N-Q 1 pataxfree_final.htm VANGUARD PENNSYLVANIA TAX-FREE FUNDS pataxfree_final.htm - Generated by SEC Publisher for SEC Filing

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

Date of fiscal year end: November 30th

Date of reporting period: February 29, 2012

Item 1: Schedule of Investments

 

Vanguard Pennsylvania Tax-Exempt Money Market Fund

Schedule of Investments
As of February 29, 2012

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Tax-Exempt Municipal Bonds (99.8%)        
Pennsylvania (98.1%)        
Allegheny County PA GO VRDO 0.170% 3/7/12 LOC 14,455 14,455
Allegheny County PA GO VRDO 0.170% 3/7/12 LOC 5,790 5,790
Allegheny County PA Higher Education Building        
Authority University Revenue (Carnegie        
Mellon University) VRDO 0.120% 3/1/12 86,820 86,820
Allegheny County PA Higher Education Building        
Authority University Revenue (Point Park        
University) VRDO 0.160% 3/7/12 LOC 15,300 15,300
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 4.000% 5/15/12 1,000 1,007
1 Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) TOB VRDO 0.160% 3/7/12 LOC 7,000 7,000
1 Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) TOB VRDO 0.160% 3/7/12 71,395 71,395
Allegheny County PA Industrial Development        
Authority Revenue (Western Pennsylvania        
School for Blind Children) PUT 0.500% 7/1/12 6,750 6,750
Beaver County PA Industrial Development        
Authority Pollution Control Revenue        
(Metropolitan Edison Co. Project) VRDO 0.140% 3/7/12 LOC 10,000 10,000
Berks County PA Industrial Development        
Authority Revenue (Kutztown University)        
VRDO 0.150% 3/7/12 LOC 12,485 12,485
2 Berks County PA Municipal Authority Revenue        
(Reading Hospital & Medical Center Project)        
PUT 0.320% 8/2/12 10,250 10,250
1 Berks County PA Municipal Authority Revenue        
(Reading Hospital & Medical Center Project)        
TOB VRDO 0.170% 3/7/12 97,890 97,890
1 Berks County PA Municipal Authority Revenue        
(Reading Hospital & Medical Center Project)        
TOB VRDO 0.260% 3/7/12 9,750 9,750
Berks County PA Municipal Authority Revenue        
(Reading Hospital & Medical Center Project)        
VRDO 0.170% 3/7/12 10,000 10,000
1 Bethlehem PA Area School District GO TOB        
VRDO 0.160% 3/7/12 LOC 8,985 8,985
1 BlackRock MuniYield Pennsylvania Quality Fund        
VRDP VRDO 0.300% 3/7/12 LOC 15,300 15,300
Bucks County PA Industrial Development        
Authority Hospital Revenue (Grand View        
Hospital) VRDO 0.120% 3/7/12 LOC 28,235 28,235
Bucks County PA Industrial Development        
Authority Revenue (Pennswood Village        
Project) VRDO 0.200% 3/7/12 LOC 8,320 8,320

 

 

Butler County PA General Authority Revenue        
(Erie School District Project) VRDO 0.160% 3/7/12 LOC 2,600 2,600
Butler County PA General Authority Revenue        
(Hampton Township School District Project)        
VRDO 0.200% 3/7/12 (4) 20,425 20,425
Cambria County PA Industrial Development        
Authority Revenue (American National Red        
Cross) VRDO 0.110% 3/7/12 LOC 16,145 16,145
Carlisle PA Area School District GO 5.375% 3/1/12 (Prere.) 1,550 1,550
Carlisle PA Area School District GO 5.375% 3/1/12 (Prere.) 1,635 1,635
Carlisle PA Area School District GO 5.375% 3/1/12 (Prere.) 1,725 1,725
Carlisle PA Area School District GO 5.375% 3/1/12 (Prere.) 1,820 1,820
1 Central Bradford PA Progress Authority        
Revenue (Robert Packer Hospital) TOB        
VRDO 0.160% 3/7/12 LOC 12,000 12,000
Central Bucks PA School District GO 3.000% 5/15/12 1,630 1,639
Chambersburg PA Authority Revenue (Wilson        
College Project) VRDO 0.220% 3/7/12 LOC 31,180 31,180
Chester County PA Industrial Development        
Authority Student Housing Revenue        
(University Student Housing LLC Project)        
VRDO 0.110% 3/7/12 LOC 18,350 18,350
1 Chester County PA Industrial Development        
Authority Water Facilities Revenue (Aqua        
Pennsylvania Inc. Project) TOB VRDO 0.210% 3/7/12 (13) 15,935 15,935
Dauphin County PA General Authority Hospital        
Revenue (Reading Hospital & Medical Center        
Project) VRDO 0.120% 3/7/12 4,900 4,900
Delaware County PA Authority Hospital        
Revenue (Crozer-Chester Medical Center        
Obligated Group) VRDO 0.130% 3/7/12 LOC 10,410 10,410
Delaware County PA Authority Revenue        
(Haverford College) VRDO 0.120% 3/7/12 25,645 25,645
Delaware County PA Industrial Development        
Authority Airport Facilities Revenue (United        
Parcel Service Inc.) VRDO 0.130% 3/1/12 28,200 28,200
Delaware County PA Industrial Development        
Authority Resource Recovery Facility        
Revenue (General Electric Capital Corp.)        
VRDO 0.110% 3/7/12 11,630 11,630
Delaware County PA Industrial Development        
Authority Resource Recovery Facility        
Revenue (General Electric Capital Corp.)        
VRDO 0.110% 3/7/12 8,595 8,595
Delaware County PA Industrial Development        
Authority Resource Recovery Facility        
Revenue (General Electric Capital Corp.)        
VRDO 0.110% 3/7/12 46,800 46,800
1 Delaware County PA Industrial Development        
Authority Revenue (Aqua Pennsylvania Inc.        
Project) TOB VRDO 0.210% 3/7/12 (13) 2,515 2,515
Delaware County PA Industrial Development        
Authority Revenue (Resource Recovery)        
VRDO 0.110% 3/7/12 17,350 17,350
Delaware County PA Industrial Development        
Authority Revenue (Resource Recovery)        
VRDO 0.110% 3/7/12 7,955 7,955

 

 

Delaware County PA Industrial Development        
Authority Revenue (Resource Recovery)        
VRDO 0.110% 3/7/12 4,910 4,910
Delaware County PA Industrial Development        
Authority Solid Waste Revenue (Scott Paper        
Co.) VRDO 0.130% 3/7/12 14,900 14,900
Delaware County PA Industrial Development        
Authority Solid Waste Revenue (Scott Paper        
Co.) VRDO 0.130% 3/7/12 20,000 20,000
Delaware County PA Industrial Development        
Authority Solid Waste Revenue (Scott Paper        
Co.) VRDO 0.130% 3/7/12 21,675 21,675
Delaware County PA Industrial Development        
Authority Solid Waste Revenue (Scott Paper        
Co.) VRDO 0.130% 3/7/12 5,200 5,200
1 Downingtown PA Area School District GO TOB        
VRDO 0.160% 3/7/12 8,500 8,500
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 8,000 8,000
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 7,000 7,000
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 2,200 2,200
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 4,800 4,800
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 9,600 9,600
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 6,900 6,900
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 17,400 17,400
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 4,985 4,985
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 15,000 15,000
Emmaus PA General Authority Revenue VRDO 0.160% 3/7/12 LOC 83,300 83,300
Erie County PA Hospital Authority Revenue        
(Hamot Health Foundation) VRDO 0.120% 3/1/12 LOC 2,420 2,420
Geisinger Health System Authority of        
Pennsylvania Revenue (Penn State Geisinger        
Health System) VRDO 0.080% 3/1/12 20,200 20,200
Geisinger Health System Authority of        
Pennsylvania Revenue (Penn State Geisinger        
Health System) VRDO 0.090% 3/1/12 17,800 17,800
Geisinger Health System Authority of        
Pennsylvania Revenue (Penn State Geisinger        
Health System) VRDO 0.090% 3/1/12 8,600 8,600
1 Geisinger Health System Authority of        
Pennsylvania Revenue TOB VRDO 0.160% 3/7/12 3,450 3,450
Haverford Township PA School District GO        
VRDO 0.170% 3/7/12 LOC 5,000 5,000
1 Hempfield PA School District GO TOB VRDO 0.160% 3/7/12 LOC 5,000 5,000
Lancaster County PA Hospital Authority Health        
System Revenue (Lancaster General        
Hospital) VRDO 0.210% 3/1/12 LOC 8,500 8,500
Lancaster County PA Hospital Authority        
Revenue (Masonic Homes Project) VRDO 0.150% 3/1/12 LOC 5,050 5,050
Lehigh County PA General Purpose Hospital        
Authority Revenue (Lehigh Valley Health        
Network) VRDO 0.200% 3/1/12 LOC 6,800 6,800
Lehigh County PA General Purpose Hospital        
Authority Revenue (Muhlenberg College)        
VRDO 0.200% 3/7/12 LOC 7,885 7,885
Lower Merion PA School District GO VRDO 0.160% 3/7/12 LOC 6,200 6,200
Lower Merion PA School District GO VRDO 0.160% 3/7/12 LOC 11,490 11,490

 

 

