N-Q 1 pataxfreefinal.htm VANGUARD PENNSYLVANIA TAX-FREE FUNDS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY


Investment Company Act file number: 811-4571

Name of Registrant: Vanguard Pennsylvania Tax-Free Funds

Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482

Name and address of agent for service: Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482

Registrant’s telephone number, including area code: (610) 669-1000


Date of fiscal year end: November 30

Date of reporting period: August 31, 2007

Item 1: Schedule of Investments



Vanguard Pennsylvania Tax-Exempt Money Market Fund
Schedule of Investments
August 31, 2007

Coupon Maturity
Date		 Face
Amount
($000)		 Market
Value
($000)
 Municipal Bonds (99.2%)        
1Abington PA School District TOB VRDO 4.020% 9/11/2007 (3)  7,500  7,500 
1Allegheny County PA Airport Rev. TOB VRDO 4.090% 9/11/2007 (1)(3)  10,100  10,100 
1Allegheny County PA GO TOB VRDO 4.020% 9/11/2007 (4)  25,985  25,985 
 Allegheny County PA GO VRDO 4.000% 9/11/2007 LOC  37,310  37,310 
 Allegheny County PA GO VRDO 4.000% 9/11/2007 LOC  14,455  14,455 
 Allegheny County PA Higher Educ. Auth. Rev. (Univ. of Pittsburgh Medical Center Children's Hosp.) VRDO 3.960% 9/11/2007 LOC  13,400  13,400 
 Allegheny County PA Higher Educ. Auth. Rev. (Washington & Jefferson College) VRDO 4.080% 9/11/2007 LOC  9,430  9,430 
 Allegheny County PA Hosp. Dev. Auth. Rev. (Presbyterian Univ. Health System) VRDO 3.960% 9/11/2007 (1)  11,345  11,345 
 Allegheny County PA Hosp. Dev. Auth. Rev. (Presbyterian Univ. Health System) VRDO 3.960% 9/11/2007 (1)  12,300  12,300 
 Allegheny County PA Hosp. Dev. Auth. Rev. (Presbyterian Univ. Health System) VRDO 3.960% 9/11/2007 LOC  7,325  7,325 
1Allegheny County PA Hosp. Dev. Auth. Rev. (Presbyterian Univ. Health System, Inc. Project) TOB VRDO 4.020% 9/11/2007 (1)  47,780  47,780 
1Allegheny County PA Hosp. Dev. Auth. Rev. (Univ of Pittsburgh Medical Center) TOB VRDO 4.030% 9/11/2007  54,990  54,990 
1Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Medical Center) TOB VRDO 4.020% 9/11/2007  24,995  24,995 
1Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Medical Center) TOB VRDO 4.030% 9/11/2007  28,900  28,900 
1Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Medical Center) TOB VRDO 4.050% 9/11/2007 (1)  4,995  4,995 
1Allegheny County PA Hosp. Dev. Auth. TOB VRDO 4.230% 9/11/2007  5,000  5,000 
 Allegheny County PA IDA Rev. (Carnegie Museum of Pittsburgh) VRDO 4.000% 9/11/2007 LOC  5,070  5,070 
 Allegheny County PA IDA Rev. (Residential Rental) VRDO 4.070% 9/11/2007 LOC  2,965  2,965 
 Allegheny County PA IDA Rev. (Western PA School for Blind Children) PUT 3.750% 7/1/2008  15,000  15,000 
 Allegheny County PA Port Auth. GAN 4.250% 6/30/2008 LOC  10,205  10,252 
1Allegheny County PA Sanitation Auth. Sewer Rev. TOB VRDO 4.020% 9/11/2007 (1)(3)  55,250  55,250 
 Beaver County PA IDA PCR (First Energy) VRDO 3.990% 9/4/2007 LOC  8,600  8,600 
 Beaver County PA IDA PCR (First Energy) VRDO 3.940% 9/11/2007 LOC  52,250  52,250 
 Beaver County PA IDA PCR (First Energy) VRDO 4.010% 9/11/2007 LOC  24,000  24,000 
1Bensalem Township PA School Dist. GO TOB VRDO 4.030% 9/11/2007 (3)  2,700  2,700 
 Berks County PA IDA (Kutztown Univ.) VRDO 4.000% 9/11/2007 LOC  9,250  9,250 
1Bethlehem PA Area School Dist. GO TOB VRDO 4.010% 9/11/2007 (3)  19,800  19,800 
 Bucks County PA IDA (Pennswood Village Project) VRDO 4.020% 9/11/2007 LOC  5,500  5,500 
 Bucks County PA IDA (Pennswood Village Project) VRDO 4.020% 9/11/2007 LOC  9,000  9,000 
1Central Bucks PA School Dist. TOB VRDO 3.984% 9/11/2007 (3)  5,550  5,550 
1Central Bucks PA School Dist. TOB VRDO 4.020% 9/11/2007 (3)  16,390  16,390 
 Central Bucks PA School Dist. VRDO 4.020% 9/11/2007 (3)  10,510  10,510 
 Chester County PA Health & Educ. Fac. Auth. Rev. (Jefferson Health System) VRDO 3.940% 9/11/2007  26,070  26,070 
 Chester County PA Health & Educ. Fac. Auth. Rev. (Jenner's Pond Project) VRDO 3.990% 9/11/2007 LOC  10,475  10,475 
 Chester County PA IDA (Archdiocese of Philadelphia) VRDO 4.000% 9/4/2007 LOC  5,600  5,600 
 Chester County PA IDA Student Housing Rev. VRDO 4.030% 9/11/2007 LOC  11,800  11,800 
1Chester County PA TOB VRDO 4.030% 9/11/2007  12,915  12,915 
 Cumberland County PA Muni. Auth. College Rev. (Dickinson College) PUT 3.630% 11/1/2007 LOC  6,970  6,970 
 Cumberland County PA Muni. Auth. College Rev. (Messiah Village Program) VRDO 3.990% 9/11/2007 LOC  3,700  3,700 
 Dallastown Area School Dist. VRDO 3.980% 9/11/2007 (4)  7,500  7,500 
 Dallastown Area School Dist. York County PA GO VRDO 3.980% 9/11/2007 (3)  18,330  18,330 
 Daniel Boone PA Area School Dist. GO VRDO 4.020% 9/11/2007 (2)  9,975  9,975 
 Dauphin County PA General Auth. Hosp. Rev. (Reading Hosp. & Medical Center) VRDO 3.930% 9/11/2007  9,335  9,335 
 Delaware County PA Auth. Rev. (White Horse Village Project) VRDO 3.990% 9/4/2007 LOC  33,455  33,455 
 Delaware County PA Auth. Univ. Rev. (Villanova Univ.) VRDO 3.940% 9/11/2007 LOC  9,065  9,065 
 Delaware County PA Auth. Univ. Rev. (Villanova Univ.) VRDO 3.940% 9/11/2007 LOC  12,525  12,525 
 Delaware County PA Hosp. Auth. Rev. (Crozer-Chester Medical Center) VRDO 3.960% 9/11/2007 LOC  16,760  16,760 
 Delaware County PA Hosp. Auth. Rev. (Crozer-Chester Medical Center) VRDO 3.990% 9/11/2007 LOC  4,100  4,100 
 Delaware County PA IDA PCR (BP Exploration & Oil) VRDO 3.960% 9/4/2007  27,450  27,450 
 Delaware County PA IDA PCR (PECO) CP 3.750% 9/13/2007 LOC  22,125  22,125 
 Delaware County PA IDA Refunding Resource Recovery Fac. (General Electric Capital Corp.) VRDO 3.870% 9/11/2007  8,375  8,375 
 Delaware County PA IDA Refunding Resource Recovery Fac. (General Electric Capital Corp.) VRDO 3.870% 9/11/2007  8,595  8,595 
 Delaware County PA IDA Refunding Resource Recovery Fac. (General Electric Capital Corp.) VRDO 3.870% 9/11/2007  8,235  8,235 
 Delaware County PA IDA Refunding Resource Recovery Fac. (General Electric Capital Corp.) VRDO 3.870% 9/11/2007  42,600  42,600 
 Delaware County PA IDA Refunding Resource Recovery Fac. (General Electric Capital Corp.) VRDO 3.870% 9/11/2007  7,640  7,640 
 Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO 4.130% 9/11/2007  8,700  8,700 
 Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO 4.130% 9/11/2007  14,900  14,900 
 Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO 4.130% 9/11/2007  17,000  17,000 
 Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO 4.130% 9/11/2007  19,895  19,895 
 Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO 4.130% 9/11/2007  23,005  23,005 
1Erie County PA GO TOB VRDO 4.050% 9/11/2007 (1)  7,250  7,250 
 Erie PA Higher Educ. Building Auth. Rev. (Gannon Univ.) VRDO 3.970% 9/11/2007 LOC  5,590  5,590 
 Exeter Township PA VRDO 4.000% 9/11/2007 (10)  4,810  4,810 
 Franklin County PA IDA Healthcare Rev. (Chambersburg Hosp.) VRDO 4.020% 9/11/2007 (2)  6,000  6,000 
 Franklin County PA IDA Rev. (Menno Haven Inc. Project) VRDO 3.990% 9/11/2007 LOC  8,250  8,250 
1Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) TOB VRDO 4.030% 9/11/2007  19,995  19,995 
1Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) TOB VRDO 4.030% 9/11/2007  16,695  16,695 
1Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) TOB VRDO 4.030% 9/11/2007  3,875  3,875 
1Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) TOB VRDO 4.030% 9/11/2007  9,745  9,745 
 Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) VRDO 3.910% 9/4/2007  4,400  4,400 
 Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) VRDO 3.930% 9/4/2007  11,000  11,000 
 Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) VRDO 3.930% 9/4/2007  33,095  33,095 
 Governor Mifflin PA School Dist. VRDO 4.000% 9/11/2007 (4)  14,600  14,600 
 Lackawanna County PA GO VRDO 3.970% 9/11/2007 LOC  20,365  20,365 
 Lackawanna County PA IDA Rev. (Scranton Prep School Proj.) VRDO 3.980% 9/11/2007 LOC  24,395  24,395 
 Lancaster County PA Convention Center Auth. Rev. (Hotel Room) VRDO 4.000% 9/11/2007 LOC  40,000  40,000 
 Lancaster County PA Hosp. Auth. Rev. (Masonic Homes) VRDO 3.970% 9/11/2007 (2)  5,930  5,930 
 Lancaster County PA Hosp. Auth. Rev. (Masonic Homes) VRDO 3.970% 9/11/2007 (2)  2,835  2,835 
 Lancaster County PA Hosp. Auth. Rev. (Masonic Homes) VRDO 3.980% 9/11/2007 LOC  10,840  10,840 
1Lancaster PA GO TOB VRDO 4.050% 9/11/2007 (2)  8,210  8,210 
