N-CSR 1 tm203782-2_ncsr.htm N-CSR

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-04571

 

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: Anne E. Robinson, 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: December 1, 2018—November 30, 2019

 

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

 

 

 

 

 
 
 
Annual Report | November 30, 2019
 
 
Vanguard Pennsylvania Tax-Exempt Funds
 
 
 
 
 

 

 
Vanguard Pennsylvania Municipal Money Market Fund
 
Vanguard Pennsylvania Long-Term Tax-Exempt Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.

 

 

 

 

Important information about access to shareholder reports

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.

 

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.

 

You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.

 

 

Contents  
   
A Note From Our Chairman 1
Your Fund’s Performance at a Glance 2
Advisor’s Report 3
About Your Fund’s Expenses 7
Pennsylvania Municipal Money Market Fund 9
Pennsylvania Long-Term Tax-Exempt Fund 26

 

 

 

 

 

 

 

 

 

 

 

 

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

 

 

 

 

A Note From Our Chairman

 

 

 


 

Tim Buckley 

Chairman and Chief Executive Officer

 

 

 

Dear Shareholder,

 

Recent volatility in financial markets—affecting stocks, bonds, and commodities—has been a good reminder of the wise old adage, “Never keep all your eggs in one basket.” Maintaining balance and diversification in your investment portfolio can help to both limit risk and set you up for long-term success.

 

It’s understandable why some investors might become complacent after a long market run-up like the one that lifted stock prices, especially U.S. stock prices, in the years following the global financial crisis. But failing to rebalance regularly can leave a portfolio with a much different mix of assets than intended and, often, more risk than intended.

 

Balance across and diversification within asset classes are powerful tools for managing risk and achieving your investment goals. A portfolio’s allocation will determine a large portion of its long-term return and also the majority of its volatility risk. A well-diversified portfolio is less vulnerable to significant swings in the performance of any one segment of the asset classes in which it invests.

 

Balance and diversification will never eliminate the risk of loss, nor will they guarantee positive returns in a declining market. But they may reduce the chance that you’ll suffer disproportionate losses in one particular high-flying asset class or sector when it comes back to earth. And exposure to all key market components should give you at least some participation in the sectors that are performing best at any given time.

 

Vanguard is committed to helping you achieve balance and diversification in your portfolios to help meet your investment goals. We thank you for your continued loyalty.

 

Sincerely,

 

 

 

Mortimer J. Buckley 

Chairman and Chief Executive Officer 

December 17, 2019

 

1

 

 

Your Fund’s Performance at a Glance

 

·   For the 12 months ended November 30, 2019, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 9.99% for Investor Shares and 10.08% for Admiral Shares. The fund outperformed its benchmark, the Bloomberg Barclays PA Municipal Bond Index, which returned 9.33%.

 

·   Vanguard Pennsylvania Municipal Money Market Fund gained 1.36%.

 

·   Global monetary policy shifted markedly during the fiscal year. Faced with slowing global growth and intensifying trade disputes, many central banks turned more accommodative. The U.S. Federal Reserve, after raising its target for short-term interest rates four times in 2018, cut rates three times in 2019 and ended its balance-sheet tapering. Bonds, including municipal issues, saw their yields fall and prices rise.

 

·   The Long-Term Fund’s average duration (a measure of the price sensitivity of the fund’s holdings to movements in interest rates) was longer than that of its benchmark. That stance accounted for much of the fund’s relative outperformance.

 

·   The advisor continued to favor intermediate-term and long-term maturities, which boosted performance. A tilt toward lower-quality investment-grade bonds compared with the benchmark index also proved beneficial as recession fears went unrealized.

 

 

 

Market Barometer

    Average Annual Total Returns
  Periods Ended November 30, 2019
  One Year Three Years Five Years
Stocks      
Russell 1000 Index (Large-caps) 16.10% 14.67% 10.80%
Russell 2000 Index (Small-caps) 7.51 8.57 8.22
Russell 3000 Index (Broad U.S. market) 15.49 14.22 10.61
FTSE All-World ex US Index (International) 11.50 9.39 4.20
       
Bonds      
Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) 10.79% 4.10% 3.08%
Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) 8.49 5.02 3.57
FTSE Three-Month U.S. Treasury Bill Index 2.31 1.61 1.01
       
CPI      
Consumer Price Index 2.05% 2.14% 1.72%

 

2

 

 

Advisor’s Report

 

For the 12 months ended November 30, 2019, Vanguard Pennsylvania Long-Term Tax-Exempt Fund returned 9.99% for Investor Shares and 10.08% for Admiral Shares. Those results exceeded the 9.33% return of its benchmark, the Bloomberg Barclays PA Municipal Bond Index.

 

Municipal bond yields declined across the board; prices increased most at the long end. For both Investor and Admiral Shares, the capital return was 6.50%. Return from income was 3.49% for Investor Shares and 3.58% for Admiral Shares. The Long-Term Fund’s 30-day SEC yield fell 128 basis points to 2.07% for Investor Shares and 126 basis points to 2.15% for Admiral Shares. (A basis point is one-hundredth of a percentage point.)

 

Vanguard Pennsylvania Municipal Money Market Fund returned 1.36%. The fund’s 7-day SEC yield fell 58 basis points to 0.96%.

 

Please note that the funds are permitted to invest in securities that can generate income distributions subject to the alternative minimum tax (AMT). At the end of the fiscal year, only the Money Market Fund owned such securities.

 

The investment environment

 

The financial markets were driven largely by shifts in the outlook for global growth and monetary policy during the 12 months.

 

Further signs of a global slowdown and tepid inflation at the start of 2019 led to a pivot in monetary policy across much of the world as major central banks took a more accommodative stance. The U.S. labor market remained robust even as the pace of job creation eased a little. The unemployment rate continued to trend lower, falling to 3.5% by the end of the 12 months; this helped keep consumers spending.

 

Although gross domestic product, the broadest measure of economic activity, expanded in the first quarter of 2019 at

 

Yields of Tax-Exempt Municipal Securities

(National Averages, AAA-Rated General Obligation Issues)

  November 30, November 30,
Maturity 2018 2019
2 years 1.98% 1.10%
5 years 2.16 1.17
10 years 2.55 1.50
30 years 3.27 2.13

 

Source: Vanguard.

 

3

 

 

an annual rate of about 3% after adjusting for inflation, its growth then slowed amid fading effects from tax cuts, weaker business confidence, and trade disputes. Inflation remained tame.

 

After raising rates in December 2018, the Federal Reserve began to reverse gears with an announcement in March that it would end its balance-sheet tapering. It went on to lower the federal funds rate in August, September, and October. Those cuts, the first in more than a decade, were justified by policymakers as “insurance” meant to cushion the effects of trade policies and prolong an economic expansion already in its eleventh year.

 

Although international developments typically have little effect on municipal bonds, the bonds largely took their cues from Treasuries, whose yields fell across the maturity spectrum. The average yield of 2-year AAA-rated general obligation issues slipped 88 basis points to 1.10% by the end of the period. The comparable 10-year yield dropped 105 basis points to 1.50%.

 

Demand for muni bonds was strong through much of the fiscal year. That supported prices, as did supply in recent months. We expected that the prerefunding of tax-exempt securities would come to an end after 2017 federal tax legislation made tax-exempt interest on advance refunding bonds taxable. With rates falling so low, however, municipalities have been prerefunding tax-exempt securities by issuing taxable securities, thereby shrinking the supply of longer-dated tax-exempt munis.

 

Credit quality in the municipal market remained solid overall as revenue collections were supported by the strong economy.

 

In Pennsylvania, credit trends for the commonwealth and its largest city, Philadelphia, improved. Governor Tom Wolf signed a $33.9 billion fiscal 2020 budget in June, a 2.7% increase from the previous year. The budget was signed before the end of the fiscal year, marking the second consecutive year of smooth budget passage in Pennsylvania. The commonwealth finished fiscal 2019 with a reported $34.9 billion in general fund collections, 2.6% above estimates.

 

Philadelphia’s fiscal 2020 budget includes $5 billion in spending, a 3.98% increase from the previous year. Its unaudited fiscal 2019 general fund revenues totaled $4.26 billion, a 5.1% increase.

 

Fitch revised its outlook for the commonwealth to stable from negative. The rating remains AA–. The report said Pennsylvania’s budget had made progress toward structural balance and building a rainy day fund.

 

4

 

 

For Philadelphia, Standard & Poor’s revised its outlook to positive from stable in November 2019, keeping the rating at A. S&P said strong revenue growth had helped the city’s financial position. It also noted the city had created an economic cushion for itself, particularly by focusing on pension funding, school district support, general fund reserves, and its rainy day fund. In April 2019, Fitch revised its outlook for Philadelphia to positive from stable, citing gains in the city’s operating performance and “overall flexibility.” The rating remains A–.

 

Although the commonwealth is benefiting from a strong economic environment, it still must continue to address long-term expenditures, principally pension funding and health care spending.

 

Management of the funds

The Long-Term Fund’s average duration—a measure, expressed in years, of a portfolio’s sensitivity to changes in interest rates—was longer than that of its benchmark, boosting the fund’s relative performance.

 

We maintained a tilt toward longer-term maturities, which helped as yields fell. For the 12 months, the average return for municipal bonds with a 3-year maturity was 4.15%, compared with 8.75% for 10-year bonds and 10.50% for 20-year bonds, as measured by the Bloomberg Barclays Municipal Bond Index.

 

A modest overweight to muni bonds on the lower rungs of the investment-grade credit ladder was intended principally to capture the additional yield they produce, especially as credit spreads versus Treasuries were fairly tight. For the 12 months, lower-rung Pennsylvania munis performed better than their higher-quality counterparts as credit spreads compressed. As measured by the Bloomberg Barclays PA Municipal Bond Index, A-rated Pennsylvania munis returned 9.95%, compared with 8.71% for their AA-rated counterparts.

 

Outlook

Global growth is expected to keep softening, owing in part to trade tensions and policy uncertainty. U.S. growth may slow to a pace of around 1% in 2020 after adjusting for inflation, below its normal trend growth of around 2%.

 

Other major economies are likely to see a deceleration as well. Growth in China, the world’s second-largest economy, is likely to slow at a below-trend pace of around 5.8% in 2020—but that figure could be markedly lower without further stimulus. Likewise, in the euro area, growth may stay below trend, at about 1%, given recent indications that manufacturing weakness is spilling over into supply chains and the services sector.

 

This backdrop, along with modest wage gains and structural factors such as technology advancements and globalization, is unlikely to fuel a surge in consumer prices.

 

5

 

 

We expect to see periods of turbulence in the global economy in the year ahead. Based on that outlook and the fact that rates are low and credit spreads are tight, we are positioned going into the new fiscal year with plenty of dry powder on hand, which will allow us to take advantage of price dislocations as they arise.

 

Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to navigate this large, fragmented market to seek attractive investment opportunities that will add to the funds’ performance.

 

Paul M. Malloy, CFA, Principal,

Head of Municipal Bond Group

 

James M. D’Arcy, CFA,

Portfolio Manager

 

John M. Carbone, Principal,

Portfolio Manager

 

Vanguard Fixed Income Group

 

December 17, 2019

 

6

 

 

About Your Fund’s Expenses

 

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

 

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

 

The accompanying table illustrates your fund’s costs in two ways:

 

·   Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

 

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”

 

·   Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

 

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

 

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

 

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

 

7

 

 

Six Months Ended November 30, 2019

  Beginning Ending Expenses
  Account Value Account Value Paid During
  5/31/2019 11/30/2019 Period
Based on Actual Fund Return      
Pennsylvania Municipal Money Market Fund $1,000.00 $1,006.22 $0.80
Pennsylvania Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,026.77 $0.86
Admiral™ Shares 1,000.00 1,027.18 0.46
Based on Hypothetical 5% Yearly Return      
Pennsylvania Municipal Money Market Fund $1,000.00 $1,024.27 $0.81
Pennsylvania Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,024.22 $0.86
Admiral Shares 1,000.00 1,024.62 0.46

The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Pennsylvania Municipal Money Market Fund, 0.16%; and for the Pennsylvania Long-Term Tax-Exempt Fund, 0.17% for Investor Shares and 0.09% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/365).

 

8

 

 

Pennsylvania Municipal Money Market Fund

  

Distribution by Issuer

As of November 30, 2019

 

Tax-Exempt Securities 100.0%

 

9

 

 

 

Pennsylvania Municipal Money Market Fund

 

 

Financial Statements

 

 

Statement of Net Assets

As of November 30, 2019

 

The fund publishes its holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the “Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 ) 
Tax-Exempt Municipal Bonds (98.8%)                    
Pennsylvania (98.5%)                    
  Allegheny County PA GO 5.000%   12/1/19       5,500   5,500  
  Allegheny County PA GO VRDO 1.080%   12/6/19   LOC   3,500   3,500  
  Allegheny County PA GO VRDO 1.080%   12/6/19   LOC   940   940  
  Allegheny County PA Higher Education Building Authority University Revenue (Carnegie Mellon University) VRDO 1.140%   12/2/19       91,410   91,410  
  Allegheny County PA Hospital Development Authority Revenue (Children’s Hospital of Pittsburgh Project) VRDO 1.080%   12/6/19   LOC   5,205   5,205  
  Allegheny County PA Hospital Development Authority Revenue (Children’s Hospital of Pittsburgh Project) VRDO 1.080%   12/6/19   LOC   2,965   2,965  
  Allegheny County PA Hospital Development Authority Revenue (Concordia Lutheran) VRDO 1.100%   12/6/19   LOC   36,750   36,750  
1,2 Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB PUT, SIFMA Municipal Swap Index Yield + 0.170% 1.270%   12/2/19   LOC   20,000   20,000  
1 Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO 1.200%   12/2/19   LOC   28,600   28,600  
1 Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) TOB VRDO 1.200%   12/2/19   LOC   45,045   45,045  
2 Allegheny County PA Industrial Development Authority Revenue (Education Center Watson) PUT 1.080%   12/6/19   LOC   2,000   2,000  
  Beaver PA Industrial Development Authority Revenue (Concordia Lutheran Ministries) VRDO 1.100%   12/6/19   LOC   4,650   4,650  
1 Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) TOB VRDO 1.100%   12/6/19   LOC   3,075   3,075  
1 BlackRock MuniYield Pennsylvania Quality Fund VRDP VRDO 1.210%   12/6/19       69,100   69,100  
  Bucks County PA Industrial Development Authority Hospital Revenue (Grand View Hospital) VRDO 1.120%   12/6/19   LOC   6,975   6,975  

 

10

 

 

Pennsylvania Municipal Money Market Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 ) 
1 Bucks County Water & Sewer Authority Revenue TOB VRDO 1.200%   12/6/19   (Prere.)   5,335   5,335  
  Butler County PA General Authority Revenue (North Allegheny School District Project) VRDO 1.110%   12/6/19       30,865   30,865  
  Butler County PA General Authority Revenue (North Allegheny School District Project) VRDO 1.110%   12/6/19       8,620   8,620  
  Butler County PA General Authority Revenue (North Allegheny School District Project) VRDO 1.110%   12/6/19       9,565   9,565  
  Butler County PA Hospital Authority Revenue (Concordia Lutheran Obligated Group) VRDO 1.100%   12/6/19   LOC   11,810   11,810  
  Butler County PA Hospital Authority Revenue (Concordia Lutheran Obligated Group) VRDO 1.100%   12/6/19   LOC   8,645   8,645  
  Centre County PA GO 4.000%   7/1/20   (Prere.)   1,080   1,098  
1 Commonwealth Financing Authority Pennsylvania Revenue TOB VRDO 1.100%   12/6/19   (4)LOC   13,695   13,695  
1 County of Allegheny PA GO TOB VRDO 1.090%   12/6/19       5,340   5,340  
  Delaware County PA Industrial Development Authority Airport Facilities Revenue (United Parcel Service Inc.) VRDO 1.290%   12/2/19       30,465   30,465  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/20   (Prere.)   2,600   2,608  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/20   (Prere.)   9,728   9,759  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/20   (Prere.)   2,095   2,102  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/20       17,470   17,515  
  Delaware Valley PA Regional Finance Authority Revenue VRDO 1.080%   12/6/19   LOC   11,795   11,795  
2 Derry PA Industrial & Commercial Development Authority Revenue 1.080%   12/6/19   LOC   1,275   1,275  
  Downingtown PA Area School District GO 4.000%   8/1/20       4,320   4,401  
1 Dubois PA Hospital Authority Revenue (Penn Highlands Healthcare Obligated Group) TOB VRDO 1.150%   12/6/19   LOC   2,250   2,250  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   1,900   1,900  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   400   400  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   200   200  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   10,000   10,000  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   3,800   3,800  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   9,600   9,600  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   4,000   4,000  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   400   400  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   600   600  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   900   900  
  Emmaus PA General Authority Revenue VRDO 1.060%   12/6/19   LOC   28,095   28,095  
  Fayette County PA Hospital Authority Revenue (Fayette Regional Health System) VRDO 1.080%   12/6/19   LOC   1,250   1,250  

 

11

 

 