1 Luzerne County PA Industrial Development      
Authority Water Facility Revenue        
(Pennsylvania-American Water Co.) TOB      
VRDO 0.220% 3/7/12 (13) 5,000 5,000
1 Manheim Township PA School District GO TOB      
VRDO 0.160% 3/7/12 LOC 7,345 7,345
Montgomery County PA Industrial Development      
Authority Revenue (Friends' Central School      
Project) VRDO 0.150% 3/7/12 LOC 2,615 2,615
Montgomery County PA TRAN 1.500% 12/31/12 25,000 25,281
Moon Industrial Development Authority      
Pennsylvania Mortgage Revenue (Providence      
Point Project) VRDO 0.160% 3/7/12 LOC 56,040 56,040
1 Northampton County PA General Purpose      
Authority University Revenue (Lafayette      
College) TOB VRDO 0.170% 3/7/12 17,590 17,590
Northampton County PA General Purpose      
Authority University Revenue (Lafayette      
College) VRDO 0.150% 3/7/12 19,290 19,290
1 Northampton County PA General Purpose      
Authority University Revenue (Lehigh      
University) TOB VRDO 0.150% 3/7/12 LOC 21,360 21,360
Northampton County PA General Purpose      
Authority University Revenue (Lehigh      
University) VRDO 0.130% 3/7/12 11,500 11,500
Northampton County PA General Purpose      
Authority University Revenue (Lehigh      
University) VRDO 0.130% 3/7/12 6,000 6,000
Northampton County PA General Purpose      
Authority University Revenue (Lehigh      
University) VRDO 0.130% 3/7/12 4,100 4,100
1 Nuveen Pennsylvania Investment Quality      
Municipal Fund VRDP VRDO 0.300% 3/7/12 LOC 25,000 25,000
Owen J. Roberts School District Pennsylvania      
GO 5.500% 8/15/12 (Prere.) 1,520 1,557
Pennsbury PA School District GO 5.500% 7/15/12 (Prere.) 3,625 3,697
1 Pennsylvania Economic Development Financing      
Authority Exempt Facilities Revenue (PPL      
Energy Supply LLC Project) TOB VRDO 0.170% 3/7/12 LOC 9,995 9,995
Pennsylvania Economic Development Financing      
Authority Exempt Facilities Revenue (PSEG      
Power LLC Project) VRDO 0.120% 3/7/12 LOC 44,000 44,000
Pennsylvania Economic Development Financing      
Authority Exempt Facilities Revenue (York      
Water Co. Project) VRDO 0.170% 3/7/12 LOC 5,000 5,000
Pennsylvania Economic Development Financing      
Authority Revenue (Convention Center      
Project) 5.000% 6/15/12 2,000 2,028
1 Pennsylvania Economic Development Financing      
Authority Water Facilities Revenue (Aqua      
Pennsylvania Inc. Project) TOB VRDO 0.160% 3/7/12 (13) 9,900 9,900
1 Pennsylvania Economic Development Financing      
Authority Water Facilities Revenue (Aqua      
Pennsylvania Inc. Project) TOB VRDO 0.220% 3/7/12 7,495 7,495
1 Pennsylvania Economic Development Financing      
Authority Water Facilities Revenue (Waste      
Management) TOB VRDO 0.170% 3/7/12 9,995 9,995

 

 

Pennsylvania GO 5.100% 5/1/12 (Prere.) 1,100 1,109
Pennsylvania GO 5.500% 5/1/12 (Prere.) 2,615 2,638
Pennsylvania GO 5.500% 6/1/12 10,430 10,569
Pennsylvania GO 5.000% 7/1/12 22,275 22,632
Pennsylvania GO 5.000% 7/15/12 9,030 9,192
Pennsylvania GO 5.000% 7/15/12 8,110 8,254
Pennsylvania GO 5.000% 9/1/12 7,130 7,298
Pennsylvania GO 5.000% 10/1/12 500 514
Pennsylvania GO 2.000% 11/15/12 20,760 21,022
Pennsylvania GO 5.000% 1/1/13 (Prere.) 5,000 5,202
Pennsylvania GO 5.000% 1/1/13 (Prere.) 2,325 2,417
Pennsylvania GO 5.000% 1/1/13 (Prere.) 1,425 1,482
Pennsylvania GO 5.000% 1/1/13 (Prere.) 15,000 15,602
Pennsylvania GO 5.500% 1/1/13 6,770 7,064
Pennsylvania GO 5.500% 2/1/13 1,100 1,154
Pennsylvania GO 5.000% 2/15/13 10,750 11,247
1 Pennsylvania GO TOB VRDO 0.150% 3/7/12 11,475 11,475
1 Pennsylvania GO TOB VRDO 0.160% 3/7/12 7,000 7,000
1 Pennsylvania GO TOB VRDO 0.160% 3/7/12 2,200 2,200
1 Pennsylvania GO TOB VRDO 0.170% 3/7/12 19,530 19,530
1 Pennsylvania GO TOB VRDO 0.260% 3/7/12 5,000 5,000
1 Pennsylvania Higher Educational Facilities        
Authority Revenue (Drexel University) TOB        
VRDO 0.170% 3/7/12 LOC 9,150 9,150
Pennsylvania Higher Educational Facilities        
Authority Revenue (Drexel University) VRDO 0.150% 3/1/12 LOC 3,325 3,325
Pennsylvania Higher Educational Facilities        
Authority Revenue (Drexel University) VRDO 0.120% 3/7/12 LOC 1,500 1,500
1 Pennsylvania Higher Educational Facilities        
Authority Revenue (Foundation for Indiana        
University of Pennsylvania Student Housing)        
TOB VRDO 0.160% 3/7/12 LOC 11,995 11,995
Pennsylvania Higher Educational Facilities        
Authority Revenue (Foundation for Indiana        
University of Pennsylvania Student Housing)        
VRDO 0.140% 3/7/12 LOC 46,295 46,295
Pennsylvania Higher Educational Facilities        
Authority Revenue (Higher Education System) 3.000% 6/15/12 3,060 3,084
Pennsylvania Higher Educational Facilities        
Authority Revenue (St. Joseph's University)        
VRDO 0.120% 3/7/12 LOC 14,000 14,000
Pennsylvania Higher Educational Facilities        
Authority Revenue (Trustees of the University        
of Pennsylvania) 5.000% 7/15/12 2,110 2,148
1 Pennsylvania Higher Educational Facilities        
Authority Revenue (Trustees of the University        
of Pennsylvania) TOB VRDO 0.170% 3/7/12 5,000 5,000
1 Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue TOB VRDO 0.220% 3/7/12 4,855 4,855
Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue VRDO 0.120% 3/7/12 LOC 13,795 13,795
Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue VRDO 0.130% 3/7/12 LOC 5,315 5,315
Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue VRDO 0.140% 3/7/12 22,715 22,715
Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue VRDO 0.140% 3/7/12 21,810 21,810

 

 

Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue VRDO 0.140% 3/7/12 16,000 16,000
Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue VRDO 0.140% 3/7/12 9,600 9,600
Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue VRDO 0.140% 3/7/12 9,525 9,525
Pennsylvania Infrastructure & Investment        
Authority Revenue CP 0.180% 3/6/12 LOC 10,000 10,000
1 Pennsylvania Intergovernmental Cooperation        
Authority Special Tax Revenue (Philadelphia        
Funding Program) TOB VRDO 0.160% 3/7/12 5,050 5,050
Pennsylvania State University Revenue PUT 0.300% 6/1/12 17,850 17,850
1 Pennsylvania State University Revenue TOB        
VRDO 0.150% 3/7/12 LOC 39,455 39,455
1 Pennsylvania State University Revenue TOB        
VRDO 0.160% 3/7/12 5,500 5,500
1 Pennsylvania State University Revenue TOB        
VRDO 0.160% 3/7/12 2,795 2,795
2 Pennsylvania Turnpike Commission Revenue 0.210% 12/1/12 8,725 8,725
1 Pennsylvania Turnpike Commission Revenue        
TOB VRDO 0.160% 3/7/12 LOC 15,000 15,000
1 Pennsylvania Turnpike Commission Revenue        
TOB VRDO 0.170% 3/7/12 LOC 5,215 5,215
1 Pennsylvania Turnpike Commission Revenue        
TOB VRDO 0.260% 3/7/12 (12) 4,325 4,325
Pennsylvania Turnpike Commission Revenue        
VRDO 0.160% 3/7/12 (4) 12,800 12,800
1 Pennsylvania Turnpike Commission Toll        
Revenue TOB VRDO 0.170% 3/7/12 LOC 9,920 9,920
1 Philadelphia PA Airport Revenue TOB VRDO 0.360% 3/7/12 (4) 7,000 7,000
Philadelphia PA Airport Revenue VRDO 0.120% 3/7/12 LOC 18,000 18,000
Philadelphia PA Airport Revenue VRDO 0.120% 3/7/12 LOC 20,000 20,000
1 Philadelphia PA Authority Industrial        
Development Revenue (Girard Estate        
Aramark Project) VRDO 0.210% 3/7/12 LOC 3,400 3,400
Philadelphia PA Authority Industrial        
Development Revenue (Greater Philadelphia        
Health Action Project) VRDO 0.260% 3/7/12 LOC 8,260 8,260
Philadelphia PA Authority Industrial        
Development Revenue (Inglis House Project)        
VRDO 0.160% 3/7/12 8,700 8,700
Philadelphia PA Gas Works Revenue VRDO 0.110% 3/7/12 LOC 27,520 27,520
Philadelphia PA GO 2.000% 6/29/12 6,000 6,032
Philadelphia PA GO VRDO 0.140% 3/7/12 LOC 28,015 28,015
1 Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
TOB VRDO 0.160% 3/7/12 4,765 4,765
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 9,900 9,900
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 2,050 2,050

 

 

Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 2,300 2,300
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 9,000 9,000
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 2,760 2,760
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 2,900 2,900
1 Philadelphia PA Hospitals & Higher Education        
Facilities Authority Revenue (Wills Eye        
Hospital Project) VRDO 0.160% 3/7/12 LOC 11,115 11,115
1 Philadelphia PA Industrial Development        
Authority Lease Revenue (Fox Chase Cancer        
Center) TOB VRDO 0.130% 3/1/12 LOC 45,980 45,980
Philadelphia PA Industrial Development        
Authority Lease Revenue VRDO 0.150% 3/7/12 LOC 5,200 5,200
Philadelphia PA Industrial Development        
Authority Lease Revenue VRDO 0.200% 3/7/12 LOC 26,645 26,645
Philadelphia PA Industrial Development        
Authority Revenue (William Penn Charter        
School) VRDO 0.160% 3/7/12 LOC 4,700 4,700
Philadelphia PA School District GO 5.625% 8/1/12 (Prere.) 5,000 5,113
Philadelphia PA School District GO 5.625% 8/1/12 (Prere.) 2,000 2,045
Philadelphia PA School District GO 5.625% 8/1/12 (Prere.) 2,250 2,302
Philadelphia PA School District GO VRDO 0.120% 3/7/12 LOC 15,700 15,700
Philadelphia PA School District GO VRDO 0.130% 3/7/12 LOC 31,300 31,300
1 Philadelphia PA Water & Waste Water Revenue        
TOB VRDO 0.140% 3/7/12 (4) 8,200 8,200
1 Philadelphia PA Water & Waste Water Revenue        
TOB VRDO 0.170% 3/7/12 LOC 6,865 6,865
1 Philadelphia PA Water & Waste Water Revenue        
TOB VRDO 0.170% 3/7/12 (13) 45,210 45,210
Philadelphia PA Water & Waste Water Revenue        
VRDO 0.110% 3/7/12 LOC 18,400 18,400
Ridley PA School District GO VRDO 0.170% 3/7/12 LOC 9,770 9,770
South Fork PA Hospital Authority Hospital        
Revenue (Conemaugh Valley Memorial        
Hospital Project) VRDO 0.110% 3/7/12 LOC 24,375 24,375
1 Southcentral Pennsylvania General Authority        
Revenue (WellSpan Health Obligated Group)        
TOB VRDO 0.160% 3/7/12 9,970 9,970
St. Mary's Hospital Authority Bucks County PA        
Revenue (Catholic Health Initiatives) VRDO 0.190% 3/7/12 24,200 24,200
State Public School Building Authority        
Pennsylvania School Revenue (North        
Allegheny School District Project) VRDO 0.160% 3/7/12 18,135 18,135
Temple University of the Commonwealth        
System of Higher Education Pennsylvania        
University Funding Obligation RAN 1.500% 4/4/12 60,000 60,057

