUT 1.220% 1/23/20   2,450   2,450
2 New York City NY GO TOB VRDO 1.200% 12/2/19 LOC 43,275   43,275
2 New York City NY GO TOB VRDO 1.130% 12/6/19 LOC 17,125   17,125
2 New York City NY GO TOB VRDO 1.130% 12/6/19   9,330   9,330
  New York City NY GO VRDO 1.080% 12/6/19 LOC 4,590   4,590
  New York City NY GO VRDO 1.080% 12/6/19 LOC 1,000   1,000
  New York City NY GO VRDO 1.080% 12/6/19 LOC 4,290   4,290
  New York City NY GO VRDO 1.180% 12/6/19 LOC 2,400   2,400

 

11

 

 

New York Municipal Money Market Fund

  

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (201 Pearl Street) VRDO 1.100% 12/6/19 LOC 5,895   5,895
  New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT 1.300% 5/1/20   16,670   16,670
2 New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 1.130% 12/6/19   7,500   7,500
2 New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 1.130% 12/6/19   7,500   7,500
2 New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 1.130% 12/6/19   14,455   14,455
2 New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 1.130% 12/6/19   3,800   3,800
2 New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 1.140% 12/6/19 LOC 19,000   19,000
2 New York City NY Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 1.150% 12/6/19   6,665   6,665
  New York City NY Housing Development Corp. Multi-Family Mortgage Revenue (1405 Fifth Avenue Apartments) VRDO 1.120% 12/6/19 LOC 1,000   1,000
  New York City NY Housing Development Corp. Multi-Family Mortgage Revenue (550 East 170th Street Apartments) VRDO 1.150% 12/6/19 LOC 2,815   2,815
  New York City NY Housing Development Corp. Multi-Family Mortgage Revenue (941 Hoe Avenue Apartments) VRDO 1.120% 12/6/19 LOC 6,660   6,660
  New York City NY Housing Development Corp. Multi-Family Mortgage Revenue (Aldus Street Apartments) VRDO 1.120% 12/6/19 LOC 8,100   8,100
  New York City NY Housing Development Corp. Multi-Family Mortgage Revenue (Bruckner by the Bridge) VRDO 1.090% 12/6/19 LOC 6,860   6,860
  New York City NY Housing Development Corp. Multi-Family Mortgage Revenue (Villa Avenue Apartments) VRDO 1.120% 12/6/19 LOC 5,990   5,990
  New York City NY Housing Development Corp. Multi-Family Mortgage Revenue (West 26th Street Development) VRDO 1.070% 12/6/19 LOC 17,200   17,200
  New York City NY Housing Development Corp. Multi-Family Mortgage Revenue (West 26th Street Development) VRDO 1.110% 12/6/19 LOC 15,400   15,400
  New York City NY Housing Development Corp. Multi-Family Rental Housing Revenue (Atlantic Court Apartments) VRDO 1.080% 12/6/19 LOC 22,500   22,500
  New York City NY Housing Development Corp. Multi-Family Rental Housing Revenue (Ocean Gate Development) VRDO 1.110% 12/6/19 LOC 8,445   8,445

 

12

 

 

New York Municipal Money Market Fund

 

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
  New York City NY Housing Development Corp. Multi-Family Rental Housing Revenue (Rivereast Apartments) VRDO 1.140% 12/6/19 LOC 24,525   24,525
  New York City NY Housing Development Corp. Multi-Family Rental Housing Revenue (Royal Charter Properties) VRDO 1.040% 12/6/19 LOC 14,255   14,255
  New York City NY Housing Development Corp. Revenue (Courtlandt Avenue Apartments) VRDO 1.130% 12/6/19 LOC 2,000   2,000
  New York City NY Housing Development Corp. Revenue (Ninety Second Realty LLC) VRDO 1.080% 12/6/19 LOC 8,000   8,000
  New York City NY Housing Development Corp. Revenue (Ogden Avenue Apartments) VRDO 1.080% 12/6/19 LOC 2,500   2,500
  New York City NY Housing Development Corp. Sustainable Neighborhood Revenue 1.375% 5/1/20   8,000   8,000
  New York City NY Housing Development Corp. Sustainable Neighborhood Revenue VRDO 1.070% 12/6/19   44,400   44,400
  New York City NY Housing Finance Agency Revenue (211 North End Avenue) VRDO 1.120% 12/6/19 LOC 14,700   14,700
  New York City NY Housing Finance Agency Revenue (900 Eighth Avenue) VRDO 1.100% 12/6/19 LOC 22,100   22,100
  New York City NY Housing Finance Agency Revenue (Capitol Green Apartments) VRDO 1.070% 12/6/19 LOC 10,900   10,900
  New York City NY Housing Finance Agency Revenue (Grace Towers) VRDO 1.080% 12/6/19 LOC 4,000   4,000
  New York City NY Housing Finance Agency Revenue (Prospect Plaza) VRDO 1.130% 12/6/19 LOC 2,650   2,650
  New York City NY Housing Finance Agency Revenue (West 25th Street) VRDO 1.080% 12/6/19 LOC 16,700   16,700
  New York City NY Industrial Development Agency Civic Facility Revenue (New York Congregational Nursing Center Project) VRDO 1.170% 12/6/19 LOC 1,645   1,645
1,2 New York City NY Municipal Water Finance Authority Water & Sewer System Revenue PUT TOB 1.130% 12/6/19 LOC 60,000   60,000
2 New York City NY Municipal Water Finance Authority Water & Sewer System Revenue TOB VRDO 1.200% 12/2/19 LOC 3,000   3,000
2 New York City NY Municipal Water Finance Authority Water & Sewer System Revenue TOB VRDO 1.200% 12/2/19 LOC 7,500   7,500
2 New York City NY Municipal Water Finance Authority Water & Sewer System Revenue TOB VRDO 1.130% 12/6/19   3,000   3,000
2 New York City NY Municipal Water Finance Authority Water & Sewer System Revenue TOB VRDO 1.220% 1/16/20   5,115   5,115
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.130% 12/2/19   5,600   5,600

 

13

 

 

New York Municipal Money Market Fund

 

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.150% 12/2/19   2,600   2,600
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.160% 12/2/19   12,005   12,005
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.160% 12/2/19   8,000   8,000
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.160% 12/2/19   3,610   3,610
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.160% 12/2/19   43,515   43,515
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.080% 12/6/19   20,405   20,405
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.090% 12/6/19   52,625   52,625
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.100% 12/6/19   29,700   29,700
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.100% 12/6/19   25,850   25,850
2 New York City NY Sales Tax Asset Receivable Corp. Revenue TOB VRDO 1.130% 12/6/19   3,335   3,335
2 New York City NY Sales Tax Asset Receivable Corp. Revenue TOB VRDO 1.130% 12/6/19   5,250   5,250
2 New York City NY Transitional Finance Authority Building Aid Revenue TOB VRDO 1.120% 12/6/19   5,915   5,915
2 New York City NY Transitional Finance Authority Building Aid Revenue TOB VRDO 1.120% 12/6/19   680   680
2 New York City NY Transitional Finance Authority Building Aid Revenue TOB VRDO 1.120% 12/6/19   16,275   16,275
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 2/1/20   2,425   2,440
2 New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO 1.120% 12/6/19   13,500   13,500
2 New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO 1.130% 12/6/19   2,890   2,890
2 New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO 1.130% 12/6/19   7,500   7,500
2 New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO 1.130% 12/6/19 LOC 11,800   11,800
2 New York City NY Transitional Finance Authority Future Tax Revenue TOB VRDO 1.130% 12/6/19   1,500   1,500
  New York City NY Transitional Finance Authority Future Tax Revenue VRDO 1.130% 12/2/19   3,555   3,555
  New York City NY Transitional Finance Authority Future Tax Revenue VRDO 1.130% 12/2/19   24,340   24,340

 

14

 

 

New York Municipal Money Market Fund

 

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
  New York City NY Transitional Finance Authority Future Tax Revenue VRDO 1.160% 12/2/19   9,600   9,600
  New York City NY Transitional Finance Authority Future Tax Revenue VRDO 1.160% 12/2/19   10,210   10,210
  New York City NY Transitional Finance Authority Future Tax Revenue VRDO 1.180% 12/2/19   850   850
  New York City NY Transitional Finance Authority Future Tax Revenue VRDO 1.060% 12/6/19   13,545   13,545
  New York City NY Transitional Finance Authority Future Tax Revenue VRDO 1.080% 12/6/19 LOC 5,775   5,775
2 New York City NY Transitional Finance Authority Future Tax Secured Revenue TOB VRDO 1.120% 12/6/19   8,760   8,760
2 New York City NY Transitional Finance Authority Future Tax Secured Revenue TOB VRDO 1.130% 12/6/19   18,100   18,100
1,2 New York City NY Transitional Finance Authority Future Tax Secured Revenue TOB VRDO 1.130% 12/6/19   3,000   3,000
2 New York City NY Transitional Finance Authority Future Tax Secured Revenue TOB VRDO 1.130% 12/6/19   6,000   6,000
  New York City NY Transitional Finance Authority Recovery Revenue VRDO 1.070% 12/6/19   9,725   9,725
  New York City NY Transitional Finance Authority Revenue VRDO 1.080% 12/6/19   12,100   12,100
1 New York City NY Trust for Cultural Resources Revenue (American Museum of Natural History) PUT, SIFMA Municipal Swap Index Yield + 0.000% 1.100% 4/8/20   6,000   6,000
1 New York City NY Trust for Cultural Resources Revenue (American Museum of Natural History) PUT, SIFMA Municipal Swap Index Yield + 0.000% 0.010% 7/6/20   10,500   10,500
  New York City NY Trust for Cultural Resources Revenue (The Metropolitan Museum of Art) VRDO 1.050% 12/6/19   12,590   12,590
  New York City NY Trust for Cultural Resources Revenue (The Metropolitan Museum of Art) VRDO 1.050% 12/6/19   20,200   20,200
2 New York City NY Trust for Cultural Resources Revenue (Wildlife Conservation Society) TOB VRDO 1.130% 12/6/19   5,335   5,335
2 New York City Transitional Finance Authority Building Aid Revenue TOB VRDO 1.120% 12/6/19   4,000   4,000
2 New York Liberty Development Corp. Revenue (7 World Trade Center Project) TOB VRDO 1.250% 12/6/19   8,000   8,000
  New York Liberty Development Corp. Revenue (Greenwich LLC) VRDO 1.100% 12/6/19 LOC 10,100   10,100
2 New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) TOB VRDO 1.130% 12/6/19   5,350   5,350

 

15

 

 

New York Municipal Money Market Fund

 

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
2 New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) TOB VRDO 1.130% 12/6/19   3,330   3,330
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) VRDO 1.080% 12/6/19 LOC 45,525   45,525
2 New York Metropolitan Transportation Authority Revenue TOB VRDO 1.120% 12/6/19   11,000   11,000
2 New York Metropolitan Transportation Authority Revenue TOB VRDO 1.130% 12/6/19 LOC 35,000   35,000
  New York Metropolitan Transportation Authority Revenue VRDO 1.120% 12/2/19 LOC 10,400   10,400
  New York Metropolitan Transportation Authority Revenue VRDO 1.160% 12/2/19 LOC 9,800   9,800
  New York Metropolitan Transportation Authority Revenue VRDO 1.080% 12/6/19 LOC 9,275   9,275
  New York Metropolitan Transportation Authority Revenue VRDO 1.080% 12/6/19 LOC 18,385   18,385
  New York Metropolitan Transportation Authority Revenue VRDO 1.120% 12/6/19 LOC 7,340   7,340
2 New York NY GO TOB VRDO 1.130% 12/6/19 LOC 13,000   13,000
2 New York NY GO TOB VRDO 1.130% 12/6/19 LOC 5,000   5,000
2 New York NY GO TOB VRDO 1.130% 12/6/19   6,665   6,665
  New York State Dormitory Authority Revenue 6.000% 7/1/20 (4) 1,830   1,880
  New York State Dormitory Authority Revenue (City University System) VRDO 1.050% 12/6/19 LOC 23,160   23,160
  New York State Dormitory Authority Revenue (Columbia University) CP 1.320% 3/4/20   8,000   8,000
  New York State Dormitory Authority Revenue (Cornell University) VRDO 1.090% 12/2/19   10,875   10,875
2 New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) TOB VRDO 1.120% 12/6/19   7,860   7,860
2 New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) TOB VRDO 1.120% 12/6/19   3,330   3,330
  New York State Dormitory Authority Revenue (Mental Health Services Facilities Improvement) VRDO 1.100% 12/6/19 LOC 30,080   30,080
  New York State Dormitory Authority Revenue (Mental Health Services Facilities Improvement) VRDO 1.100% 12/6/19 LOC 5,050   5,050
1,2 New York State Dormitory Authority Revenue (New York University) TOB PUT 1.160% 12/2/19   4,400   4,400
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/20   1,000   1,007
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/20   7,350   7,433
2 New York State Dormitory Authority Revenue (Personal Income Tax) TOB VRDO 1.130% 12/6/19   7,500   7,500
2 New York State Dormitory Authority Revenue (Personal Income Tax) TOB VRDO 1.130% 12/6/19   5,000   5,000
2 New York State Dormitory Authority Revenue (Personal Income Tax) TOB VRDO 1.130% 12/6/19   4,000   4,000

 

16

 

 

New York Municipal Money Market Fund

 

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
2 New York State Dormitory Authority Revenue (Personal Income Tax) TOB VRDO 1.130% 12/6/19   14,675   14,675
2 New York State Dormitory Authority Revenue (Personal Income Tax) TOB VRDO 1.130% 12/6/19   6,250   6,250
  New York State Dormitory Authority Revenue (Personal Income Tax) VRDO 1.100% 12/6/19   5,000   5,000
1,2 New York State Dormitory Authority Revenue (Rockefeller University) TOB VRDO 1.130% 12/6/19   1,600   1,600
  New York State Dormitory Authority Revenue (Rockefeller University) VRDO 1.100% 12/6/19   14,900   14,900
  New York State Dormitory Authority Revenue (Royal Charter Properties) VRDO 1.040% 12/6/19 LOC 13,925   13,925
  New York State Dormitory Authority Revenue (University of Rochester) VRDO 1.180% 12/2/19 LOC 1,300   1,300
2 New York State Dormitory Authority Revenue TOB VRDO 1.120% 12/6/19   7,500   7,500
2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.120% 12/6/19   7,845   7,845
2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.120% 12/6/19   12,100   12,100
2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.120% 12/6/19   11,250   11,250
2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.130% 12/6/19   11,200   11,200
2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.130% 12/6/19   3,365   3,365
2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.130% 12/6/19   17,370   17,370
2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.130% 12/6/19   7,500   7,500
2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.130% 12/6/19   16,265   16,265
2 New York State Dormitory Authority TOB VRDO 1.120% 12/6/19   6,185   6,185
2 New York State Dormitory Authority TOB VRDO 1.130% 12/6/19   7,000   7,000
  New York State Energy Research & Development Authority Facilities Revenue (Consolidated Edison Co. of New York Inc.) VRDO 1.130% 12/6/19 LOC 4,600   4,600
  New York State Housing Finance Agency Housing Revenue (100 Maiden Lane) VRDO 1.030% 12/6/19 LOC 9,800   9,800
  New York State Housing Finance Agency Housing Revenue (20 River Terrace Housing) VRDO 1.100% 12/6/19 LOC 3,300   3,300
  New York State Housing Finance Agency Housing Revenue (600 W 42nd Street) VRDO 1.070% 12/6/19 LOC 11,200   11,200
  New York State Housing Finance Agency Housing Revenue (600 W 42nd Street) VRDO 1.110% 12/6/19 LOC 6,500   6,500
  New York State Housing Finance Agency Housing Revenue (8 East 102nd Street) VRDO 1.110% 12/6/19 LOC 10,000   10,000

 

17

 

 

New York Municipal Money Market Fund

 

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
  New York State Housing Finance Agency Housing Revenue (Dock Street Rental LLC) VRDO 1.080% 12/6/19 LOC 3,100   3,100
  New York State Housing Finance Agency Housing Revenue (Dock Street) VRDO 1.080% 12/6/19 LOC 17,155   17,155
  New York State Housing Finance Agency Housing Revenue (West 17th Street) VRDO 1.080% 12/6/19 LOC 19,800   19,800
  New York State Housing Finance Agency Housing Revenue (West 23rd Street) VRDO 1.150% 12/6/19 LOC 2,350   2,350
  New York State Housing Finance Agency Revenue (250 West 50th Street Project) VRDO 1.080% 12/6/19 LOC 42,700   42,700
  New York State Housing Finance Agency Revenue (Overlook Apartments) VRDO 1.120% 12/6/19 LOC 4,500   4,500
  New York State Housing Finance Agency Revenue (Sea Park West LP) VRDO 1.070% 12/6/19 LOC 14,100   14,100
  New York State Housing Finance Agency Revenue (Tower 31) VRDO 1.130% 12/6/19 LOC 63,000   63,000
  New York State Housing Finance Agency Revenue (Union Square South Housing) VRDO 1.080% 12/6/19 LOC 1,500   1,500
2 New York State Housing Finance Agency TOB VRDO 1.120% 12/6/19   6,665   6,665
  New York State Local Government Assistance Corp. Revenue VRDO 1.100% 12/6/19   1,725   1,725
  New York State Local Government Assistance Corp. Revenue VRDO 1.100% 12/6/19   20,750   20,750
  New York State Local Government Assistance Corp. Revenue VRDO 1.100% 12/6/19   67,100   67,100
2 New York State Mortgage Agency Homeowner Mortgage Revenue TOB VRDO 1.120% 12/6/19   3,365   3,365
  New York State Mortgage Agency Homeowner Mortgage Revenue VRDO 1.220% 12/2/19   10,880   10,880
  New York State Mortgage Agency Homeowner Mortgage Revenue VRDO 1.230% 12/2/19   7,800   7,800
  New York State Mortgage Agency Homeowner Mortgage Revenue VRDO 1.080% 12/6/19   2,500   2,500
  New York State Mortgage Agency Homeowner Mortgage Revenue VRDO 1.100% 12/6/19   47,060   47,060
  New York State Mortgage Agency Homeowner Mortgage Revenue VRDO 1.150% 12/6/19   15,000   15,000
  New York State Mortgage Agency Homeowner Mortgage Revenue VRDO 1.180% 12/6/19   5,425   5,425
  New York State Power Authority Revenue CP 1.390% 12/3/19   23,429   23,429
  New York State Power Authority Revenue CP 1.390% 12/3/19   4,000   4,000
  New York State Power Authority Revenue CP 1.400% 12/4/19   33,100   33,100
  New York State Power Authority Revenue CP 1.420% 12/4/19   37,416   37,416
  New York State Power Authority Revenue CP 1.150% 1/22/20   21,479   21,479
2 New York State Power Authority Revenue TOB VRDO 1.120% 12/6/19 (13)(1) 6,835   6,835
2 New York State Thruway Authority Revenue (Highway & Bridge Trust Fund) TOB VRDO 1.120% 12/6/19   5,170   5,170
2 New York State Thruway Authority Revenue (Highway & Bridge Trust Fund) TOB VRDO 1.120% 12/6/19   4,800   4,800

 

18

 

 

