N-CSR 1 tm2231034d6_ncsr.htm N-CSR

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-04570

 

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

 

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

 

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

 

Date of fiscal year end: November 30

 

Date of reporting period: December 1, 2021—November 30, 2022

 

 

 

 

Item 1: Reports to Shareholders

 

 

Annual Report   |   November 30, 2022
Vanguard New York Tax-Exempt Funds
Vanguard New York Municipal Money Market Fund
Vanguard New York Long-Term Tax-Exempt Fund
Contents
Your Fund’s Performance at a Glance
1
Advisor's Report
2
About Your Fund’s Expenses
5
New York Municipal Money Market Fund
7
New York Long-Term Tax-Exempt Fund
25
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Performance at a Glance
• Despite some relief toward the close of the period, the 12 months ended November 30, 2022, were a volatile, challenging time for financial markets. Vanguard New York Long-Term Tax-Exempt Fund returned –10.80% for Investor Shares and –10.73% for Admiral Shares. These results lagged the –8.96% return of its benchmark index, which includes state- and municipal-issued bonds across the maturity spectrum. Vanguard New York Municipal Money Market Fund returned 0.78%.
• The economic backdrop deteriorated early on as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by the Federal Reserve to bring inflation back in check, which weighed on bond prices and increased fears of recession.
• Munis were not immune to the run-up in Treasury yields, and the muni market experienced significant cash outflows. As a whole, however, their fundamentals remained solid, and they fared better than the taxable bond market.
• The main driver of the long-term fund’s relative underperformance was its longer duration compared to that of its benchmark index. Having more exposure to credit-sensitive segments also detracted.
Market Barometer
  Average Annual Total Returns
Periods Ended November 30, 2022
  One Year Three Years Five Years
Stocks      
Russell 1000 Index (Large-caps) -10.66% 10.56% 10.69%
Russell 2000 Index (Small-caps) -13.01 6.44 5.45
Russell 3000 Index (Broad U.S. market) -10.80 10.28 10.33
FTSE All-World ex US Index (International) -11.40 2.23 1.86
Bonds      
Bloomberg U.S. Aggregate Float Adjusted Index
(Broad taxable market) 		-12.91% -2.56% 0.24%
Bloomberg Municipal Bond Index
(Broad tax-exempt market) 		-8.64 -0.77 1.40
FTSE Three-Month U.S. Treasury Bill Index 1.16 0.64 1.19
CPI      
Consumer Price Index 7.11% 5.00% 3.83%
1
Advisor’s Report
For the 12 months ended November 30, 2022, Vanguard New York Long-Term Tax-Exempt Fund returned –10.80% for Investor Shares and –10.73% for Admiral Shares. Those results lagged the –8.96% return of the fund’s benchmark, the Bloomberg NY Municipal Bond Index, which includes state- and municipal-issued bonds across the maturity spectrum.
The fund’s 30-day SEC yield rose from 1.23% to 3.66% for Investor Shares and from 1.31% to 3.74% for Admiral Shares. The 30-day SEC yield is a proxy for a fund’s potential annualized rate of income.
Vanguard New York Municipal Money Market Fund returned 0.78%. Its 7-day SEC rose from 0.01% to 1.61%.
Please note that the funds are permitted to invest in securities that can generate income distributions subject to the alternative minimum tax (AMT). At the end of the fiscal period, only the Money Market Fund owned such securities.
The investment environment
The period was defined by a historic rise in interest rates, which caused ripple effects across every sector of the financial markets and brought renewed volatility.
Concerns that had been weighing on market sentiment in late 2021 carried into 2022. Supply-chain bottlenecks persisted, labor remained in short supply in some sectors of the economy as unemployment rates continued to fall, and year-on-year inflation readings—which had been
 
Yields of Tax-Exempt Municipal Securities
(National Averages, AAA-Rated General Obligation Issues)
   