 

 

Union County PA Higher Educational Facilities        
Financing Authority University Revenue        
(Bucknell University) VRDO 0.130% 3/7/12 4,890 4,890
University of Pittsburgh of the Commonwealth        
System of Higher Education Pennsylvania        
(University Capital Project) RAN 2.000% 6/18/12 30,000 30,150
University of Pittsburgh PA Revenue CP 0.180% 3/5/12 17,000 17,000
University of Pittsburgh PA Revenue CP 0.150% 3/9/12 25,000 25,000
University of Pittsburgh PA Revenue CP 0.100% 5/3/12 8,950 8,950
1 University of Pittsburgh PA Revenue TOB        
VRDO 0.160% 3/7/12 6,660 6,660
1 University of Pittsburgh PA Revenue TOB        
VRDO 0.170% 3/7/12 5,395 5,395
Upper St. Clair Township PA GO VRDO 0.240% 3/7/12 (4) 30,640 30,640
Washington County PA Hospital Authority        
Revenue (Washington Hospital Project)        
VRDO 0.160% 3/7/12 LOC 8,860 8,860
Westmoreland County PA Industrial        
Development Authority Revenue (White        
Consolidated Industries, Inc. Project) PUT 0.300% 6/1/12 LOC 6,940 6,940
Wilkes-Barre PA Finance Authority College        
Revenue (King's College Project) VRDO 0.160% 3/7/12 LOC 8,020 8,020
York County PA Industrial Development        
Authority Revenue (Crescent Industries Inc.        
Project) VRDO 0.250% 3/7/12 LOC 3,890 3,890
York County PA TRAN 1.000% 4/30/12 6,000 6,007
        2,553,923
Puerto Rico (1.7%)        
Puerto Rico Electric Power Authority Revenue 5.000% 7/1/12 (Prere.) 2,000 2,052
Puerto Rico Electric Power Authority Revenue 5.375% 7/1/12 (Prere.) 1,800 1,849
Puerto Rico GO 5.000% 7/1/12 (Prere.) 3,530 3,587
Puerto Rico GO 5.000% 7/1/12 (Prere.) 5,760 5,853
1 Puerto Rico Industrial Medical & Environmental        
Pollution Control Facilities Financing Authority        
Revenue (Abbott Laboratories Project) PUT 0.950% 3/1/12 8,280 8,280
1 Puerto Rico Sales Tax Financing Corp. Revenue        
TOB VRDO 0.310% 3/7/12 20,934 20,934
        42,555
Total Tax-Exempt Municipal Bonds (Cost $2,596,478)     2,596,478
Total Investments (99.8%) (Cost $2,596,478)       2,596,478
Other Assets and Liabilities-Net (0.2%)       5,986
Net Assets (100%)       2,602,464

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 February 29, 2012, the aggregate value of these securities was $718,639,000, representing 27.6% of net assets.
2 Adjustable-rate security.

KEY TO ABBREVIATIONS

ARS - Auction Rate Security.
BAN - Bond Anticipation Note.
COP - Certificate of Participation.
CP - Commercial Paper.
FR - Floating Rate.

 

Pennsylvania Tax-Exempt Money Market Fund

GAN - Grant Anticipation Note.
GO - General Obligation Bond.
PUT - Put Option Obligation.
RAN - Revenue Anticipation Note.
TAN - Tax Anticipation Note.
TOB - Tender Option Bond.
TRAN - Tax Revenue Anticipation Note.
VRDO - Variable Rate Demand Obligation.
VRDP - Variable Rate Demand Preferred.
(ETM) - Escrowed to Maturity.
(Prere.) - Prerefunded.

Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(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 Corporation.
(13) Berkshire Hathaway Assurance Corporation.
(14) National Public Finance Guarantee Corporation.
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.

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

B. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value 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).

 

Pennsylvania Tax-Exempt Money Market Fund

At February 29, 2012, 100% of the market value 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 February 29, 2012

      Face Market
    Maturity Amount Value
  Coupon Date ($000) ($000)
Tax-Exempt Municipal Bonds (100.3%)        
Pennsylvania (98.3%)        
Abington PA School District GO 5.000% 4/1/32 (4) 1,495 1,576
Allegheny County PA GO 5.375% 11/1/12 (Prere.) 2,645 2,737
Allegheny County PA GO 5.375% 11/1/12 (Prere.) 2,000 2,070
Allegheny County PA GO 5.375% 11/1/12 (Prere.) 2,880 2,981
Allegheny County PA GO 5.375% 11/1/12 (Prere.) 3,725 3,855
Allegheny County PA GO 5.375% 11/1/16 (14) 4,100 4,213
Allegheny County PA GO 5.375% 11/1/17 (14) 3,600 3,697
Allegheny County PA GO 5.000% 11/1/22 2,425 2,821
Allegheny County PA GO 5.000% 11/1/23 2,570 2,979
Allegheny County PA GO 5.000% 11/1/29 4,000 4,237
Allegheny County PA Higher Education Building        
Authority University Revenue (Carnegie        
Mellon University) 5.000% 3/1/24 6,000 7,358
Allegheny County PA Higher Education Building        
Authority University Revenue (Carnegie        
Mellon University) 5.125% 3/1/32 3,000 3,009
Allegheny County PA Higher Education Building        
Authority University Revenue (Carnegie        
Mellon University) VRDO 0.120% 3/1/12 14,600 14,600
Allegheny County PA Higher Education Building        
Authority University Revenue (Duquesne        
University) 5.250% 3/1/26 4,005 4,602
Allegheny County PA Higher Education Building        
Authority University Revenue (Duquesne        
University) 5.500% 3/1/28 1,940 2,236
Allegheny County PA Higher Education Building        
Authority University Revenue (Duquesne        
University) 5.500% 3/1/29 1,700 1,947
Allegheny County PA Higher Education Building        
Authority University Revenue (Duquesne        
University) 5.500% 3/1/31 770 873
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 5.000% 6/15/13 2,000 2,114
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 5.000% 6/15/14 1,500 1,642
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 5.000% 9/1/14 25,000 27,570
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 5.000% 6/15/15 2,000 2,255
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 5.000% 5/15/18 7,000 8,339
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 5.000% 6/15/18 7,000 7,510

 

 

Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 1.086% 2/1/21 5,000 4,770
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 6.000% 7/1/23 (14) 5,745 7,533
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 6.000% 7/1/26 (14) 4,625 6,061
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 6.000% 7/1/27 (14) 9,325 12,191
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 5.375% 8/15/29 4,000 4,503
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 1.186% 2/1/37 3,000 2,324
Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) 5.625% 8/15/39 10,800 11,893
1 Allegheny County PA Hospital Development        
Authority Revenue (University of Pittsburgh        
Medical Center) TOB VRDO 0.160% 3/7/12 4,900 4,900
Allegheny County PA Industrial Development        
Authority Revenue (University of Pittsburgh        
Medical Center Children's Hospital) VRDO 0.200% 3/7/12 LOC 4,800 4,800
Allegheny County PA Port Authority Revenue 5.750% 3/1/29 7,500 8,775
Allegheny County PA Sanitation Authority Sewer        
Revenue 5.500% 12/1/16 (ETM) 11,295 12,533
Allegheny County PA Sanitation Authority Sewer        
Revenue 5.000% 6/1/19 (4) 3,250 3,844
Allegheny County PA Sanitation Authority Sewer        
Revenue 5.000% 12/1/24 (14) 6,000 6,722
Allegheny County PA Sanitation Authority Sewer        
Revenue 5.000% 6/1/26 (4) 4,925 5,622
Allegheny County PA Sanitation Authority Sewer        
Revenue 5.000% 6/1/30 (4) 3,500 3,966
Allegheny County PA Sanitation Authority Sewer        
Revenue 5.000% 12/1/32 (14) 12,000 12,780
Annville Cleona PA School District GO 6.000% 3/1/28 (4) 1,500 1,633
Annville Cleona PA School District GO 6.000% 3/1/31 (4) 2,475 2,668
Beaver County PA Hospital Authority Revenue        
(Heritage Valley Health System Inc.) 5.000% 5/15/23 1,750 2,039
Beaver County PA Hospital Authority Revenue        
(Heritage Valley Health System Inc.) 5.000% 5/15/25 1,620 1,858
Beaver County PA Hospital Authority Revenue        
(Heritage Valley Health System Inc.) 5.000% 5/15/28 2,000 2,224
Beaver County PA Industrial Development        
Authority Pollution Control Revenue        
(FirstEnergy Nuclear Generation Corp.        
Project) PUT 3.000% 4/2/12 7,000 7,010
Bensalem Township PA School District GO 5.250% 6/15/24 (14) 3,700 4,348
Berks County PA GO 0.000% 11/15/13 (14) 7,250 7,153
Berks County PA GO 0.000% 11/15/14 (14) 8,615 8,382
Berks County PA GO 0.000% 11/15/15 (14) 6,250 5,971

 

 