Pennsylvania Municipal Money Market Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Fayette County PA Hospital Authority Revenue (Fayette Regional Health System) VRDO 1.080%   12/6/19   LOC   5,090   5,090  
  Franklin County PA Industrial Development Authority Revenue (Chambersburg Hospital Project) 5.375%   7/1/20   (Prere.)   5,980   6,126  
1 Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO 1.130%   12/1/19       2,785   2,785  
1 Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO 1.130%   12/6/19       7,500   7,500  
1 Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO 1.130%   12/6/19       11,935   11,935  
1 Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO 1.130%   12/6/19       4,785   4,785  
1 Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) TOB VRDO 1.130%   12/6/19       6,955   6,955  
  Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO 1.080%   12/2/19       48,500   48,500  
  Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO 1.080%   12/2/19       24,820   24,820  
  Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO 1.120%   12/2/19       300   300  
3 Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) VRDO 1.120%   12/2/19       16,310   16,310  
  Haverford Township PA School District GO VRDO 1.100%   12/6/19   LOC   17,290   17,290  
  Lancaster County PA Hospital Authority Health Center Revenue (Masonic Homes Project) VRDO 1.130%   12/2/19   LOC   3,520   3,520  
1 Lancaster County PA Hospital Authority Health System Revenue (Lancaster General Hospital Project) TOB VRDO 1.130%   12/6/19   (Prere.)   3,410   3,410  
1 Lancaster County PA Hospital Authority Health System Revenue (Lancaster General Hospital Project) TOB VRDO 1.130%   12/6/19   (Prere.)   6,765   6,765  
1 Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) TOB VRDO 1.140%   12/6/19       3,750   3,750  
  Lancaster PA Industrial Development Authority Revenue (Willow Valley Communities) VRDO 1.080%   12/6/19   LOC   3,120   3,120  
  Lancaster PA Industrial Development Authority Revenue (Willow Valley Communities) VRDO 1.080%   12/6/19   LOC   3,800   3,800  

 

12

 

 

Pennsylvania Municipal Money Market Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Lancaster PA Industrial Development Authority Revenue (Willow Valley Communities) VRDO 1.080%   12/6/19   LOC   1,000   1,000  
1 Lehigh County PA General Purpose Authority Revenue (Good Shepherd Obligated Group) TOB VRDO 1.100%   12/6/19   LOC   5,850   5,850  
1 Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) TOB VRDO 1.140%   12/6/19   LOC   2,395   2,395  
1 Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) TOB VRDO 1.140%   12/6/19   LOC   3,900   3,900  
3 Lower Merion PA School District GO 3.000%   4/1/20       1,970   1,982  
  Montgomery County PA GO 5.000%   8/15/20       3,045   3,128  
1 Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) TOB VRDO 1.150%   12/6/19   LOC   18,160   18,160  
1 Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) TOB VRDO 1.150%   12/6/19   LOC   2,660   2,660  
  Montgomery County PA Industrial Development Authority Revenue (Einstein Medical Center Montgomery) 5.000%   8/1/20   (Prere.)   1,925   1,975  
  Montgomery County PA Redevelopment Authority Revenue (Forge Gate Apartments Project) VRDO 1.100%   12/6/19   LOC   9,665   9,665  
1 Northampton County PA General Purpose Authority College Revenue (Lafayette College) TOB VRDO 1.120%   12/6/19       9,685   9,685  
  Northampton County PA General Purpose Authority University Revenue (Lafayette College) VRDO 1.060%   12/6/19       5,750   5,750  
  Northampton County PA General Purpose Authority University Revenue (Lafayette College) VRDO 1.060%   12/6/19       9,940   9,940  
  Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO 1.000%   12/6/19       3,735   3,735  
  Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO 1.050%   12/6/19       6,895   6,895  
1 PA Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) TOB VRDO 1.120%   12/6/19       2,000   2,000  
  Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (Pittsburgh Allegheny County Thermal Ltd.) VRDO 1.080%   12/6/19   LOC   300   300  
  Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (PSEG Power LLC Project) VRDO 1.100%   12/6/19   LOC   29,000   29,000  
  Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue (York Water Co. Project) VRDO 1.110%   12/6/19   LOC   12,000   12,000  

 

 

13

 

 

Pennsylvania Municipal Money Market Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Pennsylvania Economic Development Financing Authority Revenue (Montessori Academy Inc.) VRDO 1.080%   12/6/19   LOC   1,200   1,200  
  Pennsylvania Economic Development Financing Authority Revenue (PMF Industries Inc.) VRDO 1.300%   12/6/19   LOC   575   575  
  Pennsylvania GO 5.000%   3/1/20       37,710   38,058  
  Pennsylvania GO 5.000%   3/15/20       5,380   5,438  
  Pennsylvania GO 5.000%   4/1/20       7,450   7,543  
  Pennsylvania GO 5.000%   5/1/20       2,210   2,246  
  Pennsylvania GO 5.000%   6/15/20       21,120   21,545  
  Pennsylvania GO 5.000%   7/1/20       1,600   1,634  
  Pennsylvania GO 5.000%   7/15/20       3,315   3,391  
1 Pennsylvania GO TOB VRDO 1.100%   12/6/19       4,000   4,000  
1 Pennsylvania GO TOB VRDO 1.130%   12/6/19       14,300   14,300  
1 Pennsylvania GO TOB VRDO 1.130%   12/6/19       10,400   10,400  
1 Pennsylvania GO TOB VRDO 1.130%   12/6/19   (Prere.)   11,250   11,250  
1 Pennsylvania GO TOB VRDO 1.130%   12/6/19       3,335   3,335  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO 1.090%   12/2/19   LOC   1,235   1,235  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO 1.080%   12/6/19   LOC   33,890   33,890  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) VRDO 1.100%   12/6/19   LOC   17,295   17,295  
1 Pennsylvania Higher Educational Facilities Authority Revenue (Moore College of Art & Design) VRDO 1.080%   12/6/19   LOC   300   300  
  Pennsylvania Higher Educational Facilities Authority Revenue (Susquehanna University) VRDO 1.080%   12/6/19   LOC   1,300   1,300  
1 Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) TOB VRDO 1.100%   12/6/19   LOC   5,340   5,340  
1 Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) TOB VRDO 1.130%   12/6/19       6,665   6,665  
1 Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO 1.100%   12/6/19       5,480   5,480  
1 Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO 1.120%   12/6/19       5,865   5,865  
1 Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) TOB VRDO 1.120%   12/6/19       9,690   9,690  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) VRDO 1.040%   12/6/19   LOC   13,115   13,115  
  Pennsylvania Housing Finance Agency Multifamily Housing Revenue VRDO 1.100%   12/6/19   LOC   4,950   4,950  
1 Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO 1.100%   12/6/19       10,625   10,625  
1 Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO 1.130%   12/6/19       3,825   3,825  

 

14

 

 

Pennsylvania Municipal Money Market Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
1 Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO 1.130%   12/6/19       15,300   15,300  
1 Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO 1.130%   12/6/19       7,500   7,500  
1 Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO 1.130%   12/6/19       19,740   19,740  
1 Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO 1.130%   12/6/19       7,500   7,500  
1 Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO 1.150%   12/6/19       7,315   7,315  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO 1.140%   12/6/19       8,990   8,990  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO 1.140%   12/6/19       10,200   10,200  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO 1.140%   12/6/19       12,110   12,110  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO 1.160%   12/6/19       12,585   12,585  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue VRDO 1.160%   12/6/19       7,890   7,890  
1 Pennsylvania Housing Finance Agency TOB VRDO 1.130%   12/6/19       7,000   7,000  
  Pennsylvania Infrastructure & Investment Authority Revenue CP 1.260%   1/15/20       27,356   27,356  
1 Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue (Philadelphia Funding Program) TOB VRDO 1.130%   12/6/19       6,315   6,315  
2 Pennsylvania State University Revenue PUT 1.580%   6/1/20       19,135   19,135  
1 Pennsylvania State University TOB VRDO 1.070%   12/6/19       12,420   12,420  
1 Pennsylvania State University TOB VRDO 1.080%   12/6/19       5,600   5,600  
1 Pennsylvania TOB VRDO 1.130%   12/6/19       10,000   10,000  
1 Pennsylvania TOB VRDO 1.130%   12/6/19       8,750   8,750  
1 Pennsylvania TOB VRDO 1.130%   12/6/19       3,600   3,600  
1 Pennsylvania Turnpike Commission Oil Franchise Tax Revenue TOB VRDO 1.090%   12/6/19       5,600   5,600  
1,2 Pennsylvania Turnpike Commission Revenue TOB PUT 1.210%   12/2/19   (4)LOC   29,400   29,400  
1,2 Pennsylvania Turnpike Commission Revenue TOB PUT 1.210%   12/2/19   (4)LOC   8,295   8,295  
1,2 Pennsylvania Turnpike Commission Revenue TOB PUT 1.210%   12/2/19   (4)LOC   4,790   4,790  
1,2 Pennsylvania Turnpike Commission Revenue TOB PUT, SIFMA Municipal Swap Index Yield + 0.200% 1.300%   12/2/19   LOC   5,000   5,000  
1 Pennsylvania Turnpike Commission Revenue TOB VRDO 1.100%   12/6/19   LOC   7,850   7,850  
1 Pennsylvania Turnpike Commission Revenue TOB VRDO 1.130%   12/6/19   LOC   60,300   60,300  
  Pennsylvania Turnpike Commission Revenue VRDO 1.120%   12/6/19   LOC   7,200   7,200  
1 Peters Township PA School District Washington County GO TOB VRDO 1.090%   12/6/19       4,780   4,780  
  Philadelphia Airport CP 1.500%   12/20/19   LOC   8,000   8,000  
1 Philadelphia PA Airport Revenue TOB VRDO 1.180%   12/6/19   LOC   12,070   12,070  

 

15

 

 

 

 

 

Pennsylvania Municipal Money Market Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 ) 
  Philadelp hia PA Airport Revenue VRDO 1.100%   12/6/19   LOC   43,550   43,550  
  Philadelphia PA Airport Revenue VRDO 1.100%   12/6/19   LOC   43,550   43,550  
1 Philadelphia PA Authority for Industrial Development Revenue (Children’s Hospital of Philadelphia Project) TOB VRDO 1.130%   12/6/19       3,275   3,275  
  Philadelphia PA Authority for Industrial Development Revenue (Franklin Institute) VRDO 1.110%   12/6/19   LOC   5,270   5,270  
1 Philadelphia PA Authority for Industrial Development Revenue (Philadelphia College of Osteopathic Medicine Obligated Group) TOB VRDO 1.120%   12/6/19       5,695   5,695  
  Philadelphia PA Gas Works Revenue VRDO 1.090%   12/6/19   LOC   13,300   13,300  
  Philadelphia PA Gas Works Revenue VRDO 1.120%   12/6/19   LOC   8,755   8,755  
  Philadelphia PA Gas Works Revenue VRDO 1.120%   12/6/19   LOC   6,700   6,700  
  Philadelphia PA Gas Works Revenue VRDO 1.120%   12/6/19   LOC   2,600   2,600  
  Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO 1.150%   12/2/19       36,420   36,420  
  Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO 1.150%   12/2/19       1,500   1,500  
  Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO 1.150%   12/2/19       6,270   6,270  
  Philadelphia PA Industrial Development Authority Lease Revenue VRDO 1.120%   12/6/19   LOC   40,160   40,160  
1 Philadelphia PA Water & Wastewater Revenue TOB VRDO 1.130%   12/6/19   LOC   5,000   5,000  
  Philadelphia PA Water & Wastewater Revenue VRDO 1.100%   12/6/19   LOC   15,605   15,605  
  Ridley PA School District GO VRDO 1.080%   12/6/19   LOC   15,120   15,120  
2 Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT 1.150%   12/2/19       12,085   12,085  
2 Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT 1.110%   12/6/19       9,500   9,500  
2 Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT 1.110%   12/6/19       23,000   23,000  
1 Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO 1.130%   12/6/19       3,000   3,000  
1 Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO 1.130%   12/6/19       6,670   6,670  
1 Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO 1.130%   12/6/19       22,965   22,965  

 

16

 

 

Pennsylvania Municipal Money Market Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
1 Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) TOB VRDO 1.130%   12/6/19       9,600   9,600  
  St. Mary Hospital Authority Pennsylvania Health System Revenue (Catholic Health Initiatives) 5.000%   5/15/20   (Prere.)   3,000   3,052  
1 State College PA Area School District GO TOB VRDO 1.090%   12/6/19       5,400   5,400  
  State Public School Building Authority Pennsylvania School Revenue (North Allegheny School District Project) VRDO 1.110%   12/6/19       10,720   10,720  
  State Public School Building Authority Pennsylvania School Revenue (South Park School District) VRDO 1.080%   12/6/19   LOC   4,250   4,250  
1 Swarthmore College TOB VRDO 1.090%   12/6/19       4,420   4,420  
  University of Pittsburgh PA Revenue CP 1.170%   2/4/20       23,000   23,000  
  University of Pittsburgh PA Revenue CP 1.250%   2/4/20       23,000   23,000  
  Washington County PA Hospital Authority Revenue (University of Pennsylvania) VRDO 0.700%   12/6/19       39,725   39,725  
  Washington County PA Hospital Authority Revenue (Washington Hospital Project) VRDO 1.080%   12/6/19   LOC   14,255   14,255  
  West Cornwall PA Municipal Authority Revenue (Lebanon Valley Brethren Home) VRDO 1.100%   12/6/19   LOC   6,000   6,000  
  Westmoreland County PA Industrial Development Authority Revenue (Excela Health Project) VRDO 1.080%   12/6/19   LOC   3,880   3,880  
1 Wilkes-Barre PA Area School District GO TOB VRDO 1.170%   12/6/19   (15)LOC   2,280   2,280  
                    1,957,437  
Guam (0.3%)                    
  Guam Government Limited Obligation Revenue 5.625%   12/1/19   (Prere.)   1,500   1,500  
  Guam Government Limited Obligation Revenue 5.750%   12/1/19   (Prere.)   600   600  
  Guam Government Waterworks Authority Water & Wastewater System Revenue 5.625%   7/1/20   (Prere.)   4,350   4,461  
                    6,561  
Total Tax-Exempt Municipal Bonds (Cost $1,963,998)               1,963,998  

 

17

 

 

Pennsylvania Municipal Money Market Fund

 

 

  Amount  
  ($000 )
Other Assets and Liabilities (1.2%)    
Other Assets    
Investment in Vanguard 92  
Receivables for Investment Securities Sold 25,210  
Receivables for Accrued Income 5,630  
Receivables for Capital Shares Issued 2,624  
Other Assets 3,284  
Total Other Assets 36,840  
Liabilities    
Payables for Investment Securities Purchased (10,233 )
Payables for Capital Shares Redeemed (1,904 )
Payables for Distributions (115 )
Payables to Vanguard (148 )
Total Liabilities (12,400 )
Net Assets (100%)    
Applicable to 1,988,307,663 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 1,988,438  
Net Asset Value Per Share $1.00  
     
     
At November 30, 2019, net assets consisted of:    
  Amount  
  ($000 )
Paid-in Capital 1,988,432  
Total Distributable Earnings (Loss) 6  
Net Assets 1,988,438  

 

·See Note A in Notes to Financial Statements.

 

1Security 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 November 30, 2019, the aggregate value of these securities was $693,480,000, representing 34.9% of net assets.

 

2Adjustable-rate security; rate shown is effective rate at period end. Certain adjustable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.

 

3Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2019.

 

A key to abbreviations and other references follows the Statement of Net Assets.

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

18

 

 

 

Pennsylvania Municipal Money Market Fund

 

 

Key to Abbreviations

 

 

ARS—Auction Rate Security.

BAN—Bond Anticipation Note.

CMT—Constant Maturing Treasury Rate.

COP—Certificate of Participation.

CP—Commercial Paper.

FR—Floating Rate.

GAN—Grant Anticipation Note.

GO—General Obligation Bond.

LIBOR—London Interbank Offered Rate.

PILOT—Payments in Lieu of Taxes.

PUT—Put Option Obligation.

RAN—Revenue Anticipation Note.

SIFMA—Securities Industry and Financial Markets Association.

SOFR—Secured Overnight Financing Rate.

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) AGC (Assured Guaranty Corporation).

(13) BHAC (Berkshire Hathaway Assurance Corporation).

(14) NPFG (National Public Finance Guarantee Corporation).

(15) BAM (Build America Mutual Assurance Company).

(16) MAC (Municipal Assurance Corporation).

(17) RAA (Radian Asset Assurance Inc.).

(18) SBLF (Michigan School Bond Loan Fund).

(19)TPSF (Texas Permanent School Fund).

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.

