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, 2008

Item 1: Schedule of Investments

Vanguard Pennsylvania Tax-Exempt Money Market Fund

Schedule of Investments

As of August 31, 2008

 

 

 

 

 

 

 

 

 

Face

Market

 

 

 

 

 

Maturity

 

 

Amount

Value

 

 

 

Coupon

 

Date

 

 

($000)

($000)

 

Tax-Exempt Municipal Bonds (100.1%)

Pennsylvania (99.9%)

1

Abington PA School District TOB VRDO

1.840%

 

9/8/08

 

LOC

7,500

7,500

1

Allegheny County PA GO TOB VRDO

2.200%

 

9/8/08

 

(4)

25,985

25,985

 

Allegheny County PA GO VRDO

1.900%

 

9/8/08

 

LOC

37,305

37,305

 

Allegheny County PA GO VRDO

1.900%

 

9/8/08

 

LOC

14,455

14,455

 

Allegheny County PA Higher Educ. Building Auth. (Carnegie Mellon Univ.) VRDO

2.150%

 

9/2/08

 

 

42,700

42,700

 

Allegheny County PA Higher Educ. Building Auth. (Point Park Univ.) VRDO

1.820%

 

9/8/08

 

LOC

15,455

15,455

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Jefferson Regional Medical Center) VRDO

1.820%

 

9/8/08

 

LOC

3,625

3,625

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Presbyterian Univ. Health System) VRDO

1.750%

 

9/8/08

 

LOC

5,235

5,235

1

Allegheny County PA Hosp. Dev. Auth. Rev. (Univ of Pittsburgh Medical Center) TOB VRDO

1.870%

 

9/8/08

 

 

40,000

40,000

1

Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Medical Center) TOB VRDO

1.830%

 

9/8/08

 

(13)

4,995

4,995

1

Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Medical Center) TOB VRDO

1.840%

 

9/8/08

 

 

28,900

28,900

1

Allegheny County PA Hosp. Dev. Auth. Rev. TOB VRDO

1.870%

 

9/8/08

 

LOC

49,060

49,060

 

Allegheny County PA IDA Rev. (Carnegie Museum of Pittsburgh) VRDO

1.860%

 

9/8/08

 

LOC

4,455

4,455

 

Allegheny County PA IDA Rev. (Residential Rental) VRDO

2.000%

 

9/8/08

 

LOC

2,865

2,865

 

Allegheny County PA IDA Rev. (Western PA School for Blind Children) PUT

2.100%

 

7/1/09

 

 

15,000

15,000

 

Beaver County PA IDA PCR (First Energy) VRDO

2.430%

 

9/2/08

 

LOC

32,955

32,955

 

Beaver County PA IDA PCR (First Energy) VRDO

2.450%

 

9/2/08

 

LOC

24,200

24,200

 

Beaver County PA IDA PCR (First Energy) VRDO

1.770%

 

9/8/08

 

LOC

52,250

52,250

 

Beaver County PA IDA PCR (Firstenenergy Nuclear) VRDO

1.750%

 

9/8/08

 

LOC

52,300

52,300

 

Beaver County PA IDA PCR (Firstenenergy Nuclear) VRDO

1.770%

 

9/8/08

 

LOC

10,000

10,000

 

Beaver County PA IDA PCR (Met Edison Co.) VRDO

1.800%

 

9/8/08

 

LOC

10,000

10,000

 

Beaver County PA IDA PCR VRDO

1.910%

 

9/8/08

 

LOC

9,000

9,000

 

 

 

 

 

Berks County PA IDA (Kutztown Univ.) VRDO

1.880%

 

9/8/08

 

LOC

13,010

13,010

 

Bucks County PA IDA (Pennswood Village Project) VRDO

1.880%

 

9/8/08

 

LOC

8,600

8,600

 

Bucks County PA IDA (Pennswood Village Project) VRDO

1.880%

 

9/8/08

 

LOC

8,415

8,415

1

Central Bucks PA School Dist. TOB VRDO

1.840%

 

9/8/08

 

LOC

5,525

5,525

1

Central Bucks PA School Dist. TOB VRDO

1.840%

 

9/8/08

 

LOC

16,320

16,320

 

Chambersburg PA Auth. Rev. (Wilson College Project) VRDO

1.900%

 

9/8/08

 

LOC

31,180

31,180

 

Chester County PA Health & Educ. Fac. Auth. Rev. (Jefferson Health System) VRDO

1.770%

 

9/8/08

 

 

20,955

20,955

 

Chester County PA Health & Educ. Fac. Auth. Rev. (Jefferson Health System) VRDO

1.820%

 

9/8/08

 

 

33,670

33,670

 

Chester County PA Health & Educ. Fac. Auth. Rev. (Jenner's Pond Project) VRDO

1.850%

 

9/8/08

 

LOC

24,040

24,040

 

Chester County PA IDA Student Housing Rev. VRDO

1.870%

 

9/8/08

 

LOC

22,910

22,910

 

Cumberland County PA Muni. Auth. College Rev. (Dickinson College) PUT

3.450%

 

11/1/08

 

LOC(Prere.)

5,000

5,000

 

Cumberland County PA Muni. Auth. College Rev. (Messiah Village Program) VRDO

1.880%

 

9/8/08

 

LOC

3,600

3,600

 

Dallastown Area School Dist. VRDO

2.070%

 

9/8/08

 

(4)

7,200

7,200

 

Dauphin County PA General Auth. Hosp. Rev. (Reading Hosp. & Medical Center) VRDO

1.770%

 

9/8/08

 

 

8,605

8,605

 

Dauphin County PA VRDO

1.820%

 

9/8/08

 

 

5,625

5,625

 

Delaware County PA Auth. Rev. (Haverford College) VRDO

1.900%

 

9/8/08

 

 

29,850

29,850

 

Delaware County PA Auth. Univ. Rev. (Villanova Univ.) VRDO

1.900%

 

9/8/08

 

LOC

12,525

12,525

 

Delaware County PA Auth. Univ. Rev. (Villanova Univ.) VRDO

1.900%

 

9/8/08

 

LOC

8,310

8,310

 

Delaware County PA Hosp. Auth. Rev. (Crozer-Chester Medical Center) VRDO

1.920%

 

9/8/08

 

LOC

4,000

4,000

 

Delaware County PA IDA Airport Fac. (United Parcel Service) VRDO

2.300%

 

9/2/08

 

 

4,200

4,200

 

Delaware County PA IDA PCR (BP Exploration & Oil) VRDO

2.300%

 

9/2/08

 

 

27,450

27,450

 

Delaware County PA IDA PCR (BP Exploration & Oil) VRDO

2.300%

 

9/2/08

 

 

1,800

1,800

 

Delaware County PA IDA PCR (PECO) CP

1.800%

 

11/4/08

 

LOC

22,125

22,125

 

Delaware County PA IDA Refunding Resource Recovery Fac. (General Electric Capital Corp.) VRDO

1.700%

 

9/8/08

 

 

44,100

44,100

 

 

 

 

 

Delaware County PA IDA Refunding Resource Recovery Fac. (General Electric Capital Corp.) VRDO

1.700%

 

9/8/08

 

 

8,375

8,375

 

Delaware County PA IDA Refunding Resource Recovery Fac. (General Electric Capital Corp.) VRDO

1.700%

 

9/8/08

 

 

8,235

8,235

 

Delaware County PA IDA Refunding Resource Recovery Fac. (General Electric Capital Corp.) VRDO

1.700%

 

9/8/08

 

 

8,595

8,595

 

Delaware County PA IDA Refunding Resource Recovery Fac. (General Electric Capital Corp.) VRDO

1.700%

 

9/8/08

 

 

7,640

7,640

 

Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO

2.150%

 

9/8/08

 

 

8,700

8,700

 

Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO

2.150%

 

9/8/08

 

 

14,900

14,900

 

Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO

2.150%

 

9/8/08

 

 

17,000

17,000

 

Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO

2.150%

 

9/8/08

 

 

14,895

14,895

 

Delaware River Port Auth. Pennsylvania & New Jersey Rev. VRDO

1.790%

 

9/8/08

 

LOC

25,000

25,000

 

Doylestown PA Hosp. Auth. Hosp. Rev. VRDO

1.820%

 

9/8/08

 

LOC

11,700

11,700

 

Erie County PA Hosp. Auth. Rev. (Hamot Health Foundation) VRDO

2.550%

 

9/2/08

 

LOC

5,500

5,500

 

Fayette County PA Hosp. Auth. Rev. (Fayette Regional Health System) VRDO

1.820%

 

9/8/08

 

LOC

15,000

15,000

 

Franklin County PA IDA Rev. (Menno Haven Inc. Project) VRDO

1.860%

 

9/8/08

 

LOC

14,450

14,450

1

Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) TOB VRDO

1.790%

 

9/8/08

 

 

3,615

3,615

1

Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) TOB VRDO

1.840%

 

9/8/08

 

 

20,495

20,495

1

Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) TOB VRDO

1.840%

 

9/8/08

 

 

13,520

13,520

 

Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) VRDO

2.000%

 

9/2/08

 

 

48,050

48,050

 

Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) VRDO

2.000%

 

9/2/08

 

 

41,485

41,485

 

Geisinger Health System Auth. of Pennsylvania Rev. (Penn State Geisinger Health System) VRDO

2.150%

 

9/2/08

 

 

19,605

19,605

 

Lackawanna County PA GO VRDO

2.070%

 

9/8/08

 

(4)

39,540

39,540

 

Lackawanna County PA GO VRDO

2.100%

 

9/8/08

 

(4)

44,540

44,540

 

Lackawanna County PA IDA Rev. (Scranton Prep School Proj.) VRDO

1.860%

 

9/8/08

 

LOC

23,970

23,970

 

 

 

 

 

Lancaster County PA Convention Center Auth. Rev. (Hotel Room) VRDO

1.880%

 

9/8/08

 

LOC

40,000

40,000

 

Lehigh County PA General Purpose Hosp. Auth. Rev. (Good Shephard Group) VRDO

1.800%

 

9/8/08

 

(12)

8,045

8,045

 

Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network) VRDO

2.450%

 

9/2/08

 

LOC

17,815

17,815

 

Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network) VRDO

2.550%

 

9/2/08

 

(12)

5,700

5,700

 

Lehigh County PA General Purpose Hosp. Auth. Rev. (Muhlenberg College) VRDO

1.900%

 

9/8/08

 

LOC

7,500

7,500

1

Luzerne County PA IDA Multifamily Housing Rev. TOB VRDO

1.910%

 

9/8/08

 

 

9,250

9,250

 

Manheim Township PA School Dist. VRDO

2.040%

 

9/8/08

 

(4)

11,925

11,925

 

Manheim Township PA School Dist. VRDO

2.100%

 

9/8/08

 

(4)

5,935

5,935

 

Manheim Township PA School Dist. VRDO

2.100%

 

9/8/08

 

(4)

9,000

9,000

 