Berks County PA Municipal Authority Hospital        
Revenue (Reading Hospital & Medical Center        
Project) 5.700% 10/1/14 (14) 2,435 2,591
Berks County PA Municipal Authority Revenue        
(Reading Hospital & Medical Center Project) 5.500% 11/1/31 3,500 3,952
Berks County PA Municipal Authority Revenue        
(Reading Hospital & Medical Center Project) 5.750% 11/1/39 4,615 5,183
Bethlehem PA Area School District GO 5.375% 3/15/12 (Prere.) 7,500 7,517
Blair County PA Hospital Authority Hospital        
Revenue (Altoona Hospital Project) 5.500% 7/1/16 (2) 6,480 6,998
Blair County PA Hospital Authority Revenue        
(Altoona Regional Health System) 6.000% 11/15/39 13,500 14,189
Bristol Borough PA School District GO 5.250% 9/1/15 (Prere.) 3,635 4,226
Bucks County PA GO 5.000% 6/1/19 2,500 3,128
Bucks County PA Industrial Development        
Authority Revenue (Pennswood Village        
Project) 6.000% 10/1/12 (Prere.) 2,600 2,713
Bucks County PA Water & Sewer Authority        
Water System Revenue 5.000% 12/1/29 (4) 2,000 2,291
Bucks County PA Water & Sewer Authority        
Water System Revenue 5.000% 12/1/33 (4) 2,000 2,251
Bucks County PA Water & Sewer Authority        
Water System Revenue 5.000% 12/1/37 (4) 3,500 3,891
Butler County PA General Authority Revenue        
(Erie School District Project) VRDO 0.160% 3/7/12 LOC 9,840 9,840
Catholic Health East Pennsylvania Health        
Systems Revenue 5.375% 11/15/14 (Prere.) 3,000 3,374
Catholic Health East Pennsylvania Health        
Systems Revenue 5.500% 11/15/14 (Prere.) 1,400 1,579
Central Bradford PA Progress Authority        
Revenue (Guthrie Healthcare System) 5.500% 12/1/31 7,000 8,036
Central Bradford PA Progress Authority        
Revenue (Guthrie Healthcare System) 5.375% 12/1/41 3,000 3,295
Central Bucks PA School District GO 5.000% 5/15/18 (Prere.) 6,000 7,472
Centre County PA Hospital Authority Revenue        
(Mount Nittany Medical Center Project) 6.250% 11/15/41 1,750 1,965
Centre County PA Hospital Authority Revenue        
(Mount Nittany Medical Center Project) 7.000% 11/15/46 5,000 5,870
Chambersburg PA Area School District GO 5.250% 3/1/29 (14) 3,805 4,213
Chambersburg PA Area School District GO 5.250% 2/1/37 2,535 2,741
Chester County PA GO 5.000% 7/15/26 4,345 5,135
Chester County PA GO 5.000% 7/15/27 5,000 5,879
Chester County PA GO 5.000% 11/15/30 3,740 4,460
Chester County PA GO 5.000% 11/15/31 2,350 2,785
Chester County PA GO 5.000% 11/15/32 1,000 1,178
Chester County PA Health & Education Facilities        
Authority Revenue (Devereux Foundation) 5.000% 11/1/18 700 763
Chester County PA Health & Education Facilities        
Authority Revenue (Devereux Foundation) 5.000% 11/1/20 650 695
Chester County PA Health & Education Facilities        
Authority Revenue (Devereux Foundation) 5.000% 11/1/22 795 840
Chester County PA Health & Education Facilities        
Authority Revenue (Devereux Foundation) 5.000% 11/1/31 4,500 4,618
Chester County PA Health & Education Facilities        
Authority Revenue (Jefferson Health System) 5.000% 5/15/31 2,720 2,968
Chester County PA Health & Education Facilities        
Authority Revenue (Jefferson Health System) 5.000% 5/15/40 30,485 32,489

 

 

Chester County PA School Authority Revenue 5.000% 4/1/23 (2) 2,670 2,867
Chester County PA School Authority Revenue 5.000% 4/1/24 (2) 1,000 1,070
Chester County PA School Authority Revenue 5.000% 4/1/26 (2) 1,575 1,671
Clarion County PA Industrial Development        
Authority Revenue (Clarion University        
Foundation Inc. Student Housing Project) 5.000% 7/1/32 (10) 4,980 4,741
Clarion County PA Industrial Development        
Authority Revenue (Clarion University        
Foundation Inc. Student Housing Project) 5.000% 7/1/37 (10) 6,360 5,911
Coatesville PA School District GO 5.250% 8/15/14 (Prere.) 6,645 7,443
Commonwealth Financing Authority        
Pennsylvania Revenue 5.250% 6/1/23 (14) 13,535 15,195
Cumberland County PA Municipal Authority        
Retirement Community Revenue (Wesley        
Affiliated Services Inc.) 7.250% 1/1/13 (Prere.) 7,360 7,864
Cumberland County PA Municipal Authority        
Revenue (Diakon Lutheran Social Ministries        
Project) 5.000% 1/1/27 2,700 2,763
Cumberland County PA Municipal Authority        
Revenue (Diakon Lutheran Social Ministries        
Project) 5.000% 1/1/36 6,750 6,770
Cumberland County PA Municipal Authority        
Revenue (Diakon Lutheran Social Ministries        
Project) 6.375% 1/1/39 2,000 2,150
Dallas PA School District GO 5.000% 4/1/29 (11) 5,385 5,782
Dauphin County PA General Authority Health        
System Revenue (Pinnacle Health System        
Project) 5.500% 8/15/28 (ETM) 9,415 13,161
Dauphin County PA General Authority Health        
System Revenue (Pinnacle Health System        
Project) 6.000% 6/1/36 15,000 16,456
Dauphin County PA General Authority Hospital        
Revenue (Western Pennsylvania Hospital        
Project) 5.500% 7/1/13 (ETM) 2,160 2,243
Delaware County PA Authority Hospital        
Revenue (Crozer-Chester Medical Center        
Obligated Group) 5.300% 12/1/27 8,905 8,906
Delaware County PA Authority Hospital        
Revenue (Crozer-Keystone Obligated Group) 5.000% 12/15/31 5,000 4,735
Delaware County PA Authority Revenue        
(Haverford College) VRDO 0.120% 3/7/12 3,900 3,900
Delaware County PA Authority University        
Revenue (Villanova University) 5.000% 8/1/24 (14) 4,000 4,287
Delaware County PA Authority University        
Revenue (Villanova University) 5.000% 12/1/26 1,000 1,136
Delaware County PA Authority University        
Revenue (Villanova University) 5.000% 12/1/28 1,000 1,124
Delaware County PA Authority University        
Revenue (Villanova University) 5.250% 12/1/31 600 679
Delaware County PA GO 5.000% 10/1/13 2,900 3,118
Delaware County PA GO 5.000% 10/1/14 3,905 4,371
Delaware County PA GO 5.000% 10/1/16 3,240 3,870
Delaware County PA Industrial Development        
Authority Pollution Control Revenue (PECO        
Energy Co. Project) 4.000% 12/1/12 13,000 13,304

 

 

Delaware County PA Industrial Development        
Authority Solid Waste Revenue (Scott Paper        
Co.) VRDO 0.130% 3/7/12 3,360 3,360
Delaware River Joint Toll Bridge Commission        
Pennsylvania & New Jersey Revenue 5.250% 7/1/19 (14) 1,645 1,841
Delaware River Joint Toll Bridge Commission        
Pennsylvania & New Jersey Revenue 5.500% 7/1/19 (14) 4,835 5,936
Delaware River Joint Toll Bridge Commission        
Pennsylvania & New Jersey Revenue 5.250% 7/1/20 (14) 1,735 1,941
Delaware River Joint Toll Bridge Commission        
Pennsylvania & New Jersey Revenue 5.500% 7/1/20 (14) 5,105 6,290
Delaware River Joint Toll Bridge Commission        
Pennsylvania & New Jersey Revenue 5.250% 7/1/21 (14) 1,825 2,042
Delaware River Joint Toll Bridge Commission        
Pennsylvania & New Jersey Revenue 5.250% 7/1/22 (14) 1,920 2,148
Delaware River Joint Toll Bridge Commission        
Pennsylvania & New Jersey Revenue 5.250% 7/1/23 (14) 2,020 2,260
Delaware River Port Authority Pennsylvania &        
New Jersey Revenue 5.700% 1/1/23 (4) 8,345 8,366
Delaware River Port Authority Pennsylvania &        
New Jersey Revenue 5.000% 1/1/35 10,000 10,722
Delaware River Port Authority Pennsylvania &        
New Jersey Revenue VRDO 0.140% 3/7/12 LOC 1,800 1,800
Downingtown PA Area School District GO 5.000% 11/1/18 4,750 5,879
Doylestown PA Hospital Authority Hospital        
Revenue 5.000% 7/1/20 (12) 5,060 5,509
Doylestown PA Hospital Authority Hospital        
Revenue 5.000% 7/1/21 (12) 3,000 3,249
Doylestown PA Hospital Authority Hospital        
Revenue 5.000% 7/1/22 (12) 3,455 3,710
East Stroudsburg PA Area School District GO 5.000% 9/1/29 (4) 7,085 7,724
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 5,850 5,850
Emmaus PA General Authority Revenue VRDO 0.140% 3/7/12 LOC 4,300 4,300
Erie County PA GO 5.000% 9/1/15 (Prere.) 5,525 6,388
Erie County PA Hospital Authority Revenue        
(Hamot Health Foundation) 5.000% 11/1/35 (11) 7,000 7,272
Erie PA School District GO 0.000% 5/1/16 (ETM) 3,175 3,057
Franklin County PA Industrial Development        
Authority Revenue (Chambersburg Hospital        
Project) 5.375% 7/1/42 17,500 18,355
Geisinger Health System Authority of        
Pennsylvania Revenue (Penn State Geisinger        
Health System) 5.125% 6/1/34 5,000 5,426
Geisinger Health System Authority of        
Pennsylvania Revenue (Penn State Geisinger        
Health System) 5.250% 6/1/39 20,735 22,488
Geisinger Health System Authority of        
Pennsylvania Revenue (Penn State Geisinger        
Health System) VRDO 0.080% 3/1/12 5,500 5,500
Geisinger Health System Authority of        
Pennsylvania Revenue (Penn State Geisinger        
Health System) VRDO 0.090% 3/1/12 8,200 8,200
1 Geisinger Health System Authority of        
Pennsylvania Revenue TOB VRDO 0.160% 3/7/12 5,225 5,225
Gettysburg PA Area School District GO 5.000% 1/15/20 2,510 3,042
Hazleton PA Area School District GO 5.750% 3/1/12 (14) 1,420 1,420
Hazleton PA Area School District GO 6.000% 3/1/16 (14) 18,245 19,959

 

 