 

19

 

 

Pennsylvania Municipal Money Market Fund

 

 

Statement of Operations

 

 

  Year Ended  
  November 30, 2019  
  ($000 )
Investment Income    
Income    
Interest 30,094  
Total Income 30,094  
Expenses    
The Vanguard Group—Note B    
Investment Advisory Services 554  
Management and Administrative 2,311  
Marketing and Distribution 281  
Custodian Fees 2  
Auditing Fees 28  
Shareholders’ Reports 10  
Trustees’ Fees and Expenses 1  
Total Expenses 3,187  
Net Investment Income 26,907  
Realized Net Gain (Loss) on Investment Securities Sold 35  
Net Increase (Decrease) in Net Assets Resulting from Operations 26,942  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

20

 

 

Pennsylvania Municipal Money Market Fund

 

 

Statement of Changes in Net Assets

 

 

  Year Ended November 30,  
  2019   2018  
  ($000 )  ($000 )
Increase (Decrease) in Net Assets        
Operations        
Net Investment Income 26,907   23,530  
Realized Net Gain (Loss) 35   (8 )
Net Increase (Decrease) in Net Assets Resulting from Operations 26,942   23,522  
Distributions        
Net Investment Income (26,909 )  (23,531 )
Realized Capital Gain —   —  
Total Distributions (26,909 )  (23,531 )
Capital Share Transactions (at $1.00 per share)        
Issued 970,422   1,151,271  
Issued in Lieu of Cash Distributions 24,951   22,043  
Redeemed (973,578 )  (1,111,956 )
Net Increase (Decrease) from Capital Share Transactions 21,795   61,358  
Total Increase (Decrease) 21,828   61,349  
Net Assets        
Beginning of Period 1,966,610   1,905,261  
End of Period 1,988,438   1,966,610  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

21

 

 

Pennsylvania Municipal Money Market Fund

 

 

Financial Highlights

 

 

For a Share Outstanding Year Ended November 30,  
Throughout Each Period 2019   2018   2017   2016   2015  
Net Asset Value, Beginning of Period $1.00   $1.00   $1.00   $1.00   $1.00  
Investment Operations                    
Net Investment Income .014 1 .012 1 .006 1 .002   .0001  
Net Realized and Unrealized Gain (Loss) on Investments —   —   —   —   —  
Total from Investment Operations .014   .012   .006   .002   .0001  
Distributions                    
Dividends from Net Investment Income (.014 ) (.012 ) (.006)   (.002 ) (.0001 )
Distributions from Realized Capital Gains —   —   —   —   —  
Total Distributions (.014 ) (.012 ) (.006 ) (.002 ) (.0001 )
Net Asset Value, End of Period $1.00   $1.00   $1.00   $1.00   $1.00  
                     
Total Return2 1.36%   1.22%   0.63%   0.25%   0.01%  
                     
Ratios/Supplemental Data                    
Net Assets, End of Period (Millions) $1,988   $1,967   $1,905   $1,871   $2,059  
Ratio of Expenses to Average Net Assets 0.16%   0.16%   0.16%   0.13% 3 0.05% 3
Ratio of Net Investment Income to Average Net Assets 1.35%   1.21%   0.63%   0.24%   0.01%  

 

1Calculated based on average shares outstanding.
2Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2016 and 0.16% for 2015. Vanguard and the board of trustees agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. The fund is not obligated to repay this amount to Vanguard.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

22

 

 

Pennsylvania Municipal Money Market Fund

 

  

Notes to Financial Statements

 

 

Vanguard Pennsylvania Municipal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.

 

A.     The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

 

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Securities are valued at amortized cost, which approximates market value.

 

2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2016–2019), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

 

3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

 

4. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

 

The fund had no borrowings outstanding at November 30, 2019, or at any time during the period then ended.

 

5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

  

B.     In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees, and are generally settled twice a month.

  

23

 

  

Pennsylvania Municipal Money Market Fund

 

 

 

 

 

 

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2019, the fund had contributed to Vanguard capital in the amount of $92,000, representing less than 0.01% of the fund’s net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

  

C.     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). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.

  

At November 30, 2019, 100% of the market value of the fund’s investments was determined 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.

  

D.     Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.

 

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

  

  Amount 
($000		 )
Undistributed Ordinary Income —  
Undistributed Tax-Exempt Income 115  
Undistributed Long-Term Gains —  
Capital Loss Carryforwards (Non-expiring)* —  
Net Unrealized Gains (Losses) —  

 

* The fund used capital loss carryforwards of $8,000 to offset taxable capital gains realized during the year ended November 30, 2019.

 

24

 

 

Pennsylvania Municipal Money Market Fund

 

 

 

 

 

 

As of November 30, 2019, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

 

  Amount 
($000		 )
Tax Cost 1,963,998  
Gross Unrealized Appreciation —  
Gross Unrealized Depreciation —  
Net Unrealized Appreciation (Depreciation) —  

 

 

E.     The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2019, such purchases and sales were $743,032,000 and $456,270,000, respectively.

  

F.      Management has determined that no events or transactions occurred subsequent to November 30, 2019, that would require recognition or disclosure in these financial statements.

  

25

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

Performance Summary

  

 

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

 

 

Cumulative Performance: November 30, 2009, Through November 30, 2019

Initial Investment of $10,000

 

 

  

    Average Annual Total Returns  
    Periods Ended November 30, 2019  
          Final Value
    One Five Ten of a $10,000
    Year Years Years Investment
Pennsylvania Long-Term Tax-Exempt Fund Investor Shares 9.99% 4.26% 4.73% $15,879
Bloomberg Barclays PA Municipal Bond Index 9.33 3.89 4.54 15,587
Bloomberg Barclays Municipal Bond Index 8.49 3.57 4.34 15,300

 

 

          Final Value
    One Five Ten of a $50,000
    Year Years Years Investment
Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares 10.08% 4.35%  4.82% $80,065
Bloomberg Barclays PA Municipal Bond Index 9.33 3.89 4.54 77,937
Bloomberg Barclays Municipal Bond Index 8.49 3.57 4.34 76,500

 

 

 

 

 

 

 

 

See Financial Highlights for dividend and capital gains information.

 

26

 

  

Pennsylvania Long-Term Tax-Exempt Fund

 

 

 

Distribution by Stated Maturity

 

As of November 30, 2019

  

Under 1 Year 2.8% 
1 - 3 Years 2.4
3 - 5 Years 3.1
5 - 10 Years 10.6
10 - 20 Years 47.1
20 - 30 Years 31.5
Over 30 Years 2.5

  

27

 

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

Financial Statements

 

 

Statement of Net Assets

As of November 30, 2019

 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

 

              Face   Market  
        Maturity     Amount   Value•  
    Coupon   Date     ($000 )  ($000 )
Tax-Exempt Municipal Bonds (100.4%)                  
Pennsylvania (100.2%)                  
  Allegheny County PA GO 5.000%   11/1/26     2,540   3,142  
  Allegheny County PA GO 4.000%   11/1/30     3,000   3,389  
  Allegheny County PA GO 5.000%   12/1/30     1,365   1,582  
  Allegheny County PA GO 5.250%   12/1/32     1,000   1,142  
  Allegheny County PA GO 4.000%   11/1/33     300   344  
  Allegheny County PA GO 5.250%   12/1/33     1,000   1,142  
  Allegheny County PA GO 4.000%   11/1/34     915   1,048  
  Allegheny County PA GO 5.000%   12/1/34     3,600   3,955  
  Allegheny County PA GO 5.000%   12/1/34     1,695   1,954  
  Allegheny County PA GO 4.000%   11/1/35     1,225   1,399  
  Allegheny County PA GO 4.000%   11/1/36     2,500   2,847  
  Allegheny County PA GO 5.000%   12/1/37     6,000   6,574  
  Allegheny County PA GO 5.000%   12/1/37   (4) 10,000   10,985  
  Allegheny County PA GO 5.000%   11/1/41     5,015   5,878  
  Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) 5.000%   3/1/25   (Prere.) 25   30  
  Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) 4.000%   3/1/26   (Prere.) 10   12  
  Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) 4.000%   3/1/30     2,385   2,646  
  Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) 5.000%   3/1/30     1,155   1,333  
  Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) 4.000%   3/1/31     1,550   1,714  
  Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) 4.000%   3/1/33     2,035   2,240  
  Allegheny County PA Hospital Development Authority Revenue 5.000%   4/1/32     3,000   3,641  
  Allegheny County PA Hospital Development Authority Revenue 5.000%   4/1/33     3,000   3,626  
  Allegheny County PA Hospital Development Authority Revenue 5.000%   4/1/34     4,750   5,721  
  Allegheny County PA Hospital Development Authority Revenue 5.000%   4/1/35     5,500   6,600  

 

28

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

              Face   Market  
        Maturity     Amount   Value•  
    Coupon   Date     ($000 ) ($000 )
  Allegheny County PA Hospital Development Authority Revenue 5.000%   4/1/36     5,250   6,275  
  Allegheny County PA Hospital Development Authority Revenue 4.000%   4/1/38     5,000   5,444  
  Allegheny County PA Hospital Development Authority Revenue 4.000%   4/1/44     30,000   32,144  
  Allegheny County PA Hospital Development Authority Revenue 5.000%   4/1/47     19,000   22,244  
  Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) 5.000%   7/15/21     2,750   2,915  
  Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) 5.000%   7/15/24     2,400   2,789  
  Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) 5.000%   7/15/33     3,200   4,005  
  Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) 4.000%   7/15/35     2,530   2,868  
  Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) 4.000%   7/15/36     3,125   3,518  
  Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) 4.000%   7/15/37     7,250   8,117  
  Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) 4.000%   7/15/39     1,000   1,109  
  Allegheny County PA Port Authority Revenue 5.750%   3/1/29     6,000   6,331  
  Allegheny County PA Sanitary Authority Sewer Revenue 5.000%   12/1/30   (15) 3,400   4,013  
  Allegheny County PA Sanitary Authority Sewer Revenue 4.000%   12/1/31   (4) 805   909  
  Allegheny County PA Sanitary Authority Sewer Revenue 4.000%   6/1/35     1,100   1,244  
  Allegheny County PA Sanitary Authority Sewer Revenue 4.000%   12/1/35   (4) 2,650   2,965  
  Allegheny County PA Sanitary Authority Sewer Revenue 5.000%   12/1/35     6,000   7,002  
  Allegheny County PA Sanitary Authority Sewer Revenue 4.000%   6/1/36     1,500   1,691  
  Allegheny County PA Sanitary Authority Sewer Revenue 5.000%   12/1/40     4,250   4,911  
  Allegheny County PA Sanitary Authority Sewer Revenue 5.250%   12/1/41   (15) 3,500   3,978  
  Allegheny County PA Sanitary Authority Sewer Revenue 5.000%   6/1/43     3,000   3,616  
  Allegheny County PA Sanitary Authority Sewer Revenue 5.000%   6/1/45     2,500   3,005  
  Allegheny County PA Sanitary Authority Sewer Revenue 4.000%   6/1/48     7,485   8,245  
  Allentown PA City School District GO 4.000%   2/15/21   (4) 480   495  
  Allentown PA City School District GO 4.000%   2/15/22   (4) 2,835   2,983  
  Allentown PA City School District GO 4.000%   2/15/23   (4) 340   365  

 

29

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

              Face   Market  
        Maturity     Amount   Value•  
    Coupon   Date     ($000 ) ($000 )
  Allentown PA City School District GO 4.000%   2/15/24   (4) 550   600  
  Allentown PA City School District GO 5.000%   2/1/31   (15) 4,000   4,983  
  Allentown PA City School District GO 5.000%   2/1/32   (15) 3,075   3,819  
  Allentown PA City School District GO 4.000%   2/1/34   (15) 1,500   1,689  
  Allentown PA City School District GO 5.000%   2/1/34   (15) 1,300   1,603  
  Allentown PA City School District GO 4.000%   2/1/35   (15) 1,175   1,319  
  Allentown PA City School District GO 4.000%   2/1/36   (15) 1,100   1,231  
  Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.000%   5/1/26     1,180   1,258  
  Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.000%   5/1/29     250   265  
  Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.125%   5/1/32     1,000   1,117  
  Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.000%   5/1/35     11,530   12,151  
  Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue 5.000%   5/1/42     15,595   16,323  
  Allentown PA School District GO 5.000%   6/1/32   (15) 1,465   1,717  
  Allentown PA School District GO 5.000%   6/1/35   (15) 2,000   2,331  
  Allentown PA School District GO 5.000%   6/1/36   (15) 1,500   1,744  
  Altoona PA Area School District PA GO 5.000%   12/1/48   (15) 1,500   1,707  
  Altoona PA Area School District PA GO 4.250%   12/1/49   (4) 3,500   3,758  
  Altoona PA Sewer Revenue 3.000%   12/1/35   (4) 3,165   3,261  
  Armstrong PA School District GO 5.000%   3/15/31   (15) 1,800   2,245  
  Armstrong PA School District GO 3.000%   3/15/32   (15) 4,385   4,544  
  Armstrong PA School District GO 3.000%   3/15/33   (15) 5,495   5,644  
  Armstrong PA School District GO 3.000%   3/15/34   (15) 5,605   5,743  
  Armstrong PA School District GO 4.000%   3/15/41   (15) 1,200   1,336  
  Beaver County PA GO 4.000%   4/15/29   (15) 3,505   4,053  
  Beaver County PA GO 4.000%   4/15/30   (15) 500   575  
  Berks County PA GO 5.000%   11/15/23     1,880   2,157  
  Berks County PA GO 4.000%   11/15/24     600   680  
  Berks County PA GO 5.000%   11/15/24     500   591  
  Berks County PA GO 5.000%   11/15/25     1,545   1,876  
  Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) 5.000%   11/1/23     600   677  
  Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) 4.000%   11/1/33     2,000   2,143  
  Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) 5.000%   11/1/35     3,350   3,907  
  Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) 4.000%   11/1/47     5,000   5,207  
  Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) 5.000%   11/1/47     15,950   18,110  
  Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) 5.000%   11/1/50     15,500   17,553  
1 Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) TOB VRDO 1.300%   12/6/19   LOC 10,425   10,425  

 

30

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

              Face   Market  
        Maturity     Amount   Value•  
    Coupon   Date     ($000 ) ($000 )
  Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) 5.000%   5/15/33     500   567  
  Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) 5.000%   5/15/37     375   430  
  Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) 5.000%   5/15/37     2,500   2,801  
  Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) 5.000%   5/15/38     420   474  
  Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) 5.000%   5/15/43     500   559  
  Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) 5.000%   5/15/47     830   934  
  Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) 5.000%   5/15/47     2,435   2,694  
  Berks County PA Industrial Development Authority Healthcare Facilities Revenue (Highlands at Wyomissing) 5.000%   5/15/48     1,500   1,667  
  Berks County PA Municipal Authority Revenue (Reading Hospital & Medical Center Project) 5.750%   11/1/39     2,310   2,318  
  Berks County PA Municipal Authority Revenue (Reading Hospital & Medical Center Project) 5.000%   11/1/40     6,955   7,362  
  Bermudian Springs PA School District GO 5.000%   5/1/30   (4) 1,370   1,667  
  Bethel Park PA School District GO 4.000%   8/1/31     2,500   2,830  
  Blue Mountain PA School District GO 4.000%   8/1/22   (4) 235   251  
  Blue Mountain PA School District GO 4.000%   8/1/23   (4) 470   512  
  Blue Mountain PA School District GO 4.000%   8/1/24   (4) 500   555  
  Blue Mountain PA School District GO 4.000%   8/1/25   (4) 460   519  
  Bristol Township PA School District GO 5.250%   6/1/37     3,000   3,320  
  Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) 4.000%   8/15/35     550   609  
  Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) 4.000%   8/15/36     900   994  
  Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) 3.000%   8/15/50     3,000   2,885  
  Bucks County PA Industrial Development Authority Hospital Revenue (St. Luke’s University Health Network Project) 4.000%   8/15/50     2,000   2,135  
  Bucks County PA Industrial Development Authority Revenue (George School) 5.000%   9/15/44     4,965   6,109  
  Bucks County PA Water & Sewer Authority Water System Revenue 5.000%   12/1/21   (Prere.) 2,000   2,154  
  Butler County PA Hospital Authority Revenue (Butler Health System Project) 5.000%   7/1/26     525   608  

 

31

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

              Face   Market  
        Maturity     Amount   Value•  
    Coupon   Date     ($000 ) ($000 )
  Butler County PA Hospital Authority Revenue (Butler Health System Project) 5.000%   7/1/27     490   566  
  Butler County PA Hospital Authority Revenue (Butler Health System Project) 5.000%   7/1/28     540   624  
  Butler County PA Hospital Authority Revenue (Butler Health System Project) 5.000%   7/1/29     1,670   1,932  
  Butler County PA Hospital Authority Revenue (Butler Health System Project) 5.000%   7/1/30     1,370   1,579  
  Butler County PA Hospital Authority Revenue (Butler Health System Project) 5.000%   7/1/35     4,430   5,045  
  Butler County PA Hospital Authority Revenue (Butler Health System Project) 5.000%   7/1/39     3,250   3,667  
  Canon-McMillan PA School District GO 5.000%   12/15/37   (15) 3,000   3,445  
  Canon-McMillan PA School District GO 5.000%   12/1/41   (4) 3,000   3,549  
  Canonsburg-Houston PA Joint Authority Sewer Revenue 5.000%   12/1/27     1,530   1,797  
  Canonsburg-Houston PA Joint Authority Sewer Revenue 5.000%   12/1/28     1,605   1,882  
  Canonsburg-Houston PA Joint Authority Sewer Revenue 5.000%   12/1/30     1,135   1,326  
  Canonsburg-Houston PA Joint Authority Sewer Revenue 5.000%   12/1/40     4,000   4,584  
  Capital Region Water Pennsylvania Sewer System Revenue 5.000%   7/15/31     1,240   1,500  
  Capital Region Water Pennsylvania Sewer System Revenue 5.000%   7/15/31     1,535   1,897  
  Capital Region Water Pennsylvania Sewer System Revenue 5.000%   7/15/32     500   602  
  Capital Region Water Pennsylvania Sewer System Revenue 5.000%   7/15/32     1,100   1,353  
  Capital Region Water Pennsylvania Sewer System Revenue 5.000%   7/15/33     1,370   1,644  
  Capital Region Water Pennsylvania Sewer System Revenue 5.000%   7/15/34     1,000   1,199  
  Capital Region Water Pennsylvania Sewer System Revenue 5.000%   7/15/35     500   609  
  Capital Region Water Pennsylvania Sewer System Revenue 5.000%   7/15/37     1,815   2,164  
  Capital Region Water Pennsylvania Sewer System Revenue 5.000%   7/15/38     1,000   1,205  
  Capital Region Water Pennsylvania Sewer System Revenue 5.000%   7/15/42     2,665   3,144  
2 Centennial PA School District Bucks County GO 5.000%   12/15/33     1,000   1,207  
2 Centennial PA School District Bucks County GO 5.000%   12/15/34     1,000   1,203  
  Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) 5.375%   12/1/21   (Prere.) 3,000   3,244  
  Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) 5.500%   12/1/21   (Prere.) 5,000   5,419  
  Central Dauphin PA School District GO 4.000%   5/15/37     1,000   1,097  
  Central Dauphin School District PA GO 4.000%   5/15/32     1,000   1,114  
  Central Dauphin School District PA GO 4.000%   5/15/34     1,985   2,193  
  Central Dauphin School District PA GO 4.000%   5/15/35     2,325   2,565  