1Lehigh County PA IDA PCR TOB VRDO 4.050% 9/11/2007 (3)  3,290  3,290 
 Manheim Township PA School Dist. VRDO 3.980% 9/11/2007 (4)  5,935  5,935 
 Manheim Township PA School Dist. VRDO 3.980% 9/11/2007 (4)  9,000  9,000 
 Mercersburg Borough PA General Purpose Auth. (Mercersburg College) VRDO 4.020% 9/11/2007 LOC  19,900  19,900 
 Mercersburg Borough PA General Purpose Auth. (Mercersburg College) VRDO 4.020% 9/11/2007 LOC  10,000  10,000 
 Mercersburg Borough PA General Purpose Auth. (Mercersburg College) VRDO 4.020% 9/11/2007 LOC  18,715  18,715 
1Mifflin County PA School Dist. TOB VRDO 4.030% 9/11/2007 (10)  12,510  12,510 
1Montgomery County PA IDA Auth. Retirement Community Rev. TOB VRDO 4.030% 9/11/2007  6,000  6,000 
 Montgomery County PA IDA PCR (Exelon Generation Co.) CP 3.720% 11/16/2007 LOC  42,800  42,800 
 Montgomery County PA IDA PCR (Presbytery Homes) VRDO 3.970% 9/11/2007 LOC  7,400  7,400 
 Montgomery County PA IDA Rev. (Foulkeways At Gwynedd Project) VRDO 4.000% 9/11/2007 LOC  13,390  13,390 
 Montgomery County PA IDA Rev. (Friends' Central School Project) VRDO 3.940% 9/11/2007 LOC  4,055  4,055 
 Montgomery County PA IDA Rev. (Gloria Dei Project) VRDO 3.990% 9/11/2007 LOC  17,590  17,590 
 Montgomery County PA IDA Rev. (Meadowood Corp) VRDO 3.990% 9/11/2007 LOC  19,670  19,670 
 Montgomery County PA IDA Rev. (Rosemont School Holy Child) VRDO 3.970% 9/11/2007 LOC  12,200  12,200 
1Mount Lebanon PA School Dist. GO TOB VRDO 4.020% 9/11/2007 (1)  5,170  5,170 
 North Penn PA Water Auth. Rev. VRDO 3.980% 9/11/2007 (3)  27,460  27,460 
 North Wales PA Water Auth. Rural Water Project PUT 3.625% 10/1/2007  6,100  6,100 
 Northampton County PA General Purpose Auth. Univ. Rev. (Lafayette College) VRDO 3.940% 9/11/2007  7,100  7,100 
1Northampton County PA General Purpose Auth. Univ. Rev. (Lehigh Univ.) TOB VRDO 4.030% 9/11/2007 (1)  21,390  21,390 
 Northampton County PA General Purpose Auth. Univ. Rev. (Lehigh Univ.) VRDO 3.930% 9/11/2007  20,635  20,635 
 Northampton County PA General Purpose Auth. Univ. Rev. (Lehigh Univ.) VRDO 3.930% 9/11/2007  12,875  12,875 
 Northampton County PA General Purpose Auth. Univ. Rev. (Lehigh Univ.) VRDO 4.080% 9/11/2007  30,600  30,600 
 Northampton County PA IDA PCR (Libra Partners) VRDO 4.120% 9/11/2007 LOC  5,280  5,280 
1Norwin PA School Dist. GO TOB VRDO 4.050% 9/11/2007 (4)  5,985  5,985 
1Owen J. Roberts School Dist. Pennsylvania GO TOB PUT 3.780% 3/6/2008 (4)  16,900  16,900 
 Parkland PA School Dist. VRDO 3.980% 9/11/2007 (4)  10,000  10,000 
1Pennsbury PA School Dist. TOB VRDO 4.050% 9/11/2007 (3)  5,070  5,070 
 Pennsbury PA School Dist. VRDO 3.980% 9/11/2007 (4)  10,305  10,305 
 Pennsylvania Econ. Dev. Financing Auth. Fac. Rev. (Jefferson Health) VRDO 3.930% 9/11/2007  26,705  26,705 
 Pennsylvania Econ. Dev. Financing Auth. Fac. Rev. (Jefferson Health) VRDO 3.950% 9/11/2007  25,325  25,325 
1Pennsylvania Econ. Dev. Financing Auth. Fac. Rev. (Wenger's Feed Mill) VRDO 4.120% 9/11/2007 LOC  6,900  6,900 
 Pennsylvania GO 5.000% 10/1/2007 (3)  4,875  4,881 
 Pennsylvania GO 5.250% 10/15/2007  3,500  3,507 
 Pennsylvania GO 5.000% 2/1/2008  12,930  13,005 
 Pennsylvania GO 5.000% 7/1/2008 (3)  12,150  12,284 
1Pennsylvania GO TOB VRDO 3.980% 9/11/2007 (4)  10,105  10,105 
1Pennsylvania GO TOB VRDO 4.020% 9/11/2007 (4)  19,780  19,780 
1Pennsylvania GO TOB VRDO 4.020% 9/11/2007 (1)  7,540  7,540 
1Pennsylvania GO TOB VRDO 4.020% 9/11/2007  40,440  40,440 
1Pennsylvania GO TOB VRDO 4.030% 9/11/2007  19,320  19,320 
 Pennsylvania GO TOB VRDO 4.030% 9/11/2007  22,030  22,030 
1Pennsylvania GO TOB VRDO 4.030% 9/11/2007  6,060  6,060 
1Pennsylvania GO TOB VRDO 4.030% 9/11/2007  7,080  7,080 
1Pennsylvania GO TOB VRDO 4.050% 9/11/2007  10,390  10,390 
1Pennsylvania GO TOB VRDO 4.050% 9/11/2007 (1)  20,000  20,000 
 Pennsylvania Higher Educ. Assistance Agency Student Loan Rev. VRDO 3.980% 9/11/2007 (2)  35,700  35,700 
 Pennsylvania Higher Educ. Assistance Agency Student Loan Rev. VRDO 3.990% 9/11/2007 (4)  5,000  5,000 
 Pennsylvania Higher Educ. Assistance Agency Student Loan Rev. VRDO 4.000% 9/11/2007 (2)  27,500  27,500 
 Pennsylvania Higher Educ. Assistance Agency Student Loan Rev. VRDO 4.000% 9/11/2007 (2)  13,500  13,500 
 Pennsylvania Higher Educ. Assistance Agency Student Loan Rev. VRDO 4.050% 9/11/2007 (4)  43,500  43,500 
 Pennsylvania Higher Educ. Assistance Agency Student Loan Rev. VRDO 4.070% 9/11/2007 (2)  6,900  6,900 
 Pennsylvania Higher Educ. Assistance Agency Student Loan Rev. VRDO 4.070% 9/11/2007 (2)  34,200  34,200 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Carnegie Mellon Univ.) VRDO 3.930% 9/4/2007  26,025  26,025 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Carnegie Mellon Univ.) VRDO 3.930% 9/4/2007  33,665  33,665 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Carnegie Mellon Univ.) VRDO 3.930% 9/4/2007  21,975  21,975 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Carnegie Mellon Univ.) VRDO 3.930% 9/4/2007  3,000  3,000 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (College of Optometry) VRDO 4.000% 9/11/2007 LOC  12,500  12,500 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Drexel Univ.) VRDO 3.940% 9/11/2007 LOC  20,940  20,940 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Drexel Univ.) VRDO 3.950% 9/11/2007 LOC  22,500  22,500 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Drexel Univ.) VRDO 3.970% 9/11/2007 (1)  30,525  30,525 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Gannon Univ.) VRDO 3.970% 9/11/2007 LOC  7,885  7,885 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Kings College) VRDO 3.970% 9/11/2007 LOC  4,700  4,700 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Student Assn. Inc. Housing - California Univ. of Pennsylvania) VRDO 3.970% 9/11/2007 LOC  60,730  60,730 
1Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.) TOB VRDO 4.020% 9/11/2007 (1)  47,875  47,875 
1Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.) TOB VRDO 4.050% 9/11/2007 (1)  4,164  4,164 
1Pennsylvania Higher Educ. Fac. Auth. Rev. (Thomas Jefferson Univ.) TOB VRDO 4.050% 9/11/2007 (2)  7,154  7,154 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Trustees Univ.) 5.000% 9/1/2007  5,570  5,570 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Trustees Univ.) 5.250% 9/1/2008  5,110  5,187 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Washington & Jefferson Colleges) VRDO 4.030% 9/11/2007 LOC  4,000  4,000 
1Pennsylvania Higher Educ. Fac. Auth. Rev. TOB VRDO 4.020% 9/11/2007 (10)  4,370  4,370 
1Pennsylvania Higher Educ. Fac. Auth. Rev. TOB VRDO 4.020% 9/11/2007 (1)  16,855  16,855 
1Pennsylvania Higher Educ. Fac. Auth. Rev. TOB VRDO 4.030% 9/11/2007  4,875  4,875 
1Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) TOB VRDO 4.050% 9/11/2007  8,575  8,575 
1Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) TOB VRDO 4.060% 9/11/2007  6,855  6,855 
 Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO 3.950% 9/11/2007  40,615  40,615 
 Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO 3.950% 9/11/2007  15,690  15,690 
 Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO 3.950% 9/11/2007  10,700  10,700 
 Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO 4.020% 9/11/2007  31,930  31,930 
 Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO 4.070% 9/11/2007  23,905  23,905 
 Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO 4.070% 9/11/2007  31,250  31,250 
1Pennsylvania Housing Finance Agency Rev. TOB VRDO 4.040% 9/11/2007  8,545  8,545 
1Pennsylvania Housing Finance Agency Rev. TOB VRDO 4.040% 9/11/2007  9,990  9,990 
1Pennsylvania Housing Finance Agency Rev. TOB VRDO 4.050% 9/11/2007  1,730  1,730 
1Pennsylvania Housing Finance Agency Rev. TOB VRDO 4.050% 9/11/2007  6,500  6,500 
1Pennsylvania Housing Finance Agency Rev. TOB VRDO 4.050% 9/11/2007  10,090  10,090 
1Pennsylvania Housing Finance Agency Rev. TOB VRDO 4.060% 9/11/2007  5,995  5,995 
1Pennsylvania Housing Finance Agency Rev. TOB VRDO 4.060% 9/11/2007  7,495  7,495 
1Pennsylvania Housing Finance Agency Rev. TOB VRDO 4.070% 9/11/2007  9,930  9,930 
 Pennsylvania Housing Finance Agency Rev. VRDO 3.950% 9/11/2007  30,000  30,000 
 Pennsylvania Housing Finance Agency Rev. VRDO 3.950% 9/11/2007  10,000  10,000 
 Pennsylvania Housing Finance Agency Rev. VRDO 4.020% 9/11/2007  11,865  11,865 
