N-CSRS 1 tm2121030d6_ncsrs.htm N-CSRS

 

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, 2020—May 31, 2021

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

 

Semiannual Report   |   May 31, 2021
Vanguard New York Tax-Exempt Funds
Vanguard New York Municipal Money Market Fund
Vanguard New York Long-Term Tax-Exempt Fund
Contents
About Your Fund’s Expenses
1
New York Municipal Money Market Fund
4
New York Long-Term Tax-Exempt Fund
19
Trustees Approve Advisory Arrangements
68
Liquidity Risk Management
70
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.
1
Six Months Ended May 31, 2021      
  Beginning
Account Value
11/30/2020 		Ending
Account Value
5/31/2021 		Expenses
Paid During
Period
Based on Actual Fund Return      
New York Municipal Money Market Fund $1,000.00 $1,000.10 $0.50
New York Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,025.50 $0.86
Admiral™ Shares 1,000.00 1,025.90 0.45
Based on Hypothetical 5% Yearly Return      
New York Municipal Money Market Fund $1,000.00 $1,024.43 $0.50
New York Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,024.08 $0.86
Admiral Shares 1,000.00 1,024.48 0.45
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are: for the New York Municipal Money Market Fund, 0.10%; 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 (182/365).
2
New York Municipal Money Market Fund
Distribution by Effective Maturity1
As of May 31, 2021
1 - 7 Days 96.7%
8 - 30 Days 1.2
31 - 60 Days 0.1
61 - 90 Days 0.0
91 - 180 Days 0.0
Over 180 Days 2.0
1 Percentage of investments.
3
New York Municipal Money Market Fund
Financial Statements (unaudited)
Schedule of Investments
As of May 31, 2021
The fund publishes its holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the “Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Tax-Exempt Municipal Bonds (100.3%)
New York (100.3%)
1,2 Battery Park City NY Authority Revenue TOB VRDO 0.080%   6/3/21 31,115    31,115
1,2 BlackRock MuniYield New York Quality Fund Inc. VRDO VRDP 0.130%   6/7/21 76,400    76,400
2 Build NYC Resource Corp. Miscellaneous Revenue VRDO 0.030%   6/3/21  4,485     4,485
2 Delaware County NY Industrial Development Agency Health, Hospital, Nursing Home Revenue VRDO 0.140%   6/3/21  1,620     1,620
1,2 Erie County NY Industrial Development Agency School Facility Revenue TOB VRDO 0.070%   6/3/21  6,665     6,665
2 Franklin County Civic Development Corp. Health, Hospital, Nursing Home Revenue VRDO 0.070%   6/3/21 15,730    15,730
  Garden City NY BAN GO 1.000%  2/18/22 10,000    10,063
2 Geneva Industrial Development Agency College & University Revenue VRDO 0.070%   6/3/21  1,685     1,685
  Levittown Union Free School District GO 1.500%  6/25/21 15,000    15,012
2 Metropolitan Transportation Authority Miscellaneous Taxes Revenue VRDO 0.070%   6/3/21 19,740    19,740
2 Metropolitan Transportation Authority Transit Fuel Sales Tax Revenue VRDO 0.070%   6/3/21  2,200     2,200
2 Metropolitan Transportation Authority Transit Revenue VRDO 0.020%   6/1/21 12,100    12,100
2 Metropolitan Transportation Authority Transit Revenue VRDO 0.070%   6/3/21  7,380     7,380
1,2 Nassau County NY GO TOB VRDO 0.080%   6/3/21  6,000     6,000
2 Nassau Health Care Corp. Health, Hospital, Nursing Home Revenue VRDO 0.050%   6/2/21  1,450     1,450
2 Nassau Health Care Corp. Health, Hospital, Nursing Home Revenue VRDO 0.060%   6/3/21  4,845     4,845
  New Rochelle NY City School District BAN GO 1.750%  6/23/21 10,000    10,008
2 New York City Capital Resources Corp. Health, Hospital, Nursing Home Revenue VRDO 0.060%   6/3/21 24,800    24,800
2 New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue VRDO 0.050%   6/2/21  5,105     5,105
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.030%   6/2/21 14,500    14,500
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.030%   6/2/21  6,100     6,100
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.030%   6/2/21  2,400     2,400
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.050%   6/2/21  4,390     4,390
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.070%   6/2/21  3,975     3,975
4
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.070%   6/2/21  5,990     5,990
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.070%   6/2/21  7,800     7,800
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.070%   6/2/21  6,360     6,360
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.080%   6/2/21  3,175     3,175
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.040%   6/3/21 14,650    14,650
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.050%   6/3/21  2,115     2,115
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.060%   6/3/21    600       600
3 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.070%   6/3/21 11,510    11,510
1,2 New York City Housing Development Corp. Multi-Family Housing Local or Guaranteed Housing Revenue TOB VRDO 0.080%   6/3/21 10,000    10,000
1,2 New York City Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 0.080%   6/3/21  7,605     7,605
1,2 New York City Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 0.080%   6/3/21  6,665     6,665
1,2 New York City Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 0.080%   6/3/21  8,335     8,335
1,2 New York City Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 0.080%   6/4/21  7,500     7,500
1,2 New York City Housing Development Corp. Multi-Family Housing Revenue TOB VRDO 0.080%   6/4/21  7,500     7,500
2 New York City Industrial Development Agency Industrial Revenue VRDO 0.130%   6/3/21    265       265
2 New York City NY Capital Resources Corp. Health, Hospital, Nursing Home Revenue VRDO 0.070%   6/3/21  2,975     2,975
1,2 New York City NY GO TOB VRDO 0.040%   6/1/21  8,400     8,400
1,2 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.040%   6/1/21 15,485    15,485
1,2 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.040%   6/1/21  7,500     7,500
1,2 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.080%   6/3/21  3,000     3,000
1 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.110%   6/3/21 17,835    17,835
1,2 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.080%   6/4/21  6,930     6,930
1,2 New York City NY Sales Tax Asset Receivable Corp. Sales Tax Revenue TOB VRDO 0.080%   6/3/21  5,250     5,250
1,2 New York City NY Sales Tax Asset Receivable Corp. Sales Tax Revenue TOB VRDO 0.080%   6/3/21  3,335     3,335
1,2 New York City NY Transitional Finance Authority Building Aid Appropriations Revenue TOB VRDO 0.080%   6/3/21  3,490     3,490
1,2 New York City NY Transitional Finance Authority Building Aid Appropriations Revenue TOB VRDO 0.080%   6/3/21  4,000     4,000
1,2 New York City NY Transitional Finance Authority Building Aid Income Tax Revenue TOB VRDO 0.080%   6/3/21  5,915     5,915
1,2 New York City NY Transitional Finance Authority Building Aid Income Tax Revenue TOB VRDO 0.080%   6/3/21 18,750    18,750
1,2 New York City NY Transitional Finance Authority Future Tax Income Tax Revenue TOB VRDO 0.080%   6/3/21  1,500     1,500
1,2 New York City NY Transitional Finance Authority Future Tax Income Tax Revenue TOB VRDO 0.080%   6/3/21 12,170    12,170
5
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 New York City NY Transitional Finance Authority Future Tax Income Tax Revenue TOB VRDO 0.080%   6/3/21  7,500     7,500
1,2 New York City NY Transitional Finance Authority Future Tax Income Tax Revenue TOB VRDO 0.080%   6/3/21  3,200     3,200
1,2 New York City NY Transitional Finance Authority Future Tax Income Tax Revenue TOB VRDO 0.080%   6/3/21  3,335     3,335
1,2 New York City NY Transitional Finance Authority Future Tax Income Tax Revenue TOB VRDO 0.090%   6/3/21 18,100    18,100
1,2 New York City NY Transitional Finance Authority Future Tax Sales Tax Revenue TOB VRDO 0.080%   6/3/21 11,800    11,800
1 New York City NY Transitional Finance Authority Income Tax Revenue TOB VRDO 0.070%   6/3/21  9,335     9,335
1,2 New York City NY Transitional Finance Authority Income Tax Revenue TOB VRDO 0.080%   6/3/21  3,940     3,940
1,2 New York City NY Transitional Finance Authority Income Tax Revenue TOB VRDO 0.080%   6/3/21  5,000     5,000
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 0.070%   6/3/21  6,500     6,500
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 0.080%   6/3/21  3,610     3,610
2 New York City Trust for Cultural Resources Miscellaneous Revenue VRDO 0.050%   6/3/21  8,500     8,500
2 New York City Trust for Cultural Resources Recreational Revenue VRDO 0.030%   6/3/21  5,575     5,575
  New York City Trust for Cultural Resources Recreational Revenue VRDO 0.050%   6/3/21 43,440    43,440
  New York City Trust for Cultural Resources Recreational Revenue VRDO 0.050%   6/3/21 29,065    29,065
  New York City Water & Sewer System Sewer Revenue VRDO 0.020%   6/1/21  9,015     9,015
  New York City Water & Sewer System Water Revenue VRDO 0.010%   6/1/21    300       300
  New York City Water & Sewer System Water Revenue VRDO 0.010%   6/1/21 25,105    25,105
  New York City Water & Sewer System Water Revenue VRDO 0.020%   6/1/21  1,700     1,700
2 New York City Water & Sewer System Water Revenue VRDO 0.020%   6/1/21  3,000     3,000
2 New York City Water & Sewer System Water Revenue VRDO 0.020%   6/1/21 15,655    15,655
2 New York City Water & Sewer System Water Revenue VRDO 0.020%   6/1/21 11,000    11,000
  New York City Water & Sewer System Water Revenue VRDO 0.040%   6/3/21  8,475     8,475
  New York City Water & Sewer System Water Revenue VRDO 0.040%   6/3/21 15,690    15,690
  New York City Water & Sewer System Water Revenue VRDO 0.070%   6/3/21 37,090    37,090
  New York City Water & Sewer System Water Revenue VRDO 0.070%   6/3/21 25,685    25,685
1,2 New York Dormitory Authority Personal Income Tax Revenue TOB VRDO 0.070%   6/3/21  2,500     2,500
  New York GO 5.000%  3/15/22  4,260     4,422
1,2 New York Liberty Development Corp. Industrial Revenue TOB VRDO 0.150%   6/3/21  8,000     8,000
2 New York Liberty Development Corp. Industrial Revenue VRDO 0.060%   6/3/21 18,925    18,925
1,2 New York Metropolitan Transportation Authority Fuel Sales Tax Revenue TOB VRDO 0.080%   6/3/21  3,330     3,330
1,2 New York Metropolitan Transportation Authority Fuel Sales Tax Revenue TOB VRDO 0.240%   6/3/21 11,000    11,000
1,2 New York Metropolitan Transportation Authority Special Tax Revenue TOB VRDO 0.070%   6/3/21 12,800    12,800
1,2 New York Metropolitan Transportation Authority Transit Revenue TOB VRDO 0.080%   6/3/21  9,350     9,350
  New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO 0.020%   6/1/21    705       705
  New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO 0.050%   6/2/21 17,810    17,810
6
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO 0.070%   6/2/21 15,000    15,000
1,2 New York NY GO TOB VRDO 0.070%   6/3/21  7,125     7,125
1,2 New York NY GO TOB VRDO 0.080%   6/3/21 13,000    13,000
1,2 New York NY GO TOB VRDO 0.080%   6/3/21  5,000     5,000
1,2 New York NY GO TOB VRDO 0.080%   6/3/21  3,000     3,000
1,2 New York NY GO TOB VRDO 0.080%   6/4/21  6,000     6,000
1,2 New York NY GO TOB VRDO 0.080%   6/4/21  4,445     4,445
1,2 New York NY GO TOB VRDO 0.080%   6/4/21  4,365     4,365
2 New York NY GO VRDO 0.070%   6/3/21 30,250    30,250
  New York NY Mortgage Agency Local or Guaranteed Housing Revenue VRDO 0.090%   6/2/21  3,505     3,505
1,2 New York State Dormitory Authority College & University Revenue TOB VRDO 0.050%   6/1/21 17,290    17,290
1,2 New York State Dormitory Authority College & University Revenue TOB VRDO 0.080%   6/4/21  4,800     4,800
  New York State Dormitory Authority College & University Revenue VRDO 0.020%   6/1/21 26,145    26,145
  New York State Dormitory Authority College & University Revenue VRDO 0.020%   6/2/21 51,925    51,925
  New York State Dormitory Authority College & University Revenue VRDO 0.030%   6/3/21 19,210    19,210
  New York State Dormitory Authority College & University Revenue VRDO 0.030%   6/3/21  4,495     4,495
  New York State Dormitory Authority College & University Revenue VRDO 0.030%   6/3/21 11,885    11,885
2 New York State Dormitory Authority College & University Revenue VRDO 0.030%   6/3/21 12,420    12,420
2 New York State Dormitory Authority College & University Revenue VRDO 0.030%   6/3/21 20,875    20,875
2 New York State Dormitory Authority College & University Revenue VRDO 0.050%   6/3/21 21,120    21,120
1,2 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.070%   6/3/21  7,860     7,860
1,2,4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.080%   6/4/21 14,470    14,470
1,2 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.080%   6/4/21 25,900    25,900
2 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue VRDO 0.030%   6/2/21 40,310    40,310
2 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue VRDO 0.070%   6/3/21 14,280    14,280
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 0.080%   6/3/21  7,500     7,500
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 0.080%   6/3/21  6,250     6,250
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 0.080%   6/3/21 31,290    31,290
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 0.080%   6/3/21  7,500     7,500
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 0.080%   6/3/21  3,335     3,335
1,2 New York State Dormitory Authority Lease College & University Revenue TOB VRDO 0.080%   6/3/21  5,820     5,820
  New York State Dormitory Authority Revenue 0.120%   6/3/21  9,000     9,000
1,2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 0.080%   6/3/21 19,505    19,505
7
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 0.080%   6/3/21  7,500     7,500
1,2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 0.080%   6/3/21  7,500     7,500
1,2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 0.090%   6/3/21 21,870    21,870
1,2 New York State Dormitory Authority State Personal Income Tax Revenue TOB VRDO 0.070%   6/3/21  5,625     5,625
1,2 New York State Dormitory Authority State Personal Income Tax Revenue TOB VRDO 0.070%   6/3/21  7,400     7,400
1,2 New York State Dormitory Authority State Personal Income Tax Revenue TOB VRDO 0.080%   6/3/21  4,000     4,000
2 New York State Energy Research & Development Authority Facilities Industrial Revenue VRDO 0.080%   6/2/21 49,100    49,100
2 New York State Energy Research & Development Authority Industrial Revenue VRDO 0.030%   6/2/21  1,800     1,800
2 New York State Energy Research & Development Authority Industrial Revenue VRDO 0.060%   6/2/21 26,100    26,100
1,2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO 0.080%   6/3/21  6,665     6,665
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.020%   6/1/21  2,640     2,640
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.030%   6/1/21 36,245    36,245
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.030%   6/2/21    400       400
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.030%   6/2/21 44,820    44,820
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.030%   6/2/21 21,295    21,295
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.030%   6/2/21  9,230     9,230
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.030%   6/2/21 13,000    13,000
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.040%   6/2/21  1,700     1,700
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.050%   6/2/21 26,490    26,490
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.050%   6/2/21  4,280     4,280
2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.050%   6/2/21 14,100    14,100
2 New York State Housing Finance Agency Local or Guranteed Housing Revenue VRDO 0.060%   6/2/21  9,875     9,875
2 New York State Housing Finance Agency Local or Guranteed Housing Revenue VRDO 0.060%   6/2/21  6,425     6,425
2 New York State Housing Finance Agency Local or Guranteed Housing Revenue VRDO 0.070%   6/2/21 15,450    15,450
1,2 New York State Mortgage Agency Homeowner Mortgage Local or Guaranteed Housing Revenue TOB VRDO 0.080%   6/3/21  7,145     7,145
1,2 New York State Mortgage Agency Homeowner Mortgage Local or Guranteed Housing Revenue TOB VRDO 0.080%   6/3/21  3,365     3,365
1,2 New York State Power Authority Electric Power & Light Revenue TOB VRDO 0.070%   6/3/21 16,500    16,500
1,2 New York State Power Authority Electric Power & Light Revenue TOB VRDO 0.080%   6/3/21  7,750     7,750
1,2 New York State Power Authority Electric Power & Light Revenue TOB VRDO 0.080%   6/3/21  7,785     7,785
1,2 New York State Thruway Authority Highway Revenue TOB VRDO 0.080%   6/3/21  2,080     2,080
8
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 New York State Thruway Authority Miscellaneous Revenue TOB VRDO 0.090%   6/3/21  4,800     4,800
2 New York State Urban Development Corp. Appropriations Revenue VRDO 0.030%   6/3/21 29,705    29,705
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 0.070%   6/3/21 12,260    12,260
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 0.070%   6/3/21  4,235     4,235
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 0.070%   6/3/21  3,300     3,300
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 0.070%   6/3/21  8,745     8,745
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 0.080%   6/3/21 21,325    21,325
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 0.080%   6/3/21  7,500     7,500
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 0.080%   6/3/21  9,000     9,000
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 0.080%   6/3/21  3,750     3,750
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 0.080%   6/3/21  3,750     3,750
2 Niagara Area Development Corp. Health, Hospital, Nursing Home Revenue VRDO 0.070%   6/2/21  4,305     4,305
  North Hempstead NY BAN GO 1.500%  3/25/22 17,500    17,689
1,2 Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP 0.100%   6/7/21 20,000    20,000
1,2 Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP 0.100%   6/7/21  5,000     5,000
1,2 Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP 0.100%   6/7/21 22,000    22,000
1,2 Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP 0.100%   6/7/21 33,700    33,700
1,2 Nuveen New York Quality Municipal Income Fund VRDO VRDP 0.130%   6/7/21 34,800    34,800
2 Onondaga County Industrial Development Agency Health, Hospital, Nursing Home Revenue (Syracuse Home Association Project) VRDO 0.090%   6/3/21  3,925     3,925
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 0.070%   6/3/21 32,050    32,050
1,2 Regional Transportation Authority Local or Guaranteed Housing Revenue TOB VRDO 0.080%   6/4/21  7,500     7,500
  Rockville Centre NY GO 1.000%   6/9/22  7,500     7,562
  Rye City School District BAN GO 1.750%   7/1/21  2,000     2,003
2 Triborough Bridge & Tunnel Authority Highway Revenue VRDO 0.010%   6/1/21  8,110     8,110
2 Triborough Bridge & Tunnel Authority Highway Revenue VRDO 0.010%   6/1/21  1,710     1,710
2 Triborough Bridge & Tunnel Authority Highway Revenue VRDO 0.020%   6/1/21  4,655     4,655
1,2 Triborough Bridge & Tunnel Authority New York Highway Revenue TOB VRDO 0.080%   6/3/21 14,250    14,250
1,2 Triborough Bridge & Tunnel Authority New York Highway Revenue TOB VRDO 0.080%   6/3/21    695       695
1,2 Triborough Bridge & Tunnel Authority New York Highway Revenue TOB VRDO 0.080%   6/3/21 12,000    12,000
1,2 Triborough Bridge & Tunnel Authority New York Highway Revenue TOB VRDO 0.110%   6/3/21 14,400    14,400
1,2 Triborough Bridge & Tunnel Authority New York Highway Revenue TOB VRDO 0.080%   6/4/21  8,000     8,000
1,2 Triborough Bridge & Tunnel Authority New York Highway Revenue TOB VRDO 0.150%   6/4/21  2,155     2,155
9
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 Triborough Bridge & Tunnel Authority Payroll Miscellaneous Tax Revenue TOB VRDO 0.070%   6/4/21  2,905     2,905
1,2 Utility Debt Securitization Authority New York Electric Power & Light Revenue TOB VRDO 0.080%   6/3/21  1,000     1,000
1,2 Utility Debt Securitization Authority New York Electric Power & Light Revenue TOB VRDO 0.080%   6/3/21  5,250     5,250
  Williamsville Central School District GO 1.000%   6/8/22  3,890     3,922
Total Tax-Exempt Municipal Bonds (Cost $2,145,796) 2,145,796
Total Investments (100.3%) (Cost $2,145,796) 2,145,796
Other Assets and Liabilities—Net (-0.3%) (5,837)
Net Assets (100%) 2,139,959
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2021, the aggregate value was $994,655,000, representing 46.5% of net assets.
2 Scheduled principal and interest payments are guaranteed by bank letter of credit.
3 Scheduled principal and interest payments are guaranteed by Federal Housing Authority.
4 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
  BAN—Bond Anticipation Note.
  GO—General Obligation Bond.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
  VRDP—Variable Rate Demand Preferred.
  
