N-CSRS 1 tm2314436d2_ncsrs.htm N-CSRS

 

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, 2022—May 31, 2023

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

Semiannual Report   |   May 31, 2023
Vanguard Pennsylvania Long-Term Tax-Exempt Fund

 

Contents
About Your Fund’s Expenses
1
Financial Statements
4
Trustees Approve Advisory Arrangements
43
Liquidity Risk Management
45

 

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.
1

 

Six Months Ended May 31, 2023      
  Beginning
Account Value
11/30/2022 		Ending
Account Value
5/31/2023 		Expenses
Paid During
Period
Based on Actual Fund Return      
Pennsylvania Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,019.30 $0.86
Admiral™ Shares 1,000.00 1,019.70 0.45
Based on Hypothetical 5% Yearly Return      
Investor Shares $1,000.00 $1,024.08 $0.86
Admiral Shares 1,000.00 1,024.48 0.45
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 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 (182/365).
2

 

Pennsylvania Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of May 31, 2023
Under 1 Year 5.0%
1 - 3 Years 3.0
3 - 5 Years 2.7
5 - 10 Years 12.4
10 - 20 Years 43.7
20 - 30 Years 29.1
Over 30 Years 4.1
The table reflects the fund’s investments, except for short-term investments and derivatives.
3

 

Pennsylvania Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Schedule of Investments
As of May 31, 2023
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.
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Tax-Exempt Municipal Bonds (100.1%)
Pennsylvania (98.6%)
1,2 Abington Pennsylvania School District GO VRDO 4.010%   6/1/23 11,225    11,225
3 Aliquippa Municipal Water Authority Water & Sewer Water Revenue 4.000% 11/15/46    600       575
3 Aliquippa Municipal Water Authority Water & Sewer Water Revenue 4.000% 11/15/55  2,200     2,061
  Allegheny County Airport Authority Port, Airport & Marina Revenue 5.000%   1/1/56  4,000     4,222
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/30  2,685     2,709
  Allegheny County Higher Education Building Authority College & University Revenue 5.000%   3/1/30  1,155     1,188
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/31  1,550     1,564
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/36    850       838
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/37  1,050     1,028
  Allegheny County Higher Education Building Authority College & University Revenue 5.000% 10/15/37  1,000       990
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/38  1,105     1,077
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/39  2,000     1,942
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/40  2,120     2,041
  Allegheny County Higher Education Building Authority College & University Revenue 4.000%   3/1/41  3,000     2,843
  Allegheny County Higher Education Building Authority College & University Revenue VRDO 4.000%   6/1/23  6,475     6,475
  Allegheny County Higher Education Building Authority College & University Revenue, Prere. 5.000%   3/1/25     25        26
  Allegheny County Higher Education Building Authority College & University Revenue, Prere. 4.000%   3/1/26     10        10
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/32  1,500     1,641
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/33  3,000     3,169
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/33  3,200     3,497
4

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/34  4,750     5,016
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/35  5,500     5,785
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/35  2,530     2,550
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/36  5,250     5,492
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/36 11,190    11,203
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/37  5,250     5,199
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/38  5,000     4,784
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/38  2,250     2,212
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/39  1,500     1,467
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/44 26,585    23,786
  Allegheny County Hospital Development Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/47 24,015    24,303
1 Allegheny County IDA Charter School Aid Revenue 3.000%  6/15/31  1,075       904
1 Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/41  1,895     1,495
  Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/41  2,815     2,205
1 Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/51  3,165     2,277
  Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/51  2,100     1,481
  Allegheny County IDA Charter School Aid Revenue 4.000%  6/15/56  2,335     1,595
  Allegheny County PA GO 5.000%  11/1/26  2,540     2,709
  Allegheny County PA GO 4.000%  11/1/34    915       946
  Allegheny County PA GO 4.000%  11/1/35  1,225     1,261
  Allegheny County PA GO 5.000%  11/1/41  5,015     5,223
  Allegheny County PA GO, Prere. 5.250%  12/1/23  1,000     1,009
4 Allegheny County Sanitary Authority Sewer Revenue 4.000%  12/1/31    805       825
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/35  1,100     1,127
4 Allegheny County Sanitary Authority Sewer Revenue 4.000%  12/1/35  2,650     2,704
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/35  4,000     4,116
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/36  1,500     1,530
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/37    500       433
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/38  1,125       964
  Allegheny County Sanitary Authority Sewer Revenue 3.000%   6/1/39  4,500     3,778
  Allegheny County Sanitary Authority Sewer Revenue 5.000%  12/1/40  3,500     3,590
3 Allegheny County Sanitary Authority Sewer Revenue 5.250%  12/1/41  3,500     3,518
  Allegheny County Sanitary Authority Sewer Revenue 5.000%   6/1/43  5,000     5,271
  Allegheny County Sanitary Authority Sewer Revenue 5.000%   6/1/45  2,500     2,616
  Allegheny County Sanitary Authority Sewer Revenue 5.750%   6/1/47  5,000     5,721
  Allegheny County Sanitary Authority Sewer Revenue 4.000%   6/1/50  2,100     1,989
  Allegheny County Sanitary Authority Sewer Revenue 5.750%   6/1/52 10,500    11,940
  Allegheny County Sanitary Authority Sewer Revenue 5.000%   6/1/53  4,000     4,235
3 Allegheny Valley Joint School District GO 2.000%  11/1/32    500       418
4 Allentown City School District GO 4.000%  2/15/24    550       551
3 Allentown City School District GO 5.000%   2/1/32  3,075     3,374
3 Allentown City School District GO 5.000%   6/1/32  1,465     1,526
3 Allentown City School District GO 4.000%   2/1/34  1,500     1,546
3 Allentown City School District GO 5.000%   2/1/34  1,300     1,436
3 Allentown City School District GO 4.000%   2/1/35  1,175     1,207
3 Allentown City School District GO 5.000%   6/1/35  2,000     2,081
5

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
3 Allentown City School District GO 4.000%   2/1/36  1,100     1,121
3 Allentown City School District GO 5.000%   6/1/36  1,500     1,559
  Allentown Neighborhood Improvement Zone Development Authority Economic Development Revenue 5.000%   5/1/33  1,100     1,149
  Allentown Neighborhood Improvement Zone Development Authority Economic Development Revenue 5.000%   5/1/42  7,875     7,780
1 Allentown Neighborhood Improvement Zone Development Authority Economic Development Revenue 6.000%   5/1/42  3,310     3,366
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/34  2,250     2,346
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/35  1,000     1,033
  Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue 5.000%   5/1/36  3,130     3,202
1 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.125%   5/1/32  1,135     1,148
1 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.000%   5/1/42  1,000       972
1 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (City Center Project) 5.375%   5/1/42  3,750     3,748
1 Allentown Neighborhood Improvement Zone Development Authority Sales Tax Revenue (Sub City Center Project) 5.250%   5/1/42  2,195     2,154
3 Altoona Area School District GO, Prere. 5.000%  12/1/25  1,500     1,568
4 Altoona PA Sewer Revenue GO 3.000%  12/1/35  3,165     2,944
3 Armstrong School District GO 5.000%  3/15/31  1,800     1,994
3 Armstrong School District GO 3.000%  3/15/34  5,605     5,278
  Avon Grove School District Chester County GO 4.000% 11/15/35    500       517
  Avon Grove School District Chester County GO 4.000% 11/15/36    750       768
  Avon Grove School District Chester County GO 4.000% 11/15/37  1,085     1,101
  Avon Grove School District Chester County GO 4.000% 11/15/38  1,000     1,005
  Avon Grove School District Chester County GO 4.000% 11/15/39    700       695
  Avon Grove School District Chester County GO 4.000% 11/15/40    700       684
3 Beaver County PA GO 4.000%  4/15/30    390       405
3 Beaver County PA GO, Prere. 4.000%  4/15/28     50        53
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/33    700       736
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/37    375       363
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/37  2,500     2,419
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/38    420       441
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/43    500       525
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/47    830       742
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/47  2,535     2,265
  Berks County IDA Health, Hospital, Nursing Home Revenue 5.000%  5/15/48  1,500     1,576
  Bethel Park Municipal Authority Lease Revenue 3.000%   9/1/47  3,210     2,411
4 Blue Mountain School District GO 4.000%   8/1/23    345       345
4 Blue Mountain School District GO 4.000%   8/1/24    360       363
4 Blue Mountain School District GO 4.000%   8/1/25    385       390
4 Blue Mountain School District GO, ETM 4.000%   8/1/23    125       125
4 Blue Mountain School District GO, ETM 4.000%   8/1/24    140       141
4 Blue Mountain School District GO, ETM 4.000%   8/1/25     75        76
  Boyertown Area School District GO 5.000%  10/1/38    400       434
  Boyertown Area School District GO 5.000%  10/1/40    500       537
  Boyertown Area School District GO 5.000%  10/1/41    500       536
3 Bristol Township School District GO 4.000%   6/1/38  1,500     1,501
3 Bristol Township School District GO 4.125%   6/1/39  1,850     1,859
3 Bristol Township School District GO 4.125%   6/1/40  2,000     2,002
3 Bristol Township School District GO 4.000%   6/1/48  1,545     1,476
6