Maturity November 30,
2021 		November 30,
2022
2 years 0.24% 2.59%
5 years 0.61 2.65
10 years 1.07 2.75
30 years 1.55 3.57
Source: Vanguard.
2
accelerating—climbed to multidecade highs across much of the world.
In late February, Russia’s invasion of Ukraine injected more uncertainty into the markets. Oil headed north of $100 per barrel and staple food prices soared. While energy prices eventually began to cool amid slowing economic growth and the U.S. government’s release of some of its strategic oil reserves to boost supply, price increases broadened to other categories of goods and services, heightening concerns that inflation might remain stubbornly high.
In response, major central banks wound down their bond-purchasing programs and began raising short-term interest rates. The Federal Reserve was especially aggressive, raising the federal funds rate target by 3.75 percentage points less than eight months.
All of this created a very challenging environment for bonds. Muni yields rose sharply even as the credit profile of many issuers remained solid overall. The balance sheets of the Empire State and New York City have benefited from substantial federal stimulus aid and efforts to keep expenditures in check. At the same time, rising wages, consumer spending, and high home prices have bolstered public coffers through strong income, sales, and property tax receipts.
With muni returns turning negative in 2022, investors nevertheless pulled large amounts of cash out of this asset class, which put additional pressure on muni prices.
As a whole, the U.S. muni market finished the period down, returning roughly –9%, as measured by the Bloomberg Municipal Bond Index.
Management of the fund
The main driver of the fund’s relative underperformance was its longer duration relative to its benchmark index. We were defensively positioned early in the period, given our expectation that rates would rise and spreads decompress. Our positioning included a duration similar to the benchmark’s, which is generally shorter than the fund’s because it includes municipals across the maturity spectrum. While that worked out well during the first wave of rate increases, our duration then drifted longer as relative valuations improved—a stance which weighed on performance as Fed rate hikes continued.
We were lighter than we typically are on credit exposure early in the period as well; even so, we were still carrying more than the benchmark. The widening in credit spreads that took place later on therefore dampened the fund’s relative performance. 
In the second half of the period, we seized some opportunities to cycle out of shorter-call bonds and into bonds with a call of closer to 10 years as they offer a better convexity profile, which will position the fund to capture more upside price performance in the future.
The fund was well-prepared in terms of liquidity going into 2022. With municipal bond valuations rich and the Fed expected
3
to initiate a hiking, we had increased our liquidity buffer because we anticipated that some investors could head for the exits. This move helped the fund, even as the outflows proved to be of a higher magnitude than we had expected.
Outlook
The recent significant negative annual returns have understandably been distressing for muni investors.
With the repricing that has occurred, however, the outlook is substantially better than it was a year ago. That is likely to attract flows back into this asset class—especially given how strong fundamentals are from a credit standpoint.
Although the bond market may continue to see volatility as the Fed makes more rate hikes, today’s higher yields mean munis can offer a cushion against further price declines.
Energy supply-and-demand concerns, diminishing capital flows, declining trade volumes, and falling output per person will most likely lead to a global recession in the coming year. While we had upgraded the portfolio’s credit quality because of that outlook, we are open to opportunistically increasing our credit exposure given the widening in spreads that has taken place. At the same time, we are also favoring some sectors that tend to be more defensive in downturns. 
Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue
to navigate this large, fragmented market to seek attractive investment opportunities that will add to the fund’s performance.
Adam M. Ferguson, CFA,
Portfolio Manager
Stephen M. McFee, CFA,
Portfolio Manager
John P. Grimes, CFA,
Portfolio Manager
Vanguard Fixed Income Group
December 13, 2022
4
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.
5
Six Months Ended November 30, 2022      
  Beginning
Account Value
5/31/2022 		Ending
Account Value
11/30/2022 		Expenses
Paid During
Period
Based on Actual Fund Return      
New York Municipal Money Market Fund $1,000.00 $1,006.90 $0.80
New York Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $974.80 $0.84
Admiral™ Shares 1,000.00 975.20 0.45
Based on Hypothetical 5% Yearly Return      
New York Municipal Money Market Fund $1,000.00 $1,024.27 $0.81
New York Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,024.22 $0.86
Admiral Shares 1,000.00 1,024.62 0.46
The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the New York Municipal Money Market Fund, 0.16%; and for the New York Long-Term Tax-Exempt Fund, 0.17% for Investor Shares and 0.09% for Admiral Shares. The dollar amounts shown as “Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/365).
6
New York Municipal Money Market Fund
Distribution by Effective Maturity1
As of November 30, 2022
1 - 7 Days 97.4%
8 - 30 Days 1.1
31 - 60 Days 0.0
61 - 90 Days 0.0
91 - 180 Days 0.6
Over 180 Days 0.9
1 Percentage of investments.
7
New York Municipal Money Market Fund
Financial Statements
Schedule of Investments
As of November 30, 2022
The fund publishes its holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the “Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Tax-Exempt Municipal Bonds (99.7%)
New York (99.7%)
1 Albany Industrial Development Agency Local or Guaranteed Housing Revenue VRDO 1.910%  12/7/22  2,845     2,845
1 Albany Industrial Development Agency Miscellaneous Revenue (CHF Holland Suites Project) VRDO 1.920%  12/7/22  5,955     5,955
  Battery Park City Authority Miscellaneous Revenue VRDO 1.870%  12/7/22 10,900    10,900
1,2 Battery Park City Authority Revenue TOB VRDO 1.930%  12/7/22 30,197    30,197
1 Geneva Industrial Development Agency College & University Revenue VRDO 1.930%  12/7/22 11,275    11,275
  Hauppauge Union Free School District GO 4.000%  6/28/23  9,000     9,065
1,2,3 Hudson Yards Infrastructure Corp. Miscellaneous Revenue TOB VRDO 1.930%  12/7/22  4,000     4,000
1,2 Hudson Yards Infrastructure Corp. Miscellaneous Revenue TOB VRDO 1.930%  12/7/22  2,255     2,255
1,2 Hudson Yards Infrastructure Corp. Miscellaneous Revenue TOB VRDO 1.930%  12/7/22  2,915     2,915
1,2 Hudson Yards Infrastructure Corp. Miscellaneous Revenue TOB VRDO 1.930%  12/7/22  1,670     1,670
1,2 Metropolitan Transportation Authority Fuel Sales Tax Revenue TOB VRDO 1.920%  12/7/22 12,800    12,800
1,2 Metropolitan Transportation Authority Fuel Sales Tax Revenue TOB VRDO 1.930%  12/7/22  3,330     3,330
1,2 Metropolitan Transportation Authority Fuel Sales Tax Revenue TOB VRDO 1.930%  12/7/22  6,750     6,750
1,2 Metropolitan Transportation Authority Fuel Sales Tax Revenue TOB VRDO 1.950%  12/7/22 11,000    11,000
1 Metropolitan Transportation Authority Miscellaneous Taxes Revenue VRDO 1.900%  12/7/22 19,740    19,740
1 Metropolitan Transportation Authority Transit Fuel Sales Tax Revenue VRDO 1.900%  12/7/22 25,550    25,550
1 Metropolitan Transportation Authority Transit Revenue VRDO 1.000%  12/1/22 12,500    12,500
1 Metropolitan Transportation Authority Transit Revenue VRDO 1.000%  12/1/22 12,500    12,500
1 Metropolitan Transportation Authority Transit Revenue VRDO 1.900%  12/7/22 15,070    15,070
1,2 Monroe County Industrial Development Corp. College & University Revenue TOB VRDO 1.940%  12/7/22  2,800     2,800
1 Monroe County Industrial Development Corp. College & University Revenue VRDO 2.240%  12/7/22  5,865     5,865
1,2 Nassau County NY GO TOB VRDO 1.930%  12/7/22  6,000     6,000
1 New York City Capital Resources Corp. Health, Hospital, Nursing Home Revenue VRDO 1.930%  12/7/22 23,700    23,700
8
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue TOB VRDO 1.950%  12/7/22  2,665     2,665
1,2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO 1.930%  12/7/22  3,915     3,915
1,2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO 1.930%  12/7/22  6,315     6,315
1,2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO 1.930%  12/7/22  5,000     5,000
1,2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO 1.930%  12/7/22  4,620     4,620
1,2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO 1.930%  12/7/22 10,000    10,000
1,2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO 1.930%  12/7/22  8,160     8,160
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.650%  12/7/22  9,165     9,165
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.650%  12/7/22 12,995    12,995
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.800%  12/7/22  2,825     2,825
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.800%  12/7/22  1,000     1,000
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.820%  12/7/22  6,025     6,025
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.840%  12/7/22 35,700    35,700
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.840%  12/7/22 31,950    31,950
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.860%  12/7/22  6,000     6,000
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.860%  12/7/22  2,300     2,300
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.860%  12/7/22  4,500     4,500
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.860%  12/7/22  5,000     5,000
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.870%  12/7/22 25,000    25,000
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.870%  12/7/22  6,070     6,070
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.900%  12/7/22 23,900    23,900
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.940%  12/7/22 13,400    13,400
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.940%  12/7/22  6,645     6,645
1 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 1.950%  12/7/22  2,775     2,775
1 New York City Housing Development Corp. Multi-Family Mortgage Local or Guaranteed VRDO 1.950%  12/7/22  3,450     3,450
1 New York City Industrial Development Agency Lease (Appropriation) Revenue VRDO 0.980%  12/1/22 21,280    21,280
  New York City Municipal Water Finance Authority Sewer Revenue VRDO 1.050%  12/1/22 14,650    14,650
1,2 New York City Municipal Water Finance Authority Water & Sewer System Revenue TOB VRDO 2.070%  12/7/22  4,785     4,785
1,2 New York City Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 1.100%  12/1/22 15,485    15,485
9
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 New York City Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 1.100%  12/1/22  7,500     7,500
1,2 New York City Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 1.920%  12/7/22  2,000     2,000
1,2 New York City Municipal Water Finance Authority Water Revenue TOB VRDO 1.920%  12/7/22  1,600     1,600
1,2 New York City Municipal Water Finance Authority Water Revenue TOB VRDO 1.920%  12/7/22  5,300     5,300
1,2 New York City Municipal Water Finance Authority Water Revenue TOB VRDO 1.930%  12/7/22  2,500     2,500
1,2 New York City Municipal Water Finance Authority Water Revenue TOB VRDO 1.930%  12/7/22  5,000     5,000
2 New York City Municipal Water Finance Authority Water Revenue TOB VRDO 1.960%  12/7/22  3,465     3,465
1,2 New York City Municipal Water Finance Authority Water Revenue TOB VRDO 2.070%  12/7/22  2,255     2,255
  New York City Municipal Water Finance Authority Water Revenue VRDO 1.030%  12/1/22    700       700
1,2 New York City Municipal Water Finance Water Revenue TOB VRDO 1.930%  12/7/22  1,875     1,875
  New York City Municipal Water Finance Water Revenue VRDO 1.030%  12/1/22 15,800    15,800
1 New York City Municipal Water Finance Water Revenue VRDO 1.050%  12/1/22  2,800     2,800
1 New York City Municipal Water Finance Water Revenue VRDO 1.050%  12/1/22 45,075    45,075
  New York City Municipal Water Finance Water Revenue VRDO 1.910%  12/7/22 19,140    19,140
1 New York City NY Capital Resources Corp. Health, Hospital, Nursing Home Revenue VRDO 1.950%  12/7/22  1,750     1,750
1,2 New York City Transitional Finance Authority Building Aid Appropriations Revenue TOB VRDO 1.930%  12/7/22  1,700     1,700
1,2 New York City Transitional Finance Authority Building Aid Appropriations Revenue VRDO 1.930%  12/7/22 45,570    45,570
1,2 New York City Transitional Finance Authority Future Tax Income Tax Revenue TOB VRDO 1.940%  12/7/22 14,300    14,300
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  4,000     4,000
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.920%  12/7/22  3,750     3,750
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  7,500     7,500
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  5,175     5,175
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22 18,750    18,750
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  3,075     3,075
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  2,340     2,340
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  1,835     1,835
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  3,750     3,750
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  2,325     2,325
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  3,595     3,595
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  2,400     2,400
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  3,000     3,000
10
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.930%  12/7/22  2,750     2,750
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 2.060%  12/7/22  3,285     3,285
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 2.070%  12/7/22  4,800     4,800
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 1.870%  12/7/22  9,630     9,630
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 1.910%  12/7/22 11,500    11,500
1,2 New York City Transitional Finance Authority Future Tax Secured Revenue TOB VRDO 1.930%  12/7/22  1,970     1,970
4 New York City Trust for Cultural Resources Miscellaneous Revenue, SIFMA Municipal Swap Index Yield + 0.100% 2.000%  4/10/23 12,500    12,500
4 New York City Trust for Cultural Resources Miscellaneous Revenue, SIFMA Municipal Swap Index Yield + 0.200% 2.100%  7/14/23 10,045    10,045
  New York City Trust for Cultural Resources Recreational Revenue VRDO 1.780%  12/7/22 30,000    30,000
  New York City Trust for Cultural Resources Recreational Revenue VRDO 1.780%  12/7/22 20,000    20,000
1 New York City Trust for Cultural Resources Recreational Revenue VRDO 1.800%  12/7/22  7,100     7,100
  New York City Water & Sewer System Sewer Revenue VRDO 1.050%  12/1/22  1,400     1,400
  New York City Water & Sewer System Water Revenue VRDO 0.900%  12/1/22  4,000     4,000
1 New York City Water & Sewer System Water Revenue VRDO 1.050%  12/1/22 43,175    43,175
  New York City Water & Sewer System Water Revenue VRDO 1.870%  12/7/22 10,000    10,000
  New York City Water & Sewer System Water Revenue VRDO 1.900%  12/7/22  2,900     2,900
1,2 New York GO TOB VRDO 1.930%  12/7/22  4,000     4,000
1 New York Liberty Development Corp. Industrial Revenue VRDO 1.920%  12/7/22 34,825    34,825
  New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO 2.050%  12/1/22 15,000    15,000
  New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO 1.830%  12/7/22  6,000     6,000
  New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO 1.830%  12/7/22 27,640    27,640
  New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO 1.830%  12/7/22  5,000     5,000
  New York Mortgage Agency Local or Guaranteed Housing Revenue VRDO 1.860%  12/7/22 15,000    15,000
1,2 New York NY GO TOB VRDO 1.100%  12/1/22  8,400     8,400
1,2 New York NY GO TOB VRDO 1.920%  12/7/22  2,860     2,860
1,2 New York NY GO TOB VRDO 1.930%  12/7/22 10,300    10,300
1,2 New York NY GO TOB VRDO 1.930%  12/7/22  5,000     5,000
1,2 New York NY GO TOB VRDO 1.930%  12/7/22  2,000     2,000
1,2 New York NY GO TOB VRDO 1.930%  12/7/22  2,515     2,515
1,2 New York NY GO TOB VRDO 1.930%  12/7/22  2,045     2,045
1,2 New York NY GO TOB VRDO 1.930%  12/7/22  1,875     1,875
1,2 New York NY GO TOB VRDO 2.070%  12/7/22    900       900
  New York NY GO VRDO 0.880%  12/1/22 17,200    17,200
1 New York NY GO VRDO 1.860%  12/7/22 10,375    10,375
  New York Power Authority Electric Power & Light Revenue CP 2.600%  12/6/22  8,473     8,473
1,2 New York Power Authority Electric Power & Light Revenue TOB VRDO 1.930%  12/7/22  2,070     2,070
1,2 New York Power Authority Electric Power & Light Revenue TOB VRDO 1.930%  12/7/22  3,665     3,665
1,2 New York Power Authority Electric Power & Light Revenue TOB VRDO 1.930%  12/7/22  3,940     3,940
11
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 New York State Dormitory Authority College & University Revenue TOB VRDO 1.100%  12/1/22 17,150    17,150
1,2 New York State Dormitory Authority College & University Revenue TOB VRDO 1.920%  12/7/22  1,600     1,600
1,2 New York State Dormitory Authority College & University Revenue TOB VRDO 1.930%  12/7/22 16,875    16,875
1,2 New York State Dormitory Authority College & University Revenue TOB VRDO 1.930%  12/7/22  2,240     2,240
1,2 New York State Dormitory Authority College & University Revenue TOB VRDO 1.930%  12/7/22  3,750     3,750
  New York State Dormitory Authority College & University Revenue VRDO 1.050%  12/1/22 37,045    37,045
  New York State Dormitory Authority College & University Revenue VRDO 1.650%  12/7/22 64,450    64,450
  New York State Dormitory Authority College & University Revenue VRDO 1.780%  12/7/22  9,735     9,735
  New York State Dormitory Authority College & University Revenue VRDO 1.800%  12/7/22 30,740    30,740
  New York State Dormitory Authority College & University Revenue VRDO 1.830%  12/7/22  9,480     9,480
  New York State Dormitory Authority College & University Revenue VRDO 1.830%  12/7/22 11,090    11,090
  New York State Dormitory Authority College & University Revenue VRDO 1.850%  12/7/22    200       200
1 New York State Dormitory Authority College & University Revenue VRDO 1.880%  12/7/22 13,800    13,800
1,2 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue PUT TOB 2.000%  12/8/22 13,000    13,000
1,2,3 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue TOB VRDO 1.930%  12/7/22  3,180     3,180
1,2 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue TOB VRDO 1.930%  12/7/22 18,275    18,275
1 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue VRDO 1.820%  12/7/22 13,725    13,725
2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.920%  12/1/22  3,420     3,420
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.920%  12/7/22  7,400     7,400
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.930%  12/7/22  4,750     4,750
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.930%  12/7/22  4,000     4,000
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.930%  12/7/22  4,120     4,120
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.930%  12/7/22  5,415     5,415
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.930%  12/7/22  8,000     8,000
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.930%  12/7/22  5,625     5,625
1,2 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.930%  12/7/22 11,325    11,325
1,2,5 New York State Dormitory Authority Intergovernmental Agreement Revenue TOB VRDO 1.980%  12/7/22  9,800     9,800
1,2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.920%  12/7/22  9,570     9,570
1,2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.920%  12/7/22  5,000     5,000
12
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 1.930%  12/7/22  7,500     7,500
1,2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.930%  12/7/22  1,800     1,800
1,2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.930%  12/7/22  7,500     7,500
1,2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.930%  12/7/22  2,355     2,355
1,2 New York State Dormitory Authority Sales Tax Revenue TOB VRDO 1.930%  12/7/22  1,630     1,630
1 New York State Energy Research & Development Authority Industrial Revenue VRDO 1.850%  12/7/22  9,300     9,300
1 New York State Energy Research & Development Authority Industrial Revenue VRDO 1.920%  12/7/22 45,300    45,300
1,2 New York State Environmental Facilities Corp. Water Revenue TOB VRDO 1.930%  12/7/22  5,305     5,305
1,2 New York State Environmental Facilities Corp. Water Revenue TOB VRDO 1.930%  12/7/22  1,750     1,750
1,2 New York State Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO 1.930%  12/7/22  7,450     7,450
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.650%  12/7/22  7,400     7,400
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.800%  12/7/22 30,700    30,700
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.800%  12/7/22    300       300
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.820%  12/7/22 20,475    20,475
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.830%  12/7/22  5,000     5,000
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.830%  12/7/22  1,500     1,500
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.840%  12/7/22 27,115    27,115
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.850%  12/7/22 50,225    50,225
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.850%  12/7/22 12,450    12,450
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.850%  12/7/22  7,700     7,700
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.870%  12/7/22 10,000    10,000
1 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.940%  12/7/22 30,000    30,000
1,2 New York State Thruway Authority Income Tax Revenue TOB VRDO 1.930%  12/7/22  3,750     3,750
1,2 New York State Thruway Authority Lease (Appropriation) Revenue TOB VRDO 1.930%  12/7/22  1,615     1,615
1,2 New York State Thruway Authority Lease (Appropriation) Revenue TOB VRDO 1.930%  12/7/22  9,000     9,000
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 1.920%  12/7/22  9,195     9,195
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 1.930%  12/7/22    660       660
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 1.930%  12/7/22  3,400     3,400
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 1.930%  12/7/22  7,500     7,500
13
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 1.930%  12/7/22  3,750     3,750
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 1.930%  12/7/22  6,760     6,760
1,2 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 1.930%  12/7/22  1,565     1,565
  New York State Urban Development Corp. Income Tax Revenue VRDO 1.790%  12/7/22  8,300     8,300
1,2 New York State Urban Development Corp. Lease (Appropriation) Revenue TOB VRDO 1.930%  12/7/22  5,270     5,270
1,2 New York State Urban Development Corp. Lease (Appropriation) Revenue TOB VRDO 1.930%  12/7/22  1,300     1,300
1,2 New York State Urban Development Corp. Lease (Appropriation) Revenue TOB VRDO 1.930%  12/7/22  1,825     1,825
1,2 New York Transportation Development Corp. Special Facilities Revenue TOB VRDO 2.000%  12/7/22 40,000    40,000
1 Niagara Area Development Corp. Health, Hospital, Nursing Home Revenue VRDO 1.870%  12/7/22  3,940     3,940
1,2 Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP 1.940%  12/1/22 25,600    25,600
1,2 Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP 1.950%  12/1/22 36,500    36,500
1,2 Nuveen New York Quality Municipal Income Fund VRDO VRDP 1.990%  12/1/22 34,800    34,800
1 Onondaga County Industrial Development Agency Health, Hospital, Nursing Home Revenue (Syracuse Home Association Project) VRDO 1.940%  12/7/22  3,810     3,810
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  12/1/22  2,635     2,635
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue CP 2.250% 12/15/22 10,225    10,225
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 1.930%  12/7/22  3,330     3,330
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 1.930%  12/7/22  3,305     3,305
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 1.940%  12/7/22  7,660     7,660
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 1.940%  12/7/22  1,750     1,750
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 1.970%  12/7/22  4,500     4,500
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 1.970%  12/7/22  3,335     3,335
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 1.970%  12/7/22    400       400
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 1.970%  12/7/22    930       930
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 1.970%  12/7/22  4,120     4,120
1,2 Port Authority of New York & New Jersey Port, Airport & Marina Revenue VRDO 1.930%  12/7/22  2,515     2,515
1,2 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/7/22  6,160     6,160
1,2 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/7/22  1,665     1,665
1,2 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/7/22  3,200     3,200
1,2 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/7/22  4,540     4,540
14
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/7/22  3,865     3,865
1,2 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/7/22  1,875     1,875
1,2 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/7/22  2,100     2,100
1,2 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/7/22  3,280     3,280
1,2 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/7/22  1,250     1,250
1 Triborough Bridge & Tunnel Authority Highway Revenue VRDO 1.050%  12/1/22  2,120     2,120
1 Triborough Bridge & Tunnel Authority Highway Revenue VRDO 1.050%  12/1/22 30,915    30,915
1,2 Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue TOB VRDO 1.080%  12/1/22  4,000     4,000
2 Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue TOB VRDO 1.930%  12/1/22  3,010     3,010
1,2 Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue TOB VRDO 1.920%  12/7/22  2,875     2,875
1,2 Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue TOB VRDO 1.930%  12/7/22  3,155     3,155
1,2 Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue TOB VRDO 1.930%  12/7/22  3,340     3,340
1,2 Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue TOB VRDO 1.930%  12/7/22 10,195    10,195
1,2 Triborough Bridge & Tunnel Authority New York Highway Revenue TOB VRDO 1.930%  12/7/22  6,000     6,000
1,2 Triborough Bridge & Tunnel Authority New York Highway Revenue TOB VRDO 1.930%  12/7/22  2,600     2,600
1,2 Triborough Bridge & Tunnel Authority New York Highway Revenue TOB VRDO 1.950%  12/7/22 15,000    15,000
1,2 Triborough Bridge & Tunnel Authority New York Payroll Mobility Miscellaneous Taxes Revenue TOB VRDO 1.930%  12/7/22  2,940     2,940
1,2 Triborough Bridge & Tunnel Authority New York Payroll Mobility Miscellaneous Taxes Revenue TOB VRDO 1.930%  12/7/22  4,000     4,000
1,2 Triborough Bridge & Tunnel Authority New York Payroll Mobility Miscellaneous Taxes Revenue TOB VRDO 1.930%  12/7/22  2,665     2,665
1,2 Triborough Bridge & Tunnel Authority Sales Tax Revenue TOB VRDO 1.930%  12/7/22  9,375     9,375
1,2 Triborough Bridge & Tunnel Authority Sales Tax Revenue TOB VRDO 1.930%  12/7/22  4,555     4,555
1,2 Triborough Bridge & Tunnel Authority Sales Tax Revenue TOB VRDO 1.940%  12/7/22  6,000     6,000
1,2 Triborough Bridge & Tunnel Authority Sales Tax Revenue TOB VRDO 1.940%  12/7/22 10,000    10,000
15
New York Municipal Money Market Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1,2 Utility Debt Securitization Authority Electric Power & Light Revenue TOB VRDO 1.930%  12/7/22  1,000     1,000
Total Tax-Exempt Municipal Bonds (Cost $2,180,660) 2,180,660
Total Investments (99.7%) (Cost $2,180,660) 2,180,660
Other Assets and Liabilities—Net (0.3%) 6,194
Net Assets (100%) 2,186,854
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 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, the aggregate value was $894,362,000, representing 40.9% of net assets.
3 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
4 Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.
5 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
  CP—Commercial Paper.
  GO—General Obligation Bond.
  PUT—Put Option Obligation.
  SIFMA—Securities Industry and Financial Markets Association.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
  VRDP—Variable Rate Demand Preferred.
  
See accompanying Notes, which are an integral part of the Financial Statements.
16
New York Municipal Money Market Fund
Statement of Assets and Liabilities
As of November 30, 2022
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $2,180,660) 2,180,660
Investment in Vanguard 86
Receivables for Investment Securities Sold 2,425
Receivables for Accrued Income 4,968
Receivables for Capital Shares Issued 1,602
Other Assets 1,180
Total Assets 2,190,921
Liabilities  
Due to Custodian 271
Payables for Capital Shares Redeemed 3,373
Payables for Distributions 278
Payables to Vanguard 145
Total Liabilities 4,067
Net Assets 2,186,854
At November 30, 2022, net assets consisted of:  
   
Paid-in Capital 2,186,817
Total Distributable Earnings (Loss) 37
Net Assets 2,186,854
 
Net Assets  
Applicable to 2,186,511,422 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		2,186,854
Net Asset Value Per Share $1.00
  
See accompanying Notes, which are an integral part of the Financial Statements.
17
New York Municipal Money Market Fund
Statement of Operations
  Year Ended
November 30, 2022
  ($000)
Investment Income  
Income  
Interest 19,387
Total Income 19,387
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 244
Management and Administrative 2,737
Marketing and Distribution 201
Custodian Fees 30
Auditing Fees 25
Shareholders’ Reports 29
Trustees’ Fees and Expenses 1
Other Expenses 15
Total Expenses 3,282
Expenses Paid Indirectly (16)
Expense Reduction—Note B (299)
Net Expenses 2,967
Net Investment Income 16,420
Realized Net Gain (Loss) on Investment Securities Sold 9
Net Increase (Decrease) in Net Assets Resulting from Operations 16,429
  
See accompanying Notes, which are an integral part of the Financial Statements.
18
New York Municipal Money Market Fund
Statement of Changes in Net Assets
  Year Ended November 30,
  2022
($000) 		2021
($000)
     
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 16,420 218
Realized Net Gain (Loss) 9 10
Net Increase (Decrease) in Net Assets Resulting from Operations 16,429 228
Distributions    
Total Distributions (16,431) (217)
Capital Share Transactions (at $1.00 per share)    
Issued 1,630,527 880,370
Issued in Lieu of Cash Distributions 15,063 204
Redeemed (1,403,202) (1,385,809)
Net Increase (Decrease) from Capital Share Transactions 242,388 (505,235)
Total Increase (Decrease) 242,386 (505,224)
Net Assets    
Beginning of Period 1,944,468 2,449,692
End of Period 2,186,854 1,944,468
  
See accompanying Notes, which are an integral part of the Financial Statements.
19
New York Municipal Money Market Fund
Financial Highlights
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00
Investment Operations          
Net Investment Income1 .0080 .0001 .006 .014 .012
Net Realized and Unrealized Gain (Loss) on Investments (.0002) — — — —
Total from Investment Operations .0078 .0001 .006 .014 .012
Distributions          
Dividends from Net Investment Income (.0078) (.0001) (.006) (.014) (.012)
Distributions from Realized Capital Gains (.0000)2 — — — —
Total Distributions (.0078) (.0001) (.006) (.014) (.012)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00
Total Return3 0.78% 0.01% 0.55% 1.39% 1.24%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $2,187 $1,944 $2,450 $3,454 $3,214
Ratio of Total Expenses to Average Net Assets4 0.15%5 0.07% 0.16% 0.16% 0.16%
Ratio of Net Investment Income to Average Net Assets 0.80% 0.01% 0.61% 1.38% 1.24%
1 Calculated based on average shares outstanding.
2 Distribution was less than $.0001 per share.
3 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.
4 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 the years ended November 30, 2022 and 2021. For the years ended November 30, 2020, 2019, and 2018, there were no expense reductions.
5 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.15%.
  