 

32

 

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 ) 
  Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) 7.000%   11/15/21   (Prere.)   6,930   7,697  
  Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) 5.000%   11/15/32       6,280   6,843  
  Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) 5.000%   11/15/42       1,500   1,771  
  Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) 5.000%   11/15/44       3,000   3,209  
  Centre County PA Hospital Authority Revenue (Mount Nittany Medical Center Project) 4.000%   11/15/47       2,100   2,260  
  Chartiers Valley PA School District GO 5.000%   10/15/35       1,135   1,315  
  Chartiers Valley PA School District GO 5.000%   10/15/40       2,750   3,156  
  Cheltenham Township PA School District GO 5.000%   3/15/38       4,210   4,832  
  Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) 5.000%   5/15/20   (Prere.)   17,490   17,791  
  Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) 5.000%   5/15/20   (Prere.)   5,000   5,087  
  Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) 5.000%   10/1/34       2,675   3,255  
  Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) 4.000%   10/1/42       2,000   2,195  
  Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) 4.000%   10/1/47       4,000   4,356  
  Chester County PA Health & Education Facilities Authority Revenue (Main Line Health System Inc. Obligated Group) 5.000%   10/1/52       2,500   2,913  
2 Chester County PA Industrial Development Authority Revenue (Longwood Gardens Project) 4.000%   12/1/49       3,750   4,168  
  Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) 5.000%   8/1/30       1,100   1,195  
  Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) 5.000%   8/1/35       785   848  
  Chester County PA Industrial Development Authority Student Housing Revenue (University Student Housing LLC Project) 5.000%   8/1/45       2,990   3,194  
  Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) 5.000%   7/1/29       2,000   2,152  
  Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) 5.000%   7/1/33       3,000   3,201  
  Clarion County PA Industrial Development Authority Revenue (Clarion University Foundation Inc. Student Housing Project) 5.000%   7/1/45       2,000   2,087  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/24       250   286  

 

33

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
2 Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/24       1,000   1,135  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/27       4,000   4,903  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/28       1,365   1,475  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/29       5,115   6,334  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/30       4,045   4,976  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/30       1,000   1,274  
2 Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/30       1,750   2,218  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/31       5,000   5,396  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/31       5,100   6,250  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/31       1,000   1,290  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/32       8,115   8,752  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/32       7,000   8,554  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/33       7,760   8,364  
  Commonwealth Financing Authority Pennsylvania Revenue 5.000%   6/1/33       10,025   12,220  
  Commonwealth Financing Authority Pennsylvania Revenue 4.000%   6/1/39   (4)   36,550   40,382  
  Conestoga Valley PA School District GO 3.000%   2/1/33       1,000   1,030  
  Conestoga Valley PA School District GO 3.000%   2/1/37       1,240   1,265  
  Conestoga Valley PA School District GO 3.000%   2/1/38       850   864  
  Conestoga Valley PA School District GO 3.000%   2/1/39       1,000   1,015  
  Conestoga Valley PA School District GO 3.000%   2/1/44       3,055   3,070  
  Connellsville PA Area School District GO 4.000%   8/15/25   (15)   500   565  
  Connellsville PA Area School District GO 4.000%   8/15/26   (15)   1,685   1,930  
  Connellsville PA Area School District GO 4.000%   8/15/27   (15)   2,070   2,353  
  Council Rock PA School District GO 3.250%   11/15/39       5,010   5,190  
  Cumberland County PA Municipal Authority Revenue (Dickinson College Project) 5.000%   5/1/30       1,000   1,192  
  Cumberland County PA Municipal Authority Revenue (Dickinson College Project) 5.000%   5/1/31       750   888  
  Cumberland County PA Municipal Authority Revenue (Dickinson College Project) 5.000%   5/1/32       800   943  
  Cumberland County PA Municipal Authority Revenue (Dickinson College Project) 5.000%   5/1/34       1,420   1,668  
  Cumberland County PA Municipal Authority Revenue (Dickinson College Project) 5.000%   11/1/37       2,000   2,179  
  Cumberland County PA Municipal Authority Revenue (Dickinson College Project) 5.000%   11/1/39       4,685   5,562  
  Cumberland County PA Municipal Authority Revenue (Dickinson College Project) 5.000%   11/1/42       3,605   3,914  

 

34

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Cumberland County PA Municipal Authority Revenue (Penn State Health Obligated Group) 4.000%   11/1/36       1,400   1,575  
  Cumberland County PA Municipal Authority Revenue (Penn State Health Obligated Group) 4.000%   11/1/44       5,000   5,492  
  Cumberland County PA Municipal Authority Revenue (Penn State Health Obligated Group) 4.000%   11/1/49       7,500   8,207  
  Cumberland Valley PA School District GO 5.000%   12/1/30       500   583  
  Cumberland Valley PA School District GO 5.000%   12/1/31       750   873  
  Cumberland Valley PA School District GO 5.000%   12/1/33       1,005   1,166  
  Cumberland Valley PA School District GO 5.000%   12/1/34       1,125   1,304  
  Cumberland Valley PA School District GO 5.000%   12/1/35       1,000   1,157  
  Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) 4.000%   6/1/30       3,745   4,152  
  Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) 4.000%   6/1/31       2,190   2,421  
  Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) 4.000%   6/1/32       2,070   2,283  
  Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) 5.000%   6/1/35       3,450   4,050  
  Dauphin County PA General Authority Health System Revenue (Pinnacle Health System Project) 5.000%   6/1/42       21,040   22,512  
  Delaware County PA Authority Revenue (Haverford College) 5.000%   10/1/34       1,220   1,479  
  Delaware County PA Authority Revenue (Haverford College) 5.000%   10/1/35       800   968  
  Delaware County PA Authority Revenue (Haverford College) 5.000%   10/1/42       5,030   5,972  
  Delaware County PA Authority Revenue (Haverford College) 5.000%   10/1/46       4,970   5,888  
  Delaware County PA Authority University Revenue (Villanova University) 5.000%   8/1/40       2,500   2,915  
  Delaware County PA Industrial Development Authority Airport Facilities Revenue (United Parcel Service Inc.) VRDO 1.290%   12/2/19       7,500   7,500  
  Delaware County PA Regional Water Quality Control Authority Revenue 5.000%   5/1/32       3,355   4,090  
  Delaware County PA Regional Water Quality Control Authority Revenue 5.000%   5/1/40       1,500   1,723  
  Delaware County PA Vocational-Technical School Authority Lease Revenue (Delaware County Intermediate Unit No. 25 Project) 5.000%   11/1/38   (15)   1,250   1,385  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000%   7/1/25   (Prere.)   500   599  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000%   7/1/32       3,070   3,772  

 

35

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 4.000%   7/1/33   (15)   4,000   4,401  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000%   7/1/34       3,250   3,977  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000%   7/1/36       3,500   4,263  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000%   7/1/42       18,930   22,741  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000%   7/1/44       755   931  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000%   7/1/47       11,500   13,711  
1 Delaware River PA Joint Toll Bridge Commission Revenue TOB VRDO 1.250%   12/6/19       4,880   4,880  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/20   (Prere.)   2,000   2,006  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/20   (Prere.)   25   25  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/24       3,640   4,008  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/25       2,715   2,987  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/26       3,205   3,518  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/27       1,000   1,095  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/30       3,000   3,834  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/31       3,500   3,987  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/32       2,750   3,481  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/33       5,000   5,662  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/34       3,500   3,956  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/36       2,000   2,501  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/37       12,000   13,499  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/37       2,500   3,118  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000%   1/1/40       5,000   5,600  
  Delaware Valley PA Regional Finance Authority Revenue 7.750%   7/1/27   (2)   130   184  
  Delaware Valley PA Regional Finance Authority Revenue 5.750%   7/1/32       6,860   9,439  
  Doylestown PA Hospital Authority Revenue 5.000%   7/1/25       3,730   4,109  
  Doylestown PA Hospital Authority Revenue 5.000%   7/1/26       4,445   4,887  
  Doylestown PA Hospital Authority Revenue 5.000%   7/1/27       1,170   1,284  
  Doylestown PA Hospital Authority Revenue 5.000%   7/1/28       1,000   1,095  
  Doylestown PA Hospital Authority Revenue 5.000%   7/1/29       865   945  
  Doylestown PA Hospital Authority Revenue 5.000%   7/1/46       4,000   4,480  

 

36

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 ) 
  Dubois PA Hospital Authority Revenue (Penn Highlands Healthcare Obligated Group) 4.000%   7/15/48       7,405   7,896  
  East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) 5.000%   7/1/30       1,280   1,386  
  East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) 5.000%   7/1/30       825   927  
  East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) 5.000%   7/1/34       1,000   1,094  
  East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) 5.000%   7/1/35       1,250   1,341  
  East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) 5.000%   7/1/45       4,325   4,591  
  East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) 5.000%   7/1/47       3,750   4,095  
  East Norriton-Plymouth-Whitpain PA Joint Sewer Authority Revenue 5.000%   8/1/38       2,500   2,783  
  East Norriton-Plymouth-Whitpain PA Joint Sewer Authority Revenue 5.000%   8/1/41       2,100   2,335  
  Easton PA Area Joint Sewer Authority Revenue 5.000%   12/1/27   (15)   250   282  
  Easton PA Area Joint Sewer Authority Revenue 5.000%   12/1/28   (15)   250   282  
  Emmaus PA General Authority Revenue VRDO 1.020%   12/6/19   LOC   100   100  
  Erie City PA Water Authority Revenue 5.000%   12/1/43   (4)   1,500   1,822  
  Erie City PA Water Authority Revenue 4.000%   12/1/44   (15)   2,175   2,469  
  Erie PA City School District GO 5.000%   4/1/27   (4)   150   183  
  Erie PA City School District GO 3.000%   4/1/32   (4)   3,360   3,496  
  Erie PA Higher Education Building Authority Revenue (Gannon University) 5.000%   5/1/32       1,325   1,505  
  Erie PA Higher Education Building Authority Revenue (Gannon University) 5.000%   5/1/33       1,395   1,582  
  Erie PA Sewer Authority Revenue 4.000%   12/1/41   (4)   3,500   3,836  
  Fox Chapel PA Area School District 5.000%   2/1/36       2,000   2,407  
  Franklin County PA Industrial Development Authority Revenue (Chambersburg Hospital Project) 5.375%   7/1/20   (Prere.)   17,075   17,489  
  Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) 5.000%   12/1/43       1,100   1,200  
  Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) 5.000%   12/1/48       2,300   2,503  
  Franklin County PA Industrial Development Authority Revenue (Menno-Haven Inc. Project) 5.000%   12/1/53       1,900   2,060  
  Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) 5.000%   2/15/34       4,250   5,096  

 

37

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 ) 
  Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) 5.000%   2/15/39       4,400   5,214  
  Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) 5.000%   6/1/41       5,000   5,610  
  Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) 5.000%   2/15/45       13,000   15,243  
  Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) 4.000%   2/15/47       30,030   32,453  
1 Geisinger PA Authority Health System Revenue TOB VRDO 1.130%   12/6/19       1,700   1,700  
  Hamburg PA Area School District GO 5.000%   4/1/21       300   315  
  Hamburg PA Area School District GO 5.000%   4/1/22       300   326  
  Hamburg PA Area School District GO 5.000%   4/1/23       335   375  
  Hampden Township PA GO 5.000%   11/15/20   (Prere.)   180   186  
  Haverford PA GO 3.650%   6/1/48       935   992  
2 Haverford Township PA School District GO 3.000%   3/1/31       3,920   4,145  
2 Haverford Township PA School District GO 3.000%   3/1/32       4,050   4,253  
2 Haverford Township PA School District GO 3.000%   3/1/33       4,170   4,343  
2 Haverford Township PA School District GO 3.000%   3/1/34       4,295   4,443  
  Huntingdon County PA General Authority Revenue 5.000%   5/1/46       5,595   6,153  
  Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) 4.000%   11/1/35       500   541  
  Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) 4.000%   11/1/36       625   675  
  Lackawanna County PA Industrial Development Authority Revenue (University of Scranton) 4.000%   11/1/40       4,000   4,268  
  Lancaster County PA Hospital Authority Revenue (Brethren Village Project) 5.000%   7/1/25       715   790  
  Lancaster County PA Hospital Authority Revenue (Brethren Village Project) 5.000%   7/1/30       750   828  
  Lancaster County PA Hospital Authority Revenue (Brethren Village Project) 5.000%   7/1/31       1,300   1,432  
  Lancaster County PA Hospital Authority Revenue (Brethren Village Project) 5.000%   7/1/32       725   796  
  Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) 5.000%   8/15/42       8,825   10,378  
  Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue 5.250%   12/15/30       3,000   3,417  
  Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue 5.250%   12/15/31       4,235   4,821  
  Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue 5.250%   12/15/32       2,600   2,957  

 

38

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

              Face   Market  
        Maturity     Amount   Value•  
    Coupon   Date     ($000 )  ($000 ) 
  Lancaster County PA Solid Waste Management Authority Solid Waste Disposal System Revenue 5.000%   12/15/33     5,000   5,626  
  Lancaster PA GO 4.000%   11/1/31   (15) 1,400   1,593  
  Lancaster PA GO 4.000%   11/1/32   (15) 2,445   2,772  
  Lancaster PA GO 4.000%   11/1/33   (15) 2,545   2,875  
  Lancaster PA GO 4.000%   11/1/34   (15) 2,660   2,998  
  Lancaster PA GO 4.000%   11/1/35   (15) 2,355   2,647  
  Lancaster PA Industrial Development Authority Revenue (Garden Spot Village Project) 5.375%   5/1/23   (Prere.) 1,250   1,421  
  Lancaster PA Industrial Development Authority Revenue (Garden Spot Village Project) 5.750%   5/1/23   (Prere.) 2,200   2,529  
  Lehigh County PA Authority Water & Sewer Revenue 0.000%   12/1/24     1,695   1,532  
  Lehigh County PA Authority Water & Sewer Revenue 5.000%   12/1/43     14,305   15,935  
  Lehigh County PA Authority Water & Sewer Revenue 5.125%   12/1/47     3,000   3,357  
  Lehigh County PA General Purpose Authority Revenue (Good Shepherd Obligated Group) 4.000%   11/1/46     3,685   3,869  
  Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) 4.000%   7/1/33     5,000   5,227  
  Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) 5.000%   7/1/44     7,000   8,372  
  Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) 4.000%   7/1/49     20,000   21,665  
1 Lehigh Valley Health Network Obligated Group TOB VDRO 1.250%   12/6/19     5,000   5,000  
  Luzerne County PA GO 5.250%   12/15/21   (14) 2,450   2,513  
  Luzerne County PA GO 5.000%   11/15/29   (4) 2,500   2,925  
  Luzerne County PA Industrial Development Authority Water Facility Revenue (Pennsylvania-American Water Co.) 5.500%   12/1/39     5,000   5,005  
  Lycoming County PA Authority College Revenue (Pennsylvania College of Technology) 5.000%   5/1/26     2,000   2,136  
  Lycoming County PA Authority College Revenue (Pennsylvania College of Technology) 5.000%   7/1/30     5,565   5,820  
  Lycoming County PA Authority Revenue (Lycoming College) 4.000%   11/1/24     435   478  
  Lycoming County PA Authority Revenue (Lycoming College) 5.500%   11/1/33     2,935   3,347  
  Manheim Township PA School District GO 5.000%   2/1/31     1,200   1,412  
  Marple Newtown PA School District GO 3.000%   6/1/40     3,745   3,811  
  Marple Newtown PA School District GO 3.000%   6/1/44     2,000   2,016  
  Mechanicsburg PA Area School District GO 4.000%   3/1/32     1,580   1,797  
  Mechanicsburg PA Area School District GO 4.000%   3/1/33     1,645   1,861  
  Monroe County PA Hospital Authority Revenue (Pocono Medical Center) 5.000%   7/1/41     3,660   4,228  

 