Mercersburg Borough PA General Purpose Auth. (Mercersburg College) VRDO

1.850%

 

9/8/08

 

LOC

19,900

19,900

 

Mercersburg Borough PA General Purpose Auth. (Mercersburg College) VRDO

1.850%

 

9/8/08

 

LOC

18,715

18,715

 

Mercersburg Borough PA General Purpose Auth. (Mercersburg College) VRDO

1.850%

 

9/8/08

 

LOC

10,000

10,000

 

Monroe County PA Hosp. Auth. Rev. (Pocono Medical Center) VRDO

1.790%

 

9/8/08

 

LOC

14,360

14,360

 

Montgomery County PA GO VRDO

2.550%

 

9/2/08

 

 

9,995

9,995

 

Montgomery County PA IDA PCR (Exelon Generation Co.) CP

1.600%

 

9/23/08

 

LOC

47,300

47,300

 

Montgomery County PA IDA PCR (Presbytery Homes) VRDO

1.850%

 

9/8/08

 

LOC

18,900

18,900

 

Montgomery County PA IDA Rev. (Foulkeways At Gwynedd Project) VRDO

1.880%

 

9/8/08

 

LOC

13,260

13,260

 

Montgomery County PA IDA Rev. (Friends' Central School Project) VRDO

1.830%

 

9/8/08

 

LOC

4,055

4,055

 

Montgomery County PA IDA Rev. (Gloria Dei Project) VRDO

1.860%

 

9/8/08

 

LOC

16,855

16,855

 

Montgomery County PA IDA Rev. (Haverford School Project) VRDO

2.400%

 

9/2/08

 

LOC

34,845

34,845

 

Montgomery County PA IDA Rev. (Meadowood Corp) VRDO

1.850%

 

9/8/08

 

LOC

20,530

20,530

 

Montgomery County PA IDA Rev. (Rosemont School Holy Child) VRDO

1.900%

 

9/8/08

 

LOC

12,200

12,200

 

Nazareth PA School Dist. GO VRDO

2.100%

 

9/8/08

 

(4)

6,000

6,000

 

 

 

 

 

New Garden General Auth. PA Muni Rev. VRDO

1.950%

 

9/8/08

 

(4)

5,200

5,200

 

Northampton County PA General Purpose Auth. Univ. Rev. (Lafayette College) VRDO

1.900%

 

9/8/08

 

 

9,950

9,950

1

Northampton County PA General Purpose Auth. Univ. Rev. (Lehigh Univ.) TOB VRDO

1.860%

 

9/8/08

 

LOC

21,385

21,385

 

Northampton County PA General Purpose Auth. Univ. Rev. (Lehigh Univ.) VRDO

1.720%

 

9/8/08

 

 

20,660

20,660

 

Northampton County PA General Purpose Auth. Univ. Rev. (Lehigh Univ.) VRDO

1.720%

 

9/8/08

 

 

13,510

13,510

 

Northampton County PA General Purpose Auth. Univ. Rev. (Lehigh Univ.) VRDO

1.930%

 

9/8/08

 

 

24,000

24,000

 

Northampton County PA IDA PCR (Libra Partners) VRDO

2.050%

 

9/8/08

 

LOC

5,055

5,055

1

Owen J. Roberts School Dist. Pennsylvania GO TOB PUT

2.800%

 

3/5/09

 

LOC

16,885

16,885

 

Parkland PA School Dist. VRDO

2.040%

 

9/8/08

 

(4)

13,645

13,645

 

Pennsbury PA School Dist. VRDO

2.070%

 

9/8/08

 

(4)

9,100

9,100

 

Pennsylvania Econ. Dev. Financing Auth. Fac. Rev. (Jefferson Health) VRDO

1.800%

 

9/8/08

 

 

24,810

24,810

 

Pennsylvania Econ. Dev. Financing Auth. Fac. Rev. (Jefferson Health) VRDO

1.820%

 

9/8/08

 

 

26,170

26,170

 

Pennsylvania Econ. Dev. Financing Auth. Fac. Rev. (PPL Energy Supply) PUT

1.800%

 

4/9/09

 

LOC

60,570

60,570

1

Pennsylvania Econ. Dev. Financing Auth. Fac. Rev. (Wenger's Feed Mill) VRDO

2.050%

 

9/8/08

 

LOC

6,510

6,510

 

Pennsylvania Econ. Dev. Financing Auth. Fac. Rev. (York Water Company Project) VRDO

1.920%

 

9/8/08

 

LOC

5,000

5,000

 

Pennsylvania GO

5.000%

 

9/15/08

 

 

7,150

7,154

 

Pennsylvania GO

5.000%

 

11/1/08

 

 

7,625

7,666

1

Pennsylvania GO TOB VRDO

1.790%

 

9/8/08

 

 

4,200

4,200

1

Pennsylvania GO TOB VRDO

1.840%

 

9/8/08

 

 

19,320

19,320

1

Pennsylvania GO TOB VRDO

1.840%

 

9/8/08

 

 

10,760

10,760

1

Pennsylvania GO TOB VRDO

1.840%

 

9/8/08

 

 

9,300

9,300

1

Pennsylvania GO TOB VRDO

1.840%

 

9/8/08

 

 

6,960

6,960

1

Pennsylvania GO TOB VRDO

1.840%

 

9/8/08

 

 

7,360

7,360

1

Pennsylvania GO TOB VRDO

1.840%

 

9/8/08

 

 

4,655

4,655

1

Pennsylvania GO TOB VRDO

1.890%

 

9/8/08

 

(4)(Prere.)

7,111

7,111

1

Pennsylvania GO TOB VRDO

2.040%

 

9/8/08

 

 

20,000

20,000

 

Pennsylvania Higher Educ. Assistance Agency Student Loan Rev. VRDO

1.970%

 

9/8/08

 

(4)

43,500

43,500

 

Pennsylvania Higher Educ. Assistance Agency Student Loan Rev. VRDO

2.280%

 

9/8/08

 

(4)

5,000

5,000

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Carnegie Mellon Univ.) VRDO

2.000%

 

9/2/08

 

 

36,725

36,725

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Carnegie Mellon Univ.) VRDO

2.000%

 

9/2/08

 

 

41,865

41,865

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Carnegie Mellon Univ.) VRDO

2.000%

 

9/2/08

 

 

34,775

34,775

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Carnegie Mellon Univ.) VRDO

2.000%

 

9/2/08

 

 

12,300

12,300

 

 

 

 

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (College of Optometry) VRDO

1.880%

 

9/8/08

 

LOC

12,035

12,035

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Drexel Univ.) VRDO

1.790%

 

9/8/08

 

LOC

20,940

20,940

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Drexel Univ.) VRDO

1.840%

 

9/8/08

 

LOC

22,500

22,500

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Drexel Univ.) VRDO

1.840%

 

9/8/08

 

LOC

13,255

13,255

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Drexel Univ.) VRDO

1.850%

 

9/8/08

 

LOC

30,000

30,000

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Foundation for Indiana Univ. of Pennsylvania Student Housing) VRDO

1.800%

 

9/8/08

 

LOC

9,000

9,000

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Gannon Univ.) VRDO

1.820%

 

9/8/08

 

LOC

6,950

6,950

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Kings College) VRDO

1.820%

 

9/8/08

 

LOC

4,400

4,400

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (La Salle Univ.) VRDO

1.900%

 

9/8/08

 

LOC

41,965

41,965

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (St. Joseph's Univ.) VRDO

1.900%

 

9/8/08

 

LOC

12,000

12,000

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (St. Joseph's Univ.) VRDO

1.900%

 

9/8/08

 

LOC

11,500

11,500

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (St. Joseph's Univ.) VRDO

1.900%

 

9/8/08

 

LOC

5,095

5,095

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Student Assn. Inc. Housing - California Univ. of Pennsylvania) VRDO

1.840%

 

9/8/08

 

LOC

64,995

64,995

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Thomas Jefferson Univ.) VRDO

1.770%

 

9/8/08

 

LOC

6,000

6,000

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Thomas Jefferson Univ.) VRDO

1.770%

 

9/8/08

 

LOC

3,500

3,500

1

Pennsylvania Higher Educ. Fac. Auth. Rev. (Trustees of the Univ. of Pennsylvania) TOB VRDO

1.840%

 

9/8/08

 

 

6,180

6,180

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Trustees Univ.)

5.250%

 

9/1/08

 

 

5,110

5,110

 

Pennsylvania Higher Educ. Fac. Auth. Rev. PUT

1.700%

 

3/17/09

 

 

13,030

13,030

1

Pennsylvania Higher Educ. Fac. Auth. Rev. TOB VRDO

1.840%

 

9/8/08

 

 

4,875

4,875

1

Pennsylvania Higher Educ. Fac. Auth. Rev. TOB VRDO

1.840%

 

9/8/08

 

 

9,305

9,305

 

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) PUT

2.150%

 

3/27/09

 

 

3,260

3,260

 

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) PUT

2.350%

 

3/27/09

 

 

2,700

2,700

1

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) TOB VRDO

1.870%

 

9/8/08

 

 

10,125

10,125

 

 

 

 

1

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) TOB VRDO

1.990%

 

9/8/08

 

 

3,000

3,000

1

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) TOB VRDO

1.990%

 

9/8/08

 

 

4,740

4,740

1

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) TOB VRDO

1.990%

 

9/8/08

 

 

4,990

4,990

1

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) TOB VRDO

1.990%

 

9/8/08

 

 

3,273

3,273

1

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) TOB VRDO

1.990%

 

9/8/08

 

 

8,760

8,760

 

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO

1.850%

 

9/8/08

 

 

39,950

39,950

 

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO

1.850%

 

9/8/08

 

 

15,690

15,690

 

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO

1.850%

 

9/8/08

 

 

31,930

31,930

 

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO

1.850%

 

9/8/08

 

 

10,600

10,600

 

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO

2.050%

 

9/8/08

 

 

23,905

23,905

 

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO

2.050%

 

9/8/08

 

 

31,250

31,250

 

Pennsylvania Housing Finance Agency Rev. (Single Family Mortgage) VRDO

2.100%

 

9/8/08

 

 

30,000

30,000

1

Pennsylvania Housing Finance Agency Rev. TOB VRDO

1.920%

 

9/8/08

 

 

8,545

8,545

1

Pennsylvania Housing Finance Agency Rev. TOB VRDO

1.920%

 

9/8/08

 

 

7,495

7,495

1

Pennsylvania Housing Finance Agency Rev. TOB VRDO

1.920%

 

9/8/08

 

 

5,995

5,995

1

Pennsylvania Housing Finance Agency Rev. TOB VRDO

1.990%

 

9/8/08

 

 

4,500

4,500

1

Pennsylvania Housing Finance Agency Rev. TOB VRDO

2.170%

 

9/8/08

 

 

9,930

9,930

 

Pennsylvania Housing Finance Agency Rev. VRDO

1.850%

 

9/8/08

 

 

