Vanguard New York Tax-Exempt Funds
Tax-Exempt Fund returned 9.37% for Investor Shares and 9.46% for Admiral Shares. These results exceeded those of the fund’s benchmark, the Bloomberg Barclays NY Municipal Bond Index, which returned 8.09%. • Vanguard New York Municipal Money Market Fund returned 1.39%. • Global monetary policy shifted markedly during the fiscal year. ................
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