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Bristol Township School District GO, Prere. 5.250%   6/1/23  3,000     3,000
  Bucks County IDA College & University Revenue 5.000%  11/1/37  1,205     1,190
  Bucks County IDA College & University Revenue 5.000%  11/1/52  1,280     1,195
  Bucks County IDA College & University Revenue (Delaware Valley University Project) 5.000%  11/1/47  1,205     1,145
  Bucks County IDA Health, Hospital, Nursing Home Revenue 4.000%  8/15/35    550       541
  Bucks County IDA Health, Hospital, Nursing Home Revenue 4.000%  8/15/36    900       874
  Bucks County IDA Health, Hospital, Nursing Home Revenue 3.000%  8/15/50  3,000     2,046
  Bucks County IDA Health, Hospital, Nursing Home Revenue 4.000%  8/15/50  2,000     1,779
  Bucks County IDA Health, Hospital, Nursing Home Revenue 3.000%  8/15/53 11,160     7,365
4 Bucks County IDA Health, Hospital, Nursing Home Revenue 3.000%  8/15/53 15,540    11,120
  Bucks County IDA Health, Hospital, Nursing Home Revenue (Grand View Hospital Project) 4.000%   7/1/46  1,000       739
  Bucks County IDA Health, Hospital, Nursing Home Revenue (Grand View Hospital Project) 4.000%   7/1/51  5,255     3,741
  Bucks County IDA Private Schools Revenue (George School Project) 5.000%  9/15/44  4,965     5,407
4 Bucks County Water and Sewer Authority Sewer Revenue 5.000%  12/1/36    380       431
4 Bucks County Water and Sewer Authority Sewer Revenue 5.000%  12/1/37    450       505
4 Bucks County Water and Sewer Authority Sewer Revenue 5.000%  12/1/38    500       558
4 Bucks County Water and Sewer Authority Sewer Revenue 5.000%  12/1/39    850       942
4 Bucks County Water and Sewer Authority Sewer Revenue 5.000%  12/1/40  1,625     1,792
4 Bucks County Water and Sewer Authority Sewer Revenue 4.000%  12/1/42  1,750     1,732
4 Bucks County Water and Sewer Authority Sewer Revenue 4.250%  12/1/47  1,925     1,909
4 Bucks County Water and Sewer Authority Sewer Revenue 5.250%  12/1/47  2,175     2,408
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/26    525       524
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27    490       486
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28    540       536
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,670     1,656
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,370     1,355
  Butler County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  4,430     4,333
4 Cambria County PA GO 4.000%   8/1/34    750       768
4 Cambria County PA GO 4.000%   8/1/35    700       713
4 Canon Mcmillan School District GO 5.000%  12/1/41  3,000     3,163
  Canonsburg-Houston Joint Authority Sewer Revenue 5.000%  12/1/40  4,000     4,122
  Capital Region Water Revenue 5.000%  7/15/35    500       534
  Capital Region Water Revenue 5.000%  7/15/38  1,000     1,051
  Capital Region Water Sewer Revenue 5.000%  7/15/32    500       537
  Capital Region Water Sewer Revenue 5.000%  7/15/33  1,370     1,468
  Capital Region Water Sewer Revenue 5.000%  7/15/34  1,000     1,069
  Capital Region Water Sewer Revenue 5.000%  7/15/37  1,815     1,923
  Capital Region Water Sewer Revenue 5.000%  7/15/42  2,665     2,765
  Central Bradford Progress Authority Health, Hospital Nursing Home Revenue 3.000%  12/1/44  1,500     1,116
  Central Bradford Progress Authority Health, Hospital, Nursing Home Revenue 4.000%  12/1/51 15,000    13,464
  Central Dauphin School District GO 4.000%  5/15/34  1,985     2,019
  Central Dauphin School District GO 4.000%  5/15/35  2,325     2,361
  Central Dauphin School District GO 4.000%  5/15/37  1,000     1,007
  Centre County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000% 11/15/42  1,500     1,528
7

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Centre County Hospital Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/47  2,100     1,937
  Cheltenham Township School District GO, Prere. 5.000%  3/15/25  4,210     4,332
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/34  2,675     2,837
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/40  2,500     2,408
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%   9/1/46  3,415     2,604
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  10/1/47  4,000     3,696
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/50 10,000     9,064
  Chester County Health and Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/52  2,500     2,573
  Chester County IDA Recreational Revenue 4.000%  12/1/46 12,085    11,612
  Chester County IDA Recreational Revenue 4.000%  12/1/51  5,000     4,727
  Chester County IDA Recreational Revenue (Longwood Gardens Project) 5.000%  12/1/39  1,000     1,091
  Chester County IDA Recreational Revenue (Longwood Gardens Project) 5.000%  12/1/44  5,000     5,390
  Chester County IDA Recreational Revenue (Longwood Gardens Project) 4.000%  12/1/49  1,645     1,570
  Clarion County IDA Local or Guaranteed Housing Revenue 5.000%   7/1/29  2,000     2,036
  Clarion County IDA Local or Guaranteed Housing Revenue 5.000%   7/1/33  3,000     3,050
  Clarion County IDA Local or Guaranteed Housing Revenue 5.000%   7/1/45  2,000     2,015
3 Coatesville School District GO 0.000%  10/1/33  1,000       650
  Colonial School District GO 3.000%  2/15/39    350       309
  Colonial School District GO 3.000%  2/15/40    700       609
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/24    250       254
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/24  1,000     1,014
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/30  1,000     1,119
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/30  1,750     1,959
  Commonwealth Financing Authority Appropriations Revenue 5.000%   6/1/31  1,000     1,135
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/27  4,000     4,223
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/29  5,125     5,508
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/30  4,045     4,347
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/31  5,100     5,463
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/32  7,000     7,493
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/33 10,025    10,721
  Commonwealth Financing Authority Tobacco Settlement Funded Revenue 5.000%   6/1/35  4,000     4,255
4,5 Commonwealth Financing Authority Tobacco Settlement Funded Revenue 4.000%   6/1/39 36,550    35,143
  Commonwealth of Pennsylvania COP 5.000%   7/1/34    475       517
  Commonwealth of Pennsylvania COP 5.000%   7/1/35    845       915
  Commonwealth of Pennsylvania COP 5.000%   7/1/36  1,000     1,077
  Commonwealth of Pennsylvania COP 5.000%   7/1/37    875       920
  Commonwealth of Pennsylvania COP 5.000%   7/1/38  1,000     1,059
  Commonwealth of Pennsylvania GO 4.000%   7/1/23  4,000     4,002
  Commonwealth of Pennsylvania GO 5.000% 10/15/23    215       216
8

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Commonwealth of Pennsylvania GO 5.000%  1/15/24     55        56
  Commonwealth of Pennsylvania GO 5.000%  3/15/24     15        15
  Commonwealth of Pennsylvania GO 5.000%  7/15/24 10,000    10,191
  Commonwealth of Pennsylvania GO 5.000%  7/15/25 10,000    10,363
  Commonwealth of Pennsylvania GO 5.000%  8/15/25  1,420     1,474
4 Commonwealth of Pennsylvania GO 5.000%  9/15/25  2,275     2,370
  Commonwealth of Pennsylvania GO 5.000%   1/1/26 10,000    10,456
  Commonwealth of Pennsylvania GO 5.000%  7/15/26  5,000     5,285
  Commonwealth of Pennsylvania GO 5.000%  9/15/26    525       557
4 Commonwealth of Pennsylvania GO 5.000%  9/15/26  9,050     9,626
  Commonwealth of Pennsylvania GO 5.000%  7/15/27  3,000     3,236
  Commonwealth of Pennsylvania GO 5.000%  9/15/27 10,000    10,595
  Commonwealth of Pennsylvania GO 4.000%  6/15/30  4,000     4,042
4 Commonwealth of Pennsylvania GO 4.000%  8/15/30  7,640     7,795
  Commonwealth of Pennsylvania GO 4.000%   2/1/31 12,000    12,254
  Commonwealth of Pennsylvania GO 5.000%   3/1/32  5,000     5,472
  Commonwealth of Pennsylvania GO 5.000%  3/15/32  6,000     6,190
  Commonwealth of Pennsylvania GO 5.000%  8/15/32  4,000     4,154
  Commonwealth of Pennsylvania GO 4.000%   2/1/33  5,585     5,706
4 Commonwealth of Pennsylvania GO 4.000%   3/1/33 15,000    15,690
4 Commonwealth of Pennsylvania GO 4.000%   3/1/34 19,575    20,377
  Commonwealth of Pennsylvania GO 4.000%  3/15/34  2,000     2,021
  Commonwealth of Pennsylvania GO 3.000%  5/15/34  2,500     2,363
  Commonwealth of Pennsylvania GO 5.000%  10/1/34 10,000    11,650
  Commonwealth of Pennsylvania GO 4.000%   3/1/35  5,500     5,657
3 Commonwealth of Pennsylvania GO 4.000%   3/1/35 10,000    10,307
  Commonwealth of Pennsylvania GO 3.000%   5/1/35 15,500    14,693
  Commonwealth of Pennsylvania GO 3.000%  5/15/35 15,000    14,209
  Commonwealth of Pennsylvania GO 5.000%  10/1/35 15,000    17,308
  Commonwealth of Pennsylvania GO 4.000%   3/1/36  5,000     5,106
  Commonwealth of Pennsylvania GO 3.000%   5/1/36    365       332
  Commonwealth of Pennsylvania GO 3.000%  5/15/36 10,000     9,090
  Commonwealth of Pennsylvania GO 3.000%  9/15/36    745       674
  Commonwealth of Pennsylvania GO 4.000%   3/1/37 10,000    10,143
3 Commonwealth of Pennsylvania GO 4.000%   3/1/37 10,000    10,182
  Commonwealth of Pennsylvania GO 4.000%  10/1/37  4,795     4,851
  Commonwealth of Pennsylvania GO 4.000%   3/1/38  2,820     2,844
  Commonwealth of Pennsylvania GO 3.000%   5/1/38 12,975    11,169
  Commonwealth of Pennsylvania GO 2.000%  5/15/38  7,000     5,093
  Commonwealth of Pennsylvania GO 5.000%  10/1/38 10,000    11,304
  Commonwealth of Pennsylvania GO 2.000%  5/15/39  7,375     5,184
  Commonwealth of Pennsylvania GO 2.000%  5/15/40  7,000     4,688
  Commonwealth of Pennsylvania GO 2.000%  5/15/41  5,000     3,279
  Conestoga Valley School District GO 3.000%   2/1/37  1,240     1,100
  Conestoga Valley School District GO 3.000%   2/1/38    850       741
3 Connellsville Area School District GO 4.000%  8/15/26  1,685     1,727
4 Conrad Weiser Area School District GO 4.000%   9/1/34  3,085     3,175
4 Conrad Weiser Area School District GO 4.000%   9/1/35    635       650
  Council Rock School District GO 2.050% 11/15/33  1,085       916
  Council Rock School District GO 3.250% 11/15/39  5,010     4,364
  Council Rock School District GO 2.050%  8/15/42  3,000     1,996
  Cumberland County Municipal Authority College & University Revenue 5.000%   5/1/31    750       778
  Cumberland County Municipal Authority College & University Revenue 5.000%   5/1/32    800       829
9