See accompanying Notes, which are an integral part of the Financial Statements.
10
New York Municipal Money Market Fund
Statement of Assets and Liabilities
As of May 31, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $2,145,796) 2,145,796
Investment in Vanguard 77
Cash 119
Receivables for Investment Securities Sold 2,671
Receivables for Accrued Income 658
Receivables for Capital Shares Issued 3,390
Receivables from Vanguard 156
Other Assets 1,180
Total Assets 2,154,047
Liabilities  
Payables for Investment Securities Purchased 11,485
Payables for Capital Shares Redeemed 2,452
Payables for Distributions 1
Payables to Vanguard 150
Total Liabilities 14,088
Net Assets 2,139,959
At May 31, 2021, net assets consisted of:  
   
Paid-in Capital 2,139,925
Total Distributable Earnings (Loss) 34
Net Assets 2,139,959
 
Net Assets  
Applicable to 2,139,619,489 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		2,139,959
Net Asset Value Per Share $1.00
  
See accompanying Notes, which are an integral part of the Financial Statements.
11
New York Municipal Money Market Fund
Statement of Operations
  Six Months Ended
May 31, 2021
  ($000)
Investment Income  
Income  
Interest 1,242
Total Income 1,242
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 191
Management and Administrative 1,534
Marketing and Distribution 106
Custodian Fees 6
Shareholders’ Reports 4
Trustees’ Fees and Expenses —
Total Expenses 1,841
Expense Reduction—Note B (714)
Net Expenses 1,127
Net Investment Income 115
Realized Net Gain (Loss) on Investment Securities Sold 6
Net Increase (Decrease) in Net Assets Resulting from Operations 121
  
See accompanying Notes, which are an integral part of the Financial Statements.
12
New York Municipal Money Market Fund
Statement of Changes in Net Assets
  Six Months Ended
May 31,
2021 		  Year Ended
November 30,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 115   18,068
Realized Net Gain (Loss) 6   96
Net Increase (Decrease) in Net Assets Resulting from Operations 121   18,164
Distributions      
Total Distributions (115)   (18,068)
Capital Share Transactions (at $1.00 per share)      
Issued 590,152   1,697,703
Issued in Lieu of Cash Distributions 107   16,580
Redeemed (899,998)   (2,718,313)
Net Increase (Decrease) from Capital Share Transactions (309,739)   (1,004,030)
Total Increase (Decrease) (309,733)   (1,003,934)
Net Assets      
Beginning of Period 2,449,692   3,453,626
End of Period 2,139,959   2,449,692
  