39

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

              Face   Market  
        Maturity     Amount   Value•  
    Coupon   Date     ($000 )  ($000 ) 
  Monroeville PA Finance Authority Revenue (UPMC Health System) 5.000%   2/15/42     10,875   11,761  
  Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) 5.000%   4/1/29     2,580   2,913  
  Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) 5.000%   4/1/30     1,000   1,124  
  Montgomery County PA Higher Education & Health Authority Revenue (Arcadia University) 5.750%   4/1/40     3,000   3,303  
  Montgomery County PA Higher Education & Health Authority Revenue (Gwynedd Mercy University Project)PUT 3.000%   5/1/21     1,100   1,115  
  Montgomery County PA Higher Education & Health Authority Revenue (Gwynedd Mercy University Project) PUT 4.000%   5/1/23     1,180   1,252  
  Montgomery County PA Higher Education & Health Authority Revenue (Hill School Project) 4.000%   8/15/50     5,730   6,250  
  Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) 5.000%   10/1/24     1,165   1,309  
  Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) 5.000%   10/1/25     1,200   1,348  
  Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) 5.000%   10/1/26     1,000   1,120  
  Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) 5.000%   10/1/27     1,000   1,117  
  Montgomery County PA Higher Education & Health Authority Revenue (Holy Redeemer Health System) 5.000%   10/1/40     6,150   6,821  
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 5.000%   9/1/31     1,750   2,135  
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 5.000%   9/1/33     1,000   1,235  
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 5.000%   9/1/34     2,210   2,676  
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 5.000%   9/1/35     2,780   3,357  
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 4.000%   9/1/37     1,435   1,593  
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 5.000%   9/1/37     2,500   3,000  
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 5.000%   9/1/43     5,750   6,808  

 

40

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

              Face   Market  
        Maturity     Amount   Value•  
    Coupon   Date     ($000 ) ($000 ) 
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 4.000%   9/1/44     4,300   4,680  
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 5.000%   9/1/48     10,250   12,065  
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 4.000%   9/1/49     7,950   8,592  
  Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) 5.000%   9/1/51     870   1,032  
  Montgomery County PA Higher Education & Health Authority Revenue (Ursinus College) 5.250%   11/1/42     4,000   4,466  
  Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) 5.250%   1/15/28     3,795   4,344  
  Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) 5.250%   1/15/30     5,000   5,691  
  Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) 5.250%   1/15/36     11,250   12,702  
  Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) 5.250%   1/15/45     8,500   9,496  
  Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) 5.250%   1/15/46     3,300   3,684  
  Montgomery County PA Industrial Development Authority Health Services Revenue (Jefferson Health System) 5.000%   10/1/41     4,110   4,364  
  Montgomery County PA Industrial Development Authority Revenue (Foulkeways at Gwynedd) 5.000%   12/1/30     1,200   1,368  
  Montgomery County PA Industrial Development Authority Revenue (Foulkeways at Gwynedd) 5.000%   12/1/46     3,730   4,120  
  Montgomery County PA Industrial Development Authority Revenue (Haverford School Project) 3.000%   3/1/49     3,760   3,696  
  Montgomery County PA Industrial Development Authority Revenue (Meadowood Corp.) 5.000%   12/1/38     2,500   2,831  
  Montgomery County PA Industrial Development Authority Revenue (Meadowood Corp.) 5.000%   12/1/48     6,500   7,258  
  Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) 6.625%   12/1/21   (Prere.) 1,565   1,732  
  Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) 5.000%   12/1/27     2,250   2,537  

 

41

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

              Face   Market  
        Maturity     Amount   Value•  
    Coupon   Date     ($000 ) ($000 )
  Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) 5.000%   12/1/47     2,000   2,190  
  Montgomery County PA Industrial Development Authority Revenue (Philadelphia Presbyterian Homes Inc. Project) 4.000%   12/1/48     3,000   3,067  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/20     225   231  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/21     100   105  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/22     100   107  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/23     125   136  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/24     200   222  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/25     250   281  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/26     350   397  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/27     150   171  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/28     200   226  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/29     100   113  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/30     210   235  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/31     225   251  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/32     100   111  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/33     200   222  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/34     200   221  

 

42

 

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/35       395   435  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/36       650   714  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/37       605   663  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 4.000%   12/1/38       300   328  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 5.000%   12/1/44       1,000   1,155  
  Montgomery County PA Industrial Development Authority Revenue (Waverly Heights Ltd. Project) 5.000%   12/1/49       1,000   1,148  
  Montgomery County PA Industrial Development Authority Revenue (Whitemarsh Continuing Care Retirement Community Inc.) 5.000%   1/1/30       1,575   1,665  
  Montgomery County PA Industrial Development Authority Revenue (Whitemarsh Continuing Care Retirement Community Inc.) 5.250%   1/1/40       4,750   4,994  
  Montour PA School District GO 5.000%   4/1/40   (4)   3,185   3,672  
  Moon Area School District GO 4.000%   11/15/31   (4)   2,050   2,338  
  Moon Area School District GO 4.000%   11/15/32   (4)   1,000   1,136  
  Moon Industrial Development Authority Pennsylvania Revenue (Baptist Home Society Obligated Group) 5.625%   7/1/30       1,000   1,090  
  Moon Industrial Development Authority Pennsylvania Revenue (Baptist Home Society Obligated Group) 6.000%   7/1/45       3,500   3,790  
  Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) 5.000%   7/1/31       6,270   6,802  
  Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) 4.000%   7/1/48       6,000   6,484  
  Mount Union PA Area School District GO 5.000%   9/1/32   (4)   1,580   1,957  
  Mount Union PA Area School District GO 5.000%   9/1/33   (4)   1,655   2,045  
  Mount Union PA Area School District GO 5.000%   9/1/34   (4)   1,740   2,145  
  Muhlenberg PA School District GO 2.000%   2/15/21       1,000   1,001  
  New Kensington Arnold PA School District GO 5.000%   5/15/23   (15)   2,025   2,251  
  New Kensington Arnold PA School District GO 5.000%   5/15/24   (15)   2,125   2,426  
  Norristown PA Area School District GO 4.000%   9/1/30       1,000   1,112  
  North Allegheny PA School District GO 3.000%   5/1/32       2,590   2,744  
  North Allegheny PA School District GO 3.000%   5/1/33       2,780   2,929  
  North Allegheny PA School District GO 4.000%   5/1/38       2,335   2,652  
  North Allegheny PA School District GO 4.000%   5/1/44       1,750   1,961  
  Northampton County PA General Purpose Authority College Revenue (Moravian College) 5.000%   10/1/40       1,760   1,997  

 

 

43

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) 5.000%   8/15/28       3,975   4,739  
  Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) 5.000%   8/15/29       2,000   2,375  
  Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) 5.000%   8/15/33       9,555   10,420  
  Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) 5.000%   8/15/36       6,790   7,907  
  Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) 5.000%   8/15/43       3,000   3,545  
  Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) 5.000%   8/15/46       1,795   2,081  
  Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) 4.000%   8/15/48       3,895   4,154  
  Northampton County PA General Purpose Authority University Revenue (Lafayette College) 5.000%   11/1/32       4,000   4,477  
  Northampton County PA General Purpose Authority University Revenue (Lehigh University) 4.000%   11/15/34       7,535   8,467  
  Northampton County PA General Purpose Authority University Revenue (Lehigh University) VRDO 1.050%   12/6/19       100   100  
  Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) 5.000%   7/1/32       1,775   1,864  
  Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) 5.000%   7/1/36       1,000   1,046  
  Northampton County PA Industrial Development Authority Revenue (Morningstar Senior Living, Inc. Project) 5.000%   11/1/44       1,900   2,100  
  Northampton PA GO 3.625%   5/15/39       2,145   2,254  
  Northeastern Pennsylvania Hospital & Education Authority Revenue (Kings College Project) 5.000%   5/1/44       1,000   1,176  
  Northeastern Pennsylvania Hospital & Education Authority Revenue (Kings College Project) 5.000%   5/1/49       1,350   1,583  
  Northeastern Pennsylvania Hospital & Education Authority Revenue (Wilkes University Project) 5.000%   3/1/25       1,125   1,261  
  Northeastern Pennsylvania Hospital & Education Authority Revenue (Wilkes University Project) 5.000%   3/1/29       1,250   1,406  
  Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) 5.250%   3/1/31       1,140   1,302  

 

44

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) 5.000%   3/1/37       3,740   4,132  
  Northeastern Pennsylvania Hospital & Educational Authority Revenue (Wilkes University Project) 5.250%   3/1/37       3,000   3,382  
  Northern Tioga School District Pennsylvania GO 5.000%   4/1/29   (15)   500   607  
  Northern Tioga School District Pennsylvania GO 5.000%   4/1/31   (15)   700   843  
  Northern Tioga School District Pennsylvania GO 4.000%   4/1/33   (15)   500   553  
  Norwin PA School District GO 5.000%   4/1/25   (4)   2,470   2,591  
  Norwin PA School District GO 5.000%   4/1/26   (4)   2,595   2,722  
  Owen J. Roberts Pennsylvania School District GO 4.000%   5/15/30       1,900   2,056  
  Palmer Township PA GO 4.000%   5/15/30       1,495   1,635  
  Penn Manor PA School District Revenue 5.000%   3/1/32       1,000   1,203  
  Penn Manor PA School District Revenue 5.000%   3/1/35       800   957  
  Penn Manor PA School District Revenue 5.000%   3/1/36       1,700   2,028  
  Penn Manor PA School District Revenue 5.000%   3/1/38       1,250   1,482  
  Pennsylvania COP 5.000%   7/1/29       300   371  
  Pennsylvania COP 5.000%   7/1/30       375   461  
  Pennsylvania COP 5.000%   7/1/31       425   521  
  Pennsylvania COP 5.000%   7/1/34       475   578  
  Pennsylvania COP 5.000%   7/1/35       845   1,026  
  Pennsylvania COP 5.000%   7/1/36       1,000   1,211  
  Pennsylvania COP 5.000%   7/1/37       875   1,055  
  Pennsylvania COP 5.000%   7/1/38       1,000   1,201  
  Pennsylvania COP 5.000%   7/1/43       4,000   4,742  
  Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) 0.000%   1/1/29   (4)   2,000   1,571  
  Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) 0.000%   1/1/30   (4)   3,710   2,808  
  Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) 5.500%   1/1/31   (4)   3,000   3,415  
  Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) 0.000%   1/1/36   (4)   6,045   3,822  
  Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) 0.000%   1/1/38   (4)   5,525   3,231  
  Pennsylvania Economic Development Financing Authority Parking System Revenue (Capitol Region Parking System) 5.250%   1/1/44   (4)   6,500   7,216  
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 5.000%   2/1/31       5,000   5,754  
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 5.000%   2/1/32       8,000   9,192  

 

 

45

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 4.000%   3/15/32       2,500   2,777  
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 5.000%   7/1/33       11,405   12,700  
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 5.000%   7/1/43       4,500   4,942  
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 5.000%   2/1/45       5,000   5,601  
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 4.000%   3/15/45       4,000   4,286  
  Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) 4.000%   11/15/47       10,000   10,843  
  Pennsylvania Economic Development Financing Authority Water Facilities Revenue (Aqua Pennsylvania Inc. Project) 5.000%   12/1/43       4,500   4,645  
  Pennsylvania GO 5.000%   1/15/21       100   104  
  Pennsylvania GO 5.000%   7/1/21       120   127  
  Pennsylvania GO 5.000%   7/1/21       250   265  
  Pennsylvania GO 5.375%   7/1/21       16,000   17,056  
  Pennsylvania GO 5.000%   8/15/21       3,440   3,663  
  Pennsylvania GO 5.000%   3/1/22       10,000   10,838  
  Pennsylvania GO 5.000%   7/1/22       230   252  
  Pennsylvania GO 5.000%   1/1/23       175   195  
  Pennsylvania GO 4.000%   7/1/23       4,000   4,382  
  Pennsylvania GO 5.000%   7/15/23       20,000   22,633  
  Pennsylvania GO 5.000%   10/15/23       215   245  
  Pennsylvania GO 5.000%   1/1/24       10   11  
  Pennsylvania GO 5.000%   1/15/24       55   63  
  Pennsylvania GO 5.000%   3/15/24       15   17  
  Pennsylvania GO 5.000%   7/15/24       20,000   23,304  
  Pennsylvania GO 5.000%   8/15/24       5,020   5,863  
  Pennsylvania GO 5.000%   9/15/24       9,875   11,566  
  Pennsylvania GO 5.000%   7/15/25       15,000   17,894  
  Pennsylvania GO 5.000%   8/15/25       1,420   1,698  
  Pennsylvania GO 5.000%   9/15/25   (4)   2,275   2,745  
  Pennsylvania GO 5.000%   9/15/25       6,240   7,476  
  Pennsylvania GO 5.000%   10/15/25       10,000   11,418  
  Pennsylvania GO 5.000%   1/1/26       10,000   12,062  
  Pennsylvania GO 5.000%   2/1/26       8,355   10,097  
  Pennsylvania GO 5.000%   7/15/26       5,000   6,105  
  Pennsylvania GO 5.000%   9/15/26       525   641  
  Pennsylvania GO 5.000%   9/15/26   (4)   9,050   11,130  
  Pennsylvania GO 5.000%   7/15/27       3,000   3,712  
3 Pennsylvania GO 5.000%   9/15/27       10,000   12,164  
  Pennsylvania GO 5.000%   9/15/27       5,000   6,082  
  Pennsylvania GO 5.000%   1/15/28       5,000   6,113  
  Pennsylvania GO 5.000%   3/15/28       8,550   10,035  
  Pennsylvania GO 5.000%   7/15/28       5,000   6,302  
  Pennsylvania GO 4.000%   10/15/28       10,000   10,869  

 

46

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Pennsylvania GO 4.000%   1/1/29       10,350   11,743  
  Pennsylvania GO 4.000%   4/1/29       10,000   10,730  
  Pennsylvania GO 4.000%   8/15/29   (4)   6,290   7,062  
  Pennsylvania GO 5.000%   10/15/29       1,000   1,130  
  Pennsylvania GO 4.000%   1/1/30       3,500   3,954  
  Pennsylvania GO 5.000%   2/1/30       2,500   3,176  
  Pennsylvania GO 4.000%   4/1/30       10,000   10,673  
  Pennsylvania GO 4.000%   6/15/30       10,000   10,882  
  Pennsylvania GO 4.000%   8/15/30   (4)   7,640   8,547  
  Pennsylvania GO 5.000%   10/15/30       6,650   7,497  
  Pennsylvania GO 4.000%   2/1/31       17,875   19,842  
  Pennsylvania GO 5.000%   2/1/31       2,500   3,142  
  Pennsylvania GO 4.000%   9/15/31       2,500   2,807  
  Pennsylvania GO 5.000%   10/15/31       14,955   16,829  
  Pennsylvania GO 4.000%   2/1/32       18,870   20,869  
  Pennsylvania GO 5.000%   3/1/32       11,225   13,880  
  Pennsylvania GO 5.000%   8/1/32       4,000   4,647  
  Pennsylvania GO 5.000%   8/15/32       8,000   9,349  
  Pennsylvania GO 5.000%   10/15/32       15,000   16,866  
  Pennsylvania GO 4.000%   2/1/33       5,585   6,146  
  Pennsylvania GO 4.000%   3/1/33   (4)   20,000   22,737  
  Pennsylvania GO 5.000%   8/1/33       4,000   4,628  
  Pennsylvania GO 4.000%   3/1/34   (4)   20,000   22,690  
  Pennsylvania GO 4.000%   9/15/34       10,000   11,106  
  Pennsylvania GO 4.000%   3/1/35   (15)   15,000   16,977  
  Pennsylvania GO 4.000%   3/1/36       5,000   5,608  
  Pennsylvania GO 3.000%   9/15/36       745   767  
  Pennsylvania GO 5.000%   2/1/37       3,500   4,327  
  Pennsylvania GO 4.000%   3/1/37   (15)   10,000   11,256  
  Pennsylvania GO 4.000%   3/1/37       10,000   11,184  
  Pennsylvania GO 5.000%   2/1/38       3,310   4,073  
  Pennsylvania GO 4.000%   3/1/38       2,820   3,143  
  Pennsylvania Higher Educational Facilities Authority Revenue 4.000%   6/15/32       3,330   3,682  
  Pennsylvania Higher Educational Facilities Authority Revenue 4.000%   6/15/33       2,310   2,549  
  Pennsylvania Higher Educational Facilities Authority Revenue 4.000%   6/15/34       2,940   3,321  
  Pennsylvania Higher Educational Facilities Authority Revenue 4.000%   2/15/43       7,000   7,814  
  Pennsylvania Higher Educational Facilities Authority Revenue 3.000%   6/15/45       1,405   1,417  
  Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) 5.000%   11/1/20       595   604  
  Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) 5.000%   11/1/21       1,245   1,281  
  Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) 5.000%   11/1/27       1,250   1,300  
  Pennsylvania Higher Educational Facilities Authority Revenue (AICUP Financing Program - Delaware Valley College Project) 5.000%   11/1/42       535   546  

 

 