New York Municipal Money Market Fund

 

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
2 New York State Thruway Authority Revenue TOB VRDO 1.130% 12/6/19 LOC 8,155   8,155
2 New York State Urban Development Corp. Revenue (Personal Income Tax) TOB VRDO 1.120% 12/6/19   1,760   1,760
2 New York State Urban Development Corp. Revenue (Personal Income Tax) TOB VRDO 1.130% 12/6/19   5,850   5,850
2 New York State Urban Development Corp. Revenue (Personal Income Tax) TOB VRDO 1.130% 12/6/19   10,300   10,300
2 New York State Urban Development Corp.Revenue (Personal Income Tax) TOB VRDO 1.130% 12/6/19   3,750   3,750
  New York State Urban Development Corp. Revenue (Service Contract) VRDO 1.090% 12/6/19   9,650   9,650
  New York State Urban Development Corp. Revenue (Service Contract) VRDO 1.090% 12/6/19   27,550   27,550
  New York State Urban Development Corp. Revenue (Service Contract) VRDO 1.100% 12/6/19 LOC 30,470   30,470
  New York State Urban Development Corp.Revenue (Service Contract) VRDO 1.100% 12/6/19 LOC 9,215   9,215
2 New York State Urban Development Corp. Revenue TOB VRDO 1.130% 12/6/19   9,000   9,000
2 New York State Urban Development Corp. Revenue TOB VRDO 1.150% 12/6/19   1,440   1,440
  New York State Urban Development Corp. Revenue VRDO 1.100% 12/6/19   1,145   1,145
2 New York State Urban Development Corp. TOB VRDO 1.120% 12/6/19   6,890   6,890
2 New York State Urban Development Corp.TOB VRDO 1.130% 12/6/19   3,750   3,750
  Niagara NY Area Development Corp. Revenue (Niagara Falls Memorial Medical Center) VRDO 1.160% 12/6/19 LOC 4,515   4,515
2 Nuveen New York AMT-Free Quality Municipal Income Fund VRDP VRDO 1.140% 12/6/19 LOC 46,200   46,200
2 Nuveen New York AMT-Free Quality Municipal Income Fund VRDP VRDO 1.140% 12/6/19 LOC 22,000   22,000
2 Nuveen New York AMT-Free Quality Municipal Income Fund VRDP VRDO 1.140% 12/6/19 LOC 20,000   20,000
2 Nuveen New York AMT-Free Quality Municipal Income Fund VRDP VRDO 1.140% 12/6/19 LOC 48,700   48,700
2 Nuveen New York Quality Municipal Fund VRDP VRDO 1.210% 12/6/19 LOC 34,800   34,800
  Oceanside NY Union Free School District GO 2.000% 6/25/20   9,250   9,283
  Onondaga County NY Industrial Development Agency Civic Facility Revenue (Syracuse Home Association Project) VRDO 1.170% 12/6/19 LOC 4,130   4,130
  Port Authority of New York & New Jersey Revenue CP 1.290% 12/4/19   11,780   11,780
  Port Authority of New York & New Jersey Revenue CP 1.300% 12/11/19   7,010   7,010
  Port Authority of New York & New Jersey Revenue CP 1.300% 12/18/19   11,370   11,370
  Port Authority of New York & New Jersey Revenue CP 1.250% 1/2/20   2,025   2,025

 

19

 

 

New York Municipal Money Market Fund

 

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
  Port Authority of New York & New Jersey Revenue CP 1.340% 1/2/20   6,865   6,865
  Port Authority of New York & New Jersey Revenue CP 1.350% 1/29/20   4,115   4,115
  Port Authority of New York & New Jersey Revenue CP 1.250% 2/6/20   11,025   11,025
  Port Authority of New York & New Jersey Revenue CP 1.180% 2/12/20   12,915   12,915
  Port Authority of New York & New Jersey Revenue CP 1.170% 2/20/20   11,060   11,060
  Port Authority of New York & New Jersey Revenue CP 1.150% 3/4/20   9,070   9,070
  Port Authority of New York & New Jersey Revenue CP 1.190% 3/5/20   20,285   20,285
  Port Authority of New York & New Jersey Revenue CP 1.180% 3/19/20   12,160   12,160
2 Port Authority of New York & New Jersey Revenue TOB VRDO 1.120% 12/6/19   3,000   3,000
2 Port Authority of New York & New Jersey Revenue TOB VRDO 1.130% 12/6/19   8,500   8,500
2 Port Authority of New York & New Jersey Revenue TOB VRDO 1.170% 12/6/19   2,260   2,260
2 Port Authority of New York & New Jersey Revenue TOB VRDO 1.180% 12/6/19   6,500   6,500
2 Port Authority of New York & New Jersey TOB VRDO 1.170% 12/6/19   2,790   2,790
2 Regional Transportation Authority IL TOB VRDO 1.130% 12/6/19   7,500   7,500
  Scarsdale NY Union Free School District BAN 2.250% 6/26/20   10,287   10,335
  Sewanhaka NY Central High School District of Elmont TAN 2.000% 6/22/20   7,500   7,523
  Smithtown NY Central School District TAN 1.750% 6/26/20   43,000   43,099
  South Country NY Central School District of Brookhaven TAN 1.750% 6/25/20   20,000   20,045
  South Huntington NY Union Free School District TAN 1.750% 6/25/20   26,000   26,076
  Triborough Bridge & Tunnel Authority New York Revenue (MTA Bridges and Tunnels) VRDO 1.120% 12/2/19 LOC 16,710   16,710
2 Triborough Bridge & Tunnel Authority New York Revenue TOB VRDO 1.120% 12/6/19   9,780   9,780
2 Triborough Bridge & Tunnel Authority New York Revenue TOB VRDO 1.120% 12/6/19   14,000   14,000
2 Triborough Bridge & Tunnel Authority New York Revenue TOB VRDO 1.130% 12/6/19   3,750   3,750
2 Triborough Bridge & Tunnel Authority New York Revenue TOB VRDO 1.130% 12/6/19   4,195   4,195
  Triborough Bridge & Tunnel Authority New York Revenue VRDO 1.160% 12/2/19 LOC 3,460   3,460
  Triborough Bridge & Tunnel Authority New York Revenue VRDO 1.100% 12/6/19 LOC 2,410   2,410
  Ulster County NY BAN 1.750% 11/19/20   29,431   29,591
2 Utility Debt Securitization Authority New York Revenue TOB VRDO 1.120% 12/6/19   6,750   6,750
2 Utility Debt Securitization Authority New York Revenue TOB VRDO 1.120% 12/6/19   5,250   5,250

 

20

 

 

New York Municipal Money Market Fund

 

 

          Face   Market
      Maturity   Amount   Value•
    Coupon Date   ($000)   ($000)
2 Utility Debt Securitization Authority New York Revenue TOB VRDO 1.130% 12/6/19   1,000   1,000
  Vestal NY BAN 2.500% 5/8/20   10,211   10,245
  Webster NY Central School District BAN 2.250% 6/26/20   10,000   10,047
  West Babylon NY Union Free School District TAN 1.750% 6/25/20   15,000   15,034
  West Islip NY Union Free School District BAN 2.250% 6/22/20   9,500   9,548
  West Islip NY Union Free School District BAN 2.250% 7/22/20   18,700   18,806
  Westbury NY Union Free School District GO 2.500% 4/29/20   9,500   9,531
  Westhampton Beach NY BAN 1.750% 10/23/20   10,800   10,850
Total Tax-Exempt Municipal Bonds (Cost $3,423,626)           3,423,626

 

  Amount
  ($000)
Other Assets and Liabilities (0.9%)  
Other Assets  
Investment in Vanguard 159
Receivables for Investment Securities Sold 18,021
Receivables for Accrued Income 8,283
Receivables for Capital Shares Issued 5,600
Other Assets 5,494
Total Other Assets 37,557
Liabilities  
Payables for Investment Securities Purchased (3,610)
Payables for Capital Shares Redeemed (3,496)
Payables for Distributions (193)
Payables to Vanguard (258)
Total Liabilities (7,557)
Net Assets (100%)  
Applicable to 3,453,387,868 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 3,453,626
Net Asset Value Per Share $1.00

 

 

  
At November 30, 2019, net assets consisted of:  

 

  Amount
  ($000)
Paid-in Capital 3,453,618
Total Distributable Earnings (Loss) 8
Net Assets 3,453,626

 

•See Note A in Notes to Financial Statements.
1Adjustable-rate security; rate shown is effective rate at period end. Certain adjustable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.
2Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2019, the aggregate value of these securities was $1,082,675,000, representing 31.3% of net assets.
 A key to abbreviations and other references follows the Statement of Net Assets.

 

 

 

  

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

 

21

 

 

New York Municipal Money Market Fund

 

 

Key to Abbreviations

 

 

ARS—Auction Rate Security.

BAN—Bond Anticipation Note.

CMT—Constant Maturing Treasury Rate.

COP—Certificate of Participation.

CP—Commercial Paper.

FR—Floating Rate.

GAN—Grant Anticipation Note.

GO—General Obligation Bond.

LIBOR—London Interbank Offered Rate.

PILOT—Payments in Lieu of Taxes.

PUT—Put Option Obligation.

RAN—Revenue Anticipation Note.

SIFMA—Securities Industry and Financial Markets Association.

SOFR—Secured Overnight Financing Rate.

TAN—Tax Anticipation Note.

TOB—Tender Option Bond.

TRAN—Tax Revenue Anticipation Note.

VRDO—Variable Rate Demand Obligation.

VRDP—Variable Rate Demand Preferred.

(ETM)—Escrowed to Maturity.

(Prere.)—Prerefunded.

 

Scheduled principal and interest payments are guaranteed by:

(1) MBIA (Municipal Bond Investors Assurance).

(2) AMBAC (Ambac Assurance Corporation).

(3) FGIC (Financial Guaranty Insurance Company).

(4) AGM (Assured Guaranty Municipal Corporation).

(5) BIGI (Bond Investors Guaranty Insurance).

(6) Connie Lee Inc.

(7) FHA (Federal Housing Authority).

(8) CapMAC (Capital Markets Assurance Corporation).

(9) American Capital Access Financial Guaranty Corporation.

(10) XL Capital Assurance Inc.

(11) CIFG (CDC IXIS Financial Guaranty).

(12) AGC (Assured Guaranty Corporation).

(13) BHAC (Berkshire Hathaway Assurance Corporation).

(14) NPFG (National Public Finance Guarantee Corporation).

(15) BAM (Build America Mutual Assurance Company).

(16) MAC (Municipal Assurance Corporation).

(17) RAA (Radian Asset Assurance Inc.).

(18) SBLF (Michigan School Bond Loan Fund).

(19) TPSF (Texas Permanent School Fund).

The insurance does not guarantee the market value of the municipal bonds.

 

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

 

22

 

 

New York Municipal Money Market Fund

 

 

Statement of Operations

 

 

  Year Ended
  November 30, 2019
  ($000)
Investment Income  
Income  
Interest 52,244
Total Income 52,244
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 944
Management and Administrative 3,965
Marketing and Distribution 479
Custodian Fees 19
Auditing Fees 28
Shareholders’ Reports 16
Trustees’ Fees and Expenses 1
Total Expenses 5,452
Expenses Paid Indirectly (17)
Net Expenses 5,435
Net Investment Income 46,809
Realized Net Gain (Loss) on Investment Securities Sold 46
Net Increase (Decrease) in Net Assets Resulting from Operations 46,855

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

23

 

 

New York Municipal Money Market Fund

 

 

Statement of Changes in Net Assets

 

 

  Year Ended November 30,
  2019 2018
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 46,809 35,653
Realized Net Gain (Loss) 46 (1)
Net Increase (Decrease) in Net Assets Resulting from Operations 46,855 35,652
Distributions    
Net Investment Income (46,812) (35,651)
Realized Capital Gain — —
Total Distributions (46,812) (35,651)
Capital Share Transactions (at $1.00 per share)    
Issued 2,104,177 2,342,201
Issued in Lieu of Cash Distributions 43,491 33,556
Redeemed (1,908,137) (1,585,680)
Net Increase (Decrease) from Capital Share Transactions 239,531 790,077
Total Increase (Decrease) 239,574 790,078
Net Assets    
Beginning of Period 3,214,052 2,423,974
End of Period 3,453,626 3,214,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

24

 

 

New York Municipal Money Market Fund

 

 

Financial Highlights

 

 

For a Share Outstanding     Year Ended November 30,
Throughout Each Period 2019 2018 2017 2016 2015
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00
Investment Operations          
Net Investment Income .0141 .0121 .0071 .003 .0001
Net Realized and Unrealized Gain (Loss) on Investments — — — — —
Total from Investment Operations .014 .012 .007 .003 .0001
Distributions          
Dividends from Net Investment Income (.014) (.012) (.007) (.003) (.0001)
Distributions from Realized Capital Gains — — — — —
Total Distributions (.014) (.012) (.007) (.003) (.0001)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00
           
Total Return2 1.39% 1.24% 0.67% 0.26% 0.01%
           
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $3,454 $3,214 $2,424 $2,059 $2,190
Ratio of Total Expenses to Average Net Assets 0.16% 0.16% 0.16% 0.13%3 0.06%3
Ratio of Net Investment Income to Average Net Assets 1.38% 1.24% 0.67% 0.25% 0.01%

 

1Calculated based on average shares outstanding.
2Total 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.
3The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2016 and 0.16% for 2015. Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. The fund is not obligated to repay this amount to Vanguard.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

25

 

 

New York Municipal Money Market Fund

 

 

Notes to Financial Statements

 

 

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

 

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, 2016–2019), 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. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

 

4. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

 

The fund had no borrowings outstanding at November 30, 2019, 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.

 

26

 

 

New York Municipal Money Market Fund

 

 

 

 

 

B.  In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees, and are generally settled twice a month.

 

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2019, the fund had contributed to Vanguard capital in the amount of $159,000, representing less than 0.01% of the fund’s net assets and 0.06% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

 

C.  The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2019, custodian fee offset arrangements reduced the fund’s expenses by $17,000 (an annual rate of less than 0.01% of average net assets).

 

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

 

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.

 

At November 30, 2019, 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.

 

E.  Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.

 

27

 

 

New York Municipal Money Market Fund

 

 

 

 

 

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

 

  Amount
  ($000)
Undistributed Ordinary Income —
Undistributed Tax-Exempt Income 193
Undistributed Long-Term Gains —
Capital Loss Carryforwards (Non-expiring)* —
Net Unrealized Gains (Losses) —

 

*The fund used capital loss carryforwards of $7,000 to offset taxable capital gains realized during the year ended November 30, 2019.

 

As of November 30, 2019, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

 

  Amount
  ($000)
Tax Cost 3,423,626
Gross Unrealized Appreciation —
Gross Unrealized Depreciation —
Net Unrealized Appreciation (Depreciation) —

 

F.  The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2019, such purchases and sales were $289,560,000 and $391,930,000 respectively.

 

G.  Management has determined that no events or transactions occurred subsequent to November 30, 2019, that would require recognition or disclosure in these financial statements.

 

28

 

 

New York Long-Term Tax-Exempt Fund

 

 

Performance Summary

 

 

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

 

 

Cumulative Performance: November 30, 2009, Through November 30, 2019

Initial Investment of $10,000

 

 

 

    Average Annual Total Returns  
    Periods Ended November 30, 2019  
          Final Value
    One Five Ten of a $10,000
    Year Years Years Investment
New York Long-Term Tax-Exempt Fund Investor Shares 9.37% 3.91% 4.49% $15,516
Bloomberg Barclays NY Municipal Bond Index 8.09 3.41 4.14 15,003
Bloomberg Barclays Municipal Bond Index 8.49 3.57 4.34 15,300
           
           
          Final Value
    One Five Ten of a $50,000
    Year Years Years Investment
New York Long-Term Tax-Exempt Fund Admiral Shares 9.46% 4.00% 4.58% $78,234
Bloomberg Barclays NY Municipal Bond Index 8.09 3.41 4.14 75,016
Bloomberg Barclays Municipal Bond Index 8.49 3.57 4.34 76,500

 

 

 

 

 

 

 

 

See Financial Highlights for dividend and capital gains information.

29

 

 

New York Long-Term Tax-Exempt Fund

 

 

Distribution by Stated Maturity

As of November 30, 2019

 

Under 1 Year 3.8%
1 - 3 Years 3.2
3 - 5 Years 2.8
5 - 10 Years 11.3
10 - 20 Years 44.4
20 - 30 Years 30.3
Over 30 Years 4.2

 

30

 

 

 

New York Long-Term Tax-Exempt Fund

 

 

Financial Statements

 

 

Statement of Net Assets

As of November 30, 2019

 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
Tax-Exempt Municipal Bonds (99.4%)          
New York (99.0%)            
  Albany NY Capital Resource Corp. Revenue (St. Peter’s Hospital) 6.000% 11/15/20 (Prere.) 325   340
  Albany NY Capital Resource Corp. Revenue (St. Peter’s Hospital) 6.125% 11/15/20 (Prere.) 150   157
  Amherst NY Development Corp. Revenue (Daemen College Project) 5.000% 10/1/43   975   1,097
  Amherst NY Development Corp. Revenue (Daemen College Project) 5.000% 10/1/48   800   897
  Amherst NY Development Corp. Student Housing Facility Revenue 5.000% 10/1/20 (Prere.) 2,500   2,582
  Amherst NY Development Corp. Student Housing Facility Revenue 5.000% 10/1/20 (Prere.) 3,800   3,925
  Battery Park City NY Authority Revenue 4.000% 11/1/44   2,500   2,877
  Brooklyn NY Local Development Corp. PILOT Revenue (Barclays Center Project) 6.250% 1/15/20 (Prere.) 5,475   5,508
  Brooklyn NY Local Development Corp. PILOT Revenue (Barclays Center Project) 6.375% 1/15/20 (Prere.) 19,390   19,510
  Brooklyn NY Local Development Corp. PILOT Revenue (Barclays Center Project) 0.000% 7/15/31   10,890   7,712
  Brooklyn NY Local Development Corp. PILOT Revenue (Barclays Center Project) 0.000% 7/15/32   1,745   1,182
  Brooklyn NY Local Development Corp. PILOT Revenue (Barclays Center Project) 0.000% 7/15/33   2,210   1,441
  Brooklyn NY Local Development Corp. PILOT Revenue (Barclays Center Project) 0.000% 7/15/35   1,750   1,052
  Brooklyn NY Local Development Corp. PILOT Revenue (Barclays Center Project) 0.000% 7/15/45   3,050   1,197
  Brooklyn NY Local Development Corp. PILOT Revenue (Barclays Center Project) 0.000% 7/15/46   455   171
  Brooklyn NY Local Development Corp. PILOT Revenue (Brooklyn Events Center) 5.000% 7/15/22   1,250   1,358
  Brooklyn NY Local Development Corp. PILOT Revenue (Brooklyn Events Center) 5.000% 7/15/24   1,800   2,054
  Brooklyn NY Local Development Corp. PILOT Revenue (Brooklyn Events Center) 5.000% 7/15/25   1,655   1,930
  Brooklyn NY Local Development Corp. PILOT Revenue (Brooklyn Events Center) 5.000% 7/15/26   3,000   3,547
  Brooklyn NY Local Development Corp. PILOT Revenue (Brooklyn Events Center) 5.000% 7/15/30   5,990   7,019