See accompanying Notes, which are an integral part of the Financial Statements.
13
New York Municipal Money Market Fund
Financial Highlights
For a Share Outstanding
Throughout Each Period  		Six Months,
Ended
May 31,
2021 		Year Ended November 30,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Investment Operations            
Net Investment Income .00011 .0061 .0141 .0121 .0071 .003
Net Realized and Unrealized Gain (Loss) on Investments — — — — — —
Total from Investment Operations .0001 .006 .014 .012 .007 .003
Distributions            
Dividends from Net Investment Income (.0001) (.006) (.014) (.012) (.007) (.003)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.0001) (.006) (.014) (.012) (.007) (.003)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Total Return2 0.01% 0.55% 1.39% 1.24% 0.67% 0.26%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,140 $2,450 $3,454 $3,214 $2,424 $2,059
Ratio of Total Expenses to Average Net Assets 0.10%3 0.16% 0.16% 0.16% 0.16% 0.13%3
Ratio of Net Investment Income to Average Net Assets 0.01% 0.61% 1.38% 1.24% 0.67% 0.25%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2021 and 0.16% for 2016. For the years ended November 30, 2020, 2019, 2018 and 2017, there were no expense reductions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
14
New York Municipal Money Market Fund
Notes to Financial Statements
Vanguard New York Municipal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Securities are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the
15
New York Municipal Money Market Fund
extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended May 31, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2021, the fund had contributed to Vanguard capital in the amount of $77,000, representing less than 0.01% of the fund’s net assets and 0.03% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. For the six months ended May 31, 2021, Vanguard's expenses were reduced by $714,000 (an effective annual rate of 0.06% of the fund’s average net assets); the fund is not obligated to repay this amount to Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At May 31, 2021, 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
16
New York Municipal Money Market Fund
quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
D. As of May 31, 2021, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 2,145,796
Gross Unrealized Appreciation —
Gross Unrealized Depreciation —
Net Unrealized Appreciation (Depreciation) —
E. The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended May 31, 2021, such purchases and sales were $277,890,000 and $576,195,000, respectively.
F. Management has determined that no events or transactions occurred subsequent to May 31, 2021, that would require recognition or disclosure in these financial statements.
17
New York Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of May 31, 2021
Under 1 Year 5.0%
1 - 3 Years 2.5
3 - 5 Years 1.9
5 - 10 Years 10.7
10 - 20 Years 42.8
20 - 30 Years 31.0
Over 30 Years 6.1
The table reflects the fund’s investments, except for short-term investments and derivatives.
18
New York Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Schedule of Investments
As of May 31, 2021
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Tax-Exempt Municipal Bonds (99.3%)
New York (98.6%)
1 Albany Industrial Development Agency Miscellaneous Revenue (CHF Holland Suites Project) VRDO 0.060%   6/4/21  6,440     6,440
  Brookhaven Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  10/1/45  2,500     2,825
  Brookhaven Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  10/1/50  2,000     2,463
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/22  1,250     1,312
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/24  1,800     2,039
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/25  1,655     1,937
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/26  3,000     3,619
2 Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 4.000%  7/15/29    375       418
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/30  5,990     7,173
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/42  3,210     3,744
2 Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 3.000%  7/15/43  2,135     2,181
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/31 10,890     8,554
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/32  2,100     1,598
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/33  2,385     1,763
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/35  2,490     1,731
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/45  3,180     1,577
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/46  1,580       728
2 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   4/1/33  2,400     3,112
2 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   4/1/34  1,300     1,549
2 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%   4/1/35  1,200     1,304
19
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%   4/1/36  1,100     1,192
2 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%   4/1/37    865       934
2 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   4/1/38  1,600     1,888
2 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%   4/1/45  2,865     3,023
2 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%   4/1/50  3,000     3,147
2 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   4/1/50  2,285     2,633
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.000% 11/15/24  1,395     1,579
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/25  2,170     2,534
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.000% 11/15/25  1,590     1,850
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,155     1,338
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.250%   7/1/35  3,180     3,707
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.000% 11/15/37  5,515     6,181
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/40  5,270     6,073
  Buffalo & Fort Erie Public Bridge Authority Highway Revenue 5.000%   1/1/47  3,000     3,558
  Buffalo Municipal Water Finance Authority Water Revenue 5.000%   7/1/25    630       739
  Buffalo Municipal Water Finance Authority Water Revenue 5.000%   7/1/28  2,010     2,361
  Buffalo Municipal Water Finance Authority Water Revenue 5.000%   7/1/29    500       587
2 Buffalo Municipal Water Finance Authority Water Revenue 3.000%   7/1/35     15        16
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/27    200       227
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/28    270       306
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/29    225       255
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/30    310       351
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/32    660       747
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/33    730       825
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/34    580       655
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/38  1,365     1,535
  Build NYC Resource Corp. College & University Revenue (New York Law School Project) 5.000%   7/1/21  1,875     1,881
  Build NYC Resource Corp. College & University Revenue (New York Law School Project) 5.000%   7/1/22  3,010     3,149
  Build NYC Resource Corp. College & University Revenue (New York Law School Project) 5.000%   7/1/29  1,890     2,175
  Build NYC Resource Corp. College & University Revenue (New York Law School Project) 5.000%   7/1/36  5,000     5,654
  Build NYC Resource Corp. College & University Revenue (New York Law School Project) 5.000%   7/1/41  1,975     2,217
3 Build NYC Resource Corp. Economic Development Revenue 5.000%  12/1/39  2,540     2,758
3 Build NYC Resource Corp. Economic Development Revenue 5.000%  12/1/49  3,410     3,646
  Build NYC Resource Corp. Health, Hospital, Nursing Home Revenue (NY Methodist Hospital Project), ETM 5.000%   7/1/23  1,525     1,676
  Build NYC Resource Corp. Health, Hospital, Nursing Home Revenue (NY Methodist Hospital Project), Prere. 5.000%   7/1/24  1,325     1,514
  Build NYC Resource Corp. Health, Hospital, Nursing Home Revenue (NY Methodist Hospital Project), Prere. 5.000%   7/1/24  1,000     1,143
  Build NYC Resource Corp. Miscellaneous Revenue 5.000%   6/1/24    750       844
20
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Build NYC Resource Corp. Miscellaneous Revenue 5.000%   7/1/25    100       117
  Build NYC Resource Corp. Miscellaneous Revenue 5.000%   7/1/26     85       102
  Build NYC Resource Corp. Miscellaneous Revenue 5.000%   7/1/27     75        93
  Build NYC Resource Corp. Miscellaneous Revenue 5.000%   7/1/35    130       166
  Build NYC Resource Corp. Miscellaneous Revenue 4.000%   7/1/36    130       152
  Build NYC Resource Corp. Miscellaneous Revenue 4.000%   7/1/37    165       192
  Build NYC Resource Corp. Miscellaneous Revenue 4.000%   7/1/38    150       174
  Build NYC Resource Corp. Miscellaneous Revenue 3.000%   7/1/39    550       585
  Build NYC Resource Corp. Miscellaneous Revenue 4.000%   7/1/44    975     1,113
  Build NYC Resource Corp. Miscellaneous Revenue 4.000%   7/1/49  1,400     1,582
  Build NYC Resource Corp. Miscellaneous Revenue (YMCA of Greater NY Project) 5.000%   8/1/29  1,000     1,145
  Build NYC Resource Corp. Miscellaneous Revenue (YMCA of Greater NY Project) 4.000%   8/1/36  1,230     1,321
  Build NYC Resource Corp. Miscellaneous Revenue (YMCA of Greater NY Project) 5.000%   8/1/40    500       562
  Copiague Union Free School District GO 3.000%  2/15/33  1,005     1,059
  Dobbs Ferry Local Development Corp. College & University Revenue (Mercy College Project) 5.000%   7/1/39  3,120     3,481
  Dobbs Ferry Local Development Corp. College & University Revenue (Mercy College Project) 5.000%   7/1/44  2,635     2,940
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/29    250       307
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/30    220       268
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/31  1,170     1,420
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/32    450       545
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/33    250       302
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/34  1,390     1,675
3 Dutchess County Local Development Corp. College & University Revenue (Bard College Project) 5.000%   7/1/40  1,000     1,242
3 Dutchess County Local Development Corp. College & University Revenue (Bard College Project) 5.000%   7/1/45  2,000     2,453
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/25    500       579
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/26    300       357
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/27    805       960
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/28    950     1,125
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/29    500       588
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/30    380       443
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/31    575       668
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/32    240       278
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/33    200       231
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/36    145       167
21
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/41    815       933
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/46    600       682
  Dutchess County Local Development Corp. College & University Revenue (Marist College Project) 5.000%   7/1/40  1,470     1,709
  Dutchess County Local Development Corp. College & University Revenue (Marist College Project) 5.000%   7/1/45  1,240     1,438
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 5.000%   7/1/33    565       697
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 5.000%   7/1/34    275       339
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 5.000%   7/1/35  1,200     1,477
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 5.000%   7/1/37  1,000     1,226
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 5.000%   7/1/42  7,250     8,830
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 4.000%   7/1/46  5,600     6,391
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  2,000     2,414
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,505     1,818
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,595     1,924
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/34  2,305     2,703
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  1,185     1,387
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/37  1,415     1,648
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  1,030     1,197
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/41  1,155     1,283
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/44  3,810     4,369
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/49  6,600     7,522
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24    655       748
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  2,000     2,285
  Erie County Fiscal Stability Authority Sales Tax Revenue 4.000%   9/1/33    600       698
  Erie County Fiscal Stability Authority Sales Tax Revenue 5.000%   9/1/39  1,010     1,249
  Erie County Industrial Development Agency Lease (Non-Terminable) Revenue (Buffalo City Project) 5.000%   5/1/32  1,500     2,088
1,3 Erie County Industrial Development Agency School Facility Lease (Appropriation) Revenue (Buffalo City School District Project) TOB VRDO 0.100%   6/4/21  4,135     4,135
1,3 Hamstead Town New York Local Development Corp. College & University Revenue TOB VRDO 0.080%   6/4/21  1,430     1,430
2 Haverstraw-Stony Point Central School District GO 5.000% 10/15/33    300       335
2 Haverstraw-Stony Point Central School District GO 5.000% 10/15/36  1,000     1,115
2 Hempstead NY GO 4.000%   4/1/29  4,500     5,073
  Hempstead Town Local Development Corp. College & University Revenue (Adelphi University Project) 5.000%   6/1/29    400       506
22
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Hempstead Town Local Development Corp. College & University Revenue (Adelphi University Project) 4.750%   6/1/30    450       450
  Hempstead Town Local Development Corp. College & University Revenue (Adelphi University Project) 5.000%   6/1/30    200       256
  Hempstead Town Local Development Corp. College & University Revenue (Adelphi University Project) 5.000%   6/1/32    250       323
  Hempstead Town Local Development Corp. College & University Revenue (Adelphi University Project) 5.000%   9/1/43  5,000     5,435
  Hempstead Town Local Development Corp. College & University Revenue (Hofstra University Project) 4.000%   7/1/32    450       477
  Hempstead Town Local Development Corp. College & University Revenue (Hofstra University Project) 4.000%   7/1/36    340       420
  Hempstead Town Local Development Corp. College & University Revenue (Hofstra University Project) 4.000%   7/1/37    550       677
  Hempstead Town Local Development Corp. College & University Revenue (Hofstra University Project) 4.000%   7/1/38    515       632
  Hempstead Town Local Development Corp. College & University Revenue (Hofstra University Project) 5.000%   7/1/41  2,815     2,825
  Hempstead Town Local Development Corp. College & University Revenue (Hofstra University Project) 3.000%   7/1/51  3,000     3,251
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/26    700       837
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/27  1,740     2,135
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/29  2,170     2,417
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/30    670       806
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/32    370       443
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/34  1,800     1,988
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/37    630       747
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/38    480       569
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/38    870     1,056
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/39  1,645     1,806
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/43  1,025     1,230
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/44  1,670     1,825
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/48  1,100     1,312
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/32  3,500     4,279
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/33  2,125     2,591
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/34 14,000    17,034
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/36  5,270     6,386
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/37  3,600     4,354
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/38  3,000     3,622
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/39  4,500     5,421
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/42 14,750    17,658
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 4.000%  2/15/44 14,405    16,131
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/45  9,500    11,321
  Johnstown City School District GO 3.000%  6/15/33  1,935     2,060
2 Long Island Power Authority Electric Power & Light Revenue 0.000%   6/1/24 19,830    19,326
23
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/26  1,000     1,188
2 Long Island Power Authority Electric Power & Light Revenue 0.000%   6/1/27 15,905    14,663
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/29  1,000     1,256
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/33    750       932
  Long Island Power Authority Electric Power & Light Revenue 4.000%   9/1/34  7,550     8,968
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/34  4,500     5,118
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/34  1,050     1,308
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/35  6,000     6,816
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/35  1,500     1,869
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/36  2,000     2,410
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/36  2,285     2,909
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/37  2,150     2,731
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/38  2,150     2,725
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/39  5,700     6,447
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/41  2,500     2,995
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/42  7,500     9,201
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/44 17,550    19,755
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/46  3,500     4,183
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/47  4,015     4,895
  Long Island Power Authority Electric Power & Light Revenue PUT 1.650%   9/1/24  5,250     5,424
  Long Island Power Authority Electric Power & Light Revenue PUT 0.850%   9/1/25  4,200     4,205
  Long Island Power Authority Electric Power & Light Revenue, Prere. 5.000%   9/1/22  2,050     2,175
  Long Island Power Authority Electric Power & Light Revenue, Prere. 5.000%   9/1/22  2,535     2,690
  Madison County Capital Resource Corp. College & University Revenue 5.000%   7/1/40  1,495     1,731
  Madison County Capital Resource Corp. College & University Revenue 5.000%   7/1/43  6,000     6,949
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 4.000% 11/15/26    410       483
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/26    870     1,072
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/27     25        31
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/27     40        50
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/30  3,025     3,722
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/31  2,730     3,357
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/32     75        93
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/32  2,600     3,196
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 3.125% 11/15/33  1,045     1,119
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 4.000% 11/15/33 10,100    11,654
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 3.500% 11/15/34  1,000     1,085
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 4.000% 11/15/34    500       574
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/34  1,770     2,122
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/34    160       194
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/34  1,055     1,289
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/35 12,020    14,401
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/35    320       390
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/36  8,875    10,611
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/36    610       729
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/36    675       828
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/42    165       197
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/46  5,000     5,889
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/47  8,000     9,516
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/47  5,075     6,113
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/57  5,865     7,142
1 Metropolitan Transportation Authority Fuel Sales Tax Revenue VRDO 0.020%   6/1/21  1,875     1,875
24
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Metropolitan Transportation Authority Miscellaneous Taxes Revenue 0.000% 11/15/30 10,675     9,184
  Metropolitan Transportation Authority Miscellaneous Taxes Revenue 5.000% 11/15/31 11,090    11,840
  Metropolitan Transportation Authority Miscellaneous Taxes Revenue 0.000% 11/15/32  1,210       993
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/23  1,070     1,166
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/24  2,935     3,385
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/25  1,120     1,193
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/25  1,970     2,350
  Metropolitan Transportation Authority Transit Revenue 0.000% 11/15/27  2,240     2,023
  Metropolitan Transportation Authority Transit Revenue 3.500% 11/15/27    125       130
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/28  7,225     8,485
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/28  5,295     6,218
  Metropolitan Transportation Authority Transit Revenue 0.000% 11/15/29  6,645     5,654
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/29  3,865     4,518
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/29  1,000     1,206
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/29  1,890     2,279
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/30  3,000     3,606
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/30  2,630     3,277
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/31  1,015     1,218
  Metropolitan Transportation Authority Transit Revenue 0.000% 11/15/32    500       388
  Metropolitan Transportation Authority Transit Revenue 3.500% 11/15/32    265       273
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/32  7,500     8,655
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/32  5,050     5,710
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/32  1,000     1,129
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/32    885     1,031
  Metropolitan Transportation Authority Transit Revenue 0.000% 11/15/33    500       376
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/33     90        94
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/33    505       624
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/33  2,500     3,263
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/34    200       233
  Metropolitan Transportation Authority Transit Revenue 3.125% 11/15/35    165       174
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/35  3,505     3,955
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/35  3,060     3,558
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/35  4,020     4,674