40,575

40,575

 

Pennsylvania Housing Finance Agency Rev. VRDO

1.850%

 

9/8/08

 

 

17,265

17,265

 

Pennsylvania Housing Finance Agency Rev. VRDO

1.850%

 

9/8/08

 

 

17,955

17,955

 

Pennsylvania Housing Finance Agency Rev. VRDO

1.900%

 

9/8/08

 

 

30,000

30,000

 

Pennsylvania Housing Finance Agency Rev. VRDO

1.900%

 

9/8/08

 

 

10,000

10,000

1

Pennsylvania Housing Finance Agency Rev. VRDO

1.900%

 

9/8/08

 

 

7,500

7,500

 

Pennsylvania Housing Finance Agency Rev. VRDO

2.050%

 

9/8/08

 

 

9,495

9,495

 

 

 

 

 

Pennsylvania Housing Finance Agency Rev. VRDO

2.050%

 

9/8/08

 

 

20,000

20,000

 

Pennsylvania Housing Finance Agency Rev. VRDO

2.050%

 

9/8/08

 

 

14,975

14,975

1

Pennsylvania Housing Finance Agency TOB VRDO

2.020%

 

9/8/08

 

 

5,165

5,165

 

Pennsylvania Intergovernmental Cooperation Auth. Rev. VRDO

2.040%

 

9/8/08

 

(4)

30,000

30,000

1

Pennsylvania Public School Building Auth. Lease Rev. (School Dist. of Philadelphia) TOB VRDO

1.850%

 

9/8/08

 

LOC

30,760

30,760

1

Pennsylvania State Higher Educ. Fac. Rev. TOB PUT

2.950%

 

11/14/08

 

 

25,840

25,848

1

Pennsylvania State Univ. Rev. TOB VRDO

1.840%

 

9/8/08

 

 

7,065

7,065

1

Pennsylvania State Univ. Rev. TOB VRDO

2.070%

 

9/8/08

 

 

6,130

6,130

 

Pennsylvania State Univ. Rev. VRDO

1.790%

 

9/8/08

 

 

33,605

33,605

 

Pennsylvania State Univ. Rev. VRDO

1.790%

 

9/8/08

 

 

65,275

65,275

1

Pennsylvania State Univ. TOB VRDO

1.870%

 

9/8/08

 

LOC

19,995

19,995

 

Pennsylvania Turnpike Comm. Oil Franchise Tax Rev.

5.250%

 

12/1/08

 

(Prere.)

1,495

1,520

1

Pennsylvania Turnpike Comm. Registration Fee Rev. TOB VRDO

2.210%

 

9/8/08

 

(4)

6,905

6,905

1

Pennsylvania Turnpike Comm. Registration Fee Rev. TOB VRDO

2.220%

 

9/8/08

 

(4)

9,920

9,920

 

Pennsylvania Turnpike Comm. Registration Fee Rev. VRDO

2.040%

 

9/8/08

 

(4)

8,475

8,475

1

Pennsylvania Turnpike Comm. Rev. TOB VRDO

1.870%

 

9/8/08

 

(13)

43,065

43,065

1

Pennsylvania Turnpike Comm. Rev. TOB VRDO

2.490%

 

9/8/08

 

(12)

4,870

4,870

 

Pennsylvania Turnpike Comm. Rev. VRDO

1.600%

 

9/8/08

 

LOC

25,000

25,000

 

Pennsylvania Turnpike Comm. Rev. VRDO

1.900%

 

9/8/08

 

LOC

25,000

25,000

 

Pennsylvania Turnpike Comm. Rev. VRDO

1.900%

 

9/8/08

 

LOC

59,500

59,500

 

Pennsylvania Turnpike Comm. Rev. VRDO

1.900%

 

9/8/08

 

LOC

21,000

21,000

 

Philadelphia PA Auth. for Individual Healthcare Dev. Rev. VRDO

1.900%

 

9/8/08

 

LOC

9,720

9,720

 

Philadelphia PA Auth. IDR (Girard Estate Aramark Project) VRDO

1.770%

 

9/8/08

 

LOC

4,000

4,000

 

Philadelphia PA Auth. IDR (PA Academy of Fine Arts) VRDO

1.880%

 

9/8/08

 

LOC

10,605

10,605

 

Philadelphia PA GO

5.250%

 

3/15/09

 

(4)(Prere.)

1,755

1,799

 

Philadelphia PA GO

5.250%

 

3/15/09

 

(4)(Prere.)

3,000

3,075

1

Philadelphia PA GO TOB VRDO

2.190%

 

9/8/08

 

(4)

12,000

12,000

1

Philadelphia PA GO TOB VRDO

2.190%

 

9/8/08

 

(4)

4,000

4,000

 

 

 

 

1

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) TOB VRDO

1.850%

 

9/8/08

 

 

9,625

9,625

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO

2.200%

 

9/2/08

 

 

10,600

10,600

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO

2.200%

 

9/2/08

 

 

42,145

42,145

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO

2.200%

 

9/2/08

 

 

1,800

1,800

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO

2.200%

 

9/2/08

 

 

6,000

6,000

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO

2.200%

 

9/2/08

 

 

6,400

6,400

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Jefferson Health System) PUT

2.200%

 

2/10/09

 

 

16,900

16,900

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Wills Eye Hosp.) VRDO

1.770%

 

9/8/08

 

LOC

11,115

11,115

 

Philadelphia PA IDA Rev. (Chestnut Hill Academy) VRDO

1.900%

 

9/8/08

 

LOC

5,500

5,500

1

Philadelphia PA IDA Rev. (Fox Chase Cancer Center) TOB VRDO

1.870%

 

9/8/08

 

LOC

12,000

12,000

 

Philadelphia PA IDA Rev. (Fox Chase Cancer Center) VRDO

2.100%

 

9/2/08

 

LOC

7,665

7,665

 

Philadelphia PA IDA Rev. VRDO

1.900%

 

9/8/08

 

LOC

9,145

9,145

 

Philadelphia PA School Dist. GO

5.250%

 

4/1/09

 

(Prere.)

3,920

3,983

 

Philadelphia PA School Dist. VRDO

1.810%

 

9/8/08

 

LOC

15,000

15,000

 

Philadelphia PA School Dist. VRDO

1.900%

 

9/8/08

 

LOC

30,000

30,000

1

Philadelphia PA Water & Waste Water Rev. TOB VRDO

2.190%

 

9/8/08

 

(4)

5,220

5,220

1

Philadelphia PA Water & Waste Water Rev. TOB VRDO

2.220%

 

9/8/08

 

(4)

9,900

9,900

1

Philadelphia PA Water & Waste Water Rev. TOB VRDO

2.220%

 

9/8/08

 

(4)

32,910

32,910

1

Pittsburgh PA Urban Redev. Auth. Single Family Mortgage Rev. TOB VRDO

1.930%

 

9/8/08

 

 

8,480

8,480

 

Quakertown PA General Auth. Rev. PUT

1.650%

 

3/5/09

 

 

20,000

20,000

 

Red Lion PA School Dist. VRDO

2.040%

 

9/8/08

 

(4)

47,750

47,750

1

Scranton PA School Dist. GO TOB VRDO

2.090%

 

9/8/08

 

(4)

3,660

3,660

1

Scranton PA School Dist. GO TOB VRDO

2.490%

 

9/8/08

 

(4)

6,370

6,370

 

South Fork PA Hosp. Auth. Rev. (Conemaugh Valley Hosp.) VRDO

1.600%

 

9/8/08

 

LOC

9,125

9,125

 

Southeastern Pennsylvania Transp. Auth. Rev. VRDO

1.820%

 

9/8/08

 

LOC

15,000

15,000

 

St. Mary's Hosp. Auth. Bucks County PA Rev. (Catholic Health Initiatives) VRDO

1.800%

 

9/8/08

 

 

10,300

10,300

 

St. Mary's Hosp. Auth. Bucks County PA Rev. (Catholic Health Initiatives) VRDO

1.900%

 

9/8/08

 

 

40,900

40,900

 

 

 

 

 

State Public School Building Auth. Pennsylvania College Rev. (North Allegheny School Dist.) VRDO

1.820%

 

9/8/08

 

 

18,145

18,145

1

State Public School Building Auth. Pennsylvania School Rev. (Philadelphia School Dist.) TOB VRDO

2.090%

 

9/8/08

 

(4)

4,665

4,665

 

Temple Univ. of the Commonwealth System of Higher Educ. Pennsylvania Univ. Funding Obligation

2.500%

 

4/21/09

 

 

60,000

60,357

 

Union County PA Higher Educ. Auth. Rev. (Bucknell Univ.) VRDO

1.770%

 

9/8/08

 

 

5,985

5,985

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.820%

 

9/8/08

 

 

5,000

5,000

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.820%

 

9/8/08

 

 

19,700

19,700

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.820%

 

9/8/08

 

 

12,500

12,500

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.820%

 

9/8/08

 

 

13,621

13,621

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.930%

 

9/8/08

 

 

2,500

2,500

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.930%

 

9/8/08

 

 

3,200

3,200

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.930%

 

9/8/08

 

 

8,000

8,000

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.930%

 

9/8/08

 

 

13,600

13,600

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.930%

 

9/8/08

 

 

6,100

6,100

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.930%

 

9/8/08

 

 

5,000

5,000

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.930%

 

9/8/08

 

 

5,000

5,000

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.930%

 

9/8/08

 

 

2,400

2,400

 

Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) VRDO

1.930%

 

9/8/08

 

 

15,000

15,000

 

Upper St. Claire PA VRDO

2.070%

 

9/8/08

 

(4)

6,460

6,460

 

Venango PA IDA (Scrubgrass Project) CP

1.800%

 

9/9/08

 

LOC

14,314

14,314

 

 

 

 

 

Wallingford-Swarthmore PA School Dist. VRDO

2.100%

 

9/8/08

 

(4)

10,000

10,000

 

York County PA IDA (PECO) CP

1.500%

 

10/7/08

 

LOC

16,440

16,440

 

4,026,066

Puerto Rico (0.2%)

1

Puerto Rico Ind. Medical & Environmental Fac. Finance Auth. Rev. PCR (Abbott Laboratories) PUT

2.250%

 

3/1/09

 

 

7,000

7,000

 

Total Tax-Exempt Municipal Bonds (Cost $4,033,066)

4,033,066

Total Investments (100.1%) (Cost $4,033,066)

4,033,066

Other Assets and Liabilities-Net (-0.1%)

(2,633)

Net Assets (100%)

4,030,433

 

 

 

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, 2008, the aggregate value of these securities was $734,377,000, representing 18.2% 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).

(12) Assured Guaranty Corp.

(13) National Indemnity Co. (Berkshire Hathaway).

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.

 

 

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

In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements, effective for the fund's current fiscal Period.

 

The various inputs that may be used to determine the value of the fund's investments are summarized in three broad levels. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

 

At August 31, 2008, 100% of the fund's investments were valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.