 

31

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  Brooklyn NY Local Development Corp. PILOT Revenue (Brooklyn Events Center) 5.000% 7/15/42   3,290   3,738
  Buffalo & Erie County NY Industrial Land Development Corp. Revenue 5.000% 11/15/24   1,395   1,575
  Buffalo & Erie County NY Industrial Land Development Corp. Revenue 5.000% 7/1/25   2,015   2,386
  Buffalo & Erie County NY Industrial Land Development Corp. Revenue 5.000% 11/15/25   1,590   1,830
  Buffalo & Erie County NY Industrial Land Development Corp. Revenue 5.000% 11/15/37   5,515   6,169
  Buffalo & Erie County NY Industrial Land Development Corp. Revenue 5.000% 7/1/40   5,270   6,017
  Buffalo & Erie County NY Industrial Land Development Corp. Revenue (Catholic Health System Obligated Group) 5.000% 7/1/30   1,155   1,348
  Buffalo & Erie County NY Industrial Land Development Corp. Revenue (Catholic Health System Obligated Group) 5.250% 7/1/35   2,200   2,568
  Buffalo & Fort Erie NY Public Bridge Authority Revenue 5.000% 1/1/47   3,000   3,499
  Buffalo NY Municipal Water Finance Authority Revenue 5.000% 7/1/24   500   586
  Buffalo NY Municipal Water Finance Authority Revenue 5.000% 7/1/25   510   614
  Buffalo NY Municipal Water Finance Authority Revenue 5.000% 7/1/26   1,000   1,199
  Buffalo NY Municipal Water Finance Authority Revenue 5.000% 7/1/28   2,010   2,384
  Buffalo NY Municipal Water Finance Authority Revenue 5.000% 7/1/29   500   590
  Buffalo NY Municipal Water Finance Authority Revenue 3.000% 7/1/35 (4) 400   409
  Buffalo NY Municipal Water Finance Authority Revenue 3.000% 7/1/36 (4) 400   408
  Buffalo NY Municipal Water Finance Authority Revenue 3.000% 7/1/37 (4) 465   474
  Build NYC NY Resource Corp. Revenue (Children’s Aid Society) 5.000% 7/1/25   100   120
  Build NYC NY Resource Corp. Revenue (Children’s Aid Society) 5.000% 7/1/26   85   104
  Build NYC NY Resource Corp. Revenue (Children’s Aid Society) 5.000% 7/1/27   75   94
  Build NYC NY Resource Corp. Revenue (Children’s Aid Society) 5.000% 7/1/35   130   164
  Build NYC NY Resource Corp. Revenue (Children’s Aid Society) 4.000% 7/1/36   130   149
  Build NYC NY Resource Corp. Revenue (Children’s Aid Society) 4.000% 7/1/37   165   188
  Build NYC NY Resource Corp. Revenue (Children’s Aid Society) 4.000% 7/1/38   150   170
  Build NYC NY Resource Corp. Revenue (Children’s Aid Society) 3.000% 7/1/39   550   554
  Build NYC NY Resource Corp. Revenue (Children’s Aid Society) 4.000% 7/1/44   975   1,092

 

32

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  Build NYC NY Resource Corp. Revenue (Children’s Aid Society) 4.000% 7/1/49   1,400   1,565
  Copiague NY Union Free School District GO 3.000% 2/15/33   1,005   1,041
  Dobbs Ferry NY Local Development Corp. Revenue (Mercy College Project) 5.000% 7/1/39   2,715   3,061
  Dobbs Ferry NY Local Development Corp. Revenue (Mercy College Project) 5.000% 7/1/44   2,510   2,812
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/25   500   587
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/26   300   360
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/27   700   835
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/28   950   1,128
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/29   500   593
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/29   250   310
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/30   380   448
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/30   220   271
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/31   575   675
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/32   240   280
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/32   450   547
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/33   200   233
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/33   450   545
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/36   170   197
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/41   415   475

 

33

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) 5.000% 7/1/46   300   342
  Dutchess County NY Local Development Corp. Revenue (Health Quest Systems Inc. Project) 5.000% 7/1/24 (Prere.) 655   763
  Dutchess County NY Local Development Corp. Revenue (Health Quest Systems Inc. Project) 5.000% 7/1/24 (Prere.) 2,000   2,329
  Dutchess County NY Local Development Corp. Revenue (Health Quest Systems Inc. Project) 5.000% 7/1/28   1,505   1,815
  Dutchess County NY Local Development Corp. Revenue (Health Quest Systems Inc. Project) 5.000% 7/1/28   2,000   2,412
  Dutchess County NY Local Development Corp. Revenue (Health Quest Systems Inc. Project) 5.000% 7/1/29   1,595   1,914
  Dutchess County NY Local Development Corp. Revenue (Marist College Project) 5.000% 7/1/45   1,240   1,433
  Dutchess County NY Local Development Corp. Revenue (Nuvance Health) 4.000% 7/1/34   1,635   1,858
  Dutchess County NY Local Development Corp. Revenue (Nuvance Health) 4.000% 7/1/35   1,000   1,133
  Dutchess County NY Local Development Corp. Revenue (Nuvance Health) 4.000% 7/1/37   1,100   1,242
  Dutchess County NY Local Development Corp. Revenue (Nuvance Health) 4.000% 7/1/38   1,000   1,126
  Dutchess County NY Local Development Corp. Revenue (Nuvance Health) 4.000% 7/1/44   3,810   4,230
  Dutchess County NY Local Development Corp. Revenue (Nuvance Health) 4.000% 7/1/49   6,600   7,283
  Dutchess County NY Local Development Corp. Revenue (Vassar College Project) 5.000% 7/1/33   1,105   1,342
  Dutchess County NY Local Development Corp. Revenue (Vassar College Project) 5.000% 7/1/34   1,345   1,633
  Dutchess County NY Local Development Corp. Revenue (Vassar College Project) 5.000% 7/1/35   1,200   1,455
  Dutchess County NY Local Development Corp. Revenue (Vassar College Project) 5.000% 7/1/37   1,000   1,205
  Dutchess County NY Local Development Corp. Revenue (Vassar College Project) 5.000% 7/1/42   7,250   8,665
  Dutchess County NY Local Development Corp. Revenue (Vassar College Project) 4.000% 7/1/46   5,500   6,020
  Erie County NY Fiscal Stability Authority Revenue 4.000% 9/1/31   1,000   1,158
  Erie County NY Fiscal Stability Authority Revenue 4.000% 9/1/33   600   690
  Erie County NY Fiscal Stability Authority Revenue 5.000% 9/1/39   1,010   1,237
  Erie County NY GO 5.000% 4/1/25   560   607
  Haverstraw-Stony Point NY Central School District GO 3.000% 10/15/29   2,250   2,428

 

34

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  Haverstraw-Stony Point NY Central School District GO 3.000% 10/15/30   2,000   2,131
  Haverstraw-Stony Point NY Central School District GO 5.000% 10/15/31 (4) 1,100   1,246
  Haverstraw-Stony Point NY Central School District GO 5.000% 10/15/33 (4) 300   339
  Haverstraw-Stony Point NY Central School District GO 5.000% 10/15/36 (4) 1,000   1,127
  Hempstead NY GO 4.000% 4/1/29 (4) 6,000   6,774
  Hempstead NY Local Development Corp. Revenue (Adelphi University) 5.000% 9/1/43   5,000   5,533
  Hempstead NY Local Development Corp. Revenue (Hofstra University) 5.000% 7/1/22   2,130   2,251
  Hempstead NY Local Development Corp. Revenue (Hofstra University) 5.000% 7/1/41   2,815   2,960
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/27   1,740   2,113
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/29   2,170   2,450
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/30   670   800
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/32   370   437
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/34   1,800   1,999
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/38   480   559
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/38   870   1,030
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/39   1,645   1,813
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/43   1,025   1,201
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/44   1,670   1,830
  Hempstead NY Local Development Corp. Revenue (Molloy College) 5.000% 7/1/48   1,100   1,284
  Hudson Yards Infrastructure Corp. New York Revenue 5.250% 2/15/21 (Prere.) 350   368
  Hudson Yards Infrastructure Corp. New York Revenue 5.750% 2/15/21 (Prere.) 17,665   18,657
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/31   5,000   6,137
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/32   2,500   3,058
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/33   2,000   2,438
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/34   14,000   17,018
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/36   5,200   6,285
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/37   3,600   4,338

 

35

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/38   3,000   3,604
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/39   4,500   5,396
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/42   17,750   21,157
  Hudson Yards Infrastructure Corp. New York Revenue 4.000% 2/15/44   11,000   12,126
  Hudson Yards Infrastructure Corp. New York Revenue 5.000% 2/15/45   9,500   11,270
  Hudson Yards Infrastructure Corp. New York Revenue 5.250% 2/15/47   7,575   7,916
  Hudson Yards Infrastructure Corp. New York Revenue 5.750% 2/15/47   10,860   11,421
  Johnstown NY City School District GO 3.000% 6/15/33   1,935   2,006
  Long Island NY Power Authority Electric System Revenue 0.000% 6/1/24 (4) 19,830   18,469
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/25   1,500   1,653
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/26   3,400   3,741
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/26   1,000   1,202
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/26   520   638
  Long Island NY Power Authority Electric System Revenue 0.000% 6/1/27 (4) 15,905   13,784
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/27   865   1,082
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/28   1,010   1,204
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/29   1,550   1,698
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/29   1,000   1,242
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/30   1,010   1,247
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/33   750   917
  Long Island NY Power Authority Electric System Revenue 4.000% 9/1/34   12,550   14,357
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/34   4,500   5,180
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/34   1,050   1,281
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/35   6,000   6,890
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/35   1,500   1,825
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/35   2,400   2,960
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/36   2,000   2,386

 

36

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/36   2,285   2,811
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/37   7,625   8,302
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/37   2,150   2,635
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/38   2,150   2,628
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/39   5,500   6,285
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/41   2,500   2,950
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/42   7,500   8,985
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/44   17,550   19,879
  Long Island NY Power Authority Electric System Revenue 5.000% 9/1/47   4,000   4,756
  Long Island NY Power Authority Electric System Revenue PUT 1.650% 9/1/24   5,000   5,012
  Madison County NY Capital Resource Corp. Revenue (Colgate University Project) 5.000% 7/1/40   1,495   1,731
  Madison County NY Capital Resource Corp. Revenue (Colgate University Project) 5.000% 7/1/43   6,000   6,916
  Metropolitan Transportation Authority NY BANS 5.000% 5/15/22   7,000   7,607
  Metropolitan Transportation Authority NY Revenue 5.250% 11/15/24 (2) 10,000   11,894
  Metropolitan Transportation Authority NY Revenue 4.000% 11/15/41   155   169
  Metropolitan Transportation Authority NY Revenue 5.000% 11/15/44 (4) 10,000   11,964
  Metropolitan Transportation Authority NY Revenue 5.000% 11/15/52 (15) 5,000   5,982
  Metropolitan Transportation Authority NY Revenue PUT 5.000% 11/15/24   17,500   20,349
  Metropolitan Transportation Authority Revenue 0.000% 11/15/33   500   348
  Monroe County NY Industrial Development Corp. Mortgage Revenue (Unity Hospital Rochester Project) 5.500% 8/15/23   430   432
  Monroe County NY Industrial Development Corp. Mortgage Revenue (Unity Hospital Rochester Project) 5.750% 8/15/30   3,500   3,696
  Monroe County NY Industrial Development Corp. Mortgage Revenue (Unity Hospital Rochester Project) 5.750% 8/15/35   3,000   3,168
  Monroe County NY Industrial Development Corp. Mortgage Revenue (Unity Hospital Rochester Project) 5.500% 8/15/40   3,700   3,882
  Monroe County NY Industrial Development Corp. Revenue (Nazareth College of Rochester Project) 5.000% 10/1/22   340   372

 

37

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  Monroe County NY Industrial Development Corp. Revenue (Nazareth College of Rochester Project) 5.000% 10/1/23   470   527
  Monroe County NY Industrial Development Corp. Revenue (Nazareth College of Rochester Project) 5.000% 10/1/32   600   712
  Monroe County NY Industrial Development Corp. Revenue (Nazareth College of Rochester Project) 4.000% 10/1/47   1,300   1,381
  Monroe County NY Industrial Development Corp. Revenue (Rochester General Hospital) 5.000% 12/1/27   1,550   1,876
  Monroe County NY Industrial Development Corp. Revenue (Rochester General Hospital) 5.000% 12/1/29   1,000   1,203
  Monroe County NY Industrial Development Corp. Revenue (Rochester General Hospital) 5.000% 12/1/34   1,100   1,299
  Monroe County NY Industrial Development Corp. Revenue (Rochester General Hospital) 5.000% 12/1/35   1,055   1,245
  Monroe County NY Industrial Development Corp. Revenue (Rochester General Hospital) 5.000% 12/1/36   1,100   1,294
  Monroe County NY Industrial Development Corp. Revenue (Rochester General Hospital) 5.000% 12/1/37   2,600   2,829
  Monroe County NY Industrial Development Corp. Revenue (Rochester General Hospital) 5.000% 12/1/42   5,635   6,105
  Monroe County NY Industrial Development Corp. Revenue (Rochester General Hospital) 5.000% 12/1/46   5,000   5,754
  Monroe County NY Industrial Development Corp. Revenue (St. John Fisher College Project) 5.500% 6/1/39   1,500   1,737
  Monroe County NY Industrial Development Corp. Revenue (St. John Fisher College Project) 5.000% 6/1/44   2,500   2,792
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 5.000% 7/1/23 (Prere.) 4,880   5,572
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 5.000% 7/1/29   1,250   1,494
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 5.000% 7/1/31   2,000   2,498
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 5.000% 7/1/31   1,000   1,188
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 4.000% 7/1/32   1,780   2,027
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 4.000% 7/1/32   1,295   1,475
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 5.000% 7/1/32   1,640   1,944

 

38

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 4.000% 7/1/33   1,650   1,873
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 5.000% 7/1/33   1,400   1,655
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 4.000% 7/1/36   1,000   1,124
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 4.000% 7/1/36   900   1,012
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 5.000% 7/1/36   1,000   1,219
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 5.000% 7/1/37   1,000   1,169
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 4.000% 7/1/39   1,500   1,630
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 4.000% 7/1/43   5,000   5,520
  Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) 5.000% 7/1/45   4,030   4,618
  Mount Vernon NY School District GO 4.000% 12/1/32   2,480   2,871
  Mount Vernon NY School District GO 4.000% 12/1/33   2,370   2,735
  Nassau County NY GO 5.000% 7/1/31 (4) 4,585   5,725
  Nassau County NY GO 5.000% 4/1/34   5,740   6,474
  Nassau County NY Local Economic Assistance & Financing Corp. Revenue (South Nassau Communities Hospital) 5.000% 7/1/21   715   754
  Nassau County NY Local Economic Assistance & Financing Corp. Revenue (South Nassau Communities Hospital) 5.000% 7/1/22   2,250   2,441
  Nassau County NY Local Economic Assistance & Financing Corp. Revenue (South Nassau Communities Hospital) 5.000% 7/1/27   7,775   8,389
  Nassau County NY Local Economic Assistance & Financing Corp. Revenue (South Nassau Communities Hospital) 5.000% 7/1/31   2,000   2,149
  Nassau County NY Local Economic Assistance & Financing Corp. Revenue (South Nassau Communities Hospital) 5.000% 7/1/37   1,000   1,067
  Nassau County NY Local Economic Assistance & Financing Corp. Revenue (Winthrop University Hospital Association Project) 5.000% 7/1/27   4,000   4,328
  Nassau County NY Local Economic Assistance & Financing Corp. Revenue (Winthrop University Hospital Association Project) 5.000% 7/1/32   1,535   1,648

 

39

 

 

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% 7/1/37   8,245   8,828
  Nassau County NY Local Economic Assistance & Financing Corp. Revenue (Winthrop University Hospital Association Project) 5.000% 7/1/42   3,025   3,223
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/23   700   784
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/23   125   140
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/24   500   575
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/24   125   144
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/25   1,400   1,608
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/28   1,500   1,701
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/28   1,690   1,916
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/29   1,565   1,770
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/30   1,750   1,968
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/31   1,000   1,118
  Nassau County NY Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island Obligated Group Project) 5.000% 7/1/34   2,170   2,410
  New Rochelle NY Corporate Local Development Revenue (Iona College Project) 5.000% 7/1/22   270   291
  New Rochelle NY Corporate Local Development Revenue (Iona College Project) 5.000% 7/1/25   325   375
  New Rochelle NY Corporate Local Development Revenue (Iona College Project) 5.000% 7/1/26   335   385
  New Rochelle NY Corporate Local Development Revenue (Iona College Project) 5.000% 7/1/27   425   488
  New Rochelle NY Corporate Local Development Revenue (Iona College Project) 5.000% 7/1/28   375   429
  New Rochelle NY Corporate Local Development Revenue (Iona College Project) 5.000% 7/1/33   1,135   1,288
  New Rochelle NY Corporate Local Development Revenue (Iona College Project) 5.000% 7/1/35   1,000   1,130

 

40

 

 

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% 7/1/40   1,250   1,401
  New Rochelle NY Corporate Local Development Revenue (Iona College Project) 5.000% 7/1/45   2,030   2,265
  New York City NY Build NYC Resource Corp. Revenue (Ethical Culture Fieldston Project) 5.000% 6/1/24   750   862
  New York City NY Build NYC Resource Corp. Revenue (Methodist Hospital Project) 5.000% 7/1/23   1,400   1,574
  New York City NY Build NYC Resource Corp. Revenue (Methodist Hospital Project) 5.000% 7/1/25   1,325   1,521
  New York City NY Build NYC Resource Corp. Revenue (Methodist Hospital Project) 5.000% 7/1/27   1,000   1,140
  New York City NY Build NYC Resource Corp. Revenue (New York Law School Project) 5.000% 7/1/20   1,775   1,810
  New York City NY Build NYC Resource Corp. Revenue (New York Law School Project) 5.000% 7/1/21   1,875   1,971
  New York City NY Build NYC Resource Corp. Revenue (New York Law School Project) 5.000% 7/1/22   3,010   3,253
  New York City NY Build NYC Resource Corp. Revenue (New York Law School Project) 5.000% 7/1/29   1,890   2,163
  New York City NY Build NYC Resource Corp. Revenue (New York Law School Project) 5.000% 7/1/36   5,000   5,626
  New York City NY Build NYC Resource Corp. Revenue (New York Law School Project) 5.000% 7/1/41   1,875   2,087
  New York City NY Build NYC Resource Corp. Revenue (Queens College) 5.000% 6/1/27   200   232
  New York City NY Build NYC Resource Corp. Revenue (Queens College) 5.000% 6/1/28   270   312
  New York City NY Build NYC Resource Corp. Revenue (Queens College) 5.000% 6/1/29   225   259
  New York City NY Build NYC Resource Corp. Revenue (Queens College) 5.000% 6/1/30   310   356
  New York City NY Build NYC Resource Corp. Revenue (Queens College) 5.000% 6/1/32   660   758
  New York City NY Build NYC Resource Corp. Revenue (Queens College) 5.000% 6/1/33   660   757
  New York City NY Build NYC Resource Corp. Revenue (Queens College) 5.000% 6/1/34   580   665
  New York City NY Build NYC Resource Corp. Revenue (Queens College) 5.000% 6/1/38   1,000   1,138
  New York City NY Build NYC Resource Corp. Revenue (YMCA of Greater New York) 5.000% 8/1/29   1,000   1,159
  New York City NY Build NYC Resource Corp. Revenue (YMCA of Greater New York) 4.000% 8/1/36   1,130   1,213
  New York City NY Educational Construction Fund 5.000% 4/1/36   3,100   3,861
  New York City NY Educational Construction Fund 5.000% 4/1/37   2,850   3,538
  New York City NY GO 5.000% 8/1/22   2,535   2,793
  New York City NY GO 5.000% 8/1/24   3,390   3,970
  New York City NY GO 5.000% 8/1/24   2,965   3,472
  New York City NY GO 5.000% 8/1/25   9,300   11,197
  New York City NY GO 5.000% 8/1/25   2,360   2,634
  New York City NY GO 5.000% 8/1/26   3,140   3,814