 Pennsylvania Housing Finance Agency Rev. VRDO 4.070% 9/11/2007  20,000  20,000 
 Pennsylvania Housing Finance Agency Rev. VRDO 4.070% 9/11/2007  9,495  9,495 
1Pennsylvania IDA Rev. TOB VRDO 4.050% 9/11/2007 (2)  5,140  5,140 
 Pennsylvania Intergovernmental Cooperation Auth. Rev. VRDO 3.980% 9/11/2007 (2)  4,320  4,320 
1Pennsylvania Public School Auth. Rev. TOB VRDO 4.040% 9/11/2007 (4)  52,080  52,080 
1Pennsylvania Public School Building Auth. Lease Rev. (School Dist. of Philadelphia) TOB PUT 3.690% 2/21/2008 (4)  30,845  30,845 
1Pennsylvania Public School Building Auth. Lease Rev. TOB VRDO 4.020% 9/11/2007 (4)  16,725  16,725 
1Pennsylvania State Univ. Rev. TOB VRDO 4.028% 9/11/2007  6,540  6,540 
1Pennsylvania State Univ. Rev. TOB VRDO 4.050% 9/11/2007  6,905  6,905 
1Pennsylvania State Univ. Rev. TOB VRDO 4.050% 9/11/2007  7,065  7,065 
 Pennsylvania State Univ. Rev. VRDO 3.940% 9/11/2007  73,275  73,275 
 Pennsylvania State Univ. Rev. VRDO 3.940% 9/11/2007  5,300  5,300 
1Pennsylvania State Univ. TOB VRDO 4.050% 9/11/2007 (2)  20,000  20,000 
1Pennsylvania Turnpike Comm. Oil Franchise Tax Rev. TOB VRDO 4.030% 9/11/2007 (1)  2,575  2,575 
1Pennsylvania Turnpike Comm. Oil Franchise Tax Rev. TOB VRDO 4.050% 9/11/2007 (2)  25,430  25,430 
1Pennsylvania Turnpike Comm. Registration Fee Rev. TOB VRDO 4.020% 9/11/2007 (4)  9,965  9,965 
1Pennsylvania Turnpike Comm. Registration Fee Rev. TOB VRDO 4.030% 9/11/2007 (4)  6,905  6,905 
1Pennsylvania Turnpike Comm. Rev. TOB VRDO 4.040% 9/11/2007 (2)  25,430  25,430 
1Pennsylvania Turnpike Comm. Rev. TOB VRDO 4.050% 9/11/2007 (2)  3,795  3,795 
 Pennsylvania Turnpike Comm. Rev. VRDO 3.920% 9/11/2007  39,500  39,500 
 Pennsylvania Turnpike Comm. Rev. VRDO 3.940% 9/11/2007  5,500  5,500 
 Pennsylvania Turnpike Comm. Rev. VRDO 3.940% 9/11/2007  39,660  39,660 
 Pennsylvania Turnpike Comm. Rev. VRDO 3.940% 9/11/2007  28,300  28,300 
 Pennsylvania Turnpike Comm. Rev. VRDO 3.970% 9/11/2007  42,805  42,805 
 Philadelphia PA Airport Rev. VRDO 3.970% 9/11/2007 (1)  15,000  15,000 
 Philadelphia PA Airport Rev. VRDO 4.000% 9/11/2007 (1)  10,600  10,600 
 Philadelphia PA Auth. IDR (Girard Estate Aramark Project) VRDO 3.960% 9/11/2007 LOC  4,000  4,000 
 Philadelphia PA Auth. IDR (PA Academy of Fine Arts) VRDO 4.000% 9/11/2007 LOC  10,840  10,840 
1Philadelphia PA GO TOB VRDO 4.030% 9/11/2007 (11)  16,625  16,625 
1Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) TOB VRDO 4.030% 9/11/2007  17,090  17,090 
1Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) TOB VRDO 4.030% 9/11/2007  9,625  9,625 
 Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO 3.890% 9/4/2007  5,000  5,000 
 Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO 3.930% 9/4/2007  27,900  27,900 
 Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Jefferson Health System) PUT 3.680% 2/4/2008  16,900  16,900 
 Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Wills Eye Hosp.) VRDO 3.960% 9/11/2007 LOC  11,115  11,115 
1Philadelphia PA IDA Rev. (Philadelphia Airport System) TOB VRDO 4.060% 9/11/2007 (1)  3,750  3,750 
1Philadelphia PA IDA Rev. TOB VRDO 3.992% 9/11/2007 (3)  14,450  14,450 
1Philadelphia PA IDA Rev. TOB VRDO 4.010% 9/11/2007 (4)  9,990  9,990 
 Philadelphia PA IDA Rev. VRDO 3.970% 9/11/2007 LOC  9,500  9,500 
1Philadelphia PA Redev. Auth. Rev. TOB VRDO 4.030% 9/11/2007 (3)  18,100  18,100 
1Philadelphia PA School Dist. TOB VRDO 4.030% 9/11/2007 (3)  11,040  11,040 
1Philadelphia PA School Dist. TOB VRDO 4.050% 9/11/2007 (3)  6,560  6,560 
1Philadelphia PA School Dist. TOB VRDO 4.050% 9/11/2007 (3)  4,995  4,995 
1Philadelphia PA School Dist. TOB VRDO 4.050% 9/11/2007 (3)  5,995  5,995 
1Philadelphia PA School Dist. TOB VRDO 4.050% 9/11/2007 (2)  5,250  5,250 
 Philadelphia PA School Dist. TRAN 4.500% 6/27/2008 LOC  150,000  150,930 
 Philadelphia PA TRAN 4.500% 6/30/2008  10,000  10,067 
1Philadelphia PA Water & Waste Water Rev. TOB VRDO 4.030% 9/11/2007 (4)  5,250  5,250 
1Philadelphia PA Water & Waste Water Rev. TOB VRDO 4.030% 9/11/2007 (3)  5,250  5,250 
1Philadelphia PA Water & Waste Water Rev. TOB VRDO 4.040% 9/11/2007 (4)  9,900  9,900 
1Philadelphia PA Water & Waste Water Rev. TOB VRDO 4.040% 9/11/2007 (4)  32,910  32,910 
1Philadelphia PA Water & Waste Water Rev. TOB VRDO 4.050% 9/11/2007 (4)  7,210  7,210 
 Pittsburgh PA School Dist. GO 5.250% 3/1/2008 (3)(Prere.)  7,000  7,052 
 Pittsburgh PA School Dist. GO 5.250% 3/1/2008 (3)(Prere.)  5,200  5,239 
 Pittsburgh PA School Dist. GO 5.350% 3/1/2008 (3)(Prere.)  3,510  3,538 
1Pittsburgh PA Urban Redev. Auth. Single Family Mortgage Rev. TOB VRDO 4.070% 9/11/2007  8,480  8,480 
 Sayre PA Health Care Fac. Auth. Rev. (VHA of Pennsylvania, Pooled Capital Asset Financial Program) VRDO 3.980% 9/11/2007 (2)  2,150  2,150 
 Sayre PA Health Care Fac. Auth. Rev. (VHA of Pennsylvania, Pooled Capital Asset Financial Program) VRDO 3.980% 9/11/2007 (2)  6,300  6,300 
 Sayre PA Health Care Fac. Auth. Rev. (VHA of Pennsylvania, Pooled Capital Asset Financial Program) VRDO 4.000% 9/11/2007 (2)  3,000  3,000 
 Sayre PA Health Care Fac. Auth. Rev. (VHA of Pennsylvania, Pooled Capital Asset Financial Program) VRDO 4.000% 9/11/2007 (2)  2,800  2,800 
1Seneca Valley PA School Dist. GO TOB VRDO 4.010% 9/11/2007 (1)  23,320  23,320 
1Souderton PA School Dist. GO TOB VRDO 4.020% 9/11/2007 (3)  9,925  9,925 
 Southcentral Pennsylvania General Auth. Rev. (Wellspan Health) VRDO 3.920% 9/11/2007 (2)  30,225  30,225 
 Southcentral Pennsylvania General Auth. Rev. (Wellspan Health) VRDO 3.920% 9/11/2007 (2)  25,675  25,675 
 St. Mary's Hosp. Auth. Bucks County PA Rev. (Catholic Health Initiatives) VRDO 3.930% 9/11/2007  10,600  10,600 
 St. Mary's Hosp. Auth. Bucks County PA Rev. (Catholic Health Initiatives) VRDO 3.950% 9/11/2007  40,900  40,900 
1St. Mary's Hosp. Auth. PA Health System Rev. (Catholic Health East) TOB VRDO 4.030% 9/11/2007  6,665  6,665 
1State Public School Building Auth. Pennsylvania School Rev. (Philadelphia School Dist.) TOB VRDO 4.050% 9/11/2007 (4)  4,568  4,568 
1State Public School Building Auth. Pennsylvania School Rev. (Philadelphia School Dist.) TOB VRDO 4.050% 9/11/2007 (4)  4,665  4,665 
1Swarthmore Borough Auth. PA College Rev. TOB VRDO 4.030% 9/11/2007  7,940  7,940 
 Temple Univ. of the Commonwealth System of Higher Educ. Pennsylvania Univ. Funding Obligation 4.250% 4/24/2008  25,000  25,098 
 Union County PA Higher Educ. Auth. Rev. (Bucknell Univ.) VRDO 3.930% 9/11/2007  6,325  6,325 
 Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO 4.050% 9/11/2007  8,000  8,000 
 Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO 4.100% 9/11/2007  400  400 
 Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO 4.100% 9/11/2007  5,000  5,000 
 Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO 4.100% 9/11/2007  5,000  5,000 
 Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO 4.100% 9/11/2007  4,700  4,700 
 Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO 4.100% 9/11/2007  13,600  13,600 
 Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO 4.100% 9/11/2007  1,500  1,500 
 Venango PA IDA (Scrubgrass Project) CP 3.780% 11/16/2007 LOC  15,720  15,720 
1West Chester PA Area School Dist. GO TOB VRDO 4.030% 9/11/2007 (4)  4,700  4,700 
 York County PA IDA (PECO) CP 3.660% 11/14/2007 LOC  16,440  16,440 
 Outside Pennsylvania:
1Puerto Rico Electric Power Auth. Rev. TOB VRDO 4.000% 9/11/2007 (1)  9,950  9,950 
1Puerto Rico Highway & Transp. Auth. Rev. TOB VRDO 3.950% 9/11/2007 (1)  11,195  11,195 
1Puerto Rico Highway & Transp. Auth. Rev. TOB VRDO 4.000% 9/11/2007  26,000  26,000 
1Puerto Rico Ind. Medical & Environmental Fac. Finance Auth. Rev. PCR (Abbott Laboratories) PUT 3.950% 3/1/2008  7,000  7,000 
1Puerto Rico Public Buildings Auth. Govt. Fac. Rev. TOB VRDO 4.020% 9/11/2007 (10)  11,250  11,250 
1Puerto Rico Sales Tax Financing Corp. Rev. TOB VRDO 4.020% 9/11/2007 (1)(3)  10,425  10,425 
1Puerto Rico Sales Tax Financing Corp. Rev. TOB VRDO 4.030% 9/11/2007 (3)  5,000  5,000 
 Total Municipal Bonds
 (Cost $4,001,746)       4,001,746
 Other Assets and Liabilities—Net (0.8%)       32,932
 Net Assets (100%)       4,034,678
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2007, the aggregate value of these securities was $1,328,021,000, representing 32.9% of net assets.