 

 

 

 

Vanguard Pennsylvania Long-Term Tax-Exempt Fund

Schedule of Investments

As of August 31, 2008

 

 

 

 

 

 

 

 

Face

Market

 

 

 

 

 

Maturity

 

Amount

Value

 

 

 

Coupon

 

Date

 

($000)

($000)

 

Tax-Exempt Municipal Bonds (100.2%)

Pennsylvania (94.1%)

 

Abington PA School Dist. GO

5.000%

 

4/1/32

 

(4)

6,495

6,556

 

Adams County PA GO

5.300%

 

5/15/11

 

(3)(Prere.)

10,240

11,034

 

Allegheny County PA GO

0.000%

 

4/1/10

 

(1)

2,000

1,918

 

Allegheny County PA GO

5.250%

 

5/1/11

 

(3)(Prere.)

3,000

3,226

 

Allegheny County PA GO

5.500%

 

5/1/11

 

(3)(Prere.)

445

481

 

Allegheny County PA GO

5.750%

 

5/1/11

 

(3)(Prere.)

730

794

 

Allegheny County PA GO

5.750%

 

11/1/11

 

(3)

995

1,063

 

Allegheny County PA GO

5.375%

 

11/1/12

 

(1)(Prere.)

2,645

2,927

 

Allegheny County PA GO

5.375%

 

11/1/12

 

(1)(Prere.)

2,000

2,214

 

Allegheny County PA GO

5.375%

 

11/1/12

 

(1)(Prere.)

2,880

3,187

 

Allegheny County PA GO

5.375%

 

11/1/12

 

(1)(Prere.)

3,725

4,123

 

Allegheny County PA GO

5.500%

 

11/1/14

 

(3)

605

641

 

Allegheny County PA GO

5.375%

 

11/1/16

 

(1)

4,100

4,429

 

Allegheny County PA GO

5.375%

 

11/1/17

 

(1)

3,600

3,889

 

Allegheny County PA GO

6.000%

 

7/1/23

 

(1)

5,745

6,483

 

Allegheny County PA GO

5.000%

 

11/1/32

 

(4)

3,500

3,541

 

Allegheny County PA Higher Educ. Building Auth. (Carnegie Mellon Univ.)

5.125%

 

3/1/32

 

 

3,000

3,024

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Catholic Health East)

5.250%

 

11/15/13

 

(2)

1,000

1,025

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Magee Women's Hosp.)

6.000%

 

10/1/10

 

(3)

4,235

4,386

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Medical Center)

5.000%

 

6/15/13

 

 

2,000

2,107

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Medical Center)

5.000%

 

6/15/14

 

 

1,500

1,583

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Medical Center)

5.000%

 

9/1/14

 

 

25,000

26,418

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Medical Center)

5.000%

 

6/15/15

 

 

2,000

2,100

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Medical Center)

5.000%

 

6/15/18

 

 

7,000

7,162

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh)

6.000%

 

7/1/26

 

(1)

4,625

5,243

 

Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh)

6.000%

 

7/1/27

 

(1)

9,325

10,540

 

Allegheny County PA Port Auth. Rev.

5.375%

 

3/1/12

 

(3)

4,965

5,280

 

Allegheny County PA Port Auth. Rev.

5.500%

 

3/1/14

 

(3)

2,355

2,504

 

Allegheny County PA Port Auth. Rev.

5.500%

 

3/1/16

 

(3)

1,500

1,595

 

Allegheny County PA Port Auth. Rev.

5.500%

 

3/1/17

 

(3)

2,750

2,923

 

 

 

 

 

Allegheny County PA Sanitation Auth. Sewer Rev.

5.500%

 

12/1/10

 

(1)(Prere.)

6,880

7,418

 

Allegheny County PA Sanitation Auth. Sewer Rev.

6.000%

 

12/1/10

 

(1)

1,500

1,611

 

Allegheny County PA Sanitation Auth. Sewer Rev.

6.000%

 

12/1/11

 

(1)

1,490

1,606

 

Allegheny County PA Sanitation Auth. Sewer Rev.

5.750%

 

12/1/12

 

(1)

1,180

1,264

 

Allegheny County PA Sanitation Auth. Sewer Rev.

5.375%

 

12/1/16

 

(1)

3,545

3,816

 

Allegheny County PA Sanitation Auth. Sewer Rev.

5.500%

 

12/1/16

 

(3)(ETM)

11,295

11,980

 

Allegheny County PA Sanitation Auth. Sewer Rev.

5.375%

 

12/1/18

 

(1)

15,000

15,967

 

Allegheny County PA Sanitation Auth. Sewer Rev.

5.000%

 

12/1/24

 

(1)

6,000

5,967

 

Allegheny County PA Sanitation Auth. Sewer Rev.

5.500%

 

12/1/30

 

(1)

2,150

2,217

 

Allegheny County PA Sanitation Auth. Sewer Rev.

5.000%

 

12/1/32

 

(3)

12,000

11,751

 

Annville Cleona PA School Dist.

6.000%

 

3/1/28

 

(4)

1,500

1,632

 

Annville Cleona PA School Dist.

6.000%

 

3/1/31

 

(4)

2,475

2,665

 

Bensalem Township PA School Dist. GO

5.250%

 

6/15/24

 

(3)

3,700

3,810

 

Berks County PA GO

0.000%

 

11/15/13

 

(3)

7,250

5,936

 

Berks County PA GO

0.000%

 

11/15/14

 

(3)

8,615

6,685

 

Berks County PA GO

0.000%

 

11/15/15

 

(3)

6,250

4,585

 

Berks County PA Hosp. Rev. (Reading Hosp.)

5.700%

 

10/1/14

 

(1)

4,500

4,852

 

Bethlehem PA Area School Dist.

5.375%

 

3/15/12

 

(3)(Prere.)

7,500

8,205

 

Blair County PA Hosp. Auth. Rev. (Altoona Hosp.)

5.500%

 

7/1/16

 

(2)

4,480

4,808

 

Bristol Borough PA School Dist. GO

5.250%

 

9/1/15

 

(4)(Prere.)

3,635

4,098

 

Bucks County PA IDA (Pennswood Village Project)

6.000%

 

10/1/12

 

(Prere.)

2,600

2,937

 

Carlisle PA Area School Dist. GO

5.375%

 

3/1/12

 

(1)(Prere.)

1,550

1,694

 

Carlisle PA Area School Dist. GO

5.375%

 

3/1/12

 

(1)(Prere.)

1,635

1,787

 

Carlisle PA Area School Dist. GO

5.375%

 

3/1/12

 

(1)(Prere.)

1,725

1,886

 

Carlisle PA Area School Dist. GO

5.375%

 

3/1/12

 

(1)(Prere.)

1,820

1,989

 

Catholic Health East Pennsylvania Health Systems Rev.

5.375%

 

11/15/14

 

(Prere.)

3,000

3,365

 

Catholic Health East Pennsylvania Health Systems Rev.

5.500%

 

11/15/14

 

(Prere.)

1,400

1,580

 

Central Bucks PA School Dist.

5.500%

 

5/15/12

 

(3)(Prere.)

5,540

6,085

 

Central Bucks PA School Dist.

5.500%

 

5/15/12

 

(3)(Prere.)

3,785

4,157

 

Central Bucks PA School Dist.

5.500%

 

5/15/12

 

(3)(Prere.)

2,400

2,636

 

Central Bucks PA School Dist.

5.500%

 

5/15/12

 

(3)(Prere.)

1,500

1,648

 

Central Bucks PA School Dist.

5.000%

 

5/15/24

 

 

23,700

24,889

 

Chambersburg PA Area School Dist. GO

5.250%

 

3/1/29

 

(3)

3,805

3,899

 

Chester County PA GO

5.000%

 

7/15/26

 

 

4,345

4,551

 

Chester County PA GO

5.000%

 

7/15/27

 

 

5,000

5,215

 

Chester County PA Health & Educ. Fac. Auth. Rev. (Devereux Foundation)

5.000%

 

11/1/31

 

 

4,500

4,180

 

 

 

 

 

Chester County PA Health & Educ. Fac. Auth. Rev. (Jefferson Health System)

5.125%

 

5/15/18

 

(2)

12,445

12,591

 

Chester County PA Health & Educ. Fac. Auth. Rev. (Jefferson Health System)

5.250%

 

5/15/22

 

(2)

36,580

36,998

 

Chester County PA School Auth. Rev.

5.000%

 

4/1/23

 

(2)

2,670

2,726

 

Chester County PA School Auth. Rev.

5.000%

 

4/1/24

 

(2)

1,000

1,017

 

Chester County PA School Auth. Rev.

5.000%

 

4/1/26

 

(2)

1,575

1,590

 

Clarion County PA IDA Auth. Rev.

5.000%

 

7/1/32

 

(10)

4,980

4,516

 

Clarion County PA IDA Auth. Rev.

5.000%

 

7/1/37

 

(10)

6,360

5,667

 

Coatesville PA School Dist. GO

5.250%

 

8/15/14

 

(4)(Prere.)

6,645

7,436

 

Commonwealth Financing Auth. Pennsylvania Rev.

5.250%

 

6/1/23

 

(1)

13,535

14,231

 

Cumberland County PA Muni. Auth. College Rev. (Dickinson College)

5.500%

 

11/1/10

 

(2)(Prere.)

3,230

3,453

 

Cumberland County PA Muni. Auth. Rev.

7.250%

 

1/1/13

 

(Prere.)

7,360

8,748

 

Cumberland County PA Muni. Auth. Rev. (Diakon Lutheran Ministries)

5.000%

 

1/1/27

 

 

2,700

2,361

 

Cumberland County PA Muni. Auth. Rev. (Diakon Lutheran Ministries)

5.000%

 

1/1/36

 

 

6,750

5,658

 

Dallas PA School Dist. GO

5.000%

 

4/1/29

 

(11)

5,820

5,852

 

Danville PA Area School Dist. GO

5.000%

 

5/1/37

 

(4)

7,970

7,986

 

Dauphin County PA General Auth. Health System Rev. (Pinnacle Health)

5.500%

 

8/15/28

 

(1)(ETM)

9,415

10,660

 

Dauphin County PA General Auth. Hosp. Rev. (West Pennsylvania Hosp.)

5.500%

 

7/1/13

 

(1)(ETM)

5,000

5,354

 

Delaware County PA Auth. Rev. (Catholic Health East)

5.250%

 

11/15/12

 

(2)

3,300

3,383

 

Delaware County PA Auth. Rev. (Catholic Health East)

5.250%

 

11/15/13

 

(2)

4,665

4,782

 

Delaware County PA Auth. Rev. (White Horse Village Project) VRDO

2.450%

 

9/2/08

 

LOC

25,920

25,920

 

Delaware County PA Auth. Univ. Rev. (Villanova Univ.)