 

41

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York City NY GO 5.000% 8/1/27   4,560   5,307
  New York City NY GO 5.000% 8/1/28   3,710   4,001
  New York City NY GO 5.000% 8/1/28   3,000   3,586
  New York City NY GO 5.000% 8/1/28   2,320   2,926
  New York City NY GO 5.000% 8/1/29   5,010   5,887
  New York City NY GO 5.000% 8/1/29   3,515   4,235
  New York City NY GO 5.000% 8/1/29   5,070   6,182
  New York City NY GO 5.000% 8/1/29   5,195   6,525
  New York City NY GO 5.000% 8/1/30   6,220   7,005
  New York City NY GO 5.000% 8/1/30   2,335   2,663
  New York City NY GO 5.000% 8/1/30   3,000   3,558
  New York City NY GO 5.000% 8/1/30   5,050   6,128
  New York City NY GO 5.000% 8/1/30   4,720   5,728
  New York City NY GO 5.000% 8/1/30   4,000   5,000
  New York City NY GO 5.000% 3/1/31   6,000   6,671
  New York City NY GO 4.000% 8/1/31   2,775   3,132
  New York City NY GO 5.000% 8/1/31   1,500   1,642
  New York City NY GO 5.000% 8/1/31   2,000   2,309
  New York City NY GO 5.000% 8/1/31   8,550   10,213
  New York City NY GO 5.000% 8/1/31   1,440   1,789
  New York City NY GO 5.000% 8/1/31   7,810   9,607
  New York City NY GO 5.000% 12/1/31   1,770   2,157
  New York City NY GO 5.000% 3/1/32   5,000   5,554
  New York City NY GO 4.000% 8/1/32   1,935   2,176
  New York City NY GO 5.000% 8/1/32   2,985   3,171
  New York City NY GO 5.000% 8/1/32   8,770   10,224
  New York City NY GO 5.000% 8/1/32   3,735   4,624
  New York City NY GO 5.000% 8/1/32   1,250   1,581
  New York City NY GO 5.000% 3/1/33   7,500   8,321
  New York City NY GO 5.000% 8/1/33   2,875   3,417
  New York City NY GO 5.000% 8/1/33   1,010   1,134
  New York City NY GO 5.000% 8/1/33   1,145   1,377
  New York City NY GO 5.000% 8/1/33   1,000   1,259
  New York City NY GO 5.000% 10/1/33   6,500   7,136
  New York City NY GO 4.000% 8/1/34   4,535   5,149
  New York City NY GO 5.000% 8/1/34   2,000   2,508
  New York City NY GO 5.000% 8/1/34   2,260   2,834
  New York City NY GO 5.000% 10/1/34   2,000   2,194
  New York City NY GO 5.000% 12/1/34   5,000   6,248
  New York City NY GO 5.000% 8/1/35   3,500   3,711
  New York City NY GO 5.000% 10/1/35   1,945   2,370
  New York City NY GO 5.000% 12/1/35   2,500   3,013
  New York City NY GO 5.000% 6/1/36   910   1,064
  New York City NY GO 4.000% 8/1/36   2,500   2,777
  New York City NY GO 5.000% 10/1/36   3,000   3,195
  New York City NY GO 5.000% 10/1/36   5,000   6,079
  New York City NY GO 5.000% 3/1/37   6,790   7,502
  New York City NY GO 5.000% 3/1/37   7,500   9,185
  New York City NY GO 5.000% 8/1/37   4,000   4,759
  New York City NY GO 5.000% 3/1/38   7,500   9,154
  New York City NY GO 5.000% 4/1/38   1,000   1,222
  New York City NY GO 5.000% 8/1/38   10,000   11,863
  New York City NY GO 5.000% 10/1/38   6,500   7,857
  New York City NY GO 5.000% 10/1/39   8,910   10,740

 

42

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York City NY GO 4.000% 10/1/41   6,000   6,672
  New York City NY GO 4.000% 12/1/41   1,215   1,368
  New York City NY GO 5.000% 12/1/41   8,000   9,487
  New York City NY GO 4.000% 3/1/42   7,000   7,809
  New York City NY GO 4.000% 12/1/42   3,835   4,309
  New York City NY GO 5.000% 4/1/43   5,000   6,030
  New York City NY GO 4.000% 12/1/43   1,835   2,012
  New York City NY GO 4.000% 12/1/43   2,415   2,708
  New York City NY GO 4.000% 8/1/44   9,205   10,385
  New York City NY GO 5.000% 4/1/45   5,000   6,009
1 New York City NY GO TOB VRDO 1.200% 12/2/19 LOC 9,125   9,125
  New York City NY GO VRDO 1.130% 12/2/19   2,770   2,770
  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   1,124
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 5.250% 7/1/28   2,700   3,037
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 5.250% 7/1/29   3,035   3,406
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 5.250% 7/1/30   2,605   2,917
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 3.700% 11/1/30   3,000   3,186
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 3.600% 11/1/33   4,000   4,285
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 3.700% 11/15/34   5,000   5,267
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 3.550% 11/1/35   3,000   3,142
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 3.750% 11/1/40   3,000   3,134
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 5.000% 11/1/42   2,600   2,637
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 4.250% 11/1/43   11,000   11,971
  New York City NY Housing Development Corp. Multi-Family Housing Revenue 4.000% 11/1/53   15,000   15,843
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 2.800% 5/1/28   2,025   2,144
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 2.850% 11/1/28   3,195   3,386
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 2.900% 5/1/29   3,480   3,667
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 2.950% 11/1/29   1,670   1,756
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 3.100% 5/1/30   1,300   1,376

 

43

 

 

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 (Sustainable Neighborhood) 3.125% 11/1/30   2,000   2,116
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 3.150% 5/1/31   1,325   1,398
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 3.400% 11/1/39   3,000   3,127
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 3.800% 11/1/39   2,355   2,518
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 4.000% 11/1/43   5,800   6,201
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 3.800% 11/1/47   1,000   1,052
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 3.900% 11/1/48   4,000   4,215
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 4.050% 11/1/48   4,040   4,304
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 3.650% 11/1/49   3,550   3,702
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 3.950% 11/1/49   3,500   3,715
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) 3.750% 11/1/54   3,225   3,373
  New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood) PUT 1.750% 7/3/23   4,000   4,015
  New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT 2.950% 2/1/26   7,000   7,380
  New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT 2.950% 2/1/26   5,000   5,271
  New York City NY Housing Development Corp. Multi-Family Mortgage Revenue (8 Spruce Street) 3.500% 2/15/48   9,250   9,633
  New York City NY Housing Development Corp. Revenue 5.000% 7/1/25   4,220   4,749
  New York City NY Housing Development Corp. Revenue 5.250% 7/1/30   15,000   16,796
  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   4,865   5,226
  New York City NY Industrial Development Agency PILOT Revenue (Queens Baseball Stadium Project) 6.125% 1/1/29 (12) 1,750   1,757

 

44

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York City NY Industrial Development Agency PILOT Revenue (Queens Baseball Stadium Project) 6.375% 1/1/39 (12) 4,000   4,015
  New York City NY Industrial Development Agency PILOT Revenue (Yankee Stadium Project) 0.000% 3/1/34 (12) 5,285   3,589
  New York City NY Industrial Development Agency PILOT Revenue (Yankee Stadium Project) 0.000% 3/1/35 (12) 4,305   2,826
  New York City NY Industrial Development Agency PILOT Revenue (Yankee Stadium Project) 7.000% 3/1/49 (12) 14,550   14,623
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 0.000% 6/15/21   4,490   4,406
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/21 (Prere.) 15,385   16,336
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/21 (Prere.) 10,010   10,629
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/28   2,545   3,033
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/32   7,385   7,797
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/32   3,000   3,592
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/34   6,125   6,854
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/34   3,000   3,583
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/35   10,000   11,167
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/35   3,000   3,577
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/36   10,035   11,484
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/36   7,500   9,109
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/36   3,000   3,570
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 4.000% 6/15/37   11,150   12,518
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/37   2,500   2,935
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/37   4,965   5,829
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/37   10,000   12,102
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/38   10,000   12,028
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 4.000% 6/15/39   5,025   5,610
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/39   7,500   8,790
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/39   6,915   8,105

 

45

 

 

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% 6/15/39   10,000   11,726
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 4.000% 6/15/40   7,000   7,981
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/40   3,340   4,093
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 4.000% 6/15/41   15,000   17,032
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/44   8,470   9,034
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/45   8,545   9,709
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/46   24,465   27,084
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/46   14,445   16,799
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/46   15,000   17,861
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/47   7,455   8,459
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/47   10,500   12,460
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/48   4,805   5,713
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 4.000% 6/15/49   7,000   7,784
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue 5.000% 6/15/49   6,000   7,263
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.130% 12/2/19   6,440   6,440
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.160% 12/2/19   1,355   1,355
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.160% 12/2/19   3,400   3,400
  New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO 1.160% 12/2/19   33,315   33,315
  New York City NY Sales Tax Asset Receivable Corp. Revenue 5.000% 10/15/29   10,000   11,762
  New York City NY Sales Tax Asset Receivable Corp. Revenue 5.000% 10/15/30   2,775   3,260
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/26   1,970   2,328
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/28   2,805   3,078
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/29   5,000   5,487
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/31   1,585   1,681
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/31   4,295   4,710

 

46

 

 

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   2,820   3,534
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/32   3,750   4,682
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/32   1,910   2,385
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/32   5,215   6,396
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/33   8,205   8,975
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/33   5,000   5,816
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/33   5,000   6,232
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/34   2,500   2,943
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/34   3,000   3,726
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/35   4,745   5,767
  New York City NY Transitional Finance Authority Building Aid Revenue 4.000% 7/15/36   3,100   3,487
  New York City NY Transitional Finance Authority Building Aid Revenue 4.000% 7/15/36   3,520   4,009
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/36   5,000   5,800
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/36   5,000   6,173
  New York City NY Transitional Finance Authority Building Aid Revenue 4.000% 7/15/37   5,050   5,727
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/37   8,000   9,836
  New York City NY Transitional Finance Authority Building Aid Revenue 5.250% 7/15/37   3,250   3,454
  New York City NY Transitional Finance Authority Building Aid Revenue 4.000% 7/15/38   14,190   16,033
  New York City NY Transitional Finance Authority Building Aid Revenue 4.000% 7/15/38   5,000   5,650
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/38   3,000   3,675
  New York City NY Transitional Finance Authority Building Aid Revenue 4.000% 7/15/39   3,000   3,382
  New York City NY Transitional Finance Authority Building Aid Revenue 4.000% 7/15/40   5,000   5,476
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/40   5,200   5,491
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/40   9,410   10,880
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/40   2,000   2,341
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/41   2,000   2,338
  New York City NY Transitional Finance Authority Building Aid Revenue 5.000% 7/15/43   1,410   1,624

 

47

 

 

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% 7/15/43   3,000   3,633
  New York City NY Transitional Finance Authority Building Aid Revenue 4.000% 7/15/45   5,000   5,626
  New York City NY Transitional Finance Authority Building Aid Revenue 4.000% 7/15/46   3,000   3,335
  New York City NY Transitional Finance Authority Building Aid Revenue 3.500% 7/15/47   8,510   8,878
  New York City NY Transitional Finance Authority Building Aid Revenue 3.000% 7/15/49   5,000   5,015
1 New York City NY Transitional Finance Authority Building Aid Revenue TOB VRDO 1.120% 12/6/19   2,475   2,475
  New York City NY Transitional Finance Authority Future Tax Revenue 5.500% 11/1/20 (Prere.) 1,305   1,358
  New York City NY Transitional Finance Authority Future Tax Revenue 5.250% 2/1/21 (Prere.) 185   194
  New York City NY Transitional Finance Authority Future Tax Revenue 5.250% 2/1/21 (Prere.) 1,225   1,285
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 11/1/27   2,530   3,008
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 11/1/29   5,050   6,055
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/30   4,825   5,612
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 2/1/31   2,500   2,935
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 11/1/31   5,850   6,453
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 2/1/32   7,300   8,099
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 11/1/32   5,370   6,414
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 11/1/32   12,000   14,646
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/33   10,275   12,171
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 11/1/33   9,500   11,323
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 2/1/34   2,195   2,429
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 5/1/34   5,035   5,611
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/34   10,000   11,526
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 11/1/34   3,880   4,390
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 2/1/35   10,000   10,744
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 2/1/35   5,500   6,642
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 8/1/35   3,600   4,057
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 2/1/36   4,000   4,465

 

48

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 5/1/36   2,000   2,381
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 8/1/36   5,000   5,638
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/36   11,600   13,324
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 8/1/37   5,020   5,635
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/37   5,000   5,863
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/38   10,000   11,911
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 5/1/39   4,965   5,966
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 5/1/40   4,000   4,723
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 11/1/40   7,000   7,925
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 2/1/41   15,000   17,292
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 2/1/42   3,505   3,751
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 8/1/42   5,000   5,537
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 8/1/42   1,845   2,043
  New York City NY Transitional Finance Authority Future Tax Revenue 5.000% 8/1/42   2,500   2,853
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 5/1/43   1,000   1,114
  New York City NY Transitional Finance Authority Future Tax Revenue 4.000% 5/1/44   9,000   10,008
  New York City NY Transitional Finance Authority Future Tax Revenue VRDO 1.130% 12/2/19   1,500   1,500
  New York City NY Transitional Finance Authority Future Tax Revenue VRDO 1.160% 12/2/19   2,125   2,125
  New York City NY Transitional Finance Authority Revenue 5.000% 8/1/35   2,750   3,407
  New York City NY Transitional Finance Authority Revenue 3.000% 8/1/42   1,960   1,992
  New York City NY Transitional Finance Authority Revenue 3.000% 5/1/45   3,000   3,054
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/25   250   304
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/26   275   342
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/27   275   349
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/28   385   498
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/29   350   460
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/30   400   524

 

49

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/31   500   652
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/32   350   455
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/33   450   584
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/34   400   516
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/35   500   643
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/36   750   962
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/37   500   639
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/38   500   637
  New York City NY Trust for Cultural Resources Revenue (Carnegie Hall Corp.) 5.000% 12/1/39   605   769
  New York City NY Trust for Cultural Resources Revenue (Wildlife Conservation Society) 5.000% 8/1/33   4,000   4,482
  New York Convention Center Development Corp. Revenue 0.000% 11/15/32   2,000   1,454
  New York Convention Center Development Corp. Revenue 0.000% 11/15/33   2,000   1,407
  New York Convention Center Development Corp. Revenue 5.000% 11/15/33   4,345   5,162
  New York Convention Center Development Corp. Revenue 0.000% 11/15/34   3,000   2,042
  New York Convention Center Development Corp. Revenue 0.000% 11/15/36   6,000   3,820
  New York Convention Center Development Corp. Revenue 0.000% 11/15/37   2,340   1,432
  New York Convention Center Development Corp. Revenue 0.000% 11/15/38   3,500   2,067
  New York Convention Center Development Corp. Revenue 0.000% 11/15/39   4,000   2,283
  New York Convention Center Development Corp. Revenue 5.000% 11/15/40   12,915   15,195
  New York Convention Center Development Corp. Revenue 0.000% 11/15/41   8,570   4,530
  New York Convention Center Development Corp. Revenue 0.000% 11/15/44 (4) 11,075   5,356
  New York Convention Center Development Corp. Revenue 5.000% 11/15/45   4,035   4,715
  New York Convention Center Development Corp. Revenue 0.000% 11/15/46   6,915   3,031
  New York Convention Center Development Corp. Revenue 5.000% 11/15/46   13,640   16,162
1 New York Counties Tobacco Trust Revenue 6.250% 6/1/41   10,000   10,134
  New York Liberty Development Corp. Revenue 5.125% 1/15/20 (Prere.) 24,000   24,116
  New York Liberty Development Corp. Revenue 5.625% 1/15/20 (Prere.) 6,055   6,088

 

50

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York Liberty Development Corp. Revenue 6.375% 1/15/20 (Prere.) 18,225   18,338
  New York Liberty Development Corp. Revenue 5.000% 11/15/31   2,845   3,046
  New York Liberty Development Corp. Revenue 5.000% 12/15/41   11,750   12,591
  New York Liberty Development Corp. Revenue 5.000% 9/15/43   14,360   15,406
  New York Liberty Development Corp. Revenue 5.250% 12/15/43   6,750   7,277
  New York Liberty Development Corp. Revenue 5.000% 11/15/44   20,000   21,263
  New York Liberty Development Corp. Revenue 5.125% 11/15/44   4,200   4,492
  New York Liberty Development Corp. Revenue 5.750% 11/15/51   20,000   21,680
  New York Liberty Development Corp. Revenue (7 World Trade Center Project) 5.000% 9/15/31   5,000   5,422
  New York Liberty Development Corp. Revenue (7 World Trade Center Project) 5.000% 9/15/32   5,000   5,410
  New York Liberty Development Corp. Revenue (7 World Trade Center Project) 5.000% 9/15/40   4,680   5,043
  New York Liberty Development Corp. Revenue (7 World Trade Center Project) 5.000% 3/15/44   5,965   6,395
  New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters) 5.250% 10/1/35   59,035   80,312
  New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters) 5.500% 10/1/37   9,616   13,696
  New York Metropolitan Transportation Authority Revenue 5.250% 11/15/20 (Prere.) 1,000   1,041
  New York Metropolitan Transportation Authority Revenue 5.250% 11/15/20 (Prere.) 1,000   1,041
  New York Metropolitan Transportation Authority Revenue 5.250% 11/15/20 (Prere.) 1,150   1,197
  New York Metropolitan Transportation Authority Revenue 5.250% 11/15/20 (Prere.) 10,000   10,406
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/21 (Prere.) 765   825
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/21 (Prere.) 1,235   1,332
  New York Metropolitan Transportation Authority Revenue 5.250% 11/15/21 (Prere.) 1,000   1,083
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/22 (Prere.) 1,925   2,152
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/22 (Prere.) 1,160   1,297
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/22 (Prere.) 3,325   3,717
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/22 (Prere.) 3,070   3,432
  New York Metropolitan Transportation Authority Revenue 5.000% 5/15/23 (Prere.) 2,050   2,330
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/26   10,085   11,099