KEY TO ABBREVIATIONS

ARS - Auction Rate Security.
BAN - Bond Anticipation Note.
COP - Certificate of Participation.
CP - Commercial Paper.
FR - Floating Rate.
GAN - Grant Anticipation Note.
GO - General Obligation Bond.
IDA - Industrial Development Authority Bond.
IDR - Industrial Development Revenue Bond.
PCR - Pollution Control Revenue Bond.
PUT - Put Option Obligation.
RAN - Revenue Anticipation Note.
TAN - Tax Anticipation Note.
TOB - Tender Option Bond.
TRAN - Tax Revenue Anticipation Note.
UFSD - Union Free School District.
USD - United School District.
VRDO - Variable Rate Demand Obligation.
(ETM) - Escrowed to Maturity.
(Prere.) - Prerefunded.

Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
The insurance does not guarantee the market value of the municipal bonds.

LOC - Scheduled principal and interest payments are guaranteed by bank letter of credit.

Investment Securities: Securities are valued at amortized cost, which approximates market value.

Vanguard Pennsylvania Long-Term Tax-Exempt Fund
Schedule of Investments
August 31, 2007

Coupon Maturity
Date		 Face
Amount
($000)		 Market
Value
($000)
 Municipal Bonds (98.9%)        
 Abington PA School Dist. GO 5.000% 4/1/2032 (4)  6,495  6,655 
 Adams County PA GO 5.300% 5/15/2011 (3)(Prere.)  10,240  10,804 
 Allegheny County PA GO 0.000% 4/1/2010 (1)  2,000  1,811 
 Allegheny County PA GO 5.250% 5/1/2011 (3)(Prere.)  3,000  3,159 
 Allegheny County PA GO 5.500% 5/1/2011 (3)(Prere.)  445  472 
 Allegheny County PA GO 5.750% 5/1/2011 (3)(Prere.)  730  781 
 Allegheny County PA GO 5.750% 11/1/2011 (3)  995  1,065 
 Allegheny County PA GO 5.375% 11/1/2012 (1)(Prere.)  3,725  4,018 
 Allegheny County PA GO 5.375% 11/1/2012 (1)(Prere.)  2,000  2,157 
 Allegheny County PA GO 5.375% 11/1/2012 (1)(Prere.)  2,880  3,106 
 Allegheny County PA GO 5.375% 11/1/2012 (1)(Prere.)  2,645  2,853 
 Allegheny County PA GO 5.500% 11/1/2014 (3)  605  640 
 Allegheny County PA GO 5.375% 11/1/2016 (1)  4,100  4,391 
 Allegheny County PA GO 5.375% 11/1/2017 (1)  3,600  3,836 
 Allegheny County PA GO 6.000% 7/1/2023 (1)  5,745  6,628 
 Allegheny County PA GO 5.000% 11/1/2032 (4)  3,500  3,604 
 Allegheny County PA Higher Educ. Auth. Rev. (Univ. of Pittsburgh Medical Center Children's Hosp.) VRDO 3.960% 9/11/2007 LOC  17,100  17,100 
 Allegheny County PA Higher Educ. Building Auth. (Carnegie Mellon Univ.) 5.125% 3/1/2032  3,000  3,041 
 Allegheny County PA Hosp. Dev. Auth. Rev. (Catholic Health East) 5.250% 11/15/2013 (2)  1,000  1,035 
 Allegheny County PA Hosp. Dev. Auth. Rev. (Magee Women's Hosp.) 6.000% 10/1/2010 (3)  4,235  4,418 
 Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh) 6.000% 7/1/2026 (1)  4,625  5,390 
 Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh) 6.000% 7/1/2027 (1)  9,325  10,890 
 Allegheny County PA Port Auth. Rev. 5.375% 3/1/2012 (3)  4,965  5,269 
 Allegheny County PA Port Auth. Rev. 5.500% 3/1/2014 (3)  2,355  2,505 
 Allegheny County PA Port Auth. Rev. 5.500% 3/1/2016 (3)  1,500  1,596 
 Allegheny County PA Port Auth. Rev. 5.500% 3/1/2017 (3)  2,750  2,927 
 Allegheny County PA Sanitation Auth. Sewer Rev. 5.500% 12/1/2010 (1)(Prere.)  6,880  7,308 
 Allegheny County PA Sanitation Auth. Sewer Rev. 6.000% 12/1/2010 (1)  1,500  1,605 
 Allegheny County PA Sanitation Auth. Sewer Rev. 6.000% 12/1/2011 (1)  1,490  1,605 
 Allegheny County PA Sanitation Auth. Sewer Rev. 5.750% 12/1/2012 (1)  1,180  1,261 
 Allegheny County PA Sanitation Auth. Sewer Rev. 5.375% 12/1/2016 (1)  3,545  3,790 
 Allegheny County PA Sanitation Auth. Sewer Rev. 5.500% 12/1/2016 (3)(ETM)  11,295  11,607 
 Allegheny County PA Sanitation Auth. Sewer Rev. 5.375% 12/1/2018 (1)  15,000  15,961 
 Allegheny County PA Sanitation Auth. Sewer Rev. 5.500% 12/1/2030 (1)  2,150  2,255 
 Allegheny County PA Sanitation Auth. Sewer Rev. 5.000% 12/1/2032 (3)  12,000  12,344 
 Annville Cleona PA School Dist. 6.000% 3/1/2028 (4)  1,500  1,662 
 Annville Cleona PA School Dist. 6.000% 3/1/2031 (4)  2,475  2,736 
 Bensalem Township PA School Dist. GO 5.250% 6/15/2024 (3)  3,700  3,936 
 Berks County PA GO 0.000% 11/15/2013 (3)  7,250  5,660 
 Berks County PA GO 0.000% 11/15/2014 (3)  8,615  6,417 
 Berks County PA GO 0.000% 11/15/2015 (3)  6,250  4,444 
 Berks County PA Hosp. Rev. (Reading Hosp.) 5.700% 10/1/2014 (1)  4,500  4,839 
 Bethlehem PA Area School Dist. 5.375% 3/15/2012 (3)(Prere.)  7,500  8,024 
 Blair County PA Hosp. Auth. Rev. (Altoona Hosp.) 5.500% 7/1/2016 (2)  4,480  4,841 
 Bristol Borough PA School Dist. GO 5.250% 9/1/2015 (4)(Prere.)  3,635  3,957 
 Bucks County PA IDA (Pennswood Village Project) 6.000% 10/1/2012 (Prere.)  2,600  2,877 
 Carlisle PA Area School Dist. GO 5.375% 3/1/2012 (1)(Prere.)  1,550  1,657 
 Carlisle PA Area School Dist. GO 5.375% 3/1/2012 (1)(Prere.)  1,725  1,845 
 Carlisle PA Area School Dist. GO 5.375% 3/1/2012 (1)(Prere.)  1,820  1,946 
 Carlisle PA Area School Dist. GO 5.375% 3/1/2012 (1)(Prere.)  1,635  1,748 
 Catholic Health East Pennsylvania Health Systems Rev. 5.375% 11/15/2014 (Prere.)  3,000  3,270 
 Catholic Health East Pennsylvania Health Systems Rev. 5.500% 11/15/2014 (Prere.)  1,400  1,537 
 Central Bucks PA School Dist. 5.500% 5/15/2012 (3)(Prere.)  5,540  5,969 
 Central Bucks PA School Dist. 5.500% 5/15/2012 (3)(Prere.)  2,400  2,586 
 Central Bucks PA School Dist. 5.500% 5/15/2012 (3)(Prere.)  1,500  1,616 
 Central Bucks PA School Dist. 5.500% 5/15/2012 (3)(Prere.)  3,785  4,078 
 Chambersburg PA Area School Dist. GO 5.250% 3/1/2029 (3)  3,805  3,977 
 Chester County PA GO 5.000% 5/15/2015 (Prere.)  13,355  14,287 
 Chester County PA GO 5.000% 7/15/2026  4,345  4,520 
 Chester County PA GO 5.000% 7/15/2027  5,000  5,189 
 Chester County PA Health & Educ. Fac. Auth. Rev. (Devereux Foundation) 5.000% 11/1/2031  2,250  2,176 
 Chester County PA Health & Educ. Fac. Auth. Rev. (Jefferson Health System) 5.125% 5/15/2018 (2)  12,445  12,655 
 Chester County PA Health & Educ. Fac. Auth. Rev. (Jefferson Health System) 5.250% 5/15/2022 (2)  36,580  37,204 
 Chester County PA IDA (Archdiocese of Philadelphia) VRDO 4.000% 9/4/2007 LOC  3,440  3,440 
 Chester County PA School Auth. Rev. 5.000% 4/1/2023 (2)  2,670  2,747 
 Chester County PA School Auth. Rev. 5.000% 4/1/2024 (2)  1,000  1,027 
 Chester County PA School Auth. Rev. 5.000% 4/1/2026 (2)  1,575  1,609 
 Coatesville PA School Dist. GO 5.250% 8/15/2014 (4)(Prere.)  6,645  7,216 
 Commonwealth Financing Auth. Pennsylvania Rev. 5.250% 6/1/2023 (1)  13,535  14,301 
 Cumberland County PA Muni. Auth. College Rev. (Dickinson College) 5.500% 11/1/2010 (2)(Prere.)  3,230  3,403 
 Cumberland County PA Muni. Auth. Rev. (Diakon Lutheran Ministries) 5.000% 1/1/2027  2,700  2,581 
 Cumberland County PA Muni. Auth. Rev. (Diakon Lutheran Ministries) 5.000% 1/1/2036  6,750  6,222 
 Dallas PA School Dist. GO 5.000% 4/1/2029 (11)  5,820  5,999 
 Danville PA Area School Dist. GO 5.000% 5/1/2037 (4)  7,970  8,160 
 Dauphin County PA General Auth. Health System Rev. (Pinnacle Health) 5.500% 8/15/2028 (1)  9,415  10,385 
 Dauphin County PA General Auth. Hosp. Rev. (West Pennsylvania Hosp.) 5.500% 7/1/2013 (1)(ETM)  5,000  5,247 
 Delaware County PA Auth. Rev. (Catholic Health East) 5.250% 11/15/2012 (2)  3,300  3,415 
 Delaware County PA Auth. Rev. (Catholic Health East) 5.250% 11/15/2013 (2)  4,665  4,827 
 Delaware County PA Auth. Univ. Rev. (Villanova Univ.) 5.000% 8/1/2024 (1)  4,000  4,126 
 Delaware County PA Hosp. Auth. Rev. (Crozer Keystone Obligated Group) 5.000% 12/15/2031  10,000  9,134 
 Delaware County PA Hosp. Auth. Rev. (Crozer-Chester Medical Center) 5.300% 12/1/2027  8,905  8,608 
 Delaware County PA Regional Water Quality Control Auth. Rev. 5.500% 5/1/2014 (3)  2,405  2,559 
 Delaware County PA Regional Water Quality Control Auth. Rev. 5.500% 5/1/2016 (3)  2,685  2,858 
 Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev. 5.250% 7/1/2019 (1)  1,645  1,755 
 Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev. 5.500% 7/1/2019 (1)  4,835  5,455 
 Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev. 5.250% 7/1/2020 (1)  1,735  1,845 
 Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev. 5.500% 7/1/2020 (1)  5,105  5,785 
 Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev. 5.250% 7/1/2021 (1)  1,825  1,932 
 Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev. 5.250% 7/1/2022 (1)  1,920  2,023 
 Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev. 5.250% 7/1/2023 (1)  2,020  2,144 
 Delaware River Port Auth. Pennsylvania & New Jersey Rev. 5.700% 1/1/2023 (4)  8,345  8,658 