See accompanying Notes, which are an integral part of the Financial Statements.
20
New York Municipal Money Market Fund
Notes to Financial Statements
Vanguard New York Municipal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and 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 virtually 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 $4.4 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 and are 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, which 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 an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, 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
21
New York Municipal Money Market Fund
Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended November 30, 2022, 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 November 30, 2022, the fund had contributed to Vanguard capital in the amount of $86,000, 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 year ended November 30, 2022, Vanguard's expenses were reduced by $299,000 (an effective annual rate of 0.01% of the fund’s average net assets); the fund is not obligated to repay this amount to Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2022, custodian fee offset arrangements reduced the fund’s expenses by $16,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
22
New York Municipal Money Market Fund
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At November 30, 2022, 100% of the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
E. Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the inclusion of payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
  Amount
($000)
Undistributed Ordinary Income 8
Undistributed Tax-Exempt Income 307
Undistributed Long-Term Gains —
Capital Loss Carryforwards —
Qualified Late-Year Losses —
Net Unrealized Gains (Losses) —
The tax character of distributions paid was as follows:
  Year Ended November 30,
  2022
Amount
($000) 		2021
Amount
($000)
Tax-Exempt Income 16,419 217
Ordinary Income* 7 —
Long-Term Capital Gains 5 —
Total 16,431 217
* Includes short-term capital gains, if any.
23
New York Municipal Money Market Fund
As of November 30, 2022, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 2,180,660
Gross Unrealized Appreciation —
Gross Unrealized Depreciation —
Net Unrealized Appreciation (Depreciation) —
F. The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2022, such purchases were $544,580,000 and sales were $511,935,000, resulting in net realized gain (loss) of $0.
G. Management has determined that no events or transactions occurred subsequent to November 30, 2022, that would require recognition or disclosure in these financial statements.
24
New York Long-Term Tax-Exempt Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 30, 2012, Through November 30, 2022
Initial Investment of $10,000
    Average Annual Total Returns
Periods Ended November 30, 2022 		 
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $10,000
Investment
New York Long-Term Tax-Exempt Fund Investor Shares -10.80% 1.19% 2.07% $12,268
Bloomberg NY Municipal Bond Index -8.96 1.13 1.84 12,000
Bloomberg Municipal Bond Index -8.64 1.40 1.98 12,161
       