 

51

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York Metropolitan Transportation Authority Revenue 0.000% 11/15/27   2,240   1,905
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/28   6,520   7,734
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/28   4,250   5,041
  New York Metropolitan Transportation Authority Revenue 0.000% 11/15/29   6,510   5,187
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/29   3,000   3,546
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/29   5,000   5,909
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/30   3,000   3,605
  New York Metropolitan Transportation Authority Revenue 4.000% 11/15/31   7,500   8,595
  New York Metropolitan Transportation Authority Revenue 0.000% 11/15/32   500   360
  New York Metropolitan Transportation Authority Revenue 4.000% 11/15/32   3,000   3,371
  New York Metropolitan Transportation Authority Revenue 4.000% 11/15/32   7,500   8,555
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/32   1,500   1,645
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/32   4,950   5,697
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/33   1,575   1,725
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/35   3,000   3,496
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/35   3,250   3,787
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/35   4,505   5,158
  New York Metropolitan Transportation Authority Revenue 4.000% 11/15/36   1,045   1,157
  New York Metropolitan Transportation Authority Revenue 4.000% 11/15/37   3,000   3,352
  New York Metropolitan Transportation Authority Revenue 5.250% 11/15/37   5,000   5,715
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/38   10,020   11,074
  New York Metropolitan Transportation Authority Revenue 5.250% 11/15/39   3,655   4,132
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/40   2,500   2,855
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/41   5,245   5,721
  New York Metropolitan Transportation Authority Revenue 5.000% 11/15/42   5,010   5,526
  New York Metropolitan Transportation Authority Revenue 4.000% 11/15/46   5,000   5,467
  New York Metropolitan Transportation Authority Revenue 5.250% 11/15/55   2,045   2,359

 

52

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York Metropolitan Transportation Authority Revenue 5.250% 11/15/56   5,000   5,876
  New York Metropolitan Transportation Authority Revenue 5.250% 11/15/57   4,000   4,762
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/21 (Prere.) 5,000   5,392
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/21 (Prere.) 745   803
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/21 (Prere.) 1,595   1,720
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/26   1,585   1,698
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/27   3,405   3,644
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/29   6,975   7,732
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.250% 11/15/30   2,585   3,217
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/31   11,000   12,177
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.250% 11/15/31   2,665   3,309
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.250% 11/15/32   2,500   3,096
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 4.000% 11/15/33   10,000   11,395
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/34   1,700   2,058
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/35   12,020   14,516
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/36   8,025   9,671
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/46   5,000   5,921
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/47   8,000   9,489
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.000% 11/15/47   5,000   5,988
  New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 5.250% 11/15/57   5,865   7,102
  New York Metropolitan Transportation Authority Revenue (Hudson Yards Development) 5.000% 11/15/51   21,375   22,697
  New York Metropolitan Transportation Authority Revenue (Hudson Yards Development) 5.000% 11/15/56   22,000   24,407
1 New York Metropolitan Transportation Authority Revenue TOB VRDO 1.180% 12/6/19   11,605   11,605
1 New York Metropolitan Transportation Authority Revenue TOB VRDO 1.300% 12/6/19   7,500   7,500
  New York Metropolitan Transportation Authority Revenue VRDO 1.120% 12/2/19 LOC 3,850   3,850
  New York NY GO 5.000% 1/1/27   3,500   4,343
  New York NY GO 5.000% 8/1/27   5,140   6,459

 

53

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York NY GO 5.000% 9/1/27   3,805   4,789
  New York NY GO 5.000% 8/1/28   4,565   5,696
  New York NY GO 5.000% 10/1/32   2,485   3,185
  New York NY GO 5.000% 12/1/32   1,240   1,561
  New York NY GO 3.250% 3/1/33   3,000   3,202
  New York NY GO 4.000% 10/1/35   1,000   1,157
  New York NY GO 5.000% 10/1/36   2,590   3,267
  New York NY GO 4.000% 8/1/38   5,000   5,714
  New York NY GO 5.000% 10/1/38   2,910   3,658
  New York NY GO 5.000% 3/1/39   5,315   6,455
  New York NY GO 4.000% 10/1/39   4,000   4,570
  New York NY GO 5.000% 10/1/39   2,220   2,774
  New York NY GO 4.000% 10/1/40   3,000   3,418
  New York NY GO 3.000% 10/1/41   2,870   2,926
  New York NY GO 4.000% 8/1/42   7,000   7,926
  New York NY GO 5.000% 10/1/42   3,000   3,722
  New York NY GO 5.000% 10/1/43   3,000   3,714
  New York NY GO 3.000% 10/1/44   3,000   3,054
  New York NY GO 3.500% 4/1/46   3,000   3,139
  New York State Dormitory Authority Lease Revenue (State University Dormitory Facilities) 5.000% 7/1/21 (Prere.) 1,000   1,064
  New York State Dormitory Authority Lease Revenue (State University Dormitory Facilities) 5.000% 7/1/32   1,530   1,798
  New York State Dormitory Authority Lease Revenue (State University Dormitory Facilities) 5.000% 7/1/41   11,000   11,699
  New York State Dormitory Authority Lease Revenue (State University Dormitory Facilities) 5.000% 7/1/42   13,500   14,874
  New York State Dormitory Authority Revenue 5.000% 10/1/23   4,150   4,750
  New York State Dormitory Authority Revenue 5.000% 10/1/24   5,525   6,508
  New York State Dormitory Authority Revenue 5.000% 10/1/27   2,700   3,335
  New York State Dormitory Authority Revenue 5.000% 10/1/28   3,060   3,766
  New York State Dormitory Authority Revenue 5.000% 10/1/29   2,250   2,760
  New York State Dormitory Authority Revenue 5.000% 10/1/29   3,000   3,677
  New York State Dormitory Authority Revenue 5.000% 1/15/30   1,535   1,932
  New York State Dormitory Authority Revenue 5.000% 10/1/30 (4) 7,000   8,769
  New York State Dormitory Authority Revenue 5.000% 10/1/30   2,000   2,440
  New York State Dormitory Authority Revenue 5.000% 1/15/31   5,000   6,257
  New York State Dormitory Authority Revenue 5.000% 7/1/31   1,410   1,796
  New York State Dormitory Authority Revenue 3.000% 10/1/31   10,000   10,498
  New York State Dormitory Authority Revenue 5.000% 10/1/31   2,000   2,432
  New York State Dormitory Authority Revenue 5.000% 3/15/32   12,390   14,990
  New York State Dormitory Authority Revenue 5.000% 7/1/32   540   685
  New York State Dormitory Authority Revenue 3.000% 10/1/32   10,300   10,744
  New York State Dormitory Authority Revenue 5.000% 7/1/33   1,210   1,530
  New York State Dormitory Authority Revenue 5.000% 3/15/35   5,000   6,182
2 New York State Dormitory Authority Revenue 4.000% 7/1/35   570   657
  New York State Dormitory Authority Revenue 4.000% 7/1/35   1,355   1,565
  New York State Dormitory Authority Revenue 5.000% 3/15/36   6,700   8,257
2 New York State Dormitory Authority Revenue 4.000% 7/1/36   2,000   2,300
2 New York State Dormitory Authority Revenue 4.000% 7/1/37   1,020   1,169

 

54

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Dormitory Authority Revenue 5.000% 3/15/39   5,000   6,106
2 New York State Dormitory Authority Revenue 4.000% 7/1/43   1,410   1,591
  New York State Dormitory Authority Revenue 4.000% 3/15/47   5,000   5,563
  New York State Dormitory Authority Revenue 4.000% 3/15/48   5,000   5,564
2 New York State Dormitory Authority Revenue 4.000% 7/1/49   4,000   4,478
  New York State Dormitory Authority Revenue (Barnard College) 5.000% 7/1/26   750   894
  New York State Dormitory Authority Revenue (Barnard College) 4.000% 7/1/31   1,100   1,210
  New York State Dormitory Authority Revenue (Barnard College) 4.000% 7/1/32   1,340   1,469
  New York State Dormitory Authority Revenue (Barnard College) 5.000% 7/1/43   1,185   1,371
  New York State Dormitory Authority Revenue (Brooklyn Law School) 5.000% 7/1/22 (Prere.) 1,210   1,332
  New York State Dormitory Authority Revenue (Brooklyn Law School) 5.000% 7/1/22 (Prere.) 1,000   1,100
  New York State Dormitory Authority Revenue (Brooklyn Law School) 5.000% 7/1/22 (Prere.) 1,630   1,794
  New York State Dormitory Authority Revenue (Brooklyn Law School) 5.000% 7/1/22 (Prere.) 1,000   1,100
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 5.000% 7/1/29   1,010   1,279
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 5.000% 7/1/30   850   1,068
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 3.000% 7/1/31   2,400   2,501
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 5.000% 7/1/32   710   766
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 5.000% 7/1/32   900   1,122
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 3.000% 7/1/33   2,595   2,674
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 5.000% 7/1/34   700   869
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 5.000% 7/1/35   700   866
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 4.000% 7/1/37   1,705   1,905
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 4.000% 7/1/38   2,200   2,451
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 4.000% 7/1/39   1,305   1,450
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 4.000% 7/1/40   650   720
  New York State Dormitory Authority Revenue (Catholic Health System Obligated Group) 4.000% 7/1/45   3,500   3,840
  New York State Dormitory Authority Revenue (Columbia University) 5.000% 10/1/31   510   622
  New York State Dormitory Authority Revenue (Columbia University) 5.000% 10/1/38   5,000   6,274
  New York State Dormitory Authority Revenue (Columbia University) 5.000% 10/1/46   1,250   1,480

 

55

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Dormitory Authority Revenue (Columbia University) 5.000% 10/1/48   12,255   19,018
  New York State Dormitory Authority Revenue (Culinary Institute of America) 5.000% 7/1/20   215   219
  New York State Dormitory Authority Revenue (Culinary Institute of America) 5.000% 7/1/21   300   317
  New York State Dormitory Authority Revenue (Culinary Institute of America) 5.000% 7/1/28   540   586
  New York State Dormitory Authority Revenue (Culinary Institute of America) 5.500% 7/1/33   1,000   1,129
  New York State Dormitory Authority Revenue (Culinary Institute of America) 5.000% 7/1/34   350   377
  New York State Dormitory Authority Revenue (Culinary Institute of America) 5.000% 7/1/42   600   642
  New York State Dormitory Authority Revenue (Culinary Institute of America) 5.750% 7/1/43   7,105   8,016
  New York State Dormitory Authority Revenue (Fordham University) 5.500% 7/1/21 (Prere.) 3,000   3,214
  New York State Dormitory Authority Revenue (Fordham University) 5.000% 7/1/28   400   488
  New York State Dormitory Authority Revenue (Fordham University) 5.000% 7/1/29   1,300   1,579
  New York State Dormitory Authority Revenue (Fordham University) 5.000% 7/1/29   850   1,057
  New York State Dormitory Authority Revenue (Fordham University) 5.000% 7/1/30   515   637
  New York State Dormitory Authority Revenue (Fordham University) 4.000% 7/1/33   500   566
  New York State Dormitory Authority Revenue (Fordham University) 4.000% 7/1/34   1,660   1,873
  New York State Dormitory Authority Revenue (Fordham University) 5.000% 7/1/34   755   900
  New York State Dormitory Authority Revenue (Fordham University) 4.000% 7/1/35   1,650   1,856
  New York State Dormitory Authority Revenue (Fordham University) 5.000% 7/1/35   500   594
  New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) 5.000% 7/1/26   2,500   2,976
  New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) 5.000% 7/1/31   3,000   3,502
  New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) 5.000% 7/1/33   7,335   8,522
  New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) 5.000% 7/1/40   7,500   8,575
  New York State Dormitory Authority Revenue (Long Island University) 5.000% 9/1/26   2,355   2,556
  New York State Dormitory Authority Revenue (Long Island University) 5.000% 9/1/27   1,520   1,646
  New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) 5.000% 1/1/22 (Prere.) 1,000   1,081
  New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) 5.000% 7/1/27   5,035   6,373
  New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) 5.000% 7/1/32   1,875   2,346

 

56

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) 4.000% 7/1/34   3,000   3,446
  New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) 4.000% 7/1/35   1,420   1,625
  New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) 4.000% 7/1/37   1,350   1,534
  New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) 5.000% 7/1/42   5,000   5,987
  New York State Dormitory Authority Revenue (Memorial Sloan-Kettering Cancer Center) 4.000% 7/1/47   11,500   12,845
  New York State Dormitory Authority Revenue (Montefiore Obligated Group) 5.000% 8/1/24   500   577
  New York State Dormitory Authority Revenue (Montefiore Obligated Group) 5.000% 8/1/29   3,000   3,708
  New York State Dormitory Authority Revenue (Montefiore Obligated Group) 5.000% 8/1/30   3,000   3,684
  New York State Dormitory Authority Revenue (Montefiore Obligated Group) 4.000% 8/1/37   3,420   3,789
  New York State Dormitory Authority Revenue (Montefiore Obligated Group) 4.000% 8/1/38   3,825   4,223
  New York State Dormitory Authority Revenue (Mount Sinai School of Medicine of New York University) 5.150% 7/1/24 (14) 2,000   2,253
  New York State Dormitory Authority Revenue (New York University Hospitals Center) 5.750% 7/1/20 (Prere.) 1,000   1,027
  New York State Dormitory Authority Revenue (New York University Hospitals Center) 6.000% 7/1/20 (Prere.) 1,000   1,028
  New York State Dormitory Authority Revenue (New York University Hospitals Center) 5.000% 7/1/22   910   998
  New York State Dormitory Authority Revenue (New York University Hospitals Center) 5.000% 7/1/26   670   776
  New York State Dormitory Authority Revenue (New York University Hospitals Center) 5.000% 7/1/27   670   816
  New York State Dormitory Authority Revenue (New York University Hospitals Center) 5.000% 7/1/28   700   847
  New York State Dormitory Authority Revenue (New York University Hospitals Center) 5.000% 7/1/29   1,500   1,807
  New York State Dormitory Authority Revenue (New York University Hospitals Center) 5.000% 7/1/32   745   888
  New York State Dormitory Authority Revenue (New York University Hospitals Center) 5.000% 7/1/33   400   476
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/28   4,510   5,555
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/29   1,000   1,185
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/30   3,625   3,980
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/30   2,000   2,392
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/30   1,000   1,181
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/30   5,065   6,196

 

57

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/31   865   1,019
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/32   1,000   1,176
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/33   2,365   2,776
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/33   8,845   11,436
  New York State Dormitory Authority Revenue (New York University) 4.000% 7/1/35   6,030   6,873
  New York State Dormitory Authority Revenue (New York University) 4.000% 7/1/36   6,025   6,842
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/37   4,200   4,589
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/37   3,250   3,551
  New York State Dormitory Authority Revenue (New York University) 4.000% 7/1/38   7,290   8,025
  New York State Dormitory Authority Revenue (New York University) 4.000% 7/1/39   9,500   10,586
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/42   10,000   10,897
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/42   5,475   6,878
  New York State Dormitory Authority Revenue (New York University) 4.000% 7/1/43   9,320   10,308
  New York State Dormitory Authority Revenue (New York University) 4.000% 7/1/45   5,000   5,678
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/48   8,000   9,289
  New York State Dormitory Authority Revenue (New York University) 5.000% 7/1/49   7,500   9,317
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/21 (Prere.) 2,500   2,637
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/21 (Prere.) 1,000   1,055
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/21 (Prere.) 7,000   7,383
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.250% 5/1/21 (Prere.) 1,000   1,058
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/27   1,595   1,883
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/28   2,000   2,358
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/29   7,910   9,313

 

58

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/30   2,000   2,352
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/32   2,500   2,940
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/33   3,500   4,110
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/36   3,000   3,502
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/39   4,000   4,288
  New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) 5.000% 5/1/43   2,050   2,325
  New York State Dormitory Authority Revenue (Northwell Health Obligated Group) PUT 5.000% 5/1/24   2,000   2,265
  New York State Dormitory Authority Revenue (Northwell Health Obligated Group) PUT 5.000% 5/1/26   2,000   2,363
  New York State Dormitory Authority Revenue (NY Personal Income Tax) 4.000% 3/15/28   3,290   3,750
  New York State Dormitory Authority Revenue (Orange Regional Medical Center Obligated Group) 5.000% 12/1/27   1,200   1,445
  New York State Dormitory Authority Revenue (Orange Regional Medical Center Obligated Group) 5.000% 12/1/28   1,300   1,555
  New York State Dormitory Authority Revenue (Orange Regional Medical Center Obligated Group) 5.000% 12/1/30   1,100   1,302
  New York State Dormitory Authority Revenue (Orange Regional Medical Center Obligated Group) 5.000% 12/1/31   1,200   1,419
  New York State Dormitory Authority Revenue (Orange Regional Medical Center Obligated Group) 5.000% 12/1/33   1,000   1,177
  New York State Dormitory Authority Revenue (Orange Regional Medical Center Obligated Group) 5.000% 12/1/35   1,000   1,171
  New York State Dormitory Authority Revenue (Orange Regional Medical Center Obligated Group) 5.000% 12/1/37   1,000   1,165
  New York State Dormitory Authority Revenue (Pace University) 5.000% 5/1/23 (Prere.) 30   34
  New York State Dormitory Authority Revenue (Pace University) 5.000% 5/1/23 (Prere.) 30   34
  New York State Dormitory Authority Revenue (Pace University) 5.000% 5/1/23 (Prere.) 20   23
  New York State Dormitory Authority Revenue (Pace University) 5.000% 5/1/25   1,270   1,404

 

59

 

 

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% 5/1/27   975   1,073
  New York State Dormitory Authority Revenue (Pace University) 5.000% 5/1/28   1,470   1,612
  New York State Dormitory Authority Revenue (Pace University) 5.000% 5/1/29   1,560   1,706
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/24   9,260   10,740
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/26   8,785   10,748
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/27   1,695   2,001
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 9/15/28 (Prere.) 10   13
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/29   5,000   5,753
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/29   5,040   6,203
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/30   6,000   7,026
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/31   9,130   11,137
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/31   7,040   8,888
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/31   1,000   1,188
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/32   3,240   3,788
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/32   5,000   5,579
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/33   1,450   1,563
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/33   6,615   7,151
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/33   5,000   6,011
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.250% 3/15/33   1,750   2,098
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 2/15/34   5,000   5,680
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/34   3,500   4,193
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/34   5,000   6,119
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 2/15/35   5,000   5,661
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/35   3,510   4,197
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/35   4,305   5,068
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/35   5,030   6,024
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/36   3,000   3,579

 

60

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/36   1,000   1,176
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/37   11,600   12,453
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/37   5,000   6,010
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/37   7,860   9,550
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/37   5,000   5,692
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/38   7,450   8,928
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/38   3,705   4,213
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.250% 3/15/38   5,000   6,291
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/39   5,030   5,799
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/40   11,030   11,823
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/40   9,190   11,069
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 3/15/41   5,000   5,674
  New York State Dormitory Authority Revenue (Personal Income Tax) 5.000% 2/15/42   1,500   1,768
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 2/15/44   10,000   11,096
  New York State Dormitory Authority Revenue (Personal Income Tax) 4.000% 3/15/48   10,890   12,158
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/23   400   451
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/25   500   579
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/27   420   510
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/28   1,000   1,146
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/29   500   572
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/29   1,010   1,214
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/30   500   598
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/31   500   596
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/34   2,000   2,270
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/39   1,750   1,974
  New York State Dormitory Authority Revenue (Pratt Institute) 5.000% 7/1/39   1,205   1,406
  New York State Dormitory Authority Revenue (Rochester Institute of Technology) 5.000% 7/1/22 (Prere.) 2,275   2,507