5.000%

 

8/1/24

 

(1)

4,000

4,072

 

Delaware County PA Hosp. Auth. Rev. (Crozer Keystone Obligated Group)

5.000%

 

12/15/31

 

 

10,000

8,295

 

Delaware County PA Hosp. Auth. Rev. (Crozer-Chester Medical Center)

5.300%

 

12/1/27

 

 

8,905

8,095

 

Delaware County PA IDA PCR (BP Exploration & Oil) VRDO

2.550%

 

9/2/08

 

LOC

2,150

2,150

 

Delaware County PA IDA PCR (PECO Energy Co.)

4.000%

 

12/1/12

 

 

13,000

13,007

 

Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO

2.150%

 

9/8/08

 

 

24,490

24,490

 

Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO

2.150%

 

9/8/08

 

 

1,200

1,200

 

Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO

2.150%

 

9/8/08

 

 

2,330

2,330

 

Delaware County PA IDA Solid Waste Rev. (Scott Paper Co.) VRDO

2.150%

 

9/8/08

 

 

6,780

6,780

 

Delaware County PA Regional Water Quality Control Auth. Rev.

5.500%

 

11/1/11

 

(3)(Prere.)

2,405

2,629

 

 

 

 

 

Delaware County PA Regional Water Quality Control Auth. Rev.

5.500%

 

11/1/11

 

(3)(Prere.)

2,685

2,936

 

Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev.

5.250%

 

7/1/19

 

(1)

1,645

1,761

 

Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev.

5.500%

 

7/1/19

 

(1)

4,835

5,389

 

Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev.

5.250%

 

7/1/20

 

(1)

1,735

1,853

 

Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev.

5.500%

 

7/1/20

 

(1)

5,105

5,656

 

Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev.

5.250%

 

7/1/21

 

(1)

1,825

1,939

 

Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev.

5.250%

 

7/1/22

 

(1)

1,920

2,022

 

Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev.

5.250%

 

7/1/23

 

(1)

2,020

2,099

 

Delaware River Port Auth. Pennsylvania & New Jersey Rev.

5.700%

 

1/1/23

 

(4)

8,345

8,576

 

Doylestown PA Hosp. Auth. Hosp. Rev.

5.000%

 

7/1/20

 

(12)

5,060

5,200

 

Doylestown PA Hosp. Auth. Hosp. Rev.

5.000%

 

7/1/21

 

(12)

3,000

3,056

 

Doylestown PA Hosp. Auth. Hosp. Rev.

5.000%

 

7/1/22

 

(12)

3,455

3,495

 

East Stroudsburg PA Area School Dist. GO

5.000%

 

9/1/29

 

(4)

7,085

7,214

 

Erie County PA GO

5.000%

 

9/1/15

 

(3)(Prere.)

5,525

6,142

 

Erie County PA Hosp. Auth. Rev. (Hamot Health Foundation)

5.000%

 

11/1/35

 

(11)

7,000

6,408

 

Erie PA School Dist. GO

0.000%

 

9/1/10

 

(4)

5,665

5,380

 

Erie PA School Dist. GO

0.000%

 

9/1/11

 

(4)

5,780

5,280

 

Erie PA School Dist. GO

0.000%

 

5/1/16

 

(1)(ETM)

3,175

2,379

 

Erie PA School Dist. GO

0.000%

 

9/1/18

 

(4)

830

537

 

Hazleton PA Area School Dist. GO

5.500%

 

3/1/11

 

(3)

3,740

3,974

 

Hazleton PA Area School Dist. GO

5.750%

 

3/1/12

 

(3)

1,420

1,539

 

Hazleton PA Area School Dist. GO

6.000%

 

3/1/16

 

(3)

18,245

19,754

 

Hazleton PA Area School Dist. GO

0.000%

 

3/1/17

 

(3)

4,425

2,964

 

Hazleton PA Area School Dist. GO

0.000%

 

3/1/22

 

(3)

5,265

2,550

 

Hempfield PA Area School Dist. (Westmoreland County) GO

5.000%

 

9/15/15

 

(3)(Prere.)

5,030

5,594

 

Lackawanna County PA GO

5.000%

 

9/15/29

 

(2)

1,975

1,970

 

Lackawanna County PA GO

5.000%

 

9/15/29

 

(4)

3,745

3,844

 

Lake Lehman PA School Dist. GO

0.000%

 

4/1/14

 

(1)

1,290

1,029

 

Lake Lehman PA School Dist. GO

0.000%

 

4/1/15

 

(1)

1,295

979

 

Lake Lehman PA School Dist. GO

0.000%

 

4/1/16

 

(1)

1,310

937

 

Lake Lehman PA School Dist. GO

0.000%

 

4/1/17

 

(1)

1,315

888

 

Lake Lehman PA School Dist. GO

0.000%

 

4/1/18

 

(1)

1,000

636

 

Lancaster County PA GO

5.500%

 

11/1/16

 

(3)

1,025

1,102

 

Lancaster County PA GO

5.500%

 

11/1/17

 

(3)

1,060

1,140

 

Lancaster County PA GO

5.500%

 

11/1/18

 

(3)

1,120

1,190

 

Lancaster County PA GO

5.500%

 

11/1/19

 

(3)

1,175

1,248

 

Lancaster County PA Hosp Auth Rev. (Lancaster General Hosp.)

5.000%

 

3/15/26

 

 

9,205

8,974

 

Lancaster County PA Hosp Auth Rev. (Lancaster General Hosp.)

5.000%

 

3/15/36

 

 

12,370

11,514

 

Lancaster County PA Hosp. Auth. Rev. (Masonic Homes) VRDO

2.450%

 

9/2/08

 

LOC

1,300

1,300

 

 

 

 

 

Lancaster County PA Hosp. Auth. Rev. (Willow Valley Retirement Project)

5.875%

 

6/1/21

 

 

1,000

1,020

 

Lancaster County PA Hosp. Auth. Rev. (Willow Valley Retirement Project)

5.875%

 

6/1/31

 

 

6,000

6,046

 

Lancaster PA Higher Educ. Auth. Rev. (Franklin & Marshall College)

5.000%

 

4/15/22

 

 

1,135

1,167

 

Lancaster PA Higher Educ. Auth. Rev. (Franklin & Marshall College)

5.000%

 

4/15/27

 

 

2,775

2,812

 

Lancaster PA Higher Educ. Auth. Rev. (Franklin & Marshall College)

5.000%

 

4/15/37

 

 

4,000

3,952

 

Latrobe PA IDA (Saint Vincent College)

5.600%

 

5/1/21

 

 

1,635

1,643

 

Latrobe PA IDA (Saint Vincent College)

5.700%

 

5/1/31

 

 

2,165

2,140

 

Lebanon County Health Fac. Auth. Rev. (Good Samaritan)

6.000%

 

11/15/35

 

 

10,500

10,443

 

Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network)

5.375%

 

7/1/14

 

(4)

900

954

 

Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network)

7.000%

 

7/1/16

 

(1)

4,415

5,094

 

Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network)

5.000%

 

7/1/35

 

(4)

10,000

9,883

 

Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network) VRDO

2.450%

 

9/2/08

 

LOC

5,700

5,700

 

Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network) VRDO

2.550%

 

9/2/08

 

(12)

2,100

2,100

 

Lower Merion PA School Dist. GO

5.000%

 

9/1/28

 

 

7,845

8,150

 

Lower Merion PA School Dist. GO

5.000%

 

9/1/30

 

 

8,670

8,936

 

Luzerne County PA GO

0.000%

 

11/15/12

 

(1)(Prere.)

2,360

1,645

 

Luzerne County PA GO

0.000%

 

11/15/12

 

(1)(Prere.)

2,390

1,565

 

Luzerne County PA GO

5.250%

 

12/15/21

 

(3)

5,320

5,575

 

Lycoming County PA Auth. College Rev. (PA College of Technology)

5.250%

 

10/1/27

 

(12)

5,395

5,588

 

Lycoming County PA Auth. College Rev. (PA College of Technology)

5.500%

 

10/1/37

 

(12)

6,650

6,885

 

McKeesport PA Area School Dist. GO

0.000%

 

10/1/08

 

(1)

2,270

2,266

 

McKeesport PA Area School Dist. GO

0.000%

 

10/1/09

 

(1)

2,020

1,969

 

McKeesport PA Area School Dist. GO

0.000%

 

10/1/10

 

(1)

1,840

1,737

 

McKeesport PA Area School Dist. GO

0.000%

 

10/1/11

 

(1)

1,835

1,663

 

McKeesport PA Area School Dist. GO

0.000%

 

10/1/14

 

(1)

2,040

1,611

 

McKeesport PA Area School Dist. GO

0.000%

 

10/1/15

 

(1)

2,040

1,526

 

McKeesport PA Area School Dist. GO

0.000%

 

10/1/16

 

(1)

4,655

3,298

 

McKeesport PA Area School Dist. GO

0.000%

 

10/1/18

 

(2)(ETM)

425

281

 

McKeesport PA Area School Dist. GO

0.000%

 

10/1/18

 

(2)

2,650

1,674

 

Monroe County PA Hosp. Auth. Rev. (Pocono Medical Center)

5.000%

 

1/1/27

 

 

2,000

1,846

 

Monroe County PA Hosp. Auth. Rev. (Pocono Medical Center)

5.125%

 

1/1/37

 

 

3,000

2,652

 

 

 

 

 

Monroe County PA Hosp. Auth. Rev. (Pocono Medical Center)

5.250%

 

1/1/43

 

 

6,450

5,713

 

Montgomery County PA GO

5.000%

 

7/15/19

 

 

8,800

8,983

 

Montgomery County PA GO

5.000%

 

10/15/28

 

 

13,235

13,717

 

Montgomery County PA GO

5.000%

 

10/15/31

 

 

6,450

6,623

 

Montgomery County PA Higher Educ. & Health Auth. Rev. (Catholic Health East)

5.375%

 

11/15/14

 

(Prere.)

2,175

2,439

 

Montgomery County PA Higher Educ. & Health Auth. Rev. (Dickinson College)

5.000%

 

5/1/31

 

(11)

5,750

5,650

 

Montgomery County PA Higher Educ. & Health Auth. Rev. (Holy Redeemer Health System)

5.250%

 

1/1/36

 

 

17,500

15,260

 

Montgomery County PA IDA Rev. (Hill School)

5.000%

 

8/15/25

 

(1)

6,500

6,669

 

Montgomery County PA IDA Rev. (Hill School)

5.000%

 

8/15/26

 

(1)

3,550

3,629

 

Montgomery County PA IDA Rev. (Hill School)

5.000%

 

8/15/27

 

(1)

3,300

3,362

 

North Hills PA School Dist. GO

5.250%

 

12/15/15

 

(4)(Prere.)