    One
Year 		Five
Years 		Ten
Years 		Final Value
of a $50,000
Investment
New York Long-Term Tax-Exempt Fund Admiral Shares -10.73% 1.27% 2.15% $61,858
Bloomberg NY Municipal Bond Index -8.96 1.13 1.84 60,000
Bloomberg Municipal Bond Index -8.64 1.40 1.98 60,804
See Financial Highlights for dividend and capital gains information.
25
New York Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of November 30, 2022
Under 1 Year 9.5%
1 - 3 Years 2.3
3 - 5 Years 2.3
5 - 10 Years 11.1
10 - 20 Years 38.2
20 - 30 Years 29.8
Over 30 Years 6.8
The table reflects the fund’s investments, except for short-term investments and derivatives.
26
New York Long-Term Tax-Exempt Fund
Financial Statements
Schedule of Investments
As of November 30, 2022
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 (98.5%)
  Brookhaven Local Development Corp. Health, Hospital, Nursing Home Revenue 3.375%  10/1/40    500       387
  Brookhaven Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  10/1/45  2,500     2,321
  Brookhaven Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  10/1/50  3,795     3,853
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/24  1,800     1,811
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/25  1,655     1,670
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/26  3,000     3,033
1 Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 4.000%  7/15/29    375       386
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/30  5,990     6,023
  Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 5.000%  7/15/42  1,250     1,140
1 Brooklyn Arena Local Development Corp. Miscellaneous Revenue (Barclays Center Project) 3.000%  7/15/43  1,225       918
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/31 10,890     6,822
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/32  2,100     1,239
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/33  5,475     3,036
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/35  2,490     1,218
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/45  4,680     1,194
  Brooklyn Arena Local Development Corp. Recreational Revenue (Barclays Center Project) 0.000%  7/15/46  1,580       377
1 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   4/1/33  2,400     2,617
1 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   4/1/34  1,300     1,308
1 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%   4/1/35  3,200     2,737
1 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%   4/1/37    865       715
27
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   4/1/38  1,600     1,566
  Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/41  3,060     2,412
1 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%   4/1/45  2,865     2,123
  Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   1/1/47  1,160       858
1 Broome County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%   4/1/50  3,000     2,094
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital Nursing Home Revenue 4.000%   7/1/45  1,890     1,199
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.000% 11/15/24  1,395     1,426
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.000% 11/15/25  1,590     1,640
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,155     1,010
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.250%   7/1/35  2,710     2,283
  Buffalo & Erie County Industrial Land Development Corp. Health, Hospital, Nursing Home Revenue 5.000% 11/15/37  5,515     5,560
  Buffalo & Fort Erie Public Bridge Authority Highway Revenue 5.000%   1/1/42  1,380     1,435
  Buffalo & Fort Erie Public Bridge Authority Highway Revenue 5.000%   1/1/47  4,635     4,790
  Buffalo Municipal Water Finance Authority Water Revenue 5.000%   7/1/25    630       663
1 Buffalo Municipal Water Finance Authority Water Revenue 3.000%   7/1/35     15        14
  Buffalo Sewer Authority Sewer Revenue 5.000%  6/15/30    155       174
  Buffalo Sewer Authority Sewer Revenue 5.000%  6/15/31    175       196
  Buffalo Sewer Authority Sewer Revenue 5.000%  6/15/32    165       185
  Buffalo Sewer Authority Sewer Revenue 5.000%  6/15/33    175       195
  Buffalo Sewer Authority Sewer Revenue 4.000%  6/15/34    175       181
  Buffalo Sewer Authority Sewer Revenue 4.000%  6/15/36    265       269
  Buffalo Sewer Authority Sewer Revenue 4.000%  6/15/51    750       714
  Build NYC Resource Corp. Charter School Aid Revenue 4.000%  6/15/31    100        97
  Build NYC Resource Corp. Charter School Aid Revenue 4.000%  6/15/31    650       610
  Build NYC Resource Corp. Charter School Aid Revenue 4.000%  6/15/36    400       368
  Build NYC Resource Corp. Charter School Aid Revenue 4.000%  6/15/41  3,335     2,718
  Build NYC Resource Corp. Charter School Aid Revenue 4.000%  6/15/51  4,980     3,709
  Build NYC Resource Corp. Charter School Aid Revenue 4.000%  6/15/56  1,960     1,408
  Build NYC Resource Corp. Charter School Aid Revenue 5.000%   7/1/56    570       554
2 Build NYC Resource Corp. Charter School Aid Revenue (Richmond Preparatory Charter School Project) 4.000%   6/1/31  1,950     1,775
2 Build NYC Resource Corp. Charter School Aid Revenue (Richmond Preparatory Charter School Project) 5.000%   6/1/36    565       545
2 Build NYC Resource Corp. Charter School Aid Revenue (Richmond Preparatory Charter School Project) 5.000%   6/1/41    600       560
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/27    200       206
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/28    270       277
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/29    225       231
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/30    310       318
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/33    730       748
  Build NYC Resource Corp. College & University Revenue 5.000%   6/1/34    580       594
  Build NYC Resource Corp. College & University Revenue (New York Law School Project) 5.000%   7/1/29  1,890     1,937
  Build NYC Resource Corp. College & University Revenue (New York Law School Project) 4.000%   7/1/45    185       159
2 Build NYC Resource Corp. Economic Development Revenue 5.000%  12/1/39  2,385     2,031
28
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Build NYC Resource Corp. Economic Development Revenue 5.000%  12/1/49  3,410     2,705
  Build NYC Resource Corp. Health, Hospital, Nursing Home Revenue (NY Methodist Hospital Project), ETM 5.000%   7/1/23  1,525     1,546
  Build NYC Resource Corp. Health, Hospital, Nursing Home Revenue (NY Methodist Hospital Project), Prere. 5.000%   7/1/24  1,325     1,372
  Build NYC Resource Corp. Health, Hospital, Nursing Home Revenue (NY Methodist Hospital Project), Prere. 5.000%   7/1/24  1,000     1,036
  Build NYC Resource Corp. Miscellaneous Revenue 5.000%   6/1/24    750       772
  Build NYC Resource Corp. Miscellaneous Revenue 5.000%   7/1/25    100       105
  Build NYC Resource Corp. Miscellaneous Revenue 5.000%   7/1/26     85        91
  Build NYC Resource Corp. Miscellaneous Revenue 5.000%   7/1/27     75        81
  Build NYC Resource Corp. Miscellaneous Revenue 5.000%   7/1/35    130       145
  Build NYC Resource Corp. Miscellaneous Revenue 4.000%   7/1/36    130       130
  Build NYC Resource Corp. Miscellaneous Revenue 4.000%   7/1/37    165       165
  Build NYC Resource Corp. Miscellaneous Revenue 4.000%   7/1/38    150       149
  Build NYC Resource Corp. Miscellaneous Revenue 3.000%   7/1/39    550       456
  Build NYC Resource Corp. Miscellaneous Revenue 4.000%   7/1/44    975       903
  Build NYC Resource Corp. Miscellaneous Revenue 4.000%   7/1/49  1,400     1,272
  Build NYC Resource Corp. Miscellaneous Revenue (YMCA of Greater NY Project), Prere. 4.000%   8/1/25  1,230     1,271
  Build NYC Resource Corp. Miscellaneous Revenue (YMCA of Greater NY Project), Prere. 5.000%   8/1/25    500       530
  Build NYC Resource Corp. Miscellaneous Revenue (YMCA of Greater NY Project), Prere. 5.000%   8/1/25  1,000     1,060
2 Build NYC Resource Corp. Private Schools Revenue (Shefa School Project) 2.500%  6/15/31  1,455     1,223
2 Build NYC Resource Corp. Private Schools Revenue (Shefa School Project) 5.000%  6/15/51  4,765     4,328
  Copiague Union Free School District GO 3.000%  2/15/33  1,005       922
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/29    250       263
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/30    220       231
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/31  1,170     1,228
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/32    450       469
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/33    250       260
  Dutchess County Local Development Corp. College & University Revenue 5.000%   7/1/34  1,390     1,441
2 Dutchess County Local Development Corp. College & University Revenue (Bard College Project) 5.000%   7/1/40  1,000       945
2 Dutchess County Local Development Corp. College & University Revenue (Bard College Project) 5.000%   7/1/45  2,000     1,845
2 Dutchess County Local Development Corp. College & University Revenue (Bard College Project) 5.000%   7/1/51  2,750     2,483
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/25    500       516
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/26    300       312
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/27    805       837
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/28    950       986
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/29    500       518
29
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/30    380       394
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/31    575       595
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/32    240       247
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/33    200       205
  Dutchess County Local Development Corp. College & University Revenue (Culinary Institute of America Project) 5.000%   7/1/36    145       148
  Dutchess County Local Development Corp. College & University Revenue (Marist College Project) 5.000%   7/1/48    100       103
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 5.000%   7/1/33    565       605
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 5.000%   7/1/34    275       294
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 5.000%   7/1/35  1,200     1,277
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 5.000%   7/1/37  1,000     1,058
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 5.000%   7/1/42  7,250     7,578
  Dutchess County Local Development Corp. College & University Revenue (Vassar College Project) 4.000%   7/1/46  4,375     4,067
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  2,000     2,079
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,505     1,567
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,595     1,657
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/34  2,305     2,211
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  1,185     1,122
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%   7/1/36    650       522
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/37  1,540     1,427
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  1,055       968
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/41  2,360     2,063
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/44  3,805     3,367
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%   7/1/49  6,600     5,696
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24    655       678
  Dutchess County Local Development Corp. Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  2,000     2,072
  Erie County Fiscal Stability Authority Sales Tax Revenue 4.000%   9/1/33    600       611
  Genesee County Funding Corp. Health, Hospital, Nursing Home Revenue 5.250%  12/1/52  9,375     9,531
1 Haverstraw-Stony Point Central School District GO 5.000% 10/15/33    300       306
1 Haverstraw-Stony Point Central School District GO 5.000% 10/15/36  1,000     1,021
  Hempstead Town Local Development Corp. College & University Revenue 4.000%   7/1/41    555       532
30
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Hempstead Town Local Development Corp. College & University Revenue (Adelphi University Project) 5.000%   6/1/29    400       437
  Hempstead Town Local Development Corp. College & University Revenue (Adelphi University Project) 5.000%   6/1/30    200       220
  Hempstead Town Local Development Corp. College & University Revenue (Adelphi University Project) 5.000%   6/1/32    250       277
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/26    700       729
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/27  1,740     1,826
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/29  2,170     2,213
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/30    670       698
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/32    370       383
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/37    630       643
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/38    435       443
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/38    870       889
  Hempstead Town Local Development Corp. College & University Revenue (Molloy College Project) 5.000%   7/1/48  1,100     1,112
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/34 14,000    14,984
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/36  5,545     5,890
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 4.000%  2/15/37  3,000     3,032
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/37  3,600     3,810
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/39  4,500     4,727
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/42 14,900    15,570
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 4.000%  2/15/43 17,405    16,973
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 5.000%  2/15/45  3,000     3,123
  Hudson Yards Infrastructure Corp. Miscellaneous Revenue 2.750%  2/15/47  4,000     2,947
1 Hudson Yards Infrastructure Corp. Miscellaneous Revenue 4.000%  2/15/47 10,335     9,949
  Jefferson County Civic Facility Development Corp. Health, Hospital Nursing Home Revenue (Samaritan Medical Center Project) 4.000%  11/1/47  1,875     1,517
  Johnstown City School District GO 3.000%  6/15/33  1,935     1,786
1 Long Island Power Authority Electric Power & Light Revenue 0.000%   6/1/24 19,830    19,028
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/26  1,000     1,059
1 Long Island Power Authority Electric Power & Light Revenue 0.000%   6/1/27 15,905    13,894
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/29  1,000     1,088
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/33    750       811
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/34  1,050     1,131
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/35  1,500     1,608
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/36  2,000     2,109
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/36  2,285     2,452
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/37  2,150     2,297
  Long Island Power Authority Electric Power & Light Revenue 4.000%   9/1/38  2,315     2,305
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/38  2,150     2,290
  Long Island Power Authority Electric Power & Light Revenue 4.000%   9/1/41  1,350     1,313
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/42  7,500     7,867
  Long Island Power Authority Electric Power & Light Revenue 5.000%   9/1/46  3,500     3,628
  Long Island Power Authority Electric Power & Light Revenue PUT 1.650%   9/1/24  5,250     5,070
  Long Island Power Authority Electric Power & Light Revenue PUT 0.850%   9/1/25  4,200     3,825
  Long Island Power Authority Electric Power & Light Revenue PUT 1.500%   9/1/26  5,000     4,542
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 4.000% 11/15/26    410       425
31
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/26    870       935
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/27     25        27
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/27     40        43
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/31  2,730     2,954
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/32     75        81
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/32  2,600     2,809
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 3.125% 11/15/33  1,045       953
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 4.000% 11/15/33 10,100    10,196
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 3.500% 11/15/34  1,000       948
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 4.000% 11/15/34    500       503
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/34  1,770     1,882
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/34    160       171
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/34  1,055     1,136
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/35    320       344
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/36    610       638
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/36    675       716
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/36  5,000     5,363
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/42    165       171
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/46  5,000     5,169
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/47  6,000     6,205
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.000% 11/15/47  5,075     5,266
  Metropolitan Transportation Authority Fuel Sales Tax Revenue 5.250% 11/15/57  5,865     6,148
3 Metropolitan Transportation Authority Fuel Sales Tax Revenue VRDO 1.000%  12/1/22  6,860     6,860
  Metropolitan Transportation Authority Miscellaneous Taxes Revenue 0.000% 11/15/30 11,095     8,243
  Metropolitan Transportation Authority Miscellaneous Taxes Revenue 0.000% 11/15/32  1,210       820
  Metropolitan Transportation Authority Transit Fuel Sales Tax Revenue 4.000% 11/15/51  1,240     1,125
  Metropolitan Transportation Authority Transit Revenue 0.000% 11/15/27  2,240     1,860
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/28  7,225     7,389
  Metropolitan Transportation Authority Transit Revenue 0.000% 11/15/29  6,695     5,090
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/29  1,000     1,027
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/29  1,890     1,940
  Metropolitan Transportation Authority Transit Revenue 0.000% 11/15/32    500       329
  Metropolitan Transportation Authority Transit Revenue 3.500% 11/15/32    300       276
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/32  5,500     5,274
  Metropolitan Transportation Authority Transit Revenue 0.000% 11/15/33    500       312
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/33  2,500     2,590
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/35  3,800     3,534
  Metropolitan Transportation Authority Transit Revenue 3.250% 11/15/36  2,745     2,286
  Metropolitan Transportation Authority Transit Revenue 3.375% 11/15/37  2,110     1,753
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/40  5,000     4,426
  Metropolitan Transportation Authority Transit Revenue 3.500% 11/15/41    805       647
1 Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/42  2,000     1,870
  Metropolitan Transportation Authority Transit Revenue 4.250% 11/15/42    210       189
1 Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/43  2,530     2,350
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/45  2,500     2,123
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/46  2,000     1,690
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/46  2,000     1,690
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/48  2,000     1,673
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/49  3,000     2,495
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/49  2,000     1,663
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/51  4,000     3,291
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/52  1,000       818
32
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Metropolitan Transportation Authority Transit Revenue 5.250% 11/15/55  2,000     2,018
  Metropolitan Transportation Authority Transit Revenue 5.000% 11/15/56  1,750     1,696
  Metropolitan Transportation Authority Transit Revenue 4.000% 11/15/45  3,845     3,265
  Metropolitan Transportation Authority Transit Revenue PUT 5.000% 11/15/24 12,500    12,750
1,2,3 Metropolitan Transportation Authority Transit Revenue TOB VRDO 2.020%  12/1/22  2,975     2,975
1,2,3 Metropolitan Transportation Authority Transit Revenue TOB VRDO 2.020%  12/1/22  2,945     2,945
  Metropolitan Transportation Authority Transit Revenue, Prere. 5.000%  5/15/23  2,050     2,073
2 Monroe County NY Industrial Development Corp. Charter School Aid Revenue 5.000%   6/1/50  1,260     1,246
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%  10/1/23    470       476
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/31  1,000     1,049
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%   7/1/32  1,780     1,828
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%   7/1/32  1,295     1,330
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/32  1,640     1,718
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%  10/1/32    600       628
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/33  1,400     1,464
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%   7/1/36  1,000     1,002
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%   7/1/36    900       902
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/37  1,000     1,041
  Monroe County NY Industrial Development Corp. College & University Revenue 5.000%   7/1/45  4,030     4,180
  Monroe County NY Industrial Development Corp. College & University Revenue 4.000%  10/1/47  1,205     1,071
  Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) 5.000%   7/1/36  1,000     1,078
  Monroe County NY Industrial Development Corp. College & University Revenue (University of Rochester Project) 4.000%   7/1/50 15,000    14,047
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/27  1,550     1,617
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/29  1,000     1,038
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 3.750%  12/1/33    300       281
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/35  1,100     1,033
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/36  4,200     3,909
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 3.000%  12/1/37  3,880     2,950
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/38  1,000       916
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 3.000%  12/1/40  4,100     2,922
  Monroe County NY Industrial Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/46  7,890     6,786
  Mount Vernon NY City School District GO 4.000%  12/1/32  2,480     2,568
  Mount Vernon NY City School District GO 4.000%  12/1/33  2,370     2,440
33
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%   7/1/23  1,235     1,248
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/23    690       697
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    925       950
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    125       128
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/25  1,900     1,950
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,500     1,537
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,690     1,731
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,565     1,603
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,750     1,792
  Nassau County Local Economic Assistance Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  1,000     1,024
  Nassau County NY GO 4.125%   4/1/47  5,000     4,916
1,2,3 Nassau County NY GO TOB VRDO 2.100%  12/7/22  9,330     9,330
1,2,3 Nassau County NY GO TOB VRDO 2.100%  12/7/22  5,685     5,685
  Nassau County NY GO, Prere. 5.000%   4/1/24  1,740     1,793
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/25    325       339
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/26    335       349
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/27    425       442
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/28    375       390
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/33  1,135     1,170
  New Rochelle NY College & University Revenue (IONA College Project) 5.000%   7/1/35  1,000     1,027
  New York City Educational Construction Fund Lease (Non-Terminable) Revenue 5.000%   4/1/41  2,245     2,409
  New York City Educational Construction Fund Lease Revenue 5.000%   4/1/36  3,100     3,396
  New York City Educational Construction Fund Lease Revenue 5.000%   4/1/37  2,850     3,107
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/29    405       454
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/30    580       659
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/31    610       699
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/32    650       727
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/33    675       752
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/34    500       555
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/35    500       550
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/36    525       575
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 5.000%  2/15/37    335       364
34
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 3.000%  2/15/45  1,500     1,154
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 4.000%  2/15/45    890       866
  New York City Health and Hospitals Corp. Health, Hospital, Nursing Home Revenue 4.000%  2/15/48    640       615
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.800%   5/1/28  1,990     1,914
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.850%  11/1/28  3,140     3,018
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.900%   5/1/29  3,420     3,266
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.950%  11/1/29  1,640     1,565
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.100%   5/1/30  1,280     1,226
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.125%  11/1/30  1,965     1,880
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.700%  11/1/30  3,000     3,004
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 1.800%   5/1/31    500       421
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.150%   5/1/31  1,305     1,237
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.750%  11/1/31  1,245     1,133
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.850%  11/1/31  1,285     1,175
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.400%  11/1/33    545       511
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.600%  11/1/33  3,780     3,612
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.000%  11/1/35    750       572
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.100%  11/1/36  2,000     1,500
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.250%  11/1/36  4,510     3,412
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.900%  11/1/37  2,100     1,717
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.850%  11/1/39    745       581
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.000%  11/1/39  5,000     4,143
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.400%   8/1/40  1,200       875
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.350%  11/1/40  3,640     2,573
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.250%  11/1/41    500       339
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.250%  11/1/41  7,000     4,775
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.250%  11/1/43 10,000     9,542
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.000%  11/1/44 12,875     9,886
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.450%  11/1/45  1,000       653
35
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.550%  11/1/45  1,000       667
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.400%  11/1/46  2,000     1,271