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Cumberland County Municipal Authority College & University Revenue 5.000%   5/1/34  1,420     1,469
  Cumberland County Municipal Authority College & University Revenue (Dickinson College Project) 5.000%  11/1/39  4,685     4,941
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/36  1,400     1,371
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 3.000%  11/1/38  2,475     1,994
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/44  5,000     4,623
  Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/49  7,500     6,711
1,2 Cumberland County Municipal Authority Health, Hospital, Nursing Home Revenue TOB VRDO 3.450%   6/1/23  5,990     5,990
  Cumberland Valley School District GO 5.000%  12/1/31    750       773
  Cumberland Valley School District GO 5.000%  12/1/33  1,005     1,035
  Cumberland Valley School District GO 5.000%  12/1/34  1,125     1,158
  Cumberland Valley School District GO 5.000%  12/1/35  1,000     1,029
  Dallastown Area School District GO 5.000%  3/15/38  1,200     1,300
  Dallastown Area School District GO 5.000%  3/15/39  4,255     4,580
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 4.000%   6/1/30  3,745     3,799
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 4.000%   6/1/31  2,190     2,221
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 4.000%   6/1/32  2,070     2,086
  Dauphin County General Authority Health, Hospital, Nursing Home Revenue (Pinnacle Health Systems Project) 5.000%   6/1/35  3,925     4,055
4 Deer Creek Drainage Basin Authority Sewer Revenue 2.375%  12/1/46    750       511
4 Deer Creek Drainage Basin Authority Sewer Revenue 2.500%  12/1/51  2,000     1,321
  Delaware County Authority College & University Revenue 5.000%  10/1/33    500       533
  Delaware County Authority College & University Revenue 5.000%  10/1/34  1,220     1,302
  Delaware County Authority College & University Revenue 5.000%  10/1/35    800       851
  Delaware County Authority College & University Revenue 5.000%  10/1/35  2,215     2,254
  Delaware County Authority College & University Revenue 5.000%  10/1/39  4,500     4,442
  Delaware County Authority College & University Revenue 5.000%   8/1/40  2,500     2,552
  Delaware County Authority College & University Revenue 5.000%  10/1/42  6,720     7,010
  Delaware County Authority College & University Revenue 5.000%  10/1/46  5,095     5,293
  Delaware County Regional Water Quality Control Authority Sewer Revenue 5.000%   5/1/40  1,500     1,529
  Delaware County Regional Water Quality Control Authority Water Revenue 5.000%  11/1/41  5,000     5,154
3 Delaware County Vocational & Technical School Authority Lease (Appropriation) Revenue, Prere. 5.000%  11/1/23  1,250     1,258
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/32  3,070     3,316
3 Delaware River Joint Toll Bridge Commission Highway Revenue 4.000%   7/1/33  4,000     4,071
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/34  3,250     3,498
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/35  1,000     1,071
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/36  3,500     3,731
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/42 13,930    14,524
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/47  6,500     6,743
  Delaware River Port Authority Highway Revenue 5.000%   1/1/36  2,000     2,193
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37  2,500     2,703
  Delaware River Port Authority Highway Revenue 5.000%   1/1/38    600       642
  Delaware River Port Authority Highway Revenue 5.000%   1/1/40  7,615     7,668
  Delaware River Port Authority Highway Revenue 5.000%   1/1/40  1,825     1,935
  Delaware River Port Authority Highway Revenue, Prere. 5.000%   1/1/24  3,500     3,533
10

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Delaware River Port Authority Highway Revenue, Prere. 5.000%   1/1/24  3,500     3,533
  Delaware Valley Regional Finance Authority Indirect Ad Valorem Property Revenue 5.750%   7/1/32  6,885     8,311
  Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue 4.000%   3/1/33  2,000     2,122
  Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue 4.000%   3/1/34  6,000     6,299
  Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue 4.000%   3/1/35  6,000     6,239
2 Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue VRDO 3.850%   6/7/23  4,000     4,000
6 Delaware Valley Regional Finance Authority Lease Revenue 5.500%   8/1/28 13,020    14,460
  Doylestown Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/46  4,040     3,316
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/32    750       791
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/33  1,000     1,054
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/35    500       524
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 3.000%  7/15/39    635       495
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  7/15/40    760       778
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 3.000%  7/15/46  3,000     2,047
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/48  7,405     6,618
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/50  6,100     5,452
  DuBois Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%  7/15/51  8,405     7,369
  East Hempfield Township IDA Local or Guaranteed Housing Revenue, Prere. 5.000%   7/1/25    825       854
  East Hempfield Township IDA Local or Guaranteed Housing Revenue, Prere. 5.000%   7/1/25  3,750     3,880
  East Norriton-Plymouth-Whitpain Joint Sewer Authority Sewer Revenue, Prere. 5.000%   8/1/23  2,500     2,506
  East Norriton-Plymouth-Whitpain Joint Sewer Authority Sewer Revenue, Prere. 5.000%   8/1/23  2,100     2,105
3 Easton Area Joint Sewer Authority Sewer Revenue 5.000%  12/1/27    250       252
3 Easton Area Joint Sewer Authority Sewer Revenue 5.000%  12/1/28    250       252
3,7 Ellwood City Area School District GO 4.500%   6/1/52  1,305     1,302
2 Emmaus General Authority Miscellaneous Revenue VRDO 3.360%   6/7/23  2,000     2,000
3 Erie City Water Authority Water Revenue 4.000%  12/1/44  2,075     2,036
  Erie City Water Authority Water Revenue, Prere. 5.000%  12/1/26     30        32
  Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 4.000%   5/1/36    300       271
  Erie Higher Education Building Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/47    955       899
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project) 5.000%   5/1/32  1,325     1,344
  Erie Higher Education Building Authority College & University Revenue (Gannon University Project) 5.000%   5/1/33  1,395     1,413
4 Erie School District GO 5.000%   4/1/27    150       159
4 Erie School District GO 3.000%   4/1/32  3,360     3,227
4 Erie Sewer Authority Lease Revenue 4.000%  12/1/41  3,500     3,487
  Fox Chapel Area School District GO 5.000%   2/1/36  2,000     2,138
11

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/48  3,400     2,653
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/53  3,050     2,316
  Franklin County PA IDA Health, Hospital, Nursing Home Revenue (Haven Inc. Project) 5.000%  12/1/54  1,000       759
3 Gateway School District Alleghany County GO 3.000% 10/15/36  1,300     1,143
3 Gateway School District Alleghany County GO 3.000% 10/15/43  2,375     1,860
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/34  4,250     4,453
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/35  1,000     1,064
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/39 15,125    14,546
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/41  5,000     5,039
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/45 14,500    14,824
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/47  9,240     8,509
  Geisinger Authority Health, Hospital, Nursing Home Revenue 4.000%   4/1/50 28,460    25,817
  Geisinger Authority Health, Hospital, Nursing Home Revenue 5.000%   4/1/50 15,000    15,271
  Geisinger Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   4/1/30    305       329
  Gettysburg Area School District GO 4.000%   4/1/35    750       772
  Gettysburg Area School District GO 4.000%   4/1/36  1,200     1,229
4 Greater Johnstown Water Authority Sewer Revenue 4.000%  8/15/38  1,250     1,253
4 Greater Johnstown Water Authority Sewer Revenue 4.000%  8/15/41  1,500     1,476
  Haverford Township School District GO 3.000%   3/1/31  3,920     3,864
  Haverford Township School District GO 3.000%   3/1/32  3,950     3,834
  Haverford Township School District GO 3.000%   3/1/34     55        53
4 Hempfield Area School District GO 5.000%  3/15/48  5,000     5,398
4 Hospitals & Higher Education Facilities Authority of Philadelphia Health, Hospital, Nursing Home Revenue 5.000%   7/1/36  3,025     3,272
4 Hospitals & Higher Education Facilities Authority of Philadelphia Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  5,075     5,430
  Huntingdon County General Authority College & University Revenue (AICUP Financing Program) 5.000%   5/1/46  2,045     2,035
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/37  1,320     1,432
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/38  1,390     1,487
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/39  1,460     1,552
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/40  1,530     1,616
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/41  1,605     1,696
3 Indiana County IDA Local or Guaranteed Housing Revenue 4.000%   5/1/42  1,035     1,003
3 Indiana County IDA Local or Guaranteed Housing Revenue 5.000%   5/1/47  3,510     3,659
3 Indiana County IDA Local or Guaranteed Housing Revenue 4.000%   5/1/54  2,000     1,850
3,7 Interboro School District GO 4.000%  8/15/43  1,445     1,396
3,7 Interboro School District GO 4.250%  8/15/53  1,630     1,598
  Lackawanna County IDA College & University Revenue 4.000%  11/1/35    900       879
  Lackawanna County IDA College & University Revenue 4.000%  11/1/36    625       596
  Lackawanna County IDA College & University Revenue 4.000%  11/1/40  4,505     4,175
  Lancaster County Convention Center Authority Hotel Occupancy Tax Revenue 4.000%   5/1/49  1,500     1,431
  Lancaster County Convention Center Authority Hotel Occupancy Tax Revenue 4.750%   5/1/53  2,000     2,012
  Lancaster County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/42  8,825     9,063
  Lancaster County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/46  1,145     1,184
  Lancaster County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%  11/1/51 21,980    22,509
  Lancaster County PA GO 4.000%  11/1/32    300       311
  Lancaster County PA GO 4.000%  11/1/33    375       388
  Lancaster County PA GO 4.000%  11/1/34    500       515
12

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/25    715       709
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/30    750       715
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/31  1,300     1,229
  Lancaster County PA Hospital Authority Health, Hospital, Nursing Home Revenue (Brethren Village Project) 5.000%   7/1/32    725       679
  Lancaster County Solid Waste Management Authority Resource Recovery Revenue 5.000% 12/15/33  5,000     5,038
  Lancaster Higher Education Authority College & University Revenue (Elizabeth College Project) 5.000%  10/1/46  3,000     2,925
  Lancaster Higher Education Authority College & University Revenue (Elizabeth College Project) 5.000%  10/1/51  4,000     3,840
  Lancaster IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/46    675       510
  Lancaster IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/51  1,750     1,272
  Lancaster IDA Health, Hospital, Nursing Home Revenue 4.000%   7/1/56  2,800     1,974
3 Lancaster PA GO 4.000%  11/1/33  2,545     2,618
3 Lancaster PA GO 4.000%  11/1/34  2,660     2,727
3 Lancaster PA GO 4.000%  11/1/35  2,355     2,404
3 Lancaster School District GO 4.000%   6/1/36  1,190     1,207
  Latrobe IDA College & University Revenue 5.000%   3/1/32    335       343
  Latrobe IDA College & University Revenue 5.000%   3/1/33    300       307
  Latrobe IDA College & University Revenue 5.000%   3/1/34    325       332
  Latrobe IDA College & University Revenue 4.000%   3/1/35    450       413
  Latrobe IDA College & University Revenue 4.000%   3/1/36    475       428
  Latrobe IDA College & University Revenue 4.000%   3/1/38    575       501
  Latrobe IDA College & University Revenue 4.000%   3/1/39    685       589
  Latrobe IDA College & University Revenue 4.000%   3/1/41    535       449
  Latrobe IDA College & University Revenue 4.000%   3/1/46  1,400     1,115
  Latrobe IDA College & University Revenue 4.000%   3/1/51  2,795     2,139
  Lehigh County Authority Water Revenue 0.000%  12/1/24  1,695     1,599
  Lehigh County Authority Water Revenue 5.125%  12/1/47  1,475     1,475
  Lehigh County Authority Water Revenue, Prere. 5.000%  12/1/23     15        15
  Lehigh County Authority Water Revenue, Prere. 5.125%  12/1/23  1,700     1,715
  Lehigh County General Purpose Authority Charter School Aid Revenue 4.000%   6/1/57  1,445     1,151
  Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/46  3,685     3,192
  Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  11/1/51  7,400     6,124
  Lehigh County PA Health, Hospital, Nursing Home Revenue 5.000%   7/1/44  7,200     7,322
  Lehigh County PA Health, Hospital, Nursing Home Revenue 4.000%   7/1/49 20,675    18,541
  Lower Paxton Township PA GO, Prere. 5.000%   4/1/24     15        15
  Lycoming County Authority College & University Revenue (AICUP Financing Program) 4.000%  11/1/24    435       436
  Lycoming County Authority College & University Revenue (AICUP Financing Program) 5.500%  11/1/33  2,935     2,959
  Mechanicsburg Area School District GO 4.000%   3/1/32  1,580     1,637
  Mechanicsburg Area School District GO 4.000%   3/1/36  1,550     1,580
4 Mechanicsburg Area School District GO 5.000%  5/15/45  1,705     1,821
4 Mechanicsburg Area School District GO 5.000%  5/15/46  2,080     2,220
4 Mechanicsburg Area School District GO 5.000%  5/15/51  5,335     5,643
  Methacton School District GO 4.000%  9/15/41    520       512
  Methacton School District GO 4.000%  9/15/42    565       559
  Monroe County PA GO 4.000%  7/15/37  1,630     1,643
13

