January 30, 1995
Securities & Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice for Vanguard New York Insured
Tax-Free Fund
File No. 33-2908
Gentlemen:
Pursuant to Rule 24f-2 under the Investment Company Act of 1940, Vanguard
New York Insured Tax-Free Fund (the "Fund"), hereby files its Rule 24f-2
Notice for the fiscal year ended November 30, 1994. There is no fee
payable for this filing since the aggregate price of the Fund's shares
redeemed during the year exceeded the aggregate price of the Fund's shares
sold during the year.
1. At the beginning of the fiscal year, the Fund had the following
securities registered under the Securities Act of 1933 other than pursuant
to Rule 24f-2, but which remained unsold:
Aggregate Offering
Price of Shares on
which Registration
Name of Securities Number of Shares Fee was Paid
Shares of Beneficial
Interest (No Par Value) None None
2. During the fiscal year the Fund had registered the following
securities under the Securities Act of 1933, other than pursuant to Rule
24f-2:
Aggregate Offering
Price of Shares on
which Registration
Name of Securities Number of Shares Fee was Paid
Shares of Beneficial
Interest (No Par Value) None None
3. The number and the aggregate sales price of the Fund sold during the
fiscal year was as follows:
Name of Securities Number of Shares Aggregate Sales Price
Shares of Beneficial
Interest (No Par Value) 18,358,304 $193,754,525
4. The number and aggregate sales price of shares of the Fund sold during
the fiscal year in reliance pursuant to Rule 24f-2 was as follows:
Name of Securities Number of Shares Aggregate Sales Price
Shares of Beneficial
Interest (No Par Value) 18,358,304 $193,574,525
Enclosed is an opinion of counsel (Exhibit B) indicating that the
securities sold in reliance upon Rule 24f-2 were legally issued, fully paid
and non-assessable.
Very truly yours,
BY: Raymond J. Klapinsky
Secretary
EXHIBIT "A"
FOOTNOTE TO RULE 24F-2 NOTICE
VANGUARD NEW YORK INSURED TAX-FREE FUND
The calculation of the registration fee pursuant to subsection (c) of Rule
24f-2 is set forth below. The Fund did not apply any redemptions or
repurchases which took place during the fiscal year to the registration of
any securities pursuant to Section 24(e) of the Investment Company Act.
<TABLE>
<CAPTION>
(a) (b) (c) (d)
Aggregate Sales Aggregate Price of Aggregate Sales Fee Payable
Price of Securities Securities Redeemed Price on which pursuant to
Sold in Reliance on Repurchased fee will be based Section 6(b)
upon Rule 24f-2 During Fiscal Year (a minus b) of 1933 Act
<S> <C> <C> <C> <C>
Vanguard New York Insured
Tax-Free Fund
Shares of Beneficial Negative
Interest (No Par Value) $193,754,525 $244,448,153 Number No Fee
</TABLE>
EXHIBIT "B"
January 30, 1995
Vanguard New York Insured Tax-Free Fund
1300 Morris Drive
Valley Forge, PA 19482
Gentlemen:
Vanguard New York Insured Tax-Free Fund is a business trust established
under Pennsylvania law under a Declaration of Trust dated January 15, 1986.
I have acted as Counsel to the Fund since its initial registration as an
open-end management investment company under the Investment Company Act of
1940 ("1940 Act"), as amended. It is in my capacity as Counsel to the Fund
that I am furnishing you this opinion.
I have examined the Fund's: (1) Declaration of Trust and amendments
thereto; (2) minutes of the meetings of shareholders and Trustees; (3)
Notification of Registration on Form N-8A under the 1940 Act; (4)
Registration on Form N-1A under the Securities Act of 1933 ("1933 Act") and
1940 Act and all amendments thereto; and (5) all other relevant documents
and records, as well as the procedures and requirements relative to the
issuance and sale of the Fund's shares of beneficial interest ("shares").
Under Article V, Section 5.1 of the Declaration of Trust, as amended to
date, the Fund is legally authorized to issue an unlimited number of
shares, without any par value, from one or more series ("Portfolios") of
shares. On November 30, 1994, (the end of the Fund's fiscal year), the
Fund had 71,675,041 shares of one Portfolio issued and outstanding.
My examination also disclosed the following information:
1. On December 1, 1993 (the beginning of the Fund's last fiscal year),
the Fund had no shares registered under the 1933 Act other than pursuant
to Rule 24f-2 of the 1940 Act, but which remained unsold on that date.
2. During the fiscal year ended November 30, 1994, the Fund did not
register any shares under the 1933 Act other than purusant to Rule 24f-2.
3. During the fiscal year ended November 30, 1994, the Fund sold
18,358,304 shares at an aggregate sales price of $193,754,525 in reliance
upon registration pursuant to Rule 24f-2 of the 1940 Act. During the same
period the Fund redeemed 23,433,390 shares at an aggregate redemption price
of $244,448,153.
You have instructed me to file, on behalf of the Fund, a Notice pursuant to
Rule 24f-2 of the 1940 Act, for the purpose of registering, under the 1933
Act, the 18,358,304 shares which were sold by the Fund during the fiscal
year in reliance upon Rule 24f-2 of the 1940 Act.
Based upon the foregoing information and my examination, it is my opinion
that:
1. The Fund is a validly organized and subsisting trust of the
Commonwealth of Pennsylvania authorized to issue an unlimited number of
shares, without par value, from one or more separate series ("Portfolios")
of shares;
2. The proposed registration of 18,358,304 shares of the Fund in reliance
upon Rule 24f-2 of the 1940 Act is proper;
3. Such shares, which were issued for a consideration deemed by the
Trustees to be consistent with the Declaration of Trust, are legally
authorized and issued, fully paid, and non-assessable; and
4. The holders of such shares have all the rights provided with respect
to such holdings by the Declaration of Trust, as amended, and the laws of
the Commonwealth of Pennsylvania.
I hereby consent to the use of this opinion as an Exhibit to the Rule 24f-2
Notice filed on behalf of the Fund, covering the registration of such
shares under the 1933 Act, and the applications and registration
statements, and amendments thereto, filed in accordance with the securities
laws of the states in which shares of the Fund are offered. I further
consent to the reference in the Prospectus of the Fund to the fact that the
opinion concerning the legality of the issue has been rendered by me.
Very truly yours,
BY: Raymond J. Klapinsky
Secretary