47

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) 5.000%   12/1/30       200   258  
  Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) 5.000%   12/1/31       295   379  
  Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) 5.000%   12/1/32       230   294  
  Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) 4.000%   12/1/44       1,000   1,120  
  Pennsylvania Higher Educational Facilities Authority Revenue (Bryn Mawr College) 4.000%   12/1/48       2,500   2,792  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) 5.000%   5/1/29       1,260   1,372  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) 5.000%   5/1/29       1,655   2,022  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) 5.000%   5/1/32       1,750   2,049  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) 5.000%   5/1/33       3,520   4,110  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) 4.000%   5/1/34       2,575   2,829  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) 5.000%   5/1/34       3,000   3,495  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) 5.000%   5/1/35       1,870   2,234  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) 4.000%   5/1/36       2,305   2,511  
  Pennsylvania Higher Educational Facilities Authority Revenue (Drexel University) 5.000%   5/1/41       5,000   5,885  
  Pennsylvania Higher Educational Facilities Authority Revenue (Foundation for Indiana University of Pennsylvania Student Housing) 5.000%   7/1/22   (Prere.)   500   549  
  Pennsylvania Higher Educational Facilities Authority Revenue (Higher Education System) 4.000%   6/15/30       3,895   4,394  
  Pennsylvania Higher Educational Facilities Authority Revenue (Higher Education System) 4.000%   6/15/30       2,125   2,396  
  Pennsylvania Higher Educational Facilities Authority Revenue (La Salle University) 5.000%   5/1/37       5,865   6,157  
  Pennsylvania Higher Educational Facilities Authority Revenue (Lock Haven University Foundation Student Housing Project) 4.000%   7/1/28       3,500   3,588  
  Pennsylvania Higher Educational Facilities Authority Revenue (Philadelphia University) 5.000%   6/1/23   (Prere.)   2,025   2,291  
  Pennsylvania Higher Educational Facilities Authority Revenue (Shippensburg University) 5.000%   10/1/22   (Prere.)   2,000   2,214  
  Pennsylvania Higher Educational Facilities Authority Revenue (Shippensburg University) 5.000%   10/1/22   (Prere.)   1,400   1,550  
  Pennsylvania Higher Educational Facilities Authority Revenue (St. Joseph’s University) 5.000%   11/1/33       1,265   1,400  
  Pennsylvania Higher Educational Facilities Authority Revenue (St. Joseph’s University) 5.000%   11/1/40       7,000   7,183  
  Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) 5.000%   4/1/35       7,755   8,299  
  Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) 5.000%   4/1/42       11,120   11,848  

 

48

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) 5.000%   9/1/32       3,965   4,540  
  Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) 5.000%   9/1/39       5,000   5,657  
  Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) 5.000%   9/1/45       17,800   19,994  
  Pennsylvania Higher Educational Facilities Authority Revenue (Thomas Jefferson University) 5.250%   9/1/50       10,000   11,424  
  Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) 4.000%   8/15/31       4,000   4,516  
  Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) 4.000%   8/15/34       2,200   2,464  
  Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) 4.000%   8/15/35       2,275   2,543  
  Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) 4.000%   8/15/36       1,400   1,561  
  Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) 5.000%   8/15/46       5,010   5,980  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 5.000%   8/15/31       750   885  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 5.000%   8/15/33       1,180   1,386  
2 Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 4.000%   8/15/34       750   852  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 5.000%   8/15/34       2,695   3,162  
2 Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 4.000%   8/15/35       785   890  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 4.000%   8/15/35       3,135   3,512  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 5.000%   8/15/40       11,000   12,786  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 4.000%   8/15/41       6,000   6,518  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 4.000%   8/15/42       6,675   7,307  

 

49

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 5.000%   8/15/42       6,130   6,609  
2 Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 3.000%   8/15/47       7,345   7,211  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 5.000%   8/15/47       10,000   11,857  
2 Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 4.000%   8/15/49       6,000   6,610  
2 Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) 5.000%   8/15/49       12,000   14,528  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of the Sciences) 5.000%   11/1/30       940   1,054  
  Pennsylvania Higher Educational Facilities Authority Revenue (University of the Sciences) 5.000%   11/1/31       1,870   2,093  
  Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) 6.000%   7/1/21       2,125   2,176  
  Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) 5.000%   7/1/31       4,000   4,063  
  Pennsylvania Higher Educational Facilities Authority Student Housing Revenue (University Properties Inc.) 5.000%   7/1/42       2,500   2,534  
  Pennsylvania Housing Finance Agency Multi-Family Housing Revenue (Country Commons Apartments) 3.600%   8/1/35   LOC   7,894   8,751  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.200%   10/1/31       2,500   2,598  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.700%   10/1/33       5,000   5,343  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 2.950%   10/1/34       3,000   3,086  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.500%   10/1/34       1,000   1,067  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.500%   10/1/36       4,500   4,696  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.900%   10/1/36       8,500   9,055  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.900%   10/1/37       8,000   8,560  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.850%   4/1/38       2,500   2,686  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.875%   10/1/38       6,000   6,423  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 4.050%   10/1/40       535   563  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 4.050%   10/1/40       705   746  

 

50

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.200%   10/1/41       4,000   4,064  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.950%   4/1/42       3,945   4,154  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.650%   10/1/42       6,890   7,174  
2 Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.100%   10/1/44       6,000   6,043  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.000%   10/1/46       3,000   3,009  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 3.700%   10/1/47       17,000   17,699  
  Pennsylvania Housing Finance Agency Single Family Mortgage Revenue 4.000%   10/1/47       3,390   3,610  
1 Pennsylvania Housing Finance Agency Single Family Mortgage Revenue TOB VRDO 1.130%   12/6/19       1,900   1,900  
  Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia) 5.000%   6/1/24       2,000   2,298  
  Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia) 5.000%   6/1/25       2,940   3,459  
  Pennsylvania Public School Building Authority Revenue (Harrisburg School District) 5.000%   12/1/30   (4)   3,500   4,122  
  Pennsylvania Public School Building Authority Revenue (Harrisburg School District) 5.000%   12/1/32   (4)   2,750   3,223  
  Pennsylvania Public School Building Authority Revenue (Harrisburg School District) 5.000%   12/1/33   (4)   2,000   2,340  
  Pennsylvania State University Revenue 4.000%   9/1/27       7,000   8,116  
  Pennsylvania State University Revenue 5.000%   9/1/30       6,900   8,190  
  Pennsylvania State University Revenue 5.000%   9/1/33       5,000   6,057  
  Pennsylvania State University Revenue 5.000%   9/1/36       4,650   5,712  
  Pennsylvania State University Revenue 5.000%   9/1/47       3,000   3,610  
  Pennsylvania Turnpike Commission Motor License Fund Revenue 5.000%   12/1/22   (Prere.)   1,860   2,068  
  Pennsylvania Turnpike Commission Motor License Fund Revenue 5.000%   12/1/37       2,140   2,318  
  Pennsylvania Turnpike Commission Motor License Fund Revenue 5.000%   12/1/22   (Prere.)   7,930   8,829  
  Pennsylvania Turnpike Commission Motor License Fund Revenue 5.000%   12/1/34       6,000   7,255  
  Pennsylvania Turnpike Commission Motor License Fund Revenue 5.000%   12/1/35       4,390   5,205  
  Pennsylvania Turnpike Commission Motor License Fund Revenue 5.000%   12/1/35       5,500   6,633  
  Pennsylvania Turnpike Commission Motor License Fund Revenue 5.000%   12/1/41       3,035   3,604  
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 5.000%   12/1/29       3,040   3,670  
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 5.000%   12/1/30       6,970   8,379  
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 0.000%   12/1/37       2,000   1,188  
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 5.000%   12/1/38       3,000   3,647  

  

51

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·
    Coupon   Date       ($000 ) ($000 )
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 5.000%   12/1/39       3,535   4,277  
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 5.000%   12/1/43       15,205   18,201  
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 5.000%   12/1/48       14,345   17,134  
  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue 5.000%   12/1/48       8,000   9,605  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/19   (Prere.)   5,000   5,000  
  Pennsylvania Turnpike Commission Revenue 5.125%   12/1/19   (Prere.)   20   20  
  Pennsylvania Turnpike Commission Revenue 6.500%   12/1/20   (Prere.)   3,000   3,158  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/21   (Prere.)   4,600   4,955  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/28       2,305   2,753  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/28       7,060   8,432  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/29       8,375   9,889  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/30       2,500   3,150  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/31       9,775   11,310  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/32       7,090   8,300  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/32       10,000   11,542  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/32       9,325   11,321  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/33       5,410   6,360  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/33       1,250   1,534  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/33       2,000   2,283  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/33       9,800   11,287  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/33       500   625  
  Pennsylvania Turnpike Commission Revenue 5.250%   12/1/33       2,560   3,025  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/34       545   636  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/34   (4)   1,325   1,602  
  Pennsylvania Turnpike Commission Revenue 4.000%   12/1/34       10,000   10,937  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/34       2,000   2,280  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/34       10,000   11,501  
  Pennsylvania Turnpike Commission Revenue 5.250%   12/1/34       4,410   5,202  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/35       3,000   3,587  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/35       5,000   6,030  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/36       9,790   11,779  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/36       1,000   1,235  
  Pennsylvania Turnpike Commission Revenue 4.000%   12/1/37       6,610   7,246  
  Pennsylvania Turnpike Commission Revenue 4.000%   12/1/37       4,000   4,412  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/37       1,315   1,587  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/37       6,535   7,834  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/37       1,360   1,666  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/38       8,145   9,423  
  Pennsylvania Turnpike Commission Revenue 4.000%   12/1/38       3,500   3,852  
  Pennsylvania Turnpike Commission Revenue 6.375%   12/1/38       5,330   6,917  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/39       19,950   23,162  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/39       2,000   2,281  
  Pennsylvania Turnpike Commission Revenue 5.250%   12/1/39       2,010   2,295  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/40       7,200   8,269  
  Pennsylvania Turnpike Commission Revenue 0.000%   12/1/41       10,815   5,268  
  Pennsylvania Turnpike Commission Revenue 5.000%   6/1/42       14,500   17,062  
  Pennsylvania Turnpike Commission Revenue 5.500%   12/1/42       2,950   3,542  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/43       5,300   5,897  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/44       6,400   7,252  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/44       6,000   6,798  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/44       1,890   2,270  

  

52

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Pennsylvania Turnpike Commission Revenue 5.250%   12/1/44       2,640   2,997  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/45       14,960   17,126  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/45       4,700   5,412  
  Pennsylvania Turnpike Commission Revenue 5.250%   12/1/45       5,000   5,793  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/46       4,095   4,682  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/46       16,000   18,514  
  Pennsylvania Turnpike Commission Revenue 5.500%   12/1/46       7,000   8,362  
  Pennsylvania Turnpike Commission Revenue 5.250%   6/1/47       12,500   14,829  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/48       13,750   16,583  
  Pennsylvania Turnpike Commission Revenue 4.000%   12/1/49       5,380   5,866  
  Pennsylvania Turnpike Commission Revenue 5.000%   12/1/49       5,000   6,129  
1 Pennsylvania Turnpike Commission Revenue PUT 1.210%   12/2/19   (4)LOC   400   400  
1 Pennsylvania Turnpike Commission Revenue TOB VRDO 1.200%   12/6/19   (Prere.)   8,250   8,250  
1 Pennsylvania Turnpike Commission Revenue TOB VRDO 1.280%   12/6/19       13,820   13,820  
1 Pennsylvania Turnpike Commission Revenue TOB VRDO 1.280%   12/6/19       6,400   6,400  
1 Pennsylvania Turnpike Commission Revenue TOB VRDO 1.280%   12/6/19   (4)   3,860   3,860  
1 Pennsylvania Turnpike Commission Revenue TOB VRDO 1.350%   12/6/19   LOC   6,310   6,310  
4 Pennsylvania Turnpike Commission Revenue, 4.500% coupon rate effective 12/1/2021 0.000%   12/1/34       3,855   4,027  
4 Pennsylvania Turnpike Commission Revenue, 4.750% coupon rate effective 12/1/2021 0.000%   12/1/37       4,060   4,249  
4 Pennsylvania Turnpike Commission Revenue, 6.100% coupon rate effective 12/1/2028 0.000%   12/1/41       9,525   8,968  
  Peters Township PA School District (Washington County) GO 5.000%   9/1/37       3,000   3,720  
  Peters Township PA School District (Washington County) GO 5.000%   9/1/38       7,555   9,343  
  Philadelphia PA Airport Parking Authority Revenue 5.125%   2/15/24   (2)   890   893  
  Philadelphia PA Airport Parking Authority Revenue 5.125%   9/1/29       5,975   6,138  
  Philadelphia PA Airport Revenue 5.000%   7/1/29       590   727  
  Philadelphia PA Airport Revenue 5.000%   7/1/30       1,020   1,251  
  Philadelphia PA Airport Revenue 5.000%   7/1/31       1,300   1,588  
  Philadelphia PA Airport Revenue 5.000%   7/1/32       750   914  
  Philadelphia PA Airport Revenue 5.000%   7/1/33       750   912  
  Philadelphia PA Airport Revenue 5.000%   7/1/42       5,000   5,956  
  Philadelphia PA Authority for Industrial Development Revenue (City of Philadelphia Affordable Housing Preservation Programs Project) 5.000%   12/1/37       3,250   3,810  
  Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) 5.000%   12/1/27       960   1,137  
  Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) 5.000%   12/1/28       3,885   4,586  

 

53

 

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 ) ($000 )
  Philadelphia PA Authority for Industrial Development Revenue (Cultural & Commercial Corridors) 5.000%   12/1/31       1,130   1,322  
  Philadelphia PA Authority for Industrial Development Revenue (Temple University) 5.000%   4/1/29       3,500   4,074  
  Philadelphia PA Authority for Industrial Development Revenue (Temple University) 5.000%   4/1/36       4,750   5,430  
  Philadelphia PA Authority for Industrial Development Revenue (Temple University) 5.000%   4/1/40       7,430   8,433  
  Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) 5.000%   7/1/33       3,600   4,385  
  Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) 5.000%   7/1/34       2,180   2,647  
  Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) 4.000%   7/1/35       2,150   2,426  
  Philadelphia PA Authority for Industrial Development Revenue (The Children’s Hospital of Philadelphia Project) 4.000%   7/1/36       3,780   4,256  
  Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) 5.000%   9/1/35       2,425   2,846  
  Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) 5.000%   9/1/36       10,000   11,708  
  Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) 5.000%   9/1/47       12,000   13,789  
  Philadelphia PA Gas Works Revenue 5.000%   7/1/20   (4)   15   15  
  Philadelphia PA Gas Works Revenue 5.000%   8/1/20   (Prere.)   25   26  
  Philadelphia PA Gas Works Revenue 5.250%   8/1/20   (Prere.)   40   41  
  Philadelphia PA Gas Works Revenue 5.250%   8/1/20   (Prere.)   55   56  
  Philadelphia PA Gas Works Revenue 5.000%   7/1/22   (4)   10   11  
  Philadelphia PA Gas Works Revenue 5.000%   10/1/22       1,375   1,515  
  Philadelphia PA Gas Works Revenue 5.000%   10/1/28       1,400   1,688  
  Philadelphia PA Gas Works Revenue 5.000%   8/1/29       1,750   2,126  
  Philadelphia PA Gas Works Revenue 5.000%   8/1/30       2,000   2,333  
  Philadelphia PA Gas Works Revenue 5.000%   10/1/30       3,050   3,647  
  Philadelphia PA Gas Works Revenue 5.000%   8/1/31       1,750   2,036  
  Philadelphia PA Gas Works Revenue 5.000%   10/1/31       3,270   3,900  
  Philadelphia PA Gas Works Revenue 5.000%   8/1/32       2,000   2,322  
  Philadelphia PA Gas Works Revenue 5.000%   10/1/33       2,500   2,969  
  Philadelphia PA Gas Works Revenue 5.000%   10/1/34       4,175   4,943  
  Philadelphia PA Gas Works Revenue 5.000%   8/1/35       4,000   4,793  
  Philadelphia PA Gas Works Revenue 5.000%   8/1/36       2,000   2,391  
  Philadelphia PA Gas Works Revenue 5.000%   8/1/37       2,000   2,380  
  Philadelphia PA Gas Works Revenue 4.000%   10/1/37       1,120   1,210  
  Philadelphia PA Gas Works Revenue 5.250%   8/1/40   (4)   65   67  
  Philadelphia PA Gas Works Revenue 5.250%   8/1/40       115   118  
  Philadelphia PA Gas Works Revenue 5.000%   8/1/42       5,000   5,877  
  Philadelphia PA Gas Works Revenue 5.000%   8/1/47       11,800   13,784  
  Philadelphia PA Gas Works Revenue VRDO 1.110%   12/6/19   LOC   200   200  
  Philadelphia PA GO 6.000%   8/1/20   (Prere.)   7,430   7,668  

 

