VANGUARD NEW YORK LONG-TERM TAX-EXEMPT FUND
VANGUARD NEW YORK TAX-FREE FUNDS · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD NEW YORK LONG-TERM TAX-EXEMPT FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2026 Q1
Vanguard New York Long-Term Tax-Exempt Fund (the Fund) seeks to provide current income that is exempt from both federal and New York personal income taxes. The Fund is intended for New York residents only.
The fund actively manages a portfolio of investment-grade municipal bonds issued by New York state and local governments, maintaining a dollar-weighted average maturity between 10 and 25 years. At least 80% of net assets are invested in securities whose income is exempt from both federal and New York state taxes. Because the fund is nondiversified, it may concentrate a greater percentage of assets in particular issuers than a diversified fund would.
| Share class | Expense ratio |
|---|---|
| VNYTX | 0.14% |
| VNYUX | 0.09% |
Portfolio turnover 38.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.49% |
| Derivatives | 0.03% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Long Island Power Authority, City of New York NY ×2, New York City Transitional Finance Authority Future Tax Secured Revenue ×2, New York State Dormitory Authority, New York State Housing Finance Agency, Metropolitan Transportation Authority
Largest exited: Deutsche Bank Spears/Lifers Trust, City of New York NY, New York City Municipal Water Finance Authority ×2, Metropolitan Transportation Authority, New York State Thruway Authority, New York City Transitional Finance Authority Building Aid Revenue, Metropolitan Transportation Authority Dedicated Tax Fund
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.90% | +12.28% | +5.09% | 4.93% | -6.39% | |
| +6.95% | +12.50% | +5.47% | 4.93% | -6.37% |
These classes hold the same portfolio, so the 0.38pp spread over 5 years is the cost difference between them — roughly 0.08pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 86.8% |
| Floating rate | 11.4% |
| Zero-coupon or unclassified | 1.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.0% |
| 1-3y | 1.6% |
| 3-5y | 2.9% |
| 5-10y | 9.5% |
| 10y+ | 86.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 53% |
| Credit spreads | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +7.16 yr |
| High yield | +0.06 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.35 yr | 4% |
| 5 yr | 1.33 yr | 16% |
| 10 yr | 4.32 yr | 52% |
| 30 yr | 2.24 yr | 27% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.29 yr | 4% |
| 5 yr | 1.14 yr | 16% |
| 10 yr | 3.79 yr | 53% |
| 30 yr | 1.99 yr | 28% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $7.6k | $246 |
| 1 yr | +0.35 | +0.29 | +0.00 | $170.8k | $1.3k |
| 5 yr | +1.33 | +1.12 | +0.02 | $670.6k | $11.3k |
| 10 yr | +4.32 | +3.76 | +0.03 | $2.25m | $17.8k |
| 30 yr | +2.24 | +1.98 | +0.01 | $1.18m | $5.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Long Island Power Authority1.55% floating · due 2042-09-01 | 0.79% | $47.00M | — |
| — | New York Energy Finance Development Corp5.00% floating · due 2056-07-01 | 0.69% | $41.36M | — |
| — | New York State Dormitory Authority5.50% · due 2054-07-01 | 0.57% | $34.19M | — |
| — | Triborough Bridge & Tunnel Authority5.50% · due 2059-12-01 | 0.55% | $32.62M | — |
| — | New York State Dormitory Authority5.00% · due 2046-03-15 | 0.41% | $24.21M | — |
| — | New York City Municipal Water Finance Authority5.00% · due 2055-06-15 | 0.40% | $23.82M | — |
| — | New York City Municipal Water Finance Authority4.00% · due 2052-06-15 | 0.38% | $22.74M | — |
| — | Tender Option Bond Trust Receipts/Certificates2.43% floating · due 2033-06-01 | 0.37% | $21.88M | — |
| — | City of New York NY5.00% · due 2043-08-01 | 0.36% | $21.50M | — |
| — | New York City Transitional Finance Authority Building Aid Revenue5.00% · due 2043-07-15 | 0.35% | $20.65M | — |
Top 10 positions are 4.85% of net assets, top 25 9.44%, across 100 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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