5,030

5,690

 

North Pocono PA School Dist. GO

5.000%

 

3/15/26

 

(3)

4,035

4,047

 

Northampton County PA General Purpose Auth. Univ. Rev. (Saint Lukes Hosp. Project)

5.375%

 

8/15/28

 

 

5,000

4,845

 

Northampton County PA General Purpose Auth. Univ. Rev. (Saint Lukes Hosp. Project)

5.500%

 

8/15/35

 

 

2,500

2,385

 

Northampton County PA General Purpose Auth. Univ. Rev. (Saint Lukes Hosp. Project)

5.500%

 

8/15/40

 

 

5,000

4,721

 

Northeastern PA Hosp. & Educ. Health Rev. (Wyoming Valley Health)

5.250%

 

1/1/16

 

(2)

5,910

5,960

 

Northeastern PA Hosp. & Educ. Health Rev. (Wyoming Valley Health)

5.250%

 

1/1/26

 

(2)

2,850

2,863

 

Norwin PA School Dist. GO

3.250%

 

4/1/33

 

(4)

10,485

7,635

 

Owen J. Roberts School Dist. Pennsylvania GO

5.500%

 

8/15/17

 

(4)

1,495

1,623

 

Owen J. Roberts School Dist. Pennsylvania GO

5.000%

 

5/15/31

 

(4)

8,000

8,102

 

Owen J. Roberts School Dist. Pennsylvania GO

5.000%

 

5/15/35

 

(4)

5,000

5,028

 

Parkland PA School Dist. GO

5.375%

 

9/1/15

 

(3)

3,050

3,371

 

Parkland PA School Dist. GO

5.375%

 

9/1/16

 

(3)

2,000

2,214

 

Pennsbury PA School Dist. GO

5.250%

 

8/1/24

 

(4)

9,135

9,574

 

Pennsylvania Convention Center Auth. Rev.

6.700%

 

9/1/16

 

(3)(ETM)

25,150

29,142

 

Pennsylvania GO

5.000%

 

8/1/09

 

 

16,220

16,714

 

Pennsylvania GO

5.000%

 

3/1/10

 

 

10,000

10,443

 

Pennsylvania GO

6.000%

 

1/15/11

 

 

3,000

3,176

 

Pennsylvania GO

5.250%

 

10/15/11

 

 

11,200

11,925

 

Pennsylvania GO

5.000%

 

8/1/12

 

 

20,705

22,472

 

Pennsylvania GO

5.000%

 

8/1/17

 

 

26,455

29,304

 

Pennsylvania GO

5.375%

 

7/1/21

 

 

16,000

17,901

 

Pennsylvania GO

5.000%

 

1/1/26

 

 

40,450

41,905

 

 

 

 

 

Pennsylvania Higher Educ. Assistance Agency Rev.

6.125%

 

12/15/10

 

(1)(Prere.)

2,000

2,171

 

Pennsylvania Higher Educ. Fac. Auth. Rev.

5.500%

 

6/15/17

 

(2)

935

978

 

Pennsylvania Higher Educ. Fac. Auth. Rev.

5.625%

 

6/15/19

 

(2)

1,160

1,208

 

Pennsylvania Higher Educ. Fac. Auth. Rev.

5.000%

 

11/1/37

 

(12)

5,745

5,727

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Bryn Mawr College)

5.250%

 

12/1/12

 

(2)

11,120

12,173

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Bryn Mawr College)

5.000%

 

12/1/37

 

(2)

14,170

13,976

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Drexel Univ.)

5.000%

 

5/1/32

 

(1)

4,950

4,968

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Foundation for Indiana Univ. of Pennsylvania Student Housing)

2.320%

 

7/1/17

 

(10)

6,500

5,657

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Foundation for Indiana Univ. of Pennsylvania Student Housing)

5.125%

 

7/1/39

 

(10)

17,130

15,088

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (La Salle Univ.)

5.250%

 

5/1/27

 

 

3,000

2,903

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (La Salle Univ.)

5.000%

 

5/1/37

 

 

3,250

2,939

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Philadelphia Univ.)

5.125%

 

6/1/25

 

 

3,500

3,288

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Philadelphia Univ.)

5.250%

 

6/1/32

 

 

6,350

5,910

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Slippery Rock Univ. Foundation)

5.000%

 

7/1/31

 

(10)

10,460

9,121

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Slippery Rock Univ. Foundation)

5.000%

 

7/1/37

 

(10)

3,500

3,035

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Slippery Rock Univ. Foundation)

5.000%

 

7/1/39

 

(10)

10,000

8,394

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.)

5.250%

 

4/1/11

 

(1)

1,225

1,240

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.)

5.000%

 

4/1/23

 

(1)

12,200

12,486

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.)

5.000%

 

4/1/24

 

(1)

12,680

12,928

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Thomas Jefferson Univ.)

5.375%

 

1/1/13

 

(Prere.)

4,435

4,895

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Thomas Jefferson Univ.)

5.000%

 

9/1/39

 

(2)

9,000

8,738

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Univ. of Scranton)

5.000%

 

11/1/28

 

(10)

4,080

3,919

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (UPMC Health Systems)

6.250%

 

1/15/16

 

 

3,120

3,390

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (UPMC Health Systems)

6.000%

 

1/15/22

 

 

5,000

5,296

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (UPMC Health Systems)

6.000%

 

1/15/31

 

 

5,000

5,256

 

 

 

 

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener)

5.000%

 

7/15/20

 

 

2,360

2,308

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener)

5.000%

 

7/15/26

 

 

1,200

1,130

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener)

5.400%

 

7/15/36

 

 

3,000

2,887

 

Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener)

5.000%

 

7/15/39

 

 

3,000

2,688

 

Pennsylvania Higher Educ. Fac. Auth. Rev. PUT

5.000%

 

5/1/11

 

LOC

9,120

9,569

1

Pennsylvania Housing Finance Agency Rev.

5.400%

 

10/1/33

 

 

25,000

24,971

 

Pennsylvania IDA Rev. (Econ. Dev.)

5.500%

 

7/1/12

 

(2)(Prere.)

575

638

 

Pennsylvania IDA Rev. (Econ. Dev.)

5.500%

 

7/1/16

 

(2)

14,290

15,459

 

Pennsylvania IDA Rev. (Econ. Dev.)

5.500%

 

7/1/17

 

(2)

7,000

7,583

 

Pennsylvania IDA Rev. (Econ. Dev.)

5.500%

 

7/1/18

 

(2)

7,630

8,135

 

Pennsylvania IDA Rev. (Econ. Dev.)

5.500%

 

7/1/19

 

(2)

10,040

10,705

 

Pennsylvania IDA Rev. (Econ. Dev.)

5.500%

 

7/1/20

 

(2)

4,495

4,793

 

Pennsylvania IDA Rev. (Econ. Dev.)

5.500%

 

7/1/21

 

(2)

8,130

8,622

 

Pennsylvania IDA Rev. (Econ. Dev.)

5.500%

 

7/1/23

 

 

20,000

20,690

 

Pennsylvania Intergovernmental Cooperation Auth. Rev.

5.250%

 

6/15/17

 

(3)

7,830

7,981

 

Pennsylvania Public School Building Auth. Lease Rev. (School Dist. of Philadelphia)

5.000%

 

6/1/27

 

(4)

12,880

13,203

 

Pennsylvania Public School Building Auth. Lease Rev. (School Dist. of Philadelphia)

5.000%

 

6/1/31

 

(4)

5,000

5,050

 

Pennsylvania State Univ. Rev.

5.250%

 

8/15/12

 

 

5,980

6,550

 

Pennsylvania State Univ. Rev.

5.000%

 

9/1/24

 

 

10,625

10,970

 

Pennsylvania State Univ. Rev.

5.000%

 

9/1/24

 

 

3,000

3,111

 

Pennsylvania State Univ. Rev.

5.250%

 

8/15/25

 

 

5,360

5,921

 

Pennsylvania State Univ. Rev.

5.000%

 

9/1/29

 

 

7,625

7,751

 

Pennsylvania State Univ. Rev.

5.000%

 

9/1/29

 

 

2,500

2,547

 

Pennsylvania Turnpike Comm. Oil Franchise Tax Rev.

5.000%

 

12/1/13

 

(1)(Prere.)

6,000

6,608

 

Pennsylvania Turnpike Comm. Oil Franchise Tax Rev.

5.000%

 

12/1/26

 

(2)

4,000

4,051

 

Pennsylvania Turnpike Comm. Oil Franchise Tax Rev.

5.000%

 

12/1/27

 

(2)

3,000

3,028

 

Pennsylvania Turnpike Comm. Rev.

5.375%

 

7/15/11

 

(2)(Prere.)

1,000

1,093

 

Pennsylvania Turnpike Comm. Rev.

5.375%

 

7/15/11

 

(2)(Prere.)

6,370

6,960

 

Pennsylvania Turnpike Comm. Rev.

5.375%

 

7/15/11

 

(2)(Prere.)

7,550

8,249

 

Pennsylvania Turnpike Comm. Rev.

5.375%

 

7/15/11

 

(2)(Prere.)

1,505

1,644

 

Pennsylvania Turnpike Comm. Rev.

5.375%

 

7/15/11

 

(2)(Prere.)

2,500

2,731

 

Pennsylvania Turnpike Comm. Rev.

5.625%

 

6/1/12

 

(3)

9,000

9,688

 

Pennsylvania Turnpike Comm. Rev.

5.250%

 

7/15/27

 

(4)

4,000

4,341

 

Pennsylvania Turnpike Comm. Rev.

5.375%

 

6/1/28

 

 

12,785

13,061

 

Pennsylvania Turnpike Comm. Rev.

5.500%

 

12/1/31

 

(2)

17,610

18,210

 

Pennsylvania Turnpike Comm. Rev.

5.250%

 

12/1/32

 

(2)

15,000

15,198

 

Pennsylvania Turnpike Comm. Rev.

5.500%

 

6/1/33

 

 

12,920

13,203

 

Pennsylvania Turnpike Comm. Rev.

5.250%

 

6/1/36

 

 

12,435

12,443

 

 

 

 

 

Philadelphia PA Airport Parking Auth.

5.400%

 

9/1/11

 

(2)

4,520

4,552

 

Philadelphia PA Airport Parking Auth.

5.400%

 

9/1/12

 

(2)

5,990

6,032

1

Philadelphia PA Airport Parking Auth.

5.000%

 

9/1/13

 

 

3,260

3,444

 

Philadelphia PA Airport Parking Auth.

5.400%

 

9/1/15

 

(2)

6,350

6,394

 

Philadelphia PA Airport Parking Auth.

5.500%

 

9/1/18

 

(2)

4,250

4,280

 

Philadelphia PA Airport Parking Auth.

5.125%

 

2/15/24

 

(2)

1,045

1,052

 

Philadelphia PA Airport Parking Auth.

5.250%

 

9/1/29

 

(4)

3,530

3,554

 

Philadelphia PA Gas Works Rev.

5.250%

 

7/1/11

 

(4)

3,965

3,973

 

Philadelphia PA Gas Works Rev.

5.250%

 

8/1/11

 

(4)(Prere.)