54

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 )
  Philadelphia PA GO 6.500%   8/1/20   (Prere.)   3,785   3,917  
  Philadelphia PA GO 5.000%   8/1/23       3,800   4,294  
  Philadelphia PA GO 5.000%   8/1/26       4,125   5,030  
  Philadelphia PA GO 5.000%   8/1/30       4,000   4,668  
  Philadelphia PA GO 5.000%   8/1/30   (4)   5,330   6,534  
  Philadelphia PA GO 5.000%   8/1/31       2,000   2,430  
  Philadelphia PA GO 5.000%   8/1/32       3,000   3,632  
  Philadelphia PA GO 5.000%   8/1/32       4,420   5,352  
  Philadelphia PA GO 5.250%   7/15/33       3,585   4,047  
  Philadelphia PA GO 5.000%   8/1/35   (4)   6,000   7,265  
  Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO 1.150%   12/2/19       8,500   8,500  
2 Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO 1.150%   12/2/19       2,275   2,275  
2 Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO 1.150%   12/2/19       8,585   8,585  
2 Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Children’s Hospital of Philadelphia Project) VRDO 1.150%   12/2/19       2,140   2,140  
  Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) 5.000%   7/1/34       1,000   1,161  
  Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) 5.625%   7/1/42       3,850   4,164  
  Philadelphia PA Redevelopment Authority Revenue 5.000%   4/15/27       2,000   2,337  
  Philadelphia PA Redevelopment Authority Revenue 5.000%   4/15/28       3,000   3,495  
  Philadelphia PA School District GO 4.000%   9/1/22       125   128  
  Philadelphia PA School District GO 5.250%   9/1/22       7,500   7,724  
  Philadelphia PA School District GO 5.250%   9/1/23       7,525   7,749  
  Philadelphia PA School District GO 5.000%   6/1/26   (14)   5,000   5,996  
  Philadelphia PA School District GO 5.000%   9/1/27       2,415   2,836  
  Philadelphia PA School District GO 5.000%   9/1/28       5,000   5,962  
  Philadelphia PA School District GO 5.000%   9/1/29       2,665   3,108  
  Philadelphia PA School District GO 5.000%   9/1/29       5,135   6,098  
  Philadelphia PA School District GO 5.000%   9/1/31       2,000   2,318  
  Philadelphia PA School District GO 5.000%   9/1/33       1,045   1,269  
  Philadelphia PA School District GO 5.000%   9/1/35       2,500   2,925  
  Philadelphia PA School District GO 5.000%   9/1/35       4,240   5,124  
  Philadelphia PA School District GO 5.000%   9/1/36       2,015   2,352  
  Philadelphia PA School District GO 4.000%   9/1/37       2,300   2,548  
  Philadelphia PA School District GO 5.000%   9/1/37       2,015   2,346  
  Philadelphia PA School District GO 5.000%   9/1/37       3,825   4,594  
  Philadelphia PA School District GO 4.000%   9/1/38       2,300   2,540  

 

55

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 )
  Philadelphia PA School District GO 5.000%   9/1/38       2,000   2,323  
  Philadelphia PA School District GO 4.000%   9/1/43   (4)   3,160   3,483  
  Philadelphia PA School District GO 5.000%   9/1/44       10,165   12,118  
  Philadelphia PA Water & Wastewater Revenue 5.000%   7/1/30       4,000   4,692  
  Philadelphia PA Water & Wastewater Revenue 4.000%   10/1/31       6,210   6,927  
  Philadelphia PA Water & Wastewater Revenue 4.000%   10/1/32       6,440   7,165  
  Philadelphia PA Water & Wastewater Revenue 5.000%   10/1/32       1,000   1,222  
  Philadelphia PA Water & Wastewater Revenue 5.000%   11/1/33       1,765   2,156  
  Philadelphia PA Water & Wastewater Revenue 4.000%   7/1/34       6,000   6,539  
  Philadelphia PA Water & Wastewater Revenue 5.000%   10/1/34       2,000   2,433  
  Philadelphia PA Water & Wastewater Revenue 5.000%   11/1/34       1,200   1,462  
  Philadelphia PA Water & Wastewater Revenue 5.000%   1/1/36       10,500   10,860  
  Philadelphia PA Water & Wastewater Revenue 5.000%   7/1/40       10,000   11,264  
  Philadelphia PA Water & Wastewater Revenue 5.000%   1/1/41       3,000   3,099  
  Philadelphia PA Water & Wastewater Revenue 5.125%   1/1/43       9,000   9,575  
  Philadelphia PA Water & Wastewater Revenue 5.000%   7/1/43       4,375   4,915  
  Philadelphia PA Water & Wastewater Revenue 5.000%   11/1/44       4,000   4,931  
  Philadelphia PA Water & Wastewater Revenue 5.000%   7/1/45       14,000   15,714  
  Philadelphia PA Water & Wastewater Revenue 5.000%   10/1/48       2,000   2,414  
  Philadelphia PA Water & Wastewater Revenue 5.000%   10/1/52       4,000   4,729  
  Philadelphia PA Water & Wastewater Revenue 5.000%   10/1/53       10,000   12,024  
  Philadelphia PA Water & Wastewater Revenue 5.000%   11/1/54       8,000   9,684  
  Pittsburgh & Allegheny County PA Sports & Exhibition Authority Lease Revenue VRDO 1.110%   12/6/19   (4)   2,965   2,965  
  Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue 5.000%   12/15/31       1,000   1,198  
  Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue 5.000%   12/15/32       500   596  
  Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue 5.000%   12/15/34       1,000   1,189  
  Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue 5.000%   12/15/36       500   592  
  Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking System Revenue 5.000%   12/15/37       500   589  
  Pittsburgh PA GO 5.000%   9/1/30       500   613  
  Pittsburgh PA GO 5.000%   9/1/31   (15)   1,150   1,320  
  Pittsburgh PA GO 5.000%   9/1/34       50   61  
  Pittsburgh PA GO 5.000%   9/1/35       600   726  
  Pittsburgh PA GO 5.000%   9/1/36       700   845  
  Pittsburgh PA School District GO 4.000%   9/1/33       1,030   1,171  
  Pittsburgh PA School District GO 4.000%   9/1/34       1,710   1,936  
  Pittsburgh PA School District GO 4.000%   9/1/35       1,670   1,884  
  Pittsburgh PA School District GO 4.000%   9/1/35       1,095   1,237  
  Pittsburgh PA School District GO 4.000%   9/1/36       1,220   1,375  
  Pittsburgh PA School District GO 4.000%   9/1/37       1,180   1,325  
  Pittsburgh PA School District GO 4.000%   9/1/38       1,740   1,950  
  Pittsburgh PA Water & Sewer Authority Revenue 0.000%   9/1/27   (14)   10,830   9,265  
  Pittsburgh PA Water & Sewer Authority Revenue 0.000%   9/1/29   (14)   10,000   8,040  
  Pittsburgh PA Water & Sewer Authority Revenue 5.000%   9/1/30   (4)   1,240   1,599  
  Pittsburgh PA Water & Sewer Authority Revenue 5.000%   9/1/31   (4)   4,500   5,886  

 

56

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 )
  Pittsburgh PA Water & Sewer Authority Revenue 5.000%   9/1/32   (4)   2,850   3,778  
  Pittsburgh PA Water & Sewer Authority Revenue 5.000%   9/1/34   (4)   1,085   1,366  
  Pittsburgh PA Water & Sewer Authority Revenue 5.250%   9/1/36       5,000   5,665  
  Pittsburgh PA Water & Sewer Authority Revenue 5.250%   9/1/40       5,000   5,656  
  Plum Borough PA School District GO 5.000%   9/15/36   (15)   4,920   5,477  
  Pocono Mountains Industrial Park Authority Pennsylvania Hospital Revenue (St. Luke’s Hospital Obligated Group) 5.000%   8/15/40       3,750   4,231  
  Pottsville PA Hospital Authority Revenue (Lehigh Valley Health Network) 5.000%   7/1/41       6,275   7,290  
  Pottsville PA Hospital Authority Revenue (Lehigh Valley Health Network) 5.000%   7/1/45       14,405   16,642  
  Reading PA Area Water Authority Revenue 5.000%   12/1/21   (4)   500   538  
  Reading PA School District GO 5.000%   3/1/38   (4)   1,750   2,049  
  Reading PA School District GO 4.000%   4/1/44   (15)   1,000   1,114  
  Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) 5.000%   11/15/26       1,000   1,231  
  Scranton PA School District GO 5.000%   6/1/27       1,000   1,158  
  Scranton-Lackawanna PA Health & Welfare Authority Revenue (University of Scranton) 5.000%   11/1/37       2,500   2,847  
  Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) 5.000%   1/1/29       1,335   1,536  
  Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) 5.000%   1/1/30       1,180   1,356  
  Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) 5.000%   1/1/30       1,285   1,532  
  Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) 5.000%   1/1/31       1,250   1,435  
  Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) 5.000%   1/1/31       600   711  
  Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) 5.000%   1/1/32       1,695   1,942  
  Southcentral Pennsylvania General Authority Revenue (Hanover Hospital Inc.) 5.000%   12/1/27       1,480   1,753  
  Southcentral Pennsylvania General Authority Revenue (Hanover Hospital Inc.) 5.000%   12/1/29       1,090   1,278  
  Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) 5.000%   6/1/29       1,500   1,710  
  Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) 5.000%   6/1/34       1,130   1,275  
  Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) 5.000%   6/1/44       2,500   2,776  
  Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) 5.000%   6/1/44       5,000   6,086  

 

57

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 )
  Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) 4.000%   6/1/49       11,500   12,722  
2 Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) PUT 1.150%   12/2/19       16,680   16,680  
  State College PA Area School District GO 5.000%   5/15/36       375   467  
  State College PA Area School District GO 5.000%   5/15/37       680   839  
  State College PA Area School District GO 5.000%   5/15/38       400   492  
  State College PA Area School District GO 5.000%   3/15/40       3,000   3,454  
  State Public School Building Authority Pennsylvania College Revenue (Community College of Allegheny County Project) 4.000%   6/15/33   (15)   1,000   1,101  
  State Public School Building Authority Pennsylvania College Revenue (Delaware County Community College Project) 5.000%   10/1/29   (15)   1,210   1,401  
  State Public School Building Authority Pennsylvania College Revenue (Delaware County Community College Project) 5.000%   10/1/30   (15)   1,055   1,220  
  State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) 5.000%   5/1/33       1,025   1,180  
  State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) 5.500%   5/1/33       6,165   6,935  
  State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) 5.000%   5/1/34       2,125   2,442  
  State Public School Building Authority Pennsylvania College Revenue (Montgomery County Community College) 5.000%   5/1/35       1,510   1,732  
  State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) 5.000%   6/1/28       11,410   13,696  
  State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) 5.000%   6/1/30   (4)   16,480   19,486  
  State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) 5.000%   6/1/32   (4)   3,655   4,292  
  State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) 5.000%   6/1/33   (4)   3,240   3,801  
  State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) 5.000%   6/1/34       6,000   7,010  
  State Public School Building Authority Pennsylvania School Revenue (Chester Upland School District Project) 5.250%   9/15/30       3,545   4,336  
  Susquehanna PA Area Regional Airport Authority System Revenue 4.000%   1/1/33   (15)   5,000   5,196  
2 Susquehanna Township PA School District GO 3.000%   5/15/33       3,315   3,449  
  Trinity PA Area School District GO 4.000%   1/15/35   (15)   3,000   3,320  
  Trinity PA Area School District GO 4.000%   1/15/36   (15)   3,000   3,300  
  Trinity PA Area School District GO 4.000%   1/15/38   (15)   3,700   4,031  

 

58

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 ) 
  Union County PA Higher Educational Facilities Financing Authority University Revenue (Bucknell University) VRDO 1.100%   12/6/19       370   370  
  Union County PA Hospital Authority Revenue (Evangelical Community Hospital) 5.000%   8/1/43       2,945   3,388  
  Union County PA Hospital Authority Revenue (Evangelical Community Hospital) 5.000%   8/1/48       3,000   3,434  
  Unionville-Chadds Ford PA School District GO 4.000%   6/1/31       4,400   5,006  
  Upper Allegheny PA Joint Sanitary Authority Revenue 3.000%   9/1/39   (4)   1,000   1,009  
  Upper Merion PA Area School District GO 5.000%   1/15/34       500   593  
  Upper Merion PA Area School District GO 5.000%   1/15/36       1,620   1,874  
  Upper St. Clair Township PA School District GO 3.500%   10/1/37       7,240   7,595  
  Upper St. Clair Township PA School District GO 3.625%   10/1/39       5,000   5,262  
  Washington County PA Hospital Authority Revenue (Washington Hospital Project) VRDO 1.080%   12/6/19   LOC   770   770  
  Washington County PA Industrial Development Authority Revenue (Washington & Jefferson College Project) 4.000%   11/1/31       3,440   3,802  
  Washington County PA Industrial Development Authority Revenue (Washington & Jefferson College Project) 4.000%   11/1/32       3,110   3,413  
  West Chester PA Area School District GO 5.000%   5/15/27       1,380   1,626  
  West Cornwall PA Healthcare Facilities Revenue (Pleasant View Retirement Community Obligated Group) 5.000%   12/15/48       2,750   3,016  
  West Mifflin School District GO 3.000%   4/1/34   (15)   1,300   1,339  
  West Mifflin School District GO 3.000%   4/1/38   (15)   5,920   6,017  
  West Shore PA Area Authority Hospital Revenue (Holy Spirit Hospital of the Sisters of Christian Charity Project) 6.000%   1/1/21   (Prere.)   330   347  
  West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) 5.000%   7/1/22       1,000   1,063  
  West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) 5.000%   7/1/25       1,605   1,793  
  West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) 5.000%   7/1/30       1,500   1,634  
  West Shore PA Area Authority Revenue (Messiah Lifeways Obligated Group) 5.000%   7/1/35       1,750   1,883  
  West View PA Water Authority Revenue 4.000%   11/15/32       1,050   1,184  
  West View PA Water Authority Revenue 4.000%   11/15/33       1,000   1,125  
  West View PA Water Authority Revenue 4.000%   11/15/34       1,000   1,124  
  West View PA Water Authority Revenue 4.000%   11/15/35       1,200   1,346  
  West View PA Water Authority Revenue 4.000%   11/15/36       2,300   2,573  
  West View PA Water Authority Revenue 4.000%   11/15/37       2,415   2,689  
  West View PA Water Authority Revenue 4.000%   11/15/38       1,625   1,804  
  West View PA Water Authority Revenue 4.000%   11/15/39       1,400   1,553  
  West York PA Area School District GO 5.000%   4/1/33       4,265   4,716  
1 Westmoreland County PA Industrial Development Authority Revenue 4.720%   7/1/35       6,650   7,172  
  Westmoreland County PA Industrial Development Authority Revenue (Excela Health Project) 5.125%   7/1/30       1,500   1,526  

 

59

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

                Face   Market  
        Maturity       Amount   Value·  
    Coupon   Date       ($000 )  ($000 ) 
  Westmoreland County PA Municipal Authority Revenue 4.000%   8/15/34   (15)   8,000   8,870  
  Westmoreland County PA Municipal Authority Revenue 4.000%   8/15/35   (15)   8,000   8,843  
  Westmoreland County PA Municipal Authority Revenue 5.000%   8/15/42   (15)   2,750   3,176  
  Wilkes-Barre PA Area School District GO 5.000%   8/1/27   (15)   1,240   1,500  
  Wilkes-Barre PA Area School District GO 5.000%   8/1/29   (15)   1,860   2,231  
  Wilkes-Barre PA Area School District GO 4.000%   4/15/49   (15)   2,250   2,479  
  Wilkes-Barre PA Area School District GO 4.000%   4/15/54   (15)   2,800   3,060  
  Wilkes-Barre PA Area School District GO 5.000%   4/15/59   (15)   2,380   2,814  
  Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) 5.000%   11/1/20   (Prere.)   4,110   4,252  
  Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) 5.000%   11/1/30       2,315   2,697  
  Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) 5.000%   11/1/31       2,430   2,827  
  Wilkes-Barre PA Finance Authority Revenue (University of Scranton Project) 5.000%   11/1/34       1,000   1,159  
2 William Penn School District GO 3.000%   11/15/34   (15)   2,595   2,589  
  York County PA GO 5.000%   6/1/32       2,875   3,347  
  York County PA GO 5.000%   6/1/33       1,020   1,185  
  York County PA GO 4.000%   3/1/34       3,000   3,375  
  York County PA GO 5.000%   6/1/38       5,000   5,568  
                    4,008,343  
Puerto Rico (0.2%)                    
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000%   7/1/24       831   728  
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000%   7/1/27       1,269   1,009  
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000%   7/1/29       921   681  
  Puerto Rico Sales Tax Financing Corp. Revenue 4.329%   7/1/40       3,500   3,548  
  Puerto Rico Sales Tax Financing Corp. Revenue 5.000%   7/1/58       350   367  
                    6,333  
Guam (0.0%)                    
  Guam Power Authority Revenue 5.000%   10/1/27       1,000   1,121  
Total Tax-Exempt Municipal Bonds (Cost $3,774,385)                 4,015,797  

 

60

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

  Amount  
  ($000 )
Other Assets and Liabilities (-0.4%)    
Other Assets    
Investment in Vanguard 184  
Receivables for Investment Securities Sold 15,694  
Receivables for Accrued Income 50,744  
Receivables for Capital Shares Issued 1,201  
Variation Margin Receivable—Futures Contracts 113  
Other Assets 326  
Total Other Assets 68,262  
Liabilities    
Payables for Investment Securities Purchased (77,723 )
Payables for Capital Shares Redeemed (810 )
Payables for Distributions (3,495 )
Payables to Vanguard (1,876 )
Variation Margin Payable—Futures Contracts (4 )
Other Liabilities (21 )
Total Liabilities (83,929 )
Net Assets (100%) 4,000,130  

 

 

At November 30, 2019, net assets consisted of:

 

  Amount  
  ($000 )
Paid-in Capital 3,748,804  
Total Distributable Earnings (Loss) 251,326  
Net Assets 4,000,130  
     
Investor Shares—Net Assets    
Applicable to 30,936,272 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 367,797  
Net Asset Value Per Share—Investor Shares $11.89  
     
Admiral Shares—Net Assets    
Applicable to 305,524,305 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 3,632,333  
Net Asset Value Per Share—Admiral Shares $11.89  

 

·See Note A in Notes to Financial Statements.
1Security 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 November 30, 2019, the aggregate value of these securities was $70,117,000, representing 1.8% of net assets.
2Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2019.
3Securities with a value of $608,000 have been segregated as initial margin for open futures contracts.
4Step bond.

 

A key to abbreviations and other references follows the Statement of Net Assets.

