Vanguard New York Long-Term Tax-Exempt Fund Investor Shares 

The fund's primary objective is to deliver current income shielded from both federal and New York state personal income taxes. It is exclusively geared towards individuals residing in New York. Its investments primarily target high-quality municipal bonds originating from New York state and local governments, as well as regional government and public financing authorities. Under most conditions, at least 80% of the fund's assets will be invested in securities whose earnings are exempt from both federal and New York state taxes. Although there are no upper limits on the maturities of individual bonds held, the fund's dollar-weighted average maturity is projected to fall between 10 and 25 years. With an average duration of roughly 6-10 years, its net asset value is considerably more sensitive to interest rate fluctuations than that of shorter-term bond funds. Individuals seeking interest income exempt from federal and New York state taxes, who are also prepared to accept interest rate risk, may find this fund to be a compelling option.