8,000

8,646

 

Philadelphia PA Gas Works Rev.

5.375%

 

7/1/12

 

(4)

4,000

4,009

 

Philadelphia PA Gas Works Rev.

5.375%

 

7/1/14

 

(4)

4,310

4,319

2

Philadelphia PA Gas Works Rev.

5.375%

 

7/1/16

 

(4)

13,280

14,790

 

Philadelphia PA Gas Works Rev.

5.375%

 

7/1/18

 

(4)

11,555

12,831

 

Philadelphia PA Gas Works Rev.

5.000%

 

10/1/37

 

(2)

3,000

2,800

 

Philadelphia PA GO

5.250%

 

3/15/09

 

(4)(Prere.)

1,750

1,801

 

Philadelphia PA GO

5.250%

 

3/15/09

 

(4)(Prere.)

2,600

2,676

 

Philadelphia PA GO

5.250%

 

3/15/11

 

(4)(Prere.)

7,460

7,986

 

Philadelphia PA GO

5.250%

 

3/15/11

 

(4)(Prere.)

4,775

5,111

 

Philadelphia PA GO

5.250%

 

3/15/11

 

(4)(Prere.)

9,155

9,800

 

Philadelphia PA GO

5.250%

 

3/15/11

 

(4)(Prere.)

2,135

2,285

 

Philadelphia PA GO

5.000%

 

12/15/17

 

(4)

5,555

5,939

 

Philadelphia PA GO

5.000%

 

8/1/18

 

(1)

6,170

6,556

 

Philadelphia PA GO

5.000%

 

8/1/19

 

(1)

7,735

8,138

 

Philadelphia PA GO

5.000%

 

8/1/20

 

(1)

8,005

8,340

 

Philadelphia PA GO

5.000%

 

8/1/21

 

(1)

6,235

6,446

 

Philadelphia PA GO

5.250%

 

12/15/23

 

(4)

5,835

6,065

 

Philadelphia PA GO

5.000%

 

8/1/27

 

(11)

12,160

11,699

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO

2.200%

 

9/2/08

 

 

10,975

10,975

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO

2.200%

 

9/2/08

 

 

1,100

1,100

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO

2.200%

 

9/2/08

 

 

10,900

10,900

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO

2.200%

 

9/2/08

 

 

4,300

4,300

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Jefferson Health System)

5.125%

 

5/15/18

 

(2)

5,700

5,767

 

Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Temple University Health System)

5.500%

 

7/1/30

 

 

5,000

4,634

 

Philadelphia PA IDA Rev. (Fox Chase Cancer Center) VRDO

2.100%

 

9/2/08

 

LOC

10,000

10,000

 

Philadelphia PA IDA Rev. (Philadelphia Airport System)

5.750%

 

6/15/10

 

(3)

4,440

4,494

 

Philadelphia PA IDA Rev. (Philadelphia Airport System)

5.250%

 

6/15/15

 

(3)

5,695

5,754

 

Philadelphia PA Redev. Auth. Rev.

5.500%

 

4/15/15

 

(3)

3,000

3,140

 

 

 

 

 

Philadelphia PA Redev. Auth. Rev.

5.500%

 

4/15/17

 

(3)

2,255

2,337

 

Philadelphia PA Redev. Auth. Rev.

5.500%

 

4/15/19

 

(3)

2,815

2,888

 

Philadelphia PA Redev. Auth. Rev.

5.500%

 

4/15/20

 

(3)

2,000

2,042

 

Philadelphia PA Redev. Auth. Rev.

5.500%

 

4/15/22

 

(3)

5,275

5,347

 

Philadelphia PA School Dist. GO

5.250%

 

2/1/12

 

(4)

1,000

1,084

 

Philadelphia PA School Dist. GO

5.500%

 

2/1/12

 

(4)(Prere.)

1,800

1,972

 

Philadelphia PA School Dist. GO

5.500%

 

2/1/12

 

(4)(Prere.)

2,500

2,738

 

Philadelphia PA School Dist. GO

5.500%

 

2/1/12

 

(4)(Prere.)

2,000

2,191

 

Philadelphia PA School Dist. GO

5.500%

 

2/1/12

 

(4)(Prere.)

2,000

2,191

 

Philadelphia PA School Dist. GO

5.500%

 

2/1/12

 

(4)(Prere.)

1,000

1,095

 

Philadelphia PA School Dist. GO

5.500%

 

2/1/12

 

(4)(Prere.)

6,200

6,791

 

Philadelphia PA School Dist. GO

5.625%

 

8/1/12

 

(3)(Prere.)

6,500

7,221

 

Philadelphia PA School Dist. GO

5.625%

 

8/1/12

 

(3)(Prere.)

6,000

6,666

 

Philadelphia PA School Dist. GO

5.625%

 

8/1/12

 

(3)(Prere.)

1,000

1,111

 

Philadelphia PA School Dist. GO

5.625%

 

8/1/12

 

(3)(Prere.)

1,000

1,111

 

Philadelphia PA School Dist. GO

5.625%

 

8/1/12

 

(3)(Prere.)

10,235

11,371

 

Philadelphia PA School Dist. GO

5.625%

 

8/1/12

 

(3)(Prere.)

3,500

3,888

 

Philadelphia PA School Dist. GO

5.000%

 

6/1/26

 

(3)

5,000

5,161

 

Philadelphia PA Water & Waste Water Rev.

7.000%

 

6/15/10

 

(3)

33,865

36,238

 

Philadelphia PA Water & Waste Water Rev.

7.000%

 

6/15/11

 

(3)

35,685

39,181

 

Philadelphia PA Water & Waste Water Rev.

6.250%

 

8/1/11

 

(1)

3,750

4,071

 

Philadelphia PA Water & Waste Water Rev.

5.250%

 

12/15/14

 

(2)

7,100

7,705

 

Philadelphia PA Water & Waste Water Rev.

5.250%

 

11/1/16

 

(3)

5,040

5,357

 

Philadelphia PA Water & Waste Water Rev.

5.250%

 

11/1/17

 

(3)

5,460

5,804

 

Philadelphia PA Water & Waste Water Rev.

5.600%

 

8/1/18

 

(1)(ETM)

925

1,013

 

Philadelphia PA Water & Waste Water Rev.

5.375%

 

11/1/19

 

(3)

4,155

4,337

 

Pittsburgh PA GO

5.500%

 

3/1/12

 

(2)(Prere.)

5,330

5,848

 

Pittsburgh PA GO

5.500%

 

3/1/12

 

(2)(Prere.)

2,015

2,211

 

Pittsburgh PA GO

5.500%

 

9/1/13

 

(2)

5,635

5,948

 

Pittsburgh PA GO

5.125%

 

9/1/14

 

(3)

8,435

8,450

 

Pittsburgh PA GO

5.500%

 

9/1/14

 

(2)

12,000

12,690

 

Pittsburgh PA GO

5.125%

 

9/1/15

 

(3)

6,395

6,406

 

Pittsburgh PA GO

5.500%

 

9/1/15

 

(2)

2,125

2,219

 

Pittsburgh PA GO

5.250%

 

9/1/17

 

(3)

4,980

4,989

 

Pittsburgh PA School Dist. GO

0.000%

 

8/1/09

 

(2)

4,000

3,917

 

Pittsburgh PA School Dist. GO

5.375%

 

9/1/14

 

(4)

1,755

1,963

 

Pittsburgh PA School Dist. GO

5.500%

 

9/1/16

 

(4)

4,000

4,538

 

Pittsburgh PA School Dist. GO

5.500%

 

9/1/18

 

(4)

2,880

3,269

 

Pittsburgh PA Water & Sewer Auth. Rev.

5.125%

 

6/1/12

 

(2)(Prere.)

3,000

3,268

2

Pittsburgh PA Water & Sewer Auth. Rev.

7.250%

 

9/1/14

 

(3)(ETM)

17,070

19,387

 

Pittsburgh PA Water & Sewer Auth. Rev.

0.000%

 

9/1/27

 

(3)(ETM)

1,935

736

 

Pittsburgh PA Water & Sewer Auth. Rev.

0.000%

 

9/1/27

 

(3)

10,830

3,694

 

Pittsburgh PA Water & Sewer Auth. Rev.

0.000%

 

9/1/28

 

(3)(ETM)

1,365

490

 

Pittsburgh PA Water & Sewer Auth. Rev.

0.000%

 

9/1/28

 

(3)

7,600

2,426

 

 

 

 

 

Pittsburgh PA Water & Sewer Auth. Rev.

0.000%

 

9/1/29

 

(3)(ETM)

4,825

1,631

 

Pittsburgh PA Water & Sewer Auth. Rev.

0.000%

 

9/1/29

 

(3)

26,930

8,037

 

Pocono Mountain PA School Dist. GO

5.000%

 

9/1/31

 

(4)

9,000

9,124

 

Radnor Township PA GO

5.000%

 

11/1/37

 

(1)

4,910

4,828

 

Radnor Township PA School Dist.

5.000%

 

8/15/15

 

(4)(Prere.)

835

928

 

Radnor Township PA School Dist.

5.000%

 

2/15/35

 

(4)

1,665

1,674

 

Reading PA School Dist. GO

0.000%

 

1/15/15

 

(3)

9,260

6,858

 

Reading PA School Dist. GO

0.000%

 

1/15/16

 

(3)

9,270

6,486

 

Reading PA School Dist. GO

5.000%

 

1/15/29

 

(4)

6,120

6,233

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

5.750%

 

12/1/11

 

(Prere.)

2,225

2,459

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

5.875%

 

12/1/11

 

(Prere.)

9,660

10,712

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/11

 

(Prere.)

1,480

1,658

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/11

 

(Prere.)

1,425

1,597

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/11

 

(Prere.)

1,515

1,698

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/11

 

(Prere.)

2,390

2,678

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/11

 

(Prere.)

4,915

5,507

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/11

 

(Prere.)

1,850

2,073

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/13

 

 

520

560

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/14

 

 

500

535

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/15

 

 

530

564

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/16

 

 

835

885

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/17

 

 

1,725

1,820

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

6.250%

 

12/1/18

 

 

650

682

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

5.750%

 

12/1/21

 

 

775

792

 

Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System)

5.875%

 

12/1/31

 

 

2,840

2,876

 

Scranton PA School Dist. GO

5.250%

 

6/15/27

 

(10)

2,750

2,783

 

Scranton PA School Dist. GO

5.250%

 

6/15/31

 

(10)

2,375

2,393

 

Scranton-Lackawanna PA Health & Welfare Auth. Rev. (Mercy Health System)

5.625%

 

1/1/16

 

(1)

5,490

5,543

 

Scranton-Lackawanna PA Health & Welfare Auth. Rev. (Mercy Health System)

5.700%

 

1/1/23

 

(1)

9,205

9,275

 

Scranton-Lackawanna PA Health & Welfare Auth. Rev. (Univ. of Scranton)

5.000%

 

11/1/32

 

(10)

3,850

3,653

 

 

 

 

 

Scranton-Lackawanna PA Health & Welfare Auth. Rev. (Univ. of Scranton)

5.000%

 

11/1/37

 

(10)

5,100

4,773

 

Shamokin-Coal Township PA

5.000%

 

7/1/30

 

(4)

5,700

5,729

 

Shamokin-Coal Township PA

5.000%

 

7/1/36

 

(4)

8,500

8,411

 

Snyder County PA Higher Educ. Auth. Univ. Rev. (Susquehanna Univ. Project)

5.000%

 

1/1/30

 

(11)

5,000

4,742

 

Somerset PA Area School Dist. GO

5.000%

 

3/15/25

 

(4)

7,090

7,334

 

South Fork PA Hosp. Auth. Rev. (Conemaugh Valley Hosp.)