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.600%  11/1/46  4,000     2,653
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.600%  11/1/46  1,750     1,142
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.100%   8/1/47  2,500     1,887
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.900%  11/1/48  3,880     3,291
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.950%  11/1/48  7,425     6,744
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.050%  11/1/48  4,040     3,634
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.650%  11/1/49  3,210     2,589
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.950%  11/1/49  3,365     2,863
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.800%   2/1/50  9,135     6,100
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.450%   5/1/50  3,800     2,996
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.650%  11/1/50  4,300     2,724
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.750%   2/1/51  9,930     6,484
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.750%   5/1/51  3,000     1,955
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.250%   8/1/51 11,400     8,534
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.500%  11/1/51  1,000       607
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.500%  11/1/51  1,000       607
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.450%  11/1/52  1,000       775
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.150%  11/1/54  2,625     1,886
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.750%  11/1/54  2,505     2,006
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.700%  11/1/55  2,500     1,529
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue 3.000%  11/1/55  1,935     1,333
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.600%  11/1/56  2,000     1,189
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 4.300%  11/1/57  3,000     2,721
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.800%  11/1/60  2,500     1,521
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue 2.700%   5/1/61  2,000     1,196
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 0.600%   7/1/25  3,000     2,766
4 New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 0.900%   1/1/26  4,625     4,238
36
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 2.950%   2/1/26  5,050     4,991
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 2.950%   2/1/26  7,000     6,919
3 New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT 2.100%  10/1/29  2,295     2,038
2,3 New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO 1.960%  12/1/22  2,370     2,370
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue, ETM 5.000%   7/1/23  1,000     1,014
1 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/33  4,610     4,263
1 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/34  2,255     2,045
1 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/35    705       623
1 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/36    750       647
1 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/37  2,975     2,502
1 New York City Industrial Development Agency Miscellaneous Revenue 2.000%   1/1/38  2,890     1,981
1 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/39  3,795     3,124
1 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/40  2,375     1,920
1 New York City Industrial Development Agency Miscellaneous Revenue 3.000%   1/1/46 11,895     8,868
1 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 5.000%   3/1/30    750       833
1 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/36  2,250     1,972
1 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 2.500%   3/1/37    455       347
1 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/38  4,000     3,386
1 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/39  2,565     2,143
1 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 4.000%   3/1/45  3,980     3,708
  New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 4.000%   3/1/45  4,350     3,923
1 New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/49  7,050     5,218
  New York City Industrial Development Agency Miscellaneous Revenue (Yankee Stadium Project) PILOT 3.000%   3/1/49 15,000    10,779
5 New York City Industrial Development Agency Private Schools Revenue (Stars-Churchill School Center Project) 2.250%  10/1/29  1,030       944
5 New York City Industrial Development Agency Recreational Revenue PILOT 0.000%   3/1/34  5,285     3,347
5 New York City Industrial Development Agency Recreational Revenue PILOT 0.000%   3/1/35  4,450     2,661
5 New York City Industrial Development Agency Recreational Revenue PILOT 0.000%   3/1/40    595       266
5 New York City Industrial Development Agency Recreational Revenue PILOT 0.000%   3/1/41    660       279
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/37 10,000    10,688
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/38 12,500    13,318
37
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/38 10,000    10,516
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/39 10,040    10,397
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/39  5,915     6,125
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/39  7,500     7,767
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/40  3,900     4,211
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/41  6,010     6,000
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/41 10,000     9,984
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/41  2,685     2,903
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/42  6,640     6,623
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/42  3,125     3,117
  New York City Municipal Water Finance Authority Water Revenue 3.000%  6/15/44  5,000     4,022
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/45  3,000     2,905
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/45 10,250    10,807
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/46 15,000    15,809
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/47  1,000     1,038
  New York City Municipal Water Finance Authority Water Revenue 3.500%  6/15/48 11,000     9,336
  New York City Municipal Water Finance Authority Water Revenue 3.625%  6/15/48  2,000     1,747
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/48  1,000       956
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/48  3,000     3,149
  New York City Municipal Water Finance Authority Water Revenue 5.000%  6/15/49  6,570     6,986
  New York City Municipal Water Finance Authority Water Revenue 3.000%  6/15/50  1,200       917
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/50  8,470     8,043
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/50 10,000     9,496
  New York City Municipal Water Finance Authority Water Revenue 3.000%  6/15/51  2,000     1,520
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/51  3,500     3,312
  New York City Municipal Water Finance Authority Water Revenue 4.000%  6/15/51 23,760    22,484
  New York City Municipal Water Finance Authority Water Revenue 5.250%  6/15/52  8,100     8,919
  New York City Municipal Water Finance Authority Water Revenue VRDO 0.980%  12/1/22 14,400    14,400
  New York City Municipal Water Finance Authority Water Revenue VRDO 1.000%  12/1/22  9,725     9,725
  New York City Municipal Water Finance Water Revenue VRDO 1.000%  12/1/22  1,675     1,675
  New York City Municipal Water Finance Water Revenue VRDO 1.020%  12/1/22  3,920     3,920
  New York City Municipal Water Finance Water Revenue VRDO 1.030%  12/1/22 26,500    26,500
3 New York City Municipal Water Finance Water Revenue VRDO 1.050%  12/1/22  3,500     3,500
3 New York City Municipal Water Finance Water Revenue VRDO 1.050%  12/1/22    600       600
  New York City Municipal Water Finance Water Revenue VRDO 1.910%  12/7/22  9,600     9,600
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/31  2,820     3,122
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/32  2,715     2,960
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/34  4,000     4,144
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/34  2,500     2,598
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/35  6,750     6,898
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/35  2,500     2,813
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/36  3,100     3,131
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/36  5,000     5,356
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/37  5,000     5,032
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 3.000%  7/15/38  2,500     2,191
38
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 5.000%  7/15/41  2,025     2,086
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/42  7,255     7,063
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/43  5,000     4,841
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/45  5,000     4,784
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 4.000%  7/15/46  1,800     1,716
  New York City Transitional Finance Authority Building Aid Appropriations Revenue 3.000%  7/15/49  1,505     1,163
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/32  1,910     2,101
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/33  2,500     2,729
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/34  3,000     3,254
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 4.000%  7/15/36  3,520     3,562
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/36  5,000     5,144
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/37  8,000     8,530
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/37    575       613
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 4.000%  7/15/38  1,490     1,491
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/38  3,000     3,193
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/40  4,470     4,585
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/43  5,965     6,289
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/43  2,930     3,089
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/43  1,520     1,555
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 5.000%  7/15/43  1,410     1,463
  New York City Transitional Finance Authority Building Aid Income Tax Revenue 3.500%  7/15/47  7,510     6,616
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/32    300       328
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/32  5,370     5,675
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/32  3,000     3,444
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/33 10,275    10,796
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/33  9,500    10,018
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/33  1,000     1,139
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/33  2,000     2,307
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/34  2,000     2,156
39
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 4.000%  11/1/34  3,880     3,950
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/34  5,000     5,720
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/35  5,500     5,881
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/35  3,600     3,636
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/35  2,750     3,003
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/35  2,010     2,040
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/36  2,500     2,532
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/36  2,000     2,095
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/36  5,000     5,037
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/37  1,250     1,256
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/37  9,495    10,368
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/37  5,000     5,187
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%  11/1/37  6,000     5,329
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.250%  11/1/37  2,100     2,397
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   2/1/38  1,090     1,090
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   8/1/38 12,845    13,473
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/38  3,000     3,000
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/39  6,105     6,736
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/39  2,730     2,713
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/39  4,965     5,250
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/39  3,000     3,215
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/40  4,790     4,976
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/40  2,600     2,561
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/40  4,000     4,166
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   5/1/40  9,340     9,949
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/40  3,000     3,204
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%  11/1/41  3,000     3,194
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.250%   8/1/42  3,500     3,886
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/42  3,465     3,368
40
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.250%  11/1/42  5,000     5,564
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/43  7,500     7,872
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/45  2,500     2,396
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%  11/1/45  1,675     1,605
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.500%  11/1/45  5,000     5,692
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 3.000%   5/1/46  6,000     4,748
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   2/1/47  3,950     3,751
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   5/1/47  5,000     4,747
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/48  6,915     6,537
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   8/1/48 12,000    11,343
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.250%  11/1/48  5,000     5,500
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   2/1/49  3,060     2,884
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   2/1/51  1,735     1,624
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 4.000%   2/1/51  1,190     1,114
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue 5.000%   2/1/51 10,000    10,689
2,3 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 1.020%  12/1/22    990       990
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 1.000%  12/1/22 16,160    16,160
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 1.000%  12/1/22  1,850     1,850
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 1.000%  12/1/22  5,200     5,200
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 1.000%  12/1/22    600       600
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 1.020%  12/1/22 12,100    12,100
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 1.050%  12/1/22    500       500
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/25    610       647
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/26    275       296
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/27    525       575
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/28    385       428
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/29    350       394
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/30    400       453
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/31  1,020     1,151
41
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/31  2,000     2,272
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/32    350       394
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/32  2,250     2,550
  New York City Trust for Cultural Resources Miscellaneous Revenue 4.000%  12/1/33  4,000     4,103
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/33    450       504
  New York City Trust for Cultural Resources Miscellaneous Revenue 4.000%  12/1/34  2,000     2,015
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/34    400       445
  New York City Trust for Cultural Resources Miscellaneous Revenue 4.000%  12/1/35  3,100     3,095
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/35    500       554
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/36    900       995
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/37  2,255     2,486
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/38  2,070     2,276
  New York City Trust for Cultural Resources Miscellaneous Revenue 5.000%  12/1/39    605       663
2,3 New York City Trust for Cultural Resources Miscellaneous Revenue TOB VRDO 1.980%  12/1/22  5,335     5,335
  New York City Trust for Cultural Resources Miscellaneous Revenue, Prere. 5.000%   8/1/23  4,000     4,065
  New York City Water & Sewer System Sewer Revenue VRDO 1.000%  12/1/22  5,900     5,900
  New York City Water & Sewer System Water Revenue 5.000%  6/15/36  3,000     3,139
  New York City Water & Sewer System Water Revenue 4.000%  6/15/41  4,740     4,732
  New York City Water & Sewer System Water Revenue 5.000%  6/15/46  9,000     9,265
  New York City Water & Sewer System Water Revenue 5.000%  6/15/47  4,500     4,582
  New York City Water & Sewer System Water Revenue 5.000%  6/15/49  9,825    10,323
  New York City Water & Sewer System Water Revenue 4.000%  6/15/50  2,000     1,899
  New York City Water & Sewer System Water Revenue 4.000%  6/15/52  7,260     6,845
  New York City Water & Sewer System Water Revenue VRDO 1.000%  12/1/22 32,355    32,355
  New York City Water & Sewer System Water Revenue VRDO 1.000%  12/1/22    600       600
  New York City Water & Sewer System Water Revenue VRDO 1.000%  12/1/22  2,200     2,200
  New York City Water & Sewer System Water Revenue VRDO 1.020%  12/1/22 14,400    14,400
  New York City Water & Sewer System Water Revenue VRDO 1.050%  12/1/22  2,465     2,465
3 New York City Water & Sewer System Water Revenue VRDO 1.050%  12/1/22  6,800     6,800
  New York City Water & Sewer System Water Revenue VRDO 1.880%  12/1/22  3,415     3,415
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 5.000% 11/15/33  4,655     4,815
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 4.000% 11/15/40    250       241
6 New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/41  6,000     2,414
1 New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/44 11,075     3,778
  New York Convention Center Development Corp. Hotel Occupancy Tax Revenue 0.000% 11/15/51 11,365     2,571
  New York Counties Tobacco Trust VI Tobacco Settlement Funded Revenue 5.625%   6/1/35  7,355     7,502
42
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York Counties Tobacco Trust VI Tobacco Settlement Funded Revenue 2.450%   6/1/42    735       725
  New York Liberty Development Corp. Economic Development Revenue (World Trade Center Project) 3.000%  9/15/43  3,000     2,451
  New York Liberty Development Corp. Economic Development Revenue (World Trade Center Project) 3.125%  9/15/50 12,000     9,304
  New York Liberty Development Corp. Economic Development Revenue (World Trade Center Project) 3.250%  9/15/52  4,655     3,513
  New York Liberty Development Corp. Economic Development Revenue (World Trade Center Project) 3.500%  9/15/52  3,655     2,826
2 New York Liberty Development Corp. Industrial Revenue 5.150% 11/15/34  2,500     2,478
  New York Liberty Development Corp. Industrial Revenue 5.500%  10/1/37 10,806    12,087
7 New York Liberty Development Corp. Industrial Revenue 2.450%  9/15/69 22,325    20,466
  New York Liberty Development Corp. Industrial Revenue 2.625%  9/15/69 10,885     9,770
  New York Liberty Development Corp. Industrial Revenue 2.800%  9/15/69 15,615    14,089
  New York Liberty Development Corp. Intergovernmental Agreement Revenue 2.250%  2/15/41  6,175     4,287
  New York Liberty Development Corp. Intergovernmental Agreement Revenue 3.000%  2/15/42  1,170       911
1 New York Liberty Development Corp. Intergovernmental Agreement Revenue 3.000%  2/15/42  4,925     3,860
  New York Liberty Development Corp. Intergovernmental Agreement Revenue 4.000%  2/15/43  5,355     4,982
  New York Liberty Development Corp. Intergovernmental Agreement Revenue 2.750%  2/15/44 24,040    17,169
  New York Liberty Development Corp. Lease (Appropriation) Revenue 2.300% 11/15/34  4,000     3,193
  New York Liberty Development Corp. Lease (Appropriation) Revenue 2.400% 11/15/35  3,750     2,952
  New York Liberty Development Corp. Lease (Appropriation) Revenue 2.500% 11/15/36  3,000     2,333
  New York Liberty Development Corp. Lease (Appropriation) Revenue 2.750% 11/15/41 10,000     7,486
  New York Liberty Development Corp. Lease (Appropriation) Revenue 2.875% 11/15/46 13,500     9,512
  New York Liberty Development Corp. Lease (Appropriation) Revenue 3.000% 11/15/51 16,000    11,214
6 New York Liberty Development Corp. Lease (Appropriation) Revenue 3.000% 11/15/51  1,500     1,104
  New York Liberty Development Corp. Miscellaneous Revenue 5.250%  10/1/35 54,000    59,268
  New York Mortgage Agency Local or Guaranteed Housing Revenue 2.200%  10/1/36    275       215
  New York Mortgage Agency Local or Guaranteed Housing Revenue 3.400%  10/1/38  1,295     1,129
  New York Mortgage Agency Local or Guaranteed Housing Revenue 3.750%  10/1/43  3,150     2,835
  New York Mortgage Agency Local or Guaranteed Housing Revenue 2.850%  10/1/44  1,350     1,013
  New York Mortgage Agency Local or Guaranteed Housing Revenue 2.700%  10/1/47  3,490     2,296
  New York Mortgage Agency Local or Guaranteed Housing Revenue 3.500%  10/1/47  2,000     1,983
  New York Mortgage Agency Local or Guaranteed Housing Revenue 3.800%  10/1/48  7,005     6,514
  New York Mortgage Agency Local or Guaranteed Housing Revenue 3.000%   4/1/50  7,300     6,966
  New York NY GO 5.000%   8/1/26  3,140     3,353
  New York NY GO 5.000%   8/1/26  3,875     4,187
43
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York NY GO 5.000%   1/1/27  3,500     3,803
  New York NY GO 5.000%   9/1/27  3,805     4,183
  New York NY GO 5.000%   8/1/28  2,320     2,565
  New York NY GO 5.000%   8/1/29  5,070     5,431
  New York NY GO 5.000%   8/1/29  5,195     5,739
  New York NY GO 5.000%   8/1/29  3,000     3,397
  New York NY GO 5.000%   8/1/30  5,050     5,403
  New York NY GO 5.000%   8/1/30  4,720     5,049
  New York NY GO 5.000%   8/1/30  4,000     4,417
  New York NY GO 5.000%   8/1/30  3,000     3,446
  New York NY GO 4.000%   8/1/31  2,775     2,884
  New York NY GO 5.000%   8/1/31  7,810     8,506
  New York NY GO 5.000%   8/1/31  1,440     1,588
  New York NY GO 5.000%   8/1/31  3,000     3,434
  New York NY GO 5.000%   8/1/31  2,500     2,899
  New York NY GO 5.000%   8/1/31  1,815     2,105
  New York NY GO 5.000%  12/1/31  1,770     1,902
  New York NY GO 4.000%   8/1/32  1,935     2,004
  New York NY GO 5.000%   8/1/32  5,000     5,195
  New York NY GO 5.000%   8/1/32  1,250     1,387
  New York NY GO 5.000%   8/1/32  3,735     4,099
  New York NY GO 5.000%   8/1/32  1,000     1,140
  New York NY GO 5.000%   8/1/32  1,825     2,139
  New York NY GO 5.000%  10/1/32  2,485     2,782
  New York NY GO 5.000%  12/1/32  1,240     1,378
  New York NY GO 3.250%   3/1/33  3,000     2,988
  New York NY GO 5.000%   8/1/33  1,000     1,104
  New York NY GO 5.000%   8/1/33    500       579
  New York NY GO 5.000%   4/1/34  3,680     4,160
  New York NY GO 5.000%   8/1/34  2,000     2,191
  New York NY GO 5.000%   8/1/34  2,260     2,476
  New York NY GO 5.000%   8/1/34  1,125     1,259
  New York NY GO 3.000%   3/1/35  2,500     2,289
  New York NY GO 5.000%   8/1/35  2,000     2,220
  New York NY GO 4.000%  10/1/35  1,000     1,016
  New York NY GO 5.000%  12/1/35  2,500     2,658
  New York NY GO 4.000%   3/1/36  1,500     1,518
  New York NY GO 4.000%   8/1/36  1,385     1,401
  New York NY GO 5.000%  10/1/36  5,000     5,346
  New York NY GO 5.000%  10/1/36  2,590     2,835
  New York NY GO 5.000%  10/1/36  1,650     1,857
  New York NY GO 5.000%   3/1/37  7,500     7,997
  New York NY GO 4.000%   8/1/37  2,070     2,079
  New York NY GO 4.000%   8/1/37  2,500     2,512
  New York NY GO 5.000%   8/1/37  4,000     4,218
  New York NY GO 4.000%  10/1/37  1,500     1,506
  New York NY GO 4.000%   3/1/38  4,850     4,850
  New York NY GO 5.000%   3/1/38  7,500     7,972
  New York NY GO 5.000%   3/1/38  2,000     2,180
  New York NY GO 5.000%   4/1/38  1,000     1,064
  New York NY GO 4.000%   8/1/38  2,500     2,501
  New York NY GO 5.000%   8/1/38 10,395    10,925
  New York NY GO 5.000%  10/1/38  6,500     6,921
  New York NY GO 5.000%  10/1/38  2,910     3,156
  New York NY GO 5.000%   3/1/39  5,315     5,630
44
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York NY GO 5.000%   3/1/39  3,000     3,255
  New York NY GO 4.000%   8/1/39  3,280     3,272
  New York NY GO 4.000%   8/1/39  2,500     2,497
  New York NY GO 5.000%  10/1/39  2,220     2,396
  New York NY GO 5.000%  10/1/39  8,910     9,429
  New York NY GO 5.250%  10/1/39  1,000     1,134
  New York NY GO 4.000%   8/1/40  5,000     4,954
  New York NY GO 4.000%   8/1/40  1,155     1,144
  New York NY GO 4.000%   8/1/40  9,400     9,314
  New York NY GO 4.000%  10/1/40  3,000     2,973
  New York NY GO 3.000%   3/1/41  5,010     4,201
  New York NY GO 4.000%   8/1/41  2,035     2,001
  New York NY GO 4.000%   8/1/41  2,500     2,459
  New York NY GO 3.000%  10/1/41  2,250     1,879
  New York NY GO 5.250%  10/1/41  1,070     1,200
  New York NY GO 4.000%  12/1/41  1,215     1,193
  New York NY GO 5.000%  12/1/41  8,000     8,379
  New York NY GO 5.000%  12/1/41  4,850     5,140
  New York NY GO 4.000%   3/1/42  1,500     1,468
  New York NY GO 5.000%   3/1/42  1,500     1,616
  New York NY GO 4.000%   8/1/42  2,000     1,957
  New York NY GO 4.000%   8/1/42  2,500     2,446
  New York NY GO 5.000%   8/1/42  2,365     2,557
  New York NY GO 5.000%   9/1/42 10,000    10,893
  New York NY GO 5.000%  10/1/42  8,000     8,558
  New York NY GO 5.250%  10/1/42  2,250     2,518
  New York NY GO 5.000%   3/1/43  7,500     8,044
  New York NY GO 5.000%   3/1/43  4,180     4,494
  New York NY GO 5.000%   4/1/43  6,500     6,830
  New York NY GO 5.000%   8/1/43  4,020     4,286
  New York NY GO 5.000%   8/1/43  2,340     2,518
  New York NY GO 5.000%  10/1/43  3,000     3,203
  New York NY GO 5.250%  10/1/43  1,000     1,116
  New York NY GO 4.000%  12/1/43  2,415     2,350
  New York NY GO 4.000%   3/1/44  7,000     6,772
  New York NY GO 4.000%   8/1/44  1,275     1,234
  New York NY GO 5.000%  12/1/44  3,000     3,162
  New York NY GO 5.000%   4/1/45 10,000    10,480
  New York NY GO 4.000%   9/1/46  5,000     4,784
  New York NY GO 4.000%   3/1/47  5,000     4,765
  New York NY GO 5.250%  10/1/47 10,000    11,060
  New York NY GO 4.000%   3/1/50  5,000     4,718
  New York NY GO 5.000%   3/1/50  6,200     6,598
  New York NY GO 3.000%   8/1/50  4,000     3,056
  New York NY GO 4.000%   8/1/50 10,000     9,438
6 New York NY GO 4.000%   8/1/50  2,000     1,903
2,3 New York NY GO TOB VRDO 1.100%  12/1/22  2,900     2,900
  New York NY GO VRDO 0.990%  12/1/22  3,600     3,600
  New York NY GO VRDO 1.000%  12/1/22  2,500     2,500
  New York NY GO VRDO 1.000%  12/1/22  3,005     3,005
  New York NY GO VRDO 1.000%  12/1/22 12,600    12,600
3 New York NY GO VRDO 1.000%  12/1/22  1,000     1,000
  New York NY GO VRDO 1.000%  12/1/22  3,000     3,000
3 New York NY GO VRDO 1.050%  12/1/22 15,300    15,300
3 New York NY GO VRDO 1.050%  12/1/22  1,250     1,250
45
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 New York NY GO VRDO 1.050%  12/1/22  1,300     1,300
  New York NY GO VRDO 1.880%  12/1/22  7,670     7,670
3 New York NY GO VRDO 1.910%  12/1/22  4,800     4,800
  New York NY GO, Prere. 5.000%   3/1/23  2,500     2,516
  New York NY GO, Prere. 5.000%   3/1/23  4,500     4,529
  New York NY GO, Prere. 5.000%   3/1/23  6,745     6,788
2,3 New York NY Lease (Appropriation) Revenue TOB VRDO 2.070%  12/1/22  3,920     3,920
  New York Power Authority Electric Power & Light Revenue 4.000% 11/15/45  6,325     6,177