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Monroe County PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  4,215     4,250
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/42  4,000     3,842
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue (UPMC Obligated Group Project) 5.000%  5/15/35    550       613
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue (UPMC Obligated Group Project) 5.000%  5/15/36  1,000     1,103
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue (UPMC Obligated Group Project) 5.000%  5/15/37    330       359
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue (UPMC Obligated Group Project) 5.000%  5/15/38  1,000     1,076
  Monroeville Finance Authority Health, Hospital, Nursing Home Revenue (UPMC Obligated Group Project) 5.000%  5/15/39  1,000     1,070
  Montgomery County Higher Education and Health Authority College & University Revenue 5.000%   4/1/29  2,580     2,634
  Montgomery County Higher Education and Health Authority College & University Revenue 5.000%   4/1/30  1,000     1,021
  Montgomery County Higher Education and Health Authority College & University Revenue 5.750%   4/1/40  3,000     3,017
  Montgomery County Higher Education and Health Authority College & University Revenue 5.250%  11/1/42  4,000     4,069
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/25  1,200     1,200
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/26  1,000     1,001
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  10/1/27  1,000     1,002
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/27  2,250     2,255
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/31  1,770     1,884
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/32     25        27
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/34  2,210     2,342
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/35  2,780     2,932
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/37  2,500     2,609
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/43  6,825     7,031
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/47  5,250     4,748
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/47  2,000     1,804
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 4.000%   9/1/49      5         4
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/52  3,000     2,620
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 3.250%   5/1/55 12,000     8,377
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 4.000%   5/1/56 18,690    16,094
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue 5.000%   5/1/57 11,000    11,222
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/34    380       380
14

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/36  1,445     1,405
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/37  1,435     1,383
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/44  7,830     7,182
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/49  2,805     2,484
4 Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 4.000%   9/1/49 10,000     9,351
  Montgomery County Higher Education and Health Authority Health, Hospital, Nursing Home Revenue (Thomas Jefferson University Project) 5.000%   9/1/51  4,455     4,557
  Montgomery County Higher Education and Health Authority Private Schools Revenue (Hill School Project) 3.500%  8/15/46    100        83
  Montgomery County Higher Education and Health Authority Private Schools Revenue (Hill School Project) 4.000%  8/15/50  5,730     5,267
  Montgomery County IDA Industrial Revenue 4.100%   6/1/29  4,435     4,508
  Montgomery County IDA Industrial Revenue PUT 4.100%   4/3/28 17,765    18,006
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%   1/1/30  1,575     1,518
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/30  1,200     1,215
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/38  2,500     2,432
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.250%   1/1/40  4,750     4,273
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 4.000% 11/15/43    700       571
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000% 11/15/45  2,600     2,440
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/46  5,730     5,332
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue 5.000%  12/1/48  6,500     5,974
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/23    225       225
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/24    300       299
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/25    250       249
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/26    350       349
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/27    300       300
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/28    200       201
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/29    100       100
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/30    210       211
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/31    225       226
15

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/32    100       100
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/33    225       225
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/34    370       368
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/35    570       562
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/36    825       803
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/37    705       678
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 4.000%  12/1/38    400       379
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 5.000%  12/1/44  1,000     1,014
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue (Waverly Heights Ltd. Project) 5.000%  12/1/49  1,000     1,010
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.250%  1/15/25  3,795     3,905
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.250%  1/15/25  5,000     5,145
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.250%  1/15/25  3,300     3,396
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.250%  1/15/25 11,250    11,577
  Montgomery County PA IDA Health, Hospital, Nursing Home Revenue, Prere. 5.250%  1/15/25  8,500     8,747
  Montgomery County PA IDA Private Schools Revenue (Germantown Academy Project) 4.000%  10/1/41  1,000       849
  Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 3.000%   3/1/49  3,760     2,609
  Montgomery County PA IDA Private Schools Revenue (Haverford School Project) 4.000%   3/1/49  1,700     1,516
4 Montour School District GO, Prere. 5.000%  10/1/25  3,185     3,318
  Moon IDA Health, Hospital, Nursing Home Revenue 5.625%   7/1/30  1,000       918
  Moon IDA Health, Hospital, Nursing Home Revenue 6.000%   7/1/45  3,500     2,885
  Mount Lebanon Hospital Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/48  6,000     5,672
4 Mount Union PA Area School District GO 5.000%   9/1/32  1,580     1,712
4 Mount Union PA Area School District GO 5.000%   9/1/33  1,655     1,790
3 New Kensington-Arnold School District GO 5.000%  5/15/24  2,125     2,147
  Norristown Area School District GO 4.000%   9/1/30  1,000     1,029
  North Allegheny School District GO 3.000%   5/1/32  2,590     2,507
7 North Hills School District GO 5.000% 10/15/28    500       544
7 North Hills School District GO 5.000% 10/15/29    425       468
7 North Hills School District GO 5.000% 10/15/35    325       363
  Northampton County General Purpose Authority College & University Revenue 4.000% 11/15/34  7,535     7,641
  Northampton County General Purpose Authority College & University Revenue 5.000%  10/1/36  1,500     1,519
  Northampton County General Purpose Authority College & University Revenue 5.000%  10/1/40  1,760     1,768
  Northampton County General Purpose Authority College & University Revenue (Lafayette College Project) VRDO 3.550%   6/1/23  2,000     2,000
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/28  3,975     4,153
16

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/29  2,000     2,092
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/36  6,790     6,994
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/43  3,000     3,063
  Northampton County General Purpose Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/48  3,895     3,470
  Northampton County IDA Health, Hospital, Nursing Home Revenue 5.000%  11/1/44  1,900     1,620
  Northampton Township PA GO 3.625%  5/15/39  2,145     1,999
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Kings College Project) 5.000%   5/1/44  1,000       982
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Kings College Project) 5.000%   5/1/49  1,535     1,487
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/25  1,125     1,138
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/29  1,250     1,278
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.250%   3/1/31  1,140     1,177
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.000%   3/1/37  3,740     3,782
  Northeastern Pennsylvania Hospital and Education Authority College & University Revenue (Wilkes University Project) 5.250%   3/1/37  3,000     3,062
3 Northeastern School District/York County GO 3.000%   3/1/33    375       358
3 Northeastern School District/York County GO 3.000%   3/1/34    300       282
3 Northeastern School District/York County GO 3.000%   3/1/35    250       231
3 Northeastern School District/York County GO 3.000%   3/1/38    850       736
3 Northeastern School District/York County GO 3.000%   3/1/41    800       660
3 Northeastern School District/York County GO 3.000%   3/1/46  2,130     1,633
3 Northern Tioga School District GO 5.000%   4/1/31    700       760
3 Northern Tioga School District GO 4.000%   4/1/33    500       515
3 Penn Hills School District GO 3.000%  10/1/30  3,030     2,969
3 Penn Hills School District GO 3.000%  10/1/31  3,585     3,525
3 Penn Hills School District GO 3.000%  10/1/32  2,845     2,767
  Penn Manor School District GO 5.000%   3/1/36  1,700     1,759
7 Pennsbury School District GO 5.000%   8/1/39    750       816
7 Pennsbury School District GO 5.000%   8/1/40  1,000     1,082
7 Pennsbury School District GO 5.000%   8/1/43  4,000     4,301
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/29  1,080       857
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/30  3,710     2,824
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 5.500%   1/1/31  3,000     3,026
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/36  6,045     3,514
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 0.000%   1/1/38  5,525     2,831
4 Pennsylvania Economic Development Financing Authority Auto Parking Revenue 5.250%   1/1/44  6,500     6,535
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/31  5,000     5,079
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/31  9,075    10,105
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/32  8,000     8,123
17

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  5,000     5,006
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  4/15/35  1,550     1,693
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/35    515       577
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/35    500       560
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/36    500       554
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/36    450       499
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  2/15/37  1,200     1,194
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/37    500       549
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/37    500       549
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/37  1,445     1,428
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/38  1,685     1,827
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/38    500       546
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/38    575       628
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/39    900       979
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  5/15/39    800       870
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/39  1,700     1,663
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   2/1/45  1,235     1,243
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  4/15/45 10,000     9,444
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 3.000% 10/15/46  5,040     3,605
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  2/15/47  3,500     3,600
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 11/15/47  7,000     6,535
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/48  2,880     2,677
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000% 10/15/51  5,500     5,043
  Pennsylvania Economic Development Financing Authority Health, Hospital, Nursing Home Revenue 4.000%  5/15/53  4,370     3,980
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   7/1/28  3,800     3,531
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/29  1,655     1,750
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/30  3,895     4,021
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/30  2,125     2,194
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/30  1,265     1,287
18