Hazleton PA Area School District GO 0.000% 3/1/17 (14) 4,425 3,941
Hazleton PA Area School District GO 0.000% 3/1/22 (14) 5,265 3,730
Hempfield PA Area School District        
(Westmoreland County) GO 5.000% 9/15/15 (Prere.) 5,030 5,820
Indiana County PA Industrial Development        
Authority Pollution Control Revenue (New        
York State Electric & Gas Corp. Project) PUT 3.000% 6/3/13 5,000 5,093
2 Kiski PA Area School District GO 4.000% 3/1/22 (4) 1,000 1,133
2 Kiski PA Area School District GO 4.000% 3/1/23 (4) 1,875 2,108
Lackawanna County PA GO 5.000% 9/15/29 (2) 1,975 1,964
Lackawanna County PA GO 5.000% 9/15/29 (4) 3,745 3,845
Lake Lehman PA School District GO 0.000% 4/1/14 (14) 1,290 1,258
Lake Lehman PA School District GO 0.000% 4/1/15 (14) 1,295 1,239
Lake Lehman PA School District GO 0.000% 4/1/16 (14) 1,310 1,215
Lake Lehman PA School District GO 0.000% 4/1/17 (14) 1,315 1,178
Lake Lehman PA School District GO 0.000% 4/1/18 (14) 1,000 862
Lancaster County PA GO 5.500% 11/1/16 (14) 1,025 1,034
Lancaster County PA GO 5.500% 11/1/17 (14) 1,060 1,069
Lancaster County PA GO 5.500% 11/1/18 (14) 1,120 1,129
Lancaster County PA GO 5.500% 11/1/19 (14) 1,175 1,185
Lancaster County PA Hospital Authority Health        
System Revenue (Lancaster General        
Hospital) VRDO 0.210% 3/1/12 LOC 8,245 8,245
Lancaster County PA Hospital Authority        
Revenue (Lancaster General Hospital) 5.000% 3/15/26 4,955 5,372
Lancaster County PA Hospital Authority        
Revenue (Lancaster General Hospital) 5.000% 3/15/36 12,370 12,867
Lancaster County PA Hospital Authority        
Revenue (Willow Valley Retirement Project) 5.875% 6/1/21 820 822
Lancaster PA Higher Education Authority        
College Revenue (Franklin & Marshall        
College) 5.000% 4/15/22 1,135 1,243
Lancaster PA Higher Education Authority        
College Revenue (Franklin & Marshall        
College) 5.000% 4/15/27 2,775 2,971
Lancaster PA Higher Education Authority        
College Revenue (Franklin & Marshall        
College) 5.000% 4/15/37 4,000 4,292
Latrobe PA Industrial Development Authority        
College Revenue (St. Vincent College Project) 5.700% 5/1/31 1,995 2,017
Lebanon County PA Health Facilities Authority        
Health Center Revenue (Good Samaritan        
Hospital Project) 6.000% 11/15/35 10,500 10,474
Lehigh County PA General Purpose Hospital        
Authority Revenue (Lehigh Valley Health        
Network) 5.375% 7/1/14 (4) 900 912
Lehigh County PA General Purpose Hospital        
Authority Revenue (Lehigh Valley Health        
Network) 7.000% 7/1/16 (14) 3,360 3,790
Lehigh County PA General Purpose Hospital        
Authority Revenue (Lehigh Valley Health        
Network) 5.000% 7/1/35 (4) 10,000 10,571
Lehigh County PA General Purpose Hospital        
Authority Revenue (Muhlenberg College)        
VRDO 0.200% 3/7/12 LOC 3,300 3,300

 

 

Lehigh County PA Industrial Development        
Authority Pollution Control Revenue (PPL        
Electric Utilities Corp. Project) 4.750% 2/15/27 (3) 4,360 4,473
Lower Merion PA School District GO 5.000% 9/1/28 7,845 9,016
Lower Merion PA School District GO 5.000% 9/1/30 8,670 9,745
Lower Merion PA School District GO 5.000% 9/1/32 5,000 5,574
Luzerne County PA GO 0.000% 11/15/12 (Prere.) 2,360 1,872
Luzerne County PA GO 0.000% 11/15/12 (Prere.) 2,390 1,780
Luzerne County PA GO 5.250% 12/15/21 (14) 5,320 5,906
Luzerne County PA Industrial Development        
Authority Water Facility Revenue        
(Pennsylvania-American Water Co.) 5.500% 12/1/39 10,000 11,005
Lycoming County PA Authority College Revenue        
(Pennsylvania College of Technology) 5.250% 10/1/27 (12) 5,395 5,951
Lycoming County PA Authority College Revenue        
(Pennsylvania College of Technology) 5.000% 7/1/30 4,450 4,907
Lycoming County PA Authority College Revenue        
(Pennsylvania College of Technology) 5.500% 10/1/37 (12) 6,650 7,173
McKeesport PA Area School District GO 0.000% 10/1/14 (14) 2,040 1,931
McKeesport PA Area School District GO 0.000% 10/1/15 (14) 2,040 1,863
McKeesport PA Area School District GO 0.000% 10/1/16 (14) 4,655 4,104
McKeesport PA Area School District GO 0.000% 10/1/18 (ETM) 425 384
McKeesport PA Area School District GO 0.000% 10/1/18 (2) 2,650 2,269
Monroe County PA Hospital Authority Revenue        
(Pocono Medical Center) 5.000% 1/1/27 2,000 2,078
Monroe County PA Hospital Authority Revenue        
(Pocono Medical Center) 5.125% 1/1/37 3,000 3,053
Monroe County PA Hospital Authority Revenue        
(Pocono Medical Center) 5.250% 1/1/43 6,450 6,590
Montgomery County PA GO 5.000% 10/15/28 13,235 15,006
Montgomery County PA GO 5.000% 10/15/31 6,450 7,255
Montgomery County PA Higher Education &        
Health Authority Hospital Revenue (Abington        
Memorial Hospital) 5.000% 6/1/25 5,000 5,360
Montgomery County PA Higher Education &        
Health Authority Hospital Revenue (Abington        
Memorial Hospital) 5.125% 6/1/33 13,545 14,140
Montgomery County PA Higher Education &        
Health Authority Revenue (Catholic Health        
East) 5.375% 11/15/14 (Prere.) 2,175 2,454
Montgomery County PA Higher Education &        
Health Authority Revenue (Dickinson College) 5.000% 5/1/31 (11) 5,750 6,048
Montgomery County PA Higher Education &        
Health Authority Revenue (Holy Redeemer        
Health System) 5.250% 1/1/36 16,000 15,848
Montgomery County PA Industrial Development        
Authority Revenue (Hill School) 5.000% 8/15/25 (14) 6,500 6,982
Montgomery County PA Industrial Development        
Authority Revenue (Hill School) 5.000% 8/15/26 (14) 3,550 3,800
Montgomery County PA Industrial Development        
Authority Revenue (Hill School) 5.000% 8/15/27 (14) 3,300 3,521
Montgomery County PA Industrial Development        
Authority Revenue (New Regional Medical        
Center Project) 5.250% 8/1/33 7,000 7,683
Montgomery County PA Industrial Development        
Authority Revenue (New Regional Medical        
Center Project) 5.375% 8/1/38 14,415 15,702

 

 

Montgomery County PA Industrial Development      
Authority Revenue (Philadelphia Presbyterian      
Homes Inc. Project) 6.625% 12/1/30 1,065 1,171
Moon Area School District PA GO 5.000% 11/15/28 (4) 5,000 5,591
Mount Lebanon PA School District GO 5.000% 2/15/13 (Prere.) 9,280 9,706
Mount Lebanon PA School District GO 5.000% 2/15/34 5,500 6,102
North Pocono PA School District GO 5.000% 3/15/26 (14) 4,035 4,287
Northampton County PA General Purpose      
Authority Hospital Revenue (St. Luke's      
Hospital Project) 5.250% 8/15/23 1,250 1,354
Northampton County PA General Purpose      
Authority Hospital Revenue (St. Luke's      
Hospital Project) 5.375% 8/15/28 6,675 7,049
Northampton County PA General Purpose      
Authority Hospital Revenue (St. Luke's      
Hospital Project) 5.500% 8/15/35 2,500 2,603
Northampton County PA General Purpose      
Authority Hospital Revenue (St. Luke's      
Hospital Project) 5.500% 8/15/40 5,000 5,159
Northampton County PA General Purpose      
Authority University Revenue (Lafayette      
College) VRDO 0.150% 3/7/12 2,200 2,200
Northampton County PA General Purpose      
Authority University Revenue (Lehigh      
University) 5.000% 11/15/39 2,595 2,807
Northampton County PA General Purpose      
Authority University Revenue (Lehigh      
University) VRDO 0.130% 3/7/12 4,810 4,810
Northampton County PA General Purpose      
Authority University Revenue (Lehigh      
University) VRDO 0.130% 3/7/12 1,600 1,600
Owen J. Roberts School District Pennsylvania      
GO 5.500% 8/15/17 (4) 1,495 1,529
Parkland PA School District GO 5.375% 9/1/15 (14) 3,050 3,529
Parkland PA School District GO 5.375% 9/1/16 (14) 2,000 2,397
Pennsbury PA School District GO 5.250% 8/1/24 (4) 9,135 10,025
Pennsylvania Economic Development Financing      
Authority Exempt Facilities Revenue        
(Allegheny Energy Supply Co. LLC Project) 7.000% 7/15/39 7,000 8,050
Pennsylvania Economic Development Financing      
Authority Exempt Facilities Revenue (PPL      
Energy Supply LLC Project) PUT 3.000% 9/1/15 4,500 4,608
Pennsylvania Economic Development Financing      
Authority Exempt Facilities Revenue (PPL      
Energy Supply LLC Project) PUT 3.000% 9/1/15 5,570 5,703
Pennsylvania Economic Development Financing      
Authority Exempt Facilities Revenue (PPL      
Energy Supply LLC Project) PUT 3.000% 9/1/15 8,500 8,703
Pennsylvania Economic Development Financing      
Authority Exempt Facilities Revenue (PSEG      
Power LLC Project) VRDO 0.120% 3/7/12 LOC 500 500
Pennsylvania Economic Development Financing      
Authority Pollution Control Revenue (PPL      
Electric Utilities Corp. Project) 4.000% 10/1/23 7,500 7,873
Pennsylvania Economic Development Financing      
Authority Water Facilities Revenue (American      
Water Co. Project) 6.200% 4/1/39 5,000 5,773

 

 