  New York Power Authority Electric Power & Light Revenue 4.000% 11/15/50 12,065    11,584
  New York Power Authority Electric Power & Light Revenue 4.000% 11/15/55 19,000    17,951
  New York Power Authority Electric Power & Light Revenue 3.250% 11/15/60  8,100     5,992
  New York Power Authority Electric Power & Light Revenue 4.000% 11/15/60  5,500     5,129
1 New York Power Authority Electric Power & Light Revenue (Green Transmission Project) 4.000% 11/15/36  2,440     2,487
1 New York Power Authority Electric Power & Light Revenue (Green Transmission Project) 4.000% 11/15/37  1,825     1,851
1 New York Power Authority Electric Power & Light Revenue (Green Transmission Project) 4.000% 11/15/52  7,500     7,104
1 New York Power Authority Electric Power & Light Revenue (Green Transmission Project) 4.000% 11/15/61  5,000     4,623
  New York State Bridge Authority Highway Revenue 5.000%   1/1/29  1,065     1,183
  New York State Bridge Authority Highway Revenue 5.000%   1/1/30    830       934
  New York State Bridge Authority Highway Revenue 5.000%   1/1/31    600       684
  New York State Bridge Authority Highway Revenue 4.000%   1/1/33  1,285     1,348
  New York State Bridge Authority Highway Revenue 4.000%   1/1/36    675       689
  New York State Bridge Authority Highway Revenue 4.000%   1/1/51  1,255     1,188
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/23    280       283
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/24    315       322
8 New York State Dormitory Authority College & University Revenue 5.150%   7/1/24  1,370     1,406
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/25  1,270     1,274
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/25    315       328
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/26    750       794
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/26  2,595     2,716
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/26    325       341
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/27  1,025     1,028
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/27    655       681
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/27    500       528
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/27    490       508
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/27    350       371
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/28  1,470     1,473
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/28    400       426
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/28    300       321
  New York State Dormitory Authority College & University Revenue 5.000%   5/1/29  1,660     1,664
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/29  1,010     1,066
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/29    850       911
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/29     25        27
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/29     45        47
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/29    300       323
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30    500       528
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30    515       551
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30  5,065     5,433
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30    505       548
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/30    300       325
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/31  1,015     1,037
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/31  3,000     3,112
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/31    955     1,007
46
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/31  1,000     1,091
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/31    350       381
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/32    575       622
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/32  1,825     1,988
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/32    325       355
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/33    500       512
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/33  1,200     1,216
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/33  1,030     1,048
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/33  7,395     7,649
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/34  1,500     1,516
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/34    755       789
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/35  3,000     3,042
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/35  1,355     1,374
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/35    570       578
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/35    225       226
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/35    560       584
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/35  2,000     2,153
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/36  1,000     1,011
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/36  2,000     2,011
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/36    530       518
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/36  7,615     7,475
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/36    300       300
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/36  1,500     1,608
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/36  1,000     1,064
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/37  1,020     1,017
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/37    505       479
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/37    325       322
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/37  1,555     1,561
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/37  1,550     1,555
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/37    245       261
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/37    225       239
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/37    750       794
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/38    405       376
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/38    600       596
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/38  2,000     1,991
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/38    200       211
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/38  5,000     5,440
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/39  1,615     1,732
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/39  1,260     1,294
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/39     15        16
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/39  1,000     1,049
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/40  2,135     2,280
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/40  1,000     1,037
9 New York State Dormitory Authority College & University Revenue 5.500%   7/1/40  2,560     3,046
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/41  1,145     1,186
  New York State Dormitory Authority College & University Revenue 3.000%   7/1/42  2,790     2,212
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/42  3,000     2,932
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/42    300       312
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/42     10        11
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/43  1,410     1,352
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/44  4,000     3,750
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/45  3,000     2,930
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/45  2,000     2,351
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/46  3,250     3,031
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/46  3,000     3,525
47
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/46  1,250     1,322
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/47  4,500     3,909
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/47  2,900     3,410
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/48  3,750     3,428
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/48 14,705    15,108
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/48 12,500    14,711
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/49  6,365     6,035
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/49  5,000     4,695
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/49  2,250     1,984
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/49 10,500    11,246
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/50  3,000     2,886
  New York State Dormitory Authority College & University Revenue 5.000%  7/15/50  2,095     2,110
  New York State Dormitory Authority College & University Revenue 5.000%  10/1/50  2,945     3,473
  New York State Dormitory Authority College & University Revenue 4.000%   7/1/52  2,445     2,077
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/52  2,505     2,688
  New York State Dormitory Authority College & University Revenue 5.000%   7/1/57  2,000     1,907
  New York State Dormitory Authority College & University Revenue (New School Project) 5.000%   7/1/41  7,185     7,295
  New York State Dormitory Authority College & University Revenue (New School Project) 4.000%   7/1/43    545       479
  New York State Dormitory Authority College & University Revenue VRDO 1.050%  12/1/22 11,615    11,615
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   5/1/23     30        30
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   5/1/23     30        30
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   5/1/23     20        20
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/23  1,300     1,319
  New York State Dormitory Authority College & University Revenue, Prere. 5.250%   7/1/23  2,500     2,540
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/24    500       517
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/24  1,000     1,033
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/24    500       517
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/24  2,110     2,181
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/24  1,805     1,865
  New York State Dormitory Authority College & University Revenue, Prere. 4.000%   7/1/25  1,275     1,318
  New York State Dormitory Authority College & University Revenue, Prere. 4.000%   7/1/25  1,450     1,499
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/25     15        16
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/25      5         5
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/25    210       222
  New York State Dormitory Authority College & University Revenue, Prere. 5.000%   7/1/25    210       222
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/24    500       511
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/26    670       690
48
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/27  2,135     2,216
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/27    470       413
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27    780       823
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/28  2,355     2,439
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28    700       737
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/29  8,135     8,412
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,550     1,631
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,070       950
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29    485       497
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/30    500       522
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/30  2,225     2,298
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/30    540       564
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/31    450       467
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/31  2,400     1,754
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/31    450       467
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/32  1,145     1,182
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/32  2,650     2,727
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32    710       605
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32    745       782
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  1,875     2,012
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/32    340       351
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/33    700       718
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/33  3,555     3,655
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/33  2,650     1,815
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33    800       837
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/34    825       840
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/34    775       775
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/34  3,000     3,034
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/35    950       959
49
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 4.000%   7/1/35  1,620     1,632
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   2/1/36    500       503
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/36  3,020     3,087
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36    400       324
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36    100       102
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/36  2,000     1,759
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/36    405       356
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/37  1,015     1,017
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/37  5,750     4,990
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/37    300       260
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  3,400     3,400
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   8/1/38  1,000       861
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/38    600       517
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/39    550       469
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/40    650       438
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   8/1/40    500       408
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/40  1,870     1,581
2 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/40  1,300     1,276
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  3,400     2,620
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/42  5,000     5,227
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/45 10,275     9,637
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/45  3,500     2,220
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/45  4,000     3,256
4 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   2/1/50  5,000     3,819
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/50  9,525     8,763
1 New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 3.000%   9/1/50  5,000     3,654
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/50  5,960     4,675
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/51  7,500     7,156
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.250%   5/1/52  5,900     5,646
50
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/52 13,710    14,289
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/53  9,500     8,614
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   5/1/24  2,140     2,178
  New York State Dormitory Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   5/1/26  2,000     2,097
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/28  3,290     3,405
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/29  5,100     5,541
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/31  1,000     1,056
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/33  5,000     5,306
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/33  1,000     1,166
  New York State Dormitory Authority Income Tax Revenue 4.000%  2/15/34  4,985     5,094
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/34  5,000     5,402
  New York State Dormitory Authority Income Tax Revenue 4.000%  2/15/35  3,900     3,950
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/35  7,500     8,326
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/35  3,510     3,709
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/35  3,000     3,076
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/35  4,305     4,512
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/35  5,030     5,321
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/36  3,000     3,165
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/36  1,000     1,045
  New York State Dormitory Authority Income Tax Revenue 4.000%  2/15/37  3,000     3,027
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/37  5,000     5,108
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/38  3,705     3,784
  New York State Dormitory Authority Income Tax Revenue 5.250%  3/15/38  5,000     5,427
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/39  5,030     5,187
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/39  2,500     2,503
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/40 10,000     9,901
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/41    830       854
  New York State Dormitory Authority Income Tax Revenue 3.000%  3/15/41  3,100     2,581
  New York State Dormitory Authority Income Tax Revenue 5.000%  3/15/41  2,500     2,726
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/42    500       523
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/42  1,500     1,567
  New York State Dormitory Authority Income Tax Revenue 5.000%  2/15/44    650       667
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/44  5,150     4,978
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/44  1,500     1,450
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/45  2,105     2,024
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/46  3,990     3,816
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/47  5,000     4,755
  New York State Dormitory Authority Income Tax Revenue 3.000%  2/15/49  3,000     2,312
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/49  2,005     1,893
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/50  3,635     3,370
  New York State Dormitory Authority Income Tax Revenue 4.000%  3/15/42  2,500     2,444
2,3 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.930%  12/1/22  1,730     1,730
2,3 New York State Dormitory Authority Income Tax Revenue TOB VRDO 1.930%  12/7/22  5,575     5,575
  New York State Dormitory Authority Income Tax Revenue, Prere. 5.000%  2/15/24     15        15
  New York State Dormitory Authority Income Tax Revenue, Prere. 4.000%  2/15/27     15        16
  New York State Dormitory Authority Income Tax Revenue, Prere. 5.000%  9/15/28     10        11
  New York State Dormitory Authority Intergovernmental Agreement Revenue 5.000%  10/1/27  2,700     2,898
  New York State Dormitory Authority Intergovernmental Agreement Revenue 3.000%  10/1/31 10,000     9,582
51
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority Intergovernmental Agreement Revenue 3.000%  10/1/32 10,300     9,762
1 New York State Dormitory Authority Intergovernmental Agreement Revenue 5.000%  10/1/32  1,725     1,947
1 New York State Dormitory Authority Intergovernmental Agreement Revenue 5.000%  10/1/33  1,655     1,859
  New York State Dormitory Authority Intergovernmental Agreement Revenue 5.000%   4/1/34  1,290     1,436
1 New York State Dormitory Authority Intergovernmental Agreement Revenue 4.000%  10/1/34  1,125     1,163
  New York State Dormitory Authority Intergovernmental Agreement Revenue 5.000%  10/1/34  1,175     1,304
  New York State Dormitory Authority Intergovernmental Agreement Revenue 4.000%   4/1/35  1,055     1,068
  New York State Dormitory Authority Intergovernmental Agreement Revenue 4.000%  10/1/35    645       651
1 New York State Dormitory Authority Intergovernmental Agreement Revenue 4.000%  10/1/35    900       913
1 New York State Dormitory Authority Intergovernmental Agreement Revenue 4.000%  10/1/36    575       579
6 New York State Dormitory Authority Intergovernmental Agreement Revenue 5.000%  10/1/37  4,160     4,556
  New York State Dormitory Authority Intergovernmental Agreement Revenue 4.000%   7/1/52  3,435     3,266
  New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Bond Financing Program) 5.000%  10/1/26  1,425     1,526
  New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Bond Financing Program) 5.000%  10/1/31  2,015     2,167
  New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Bond Financing Program) 5.000%  10/1/33    600       639
  New York State Dormitory Authority Intergovernmental Agreement Revenue (School Districts Bond Financing Program) 5.000%  10/1/34    520       554
  New York State Dormitory Authority Lease (Appropriation) Revenue 5.000%  1/15/30  1,535     1,689
  New York State Dormitory Authority Lease (Appropriation) Revenue 5.000%  1/15/31  5,000     5,497
  New York State Dormitory Authority Lease (Appropriation) Revenue 5.000%  3/15/31  7,500     8,716
  New York State Dormitory Authority Lease (Appropriation) Revenue 5.000%  3/15/32  5,000     5,785
  New York State Dormitory Authority Lease (Appropriation) Revenue 4.000%  3/15/38  5,000     5,038
  New York State Dormitory Authority Lease (Appropriation) Revenue 4.000%  3/15/47  5,000     4,755
1 New York State Dormitory Authority Lease Revenue 5.000%  10/1/32  1,000     1,115
1 New York State Dormitory Authority Lease Revenue 5.000%  10/1/33  1,285     1,428
  New York State Dormitory Authority Lease Revenue 4.000%  8/15/41  2,500     2,428
1 New York State Dormitory Authority Lease Revenue, Prere. 5.000%  10/1/28      5         6
  New York State Dormitory Authority Local or Guaranteed Housing Revenue 5.000%   7/1/33  3,048     3,453
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/30    400       442
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/33  4,840     5,113
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/33    300       333
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/35  5,000     5,428
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/36  2,305     2,462
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/36  1,000     1,064
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/36  6,700     7,234
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/37  3,600     3,820
52
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/37  2,000     2,146
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/38  5,000     5,336
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/38  4,500     4,829
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/39  5,000     5,323
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/39  1,250     1,338
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/40  1,900     2,027
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/41 11,000    11,565
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/42  9,700    10,187
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/42  1,000     1,057
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/43  4,085     4,285
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/43  2,615     2,761
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/44     35        36
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/45  8,495     8,941
  New York State Dormitory Authority Sales Tax Revenue 4.000%  3/15/48  4,675     4,380
  New York State Dormitory Authority Sales Tax Revenue 5.000%  3/15/48  5,250     5,531
  New York State Environmental Facilities Corp. Miscellaneous Revenue 4.000%  8/15/51  1,500     1,453
  New York State Environmental Facilities Corp. Water Revenue 5.000%  8/15/34  1,000     1,086
  New York State Environmental Facilities Corp. Water Revenue 5.000%  8/15/36  1,000     1,078
  New York State Environmental Facilities Corp. Water Revenue 4.000%  6/15/37  5,610     5,693
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/41  3,000     3,159
  New York State Environmental Facilities Corp. Water Revenue 5.000%  6/15/42 11,310    11,997
  New York State Environmental Facilities Corp. Water Revenue 4.000%  6/15/47  5,000     4,902
10 New York State Environmental Facilities Corp. Water Revenue 5.250%  9/15/52  5,000     5,585
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.250%  11/1/31  1,105     1,059
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.650%  11/1/32  1,000     1,000
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.625%  11/1/33  2,340     2,312
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.550%  11/1/39  1,000       883
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.350%  11/1/40  4,300     3,081
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.450%  11/1/40  1,535     1,326
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.850%  11/1/43  1,140     1,034
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.850%  11/1/43  2,380     2,114
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  11/1/44  1,485     1,137
4 New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  11/1/45  4,990     3,243
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.650%  11/1/46  2,000     1,319
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.875%  11/1/48  2,435     2,095
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.875%  11/1/48  1,480     1,273
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.900%  11/1/48  1,415     1,222
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.050%  11/1/49 13,655     9,998
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.375%  11/1/49  5,000     3,904
53
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.600%  11/1/50  1,000       619
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.650%  11/1/51  1,230       772
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.730%  11/1/51  2,000     1,283
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.050%  11/1/52  3,395     2,420
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.650%  11/1/54  2,895     1,756
4 New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.650%  11/1/54  1,500       910
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.150%  11/1/54  4,000     2,883
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.750%  11/1/56    770       475
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 2.875%  11/1/56  3,165     2,021
  New York State Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  11/1/61  1,500     1,000
3 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.940%  12/7/22 20,000    20,000
3 New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 1.950%  12/7/22  8,000     8,000
  New York State Thruway Authority Highway Revenue 5.000%   1/1/29  1,220     1,283
  New York State Thruway Authority Highway Revenue 5.000%   1/1/30  1,700     1,786
  New York State Thruway Authority Highway Revenue 5.000%   1/1/31  2,900     3,045
  New York State Thruway Authority Highway Revenue 5.000%   1/1/32  5,155     5,354
  New York State Thruway Authority Highway Revenue 5.000%   1/1/32  2,970     3,115
  New York State Thruway Authority Highway Revenue 5.000%   1/1/33  1,800     1,959
  New York State Thruway Authority Highway Revenue 5.000%   1/1/33  2,560     2,681
  New York State Thruway Authority Highway Revenue 5.000%   1/1/34  2,185     2,370
  New York State Thruway Authority Highway Revenue 5.000%   1/1/35  3,100     3,340
  New York State Thruway Authority Highway Revenue 4.000%   1/1/36  1,275     1,287
  New York State Thruway Authority Highway Revenue 4.000%   1/1/38    150       148
  New York State Thruway Authority Highway Revenue 4.000%   1/1/38  1,750     1,773
1 New York State Thruway Authority Highway Revenue 4.000%   1/1/40  7,500     7,493
  New York State Thruway Authority Highway Revenue 4.000%   1/1/41  4,435     4,271
  New York State Thruway Authority Highway Revenue 4.000%   1/1/41 12,000    11,587
  New York State Thruway Authority Highway Revenue 4.000%   1/1/42  5,000     4,795