 East Stroudsburg PA Area School Dist. GO 5.000% 9/1/2029 (4)  7,085  7,310 
 Erie County PA GO 5.000% 9/1/2015 (3)(Prere.)  5,525  5,921 
 Erie County PA Hosp. Auth. Rev. (Hamot Health Foundation) 5.000% 11/1/2035 (11)  7,000  7,039 
 Erie PA School Dist. GO 0.000% 9/1/2010 (4)  5,665  5,047 
 Erie PA School Dist. GO 5.800% 9/1/2010 (2)(Prere.)  4,500  4,767 
 Erie PA School Dist. GO 0.000% 9/1/2011 (4)  5,780  4,951 
 Erie PA School Dist. GO 0.000% 5/1/2016 (1)(ETM)  3,175  2,210 
 Erie PA School Dist. GO 0.000% 9/1/2018 (4)  830  510 
 Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) VRDO 3.930% 9/4/2007  3,100  3,100 
 Hazleton PA Area School Dist. GO 5.500% 3/1/2011 (3)  3,740  3,930 
 Hazleton PA Area School Dist. GO 5.750% 3/1/2012 (3)  1,420  1,523 
 Hazleton PA Area School Dist. GO 6.000% 3/1/2016 (3)  18,245  19,454 
 Hazleton PA Area School Dist. GO 0.000% 3/1/2017 (3)  4,425  2,929 
 Hazleton PA Area School Dist. GO 0.000% 3/1/2022 (3)  5,265  2,673 
 Lake Lehman PA School Dist. GO 0.000% 4/1/2014 (1)  1,290  987 
 Lake Lehman PA School Dist. GO 0.000% 4/1/2015 (1)  1,295  945 
 Lake Lehman PA School Dist. GO 0.000% 4/1/2016 (1)  1,310  909 
 Lake Lehman PA School Dist. GO 0.000% 4/1/2017 (1)  1,315  867 
 Lake Lehman PA School Dist. GO 0.000% 4/1/2018 (1)  1,000  626 
 Lancaster County PA GO 5.500% 11/1/2016 (3)  1,025  1,097 
 Lancaster County PA GO 5.500% 11/1/2017 (3)  1,060  1,130 
 Lancaster County PA GO 5.500% 11/1/2018 (3)  1,120  1,194 
 Lancaster County PA GO 5.500% 11/1/2019 (3)  1,175  1,252 
 Lancaster County PA Hosp Auth Rev. (Lancaster General Hosp.) 5.000% 3/15/2026  9,205  9,260 
 Lancaster County PA Hosp Auth Rev. (Lancaster General Hosp.) 5.000% 3/15/2031  5,195  5,203 
 Lancaster County PA Hosp Auth Rev. (Lancaster General Hosp.) 5.000% 3/15/2036  7,370  7,337 
 Lancaster County PA Hosp. Auth. Rev. (Willow Valley Retirement Project) 5.875% 6/1/2021  1,000  1,032 
 Lancaster County PA Hosp. Auth. Rev. (Willow Valley Retirement Project) 5.875% 6/1/2031  6,000  6,153 
 Lancaster PA Higher Educ. Auth. Rev. (Franklin & Marshall College) 5.000% 4/15/2022  1,135  1,169 
 Lancaster PA Higher Educ. Auth. Rev. (Franklin & Marshall College) 5.000% 4/15/2027  2,775  2,829 
 Latrobe PA IDA (Saint Vincent College) 5.600% 5/1/2021  1,635  1,685 
 Latrobe PA IDA (Saint Vincent College) 5.700% 5/1/2031  2,165  2,214 
 Lebanon County Health Fac. Auth. Rev. (Good Samaritan) 6.000% 11/15/2035  10,500  10,700 
 Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network) 5.375% 7/1/2014 (4)  900  949 
 Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network) 7.000% 7/1/2016 (1)  4,415  5,101 
 Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network) VRDO 3.900% 9/4/2007 (2)  2,475  2,475 
 Lower Merion PA School Dist. GO 5.000% 9/1/2028  7,845  8,133 
 Lower Merion PA School Dist. GO 5.000% 9/1/2030  8,670  8,960 
 Luzerne County PA GO 0.000% 11/15/2012 (1)(Prere.)  2,390  1,461 
 Luzerne County PA GO 0.000% 11/15/2012 (1)(Prere.)  2,360  1,536 
 Luzerne County PA GO 5.250% 12/15/2021 (3)  5,320  5,801 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2007 (1)  2,080  2,073 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2008 (1)  2,270  2,179 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2009 (1)  2,020  1,865 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2010 (1)  1,840  1,634 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2011 (1)  1,835  1,567 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2014 (1)  2,040  1,527 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2015 (1)  2,040  1,458 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2016 (1)  4,655  3,161 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2018 (2)(ETM)  425  262 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2018 (2)  2,650  1,622 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2024 (2)(ETM)  2,480  1,105 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2024 (2)  520  230 
 McKeesport PA Area School Dist. GO 0.000% 10/1/2028 (2)  2,340  828 
 Monroe County PA Hosp. Auth. Rev. (Pocono Medical Center) 5.000% 1/1/2027  2,000  1,891 
 Monroe County PA Hosp. Auth. Rev. (Pocono Medical Center) 5.125% 1/1/2037  3,000  2,812 
 Monroe County PA Hosp. Auth. Rev. (Pocono Medical Center) 5.250% 1/1/2043  6,450  6,041 
 Montgomery County PA GO 5.000% 7/15/2019  8,800  8,994 
 Montgomery County PA GO 5.250% 10/15/2024  2,660  2,920 
 Montgomery County PA GO 5.250% 10/15/2025  2,000  2,195 
 Montgomery County PA GO 5.000% 10/15/2028  13,235  13,675 
 Montgomery County PA GO 5.000% 10/15/2031  6,450  6,650 
 Montgomery County PA Higher Educ. & Health Auth. Rev. (Catholic Health East) 5.375% 11/15/2014 (Prere.)  2,175  2,370 
 Montgomery County PA Higher Educ. & Health Auth. Rev. (Dickinson College) 5.000% 5/1/2031 (11)  5,750  5,851 
 Montgomery County PA Higher Educ. & Health Auth. Rev. (Holy Redeemer Health System) 5.250% 1/1/2036  17,500  16,305 
 Montgomery County PA IDA Rev. (Hill School) 5.000% 8/15/2025 (1)  6,500  6,698 
 Montgomery County PA IDA Rev. (Hill School) 5.000% 8/15/2026 (1)  3,550  3,648 
 Montgomery County PA IDA Rev. (Hill School) 5.000% 8/15/2027 (1)  3,300  3,387 
 North Hills PA School Dist. GO 5.250% 11/15/2007 (3)(Prere.)  7,440  7,462 
 North Hills PA School Dist. GO 5.250% 12/15/2015 (4)(Prere.)  5,030  5,485 
 North Pocono PA School Dist. GO 5.000% 3/15/2026 (3)  4,035  4,148 
 Northeastern PA Hosp. & Educ. Health Rev. (Wyoming Valley Health) 5.250% 1/1/2016 (2)  5,910  6,009 
 Northeastern PA Hosp. & Educ. Health Rev. (Wyoming Valley Health) 5.250% 1/1/2026 (2)  2,850  2,888 
 Norwin PA School Dist. GO 5.000% 4/1/2016 (4)(Prere.)  7,000  7,499 
1Norwin PA School Dist. GO TOB VRDO 4.020% 9/11/2007 (4)  16,615  16,615 
 Owen J. Roberts School Dist. Pennsylvania GO 5.500% 8/15/2017 (4)  1,495  1,599 
 Owen J. Roberts School Dist. Pennsylvania GO 5.000% 5/15/2031 (4)  8,000  8,215 
 Owen J. Roberts School Dist. Pennsylvania GO 5.000% 5/15/2035 (4)  5,000  5,127 
 Parkland PA School Dist. GO 5.375% 9/1/2015 (3)  3,050  3,347 
 Parkland PA School Dist. GO 5.375% 9/1/2016 (3)  2,000  2,201 
 Pennsbury PA School Dist. GO 5.250% 8/1/2024 (4)  9,135  9,585 
 Pennsylvania Convention Center Auth. Rev. 6.700% 9/1/2016 (3)(ETM)  25,150  28,723 
 Pennsylvania Convention Center Auth. Rev. 6.000% 9/1/2019 (3)(ETM)  14,275  16,444 
 Pennsylvania GO 5.250% 10/15/2010 (Prere.)  8,850  9,332 
 Pennsylvania GO 5.250% 10/15/2010 (Prere.)  11,300  11,916 
 Pennsylvania GO 6.000% 1/15/2011  3,000  3,181 
 Pennsylvania GO 5.250% 10/15/2011  11,200  11,794 
 Pennsylvania GO 5.375% 7/1/2021  26,785  29,526 
 Pennsylvania GO 5.000% 1/1/2026  40,450  41,698 
 Pennsylvania Higher Educ. Assistance Agency Rev. 6.125% 12/15/2010 (1)(Prere.)  2,000  2,149 
 Pennsylvania Higher Educ. Fac. Auth. Health Services Rev. (Allegheny/Delaware Valley Obligated Group) 5.875% 11/15/2016 (1)  19,900  20,322 
 Pennsylvania Higher Educ. Fac. Auth. Health Services Rev. (Allegheny/Delaware Valley Obligated Group) 5.875% 11/15/2021 (1)  6,505  6,643 
 Pennsylvania Higher Educ. Fac. Auth. Health Services Rev. (Allegheny/Delaware Valley Obligated Group) 5.875% 11/15/2021 (1)  3,040  3,101 
 Pennsylvania Higher Educ. Fac. Auth. Rev. 5.500% 6/15/2017 (2)  935  977 