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/31  1,870     1,902
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  12/1/31    295       327
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/32  3,330     3,382
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/33  3,520     3,660
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/33  2,310     2,347
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/34  2,575     2,592
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/34  3,000     3,118
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  6/15/34  2,940     3,007
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/34  2,200     2,243
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/35  1,870     1,962
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/35  2,275     2,308
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/36  2,305     2,282
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  8/15/36  1,400     1,410
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%  11/1/36  4,895     4,943
4 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/40  4,395     4,300
4 Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%   5/1/41  1,000       968
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/41  8,750     8,983
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 4.000%  2/15/43 10,000     9,642
  Pennsylvania Higher Educational Facilities Authority College & University Revenue 3.000%  6/15/45  1,405     1,141
4 Pennsylvania Higher Educational Facilities Authority College & University Revenue 5.000%   5/1/46  5,000     5,295
  Pennsylvania Higher Educational Facilities Authority College & University Revenue, Prere. 5.000%  11/1/23  1,265     1,273
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/31    750       783
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   9/1/32  3,965     4,071
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/34    750       767
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/34    500       560
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/34  1,100     1,242
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/35  3,135     3,166
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/35    785       796
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/35  1,000     1,113
19

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/35  2,245     2,515
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/36  1,250     1,258
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/36  1,000     1,103
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/37  1,150     1,257
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/38  1,000     1,085
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/41  6,000     5,805
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/42  5,400     5,169
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/43  8,020     7,665
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/44  3,000     3,143
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/45      5         5
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 3.000%  8/15/47  7,345     5,517
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/47  7,015     7,169
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%  8/15/49 17,000    15,724
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/49 11,485    11,799
  Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue 5.250%   9/1/50  1,000     1,009
2 Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 3.450%   6/7/23    100       100
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  10/1/31  2,500     2,361
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.550%  10/1/33  2,500     2,420
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.950%  10/1/34  3,000     2,725
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/34  1,000       957
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.600%   8/1/35  7,523     7,343
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.125%  10/1/35  2,000     1,599
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.070%  10/1/36  5,000     3,876
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/36  4,340     4,192
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.400%  10/1/38  8,500     8,500
7 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.500%  10/1/38  7,500     7,539
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.700%  10/1/39  6,845     5,413
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.150%  10/1/39  3,000     2,549
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.350%  10/1/40  6,000     4,368
20

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.280%  10/1/41  7,500     5,339
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.450%  10/1/41  5,000     3,623
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.200%  10/1/41  7,830     6,518
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.650%  10/1/42  6,335     5,967
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.650%  10/1/42 10,000     8,899
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.100%  10/1/44  6,000     4,740
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  10/1/45  5,000     3,545
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.600%   4/1/46  5,000     3,444
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.375%  10/1/46  7,005     4,663
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.400%  10/1/46  7,500     5,051
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/46  3,000     2,238
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.500%   4/1/49  3,705     3,637
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.500%  10/1/50  3,000     1,971
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 2.550%  10/1/51  7,500     5,104
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/51  3,125     3,019
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/51  1,040     1,003
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 3.000%  10/1/51  3,337     3,152
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 4.250%  10/1/52  2,235     2,229
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.000%  10/1/52  7,690     7,909
7 Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.500%  10/1/53 13,285    14,059
  Pennsylvania Housing Finance Agency Local or Guaranteed Housing Revenue 5.750%  10/1/53 10,000    10,607
  Pennsylvania State University College & University Revenue 5.000%   9/1/33  5,000     5,271
  Pennsylvania State University College & University Revenue 5.000%   9/1/36  4,650     4,962
  Pennsylvania State University College & University Revenue 5.000%   9/1/46  2,070     2,211
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/30  7,770     8,240
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 0.000%  12/1/37  2,100     1,162
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/38  3,000     3,177
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/39  3,535     3,734
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/43 15,205    15,926
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/48  8,000     8,355
21

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 5.000%  12/1/48 12,000    12,484
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 4.000%  12/1/51 24,000    22,954
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 4.000%  12/1/51  5,000     4,719
  Pennsylvania Turnpike Commission Franchise Tax & Business License Fees Revenue 4.000%  12/1/53  2,000     1,873
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/28  7,060     7,432
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/33  5,410     5,662
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/33  1,250     1,361
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/33    500       549
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/34 10,000    10,128
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34  4,000     4,276
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34 10,000    10,231
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/34  2,900     3,284
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/35  3,000     3,166
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  5,500     5,831
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  4,390     4,595
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  5,000     5,295
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  5,500     6,157
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/35  2,900     3,251
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/36  1,000     1,072
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/36  1,260     1,304
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/36  9,790    10,316
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/36  1,250     1,388
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/37  6,610     6,637
  Pennsylvania Turnpike Commission Highway Revenue 4.750%  12/1/37  4,070     4,188
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/37  1,360     1,445
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/37  6,535     6,860
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/37  1,315     1,382
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/38  8,145     8,337
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/38  1,000     1,007
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/38  2,555     2,586
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/38  2,755     2,993
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/38  1,240     1,363
  Pennsylvania Turnpike Commission Highway Revenue 5.000%   6/1/39 19,950    20,539
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/39  1,600     1,614
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/39  1,240     1,357
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/40  2,605     2,588
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/40  1,785     1,774
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/40  3,020     2,988
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/40  5,200     5,315
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/40  1,700     1,859
3 Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/41  7,220     3,176
  Pennsylvania Turnpike Commission Highway Revenue 0.000%  12/1/41    500       216
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/41  7,275     7,155
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/41  3,035     3,177
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/41  1,250     1,374
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/42  1,700     1,646
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/42  2,000     2,086
  Pennsylvania Turnpike Commission Highway Revenue 5.500%  12/1/42  2,950     3,089
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/43  4,550     4,424
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/43  1,325     1,272
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/43  1,000     1,052
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/43  1,750     1,889
22

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/44 16,635    17,265
  Pennsylvania Turnpike Commission Highway Revenue 5.500%  12/1/46  7,000     7,283
  Pennsylvania Turnpike Commission Highway Revenue 5.250%   6/1/47 12,500    12,900
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/47  5,000     5,159
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/47  5,515     5,878
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/48  6,000     6,218
4 Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/49  2,500     2,401
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/49  6,490     6,779
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/50  3,605     3,348
  Pennsylvania Turnpike Commission Highway Revenue 5.000%  12/1/50 17,150    18,018
  Pennsylvania Turnpike Commission Highway Revenue 3.000%  12/1/51  4,275     2,971
  Pennsylvania Turnpike Commission Highway Revenue 3.000%  12/1/51  3,415     2,404
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/51  5,500     5,217
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/51  5,950     5,479
  Pennsylvania Turnpike Commission Highway Revenue 4.000%  12/1/51  4,525     4,292
  Pennsylvania Turnpike Commission Highway Revenue 5.250%  12/1/52  2,840     3,075
2 Pennsylvania Turnpike Commission Highway Revenue VRDO 3.420%   6/1/23  3,220     3,220
2 Pennsylvania Turnpike Commission Highway Revenue VRDO 3.510%   6/1/23  4,900     4,900
8 Pennsylvania Turnpike Commission Highway Revenue, 6.100% coupon rate effective 12/1/28 0.000%  12/1/41  9,795     8,657
1,4 Pennsylvania Turnpike Commission Miscellaneous Revenue TOB VRDO 4.150%   6/1/23 28,800    28,800
1,4 Pennsylvania Turnpike Commission Miscellaneous Revenue TOB VRDO 4.150%   6/1/23 18,800    18,800
1,2,4 Pennsylvania Turnpike Commission Miscellaneous Revenue TOB VRDO 4.150%   6/1/23 21,595    21,595
1 Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue TOB VRDO 3.440%   6/1/23  2,500     2,500
1 Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue TOB VRDO 4.150%   6/1/23 15,885    15,885
  Pequea Valley School District GO 3.750%  5/15/52  1,955     1,672
  Peters Township School District Washington County GO 5.000%   9/1/37  3,000     3,282
  Peters Township School District Washington County GO 5.000%   9/1/38  7,555     8,230
  Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%   5/1/40  1,000       967
1 Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%  6/15/40    300       299
  Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%  6/15/49  2,770     2,434
  Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%   5/1/50  5,130     4,694
1 Philadelphia Authority for Industrial Development Charter School Aid Revenue 5.000%  6/15/50  1,050       993
  Philadelphia Authority for Industrial Development Charter School Aid Revenue 4.000%   6/1/51  1,440     1,077
  Philadelphia Authority for Industrial Development Charter School Aid Revenue 4.000%   6/1/56    170       123
  Philadelphia Authority for Industrial Development Charter School Aid Revenue (Mast Charter School Project) 5.000%   8/1/50  1,425     1,364
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%  11/1/31  2,000     2,156
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%  11/1/32  2,000     2,155
  Philadelphia Authority for Industrial Development College & University Revenue 5.000%   4/1/36  4,750     4,810
  Philadelphia Authority for Industrial Development College & University Revenue 4.000%  11/1/37  1,400     1,352
23

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Philadelphia Authority for Industrial Development College & University Revenue 4.000%  11/1/38  1,975     1,879
  Philadelphia Authority for Industrial Development College & University Revenue 4.000%  11/1/45 12,000    10,754
  Philadelphia Authority for Industrial Development College & University Revenue 5.500%  11/1/60 14,410    15,450
  Philadelphia Authority for Industrial Development College & University Revenue (Saint Joseph's University Project) 5.250%  11/1/52  3,000     3,177
  Philadelphia Authority for Industrial Development Government Fund/Grant Revenue 5.000%  11/1/47  5,000     5,009
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,600     3,868
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,180     2,326
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  2,150     2,187
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 4.000%   7/1/36  3,780     3,814
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   9/1/36 11,000    11,401
  Philadelphia Authority for Industrial Development Health, Hospital, Nursing Home Revenue 5.000%   9/1/47  8,950     9,118
  Philadelphia Authority for Industrial Development Lease (Appropriation) Revenue 5.000%  12/1/27    960       996
  Philadelphia City Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/41  2,000     2,155
  Philadelphia City Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/42  4,000     4,299
  Philadelphia City Redevelopment Authority Intergovernmental Agreement Revenue 5.000%   9/1/43  2,000     2,139
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/30  3,050     3,177
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/33  2,500     2,588
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%  10/1/34  4,175     4,300
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/35  4,000     4,240
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/36  2,000     2,109
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/37  2,000     2,096
  Philadelphia Gas Works Co. Natural Gas Revenue 4.000%  10/1/37  1,120     1,096
4 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/38  4,250     4,280
4 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/38  5,000     5,386
4 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/39  1,905     2,036
4 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/40  1,750     1,730
4 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/40  3,000     3,198
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/42  5,000     5,147
4 Philadelphia Gas Works Co. Natural Gas Revenue 4.000%   8/1/45    985       954
  Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/47 11,800    12,085
4 Philadelphia Gas Works Co. Natural Gas Revenue 5.000%   8/1/50  5,000     5,271
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  4,925     5,053
  Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  4,980     5,100
4 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  5,000     4,702
4 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39  5,000     4,654
4 Philadelphia Hospitals & Higher Education Facilities Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/40  5,000     4,631
1 Philadelphia IDA Charter School Aid Revenue 5.000%  4/15/42  1,000       898
1 Philadelphia IDA Charter School Aid Revenue 5.000%  4/15/52  1,500     1,293
24