  Metropolitan Transportation Authority Transit Revenue 3.250% 11/15/36  1,240     1,334
  Metropolitan Transportation Authority Transit Revenue 5.250% 11/15/37  5,000     5,612
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/38  6,020     6,456
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/39    550       682
  Metropolitan Transportation Authority Transit Revenue 5.250% 11/15/39  3,655     4,016
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/40  5,000     5,788
  Metropolitan Transportation Authority Transit Revenue 3.500% 11/15/41    805       852
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/41  2,000     2,120
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/42  2,000     2,120
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/42  1,930     2,046
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/43  5,000     6,255
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/44  5,000     5,798
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/45    735       790
  Metropolitan Transportation Authority Transit Revenue 4.750% 11/15/45  5,085     6,162
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/45    615       697
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/46  5,400     6,021
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/47  5,000     5,732
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/47  4,950     5,709
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/48  2,000     2,291
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/49  3,000     3,434
25
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/51  4,000     4,543
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/51  1,500     1,769
  Metropolitan Transportation Authority Transit Revenue 5.250% 11/15/55  2,535     2,894
  Metropolitan Transportation Authority Transit Revenue 5.250% 11/15/55  5,000     6,228
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/56  2,000     2,349
  Metropolitan Transportation Authority Transit Revenue 5.250% 11/15/57  4,000     4,782
  Metropolitan Transportation Authority Transit Revenue PUT 5.000% 11/15/24 12,500    14,330
  Metropolitan Transportation Authority Transit Revenue PUT 5.000%  5/15/30  5,000     6,478
1,2,3 Metropolitan Transportation Authority Transit Revenue TOB VRDO 0.150%   6/4/21  2,975     2,975
1,2,3 Metropolitan Transportation Authority Transit Revenue TOB VRDO 0.150%   6/4/21  5,335     5,335
1 Metropolitan Transportation Authority Transit Revenue VRDO 0.020%   6/1/21 16,700    16,700
1 Metropolitan Transportation Authority Transit Revenue VRDO 0.020%   6/1/21  1,315     1,315
1 Metropolitan Transportation Authority Transit Revenue VRDO 0.050%   6/4/21  1,700     1,700
  Metropolitan Transportation Authority Transit Revenue, Prere. 5.000% 11/15/22  1,160     1,243
  Metropolitan Transportation Authority Transit Revenue, Prere. 5.000% 11/15/22  3,325     3,562
  Metropolitan Transportation Authority Transit Revenue, Prere. 5.000% 11/15/22  3,070     3,289
  Metropolitan Transportation Authority Transit Revenue, Prere. 5.000% 11/15/22  1,925     2,062
  Metropolitan Transportation Authority Transit Revenue, Prere. 5.000%  5/15/23  2,050     2,245
3 Monroe County NY Industrial Development Corp. Charter School Aid Revenue 5.000%   6/1/50  1,260     1,466
3 Monroe County NY Industrial Development Corp. Charter School Aid Revenue 5.000%   6/1/59  1,080     1,248
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%  10/1/22    340       360
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%  10/1/23    470       518
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/29  1,250     1,471
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/31  1,000     1,171
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%   7/1/32  1,780     2,072
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%   7/1/32  1,295     1,508
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/32  1,640     1,918
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%  10/1/32    600       723
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%   7/1/33  1,650     1,916
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/33  1,400     1,635
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%   7/1/36  1,000     1,155
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%   7/1/36    900     1,040
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/37  1,000     1,160
  Monroe County NY Industrial Development Corp. College & University Revenue 5.500%   6/1/39  1,500     1,691
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%   7/1/39  1,500     1,668
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   6/1/44  2,500     2,783
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/45  4,030     4,667
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%  10/1/47  1,300     1,435
26
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) 5.000%   7/1/31  2,000     2,474
  Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) 5.000%   7/1/36  1,000     1,223
  Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) 4.000%   7/1/50 12,850    15,073
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/27  1,550     1,877
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/29  1,000     1,197
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/32  4,100     5,302
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 3.750%  12/1/33    300       326
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/33  1,000     1,288
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/34  1,100     1,301
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/34  2,510     3,230
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/35  1,055     1,246
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/36  2,000     2,357
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/36  1,215     1,432
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 3.000%  12/1/37  2,195     2,341
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/37  2,600     2,756
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/38  1,000     1,172
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/39  1,000     1,169
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 3.000%  12/1/40  1,000     1,050
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/41    100       110
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/42  5,635     5,931
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/46  7,890     9,049
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/46  5,000     5,785
  Mount Vernon NY City School District GO 4.000%  12/1/32  2,480     2,875
  Mount Vernon NY City School District GO 4.000%  12/1/33  2,370     2,738
  MTA Hudson Rail Yards Trust Obligations Lease Revenue 5.000% 11/15/56 22,000    23,784
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/21    715       718
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/22  2,620     2,750
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/23  1,235     1,352
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/23    690       755
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    925     1,050
27
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    125       142
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/25  1,900     2,161
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  8,765     9,114
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,500     1,700
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,690     1,915
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,565     1,771
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,750     1,978
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  2,000     2,080
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  1,000     1,128
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/32    425       436
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,220     2,494
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  1,050     1,092
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/22  4,000     4,212
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/22  1,535     1,616
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/22  3,025     3,185
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/22  8,245     8,682
2 Nassau County NY GO 4.000%   4/1/44  6,720     7,951
2 Nassau County NY GO 4.000%   4/1/45  6,995     8,254
  Nassau County NY GO, Prere. 5.000%   4/1/24  1,740     1,972
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/22    270       283
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/25    325       380
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/26    335       389
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/27    425       491
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/28    375       431
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/33  1,135     1,282
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/35  1,000     1,128
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/45  2,230     2,482
  New York City Educational Construction Fund Lease Revenue 5.000%   4/1/36  3,100     3,900
  New York City Educational Construction Fund Lease Revenue 5.000%   4/1/37  2,850     3,573
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/29    405       522
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/30    580       762
28
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/31    610       817
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/32    650       867
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/33    675       898
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/34    500       663
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/35    500       661
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/36    525       692
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/37    335       440
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/38    345       452
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/39    925     1,210
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/40    825     1,077
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 3.000%  2/15/45  1,500     1,604
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 4.000%  2/15/45    890     1,055
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 4.000%  2/15/48    640       756
1 New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue VRDO 0.060%   6/4/21  1,500     1,500
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 5.000%   7/1/23  1,000     1,094
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.800%   5/1/28  2,025     2,204
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.850%  11/1/28  3,195     3,475
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.900%   5/1/29  3,480     3,787
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.950%  11/1/29  1,670     1,812
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.100%   5/1/30  1,300     1,411
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 5.250%   7/1/30  2,605     2,836
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 5.250%   7/1/30 15,000    16,327
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.125%  11/1/30  2,000     2,169
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.700%  11/1/30  3,000     3,192
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.150%   5/1/31  1,325     1,437
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.750%  11/1/31  2,000     2,129
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.400%  11/1/33    545       592
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.600%  11/1/33  4,000     4,397
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.100%  11/1/34    500       538
29
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.700% 11/15/34  5,000     5,265
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.700%  11/1/38  8,800     9,601
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.000%  11/1/39  5,000     5,265
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.400%  11/1/39  3,000     3,260
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.800%  11/1/39  2,355     2,569
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.850%  11/1/43  8,000     8,704
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.250%  11/1/43 16,000    17,783
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.000%  11/1/44 15,000    15,660
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.800%  11/1/47    430       466
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.900%  11/1/48  4,000     4,350
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.950%  11/1/48  8,000     8,719
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.050%  11/1/48  4,040     4,440
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.650%  11/1/49  3,550     3,806
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.950%  11/1/49  3,500     3,781
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.800%   2/1/50  9,135     9,320
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.450%   5/1/50  3,800     4,004
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.650%  11/1/50  2,500     2,530
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.750%   2/1/51  9,905    10,041
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.500%  11/1/51  1,000     1,003
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.000%  11/1/53 15,000    16,316
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.750%  11/1/54  3,225     3,456
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.700%  11/1/55  2,500     2,529
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.800%  11/1/60  2,500     2,542
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 2.950%   2/1/26  5,050     5,455
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 2.950%   2/1/26  7,000     7,562
1,3 New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO 0.080%   6/4/21  5,000     5,000
1 New York City Industrial Development Agency Auto Parking Revenue VRDO 0.060%   6/4/21  5,370     5,370
1 New York City Industrial Development Agency Lease (Appropriation) Revenue VRDO 0.020%   6/1/21  3,790     3,790
2 New York City Industrial Development Agency Miscellaneous Revenue 5.000%   1/1/31  3,880     5,171
30
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/33  4,610     5,148
2 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/34  2,255     2,499
2 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/35    705       776
2 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/36    750       819
2 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/37  4,750     5,168
2 New York City Industrial Development Agency Miscellaneous Revenue 2.000%   1/1/38  3,000     2,904
2 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/39  1,500     1,621
2 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/40  1,375     1,483
2 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/46  7,300     7,757
2 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 5.000%   3/1/30    750       974
2 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 4.000%   3/1/31  2,500     3,053
2 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 4.000%   3/1/32  1,000     1,216
2 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/36  2,250     2,454
2 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 2.500%   3/1/37    455       465
2 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/38  4,000     4,327
2 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/39  2,565     2,765
2 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/40  2,000     2,151
2 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 4.000%   3/1/45  3,480     4,067
  New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 4.000%   3/1/45  3,100     3,536
2 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/49 12,050    12,703
  New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/49 12,250    12,575
5 New York City Industrial Development Agency Private Schools Revenue (Stars-Churchill School Center Project) 2.250%  10/1/29  1,230     1,251
5 New York City Industrial Development Agency Recreational Revenue PILOT 0.000%   3/1/34  5,285     4,053
5 New York City Industrial Development Agency Recreational Revenue PILOT 0.000%   3/1/35  4,450     3,317
5 New York City Industrial Development Agency Recreational Revenue PILOT 0.000%   3/1/40    595       379
5 New York City Industrial Development Agency Recreational Revenue PILOT 0.000%   3/1/41    660       406
1,3 New York City NY GO TOB VRDO 0.040%   6/1/21  2,900     2,900
1,3 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.080%   6/4/21  5,440     5,440
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/31  2,820     3,587
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/32  5,215     6,497
31
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/34  2,500     2,945
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/35  4,745     5,898
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/36  3,100     3,585
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/36  5,000     6,298
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/36  3,620     4,251
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/38  5,000     5,853
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/40  7,315     8,560
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/41  2,225     2,600
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/42  7,255     8,575
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/43  5,000     5,888
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/45  5,000     5,826
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 3.000%  7/15/47  5,000     5,363
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 3.000%  7/15/49  5,000     5,303
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/32  3,790     4,810
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/32  1,910     2,424
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/33  5,000     6,332
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/33  5,000     5,796
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/34  3,000     3,791
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 4.000%  7/15/36  3,520     4,144
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/36  5,000     5,778
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 4.000%  7/15/37  5,050     5,927
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/37  8,000    10,046
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/37    575       722
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 4.000%  7/15/38 14,190    16,610
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/38  3,000     3,760
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 4.000%  7/15/39  3,000     3,502
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 4.000%  7/15/40  5,385     6,023
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/40 11,655    13,429
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/43 10,965    13,612
32
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/43  2,930     3,637
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/43  1,520     1,747
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/43  1,410     1,663
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 4.000%  7/15/46  3,000     3,457
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 3.500%  7/15/47  8,510     9,335
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/29  5,050     6,025
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/31  3,000     4,010
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/32    300       373
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/32 12,000    14,798
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/32  5,370     6,397
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/32  3,000     3,994
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/32  2,290     3,084
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/33 10,275    12,133
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/33  9,500    11,307
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/33  1,000     1,341
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/34  2,000     2,484
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/34 10,000    11,420
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/34  3,880     4,503
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/35  5,500     6,740
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/35  3,600     4,128
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/35  2,750     3,489
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   2/1/36  4,000     4,518
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/36  2,500     3,047
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/36  2,000     2,395
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/36  5,000     5,810
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/36 11,600    13,227
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   2/1/37  1,500     1,599
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/37  1,250     1,517
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/37  5,020     5,802
33
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/37  5,000     5,884
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%  11/1/37  2,500     2,769
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/38  2,235     2,704
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/38 10,000    12,011
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/38  5,000     5,963
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/38  1,500     1,824
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/39  4,965     6,117
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/40  4,790     5,666
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/40  4,000     4,764
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/40  9,340    11,660
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/40  2,305     2,738
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   8/1/42  1,730     1,838
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/42  2,560     2,902
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/42  3,465     4,138
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   2/1/43  2,925     3,184
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/43  7,500     9,157
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/43  1,000     1,156
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/44  4,000     4,613
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   5/1/45  6,360     6,829
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/45  1,675     1,966
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   5/1/46  2,000     2,165
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%  11/1/47  7,720     8,300
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.010%   6/1/21 10,225    10,225
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.010%   6/1/21  1,950     1,950
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.010%   6/1/21  4,950     4,950
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.020%   6/1/21  5,820     5,820
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.020%   6/1/21  1,100     1,100
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.020%   6/1/21 10,500    10,500
  New York City Transitional Finance Authority Future Tax Secured Sales Tax Revenue 5.000%   2/1/31  2,500     2,906
34
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/25    610       713
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/26    275       329
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/27    525       642
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/28    385       479
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/29    350       441