 Pennsylvania Higher Educ. Fac. Auth. Rev. 5.625% 6/15/2019 (2)  1,160  1,215 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Bryn Mawr College) 5.250% 12/1/2012 (2)  11,120  11,931 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Bryn Mawr College) 5.000% 12/1/2037 (2)  14,170  14,454 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Carnegie Mellon Univ.) VRDO 3.930% 9/4/2007  1,100  1,100 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Foundation for Indiana Univ. of Pennsylvania Student Housing) 4.041% 7/1/2017 (10)  6,500  6,482 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Foundation for Indiana Univ. of Pennsylvania Student Housing) 5.125% 7/1/2039 (10)  17,130  17,465 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Philadelphia Univ.) 5.125% 6/1/2025  3,500  3,410 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Philadelphia Univ.) 5.250% 6/1/2032  6,350  6,095 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Slippery Rock Univ. Foundation) 5.000% 7/1/2031 (10)  10,460  10,663 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Slippery Rock Univ. Foundation) 5.000% 7/1/2037 (10)  3,500  3,540 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.) 5.250% 4/1/2008 (1)(Prere.)  2,320  2,363 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.) 5.250% 4/1/2011 (1)  1,225  1,247 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.) 5.000% 4/1/2033 (1)  24,225  24,750 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Thomas Jefferson Univ.) 5.000% 9/1/2039 (2)  13,500  13,714 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Univ. of Pennsylvania) 5.000% 7/15/2038  20,625  21,014 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Univ. of Scranton) 5.000% 11/1/2028 (10)  4,080  4,160 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (UPMC Health Systems) 6.250% 1/15/2016  3,120  3,375 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (UPMC Health Systems) 6.000% 1/15/2022  5,000  5,333 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (UPMC Health Systems) 6.000% 1/15/2031  5,000  5,312 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener) 5.000% 7/15/2020  2,360  2,378 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener) 5.000% 7/15/2026  1,200  1,174 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener) 5.000% 7/15/2031  1,605  1,542 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener) 5.400% 7/15/2036  3,000  3,012 
 Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener) 5.000% 7/15/2039  3,000  2,818 
 Pennsylvania Higher Educ. Fac. Auth. Rev. PUT 5.000% 5/1/2011 LOC  9,215  9,444 
 Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/2016 (2)  14,865  16,070 
 Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/2017 (2)  7,000  7,536 
 Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/2018 (2)  7,630  8,212 
 Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/2019 (2)  6,340  6,824 
 Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/2020 (2)  4,495  4,838 
 Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/2021 (2)  8,130  8,750 
 Pennsylvania Intergovernmental Cooperation Auth. Rev. 5.250% 6/15/2017 (3)  7,830  8,023 
 Pennsylvania Public School Building Auth. Lease Rev. (School Dist. of Philadelphia) 5.000% 6/1/2027 (4)  12,880  13,137 
 Pennsylvania Public School Building Auth. Lease Rev. (School Dist. of Philadelphia) 5.000% 6/1/2031 (4)  5,000  5,092 
 Pennsylvania State Univ. Rev. 5.000% 9/1/2024  10,625  10,941 
 Pennsylvania State Univ. Rev. 5.000% 9/1/2024  3,000  3,100 
 Pennsylvania State Univ. Rev. 5.250% 8/15/2025  5,360  5,838 
 Pennsylvania State Univ. Rev. 5.000% 9/1/2029  2,500  2,566 
 Pennsylvania State Univ. Rev. 5.000% 9/1/2029  7,625  7,806 
 Pennsylvania State Univ. Rev. 5.000% 9/1/2034  16,700  17,066 
 Pennsylvania State Univ. Rev. 5.000% 9/1/2035  14,000  14,324 
 Pennsylvania Turnpike Comm. Oil Franchise Tax Rev. 5.000% 12/1/2013 (1)(Prere.)  6,000  6,397 
 Pennsylvania Turnpike Comm. Oil Franchise Tax Rev. 5.000% 12/1/2026 (2)  4,000  4,110 
 Pennsylvania Turnpike Comm. Oil Franchise Tax Rev. 5.000% 12/1/2027 (2)  3,000  3,078 
 Pennsylvania Turnpike Comm. Rev. 5.375% 7/15/2011 (2)(Prere.)  1,505  1,608 
 Pennsylvania Turnpike Comm. Rev. 5.375% 7/15/2011 (2)(Prere.)  2,500  2,672 
 Pennsylvania Turnpike Comm. Rev. 5.375% 7/15/2011 (2)(Prere.)  6,370  6,807 
 Pennsylvania Turnpike Comm. Rev. 5.375% 7/15/2011 (2)(Prere.)  1,000  1,069 
 Pennsylvania Turnpike Comm. Rev. 5.375% 7/15/2011 (2)(Prere.)  7,550  8,068 
 Pennsylvania Turnpike Comm. Rev. 5.500% 7/15/2011 (2)(Prere.)  12,010  12,888 
 Pennsylvania Turnpike Comm. Rev. 5.625% 6/1/2012 (3)  9,000  9,658 
 Pennsylvania Turnpike Comm. Rev. 5.250% 7/15/2027 (4)  4,000  4,369 
 Pennsylvania Turnpike Comm. Rev. 5.250% 7/15/2028 (4)  9,375  10,306 
 Pennsylvania Turnpike Comm. Rev. 5.250% 7/15/2030 (4)  10,925  11,988 
 Pennsylvania Turnpike Comm. Rev. 5.500% 12/1/2031 (2)  17,610  18,786 
 Pennsylvania Turnpike Comm. Rev. 5.250% 12/1/2032 (2)  15,000  15,492 
 Philadelphia PA Airport Parking Auth. 5.400% 9/1/2011 (2)  4,520  4,570 
 Philadelphia PA Airport Parking Auth. 5.400% 9/1/2012 (2)  5,990  6,056 
 Philadelphia PA Airport Parking Auth. 5.400% 9/1/2015 (2)  6,350  6,420 
 Philadelphia PA Airport Parking Auth. 5.500% 9/1/2018 (2)  4,250  4,298 
 Philadelphia PA Airport Parking Auth. 5.125% 2/15/2024 (2)  1,045  1,064 
 Philadelphia PA Airport Parking Auth. 5.250% 9/1/2029 (4)  3,530  3,623 
 Philadelphia PA Gas Works Rev. 5.250% 7/1/2011 (4)  3,965  4,009 
 Philadelphia PA Gas Works Rev. 5.375% 7/1/2012 (4)  4,000  4,048 
 Philadelphia PA Gas Works Rev. 5.375% 7/1/2014 (4)  4,310  4,361 
 Philadelphia PA Gas Works Rev. 5.375% 7/1/2016 (4)  13,280  14,452 
 Philadelphia PA Gas Works Rev. 5.375% 7/1/2018 (4)  11,555  12,569 
 Philadelphia PA Gas Works Rev. 5.000% 10/1/2027 (2)  5,155  5,265 
 Philadelphia PA Gas Works Rev. 5.000% 10/1/2028 (2)  9,585  9,798 
 Philadelphia PA Gas Works Rev. 5.000% 10/1/2037 (2)  6,000  6,085 
 Philadelphia PA GO 6.000% 11/15/2010 (3)  1,065  1,067 
 Philadelphia PA GO 6.000% 11/15/2011 (3)  1,145  1,147 
 Philadelphia PA GO 6.000% 11/15/2012 (3)  1,270  1,272 
 Philadelphia PA GO 6.000% 11/15/2013 (3)  715  716 
 Philadelphia PA GO 5.250% 3/15/2014 (4)  1,750  1,804 
 Philadelphia PA GO 5.250% 9/15/2014 (4)  7,460  7,812 
 Philadelphia PA GO 5.250% 3/15/2015 (4)  2,600  2,680 
 Philadelphia PA GO 5.250% 9/15/2015 (4)  4,775  5,000 
 Philadelphia PA GO 5.250% 9/15/2017 (4)  9,155  9,550 
 Philadelphia PA GO 5.250% 9/15/2018 (4)  2,135  2,222 
 Philadelphia PA GO 5.000% 8/1/2027 (11)  12,160  12,387 
 Philadelphia PA GO 5.000% 8/1/2029 (11)  13,380  13,669 
 Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO 3.930% 9/4/2007  16,500  16,500 
 Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO 3.930% 9/4/2007  10,600  10,600 
 Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Jefferson Health System) 5.125% 5/15/2018 (2)  5,700  5,796 
 Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Temple University Health System) 5.500% 7/1/2030  5,000  4,854 
 Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.750% 6/15/2010 (3)  4,440  4,535 
 Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.250% 6/15/2015 (3)  5,695  5,814 
 Philadelphia PA Redev. Auth. Rev. 5.500% 4/15/2015 (3)  3,000  3,194 
 Philadelphia PA Redev. Auth. Rev. 5.500% 4/15/2017 (3)  2,255  2,398 
 Philadelphia PA Redev. Auth. Rev. 5.500% 4/15/2019 (3)  2,815  2,991 
 Philadelphia PA Redev. Auth. Rev. 5.500% 4/15/2020 (3)  2,000  2,125 
 Philadelphia PA Redev. Auth. Rev. 5.500% 4/15/2022 (3)  5,275  5,562 
 Philadelphia PA School Dist. GO 5.250% 4/1/2009 (1)(Prere.)  3,000  3,071 
 Philadelphia PA School Dist. GO 5.750% 2/1/2011 (4)(Prere.)  6,415  6,835 
 Philadelphia PA School Dist. GO 5.750% 2/1/2011 (4)(Prere.)  7,420  7,906 
 Philadelphia PA School Dist. GO 5.250% 2/1/2012 (4)  1,000  1,058 
 Philadelphia PA School Dist. GO 5.500% 2/1/2012 (4)(Prere.)  1,800  1,932 
 Philadelphia PA School Dist. GO 5.500% 2/1/2012 (4)(Prere.)  2,000  2,146 
 Philadelphia PA School Dist. GO 5.500% 2/1/2012 (4)(Prere.)  1,000  1,073 
 Philadelphia PA School Dist. GO 5.500% 2/1/2012 (4)(Prere.)  6,200  6,653 
 Philadelphia PA School Dist. GO 5.500% 2/1/2012 (4)(Prere.)  2,000  2,146 
 Philadelphia PA School Dist. GO 5.500% 2/1/2012 (4)(Prere.)  2,500  2,683 
 Philadelphia PA School Dist. GO 5.625% 8/1/2012 (3)(Prere.)  6,500  7,061 
 Philadelphia PA School Dist. GO 5.625% 8/1/2012 (3)(Prere.)  6,000  6,518 
 Philadelphia PA School Dist. GO 5.625% 8/1/2012 (3)(Prere.)  1,000  1,086 
 Philadelphia PA School Dist. GO 5.625% 8/1/2012 (3)(Prere.)  1,000  1,086 
 Philadelphia PA School Dist. GO 5.000% 6/1/2026 (3)  5,000  5,243 
 Philadelphia PA Water & Waste Water Rev. 7.000% 6/15/2010 (3)  33,865  36,732 
 Philadelphia PA Water & Waste Water Rev. 7.000% 6/15/2011 (3)  35,685  39,730 
 Philadelphia PA Water & Waste Water Rev. 6.250% 8/1/2011 (1)  3,750  4,094 
 Philadelphia PA Water & Waste Water Rev. 5.250% 12/15/2014 (2)  7,100  7,666 
 Philadelphia PA Water & Waste Water Rev. 5.250% 11/1/2016 (3)  5,040  5,368 
 Philadelphia PA Water & Waste Water Rev. 5.250% 11/1/2017 (3)  5,460  5,786 
 Philadelphia PA Water & Waste Water Rev. 5.600% 8/1/2018 (1)(ETM)  925  982 
 Philadelphia PA Water & Waste Water Rev. 5.375% 11/1/2019 (3)  4,155  4,423 
 Pittsburgh PA GO 5.500% 3/1/2012 (2)(Prere.)  5,330  5,727 
 Pittsburgh PA GO 5.500% 3/1/2012 (2)(Prere.)  2,015  2,165 
 Pittsburgh PA GO 5.500% 9/1/2013 (2)  5,635  5,991 
 Pittsburgh PA GO 5.125% 9/1/2014 (3)  8,435  8,520 
 Pittsburgh PA GO 5.500% 9/1/2014 (2)  12,000  12,658 
 Pittsburgh PA GO 5.125% 9/1/2015 (3)  6,395  6,451 
 Pittsburgh PA GO 5.500% 9/1/2015 (2)  2,125  2,259 