  New York State Thruway Authority Highway Revenue 4.000%   1/1/45  8,370     7,876
1 New York State Thruway Authority Highway Revenue 4.000%   1/1/45  3,575     3,436
6 New York State Thruway Authority Highway Revenue 4.000%   1/1/45  1,285     1,217
1 New York State Thruway Authority Highway Revenue 3.000%   1/1/46    425       332
  New York State Thruway Authority Highway Revenue 3.000%   1/1/49  5,000     3,800
  New York State Thruway Authority Highway Revenue 4.000%   1/1/50 15,000    13,832
1 New York State Thruway Authority Highway Revenue 4.000%   1/1/50  2,000     1,870
  New York State Thruway Authority Highway Revenue 3.000%   1/1/51  2,000     1,494
1 New York State Thruway Authority Highway Revenue 3.000%   1/1/53  1,500     1,094
  New York State Thruway Authority Highway Revenue 4.000%   1/1/53  4,945     4,499
1 New York State Thruway Authority Highway Revenue 4.000%   1/1/53  2,000     1,850
  New York State Thruway Authority Highway Revenue 5.250%   1/1/56 11,095    11,426
  New York State Thruway Authority Income Tax Revenue 5.000%  3/15/42  2,000     2,181
  New York State Thruway Authority Income Tax Revenue 5.000%  3/15/55 10,000    10,631
  New York State Thruway Authority Income Tax Revenue 4.125%  3/15/56  8,920     8,337
  New York State Thruway Authority Lease (Appropriation) Revenue 4.000%  3/15/41  3,000     2,945
  New York State Thruway Authority Lease (Appropriation) Revenue 3.000%  3/15/50  9,040     6,887
54
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New York State Thruway Authority Lease (Appropriation) Revenue 4.000%  3/15/55  6,000     5,486
  New York State Thruway Authority Lease (Appropriation) Revenue 4.000%  3/15/56  6,000     5,479
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/31  3,410     3,618
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/33  3,000     3,404
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/34  3,000     3,081
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/35  2,000     2,084
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/36  1,000     1,066
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/39  3,505     3,475
  New York State Urban Development Corp. Income Tax Revenue 3.000%  3/15/40  2,050     1,723
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/40  8,280     8,117
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/41  5,000     4,859
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/41  6,000     6,467
  New York State Urban Development Corp. Income Tax Revenue 5.000%  3/15/42  1,000     1,052
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/45  4,000     3,801
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/45  4,500     4,277
  New York State Urban Development Corp. Income Tax Revenue 3.000%  3/15/48  2,000     1,543
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/49  5,000     4,660
  New York State Urban Development Corp. Income Tax Revenue 4.000%  3/15/49  1,480     1,379
2,3 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 1.960%  12/1/22  2,784     2,783
2,3 New York State Urban Development Corp. Income Tax Revenue TOB VRDO 1.930%  12/7/22  5,600     5,600
  New York State Urban Development Corp. Lease (Appropriation) Revenue 5.000%  3/15/35  1,490     1,645
  New York State Urban Development Corp. Lease (Appropriation) Revenue 5.000%  3/15/39  1,340     1,453
  New York State Urban Development Corp. Lease (Appropriation) Revenue 5.000%  3/15/40    925       999
  New York State Urban Development Corp. Lease (Appropriation) Revenue 3.000%  3/15/42  5,000     4,128
  New York State Urban Development Corp. Lease (Appropriation) Revenue 4.000%  3/15/43  3,525     3,433
  New York State Urban Development Corp. Lease (Appropriation) Revenue 4.000%  3/15/43  8,895     8,662
  New York State Urban Development Corp. Lease (Appropriation) Revenue 4.000%  3/15/44 12,500    12,099
  New York State Urban Development Corp. Lease (Appropriation) Revenue 4.000%  3/15/45  8,885     8,555
  New York State Urban Development Corp. Lease (Appropriation) Revenue 4.000%  3/15/47  7,500     7,154
  New York State Urban Development Corp. Lease (Appropriation) Revenue 3.000%  3/15/49  1,725     1,331
  New York State Urban Development Corp. Lease (Appropriation) Revenue 2.625%  3/15/51  2,000     1,338
  New York Transportation Development Corp. Airport Port, Airport & Marina Revenue 4.000%  12/1/42  4,920     4,343
  New York Transportation Development Corp. Industrial Revenue 5.000%  12/1/30  1,000     1,064
  New York Transportation Development Corp. Industrial Revenue 5.000%  12/1/33  4,655     4,901
  New York Transportation Development Corp. Industrial Revenue 5.000%  12/1/35  2,505     2,606
  New York Transportation Development Corp. Industrial Revenue 4.000%  12/1/39  3,940     3,606
  New York Transportation Development Corp. Industrial Revenue 4.000%  12/1/41  3,295     2,930
  Niagara Area Development Corp. Health, Hospital, Nursing Home Revenue 4.500%   7/1/52  1,795     1,181
  Oneida County Local Development Corp. College & University Revenue (Hamilton College Project) 5.000%   7/1/51  2,000     2,258
  Oneida County Local Development Corp. College & University Revenue (Utica College Project) 4.000%   7/1/39    500       434
55
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/34  1,000     1,005
1 Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/35  1,000     1,000
1 Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/36  1,000       995
1 Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/49  3,785     3,414
1 Oneida County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.000%  12/1/51  5,000     3,541
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/28    450       464
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/29    475       489
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/30    450       462
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/31    690       736
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/32    510       531
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/33    540       560
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/33    575       587
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/33    300       315
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/34    565       584
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/34    330       316
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/34    300       313
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/35    595       613
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/35    635       645
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/35    410       426
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/36    625       642
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/36    435       407
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/36    350       328
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/37    355       363
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/37    300       278
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   1/1/38    285       291
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/38    275       252
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/38    200       184
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/39    350       319
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/39    500       456
56
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%   7/1/40    300       271
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/41    250       224
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 4.000%   7/1/42    530       473
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/46    500       508
  Onondaga Civic Development Corp. College & University Revenue (Le Moyne College Project) 5.000%   7/1/51    725       733
  Onondaga Civic Development Corp. Health, Hospital, Nursing Home Revenue 5.500%   3/1/24  1,305     1,301
  Onondaga Civic Development Corp. Health, Hospital, Nursing Home Revenue 5.250%   3/1/31  4,200     3,927
  Onondaga County Trust for Cultural Resources College & University Revenue (Syracuse University Project) 5.000%  12/1/45  2,000     2,164
  Onondaga County Trust for Cultural Resources College & University Revenue (Syracuse University Project), Prere. 5.000%  12/1/23  1,000     1,024
  Onondaga County Trust for Cultural Resources Local or Guaranteed Housing Revenue (Abby Lane Housing Corp. Project) 5.000%   5/1/35  1,140     1,161
  Onondaga County Trust for Cultural Resources Local or Guaranteed Housing Revenue (Abby Lane Housing Corp. Project) 5.000%   5/1/36  1,475     1,498
  Onondaga County Trust for Cultural Resources Local or Guaranteed Housing Revenue (Abby Lane Housing Corp. Project) 5.000%   5/1/40  2,200     2,220
  Onondaga County Water Authority Water Revenue 2.500%  9/15/51  1,510     1,018
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 11/15/35  4,275     4,579
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/38  3,380     3,392
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/39  2,950     2,955
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   5/1/40  3,565     3,670
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/41  2,250     2,226
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/41 13,180    13,638
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.500%   8/1/45  1,000     1,022
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 11/15/47  8,000     8,338
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/48  5,000     5,234
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  11/1/49 10,000     9,523
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250%   8/1/52  5,000     5,482
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/56  5,000     5,303
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250% 11/15/57 11,450    12,021
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/61  5,000     4,599
  Rockland County NY GO 4.000%   4/1/23    235       236
  Rockland County NY GO 4.000%   4/1/24    240       244
  Rockland County NY GO 4.000%   4/1/25    255       262
57
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Rockland County NY GO 4.000%   4/1/26    265       274
  Rockland County NY GO 4.000%   4/1/27    270       282
  Rockland County NY GO 4.000%   4/1/28    285       300
  Rockland County NY GO 4.000%   4/1/29    300       318
  Rockland County NY GO 4.000%   4/1/30    310       331
  Rockland County NY GO 4.000%   4/1/31    320       342
  Rockland County NY GO 4.000%   4/1/32    335       357
1 Rockland County NY GO 3.000%  6/15/32  2,815     2,792
  Rockland County NY GO 4.000%   4/1/33    350       369
  Rockland County NY GO 4.000%   4/1/34    370       387
  Rockland County NY GO 4.000%   4/1/35    385       398
  Rockland County NY GO 4.000%   4/1/36    410       421
  Rockland County NY GO 4.000%   4/1/44  1,995     1,982
  Sales Tax Asset Receivable Corp. Sales Tax Revenue, Prere. 5.000% 10/15/24     10        10
  Sales Tax Asset Receivable Corp. Sales Tax Revenue, Prere. 5.000% 10/15/24  2,815     2,943
  Sales Tax Asset Receivable Corp. Sales Tax Revenue, Prere. 5.000% 10/15/24     65        68
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/32    220       238
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/33    175       189
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/34    225       242
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/35    225       241
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/36    500       534
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 3.000%   7/1/38    610       516
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 4.000%   7/1/38  1,440     1,408
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/38    300       318
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 3.000%   7/1/39  2,635     2,193
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 3.000%   7/1/40  2,110     1,721
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/43  3,550     3,751
  Saratoga County Capital Resource Corp. College & University Revenue (Skidmore College Project) 5.000%   7/1/48  4,520     4,749
  Schenectady County Capital Resource Corp. College & University Revenue (Union College Project) 5.000%   7/1/32  1,000     1,149
  Schenectady County Capital Resource Corp. College & University Revenue (Union College Project) 5.250%   7/1/52  1,000     1,073
1 Schenectady NY GO 3.000%   5/1/31    635       629
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/28    310       328
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/29    660       699
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/31    450       474
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/34    830       869
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/35  1,510     1,577
  St. Lawrence County Industrial Development Agency College & University Revenue 5.000%   7/1/36    545       568
58
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/29    100       108
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/30     75        81
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/30    285       309
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/31    100       108
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/31    275       298
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/32    100       108
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/32    265       285
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/33    100       107
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/33    250       268
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/34    150       160
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/34    250       266
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/35    150       159
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/35    270       286
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/36    105       111
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/36    300       316
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/37    150       157
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/37    300       315
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/38    150       157
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/38    225       235
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/39    150       156
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/39    235       245
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/40    150       156
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/40    250       260
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/41    130       135
  St. Lawrence County Industrial Development Agency College & University Revenue (Clarkson University Project) 5.000%   9/1/41    300       312
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/23    230       230
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/24    250       250
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 4.000%  12/1/25    250       250
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,500     1,537
59
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  3,000     3,073
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/29    720       741
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/29    180       186
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/34  1,000     1,017
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/34    170       173
  Suffolk County Economic Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  12/1/40  1,500     1,506
  Suffolk County Judicial Facilities Agency Lease (Appropriation) Revenue 5.000%  11/1/33  8,565     8,705
1 Suffolk County NY GO 4.000% 10/15/27  2,410     2,497
6 Suffolk County NY GO 4.000%   4/1/30  4,420     4,591
6 Suffolk County NY GO 4.000%   4/1/31  4,590     4,754
1 Suffolk County NY GO 3.000%  6/15/31    250       241
  Suffolk NY GO 5.000%  6/15/31  1,000     1,141
  Suffolk NY GO 5.000%  6/15/32    850       978
  Suffolk NY GO 5.000%  6/15/33    915     1,051
  Suffolk NY GO 5.000%  6/15/34    715       814
  Suffolk Tobacco Asset Securitization Corp. Tobacco Settlement Funded Revenue 4.000%   6/1/50  3,750     3,753
  Syracuse Industrial Development Agency Intergovernmental Agreement Revenue 4.000%   5/1/33  1,025     1,056
  Syracuse Industrial Development Agency Intergovernmental Agreement Revenue 4.000%   5/1/34  1,200     1,229
  Syracuse Industrial Development Agency Intergovernmental Agreement Revenue 4.000%   5/1/35  1,000     1,016
  Syracuse Industrial Development Agency Intergovernmental Agreement Revenue (Syracuse City School District Project) 4.000%   5/1/35    500       509
  Triborough Bridge & Tunnel Authority Fuel Sales Tax Revenue 0.000% 11/15/36  2,500     1,346
  Triborough Bridge & Tunnel Authority Fuel Sales Tax Revenue 0.000% 11/15/39  1,500       679
  Triborough Bridge & Tunnel Authority Fuel Sales Tax Revenue 5.500%  5/15/52  5,000     5,683
  Triborough Bridge & Tunnel Authority Highway Revenue 0.000% 11/15/29  2,705     2,100
  Triborough Bridge & Tunnel Authority Highway Revenue 0.000% 11/15/31  5,500     3,918
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/31  3,010     3,217
  Triborough Bridge & Tunnel Authority Highway Revenue 0.000% 11/15/32  3,510     2,398
  Triborough Bridge & Tunnel Authority Highway Revenue 0.000% 11/15/32    235       160
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/35  5,000     5,379
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/36  5,010     5,271
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/37  2,500     2,610
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/38  1,000     1,005
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/40  2,500     2,487
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/40  4,305     4,449
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/41  2,510     2,614
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/42  4,600     4,815
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/43  5,000     5,249
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/43  5,985     6,374
  Triborough Bridge & Tunnel Authority Highway Revenue 5.250% 11/15/45  4,000     4,132
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/46  7,500     7,869
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/47  2,000     2,081
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/49  2,240     2,366
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/51 17,000    18,034
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/52  1,500     1,406
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/54 19,240    17,631
60
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/54  9,500     9,999
  Triborough Bridge & Tunnel Authority Highway Revenue 4.000% 11/15/56  3,500     3,188
  Triborough Bridge & Tunnel Authority Highway Revenue 5.000% 11/15/56  5,000     5,273
  Triborough Bridge & Tunnel Authority Highway Revenue 5.500% 11/15/57 17,260    19,526
2,3 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/1/22  7,740     7,740
2,3 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/1/22  5,255     5,255
2,3 Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO 1.930%  12/7/22  6,090     6,090
3 Triborough Bridge & Tunnel Authority Highway Revenue VRDO 1.050%  12/1/22  7,900     7,900
2,3 Triborough Bridge & Tunnel Authority Local or Guaranteed Housing Revenue TOB VRDO 1.930%  12/1/22  4,520     4,520
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 3.000%  5/15/32    360       350
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 5.000% 11/15/32  3,790     4,439
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 0.000%  5/15/33  5,000     3,262
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 4.000%  5/15/46  1,000       962
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 2.500%  5/15/51  2,500     1,643
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 4.000%  5/15/51  5,890     5,574
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 5.000%  5/15/56 11,000    11,536
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 5.000%  5/15/28  5,000     5,590
  Triborough Bridge & Tunnel Authority Miscellaneous Taxes Revenue 5.000%  5/15/30  4,000     4,615
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 5.250%  5/15/52  2,000     2,196
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 5.250%  5/15/57  2,000     2,196
  Triborough Bridge & Tunnel Authority Sales Tax Revenue 5.250%  5/15/62  2,000     2,196
  Troy Capital Resource Corp. College & University Revenue 5.000%   8/1/23  1,000     1,016
  Troy Capital Resource Corp. College & University Revenue 5.000%   8/1/24  1,165     1,199
  Troy Capital Resource Corp. College & University Revenue 5.000%   8/1/25  1,000     1,041
  Troy Capital Resource Corp. College & University Revenue 5.000%   9/1/27    150       160
  Troy Capital Resource Corp. College & University Revenue 5.000%   9/1/28    275       297
  Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/30    470       483
  Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/31    235       240
  Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/32    365       369
  Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/33    100       100
  Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/34    155       153
  Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/35    190       183
  Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/36    380       359
  Troy Capital Resource Corp. College & University Revenue 5.000%   9/1/37  2,900     3,059
  Troy Capital Resource Corp. College & University Revenue 5.000%   9/1/38  2,500     2,629
  Troy Capital Resource Corp. College & University Revenue 5.000%   9/1/39  2,845     2,980
  Troy Capital Resource Corp. College & University Revenue 4.000%   9/1/40  3,060     2,770
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/26  3,095     3,250
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/28  5,880     6,141
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/29  5,015     5,225
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/30  5,435     5,625
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/32  1,725     1,780
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/33  5,000     5,147
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/34  6,000     6,158
61
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/36    900       920
  TSASC Inc. NY Tobacco Settlement Funded Revenue 5.000%   6/1/41  5,500     5,564
  Utility Debt Securitization Authority Electric Power & Light Revenue 5.000% 12/15/33  2,755     2,927
  Webster Central School District GO 2.000%  6/15/33  1,180       972
  Webster Central School District GO 2.000%  6/15/34  1,265     1,015
  Westbury Union Free School District GO 2.000% 12/15/31  3,600     3,142
  Westbury Union Free School District GO 2.000% 12/15/32  3,670     3,131
  Westchester County Local Development Corp. College & University Revenue 5.500%   5/1/42  7,640     7,673
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/23    525       530
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/23    680       692
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    350       359
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/25    475       494
2 Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 2.875%   7/1/26  1,380     1,330
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/26    590       620
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/27    440       466
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/27  1,410     1,441
2 Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.200%   7/1/28  3,515     3,326
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/28    370       392
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/28  1,000     1,021
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/29    500       529
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/29  1,000     1,021
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/34    200       211
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%  11/1/34  2,500     2,534
  Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 3.750%  11/1/37  2,375     1,937
2 Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  3,000     2,530
2 Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/46    610       493
2 Westchester County Local Development Corp. Health, Hospital, Nursing Home Revenue 5.000%   7/1/56  4,600     3,550
  Westchester County Local Development Corp. Local or Guaranteed Housing Revenue (Purchase Housing Corp. II Project) 5.000%   6/1/37  1,250     1,264
  Westchester County NY GO 2.000% 10/15/34  2,685     2,197
  Westchester County NY Healthcare Corp. Health, Hospital, Nursing Home Revenue 6.000%  11/1/30     15        15
  Westchester Tobacco Asset Securitization Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/32  2,500     2,595
  Western Nassau County Water Authority Water Revenue 3.000%   4/1/39    845       707
62
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Yonkers Economic Development Corp. Charter School Aid Revenue 5.000% 10/15/40    750       701
  Yonkers Economic Development Corp. Charter School Aid Revenue 5.000% 10/15/50  1,325     1,171
  Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) 4.000% 10/15/29    400       374
  Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) 5.000% 10/15/39  1,000       924
  Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) 5.000% 10/15/49    640       568
  Yonkers Economic Development Corp. Charter School Aid Revenue (Charter School Education Excellence Project) 5.000% 10/15/54    765       669
1 Yonkers NY GO 5.000%  3/15/34  1,400     1,575
1 Yonkers NY GO 5.000%  3/15/36  1,735     1,923
1 Yonkers NY GO 5.000%  3/15/38  1,000     1,096
                 4,094,808
Guam (0.2%)
  Guam Government Waterworks Authority Water Revenue 5.000%   7/1/29  1,000     1,013
  Guam Miscellaneous Taxes Revenue 5.000% 11/15/27    475       487
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/42    375       325
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/31  5,980     6,230
                 8,055
Puerto Rico (0.6%)
  Commonwealth of Puerto Rico GO 5.375%   7/1/25  4,658     4,722
  Commonwealth of Puerto Rico GO 5.625%   7/1/27  2,071     2,119
  Commonwealth of Puerto Rico GO 5.625%   7/1/29  1,000     1,023
  Commonwealth of Puerto Rico GO 5.750%   7/1/31  3,761     3,856
  Commonwealth of Puerto Rico GO 0.000%   7/1/33  1,277       699
  Commonwealth of Puerto Rico GO 4.000%   7/1/46    172       132
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/24    691       642
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/27  3,043     2,449
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29  2,856     2,074
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/31    275       178
63
New York Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40  7,008     6,331
                 24,225
Total Tax-Exempt Municipal Bonds (Cost $4,399,301) 4,127,088
Total Investments (99.3%) (Cost $4,399,301) 4,127,088
Other Assets and Liabilities—Net (0.7%) 30,860
Net Assets (100%) 4,157,948
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, the aggregate value was $110,412,000, representing 2.7% of net assets.
3 Scheduled principal and interest payments are guaranteed by bank letter of credit.
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 Securities with a value of $1,563,000 have been segregated as initial margin for open futures contracts.
8 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
9 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
10 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2022.
  ETM—Escrowed to Maturity.
  GO—General Obligation Bond.
  PILOT—Payments in Lieu of Taxes.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
  