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/30    400       522
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/31  1,020     1,299
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/31  2,000     2,624
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/32    350       454
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/32  2,250     2,937
  New York City Trust for Cultural Resources Miscellaneous Revenue 4.000%  12/1/33  4,000     4,814
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/33    450       582
  New York City Trust for Cultural Resources Miscellaneous Revenue 4.000%  12/1/34  5,000     5,993
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/34    400       516
  New York City Trust for Cultural Resources Miscellaneous Revenue 4.000%  12/1/35  1,850     2,208
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/35    500       644
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/36    900     1,156
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/37  1,775     2,274
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/38  2,070     2,644
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/39    605       770
1,3 New York City Trust for Cultural Resources Miscellaneous Revenue TOB VRDO 0.150%   6/4/21  5,335     5,335
  New York City Trust for Cultural Resources Miscellaneous Revenue, Prere. 5.000%   8/1/23  4,000     4,421
  New York City Water & Sewer System Sewer Revenue VRDO 0.020%   6/1/21  4,020     4,020
  New York City Water & Sewer System Sewer Revenue VRDO 0.020%   6/1/21 10,795    10,795
  New York City Water & Sewer System Water Revenue 5.000%  6/15/28  2,855     3,378
  New York City Water & Sewer System Water Revenue 5.000%  6/15/32  3,000     3,596
  New York City Water & Sewer System Water Revenue 5.000%  6/15/34  3,000     3,589
  New York City Water & Sewer System Water Revenue 5.000%  6/15/35  3,000     3,584
  New York City Water & Sewer System Water Revenue 5.000%  6/15/36 10,035    11,411
  New York City Water & Sewer System Water Revenue 5.000%  6/15/36  7,500     9,310
  New York City Water & Sewer System Water Revenue 5.000%  6/15/36  3,000     3,580
  New York City Water & Sewer System Water Revenue 4.000%  6/15/37 11,150    12,889
  New York City Water & Sewer System Water Revenue 5.000%  6/15/37  4,965     5,825
  New York City Water & Sewer System Water Revenue 5.000%  6/15/37  2,500     2,933
  New York City Water & Sewer System Water Revenue 5.000%  6/15/37 10,000    12,394
  New York City Water & Sewer System Water Revenue 5.000%  6/15/38 10,000    12,265
35
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Water & Sewer System Water Revenue 4.000%  6/15/39  5,025     5,785
  New York City Water & Sewer System Water Revenue 5.000%  6/15/39 10,040    11,753
  New York City Water & Sewer System Water Revenue 5.000%  6/15/39  5,915     6,924
  New York City Water & Sewer System Water Revenue 5.000%  6/15/39  7,500     8,780
  New York City Water & Sewer System Water Revenue 4.000%  6/15/40  1,300     1,550
  New York City Water & Sewer System Water Revenue 4.000%  6/15/41  7,500     8,860
  New York City Water & Sewer System Water Revenue 4.000%  6/15/41  5,000     5,959
  New York City Water & Sewer System Water Revenue 4.000%  6/15/41  4,740     5,655
  New York City Water & Sewer System Water Revenue 4.000%  6/15/41 10,000    11,931
  New York City Water & Sewer System Water Revenue 3.500%  6/15/42  5,000     6,021
  New York City Water & Sewer System Water Revenue 4.000%  6/15/42  3,000     3,595
  New York City Water & Sewer System Water Revenue 5.000%  6/15/45  8,545     9,650
  New York City Water & Sewer System Water Revenue 5.000%  6/15/46 24,465    26,619
  New York City Water & Sewer System Water Revenue 5.000%  6/15/46 14,455    16,859
  New York City Water & Sewer System Water Revenue 5.000%  6/15/46 15,000    18,461
  New York City Water & Sewer System Water Revenue 5.000%  6/15/47  7,455     8,410
  New York City Water & Sewer System Water Revenue 5.000%  6/15/47  3,000     3,669
  New York City Water & Sewer System Water Revenue 5.000%  6/15/48  3,000     3,691
  New York City Water & Sewer System Water Revenue 4.000%  6/15/49  8,500     9,798
  New York City Water & Sewer System Water Revenue 5.000%  6/15/49 13,825    17,066
  New York City Water & Sewer System Water Revenue 5.000%  6/15/49  1,570     1,996
  New York City Water & Sewer System Water Revenue 4.000%  6/15/50  7,500     8,879
  New York City Water & Sewer System Water Revenue 4.000%  6/15/50  3,000     3,552
  New York City Water & Sewer System Water Revenue 3.000%  6/15/51  3,000     3,230
  New York City Water & Sewer System Water Revenue 4.000%  6/15/51  3,500     4,163
  New York City Water & Sewer System Water Revenue VRDO 0.010%   6/1/21  3,000     3,000
  New York City Water & Sewer System Water Revenue VRDO 0.020%   6/1/21 12,805    12,805
1 New York City Water & Sewer System Water Revenue VRDO 0.020%   6/1/21  3,815     3,815
1 New York City Water & Sewer System Water Revenue VRDO 0.020%   6/1/21  5,655     5,655
1 New York City Water & Sewer System Water Revenue VRDO 0.020%   6/1/21 11,800    11,800
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 5.000% 11/15/22    500       531
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 5.000% 11/15/33  4,655     5,437
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 5.000% 11/15/40 15,290    17,674
6 New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/41  6,000     3,623
2 New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/44 11,075     6,038
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 5.000% 11/15/45  4,840     5,561
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 5.000% 11/15/46 13,640    16,012
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/51 11,365     4,520
  New York Counties Tobacco Trust VI Tobacco Settlement Funded Revenue 5.625%   6/1/35  8,700     9,455
  New York Liberty Development Corp. Industrial Revenue 5.500%  10/1/37 10,406    15,713
  New York Liberty Development Corp. Industrial Revenue 5.000%  9/15/40  4,680     4,847
  New York Liberty Development Corp. Industrial Revenue 5.000%  9/15/43 14,975    15,483
  New York Liberty Development Corp. Industrial Revenue 5.000%  3/15/44  5,965     6,163
  New York Liberty Development Corp. Industrial Revenue 2.450%  9/15/69 21,825    22,748
  New York Liberty Development Corp. Industrial Revenue 2.625%  9/15/69  8,000     8,259
  New York Liberty Development Corp. Industrial Revenue 2.800%  9/15/69 13,000    13,177
36
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York Liberty Development Corp. Lease Revenue (4 World Trade Center Project) 5.000% 11/15/31  2,845     2,906
  New York Liberty Development Corp. Lease Revenue (4 World Trade Center Project) 5.750% 11/15/51  5,000     5,119
  New York Liberty Development Corp. Miscellaneous Revenue 5.250%  10/1/35 59,765    86,007
  New York Mortgage Agency Local or Guaranteed Housing Revenue 3.850%  10/1/33  3,365     3,499
  New York Mortgage Agency Local or Guaranteed Housing Revenue 4.100%  10/1/38    400       417
  New York Mortgage Agency Local or Guaranteed Housing Revenue 3.750%  10/1/43  3,150     3,398
  New York Mortgage Agency Local or Guaranteed Housing Revenue 3.800%  10/1/48  9,520    10,163
  New York NY GO 5.000%   8/1/22  2,535     2,679
  New York NY GO 5.000%   8/1/26  3,140     3,791
  New York NY GO 5.000%   8/1/26  3,875     4,749
  New York NY GO 5.000%   1/1/27  3,500     4,328
  New York NY GO 5.000%   8/1/27  4,560     5,204
  New York NY GO 5.000%   9/1/27  3,805     4,790
  New York NY GO 5.000%   8/1/28  3,000     3,549
  New York NY GO 5.000%   8/1/28  2,320     2,934
  New York NY GO 5.000%   8/1/29  5,010     5,820
  New York NY GO 5.000%   8/1/29  5,070     6,178
  New York NY GO 5.000%   8/1/29  3,515     4,220
  New York NY GO 5.000%   8/1/29  5,195     6,532
  New York NY GO 5.000%   8/1/29  3,000     3,925
  New York NY GO 5.000%   8/1/30  5,050     6,151
  New York NY GO 5.000%   8/1/30  4,720     5,749
  New York NY GO 5.000%   8/1/30  4,000     5,002
  New York NY GO 5.000%   8/1/30  6,220     6,843
  New York NY GO 5.000%   8/1/30  2,335     2,612
  New York NY GO 5.000%   8/1/30  3,000     3,537
  New York NY GO 5.000%   8/1/30  3,000     3,995
  New York NY GO 4.000%   8/1/31  2,775     3,218
  New York NY GO 5.000%   8/1/31  8,550    10,256
  New York NY GO 5.000%   8/1/31  2,000     2,277
  New York NY GO 5.000%   8/1/31  7,810     9,727
  New York NY GO 5.000%   8/1/31  1,440     1,796
  New York NY GO 5.000%   8/1/31  3,000     3,978
  New York NY GO 5.000%  12/1/31  1,770     2,175
  New York NY GO 4.000%   8/1/32  1,935     2,239
  New York NY GO 5.000%   8/1/32  8,770    10,164
  New York NY GO 5.000%   8/1/32  1,250     1,592
  New York NY GO 5.000%   8/1/32  3,735     4,650
  New York NY GO 5.000%   8/1/32  1,000     1,321
  New York NY GO 5.000%  10/1/32  2,485     3,219
  New York NY GO 5.000%  12/1/32  1,240     1,579
  New York NY GO 3.250%   3/1/33  3,000     3,309
  New York NY GO 5.000%   8/1/33  1,260     1,385
  New York NY GO 5.000%   8/1/33  2,875     3,443
  New York NY GO 5.000%   8/1/33  1,145     1,391
  New York NY GO 5.000%   8/1/33  1,000     1,269
  New York NY GO 5.000%   4/1/34  3,680     4,894
  New York NY GO 4.000%   8/1/34  4,535     5,290
  New York NY GO 5.000%   8/1/34  2,000     2,530
  New York NY GO 5.000%   8/1/34  2,260     2,859
37
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York NY GO 5.000%   8/1/34  1,125     1,474
  New York NY GO 5.000%  12/1/34  5,000     6,340
  New York NY GO 3.000%   3/1/35  2,500     2,781
  New York NY GO 5.000%   8/1/35  2,000     2,611
  New York NY GO 4.000%  10/1/35  1,000     1,196
  New York NY GO 5.000%  10/1/35  1,945     2,411
  New York NY GO 5.000%  12/1/35  2,500     3,056
  New York NY GO 4.000%   3/1/36  1,500     1,802
  New York NY GO 5.000%   6/1/36    910     1,061
  New York NY GO 4.000%   8/1/36  2,500     2,868
  New York NY GO 4.000%   8/1/36  1,385     1,674
  New York NY GO 5.000%  10/1/36  5,000     6,180
  New York NY GO 5.000%  10/1/36  2,590     3,315
  New York NY GO 5.000%  10/1/36     10        10
  New York NY GO 5.000%   3/1/37  3,500     4,493
  New York NY GO 5.000%   3/1/37  7,500     9,269
  New York NY GO 5.000%   3/1/37     45        48
  New York NY GO 4.000%   8/1/37  2,070     2,492
  New York NY GO 5.000%   8/1/37  4,000     4,840
  New York NY GO 4.000%  10/1/37  1,500     1,784
  New York NY GO 4.000%   3/1/38  2,000     2,426
  New York NY GO 5.000%   3/1/38  7,500     9,251
  New York NY GO 5.000%   3/1/38  2,000     2,559
  New York NY GO 5.000%   4/1/38  1,000     1,236
  New York NY GO 4.000%   8/1/38  5,005     5,921
  New York NY GO 5.000%   8/1/38 10,000    12,095
  New York NY GO 5.000%   8/1/38  3,430     4,427
  New York NY GO 5.000%  10/1/38  6,500     7,994
  New York NY GO 5.000%  10/1/38  2,910     3,703
  New York NY GO 4.000%   3/1/39  1,050     1,143
  New York NY GO 5.000%   3/1/39  5,315     6,543
  New York NY GO 5.000%   3/1/39  2,000     2,551
  New York NY GO 5.000%   3/1/39  2,000     2,603
  New York NY GO 4.000%   8/1/39  3,280     3,923
  New York NY GO 4.000%  10/1/39  4,000     4,730
  New York NY GO 5.000%  10/1/39  2,220     2,819
  New York NY GO 5.000%  10/1/39  8,910    10,934
  New York NY GO 4.000%   3/1/40  2,000     2,410
  New York NY GO 4.000%   8/1/40  1,155     1,378
  New York NY GO 4.000%  10/1/40  3,000     3,541
  New York NY GO 3.000%   3/1/41  5,010     5,425
  New York NY GO 4.000%   8/1/41  2,035     2,421
  New York NY GO 3.000%  10/1/41  2,250     2,406
  New York NY GO 4.000%  10/1/41  7,950     9,178
  New York NY GO 4.000%  12/1/41  1,215     1,419
  New York NY GO 5.000%  12/1/41  8,000     9,749
  New York NY GO 4.000%   3/1/42  1,500     1,768
  New York NY GO 4.000%   8/1/42  7,000     8,201
  New York NY GO 5.000%   8/1/42  2,365     3,021
  New York NY GO 5.000%  10/1/42  3,000     3,784
  New York NY GO 4.000%  12/1/42  3,835     4,472
  New York NY GO 5.000%   3/1/43  5,500     6,953
  New York NY GO 5.000%   3/1/43  8,000    10,310
  New York NY GO 5.000%   4/1/43  6,500     7,969
  New York NY GO 5.000%   8/1/43  4,020     5,043
38
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York NY GO 5.000%   8/1/43  2,340     2,983
  New York NY GO 5.000%  10/1/43  3,000     3,777
  New York NY GO 4.000%  12/1/43  2,415     2,806
  New York NY GO 4.000%   3/1/44  2,000     2,347
  New York NY GO 4.000%   8/1/44  9,205    10,740
  New York NY GO 3.000%  10/1/44  3,000     3,187
  New York NY GO 5.000%  12/1/44  3,000     3,729
  New York NY GO 5.000%   4/1/45  5,000     6,108
  New York NY GO 3.500%   4/1/46  3,000     3,259
  New York NY GO 4.000%   3/1/50    525       612
  New York NY GO 5.000%   3/1/50  6,200     7,902
  New York NY GO 3.000%   3/1/51  3,000     3,192
1,3 New York NY GO TOB VRDO 0.080%   6/4/21  3,255     3,255
  New York NY GO VRDO 0.010%   6/1/21    600       600
  New York NY GO VRDO 0.010%   6/1/21  7,180     7,180
  New York NY GO VRDO 0.020%   6/1/21  8,800     8,800
  New York NY GO VRDO 0.020%   6/1/21  9,200     9,200
  New York NY GO VRDO 0.020%   6/1/21  4,765     4,765
  New York NY GO VRDO 0.030%   6/1/21  7,920     7,920
1 New York NY GO VRDO 0.050%   6/4/21  1,900     1,900
1 New York NY GO VRDO 0.060%   6/4/21  1,850     1,850
1 New York NY GO VRDO 0.070%   6/4/21  3,140     3,140
  New York NY GO, Prere. 5.000%  10/1/21      5         5
  New York NY GO, Prere. 5.000%   3/1/23  2,500     2,714
  New York NY GO, Prere. 5.000%   3/1/23  4,500     4,885
  New York NY GO, Prere. 5.000%   3/1/23  6,745     7,316
  New York Power Authority Electric Power & Light Revenue 4.000% 11/15/45  7,000     8,263
  New York Power Authority Electric Power & Light Revenue 4.000% 11/15/50  8,500     9,979
  New York Power Authority Electric Power & Light Revenue 4.000% 11/15/55 17,740    20,666
  New York Power Authority Electric Power & Light Revenue 3.250% 11/15/60  8,000     8,648
  New York Power Authority Electric Power & Light Revenue 4.000% 11/15/60  5,500     6,385
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/21    440       441
7 New York State Dormitory Authority College & University Revenue 5.150%   7/1/24  2,000     2,195
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/25  1,270     1,368
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/26  3,140     3,690
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/26    750       886
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/26  2,595     3,052
  New York State Dormitory Authority College & University Revenue 5.000%   9/1/26  2,355     2,449
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/27  1,025     1,100
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/27    655       767
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/27    500       605
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/27    225       262
  New York State Dormitory Authority College & University Revenue 5.000%   9/1/27  1,520     1,579
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/28  1,470     1,574
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/28    540       565
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/28    400       483
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/28    140       164
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/29  1,660     1,773
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/29  1,300     1,565
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/29  1,010     1,214
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/29    850     1,055
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/29     50        58
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30  2,000     2,354
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30    500       601
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30    515       636
39
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30  5,065     6,143
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30    505       623
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/31  1,275     1,422
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/31  1,015     1,174
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/31  1,750     1,831
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/31  3,000     3,490
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/31    955     1,146
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/31  1,000     1,240
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/32  1,450     1,615
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/32  1,530     1,795
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/32  1,000     1,161
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/32    540       687
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/32    575       709
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/32  1,825     2,257
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/33    500       579
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/33  1,200     1,378
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/33  1,030     1,276
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/33  7,395     8,595
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/33  2,365     2,742
  New York State Dormitory Authority College & University Revenue 5.500%   7/1/33  1,340     1,471
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/34  1,660     1,919
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/34  1,500     1,852
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/34     15        16
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/34    755       906
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/34     30        35
  New York State Dormitory Authority College & University Revenue 3.500%   7/1/35     40        42
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/35  6,210     7,145
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/35  1,650     1,905
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/35  1,355     1,590
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/35    570       671
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/35    325       400
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/35    560       671
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/35  2,000     2,459
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/35  2,095     2,429
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/36  6,225     7,143
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/36  2,000     2,343
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/36    530       630
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/36  7,615     8,408
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/36    300       368
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/36  1,500     1,843
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/37  1,020     1,190
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/37    505       598
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/37    325       398
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/37     40        46
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/37    245       301
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/38  7,290     8,111
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/38    405       479
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/38  5,000     6,274
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/39  9,500    10,643
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/39  1,010     1,191
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/39  1,615     2,025
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/39  1,455     1,740
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/40  1,180     1,297
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/40  3,050     3,521
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/40  7,575     8,730
40
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/40  2,135     2,674
8 New York State Dormitory Authority College & University Revenue 5.500%   7/1/40  1,500     2,234
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/41  4,235     5,077
  New York State Dormitory Authority College & University Revenue 4.250%   5/1/42  2,500     2,593
  New York State Dormitory Authority College & University Revenue 3.000%   7/1/42  2,790     2,968
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/43  9,320    10,373
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/43  1,410     1,623
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/43  1,185     1,374
  New York State Dormitory Authority College & University Revenue 5.750%   7/1/43  7,105     7,770
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/44  9,585    11,171
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/44  2,500     2,684
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/45  5,000     5,823
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/45  1,500     1,747
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/45  3,000     3,443
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/45  2,000     3,103
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/46  3,000     4,671
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/46  1,250     1,476
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/47    975     1,531
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/48 14,705    17,039
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/48 16,580    26,230
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/49  2,500     2,896
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/49  4,000     4,565
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/49  7,500     9,348
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/50  6,330     7,431
  New York State Dormitory Authority College & University Revenue (Brooklyn Law School Project), Prere. 5.000%   7/1/22  1,630     1,715
  New York State Dormitory Authority College & University Revenue (Brooklyn Law School Project), Prere. 5.000%   7/1/22  1,210     1,273
  New York State Dormitory Authority College & University Revenue (Brooklyn Law School Project), Prere. 5.000%   7/1/22  1,000     1,052
  New York State Dormitory Authority College & University Revenue (Brooklyn Law School Project), Prere. 5.000%   7/1/22  1,000     1,052
  New York State Dormitory Authority College & University Revenue (New School Project) 5.000%   7/1/41  7,185     8,506
  New York State Dormitory Authority College & University Revenue (New School Project) 4.000%   7/1/43    795       887
  New York State Dormitory Authority College & University Revenue (New School Project) 5.000%   7/1/46  5,610     6,596
  New York State Dormitory Authority College & University Revenue, ETM 5.000%  11/1/21    285       291
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/22  3,625     3,817
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/22 10,000    10,530
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/22  4,200     4,423
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/22  3,250     3,422
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/22  2,290     2,410
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/22  3,000     3,157
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/22  2,250     2,369
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/22 13,500    14,216
41
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   5/1/23     30        33
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   5/1/23     30        33
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   5/1/23     20        22
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/23  1,300     1,432
  New York State Dormitory Authority College & University Revenue, Prere. 5.250%   7/1/23  2,500     2,766