 

61

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Dormitory Authority Revenue (Rochester Institute of Technology) 5.000% 7/1/22 (Prere.) 3,000   3,305
  New York State Dormitory Authority Revenue (Rochester Institute of Technology) 5.000% 7/1/34   750   948
  New York State Dormitory Authority Revenue (Rochester Institute of Technology) 5.000% 7/1/37   1,550   1,933
  New York State Dormitory Authority Revenue (Rochester Institute of Technology) 5.000% 7/1/38   1,905   2,370
  New York State Dormitory Authority Revenue (Rochester Institute of Technology) 4.000% 7/1/44   10,355   11,543
  New York State Dormitory Authority Revenue (Rochester Institute of Technology) 5.000% 7/1/49   5,000   6,081
  New York State Dormitory Authority Revenue (Rockefeller University) 5.000% 7/1/33   2,670   2,916
  New York State Dormitory Authority Revenue (Rockefeller University) 5.000% 7/1/34   2,720   2,968
  New York State Dormitory Authority Revenue (Rockefeller University) 4.000% 7/1/49   7,500   8,464
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/26   1,000   1,104
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/26   1,425   1,762
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/27 (4) 1,000   1,173
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/28 (4) 1,000   1,158
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/29 (4) 1,500   1,735
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/31 (4) 750   860
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/32 (4) 1,000   1,150
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/33 (4) 1,000   1,147
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/33   600   722
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/34 (4) 1,000   1,144
  New York State Dormitory Authority Revenue (School Districts Financing Program) 5.000% 10/1/34   520   627
  New York State Dormitory Authority Revenue (St. John’s University) 5.000% 7/1/26   740   882
  New York State Dormitory Authority Revenue (St. John’s University) 5.000% 7/1/27   650   772
  New York State Dormitory Authority Revenue (St. John’s University) 5.000% 7/1/44   2,500   2,746
  New York State Dormitory Authority Revenue (State University Dormitory Facilities) 5.000% 7/1/23 (Prere.) 1,300   1,482
  New York State Dormitory Authority Revenue (State University Dormitory Facilities) 5.250% 7/1/23 (Prere.) 2,500   2,872
  New York State Dormitory Authority Revenue (State University Dormitory Facilities) 5.000% 7/1/29   2,250   2,479
  New York State Dormitory Authority Revenue (State University Dormitory Facilities) 5.000% 7/1/31   1,000   1,234

 

62

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Dormitory Authority Revenue (State University Dormitory Facilities) 5.000% 7/1/32   1,825   2,242
  New York State Dormitory Authority Revenue (State University Dormitory Facilities) 5.000% 7/1/35   2,000   2,438
  New York State Dormitory Authority Revenue (State University Dormitory Facilities) 5.000% 7/1/36   1,500   1,824
  New York State Dormitory Authority Revenue (State University Educational Facilities) 5.000% 5/15/27   5,035   5,496
  New York State Dormitory Authority Revenue (State University Educational Facilities) 5.000% 5/15/28   3,000   3,272
  New York State Dormitory Authority Revenue (Teachers College) 5.000% 7/1/30   505   620
  New York State Dormitory Authority Revenue (Teachers College) 4.000% 7/1/31   1,015   1,147
  New York State Dormitory Authority Revenue (Teachers College) 5.000% 7/1/31   1,750   1,904
  New York State Dormitory Authority Revenue (Teachers College) 5.000% 7/1/32   575   701
  New York State Dormitory Authority Revenue (Teachers College) 4.000% 7/1/33   1,200   1,351
  New York State Dormitory Authority Revenue (Teachers College) 5.000% 7/1/42   2,000   2,166
  New York State Dormitory Authority Revenue (The New School) 5.250% 7/1/20 (Prere.) 3,000   3,072
  New York State Dormitory Authority Revenue (The New School) 5.500% 7/1/20 (Prere.) 5,000   5,127
  New York State Dormitory Authority Revenue (The New School) 6.000% 7/1/20 (Prere.) 5,575   5,732
  New York State Dormitory Authority Revenue (The New School) 5.000% 7/1/40   3,000   3,442
  New York State Dormitory Authority Revenue (The New School) 5.000% 7/1/41   6,685   7,828
  New York State Dormitory Authority Revenue (The New School) 5.000% 7/1/45   3,000   3,421
  New York State Dormitory Authority Revenue (The New School) 5.000% 7/1/46   5,110   5,943
  New York State Dormitory Authority Revenue (Yeshiva University) 5.000% 11/1/21 (ETM) 285   307
  New York State Dormitory Authority Revenue (Yeshiva University) 5.000% 11/1/21 (Prere.) 370   398
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/31   8,975   10,325
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/32   2,650   3,040
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/32   8,225   9,754
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/33   5,000   5,719
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/33   4,840   5,722
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/34   5,000   5,708
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/35   5,000   6,017

 

63

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/35   5,240   5,972
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/35   5,000   6,053
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/36   7,995   9,095
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/36   5,000   6,004
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/36   1,000   1,207
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/36   10,020   12,348
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/37   5,000   5,677
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/37   3,600   4,334
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/38   1,200   1,327
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/38   5,000   6,120
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/41   10,000   11,916
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/42   5,000   5,826
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/42   12,280   14,597
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/43   13,685   15,108
  New York State Dormitory Authority Sales Tax Revenue 5.000% 3/15/43   4,085   4,848
  New York State Dormitory Authority Sales Tax Revenue 4.000% 3/15/44   12,885   14,372
  New York State Dormitory Authority Sales Tax Revenue 4.000% 3/15/47   7,570   8,334
1 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.120% 12/6/19   7,800   7,800
  New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) 3.500% 10/1/29   4,000   4,557
  New York State Environmental Facilities Corp. Revenue 5.000% 8/15/31   1,335   1,661
  New York State Environmental Facilities Corp. Revenue 5.000% 8/15/34   1,000   1,233
  New York State Environmental Facilities Corp. Revenue 5.000% 8/15/36   1,000   1,226
  New York State Environmental Facilities Corp. Revenue 5.000% 8/15/41   1,000   1,209
  New York State Environmental Facilities Corp. Revenue 5.000% 8/15/42   1,000   1,206
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/23   1,000   1,137

 

64

 

 

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% 6/15/24   870   1,021
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/25   1,610   1,944
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/26   1,280   1,585
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/30   3,045   3,709
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/31   5,870   6,596
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/32   5,000   5,616
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/32   5,000   5,955
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/32   2,515   3,109
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/33   4,000   4,925
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/34   4,145   4,777
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/35   3,000   3,609
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/35   2,500   3,065
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 4.000% 6/15/36   2,500   2,787
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 4.000% 6/15/37   5,610   6,302
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/41   3,000   3,562
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/42   11,310   13,602
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 5.000% 6/15/44   2,220   2,757
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 4.000% 6/15/46   5,435   5,936

 

65

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) 4.000% 6/15/49   6,500   7,309
  New York State Environmental Facilities Corp. Revenue (State Revolving Funds) 5.000% 9/15/40   2,370   2,756
  New York State Environmental Facilities Corp. Revenue (State Revolving Funds) 5.000% 3/15/45   5,000   5,778
  New York State Environmental Facilities Corp. Water Facilities Revenue (United Water New Rochelle Inc. Project) 4.875% 9/1/40   4,000   4,091
  New York State Housing Finance Agency Affordable Housing Revenue 3.625% 11/1/33   1,340   1,448
  New York State Housing Finance Agency Affordable Housing Revenue 3.550% 11/1/39   1,000   1,054
  New York State Housing Finance Agency Affordable Housing Revenue 3.550% 11/1/39   1,000   1,054
  New York State Housing Finance Agency Affordable Housing Revenue 3.250% 11/1/41   3,145   3,211
  New York State Housing Finance Agency Affordable Housing Revenue 3.850% 11/1/43   1,140   1,216
  New York State Housing Finance Agency Affordable Housing Revenue 3.850% 11/1/43   2,380   2,539
  New York State Housing Finance Agency Affordable Housing Revenue 3.950% 11/1/48   1,500   1,592
  New York State Housing Finance Agency Affordable Housing Revenue 3.875% 11/1/48   1,830   1,945
  New York State Housing Finance Agency Affordable Housing Revenue 3.900% 11/1/48   1,665   1,761
  New York State Housing Finance Agency Revenue 1.750% 5/1/24   5,700   5,734
  New York State Housing Finance Agency Revenue 3.250% 11/1/31   1,105   1,171
  New York State Housing Finance Agency Revenue 3.650% 11/1/32   1,000   1,076
  New York State Housing Finance Agency Revenue 3.800% 11/1/43   2,325   2,472
  New York State Housing Finance Agency Revenue 3.000% 11/1/44   1,500   1,509
  New York State Housing Finance Agency Revenue 3.875% 11/1/48   2,635   2,801
  New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) 2.450% 9/15/69   15,000   15,067
  New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) 2.625% 9/15/69   10,000   10,109
  New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) 2.800% 9/15/69   12,500   12,587
  New York State Mortgage Agency Homeowner Mortgage Revenue 4.100% 10/1/38   4,300   4,711
  New York State Mortgage Agency Homeowner Mortgage Revenue 3.750% 10/1/43   3,400   3,580

 

66

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Mortgage Agency Homeowner Mortgage Revenue 3.800% 10/1/48   10,170   10,686
  New York State Thruway Authority Revenue 5.000% 1/1/22 (Prere.) 4,000   4,329
  New York State Thruway Authority Revenue 5.000% 1/1/22 (Prere.) 8,500   9,199
  New York State Thruway Authority Revenue 5.000% 1/1/22 (Prere.) 9,050   9,794
  New York State Thruway Authority Revenue 5.000% 1/1/22 (Prere.) 9,765   10,568
  New York State Thruway Authority Revenue 5.000% 1/1/28   5,215   6,130
  New York State Thruway Authority Revenue 5.000% 1/1/29   4,040   4,732
  New York State Thruway Authority Revenue 5.000% 1/1/29   1,220   1,464
  New York State Thruway Authority Revenue 5.000% 1/1/30   2,665   3,112
  New York State Thruway Authority Revenue 5.000% 1/1/30   1,700   2,030
  New York State Thruway Authority Revenue 5.000% 1/1/31   5,500   6,413
  New York State Thruway Authority Revenue 5.000% 1/1/31   2,900   3,446
  New York State Thruway Authority Revenue 5.000% 1/1/32   4,115   4,790
  New York State Thruway Authority Revenue 5.000% 1/1/32   2,970   3,520
  New York State Thruway Authority Revenue 5.000% 1/1/33   2,340   2,764
  New York State Thruway Authority Revenue 5.000% 1/1/33   1,800   2,240
  New York State Thruway Authority Revenue 5.000% 1/1/34   2,185   2,714
  New York State Thruway Authority Revenue 5.000% 1/1/35   3,100   3,842
  New York State Thruway Authority Revenue 4.000% 1/1/36   1,275   1,447
  New York State Thruway Authority Revenue 5.000% 1/1/36   2,500   3,160
  New York State Thruway Authority Revenue 4.000% 1/1/37   2,500   2,854
  New York State Thruway Authority Revenue 4.000% 1/1/38   2,500   2,842
  New York State Thruway Authority Revenue 4.000% 1/1/38   1,265   1,376
  New York State Thruway Authority Revenue 4.000% 1/1/39   2,500   2,834
  New York State Thruway Authority Revenue 4.000% 1/1/40   2,500   2,848
  New York State Thruway Authority Revenue 4.000% 1/1/41   2,500   2,816
  New York State Thruway Authority Revenue 5.000% 1/1/41   2,500   2,911
  New York State Thruway Authority Revenue 5.000% 3/15/42   4,105   4,925
  New York State Thruway Authority Revenue 4.000% 1/1/45   10,000   11,182
  New York State Thruway Authority Revenue 4.000% 1/1/45   3,000   3,377
  New York State Thruway Authority Revenue 3.000% 1/1/46   6,000   5,984
  New York State Thruway Authority Revenue 5.000% 1/1/46   5,000   5,788
  New York State Thruway Authority Revenue 4.000% 1/1/50   20,000   22,224
  New York State Thruway Authority Revenue 4.000% 1/1/50   2,000   2,232
  New York State Thruway Authority Revenue 5.000% 1/1/51   5,700   6,568
  New York State Thruway Authority Revenue 3.000% 1/1/53   3,500   3,428
  New York State Thruway Authority Revenue 3.000% 1/1/53   3,500   3,456
  New York State Thruway Authority Revenue 4.000% 1/1/53   8,000   8,860
  New York State Thruway Authority Revenue 4.000% 1/1/53   2,000   2,224
  New York State Thruway Authority Revenue 5.250% 1/1/56   7,400   8,599
1 New York State Thruway Authority Revenue (Highway & Bridge Trust Fund) TOB VRDO 1.120% 12/6/19   3,300   3,300
  New York State Thruway Authority Revenue (Personal Income Tax) 5.000% 3/15/31   1,500   1,675
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/29   12,340   13,747
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/31   3,410   4,091
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/32   5,000   5,714
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/33   3,000   3,333

 

67

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/40   5,000   6,028
  New York State Urban Development Corp. Revenue (Personal Income Tax) 5.000% 3/15/43   10,000   11,003
  New York State Urban Development Corp. Revenue (Personal Income Tax) 4.000% 3/15/48   5,000   5,615
  New York State Urban Development Corp. Sales Tax Revenue 4.000% 3/15/42   5,000   5,655
  New York State Urban Development Corp. Sales Tax Revenue 4.000% 3/15/43   5,000   5,643
  New York State Urban Development Corp. Sales Tax Revenue 3.000% 3/15/49   6,000   6,031
  Niagara Falls NY Public Water Authority Revenue 4.250% 7/15/34 (15) 3,000   3,251
  Niagara NY Area Development Corp. Revenue (Niagara University Project) 5.000% 5/1/26   320   345
  Niagara NY Area Development Corp. Revenue (Niagara University Project) 5.000% 5/1/30   2,750   2,945
1 Nuveen New York AMT-Free Quality Municipal Income Fund VRDP VRDO 1.180% 12/6/19 LOC 2,500   2,500
  Oneida County NY Local Development Corp. Revenue (Mohawk Valley Health System Project) 4.000% 12/1/34 (4) 1,000   1,144
  Oneida County NY Local Development Corp. Revenue (Mohawk Valley Health System Project) 4.000% 12/1/35 (4) 1,000   1,141
  Oneida County NY Local Development Corp. Revenue (Mohawk Valley Health System Project) 4.000% 12/1/36 (4) 1,000   1,137
  Oneida County NY Local Development Corp. Revenue (Mohawk Valley Health System Project) 4.000% 12/1/49 (4) 3,785   4,186
  Onondaga County NY Civic Development Corp. Revenue (Jewish Home of Central New York Obligated Group) 5.500% 3/1/24   3,000   3,072
  Onondaga County NY Civic Development Corp. Revenue (Jewish Home of Central New York Obligated Group) 5.250% 3/1/31   2,000   2,032
  Onondaga County NY Civic Development Corp. Revenue (Le Moyne College) 5.000% 7/1/28   450   521
  Onondaga County NY Civic Development Corp. Revenue (Le Moyne College) 5.000% 7/1/29   475   550
  Onondaga County NY Civic Development Corp. Revenue (Le Moyne College) 5.000% 7/1/30   450   517
  Onondaga County NY Civic Development Corp. Revenue (Le Moyne College) 5.000% 7/1/32   1,000   1,070
  Onondaga County NY Civic Development Corp. Revenue (Le Moyne College) 5.000% 7/1/33   575   654
  Onondaga County NY Civic Development Corp. Revenue (Le Moyne College) 5.000% 7/1/35   635   719
  Onondaga County NY Civic Development Corp. Revenue (Le Moyne College) 5.000% 7/1/40   1,940   2,175
  Onondaga County NY Civic Development Corp. Revenue (Le Moyne College) 5.000% 7/1/42   1,780   1,887

 

68

 

 

 

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% 7/1/45   2,450   2,734
  Onondaga County NY Trust For Cultural Resources Revenue (Abby Lane Housing Corp. Project) 5.000% 5/1/35   1,140   1,353
  Onondaga County NY Trust For Cultural Resources Revenue (Abby Lane Housing Corp. Project) 5.000% 5/1/36   1,475   1,748
  Onondaga County NY Trust For Cultural Resources Revenue (Abby Lane Housing Corp. Project) 5.000% 5/1/40   1,200   1,408
  Onondaga County NY Trust For Cultural Resources Revenue (Syracuse University Project) 5.000% 12/1/31   1,000   1,145
  Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) 5.000% 1/1/32   510   611
  Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) 5.000% 1/1/33   540   644
  Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) 5.000% 1/1/34   565   671
  Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) 5.000% 1/1/35   595   705
  Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) 5.000% 1/1/36   625   739
  Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) 5.000% 1/1/37   355   418
  Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) 5.000% 1/1/38   285   335
  Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) 5.000% 1/1/43   1,000   1,165
  Otsego County NY Capital Resource Corp. Revenue (Hartwick College) 5.000% 10/1/20   655   665
  Port Authority of New York & New Jersey Revenue 5.000% 10/15/29   3,500   4,199
  Port Authority of New York & New Jersey Revenue 5.000% 10/15/33   1,750   2,078
  Port Authority of New York & New Jersey Revenue 5.000% 9/1/34   1,290   1,487
  Port Authority of New York & New Jersey Revenue 5.000% 11/15/35   3,015   3,720
  Port Authority of New York & New Jersey Revenue 5.250% 7/15/36   4,000   4,175
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/38   1,750   1,990
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/38   3,380   3,891
  Port Authority of New York & New Jersey Revenue 5.000% 10/15/41   13,000   15,256
  Port Authority of New York & New Jersey Revenue 5.000% 11/15/42   3,000   3,639
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/43   10,000   11,238
  Port Authority of New York & New Jersey Revenue 5.000% 5/1/45   8,765   10,135

 

69

 

 