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
2-Year U.S. Treasury Note March 2023 185 37,991 101
 
Short Futures Contracts        
Ultra 10-Year U.S. Treasury Note March 2023 (125) (14,957) (28)
Ultra Long U.S. Treasury Bond March 2023 (111) (15,127) (136)
        (164)
        (63)
  
See accompanying Notes, which are an integral part of the Financial Statements.
64
New York Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of November 30, 2022
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $4,399,301) 4,127,088
Investment in Vanguard 151
Cash 70
Receivables for Investment Securities Sold 13,083
Receivables for Accrued Income 43,691
Receivables for Capital Shares Issued 6,013
Variation Margin Receivable—Futures Contracts 191
Other Assets 99
Total Assets 4,190,386
Liabilities  
Payables for Investment Securities Purchased 18,501
Payables for Capital Shares Redeemed 10,998
Payables for Distributions 2,775
Payables to Vanguard 164
Total Liabilities 32,438
Net Assets 4,157,948
At November 30, 2022, net assets consisted of:  
   
Paid-in Capital 4,554,804
Total Distributable Earnings (Loss) (396,856)
Net Assets 4,157,948
 
Investor Shares—Net Assets  
Applicable to 38,574,533 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		405,967
Net Asset Value Per Share—Investor Shares $10.52
 
Admiral Shares—Net Assets  
Applicable to 356,509,528 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		3,751,981
Net Asset Value Per Share—Admiral Shares $10.52
  
See accompanying Notes, which are an integral part of the Financial Statements.
65
New York Long-Term Tax-Exempt Fund
Statement of Operations
  Year Ended
November 30, 2022
  ($000)
Investment Income  
Income  
Interest 135,709
Total Income 135,709
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 263
Management and Administrative—Investor Shares 680
Management and Administrative—Admiral Shares 3,317
Marketing and Distribution—Investor Shares 41
Marketing and Distribution—Admiral Shares 206
Custodian Fees 24
Auditing Fees 30
Shareholders’ Reports—Investor Shares 18
Shareholders’ Reports—Admiral Shares 32
Trustees’ Fees and Expenses 2
Other Expenses 20
Total Expenses 4,633
Expenses Paid Indirectly (10)
Net Expenses 4,623
Net Investment Income 131,086
Realized Net Gain (Loss)  
Investment Securities Sold (121,831)
Futures Contracts 6,345
Realized Net Gain (Loss) (115,486)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities (605,970)
Futures Contracts 362
Change in Unrealized Appreciation (Depreciation) (605,608)
Net Increase (Decrease) in Net Assets Resulting from Operations (590,008)
  
See accompanying Notes, which are an integral part of the Financial Statements.
66
New York Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
  Year Ended November 30,
  2022
($000) 		2021
($000)
     
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 131,086 137,197
Realized Net Gain (Loss) (115,486) 43,627
Change in Unrealized Appreciation (Depreciation) (605,608) 935
Net Increase (Decrease) in Net Assets Resulting from Operations (590,008) 181,759
Distributions    
Investor Shares (16,235) (17,121)
Admiral Shares (156,149) (161,862)
Total Distributions (172,384) (178,983)
Capital Share Transactions    
Investor Shares (67,985) 33,064
Admiral Shares (655,060) 369,580
Net Increase (Decrease) from Capital Share Transactions (723,045) 402,644
Total Increase (Decrease) (1,485,437) 405,420
Net Assets    
Beginning of Period 5,643,385 5,237,965
End of Period 4,157,948 5,643,385
  
See accompanying Notes, which are an integral part of the Financial Statements.
67
New York Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares          
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $12.21 $12.20 $12.01 $11.34 $11.71
Investment Operations          
Net Investment Income1 .297 .295 .327 .354 .369
Net Realized and Unrealized Gain (Loss) on Investments (1.600) .108 .231 .696 (.314)
Total from Investment Operations (1.303) .403 .558 1.050 .055
Distributions          
Dividends from Net Investment Income (.296) (.295) (.326) (.355) (.369)
Distributions from Realized Capital Gains (.091) (.098) (.042) (.025) (.056)
Total Distributions (.387) (.393) (.368) (.380) (.425)
Net Asset Value, End of Period $10.52 $12.21 $12.20 $12.01 $11.34
Total Return2 -10.80% 3.34% 4.73% 9.37% 0.48%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $406 $546 $513 $550 $425
Ratio of Total Expenses to Average Net Assets 0.17%3 0.17% 0.17% 0.17% 0.17%
Ratio of Net Investment Income to Average Net Assets 2.70% 2.41% 2.73% 3.00% 3.21%
Portfolio Turnover Rate 77% 40% 34% 15% 18%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%.
  
See accompanying Notes, which are an integral part of the Financial Statements.
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New York Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares          
For a Share Outstanding
Throughout Each Period  		Year Ended November 30,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $12.21 $12.20 $12.01 $11.34 $11.71
Investment Operations          
Net Investment Income1 .306 .305 .337 .364 .378
Net Realized and Unrealized Gain (Loss) on Investments (1.600) .107 .230 .695 (.314)
Total from Investment Operations (1.294) .412 .567 1.059 .064
Distributions          
Dividends from Net Investment Income (.305) (.304) (.335) (.364) (.378)
Distributions from Realized Capital Gains (.091) (.098) (.042) (.025) (.056)
Total Distributions (.396) (.402) (.377) (.389) (.434)
Net Asset Value, End of Period $10.52 $12.21 $12.20 $12.01 $11.34
Total Return2 -10.73% 3.43% 4.82% 9.46% 0.56%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $3,752 $5,097 $4,725 $4,648 $3,956
Ratio of Total Expenses to Average Net Assets 0.09%3 0.09% 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 2.78% 2.49% 2.81% 3.08% 3.29%
Portfolio Turnover Rate 77% 40% 34% 15% 18%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%.
  
See accompanying Notes, which are an integral part of the Financial Statements.
69
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. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and 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 valuation designee to represent fair value and subject to oversight by the board of trustees.
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 year ended November 30, 2022, the fund’s average investments in long and short futures contracts represented 1% 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 virtually 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 $4.4 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 and are 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, which 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 an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended November 30, 2022, 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.
71
New York Long-Term Tax-Exempt Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2022, the fund had contributed to Vanguard capital in the amount of $151,000, representing less than 0.01% of the fund’s net assets and 0.06% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2022, custodian fee offset arrangements reduced the fund’s expenses by $10,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund’s investments 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.
72
New York Long-Term Tax-Exempt Fund
The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2022, 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 — 4,127,088 — 4,127,088
Derivative Financial Instruments         
Assets        
Futures Contracts1 101 — — 101
Liabilities        
Futures Contracts1 164 — — 164
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.
E. Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
  Amount
($000)
Undistributed Ordinary Income —
Undistributed Tax-Exempt Income 2,846
Undistributed Long-Term Gains —
Capital Loss Carryforwards (117,839)
Qualified Late-Year Losses —
Net Unrealized Gains (Losses) (279,110)
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New York Long-Term Tax-Exempt Fund
The tax character of distributions paid was as follows:
  Year Ended November 30,
  2022
Amount
($000) 		2021
Amount
($000)
Tax-Exempt Income 130,452 137,051
Ordinary Income* 10,151 6,248
Long-Term Capital Gains 31,781 35,684
Total 172,384 178,983
* Includes short-term capital gains, if any.
As of November 30, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 4,406,198
Gross Unrealized Appreciation 27,670
Gross Unrealized Depreciation (306,780)
Net Unrealized Appreciation (Depreciation) (279,110)
F. During the year ended November 30, 2022, the fund purchased $3,623,573,000 of investment securities and sold $4,399,940,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2022, such purchases were $234,175,000 and sales were $280,590,000, resulting in net realized gain (loss) of $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
    
  Year Ended November 30,  
  2022   2021
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 86,775 7,943   147,854 12,091
Issued in Lieu of Cash Distributions 13,610 1,216   14,680 1,203
Redeemed (168,370) (15,323)   (129,470) (10,595)
Net Increase (Decrease)—Investor Shares (67,985) (6,164)   33,064 2,699
74
New York Long-Term Tax-Exempt Fund
  Year Ended November 30,  
  2022   2021
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Admiral Shares          
Issued 1,155,283 107,293   809,102 66,130
Issued in Lieu of Cash Distributions 114,170 10,197   119,380 9,784
Redeemed (1,924,513) (178,345)   (558,902) (45,799)
Net Increase (Decrease)—Admiral Shares (655,060) (60,855)   369,580 30,115
H. Management has determined that no events or transactions occurred subsequent to November 30, 2022, that would require recognition or disclosure in these financial statements.
75
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard New York Tax-Free Funds and Shareholders of Vanguard New York Municipal Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard New York Municipal Money Market Fund and Vanguard New York Long-Term Tax-Exempt Fund (constituting Vanguard New York Tax-Free Funds, hereafter collectively referred to as the "Funds") as of November 30, 2022, the related statements of operations for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2022 and each of the financial highlights for each of the five years in the period ended November 30, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB.  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian, the transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 19, 2023
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
76
Tax information (unaudited)
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the funds for the fiscal year are qualified short-term capital gains.
The following amounts were distributed as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
Fund ($000)
New York Municipal Money Market Fund 5
New York Long-Term Tax-Exempt Fund 31,781
Each funds designate 100% of income dividends as exempt-interest dividends.
77
"Bloomberg®" and Bloomberg NY Municipal Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).
The New York Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the New York Long-Term Tax-Exempt Fund or any member of the public regarding the advisability of investing in securities generally or in the New York Long-Term Tax-Exempt Fund particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg NY Municipal Bond Index, which is determined, composed and calculated by BISL without regard to Vanguard or the New York Long-Term Tax-Exempt Fund. Bloomberg has no obligation to take the needs of Vanguard or the owners of the New York Long-Term Tax-Exempt Fund into consideration in determining, composing or calculating the Bloomberg NY Municipal Bond Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the New York Long-Term Tax-Exempt Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to New York Long-Term Tax-Exempt Fund customers, in connection with the administration, marketing or trading of the New York Long-Term Tax-Exempt Fund.
BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG NY MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE NEW YORK LONG-TERM TAX-EXEMPT FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG NY MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG NY MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE NEW YORK LONG-TERM TAX-EXEMPT FUND OR BLOOMBERG NY MUNICIPAL BOND INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
© 2023 Bloomberg.
Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them. 
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 206 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA. Trustee and vice chair of The Shipley School.
Independent Trustees
Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal (2002–2006), the advisory board of the University of California, Berkeley School of Engineering (2020–present), and the advisory board of Santa Clara University’s Leavey School of Business (2018–present).
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.                            
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology
 
1  Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: adjunct professor of finance at the University of Notre Dame (2020–present). Chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Assistant professor (retired June 2020) of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of superintendence of the Institute for the Works of Religion, and the board of directors of Paxos Trust Company (finance).
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Member of the board (2018–present) of RIT Capital Partners (investment firm). Member of the investment committee of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law (2021–present), professor (2020–present), Distinguished Fellow of the Global Financial Markets Center (2020–present), and
Rubenstein Fellow (2017–2020) at Duke University. Trustee (2017–present) of Amherst College and member of Amherst College Investment Committee (2019–present). Member of the Regenerative Crisis Response Committee (2020–present).
David A. Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company (2013–present). Trustee of Common Fund (2019–present).
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.
Executive Officers
Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street Corporation.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).
Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director of the board of National Grid (energy).
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
Matthew Benchener Thomas M. Rampulla
Joseph Brennan Karin A. Risi
Mortimer J. Buckley Anne E. Robinson
Gregory Davis Michael Rollings
John James Nitin Tandon
Chris D. Mclsaac Lauren Valente
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Q760 012023

 

Item 2: Code of Ethics.

 

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

 

Item 3: Audit Committee Financial Expert.

 

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

 

Item 4: Principal Accountant Fees and Services.

 

(a)       Audit Fees.

 

Audit Fees of the Registrant.

 

Fiscal Year Ended November 30, 2022: $56,000
Fiscal Year Ended November 30, 2021: $56,000

 

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

 

Fiscal Year Ended November 30, 2022: $10,494,508
Fiscal Year Ended November 30, 2021: $11,244,694

 

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

 

(b)       Audit-Related Fees.

 

Fiscal Year Ended November 30, 2022: $2,757,764
Fiscal Year Ended November 30, 2021: $2,955,181

 

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

 

(c)       Tax Fees.

 

Fiscal Year Ended November 30, 2022: $5,202,689
Fiscal Year Ended November 30, 2021: $2,047,574

 

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

 

(d)       All Other Fees.

 

Fiscal Year Ended November 30, 2022: $298,000
Fiscal Year Ended November 30, 2021: $280,000

 

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

 

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

 

   

 

 

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

 

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

 

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

 

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

 

(g)       Aggregate Non-Audit Fees.

 

Fiscal Year Ended November 30, 2022: $5,500,689
Fiscal Year Ended November 30, 2021: $2,327,574

 

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

 

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

 

Item 5: Audit Committee of Listed Registrants.

 

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

 

   

 

 

Item 6: Investments.

 

Not applicable. 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)Code of Ethics filed herewith.
(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: January 23, 2023

 

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

 

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

 

Date: January 23, 2023

 

  VANGUARD NEW YORK TAX-FREE FUNDS  
   
BY: /s/ CHRISTINE BUCHANAN*  
                                                  
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: January 23, 2023

 

* By: /s/ Anne E. Robinson  
                                                  

 

Anne E. Robinson, pursuant to a Power of Attorney filed on October 11, 2022 (see File Number 333-11763), Incorporated by Reference.