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/24    500       571
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/24  1,000     1,143
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/24    500       571
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/24  2,110     2,411
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/24  1,805     2,063
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/24    500       566
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/26    670       761
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/27  2,135     2,481
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27    780       948
3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/27  1,400     1,737
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/28  2,080     2,413
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28    700       846
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/28  1,555     1,952
3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/28  1,300     1,603
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/29  8,135     9,391
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,550     1,863
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,010     1,290
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29    485       550
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/29  3,440     4,300
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/30    500       590
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/30  2,225     2,557
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/30    540       637
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/30  3,000     3,727
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/31    450       530
42
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/31  2,400     2,600
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/31    450       530
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/31    780       965
3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/31  1,200     1,460
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/32  1,145     1,348
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/32  2,650     3,027
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32    710       742
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32    745       887
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  1,875     2,326
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/32    340       400
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/33    700       823
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/33  3,555     4,048
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/33  2,595     2,794
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33    400       475
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/33  2,250     2,857
3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/33  1,000     1,213
3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/33  1,100     1,270
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/34    825       968
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/34    775       842
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/34  3,000     3,467
3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/34  1,200     1,384
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/35    950     1,114
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  1,420     1,636
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/35    450       528
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/35  2,200     2,699
3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/35  1,000     1,213
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/36    500       586
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/36  3,020     3,412
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/36    405       474
43
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/36  1,100     1,332
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/37    640       749
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/37  1,000     1,129
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/37  1,350     1,549
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/37  1,705     1,980
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/37  4,000     4,581
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/37    300       350
3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/37  1,000     1,211
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/38    680       795
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  2,200     2,549
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/38  4,475     5,114
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/38    600       698
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/39    600       701
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/39  4,000     4,142
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39  1,305     1,508
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/39    550       638
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/40    650       749
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   8/1/40    500       549
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/40  1,870     2,165
3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/40  1,300     1,495
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  3,400     4,209
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/42  5,000     6,070
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/43  2,050     2,314
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/45  3,500     3,980
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/45  4,000     4,579
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/47 11,500    12,916
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   2/1/50  5,000     5,253
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/50  5,000     5,838
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/53 10,000    11,647
44
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   5/1/24  2,140     2,378
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   5/1/26  2,000     2,372
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/28  3,290     3,765
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/29  4,985     5,604
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/29  5,100     6,284
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/30  6,000     6,989
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/31  9,130    11,210
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/31  1,000     1,187
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/32  3,240     3,770
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/33  1,000     1,162
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/33  5,000     6,082
  New York State Dormitory Authority Income Tax Revenue 5.250%  3/15/33  1,750     2,095
  New York State Dormitory Authority Income Tax Revenue 4.000%  2/15/34  5,000     5,751
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/34  5,000     6,237
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/34  3,500     4,238
  New York State Dormitory Authority Income Tax Revenue 4.000%  2/15/35  5,000     5,734
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/35  7,500     9,720
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/35  3,510     4,240
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/35  3,000     3,488
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/35  4,305     5,085
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/35  5,030     6,093
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/36  3,000     3,616
  New York State Dormitory Authority Income Tax Revenue 3.250%  3/15/36  1,665     1,750
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/36  1,000     1,179
  New York State Dormitory Authority Income Tax Revenue 4.000%  2/15/37  3,000     3,596
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/37  8,860    11,052
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/37  5,400     6,631
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/37  5,000     5,614
  New York State Dormitory Authority Income Tax Revenue 4.000%  2/15/38  4,670     5,583
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/38  7,720     9,439
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/38  1,430     1,650
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/38  3,705     4,157
  New York State Dormitory Authority Income Tax Revenue 5.250%  3/15/38  5,000     6,426
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/39  5,030     5,795
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/39  3,500     3,810
  New York State Dormitory Authority Income Tax Revenue 4.000%  2/15/40  3,000     3,560
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/40  3,500     3,799
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/41  5,000     5,597
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/42    500       615
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/42  1,500     1,784
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/47  5,000     5,892
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/48 10,890    12,537
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/48  5,000     5,886
  New York State Dormitory Authority Income Tax Revenue 3.000%  2/15/49  3,000     3,191
  New York State Dormitory Authority Income Tax Revenue 4.000%  2/15/49  5,000     5,828
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/49  3,225     3,442
1,3 New York State Dormitory Authority Income Tax Revenue TOB VRDO 0.080%   6/4/21 21,665    21,665
  New York State Dormitory Authority Income Tax Revenue, Prere. 5.000%  2/15/24     15        17
  New York State Dormitory Authority Income Tax Revenue, Prere. 5.000%  9/15/28     10        13
  New York State Dormitory Authority Lease (Appropriation) Revenue 5.000%  1/15/30  1,535     1,917
  New York State Dormitory Authority Lease (Appropriation) Revenue 5.000%  1/15/31  5,000     6,224
45
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority Lease (Appropriation) Revenue 5.000%  3/15/31  7,500    10,135
  New York State Dormitory Authority Lease (Appropriation) Revenue 5.000%  3/15/32  5,000     6,732
  New York State Dormitory Authority Lease (Appropriation) Revenue 4.000%  3/15/34  7,000     8,627
  New York State Dormitory Authority Lease (Appropriation) Revenue 5.000%  3/15/35  5,000     6,646
  New York State Dormitory Authority Lease (Appropriation) Revenue 5.000%  3/15/36  3,000     3,970
  New York State Dormitory Authority Lease (Appropriation) Revenue 4.000%  3/15/38  5,000     6,079
  New York State Dormitory Authority Lease (Appropriation) Revenue 3.000%  3/15/42  3,000     3,245
  New York State Dormitory Authority Lease (Appropriation) Revenue 4.000%  3/15/47  5,000     5,926
  New York State Dormitory Authority Lease (Non-Terminable) Revenue 5.000%  10/1/27  2,700     3,322
  New York State Dormitory Authority Lease (Non-Terminable) Revenue 5.000%  10/1/28  1,860     2,274
  New York State Dormitory Authority Lease (Non-Terminable) Revenue 5.000%  10/1/29  2,250     2,736
  New York State Dormitory Authority Lease (Non-Terminable) Revenue 3.000%  10/1/31 10,000    10,806
2 New York State Dormitory Authority Lease (Non-Terminable) Revenue 5.000%  10/1/31    750       857
  New York State Dormitory Authority Lease (Non-Terminable) Revenue 3.000%  10/1/32 10,300    11,097
2 New York State Dormitory Authority Lease (Non-Terminable) Revenue 5.000%  10/1/32  1,000     1,143
2,9 New York State Dormitory Authority Lease (Non-Terminable) Revenue 5.000%  10/1/32  1,725     2,228
2 New York State Dormitory Authority Lease (Non-Terminable) Revenue 5.000%  10/1/33  1,000     1,142
2,9 New York State Dormitory Authority Lease (Non-Terminable) Revenue 5.000%  10/1/33  1,655     2,129
2,9 New York State Dormitory Authority Lease (Non-Terminable) Revenue 4.000%  10/1/34  1,125     1,355
2 New York State Dormitory Authority Lease (Non-Terminable) Revenue 5.000%  10/1/34  1,000     1,141
2,9 New York State Dormitory Authority Lease (Non-Terminable) Revenue 4.000%  10/1/35    900     1,084
2,9 New York State Dormitory Authority Lease (Non-Terminable) Revenue 4.000%  10/1/36    575       689
  New York State Dormitory Authority Lease (Non-Terminable) Revenue (School Districts Bond Financing Program) 5.000%  10/1/26  1,425     1,712
2 New York State Dormitory Authority Lease (Non-Terminable) Revenue (School Districts Bond Financing Program) 5.000%  10/1/27  1,000     1,149
  New York State Dormitory Authority Lease (Non-Terminable) Revenue (School Districts Bond Financing Program) 5.000%  10/1/33    600       720
  New York State Dormitory Authority Lease (Non-Terminable) Revenue (School Districts Bond Financing Program) 5.000%  10/1/34    520       635
  New York State Dormitory Authority Lease Revenue 5.000%   4/1/34  1,290     1,633
  New York State Dormitory Authority Lease Revenue 5.000%  10/1/34  1,175     1,487
  New York State Dormitory Authority Lease Revenue 4.000%   4/1/35  1,055     1,221
  New York State Dormitory Authority Lease Revenue 4.000%  10/1/35    645       746
  New York State Dormitory Authority Lease Revenue 3.000%   4/1/42  2,000     2,106
46
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority Lease Revenue (School Districts Bond Financing Program) 5.000%  10/1/29  3,000     3,668
  New York State Dormitory Authority Lease Revenue (School Districts Bond Financing Program) 5.000%  10/1/30  2,000     2,441
  New York State Dormitory Authority Lease Revenue (School Districts Bond Financing Program) 5.000%  10/1/31  2,015     2,434
2 New York State Dormitory Authority Lease Revenue (School Districts Revenue Financing Program) 5.000%  10/1/32  1,000     1,279
2 New York State Dormitory Authority Lease Revenue (School Districts Revenue Financing Program) 5.000%  10/1/33  1,290     1,644
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/30    400       507
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/31  8,975    10,118
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/32  2,650     2,986
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/33  5,000     5,635
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/33  4,840     5,726
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/33    300       382
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/34  5,000     5,631
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/35  2,500     2,953
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/35  5,000     6,085
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/35  5,000     6,162
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/35  5,000     6,264
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/35  5,240     5,896
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/36  5,000     6,082
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/36  1,000     1,232
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/36  6,700     8,392
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/36 10,020    12,550
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/36  7,995     8,989
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/37  3,600     4,434
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/37  5,000     5,617
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/38  5,000     6,258
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/38  4,500     5,712
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/39  5,000     6,245
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/39  1,250     1,583
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/40  3,000     3,742
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/41 10,000    12,257
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/42  5,000     5,846
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/42 14,350    17,565
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/42  1,000     1,243
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/43  4,085     4,993
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/44  4,800     6,026
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/45  8,495    10,503
  New York State Dormitory Authority Sales Tax Revenue 4.000%  3/15/46  5,500     6,181
  New York State Dormitory Authority Sales Tax Revenue 4.000%  3/15/47  7,570     8,501
  New York State Dormitory Authority Sales Tax Revenue 4.000%  3/15/47  5,000     5,640
  New York State Dormitory Authority Sales Tax Revenue 4.000%  3/15/48  5,000     5,636
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/48  4,325     5,404
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/32  2,515     3,131
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/32  5,000     5,890
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/33  4,000     4,971
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/34  4,145     4,712
  New York State Environmental Facilities Corp. Water Revenue 5.000%  8/15/34  1,000     1,248
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/35  2,500     3,100
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/35  3,000     3,624
  New York State Environmental Facilities Corp. Water Revenue 4.000%  6/15/36  2,500     2,856
  New York State Environmental Facilities Corp. Water Revenue 5.000%  8/15/36  1,000     1,244
  New York State Environmental Facilities Corp. Water Revenue 4.000%  6/15/37  5,610     6,503
47
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Environmental Facilities Corp. Water Revenue 5.000%  9/15/40  2,370     2,741
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/41  3,000     3,608
  New York State Environmental Facilities Corp. Water Revenue 5.000%  8/15/41  1,000     1,239
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/42 11,310    13,936
  New York State Environmental Facilities Corp. Water Revenue 5.000%  8/15/42  1,000     1,238
  New York State Environmental Facilities Corp. Water Revenue 5.000%  3/15/45  5,000     5,757
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.250%  11/1/31  1,105     1,221
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.650%  11/1/32  1,000     1,092
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.625%  11/1/33  2,340     2,596
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.550%  11/1/39  1,000     1,086
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.550%  11/1/39  1,000     1,086
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.350%  11/1/40  4,300     4,320
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.250%  11/1/41  3,145     3,301
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.800%  11/1/43  2,325     2,521
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.850%  11/1/43  1,140     1,249
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.850%  11/1/43  2,380     2,587
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  11/1/44  1,500     1,571
4 New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  11/1/45  1,990     2,000
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.875%  11/1/48  2,635     2,850
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.875%  11/1/48  1,830     1,979
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.900%  11/1/48  1,665     1,800
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.950%  11/1/48  1,500     1,639
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.050%  11/1/49  8,000     8,322
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.375%  11/1/49  5,000     5,230
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.600%  11/1/50  1,000     1,007
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.050%  11/1/52  3,440     3,568
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.650%  11/1/54  1,000     1,007
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.150%  11/1/54  4,000     4,146
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.030%   6/4/21 10,000    10,000
  New York State Thruway Authority Highway Revenue 5.000%   1/1/28  5,265     6,087
  New York State Thruway Authority Highway Revenue 5.000%   1/1/29  4,085     4,723
  New York State Thruway Authority Highway Revenue 5.000%   1/1/29  1,220     1,459
  New York State Thruway Authority Highway Revenue 5.000%   1/1/30  2,665     3,078
  New York State Thruway Authority Highway Revenue 5.000%   1/1/30  1,700     2,029
  New York State Thruway Authority Highway Revenue 5.000%   1/1/31  5,500     6,350
48
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Thruway Authority Highway Revenue 5.000%   1/1/31  2,900     3,460
  New York State Thruway Authority Highway Revenue 5.000%   1/1/32  5,155     5,948
  New York State Thruway Authority Highway Revenue 5.000%   1/1/32  2,970     3,541
  New York State Thruway Authority Highway Revenue 5.000%   1/1/33  1,800     2,239
  New York State Thruway Authority Highway Revenue 5.000%   1/1/33  2,340     2,788
  New York State Thruway Authority Highway Revenue 5.000%   1/1/34  2,185     2,709
  New York State Thruway Authority Highway Revenue 5.000%   1/1/35  3,100     3,835
  New York State Thruway Authority Highway Revenue 4.000%   1/1/36  1,275     1,477
  New York State Thruway Authority Highway Revenue 4.000%   1/1/38    250       278
  New York State Thruway Authority Highway Revenue 4.000%   1/1/39  2,500     2,945
2 New York State Thruway Authority Highway Revenue 4.000%   1/1/40  2,500     2,966
  New York State Thruway Authority Highway Revenue 4.000%   1/1/41  2,500     2,933
  New York State Thruway Authority Highway Revenue 5.000%   1/1/41  2,550     3,019
  New York State Thruway Authority Highway Revenue 4.000%   1/1/45 10,425    12,117
2 New York State Thruway Authority Highway Revenue 4.000%   1/1/45  3,000     3,518
2 New York State Thruway Authority Highway Revenue 3.000%   1/1/46    425       450
  New York State Thruway Authority Highway Revenue 5.000%   1/1/46 10,000    11,752
  New York State Thruway Authority Highway Revenue 3.000%   1/1/48  3,000     3,169
  New York State Thruway Authority Highway Revenue 3.000%   1/1/50  5,000     5,272
  New York State Thruway Authority Highway Revenue 4.000%   1/1/50 10,000    11,555
2 New York State Thruway Authority Highway Revenue 4.000%   1/1/50  2,000     2,331
  New York State Thruway Authority Highway Revenue 5.000%   1/1/51  5,845     6,826
2 New York State Thruway Authority Highway Revenue 3.000%   1/1/53  3,500     3,670
  New York State Thruway Authority Highway Revenue 3.000%   1/1/53  3,500     3,645
  New York State Thruway Authority Highway Revenue 4.000%   1/1/53  5,000     5,746
2 New York State Thruway Authority Highway Revenue 4.000%   1/1/53  2,000     2,319
  New York State Thruway Authority Highway Revenue 5.250%   1/1/56 16,095    19,061
  New York State Thruway Authority Income Tax Revenue 5.000%  3/15/32  5,000     5,410
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/31  3,410     4,086
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/32  5,000     5,623
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/33  3,000     3,973
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/34  3,000     3,667
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/35  2,000     2,360
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/35  3,000     3,940
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/36  1,000     1,236
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/39  3,505     4,211
  New York State Urban Development Corp. Income Tax Revenue 3.000%  3/15/40  2,050     2,222
  New York State Urban Development Corp. Income Tax Revenue 3.000%  3/15/40  5,000     5,398
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/40  3,280     3,930
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/41  5,000     5,922
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/41  6,000     7,719
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/42  1,000     1,224