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% 11/15/46   3,000   3,565
  Port Authority of New York & New Jersey Revenue 5.000% 11/15/47   8,000   9,639
2 Port Authority of New York & New Jersey Revenue 4.000% 11/1/49   9,000   10,172
3 Port Authority of New York & New Jersey Revenue 5.250% 10/15/55   7,750   9,153
  Port Authority of New York & New Jersey Revenue 5.000% 4/15/57   2,000   2,361
  Port Authority of New York & New Jersey Revenue 5.000% 5/15/57   2,000   2,386
  Port Authority of New York & New Jersey Revenue 5.250% 11/15/57   11,450   13,957
  Rockland County NY GO 3.000% 6/15/31 (4) 2,955   3,079
  Rockland County NY GO 3.000% 6/15/32 (4) 2,815   2,915
  Rockland County NY GO 3.000% 6/15/33 (4) 2,970   3,064
  Rockland County NY GO 3.000% 6/15/35 (4) 3,105   3,187
  Saratoga County NY Capital Resource Corp. Revenue (Skidmore College) 5.000% 7/1/32   220   273
  Saratoga County NY Capital Resource Corp. Revenue (Skidmore College) 5.000% 7/1/33   175   219
  Saratoga County NY Capital Resource Corp. Revenue (Skidmore College) 5.000% 7/1/34   225   280
  Saratoga County NY Capital Resource Corp. Revenue (Skidmore College) 5.000% 7/1/35   225   279
  Saratoga County NY Capital Resource Corp. Revenue (Skidmore College) 5.000% 7/1/36   500   618
  Saratoga County NY Capital Resource Corp. Revenue (Skidmore College) 5.000% 7/1/38   300   368
  Saratoga County NY Capital Resource Corp. Revenue (Skidmore College) 5.000% 7/1/43   3,550   4,272
  Saratoga County NY Capital Resource Corp. Revenue (Skidmore College) 5.000% 7/1/48   4,520   5,423
  Schenectady NY Public Improvement GO 3.000% 5/1/31 (4) 635   663
  Schenectady NY Public Improvement GO 3.000% 5/1/32 (4) 1,205   1,248
  St. Lawrence County NY Industrial Development Civic Facility Revenue (St. Lawrence University) 5.000% 7/1/28   310   373
  St. Lawrence County NY Industrial Development Civic Facility Revenue (St. Lawrence University) 5.000% 7/1/29   660   792
  St. Lawrence County NY Industrial Development Civic Facility Revenue (St. Lawrence University) 5.000% 7/1/31   450   536
  St. Lawrence County NY Industrial Development Civic Facility Revenue (St. Lawrence University) 5.000% 7/1/34   830   983
  St. Lawrence County NY Industrial Development Civic Facility Revenue (St. Lawrence University) 5.000% 7/1/35   1,510   1,789
  St. Lawrence County NY Industrial Development Civic Facility Revenue (St. Lawrence University) 5.000% 7/1/36   545   645

 

70

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  St. Lawrence County NY Industrial Development Civic Facility Revenue (St. Lawrence University) 5.000% 7/1/43   8,870   9,648
  Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) 5.000% 7/1/21 (Prere.) 1,570   1,667
  Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) 5.000% 7/1/28   1,500   1,701
  Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) 5.000% 7/1/28   14,180   14,978
  Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) 5.000% 7/1/29   3,000   3,392
  Suffolk County NY GO 5.000% 4/1/23 (15) 3,160   3,531
  Suffolk County NY GO 5.000% 4/1/24 (15) 3,075   3,538
  Suffolk County NY GO 5.000% 10/15/25 (4) 3,300   3,939
  Suffolk County NY GO 5.000% 10/15/26 (4) 1,150   1,401
  Suffolk County NY GO 4.000% 10/15/27 (15) 4,900   5,667
  Suffolk County NY GO 4.000% 10/15/27 (4) 2,410   2,761
  Suffolk County NY GO 4.000% 10/15/28 (15) 3,850   4,435
  Suffolk County NY GO 4.000% 4/1/30 (15) 4,420   5,006
  Suffolk County NY GO 4.000% 4/1/31 (15) 4,590   5,175
  Suffolk County NY Judicial Facilities Agency Lease Revenue (H. Lee Dennison Building) 5.000% 11/1/33   7,900   8,688
  Suffolk County NY Water Authority Water System Revenue 3.250% 6/1/43   580   600
  Suffolk NY Tobacco Asset Securitization Corp. Revenue 5.000% 6/1/32   2,675   2,817
  Suffolk NY Tobacco Asset Securitization Corp. Revenue 5.250% 6/1/37   3,300   3,488
  Syracuse NY Industrial Development Agency Revenue (Syracuse City School District Project) 4.000% 5/1/33   1,025   1,188
  Syracuse NY Industrial Development Agency Revenue (Syracuse City School District Project) 4.000% 5/1/34   1,200   1,387
  Syracuse NY Industrial Development Agency Revenue (Syracuse City School District Project) 4.000% 5/1/35   1,000   1,152
  Tobacco Settlement Financing Corp. New York Revenue 5.000% 6/1/26   3,010   3,589
  Tobacco Settlement Financing Corp. New York Revenue 5.000% 6/1/28   5,680   6,860
  Tobacco Settlement Financing Corp. New York Revenue 5.000% 6/1/29   5,000   6,006
  Tobacco Settlement Financing Corp. New York Revenue 5.000% 6/1/30   5,225   6,239
  Tobacco Settlement Financing Corp. New York Revenue 5.000% 6/1/32   1,015   1,203
  Tobacco Settlement Financing Corp. New York Revenue 5.000% 6/1/33   5,000   5,906
  Tobacco Settlement Financing Corp. New York Revenue 5.000% 6/1/34   6,000   7,071
  Tobacco Settlement Financing Corp. New York Revenue 5.000% 6/1/41   5,500   6,159
2 Toledo OH GO 5.000% 9/1/31   1,000   1,243

 

71

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
2 Toledo OH GO 5.000% 9/1/32   1,000   1,238
2 Toledo OH GO 5.000% 9/1/33   1,000   1,235
2 Toledo OH GO 5.000% 9/1/34   3,585   4,415
2 Toledo OH GO 5.000% 9/1/35   1,000   1,228
2 Toledo OH GO 5.000% 9/1/37   2,900   3,539
2 Toledo OH GO 5.000% 9/1/38   2,500   3,041
2 Toledo OH GO 5.000% 9/1/39   2,845   3,452
2 Toledo OH GO 4.000% 9/1/40   2,060   2,270
  Tompkins County NY Development Corp. Revenue (Ithaca College) 5.000% 7/1/32   1,555   1,821
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/26   7,770   8,765
  Triborough Bridge & Tunnel Authority New York Revenue 0.000% 11/15/29   2,630   2,112
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/29   725   863
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/30   500   594
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/30   2,310   2,856
  Triborough Bridge & Tunnel Authority New York Revenue 0.000% 11/15/31   5,000   3,748
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/31   6,990   7,853
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/31   3,010   3,625
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/31   5,000   6,852
  Triborough Bridge & Tunnel Authority New York Revenue 0.000% 11/15/32   3,000   2,220
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/33   2,000   2,364
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/33   1,540   1,885
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/34   3,165   3,866
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/35   5,000   6,267
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/36   5,010   5,968
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/37   2,500   2,969
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/37   5,010   6,071
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/38   3,000   3,627
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/40   2,525   2,947
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/41   7,510   8,854
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/42   4,600   5,523
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/42   7,675   9,309

 

72

 

 

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% 11/15/43   10,000   12,126
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/44   6,325   7,655
  Triborough Bridge & Tunnel Authority New York Revenue 5.250% 11/15/45   4,000   4,715
  Triborough Bridge & Tunnel Authority New York Revenue 5.000% 11/15/47   5,835   6,948
  Triborough Bridge & Tunnel Authority New York Revenue (MTA Bridges and Tunnels) 4.000% 11/15/48   10,000   11,116
  Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) 5.000% 8/1/23   1,000   1,127
  Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) 5.000% 8/1/24   1,000   1,159
  Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) 5.000% 8/1/25   1,000   1,188
  Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) 5.000% 8/1/26   1,000   1,196
  Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) 5.000% 8/1/27   1,600   1,906
  Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) 5.000% 8/1/28   1,000   1,187
  Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) 5.000% 9/1/30   1,840   1,892
  Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) 5.125% 9/1/40   3,650   3,756
  Utility Debt Securitization Authority New York Revenue 5.000% 12/15/30   10,000   11,471
  Utility Debt Securitization Authority New York Revenue 5.000% 12/15/31   7,000   8,009
  Utility Debt Securitization Authority New York Revenue 5.000% 12/15/32   9,650   11,023
  Utility Debt Securitization Authority New York Revenue 5.000% 12/15/33   3,150   3,592
  Utility Debt Securitization Authority New York Revenue 5.000% 12/15/33   7,755   9,325
  Utility Debt Securitization Authority New York Revenue 5.000% 12/15/34   5,185   5,901
3 Utility Debt Securitization Authority New York Revenue 5.000% 12/15/36   23,700   28,323
  Utility Debt Securitization Authority New York Revenue 5.000% 12/15/38   3,010   3,699
  Utility Debt Securitization Authority New York Revenue 5.000% 12/15/39   3,000   3,682
  Utility Debt Securitization Authority New York Revenue 5.000% 12/15/41   22,400   25,318
  Utility Debt Securitization Authority New York Revenue 5.000% 12/15/41   3,010   3,675
  Westchester County NY Health Care Corp. Revenue 6.000% 11/1/20 (Prere.) 85   89
  Westchester County NY Health Care Corp. Revenue 6.125% 11/1/20 (Prere.) 1,865   1,950

 

73

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  Westchester County NY Health Care Corp. Revenue 5.000% 11/1/21   2,500   2,660
  Westchester County NY Health Care Corp. Revenue 5.000% 11/1/25   1,810   1,922
  Westchester County NY Health Care Corp. Revenue 5.000% 11/1/30   11,710   12,353
  Westchester County NY Health Care Corp. Revenue 6.000% 11/1/30   15   16
  Westchester County NY Health Care Corp. Revenue 6.125% 11/1/37   235   245
  Westchester County NY Local Development Corp. Revenue (Kendal on Hudson Project) 5.000% 1/1/28   1,350   1,448
  Westchester County NY Local Development Corp. Revenue (Kendal on Hudson Project) 5.000% 1/1/34   1,555   1,656
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/20   280   286
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/21   425   450
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/22   400   438
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/23   425   479
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/24   250   290
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/25   260   308
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/26   290   344
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/27   270   319
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/28   280   331
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/29   250   294
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/34   200   234
  Westchester County NY Local Development Corp. Revenue (Miriam Osborn Memorial Home) 5.000% 7/1/42   450   518
  Westchester County NY Local Development Corp. Revenue (Pace University) 5.000% 5/1/34   12,650   14,046
  Westchester County NY Local Development Corp. Revenue (Pace University) 5.500% 5/1/42   6,250   6,990

 

74

 

 

New York Long-Term Tax-Exempt Fund

 

 

          Face   Market
      Maturity   Amount   Value·
    Coupon Date   ($000)   ($000)
  Westchester County NY Local Development Corp. Revenue (Purchase Housing Corp. II Project) 5.000% 6/1/37   1,275   1,494
  Westchester County NY Local Development Corp. Revenue (Purchase Housing Corp. II Project) 5.000% 6/1/47   1,045   1,207
  Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) 5.000% 11/1/27   1,000   1,165
  Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) 5.000% 11/1/28   1,000   1,158
  Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) 5.000% 11/1/29   1,000   1,155
  Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) 5.000% 11/1/34   2,500   2,858
  Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) 3.750% 11/1/37   365   379
  Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) 5.000% 11/1/46   17,065   19,163
  Yonkers NY Economic Development Corp. Educational Revenue (Charter School of Educational Excellence Project) 4.000% 10/15/29   200   214
  Yonkers NY Economic Development Corp. Educational Revenue (Charter School of Educational Excellence Project) 5.000% 10/15/39   420   471
  Yonkers NY Economic Development Corp. Educational Revenue (Charter School of Educational Excellence Project) 5.000% 10/15/49   640   707
  Yonkers NY Economic Development Corp. Educational Revenue (Charter School of Educational Excellence Project) 5.000% 10/15/54   465   510
              5,146,915
Puerto Rico (0.2%)            
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/24   1,082   947
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/27   2,511   1,997
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/29   2,148   1,589
  Puerto Rico Sales Tax Financing Corp. Revenue 4.329% 7/1/40   260   264
  Puerto Rico Sales Tax Financing Corp. Revenue 4.329% 7/1/40   4,286   4,345
  Puerto Rico Sales Tax Financing Corp. Revenue 5.000% 7/1/58   455   477
              9,619
Guam (0.2%)            
  Guam Government Business Privilege Tax Revenue 5.000% 11/15/27   475   543
  Guam Government Waterworks Authority Water & Wastewater System Revenue 5.000% 7/1/29   1,000   1,119
  Guam Power Authority Revenue 5.000% 10/1/31   5,980   7,022
              8,684
Total Tax-Exempt Municipal Bonds (Cost $4,869,214)           5,165,218

 

75

 

 

 

New York Long-Term Tax-Exempt Fund

 

 

 

 

  Amount
  ($000)
Other Assets and Liabilities (0.6%)  
Other Assets  
Investment in Vanguard 238
Receivables for Investment Securities Sold 20,234
Receivables for Accrued Income 56,059
Receivables for Capital Shares Issued 4,162
Variation Margin Receivable—Futures Contracts 142
Other Assets 10,995
Total Other Assets 91,830
Liabilities  
Payables for Investment Securities Purchased (52,496)
Payables for Capital Shares Redeemed (1,241)
Payables for Distributions (3,240)
Payables to Vanguard (2,001)
Variation Margin Payable—Futures Contracts (5)
Total Liabilities (58,983)
Net Assets (100%) 5,198,065

 

 

At November 30, 2019, net assets consisted of:

 

  Amount
  ($000)
Paid-in Capital 4,890,609
Total Distributable Earnings (Loss) 307,456
Net Assets 5,198,065
   
Investor Shares—Net Assets  
Applicable to 45,815,594 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 550,371
Net Asset Value Per Share—Investor Shares $12.01
   
Admiral Shares—Net Assets  
Applicable to 386,897,637 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 4,647,694
Net Asset Value Per Share—Admiral Shares $12.01

 

•See Note A in Notes to Financial Statements.
1Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2019, the aggregate value of these securities was $54,439,000, representing 1.0% of net assets.
2Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2019.
3Securities with a value of $714,000 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.

 

76

 

 

New York Long-Term Tax-Exempt Fund

 

 

Key to Abbreviations

 

 

ARS—Auction Rate Security.

BAN—Bond Anticipation Note.

CMT—Constant Maturing Treasury Rate.

COP—Certificate of Participation.

CP—Commercial Paper.

FR—Floating Rate.

GAN—Grant Anticipation Note.

GO—General Obligation Bond.

LIBOR—London Interbank Offered Rate.

PILOT—Payments in Lieu of Taxes.

PUT—Put Option Obligation.

RAN—Revenue Anticipation Note.

SIFMA—Securities Industry and Financial Markets Association.

SOFR—Secured Overnight Financing Rate.

TAN—Tax Anticipation Note.

TOB—Tender Option Bond.

TRAN—Tax Revenue Anticipation Note.

VRDO—Variable Rate Demand Obligation.

VRDP—Variable Rate Demand Preferred.

(ETM)—Escrowed to Maturity.

(Prere.)—Prerefunded.

 

Scheduled principal and interest payments are guaranteed by:

(1) MBIA (Municipal Bond Investors Assurance).

(2) AMBAC (Ambac Assurance Corporation).

(3) FGIC (Financial Guaranty Insurance Company).

(4) AGM (Assured Guaranty Municipal Corporation).

(5) BIGI (Bond Investors Guaranty Insurance).

(6) Connie Lee Inc.

(7) FHA (Federal Housing Authority).

(8) CapMAC (Capital Markets Assurance Corporation).

(9) American Capital Access Financial Guaranty Corporation.

(10) XL Capital Assurance Inc.

(11) CIFG (CDC IXIS Financial Guaranty).

(12) AGC (Assured Guaranty Corporation).

(13)BHAC (Berkshire Hathaway Assurance Corporation).

(14) NPFG (National Public Finance Guarantee Corporation).

(15) BAM (Build America Mutual Assurance Company).

(16) MAC (Municipal Assurance Corporation).

(17) RAA (Radian Asset Assurance Inc.).

(18) SBLF (Michigan School Bond Loan Fund).

(19) TPSF (Texas Permanent School Fund).

The insurance does not guarantee the market value of the municipal bonds.

 

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

 

77

 

 

New York Long-Term Tax-Exempt Fund

 

 

Derivative Financial Instruments Outstanding as of Period End    
         
Futures Contracts        
        ($000)
        Value and
    Number of   Unrealized
    Long (Short) Notional Appreciation
  Expiration Contracts Amount (Depreciation)
Long Futures Contracts        
2-Year U.S. Treasury Note March 2020 574 123,746 (64)
5-Year U.S. Treasury Note March 2020 194 23,080 (21)
        (85)
         
Short Futures Contracts        
Ultra 10-Year U.S. Treasury Note March 2020 (281) (39,963) 91
Ultra Long U.S. Treasury Bond March 2020 (17) (3,191) 1
        92
        7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

78

 

 

New York Long-Term Tax-Exempt Fund

 

 

Statement of Operations

 

 

  Year Ended
  November 30, 2019
  ($000)
Investment Income  
Income  
Interest 153,026
Total Income 153,026
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 672
Management and Administrative—Investor Shares 691
Management and Administrative—Admiral Shares 2,993
Marketing and Distribution—Investor Shares 66
Marketing and Distribution—Admiral Shares 237
Custodian Fees 22
Auditing Fees 34
Shareholders’ Reports—Investor Shares 15
Shareholders’ Reports—Admiral Shares 21
Trustees’ Fees and Expenses 2
Total Expenses 4,753
Expenses Paid Indirectly (12)
Net Expenses 4,741
Net Investment Income 148,285
Realized Net Gain (Loss)  
Investment Securities Sold 16,845
Futures Contracts (1,926)
Realized Net Gain (Loss) 14,919
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 263,786
Futures Contracts (102)
Change in Unrealized Appreciation (Depreciation) 263,684
Net Increase (Decrease) in Net Assets Resulting from Operations 426,888

 

 

 

 

 

 

 

 

 

 

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

 

79

 

 

New York Long-Term Tax-Exempt Fund

 

 

Statement of Changes in Net Assets

 

 

  Year Ended November 30,
  2019 2018
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 148,285 145,983
Realized Net Gain (Loss) 14,919 10,352
Change in Unrealized Appreciation (Depreciation) 263,684 (133,939)
Net Increase (Decrease) in Net Assets Resulting from Operations 426,888 22,396
Distributions    
Net Investment Income    
Investor Shares (14,909) (14,523)
Admiral Shares (133,319) (131,460)
Realized Capital Gain1    
Investor Shares (943) (2,221)
Admiral Shares (8,644) (18,905)
Total Distributions (157,815) (167,109)
Capital Share Transactions    
Investor Shares 97,822 (24,058)
Admiral Shares 449,655 157,745
Net Increase (Decrease) from Capital Share Transactions 547,477 133,687
Total Increase (Decrease) 816,550 (11,026)
Net Assets    
Beginning of Period 4,381,515 4,392,541
End of Period 5,198,065 4,381,515

 

1Includes fiscal 2019 and 2018 short-term gain distributions totaling $0 and $150,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

80

 

 

New York Long-Term Tax-Exempt Fund

 

 

Financial Highlights

 

 

Investor Shares

 

For a Share Outstanding     Year Ended November 30,
Throughout Each Period 2019 2018 2017 2016 2015
Net Asset Value, Beginning of Period $11.34 $11.71 $11.49 $11.84 $11.77
Investment Operations          
Net Investment Income .3541 .3691 .3721 .384 .390
Net Realized and Unrealized Gain (Loss) on Investments .696 (.314) .282 (.343) .070
Total from Investment Operations 1.050 .055 .654 .041 .460
Distributions          
Dividends from Net Investment Income (.355) (.369) (.372) (.380) (.390)
Distributions from Realized Capital Gains (.025) (.056) (.062) (.011) —
Total Distributions (.380) (.425) (.434) (.391) (.390)
Net Asset Value, End of Period $12.01 $11.34 $11.71 $11.49 $11.84
           
Total Return2 9.37% 0.48% 5.76% 0.24% 3.97%
           
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $550 $425 $464 $460 $423
Ratio of Total Expenses to Average Net Assets 0.17% 0.17% 0.19% 0.19% 0.20%
Ratio of Net Investment Income to Average Net Assets 3.00% 3.21% 3.18% 3.18% 3.26%
Portfolio Turnover Rate 15% 18% 16% 18% 17%

 

1Calculated based on average shares outstanding.
2Total 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.