5.625%

 

7/1/10

 

(6)

860

895

 

South Fork PA Hosp. Auth. Rev. (Conemaugh Valley Hosp.)

5.750%

 

7/1/18

 

(6)

7,000

7,821

 

State Public School Building Auth. Pennsylvania School Rev. (Daniel Boone School Dist.)

5.000%

 

4/1/13

 

(1)(Prere.)

10,000

10,937

 

State Public School Building Auth. Pennsylvania School Rev. (Philadelphia School Dist.)

5.000%

 

6/1/13

 

(4)(Prere.)

30,800

33,567

 

State Public School Building Auth. Pennsylvania School Rev. (Philadelphia School Dist.)

5.250%

 

6/1/13

 

(4)(Prere.)

9,280

10,216

 

Swarthmore Borough Auth. PA College Rev.

5.000%

 

9/15/30

 

 

21,000

21,305

 

Uniontown PA Area School Dist. GO

5.500%

 

10/1/12

 

(4)(Prere.)

9,950

11,044

 

Warwick PA School Dist. GO

5.375%

 

8/15/11

 

(3)(Prere.)

2,570

2,789

 

Warwick PA School Dist. GO

5.375%

 

8/15/11

 

(3)(Prere.)

2,435

2,642

 

Washington County PA Hosp. Auth. Rev. (Washington Hosp.)

5.250%

 

7/1/10

 

(2)

1,750

1,823

 

Washington County PA Hosp. Auth. Rev. (Washington Hosp.)

5.125%

 

7/1/11

 

(2)(ETM)

330

347

 

Washington County PA Hosp. Auth. Rev. (Washington Hosp.)

5.125%

 

7/1/11

 

(2)

1,510

1,587

 

Washington County PA Hosp. Auth. Rev. (Washington Hosp.)

5.125%

 

7/1/12

 

(2)

1,935

2,054

 

Washington County PA Hosp. Auth. Rev. (Washington Hosp.)

5.250%

 

7/1/13

 

(2)

2,035

2,181

 

Washington County PA Hosp. Auth. Rev. (Washington Hosp.)

5.375%

 

7/1/14

 

(2)

1,640

1,774

 

Washington County PA Hosp. Auth. Rev. (Washington Hosp.)

5.375%

 

7/1/15

 

(2)

2,250

2,439

 

Washington County PA Hosp. Auth. Rev. (Washington Hosp.)

5.500%

 

7/1/16

 

(2)

2,375

2,596

 

West Chester PA Area School Dist. GO

5.000%

 

5/15/28

 

(1)

7,480

7,666

 

West Chester PA Area School Dist. GO

5.000%

 

5/15/29

 

(1)

7,855

8,021

 

West Cornwall Township PA Muni. Auth. College Rev. (Elizabethtown College)

6.000%

 

12/15/11

 

(Prere.)

2,650

2,937

 

West Cornwall Township PA Muni. Auth. College Rev. (Elizabethtown College)

6.000%

 

12/15/11

 

(Prere.)

2,000

2,217

 

West Jefferson Hills PA School Dist. GO

5.200%

 

8/1/11

 

(4)(Prere.)

1,020

1,101

 

West Jefferson Hills PA School Dist. GO

5.200%

 

8/1/11

 

(4)(Prere.)

1,080

1,166

 

West Jefferson Hills PA School Dist. GO

5.200%

 

8/1/17

 

(4)

935

990

 

West Jefferson Hills PA School Dist. GO

5.200%

 

8/1/18

 

(4)

980

1,029

 

Westmoreland County PA Muni. Auth. Rev.

5.250%

 

8/15/15

 

(4)(Prere.)

3,490

3,932

 

 

 

 

 

Westmoreland County PA Muni. Auth. Rev.

6.125%

 

7/1/17

 

(1)(ETM)

7,795

8,982

 

Westmoreland County PA Muni. Auth. Service Water Rev.

0.000%

 

8/15/15

 

(3)

5,000

3,694

 

Westmoreland County PA Muni. Auth. Service Water Rev.

0.000%

 

8/15/23

 

(1)

5,000

2,337

 

Westmoreland County PA Muni. Auth. Service Water Rev.

0.000%

 

8/15/24

 

(3)

4,000

1,646

 

Wilkes-Barre PA Finance Auth. Rev. (Wilkes Univ. Project)

5.000%

 

3/1/27

 

 

2,200

1,999

 

Wilkes-Barre PA Finance Auth. Rev. (Wilkes Univ. Project)

5.000%

 

3/1/37

 

 

3,000

2,596

 

Wyoming PA Area School Dist.

5.000%

 

9/1/26

 

(1)

2,000

2,021

 

Wyoming PA Area School Dist.

5.000%

 

9/1/29

 

(1)

5,125

5,138

 

York County PA

5.000%

 

6/1/33

 

(1)

6,000

6,025

 

York County PA Solid Waste & Refuse Auth. Rev.

5.500%

 

12/1/13

 

(3)

6,750

7,430

 

York County PA Solid Waste & Refuse Auth. Rev.

5.500%

 

12/1/14

 

(3)

4,050

4,486

 

2,421,455

Puerto Rico (6.0%)

 

Puerto Rico Electric Power Auth. Rev.

5.500%

 

7/1/20

 

 

5,300

5,624

 

Puerto Rico Electric Power Auth. Rev.

5.250%

 

7/1/21

 

(1)

5,000

5,310

 

Puerto Rico Electric Power Auth. Rev.

5.250%

 

7/1/23

 

(1)

14,500

15,440

 

Puerto Rico GO

5.500%

 

7/1/18

 

(1)

10,000

10,357

 

Puerto Rico GO

5.500%

 

7/1/20

 

(3)

6,000

6,208

 

Puerto Rico GO

5.500%

 

7/1/22

 

(3)

8,960

9,240

 

Puerto Rico Highway & Transp. Auth. Rev.

5.500%

 

7/1/19

 

(1)

17,000

17,682

 

Puerto Rico Highway & Transp. Auth. Rev.

5.500%

 

7/1/20

 

(1)

14,610

15,117

 

Puerto Rico Infrastructure Financing Auth. Special Tax Rev.

5.500%

 

7/1/23

 

(2)

10,000

10,307

 

Puerto Rico Infrastructure Financing Auth. Special Tax Rev.

0.000%

 

7/1/30

 

(3)

14,905

4,249

 

Puerto Rico Infrastructure Financing Auth. Special Tax Rev.

0.000%

 

7/1/31

 

(3)

28,695

7,635

 

Puerto Rico Public Buildings Auth. Govt. Fac. Rev.

5.750%

 

7/1/22

 

(ETM)

10

11

 

Puerto Rico Public Buildings Auth. Govt. Fac. Rev.

5.750%

 

7/1/22

 

 

4,990

5,228

 

Puerto Rico Public Finance Corp.

6.000%

 

8/1/26

 

(ETM)

10,875

12,618

 

Puerto Rico Public Finance Corp.

6.000%

 

8/1/26

 

(4)(ETM)

25,000

29,544

 

154,570

Virgin Islands (0.1%)

 

Virgin Islands Public Finance Auth. Rev.

5.000%

 

10/1/12

 

 

2,000

2,054

 

 

 

 

 

Virgin Islands Public Finance Auth. Rev.

5.250%

 

10/1/20

 

 

1,750

1,742

 

3,796

Total Tax-Exempt Municipal Bonds (Cost $2,569,630)

2,579,821

Total Investments (100.2%) (Cost $2,569,630)

2,579,821

Other Assets and Liabilities-Net (-0.2%)

(5,866)

Net Assets (100%)

2,573,955

 

 

 

 

1

Security purchased on a when-issued or delayed delivery basis for which the fund has not taken delivery as of August 31, 2008.

2

Securities with a value of $4,937,000 have been segregated as initial margin for open futures contracts.

 

 

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).

(12) Assured Guaranty Corp.

(13) National Indemnity Co. (Berkshire Hathaway).

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.

 

Security Valuation: 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 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, 2008, the cost of investment securities for tax purposes was $2,572,520,000. Net unrealized appreciation of investment securities for tax purposes was $7,301,000, consisting of unrealized gains of $59,669,000 on securities that had risen in value since their purchase and $52,368,000 in unrealized losses on securities that had fallen in value since their purchase.

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

 

At August 31, 2008, the aggregate settlement value of open futures contracts expiring in December 2008 and the related unrealized appreciation (depreciation) were:

 

 

($000)

Futures Contracts

Number of
Long (Short
Contracts)

Aggregate
Settlement
Value

Unrealized
Appreciation
(Depreciation)

30- Year U.S. Treasury Bond

(395)

46,338

178

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

In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” FAS 157 establishes a framework for measuring fair value and expands disclosures about fair value measurements in financial statements, effective for the fund's current fiscal period.

 

The various inputs that may be used to determine the value of the fund's investments are summarized in three broad levels. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

 

The following table summarizes the fund's investments as of August 31, 2008, based on the inputs used to value them:

 

Valuation Inputs

Investments

in Securities ($000)

Futures Contracts ($000)

Level 1- Quoted prices

 

178

Level 2- Other significant observable inputs

2,579,821

 

Level 3- Significant unobservable inputs

 

 

Total

2,579,821

178

 

 

 

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:

/s/ F. WILLIAM MCNABB III*

 

F. WILLIAM MCNABB III

 

CHIEF EXECUTIVE OFFICER

 

 

Date: October 14, 2008

 

 

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:

/s/ F. WILLIAM MCNABB III*

 

F. WILLIAM MCNABB III

 

CHIEF EXECUTIVE OFFICER

 

 

Date: October 14, 2008

 

VANGUARD PENNSYLVANIA TAX-FREE FUNDS

 

 

By:

/s/ THOMAS J. HIGGINS*

 

THOMAS J. HIGGINS

 

TREASURER

 

 

Date: October 14, 2008

 

 

* By: /s/ Heidi Stam

 

Heidi Stam, pursuant to a Power of Attorney filed on January 18, 2008, see file Number 2-29601, Incorporated by Reference; and pursuant to a Power of Attorney filed on

September 26, 2008, see File Number 2-47371, Incorporated by Reference.