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/43 10,000    10,777
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/45  4,000     4,725
  New York State Urban Development Corp. Income Tax Revenue 3.000%  3/15/47  2,600     2,773
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/48  5,000     5,760
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/49  5,000     5,878
  New York State Urban Development Corp. Income Tax Revenue 3.000%  3/15/50  5,000     5,334
  New York State Urban Development Corp. Lease (Appropriation) Revenue 5.000%  3/15/36  7,035     9,051
  New York State Urban Development Corp. Lease (Appropriation) Revenue 5.000%  3/15/39  1,340     1,708
  New York State Urban Development Corp. Lease (Appropriation) Revenue 5.000%  3/15/40    925     1,177
  New York State Urban Development Corp. Lease (Appropriation) Revenue 4.000%  3/15/43  3,525     4,136
49
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Urban Development Corp. Lease (Appropriation) Revenue 4.000%  3/15/45  3,635     4,247
  New York State Urban Development Corp. Lease (Appropriation) Revenue 3.000%  3/15/49  6,000     6,402
  New York Transportation Development Corp. Industrial Revenue 5.000%  12/1/27    875     1,098
  New York Transportation Development Corp. Industrial Revenue 5.000%  12/1/29  3,150     4,107
  New York Transportation Development Corp. Industrial Revenue 5.000%  12/1/31  1,780     2,348
  New York Transportation Development Corp. Industrial Revenue 5.000%  12/1/32  1,425     1,871
  New York Transportation Development Corp. Industrial Revenue 5.000%  12/1/33  4,655     6,091
  New York Transportation Development Corp. Industrial Revenue 5.000%  12/1/35  2,505     3,262
  New York Transportation Development Corp. Industrial Revenue 5.000%  12/1/37  2,000     2,595
  New York Transportation Development Corp. Industrial Revenue 4.000%  12/1/41    565       670
  Niagara Area Development Corp. College & University Revenue (Niagara University Project), Prere. 5.000%   5/1/22    320       334
  Niagara Area Development Corp. College & University Revenue (Niagara University Project), Prere. 5.000%   5/1/22  2,750     2,871
6 Niagara Falls Public Water Authority Water Revenue 4.250%  7/15/34  3,000     3,223
  Oneida County Local Development Corp. College & University Revenue (Utica College Project) 4.000%   7/1/39    500       538
2 Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/34  1,000     1,160
2 Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/35  1,000     1,158
2 Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/36  1,000     1,155
2 Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/49  3,785     4,265
  Onondaga Civic Development Corp. College & University Revenue 5.000%   7/1/32  1,000     1,038
  Onondaga Civic Development Corp. College & University Revenue 5.000%   7/1/42  1,855     1,919
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/32    510       618
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/33    540       652
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/33    300       382
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/34    565       682
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/34    300       381
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/35    595       716
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/35    410       520
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/36    625       750
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/36    435       505
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/37    355       424
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/37    300       347
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/38    285       341
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/38    275       317
50
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/39    350       403
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/40    300       345
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/43  1,000     1,183
  Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) 5.000%   7/1/28    450       517
  Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) 5.000%   7/1/29    475       543
  Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) 5.000%   7/1/30    450       512
  Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) 5.000%   7/1/33    575       650
  Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) 5.000%   7/1/35    635       717
  Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) 5.000%   7/1/40  1,940     2,174
  Onondaga Civic Development Corp. College & University Revenue (Moyne College Project) 5.000%   7/1/45  3,950     4,395
  Onondaga Civic Development Corp. Health, Hospital, Nursing Home Revenue 5.500%   3/1/24  1,900     1,912
  Onondaga Civic Development Corp. Health, Hospital, Nursing Home Revenue 5.250%   3/1/31  2,000     1,943
  Onondaga County Trust for Cultural Resources College & University Revenue (Syracuse University Project) 4.000%  12/1/47  7,750     9,085
  Onondaga County Trust for Cultural Resources College & University Revenue (Syracuse University Project), Prere. 5.000%  12/1/23  1,000     1,121
  Onondaga County Trust for Cultural Resources Local or Guaranteed Housing Revenue (Abby Lane Housing Corp. Project) 5.000%   5/1/35  1,140     1,340
  Onondaga County Trust for Cultural Resources Local or Guaranteed Housing Revenue (Abby Lane Housing Corp. Project) 5.000%   5/1/36  1,475     1,730
  Onondaga County Trust for Cultural Resources Local or Guaranteed Housing Revenue (Abby Lane Housing Corp. Project) 5.000%   5/1/40  2,200     2,558
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/29  3,545     4,222
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/31    380       484
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/33  1,750     2,079
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/34  1,290     1,477
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 11/15/35  4,275     5,334
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/36  1,000     1,209
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/37  2,000     2,410
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/38  3,000     3,603
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/38  3,380     4,024
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/38  1,750     2,056
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   5/1/40  3,565     4,139
51
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/41  2,250     2,720
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/41 13,180    15,497
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 11/15/42  3,000     3,737
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/43  5,000     5,816
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   5/1/45  8,765    10,122
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/45  2,785     3,263
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 11/15/46  3,000     3,600
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 11/15/47  8,000     9,830
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/48  5,000     6,103
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  11/1/49  9,000    10,528
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250% 10/15/55  7,750     9,050
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/56  5,000     6,354
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  4/15/57  2,000     2,394
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  5/15/57  2,000     2,431
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250% 11/15/57 11,450    13,974
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/61  5,000     5,889
2 Rockland County NY GO 3.000%  6/15/32  2,815     3,064
  Sales Tax Asset Receivable Corp. Sales Tax Revenue 5.000% 10/15/28     10        12
  Sales Tax Asset Receivable Corp. Sales Tax Revenue 5.000% 10/15/30  2,815     3,238
  Sales Tax Asset Receivable Corp. Sales Tax Revenue 5.000% 10/15/31     65        75
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/32    220       278
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/32    750       997
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/33    175       220
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/34    225       283
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/34  1,225     1,618
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/35    225       282
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 4.000%   7/1/36  1,335     1,607
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/36    500       626
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 3.000%   7/1/38    610       663
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 4.000%   7/1/38  1,440     1,723
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/38    300       374
52
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 3.000%   7/1/39  2,635     2,855
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 3.000%   7/1/40  2,110     2,282
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/43  3,550     4,384
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/48  4,520     5,534
2 Schenectady NY GO 3.000%   5/1/31    635       678
2 Schenectady NY GO 3.000%   5/1/32  1,205     1,283
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/28    310       371
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/29    660       787
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/31    450       535
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/34    830       988
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/35  1,510     1,798
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/36    545       649
  St. Lawrence County Industrial Development Agency College & University Revenue (St. Lawrence University Project) 5.000%   7/1/29    325       347
  St. Lawrence County Industrial Development Agency College & University Revenue (St. Lawrence University Project) 5.000%   7/1/43  8,870     9,465
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/21    310       315
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/23    230       248
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/24    250       276
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/25    250       282
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,500     1,700
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28 14,180    14,236
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  3,000     3,395
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/29    720       857
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/29    180       214
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/34  1,000     1,176
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/34    170       200
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/40  2,000     2,328
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/21  1,570     1,576
  Suffolk County Judicial Facilities Agency Lease (Appropriation) Revenue 5.000%  11/1/33  9,000     9,618
2 Suffolk County NY GO 4.000% 10/15/27  2,410     2,837
6 Suffolk County NY GO 4.000% 10/15/28  3,850     4,618
6 Suffolk County NY GO 4.000%   4/1/30  4,420     5,158
6 Suffolk County NY GO 4.000%   4/1/31  4,590     5,239
53
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Suffolk County NY GO 3.000%  6/15/31    250       260
  Suffolk County Water Authority Water Revenue 3.250%   6/1/43    580       625
  Suffolk Tobacco Asset Securitization Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/32  2,675     2,753
  Suffolk Tobacco Asset Securitization Corp. Tobacco Settlement Funded Revenue 5.250%   6/1/37  3,300     3,401
  Syracuse Industrial Development Agency Lease (Appropriation) Revenue (Syracuse City School District Project) 4.000%   5/1/34    725       855
  Syracuse Industrial Development Agency Lease (Appropriation) Revenue (Syracuse City School District Project) 4.000%   5/1/35    500       588
  Syracuse Industrial Development Agency Lease (Non-Terminable) Revenue 4.000%   5/1/33  1,025     1,189
  Syracuse Industrial Development Agency Lease (Non-Terminable) Revenue 4.000%   5/1/34  1,200     1,388
  Syracuse Industrial Development Agency Lease (Non-Terminable) Revenue 4.000%   5/1/35  1,000     1,153
  Tompkins County Development Corp. College & University Revenue 5.000%   7/1/32  1,555     1,810
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/26  7,770     8,451
  Triborough Bridge & Tunnel Authority Highway Revenue 0.000% 11/15/29  2,705     2,321
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/29    725       849
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/30    500       586
  Triborough Bridge & Tunnel Authority Highway Revenue 0.000% 11/15/31  5,500     4,472
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/31  3,010     3,623
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/31  5,000     6,862
  Triborough Bridge & Tunnel Authority Highway Revenue 0.000% 11/15/32  3,510     2,882
  Triborough Bridge & Tunnel Authority Highway Revenue 0.000% 11/15/32    235       186
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/33  1,540     1,906
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/33  2,000     2,338
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/34  3,210     3,970
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/35  5,000     6,333
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/36  5,010     5,989
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/37  5,010     6,189
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/37  2,500     2,955
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/38  1,000     1,203
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/38  3,000     3,704
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/40  2,525     2,918
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/41  7,510     8,898
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/42  4,600     5,665
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/42  9,675    12,098
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/43 10,000    12,264
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/44  6,325     7,742
  Triborough Bridge & Tunnel Authority Highway Revenue 5.250% 11/15/45  4,000     4,689
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/47  7,340     9,007
  Triborough Bridge & Tunnel Authority Highway Revenue 3.000% 11/15/48  3,995     4,241
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/48 10,000    11,390
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/49  2,240     2,777
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/51  6,820     8,771
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/54 10,000    11,724
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/54  9,500    12,046
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/56 17,000    19,978
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/56  5,000     6,360
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 4.000%  5/15/46  3,090     3,699
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 5.000%  5/15/51  2,000     2,584
54
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,3 Triborough Bridge & Tunnel Authority New York Highway Revenue TOB VRDO 0.080%   6/4/21 14,000    14,000
  Troy Capital Resource Corp. College & University Revenue 5.000%   8/1/23  1,000     1,101
  Troy Capital Resource Corp. College & University Revenue 5.000%   8/1/24  1,165     1,331
  Troy Capital Resource Corp. College & University Revenue 5.000%   8/1/25  1,000     1,178
9 Troy Capital Resource Corp. College & University Revenue 5.000%   9/1/27    150       186
9 Troy Capital Resource Corp. College & University Revenue 5.000%   9/1/28    275       348
9 Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/30    470       577
9 Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/31    235       287
9 Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/32    365       442
9 Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/33    100       120
9 Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/34    155       186
9 Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/35    190       228
9 Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/36    380       455
  Troy Capital Resource Corp. College & University Revenue 5.000%   9/1/37  2,900     3,741
  Troy Capital Resource Corp. College & University Revenue 5.000%   9/1/38  2,500     3,217
  Troy Capital Resource Corp. College & University Revenue 5.000%   9/1/39  2,845     3,653
  Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/40  2,060     2,444
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/26  3,095     3,771
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/28  5,880     7,316
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/29  5,015     6,206
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/30  5,325     6,551
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/32  1,725     2,108
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/33  5,000     6,089
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/34  6,000     7,285
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/36    900     1,087
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/41  5,500     6,428
  Utility Debt Securitization Authority Electric Power & Light Revenue 5.000% 12/15/32  9,650    10,802
  Utility Debt Securitization Authority Electric Power & Light Revenue 5.000% 12/15/33  2,755     3,288
  Utility Debt Securitization Authority Electric Power & Light Revenue 5.000% 12/15/34  5,185     5,798
10 Utility Debt Securitization Authority Electric Power & Light Revenue 5.000% 12/15/36 23,700    28,211
  Utility Debt Securitization Authority Electric Power & Light Revenue 5.000% 12/15/38  3,010     3,767
  Utility Debt Securitization Authority Electric Power & Light Revenue 5.000% 12/15/39  3,015     3,772
  Utility Debt Securitization Authority Electric Power & Light Revenue 5.000% 12/15/41 22,400    24,935
  Westbury Union Free School District GO 2.000% 12/15/31  3,600     3,725
  Westbury Union Free School District GO 2.000% 12/15/32  3,670     3,778
  Westchester County Local Development Corp. College & University Revenue 5.000%   5/1/34 15,200    16,588
  Westchester County Local Development Corp. College & University Revenue 5.500%   5/1/42  7,640     8,423
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/21    600       602
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/22    400       419
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/23    525       572
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/23    680       752
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    350       395
55
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/25    475       553
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/26    590       684
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/27    440       509
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/27  1,035     1,214
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28    370       426
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/28  1,000     1,172
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/29    500       574
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/29  1,000     1,171
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/34    200       228
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/34  2,500     2,917
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.750%  11/1/37  2,375     2,455
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/42    550       620
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/46 21,825    25,338
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue (Kendal On Hudson Project) 5.000%   1/1/28  1,350     1,431
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue (Kendal On Hudson Project) 5.000%   1/1/34  1,755     1,851
  Westchester County Local Development Corp. Local or Guaranteed Housing Revenue (Purchase Housing Corp. II Project) 5.000%   6/1/37  1,275     1,468
  Westchester County Local Development Corp. Local or Guaranteed Housing Revenue (Purchase Housing Corp. II Project) 5.000%   6/1/47  1,000     1,132
  Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue 6.000%  11/1/30     15        15
  Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue, ETM 5.000%  11/1/21  2,500     2,551
  Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue, Prere. 4.500%  11/1/21     75        76
  Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%  11/1/21 11,715    11,952
  Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%  11/1/21  1,810     1,847
  Westchester Tobacco Asset Securitization Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/32  2,500     3,077
  Yonkers Economic Development Corp. Charter School Aid Revenue 5.000% 10/15/40    750       883
  Yonkers Economic Development Corp. Charter School Aid Revenue 5.000% 10/15/50  1,325     1,529
  Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) 4.000% 10/15/29    200       222
  Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) 5.000% 10/15/39    420       490
  Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) 5.000% 10/15/49    640       732
56
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) 5.000% 10/15/54    465       530
                 5,477,708
Guam (0.2%)
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/29  1,000     1,105
  Guam Miscellaneous Taxes Revenue 5.000% 11/15/27    475       551
9 Guam Miscellaneous Taxes Revenue 4.000%   1/1/42    375       427
  Guam Miscellaneous Taxes Revenue 5.125%   1/1/42  1,000     1,028
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/31  5,980     7,028
                 10,139
Puerto Rico (0.5%)
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/24  1,082     1,029
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/27  2,511     2,254
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29  3,388     2,883
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/31    275       216
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40 13,536    14,985
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40  1,437     1,591
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.550%   7/1/40    105       118
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.550%   7/1/40    100       112
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/46    725       235
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 5.000%   7/1/58  1,435     1,633
                 25,056
Total Tax-Exempt Municipal Bonds (Cost $5,131,782) 5,512,903
Total Investments (99.3%) (Cost $5,131,782) 5,512,903
Other Assets and Liabilities—Net (0.7%) 41,543
Net Assets (100%) 5,554,446
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Scheduled principal and interest payments are guaranteed by bank letter of credit.
2 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
3 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2021, the aggregate value was $98,201,000, representing 1.8% of net assets.
4 Scheduled principal and interest payments are guaranteed by Federal Housing Authority.
5 Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp.
6 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
7 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
8 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
9 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2021.
10 Securities with a value of $1,886,000 have been segregated as initial margin for open futures contracts.
  ETM—Escrowed to Maturity.
  GO—General Obligation Bond.
  PILOT—Payments in Lieu of Taxes.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
57
New York Long-Term Tax-Exempt Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
5-Year U.S. Treasury Note September 2021 811 100,444 (26)
 