Pennsylvania Economic Development Financing        
Authority Water Facilities Revenue (Aqua        
Pennsylvania Inc. Project) 5.000% 10/1/39 5,500 5,992
Pennsylvania Economic Development Financing        
Authority Water Facilities Revenue (Aqua        
Pennsylvania Inc. Project) 4.750% 11/15/40 2,500 2,683
Pennsylvania Economic Development Financing        
Authority Water Facilities Revenue (Aqua        
Pennsylvania Inc. Project) 5.000% 11/15/40 8,975 9,808
Pennsylvania Economic Development Financing        
Authority Water Facilities Revenue (Aqua        
Pennsylvania Inc. Project) 5.000% 12/1/43 7,500 8,217
Pennsylvania GO 5.000% 9/1/13 1,200 1,287
Pennsylvania GO 5.000% 2/15/14 4,930 5,388
Pennsylvania GO 5.250% 7/1/15 15,000 17,372
Pennsylvania GO 5.000% 2/15/16 16,000 18,786
Pennsylvania GO 5.000% 3/15/16 11,855 13,959
Pennsylvania GO 5.000% 4/15/16 18,690 22,069
Pennsylvania GO 5.375% 7/1/16 (14) 3,025 3,646
Pennsylvania GO 5.000% 8/1/16 5,000 5,961
Pennsylvania GO 5.000% 5/1/17 6,000 7,279
Pennsylvania GO 5.000% 7/1/17 16,000 19,496
Pennsylvania GO 5.375% 7/1/17 2,800 3,467
Pennsylvania GO 5.000% 8/1/17 10,000 12,211
Pennsylvania GO 5.000% 11/1/17 (Prere.) 3,500 4,333
Pennsylvania GO 5.000% 11/1/17 2,000 2,458
Pennsylvania GO 5.000% 2/15/18 12,745 15,605
Pennsylvania GO 5.000% 5/1/18 26,150 32,161
Pennsylvania GO 5.000% 5/1/19 18,520 22,979
Pennsylvania GO 5.000% 7/1/19 31,900 39,706
Pennsylvania GO 5.375% 7/1/19 (14) 9,915 12,599
Pennsylvania GO 5.000% 7/1/20 6,225 7,805
Pennsylvania GO 5.000% 11/15/20 8,740 11,013
Pennsylvania GO 5.375% 7/1/21 16,000 20,697
Pennsylvania GO 5.000% 11/15/24 16,870 20,774
Pennsylvania GO 5.000% 11/15/25 12,000 14,682
Pennsylvania GO 5.000% 11/15/26 6,705 8,182
1 Pennsylvania GO TOB VRDO 0.160% 3/7/12 2,700 2,700
1 Pennsylvania GO TOB VRDO 0.160% 3/7/12 7,920 7,920
Pennsylvania Higher Educational Facilities        
Authority Revenue (Bryn Mawr College) 5.000% 12/1/37 (2) 13,170 14,019
Pennsylvania Higher Educational Facilities        
Authority Revenue (Drexel University) 5.000% 5/1/32 (14) 4,950 5,274
Pennsylvania Higher Educational Facilities        
Authority Revenue (Drexel University) 5.000% 5/1/37 (14) 9,600 10,177
Pennsylvania Higher Educational Facilities        
Authority Revenue (Drexel University) VRDO 0.120% 3/7/12 LOC 11,500 11,500
Pennsylvania Higher Educational Facilities        
Authority Revenue (Drexel University) VRDO 0.150% 3/7/12 LOC 8,000 8,000
Pennsylvania Higher Educational Facilities        
Authority Revenue (Foundation for Indiana        
University of Pennsylvania Student Housing) 0.839% 7/1/17 (10) 5,095 4,784
Pennsylvania Higher Educational Facilities        
Authority Revenue (Foundation for Indiana        
University of Pennsylvania Student Housing) 5.125% 7/1/39 (10) 10,000 10,022

 

 

Pennsylvania Higher Educational Facilities        
Authority Revenue (Gwynedd Mercy College)        
VRDO 0.130% 3/7/12 LOC 3,100 3,100
Pennsylvania Higher Educational Facilities        
Authority Revenue (Higher Education System) 5.000% 6/15/29 4,000 4,680
Pennsylvania Higher Educational Facilities        
Authority Revenue (Higher Education System) 5.000% 6/15/30 3,615 4,197
Pennsylvania Higher Educational Facilities        
Authority Revenue (Higher Education System) 5.000% 6/15/30 1,595 1,789
Pennsylvania Higher Educational Facilities        
Authority Revenue (Higher Education System) 5.000% 6/15/31 1,670 1,864
Pennsylvania Higher Educational Facilities        
Authority Revenue (Higher Education System) 5.000% 6/15/34 5,535 6,103
Pennsylvania Higher Educational Facilities        
Authority Revenue (Higher Education System) 5.000% 6/15/39 1,270 1,392
Pennsylvania Higher Educational Facilities        
Authority Revenue (Kings College) VRDO 0.160% 3/7/12 LOC 9,200 9,200
Pennsylvania Higher Educational Facilities        
Authority Revenue (La Salle University) 5.250% 5/1/27 3,000 3,210
Pennsylvania Higher Educational Facilities        
Authority Revenue (La Salle University) 5.000% 5/1/37 3,250 3,345
Pennsylvania Higher Educational Facilities        
Authority Revenue (Philadelphia University) 5.125% 6/1/25 3,500 3,564
Pennsylvania Higher Educational Facilities        
Authority Revenue (Philadelphia University) 5.250% 6/1/32 6,350 6,407
Pennsylvania Higher Educational Facilities        
Authority Revenue (Slippery Rock University        
Foundation) 5.000% 7/1/31 (10) 10,260 10,447
Pennsylvania Higher Educational Facilities        
Authority Revenue (Slippery Rock University        
Foundation) 5.000% 7/1/37 (10) 3,500 3,533
Pennsylvania Higher Educational Facilities        
Authority Revenue (St. Joseph's University) 5.000% 11/1/34 4,000 4,324
Pennsylvania Higher Educational Facilities        
Authority Revenue (St. Joseph's University) 5.000% 11/1/40 7,270 7,787
Pennsylvania Higher Educational Facilities        
Authority Revenue (Susquehanna University)        
VRDO 0.160% 3/7/12 LOC 5,000 5,000
Pennsylvania Higher Educational Facilities        
Authority Revenue (Temple University) 5.000% 4/1/23 (14) 12,200 13,391
Pennsylvania Higher Educational Facilities        
Authority Revenue (Temple University) 5.000% 4/1/24 (14) 12,680 13,842
Pennsylvania Higher Educational Facilities        
Authority Revenue (Thomas Jefferson        
University) 5.375% 1/1/13 (Prere.) 4,435 4,618
Pennsylvania Higher Educational Facilities        
Authority Revenue (Thomas Jefferson        
University) 5.000% 9/1/39 (2) 9,000 9,392
Pennsylvania Higher Educational Facilities        
Authority Revenue (Thomas Jefferson        
University) 5.000% 3/1/40 1,000 1,084
Pennsylvania Higher Educational Facilities        
Authority Revenue (Trustees of the University        
of Pennsylvania) 5.000% 9/1/17 3,420 4,169
Pennsylvania Higher Educational Facilities        
Authority Revenue (Trustees of the University        
of Pennsylvania) 5.000% 9/1/23 1,130 1,367

 

 

Pennsylvania Higher Educational Facilities        
Authority Revenue (Trustees of the University        
of Pennsylvania) 5.000% 9/1/27 1,285 1,514
Pennsylvania Higher Educational Facilities        
Authority Revenue (Trustees of the University        
of Pennsylvania) 5.000% 9/1/28 3,390 3,971
Pennsylvania Higher Educational Facilities        
Authority Revenue (Trustees of the University        
of Pennsylvania) 5.000% 9/1/29 1,600 1,863
Pennsylvania Higher Educational Facilities        
Authority Revenue (Trustees of the University        
of Pennsylvania) 5.000% 9/1/30 2,260 2,617
Pennsylvania Higher Educational Facilities        
Authority Revenue (Trustees of the University        
of Pennsylvania) 5.000% 9/1/41 7,100 8,046
Pennsylvania Higher Educational Facilities        
Authority Revenue (University of Pennsylvania        
Health System) 5.000% 8/15/24 1,250 1,459
Pennsylvania Higher Educational Facilities        
Authority Revenue (University of Pennsylvania        
Health System) 5.250% 8/15/25 2,500 2,947
Pennsylvania Higher Educational Facilities        
Authority Revenue (University of Pennsylvania        
Health System) 5.750% 8/15/41 4,000 4,550
Pennsylvania Higher Educational Facilities        
Authority Revenue (University of Pennsylvania        
Health System) VRDO 0.210% 3/7/12 LOC 12,300 12,300
Pennsylvania Higher Educational Facilities        
Authority Revenue (University of Pittsburgh        
Medical Center) 5.000% 5/15/18 1,375 1,647
Pennsylvania Higher Educational Facilities        
Authority Revenue (University of Scranton) 5.000% 11/1/28 (10) 4,080 4,333
Pennsylvania Higher Educational Facilities        
Authority Revenue (University of the        
Sciences) 5.000% 11/1/25 (12) 2,285 2,565
Pennsylvania Higher Educational Facilities        
Authority Revenue (University of the        
Sciences) 5.000% 11/1/27 (12) 1,800 1,996
Pennsylvania Higher Educational Facilities        
Authority Revenue (University of the        
Sciences) 5.000% 11/1/37 (12) 5,745 6,144
Pennsylvania Higher Educational Facilities        
Authority Revenue (Widener University) 5.000% 7/15/20 2,360 2,429
Pennsylvania Higher Educational Facilities        
Authority Revenue (Widener University) 5.000% 7/15/26 1,200 1,255
Pennsylvania Higher Educational Facilities        
Authority Revenue (Widener University) 5.400% 7/15/36 3,000 3,047
Pennsylvania Higher Educational Facilities        
Authority Student Housing Revenue        
(University Properties Inc.) 6.000% 7/1/21 1,000 1,108
Pennsylvania Higher Educational Facilities        
Authority Student Housing Revenue        
(University Properties Inc.) 5.000% 7/1/31 3,000 2,970
Pennsylvania Higher Educational Facilities        
Authority Student Housing Revenue        
(University Properties Inc.) 5.000% 7/1/42 2,500 2,398

 

 