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

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Pennsylvania Long-Term Tax-Exempt Fund

 

  

Key to Abbreviations

  

 

ARS—Auction Rate Security. 

BAN—Bond Anticipation Note. 

CMT—Constant Maturing Treasury Rate. 

COP—Certificate of Participation. 

CP—Commercial Paper. 

FR—Floating Rate. 

GAN—Grant Anticipation Note. 

GO—General Obligation Bond. 

LIBOR—London Interbank Offered Rate. 

PILOT—Payments in Lieu of Taxes. 

PUT—Put Option Obligation. 

RAN—Revenue Anticipation Note. 

SIFMA—Securities Industry and Financial Markets Association. 

SOFR—Secured Overnight Financing Rate. 

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) AGC (Assured Guaranty Corporation). 

(13) BHAC (Berkshire Hathaway Assurance Corporation). 

(14) NPFG (National Public Finance Guarantee Corporation). 

(15) BAM (Build America Mutual Assurance Company). 

(16) MAC (Municipal Assurance Corporation).

(17) RAA (Radian Asset Assurance Inc.). 

(18) SBLF (Michigan School Bond Loan Fund). 

(19) TPSF (Texas Permanent School Fund). 

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.

  

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Pennsylvania Long-Term Tax-Exempt Fund

 

 

Derivative Financial Instruments Outstanding as of Period End          
           
Futures Contracts              
            ($000 )
            Value and  
    Number of       Unrealized  
    Long (Short ) Notional   Appreciation  
  Expiration Contracts   Amount   (Depreciation )
Long Futures Contracts              
2-Year U.S. Treasury Note March 2020 443   95,505   (50 )
5-Year U.S. Treasury Note March 2020 77   9,161   (11 )
              (61 )
               
Short Futures Contracts              
Ultra 10-Year U.S. Treasury Note March 2020 (156 ) (22,186 ) 57  
10-Year U.S. Treasury Note March 2020 (44 ) (5,692 ) 7  
Ultra Long U.S. Treasury Bond March 2020 (30 ) (5,632 ) 2  
              66  
              5  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

63

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

 

Statement of Operations

 

 

    Year Ended  
    November 30, 2019  
    ($000 )
Investment Income      
Income      
Interest   127,863  
Total Income   127,863  
Expenses      
The Vanguard Group—Note B      
Investment Advisory Services   524  
Management and Administrative—Investor Shares   476  
Management and Administrative—Admiral Shares   2,380  
Marketing and Distribution—Investor Shares   39  
Marketing and Distribution—Admiral Shares   159  
Custodian Fees   19  
Auditing Fees   34  
Shareholders’ Reports—Investor Shares   8  
Shareholders’ Reports—Admiral Shares   16  
Trustees’ Fees and Expenses   2  
Total Expenses   3,657  
Net Investment Income   124,206  
Realized Net Gain (Loss)      
Investment Securities Sold   12,175  
Futures Contracts   (1,806 )
Realized Net Gain (Loss)   10,369  
Change in Unrealized Appreciation (Depreciation)      
Investment Securities   217,976  
Futures Contracts   (39 )
Change in Unrealized Appreciation (Depreciation)   217,937  
Net Increase (Decrease) in Net Assets Resulting from Operations   352,512  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

64

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

Statement of Changes in Net Assets

 

 

    Year Ended November 30,  
    2019     2018  
    ($000 )   ($000 )
Increase (Decrease) in Net Assets            
Operations            
Net Investment Income   124,206     125,446  
Realized Net Gain (Loss)   10,369     15,682  
Change in Unrealized Appreciation (Depreciation)   217,937     (104,775 )
Net Increase (Decrease) in Net Assets Resulting from Operations   352,512     36,353  
Distributions            
Net Investment Income            
Investor Shares   (10,929 )   (10,979 )
Admiral Shares   (113,268 )   (114,293 )
Realized Capital Gain1            
Investor Shares   (1,279 )   (1,655 )
Admiral Shares   (13,066 )   (16,581 )
Total Distributions   (138,542 )   (143,508 )
Capital Share Transactions            
Investor Shares   40,203     (5,112 )
Admiral Shares   270,349     29,173  
Net Increase (Decrease) from Capital Share Transactions   310,552     24,061  
Total Increase (Decrease)   524,522     (83,094 )
Net Assets            
Beginning of Period   3,475,608     3,558,702  
End of Period   4,000,130     3,475,608  

 

1Includes fiscal 2019 and 2018 short-term gain distributions totaling $154,000 and $62,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

65

 

 

Pennsylvania Long-Term Tax-Exempt Fund

  

 

Financial Highlights

 

 

Investor Shares

 

 

For a Share Outstanding         Year Ended November 30,  
Throughout Each Period 2019   2018   2017   2016   2015  
Net Asset Value, Beginning of Period $11.21   $11.56   $11.26   $11.67   $11.69  
Investment Operations                    
Net Investment Income .377 1  .394 1  .396 1  .411   .421  
Net Realized and Unrealized Gain (Loss) on Investments .727   (.291 ) .355   (.371 ) .003  
Total from Investment Operations 1.104   .103   .751   .040   .424  
Distributions                    
Dividends from Net Investment Income (.377 ) (.394 ) (.396 ) (.411 ) (.421 )
Distributions from Realized Capital Gains (.047 ) (.059 ) (.055 ) (.039 ) (.023 )
Total Distributions (.424 ) (.453 ) (.451 ) (.450 ) (.444 )
Net Asset Value, End of Period $11.89   $11.21   $11.56   $11.26   $11.67  
                     
Total Return2 9.99%   0.91%   6.77%   0.22%   3.70%  
                     
Ratios/Supplemental Data                    
Net Assets, End of Period (Millions) $368   $308   $323   $314   $346  
Ratio of Total Expenses to Average Net Assets 0.17%   0.17%   0.19%   0.19%   0.20%  
Ratio of Net Investment Income to Average Net Assets 3.23%   3.48%   3.44%   3.47%   3.62%  
Portfolio Turnover Rate 9%   26%   22%   19%   16%  

 

1Calculated based on average shares outstanding.

2Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

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Financial Highlights

 

 

Admiral Shares

 

 

For a Share Outstanding         Year Ended November 30,  
Throughout Each Period 2019   2018   2017   2016   2015  
Net Asset Value, Beginning of Period $11.21   $11.56   $11.26   $11.67   $11.69  
Investment Operations                    
Net Investment Income .386 1  .403 1  .408 1  .423   .431  
Net Realized and Unrealized Gain (Loss) on Investments .728   (.291 ) .354   (.371 ) .003  
Total from Investment Operations 1.114   .112   .762   .052   .434  
Distributions                    
Dividends from Net Investment Income (.387 ) (.403 ) (.407 ) (.423 ) (.431 )
Distributions from Realized Capital Gains (.047 ) (.059 ) (.055 ) (.039 ) (.023 )
Total Distributions (.434 ) (.462 ) (.462 ) (.462 ) (.454 )
Net Asset Value, End of Period $11.89   $11.21   $11.56   $11.26   $11.67  
                     
Total Return2 10.08%   0.99%   6.88%   0.32%   3.79%  
                     
Ratios/Supplemental Data                    
Net Assets, End of Period (Millions) $3,632   $3,167   $3,236   $3,076   $2,924  
Ratio of Total Expenses to Average Net Assets 0.09%   0.09%   0.09%   0.09%   0.12%  
Ratio of Net Investment Income to Average Net Assets 3.31%   3.56%   3.54%   3.57%   3.70%  
Portfolio Turnover Rate 9%   26%   22%   19%   16%  

 

1Calculated based on average shares outstanding.

2Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

67

 

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

Notes to Financial Statements

 

 

Vanguard Pennsylvania Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

 

A.  The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

 

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments 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. 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.

 

2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.

 

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).

 

During the year ended November 30, 2019, the fund’s average investments in long and short futures contracts represented 6% and 2% of net assets, based on the average of the notional amounts at each quarter-end during the period.

 

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2016–2019), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

 

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4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

 

5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

 

The fund had no borrowings outstanding at November 30, 2019, or at any time during the period then ended.

 

6. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

 

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

 

B.  In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.

 

69

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

 

 

 

 

 

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2019, the fund had contributed to Vanguard capital in the amount of $184,000, representing less than 0.01% of the fund’s net assets and 0.07% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

 

C.  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). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.

 

The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2019, based on the inputs used to value them:

 

  Level 1   Level 2   Level 3  
Investments ($000 ) ($000 ) ($000 )
Tax-Exempt Municipal Bonds —   4,015,797   —  
Futures Contracts—Assets1 113   —   —  
Futures Contracts—Liabilities1 (4 )  —   —  
Total 109   4,015,797   —  

 

1 Represents variation margin on the last day of the reporting period for recently closed futures contracts.

 

D.  Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for distributions in connection with fund share redemptions were reclassified between the following accounts:

 

  Amount  
  ($000 )
Paid-in Capital 226  
Total Distributable Earnings (Loss) (226 )

 

70

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

 

 

 

 

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and straddles; the realization of unrealized gains or losses on certain futures contracts; and payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

 

  Amount  
  ($000 )
Undistributed Ordinary Income 1,097  
Undistributed Tax-Exempt Income 5,190  
Undistributed Long-Term Gains 10,316  
Capital Loss Carryforwards (Non-expiring) —  
Net Unrealized Gains (Losses) 239,914  

 

As of November 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

 

  Amount  
  ($000 )
Tax Cost 3,775,883  
Gross Unrealized Appreciation 240,578  
Gross Unrealized Depreciation (664 )
Net Unrealized Appreciation (Depreciation) 239,914

 

 

E.  During the year ended November 30, 2019, the fund purchased $688,901,000 of investment securities and sold $328,492,000 of investment securities, other than temporary cash investments.

 

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2019, such purchases and sales were $273,905,000 and $485,842,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.

 

71

 

 

Pennsylvania Long-Term Tax-Exempt Fund

 

 

 

F.  Capital share transactions for each class of shares were:

 

          Year Ended November 30,  
      2019       2018  
  Amount   Shares   Amount   Shares  
  ($000 ) (000)   ($000 ) (000 )
Investor Shares                
Issued 95,429   8,172   60,579   5,342  
Issued in Lieu of Cash Distributions 9,916   851   10,338   909  
Redeemed (65,142 ) (5,590)   (76,029 ) (6,709 )
Net Increase (Decrease)—Investor Shares 40,203   3,433   (5,112 ) (458 )
Admiral Shares                
Issued 530,940   45,676   441,069   38,891  
Issued in Lieu of Cash Distributions 81,820   7,028   84,301   7,413  
Redeemed (342,411 ) (29,585)   (496,197 ) (43,892 )
Net Increase (Decrease)—Admiral Shares 270,349   23,119   29,173   2,412  

 

 

 

G.  Management has determined that no events or transactions occurred subsequent to November 30, 2019, that would require recognition or disclosure in these financial statements.

 

72

 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of Vanguard Pennsylvania Tax-Free Funds and Shareholders of Vanguard Pennsylvania Municipal Money Market Fund and Vanguard Pennsylvania Long-Term Tax-Exempt Fund

 

Opinions on the Financial Statements

We have audited the accompanying statements of net assets of Vanguard Pennsylvania Municipal Money Market Fund and Vanguard Pennsylvania Long-Term Tax-Exempt Fund (constituting Vanguard Pennsylvania Tax-Free Funds, hereafter collectively referred to as the “Funds”) as of November 30, 2019, the related statements of operations for the year ended November 30, 2019, the statements of changes in net assets for each of the two years in the period ended November 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2019 and each of the financial highlights for each of the five years in the period ended November 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

 

 

 

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 16, 2020

 

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

 

73

 

 

 

Special 2019 tax information (unaudited) for Vanguard Pennsylvania Tax-Exempt Funds

 

This information for the fiscal year ended November 30, 2019, is included pursuant to provisions of the Internal Revenue Code.

 

Each fund designates 100% of its income dividends as exempt-interest dividends.

 

The Long-Term Tax-Exempt Fund distributed $14,358,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

 

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the funds are qualified short-term capital gains.

 

74

 

 

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays PA Municipal Bond Index (Index or Bloomberg Barclays Index).

 

Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Pennsylvania Long-Term Tax-Exempt Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Pennsylvania Long-Term Tax-Exempt Fund. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Pennsylvania Long-Term Tax-Exempt Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Pennsylvania Long-Term Tax-Exempt Fund or the owners of the Pennsylvania Long-Term Tax-Exempt Fund.

 

Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the Pennsylvania Long-Term Tax-Exempt Fund. Investors acquire the Pennsylvania Long-Term Tax-Exempt Fund from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Pennsylvania Long-Term Tax-Exempt Fund. The Pennsylvania Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Pennsylvania Long-Term Tax-Exempt Fund or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Pennsylvania Long-Term Tax-Exempt Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Pennsylvania Long-Term Tax-Exempt Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Pennsylvania Long-Term Tax-Exempt Fund or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Pennsylvania Long-Term Tax-Exempt Fund.

 

75

 

 

The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Pennsylvania Long-Term Tax-Exempt Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Pennsylvania Long-Term Tax-Exempt Fund, investors or other third parties.

 

NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE PENNSYLVANIA LONG-TERM TAX-EXEMPT FUND.

 

None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

 

© 2020 Bloomberg. Used with Permission.

 

Source: Bloomberg Index Services Limited. Copyright 2020, Bloomberg. All rights reserved.

 

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The People Who Govern Your Fund

 

 

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

 

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 213 Vanguard funds.

 

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

 

 

Interested Trustee1

 

 

Mortimer J. Buckley

Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2019– present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; trustee (2018–present) of The Shipley School.

 

 

Independent Trustees

 

Emerson U. Fullwood

Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.

 

Amy Gutmann

Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.

  

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), and the Lumina Foundation.

 

 

1Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

 

 

 

 

Director of the V Foundation and Oxfam America. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.

 

Mark Loughridge

Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

 

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.

 

Deanna Mulligan

Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.

 

André F. Perold

Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Board of advisors and investment committee member of the Museum of Fine Arts Boston. Board member (2018–present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System.

 

Sarah Bloom Raskin 

Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments; director (2017–present) of Reserve Trust. Rubinstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College.

 

Peter F. Volanakis

Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).

 

 

 

 

Executive Officers

 

John Bendl

Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (October 2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).

 

Glenn Booraem

Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.

 

Christine M. Buchanan

Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

 

David Cermak

Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.

 

Thomas J. Higgins

Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.

 

Peter Mahoney

Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.

 

Anne E. Robinson

Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.

 

Michael Rollings

Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

 

John E. Schadl

Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (May 2019–present) of Vanguard Marketing Corporation.

 

 

Vanguard Senior Management Team

 

Joseph Brennan Chris D. McIsaac
Mortimer J. Buckley James M. Norris
Gregory Davis Thomas M. Rampulla
John James Karin A. Risi
Martha G. King Anne E. Robinson
John T. Marcante Michael Rollings

 

 

 

 

   
   
  P.O. Box 2600
  Valley Forge, PA 19482-2600

 

 

 

Connect with Vanguard® > vanguard.com

 

 

 

 

Fund Information > 800-662-7447

 

Direct Investor Account Services > 800-662-2739

 

Institutional Investor Services > 800-523-1036

 

Text Telephone for People

Who Are Deaf or Hard of Hearing > 800-749-7273

 

This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

 

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

 

You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

 

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

 

CFA® is a registered trademark owned by CFA Institute.

 

 

 

 

 

 

© 2020 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

 

Q770 012020

 

 

 

 

Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

 

Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

 

 

 

Item 4: Principal Accountant Fees and Services.

 

(a)       Audit Fees.

 

Audit Fees of the Registrant.

 

Fiscal Year Ended November 30, 2019: $62,000
Fiscal Year Ended November 30, 2018: $64,000

 

Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.

 

Fiscal Year Ended November 30, 2019: $9,568,215
Fiscal Year Ended November 30, 2018: $9,734,277

 

Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(b)        Audit-Related Fees.

 

Fiscal Year Ended November 30, 2019: $3,012,031
Fiscal Year Ended November 30, 2018: $5,581,336

 

Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(c)       Tax Fees.

 

Fiscal Year Ended November 30, 2019: $357,238
Fiscal Year Ended November 30, 2018: $347,985

 

Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(d)       All Other Fees.

 

Fiscal Year Ended November 30, 2019: $0
Fiscal Year Ended November 30, 2018: $0

 

Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

 

 

(e)        (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.

 

In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.

 

The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.

 

(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f)       For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

 

(g)       Aggregate Non-Audit Fees.

 

Fiscal Year Ended November 30, 2019: $357,238
Fiscal Year Ended November 30, 2018: $347,985

 

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(h)       For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.

 

 

 

Item 5: Audit Committee of Listed Registrants.

 

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

 

Item 6: Investments.

 

Not applicable.

 

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10: Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11: 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. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

 

 

Item 13: Exhibits.

 

(a)Code of Ethics.
(b)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/ MORTIMER J. BUCKLEY*  
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: January 21, 2020

 

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/ MORTIMER J. BUCKLEY*  
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: January 21, 2020

 

  VANGUARD PENNSYLVANIA TAX-FREE FUNDS
         
BY: /s/ JOHN BENDL*  
  JOHN BENDL  
  CHIEF FINANCIAL OFFICER  

 

Date: January 21, 2020

 

 

* By: /s/ Anne E. Robinson

 

Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 (see file Number 33-32216) and a Power of Attorney filed on October 30, 2019 (see file Number 811-02554), Incorporated by Reference.