Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares is a tax-exempt municipal bond mutual fund designed to provide investors with current income that is free from both federal and New York State personal income taxes. The fund primarily invests in high-quality, long-term municipal bonds issued by New York State, its local governments, and regional governmental authorities. Its portfolio emphasizes securities with an average maturity generally ranging between 15 and 25 years, resulting in medium-to-high interest rate sensitivity. The fund maintains a diversified allocation across various issuers, with a particular focus on supporting public infrastructure and services within New York. Institutional investors are its main audience, as reflected by its relatively high minimum initial investment. With a low expense ratio and monthly income distributions, the fund plays a significant role for individuals and entities seeking tax-advantaged income while investing in the stability and development of New York’s municipal sectors. Managed by the Vanguard Group since its inception, this fund is recognized for its disciplined approach to municipal fixed income investing and its contribution to the broader municipal bond market.
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