Pennsylvania Housing Finance Agency Rental        
Housing Revenue (Section 8 Assisted) VRDO 0.230% 3/7/12 3,100 3,100
Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue 4.125% 10/1/25 1,500 1,552
Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue 5.000% 10/1/25 2,000 2,162
Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue 4.500% 10/1/30 1,500 1,560
Pennsylvania Housing Finance Agency Single        
Family Mortgage Revenue 4.750% 10/1/39 4,360 4,494
Pennsylvania Industrial Development Authority        
Economic Development Revenue 5.500% 7/1/12 (Prere.) 575 591
Pennsylvania Industrial Development Authority        
Economic Development Revenue 5.500% 7/1/17 (2) 7,000 7,182
Pennsylvania Industrial Development Authority        
Economic Development Revenue 5.500% 7/1/18 (2) 7,630 7,820
Pennsylvania Industrial Development Authority        
Economic Development Revenue 5.500% 7/1/19 (2) 10,040 10,280
Pennsylvania Industrial Development Authority        
Economic Development Revenue 5.500% 7/1/20 (2) 4,495 4,601
Pennsylvania Industrial Development Authority        
Economic Development Revenue 5.500% 7/1/21 (2) 8,130 8,322
Pennsylvania Industrial Development Authority        
Economic Development Revenue 5.500% 7/1/23 20,000 23,204
Pennsylvania Intergovernmental Cooperation        
Authority Special Tax Revenue (Philadelphia        
Funding Program) 5.000% 6/15/20 6,000 7,403
Pennsylvania Intergovernmental Cooperation        
Authority Special Tax Revenue (Philadelphia        
Funding Program) 5.000% 6/15/21 2,000 2,427
Pennsylvania Intergovernmental Cooperation        
Authority Special Tax Revenue (Philadelphia        
Funding Program) 5.000% 6/15/22 3,230 3,872
Pennsylvania Public School Building Authority        
Lease Revenue (School District of        
Philadelphia) 5.000% 6/1/27 (4) 12,880 13,947
Pennsylvania Public School Building Authority        
Lease Revenue (School District of        
Philadelphia) 5.000% 6/1/31 (4) 18,305 19,522
Pennsylvania State University Revenue 5.250% 8/15/18 1,200 1,485
Pennsylvania State University Revenue 5.000% 8/15/19 920 1,096
Pennsylvania State University Revenue 5.000% 3/1/20 1,930 2,311
Pennsylvania State University Revenue 5.000% 3/1/22 1,250 1,464
Pennsylvania State University Revenue 5.000% 3/1/23 2,020 2,350
Pennsylvania State University Revenue 5.250% 8/15/23 2,000 2,569
Pennsylvania State University Revenue 5.000% 8/15/24 2,000 2,279
Pennsylvania State University Revenue 5.000% 9/1/24 10,625 11,641
Pennsylvania State University Revenue 5.000% 9/1/24 3,000 3,394
Pennsylvania State University Revenue 5.250% 8/15/25 5,360 6,942
Pennsylvania State University Revenue 5.000% 3/1/26 4,800 5,459
Pennsylvania State University Revenue 5.000% 3/1/28 1,000 1,125
Pennsylvania State University Revenue 5.000% 9/1/29 7,625 8,289
Pennsylvania State University Revenue 5.000% 9/1/29 2,500 2,787
Pennsylvania State University Revenue 5.000% 9/1/34 6,325 6,896
1 Pennsylvania State University Revenue TOB        
VRDO 0.150% 3/7/12 LOC 9,500 9,500
Pennsylvania State University Revenue VRDO 0.150% 3/7/12 1,300 1,300

 

 

Pennsylvania Turnpike Commission Oil        
Franchise Tax Revenue 5.000% 12/1/13 (Prere.) 6,000 6,495
Pennsylvania Turnpike Commission Oil        
Franchise Tax Revenue 5.000% 12/1/26 (2) 4,000 4,461
Pennsylvania Turnpike Commission Oil        
Franchise Tax Revenue 5.000% 12/1/27 (2) 3,000 3,344
Pennsylvania Turnpike Commission Registration        
Fee Revenue VRDO 0.170% 3/7/12 (4) 2,050 2,050
Pennsylvania Turnpike Commission Revenue 3.000% 6/1/12 (12) 2,015 2,029
Pennsylvania Turnpike Commission Revenue 3.000% 6/1/13 (12) 2,500 2,578
Pennsylvania Turnpike Commission Revenue 4.000% 6/1/14 (12) 1,565 1,683
Pennsylvania Turnpike Commission Revenue 5.000% 12/1/20 11,375 13,624
Pennsylvania Turnpike Commission Revenue 5.000% 12/1/24 1,000 1,178
Pennsylvania Turnpike Commission Revenue 5.000% 12/1/25 16,665 19,132
Pennsylvania Turnpike Commission Revenue 5.250% 7/15/27 (4) 4,000 5,034
Pennsylvania Turnpike Commission Revenue 5.375% 6/1/28 12,785 14,068
Pennsylvania Turnpike Commission Revenue 5.250% 7/15/28 (4) 9,375 11,810
Pennsylvania Turnpike Commission Revenue 5.000% 12/1/30 4,600 5,174
Pennsylvania Turnpike Commission Revenue 5.500% 12/1/31 (2) 17,610 19,429
Pennsylvania Turnpike Commission Revenue 5.250% 12/1/32 (2) 16,000 17,545
Pennsylvania Turnpike Commission Revenue 5.500% 6/1/33 17,920 19,632
Pennsylvania Turnpike Commission Revenue 5.250% 6/1/36 12,435 13,195
Pennsylvania Turnpike Commission Revenue 6.000% 12/1/36 2,500 3,018
Pennsylvania Turnpike Commission Revenue 6.500% 12/1/36 3,000 3,593
Pennsylvania Turnpike Commission Revenue 5.000% 12/1/37 8,650 9,068
Pennsylvania Turnpike Commission Revenue 6.250% 6/1/38 (12) 21,595 25,694
Pennsylvania Turnpike Commission Revenue 5.000% 12/1/38 7,500 8,152
Pennsylvania Turnpike Commission Revenue 5.000% 6/1/39 (12) 18,000 19,193
Pennsylvania Turnpike Commission Revenue 5.250% 6/1/39 35,750 38,236
Pennsylvania Turnpike Commission Revenue 5.750% 6/1/39 23,000 25,619
Pennsylvania Turnpike Commission Revenue 5.000% 12/1/40 7,500 7,890
Pennsylvania Turnpike Commission Revenue 5.300% 12/1/41 22,000 23,632
1 Pennsylvania Turnpike Commission Revenue        
TOB VRDO 0.260% 3/7/12 9,000 9,000
Pennsylvania Turnpike Commission Revenue        
VRDO 0.160% 3/7/12 (4) 1,200 1,200
Philadelphia PA Airport Parking Authority        
Revenue 5.000% 9/1/13 3,260 3,447
Philadelphia PA Airport Parking Authority        
Revenue 5.125% 2/15/24 (2) 1,045 1,047
Philadelphia PA Airport Parking Authority        
Revenue 5.250% 9/1/24 4,025 4,573
Philadelphia PA Airport Parking Authority        
Revenue 5.125% 9/1/29 5,975 6,546
Philadelphia PA Airport Revenue 5.000% 6/15/17 1,000 1,162
Philadelphia PA Airport Revenue 5.000% 6/15/19 3,120 3,677
Philadelphia PA Airport Revenue 5.000% 6/15/20 4,670 5,501
Philadelphia PA Airport Revenue 5.000% 6/15/23 3,000 3,434
Philadelphia PA Airport Revenue 5.000% 6/15/24 5,000 5,681
Philadelphia PA Airport Revenue 5.000% 6/15/25 8,505 9,619
Philadelphia PA Gas Works Revenue 5.375% 7/1/15 (4) 3,000 3,341
Philadelphia PA Gas Works Revenue 5.375% 7/1/16 (4) 13,280 15,125
Philadelphia PA Gas Works Revenue 5.000% 8/1/16 3,000 3,366
Philadelphia PA Gas Works Revenue 5.250% 8/1/17 2,000 2,287
Philadelphia PA Gas Works Revenue 5.375% 7/1/18 (4) 11,555 13,265
Philadelphia PA Gas Works Revenue 5.000% 10/1/37 (2) 3,000 3,054
Philadelphia PA Gas Works Revenue VRDO 0.200% 3/7/12 LOC 8,300 8,300

 

 

Philadelphia PA GO 5.000% 12/15/17 (4) 5,555 6,490
Philadelphia PA GO 5.000% 8/1/18 (14) 6,170 6,746
Philadelphia PA GO 5.000% 8/1/19 (14) 7,735 8,384
Philadelphia PA GO 5.000% 8/1/20 (14) 8,005 8,566
Philadelphia PA GO 5.000% 8/1/21 (14) 6,235 6,641
Philadelphia PA GO 6.000% 8/1/36 7,430 8,564
Philadelphia PA GO 7.125% 7/15/38 (12) 3,500 4,017
Philadelphia PA GO 6.500% 8/1/41 3,785 4,546
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project) 5.000% 7/1/32 19,440 21,500
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project) 5.000% 7/1/41 2,500 2,685
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 24,100 24,100
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 5,800 5,800
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 2,300 2,300
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 2,800 2,800
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue        
(Children's Hospital of Philadelphia Project)        
VRDO 0.100% 3/1/12 1,340 1,340
Philadelphia PA Hospitals & Higher Education        
Facilities Authority Hospital Revenue (Temple        
University Health System Obligated Group) 5.500% 7/1/30 5,000 5,104
1 Philadelphia PA Industrial Development        
Authority Lease Revenue (Fox Chase Cancer        
Center) TOB VRDO 0.130% 3/1/12 LOC 13,335 13,335
Philadelphia PA Industrial Development        
Authority Lease Revenue VRDO 0.150% 3/7/12 LOC 3,200 3,200
Philadelphia PA Industrial Development        
Authority Lease Revenue VRDO 0.200% 3/7/12 LOC 7,700 7,700
Philadelphia PA Municipal Authority Revenue 6.500% 4/1/34 3,250 3,601
Philadelphia PA Municipal Authority Revenue 6.500% 4/1/39 9,500 10,483
Philadelphia PA Redevelopment Authority        
Revenue 5.500% 4/15/15 (14) 3,000 3,019
Philadelphia PA Redevelopment Authority        
Revenue 5.500% 4/15/17 (14) 2,255 2,268
Philadelphia PA Redevelopment Authority        
Revenue 5.500% 4/15/19 (14) 2,815 2,830
Philadelphia PA Redevelopment Authority        
Revenue 5.500% 4/15/20 (14) 2,000 2,010
Philadelphia PA Redevelopment Authority        
Revenue 5.500% 4/15/22 (14) 5,275 5,298
Philadelphia PA School District GO 5.625% 8/1/12 (Prere.) 1,000 1,023

 

 