 Pittsburgh PA GO 5.250% 9/1/2017 (3)  4,980  5,036 
 Pittsburgh PA School Dist. GO 0.000% 8/1/2009 (2)  4,000  3,717 
 Pittsburgh PA School Dist. GO 5.375% 9/1/2014 (4)  1,755  1,909 
 Pittsburgh PA School Dist. GO 5.500% 9/1/2016 (4)  4,000  4,414 
 Pittsburgh PA School Dist. GO 5.500% 9/1/2018 (4)  2,880  3,202 
2Pittsburgh PA Water & Sewer Auth. Rev. 7.250% 9/1/2014 (3)(ETM)  19,805  22,036 
 Pittsburgh PA Water & Sewer Auth. Rev. 0.000% 9/1/2027 (3)  12,765  4,782 
 Pittsburgh PA Water & Sewer Auth. Rev. 0.000% 9/1/2028 (3)  8,965  3,184 
 Pittsburgh PA Water & Sewer Auth. Rev. 0.000% 9/1/2029 (3)  31,755  10,691 
 Pocono Mountain PA School Dist. GO 5.000% 9/1/2031 (4)  9,000  9,247 
 Radnor Township PA GO 5.000% 11/1/2037 (1)  4,910  4,948 
 Radnor Township PA School Dist. 5.000% 8/15/2015 (4)(Prere.)  835  895 
 Radnor Township PA School Dist. 5.000% 2/15/2035 (4)  1,665  1,702 
 Reading PA School Dist. GO 0.000% 1/15/2015 (3)  9,260  6,507 
 Reading PA School Dist. GO 0.000% 1/15/2016 (3)  9,270  6,146 
 Reading PA School Dist. GO 0.000% 1/15/2028 (3)  10,000  3,686 
 Reading PA School Dist. GO 5.000% 1/15/2029 (4)  6,120  6,288 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 5.750% 12/1/2011 (Prere.)  2,225  2,418 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 5.875% 12/1/2011 (Prere.)  9,660  10,545 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2011 (Prere.)  1,480  1,637 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2011 (Prere.)  1,515  1,676 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2011 (Prere.)  1,850  2,047 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2011 (Prere.)  2,390  2,644 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2011 (Prere.)  4,915  5,437 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2011 (Prere.)  1,425  1,576 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2013  520  563 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2014  500  539 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2015  530  570 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2016  835  896 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2017  1,725  1,846 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/2018  650  694 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 5.750% 12/1/2021  775  807 
 Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 5.875% 12/1/2031  2,840  2,942 
 Scranton PA School Dist. GO 5.250% 6/15/2027 (10)  2,750  2,888 
 Scranton PA School Dist. GO 5.250% 6/15/2031 (10)  2,375  2,487 
 Scranton-Lackawanna PA Health & Welfare Auth. Rev. (Mercy Health System) 5.625% 1/1/2016 (1)  5,490  5,607 
 Scranton-Lackawanna PA Health & Welfare Auth. Rev. (Mercy Health System) 5.700% 1/1/2023 (1)  9,205  9,395 
 Shamokin-Coal Township PA 5.000% 7/1/2030 (4)  5,700  5,859 
 Shamokin-Coal Township PA 5.000% 7/1/2036 (4)  8,500  8,694 
 Snyder County PA Higher Educ. Auth. Univ. Rev. (Susquehanna Univ. Project) 5.000% 1/1/2030 (11)  5,000  5,088 
 Somerset PA Area School Dist. GO 5.000% 3/15/2025 (4)  7,090  7,312 
 South Fork PA Hosp. Auth. Rev. (Conemaugh Valley Hosp.) 5.625% 7/1/2010 (6)  1,255  1,291 
 South Fork PA Hosp. Auth. Rev. (Conemaugh Valley Hosp.) 5.750% 7/1/2018 (6)  7,000  7,781 
 St. Mary's Hosp. Auth. Bucks County PA Rev. (Catholic Health Initiatives) 5.375% 6/1/2008 (Prere.)  2,340  2,391 
 St. Mary's Hosp. Auth. Bucks County PA Rev. (Catholic Health Initiatives) 5.375% 6/1/2008 (Prere.)  2,525  2,580 
 Swarthmore Borough Auth. PA College Rev. 5.000% 9/15/2030  21,000  21,599 
 Uniontown PA Area School Dist. GO 5.500% 10/1/2012 (4)(Prere.)  9,950  10,777 
 Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO 3.900% 9/11/2007  13,000  13,000 
 Warwick PA School Dist. GO 5.375% 8/15/2011 (3)(Prere.)  2,435  2,584 
 Warwick PA School Dist. GO 5.375% 8/15/2011 (3)(Prere.)  2,570  2,728 
 Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.250% 7/1/2010 (2)  1,750  1,820 
 Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.125% 7/1/2011 (2)(ETM)  330  346 
 Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.125% 7/1/2011 (2)  1,510  1,581 
 Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.125% 7/1/2012 (2)  1,935  2,039 
 Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.250% 7/1/2013 (2)  2,035  2,168 
 Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.375% 7/1/2014 (2)  1,640  1,765 
 Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.375% 7/1/2015 (2)  2,250  2,429 
 Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.500% 7/1/2016 (2)  2,375  2,592 
 West Chester PA Area School Dist. GO 5.000% 5/15/2028 (1)  7,480  7,677 
 West Chester PA Area School Dist. GO 5.000% 5/15/2029 (1)  7,855  8,056 
 West Cornwall Township PA Muni. Auth. College Rev. (Elizabethtown College) 6.000% 12/15/2011 (Prere.)  2,650  2,885 
 West Cornwall Township PA Muni. Auth. College Rev. (Elizabethtown College) 6.000% 12/15/2011 (Prere.)  2,000  2,177 
 West Jefferson Hills PA School Dist. GO 5.200% 8/1/2011 (4)(Prere.)  1,020  1,075 
 West Jefferson Hills PA School Dist. GO 5.200% 8/1/2011 (4)(Prere.)  1,080  1,139 
 West Jefferson Hills PA School Dist. GO 5.200% 8/1/2017 (4)  935  982 
 West Jefferson Hills PA School Dist. GO 5.200% 8/1/2018 (4)  980  1,023 
 Westmoreland County PA Muni. Auth. Rev. 5.250% 8/15/2015 (4)(Prere.)  3,490  3,798 
 Westmoreland County PA Muni. Auth. Rev. 6.125% 7/1/2017 (1)(ETM)  8,205  9,215 
 Westmoreland County PA Muni. Auth. Service Water Rev. 0.000% 8/15/2015 (3)  5,000  3,592 
 Westmoreland County PA Muni. Auth. Service Water Rev. 0.000% 8/15/2023 (1)  5,000  2,353 
 Westmoreland County PA Muni. Auth. Service Water Rev. 0.000% 8/15/2024 (3)  4,000  1,778 
 Wilkes-Barre PA Finance Auth. Rev. (Wilkes Univ. Project) 5.000% 3/1/2027  2,200  2,069 
 Wilkes-Barre PA Finance Auth. Rev. (Wilkes Univ. Project) 5.000% 3/1/2037  3,000  2,734 
 Wyoming PA Area School Dist. 5.000% 9/1/2026 (1)  2,000  2,059 
 Wyoming PA Area School Dist. 5.000% 9/1/2029 (1)  5,125  5,268 
 York County PA 5.000% 6/1/2033 (1)  6,000  6,146 
 York County PA Solid Waste & Refuse Auth. Rev. 5.500% 12/1/2013 (3)  6,750  7,372 
 York County PA Solid Waste & Refuse Auth. Rev. 5.500% 12/1/2014 (3)  4,050  4,453 
 Outside Pennsylvania:
 Puerto Rico Electric Power Auth. Rev. 5.500% 7/1/2020  5,300  5,763 
 Puerto Rico Electric Power Auth. Rev. 5.250% 7/1/2021 (1)  5,000  5,475 
 Puerto Rico Electric Power Auth. Rev. 5.250% 7/1/2023 (1)  15,500  16,916 
 Puerto Rico Electric Power Auth. Rev. 5.000% 7/1/2030 (4)  10,900  11,227 
 Puerto Rico GO 5.500% 7/1/2018 (1)  10,000  11,140 
 Puerto Rico GO 5.500% 7/1/2020 (3)  6,000  6,704 
 Puerto Rico GO 5.500% 7/1/2022 (3)  8,960  10,056 
 Puerto Rico GO 5.500% 7/1/2029 (1)  10,000  11,231 
 Puerto Rico Highway & Transp. Auth. Rev. 5.500% 7/1/2019 (1)  17,000  18,951 
 Puerto Rico Highway & Transp. Auth. Rev. 5.500% 7/1/2020 (1)  14,610  16,324 
 Puerto Rico Highway & Transp. Auth. Rev. 5.500% 7/1/2020 (4)  14,155  15,816 
 Puerto Rico Infrastructure Financing Auth. Special Tax Rev. 5.500% 7/1/2023 (2)  10,000  11,196 
 Puerto Rico Infrastructure Financing Auth. Special Tax Rev. 0.000% 7/1/2029 (2)  12,150  4,146 
 Puerto Rico Infrastructure Financing Auth. Special Tax Rev. 0.000% 7/1/2030 (3)  14,905  4,826 
 Puerto Rico Infrastructure Financing Auth. Special Tax Rev. 0.000% 7/1/2031 (3)  28,695  8,778 
 Puerto Rico Infrastructure Financing Auth. Special Tax Rev. 0.000% 7/1/2032 (3)  25,000  7,238 
 Puerto Rico Public Buildings Auth. Govt. Fac. Rev. 5.750% 7/1/2022  5,000  5,556 
 Puerto Rico Public Finance Corp. 6.000% 8/1/2026 (ETM)  10,875  12,830 
 Puerto Rico Public Finance Corp. 6.000% 8/1/2026 (4)(11)(ETM)  25,000  29,706 
3Puerto Rico Sales Tax Financing Corp. Rev. 0.000% 8/1/2054 (2)  12,000  1,050 
 Puerto Rico Sales Tax Financing Corp. Rev. 0.000% 8/1/2056  22,200  1,577 
 Virgin Islands Public Finance Auth. Rev. 5.000% 10/1/2012  2,000  2,054 
 Virgin Islands Public Finance Auth. Rev. 5.250% 10/1/2020  1,750  1,786 
 Total Municipal Bonds
 (Cost $2,365,157)       2,401,301
 Other Assets and Liabilities—Net (1.1%)       25,761
 Net Assets (100%)       2,427,062
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2007, the value of this security represented 0.7% of net assets.
2 Securities with a value of $4,740,000 have been segregated as initial margin for open futures contracts.
3 Security purchased on a when-issued or delayed delivery basis for which the fund has not taken delivery as of August 31, 2007.