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Philadelphia IDA Charter School Aid Revenue 5.250%  6/15/52    950       863
  Philadelphia IDA Charter School Aid Revenue 5.375%  6/15/57    950       858
  Philadelphia IDA Government Fund/Grant Revenue 5.000%  11/1/42  2,000     2,013
  Philadelphia IDA Health, Hospital, Nursing Home Revenue 5.000%   9/1/35  2,425     2,524
  Philadelphia IDA Intergovernmental Agreement Revenue 5.000%  12/1/37  3,250     3,384
  Philadelphia IDA Lease (Appropriation) Revenue 5.000%  12/1/28  3,885     4,022
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/30  1,345     1,429
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/31  1,800     1,913
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/32  1,400     1,487
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/33  1,345     1,379
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/33    750       795
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/34  1,400     1,431
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/36  3,965     3,991
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/37  2,480     2,478
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/38  1,860     1,846
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/39  2,000     1,971
  Philadelphia PA Airport Port, Airport & Marina Revenue 4.000%   7/1/40  4,000     3,911
  Philadelphia PA Airport Port, Airport & Marina Revenue 5.000%   7/1/42  5,000     5,171
3 Philadelphia PA Airport Port, Airport & Marina Revenue 3.000%   7/1/50  5,000     3,736
  Philadelphia PA GO 5.000%   8/1/26  4,125     4,351
  Philadelphia PA GO 5.000%   2/1/31  2,500     2,771
  Philadelphia PA GO 5.000%   8/1/31  2,000     2,151
  Philadelphia PA GO 5.000%   8/1/32  4,000     4,115
  Philadelphia PA GO 5.000%   8/1/32  3,000     3,237
  Philadelphia PA GO 5.000%   8/1/32  4,420     4,770
  Philadelphia PA GO 5.000%   8/1/33  4,000     4,110
4 Philadelphia PA GO 5.000%   8/1/35  6,000     6,413
  Philadelphia PA GO 5.000%   5/1/36  3,440     3,808
  Philadelphia PA GO 4.000%   5/1/38  9,000     8,940
  Philadelphia PA GO 4.000%   5/1/39  1,000       987
  Philadelphia PA GO 4.000%   5/1/41  2,020     1,953
  Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/32  6,440     6,582
  Philadelphia PA Water & Wastewater Water Revenue 4.000%   7/1/34  6,000     6,067
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/34  2,000     2,148
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/34  2,735     3,061
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/34  1,200     1,287
  Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/35  3,000     3,079
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/37  2,295     2,481
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/38  2,560     2,748
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/38  1,655     1,778
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/39  2,355     2,518
  Philadelphia PA Water & Wastewater Water Revenue 5.000%   6/1/41  2,750     2,952
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/44  4,000     4,225
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/46  4,855     5,131
  Philadelphia PA Water & Wastewater Water Revenue 5.500%   6/1/47 13,970    15,464
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/48  2,000     2,080
  Philadelphia PA Water & Wastewater Water Revenue 4.000%  10/1/51 10,000     8,983
  Philadelphia PA Water & Wastewater Water Revenue 5.500%   6/1/52  9,020     9,929
  Philadelphia PA Water & Wastewater Water Revenue 5.250%  10/1/52  1,000     1,042
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  10/1/53 10,000    10,388
  Philadelphia PA Water & Wastewater Water Revenue 5.000%  11/1/54  8,000     8,334
6 Philadelphia Parking Authority Auto Parking Revenue 5.125%  2/15/24    190       190
  Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%  4/15/27  2,000     2,056
  Philadelphia Redevelopment Authority Intergovernmental Agreement Revenue 5.000%  4/15/28  3,000     3,067
25

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
9 Philadelphia School District GO 5.000%   6/1/26  5,000     5,211
  Philadelphia School District GO 5.000%   9/1/28  5,000     5,234
  Philadelphia School District GO 5.000%   9/1/29  2,665     2,747
  Philadelphia School District GO 5.000%   9/1/29  2,135     2,232
  Philadelphia School District GO 5.000%   9/1/31  2,000     2,057
  Philadelphia School District GO 5.000%   9/1/33  1,045     1,133
  Philadelphia School District GO 5.000%   9/1/35  2,500     2,565
  Philadelphia School District GO 5.000%   9/1/35  4,240     4,555
  Philadelphia School District GO 5.000%   9/1/36  2,015     2,061
  Philadelphia School District GO 4.000%   9/1/37  2,300     2,267
  Philadelphia School District GO 5.000%   9/1/37  2,015     2,057
  Philadelphia School District GO 5.000%   9/1/37  3,825     4,066
  Philadelphia School District GO 4.000%   9/1/38  2,300     2,242
  Philadelphia School District GO 5.000%   9/1/44 10,165    10,713
  Pine-Richland School District GO 4.000%   3/1/35    250       260
  Pine-Richland School District GO 4.000%   3/1/36  1,245     1,281
  Pine-Richland School District GO 4.000%   3/1/37    750       763
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/31  1,000     1,073
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/32    500       536
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/34  1,000     1,071
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/36    500       532
  Pittsburgh and Allegheny County Sports & Exhibition Authority Auto Parking Revenue 5.000% 12/15/37    500       530
4 Pittsburgh and Allegheny County Sports & Exhibition Authority Intergovernmental Agreement Revenue 5.000%   2/1/34  5,000     5,642
  Pittsburgh PA GO 4.000%   9/1/34    625       647
  Pittsburgh PA GO 5.000%   9/1/34     50        54
  Pittsburgh PA GO 4.000%   9/1/35    750       774
  Pittsburgh PA GO 5.000%   9/1/35    560       600
  Pittsburgh PA GO 4.000%   9/1/36    875       898
  Pittsburgh PA GO 4.000%   9/1/36    840       861
  Pittsburgh PA GO 5.000%   9/1/36    825       882
  Pittsburgh PA GO 5.000%   9/1/36  1,770     1,961
  Pittsburgh PA GO 4.000%   9/1/37    500       509
  Pittsburgh PA GO 4.000%   9/1/38    500       505
  Pittsburgh PA GO 4.000%   9/1/38    800       807
  Pittsburgh PA GO 4.000%   9/1/39    750       749
  Pittsburgh PA GO 5.000%   9/1/39    500       544
  Pittsburgh PA GO 5.000%   9/1/41  1,500     1,618
  Pittsburgh PA GO 5.000%   9/1/42  1,000     1,075
  Pittsburgh PA GO 5.000%   9/1/43    400       429
  Pittsburgh School District GO 4.000%   9/1/35  1,095     1,128
  Pittsburgh School District GO 4.000%   9/1/36  1,220     1,249
  Pittsburgh School District GO 4.000%   9/1/37  1,180     1,201
  Pittsburgh School District GO 4.000%   9/1/38  1,740     1,758
9 Pittsburgh Water & Sewer Authority Water Revenue 0.000%   9/1/27 10,820     9,226
9 Pittsburgh Water & Sewer Authority Water Revenue 0.000%   9/1/29 10,000     7,906
4 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/30  1,240     1,411
4 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/31  4,500     5,181
4 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/32  2,850     3,313
4 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/36    850       863
  Pittsburgh Water & Sewer Authority Water Revenue 5.250%   9/1/36  5,300     5,314
26

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
4 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/37  1,350     1,356
4 Pittsburgh Water & Sewer Authority Water Revenue 3.000%   9/1/39    500       417
4 Pittsburgh Water & Sewer Authority Water Revenue 3.000%   9/1/40    305       249
4 Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/44  2,080     2,200
4 Pittsburgh Water & Sewer Authority Water Revenue 5.500%   9/1/47  1,345     1,487
4 Pittsburgh Water & Sewer Authority Water Revenue 4.000%   9/1/50  2,500     2,452
  Pittsburgh Water & Sewer Authority Water Revenue 5.000%   9/1/52  1,875     1,963
  Pocono Mountains Industrial Park Authority Health, Hospital, Nursing Home Revenue (St. Lukes Hospital-Monroe Project) 4.000%  8/15/45  1,705     1,546
  Pottsville PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  6,275     6,415
  Pottsville PA Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/45  4,000     4,067
  Quaker Valley PA School District GO 5.000%  10/1/34    400       454
  Quaker Valley PA School District GO 5.000%  10/1/35    350       395
  Radnor Township School District GO 4.000%  8/15/38  1,430     1,456
  Radnor Township School District GO 4.000%  8/15/39  1,400     1,417
  Radnor Township School District GO 4.000%  8/15/40  1,250     1,264
4 Reading School District GO 5.000%   3/1/38  1,750     1,829
4 Ridley School District GO 4.000% 11/15/34  1,000     1,033
4 Ridley School District GO 4.000% 11/15/35  1,250     1,286
3 Ridley School District GO 3.000% 11/15/37  2,950     2,615
4 Ridley School District GO 4.000% 11/15/37    800       809
3 Ridley School District GO 3.000% 11/15/38  2,000     1,753
  School District of Philadelphia GO 4.000%   9/1/37  1,500     1,479
  School District of Philadelphia GO 5.000%   9/1/38  1,990     2,028
  School District of Philadelphia GO 4.000%   9/1/39  5,260     5,026
  School District of Philadelphia GO 4.000%   9/1/40  2,630     2,485
  School District of Philadelphia GO 4.000%   9/1/41  4,830     4,534
  School District of Philadelphia GO 4.000%   9/1/46 12,285    11,397
  School District of Philadelphia GO, Prere. 5.000%   9/1/26     10        11
4 Scott Township PA GO 3.000%  8/15/34    290       271
4 Scott Township PA GO 3.000%  8/15/38    300       258
4 Scott Township PA GO 3.000%  8/15/42    650       534
4 Scott Township PA GO 3.000%  8/15/46    600       463
  Scranton PA School District GO 5.000%  12/1/28  1,575     1,701
  Scranton PA School District GO 5.000%  12/1/29  1,250     1,367
  Scranton PA School District GO 4.000%  12/1/39  2,765     2,693
  Scranton PA School District GO 4.000%  12/1/40    500       481
  Scranton-Lackawanna Health and Welfare Authority College & University Revenue 5.000%  11/1/37  2,500     2,567
  Snyder County Higher Education Authority College & University Revenue 5.000%   1/1/30  1,285     1,357
  Snyder County Higher Education Authority College & University Revenue 5.000%   1/1/31  1,250     1,320
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/29  1,335     1,374
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/30  1,180     1,216
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/31  1,250     1,288
  Snyder County Higher Education Authority College & University Revenue (Susquehanna University Project) 5.000%   1/1/32  1,695     1,747
  Southcentral Pennsylvania General Authority College & University Revenue 4.000%   5/1/33    320       319
  Southcentral Pennsylvania General Authority College & University Revenue 4.000%   5/1/34    560       559
27