Philadelphia PA School District GO 5.625% 8/1/12 (Prere.) 1,000 1,023
Philadelphia PA School District GO 5.625% 8/1/12 (Prere.) 3,500 3,581
Philadelphia PA School District GO 5.000% 9/1/18 2,845 3,264
Philadelphia PA School District GO 5.000% 9/1/19 2,120 2,429
Philadelphia PA School District GO 5.250% 9/1/22 7,500 8,549
Philadelphia PA School District GO 5.250% 9/1/23 7,500 8,519
Philadelphia PA School District GO 5.000% 6/1/26 (14) 5,000 5,887
Philadelphia PA School District GO 6.000% 9/1/38 20,000 22,749
Philadelphia PA School District GO VRDO 0.120% 3/7/12 LOC 1,805 1,805
Philadelphia PA Water & Waste Water Revenue 5.250% 11/1/12 (Prere.) 5,040 5,210
Philadelphia PA Water & Waste Water Revenue 5.250% 11/1/12 (Prere.) 5,460 5,644
Philadelphia PA Water & Waste Water Revenue 5.375% 11/1/12 (Prere.) 4,155 4,298
Philadelphia PA Water & Waste Water Revenue 5.000% 6/15/16 10,000 11,553
Philadelphia PA Water & Waste Water Revenue 5.600% 8/1/18 (ETM) 925 1,146
Philadelphia PA Water & Waste Water Revenue 5.250% 1/1/32 5,000 5,461
Philadelphia PA Water & Waste Water Revenue 5.000% 8/1/35 (4) 7,000 7,669
Philadelphia PA Water & Waste Water Revenue 5.000% 1/1/36 10,500 11,340
Philadelphia PA Water & Waste Water Revenue 5.250% 1/1/36 9,975 10,776
Philadelphia PA Water & Waste Water Revenue 5.000% 8/1/40 (4) 7,000 7,621
Philadelphia PA Water & Waste Water Revenue 5.000% 1/1/41 3,000 3,228
Pittsburgh PA GO 5.500% 3/1/12 (Prere.) 2,015 2,016
Pittsburgh PA GO 5.500% 9/1/13 (2) 5,635 5,637
Pittsburgh PA GO 5.500% 9/1/14 (2) 6,475 6,780
Pittsburgh PA GO 5.500% 9/1/15 (2) 2,125 2,126
Pittsburgh PA School District GO 5.375% 9/1/14 (4) 1,755 1,947
Pittsburgh PA School District GO 5.500% 9/1/16 (4) 4,000 4,730
Pittsburgh PA School District GO 5.500% 9/1/18 (4) 2,880 3,520
Pittsburgh PA Water & Sewer Authority        
Revenue 5.125% 6/1/12 (Prere.) 3,000 3,038
Pittsburgh PA Water & Sewer Authority        
Revenue 7.250% 9/1/14 (ETM) 9,450 10,344
Pittsburgh PA Water & Sewer Authority        
Revenue 0.000% 9/1/27 (ETM) 1,935 1,229
Pittsburgh PA Water & Sewer Authority        
Revenue 0.000% 9/1/27 (14) 10,830 5,262
Pittsburgh PA Water & Sewer Authority        
Revenue 0.000% 9/1/28 (ETM) 1,365 828
Pittsburgh PA Water & Sewer Authority        
Revenue 0.000% 9/1/29 (14) 20,000 8,556
Pocono Mountain PA School District GO 5.000% 9/1/31 (4) 3,000 3,198
Radnor Township PA School District GO 5.000% 8/15/15 (Prere.) 835 964
Radnor Township PA School District GO 5.000% 2/15/35 (4) 1,665 1,808
Reading PA Area Water Authority Revenue 5.000% 12/1/31 1,000 1,066
Reading PA Area Water Authority Revenue 5.250% 12/1/36 1,000 1,072
Reading PA School District GO 5.000% 1/15/29 (4) 5,000 5,346
Scranton PA School District GO 5.250% 6/15/27 (10) 2,750 2,988
Scranton PA School District GO 5.250% 6/15/31 (10) 2,375 2,551
Scranton-Lackawanna PA Health & Welfare        
Authority Revenue (University of Scranton) 5.000% 11/1/32 (10) 3,850 4,102
Shamokin-Coal Township PA Joint Sewer        
Authority Sewer Revenue 5.000% 7/1/30 (4) 5,340 5,675
Shamokin-Coal Township PA Joint Sewer        
Authority Sewer Revenue 5.000% 7/1/36 (4) 6,500 6,812
Snyder County PA Higher Education Authority        
University Revenue (Susquehanna University        
Project) 5.000% 1/1/30 (11) 5,000 5,256
Somerset PA Area School District GO 5.000% 3/15/25 (4) 7,090 7,829

 

 

South Fork PA Hospital Authority Hospital        
Revenue (Conemaugh Valley Memorial        
Hospital Project) 5.750% 7/1/18 (6) 6,285 6,710
Southcentral Pennsylvania General Authority        
Revenue (WellSpan Health Obligated Group) 6.000% 6/1/25 20,000 23,148
Southeastern Pennsylvania Transportation        
Authority Revenue 5.000% 3/1/27 6,100 6,924
Southeastern Pennsylvania Transportation        
Authority Revenue 5.000% 3/1/28 5,000 5,646
State Public School Building Authority        
Pennsylvania School Revenue (Philadelphia        
School District Project) 5.250% 6/1/13 (Prere.) 9,280 9,860
Swarthmore Borough Authority PA College        
Revenue 5.000% 9/15/30 21,000 23,900
Unionville-Chadds Ford PA School District GO 5.000% 6/1/32 6,440 7,319
University of Pittsburgh of the Commonwealth        
System of Higher Education Pennsylvania        
Revenue (University Capital Project) 5.500% 9/15/24 3,000 3,706
University of Pittsburgh of the Commonwealth        
System of Higher Education Pennsylvania        
Revenue (University Capital Project) 5.250% 9/15/29 14,000 16,411
University of Pittsburgh of the Commonwealth        
System of Higher Education Pennsylvania        
Revenue (University Capital Project) 5.250% 9/15/34 10,100 11,492
Washington County PA Hospital Authority        
Revenue (Washington Hospital Project) 5.125% 7/1/12 (2) 1,935 1,955
Washington County PA Hospital Authority        
Revenue (Washington Hospital Project) 5.250% 7/1/13 (2) 2,035 2,106
Washington County PA Hospital Authority        
Revenue (Washington Hospital Project) 5.375% 7/1/14 (2) 1,640 1,735
Washington County PA Hospital Authority        
Revenue (Washington Hospital Project) 5.375% 7/1/15 (2) 2,250 2,436
Washington County PA Hospital Authority        
Revenue (Washington Hospital Project) 5.500% 7/1/16 (2) 2,375 2,634
West Chester PA Area School District GO 5.000% 5/15/28 (14) 7,480 8,347
Westmoreland County PA Industrial        
Development Authority Revenue (Excela        
Health Project) 5.125% 7/1/30 1,200 1,261
Westmoreland County PA Municipal Authority        
Revenue 5.250% 8/15/15 (Prere.) 3,490 4,056
Westmoreland County PA Municipal Authority        
Revenue 6.125% 7/1/17 (ETM) 6,390 7,391
Westmoreland County PA Municipal Authority        
Service Water Revenue 0.000% 8/15/15 (3) 5,000 4,751
Westmoreland County PA Municipal Authority        
Service Water Revenue 0.000% 8/15/23 (14) 5,000 3,403
Westmoreland County PA Municipal Authority        
Service Water Revenue 0.000% 8/15/24 (14) 4,000 2,594
Wilkes-Barre PA Finance Authority College        
Revenue (King's College Project) VRDO 0.160% 3/7/12 LOC 2,300 2,300
Wilkes-Barre PA Finance Authority Revenue        
(University of Scranton Project) 5.000% 11/1/35 1,010 1,093
Wilkes-Barre PA Finance Authority Revenue        
(University of Scranton Project) 5.000% 11/1/40 4,990 5,375
Wilkes-Barre PA Finance Authority Revenue        
(Wilkes University Project) 5.000% 3/1/27 2,200 2,263

 

 

Wilkes-Barre PA Finance Authority Revenue        
(Wilkes University Project) 5.000% 3/1/37 3,000 3,014
Wyoming PA Area School District GO 5.000% 9/1/26 (14) 2,000 2,150
Wyoming PA Area School District GO 5.000% 9/1/29 (14) 5,020 5,349
York County PA GO 5.000% 6/1/33 (14) 6,000 6,563
York County PA Solid Waste & Refuse Authority        
Revenue 5.500% 12/1/13 (14) 6,750 7,321
York County PA Solid Waste & Refuse Authority        
Revenue 5.500% 12/1/14 (14) 4,050 4,561
        3,060,544
Puerto Rico (1.9%)        
Puerto Rico Electric Power Authority Revenue 5.500% 7/1/20 5,300 6,224
Puerto Rico Electric Power Authority Revenue 5.250% 7/1/21 (14) 5,000 5,833
Puerto Rico Highway & Transportation Authority        
Revenue 5.500% 7/1/19 (ETM) 13,120 16,885
Puerto Rico Highway & Transportation Authority        
Revenue 5.500% 7/1/19 (14) 2,880 3,312
Puerto Rico Infrastructure Financing Authority        
Special Tax Revenue 5.500% 7/1/23 (2) 10,000 11,298
Puerto Rico Infrastructure Financing Authority        
Special Tax Revenue 0.000% 7/1/30 (3) 14,905 5,314
Puerto Rico Infrastructure Financing Authority        
Special Tax Revenue 0.000% 7/1/31 (3) 28,695 9,371
Puerto Rico Public Buildings Authority        
Government Facilities Revenue 5.750% 7/1/22 (ETM) 10 13
        58,250
Virgin Islands (0.1%)        
Virgin Islands Public Finance Authority Revenue 5.000% 10/1/12 2,000 2,037
Virgin Islands Public Finance Authority Revenue 5.250% 10/1/20 1,750 1,832
        3,869
Total Tax-Exempt Municipal Bonds (Cost $2,925,179)     3,122,663
Total Investments (100.3%) (Cost $2,925,179)       3,122,663
Other Assets and Liabilities-Net (-0.3%)       (10,777)
Net Assets (100%)       3,111,886

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 February 29, 2012, the aggregate value of these securities was $52,580,000, representing 1.7% of net assets.
2 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of February 29, 2012.

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.
PUT - Put Option Obligation.
RAN - Revenue Anticipation Note.

 

Pennsylvania Long-Term Tax-Exempt Fund

TAN - Tax Anticipation Note.
TOB - Tender Option Bond.
TRAN - Tax Revenue Anticipation Note.
VRDO - Variable Rate Demand Obligation.
VRDP - Variable Rate Demand Preferred.
(ETM) - Escrowed to Maturity.
(Prere.) - Prerefunded.

Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(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 Corporation.
(13) Berkshire Hathaway Assurance Corporation.
(14) National Public Finance Guarantee Corporation.
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.

A. 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.

B. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value 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.).

 

Pennsylvania Long-Term Tax-Exempt Fund

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

At February 29, 2012, 100% of the market value of the fund's investments were valued based on Level 2 inputs.

C. At February 29, 2012, the cost of investment securities for tax purposes was $2,932,977,000. Net unrealized appreciation of investment securities for tax purposes was $189,686,000, consisting of unrealized gains of $195,489,000 on securities that had risen in value since their purchase and $5,803,000 in unrealized losses on securities that had fallen in value since their purchase.

 

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

  VANGUARD PENNSYLVANIA TAX- FREE FUNDS
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
 
Date: April 20, 2012  

 

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: April 20, 2012  

 

  VANGUARD PENNSYLVANIA TAX- FREE FUNDS
 
By: /s/ THOMAS J. HIGGINS*
  THOMAS J. HIGGINS
  CHIEF FINANCIAL OFFICER
 
Date: April 20, 2012  

 

* By:/s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012, see file Number 2-11444, Incorporated by Reference.