KEY TO ABBREVIATIONS

ARS - Auction Rate Security.
BAN - Bond Anticipation Note.
COP - Certificate of Participation.
CP - Commercial Paper.
FR - Floating Rate.
GAN - Grant Anticipation Note.
GO - General Obligation Bond.
IDA - Industrial Development Authority Bond.
IDR - Industrial Development Revenue Bond.
PCR - Pollution Control Revenue Bond.
PUT - Put Option Obligation.
RAN - Revenue Anticipation Note.
TAN - Tax Anticipation Note.
TOB - Tender Option Bond.
TRAN - Tax Revenue Anticipation Note.
UFSD - Union Free School District.
USD - United School District.
VRDO - Variable Rate Demand Obligation.
(ETM) - Escrowed to Maturity.
(Prere.) - Prerefunded.

Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
The insurance does not guarantee the market value of the municipal bonds.

LOC - Scheduled principal and interest payments are guaranteed by bank letter of credit.

Investment Securities: Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the board of trustees to represent fair value.

At August 31, 2007, the cost of investment securities for tax purposes was $2,367,723,000. Net unrealized appreciation of investment securities for tax purposes was $33,578,000, consisting of unrealized gains of $59,416,000 on securities that had risen in value since their purchase and $25,838,000 in unrealized losses on securities that had fallen in value since their purchase.

Futures Contracts: Futures contracts are valued at their quoted daily settlement prices.

At August 31, 2007, the aggregate settlement value of open futures contracts expiring in December 2007 and the related unrealized appreciation (depreciation) were:

 
($000)
Futures Contracts Number of
Long (Short)
Contracts		  
 
 		 Aggregate
Settlement
Value		 Unrealized
Appreciation
(Depreciation)
10-Year U.S. Treasury Note (640)    69,790  (333)

Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.

Item 2: Controls and Procedures.

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3:

 Exhibits.
(a) Certifications.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VANGUARD PENNSYLVANIA TAX-FREE FUNDS

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: October 18, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

VANGUARD PENNSYLVANIA TAX-FREE FUNDS

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: October 18, 2007

VANGUARD PENNSYLVANIA TAX-FREE FUNDS

BY: (signature)
(HEIDI STAM)
THOMAS J. HIGGINS*
TREASURER

Date: October 18, 2007

*By Power of Attorney, Filed on August 22, 2007, See File Number 333-145624. Incorporated by Reference.