Short Futures Contracts        
Ultra 10-Year U.S. Treasury Note September 2021 (403) (58,416) (244)
Ultra Long U.S. Treasury Bond September 2021 (127) (23,527) (21)
        (265)
        (291)
  
See accompanying Notes, which are an integral part of the Financial Statements.
58
New York Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of May 31, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $5,131,782) 5,512,903
Investment in Vanguard 193
Cash 40
Receivables for Investment Securities Sold 1,585
Receivables for Accrued Income 54,627
Receivables for Capital Shares Issued 2,578
Other Assets 99
Total Assets 5,572,025
Liabilities  
Payables for Investment Securities Purchased 12,564
Payables for Capital Shares Redeemed 1,668
Payables for Distributions 2,957
Payables to Vanguard 238
Variation Margin Payable—Futures Contracts 152
Total Liabilities 17,579
Net Assets 5,554,446
At May 31, 2021, net assets consisted of:  
   
Paid-in Capital 5,162,362
Total Distributable Earnings (Loss) 392,084
Net Assets 5,554,446
 
Investor Shares—Net Assets  
Applicable to 44,526,060 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		545,971
Net Asset Value Per Share—Investor Shares $12.26
 
Admiral Shares—Net Assets  
Applicable to 408,460,402 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		5,008,475
Net Asset Value Per Share—Admiral Shares $12.26
  
See accompanying Notes, which are an integral part of the Financial Statements.
59
New York Long-Term Tax-Exempt Fund
Statement of Operations
  Six Months Ended
May 31, 2021
  ($000)
Investment Income  
Income  
Interest 70,998
Total Income 70,998
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 223
Management and Administrative—Investor Shares 398
Management and Administrative—Admiral Shares 1,871
Marketing and Distribution—Investor Shares 24
Marketing and Distribution—Admiral Shares 93
Custodian Fees 12
Shareholders’ Reports—Investor Shares 5
Shareholders’ Reports—Admiral Shares 8
Trustees’ Fees and Expenses —
Total Expenses 2,634
Net Investment Income 68,364
Realized Net Gain (Loss)  
Investment Securities Sold 17,662
Futures Contracts 2,738
Realized Net Gain (Loss) 20,400
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 48,827
Futures Contracts (394)
Change in Unrealized Appreciation (Depreciation) 48,433
Net Increase (Decrease) in Net Assets Resulting from Operations 137,197
  
See accompanying Notes, which are an integral part of the Financial Statements.
60
New York Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
  Six Months Ended
May 31,
2021 		  Year Ended
November 30,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 68,364   143,868
Realized Net Gain (Loss) 20,400   42,664
Change in Unrealized Appreciation (Depreciation) 48,433   36,386
Net Increase (Decrease) in Net Assets Resulting from Operations 137,197   222,918
Distributions      
Investor Shares (10,625)   (16,357)
Admiral Shares (99,594)   (145,135)
Total Distributions (110,219)   (161,492)
Capital Share Transactions      
Investor Shares 30,418   (42,847)
Admiral Shares 259,085   21,321
Net Increase (Decrease) from Capital Share Transactions 289,503   (21,526)
Total Increase (Decrease) 316,481   39,900
Net Assets      
Beginning of Period 5,237,965   5,198,065
End of Period 5,554,446   5,237,965
  
See accompanying Notes, which are an integral part of the Financial Statements.
61
New York Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
May 31,
2021 		Year Ended November 30,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $12.20 $12.01 $11.34 $11.71 $11.49 $11.84
Investment Operations            
Net Investment Income .1501 .3271 .3541 .3691 .3721 .384
Net Realized and Unrealized Gain (Loss) on Investments .158 .231 .696 (.314) .282 (.343)
Total from Investment Operations .308 .558 1.050 .055 .654 .041
Distributions            
Dividends from Net Investment Income (.150) (.326) (.355) (.369) (.372) (.380)
Distributions from Realized Capital Gains (.098) (.042) (.025) (.056) (.062) (.011)
Total Distributions (.248) (.368) (.380) (.425) (.434) (.391)
Net Asset Value, End of Period $12.26 $12.20 $12.01 $11.34 $11.71 $11.49
Total Return2 2.55% 4.73% 9.37% 0.48% 5.76% 0.24%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $546 $513 $550 $425 $464 $460
Ratio of Total Expenses to Average Net Assets 0.17% 0.17% 0.17% 0.17% 0.19% 0.19%
Ratio of Net Investment Income to Average Net Assets 2.47% 2.73% 3.00% 3.21% 3.18% 3.18%
Portfolio Turnover Rate 20% 34% 15% 18% 16% 18%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
  
See accompanying Notes, which are an integral part of the Financial Statements.
62
New York Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
May 31,
2021 		Year Ended November 30,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $12.20 $12.01 $11.34 $11.71 $11.49 $11.84
Investment Operations            
Net Investment Income .1551 .3371 .3641 .3781 .3841 .396
Net Realized and Unrealized Gain (Loss) on Investments .158 .230 .695 (.314) .282 (.343)
Total from Investment Operations .313 .567 1.059 .064 .666 .053
Distributions            
Dividends from Net Investment Income (.155) (.335) (.364) (.378) (.384) (.392)
Distributions from Realized Capital Gains (.098) (.042) (.025) (.056) (.062) (.011)
Total Distributions (.253) (.377) (.389) (.434) (.446) (.403)
Net Asset Value, End of Period $12.26 $12.20 $12.01 $11.34 $11.71 $11.49
Total Return2 2.59% 4.82% 9.46% 0.56% 5.87% 0.34%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $5,008 $4,725 $4,648 $3,956 $3,929 $3,527
Ratio of Total Expenses to Average Net Assets 0.09% 0.09% 0.09% 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 2.55% 2.81% 3.08% 3.29% 3.28% 3.28%
Portfolio Turnover Rate 20% 34% 15% 18% 16% 18%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
  
See accompanying Notes, which are an integral part of the Financial Statements.
63
New York Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard New York Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended May 31, 2021, the fund’s average investments in long and short futures contracts represented 2% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
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New York Long-Term Tax-Exempt Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended May 31, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
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New York Long-Term Tax-Exempt Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2021, the fund had contributed to Vanguard capital in the amount of $193,000, representing less than 0.01% of the fund’s net assets and 0.08% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of May 31, 2021, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Tax-Exempt Municipal Bonds — 5,512,903 — 5,512,903
Derivative Financial Instruments         
Liabilities        
Futures Contracts1 291 — — 291
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
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New York Long-Term Tax-Exempt Fund
D. As of May 31, 2021, 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 5,141,142
Gross Unrealized Appreciation 373,439
Gross Unrealized Depreciation (1,969)
Net Unrealized Appreciation (Depreciation) 371,470
E. During the six months ended May 31, 2021, the fund purchased $1,330,601,000 of investment securities and sold $1,053,798,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended ended May 31, 2021, such purchases and sales were $103,020,000 and $230,991,000, respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
    
  Six Months Ended
May 31, 2021 		  Year Ended
November 30, 2020
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 85,278 6,986   166,458 13,862
Issued in Lieu of Cash Distributions 9,173 753   13,956 1,162
Redeemed (64,033) (5,253)   (223,261) (18,800)
Net Increase (Decrease)—Investor Shares 30,418 2,486   (42,847) (3,776)
Admiral Shares          
Issued 463,788 38,005   888,264 74,143
Issued in Lieu of Cash Distributions 74,139 6,086   105,332 8,766
Redeemed (278,842) (22,881)   (972,275) (82,557)
Net Increase (Decrease)—Admiral Shares 259,085 21,210   21,321 352
G. Management has determined that no events or transactions occurred subsequent to May 31, 2021, that would require recognition or disclosure in these financial statements.
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Trustees Approve Advisory Arrangements
The board of trustees of Vanguard New York Municipal Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decisions upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decisions.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with a relevant benchmark index (as applicable) and peer group. The board concluded that the performance was such that each advisory arrangement should continue.
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Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below the peer-group average.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that each fund’s arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
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Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard New York Tax-Free Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard New York Long-Term Tax-Exempt Fund's Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
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Q762 072021

 

 

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

 

 

 

Item 6: Investments.

 

Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

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 the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13: Exhibits.

 

(a)(1) Not applicable.
(a)(2) Certifications filed herewith.
(b) Certifications filed herewith.

 

 

 

 

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: July 16, 2021

 

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

 

  VANGUARD NEW YORK TAX-FREE FUNDS  
     
BY: /s/ MORTIMER J. BUCKLEY*  
      MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: July 16, 2021

 

  VANGUARD NEW YORK TAX-FREE FUNDS  
     
BY: /s/ JOHN BENDL*  
      JOHN BENDL  
  CHIEF FINANCIAL OFFICER  

 

Date: July 16, 2021

 

* By: /s/ Anne E. Robinson

 

Anne E. Robinson, pursuant to a Power of Attorney filed on December 18, 2020 (see File Number 33-64845), Incorporated by Reference