 

81

 

 

New York Long-Term Tax-Exempt Fund

 

 

Financial Highlights

 

 

Admiral Shares

 

For a Share Outstanding     Year Ended November 30,
Throughout Each Period 2019 2018 2017 2016 2015
Net Asset Value, Beginning of Period $11.34 $11.71 $11.49 $11.84 $11.77
Investment Operations          
Net Investment Income .3641 .3781 .3841 .396 .400
Net Realized and Unrealized Gain (Loss) on Investments .695 (.314) .282 (.343) .070
Total from Investment Operations 1.059 .064 .666 .053 .470
Distributions          
Dividends from Net Investment Income (.364) (.378) (.384) (.392) (.400)
Distributions from Realized Capital Gains (.025) (.056) (.062) (.011) —
Total Distributions (.389) (.434) (.446) (.403) (.400)
Net Asset Value, End of Period $12.01 $11.34 $11.71 $11.49 $11.84
           
Total Return2 9.46% 0.56% 5.87% 0.34% 4.06%
           
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $4,648 $3,956 $3,929 $3,527 $3,547
Ratio of Total Expenses to Average Net Assets 0.09% 0.09% 0.09% 0.09% 0.12%
Ratio of Net Investment Income to Average Net Assets 3.08% 3.29% 3.28% 3.28% 3.34%
Portfolio Turnover Rate 15% 18% 16% 18% 17%

 

1Calculated based on average shares outstanding.
2Total 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.

 

82

 

 

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. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

 

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

 

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.

 

2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.

 

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

 

During the year ended November 30, 2019, the fund’s average investments in long and short futures contracts represented 6% and 2% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

 

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, 2016–2019), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

 

83

 

 

New York Long-Term Tax-Exempt Fund

 

 

 

 

 

4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

 

5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

 

The fund had no borrowings outstanding at November 30, 2019, 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. All other costs of operations payable to Vanguard are generally settled twice a month.

 

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2019, the fund had contributed to Vanguard capital in the amount of $238,000, representing less than 0.01% of the fund’s net assets and 0.10% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

 

84

 

 

New York Long-Term Tax-Exempt Fund

 

 

 

 

 

C.  The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2019, custodian fee offset arrangements reduced the fund’s expenses by $12,000 (an annual rate of less than 0.01% of average net assets).

 

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

 

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.

 

The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2019, based on the inputs used to value them:

 

  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Tax-Exempt Municipal Bonds — 5,165,218 —
Futures Contracts—Assets1 142 — —
Futures Contracts—Liabilities1 (5) — —
Total 137 5,165,218 —

 

1 Represents variation margin on the last day of the reporting period.

 

E.  Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for distributions in connection with fund share redemptions were reclassified between the following accounts:

 

  Amount
  ($000)
Paid-in Capital 468
Total Distributable Earnings (Loss) (468)

 

85

 

 

New York Long-Term Tax-Exempt Fund

 

 

 

 

 

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and straddles; the realization of unrealized gains or losses on certain futures contracts; and payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

 

  Amount
  ($000)
Undistributed Ordinary Income 5,621
Undistributed Tax-Exempt Income 5,009
Undistributed Long-Term Gains 12,527
Capital Loss Carryforwards —
Net Unrealized Gains (Losses) 289,303

 

As of November 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

 

  Amount
  ($000)
Tax Cost 4,875,915
Gross Unrealized Appreciation 290,281
Gross Unrealized Depreciation (978)
Net Unrealized Appreciation (Depreciation) 289,303

 

F.  During the year ended November 30, 2019, the fund purchased $1,268,011,000 of investment securities and sold $682,189,000 of investment securities, other than temporary cash investments.

 

86

 

 

New York Long-Term Tax-Exempt Fund

 

 

 

 

 

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

 

        Year Ended November 30,
    2019     2018
  Amount Shares   Amount Shares
  ($000) (000)   ($000) (000)
Investor Shares          
Issued 183,561 15,618   118,256 10,269
Issued in Lieu of Cash Distributions 13,479 1,141   14,212 1,234
Redeemed (99,218) (8,432)   (156,526) (13,631)
Net Increase (Decrease)—Investor Shares 97,822 8,327   (24,058) (2,128)
Admiral Shares          
Issued 934,741 79,570   785,715 68,307
Issued in Lieu of Cash Distributions 102,567 8,688   109,806 9,538
Redeemed (587,653) (50,257)   (737,776) (64,409)
Net Increase (Decrease)—Admiral Shares 449,655 38,001   157,745 13,436

 

H.  Management has determined that no events or transactions occurred subsequent to November 30, 2019, that would require recognition or disclosure in these financial statements.

 

87

 

 

 

Report of Independent Registered

Public Accounting Firm

 

To the Board of Trustees of Vanguard New York Tax-Free Funds and Shareholders of Vanguard New York Municipal Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund

 

Opinions on the Financial Statements

We have audited the accompanying statements of net assets of Vanguard New York Municipal Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund (constituting Vanguard New York Tax-Free Funds, hereafter collectively referred to as the “Funds”) as of November 30, 2019, the related statements of operations for the year ended November 30, 2019, the statements of changes in net assets for each of the two years in the period ended November 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2019 and each of the financial highlights for each of the five years in the period ended November 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

 

 

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 16, 2020

 

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

 

 88 

 

 

Special 2019 tax information (unaudited) for Vanguard New York Tax-Exempt Funds

 

This information for the fiscal year ended November 30, 2019, is included pursuant to provisions of the Internal Revenue Code.

 

The Long-Term Tax-Exempt Fund distributed $9,911,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

 

Each fund designates 100% of its income dividends as exempt-interest dividends.

 

 89 

 

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays NY Municipal Bond Index (Index or Bloomberg Barclays Index).

 

Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the New York Long-Term Tax-Exempt Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the New York Long-Term Tax-Exempt Fund. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the New York Long-Term Tax-Exempt Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the New York Long-Term Tax-Exempt Fund or the owners of the New York Long-Term Tax-Exempt Fund.

 

Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the New York Long-Term Tax-Exempt Fund. Investors acquire the New York Long-Term Tax-Exempt Fund from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the New York Long-Term Tax-Exempt Fund. The New York Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the New York Long-Term Tax-Exempt Fund or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the New York Long-Term Tax-Exempt Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the New York Long-Term Tax-Exempt Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the New York Long-Term Tax-Exempt Fund or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the New York Long-Term Tax-Exempt Fund.

 

 90 

 

The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the New York Long-Term Tax-Exempt Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the New York Long-Term Tax-Exempt Fund, investors or other third parties.

 

NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE NEW YORK LONG-TERM TAX-EXEMPT FUND.

 

None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

 

© 2020 Bloomberg. Used with Permission.

 

Source: Bloomberg Index Services Limited. Copyright 2020, Bloomberg. All rights reserved.

 

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The People Who Govern Your Fund

 

 

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

 

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 213 Vanguard funds.

 

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

 

 

Interested Trustee1

 

Mortimer J. Buckley

Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; trustee (2018–present) of The Shipley School.

 

 

Independent Trustees

 

Emerson U. Fullwood

Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.

 

Amy Gutmann

Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.

 

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), and the Lumina Foundation.

 

 

1Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

 

 

Director of the V Foundation and Oxfam America. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.

 

Mark Loughridge

Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

 

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.

 

Deanna Mulligan

Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.

 

André F. Perold

Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Board of advisors and investment committee member of the Museum of Fine Arts Boston. Board member (2018–present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System.

 

Sarah Bloom Raskin

Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments; director (2017–present) of Reserve Trust. Rubinstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College.

 

Peter F. Volanakis

Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).

 

 

Executive Officers

 

John Bendl

Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (October 2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).

 

Glenn Booraem

Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.

 

Christine M. Buchanan

Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

 

David Cermak

Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.

 

Thomas J. Higgins

Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.

 

Peter Mahoney

Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.

 

Anne E. Robinson

Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.

 

Michael Rollings

Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

 

John E. Schadl

Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (May 2019–present) of Vanguard Marketing Corporation.

 

 

Vanguard Senior Management Team
   
Joseph Brennan Chris D. McIsaac
Mortimer J. Buckley James M. Norris
Gregory Davis Thomas M. Rampulla
John James Karin A. Risi
Martha G. King Anne E. Robinson
John T. Marcante Michael Rollings

 

 

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

 

Connect with Vanguard® > vanguard.com

 

 

 

Fund Information > 800-662-7447

 

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 Morningstar, Inc., unless otherwise noted.

 

You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

 

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

 

CFA® is a registered trademark owned by CFA Institute.

 

 

 

 

 © 2020 The Vanguard Group, Inc.
 All rights reserved.
 Vanguard Marketing Corporation, Distributor.
  
 Q760 012020

 

 

 

 

 

Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

 

Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

 

 

 

Item 4: Principal Accountant Fees and Services.

 

(a)       Audit Fees.

 

Audit Fees of the Registrant.

 

Fiscal Year Ended November 30, 2019: $62,000
Fiscal Year Ended November 30, 2018: $64,000

 

Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.

 

Fiscal Year Ended November 30, 2019: $9,568,215
Fiscal Year Ended November 30, 2018: $9,734,277

 

Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(b)        Audit-Related Fees.

 

Fiscal Year Ended November 30, 2019: $3,012,031
Fiscal Year Ended November 30, 2018: $5,581,336

 

Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(c)       Tax Fees.

 

Fiscal Year Ended November 30, 2019: $357,238
Fiscal Year Ended November 30, 2018: $347,985

 

Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(d)       All Other Fees.

 

Fiscal Year Ended November 30, 2019: $0
Fiscal Year Ended November 30, 2018: $0

 

Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

 

 

(e)        (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.

 

In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.

 

The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.

 

(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f)       For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

 

(g)       Aggregate Non-Audit Fees.

 

Fiscal Year Ended November 30, 2019: $357,238
Fiscal Year Ended November 30, 2018: $347,985

 

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(h)       For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.

 

 

 

Item 5: Audit Committee of Listed Registrants.

 

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

 

Item 6: Investments.

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

Item 11: Controls and Procedures.

 

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

 

(b) Internal Control Over Financial Reporting. 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: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

 

 

 

Item 13: Exhibits.

 

  (a) Code of Ethics.
  (b) Certifications.

 

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

 

 

VANGUARD NEW YORK TAX-FREE FUNDS

     
BY: /s/ MORTIMER J. BUCKLEY*  
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: January 21, 2020

 

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

 

 

VANGUARD NEW YORK TAX-FREE FUNDS

     
BY: /s/ MORTIMER J. BUCKLEY*  
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: January 21, 2020

 

 

VANGUARD NEW YORK TAX-FREE FUNDS

     
BY: /s/ JOHN BENDL*  
  JOHN BENDL  
  CHIEF FINANCIAL OFFICER  

 

Date: January 21, 2020

 

 

* By: /s/ Anne E. Robinson

 

Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 (see file Number 33-32216) and a Power of Attorney filed on October 30, 2019 (see file Number 811-02554), Incorporated by Reference.

 

 

 

 EX-99.CODE ETH 2 tm203782d6_ex99-codeeth.htm EX-99.CODE ETH
 

Exhibit 99.CODEETH

 

THE VANGUARD FUNDS’
CODE OF ETHICS FOR
SENIOR EXECUTIVE AND FINANCIAL OFFICERS

 

I.                                      Introduction

 

The Board of Trustees (the “Fund Board”) of each registered investment company that is managed, sponsored, and distributed by The Vanguard Group, Inc. (“VGI”) or its subsidiaries (each, a “Vanguard Fund” and collectively, the “Vanguard Funds”) has adopted this code of ethics (the “Code”) as required by Section 406 of the Sarbanes-Oxley Act. The Code applies to the individuals in positions listed on Exhibit A (the “Covered Officers”). All Covered Officers, along with employees of VGI, are subject to separate and distinct obligations from this Code under a Code of Ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (“17j-1 Code of Ethics”), policies to prevent the misuse of non-public information, and other internal compliance guidelines and policies that may be in effect from time to time.

 

This Code is designed to promote:

 

·                  Honest and ethical conduct, including the ethical handling of conflicts of interest;

 

·                  Full, fair, accurate, timely, and understandable disclosure in reports and documents that a Vanguard Fund files with, or submits to, the U.S. Securities and Exchange Commission (“SEC”), and in other public communications made by the Vanguard Funds or VGI;

 

·                  Compliance with applicable laws, governmental rules, and regulations;

 

·                  Prompt internal reporting to those identified in the Code of violations of the Code; and

 

·                  Accountability for adherence to the Code.

 

II.                                  Actual or Apparent Conflicts of Interest

 

A.           Covered Officers should conduct all activities in accordance with the following principles:

 

1.             Clients’ interests come first. In the course of fulfilling their duties and responsibilities to VGI clients, Covered Officers must at all times place the interests of VGI clients first. In particular, Covered Officers must avoid serving their own personal interests ahead of the interests of VGI clients.

 

2.             Conflicts of interest must be avoided. Covered Officers must avoid any situation involving an actual or potential conflict of interest or possible impropriety with respect to their duties and responsibilities to VGI clients. Covered Officers must disclose and report at least annually any situation that may present the potential for a conflict of interest to Vanguard’s Compliance Department, consistent with the 17j-1 Code of Ethics.

 

 

3.             Compromising situations must be avoided. Covered Officers must not take advantage of their position of trust and responsibility. Covered Officers must avoid any situation that might compromise or call into question their exercise of full independent judgment in the best interests of VGI clients.

 

All activities of Covered Officers should be guided by and adhere to these fiduciary standards regardless of whether the activity is specifically described in this Code.

 

B.           Restricted Activities include the following:

 

1.             Prohibition on secondary employment. Covered Officers are prohibited from accepting or serving in any form of secondary employment. Secondary employment that does not create a potential conflict of interest may be approved by the General Counsel of VGI.

 

2.             Prohibition on service as director or public official. Unless approved by the General Counsel of VGI, Covered Officers are prohibited from serving on the board of directors of any publicly traded company or in an official capacity for any federal, state, or local government (or governmental agency or instrumentality).

 

3.             Prohibition on misuse of Vanguard time or property. Covered Officers are prohibited from making use of time, equipment, services, personnel or property of any Vanguard entity for any purposes other than the performance of their duties and responsibilities in connection with the Vanguard Funds or other Vanguard-related entities.

 

III.                              Disclosure and Compliance

 

A.           Each Covered Officer should be familiar with the disclosure requirements generally applicable to the Vanguard Funds.

 

B.           Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Vanguard Funds to others, including to the Vanguard Funds’ directors and auditors, or to government regulators and self-regulatory organizations.

 

C.           Each Covered Officer should, to the extent appropriate within the Covered Officer’s area of responsibility, consult with other officers and employees of VGI and advisors to a Vanguard Fund with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Vanguard Fund files with, or submits to, the SEC and in other public communications made by a Vanguard Fund.

 

D.          It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules, regulations, and the 17j-1 Code of Ethics.

 

IV.                             Reporting and Accountability

 

A.           Each Covered Officer must:

 

 

1.             Upon adoption or amendment of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Code;

 

2.             Affirm at least annually in writing that he or she has complied with the requirements of the Code;

 

3.             Not retaliate against any other Covered Officer or any employee of VGI for reports of potential violations of the Code that are made in good faith; and

 

4.             Notify the General Counsel of VGI promptly if the Covered Officer knows of any violations of this Code.

 

B.           The Vanguard Funds will use the following procedures in investigating and enforcing this Code:

 

1.           The General Counsel of VGI is responsible for applying this Code to specific situations and has the authority to interpret this Code in any particular situation. The General Counsel will report on an as-needed basis to the Fund Board regarding activities subject to the Code.

 

2.           The General Counsel will take all appropriate action to investigate any potential violations of the Code that are reported to him or her.

 

3.           If, after investigation, the General Counsel believes that no material violation of the Code has occurred, the General Counsel is not required to take any further action.

 

4.           Any matter that the General Counsel believes is a material violation of the Code will be reported to the Chief Compliance Officer and the Fund Board.

 

5.           If the Fund Board concurs that a material violation of the Code has occurred, the Fund Board will consider appropriate action. Appropriate action may include reassignment, suspension, or dismissal of the applicable Covered Officer(s), or any other sanctions the Fund Board deems appropriate. Appropriate action may also include review of, and appropriate modifications to, applicable policies and procedures.

 

6.           Any changes to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules.

 

 

Other Policies and Procedures

 

This Code shall be the sole code of conduct adopted by the Vanguard Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Vanguard Funds, VGI, or other service providers govern or purport to govern the behavior or activities of the Covered Officers, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.

 

VGI’s and the Vanguard Funds’ 17j-1 Code of Ethics, policies to prevent the misuse of non-public information, and other internal compliance guidelines and policies that may be in effect from time to time are separate requirements applying to the Covered Officers and others, and are not part of this Code.

 

VI.                             Amendments

 

This Code may not be materially amended except by the approval of a majority vote of the independent trustees of the Fund Board. Non-material, technical, and administrative revisions of the Code do not have to be approved by the Fund Board. Amendments must be in writing and communicated promptly to the Covered Officers, who shall affirm receipt of the amended Code in accordance with Section IV. A. 1.

 

VII.                         Confidentiality

 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board, VGI’s General Counsel and the Chief Compliance Officer of VGI and the Vanguard Funds.

 

 

 

Last Reviewed: July 28, 2018

 

 EX-99.CERT 3 tm203782d6_ex99-cert.htm EX-99.CERT

 

Exhibit 99.CERT

 

CERTIFICATIONS

 

I, Mortimer J. Buckley, certify that:

 

1. I have reviewed this report on Form N-CSR of Vanguard New York Tax-Free Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 21, 2020 /s/ Mortimer J. Buckley
  Mortimer J. Buckley
  Chief Executive Officer

 

 

 

CERTIFICATIONS

 

I, John Bendl, certify that:

 

1. I have reviewed this report on Form N-CSR of Vanguard New York Tax-Free Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 21, 2020

/s/ John Bendl

  John Bendl
  Chief Financial Officer

 

 

 EX-99.906 CERT 4 tm203782d6_ex99-906cert.htm EX-99.906 CERT

 

Exhibit 99.906CERT

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

 

Name of Issuer: Vanguard New York Tax-Free Funds

 

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

 

 

Date:   January 21, 2020

  /s/ Mortimer J. Buckley  
  Mortimer J. Buckley  
  Chief Executive Officer  

 

 

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

 

Name of Issuer: Vanguard New York Tax-Free Funds

 

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

 

 

Date:   January 21, 2020

  /s/ John Bendl  
  John Bendl  
  Chief Financial Officer  

 

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