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Southcentral Pennsylvania General Authority College & University Revenue (AICUP Financing Program) 3.500%  11/1/41    500       416
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/27  1,480     1,532
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%  12/1/29  1,090     1,127
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/38  1,000     1,057
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 5.000%   6/1/44  5,000     5,211
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue 4.000%   6/1/49  7,000     6,508
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue VRDO 3.940%   6/1/23  1,050     1,050
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   6/1/24  2,500     2,538
  Southcentral Pennsylvania General Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   6/1/24  1,130     1,147
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.000%   6/1/38  4,000     4,483
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/41  4,000     4,504
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/43  3,000     3,360
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/47  5,000     5,553
  Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) 5.250%   6/1/52 12,500    13,794
1 Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) TOB VRDO 3.440%   6/1/23  3,115     3,115
1 Southeastern Pennsylvania Transportation Authority Sales Tax Revenue (Asset Improvement Program) TOB VRDO 3.440%   6/1/23  2,670     2,670
  State College PA Area School District GO 5.000%  5/15/36    375       405
  State College PA Area School District GO 5.000%  5/15/37    630       677
  State College PA Area School District GO 5.000%  5/15/38    350       375
  State College PA Area School District GO 5.000%  3/15/40  2,535     2,578
  State Public School Building Authority College & University Revenue 5.000%   5/1/33  1,025     1,041
  State Public School Building Authority College & University Revenue 5.000%   5/1/34  2,125     2,154
  State Public School Building Authority College & University Revenue 5.000%   5/1/35  1,510     1,529
3 State Public School Building Authority College & University Revenue 5.000%  10/1/35    725       800
3 State Public School Building Authority College & University Revenue 5.000%  10/1/36    600       653
3 State Public School Building Authority College & University Revenue 5.000%  10/1/37    550       594
3 State Public School Building Authority College & University Revenue 5.000%  10/1/38    600       642
3 State Public School Building Authority College & University Revenue 4.000%  10/1/41  1,000       934
3 State Public School Building Authority College & University Revenue 4.000%  10/1/42  1,000       942
3 State Public School Building Authority College & University Revenue (Community College Allegheny County Project) 4.000%  6/15/33  1,000     1,021
3 State Public School Building Authority College & University Revenue (Delaware County Community College Project) 5.000%  10/1/30  1,055     1,089
28

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  State Public School Building Authority Lease (Appropriation) Revenue (Chester Upland School District Project) 5.250%  9/15/30  3,545     3,797
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/24  2,000     2,025
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/25  2,940     3,028
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/28 11,660    12,107
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/30  4,000     4,207
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/32  4,655     4,879
4 State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/33  3,240     3,390
  State Public School Building Authority Lease (Non-Terminable) Revenue 5.000%   6/1/34  6,000     6,210
4 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/30  3,020     3,171
4 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/32  2,100     2,196
4 State Public School Building Authority Miscellaneous Revenue 5.000%  12/1/33  1,585     1,652
4 State Public School Building Authority Miscellaneous Revenue, Prere. 5.000%  12/1/26    415       442
4 State Public School Building Authority Miscellaneous Revenue, Prere. 5.000%  12/1/26    480       511
4 State Public School Building Authority Miscellaneous Revenue, Prere. 5.000%  12/1/26    650       692
  Swarthmore Borough Authority College & University Revenue 5.000%  9/15/44  5,015     5,344
  Swarthmore Borough Authority College & University Revenue 5.000%  9/15/46  1,500     1,595
  Swarthmore Borough Authority College & University Revenue 5.000%  9/15/47  1,600     1,698
  Township of Hampton PA GO 5.000%   1/1/35    150       169
  Township of Hampton PA GO 5.000%   1/1/36    150       168
  Township of Hampton PA GO 5.000%   1/1/37    175       194
  Township of Hampton PA GO 4.000%   1/1/42  1,000       982
  Township of Hampton PA GO 4.000%   1/1/47  1,500     1,443
  Township of Hampton PA GO 4.125%   1/1/52  1,625     1,566
3 Trinity Area School District GO 4.000%  1/15/35  3,000     3,069
3 Trinity Area School District GO 4.000%  1/15/36  3,000     3,058
3 Trinity Area School District GO 4.000%  1/15/38  3,700     3,712
4 Trinity Area School District GO 4.000%  11/1/43  1,325     1,316
  Union County Hospital Authority Health, Hospital, Nursing Home Revenue 5.000%   8/1/43  2,945     2,961
  Upper Merion Area School District County PA GO 3.000%  1/15/40  1,000       874
  Upper Merion Area School District GO 3.000%  1/15/43  2,660     2,255
  Upper Merion Area School District GO, Prere. 5.000%  1/15/25  1,620     1,666
  Upper Merion Area School District GO, Prere. 5.000%  1/15/26    500       525
  Upper St. Clair Township School District GO 3.500%  10/1/37  7,240     6,868
  Upper St. Clair Township School District GO 3.625%  10/1/39  5,000     4,615
  Washington County Authority College & University Revenue VRDO 3.200%   6/1/23 10,500    10,500
  Washington County PA IDA College & University Revenue (AICUP Financing Program) 4.000%  11/1/31  3,440     3,424
  Washington County PA IDA College & University Revenue (AICUP Financing Program) 4.000%  11/1/32  3,110     3,089
  West Bradford Township PA GO 4.000% 12/15/40    745       747
  West Cornwall Township Municipal Authority Health, Hospital, Nursing Home Revenue 5.000% 12/15/48  2,750     2,386
3 West Mifflin School District GO 3.000%   4/1/34  1,300     1,217
3 West Mifflin School District GO 3.000%   4/1/38  5,920     5,110
29

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/25  1,605     1,604
  West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/30  1,500     1,480
  West Shore Area Authority Health, Hospital, Nursing Home Revenue (Messiah Village Project) 5.000%   7/1/35  1,750     1,687
  West Shore PA School District GO 4.000% 11/15/34    640       658
  West Shore PA School District GO 4.000% 11/15/35    540       554
  West Shore PA School District GO 4.000% 11/15/36  1,100     1,121
  West Shore PA School District GO 4.000% 11/15/37  1,000     1,010
  West Shore PA School District GO 4.000% 11/15/38    500       500
  West Shore PA School District GO 4.000% 11/15/40    900       887
  West Shore School District GO 5.000% 11/15/43  1,480     1,540
  West View Municipal Authority Water Revenue 4.000% 11/15/35  1,200     1,230
  West View Municipal Authority Water Revenue 4.000% 11/15/36  2,300     2,346
  West View Municipal Authority Water Revenue 4.000% 11/15/37  2,415     2,447
  West View Municipal Authority Water Revenue 4.000% 11/15/38  1,625     1,638
3 Westmoreland County Municipal Authority Water Revenue 4.000%  8/15/34  5,000     5,119
3 Westmoreland County Municipal Authority Water Revenue 4.000%  8/15/35  8,000     8,180
3 Westmoreland County Municipal Authority Water Revenue 5.000%  8/15/42  2,775     2,802
  Westmoreland County PA IDA Health, Hospital, Nursing Home Revenue 4.000%  5/15/47  6,100     4,312
  Westmoreland County PA IDA Health, Hospital, Nursing Home Revenue (Excela Health Project) 4.000%   7/1/37  6,830     6,184
1 Westmoreland County PA IDA Revenue 4.720%   7/1/35  6,650     6,707
  Wilkes-Barre Finance Authority College & University Revenue 5.000%  11/1/30  2,315     2,400
  Wilkes-Barre Finance Authority College & University Revenue 5.000%  11/1/31  2,430     2,519
  Wilkes-Barre Finance Authority College & University Revenue 5.000%  11/1/34  1,000     1,034
  Wilkes-Barre Finance Authority College & University Revenue (Wilkes University Project) 4.000%   3/1/42  1,000       829
3 Wilkes-Barre PA Area School District GO 5.000%   8/1/29  1,860     1,968
3 Wilkes-Barre PA Area School District GO 4.000%  4/15/49  2,250     2,143
3 Wilkes-Barre PA Area School District GO 5.000%  4/15/59  2,380     2,443
3 William Penn School District GO 3.000% 11/15/34  2,595     2,430
3 Woodland Hills School District GO 3.000%   9/1/35  3,620     3,373
  Wyomissing Area School District GO 4.000%   2/1/38    800       808
  York County PA GO 4.000%   3/1/34  3,000     3,095
                 3,485,984
Guam (0.1%)
  Guam Miscellaneous Taxes Revenue 5.000% 11/15/34    210       212
  Guam Miscellaneous Taxes Revenue 4.000%   1/1/42  1,200     1,052
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/27  1,000     1,015
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/33  1,185     1,274
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/36    650       668
                 4,221
Puerto Rico (1.4%)
  Commonwealth of Puerto Rico GO 5.250%   7/1/23  3,784     3,788
  Commonwealth of Puerto Rico GO 0.000%   7/1/24    481       458
  Commonwealth of Puerto Rico GO 5.375%   7/1/25  4,119     4,206
  Commonwealth of Puerto Rico GO 5.625%   7/1/27  2,205     2,305
  Commonwealth of Puerto Rico GO 5.625%   7/1/29  3,273     3,466
  Commonwealth of Puerto Rico GO 5.750%   7/1/31  5,830     6,278
  Commonwealth of Puerto Rico GO 0.000%   7/1/33  2,028     1,189
  Commonwealth of Puerto Rico GO 4.000%   7/1/33  1,506     1,382
  Commonwealth of Puerto Rico GO 4.000%   7/1/35  1,077       962
30

 

Pennsylvania Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Commonwealth of Puerto Rico GO 4.000%   7/1/46    140       113
1 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/30  1,305     1,324
1 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/33    515       518
1 Puerto Rico Commonwealth Aqueduct & Sewer Authority Water Revenue 5.000%   7/1/33    605       609
  Puerto Rico Highway & Transportation Authority Highway Revenue 0.000%   7/1/32    424       270
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/24    529       506
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/27  2,099     1,765
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29    754       577
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/31  2,882     1,996
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40 11,792    10,924
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.750%   7/1/53  1,000       925
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.784%   7/1/58  1,850     1,699
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 5.000%   7/1/58  2,399     2,292
                 47,552
Total Tax-Exempt Municipal Bonds (Cost $3,728,575) 3,537,757
Total Investments (100.1%) (Cost $3,728,575) 3,537,757
Other Assets and Liabilities—Net (-0.1%) (2,407)
Net Assets (100%) 3,535,350
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2023, the aggregate value was $139,285,000, representing 3.9% of net assets.
2 Scheduled principal and interest payments are guaranteed by bank letter of credit.
3 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
4 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
5 Securities with a value of $229,000 have been segregated as initial margin for open futures contracts.
6 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
7 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2023.
8 Step bond.
9 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
  COP—Certificate of Participation.
  ETM—Escrowed to Maturity.
  GO—General Obligation Bond.
  IDA—Industrial Development Authority Bond.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  TOB—Tender Option Bond.
  VRDO—Variable Rate Demand Obligation.
31

 

Pennsylvania Long-Term Tax-Exempt Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
2-Year U.S. Treasury Note September 2023 101 20,789 (52)
  
See accompanying Notes, which are an integral part of the Financial Statements.
32

 

Pennsylvania Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of May 31, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $3,728,575) 3,537,757
Investment in Vanguard 125
Cash 123
Receivables for Investment Securities Sold 895
Receivables for Accrued Income 45,860
Receivables for Capital Shares Issued 1,560
Variation Margin Receivable—Futures Contracts 32
Other Assets 193
Total Assets 3,586,545
Liabilities  
Payables for Investment Securities Purchased 44,764
Payables for Capital Shares Redeemed 2,920
Payables for Distributions 3,362
Payables to Vanguard 149
Total Liabilities 51,195
Net Assets 3,535,350
At May 31, 2023, net assets consisted of:  
   
Paid-in Capital 3,767,151
Total Distributable Earnings (Loss) (231,801)
Net Assets 3,535,350
 
Investor Shares—Net Assets  
Applicable to 27,318,529 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		289,738
Net Asset Value Per Share—Investor Shares $10.61
 
Admiral Shares—Net Assets  
Applicable to 306,018,492 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		3,245,612
Net Asset Value Per Share—Admiral Shares $10.61
  
See accompanying Notes, which are an integral part of the Financial Statements.
33

 

Pennsylvania Long-Term Tax-Exempt Fund
Statement of Operations
  Six Months Ended
May 31, 2023
  ($000)
Investment Income  
Income  
Interest 60,840
Total Income 60,840
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 91
Management and Administrative—Investor Shares 217
Management and Administrative—Admiral Shares 1,268
Marketing and Distribution—Investor Shares 11
Marketing and Distribution—Admiral Shares 87
Custodian Fees 9
Shareholders’ Reports—Investor Shares 8
Shareholders’ Reports—Admiral Shares 15
Trustees’ Fees and Expenses 1
Other Expenses 7
Total Expenses 1,714
Expenses Paid Indirectly (9)
Net Expenses 1,705
Net Investment Income 59,135
Realized Net Gain (Loss)  
Investment Securities Sold (18,299)
Futures Contracts (29)
Realized Net Gain (Loss) (18,328)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 26,714
Futures Contracts (16)
Change in Unrealized Appreciation (Depreciation) 26,698
Net Increase (Decrease) in Net Assets Resulting from Operations 67,505
  
See accompanying Notes, which are an integral part of the Financial Statements.
34

 

Pennsylvania Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
  Six Months Ended
May 31,
2023 		  Year Ended
November 30,
2022
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 59,135   118,009
Realized Net Gain (Loss) (18,328)   (23,595)
Change in Unrealized Appreciation (Depreciation) 26,698   (534,286)
Net Increase (Decrease) in Net Assets Resulting from Operations 67,505   (439,872)
Distributions      
Investor Shares (4,682)   (10,555)
Admiral Shares (54,108)   (117,637)
Total Distributions (58,790)   (128,192)
Capital Share Transactions      
Investor Shares 1,808   (57,503)
Admiral Shares 1,327   (401,007)
Net Increase (Decrease) from Capital Share Transactions 3,135   (458,510)
Total Increase (Decrease) 11,850   (1,026,574)
Net Assets      
Beginning of Period 3,523,500   4,550,074
End of Period 3,535,350   3,523,500
  
See accompanying Notes, which are an integral part of the Financial Statements.
35

 

Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
May 31,
2023 		Year Ended November 30,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $10.58 $12.14 $12.14 $11.89 $11.21 $11.56
Investment Operations            
Net Investment Income1 .175 .327 .323 .353 .377 .394
Net Realized and Unrealized Gain (Loss) on Investments .029 (1.532) .036 .283 .727 (.291)
Total from Investment Operations .204 (1.205) .359 .636 1.104 .103
Distributions            
Dividends from Net Investment Income (.174) (.327) (.323) (.352) (.377) (.394)
Distributions from Realized Capital Gains — (.028) (.036) (.034) (.047) (.059)
Total Distributions (.174) (.355) (.359) (.386) (.424) (.453)
Net Asset Value, End of Period $10.61 $10.58 $12.14 $12.14 $11.89 $11.21
Total Return2 1.93% -10.00% 2.99% 5.45% 9.99% 0.91%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $290 $287 $393 $364 $368 $308
Ratio of Total Expenses to Average Net Assets 0.17%3 0.17%3 0.17% 0.17% 0.17% 0.17%
Ratio of Net Investment Income to Average Net Assets 3.27% 2.95% 2.66% 2.96% 3.23% 3.48%
Portfolio Turnover Rate 17% 30% 22% 18% 9% 26%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total 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.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%.
  
See accompanying Notes, which are an integral part of the Financial Statements.
36

 

Pennsylvania Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
May 31,
2023 		Year Ended November 30,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $10.58 $12.14 $12.14 $11.89 $11.21 $11.56
Investment Operations            
Net Investment Income1 .179 .336 .333 .363 .386 .403
Net Realized and Unrealized Gain (Loss) on Investments .029 (1.532) .036 .282 .728 (.291)
Total from Investment Operations .208 (1.196) .369 .645 1.114 .112
Distributions            
Dividends from Net Investment Income (.178) (.336) (.333) (.361) (.387) (.403)
Distributions from Realized Capital Gains — (.028) (.036) (.034) (.047) (.059)
Total Distributions (.178) (.364) (.369) (.395) (.434) (.462)
Net Asset Value, End of Period $10.61 $10.58 $12.14 $12.14 $11.89 $11.21
Total Return2 1.97% -9.93% 3.07% 5.53% 10.08% 0.99%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $3,246 $3,236 $4,157 $3,905 $3,632 $3,167
Ratio of Total Expenses to Average Net Assets 0.09%3 0.09%3 0.09% 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 3.35% 3.04% 2.74% 3.04% 3.31% 3.56%
Portfolio Turnover Rate 17% 30% 22% 18% 9% 26%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total 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.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%.
  
See accompanying Notes, which are an integral part of the Financial Statements.
37

 

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 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 valuation designee to represent fair value and subject to oversight by the board of trustees.
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 securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.
During the six months ended May 31, 2023, the fund’s average investments in long and short futures contracts represented 1% and less than 1% of net assets, respectively, 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 virtually all of its income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
38

 

Pennsylvania Long-Term Tax-Exempt Fund
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 at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: 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 and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program. 
For the six months ended May 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.
39

 

Pennsylvania Long-Term Tax-Exempt Fund
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.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2023, the fund had contributed to Vanguard capital in the amount of $125,000, representing less than 0.01% of the fund’s net assets and 0.05% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended May 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $9,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of May 31, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Tax-Exempt Municipal Bonds — 3,537,757 — 3,537,757
Derivative Financial Instruments         
Liabilities        
Futures Contracts1 52 — — 52
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
40

 

Pennsylvania Long-Term Tax-Exempt Fund
E. As of May 31, 2023, 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 3,729,122
Gross Unrealized Appreciation 20,268
Gross Unrealized Depreciation (211,685)
Net Unrealized Appreciation (Depreciation) (191,417)
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at November 30, 2022, the fund had available capital losses totaling $23,201,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending November 30, 2023; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended May 31, 2023, the fund purchased $622,439,000 of investment securities and sold $602,330,000 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 six months ended May 31, 2023, such purchases were $128,700,000 and sales were $100,100,000, resulting in net realized gain (loss) of $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
    
  Six Months Ended
May 31, 2023 		  Year Ended
November 30, 2022
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 36,885 3,443   61,782 5,597
Issued in Lieu of Cash Distributions 3,671 344   8,239 744
Redeemed (38,748) (3,624)   (127,524) (11,592)
Net Increase (Decrease)—Investor Shares 1,808 163   (57,503) (5,251)
Admiral Shares          
Issued 284,059 26,568   610,447 56,009
Issued in Lieu of Cash Distributions 34,905 3,270   76,734 6,935
Redeemed (317,637) (29,775)   (1,088,188) (99,508)
Net Increase (Decrease)—Admiral Shares 1,327 63   (401,007) (36,564)
41

 

Pennsylvania Long-Term Tax-Exempt Fund
H. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
I. Management has determined that no events or transactions occurred subsequent to May 31, 2023, that would require recognition or disclosure in these financial statements.
42

 

Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Pennsylvania Long-Term Tax-Exempt Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received periodic reports throughout the year, which included information about the fund’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department’s ongoing assessment of the advisor.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also below the peer-group average.
43

 

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that the fund’s arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
44

 

Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Pennsylvania Tax-Free Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Pennsylvania Long-Term Tax-Exempt Fund's Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2022, through December 31, 2022 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
45

 

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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.
© 2023 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q772 072023

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6: Investments.

 

Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

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 the 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)(1)Not applicable.
(a)(2)Certifications filed herewith.
(b)Certifications filed herewith.

 

 

 

 

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: July 24, 2023

 

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: July 24, 2023

 

  VANGUARD PENNSYLVANIA TAX-FREE FUNDS  
   
BY: /s/ CHRISTINE BUCHANAN*  
                                                  
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: July 24, 2023

 

* By: /s/ Anne E. Robinson               

 

Anne E. Robinson, pursuant to a Power of Attorney filed on July 21, 2023 (see File Number 33-53683) and to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.